[6-K] KOREA ELECTRIC POWER CORP Current Report (Foreign Issuer)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the Month of December 2025

Commission File Number 001-13372

KOREA ELECTRIC POWER CORPORATION

(Translation of registrant’s name into English)

55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, Korea

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒    Form 40-F ☐

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QUARTERLY BUSINESS REPORT

(For the period from January 1, 2025 to September 30, 2025)

THIS IS A SUMMARY IN ENGLISH OF THE QUARTERLY BUSINESS REPORT ORIGINALLY PREPARED IN KOREAN AND IS IN SUCH FORM AS REQUIRED BY THE FINANCIAL SERVICES COMMISSION OF KOREA.

IN THE TRANSLATION PROCESS, SOME PARTS OF THE REPORT WERE REFORMATTED, REARRANGED OR SUMMARIZED FOR THE CONVENIENCE OF READERS. NON-MATERIAL OR PREVIOUSLY DISCLOSED INFORMATION IS OMITTED OR ABRIDGED.

UNLESS EXPRESSLY STATED OTHERWISE, ALL INFORMATION CONTAINED HEREIN IS PRESENTED ON A CONSOLIDATED BASIS IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTED FOR USE IN KOREA, OR K-IFRS, WHICH DIFFER IN CERTAIN RESPECTS FROM GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN CERTAIN OTHER COUNTRIES, INCLUDING THE UNITED STATES. WE HAVE MADE NO ATTEMPT TO IDENTIFY OR QUANTIFY THE IMPACT OF THESE DIFFERENCES.

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I. Company Overview

1. Name of the company: Korea Electric Power Corporation (“KEPCO”)

2. Information of the company

(Address) 55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, Korea

(Phone number) 82-61-345-4218

(Website) http://www.kepco.co.kr

3. Major businesses

KEPCO, as the parent company, is engaged in the following activities:

• development of electric power resources;

• generation, transmission, transformation and distribution of electricity and other related activities;

• research and development of technology related to the businesses mentioned above;

• overseas business related to the businesses mentioned above;

• investment or contributions related to the businesses mentioned above;

• development and operation of certain real estate holdings; and

• other businesses entrusted by the government.

Businesses operated by KEPCO’s major subsidiaries are as follows: nuclear power generation by Korea Hydro & Nuclear Power (KHNP), thermal power generation by Korea South-East Power (KOSEP), Korea Midland Power (KOMIPO), Korea Western Power (KOWEPO), Korea Southern Power (KOSPO) and Korea East-West Power (EWP), other businesses including engineering service by KEPCO Engineering & Construction (KEPCO E&C), maintenance and repair of power plants by KEPCO Plant Service & Engineering (KEPCO KPS), ICT service by KEPCO KDN, nuclear fuel processing by KEPCO Nuclear Fuel (KEPCO NF), other overseas businesses and investments related to the businesses mentioned above.

4. Consolidated subsidiaries

		(As of September 30, 2025)
Listed		Unlisted		Total
2		168		170

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5. Major changes in management

A. On January 6, 2025, Mr. An, Jung-Eun was appointed as a standing director for a term of two years.

B. On March 3, 2025, Mr. Lee, Jun-Ho, standing director, resigned from all his positions.

C. On March 31, 2025, a non-standing director Mr. Park, Chung-Kun’s term of office expired.

D. On May 7, 2025, Mr. Lee, Heung-Ryeol was appointed as a non-standing director for a term of two years in replacement of Mr. Park, Chung-Kun whose term of office expired.

E. On May 19, Mr. Seo Geun-Bae, standing director, resigned from all his positions.

F. On May 28, Mr. Jung, Chi-Gyo was appointed as a standing member for a term of two years.

6. Changes in major shareholders

There is no change in major shareholders in the last 5 years.

7. Information regarding KEPCO shares

A. Issued share capital: 3.2 trillion Won (Authorized capital: 6 trillion Won)

B. Total number of issued shares: 641,964,077

(Total number of authorized shares for issuance: 1,200,000,000)

C. Dividends: Dividend payments for fiscal year 2024 was Won 213 per share and Won 136.7 billion as a total.

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II. Business Overview

1. Consolidated financial results by segment for a nine-month period ended September 30, 2024 and 2025

(In billions of Won)

		January to September 2024								January to September 2025
		Sales				Operating profit				Sales				Operating profit
Electricity sales			68,664				395				72,468				5,536
Nuclear generation			10,205				1,794				11,847				3,186
Thermal generation			25,161				3,337				22,315				2,661
Plant maintenance & engineering service			2,353				306				2,370				220
Others(1)			1,600				114				1,664				117
Subtotal			107,983				5,946				110,664				11,720
Adjustment for related- party transactions			-38,113				-1				-36,918				-179
Total			69,870				5,945				73,746				11,541

Note:

(1) Others relate to business areas including overseas businesses, etc..

2. Changes in unit prices of major products for a nine-month period ended September 30, 2024 and 2025

										(In Won per kWh)
Business sector				Company		January to September 2024				January to September 2025
Electricity sold		Residential		KEPCO			158.14				160.49
		Commercial					173.42				173.05
		Educational					143.62				143.79
		Industrial					164.91				181.48
		Agricultural					81.87				88.27
		Street lighting					161.64				162.38
		Overnight usage					107.86				107.94
Electricity from nuclear generation		Nuclear Generation		KHNP			73.20				82.92
Electricity from thermal generation		Thermal generation		KOSEP			143.34				139.00
				KOMIPO			159.50				157.40
				KOWEPO			168.03				152.92
				KOSPO			175.21				167.08
				EWP			158.71				155.18

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3. Power purchase from generation subsidiaries for a nine-month period ended September 30, 2025

Company		Volume (GWh)				Expense (In billions of Won)
KHNP			139,633				11,591
KOSEP			28,898				4,014
KOMIPO			27,042				4,253
KOWEPO			25,838				3,950
KOSPO			27,512				4,591
EWP			23,631				3,667
Others			162,621				23,854
Closing adjustment			—				3,653
Total			435,175				59,573

4. Intellectual property as of September 30, 2025

		Patents				Utility models				Designs				Trademarks				Total
KEPCO			5,165				28				111				59				5,363
Generation subsidiaries			4,301				41				93				262				4,697
Total			9,466				69				204				321				10,060

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III. Financial Information

1. Condensed consolidated financial results as of and for a nine-month period ended September 30, 2024 and 2025

(In billions of Won)

Consolidated statements of comprehensive income														Consolidated statements of financial position
		January to September 2024				January to September 2025				Change						December 31, 2024				September 30, 2025				Change
Sales			69,870				73,747				3,877			Total assets			246,808				253,092				6,284
Operating profit (loss)			5,946				11,541				5,595			Total liabilities			205,445				205,340				-105
Net income (loss)			2,590				7,328				4,738			Total equity			41,363				47,751				6,388

2. Condensed separate financial results as of and for a nine-month period ended September 30, 2024 and 2025

(In billions of Won)

Separate statements of comprehensive income														Separate statements of financial position
		January to September 2024				January to September 2025				Change						December 31, 2024				September 30, 2025				Change
Sales			68,664				72,468				3,804			Total assets			139,472				142,772				3,300
Operating profit (loss)			395				5,536				5,141			Total liabilities			120,083				118,583				-1,500
Net income (loss)			-831				4,903				5,734			Total equity			19,389				24,189				4,800

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IV. Board of Directors (KEPCO on a separate basis)

1. The board of directors is required to consist of not more than 15 directors including the president. Under our Articles of Incorporation, there may not be more than seven standing directors including the president, and more than eight non-standing directors. The number of non-standing directors must exceed the number of standing directors, including our president.

* Subcommittees under the board of directors: The Audit Committee consists of one standing director and two non-standing directors. All such members of the audit committee are independent within the meaning of the Korea Exchange listing standards, the regulations promulgated under the Korean Commercial Act and the New York Stock Exchange listing standards. The ESG Committee consists of three non-standing directors and one standing director. The Power System Committee consists of three non-standing directors and one standing director.

2. Board meetings and agenda for a six-month period ended September 30, 2025

Number of meetings		Number of agendas		Classification
				Resolutions		Reports
11		33		26		7

* The audit committee held 10 meetings with 49 agenda (of which, 27 were approved as proposed and 22 were accepted as reported).

3. Major activities of the Board of Directors for a nine-month period ended September 30, 2025

Date		Agenda		Results		Type
January 23, 2025		Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director (labor director)		Approved as proposed		Resolution
		Approval of the revised relocation plan for the Gyeonggi Materials Management Center		Approved as proposed		Resolution
		Approval of the safety management plan of 2025		Approved as proposed		Resolution
		Report on the annual management of commercial papers in 2024		Accepted as reported		Report
		Report on the headquarters organizational enhancement plan		Accepted as reported		Report

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February 28, 2025		Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director		Approved as proposed		Resolution
		Approval to call for the annual general meeting of shareholders for the fiscal year 2024		Approved as proposed		Resolution
		Approval of consolidated and separate financial statements for the fiscal year 2024		Approved as proposed		Resolution
		Approval of the maximum aggregate amount of remuneration for directors in 2025		Approved as proposed		Resolution
		Report on internal control over financial reporting for the fiscal year 2024		Accepted as reported		Report
		Report on the evaluation of internal control over financial reporting for the fiscal year 2024		Accepted as reported		Report
		Report on audit results for 2024		Accepted as reported		Report
March 21, 2025		Approval of capital contribution for construction and operation of Jafurah combined heat and power plant in Saudi Arabia(Phase 2)		Approved as proposed		Resolution
April 18, 2025		Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders		Approved as proposed		Resolution
		Approval of amendments to the Regulation for Employee Remuneration and Welfare		Approved as proposed		Resolution
April 23, 2025		Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders		Approved as proposed		Resolution
May 9, 2025		Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2025		Approved as proposed		Resolution
May 23, 2025		Approval of amendments of the Supplementary Power Exchange Terms and Conditions for the Distributed Energy Specialized Area		Approved as proposed		Resolution
		Approval of the 11th long-term plan for power transmission and substation facilities		Approved as proposed		Resolution
		Approval of appointment of a member of Power System Committee		Approved as approved		Resolution

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June 20, 2025		Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director		Approved as proposed		Resolution
		Approval of amendment to the Regulation of the Board of Directors		Approved as proposed		Resolution
		Approval of the mid-to long-term financial management plan (2025~2029)		Approved as proposed		Resolution
		Approval of personnel increase		Approved as proposed		Resolution
		Approval of contribution to Korea Institute of Energy Technology in 2025		Approved as proposed		Resolution
July 18, 2025		Approval of amendment to the Regulation of the Board of Directors		Approved as proposed		Resolution
		Approval of the 1st long-term plan for power distribution		Approved as proposed		Resolution
August 26, 2025		Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director		Approved as proposed		Resolution
		Report on financial statements for the first half of 2025		Accepted as reported		Report
September 19, 2025		Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director		Approved as proposed		Resolution
		Approval of the construction of a new DC office building for the Gyeonggi Regional Headquarters		Approved as amended		Resolution
		Approval of investment in the fund for mutually beneficial cooperation between large enterprises and small and medium enterprises in 2025		Approved as proposed		Resolution
		Report on the commencement and early commencement of construction projects involving 345kV and above		Accepted as reported		Report

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4. Attendance Status of Non-standing directors and Voting Results by Agenda Items for a nine-month period ended September 30, 2025

Date

Agenda

Han, Jin- Hyun

Kim, Jong- Woon

Kim, Jun-Ki

Park, Chung- Kun

Kim, Sung- Eun

Lee, Sung- Ho

Cho, Seong- Jin

Kang, Hoon

Lee, Heung- Ryul

January 23,2025

Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director (labor director)

For

For

For

For

For

For

For

For

Before Appointment

Approval of the revised relocation plan for the Gyeonggi Materials Management Center

For

For

For

For

For

For

For

For

Approval of the safety management plan of 2025

For

For

For

For

For

For

For

For

Report on the annual management of commercial papers in 2024

Agenda for Report

Report on the headquarters organizational enhancement plan

Agenda for Report

February 28, 2025

Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director

Absent

For

For

For

For

For

For

For

Approval to call for the annual general meeting of shareholders for the fiscal year 2024

Absent

For

For

For

For

For

For

For

Approval of consolidated and separate financial statements for the fiscal year 2024

Absent

For

For

For

Absent

For

For

For

Approval of the maximum aggregate amount of remuneration for directors in 2025

Absent

For

For

For

For

For

For

For

Report on internal control over financial reporting for the fiscal year 2024

Agenda for Report

Report on the evaluation of internal control over financial reporting for the fiscal year 2024

Agenda for Report

Report on audit results for 2024

Agenda for Report

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March 21, 2025

Approval of capital contribution for construction and operation of Jafurah combined heat and power plant in Saudi Arabia(Phase 2)

For

For

For

For

For

For

For

For

April 18, 2025

Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders

For

For

For

For

For

For

For

Approval of amendments to the Regulation for Employee Remuneration and Welfare

For

For

For

For

For

For

For

April 23, 2025

Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders

For

Absent

For

For

For

For

For

May 9, 2025

Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2025

For

For

For

Retired

For

For

For

For

For

May 23, 2025

Approval of amendments of the Supplementary Power exchange Terms and Conditions for the Distributed Energy Specialized Area

For

For

For

For

For

For

For

For

Approval of the 11th long-term plan for power transmission and substation facilities

For

For

For

For

For

For

For

For

Approval of appointment of a member of Power System Committee

For

For

For

For

For

For

For

For

June 20, 2025

Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director

Absent

For

For

Absent

For

For

For

For

Approval of amendment to the Regulation Concerning the Board of Directors

Absent

For

For

Absent

For

For

For

For

Approval of the mid-to long-term financial management plan (2025~2029)

Absent

For

For

Absent

For

For

For

For

Approval of personnel increase

Absent

For

For

Absent

For

For

For

For

Approval of contribution to Korea Institute of Energy Technology in 2025

Absent

For

For

Absent

For

Against

For

For

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July 18, 2025

Approval of amendment to the Regulation of the Board of Directors

For

For

For

For

For

For

For

For

Approval of the 1st long-term plan for power distribution

For

For

For

For

For

For

For

For

August 26, 2025

Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director

For

For

For

For

For

For

For

For

Report on financial statements for the first half of 2025

Agenda for Report

Agenda for Report

September 19, 2025

Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director

Absent

For

For

For

For

For

For

For

Approval of the construction of a new DC office building for the Gyeonggi Regional Headquarters

Absent

For

For

For

For

For

For

For

Approval of investment in the fund for mutually beneficial cooperation between large enterprises and small and medium enterprises in 2025

Absent

For

For

For

For

For

For

For

Report on the commencement and early commencement of construction projects involving 345kV and above

Agenda for Report

Agenda for Report

Attendance Rate

72.7

%

90.9

%

100

%

100

%

88.6

%

100

%

100

%

100

%

100

%

5. Attendance Status of Standing directors for a nine-month period ended September 30, 2025

Date

Agenda

Kim, Dong- Cheol

Jun, Young- Sang

Oh, Heung-Bok

Lee, Jun-Ho

Jung, Chi-Gyo

Ahn, Jung-Eun

Seo, Chul-Soo

Seo, Guen- Bae

January 23, 2025

Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director (labor director)

For

For

For

For

Before Appointment

For

For

For

Approval of the revised relocation plan for the Gyeonggi Materials Management Center

For

For

For

For

For

For

For

Approval of the safety management plan of 2025

For

For

For

For

For

For

For

Report on the annual management of commercial papers in 2024

Agenda for Report

Agenda for Report

Report on the headquarters organizational enhancement plan

Agenda for Report

Agenda for Report

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Date

Agenda

Kim, Dong- Cheol

Jun, Young- Sang

Oh, Heung-Bok

Lee, Jun-Ho

Jung, Chi-Gyo

Ahn, Jung-Eun

Seo, Chul-Soo

Seo, Guen- Bae

February 23, 2024

Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director

For

For

For

For

For

For

For

Approval to call for the annual general meeting of shareholders for the fiscal year 2024

For

For

For

For

For

For

For

Approval of consolidated and separate financial statements for the fiscal year 2024

For

For

For

For

For

For

For

Approval of the maximum aggregate amount of remuneration for directors in 2025

For

For

For

For

For

For

For

Report on internal control over financial reporting for the fiscal year 2024

Agenda for Report

Agenda for Report

Report on the evaluation of internal control over financial reporting for the fiscal year 2024

Agenda for Report

Agenda for Report

Report on audit results for 2024

Agenda for Report

Agenda for Report

March 21, 2025

Approval of capital contribution for construction and operation of Jafurah combined heat and power plant in Saudi Arabia(Phase 2)

For

For

For

Retired

For

For

For

April 18, 2025

Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders

For

For

For

For

For

For

Approval of amendments to the Regulation for Employee Remuneration and Welfare

For

For

For

For

For

For

April 23, 2025

Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders

For

For

For

For

For

For

May 9, 2025

Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2025

For

For

For

For

For

For

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Date

Agenda

Kim, Dong- Cheol

Jun, Young- Sang

Oh, Heung-Bok

Lee, Jun-Ho

Jung, Chi-Gyo

Ahn, Jung-Eun

Seo, Chul-Soo

Seo, Guen- Bae

May 23, 2025

Approval of amendments of the Supplementary Electricity Supply Terms and Conditions for the Distributed Energy Specialized Area

For

For

For

For

For

Retired

Approval of the 11th long-term plan for power transmission and substation facilities

For

For

For

For

For

Approval of appointment of a member of Power System Committee

For

For

For

For

For

June 20, 2025

Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director

For

For

For

For

For

For

Approval of amendment to the Regulation Concerning the Board of Directors

For

For

For

For

For

For

Approval of the mid-to long-term financial management plan (2025~2029)

For

For

For

For

For

For

Approval of personnel increase

For

For

For

For

For

For

Approval of contribution to Korea Institute of Energy Technology in 2025

For

For

For

For

For

For

July 18, 2025

Approval of amendment to the Regulation of the Board of Directors

For

For

For

For

For

For

Approval of the 1st long-term plan for power distribution

For

For

For

For

For

For

Table of Contents

Date

Agenda

Kim, Dong- Cheol

Jun, Young- Sang

Oh, Heung-Bok

Lee, Jun-Ho

Jung, Chi-Gyo

Ahn, Jung-Eun

Seo, Chul-Soo

Seo, Guen- Bae

August 26, 2025

Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director

For

For

For

For

For

For

Report on financial statements for the first half of 2025

Agenda for Report

Agenda for Report

September 19, 2025

Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director

For

For

For

For

For

For

Approval of the construction of a new DC office building for the Gyeonggi Regional Headquarters

For

For

For

For

For

For

Approval of investment in the fund for mutually beneficial cooperation between large enterprises and small and medium enterprises in 2025

For

For

For

For

For

For

Report on the commencement and early commencement of construction projects involving 345kV and above

Agenda for Report

Agenda for Report

Attendance Rate

100%

100%

100%

100%

100%

100%

100%

100%

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6. Major activities of the Audit Committee for a nine-month period ended September 30, 2025

Date		Agenda		Results		Type
January 23, 2025		Approval of appointment of independent auditors of subsidiaries		Approved as proposed		Resolution
		Approval of appointment and remuneration of independent auditors of KEPCO and Generation Subsidiaries		Approved as proposed		Resolution
		Approval of annual audit plans for 2025		Approved as proposed		Resolution
		Approval of audit committee’s opinions on the operation of the Board		Accepted as proposed		Resolution
		Report on amendments to the internal control over financial reporting regulations		Accepted as reported		Report
		Report on audit education plans in 2025		Accepted as reported		Report
		Report on audit results for December of 2024		Accepted as reported		Report
		Report on independence of independent auditors		Accepted as reported		Report
February 12, 2025		Approval of appointment of independent auditors of subsidiaries		Rejected		Resolution
		Report on independence of independent auditors prior to engagement		Accepted as reported		Report
February 27, 2025		Approval of the consolidated and separate financial statements and business report for the fiscal year 2024		Approved as proposed		Resolution
		Pre-approval of non-audit service for subsidiaries by the independent auditor		Approved as proposed		Resolution
		Approval of the Operating Guidelines for the Audit Advisory Committee		Approved as amended		Resolution
		Report on internal control over financial reporting for the fiscal year 2024		Accepted as reported		Report
		Report on the evaluation on internal control over financial reporting for the fiscal year 2024		Accepted as reported		Report
		Report on audit results by the independent auditor for the fiscal year 2024		Accepted as reported		Report
		Report on audit results for 2024		Accepted as reported		Report
March 14, 2025		Approval of appointment of the chairman of the Audit Committee		Approved as proposed		Resolution
		Pre-approval of non-audit service for subsidiaries by the independent auditor		Approved as proposed		Resolution
		Approval of auditor’s report for the annual general meeting of shareholders		Approved as proposed		Resolution
		Approval of amendments to Internal Audit Regulations		Approved as proposed		Resolution
		Approval of staffing proposal regarding the reorganization of Audit bodies of branch offices		Approved as proposed		Resolution
		Report on audit results by the independent auditor for the fiscal year 2024		Accepted as reported		Report
		Report on audit results for January and February of 2025		Accepted as reported		Report

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April 10, 2025		Approval of amendments to audit plans for 2025		Approved as proposed		Resolution
		Approval of amendments to Guidelines for Legal Support on auditors		Approved as amended		Resolution
		Pre-approval of non-audit service for subsidiaries by the independent auditor		Approved as proposed		Resolution
		Pre-approval of appointment of independent auditors of subsidiaries		Approved as proposed		Resolution
		Approval of staffing proposal regarding the reorganization of Audit bodies of branch offices		Approved as proposed		Resolution
		Report on the Form 20-F for the fiscal year 2024 to be filed with the U.S. Securities and Exchange		Accepted as reported		Report
		Report on audit progress by independent auditor on the Form 20-F for the fiscal year 2024 to be filed with the U.S. Securities and Exchange		Accepted as reported		Report
		Report on audit results for March of 2025		Accepted as reported		Report
May 22, 2025		Approval of investigation result on the agenda for the extraordinary general meeting of shareholders		Approved as proposed		Resolution
		Approval of Clean KEPCO branch office certification		Approved as proposed		Resolution
		Approval of amendments to the internal audit guidelines		Approved as proposed		Resolution
		Report on auditor’s review for the first quarter of fiscal year 2025		Accepted as reported		Report
		Report on audit results for April of 2025		Accepted as reported		Report
June 20, 2025		Approval of revocation of Clean KEPCO branch office certification		Approved as proposed		Resolution
		Report on post-evaluation of the auditor for the fiscal year 2024		Accepted as reported		Report
		Report on audit results for May of 2025		Accepted as reported		Report
July 17, 2025		Approval of appointment of independent auditors of subsidiaries		Approved as amended		Resolution
		Report on annual audit plan of independent auditor for fiscal year 2025		Accepted as reported		Report
		Report on audit results for June of 2025		Accepted as reported		Report
August 26, 2025		Approval of appointment of independent auditors of subsidiaries		Approved as proposed		Resolution
September 19, 2025		Pre-approval of non-audit service for subsidiaries by the independent auditor		Approved as proposed		Resolution
		Pre-approval of appointment of independent auditors of subsidiaries		Approved as proposed		Resolution
		Approval of amendments to the internal audit guidelines		Approved as proposed		Resolution
		Auditor’s review report for the first half of 2025		Accepted as reported		Report
		Report on audit results for the first half of 2025, July and August of 2025		Accepted as reported		Report

* The audit department, organized under the supervision of the Audit Committee, conducts internal audit over the entire company and takes administrative measures as appropriate in accordance with relevant internal regulations.

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7. Attendance Status of the Audit Committee for a six-month period ended June 30, 2025

Date		Agenda		Kim, Sung-Eun		Lee, Sung-Ho		Jun, Young- Sang
January 23, 2025		Approval of appointment of independent auditors of subsidiaries		Attended		Attended		Attended
		Approval of appointment and remuneration of independent auditors of KEPCO and Generation Subsidiaries
		Approval of annual audit plans for 2025
		Approval of audit committee’s opinions on the operation of the Board
		Report on amendments to the internal control over financial reporting regulations
		Report on audit education plans in 2025
		Report on audit results for December of 2024
		Report on independence of independent auditors
February 12, 2025		Approval of appointment of independent auditors of subsidiaries		Attended		Attended		Attended
		Report on independence of independent auditors prior to engagement
February 27, 2025		Approval of the consolidated and separate financial statements and business report for the fiscal year 2024		Attended		Absent		Attended
		Pre-approval of non-audit service for subsidiaries by the independent auditor
		Approval of the operating guidelines for the Audit Advisory Committee
		Report on internal control over financial reporting for the fiscal year 2024
		Report on the evaluation on internal control over financial reporting for the fiscal year 2024
		Report on audit results by the independent auditor for the fiscal year 2024
		Report on audit results for 2024
March 14, 2025		Approval of appointment of the chairman of the Audit Committee		Attended		Absent		Attended
		Pre-approval of non-audit service for subsidiaries by the independent auditor
		Approval of auditor’s report for the annual general meeting of shareholders
		Approval of amendments to Internal Audit Regulations
		Approval of staffing proposal regarding the reorganization of audit bodies of branch offices
		Report on audit results by the independent auditor for the fiscal year 2024
		Report on audit results for January and February of 2025

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April 10, 2025		Approval of amendments to audit plans for 2025		Attended		Absent		Attended
		Approval of amendments to Guidelines for Legal Support on auditors
		Pre-approval for non-audit for subsidiaries by the independent auditor
		Pre-approval of appointment of independent auditors of subsidiaries
		Approval of staffing proposal regarding the reorganization of audit bodies of branch offices
		Report on the Form 20-F for the fiscal year 2024 to be filed with the U.S. Securities and Exchange
		Report on audit progress by independent auditor on the Form 20-F for the fiscal year 2024 to be filed with the U.S. Securities and Exchange
		Report on audit results for March of 2025
May 22, 2025		Approval of investigation result on the agenda for the extraordinary general meeting of shareholders		Attended		Absent		Attended
		Approval of Clean KEPCO branch office certification
		Approval of amendments to the internal audit guidelines
		Report on auditor’s review for the first quarter of fiscal year 2025
		Report on audit results for April of 2025

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June 20, 2025		Approval of revocation of Clean KEPCO branch office certification		Attended		Absent		Attended
		Report on post-evaluation of the auditor for the fiscal year 2024
		Report on audit results for May of 2025
July 17, 2025		Approval of appointment of independent auditors of subsidiaries		Attended		Absent		Attended
		Report on annual audit plan of independent auditor for fiscal year 2025
		Report on audit results for June of 2025
August 26, 2025		Approval of appointment of independent auditors of subsidiaries		Attended		Absent		Attended
September 19, 2025		Pre-approval of non-audit service for subsidiaries by the independent auditor		Attended		Absent		Attended
		Pre-approval of appointment of independent auditors of subsidiaries		Attended		Absent		Attended
		Approval of amendments to the internal audit guidelines		Attended		Absent		Attended
		Auditor’s review report for the first half of 2025		Attended		Absent		Attended
		Report on audit results for the first half of 2025, July and August of 2025		Attended		Absent		Attended
Attendance Rate				100%		20%		100%

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V. Shareholder’s Meetings

1. Summary of shareholder’s meetings for a nine-month period ended September 30, 2025

Type		Agenda		Results
Extraordinary General Meeting held on January 6, 2025		Election of a Standing Director		Approved as proposed
Annual General Meeting held on March 26, 2025		Approval of the consolidated and separate financial statements for the fiscal year 2024		Approved as proposed
		Approval of the maximum aggregate amount of remuneration for directors in 2025		Approved as proposed
Extraordinary General Meeting held on May 28, 2025		Election of a Standing Director		Approved as proposed

VI. Shareholders

1. List of shareholders as of September 30, 2025

				Number of shareholders				Shares owned				Percentage of total (%)
Government of the Republic of Korea					1				116,841,794				18.20
Korea Development Bank					1				211,235,264				32.90
Subtotal					2				328,077,058				51.10
National Pension Service					1				50,266,002				7.83
Public (Non-Koreans)		Common Shares			1,367				121,107,671				18.87
		American depositary shares (ADS)			1				11,929,072				1.86
Public (Koreans)					563,358				130,584,274				20.34
Total					564,729				641,964,077				100.00

• Percentages are based on issued shares of common stock.

• All of our shareholder have equal voting rights.

• Citibank, N.A. is our depositary bank and each ADS represents one-half of one share of our common stock.

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VII. Directors and employees as of and for a nine-month period ended September 30, 2025 (KEPCO on a separate basis)

1. Directors

(In thousands of Won)

Type				Number of directors				Total remuneration				Average remuneration per person				Remarks
Standing director					6				1,215,660				202,610			Excluding members of the Audit Committee
Non-standing director					6				135,000				22,500
Member of Audit Committee		Standing director			1				180,438				180,438			—
		Non-standing director			2				45,000				22,500			—
Total					15				1,576,098				105,073			—

2. Employees

(In thousands of Won)

Type		Number of employees												Average continuous service year				Total salaries				Average salaries per person
		Regular				Non-regular				Total
Male			17,017				99				17,116				15.2				1,275,444,437				73,983
Female			5,174				107				5,281				14.5				335,609,967				69,649
Total			22,191				206				22,397				15.0				1,611,054,404				71,562

VIII. Other Information Necessary for the Protection of Investors

1. Pending legal proceedings as of September 30, 2025

(In billions of Won)

Type		Number of lawsuits				Amount claimed
Lawsuits where KEPCO and its subsidiaries are engaged as the defendants			720				854
Lawsuits where KEPCO and its subsidiaries are engaged as the plaintiffs			244				756

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2. Sanctions as of September 30, 2025(Korea Hydro & Nuclear Power CO, Ltd.)

Sanctions by Law Enforcement and Judicial Authorities

Prosecution Date		Subject				Sanctions		Relevant laws (charges)		Proceedings
		Position		Tenure
June 30, 2021		CEO(Former)		4yrs		Prosecution with detention		The Act on the Aggravated Punishment, etc. of specific economic crimes(Occupational breach of trust), The Criminal Act		In the progress in the district court
April 9, 2024		The head of a power plant(Current)		29yrs		Prosecution with detention		Occupational embezzlement, The Criminal Act		In the progress in the high court
January 3, 2025		KHNP				Prosecution with detention		Nuclear Safety Act(Vicarious Liability Provision)		In the progress in the district court
September 18, 2025		KHNP				Administrative Fine (4 million Won)		The Act on the Protection and Investigation of Buried Cultural Heritage (Vicarious Liability Provision)		Fine Payment

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Sanctions by Administrative Authorities

Date		Subject		Sanctions		Grounds and Applicable Laws		Proceedings
January 15, 2025		KHNP HANBIT Nuclear Power Site		Administrative Fine (10 million Won)		Act of Physical Protection and Radiological Emergency Preparedness for Nuclear Facilities, etc. Article 14 (Book and Records)		Fine Payment
January 15, 2025		KHNP HANUL Nuclear Power Site		Administrative Fine (8 million Won)		Act of Physical Protection and Radiological Emergency Preparedness for Nuclear Facilities, etc. Article 14 (Book and Records)		Fine Payment
March 6, 2025		KHNP		Corrective Action		Act on the Fairness of Subcontract Transactions Article 3-4 Paragraph(1) Prohibition of unfair contractual terms		Implementation of Corrective Actions to prevent recurrence
June 16, 2025		KHNP HANUL Nuclear Power Site		Administrative Fine (0.25 million Won)		Groundwater Act Article 9 Failure to conduct a geotechnical investigation		Fine Payment
June 26, 2025		KHNP		Administrative Fine (144 million Won)		Nuclear Safety Act Article 70 and 119 The Enforcement Decree of Nuclear Safety ACT Article 107 and 178		Fine Payment

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3. Sanctions as of September 30, 2025(Korea East-West Power Co., Ltd)

Date		Sanction Authorities		Subject		Sanctions		Cause		Grounds and Applicable Laws
February 12, 2025		Ministry of Climate, Energy, and Environment		Dangjin Power Complex		Administrative Fine (1.8 million Won)		Unaddressed malfunction of measurement equipment		Act on the Integrated Control of Pollutant-Discharging Facilities Article 20

4. Sanctions as of September 30, 2025(KEPCO KDN)

Date		Sanction Authorities		Resolution Number		Case Name		Proceedings
February 20, 2025		Korea Fair Trade Commission		Resolution 2025-029		Case concerning unlawful collussion between KEPCO KDN and Exem CO,. Ltd. in the procurement bid for additional storage materials for unstructured data at KEPCO		Corrective Actions and fine(39 million Won)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

By:		/s/ Joo, Hwa-Sik
Name:		Joo, Hwa-Sik
Title:		Vice President

Date: December 18, 2025

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KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Condensed consolidated interim financial statements

September 30, 2025

with the independent auditors’ review report

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TABLE OF CONTENTS

		Page
Independent auditors’ review report
Condensed consolidated interim statements of financial position			1
Condensed consolidated interim statements of comprehensive income			3
Condensed consolidated interim statements of changes in equity			5
Condensed consolidated interim statements of cash flows			7
Notes to the condensed consolidated interim financial statements			9

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Independent Auditors’ Review Report

(English translation of a report originally issued in Korean)

To the Board of Directors and Shareholders of

Korea Electric Power Corporation

Reviewed Financial Statements

We have reviewed the accompanying condensed consolidated interim financial statements of Korea Electric Power Corporation and its subsidiaries (the “Group”), which comprise the condensed consolidated interim statement of financial position as of September 30, 2025, the condensed consolidated interim statements of comprehensive income for the three-month and nine-month periods ended September 30, 2025, the condensed consolidated interim statements of changes in equity and cash flows for the nine-month period ended September 30, 2025 and notes, comprising of material accounting policy information and other explanatory information.

Management’s Responsibility

Management is responsible for the preparation and fair presentation of these condensed consolidated interim financial statements in accordance with Korean International Financial Reporting Standards (“K-IFRS”) No. 1034, ‘Interim Financial Reporting’ 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.

Auditors’ Review Responsibility

Our responsibility is to issue a report on these condensed consolidated interim financial statements based on our review.

We conducted our review in accordance with the Review Standards for Quarterly and Semiannual Financial Statements established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements referred to above do not present fairly, in all material respects, in accordance with K-IFRS No. 1034, ‘Interim Financial Reporting’.

Other Matters

The procedures and practices utilized in the Republic of Korea to review such condensed consolidated interim financial statements may differ from those generally accepted and applied in other countries.

The consolidated interim statements of comprehensive income for the three-month and nine-month periods ended September 30, 2024 and the consolidated interim statements of changes in equity and cash flows for the nine-month period ended September 30, 2024, presented for comparative purposes, were reviewed by another auditor. Their review report dated November 14, 2024, stated that nothing had come to their attention that caused them to believe that those consolidated interim financial statements did not present fairly, in all material respects, in accordance with K-IFRS No. 1034, ‘Interim Financial Reporting’.

The consolidated statement of financial position as of December 31, 2024, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, which are not accompanying this report, have been audited by another auditor in accordance with Korean Standards on Auditing and their report thereon, dated March 11, 2025, expressed an unmodified opinion. The accompanying consolidated statement of financial position as of December 31, 2024, presented for comparative purposes, is not different from that audited by another auditor from which it was derived in all material respects.

Seoul, Korea

November 14, 2025

This report is effective as of November 14, 2025, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying condensed consolidated interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that the above review report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

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KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Condensed consolidated interim financial statements

For each of the nine-month periods ended September 30, 2025 and 2024

“The accompanying condensed consolidated interim financial statements, including all footnotes and disclosures,

have been prepared by, and are the responsibility of, the Group.”

Dong-Cheol Kim

Chief Executive Officer

Korea Electric Power Corporation

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of financial position

As of September 30, 2025 and December 31, 2024 (Unaudited)

In millions of won		Note		September 30, 2025				December 31, 2024
Assets
Current assets
Cash and cash equivalents		5,6,7,44		W	2,275,359				2,382,979
Current financial assets, net		5,6,9,11,12,13,44,45,46			5,878,256				3,494,717
Trade and other receivables, net		5,8,20,24,44,45,46			12,219,551				12,216,216
Inventories, net		14			9,882,246				9,769,236
Current income tax assets					84,423				78,495
Current non-financial assets		15			1,451,106				1,267,914
Assets held-for-sale		41			75,905				45,648
Total current assets					31,866,846				29,255,205
Non-current assets
Non-current financial assets, net		5,6,9,10,11,12,13,44,46			4,110,730				4,945,990
Non-current trade and other receivables, net		5,8,20,44,45,46			3,213,902				3,157,409
Property, plant and equipment, net		18,24,27,48			185,941,378				182,982,763
Investment properties, net		19,27			169,321				228,984
Goodwill, net		16			99,145				99,179
Intangible assets other than goodwill, net		21,27			963,419				1,046,918
Investments in associates		4,17			6,792,851				6,704,754
Investments in joint ventures		4,17			6,310,087				4,581,340
Defined benefit assets, net		25			13,885				40,425
Deferred tax assets					12,737,254				13,436,624
Non-current non-financial assets		15			872,726				328,204
Total non-current assets					221,224,698				217,552,590
Total assets		4		W	253,091,544				246,807,795

(Continued)

1

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of financial position, Continued

As of September 30, 2025 and December 31, 2024 (Unaudited)

In millions of won		Note		September 30, 2025				December 31, 2024
Liabilities
Current liabilities
Trade and other payables		5,22,24,44,46		W	8,752,691				9,411,315
Current financial liabilities		5,12,23,44,46			45,827,642				44,465,866
Current income tax liabilities					1,599,650				970,496
Current non-financial liabilities		20,28,29			6,834,306				6,327,141
Current provisions		26,44			3,042,141				2,793,971
Liabilities held-for-sale		41			11,233				—
Total current liabilities					66,067,663				63,968,789
Non-current liabilities
Non-current trade and other payables		5,22,24,44,46			4,217,420				4,609,241
Non-current financial liabilities		5,12,23,44,46			84,977,573				88,352,359
Non-current non-financial liabilities		28,29			13,951,215				13,281,520
Employee benefits liabilities, net		25,44			1,735,947				1,451,547
Deferred tax liabilities					6,125,584				5,944,472
Non-current provisions		26,44			28,264,812				27,837,034
Total non-current liabilities					139,272,551				141,476,173
Total liabilities		4		W	205,340,214				205,444,962
Equity
Contributed capital		1,30,44
Share capital				W	3,209,820				3,209,820
Share premium					843,758				843,758
					4,053,578				4,053,578
Retained earnings		31
Legal reserves					1,604,910				1,604,910
Voluntary reserves					567,469				—
Unappropriated retained earnings					24,934,926				18,523,337
					27,107,305				20,128,247
Other components of equity		33
Other capital surplus					1,605,627				1,600,812
Accumulated other comprehensive income					1,078,428				1,424,014
Other equity					12,708,585				12,708,585
					15,392,640				15,733,411
Equity attributable to owners of the controlling company					46,553,523				39,915,236
Non-controlling interests		16,32			1,197,807				1,447,597
Total equity				W	47,751,330				41,362,833
Total liabilities and equity				W	253,091,544				246,807,795

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

2

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of comprehensive income

For each of the three-month and nine-month periods ended September 30, 2025 and 2024 (Unaudited)

In millions of won, except per share information				September 30, 2025								September 30, 2024
		Note		Three-month period ended				Nine-month period ended				Three-month period ended				Nine-month period ended
Sales		4,34,44,46
Sale of goods		2		W	27,033,542				72,235,987				25,629,338				68,449,978
Sales of services					175,181				478,755				141,906				479,195
Sales of construction services		20			144,830				382,298				136,406				363,315
Revenue related to transfer of assets from customers		28			218,831				649,466				195,707				577,319
					27,572,384				73,746,506				26,103,357				69,869,807
Cost of sales		14,25,42,46
Cost of sales of goods					(20,483,602	)			(58,267,318	)			(21,617,557	)			(60,817,298	)
Cost of sales of services					(145,853	)			(431,877	)			(144,197	)			(435,879	)
Cost of sales of construction services					(503,651	)			(1,210,397	)			(189,377	)			(461,904	)
					(21,133,106	)			(59,909,592	)			(21,951,131	)			(61,715,081	)
Gross profit					6,439,278				13,836,914				4,152,226				8,154,726
Selling and administrative expenses		25,35,42,46			(787,366	)			(2,295,523	)			(756,171	)			(2,209,066	)
Operating profit		4			5,651,912				11,541,391				3,396,055				5,945,660
Other income		36			122,898				307,436				98,662				321,691
Other expenses		36			(69,524	)			(162,980	)			(53,167	)			(212,972	)
Other gains, net		37			240,392				359,576				82,273				126,169
Finance income		5,12,38			774,699				1,886,241				1,128,461				1,233,334
Finance expenses		5,12,39			(1,608,924	)			(4,216,554	)			(1,927,864	)			(4,102,671	)
Profit (loss) related to associates, joint ventures and subsidiaries		4,16,17
Share of profit of associates and joint ventures					234,265				719,004				252,142				731,313
Gain on disposal of investments in associates and joint ventures					1				3,880				8				185,348
Gain on disposal of investments in Subsidiaries					—				—				—				98
Share of loss of associates and joint ventures					31,933				(163,289	)			—				(163,943	)
Loss on disposal of investments in associates and joint ventures					—				—				—				(626	)
Loss on disposal of investments in subsidiaries					(28,491	)			(28,491	)			—				—
				W	237,708				531,104				252,150				752,190

(Continued)

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of comprehensive income, Continued

For each of the three-month and nine-month periods ended September 30, 2025 and 2024 (Unaudited)

In millions of won, except per share information						September 30, 2025								September 30, 2024
		Note				Three-month period ended				Nine-month period ended				Three-month period ended				Nine-month period ended
Profit before income tax						W	5,349,161				10,246,214				2,976,570				4,063,401
Income tax expense			40				(1,559,143	)			(2,918,131	)			(1,096,924	)			(1,473,402	)
Profit for the period							3,790,018				7,328,083				1,879,646				2,589,999
Other comprehensive income (loss), net of tax			5,12,25,31,33
Items that will not be reclassified subsequently to profit or loss:
Remeasurements of defined benefit plans			25,31			W	(13,928	)			(112,028	)			(107,448	)			(300,635	)
Share of other comprehensive income (loss) of associates and joint ventures			31				1,303				1,313				(219	)			1,191
Net change in fair value of financial assets at fair value through other comprehensive income			33				70,097				112,542				11,164				82,614
Items that may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting			5,12,33				4,739				14,208				29,840				28,608
Foreign currency translation of foreign operations			33				59,467				(90,369	)			(81,017	)			11,448
Share of other comprehensive income (loss) of associates and joint ventures			33				175,497				(404,787	)			(311,891	)			91,362
Other comprehensive income (loss) for the period							297,175				(479,121	)			(459,571	)			(85,412	)
Total comprehensive income for the period						W	4,087,193				6,848,962				1,420,075				2,504,587
Profit attributable to:			43
Owners of the controlling company						W	3,755,618				7,220,576				1,849,337				2,475,886
Non-controlling interests							34,400				107,507				30,309				114,113
						W	3,790,018				7,328,083				1,879,646				2,589,999
Total comprehensive income (loss) attributable to:
Owners of the controlling company						W	4,032,197				6,770,209				1,418,612				2,392,339
Non-controlling interests							54,996				78,753				1,463				112,248
						W	4,087,193				6,848,962				1,420,075				2,504,587
Earnings per share (in won)			43
Basic and diluted earnings per share						W	5,850				11,248				2,881				3,857

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

4

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of changes in equity

For the nine-month periods ended September 30, 2025 and 2024 (Unaudited)

In millions of won		Equity attributable to owners of the controlling company																Non- controlling interests
		Contributed capital				Retained earnings				Other components of equity				Subtotal								Total equity
Balance as of January 1, 2024		W	4,053,578				16,338,262				15,453,203				35,845,043				1,419,707				37,264,750
Total comprehensive income (loss) for the period
Profit for the period			—				2,475,886				—				2,475,886				114,113				2,589,999
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax			—				(287,298	)			—				(287,298	)			(13,337	)			(300,635	)
Share of other comprehensive income of associates and joint ventures, net of tax			—				1,191				—				1,191				—				1,191
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax			—				—				82,613				82,613				1				82,614
Items that may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax			—				—				29,533				29,533				(925	)			28,608
Foreign currency translation of foreign operations, net of tax			—				—				(948	)			(948	)			12,396				11,448
Share of other comprehensive income of associates and joint ventures, net of tax			—				—				91,362				91,362				—				91,362
Transactions with owners of the Group, recognized directly in equity
Dividends paid			—				—				—				—				(83,522	)			(83,522	)
Additional paid-in capital and others			—				—				—				—				(1,348	)			(1,348	)
Equity transaction within the consolidated entity			—				—				21				21				—				21
Changes in consolidation scope			—				—				—				—				5				5
Dividends paid for hybrid bonds			—				—				—				—				(7,921	)			(7,921	)
Others
Transfer of revaluation reserve			—				586,394				(586,394	)			—				—				—
Balance as of September 30, 2024		W	4,053,578				19,114,435				15,069,390				38,237,403				1,439,169				39,676,572

(Continued)

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Condensed consolidated interim statements of changes in equity, Continued

For the nine-month periods ended September 30, 2025 and 2024 (Unaudited)

In millions of won		Equity attributable to owners of the controlling company																Non- controlling interests
		Contributed capital				Retained earnings				Other components of equity				Subtotal								Total equity
Balance as of January 1, 2025		W	4,053,578				20,128,247				15,733,411				39,915,236				1,447,597				41,362,833
Total comprehensive income (loss) for the period
Profit for the period			—				7,220,576				—				7,220,576				107,507				7,328,083
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax			—				(106,094	)			—				(106,094	)			(5,934	)			(112,028	)
Share of other comprehensive income of associates and joint ventures, net of tax			—				1,313				—				1,313				—				1,313
Net change in fair value of financial assets at fair value through other comprehensive income (loss), net of tax			—				—				112,544				112,544				(2	)			112,542
Items that may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax			—				—				15,343				15,343				(1,135	)			14,208
Foreign currency translation of foreign operations, net of tax			—				—				(68,686	)			(68,686	)			(21,683	)			(90,369	)
Share of other comprehensive loss of associates and joint ventures, net of tax			—				—				(404,787	)			(404,787	)			—				(404,787	)
Transactions with owners of the Group, recognized directly in equity
Dividends paid			—				(136,737	)			—				(136,737	)			(75,715	)			(212,452	)
Additional paid-in capital and others			—				—				(246	)			(246	)			(2,693	)			(2,939	)
Equity transaction within the consolidated entity			—				—				5,061				5,061				(17,865	)			(12,804	)
Changes in consolidation scope			—				—				—				—				(142	)			(142	)
Dividends paid for hybrid bonds			—				—				—				—				(2,128	)			(2,128	)
Repayment of hybrid bond			—				—				—				—				(230,000	)			(230,000	)
Balance as of September 30, 2025		W	4,053,578				27,107,305				15,392,640				46,553,523				1,197,807				47,751,330

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

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Condensed consolidated interim statements of cash flows

For the nine-month periods ended September 30, 2025 and 2024 (Unaudited)

In millions of won		September 30, 2025				September 30, 2024
Cash flows from operating activities
Profit for the period		W	7,328,083				2,589,999
Adjustments to reconcile profit for the period to net cash provided by operating activities:
Income tax expense			2,918,131				1,473,402
Depreciation			10,341,469				10,497,338
Amortization			118,727				122,456
Retire benefit expenses			344,026				311,024
Bad debt expense			54,750				48,698
Interest expense			3,279,432				3,422,931
Loss on disposal of financial assets			3,525				219
Loss on disposal of property, plant and equipment			87,565				58,633
Loss on abandonment of property, plant and equipment			96,181				112,438
Loss on impairment of intangible assets			30				—
Loss on disposal of intangible assets			13				110
Increase in provisions, net			1,561,853				713,933
Loss (gain) on foreign currency translation, net			(740,238	)			336,847
Gain on valuation of financial assets at fair value through profit or loss			(54,942	)			(68,950	)
Loss on valuation of financial assets at fair value through profit or loss			2,493				279
Loss (gain) on derivatives			507,179				(536,080	)
Gain on valuation of investments in associates and joint ventures, net			(555,715	)			(567,370	)
Gain on disposal of financial assets			(29,132	)			(29,383	)
Reversal of loss on impairment of intangible assets			(42	)			—
Gain on disposal of property, plant and equipment			(280,199	)			(83,068	)
Gain on disposal of intangible assets			(18	)			(22	)
Gain on disposal of investments in associates and joint ventures			(3,880	)			(185,348	)
Loss on disposal of investments in associates and joint ventures			—				626
Gain on disposal of investments in subsidiaries			—				(98	)
Loss on disposal of investments in subsidiaries			28,491				—
Interest income			(332,010	)			(323,744	)
Dividends income			(24,695	)			(12,243	)
Others, net			(308,277	)			26,620
			17,014,717				15,319,248
Changes in:
Trade receivables			55,586				768,039
Non-trade receivables			28,835				41,033
Accrued income			184,183				(403,656	)
Other receivables			96,779				48,423
Other current assets			(615,935	)			(324,965	)
Inventories			(1,208,546	)			(975,912	)
Other non-current assets			(186,574	)			262
Trade payables			(666,101	)			(15,203	)
Non-trade payables			(76,110	)			164,431
Accrued expenses			(181,900	)			(448,114	)
Other current liabilities			728,176				702,683
Other non-current liabilities			615,337				396,880
Investments in associates and joint ventures (dividends received)			288,761				197,040
Provisions			(1,275,292	)			(1,177,863	)
Payments of employee benefit obligations			(224,331	)			(136,783	)
Plan assets			(21,536	)			(9,756	)
		W	(2,458,668	)			(1,173,461	)

(Continued)

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Condensed consolidated interim statements of cash flows, Continued

For the nine-month periods ended September 30, 2025 and 2024 (Unaudited)

In millions of won		September 30, 2025				September 30, 2024
Cash generated from operating activities		W	21,884,132				16,735,786
Dividends received			24,695				12,243
Interest paid			(3,438,742	)			(3,486,186	)
Interest received			226,082				286,777
Income taxes paid			(1,307,855	)			(679,107	)
Net cash flows provided by operating activities			17,388,312				12,869,513
Cash flows from investing activities
Proceeds from disposals of investments in associates and joint ventures			13,882				221,628
Acquisition of investments in associates and joint ventures			(2,022,072	)			(349,945	)
Proceeds from disposals of property, plant and equipment			312,044				307,071
Acquisition of property, plant and equipment			(11,920,204	)			(10,283,585	)
Proceeds from disposals of intangible assets			1,425				414
Acquisition of intangible assets			(58,590	)			(57,923	)
Proceeds from disposals of financial assets			2,794,164				3,021,131
Acquisition of financial assets			(5,283,864	)			(4,374,136	)
Increase in loans			(103,906	)			(80,693	)
Collection of loans			234,613				175,842
Increase in deposits			(115,413	)			(131,076	)
Decrease in deposits			104,649				138,027
Disposal of held-for-sale assets			37,929				14,363
Receipt of government grants			14,135				25,319
Usage of government grants and others			—				(53	)
Net cash outflows from changes in consolidation scope			(3,561	)			(2,716	)
Other cash outflows from investing activities, net			(96,725	)			(140,757	)
Net cash flows used in investing activities			(16,091,494	)			(11,517,089	)
Cash flows from financing activities
Proceeds (repayment) of short-term borrowings, net			1,820,448				(1,326,601	)
Proceeds from long-term borrowings			1,293,209				1,995,232
Proceeds from debt securities			19,225,697				12,627,199
Repayment of long-term borrowings			(671,401	)			(424,789	)
Repayment of debt securities			(22,516,891	)			(14,734,229	)
Payment of lease liabilities			(463,167	)			(473,425	)
Settlement of derivative instruments, net			589,621				330,937
Change in non-controlling interests			(42,678	)			(1,257	)
Repayment of hybrid bond			(230,000	)			—
Dividends paid for hybrid bonds			(2,128	)			(7,921	)
Dividends paid			(209,733	)			(83,522	)
Other cash outflows from financing activities, net			(261,693	)			—
Net cash flows used in financing activities			(1,468,716	)			(2,098,376	)
Net decrease in cash and cash equivalents before effect of exchange rate fluctuations			(171,898	)			(745,952	)
Effect of exchange rate fluctuations on cash held			65,927				67,642
Classified to assets held for sale			(1,649	)			—
Net decrease in cash and cash equivalents			(107,620	)			(678,310	)
Cash and cash equivalents as of January 1, 2025 and 2024			2,382,979				4,342,887
Cash and cash equivalents as of September 30, 2025 and 2024		W	2,275,359				3,664,577

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

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Notes to the condensed consolidated interim financial statements

September 30, 2025 and 2024 (unaudited)

1. Reporting Entity (Description of the controlling company)

Korea Electric Power Corporation (“KEPCO”), the controlling company as defined in International Financial Reporting Standards as adopted by the Republic of Korea (“KIFRS”) 1110 Consolidated Financial Statements, was incorporated on January 1, 1982 in accordance with the Korea Electric Power Corporation Act (the “KEPCO Act”) to engage in the generation, transmission and distribution of electricity and development of electric power resources in the Republic of Korea. KEPCO’s stock was listed on the Korea Stock Exchange on August 10, 1989 and KEPCO listed its Depository Receipts (DR) on the New York Stock Exchange on October 27, 1994. KEPCO’s head office is located in Naju, Jeollanam-do.

As of September 30, 2025, KEPCO’s share capital amounts to W3,209,820 million and KEPCO’s shareholders are as follows:

		Number of shares (in shares)				Percentage of ownership
The Government of the Republic of Korea			116,841,794				18.20	%
Korea Development Bank			211,235,264				32.90	%
Other (*)			313,887,019				48.90	%
			641,964,077				100.00	%

(*) The number of shares held by foreign shareholders is 111,319,356 shares (17.34%) as of May 8, 2025, the most recent closing date of the shareholder list.

In accordance with the Restructuring Plan enacted on January 21, 1999 by the Ministry of Trade, Industry and Energy, KEPCO spun off its power generation divisions on April 2, 2001, resulting in the establishment of six power generation subsidiaries.

2. Basis of Preparation

(1) Statement of compliance

These condensed consolidated interim financial statements have been prepared in accordance with KIFRS 1034 Interim Financial Reporting, enacted by the Act on External Audits of Stock Companies in the Republic of Korea. The accompanying consolidated interim financial statements have been translated into English from the Korean language financial statements. In the event of any differences in interpreting the financial statements or the independent auditors’ review report thereon, the Korean version, which is used for regulatory reporting purposes, shall prevail.

(2) Basis of measurement

These condensed consolidated financial statements have been prepared on the historical cost basis, except for the following material items in the consolidated statements of financial position:

• financial instruments at fair value through profit or loss;

• financial instruments at fair value through other comprehensive income or loss;

• derivative financial instruments are measured at fair value; and

• liabilities for defined benefit plans are recognized at the net of the total present value of defined benefit obligations less the fair value of plan assets.

(3) Functional and presentation currency

These condensed consolidated financial statements are presented in Korean won (presented as “won” or “KRW”), which is also the functional currency of KEPCO and most of the significant operating subsidiaries.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

2. Basis of Preparation, Continued

(4) Use of estimates and judgments

The preparation of the condensed consolidated financial statements in conformity with KIFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Meanwhile, KEPCO and its subsidiaries (the “Group”) considers climate-related risks resulting from climate change and the establishment of a global greenhouse gas reduction implementation system in its estimates and assumptions. Climate-related risks increase the uncertainty of the estimates and assumptions considered in various items of the financial statements, and the Group carefully monitors climate-related changes and developments, such as new climate-related legislation, even if it does not have a material impact on current measurements.

The followings are the key assumptions and other key sources of estimation uncertainty at the end of the reporting period, which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

(i) Useful lives of property, plant and equipment, intangible assets other than goodwill and estimations on provision for decommissioning costs.

The Group reviews the estimated useful lives of property, plant and equipment, intangible assets other than goodwill at the end of each annual reporting period. Management’s assumptions could affect the determination of estimated economic useful lives.

The Group records the present value of estimated decommissioning costs as a liability in the period in which the Group incurs a legal obligation associated with the retirement of long-lived assets that result from acquisition, construction, development and/or normal use of the assets. The Group is required to record a liability for the dismantling (demolition) of nuclear power plants and disposal of spent fuel and low and intermediate radioactive wastes. The measurement of such liability is subject to change based on change in estimated cash flow, inflation rate, discount rate, and expected timing of decommissioning.

(ii) Deferred tax

The Group recognizes deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the tax bases of assets and liabilities of each consolidated taxpaying entity. However, the amount of deferred tax assets may be different if the Group determines the estimated future taxable income is not sufficient to realize the deferred tax assets recognized.

(iii) Valuations of financial instruments at fair values

The Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Group has established control framework with respect to the measurement of fair values. The valuation team regularly reviews significant unobservable inputs and valuation adjustments.

If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of KIFRS including the level in the fair value hierarchy in which such valuation techniques should be classified.

When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.

If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

2. Basis of Preparation, Continued

(4) Use of estimates and judgments, continued

(iv) Defined employee benefit liabilities

The Group offers its employees defined benefit plans. The cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at the end of each reporting period. For actuarial valuations, certain inputs such as discount rates and future salary increases are estimated. Defined benefit plans contain significant uncertainties in estimations due to its long-term nature (refer to Note 25).

(v) Unbilled revenue

Electricity delivered but neither metered nor billed is estimated at the reporting date based on the volume of electricity delivered which can vary significantly as a result of customer usage patterns, customer mix, meter reading schedules, weather, and etc. Unbilled revenue recognized as of September 30, 2025 and 2024 are W2,067,054 million and W2,138,161 million, respectively.

(vi) Construction contracts

The Group recognizes revenue over time using the cost-based input method which represents a faithful depiction of the Group’s progress towards complete satisfaction of providing the power plant construction, which has been identified as a single performance obligation. In applying the cost-based input method, it is necessary to use estimates and assumptions related to the Group’s efforts or inputs expected to be incurred. Costs incurred towards contract completion include costs associated with direct materials, labor, and other indirect costs related to contract performance. Judgment is required in estimating the costs expected to incur in completing the construction projects which involves estimating future materials, labor, contingencies and other related costs. Revenue is estimated based on the contractual amount; however, it can also be affected by uncertainties resulting from unexpected future events.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

2. Basis of Preparation, Continued

(5) Changes in accounting policies

The Group has applied the following new accounting standards and amendments for their annual reporting period commencing January 1, 2025. The amendment has no significant impact on the Group’s condensed consolidated interim financial statements. The Group has not early adopted any other standards, interpretations or amendments that have been issued but not yet effective.

Amendments to KIFRS 1021 - lack of Exchangeability

The amendments to KIFRS 1021 The Effects of Changes in Foreign Exchange Rates specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments require disclosure of information that enables users of financial statements to understand the risk and impact of a currency not being exchangeable, or is expected to affect, an entity’s financial performance, financial position, and cash flows.

The amendments apply to annual reporting periods beginning on or after January 1, 2025. When applying this amendment, the Group does not restate comparative information.

This amendment has no significant impact on the consolidated interim financial statements.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

3. Material Accounting Policies

The accounting policies applied by the Group in these condensed consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as of and for the year ended December 31, 2024, except for the changes described in Note 2.(5).

4. Segment, Geographic and Other Information

(1) Segment determination and explanation of the measurements

The Group’s operating segments are its business components that generate discrete financial information that is reported to and regularly reviewed by chief operating decision maker of the Group for the purpose of resource allocation and assessment of segment performance. The Group’s reportable segments classified in accordance with KIFRS 1108 are “Transmission and distribution”, “Electric power generation (Nuclear)”, “Electric power generation (Non-nuclear)”, “Plant maintenance & engineering service” and “Others”; others mainly represent the business unit that manages the Group’s foreign operations.

Segment operating profit (loss) is determined in the same way that consolidated operating profit is determined under KIFRS without any adjustment for corporate allocations. The accounting policies used by each segment are consistent with the accounting policies used in the preparation of the condensed consolidated financial statements. Segment assets and liabilities are determined based on separate financial statements of the entities instead of on a consolidated basis. There are various transactions between the reportable segments, including sales of property, plant and equipment and so on, that are conducted on an arm’s-length basis at market prices that would be applicable to an independent third party. For subsidiaries which are in a different segment from that of its immediate parent company, their carrying amount in separate financial statements is eliminated in the consolidating adjustments in the tables below. In addition, consolidation adjustments in the table below include adjustments of the amount of investment in associates and joint ventures from the cost basis amount reflected in segment assets to that determined using equity method in the condensed consolidated financial statements.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

4. Segment, Geographic and Other Information, Continued

(2) The financial information of the segments for each of the three and nine-month periods ended September 30, 2025 and 2024, respectively, is as follows:

In millions of won
For the three and nine-month period ended September 30, 2025
Segment		Total segment revenue								lntersegment revenue								Revenue from external customers								Operating Profit (loss)								Depreciation and amortization								Interest income								Interest expense								Profit (loss) related to associates, joint ventures and subsidiaries
		Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended
Transmission and distribution		W	27,006,924				72,468,408				631,122				1,759,617				26,375,802				70,708,791				2,678,481				5,535,973				1,131,410				3,373,730				21,362				71,905				653,114				2,004,233				178,825				340,416
Electric power generation (Nuclear)			3,640,927				11,847,266				3,539,612				11,651,231				101,315				196,035				790,707				3,186,755				1,225,788				3,794,764				24,170				59,379				198,810				598,340				378				(9,306	)
Electric power generation (Non-nuclear)			9,263,218				22,315,366				8,557,597				20,488,716				705,621				1,826,650				2,095,624				2,661,107				1,046,884				3,120,175				9,233				31,995				164,507				503,554				58,427				199,907
Plant maintenance & engineering service			852,027				2,370,040				689,501				1,951,662				162,526				418,378				98,834				219,607				42,841				127,828				6,124				22,041				1,150				4,278				78				87
Others			578,819				1,663,736				351,699				1,067,084				227,120				596,652				77,104				116,686				56,789				173,909				69,184				189,168				70,578				232,743				—				—
Consolidation adjustments			(13,769,531	)			(36,918,310	)			(13,769,531	)			(36,918,310	)			—				—				(88,838	)			(178,737	)			(37,399	)			(130,210	)			(13,108	)			(42,478	)			(19,982	)			(63,716	)			—				—
		W	27,572,384				73,746,506				—				—				27,572,384				73,746,506				5,651,912				11,541,391				3,466,313				10,460,196				116,965				332,010				1,068,177				3,279,432				237,708				531,104
In millions of won
For the three and nine-month period ended September 30, 2024
Segment		Total segment revenue								lntersegment revenue								Revenue from external customers								Operating Profit (loss)								Depreciation and amortization								Interest income								Interest expense								Profit (loss) related to associates, joint ventures and subsidiaries
		Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended
Transmission and distribution		W	25,669,731				68,663,952				481,848				1,616,404				25,187,883				67,047,548				(773,717	)			395,418				1,100,643				3,261,051				18,793				66,231				715,255				2,167,146				115,101				406,349
Electric power generation (Nuclear)			4,111,027				10,205,422				4,084,873				10,045,901				26,154				159,521				1,606,878				1,794,445				1,387,109				4,028,873				15,663				47,666				207,402				578,270				(5,994	)			(9,446	)
Electric power generation (Non-nuclear)			10,630,397				25,160,645				10,075,017				23,360,192				555,380				1,800,453				2,591,281				3,336,865				1,059,759				3,183,893				11,143				48,762				172,581				543,555				143,628				170,027
Plant maintenance & engineering service			734,706				2,353,096				560,853				1,954,252				173,853				398,844				78,137				306,310				41,683				121,569				6,583				18,523				1,612				5,177				(585	)			185,260
Others			529,867				1,599,688				369,780				1,136,247				160,087				463,441				44,219				113,601				42,395				151,701				61,360				182,520				60,903				186,247				—				—
Consolidation adjustments			(15,572,371	)			(38,112,996	)			(15,572,371	)			(38,112,996	)			—				—				(150,743	)			(979	)			(35,466	)			(127,293	)			(13,167	)			(39,958	)			(18,934	)			(57,464	)			—				—
		W	26,103,357				69,869,807				—				—				26,103,357				69,869,807				3,396,055				5,945,660				3,596,123				10,619,794				100,375				323,744				1,138,819				3,422,931				252,150				752,190

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

4. Segment, Geographic and Other Information, Continued

(3) The information related to segment assets and segment liabilities as of September 30, 2025 and December 31, 2024 is as follows:

In millions of won
As of September 30, 2025
Segment		Segment assets				Investments in associates and joint ventures				Acquisition of non-current assets				Segment liabilities
Transmission and distribution		W	142,771,973				8,458,667				6,686,464				118,583,348
Electric power generation (Nuclear)			76,472,361				162,283				1,811,172				49,420,636
Electric power generation (Non-nuclear)			64,347,749				4,480,395				3,155,965				34,918,890
Plant maintenance & engineering service			4,211,201				1,593				124,207				1,276,268
Others			16,778,912				—				189,160				6,915,359
Consolidation adjustments			(51,490,652	)			—				27,001				(5,774,287	)
		W	253,091,544				13,102,938				11,993,969				205,340,214
In millions of won
As of December 31, 2024
Segment		Segment assets				Investments in associates and joint ventures				Acquisition of non-current assets				Segment liabilities
Transmission and distribution		W	139,472,103				6,839,513				8,417,992				120,083,068
Electric power generation (Nuclear)			72,508,359				171,956				2,629,626				47,082,862
Electric power generation (Non-nuclear)			66,834,569				4,272,928				3,862,287				36,363,754
Plant maintenance & engineering service			4,522,610				1,697				160,978				1,508,112
Others			14,977,126				—				195,451				7,073,716
Consolidation adjustments			(51,506,972	)			—				(185,981	)			(6,666,550	)
		W	246,807,795				11,286,094				15,080,353				205,444,962

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

4. Segment, Geographic and Other Information, Continued

(4) Geographic information

Electricity sales, the main operations of the Group, are conducted in the Republic of Korea. The following information on revenue from external customers and non-current assets is determined by the location of the customers and of the assets:

In millions of won		Revenue from external customers																Non-current assets (*2)
		September 30, 2025								September 30, 2024								September 30, 2025				December 31, 2024
Geographical unit		Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended
Domestic		W	27,293,486				73,008,904				25,844,430				69,171,416				194,645,845				191,214,679
Overseas (*1)			278,898				737,602				258,927				698,391				6,503,082				4,757,463
		W	27,572,384				73,746,506				26,103,357				69,869,807				201,148,927				195,972,142

(*1) Middle East and other Asian countries make up the majority of overseas revenue and non-current assets. Since the overseas revenue or non-current assets attributable to particular countries are not material, they are not disclosed individually.

(*2) The amounts exclude financial assets, deferred tax assets and defined benefit assets.

(5) Information on significant customers

There is no single customer who accounts for 10% or more of the Group’s revenue for each of the nine-month periods ended September 30, 2025 and 2024.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

5. Classification of Financial Instruments

(1) The classification of financial assets as of September 30, 2025 and December 31, 2024 is as follows:

In millions of won		As of September 30, 2025
		Financial assets at fair value through profit or loss				Financial assets at fair value through other comprehensive income				Financial assets at amortized cost				Derivative assets (applying hedge accounting)				Total
Current assets
Cash and cash equivalents		W	—				—				2,275,359				—				2,275,359
Current financial assets
Current financial assets at fair value through profit or loss			2,496,263				—				—				—				2,496,263
Current financial assets at amortized costs			—				—				21,067				—				21,067
Current derivative assets			394,998				—				—				287,174				682,172
Other financial assets			—				—				2,678,754				—				2,678,754
Trade and other receivables			—				—				12,219,551				—				12,219,551
			2,891,261				—				17,194,731				287,174				20,373,166
Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss			727,097				—				—				—				727,097
Non-current financial assets at fair value through other comprehensive income			—				814,875				—				—				814,875
Non-current financial assets at amortized costs			—				—				10,135				—				10,135
Non-current derivative assets			857,198				—				—				92,677				949,875
Other financial assets			—				—				1,608,748				—				1,608,748
Trade and other receivables			—				—				3,213,902				—				3,213,902
			1,584,295				814,875				4,832,785				92,677				7,324,632
		W	4,475,556				814,875				22,027,516				379,851				27,697,798

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

5. Classification of Financial Instruments, Continued

(1) The classification of financial assets as of September 30, 2025 and December 31, 2024 is as follows, continued:

In millions of won		As of December 31, 2024
		Financial assets at fair value through profit or loss				Financial assets at fair value through other comprehensive income				Financial assets at amortized cost				Derivative assets (applying hedge accounting)				Total
Current assets
Cash and cash equivalents		W	—				—				2,382,979				—				2,382,979
Current financial assets
Current financial assets at fair value through profit or loss			1,456,895				—				—				—				1,456,895
Current financial assets at amortized costs			—				—				20,418				—				20,418
Current derivative assets			396,477				—				—				364,077				760,554
Other financial assets			—				—				1,256,850				—				1,256,850
Trade and other receivables			—				—				12,216,216				—				12,216,216
			1,853,372				—				15,876,463				364,077				18,093,912
Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss			719,277				—				—				—				719,277
Non-current financial assets at fair value through other comprehensive income			—				674,850				—				—				674,850
Non-current financial assets at amortized costs			—				—				9,815				—				9,815
Non-current derivative assets			1,450,050				—				—				480,560				1,930,610
Other financial assets			—				—				1,611,438				—				1,611,438
Trade and other receivables			—				—				3,157,409				—				3,157,409
			2,169,327				674,850				4,778,662				480,560				8,103,399
		W	4,022,699				674,850				20,655,125				844,637				26,197,311

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

5. Classification of Financial Instruments, Continued

(2) The classification of financial liabilities as of September 30, 2025 and December 31, 2024 is as follows:

In millions of won		As of September 30, 2025
		Financial liabilities at fair value through profit or loss				Financial liabilities recognized at amortized cost				Derivative liabilities (applying hedge accounting)				Total
Current liabilities
Borrowings		W	—				19,674,371				—				19,674,371
Debt securities			—				26,104,518				—				26,104,518
Derivative liabilities			48,753				—				—				48,753
Trade and other payables			—				8,752,691				—				8,752,691
			48,753				54,531,580				—				54,580,333
Non-current liabilities
Borrowings			—				3,232,474				—				3,232,474
Debt securities			—				81,467,016				—				81,467,016
Derivative liabilities			278,083				—				—				278,083
Trade and other payables			—				4,217,420				—				4,217,420
			278,083				88,916,910				—				89,194,993
		W	326,836				143,448,490				—				143,775,326
In millions of won		As of December 31, 2024
		Financial liabilities at fair value through profit or loss				Financial liabilities recognized at amortized cost				Derivative liabilities (applying hedge accounting)				Total
Current liabilities
Borrowings		W	—				17,540,585				—				17,540,585
Debt securities			—				26,901,367				—				26,901,367
Derivative liabilities			23,914				—				—				23,914
Trade and other payables			—				9,411,315				—				9,411,315
			23,914				53,853,267				—				53,877,181
Non-current liabilities
Borrowings			—				3,118,796				—				3,118,796
Debt securities			—				84,972,652				—				84,972,652
Derivative liabilities			256,018				—				4,893				260,911
Trade and other payables			—				4,609,241				—				4,609,241
			256,018				92,700,689				4,893				92,961,600
		W	279,932				146,553,956				4,893				146,838,781

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

5. Classification of Financial Instruments, Continued

(3) The classification of comprehensive income (loss) from financial instruments for each of the three and nine-month periods ended September 30, 2025 and 2024 is as follows:

In millions of won				September 30, 2025								September 30, 2024
				Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended
Cash and cash equivalents		Interest income		W	25,552				77,616				34,610				107,632
		Gain (loss) on foreign currency transactions and translations			11,144				(7,405	)			(16,206	)			(7,063	)
Financial assets at fair value through profit or loss		Interest income			7,010				26,730				143				40,089
		Dividend income			53				3,181				73				2,371
		Gain on valuation of financial assets			18,047				52,449				19,003				68,671
		Gain on disposal of financial assets			8,794				25,607				8,679				29,164
Financial assets at fair value through other comprehensive income		Dividend income			1,321				21,514				1,296				9,872
		Gain on valuation of financial assets at fair value through other comprehensive income (equity, before tax)			90,186				142,365				21,490				125,681
Financial assets at amortized cost		Interest income			714				1,227				659				1,924
		Gain (loss) on foreign currency transactions and translations			934				(2,437	)			(2,180	)			1,715
Loans		Interest income			11,762				29,779				11,999				31,586
		Bad debt expense (Reversal of allowance for doubtful accounts)			1,340				1,442				(4,903	)			(13,188	)
		Gain (loss) on foreign currency transactions and translations			430				(1,394	)			(2,908	)			408
Trade and other receivables		Interest income			51,841				137,729				31,982				106,968
		Bad debt expense			27,607				53,308				21,798				61,886
		Gain (loss) on foreign currency transactions and translations			9,547				(29,585	)			14,664				7,162
Short-term financial instruments		Interest income			14,444				39,631				9,121				14,948
Long-term financial instruments		Interest income			5,637				19,162				11,808				20,443
		Gain (loss) on foreign currency transactions and translations			—				—				(2	)			1
Other financial assets		Interest income			4				136				53				154
Financial liabilities carried at amortized cost		Interest expense of borrowings and debt securities			856,229				2,643,309				934,315				2,788,485
		Interest expense of trade and other Payables			41,383				126,549				31,538				117,863
		Interest expense of others			170,564				509,574				172,966				516,583
		Other finance income			1,020				2,530				4,593				6,383
		Other finance expenses			(712	)			84				23				270
		Gain (loss) on foreign currency transactions and translations			(561,325	)			1,051,554				965,307				(412,761	)
Derivatives (trading)		Gain (loss) on valuation of derivatives			458,567				(315,954	)			(493,863	)			274,051
		Gain (loss) on transaction of derivatives			45,115				(9,594	)			12,913				130,235
Derivatives (applying hedge accounting)		Gain (loss) on valuation of derivatives (profit or loss)			96,477				(121,009	)			(246,526	)			115,003
		Gain on valuation of derivatives (equity, before tax)			8,818				27,448				54,882				51,443
		Gain (loss) on transaction of derivatives			7,685				(60,622	)			7,370				16,791

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

6. Restricted Deposits

Restricted deposits as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won				As of September 30, 2025				As of December 31, 2024
Cash and cash equivalents		Escrow accounts		W	3,028				3,280
		Deposits for government project and others			49,436				30,812
		Collateral provided for borrowings			232,962				211,522
		Collateral provided for lawsuit			332				54
		Deposits for transmission regional support program			5,912				8,959
		Deposits for other business purposes			7,556				4,187
Short-term financial instruments		Restriction on withdrawal related to ‘win-win growth program’ for small and medium enterprises and others			280,500				83,520
		Collateral provided for borrowings			70,324				85,569
Other current financial assets		Deposits for Other Business Purposes and others			5,930				—
Non-current financial assets at fair value through profit or loss		Decommissioning costs of nuclear power plants			327,493				296,496
Long-term financial instruments		Guarantee deposits for banking accounts at oversea branches			1				22
		Collateral provided for borrowings			18,245				6,500
		Decommissioning costs of nuclear power plants			650,000				660,000
		Small and Medium Enterprise Development Fund			4,000				—
Long-term deposit		Court Deposit			78				—
Other non-current financial assets		Deposits for other business purposes			—				9,150
				W	1,655,797				1,400,071

7. Cash and Cash Equivalents

Cash and cash equivalents as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025				As of December 31, 2024
Cash		W	42,811				17,941
Other demand deposits			1,679,646				1,712,130
Short-term deposits classified as cash equivalents			502,768				548,611
Short-term investments classified as cash equivalents			50,134				104,297
		W	2,275,359				2,382,979

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

8. Trade and Other Receivables

(1) Trade and other receivables as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025
		Gross amount				Allowance for doubtful accounts				Present value discount				Book value
Current assets
Trade receivables		W	11,194,918				(202,759	)			—				10,992,159
Other receivables			1,274,601				(43,501	)			(3,708	)			1,227,392
			12,469,519				(246,260	)			(3,708	)			12,219,551
Non-current assets
Trade receivables			1,044,385				(93,772	)			—				950,613
Other receivables			2,370,687				(98,090	)			(9,308	)			2,263,289
			3,415,072				(191,862	)			(9,308	)			3,213,902
		W	15,884,591				(438,122	)			(13,016	)			15,433,453
In millions of won		As of December 31, 2024
		Gross amount				Allowance for doubtful accounts				Present value discount				Book value
Current assets
Trade receivables		W	11,266,202				(167,028	)			—				11,099,174
Other receivables			1,160,945				(39,817	)			(4,086	)			1,117,042
			12,427,147				(206,845	)			(4,086	)			12,216,216
Non-current assets
Trade receivables			1,089,787				(93,746	)			—				996,041
Other receivables			2,272,127				(100,351	)			(10,408	)			2,161,368
			3,361,914				(194,097	)			(10,408	)			3,157,409
		W	15,789,061				(400,942	)			(14,494	)			15,373,625

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

8. Trade and Other Receivables, Continued

(2) Other receivables as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025
		Gross amount				Allowance for doubtful accounts				Present value discount				Book value
Current assets
Non-trade receivables		W	668,326				(37,305	)			(319	)			630,702
Accrued income			89,226				(1	)			—				89,225
Deposits			289,262				—				(3,389	)			285,873
Finance lease receivables (*1)			97,793				(4,902	)			—				92,891
Others			129,994				(1,293	)			—				128,701
			1,274,601				(43,501	)			(3,708	)			1,227,392
Non-current assets
Non-trade receivables			410,627				(52,415	)			(197	)			358,015
Accrued income			68,695				(6,320	)			—				62,375
Deposits			500,535				(414	)			(9,111	)			491,010
Finance lease receivables (*2)			1,160,421				(2,253	)			—				1,158,168
Others			230,409				(36,688	)			—				193,721
			2,370,687				(98,090	)			(9,308	)			2,263,289
		W	3,645,288				(141,591	)			(13,016	)			3,490,681

(*1) The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W110,951 million.

(*2) The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W828,635 million.

In millions of won		As of December 31, 2024
		Gross amount				Allowance for doubtful accounts				Present value discount				Book value
Current assets
Non-trade receivables		W	403,248				(35,041	)			(21	)			368,186
Accrued income			112,941				—				—				112,941
Deposits			293,712				(4	)			(4,065	)			289,643
Finance lease receivables (*1)			92,130				(3,480	)			—				88,650
Others			258,914				(1,292	)			—				257,622
			1,160,945				(39,817	)			(4,086	)			1,117,042
Non-current assets
Non-trade receivables			243,813				(62,222	)			(41	)			181,550
Accrued income			21,395				—				—				21,395
Deposits			486,868				(414	)			(10,367	)			476,087
Finance lease receivables (*2)			1,264,269				(1,775	)			—				1,262,494
Others			255,782				(35,940	)			—				219,842
			2,272,127				(100,351	)			(10,408	)			2,161,368
		W	3,433,072				(140,168	)			(14,494	)			3,278,410

(*1) The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W121,170 million.

(*2) The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W956,968 million.

(3) Trade and other receivables are classified as financial assets at amortized cost and are measured using the effective interest rate method. No interest is accrued for trade receivables related to electricity for the duration between the billing date and the payment due dates. However, once trade receivables are overdue, the Group imposes a monthly interest rate of 1.5% on the overdue trade receivables. The Group holds deposits of three months’ expected electricity usage for customers requesting temporary usage and customers whose contracts have been cancelled due to delinquent payments.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

8. Trade and Other Receivables, Continued

(4) The aging analysis of trade receivables as of September 30, 2025 and December 31, 2024 is as follows:

In millions of won		As of September 30, 2025				As of December 31, 2024
Trade receivables not overdue		W	11,873,550				12,010,590
Trade receivables overdue and impairment-reviewed:			365,753				345,399
Less than 60 days			14,565				12,289
60 ~ 90 days			51,072				59,427
90 ~ 120 days			12,239				21,642
120 days ~ 1 year			66,495				56,107
More than 1 year			221,382				195,934
			12,239,303				12,355,989
Less: allowance for doubtful accounts			(296,531	)			(260,774	)
		W	11,942,772				12,095,215

At the end of each reporting period, the Group assesses whether the trade receivables are impaired. The Group recognizes loss allowances for trade receivables individually when there is any objective evidence that other receivables are impaired and significant and classifies the trade receivables that are not individually assessed as the trade receivables subject to be assessed on a collective basis. Also, the Group recognizes loss allowances based on an expected credit loss (ECL) model.

(5) Changes in the allowance for doubtful accounts for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025								For the year ended December 31, 2024
		Trade receivables				Other receivables				Trade receivables				Other receivables
Beginning balance		W	260,774				140,168				232,645				133,953
Bad debts expense			54,782				6,630				48,160				21,937
Write-off			(14,771	)			(5,928	)			(17,157	)			(23,177	)
Reversal			(1,075	)			(7,029	)			(12,928	)			(587	)
Others			(3,179	)			7,750				10,054				8,042
Ending balance		W	296,531				141,591				260,774				140,168

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

9. Financial Assets at Fair Value through Profit or Loss

Financial assets at fair value through profit or loss as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025								As of December 31, 2024
		Current				Non-current				Current				Non-current
Financial assets at fair value through profit or loss
Beneficiary certificate		W	320				187,320				313				152,054
Cooperative			—				6,409				—				6,872
Others (*)			2,495,943				387,661				1,456,582				405,309
			2,496,263				581,390				1,456,895				564,235
Financial assets designated as at fair value through profit or loss
Debt with embedded derivatives and others			—				145,707				—				155,042
		W	2,496,263				727,097				1,456,895				719,277

(*) Others include MMT, MMF etc.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

10. Financial Assets at Fair Value through Other Comprehensive Income

(1) Changes in financial assets at fair value through other comprehensive income for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025
		Beginning balance				Acquisition				Disposal				Valuation				Others				Ending balance
Equity securities
Listed		W	360,096				—				(3,091	)			142,954				—				499,959
Unlisted			309,709				—				(9	)			(589	)			760				309,871
			669,805				—				(3,100	)			142,365				760				809,830
Debt securities
Corporate bond			5,045				—				—				—				—				5,045
		W	674,850				—				(3,100	)			142,365				760				814,875
Current financial assets at fair value through other comprehensive income		W	—				—				—				—				—				—
Non-current financial assets at fair value through other comprehensive income			674,850				—				(3,100	)			142,365				760				814,875
In millions of won		For the year ended December 31, 2024
		Beginning balance				Acquisition				Disposal				Valuation				Others				Ending balance
Equity securities
Listed		W	285,054				—				(170	)			73,891				1,321				360,096
Unlisted			212,762				4,000				—				88,256				4,691				309,709
			497,816				4,000				(170	)			162,147				6,012				669,805
Debt securities
Corporate bond			4,627				—				—				418				—				5,045
		W	502,443				4,000				(170	)			162,565				6,012				674,850
Current financial assets at fair value through other comprehensive income		W	—				—				—				—				—				—
Non-current financial assets at fair value through other comprehensive income			502,443				4,000				(170	)			162,565				6,012				674,850

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025
		Shares (in shares)				Ownership				Acquisition cost				Book value				Fair value
Listed
Korea District Heating Corp.			2,264,068				19.55	%		W	173,201				204,445				204,445
KG Mobility Co., Ltd.			12,205				0.01	%			428				40				40
SM Korea Line Corp.			180				0.00	%			1				—				—
Namkwang Engineering & Construction Co., Ltd.			46				0.00	%			15				—				—
Bumyang Construction Co., Ltd.			35				0.00	%			2				—				—
ELCOMTEC Co., Ltd.			32,875				0.04	%			217				30				30
PAN Ocean Co., Ltd.			1,492				0.00	%			14				6				6
Codes Combine Co., Ltd.			291				0.00	%			1				1				1
PT Almatri Resources Indonesia			480,000,000				1.60	%			65,028				68,222				68,222
Denison Mines Corp.			58,284,000				7.46	%			84,134				224,944				224,944
Paladin Energy			10,760				0.01	%			41				81				81
KS Industry Co., Ltd			1,457				0.01	%			38				1				1
Vitzrosys Co., Ltd.			399				0.00	%			2				—				—
EMnI Co., Ltd.			628				0.00	%			25				1				1
Vissem electronics, Co., Ltd.			301				0.00	%			11				2				2
KC Industry Co., Ltd.			139				0.00	%			6				—				—
Ihsung CNI Co., Ltd.			142,860				4.43	%			1,500				829				829
Aone Alform Co., Ltd.			2,672				0.04	%			19				3				3
Kodaco Co., Ltd.			131,698				0.85	%			1,317				1,354				1,354
											326,000				499,959				499,959
Unlisted (*1)
Set Holding (*2)			1,100,220				2.50	%			229,255				258,974				258,974
SGC Greenpower Co., Ltd.			580,000				5.00	%			2,900				5,569				5,569
Le Soleil KHNP LLC			137,600				19.00	%			1,376				1,376				1,376
Ihsung CNI Co., Ltd.			127,660				3.96	%			1,500				2,160				2,160
H Robotics Co., Ltd.			903,601				7.05	%			4,000				332				332
Good Tcells Co., Ltd.			11,364				0.33	%			500				571				571
IPS Bio Co., Ltd.			1,975				3.13	%			1,000				896				896
Nine B Co., Ltd.			5,000				4.96	%			1,000				1,000				1,000
Orano Expansion			5,742,405				4.72	%			—				—				—
Common Computer Co., Ltd.			3,856				1.64	%			1,000				1,189				1,189
Fine Powerex Co., Ltd.			72,633				4.45	%			1,500				1,610				1,610
Agencore Co., Ltd.			175,779				7.39	%			2,200				2,514				2,514
SamHong Machinery Co., Ltd.			1,543,837				9.13	%			7,000				8,318				8,318
Aloha Factory Co., Ltd.			2,970				3.70	%			1,000				552				552
Dailyshot Co., Ltd.			1,695				1.66	%			1,001				1,250				1,250
Mediquitous Co., Ltd.			5,080				0.49	%			1,250				1,442				1,442
Black Materials Co., Ltd.			37,038				8.31	%			500				500				500
Monit Co., Ltd.			333,334				14.29	%			1,000				1,000				1,000
3i Powergen Inc. (*6)			—				15.00	%			1,482				—				—
Enersys Co., Ltd.			9,763				19.62	%			2,050				2,050				2,050
Kalman Co., Ltd.			23,172				9.54	%			1,000				1,000				1,000
Himet Co., Ltd.			1,754,386				13.93	%			5,000				5,000				5,000
PT.KedapSayaaq			671				10.00	%			18,540				—				—
Joongang Platec Co., Ltd.			3,591				0.75	%			72				35				35
Pioneer Gas Power Limited (*5)			123,200,010				38.50	%			49,831				—				—
Bobaek C&S Co., Ltd.			13,246				0.87	%			2,000				2,000				2,000
BDI Co., Ltd. (*3,4)			6,390,478				32.50	%			—				—				—
Hwan Young Steel Co., Ltd. and others (*7)			—				—				14,371				10,533				10,533
											352,328				309,871				309,871

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of September 30, 2025 and December 31, 2024 are as follows, continued:

In millions of won		As of September 30, 2025
		Shares (in shares)				Ownership				Acquisition cost				Book value				Fair value
Debt securities (*1)
Aron Flying Ship Co., Ltd.			—				—			W	491				535				535
Ino Platech Co., Ltd.			—				—				1,080				1,194				1,194
Daebon Tech Co., Ltd.			—				—				3,000				3,316				3,316
											4,571				5,045				5,045
										W	682,899				814,875				814,875

(*1) The Group used initial cost as their fair value because there was not enough information to determine fair value, and the range of the estimated fair value is wide.

(*2) The Group has estimated the fair value of Set Holding by using the income approach and has recognized the difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the nine-month period ended September 30, 2025.

(*3) The Group acquired shares in the entity through conversion of investments performed in accordance with corporate rehabilitation procedures before the prior year, and classified the investments in the entity as financial assets at fair value through other comprehensive income as the Group does not hold a significant influence over the entity until the corporate rehabilitation procedures are completed.

(*4) During the year ended December 31, 2024, BDI Co., Ltd. was delisted as the Court dismissed the application for temporary injunction requiring the suspension of delisting decision and others.

(*5) The entity is undergoing corporate rehabilitation procedures for the nine-month period ended September 30, 2025 and the Group cannot hold significant influence over the entity until the corporate rehabilitation procedures are completed. Therefore, investments in the entity were reclassified as financial assets at fair value through other comprehensive income.

(*6) The Group has recognized an impairment loss on 3i Powergen Inc. for the difference between the carrying amount and the recoverable amount, due to the discontinuation of its operations.

(*7) Equity securities, acquired through debt-for-equity swaps of electricity rate bonds and others, consist of 489 companies including Hwan Young Steel Co., Ltd.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of September 30, 2025 and December 31, 2024 are as follows, continued:

In millions of won		As of December 31, 2024
		Shares (in shares)				Ownership				Acquisition cost				Book value				Fair value
Listed
Korea District Heating Corp.			2,264,068				19.55	%		W	173,201				93,733				93,733
KG Mobility Co., Ltd.			12,205				0.01	%			428				46				46
SM Korea Line Corp.			180				0.00	%			1				—				—
Namkwang Engineering & Construction Co., Ltd.			46				0.00	%			15				—				—
Bumyang Construction Co., Ltd.			35				0.00	%			2				—				—
ELCOMTEC Co., Ltd.			32,875				0.04	%			217				34				34
PAN Ocean Co., Ltd.			1,492				0.00	%			14				5				5
HD Hyundai Marine Engine Co., Ltd.			61,455				0.22	%			430				1,503				1,503
Codes Combine Co., Ltd.			291				0.00	%			1				—				—
PT Almatri Resources Indonesia			480,000,000				1.60	%			65,028				106,259				106,259
Denison Mines Corp.			58,284,000				7.46	%			84,134				155,766				155,766
Paladin Energy			100,000				0.01	%			41				74				74
KS Industry Co., Ltd			1,457				0.01	%			38				3				3
Vitzrosys Co., Ltd.			399				0.00	%			2				—				—
EMnI Co., Ltd.			628				0.00	%			25				1				1
Vissem electronics, Co., Ltd.			301				0.00	%			11				1				1
KC Industry Co., Ltd.			139				0.00	%			6				—				—
Aone Alform Co., Ltd.			2,672				0.04	%			19				3				3
Ihsung CNI Co., Ltd.			142,860				4.43	%			1,500				1,314				1,314
Kodaco Co., Ltd.			131,698				0.85	%			1,317				1,354				1,354
											326,430				360,096				360,096
Unlisted (*1)
Set Holding (*2)			1,100,220				2.50	%			229,255				258,974				258,974
SGC Greenpower Co., Ltd.			580,000				5.00	%			2,900				5,570				5,570
Le Soleil KHNP LLC			137,600				19.00	%			1,376				1,376				1,376
Ihsung CNI Co., Ltd.			127,660				3.96	%			1,500				2,160				2,160
H Robotics Co., Ltd.			903,601				7.05	%			4,000				331				331
Good Tcells Co., Ltd.			11,364				0.33	%			500				571				571
IPS Bio Co., Ltd.			1,975				3.13	%			1,000				896				896
Nine B Co., Ltd.			5,000				4.96	%			1,000				1,000				1,000
Orano Expansion			5,742,405				4.72	%			—				—				—
Common Computer Co., Ltd.			3,856				1.64	%			1,000				1,189				1,189
Fine Powerex Co., Ltd.			72,633				4.58	%			1,500				1,610				1,610
Agencore Co., Ltd.			175,779				8.08	%			2,200				2,514				2,514
SamHong Machinery Co., Ltd.			617,535				11.06	%			7,000				8,318				8,318
Aloha Factory Co., Ltd.			2,970				3.70	%			1,000				552				552
Dailyshot Co., Ltd.			1,695				1.85	%			1,001				1,250				1,250
Mediquitous Co., Ltd.			5,080				0.58	%			1,250				1,442				1,442
Black Materials Co., Ltd.			37,038				8.31	%			500				500				500
Monit Co., Ltd.			166,667				7.14	%			1,000				1,000				1,000
3i Powergen Inc. (*6)			—				15.00	%			1,482				—				—
Enersys Co., Ltd.			9,763				19.62	%			2,050				2,050				2,050
Kalman Co., Ltd.			23,172				9.54	%			1,000				1,000				1,000
Himet Co., Ltd.			1,754,386				13.93	%			5,000				5,000				5,000
PT.KedapSayaaq			671				10.00	%			18,540				—				—
Joongang Platec Co., Ltd.			3,591				0.75	%			72				35				35
Pioneer Gas Power Limited (*5)			123,200,010				38.50	%			49,831				—				—
Bobaek C&S Co., Ltd.			13,246				0.87	%			2,000				2,000				2,000
BDI Co., Ltd. (*3,4)			6,390,478				32.50	%			—				—				—
Hwan Young Steel Co., Ltd. and others (*7)			—				—				14,234				10,371				10,371
											352,191				309,709				309,709

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of September 30, 2025 and December 31, 2024 are as follows, continued:

In millions of won		As of December 31, 2024
		Shares (in shares)				Ownership				Acquisition cost				Book value				Fair value
Debt securities (*1)
Aron Flying Ship Co., Ltd.			—				—			W	491				535				535
Ino Platech Co., Ltd.			—				—				1,080				1,194				1,194
Daebon Tech Co., Ltd.			—				—				3,000				3,316				3,316
											4,571				5,045				5,045
										W	683,192				674,850				674,850

(*1) The Group used initial cost as their fair value because there was not enough information to determine fair value, and the range of the estimated fair value is wide.

(*2) The Group has estimated the fair value of Set Holding by using the income approach and has recognized the difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the year ended December 31, 2024.

(*3) The Group acquired shares in the entity through conversion of investments performed in accordance with corporate rehabilitation procedures before the prior year, and classified the investments in the entity as financial assets at fair value through other comprehensive income as the Group does not hold a significant influence over the entity until the corporate rehabilitation procedures are completed.

(*4) During the year ended December 31, 2024, BDI Co., Ltd. was delisted as the Court dismissed the application for temporary injunction requiring the suspension of delisting decision and others.

(*5) The entity underwent corporate rehabilitation procedures during the year ended December 31, 2024, and the Group cannot hold significant influence over the entity until the corporate rehabilitation procedures are completed. Therefore, investments in the entity were reclassified as financial assets at fair value through other comprehensive income.

(*6) The Group has recognized an impairment loss on 3i Powergen Inc. for the difference between the carrying amount and the recoverable amount, due to the discontinuation of its operations.

(*7) Equity securities, acquired through debt-for-equity swaps of electricity rate bonds and others, consist of 464 companies including Hwan Young Steel Co., Ltd.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

11. Financial Assets at Amortized Cost

Financial assets at amortized cost as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025
		Financial assets at amortized cost				Book value
Government bonds		W	1,399				1,399
Others			29,803				29,803
		W	31,202				31,202
Current		W	21,067				21,067
Non-current			10,135				10,135
In millions of won		As of December 31, 2024
		Financial assets at amortized cost				Book value
Government bonds		W	1,160				1,160
Others			29,073				29,073
		W	30,233				30,233
Current		W	20,418				20,418
Non-current			9,815				9,815

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

12. Derivatives

(1) Derivatives as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025								As of December 31, 2024
		Current				Non-current				Current				Non-current
Derivative assets
Currency forward		W	3,610				—				12,153				—
Currency swap			666,727				659,973				733,374				1,630,570
Interest rate swap			1,602				161,865				9,571				176,138
Others (*2,3)			10,233				128,037				5,456				123,902
		W	682,172				949,875				760,554				1,930,610
Derivative liabilities
Currency forward		W	216				—				132				—
Currency swap			14,564				97,052				1,640				36,328
Interest rate swap			387				68,407				127				76,356
Others (*1,2,4,5)			33,586				112,624				22,015				148,227
		W	48,753				278,083				23,914				260,911

(*1) In relation to the agreement to purchase hybrid bonds issued by Samcheok Eco Materials Co., Ltd., a joint venture of the Group, the performance obligation as of September 30, 2025 which amounts to W26,422 million (W26,422 million as of December 31, 2024) to the underwriter of the bonds was recorded as other derivative liabilities.

(*2) The Group recorded the fair value of derivatives in accordance with the shareholders’ agreement of its associate, Hyundai Green Power Co., Ltd., as other derivatives assets and liabilities. Also, the fair value of derivatives under the power purchase agreement of the subsidiary, Elara Energy Project, LLC, has been recognized as other derivative liabilities.

(*3) The Group recorded the fair value of derivatives regarding the Power Purchase Agreement (“PPA”) of its subsidiary Columboola Solar Farm Hold Co Pty., Ltd. as other derivative assets.

(*4) The Group entered into a Price Return Swap (PRS) contract to exchange gains or losses arising from fluctuations in the stock price of its subsidiary, KEPCO Engineering & Construction Company, Inc. The settlement of the PRS contract was completed during the nine-month period ended September 30, 2025, and the Group recognized a gain on transaction of derivative instruments of W37,572 million for the nine-month period ended September 30, 2025.

(*5) The Group recorded the fair value of derivatives in accordance with the shareholders’ agreement of its joint venture, Wadi Noor Solar Power, as other derivative liabilities.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

12. Derivatives, Continued

(2) Currency forward contracts which are not designated as hedging instruments as of September 30, 2025 are as follows:

In millions of won and thousands of foreign currencies except contract exchange rate information

Counterparty		Contract date				Maturity date				Contract amounts								Contract exchange rate (in won)
										Pay				Receive
Busan Bank			2025.09.15				2025.10.02			W	8,333			USD	6,000			W	1,388.80
Morgan Stanley			2025.09.05				2025.10.10				13,909			USD	10,000				1,390.90
Hana Bank			2025.09.10				2025.10.16				13,853			USD	10,000				1,385.30
Mizuho Bank			2025.09.10				2025.10.14				13,868			USD	10,000				1,386.80
Hana Bank			2025.09.15				2025.10.17				13,863			USD	10,000				1,386.30
Kyongnam Bank			2025.09.16				2025.10.21				13,838			USD	10,000				1,383.80
shinhan Bank			2025.09.29				2025.10.02				12,597			USD	9,000				1,399.70
Woori Bank			2025.09.29				2025.10.23				12,590			USD	9,000				1,398.90
Standard Chartered			2025.09.30				2025.10.24				11,210			USD	8,000				1,401.30
Morgan Stanley			2025.09.30				2025.10.28				16,834			USD	12,000				1,402.80
Busan Bank			2025.09.30				2025.10.30				16,839			USD	12,000				1,403.30
Mizuho Bank			2025.09.16				2025.10.10				13,808			USD	10,000				1,380.80
Hana Bank			2025.09.16				2025.10.10				9,666			USD	7,000				1,380.79
JP Morgan			2025.09.16				2025.10.10				8,286			USD	6,000				1,380.95
Kookmin Bank			2025.09.18				2025.10.10				13,836			USD	10,000				1,383.60
shinhan Bank			2025.09.22				2025.10.14				11,141			USD	8,000				1,392.63
Nonghyup Bank			2025.09.24				2025.10.14				9,757			USD	7,000				1,393.90
Mizuho Bank			2025.09.24				2025.10.14				9,757			USD	7,000				1,393.88
JP Morgan			2025.09.29				2025.10.23				4,203			USD	3,000				1,401.10
Mizuho Bank			2025.09.29				2025.10.23				4,203			USD	3,000				1,400.99
Hana Bank			2025.09.29				2025.10.23				4,203			USD	3,000				1,400.98
Nonghyup Bank			2025.09.30				2025.10.23				8,413			USD	6,000				1,402.10
Korea Development Bank			2025.09.30				2025.10.23				7,010			USD	5,000				1,401.95
MUFG			2025.07.16				2026.01.16				6,585			JPY	700,000				9.41
MUFG			2025.09.04				2026.01.08				6,621			JPY	700,000				9.46
Nonghyup Bank			2025.09.12				2025.10.21				4,574			USD	3,300				1,386.05
MUFG			2025.09.12				2025.10.21				3,742			USD	2,700				1,386.05
JP Morgan			2025.09.16				2025.10.23				6,886			USD	5,000				1,377.15
MUFG			2025.09.17				2025.10.23				6,888			USD	5,000				1,377.62
MUFG			2025.09.25				2025.10.01				7,002			USD	5,000				1,400.40
Nonghyup Bank			2025.09.26				2025.10.31				7,049			USD	5,000				1,409.70
MUFG			2025.09.26				2025.10.31				7,049			USD	5,000				1,409.75
JP Morgan			2025.09.26				2025.10.31				7,049			USD	5,000				1,409.70
Nonghyup Bank			2025.09.29				2025.11.03				7,001			USD	5,000				1,400.20
MUFG			2025.09.29				2025.11.03				7,001			USD	5,000				1,400.22
Nonghyup Bank			2025.09.30				2025.11.04				7,006			USD	5,000				1,401.20
JP Morgan			2025.09.30				2025.11.04				7,006			USD	5,000				1,401.20
Bank of America			2025.08.28				2025.10.14				5,540			USD	4,000				1,385.00
SMBC			2025.09.01				2025.10.23				8,342			USD	6,000				1,390.34
shinhan Bank			2025.09.03				2025.10.14				2,689			USD	1,937				1,388.20
Nonghyup Bank			2025.09.08				2025.10.27				5,543			USD	4,000				1,385.80
Nonghyup Bank			2025.09.29				2025.10.27				11,190			USD	8,000				1,398.71
JP Morgan			2025.09.03				2025.10.14				3,326			USD	2,395				1,388.70
JP Morgan			2025.09.17				2025.10.02				6,894			USD	5,000				1,378.70
Citi Bank			2025.09.10				2025.10.27				4,152			USD	3,000				1,384.10
Hana Bank			2025.09.15				2025.10.23				8,317			USD	6,000				1,386.19
Nonghyup Bank			2025.07.18				2025.11.27				6,912			USD	5,000				1,382.48
shinhan Bank			2025.09.05				2025.11.28				767			USD	555				1,382.61
Woori Bank			2025.09.16				2025.12.03				6,900			USD	5,000				1,379.90
shinhan Bank			2025.09.16				2025.12.05				6,899			USD	5,000				1,379.88
MUFG			2025.09.16				2025.12.05				6,893			USD	5,000				1,378.55
Bank of America			2025.09.16				2025.12.05				6,891			USD	5,000				1,378.25
Hana Bank			2025.09.16				2025.12.05				6,890			USD	5,000				1,377.90
Busan Bank			2025.09.16				2025.12.05				6,889			USD	5,000				1,377.70
HSBC			2025.09.16				2025.12.05				6,873			USD	5,000				1,374.50

33

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

12. Derivatives, Continued

(3) Currency swap contracts which are not designated as hedging instruments as of September 30, 2025 are as follows:

In millions of won and thousands of foreign currencies except contract exchange rate information

Counterparty		Contract year		Contract amount								Contract interest rate								Contract exchange rate (in won)
				Pay				Receive				Pay				Receive
Standard Chartered		2014~2029		W	102,470			USD	100,000				3.14	%			3.57	%		W	1,024.70
Woori Bank		2019~2027			21,708			USD	19,417				5.04	%			6.75	%			1,118.00
Kookmin Bank		2020~2026			76,355			USD	70,445				5.83	%			6.00	%			1,083.90
Woori Bank		2021~2026			118,170			USD	100,000				1.11	%			1.13	%			1,181.70
Korea Development Bank		2021~2026			118,170			USD	100,000				1.11	%			1.13	%			1,181.70
Hana Bank		2021~2026			118,170			USD	100,000				1.11	%			1.13	%			1,181.70
JP Morgan		2022~2027			128,600			USD	100,000				3.56	%			4.00	%			1,286.00
Woori Bank		2022~2027			128,600			USD	100,000				3.56	%			4.00	%			1,286.00
Kookmin Bank		2022~2027			128,600			USD	100,000				3.56	%			4.00	%			1,286.00
Korea Development Bank		2022~2026			283,820			USD	200,000				4.67	%			5.38	%			1,419.10
Hana Bank		2022~2026			141,910			USD	100,000				4.68	%			5.38	%			1,419.10
Woori Bank		2022~2026			141,910			USD	100,000				4.68	%			5.38	%			1,419.10
JP Morgan		2022~2026			141,910			USD	100,000				4.69	%			5.38	%			1,419.10
Korea Development Bank		2022~2028			283,820			USD	200,000				5.12	%			5.50	%			1,419.10
Woori Bank		2022~2028			141,910			USD	100,000				5.13	%			5.50	%			1,419.10
Hana Bank		2023~2026			256,000			USD	200,000				3.97	%			5.38	%			1,280.00
Shinhan Bank		2023~2026			192,000			USD	150,000				3.99	%			5.38	%			1,280.00
Kookmin Bank		2023~2026			128,000			USD	100,000				4.03	%			5.38	%			1,280.00
Korea Development Bank		2023~2026			256,000			USD	200,000				4.04	%			5.38	%			1,280.00
Bank of America		2023~2026			128,000			USD	100,000				4.04	%			5.38	%			1,280.00
Standard Chartered		2023~2026			128,000			USD	100,000				4.04	%			5.38	%			1,280.00
Woori Bank		2023~2026			192,000			USD	150,000				4.05	%			5.38	%			1,280.00
Shinhan Bank		2024~2027			133,060			USD	100,000				3.53	%			4.88	%			1,330.60
Kookmin Bank		2024~2027			133,060			USD	100,000				3.53	%			4.88	%			1,330.60
Korea Development Bank		2024~2027			864,890			USD	650,000				3.53	%			4.88	%			1,330.60
Bank of America		2024~2027			133,060			USD	100,000				3.53	%			4.88	%			1,330.60
Standard Chartered		2024~2027			133,060			USD	100,000				3.53	%			4.88	%			1,330.60
IBK Securities Co., Ltd.		2024~2027			199,590			USD	150,000				3.53	%			4.88	%			1,330.60
Shinhan Bank		2024~2034			138,010			USD	100,000				3.64	%			5.13	%			1,380.10
Hana Bank		2024~2034			138,010			USD	100,000				3.69	%			5.13	%			1,380.10
Woori Bank		2024~2034			119,958			USD	86,920				3.74	%			5.13	%			1,380.10
Woori Bank		2017~2027			111,610			USD	100,000				2.25	%			3.13	%			1,116.10
Korea Development Bank		2017~2027			111,610			USD	100,000				2.31	%			3.13	%			1,116.10
Hana Bank		2017~2027			111,610			USD	100,000				2.31	%			3.13	%			1,116.10
Korea Development Bank		2018~2028			108,600			HKD	800,000				2.69	%			3.35	%			135.75
Shinhan Bank		2018~2028			115,387			HKD	850,000				2.66	%			3.35	%			135.75
Korea Development Bank		2019~2027			119,978			CHF	100,000				1.43	%			0.05	%			1,199.78
Woori Bank		2021~2026			222,800			USD	200,000				0.93	%			1.25	%			1,114.00
Shinhan Bank		2021~2026			111,400			USD	100,000				0.92	%			1.25	%			1,114.00
Korea Development Bank		2021~2026			111,400			USD	100,000				0.93	%			1.25	%			1,114.00
Nonghyup Bank		2021~2026			111,400			USD	100,000				0.93	%			1.25	%			1,114.00
Woori Bank		2022~2027			262,000			USD	200,000				3.62	%			4.25	%			1,310.00
Export-Import Bank of Korea		2022~2027			131,000			USD	100,000				3.63	%			4.25	%			1,310.00
Kookmin Bank		2022~2027			131,000			USD	100,000				3.62	%			4.25	%			1,310.00
Hana Bank		2022~2027			131,000			USD	100,000				3.61	%			4.25	%			1,310.00
Korea Development Bank		2022~2027			262,000			USD	200,000				3.63	%			4.25	%			1,310.00
Export-Import Bank of Korea		2022~2032			349,829			HKD	1,935,000				4.87	%			5.16	%			180.79
JP Morgan		2022~2032			75,194			HKD	415,000				5.00	%			5.16	%			181.19
Export-Import Bank of Korea		2023~2030			172,982			HKD	1,037,000				4.25	%			4.51	%			166.81
Hana Bank		2024~2028			128,940			USD	100,000				3.73	%			5.00	%			1,289.40
JP Morgan		2024~2028			128,940			USD	100,000				3.85	%			5.00	%			1,289.40
Korea Development Bank		2024~2028			257,880			USD	200,000				3.80	%			5.00	%			1,289.40
Korea Development Bank		2024~2028			128,940			USD	100,000				3.69	%			5.00	%			1,289.40

34

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

12. Derivatives, Continued

(3) Currency swap contracts which are not designated as hedging instruments as of September 30, 2025 are as follows, continued:

In millions of won and thousands of foreign currencies except contract exchange rate information

Counterparty		Contract year		Contract amount								Contract interest rate								Contract exchange rate (in won)
				Pay				Receive				Pay				Receive
Hana Bank		2024~2029		W	138,540			USD	100,000				3.15	%			4.63	%		W	1,385.40
Shinhan Bank		2024~2029			138,540			USD	100,000				3.15	%			4.63	%			1,385.40
Kookmin Bank		2024~2029			138,540			USD	100,000				3.16	%			4.63	%			1,385.40
Woori Bank		2024~2029			138,540			USD	100,000				3.17	%			4.63	%			1,385.40
Korea Development Bank		2024~2029			138,540			USD	100,000				3.19	%			4.63	%			1,385.40
Credit Agricole		2025~2028			218,963			HKD	1,166,000				2.85	%			4.10	%			187.79
Korea Development Bank		2025~2030			556,560			USD	400,000				2.75	%			SOFR + 0.79	%			1,391.40
Hana Bank		2025~2030			139,140			USD	100,000				2.75	%			SOFR + 0.79	%			1,391.40

35

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

12. Derivatives, Continued

(4) Currency swap contracts which are designated as hedging instruments as of September 30, 2025 are as follows:

In millions of won and thousands of foreign currencies except contract exchange rate information

Counterparty		Contract year		Contract amount								Contract interest rate								Contract exchange rate (in won)
				Pay				Receive				Pay				Receive
Korea Development Bank		2020~2026		W	118,910			USD	100,000				0.61	%			1.00	%		W	1,189.10
Hana Bank		2020~2026			118,910			USD	100,000				0.61	%			1.00	%			1,189.10
Woori Bank		2020~2026			118,910			USD	100,000				0.62	%			1.00	%			1,189.10
Nomura		2017~2037			52,457			EUR	40,000				2.60	%			1.70	%			1,311.42
Nomura		2017~2037			59,423			SEK	450,000				2.62	%			2.36	%			132.05
Kookmin Bank		2021~2026			114,230			USD	100,000				1.27	%			1.25	%			1,142.30
Korea Development Bank		2021~2026			114,230			USD	100,000				1.27	%			1.25	%			1,142.30
Hana Bank		2021~2026			114,230			USD	100,000				1.27	%			1.25	%			1,142.30
Korea Development Bank		2022~2027			123,710			USD	100,000				3.41	%			3.63	%			1,237.10
Woori Bank		2022~2027			123,710			USD	100,000				3.41	%			3.63	%			1,237.10
JP Morgan		2022~2027			123,710			USD	100,000				3.41	%			3.63	%			1,237.10
Woori Bank		2021~2026			220,600			USD	200,000				0.47	%			0.75	%			1,103.00
Shinhan Bank		2021~2026			220,600			USD	200,000				0.47	%			0.75	%			1,103.00
Hana Bank		2021~2026			55,150			USD	50,000				0.48	%			0.75	%			1,103.00
Shinhan Bank		2023~2026			132,930			USD	100,000				4.07	%			5.38	%			1,329.30
Nonghyup Bank		2023~2026			132,930			USD	100,000				4.05	%			5.38	%			1,329.30
Kookmin Bank		2023~2026			132,930			USD	100,000				4.07	%			5.38	%			1,329.30
Woori Bank		2023~2028			259,000			USD	200,000				3.83	%			4.88	%			1,295.00
Korea Development Bank		2023~2028			129,500			USD	100,000				3.85	%			4.88	%			1,295.00
Bank of America		2023~2028			64,750			USD	50,000				3.85	%			4.88	%			1,295.00

36

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

12. Derivatives, Continued

(5) Interest rate swap contracts which are not designated as hedging instruments as of September 30, 2025 are as follows:

In millions of won and thousands of foreign currencies

Counterparty		Contract year				Contract amount				Contract interest rate per annum
										Pay				Receive
Nomura (*1)			2018~2038			W	30,000				3M CD + 0.10%				3.75	%
Shinhan Bank			2021~2025				100,000				2.32%				3M CD + 0.43	%
Hana Bank			2022~2027				200,000				3.02%				3M CD + 0.61	%
Hana Bank			2022~2027				200,000				3.04%				3M CD + 0.58	%
Hana Bank			2022~2027				250,000				3.38%				3M CD + 0.59	%
Nomura			2022~2027				200,000				3.55%				3M CD + 0.60	%
Shinhan Bank			2022~2027				150,000				3.53%				3M CD + 0.55	%
Hana Bank			2022~2027				200,000				3.70%				3M CD + 0.59	%
Nomura			2022~2027				300,000				3.89%				3M CD + 0.67	%
Hana Bank			2022~2027				200,000				3.93%				3M CD + 0.67	%
Nomura			2022~2027				200,000				3.80%				3M CD + 0.68	%
Nomura			2022~2027				300,000				4.04%				3M CD + 0.60	%
Hana Bank			2022~2027				100,000				4.68%				3M CD + 1.04	%
Hana Bank			2022~2027				100,000				5.45%				3M CD + 1.20	%
Shinhan Bank			2023~2028				200,000				4.27%				3M CD + 0.76	%
Shinhan Bank			2023~2028				50,000				4.27%				3M CD + 0.76	%
Nomura			2023~2028				250,000				4.13%				3M CD + 0.73	%
Hana Bank			2023~2028				200,000				3.74%				3M CD + 0.51	%
Hana Bank			2023~2028				100,000				4.19%				3M CD + 0.50	%
Shinhan Bank			2023~2028				300,000				3.81%				3M CD + 0.70	%
Hana Bank			2023~2028				200,000				3.95%				3M CD + 0.50	%
Shinhan Bank			2024~2029				200,000				3.84%				3M CD + 0.50	%
Hana Bank			2024~2027				250,000				3.72%				3M CD + 0.34	%
Hana Bank			2024~2027				250,000				3.77%				3M CD + 0.31	%
Hana Bank			2024~2027				250,000				3.31%				3M CD + 0.31	%
Hana Bank			2024~2027				200,000				3.46%				3M CD + 0.53	%
Nomura			2024~2027				200,000				3.38%				3M CD + 0.50	%
Hana Bank			2024~2027				300,000				3.18%				3M CD + 0.53	%
Shinhan Bank			2024~2025				100,000				3.29%				3M CD + 0.42	%
Hana Bank			2025~2030				200,000				3.28%				3M CD + 0.57	%
Hana Bank			2025~2030				200,000				3.28%				3M CD + 0.62	%
Shinhan Bank			2025~2030				200,000				2.82%				3M CD + 0.50	%
Hana Bank			2025~2028				200,000				2.86%				3M CD + 0.45	%
Nomura			2017~2032				52,457				2.55% + Floating rate				2.60	%
Nomura			2017~2032				59,423				2.57% + Floating rate				2.62	%
Nomura (*2)			2021~2041				30,000				1.84%				2.60	%
Nomura (*3)			2021~2041				50,000				1.87%				2.38	%
MUFG			2022~2048			USD	155,941				3M SOFR				3.71	%
Mizuho Capital Markets LLC			2022~2048			USD	155,941				3M SOFR				1.05	%
Mizuho Capital Markets LLC			2024~2025			USD	112,194				1M SOFR				4.20	%
NORD LB Bank			2022~2036			USD	16,121				1.83%				6M SOFR
Rabobank			2022~2036			USD	19,619				1.83%				6M SOFR
Mizuho Capital Markets LLC			2024~2045			USD	78,927				3M USD Synthetic Libor				1.14	%

(*1) Depending on the counterparty exercising the right, the contract may be early settled on the same date every year from June 15, 2023.

(*2) 1.84% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CMT+0.35% is applied thereafter.

(*3) 1.87% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CMT+0.35% is applied thereafter.

37

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

12. Derivatives, Continued

(6) Interest rate swap contracts which are designated as hedging instruments as of September 30, 2025 are as follows:

In thousands of foreign currencies

Counterparty

Contract interest rate per annum

Contract year

Contract amount

Pay

Receive

Export-Import Bank of Korea

2015~2031

USD     11,021

2.67

%

SOFR + 0.428%

ING Bank

2015~2031

USD     27,178

2.67

%

SOFR + 0.428%

BNP Paribas

2015~2031

USD     28,994

2.67

%

SOFR + 0.428%

BNP Paribas

2009~2027

USD     22,923

4.16

%

6M USD Synthetic Libor

KFW

2009~2027

USD     22,923

4.16

%

6M USD Synthetic Libor

Export-Import Bank of Korea

2016~2036

USD     53,525

3.00

%

6M USD Synthetic Libor

SMTB

2025~2036

JPY   3,787,290

1.82

%

6M TIBOR + 0.55%

(7) Gains and losses on valuation and transaction of derivatives for each of the three and nine-month periods ended September 30, 2025 and 2024 are as follows and they are included as finance income and expenses in the consolidated statements of comprehensive income (loss):

In millions of won		Net income effects of valuation gain (loss)																Net income effects of transaction gain (loss)																Accumulated other comprehensive income (loss) (*)
		September 30, 2025								September 30, 2024								September 30, 2025								September 30, 2024								September 30, 2025								September 30, 2024
		Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended
Currency forward		W	4,653				3,432				(19,294	)			125				12,627				(14,480	)			(15,139	)			26,941				—				—				—				—
Currency swap			514,709				(455,917	)			(689,581	)			377,267				48,519				(79,049	)			22,493				91,451				9,523				32,244				59,804				53,243
Interest rate swap			32,557				4,042				(27,446	)			(11,363	)			(8,336	)			(14,260	)			2,715				13,047				(705	)			(4,796	)			(4,922	)			(1,800	)
Other derivatives			3,125				11,480				(4,068	)			23,025				(10	)			37,573				10,214				15,587				—				—				—				—
		W	555,044				(436,963	)			(740,389	)			389,054				52,800				(70,216	)			20,283				147,026				8,818				27,448				54,882				51,443

(*) For the nine-month periods ended September 30, 2025 and 2024, the net gain (loss) on valuation of derivatives applying cash flow hedge accounting of W14,208 million and W(28,608) million, net of tax, is included in other comprehensive income (loss), respectively.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

13. Other Financial Assets

(1) Other financial assets as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September, 2025								As of December 31, 2024
		Current				Non-current				Current				Non-current
Loans		W	88,845				907,683				115,161				901,953
Less: allowance for doubtful accounts			(5,157	)			(68,097	)			(5,156	)			(66,838	)
Less: present value discount			(1,056	)			(35,857	)			(1,084	)			(35,888	)
			82,632				803,729				108,921				799,227
Long-term / short-term financial instruments			2,596,122				805,019				1,147,929				812,211
		W	2,678,754				1,608,748				1,256,850				1,611,438

(2) Loans as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September, 2025
		Face value				Allowance for doubtful accounts				Present value discount				Carrying value
Short-term loans
Loans for tuition		W	34,818				(5,155	)			(1,056	)			28,607
Loans for housing			38,812				—				—				38,812
Other loans			15,215				(2	)			—				15,213
			88,845				(5,157	)			(1,056	)			82,632
Long-term loans
Loans for tuition			358,646				(3,221	)			(35,857	)			319,568
Loans for housing			249,770				—				—				249,770
Loans for related parties			285,906				(64,876	)			—				221,030
Other loans			13,361				—				—				13,361
			907,683				(68,097	)			(35,857	)			803,729
		W	996,528				(73,254	)			(36,913	)			886,361
In millions of won		As of December 31, 2024
		Face value				Allowance for doubtful accounts				Present value discount				Carrying value
Short-term loans
Loans for tuition		W	34,484				(5,156	)			(1,084	)			28,244
Loans for housing			43,171				—				—				43,171
Other loans			37,506				—				—				37,506
			115,161				(5,156	)			(1,084	)			108,921
Long-term loans
Loans for tuition			364,685				(4,888	)			(35,888	)			323,909
Loans for housing			266,208				—				—				266,208
Loans for related parties			260,227				(61,950	)			—				198,277
Other loans			10,833				—				—				10,833
			901,953				(66,838	)			(35,888	)			799,227
		W	1,017,114				(71,994	)			(36,972	)			908,148

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

13. Other Financial Assets, Continued

(3) Changes in the allowance for doubtful accounts of loans for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025				For the year ended December 31, 2024
Beginning balance		W	71,994				80,793
Bad debts expense			1,442				3,727
Write-off			(182	)			(12,526	)
Ending balance		W	73,254				71,994

(4) Long-term and short-term financial instruments as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025								As of December 31, 2024
		Current				Non-current				Current				Non-current
Time deposits		W	2,259,993				145,581				823,806				135,995
CD			20,000				—				40,000				—
Others			316,129				659,438				284,123				676,216
		W	2,596,122				805,019				1,147,929				812,211

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

14. Inventories

Inventories as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025
		Acquisition cost				Valuation allowance				Book value
Raw materials		W	5,146,198				(1,559	)			5,144,639
Merchandises			2,929				—				2,929
Work-in-progress			220,250				(32	)			220,218
Finished goods			29,394				—				29,394
Supplies			3,676,423				—				3,676,423
Inventories-in-transit			793,924				—				793,924
Other inventories			14,719				—				14,719
		W	9,883,837				(1,591	)			9,882,246
In millions of won		As of December 31, 2024
		Acquisition cost				Valuation allowance				Book value
Raw materials		W	4,914,250				(1,573	)			4,912,677
Merchandises			1,733				—				1,733
Work-in-progress			220,110				—				220,110
Finished goods			96,390				(630	)			95,760
Supplies			3,358,831				—				3,358,831
Inventories-in-transit			1,160,238				—				1,160,238
Other inventories			19,887				—				19,887
		W	9,771,439				(2,203	)			9,769,236

The reversal of the allowance for loss on inventory valuation included in cost of sales for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 amounts to W4,424 million and W9,182 million, respectively.

The amounts of loss from inventory valuation included in other gains or losses for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 were W3,812 million and W9,941 million, respectively.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

15. Non-Financial Assets

Non-financial assets as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025								As of December 31, 2024
		Current				Non-current				Current				Non-current
Advanced payments		W	584,753				539,672				467,156				66,174
Prepaid expenses			477,053				252,894				431,087				221,922
Others (*)			389,300				80,160				369,671				40,108
		W	1,451,106				872,726				1,267,914				328,204

(*) Details of others as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025								As of December 31, 2024
		Current				Non-current				Current				Non-current
Greenhouse gas emissions rights		W	225,964				—				211,969				—
Other quick assets			163,336				80,160				157,702				40,108
		W	389,300				80,160				369,671				40,108

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries

(1) Consolidated subsidiaries as of September 30, 2025 and December 31, 2024 are as follows:

Subsidiaries		Key operation activities		Location		Percentage of ownership (%)
						As of September 30, 2025				As of December 31, 2024
Korea Hydro & Nuclear Power Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
Korea South-East Power Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
Korea Midland Power Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
Korea Western Power Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
Korea Southern Power Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
Korea East-West Power Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
KEPCO Engineering & Construction Company, Inc. (*1)		Engineering and construction for utility plant and others		Korea			51.00	%			51.00	%
KEPCO Plant Service & Engineering Co., Ltd.		Utility plant maintenance and others		Korea			51.00	%			51.00	%
KEPCO Nuclear Fuel Co., Ltd.		Nuclear fuel		Korea			96.36	%			96.36	%
KEPCO KDN Co., Ltd.		Electric power information technology and others		Korea			100.00	%			100.00	%
KEPCO International HongKong Ltd.		Holding company		Hong Kong			100.00	%			100.00	%
KEPCO International Philippines Inc.		Holding company		Philippines			100.00	%			100.00	%
KEPCO Gansu International Ltd.		Holding company		Hong Kong			100.00	%			100.00	%
KEPCO Philippines Holdings Inc.		Holding company		Philippines			100.00	%			100.00	%
KEPCO Philippines Corporation		Operation of utility plant		Philippines			100.00	%			100.00	%
KEPCO Ilijan Corporation		Construction and operation of utility plant		Philippines			51.00	%			51.00	%
KEPCO Neimenggu International Ltd.		Holding company		Hong Kong			100.00	%			100.00	%
KEPCO Shanxi International Ltd.		Holding company		Hong Kong			100.00	%			100.00	%
KOMIPO Global Pte Ltd.		Holding company		Singapore			100.00	%			100.00	%
KEPCO Netherlands B.V.		Holding company		Netherlands			100.00	%			100.00	%
KEPCO Australia Pty., Ltd.		Resources development		Australia			100.00	%			100.00	%
KOSEP Australia Pty., Ltd.		Resources development		Australia			100.00	%			100.00	%
KOMIPO Australia Pty., Ltd.		Resources development		Australia			100.00	%			100.00	%
KOWEPO Australia Pty., Ltd.		Resources development		Australia			100.00	%			100.00	%
KOSPO Australia Pty., Ltd.		Resources development		Australia			100.00	%			100.00	%
KEPCO Middle East Holding Company		Holding company		Bahrain			100.00	%			100.00	%
Qatrana Electric Power Company		Construction and operation of utility plant		Jordan			80.00	%			80.00	%
KHNP Canada Energy Ltd.		Holding company		Canada			100.00	%			100.00	%
KEPCO Bylong Australia Pty., Ltd.		Resources development		Australia			100.00	%			100.00	%
Korea Waterbury Uranium Limited Partnership		Resources development		Canada			80.12	%			80.12	%
KEPCO Holdings de Mexico		Holding company		Mexico			100.00	%			100.00	%
KST Electric Power Company, S.A.P.I. de C.V.		Construction and operation of utility plant		Mexico			56.00	%			56.00	%
KEPCO Energy Service Company		Operation of utility plant		Mexico			100.00	%			100.00	%
KEPCO Netherlands S3 B.V.		Holding company		Netherlands			100.00	%			100.00	%
PT. KOMIPO Pembangkitan Jawa Bali		Operation of utility plant		Indonesia			51.00	%			51.00	%
PT. Cirebon Power Service (*2)		Operation of utility plant		Indonesia			27.50	%			27.50	%
KOWEPO International Corporation		Operation of utility plant		Philippines			99.99	%			99.99	%
KOSPO Jordan LLC		Operation of utility plant		Jordan			100.00	%			100.00	%
EWP America Inc.		Holding company		USA			100.00	%			100.00	%
EWP Renewable Corporation		Holding company		USA			100.00	%			100.00	%
KNF Canada Energy Limited		Holding company		Canada			100.00	%			100.00	%
EWP Barbados 1 SRL		Holding company		Barbados			100.00	%			100.00	%
California Power Holdings, LLC		Power generation		USA			100.00	%			100.00	%
Gyeonggi Green Energy Co., Ltd.		Power generation		Korea			62.01	%			62.01	%
PT. Tanggamus Electric Power		Power generation		Indonesia			52.50	%			52.50	%
Gyeongju Wind Power Co., Ltd.		Power generation		Korea			70.00	%			70.00	%
KOMIPO America Inc.		Holding company		USA			100.00	%			100.00	%
PT. EWP Indonesia		Holding company		Indonesia			99.99	%			99.99	%
KEPCO Netherlands J3 B.V.		Holding company		Netherlands			100.00	%			100.00	%
Korea Offshore Wind Power Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
Global One Pioneer B.V.		Holding company		Netherlands			100.00	%			100.00	%
Global Energy Pioneer B.V.		Holding company		Netherlands			100.00	%			100.00	%
Mira Power Limited (*3)		Power generation		Pakistan			76.00	%			76.00	%
KOSEP Material Co., Ltd.		Recycling fly ashes		Korea			86.22	%			86.22	%
Commerce and Industry Energy Co., Ltd. (*4)		Biomass power generation		Korea			24.30	%			85.03	%

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued

(1) Consolidated subsidiaries as of September 30, 2025 and December 31, 2024 are as follows, continued:

Subsidiaries		Key operation activities		Location		Percentage of ownership (%)
						As of September 30, 2025				As of December 31, 2024
KEPCO KPS Philippines Corp.		Utility plant maintenance and others		Philippines			99.99	%			99.99	%
KOSPO Chile SpA		Holding company		Chile			100.00	%			100.00	%
Hee Mang Sunlight Power Co., Ltd.		Operation of utility plant		Korea			100.00	%			100.00	%
Fujeij Wind Power Company		Operation of utility plant		Jordan			100.00	%			100.00	%
KOSPO Youngnam Power Co., Ltd.		Operation of utility plant		Korea			100.00	%			100.00	%
Chitose Solar Power Plant LLC		Power generation		Japan			65.00	%			65.00	%
KEPCO ES Co., Ltd.		Energy service		Korea			100.00	%			100.00	%
KEPCO Solar Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
KOSPO Power Services Ltda.		Utility plant maintenance and others		Chile			65.00	%			65.00	%
Energy New Industry Specialized Investment Private Investment Trust		Holding company		Korea			99.01	%			99.01	%
KOEN Bylong Pty., Ltd.		Resources development		Australia			100.00	%			100.00	%
KOMIPO Bylong Pty., Ltd.		Resources development		Australia			100.00	%			100.00	%
KOWEPO Bylong Pty., Ltd.		Resources development		Australia			100.00	%			100.00	%
KOSPO Bylong Pty., Ltd.		Resources development		Australia			100.00	%			100.00	%
EWP Bylong Pty., Ltd.		Resources development		Australia			100.00	%			100.00	%
KOWEPO Lao International		Utility plant maintenance and others		Laos			100.00	%			100.00	%
KEPCO Mangilao Holdings LLC		Holding company		USA			100.00	%			100.00	%
Mangilao Investment LLC		Holding company		USA			69.55	%			69.55	%
KEPCO Mangilao Solar, LLC		Power generation		USA			100.00	%			100.00	%
Jeju Hanlim Offshore Wind Co., Ltd.		Power generation		Korea			79.03	%			79.03	%
PT. Siborpa Eco Power		Construction and operation of utility plant		Indonesia			55.00	%			55.00	%
BSK E-New Industry Fund VII		Holding company		Korea			81.67	%			81.67	%
e-New Industry LB Fund 1		Holding company		Korea			76.11	%			76.11	%
Songhyun e-New Industry Fund		Holding company		Korea			80.65	%			80.65	%
BSK E-New Industry Fund X		Holding company		Korea			66.80	%			66.80	%
PT. Korea Energy Indonesia		Utility plant maintenance and others		Indonesia			95.00	%			95.00	%
KOLAT SpA		Utility plant maintenance and others		Chile			100.00	%			100.00	%
KEPCO California, LLC		Holding company		USA			100.00	%			100.00	%
KEPCO Mojave Holdings, LLC		Holding company		USA			100.00	%			100.00	%
Incheon Fuel Cell Co., Ltd.		Power generation		Korea			60.00	%			60.00	%
KOEN Service Co., Ltd.		Facility maintenance and service		Korea			100.00	%			100.00	%
KOMIPO Service Co., Ltd.		Facility maintenance and service		Korea			100.00	%			100.00	%
KOWEPO Service Co., Ltd.		Facility maintenance and service		Korea			100.00	%			100.00	%
KOSPO Service Co., Ltd.		Facility maintenance and service		Korea			100.00	%			100.00	%
EWP Service Co., Ltd.		Facility maintenance and service		Korea			100.00	%			100.00	%
PT. KOMIPO Energy Indonesia		Utility plant maintenance and others		Indonesia			95.00	%			95.00	%
KNF Partners Co., Ltd.		Facility maintenance and service		Korea			100.00	%			100.00	%
KOSPO USA Inc.		Holding company		USA			100.00	%			100.00	%
KOSPO Niles LLC (formerly, Nambu USA LLC)		Holding company		USA			100.00	%			100.00	%
Tamra Offshore Wind Power Co., Ltd.		Power generation		Korea			63.00	%			63.00	%
KEPCO MCS Co., Ltd.		Electric meter reading and others		Korea			100.00	%			100.00	%
KEPCO FMS Co., Ltd.		Security service and others		Korea			100.00	%			100.00	%
Firstkeepers Co., Ltd.		Facility maintenance and service		Korea			100.00	%			100.00	%
Secutec Co., Ltd.		Security service		Korea			100.00	%			100.00	%
SE Green Energy Co., Ltd. (*8)		Power generation		Korea			100.00	%			84.80	%
Mangilao Intermediate Holdings LLC		Holding company		USA			100.00	%			100.00	%
KEPCO CSC Co., Ltd.		Facility maintenance and service		Korea			100.00	%			100.00	%
KOAK Power Limited		Hydro power facility maintenance		Pakistan			100.00	%			100.00	%
KOMIPO Europe B.V.		Holding company		Netherlands			100.00	%			100.00	%
Haenanum Energy Fund		Holding company		Korea			99.64	%			99.64	%
Paju Ecoenergy Co., Ltd. (*8)		Power generation		Korea			93.68	%			89.00	%
Guam Ukudu Power LLC		Power generation		USA			100.00	%			100.00	%
K-SOLAR SHINAN Co., Ltd.		Power generation		Korea			90.00	%			90.00	%
KPS Partners Co., Ltd.		Facility maintenance and service		Korea			100.00	%			100.00	%
KEPCO E&C Service Co., Ltd.		Facility maintenance and service		Korea			100.00	%			100.00	%
Moha solar Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
Ogiri Solar Power Co., Ltd.		Power generation		Korea			70.00	%			70.00	%
KHNP USA LLC		Holding company		USA			100.00	%			100.00	%
KOMIPO Vanphong Power Service LLC		Utility plant maintenance and others		Vietnam			100.00	%			100.00	%

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued

(1) Consolidated subsidiaries as of September 30, 2025 and December 31, 2024 are as follows, continued:

Subsidiaries		Key operation activities		Location		Percentage of ownership (%)
						As of September 30, 2025				As of December 31, 2024
Energy Innovation Fund I		Holding company		Korea			71.91	%			71.91	%
KHNP Chile SpA		Holding company		Chile			100.00	%			100.00	%
Yeong Yang Apollon Photovoltaic Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
Yeong Yang Corporation Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
SolarVader Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
Yeong Yang Innovation Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
Yeong Yang Horus Photovoltaic Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
Yeong Yang Solar Management Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
LSG Hydro Power Limited		Holding company		Pakistan			99.99	%			99.99	%
KOEN Bio Co., Ltd.		Wood pellet utilization business		Korea			70.00	%			70.00	%
KOMIPO Energy Solution America, LLC		Holding company		USA			100.00	%			100.00	%
Elara Investment Holdings, LLC (*5)		Holding company		USA			0.10	%			0.10	%
Elara Equity Holdings, LLC		Holding company		USA			54.00	%			54.00	%
Elara Class B Holdings, LLC		Holding company		USA			100.00	%			100.00	%
Elara Class B Member, LLC		Holding company		USA			100.00	%			100.00	%
Elara Development Holdings, LLC		Holding company		USA			100.00	%			100.00	%
KOMIPO Development, LLC		Holding company		USA			100.00	%			100.00	%
Elara Energy Holdings, LLC		Holding company		USA			61.62	%			61.62	%
Elara Energy Project, LLC		Power generation		USA			100.00	%			100.00	%
KOMIPO Iberian Solar Group, S.L.U.		Holding company		Spain			100.00	%			100.00	%
Jeongam Wind Power Co., Ltd.		Power generation		Korea			80.00	%			80.00	%
KOWEPO Europe B.V.		Holding company		Netherlands			100.00	%			100.00	%
CVS Equity Holdings, LLC		Holding company		USA			80.96	%			80.96	%
CVS Class B Holdings, LLC		Holding company		USA			100.00	%			100.00	%
CVS Development Holdings, LLC		Holding company		USA			100.00	%			100.00	%
CVS Development, LLC		Holding company		USA			100.00	%			100.00	%
CVS Class B Member, LLC		Holding company		USA			100.00	%			100.00	%
CVS Energy Holdings, LLC		Holding company		USA			62.62	%			62.62	%
Concho Valley Energy, LLC		Holding company		USA			100.00	%			100.00	%
Concho Valley Solar, LLC		Power generation		USA			100.00	%			100.00	%
Yeongdeok Sunrise Wind Power Co., Ltd.		Power generation		Korea			70.00	%			70.00	%
UI Carbon-Neutrality Fund		Holding company		Korea			78.97	%			78.97	%
KA Power Limited		Power generation		Pakistan			100.00	%			100.00	%
Western Power Changgi Solar Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
EWP Australia Pty., Ltd.		Holding company		Australia			100.00	%			100.00	%
Columboola Solar Farm Hold Co Pty., Ltd. (*3,6)		Holding company		Australia			74.04	%			74.04	%
Digital Innovation Growth Fund		Holding company		Korea			76.92	%			76.92	%
J Wind First, LLC (*7)		Company specializing in liquidation		Korea			—				—
KEPCO Holding Company		Holding company		Saudi Arabia			100.00	%			100.00	%
KEPCO for Maintenance Company		Utility plant maintenance and others		Saudi Arabia			100.00	%			100.00	%
KOSPO Trumbull LLC		Holding company		USA			100.00	%			100.00	%
Changjuk Wind Power Co., Ltd.		Power generation		Korea			73.00	%			73.00	%
Chile Solar JV SpA		Power generation		Chile			100.00	%			100.00	%
KEPCO KPS South Africa Pty., Ltd.		Utility plant maintenance and others		Republic of South Africa			98.96	%			98.96	%
KOWEPO Holding Limited		Holding company		United Arab Emirates			100.00	%			100.00	%
Magna Energy New Industrial Fund		Holding company		Korea			71.30	%			71.30	%
Columboola Solar Farm Nominees Pty., Ltd. (*3)		Power generation		Australia			100.00	%			100.00	%
Columboola Solar Farm Op Trust (*3)		Power generation		Australia			100.00	%			100.00	%
Columboola Solar Farm Fin Co Pty., Ltd. (*3)		Holding company		Australia			100.00	%			100.00	%
EWP ESS Holdings, LLC		Holding company		USA			100.00	%			100.00	%
Fairhaven ESS LLC		Holding company		USA			100.00	%			100.00	%
KOSPO Rutile, LLC		Holding company		USA			100.00	%			100.00	%
Sprott Chile Solar I SpA		Holding company		Chile			100.00	%			100.00	%
KEPCO Yona America LLC		Holding company		USA			100.00	%			—
KEPCO SADAWI - FZCO		Holding company		United Arab Emirates			100.00	%			—
EWP Yona America LLC		Holding company		USA			100.00	%			—
KOMIPO Middle East Energy L.L.C-FZ		Holding company		Oman			100.00	%			—

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued

(1) Consolidated subsidiaries as of September 30, 2025 and December 31, 2024 are as follows, continued:

(*1) Considering treasury stocks, the effective percentage of ownership is 51.24%.

(*2) The effective percentage of ownership is less than 50%. However, this subsidiary is included in the condensed consolidated financial statements as the Group obtained the majority of the voting power under the shareholders’ agreement.

(*3) As of September 30, 2025, the annual reporting period of all subsidiaries ends on December 31, except for Mira Power Limited, Columboola Solar Farm Hold Co Pty., Ltd., Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust and Columboola Solar Farm Fin Co Pty., Ltd.

(*4) During the nine-month period ended September 30, 2025, the investment was reclassified from a subsidiary to an associate due to a partial disposal of shares.

(*5) The effective percentage of ownership is less than 50%. However, this subsidiary is included in the condensed consolidated financial statements as the Group has control over the board of directors under the shareholders’ agreement.

(*6) Excluding preferred stocks, the percentage of ownership with voting rights is 100%.

(*7) Although the Group does not hold a stake as of September 30, 2025, considering the purpose and design of the structured entity, the Group is exposed to volatility in the profits of the structured entity. In addition, the Group has the ability to direct activities that can most significantly affect the operations of the structured entity, so it has been determined that the Group has control over the entity.

(*8) The ownership interest changed due to a disproportionate capital reduction with consideration during the nine-month period ended September 30, 2025.

(2) The subsidiaries included in and excluded from the scope of consolidation for the nine-month period ended September 30, 2025 are as follows:

<Subsidiaries included in consolidation during the nine-month period ended September 30, 2025>

Subsidiaries		Reason
KEPCO Yona America LLC		New investment
KEPCO SADAWI – FZCO		New investment
EWP Yona America LLC		New investment
KOMIPO Middle East Energy L.L.C-FZ		New investment

<Subsidiaries excluded from consolidation during the nine-month period ended September 30, 2025>

Subsidiaries		Reason
Commerce and Industry Energy Co., Ltd.		Loss of control due to a partial disposal of shares

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 is as follows:

In millions of won
As of and for the nine-month period ended September 30, 2025
Subsidiaries		Total assets				Total liabilities				Sales				Profit (loss) for the period
Korea Hydro & Nuclear Power Co., Ltd.		W	76,472,361				49,420,636				11,847,266				2,032,646
Korea South-East Power Co., Ltd.			12,368,682				5,937,828				5,134,648				503,405
Korea Midland Power Co., Ltd.			14,410,055				9,268,262				4,388,479				263,440
Korea Western Power Co., Ltd.			13,030,907				7,682,740				4,183,163				296,387
Korea Southern Power Co., Ltd.			12,699,859				6,801,913				4,775,201				327,644
Korea East-West Power Co., Ltd.			11,838,246				5,228,147				3,833,875				534,095
KEPCO Engineering & Construction Company, Inc.			851,649				239,678				313,266				75,855
KEPCO Plant Service & Engineering Co., Ltd.			1,631,269				327,785				1,116,828				103,608
KEPCO Nuclear Fuel Co., Ltd.			1,047,748				533,918				417,179				49,364
KEPCO KDN Co., Ltd.			680,535				174,887				522,767				25,548
KEPCO International HongKong Ltd.			142,509				—				—				5,302
KEPCO International Philippines Inc.			13,025				—				—				13
KEPCO Gansu International Ltd.			8,159				1,012				—				(45	)
KEPCO Philippines Holdings Inc.			199,243				121				—				40,359
KEPCO Philippines Corporation			2,926				—				—				93
KEPCO Ilijan Corporation			54,147				334				—				(2,297	)
KEPCO Neimenggu International Ltd.			306,851				3,079				—				(212	)
KEPCO Shanxi International Ltd.			775,494				357,850				—				(7,454	)
KOMIPO Global Pte Ltd.			438,744				2,743				—				9,743
KEPCO Netherlands B.V.			138,695				72				—				1,069
KEPCO Australia Pty., Ltd.			390				188				—				(26	)
KOSEP Australia Pty., Ltd.			57,902				6,179				19,424				5,203
KOMIPO Australia Pty., Ltd.			107,182				5,654				19,518				8,944
KOWEPO Australia Pty., Ltd.			102,546				4,532				19,424				6,413
KOSPO Australia Pty., Ltd.			45,061				4,596				19,424				3,666
KEPCO Middle East Holding Company			132,744				132,572				—				(6,572	)
Qatrana Electric Power Company			535,450				187,130				22,558				17,632
KHNP Canada Energy Ltd.			249,446				33,945				—				285
KEPCO Bylong Australia Pty., Ltd.			45,475				542,131				—				15,325
Korea Waterbury Uranium Limited Partnership			21,951				43				—				(82	)
KEPCO Holdings de Mexico			665				3,056				—				261
KST Electric Power Company, S.A.P.I. de C.V.			630,593				505,348				76,109				12,876
KEPCO Energy Service Company			4,363				1,430				10,431				2,086
KEPCO Netherlands S3 B.V.			76,123				18,191				—				1,654
PT. KOMIPO Pembangkitan Jawa Bali			21,149				4,089				14,747				4,915
PT. Cirebon Power Service			3,846				1,363				7,451				405
KOWEPO International Corporation			—				11				—				—
KOSPO Jordan LLC			37,124				20,125				11,015				3,328
EWP America Inc. (*1)			57,280				3,597				19,159				9,628
KNF Canada Energy Limited			2,357				21				—				(47	)
EWP Barbados 1 SRL			475,611				977				—				24,514
Gyeonggi Green Energy Co., Ltd.			212,451				286,677				47,216				(7,636	)
PT. Tanggamus Electric Power			209,429				129,408				3,680				8,162
Gyeongju Wind Power Co., Ltd.			83,971				36,143				12,094				1,365
KOMIPO America Inc. (*2)			593,471				294,791				16,306				(2,064	)
PT. EWP Indonesia			98,589				59				—				5,084
KEPCO Netherlands J3 B.V.			169,676				19,439				—				(861	)
Korea Offshore Wind Power Co., Ltd.			332,891				122,424				31,831				5,242
Global One Pioneer B.V.			1,715,615				110				—				(231	)
Global Energy Pioneer B.V.			428				110				—				(158	)
Mira Power Limited			370,415				250,083				2,188				16,569
KOSEP Material Co., Ltd.			7,485				677				4,019				1,236
KEPCO KPS Philippines Corp.			6,999				928				5,057				569
KOSPO Chile SpA			181,238				83,773				—				(304	)

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 is as follows, continued:

In millions of won
As of and for the nine-month period ended September 30, 2025
Subsidiaries		Total assets				Total liabilities				Sales				Profit (loss) for the period
Hee Mang Sunlight Power Co., Ltd.		W	5,924				2,319				460				84
Fujeij Wind Power Company			239,672				157,094				—				12,878
KOSPO Youngnam Power Co., Ltd.			355,925				245,538				234,521				3,108
Chitose Solar Power Plant LLC			91,597				84,156				12,591				3,667
KEPCO ES Co., Ltd.			331,815				22,698				4,931				2,512
KEPCO Solar Co., Ltd.			243,174				29,076				19,077				6,820
KOSPO Power Services Ltda.			8,611				5,881				10,429				1,031
Energy New Industry Specialized Investment Private Investment Trust (*3)			467,100				5,564				—				2,231
KOEN Bylong Pty., Ltd.			15				174				—				(1	)
KOMIPO Bylong Pty., Ltd.			17				189				—				(14	)
KOWEPO Bylong Pty., Ltd.			16				176				—				(6	)
KOSPO Bylong Pty., Ltd.			184				416				—				(6	)
EWP Bylong Pty., Ltd.			15				14				—				—
KOWEPO Lao International			19,157				1,036				9,692				3,637
KEPCO Mangilao Holdings LLC			94,800				50,325				629				(3	)
Mangilao Investment LLC			207,668				17				—				—
KEPCO Mangilao Solar, LLC			212,508				727				13,099				2,591
Jeju Hanlim Offshore Wind Co., Ltd.			628,151				555,088				57,573				7,089
PT. Siborpa Eco Power			15,482				2,293				—				(46	)
PT. Korea Energy Indonesia			9,285				5,823				5,513				963
KOLAT SpA			49,043				312				2,481				1,098
KEPCO California, LLC			49,894				7,107				668				(295	)
KEPCO Mojave Holdings, LLC			92,726				85,278				—				(3,338	)
Incheon Fuel Cell Co., Ltd.			233,034				222,303				59,649				(5,242	)
KOEN Service Co., Ltd.			10,616				7,188				30,126				503
KOMIPO Service Co., Ltd.			9,781				4,873				30,046				1,512
KOWEPO Service Co., Ltd.			9,920				5,622				32,339				1,307
KOSPO Service Co., Ltd.			9,590				4,600				25,524				2,384
EWP Service Co., Ltd.			7,217				3,552				21,824				2,206
PT. KOMIPO Energy Indonesia			4,785				181				3,945				1,557
KNF partners Co., Ltd.			3,031				1,045				4,814				294
KOSPO USA Inc.			834,951				493				—				(4,976	)
KOSPO Niles LLC (formerly, Nambu USA LLC)			317,329				1,103				492				4,725
Tamra Offshore Wind Power Co., Ltd.			105,717				66,684				12,834				1,095
KEPCO MCS Co., Ltd.			89,349				70,232				207,499				(7,307	)
KEPCO FMS Co., Ltd.			19,400				23,968				86,718				(2,198	)
Firstkeepers Co., Ltd.			32,370				17,646				75,416				4,994
Secutec Co., Ltd.			19,581				11,592				61,109				1,379
SE Green Energy Co., Ltd.			120,913				92,596				28,891				(183	)
Mangilao Intermediate Holdings LLC			210,189				119,124				—				(7,475	)
KEPCO CSC Co., Ltd.			17,995				8,176				35,515				3,904
KOAK Power Limited			15,610				116				—				(107	)
KOMIPO Europe B.V.			91,304				130				888				(2,184	)
Haenanum Energy Fund			7,436				3				951				923
Paju Ecoenergy Co., Ltd.			61,682				2,654				13,204				2,519
Guam Ukudu Power LLC			898,574				943,366				37,592				(10,812	)
K-SOLAR SHINAN Co., Ltd.			270,476				252,312				26,596				2,319

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 is as follows, continued:

In millions of won
As of and for the nine-month period ended September 30, 2025
Subsidiaries		Total assets				Total liabilities				Sales				Profit (loss) for the period
KPS Partners Co., Ltd.		W	5,463				2,877				11,448				715
KEPCO E&C Service Co., Ltd.			10,014				2,075				12,654				1,240
Moha solar Co., Ltd.			25,359				27,993				—				(189	)
Ogiri Solar Power Co., Ltd.			1,054				21				—				(22	)
KHNP USA LLC			2,317				382				927				249
KOMIPO Vanphong Power Service LLC			33,799				1,947				22,705				9,457
Energy Innovation Fund I			39,578				1,136				—				(732	)
KHNP Chile SpA			5,812				4,599				—				(55	)
Yeong Yang Apollon Photovoltaic Co., Ltd.			1,465				1,261				170				106
Yeong Yang Corporation Co., Ltd.			1,443				1,251				168				103
SolarVader Co., Ltd.			1,454				1,254				168				104
Yeong Yang Innovation Co., Ltd.			1,444				1,251				165				100
Yeong Yang Horus Photovoltaic Co., Ltd.			1,425				1,251				158				93
Yeong Yang Solar Management Co., Ltd.			1,461				1,254				175				110
LSG Hydro Power Limited			405				14				—				(191	)
KOEN Bio Co., Ltd.			1,368				862				1,530				9
KOMIPO Iberian Solar Group, S.L.U.			85,996				75,250				—				2,937
Jeongam Wind Power Co., Ltd.			69,928				60,226				6,116				(901	)
KOWEPO Europe B.V.			50				3,897				—				(104	)
Yeongdeok Sunrise Wind Power Co., Ltd.			110,860				85,186				8,443				(472	)
KA Power Limited			6,192				3,171				—				(21	)
Western Power Changgi Solar Co., Ltd.			39,267				33,019				4,856				(207	)
EWP Australia Pty., Ltd.			63,017				425				—				(5,339	)
Columboola Solar Farm Hold Co Pty., Ltd. (*4)			335,701				222,790				8,311				(6,216	)
Digital Innovation Growth Fund			11,721				171				—				1,846
J Wind First, LLC			—				—				1,474				—
KEPCO Holding Company			83,484				79,943				—				(18	)
KEPCO for Maintenance Company			13,210				9,524				7,319				4,412
KOSPO Trumbull LLC			405,113				—				—				—
Changjuk Wind Power Co., Ltd.			25,305				2,503				5,612				682
Chile Solar JV SpA			86,042				71,435				5,848				254
KEPCO KPS South Africa Pty., Ltd.			9,778				3,250				17,813				195
KOWEPO Holding Limited			21,682				606				—				13,335
KOSPO Rutile, LLC			3,084				—				—				(1	)
Sprott Chile Solar I SpA			8,282				27				—				(2	)
KEPCO Yona America LLC			—				—				—				—
KEPCO SADAWI - FZCO			459				—				—				(3	)
EWP Yona America LLC			—				—				—				—
KOMIPO Middle East Energy L.L.C-FZ			1,297				364				—				—

(*1) Financial information of EWP America Inc. includes that of 4 other subsidiaries, EWP Renewable Corporation, California Power Holdings LLC, EWP ESS Holdings, LLC, and Fairhaven ESS LLC.

(*2) Financial information of KOMIPO America Inc. includes that of 17 other subsidiaries including Elara Equity Holdings, LLC and CVS Equity Holdings, LLC.

(*3) Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of 6 other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund X, UI Carbon-Neutrality Fund, and Magna Energy New Industrial Fund.

(*4) Financial information of Columboola Solar Farm Hold Co Pty., Ltd. includes that of 3 other subsidiaries including Columboola Solar Farm Nominees Pty., Ltd.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 is as follows, continued:

In millions of won
As of and for the year ended December 31, 2024
Subsidiaries		Total Assets				Total liabilities				Sales				Profit (loss) for the period
Korea Hydro & Nuclear Power Co., Ltd.		W	72,508,359				47,082,862				13,447,880				567,267
Korea South-East Power Co., Ltd.			13,203,109				6,447,903				6,527,922				382,336
Korea Midland Power Co., Ltd.			14,849,596				9,513,087				7,088,426				225,196
Korea Western Power Co., Ltd.			13,309,836				7,708,730				6,193,922				361,725
Korea Southern Power Co., Ltd.			13,184,059				7,101,465				6,430,487				311,530
Korea East-West Power Co., Ltd.			12,287,969				5,592,569				5,322,832				467,885
KEPCO Engineering & Construction Company, Inc.			945,384				367,910				553,363				58,513
KEPCO Plant Service & Engineering Co., Ltd.			1,675,776				355,479				1,534,269				170,967
KEPCO Nuclear Fuel Co., Ltd.			1,060,367				562,604				397,595				48,061
KEPCO KDN Co., Ltd.			846,361				222,119				781,646				215,791
KEPCO International HongKong Ltd.			149,757				1,611				—				7,596
KEPCO International Philippines Inc.			13,720				78				—				40,427
KEPCO Gansu International Ltd.			8,233				693				—				(5	)
KEPCO Philippines Holdings Inc.			202,810				173				—				49,999
KEPCO Philippines Corporation			2,990				4				—				120
KEPCO Ilijan Corporation			58,752				615				—				4,549
KEPCO Neimenggu International Ltd.			323,519				4,839				—				10,891
KEPCO Shanxi International Ltd.			811,971				366,377				—				13,677
KOMIPO Global Pte Ltd.			454,052				2,716				—				15,618
KEPCO Netherlands B.V.			155,632				109				—				4,237
KEPCO Australia Pty., Ltd.			226				—				—				(4,017	)
KOSEP Australia Pty., Ltd.			55,461				7,847				31,935				10,139
KOMIPO Australia Pty., Ltd.			94,760				3,214				31,935				6,253
KOWEPO Australia Pty., Ltd.			93,353				2,736				31,935				4,978
KOSPO Australia Pty., Ltd.			39,606				3,221				31,935				8,768
KEPCO Middle East Holding Company			136,740				129,721				—				(7,668	)
Qatrana Electric Power Company			554,387				207,773				28,465				24,062
KHNP Canada Energy Ltd.			180,220				20,431				—				506
KEPCO Bylong Australia Pty., Ltd.			45,420				552,861				—				(69,620	)
Korea Waterbury Uranium Limited Partnership			20,773				62				—				(142	)
KEPCO Holdings de Mexico			670				3,025				—				(1,032	)
KST Electric Power Company, S.A.P.I. de C.V.			654,086				532,766				67,656				24,713
KEPCO Energy Service Company			2,257				1,198				9,361				146
KEPCO Netherlands S3 B.V.			81,554				19,084				—				978
PT. KOMIPO Pembangkitan Jawa Bali			18,014				3,684				21,567				969
PT. Cirebon Power Service			3,004				823				10,515				586
KOWEPO International Corporation			—				11				—				—
KOSPO Jordan LLC			36,620				22,271				17,477				4,312
EWP America Inc. (*1)			49,381				3,120				14,888				332
KNF Canada Energy Limited			2,337				30				—				(67	)
EWP Barbados 1 SRL			469,387				1,463				—				28,937
Gyeonggi Green Energy Co., Ltd.			160,060				226,650				60,769				(31,941	)
PT. Tanggamus Electric Power			232,963				155,119				6,136				4,216
Gyeongju Wind Power Co., Ltd.			87,987				41,547				18,550				5,817
KOMIPO America Inc. (*2)			633,218				328,237				18,806				9,662
PT. EWP Indonesia			101,015				84				—				6,115
KEPCO Netherlands J3 B.V.			174,130				15,748				—				7,378
Korea Offshore Wind Power Co., Ltd.			336,687				131,463				41,489				14,607
Global One Pioneer B.V.			150				64				—				(130	)
Global Energy Pioneer B.V.			363				69				—				(131	)
Mira Power Limited			443,556				332,629				4,213				11,499
KOSEP Material Co., Ltd.			6,111				539				5,016				1,108
Commerce and Industry Energy Co., Ltd.			65,954				25,841				35,054				(3,638	)
KEPCO KPS Philippines Corp.			6,403				594				7,372				422
KOSPO Chile SpA			186,200				83,705				—				(1,185	)

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 is as follows, continued:

In millions of won
As of and for the year ended December 31, 2024
Subsidiaries		Total assets				Total liabilities				Sales				Profit (loss) for the period
Hee Mang Sunlight Power Co., Ltd.		W	5,875				2,355				567				46
Fujeij Wind Power Company			245,967				171,610				—				14,962
KOSPO Youngnam Power Co., Ltd.			371,946				257,626				412,037				10,275
Chitose Solar Power Plant LLC			93,435				78,709				14,453				2,553
KEPCO ES Co., Ltd.			318,648				6,087				6,384				8,758
KEPCO Solar Co., Ltd.			240,555				29,240				20,788				6,210
KOSPO Power Services Ltda.			8,118				6,363				17,005				1,924
Energy New Industry Specialized Investment Private Investment Trust (*3)			483,585				3,358				—				22,608
KOEN Bylong Pty., Ltd.			15				165				—				(12	)
KOMIPO Bylong Pty., Ltd.			15				172				—				(17	)
KOWEPO Bylong Pty., Ltd.			15				168				—				(17	)
KOSPO Bylong Pty., Ltd.			202				425				—				(57	)
EWP Bylong Pty., Ltd.			15				13				—				2
KOWEPO Lao International			17,335				2,247				11,891				4,823
KEPCO Mangilao Holdings LLC			99,669				52,732				810				(7,804	)
Mangilao Investment LLC			224,646				18				—				—
KEPCO Mangilao Solar, LLC			226,509				247				16,907				3,634
Jeju Hanlim Offshore Wind Co., Ltd.			590,613				524,640				10,872				(5,067	)
PT. Siborpa Eco Power			13,877				3				—				(38	)
PT. Korea Energy Indonesia			9,146				5,524				4,550				1,171
KOLAT SpA			49,452				406				2,880				1,090
KEPCO California, LLC			52,627				7,464				645				(507	)
KEPCO Mojave Holdings, LLC			101,912				90,646				—				(3,950	)
Incheon Fuel Cell Co., Ltd.			249,022				233,049				91,097				(5,805	)
KOEN Service Co., Ltd.			10,072				7,186				39,482				323
KOMIPO Service Co., Ltd.			8,123				4,728				38,415				657
KOWEPO Service Co., Ltd.			8,422				6,678				40,875				314
KOSPO Service Co., Ltd.			7,199				4,593				32,422				949
EWP Service Co., Ltd.			5,291				3,851				27,101				27
PT. KOMIPO Energy Indonesia			5,177				1,273				6,433				874
KNF partners Co., Ltd.			2,875				1,182				6,700				286
KOSPO USA Inc.			725,984				321				—				(6,099	)
KOSPO Niles LLC (formerly, Nambu USA LLC)			326,651				51				—				9,947
Tamra Offshore Wind Power Co., Ltd.			112,747				74,809				19,937				1,551
KEPCO MCS Co., Ltd.			94,305				67,881				292,011				(9,033	)
KEPCO FMS Co., Ltd.			16,330				18,815				108,560				1,126
Firstkeepers Co., Ltd.			24,800				13,930				95,836				4,546
Secutec Co., Ltd.			17,416				11,980				78,011				1,968
SE Green Energy Co., Ltd.			126,012				93,330				41,251				178
Mangilao Intermediate Holdings LLC			230,079				126,833				—				(1,277	)
KEPCO CSC Co., Ltd.			17,430				11,516				49,443				2,944
KOAK Power Limited			16,961				322				—				(75	)
KOMIPO Europe B.V.			84,899				123				890				(6,403	)
Haenanum Energy Fund			7,415				3				493				445
Paju Ecoenergy Co., Ltd.			61,836				2,635				16,306				697
Guam Ukudu Power LLC			940,137				960,812				112,782				(39,280	)
K-SOLAR SHINAN Co., Ltd.			279,204				263,030				34,148				907

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 is as follows, continued:

In millions of won
As of and for the year ended December 31, 2024
Subsidiaries		Total assets				Total liabilities				Sales				Profit (loss) for the period
KPS Partners Co., Ltd.		W	4,264				2,298				14,053				487
KEPCO E&C Service Co., Ltd.			8,437				1,738				16,861				1,578
Moha solar Co., Ltd.			25,946				28,391				—				(273	)
Ogiri Solar Power Co., Ltd.			1,077				21				77				55
KHNP USA LLC			2,170				400				1,196				186
KOMIPO Vanphong Power Service LLC			39,147				3,592				26,235				9,951
Energy Innovation Fund I			40,554				894				—				(899	)
KHNP Chile SpA			6,081				4,818				—				(60	)
Yeong Yang Apollon Photovoltaic Co., Ltd.			1,422				1,324				194				(4	)
Yeong Yang Corporation Co., Ltd.			1,403				1,314				190				(12	)
SolarVader Co., Ltd.			1,413				1,317				195				(12	)
Yeong Yang Innovation Co., Ltd.			1,407				1,314				188				1
Yeong Yang Horus Photovoltaic Co., Ltd.			1,395				1,314				184				(3	)
Yeong Yang Solar Management Co., Ltd.			1,415				1,318				198				(23	)
LSG Hydro Power Limited			629				12				—				(187	)
KOEN Bio Co., Ltd.			1,179				683				1,570				90
KOMIPO Iberian Solar Group, S.L.U.			76,858				69,709				—				(3,786	)
Jeongam Wind Power Co., Ltd.			70,772				60,170				7,094				(2,113	)
KOWEPO Europe B.V.			35				3,511				—				(181	)
Yeongdeok Sunrise Wind Power Co., Ltd.			112,863				87,437				7,717				3,555
KA Power Limited			6,620				3,375				—				(207	)
Western Power Changgi Solar Co., Ltd.			43,393				36,938				6,461				321
EWP Australia Pty., Ltd.			67,756				358				—				12,457
Columboola Solar Farm Hold Co Pty., Ltd. (*4)			342,603				222,480				8,349				20,622
Digital Innovation Growth Fund			11,989				172				—				1,745
J Wind First, LLC			54,456				54,456				2,992				—
KEPCO Holding Company			3,727				—				—				(35	)
KEPCO for Maintenance Company			12,192				10,078				2,726				1,838
KOSPO Trumbull LLC			336,425				—				—				—
Changjuk Wind Power Co., Ltd.			25,434				2,815				5,983				686
Chile Solar JV SpA			96,796				81,288				9,862				(5,411	)
KEPCO KPS South Africa Pty., Ltd.			10,784				4,688				19,713				266
KOWEPO Holding Limited			9,108				888				—				7,679
KOSPO Rutile, LLC			147				—				—				—
Sprott Chile Solar I SpA			8,682				27				—				1

(*1) Financial information of EWP America Inc. includes that of 4 other subsidiaries, EWP Renewable Corporation, California Power Holdings LLC, EWP ESS Holdings, LLC, and Fairhaven ESS LLC.

(*2) Financial information of KOMIPO America Inc. includes that of 17 other subsidiaries including Elara Equity Holdings, LLC and CVS Equity Holdings, LLC.

(*3) Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of 6 other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund X, UI Carbon-Neutrality Fund, and Magna Energy New Industrial Fund.

(*4) Financial information of Columboola Solar Farm Hold Co Pty., Ltd. includes that of 3 other subsidiaries including Columboola Solar Farm Nominees Pty., Ltd.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued

(4) Significant restrictions on the Group’s abilities to its subsidiaries as of September 30, 2025 are as follows:

Company		Nature and extent of any significant restrictions
Gyeonggi Green Energy Co., Ltd.		Acquisition or disposal of assets of more than W10 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors of the entity.
KOSPO Youngnam Power Co., Ltd.		Dividends may be payable only when all conditions of the loan agreement are satisfied. The Group’s shares cannot be wholly or partially transferred without prior written consent of financial institutions.
Jeongam Wind Power Co., Ltd.		Dividends may be payable only when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Also, payments to the contracting party may be restricted depending on the financial management priority of the contract. The Group’s shares cannot be wholly or partially transferred without prior consent of other stakeholders including shareholders or financial institutions.
Incheon Fuel Cell Co., Ltd.		Acquisition or disposal of assets of more than W20 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors of the entity.
Gyeongju Wind Power Co., Ltd.		Dividends and settlement amounts for O&M and renewable energy certificate may be payable only when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained.
Korea Offshore Wind Power Co., Ltd.		Principals and interest on subordinated loans or dividends and settlement amounts for renewable energy certificate may be payable only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. The Group’s equity interest in the subsidiary may not be transferred either wholly or partially without prior written consent of financial institutions.
Jeju Hanlim Offshore Wind Co., Ltd.		Prior approval from the lender is required when withdrawing funds (major expenditure, REC settlement, dividend payment, etc.) according to the loan agreement.
Yeongdeok Sunrise Wind Power Co., Ltd.		Dividends may be payable only when all conditions of the loan agreement are satisfied.
Columboola Solar Farm Hold Co Pty., Ltd.		Dividends may be payable only when all conditions of the loan agreement are satisfied.
Guam Ukudu Power LLC		Dividends may be payable only when all conditions of the loan agreement are satisfied. Disposing or transferring assets either as a whole or as a part is restricted, and the Group’s equity interest in the subsidiary may not be transferred either wholly or partially without prior consent of other stakeholders including financial institutions.
Mira Power Limited		The Group’s equity interest may not be transferred either wholly or partially without prior consent of other stakeholders.
Chile Solar JV SpA		The Group’s equity interest may not be transferred either wholly or partially without prior consent of other stakeholders.
K-SOLAR SHINAN Co., Ltd.		Dividends may be payable only when all conditions of the loan agreement are satisfied. The Group’s equity interest may not be transferred either wholly or partially without prior consent of other stakeholders until five years have elapsed after the commencement of the operation.
Western Power Changgi Solar Co., Ltd.		Principals and interest on subordinated loans or dividends to investors are only payable when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Also, the Group’s equity interest may not be transferred either wholly or partially without prior written consent of financial institutions.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued

(4) Significant restrictions on the Group’s abilities to its subsidiaries as of September 30, 2025 are as follows, continued:

Company		Nature and extent of any significant restrictions
Chitose Solar Power Plant LLC		Capital expenditure may be incurred only upon prior consent of financial institutions. The issuance of securities to third parties, including current investors, is restricted, and the amount of paid-in capital cannot either increase, be written off or decrease.
Mangilao Intermediate Holdings LLC		Changes or termination of the O&M contract, and delays in the EPC contract may not be made without the prior written consent of the majority of the lenders, and dividends can be implemented only after repayment of the loan is completed.
Fujeij Wind Power Company		Incurring additional borrowings not specified in the loan agreement, or changing the PPA schedule without the lender’s prior written consent is restricted. In addition, capital acquisition and new share issuance other than dividends payment to investors are restricted.
Qatrana Electric Power Company		Dividends payment, repayment of capital investment, and settlement for O&M can only be made when all conditions of the loan agreement are satisfied and prior consent of financial institutions is obtained.
KST Electric Power Company, S.A.P.I. de C.V.		Disposal of assets exceeding $5 million per year is restricted, and the debt ratio is required to be maintained below 90%. Additionally, capital and cost expenditures that do not meet the conditions in the loan agreement are restricted.

(5) As of September 30, 2025, the Group has following commitments unrecognized in relation to its subsidiaries as per its shareholders’ agreements:

Company		Unrecognized commitments
Jeongam Wind Power Co., Ltd.		When the Group requests other shareholders to transfer shares after the completion of the power generation complex, the Group has a right to purchase the shares at fair value.
Changjuk Wind Power Co., Ltd.		When other shareholders want to sell their shares after the performance guarantee period of wind power generators stipulated in the equipment supply contract is completed, the Group has a right to purchase the shares at fair value after consulting with the parties on the timing and size of the acquisition, taking into account financial conditions, business conditions, and other circumstances.
Columboola Solar Farm Hold Co Pty., Ltd.		The Group holds a call option to purchase the shares held by another shareholder at 80% of the stock’s valuation in the event of a breach of obligation specified in the shareholder agreement.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued

(6) Details of non-controlling interests prior to intra-company eliminations as of and for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won
As of and for the nine-month period ended September 30, 2025
Description		KEPCO Ilijan Corporation				KEPCO Plant Service & Engineering Co., Ltd.				KEPCO Engineering & Construction Company, Inc.				Others				Total
Percentage of ownership			49.00	%			49.00	%			48.76	%
Current assets		W	53,379				991,066				508,279				1,264,120				2,816,844
Non-current assets			768				640,203				343,370				4,454,599				5,438,940
Current liabilities			(249	)			(268,317	)			(232,249	)			(871,782	)			(1,372,597	)
Non-current liabilities			(85	)			(59,468	)			(7,429	)			(2,688,097	)			(2,755,079	)
Net assets			53,813				1,303,484				611,971				2,158,840				4,128,108
Book value of non-controlling interests			26,368				638,707				298,397				234,335				1,197,807
Sales			—				1,116,828				313,266				932,657				2,362,751
Profit for the period			(2,297	)			103,608				75,855				122,382				299,548
Profit for the period attributable to non-controlling interests			(1,126	)			50,768				36,987				20,878				107,507
Cash flows from operating activities			(1,916	)			48,502				16,047				351,209				413,842
Cash flows from investing activities			22				46,489				15,582				(24,663	)			37,430
Cash flows from financing activities before dividends to non-controlling interests			(236	)			(68,074	)			(38,739	)			(256,106	)			(363,155	)
Dividends to non-controlling interests			—				(54,441	)			—				(20,680	)			(75,121	)
Effect of exchange rate fluctuation			(2,631	)			(1,205	)			(16	)			(9,653	)			(13,505	)
Net increase (decrease) in cash and cash equivalents			(4,761	)			(28,729	)			(7,126	)			40,107				(509	)

In millions of won
As of and for the year ended December 31, 2024
Description		KEPCO Ilijan Corporation				KEPCO Plant Service & Engineering Co., Ltd.				KEPCO Engineering & Construction Company, Inc.				Others				Total
Percentage of ownership			49.00	%			49.00	%			48.76	%
Current assets		W	58,291				1,033,936				568,226				1,284,969				2,945,422
Non-current assets			461				641,840				377,158				4,814,101				5,833,560
Current liabilities			(280	)			(341,918	)			(359,629	)			(1,282,746	)			(1,984,573	)
Non-current liabilities			(335	)			(13,561	)			(8,281	)			(2,578,521	)			(2,600,698	)
Net assets			58,137				1,320,297				577,474				2,237,803				4,193,711
Book value of non-controlling interests			28,487				646,946				281,576				490,588				1,447,597
Sales			—				1,534,269				553,363				1,032,246				3,119,878
Profit for the period			4,549				170,967				58,513				120,682				354,711
Profit for the period attributable to non-controlling interests			2,229				83,774				28,531				15,736				130,270
Cash flows from operating activities			5,034				538,151				46,528				345,168				934,881
Cash flows from investing activities			—				(379,243	)			(31,761	)			(195,587	)			(606,591	)
Cash flows from financing activities before dividends to non-controlling interests			(64,696	)			(63,535	)			(11,104	)			(161,447	)			(300,782	)
Dividends to non-controlling interests			(36,759	)			(47,584	)			(9,552	)			(43,321	)			(137,216	)
Effect of exchange rate fluctuation			12,321				1,362				447				28,762				42,892
Net increase (decrease) in cash and cash equivalents			(84,100	)			49,151				(5,442	)			(26,425	)			(66,816	)

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued

(7) Changes in goodwill

(i) Details of goodwill as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025				As of December 31, 2024
Acquisition cost		W	101,727				101,761
Less: accumulated impairment			(2,582	)			(2,582	)
Carrying book value		W	99,145				99,179

(ii) Changes in goodwill for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won
		For the nine-month period ended September 30, 2025
		Beginning				Increase				Decrease				Impairment				Others				Ending
Acquisition cost		W	101,761				—				—				—				(34	)			101,727
Less: accumulated impairment			(2,582	)			—				—				—				—				(2,582	)
Carrying book value		W	99,179				—				—				—				(34	)			99,145

In millions of won
		For the year ended December 31, 2024
		Beginning				Increase				Decrease				Impairment				Others				Ending
Acquisition cost		W	101,738				—				—				—				23				101,761
Less: accumulated impairment			(2,582	)			—				—				—				—				(2,582	)
Carrying book value		W	99,156				—				—				—				23				99,179

(8) Disposals of subsidiaries

During the nine-month period ended September 30, 2025, the Group sold a portion of its stake in Commerce and Industry Energy Co., Ltd. and reclassified it from a subsidiary to an associate. The Group has completed the liquidation process of PT. KOWEPO Sumsel Operation and Maintenance Services and KEPCO Lebanon SARL for the year ended December 31, 2024.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures

(1) Investments in associates and joint ventures as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won
As of September 30, 2025
Investees		Key operation activities		Location				Percentage of ownership				Acquisition cost				Book value
<Associates>
Korea Gas Corporation (*1)		Importing and wholesaling LNG			Korea				20.47	%		W	94,500				2,360,114
Korea Electric Power Industrial Development Co., Ltd.		Electricity metering and others			Korea				29.00	%			4,727				31,019
Hyundai Green Power Co., Ltd.		Power generation equipment consignment and operation service			Korea				29.00	%			88,885				85,774
Korea Power Exchange (*2)		Management of power market and others			Korea				100.00	%			127,839				270,247
Daeryun Power Co., Ltd.(*3)		Power generation			Korea				6.85	%			46,373				33,161
SPC Power Corporation (*4)		Power generation			Philippines				38.00	%			20,635				112,524
Gemeng International Energy Co., Ltd.		Power generation			China				42.00	%			516,007				767,438
PT. Cirebon Electric Power		Power generation			Indonesia				27.50	%			40,365				156,286
PT Wampu Electric Power		Power generation			Indonesia				46.00	%			21,292				34,595
PT. Bayan Resources TBK		Resources development			Indonesia				20.00	%			615,860				667,848
S-Power Co., Ltd.		Power generation			Korea				49.00	%			132,300				197,245
Xe-Pian Xe-Namnoy Power Co., Ltd.		Power generation			Laos				25.00	%			87,426				70,842
Goseong Green Power Co., Ltd.		Power generation			Korea				29.00	%			262,740				290,630
Gangneung Eco Power Co., Ltd.		Power generation			Korea				29.00	%			261,000				228,751
Shin Pyeongtaek Power Co., Ltd.		Power generation			Korea				40.00	%			72,000				151,024
Dongducheon Dream Power Co., Ltd. (*5)		Power generation			Korea				33.61	%			148,105				99,095
GS Donghae Electric Power Co., Ltd.		Power generation			Korea				34.00	%			204,000				282,668
Nepal Water & Energy Development Company Private Limited (*6, 15)		Construction and operation of utility plant			Nepal				66.10	%			110,332				163,549
Indeck Niles Development, LLC		Holding company			USA				50.00	%			249,274				370,629
Saemangeum Sebit Power Plant Co., Ltd. (*7)		Power generation			Korea				55.14	%			21,037				37,893
PT. Cirebon Energi Prasarana (*8)		Power generation			Indonesia				10.00	%			26,710				90,324
Others (Taebaek Guinemi Wind Power Co., Ltd. and 82 others)													251,833				291,195
													3,403,240				6,792,851
<Joint ventures>
Shuweihat Asia Power Investment B.V.		Holding company			Netherlands				49.00	%			44,405				80,119
KEPCO SPC Power Corporation (*4,9)		Construction and operation of utility plant			Philippines				60.00	%			94,579				131,957
Datang Chifeng Renewable Power Co., Ltd.		Power generation			China				40.00	%			121,928				203,903
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		Power generation			China				40.00	%			39,872				48,506
Rabigh Electricity Company (*10)		Power generation			Saudi Arabia				40.00	%			109,743				272,860
Jamaica Public Service Company Limited		Power generation			Jamaica				40.00	%			301,910				410,316
Amman Asia Electric Power Company (*9)		Power generation			Jordan				60.00	%			111,476				266,753
Chun-cheon Energy Co., Ltd.		Power generation			Korea				29.90	%			52,700				36,682
Nghi Son 2 Power LLC		Power generation			Vietnam				50.00	%			175,261				542,256
Kelar S.A. (*9)		Power generation			Chile				65.00	%			78,060				149,204
PT. Tanjung Power Indonesia		Power generation			Indonesia				35.00	%			57,039				93,816
Barakah One Company (*11)		Power generation			UAE				18.00	%			1,794,166				1,631,454
Daegu Green Power Co., Ltd. (*12)		Power generation			Korea				29.00	%			46,225				33,398
South Jamaica Power Company Limited		Power generation			Jamaica				20.00	%			20,430				47,595
RE Holiday Holdings LLC		Power generation			USA				50.00	%			42,948				78,233
RE Pioneer Holdings LLC		Power generation			USA				50.00	%			27,891				48,474
RE Barren Ridge 1 Holdings LLC		Power generation			USA				50.00	%			28,021				53,790
Solar Philippines Calatagan Corporation		Power generation			Philippines				38.00	%			47,903				58,938
Pulau Indah Power Plant Sdn. Bhd.		Power generation			Malaysia				25.00	%			44,545				52,641
PT Barito Wahana Tenaga		Power generation			Indonesia				30.61	%			59,574				224,645
Cheongna Energy Co., Ltd. (*13)		Generating and distributing vapor and hot/cold water			Korea				50.10	%			49,344				67,918
Naepo Green Energy Co., Ltd.		Power generation			Korea				29.20	%			29,200				59,900
OneEnergy Asia Limited		Power generation			Vietnam				40.00	%			296,872				473,917
Prime Swedish Holding AB		Holding company			Sweden				45.00	%			35,410				39,216
Namyangju Combined Heat and Power Co., Ltd. (*13)		Generating and distributing vapor and hot/cold water			Korea				70.10	%			124,077				121,929
Trumbull Development Partners, LLC (*14)		Holding company			USA				56.23	%			389,649				414,145
Others (Dangjin Eco Power Co., Ltd. and 96 others) (*16)													660,073				667,522
													4,883,301				6,310,087
												W	8,286,541				13,102,938

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of September 30, 2025 and December 31, 2024 are as follows, continued:

(*1) The effective percentage of ownership, including the effect of hybrid bond, is 21.66%.

(*2) The effective percentage of ownership is 100%. However, the Government regulates the Group’s ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Group’s other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. The Group can exercise significant influence by virtue of right to nominate directors to the board of directors of the entity.

(*3) The effective percentage of ownership is less than 20%. However, the Group can exercise significant influence by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Group’s financial and operating policy of the board of directors.

(*4) The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation and time or proceeds of sales are not specified as of September 30, 2025.

(*5) The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock.

(*6) The effective percentage of ownership is more than 50% but the Group does not hold control over the entity according to the shareholders’ agreement. Accordingly, the entity is classified as associates.

(*7) The effective percentage of ownership is more than 50% but the Group does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as associates.

(*8) The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Group exercises significant influence over the critical decisions related to finance and operation.

(*9) The effective percentage of ownership is more than 50%. However, according to the shareholders’ agreement, all critical financial and operating decisions must be agreed to by all ownership parties and the Group can exercise same voting rights as other shareholders at the board of directors. Accordingly, the entities are classified as joint ventures.

(*10) The effective percentage of ownership is less than 50%. However, all critical financial and operating decisions must be agreed to by all ownership parties. Accordingly, the entities are classified as joint ventures.

(*11) The effective percentage of ownership is less than 50%. However, all critical financial and operating decisions must be agreed by all ownership parties. Accordingly, the entity is classified as joint ventures.

(*12) Although the nominal percentage of ownership is 29%, the effective percentage of ownership is 54.24%, considering the interest of financial investors as a liability component.

(*13) Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a joint venture since the entity’s critical financial and operating decisions require unanimous agreement of members in the board of directors.

(*14) Although the Group holds more than 50% of the equity interest, the investee has been classified as a joint venture, considering the minimum voting rights required by the representative committee under the joint shareholders’ agreement for decisions on critical financial and operating policies.

(*15) The Group’s ownership interest was changed during the nine-month period ended September 30, 2025, as a result of a disproportionate capital contribution by a financial investor.

(*16) During the nine-month period ended September 30, 2025, Jeonju Bio Green Energy Co., Ltd. and DE Energia SpA were liquidated and excluded from joint ventures.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of September 30, 2025 and December 31, 2024 are as follows, continued:

In millions of won
As of December 31, 2024
Investees		Key operation activities		Location				Percentage of ownership				Acquisition cost				Book value
<Associates>
Korea Gas Corporation (*1)		Importing and wholesaling LNG			Korea				20.47	%		W	94,500				2,289,304
Korea Electric Power Industrial Development Co., Ltd.		Electricity metering and others			Korea				29.00	%			4,727				30,177
Hyundai Green Power Co., Ltd.		Power generation equipment consignment and operation service			Korea				29.00	%			88,885				87,393
Korea Power Exchange (*2)		Management of power market and others			Korea				100.00	%			127,839				273,962
Daeryun Power Co., Ltd.(*3)		Power generation			Korea				6.85	%			46,373				31,093
SPC Power Corporation (*4)		Power generation			Philippines				38.00	%			20,635				107,574
Gemeng International Energy Co., Ltd.		Power generation			China				42.00	%			516,007				728,338
PT. Cirebon Electric Power		Power generation			Indonesia				27.50	%			40,365				157,530
PT Wampu Electric Power		Power generation			Indonesia				46.00	%			21,292				39,268
PT. Bayan Resources TBK		Resources development			Indonesia				20.00	%			615,860				717,376
S-Power Co., Ltd.		Power generation			Korea				49.00	%			132,300				180,372
Xe-Pian Xe-Namnoy Power Co., Ltd.		Power generation			Laos				25.00	%			87,426				73,065
Goseong Green Power Co., Ltd.		Power generation			Korea				29.00	%			262,740				284,542
Gangneung Eco Power Co., Ltd.		Power generation			Korea				29.00	%			261,000				241,814
Shin Pyeongtaek Power Co., Ltd.		Power generation			Korea				40.00	%			72,000				139,059
Dongducheon Dream Power Co., Ltd. (*5)		Power generation			Korea				33.61	%			148,105				91,351
GS Donghae Electric Power Co., Ltd.		Power generation			Korea				34.00	%			204,000				279,432
Nepal Water & Energy Development Company Private Limited (*6)		Construction and operation of utility plant			Nepal				68.88	%			110,332				170,955
Indeck Niles Development, LLC		Holding company			USA				50.00	%			249,274				370,970
Saemangeum Sebit Power Plant Co., Ltd. (*7)		Power generation			Korea				55.14	%			21,037				37,110
PT. Cirebon Energi Prasarana (*8)		Power generation			Indonesia				10.00	%			26,710				96,846
Others (Taebaek Guinemi Wind Power Co., Ltd. and 76 others)													243,426				277,223
													3,394,833				6,704,754
<Joint ventures>
Shuweihat Asia Power Investment B.V.		Holding company			Netherlands				49.00	%			44,405				86,450
KEPCO SPC Power Corporation (*4,9)		Construction and operation of utility plant			Philippines				60.00	%			94,579				159,139
Datang Chifeng Renewable Power Co., Ltd.		Power generation			China				40.00	%			121,928				204,516
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		Power generation			China				40.00	%			39,872				48,325
Rabigh Electricity Company (*10)		Power generation			Saudi Arabia				40.00	%			109,743				269,893
Jamaica Public Service Company Limited		Power generation			Jamaica				40.00	%			301,910				412,616
Amman Asia Electric Power Company (*9)		Power generation			Jordan				60.00	%			111,476				268,864
Chun-cheon Energy Co., Ltd.		Power generation			Korea				29.90	%			52,700				36,599
Nghi Son 2 Power LLC		Power generation			Vietnam				50.00	%			175,261				563,079
Kelar S.A. (*9)		Power generation			Chile				65.00	%			78,060				152,367
PT. Tanjung Power Indonesia		Power generation			Indonesia				35.00	%			57,039				100,580
Barakah One Company (*11)		Power generation			UAE				18.00	%			118				—
Daegu Green Power Co., Ltd. (*12)		Power generation			Korea				29.00	%			46,225				30,513
South Jamaica Power Company Limited		Power generation			Jamaica				20.00	%			20,430				48,760
RE Holiday Holdings LLC		Power generation			USA				50.00	%			42,948				89,780
RE Pioneer Holdings LLC		Power generation			USA				50.00	%			27,891				55,622
RE Barren Ridge 1 Holdings LLC		Power generation			USA				50.00	%			28,021				59,806
Solar Philippines Calatagan Corporation		Power generation			Philippines				38.00	%			47,903				63,695
Pulau Indah Power Plant Sdn. Bhd.		Power generation			Malaysia				25.00	%			39,052				50,721
PT Barito Wahana Tenaga		Power generation			Indonesia				30.61	%			59,574				207,565
Cheongna Energy Co., Ltd. (*13)		Generating and distributing vapor and hot/cold water			Korea				50.10	%			49,344				46,158
Naepo Green Energy Co., Ltd.		Power generation			Korea				29.20	%			29,200				48,031
OneEnergy Asia Limited		Power generation			Vietnam				40.00	%			258,011				465,349
Prime Swedish Holding AB		Holding company			Sweden				45.00	%			35,410				37,559
Namyangju Combined Heat and Power Co., Ltd. (*14)		Generating and distributing vapor and hot/cold water			Korea				70.10	%			53,977				51,768
Trumbull Development Partners, LLC		Holding company			USA				56.23	%			304,836				355,379
Others (Dangjin Eco Power Co., Ltd. and 90 others)													651,051				668,206
													2,880,964				4,581,340
												W	6,275,797				11,286,094

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of September 30, 2025 and December 31, 2024 are as follows, continued:

(*1) The effective percentage of ownership, including the effect of hybrid bond, is 21.66%.

(*2) The effective percentage of ownership is 100%. However, the Government regulates the Group’s ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Group’s other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. The Group can exercise significant influence by virtue of right to nominate directors to the board of directors of the entity.

(*3) The effective percentage of ownership is less than 20%. However, the Group can exercise significant influence by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Group’s financial and operating policy of the board of directors.

(*4) The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation and time or proceeds of sales are not specified as of December 31, 2024.

(*5) The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock.

(*6) The effective percentage of ownership is more than 50% but the Group does not hold control over the entity according to the shareholders’ agreement. Accordingly, the entity is classified as associates.

(*7) The effective percentage of ownership is more than 50% but the Group does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as associates.

(*8) The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Group exercises significant influence over the decisions related to finance and operation.

(*9) The effective percentage of ownership is more than 50%. However, according to the shareholders’ agreement, all critical financial and operating decisions must be agreed to by all ownership parties and the Group can exercise same voting rights as other shareholders at the board of directors. Accordingly, the entities are classified as joint ventures.

(*10) The effective percentage of ownership is less than 50%. However, all critical financial and operating decisions must be agreed to by all ownership parties. Accordingly, the entities are classified as joint ventures.

(*11) The effective percentage of ownership is less than 50%. However, decisions in relevant activities must be agreed by ownership parties. Accordingly, the entity is classified as joint ventures.

(*12) Although the nominal percentage of ownership is 29%, the effective percentage of ownership is 54.24%, considering the interest of financial investors as a liability component.

(*13) Although the Group’s effective percentage of ownership is more than 50%, However, decisions in relevant activities must be agreed by ownership parties. Accordingly, the entity is classified as joint ventures.

(*14) Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as joint ventures since the entity’s critical financial and operating decisions require unanimous agreement of members in the board of directors.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(2) The fair values of investments in associates which are actively traded in an open market as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won
Investees		As of September 30, 2025				As of December 31, 2024
<Associates>
Korea Electric Power Industrial Development Co., Ltd.		W	111,085				88,489
Korea Gas Corporation			738,990				655,830
SPC Power Corporation			109,529				130,063
PT. Bayan Resources TBK			10,260,201				12,298,501

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won
For the nine-month period ended September 30, 2025
Investees		Beginning balance				Acquisition				Disposals				Dividends received				Share of income (loss)				Other comprehen- sive income (loss)				Others				Ending balance
<Associates>
Korea Gas Corporation		W	2,289,304				—				—				(27,500	)			116,946				(18,700	)			64				2,360,114
Korea Electric Power Industrial Development Co., Ltd.			30,177				—				—				(3,470	)			4,132				—				180				31,019
Hyundai Green Power Co., Ltd.			87,393				—				—				(3,555	)			1,936				—				—				85,774
Korea Power Exchange			273,962				—				—				—				(3,690	)			(25	)			—				270,247
Daeryun Power Co., Ltd.			31,093				—				—				—				2,070				—				(2	)			33,161
SPC Power Corporation			107,574				—				—				(5,628	)			16,241				(5,663	)			—				112,524
Gemeng International Energy Co., Ltd.			728,338				—				—				(20,644	)			68,385				(8,641	)			—				767,438
PT. Cirebon Electric Power			157,530				—				—				—				6,067				(7,311	)			—				156,286
PT Wampu Electric Power			39,268				—				—				(3,902	)			1,175				(1,946	)			—				34,595
PT. Bayan Resources TBK			717,376				—				—				(109,528	)			93,684				(33,640	)			(44	)			667,848
S-Power Co., Ltd.			180,372				—				—				—				16,873				—				—				197,245
Xe-Pian Xe-Namnoy Power Co., Ltd.			73,065				—				—				—				2,793				(5,016	)			—				70,842
Goseong Green Power Co., Ltd.			284,542				—				—				—				6,084				—				4				290,630
Gangneung Eco Power Co., Ltd.			241,814				—				—				—				(13,063	)			—				—				228,751
Shin Pyeongtaek Power Co., Ltd.			139,059				—				—				—				11,965				—				—				151,024
Dongducheon Dream Power Co., Ltd.			91,351				—				—				—				7,744				—				—				99,095
GS Donghae Electric Power Co., Ltd.			279,432				—				—				(12,029	)			15,265				—				—				282,668
Nepal Water & Energy Development Company Private Limited			170,955				—				—				—				(52	)			(7,354	)			—				163,549
Indeck Niles Development, LLC			370,970				—				—				(5,808	)			31,699				(26,232	)			—				370,629
Saemangeum Sebit Power Plant Co., Ltd.			37,110				—				—				—				783				—				—				37,893
PT. Cirebon Energi Prasarana			96,846				—				—				—				1,992				(8,514	)			—				90,324
Others (Taebaek Guinemi Wind Power Co., Ltd. and 82 others)			277,223				10,167				(1,760	)			(11,572	)			19,552				(3,630	)			1,215				291,195
			6,704,754				10,167				(1,760	)			(203,636	)			408,581				(126,672	)			1,417				6,792,851
<Joint ventures>
Shuweihat Asia Power Investment B.V.			86,450				—				—				(1,080	)			1,758				(7,009	)			—				80,119
KEPCO SPC Power Corporation			159,139				—				—				(27,876	)			8,223				(7,529	)			—				131,957
Datang Chifeng Renewable Power Co., Ltd.			204,516				—				—				—				3,838				(4,451	)			—				203,903
Datang KEPCO Chaoyang Renewable Power Co., Ltd.			48,325				—				—				—				1,107				(926	)			—				48,506
Rabigh Electricity Company			269,893				—				—				(1,696	)			22,543				(17,880	)			—				272,860
Jamaica Public Service Company Limited			412,616				—				—				(9,700	)			22,188				(14,788	)			—				410,316
Amman Asia Electric Power Company			268,864				—				—				—				15,490				(17,601	)			—				266,753
Chun-cheon Energy Co., Ltd.			36,599				—				—				—				83				—				—				36,682
Nghi Son 2 Power LLC			563,079				—				—				—				34,820				(55,643	)			—				542,256
Kelar S.A.			152,367				—				—				—				5,841				(9,004	)			—				149,204
PT. Tanjung Power Indonesia			100,580				—				—				(4,785	)			5,269				(7,087	)			(161	)			93,816
Barakah One Company			—				1,794,047				—				—				(99,651	)			(62,942	)			—				1,631,454
Daegu Green Power Co., Ltd.			30,513				—				—				—				2,885				—				—				33,398
South Jamaica Power Company Limited			48,760				—				—				(2,436	)			3,431				(2,160	)			—				47,595
RE Holiday Holdings LLC			89,780				—				—				—				(7,281	)			(4,266	)			—				78,233
RE Pioneer Holdings LLC			55,622				—				—				—				(4,871	)			(2,277	)			—				48,474
RE Barren Ridge 1 Holdings LLC			59,806				—				—				(1,663	)			(1,764	)			(2,589	)			—				53,790
Solar Philippines Calatagan Corporation			63,695				—				—				(6,480	)			4,764				(3,041	)			—				58,938
Pulau Indah Power Plant Sdn. Bhd.			50,721				5,493				—				—				1,281				(4,854	)			—				52,641
PT Barito Wahana Tenaga			207,565				—				—				—				39,669				(22,589	)			—				224,645
Cheongna Energy Co., Ltd.			46,158				—				—				—				21,760				—				—				67,918
Naepo Green Energy Co., Ltd.			48,031				—				—				(13,432	)			25,301				—				—				59,900
OneEnergy Asia Limited			465,349				38,861				—				—				15,423				(45,716	)			—				473,917
Prime Swedish Holding AB			37,559				—				—				—				(1,284	)			2,941				—				39,216
Namyangju Combined Heat and Power Co., Ltd.			51,768				70,100				—				—				(69	)			130				—				121,929
Trumbull Development Partners, LLC			355,379				84,813				—				—				(288	)			(25,759	)			—				414,145
Others (Dangjin Eco Power Co., Ltd. and 98 others)			668,206				20,635				(11,185	)			(15,978	)			26,668				(20,824	)			—				667,522
			4,581,340				2,013,949				(11,185	)			(85,126	)			147,134				(335,864	)			(161	)			6,310,087
		W	11,286,094				2,024,116				(12,945	)			(288,762	)			555,715				(462,536	)			1,256				13,102,938

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows, continued:

In millions of won
For the year ended December 31, 2024
Investees		Beginning balance				Acquisition				Disposals				Dividends received				Share of income (loss)				Other comprehen- sive income (loss)				Others				Ending balance
<Associates>
Korea Gas Corporation		W	1,970,643				—				—				—				248,385				36,628				33,648				2,289,304
Korea Electric Power Industrial Development Co., Ltd.			29,500				—				—				(2,801	)			3,124				—				354				30,177
YTN Co., Ltd.			52,303				—				(52,303	)			—				—				—				—				—
Hyundai Green Power Co., Ltd.			118,173				—				—				(3,555	)			2,712				—				(29,937	)			87,393
Korea Power Exchange			274,286				—				—				—				2,768				(59	)			(3,033	)			273,962
Daeryun Power Co., Ltd.			26,834				—				—				—				4,301				—				(42	)			31,093
SPC Power Corporation			78,931				—				—				(13,529	)			13,412				28,760				—				107,574
Gemeng International Energy Co., Ltd.			705,812				—				—				(22,908	)			(33,472	)			78,870				36				728,338
PT. Cirebon Electric Power			134,259				—				—				—				4,144				—				19,127				157,530
PT Wampu Electric Power			34,555				—				—				(3,765	)			3,495				152				4,831				39,268
PT. Bayan Resources TBK			619,207				—				—				(168,698	)			187,634				79,332				(99	)			717,376
S-Power Co., Ltd.			162,765				—				—				—				17,607				—				—				180,372
Xe-Pian Xe-Namnoy Power Co., Ltd.			116,378				—				—				—				(20,217	)			11,861				(34,957	)			73,065
Goseong Green Power Co., Ltd.			287,624				—				—				—				(3,026	)			—				(56	)			284,542
Gangneung Eco Power Co., Ltd.			254,929				—				—				—				(13,115	)			—				—				241,814
Shin Pyeongtaek Power Co., Ltd.			145,026				—				—				(30,080	)			24,145				—				(32	)			139,059
Dongducheon Dream Power Co., Ltd.			87,203				—				—				—				4,141				—				7				91,351
GS Donghae Electric Power Co., Ltd.			259,085				—				—				—				20,323				—				24				279,432
Nepal Water & Energy Development Company Private Limited			110,573				—				—				—				7,392				52,990				—				170,955
Indeck Niles Development, LLC			335,401				—				(14,551	)			(10,591	)			12,909				47,802				—				370,970
Saemangeum Sebit Power Plant Co., Ltd.			37,191				—				—				—				(81	)			—				—				37,110
PT. Cirebon Energi Prasarana			76,597				—				—				—				6,051				2,782				11,416				96,846
Others (Taebaek Guinemi Wind Power Co., Ltd. and 81 others)			259,614				18,987				(10,772	)			(10,941	)			10,004				2,656				7,675				277,223
			6,176,889				18,987				(77,626	)			(266,868	)			502,636				341,774				8,962				6,704,754
<Joint ventures>
Shuweihat Asia Power Investment B.V.			69,902				—				—				—				1,709				14,839				—				86,450
KEPCO SPC Power Corporation			196,544				—				—				(28,591	)			16,714				(25,528	)			—				159,139
Datang Chifeng Renewable Power Co., Ltd.			186,739				—				—				(10,624	)			7,772				20,629				—				204,516
Datang KEPCO Chaoyang Renewable Power Co., Ltd.			43,207				—				—				(591	)			813				4,896				—				48,325
Rabigh Electricity Company			235,051				—				—				(7,270	)			17,147				24,965				—				269,893
Jamaica Public Service Company Limited			349,866				—				—				(15,215	)			28,849				49,463				(347	)			412,616
Amman Asia Electric Power Company			223,424				—				—				(8,171	)			20,485				33,126				—				268,864
Chun-cheon Energy Co., Ltd.			35,083				—				—				—				1,516				—				—				36,599
Nghi Son 2 Power LLC			417,989				—				—				—				45,889				99,201				—				563,079
Kelar S.A.			131,529				—				—				—				4,739				(2,498	)			18,597				152,367
PT. Tanjung Power Indonesia			90,151				—				—				(8,349	)			6,138				14,122				(1,482	)			100,580
Barakah One Company			—				—				—				—				—				—				—				—
Daegu Green Power Co., Ltd.			26,430				—				—				—				4,103				—				(20	)			30,513
South Jamaica Power Company Limited			43,109				—				—				(2,895	)			2,704				5,842				—				48,760
RE Holiday Holdings LLC			84,092				—				—				—				(3,139	)			8,827				—				89,780
RE Pioneer Holdings LLC			54,081				—				—				—				(2,910	)			4,451				—				55,622
RE Barren Ridge 1 Holdings LLC			58,154				—				—				(1,966	)			(1,546	)			5,164				—				59,806
Solar Philippines Calatagan Corporation			58,130				—				—				(6,107	)			6,523				5,149				—				63,695
Pulau Indah Power Plant Sdn. Bhd.			25,603				14,713				—				—				(816	)			11,221				—				50,721
PT Barito Wahana Tenaga			156,994				—				—				—				24,435				26,136				—				207,565
Cheongna Energy Co., Ltd.			25,549				—				—				—				20,609				—				—				46,158
Naepo Green Enegry Co., Ltd.			5,285				—				—				—				32,284				—				10,462				48,031
OneEnergy Asia Limited			289,966				62,880				—				—				47,346				65,157				—				465,349
Prime Swedish Holding AB			38,789				—				—				—				(3,782	)			—				2,552				37,559
Namyangju Combined Heat and Power Co., Ltd.			3,850				50,127				—				—				(1,519	)			(690	)			—				51,768
Trumbull Development Partners, LLC			—				304,836				—				—				7,976				42,567				—				355,379
Others (Dangjin Eco Power Co., Ltd. and 90 others)			636,182				22,847				(68	)			(7,730	)			(31,223	)			46,856				1,342				668,206
			3,485,699				455,403				(68	)			(97,509	)			252,816				453,895				31,104				4,581,340
		W	9,662,588				474,390				(77,694	)			(364,377	)			755,452				795,669				40,066				11,286,094

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(4) The summarized financial information of associates and joint ventures as of and for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 is as follows:

In millions of won
As of and for the nine-month period ended September 30, 2025
Investees		Total assets				Total liabilities				Sales				Profit (loss) for the period
<Associates>
Korea Gas Corporation		W	52,949,555				41,797,143				26,734,978				539,086
Korea Electric Power Industrial Development Co., Ltd.			216,034				109,071				288,683				4,991
Hyundai Green Power Co., Ltd.			661,900				263,925				82,628				7,227
Korea Power Exchange			370,420				100,173				92,327				4,300
Daeryun Power Co., Ltd.			1,094,986				598,911				296,542				29,244
SPC Power Corporation			314,653				18,538				52,452				43,150
Gemeng International Energy Co., Ltd.			8,095,432				5,431,145				2,267,740				168,042
PT. Cirebon Electric Power			692,773				124,460				222,286				22,060
PT Wampu Electric Power			182,429				107,223				13,302				2,553
PT. Bayan Resources TBK			4,268,872				1,007,181				3,447,096				737,475
S-Power Co., Ltd.			677,504				272,932				505,909				34,305
Xe-Pian Xe-Namnoy Power Co., Ltd.			1,331,312				904,514				156,439				11,048
Goseong Green Power Co., Ltd.			5,038,519				4,001,703				1,006,462				32,218
Gangneung Eco Power Co., Ltd.			5,436,871				4,769,996				742,970				(21,880	)
Shin Pyeongtaek Power Co., Ltd.			1,105,511				702,934				565,103				28,669
Dongducheon Dream Power Co., Ltd.			1,327,455				999,495				861,330				22,219
GS Donghae Electric Power Co., Ltd.			1,803,499				972,123				437,132				44,895
Nepal Water & Energy Development Company Private Limited			626,202				380,114				65,219				(12,803	)
Indeck Niles Development, LLC			1,195,778				655,398				286,950				64,816
Saemangeum Sebit Power Plant Co., Ltd.			145,103				76,540				16,330				1,424
PT. Cirebon Energi Prasarana			3,656,554				2,753,314				369,796				19,922
<Joint ventures>
Shuweihat Asia Power Investment B.V.			163,537				29				—				(226	)
KEPCO SPC Power Corporation			247,912				27,984				126,862				13,920
Datang Chifeng Renewable Power Co., Ltd.			804,691				294,932				80,250				12,810
Datang KEPCO Chaoyang Renewable Power Co., Ltd.			173,156				51,891				20,315				2,931
Rabigh Electricity Company			2,438,281				1,661,500				274,983				55,120
Jamaica Public Service Company Limited			2,560,785				1,571,803				1,182,276				60,069
Amman Asia Electric Power Company			724,675				280,086				23,143				25,874
Chun-cheon Energy Co., Ltd.			513,177				389,676				281,121				255
Nghi Son 2 Power LLC			4,012,976				2,928,465				608,019				69,204
Kelar S.A.			656,977				432,406				85,293				12,959
PT. Tanjung Power Indonesia			705,440				437,396				78,004				14,993
Barakah One Company			44,484,057				36,392,384				2,357,842				170,409
Daegu Green Power Co., Ltd.			473,548				374,551				216,687				5,554
South Jamaica Power Company Limited			511,934				273,944				211,767				17,158
RE Holiday Holdings LLC			327,416				170,950				14,367				(9,206	)
RE Pioneer Holdings LLC			247,819				150,871				5,755				(6,548	)
RE Barren Ridge 1 Holdings LLC			202,432				94,852				7,792				(1,672	)
Solar Philippines Calatagan Corporation			159,699				35,147				17,192				9,348
Pulau Indah Power Plant Sdn. Bhd.			1,384,840				1,196,846				316,233				(191	)
PT Barito Wahana Tenaga			733,841				—				—				106,677
Cheongna Energy Co., Ltd.			476,975				345,320				114,847				43,424
Naepo Green Energy Co., Ltd.			767,567				574,215				334,106				82,463
OneEnergy Asia Limited			3,421,827				2,300,815				87,853				34,669
Prime Swedish Holding AB			150,461				66,566				7,631				(2,853	)
Namyangju Combined Heat and Power Co., Ltd.			175,082				1,419				—				(97	)
Trumbull Development Partners, LLC			1,697,196				1,049,043				—				(418	)

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(4) The summarized financial information of associates and joint ventures as of and for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 is as follows, continued:

In millions of won
As of and for the year ended December 31, 2024
Investees		Total assets				Total liabilities				Sales				Profit (loss) for the period
<Associates>
Korea Gas Corporation		W	57,669,638				46,843,282				38,388,740				1,148,985
Korea Electric Power Industrial Development Co., Ltd.			213,423				109,367				361,690				14,587
Hyundai Green Power Co., Ltd.			698,653				295,095				109,081				9,354
Korea Power Exchange			365,652				91,690				120,586				1,795
Daeryun Power Co., Ltd.			1,117,771				651,892				397,332				61,893
SPC Power Corporation			301,805				18,716				72,191				35,657
Gemeng International Energy Co., Ltd.			8,301,632				5,803,020				2,907,291				(66,765	)
PT. Cirebon Electric Power			742,634				169,796				281,041				15,070
PT Wampu Electric Power			209,724				124,358				19,146				7,598
PT. Bayan Resources TBK			5,338,900				2,100,603				4,700,051				1,285,816
S-Power Co., Ltd.			739,732				369,429				734,607				35,889
Xe-Pian Xe-Namnoy Power Co., Ltd.			1,414,921				979,112				182,433				(81,032	)
Goseong Green Power Co., Ltd.			5,129,641				4,125,053				1,310,775				2,823
Gangneung Eco Power Co., Ltd.			5,359,845				4,667,564				635,026				(10,547	)
Shin Pyeongtaek Power Co., Ltd.			1,052,048				678,140				841,818				58,855
Dongducheon Dream Power Co., Ltd.			1,350,004				1,044,020				1,360,809				10,453
GS Donghae Electric Power Co., Ltd.			1,910,960				1,089,101				535,012				59,776
Nepal Water & Energy Development Company Private Limited			666,316				419,386				123,848				10,732
Indeck Niles Development, LLC			1,234,170				704,296				284,855				32,491
Saemangeum Sebit Power Plant Co., Ltd.			160,225				93,086				20,376				(147	)
PT. Cirebon Energi Prasarana			3,831,992				2,863,534				543,340				60,512
<Joint ventures>
Shuweihat Asia Power Investment B.V.			176,569				137				—				(370	)
KEPCO SPC Power Corporation			291,538				26,307				190,296				28,108
Datang Chifeng Renewable Power Co., Ltd.			900,001				388,711				115,297				17,722
Datang KEPCO Chaoyang Renewable Power Co., Ltd.			180,827				60,016				26,678				2,031
Rabigh Electricity Company			2,651,843				1,873,439				353,677				63,270
Jamaica Public Service Company Limited			2,649,022				1,656,068				1,490,606				76,611
Amman Asia Electric Power Company			791,478				343,371				22,776				34,047
Chun-cheon Energy Co., Ltd.			533,211				409,989				430,679				4,890
Nghi Son 2 Power LLC			4,412,970				3,286,814				921,504				91,777
Kelar S.A.			715,489				486,293				112,110				9,733
PT. Tanjung Power Indonesia			754,514				467,144				106,081				17,705
Barakah One Company			43,235,235				45,056,439				1,636,730				(53,778	)
Daegu Green Power Co., Ltd.			493,595				399,918				338,750				7,344
South Jamaica Power Company Limited			532,323				288,501				250,519				14,460
RE Holiday Holdings LLC			363,750				184,188				20,251				(1,413	)
RE Pioneer Holdings LLC			272,900				161,657				13,343				(3,168	)
RE Barren Ridge 1 Holdings LLC			224,922				105,310				12,905				(1,301	)
Solar Philippines Calatagan Corporation			166,126				37,872				19,412				8,733
Pulau Indah Power Plant Sdn. Bhd.			1,054,236				873,923				40,818				(2,896	)
PT Barito Wahana Tenaga			678,043				—				—				74,744
Cheongna Energy Co., Ltd.			463,574				375,343				142,400				41,124
Naepo Green Energy Co., Ltd.			738,857				586,152				467,225				124,830
OneEnergy Asia Limited			3,237,191				2,137,600				424,036				100,781
Prime Swedish Holding AB			143,102				62,354				8,911				(8,404	)
Namyangju Combined Heat and Power Co., Ltd.			75,474				1,899				—				(2,410	)
Trumbull Development Partners, LLC			1,582,082				1,042,712				—				14,174

65

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(5) The financial information of associates and joint ventures reconciled to the Group’s investments in condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 is as follows:

In millions of won
As of September 30, 2025
Investees		Net assets				Percentage of ownership (*)				Share in net assets				Investment differential				Intercompany transaction				Others				Book value
<Associates>
Korea Gas Corporation		W	11,152,412				21.66	%			2,415,612				—				—				(55,498	)			2,360,114
Korea Electric Power Industrial Development Co., Ltd.			106,963				29.00	%			31,019				—				—				—				31,019
Hyundai Green Power Co., Ltd.			397,975				29.00	%			115,413				—				—				(29,639	)			85,774
Korea Power Exchange			270,247				100.00	%			270,247				—				—				—				270,247
Daeryun Power Co., Ltd.			496,075				6.85	%			33,981				—				—				(820	)			33,161
SPC Power Corporation			296,115				38.00	%			112,524				—				—				—				112,524
Gemeng International Energy Co., Ltd.			2,664,287				42.00	%			1,119,002				—				—				(351,564	)			767,438
PT. Cirebon Electric Power			568,313				27.50	%			156,286				—				—				—				156,286
PT Wampu Electric Power			75,206				46.00	%			34,595				—				—				—				34,595
PT. Bayan Resources TBK			3,261,691				20.00	%			652,339				91,889				—				(76,380	)			667,848
S-Power Co., Ltd.			404,572				49.00	%			198,240				—				(995	)			—				197,245
Xe-Pian Xe-Namnoy Power Co., Ltd.			426,798				25.00	%			106,700				305				(915	)			(35,248	)			70,842
Goseong Green Power Co., Ltd.			1,036,816				29.00	%			300,676				—				(10,046	)			—				290,630
Gangneung Eco Power Co., Ltd.			666,875				29.00	%			193,394				46,042				(10,685	)			—				228,751
Shin Pyeongtaek Power Co., Ltd.			402,577				40.00	%			161,031				3,559				(13,566	)			—				151,024
Dongducheon Dream Power Co., Ltd.			327,960				34.01	%			111,539				1,757				(1,619	)			(12,582	)			99,095
GS Donghae Electric Power Co., Ltd.			831,376				34.00	%			282,668				—				—				—				282,668
Nepal Water & Energy Development Company Private Limited			246,088				66.12	%			162,713				836				—				—				163,549
Indeck Niles Development, LLC			540,380				50.00	%			270,189				96,053				—				4,387				370,629
Saemangeum Sebit Power Plant Co., Ltd.			68,563				55.00	%			37,711				182				—				—				37,893
PT. Cirebon Energi Prasarana			903,240				10.00	%			90,324				—				—				—				90,324
<Joint ventures>
Shuweihat Asia Power Investment B.V.			163,508				49.00	%			80,119				—				—				—				80,119
KEPCO SPC Power Corporation			219,928				60.00	%			131,957				—				—				—				131,957
Datang Chifeng Renewable Power Co., Ltd.			509,759				40.00	%			203,903				—				—				—				203,903
Datang KEPCO Chaoyang Renewable Power Co., Ltd.			121,265				40.00	%			48,506				—				—				—				48,506
Rabigh Electricity Company			776,781				40.00	%			310,713				—				(37,048	)			(805	)			272,860
Jamaica Public Service Company Limited			988,982				40.00	%			395,593				29,357				—				(14,634	)			410,316
Amman Asia Electric Power Company			444,589				60.00	%			266,753				—				—				—				266,753
Chun-cheon Energy Co., Ltd.			123,501				29.90	%			36,927				3				—				(248	)			36,682
Nghi Son 2 Power LLC			1,084,511				50.00	%			542,256				—				—				—				542,256
Kelar S.A.			224,571				65.00	%			145,972				3,232				—				—				149,204
PT. Tanjung Power Indonesia			268,044				35.00	%			93,816				—				—				—				93,816
Barakah One Company			8,091,673				18.00	%			1,456,501				—				174,953				—				1,631,454
Daegu Green Power Co., Ltd.			98,997				54.24	%			53,696				84				—				(20,382	)			33,398
South Jamaica Power Company Limited			237,990				20.00	%			47,598				—				—				(3	)			47,595
RE Holiday Holdings LLC			156,466				50.00	%			78,233				—				—				—				78,233
RE Pioneer Holdings LLC			96,948				50.00	%			48,474				—				—				—				48,474
RE Barren Ridge 1 Holdings LLC			107,580				50.00	%			53,790				—				—				—				53,790
Solar Philippines Calatagan Corporation			124,552				38.00	%			47,330				—				—				11,608				58,938
Pulau Indah Power Plant Sdn. Bhd.			187,994				25.00	%			46,998				5,643				—				—				52,641
PT Barito Wahana Tenaga			733,841				30.61	%			224,645				—				—				—				224,645
Cheongna Energy Co., Ltd.			131,655				50.10	%			65,959				3,137				(1,178	)			—				67,918
Naepo Green Energy Co., Ltd.			193,352				29.20	%			56,458				—				—				3,442				59,900
OneEnergy Asia Limited			1,121,012				40.00	%			448,405				25,512				—				—				473,917
Prime Swedish Holding AB			83,895				45.00	%			37,752				1,223				—				241				39,216
Namyangju Combined Heat and Power Co., Ltd.			173,663				70.10	%			121,738				191				—				—				121,929
Trumbull Development Partners, LLC			648,153				56.23	%			364,456				49,689				—				—				414,145

66

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(5) The financial information of associates and joint ventures reconciled to the Group’s investments in condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 is as follows, continued:

In millions of won
As of December 31, 2024
Investees		Net assets				Percentage of ownership (*)				Share in net assets				Investment differential				Intercompany transaction				Others				Book value
<Associates>
Korea Gas Corporation		W	10,826,356				21.66	%			2,344,989				—				—				(55,685	)			2,289,304
Korea Electric Power Industrial Development Co., Ltd.			104,056				29.00	%			30,177				—				—				—				30,177
Hyundai Green Power Co., Ltd.			403,558				29.00	%			117,033				—				—				(29,640	)			87,393
Korea Power Exchange			273,962				100.00	%			273,962				—				—				—				273,962
Daeryun Power Co., Ltd.			465,879				6.85	%			31,913				—				—				(820	)			31,093
SPC Power Corporation			283,089				38.00	%			107,574				—				—				—				107,574
Gemeng International Energy Co., Ltd.			2,498,612				42.00	%			1,049,417				—				—				(321,079	)			728,338
PT. Cirebon Electric Power			572,838				27.50	%			157,530				—				—				—				157,530
PT Wampu Electric Power			85,366				46.00	%			39,268				—				—				—				39,268
PT. Bayan Resources TBK			3,238,297				20.00	%			647,659				146,097				—				(76,380	)			717,376
S-Power Co., Ltd.			370,303				49.00	%			181,448				—				(1,076	)			—				180,372
Xe-Pian Xe-Namnoy Power Co., Ltd.			435,809				25.00	%			108,953				305				(946	)			(35,247	)			73,065
Goseong Green Power Co., Ltd.			1,004,588				29.00	%			291,331				—				(6,789	)			—				284,542
Gangneung Eco Power Co., Ltd.			692,281				29.00	%			200,761				46,872				(5,819	)			—				241,814
Shin Pyeongtaek Power Co., Ltd.			373,908				40.00	%			149,563				3,559				(14,064	)			1				139,059
Dongducheon Dream Power Co., Ltd.			305,984				34.01	%			104,065				1,757				(1,889	)			(12,582	)			91,351
GS Donghae Electric Power Co., Ltd.			821,859				34.00	%			279,432				—				—				—				279,432
Nepal Water & Energy Development Company Private Limited			246,930				68.88	%			170,083				872				—				—				170,955
Indeck Niles Development, LLC			529,874				50.00	%			264,936				101,361				—				4,673				370,970
Saemangeum Sebit Power Plant Co., Ltd.			67,139				55.00	%			36,928				182				—				—				37,110
PT. Cirebon Energi Prasarana			968,458				10.00	%			96,846				—				—				—				96,846
<Joint ventures>
Shuweihat Asia Power Investment B.V.			176,432				49.00	%			86,450				—				—				—				86,450
KEPCO SPC Power Corporation			265,231				60.00	%			159,139				—				—				—				159,139
Datang Chifeng Renewable Power Co., Ltd.			511,290				40.00	%			204,516				—				—				—				204,516
Datang KEPCO Chaoyang Renewable Power Co., Ltd.			120,811				40.00	%			48,325				—				—				—				48,325
Rabigh Electricity Company			778,404				40.00	%			311,362				—				(40,752	)			(717	)			269,893
Jamaica Public Service Company Limited			992,954				40.00	%			397,182				29,357				—				(13,923	)			412,616
Amman Asia Electric Power Company			448,107				60.00	%			268,864				—				—				—				268,864
Chun-cheon Energy Co., Ltd.			123,222				29.90	%			36,843				3				—				(247	)			36,599
Nghi Son 2 Power LLC			1,126,156				50.00	%			563,079				—				—				—				563,079
Kelar S.A.			229,196				65.00	%			148,978				3,389				—				—				152,367
PT. Tanjung Power Indonesia			287,370				35.00	%			100,580				—				—				—				100,580
Barakah One Company			(1,821,204	)			18.00	%			(327,817	)			—				153,104				174,713				—
Daegu Green Power Co., Ltd.			93,677				54.24	%			50,810				84				—				(20,381	)			30,513
South Jamaica Power Company Limited			243,822				20.00	%			48,764				—				—				(4	)			48,760
RE Holiday Holdings LLC			179,562				50.00	%			89,780				—				—				—				89,780
RE Pioneer Holdings LLC			111,243				50.00	%			55,622				—				—				—				55,622
RE Barren Ridge 1 Holdings LLC			119,612				50.00	%			59,806				—				—				—				59,806
Solar Philippines Calatagan Corporation			128,254				38.00	%			48,737				—				—				14,958				63,695
Pulau Indah Power Plant Sdn. Bhd.			180,313				25.00	%			45,078				5,643				—				—				50,721
PT Barito Wahana Tenaga			678,043				30.61	%			207,565				—				—				—				207,565
Cheongna Energy Co., Ltd.			88,231				50.10	%			44,204				3,137				(1,183	)			—				46,158
Naepo Green Energy Co., Ltd.			152,705				29.20	%			44,590				—				—				3,441				48,031
OneEnergy Asia Limited			1,099,591				40.00	%			439,837				25,512				—				—				465,349
Prime Swedish Holding AB			80,748				45.00	%			36,336				1,223				—				—				37,559
Namyangju Combined Heat and Power Co., Ltd.			73,575				70.10	%			51,575				193				—				—				51,768
Trumbull Development Partners, LLC			539,370				56.23	%			303,288				52,091				—				—				355,379

(*) The percentage of ownership shown above is the effective ownership ratio that takes into account treasury stocks.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(6) The share of losses of associates and joint ventures that has not been recognized due to the discontinuation of loss recognition as of September 30, 2025 and December 31, 2024 is as follows:

In millions of won		As of September 30, 2025								As of December 31, 2024
		Unrecognized equity interest				Accumulated unrecognized equity interest				Unrecognized equity interest				Accumulated unrecognized equity interest
Boim Combined Heat and Power Generation Co., Ltd.		W	3,112				31,835				769				28,723
Samcheok Eco Materials Co., Ltd.			262				5,588				895				5,326
Barakah One Company			(174,713	)			—				33,994				174,713
KAPES, Inc.			6,927				10,858				916				3,931
ITR Co., Ltd.			(15	)			—				14				15
SEP Co., Ltd.			—				15				—				15
Noeul Green Energy Co., Ltd.			(1,117	)			2,718				(1,377	)			3,835
PlatformN. Co., Ltd.			—				18				(44	)			18
KEPCO KPS CARABAO Corp.			(70	)			174				207				244
Bitsolar Energy Co., Ltd.			256				1,520				1,264				1,264
Green Energy Electricity Generation Co., Ltd.			(396	)			—				396				396
O2&B Global Co., Ltd.			13				19				6				6
Pulau Indah O&M Sdn. Bhd.			(1	)			—				1				1
Foresight Iberian Solar Group Holding, S.L.			5,975				10,370				4,395				4,395
Green Radiation Co., Ltd.,			(11	)			—				11				11
Hoenggye Renewable Energy Co., Ltd.,			(266	)			—				266				266
CapMan Lynx SCA, SICAR			2,716				33,806				31,090				31,090
G.GURU Co., Ltd.			4				4				—				—
International Offshore Power Transmission Holding Company Limited			68				68				—				—
Jeju Gimnyeong Wind Power Co., Ltd.			18				18				—				—
Korea Energy Data Co., Ltd.			1				1				—				—

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(7) As of September 30, 2025, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows:

(i) Taebaek Wind Power Co., Ltd.

In the case where non-controlling shareholders decide to dispose of their shares in Taebaek Wind Power Co., Ltd. after the warrant period in the EPC contract of defect repair for wind power generator has expired, the Group acquires those shares at fair value. The acquisition is to be made after the conditions of the acquisition are discussed among the parties involved, with consideration of various factors such as financial status and business situation.

(ii) Pyeongchang Wind Power Co., Ltd.

In the case where non-controlling shareholders decide to dispose of their shares in Pyeongchang Wind Power Co., Ltd. after commercial operation of the power plant has started, the Group acquires those shares at fair value. The acquisition is to be made after the conditions of the acquisition are discussed among the parties involved, with consideration of various factors such as financial status and business situation.

(iii) Daeryun Power Co., Ltd.

The Group reserves the right to participate in the transfer of shares in Daeryun Power Co., Ltd. on the same terms as Daeryun E&S Co., Ltd., if Daeryun E&S Co., Ltd. wishes to transfer its shares in Daeryun Power Co., Ltd.

(iv) Daegu Green Power Co., Ltd.

The Group has a right to purchase all the shares of Daegu Green Power Co., Ltd. held by the financial investors at the yield-based transfer amount agreed with the shareholders. The Group can exercise its right 5, 10 and 13 years after the date of the investment. Also, the Group has a right to purchase all or part of the shares of Daegu Green Power Co., Ltd. held by Lotte Engineering & Construction Co. at the yield-based transfer amount agreed with the shareholders.

(v) Yeonggwang Wind Power Co., Ltd.

In case the Group intends to purchase all or part of the shares from Daehan Green Energy Co., Ltd., which is a non-controlling shareholder, Daehan Green Energy Co., Ltd. has an obligation to evaluate the shares at fair value and transfer them to the Group.

(vi) Omisan Wind Power Co., Ltd.

The Group has the right to claim Unison Co., Ltd. to transfer its shares in Omisan Wind Power Co., Ltd. either as a whole or as a part after the completion of the power generation complex, and if the Group exercises its right to claim transfer, Unison Co., Ltd. is obliged to transfer such shares at fair value to the Group or a third party designated by the Group.

(vii) Geumsungsan Wind Power Co., Ltd.

The Group has a right to purchase shares owned by Daemyung Energy Co., Ltd., within the range of 18%, for 3 years after the commencement of the operation.

(viii) Seokmun Green Energy

According to the special conditions of the REC trading contract, the Group may demand the sale of ownership stakes held by other investors to the Group, or the investors may acquire new stakes or modify business documents through a capital increase in Seokmun Green Energy with prior written consent from the trustee. In the event that other investors sell their stakes to the Group, they may demand that the Group purchase their stakes in the future if certain conditions are met.

(ix) Taebaek Guinemi Wind Power Co., Ltd.

If shareholders of Taebaek Guinemi Wind Power Co., Ltd. other than the Group intend to sell their shares after the elapse of warranty period for wind power generators specified in the EPC contract, the Group has preferential right to other parties and third parties to take over the shares that the shareholders want to sell at fair value by reaching agreement with the shareholders on the timing of sales and volume of shares to be sold considering the financial conditions, management conditions and others.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(7) As of September 30, 2025, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows, continued:

(x) HORANG ENERGY Inc.

The Group has the right to purchase all or partial shares of HORANG ENERGY Inc. held by other shareholders after three years have elapsed from the date of commencing the operations under the unanimous agreement of all shareholders. The Group also has an obligation to sell its shares in HORANG ENERGY Inc. either as a whole or as a part to CNcore Co., Ltd. after three years have elapsed from the date of commencing the operations upon the claim of CNcore Co., Ltd., under the unanimous agreement of all shareholders.

(xi) Namyangju Combined Heat and Power Co., Ltd.

The Group has an obligation to purchase certain shares from Narae Energy Co., Ltd. at fair value when Narae Energy Co., Ltd. intends to sell its shares in Namyangju Combined Heat and Power Co., Ltd. on the exercise date agreed upon in accordance with the shareholders’ agreement. If Narae Energy Co., Ltd. becomes the largest shareholder by selling, assigning, or transferring shares in accordance with the shareholders’ agreement, the Group is obligated to guarantee the drag-along right that allows Narae Energy Co., Ltd. to sell the shares held by both shareholders under the same conditions.

(xii) Jeongeup Green Power Co., Ltd.

The Group has the right to acquire the shares held by M Eco Co., Ltd. at fair value on the date when it has been third, seventh, and tenth year from the beginning date of commercial operation. However, if M Eco Co., Ltd. transfers its shares to the entity holding the majority of shares in M Eco Co., Ltd., its right to transfer shares to the shareholder prevails the Group’s right to acquire shares from M Eco Co., Ltd.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(8) Significant restrictions on the Group’s abilities on associates and joint ventures as of September 30, 2025 are as follows:

Company		Nature and extent of any significant restrictions
Daegu Green Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of financial institutions.
Pyeongchang Wind Power Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions.
Daeryun Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions. Shares cannot be wholly or partially transferred without prior consent of the financial institutions.
KNH Solar Co., Ltd.		Shares cannot be wholly or partially transferred without the prior written consent of other shareholders.
Korea Power Engineering Service Co., Ltd.		Shares cannot be wholly or partially transferred without the consent of the board of directors.
Daehan Wind Power PSC		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Daejung Offshore Wind Power Co., Ltd.		Before the commencement of the operation, shares cannot be wholly or partially transferred without the prior written consent of other shareholders.
Naepo Green Energy Co., Ltd.		Dividends can only be paid to shareholders when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior consent of interested parties. All or part of the stocks held cannot be transferred without the written consent of the financial institution and if the conditions for the O&M utilization rate are not met or if a payment deferment is necessary due to the fulfillment of the obligation to provide funds, the contract amount will be paid in a subordinated order.
Solaseado Solar Power Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the shareholders’ agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of other stakeholders including shareholders and financial institutions.
Samcheok Eco Materials Co., Ltd.		Dividends can only be paid when all conditions of the shareholders’ agreement are satisfied. Also, shares cannot be wholly or partially transferred without the written consent of the other shareholders.
Taebaek Guinemi Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied and consent of the financial institutions is obtained. Also, shares cannot be wholly or partially transferred without the written consent of the financial institutions.
Indeck Niles Asset Management, LLC		Shares cannot be wholly or partially transferred without the consent of the stakeholders.
Indeck Niles Development, LLC		Shares cannot be wholly or partially transferred without the consent of the stakeholders.
Chester Solar IV SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Chester Solar V SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Diego de Almagro Solar SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Laurel SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Chester Solar I SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Kelar S.A.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
GS Donghae Electric Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.
Honam Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied.
Seokmun Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained.
Chun-cheon Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, principals and interests on subordinated loans shall not be paid until the payment conditions are satisfied.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(8) Significant restrictions on the Group’s abilities on associates or joint ventures as of September 30, 2025 are as follows, continued:

Company		Nature and extent of any significant restrictions
Yeonggwangbaeksu Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained.
Yeonggwang Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
Jamaica Public Service Company Limited		Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
PT. Tanjung Power Indonesia		Dividends can only be paid when all conditions of the loan agreement are satisfied.
Daesan Green Energy Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
Taebaek Gadeoksan Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when prior written consent of financial institutions is obtained.
Bitsolar Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied.
Omisan Wind Power Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without the consent of the stakeholders including other shareholders and financial institutions. Also, either of Korea Southern Power Co., Ltd., a subsidiary of the Group, and Unison Co., Ltd. shall not transfer their shares to others wholly or partially until 4 years have passed from the completion of power complex without the written consent from the other party. In case the shares of each party become less than 10% of outstanding shares after the transfer, it also requires the written consent from the other party.
Yangyang Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.
Busan Industrial Solar Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.
Geumsungsan Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred for 3 years after the commencement of operation, and also cannot be transferred or disposed to the third party in a way not permitted in the financial documents without prior written consent of an agent bank.
KPE green energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.
Cheongju Eco Park Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied, or permitted by related financing contracts, or prior written consent of financial institutions is obtained.
Goheung New Energy Co., Ltd.		Payment of dividends or repayment of loans such as subordinated loans to the investors can only be made when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained.
Seokmun Green Energy		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.
Trumbull Asset Management, LLC		Shares cannot be either wholly or partially transferred without the consent of the stakeholders.
HORANG ENERGY Inc.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred before three years have passed after the commencement of operation, and also cannot be transferred or disposed to the third party in a way not permitted in the financial documents without prior written consent of an agent bank.
Yanggu Floating Photovoltaic Power Plant Inc.		Payment of dividends or repayment of loans such as subordinated loans to the investors can be made only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
Hoenggye Renewable Energy Co., Ltd.		Dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained.
Dongducheon Dream Power Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid only when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(8) Significant restrictions on the Group’s abilities on associates or joint ventures as of September 30, 2025 are as follows, continued:

Company		Nature and extent of any significant restrictions
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior consent of the stakeholders.
Shin Pyeongtaek Power Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Seoroseoro Sunny Power Plant Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Anjwa Smart Farm & Solar City Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Muan Solar Park Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions.
YuDang Solar Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Haemodum Solar Co., Ltd.		Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions.
Cheongna Energy Co., Ltd.		Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions.
Hapcheon Floating Photovoltaic Power Plant Inc.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Yeongwol Eco Wind Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Gurae Resident Power Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Gunsan Land Solar Co., Ltd.		Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions. When the internal rate of return defined in shareholders’ agreement is met, any excessive dividend income must be provided to Gunsan City.
Eumseong Eco Park Co., Ltd.		Dividends and settlement amounts for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions.
PungBack Wind Farm Corporation		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Seobusambo highway photovoltaics Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(8) Significant restrictions on the Group’s abilities on associates or joint ventures as of September 30, 2025 are as follows, continued:

Company		Nature and extent of any significant restrictions
Haman Green Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. In addition, the Group cannot transfer all or part of its shares without the consent of other shareholders until five years have elapsed from the date of issuance of the acquisition notice after the comprehensive completion of the EPC contract for the project, and shares cannot be wholly or partially transferred without prior written consent of the financial institutions.
Jeongeup Green Power Co., Ltd.		Dividends to investors are only possible when the conditions in the loan agreement are met or prior written consent from the financial institution is obtained, and subordinated loans cannot be paid to investors before the loan principal and interest are fully repaid. Additionally, all or part of the shares held cannot be transferred without the consent of other shareholders before the commencement of commercial operation of this business. The entity’s stocks may not be transferred to a third party or otherwise disposed of in a manner not permitted in the financial documents without the prior written consent of the agent bank.
Nepal Water & Energy Development Company Private Limited		The Group must maintain a minimum percentage of ownership (50%) until the project completion date and thereafter.
Goseong Green Power Co., Ltd.		Shares cannot be either wholly or partially transferred before the final completion date of the project without the consent of the stakeholders.
Gangneung Eco Power Co., Ltd.		Shares cannot be either wholly or partially transferred until two years have elapsed from the final completion date of the project without the consent of the stakeholders.
S-Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior consent of the stakeholders.
South Jamaica Power Company Limited		Dividends can be paid only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
Rutile BESS Holdings, LLC		Shares cannot be either wholly or partially transferred without prior written consent of other stakeholders.
Kumyang Eco Park Co., Ltd.		Dividends and payables from settlement for renewable energy certificates can only be paid when all conditions of the loan agreement are satisfied or a prior written consent of financial institutions is obtained.
HyChangwon Fuel Cell. Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. In addition, the Group cannot transfer all or part of its shares until five years have elapsed from the date of issuance of the acquisition notice. Shares cannot be wholly or partially transferred without obtaining prior written consent of the financial institutions.
Roof One Energy Co., Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders.
Amaala Sustainable Company for Energy LLC		Dividends may be payable only when all conditions prescribed in the loan agreement between Amaala Sustainable Company for Energy LLC and financial institution are satisfied.
Namjeju Bitdream Energy Co., Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Cheonwang Green Energy Co., Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Haetbyeotgil Solar Co., Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders.
Luluah SKY Energy Holding Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

18. Property, Plant and Equipment

(1) Property, plant and equipment as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025
		Acquisition cost				Government grants				Accumulated depreciation				Accumulated impairment losses				Book value
Land		W	14,840,925				(27,392	)			—				(29,519	)			14,784,014
Buildings			26,831,484				(39,052	)			(13,542,658	)			(7,103	)			13,242,671
Structures			91,542,883				(142,219	)			(39,851,246	)			(18,678	)			51,530,740
Machinery			124,956,451				(95,622	)			(69,506,467	)			(532,617	)			54,821,745
Ships			17,870				—				(8,734	)			—				9,136
Vehicles			533,440				(2,447	)			(392,334	)			(116	)			138,543
Equipment			2,601,271				(2,328	)			(2,180,618	)			(375	)			417,950
Tools			1,475,608				(1,092	)			(1,301,446	)			(1	)			173,069
Construction-in-progress			36,992,256				(233,591	)			—				(22,795	)			36,735,870
Right-of-use assets			5,555,974				—				(2,824,028	)			—				2,731,946
Asset retirement costs			18,375,099				—				(9,152,551	)			(146,423	)			9,076,125
Others			18,178,658				—				(15,899,089	)			—				2,279,569
		W	341,901,919				(543,743	)			(154,659,171	)			(757,627	)			185,941,378
In millions of won		As of December 31, 2024
		Acquisition cost				Government grants				Accumulated depreciation				Accumulated impairment losses				Book value
Land		W	14,577,296				(27,403	)			—				(29,241	)			14,520,652
Buildings			26,217,223				(41,718	)			(12,812,659	)			(7,103	)			13,355,743
Structures			89,573,695				(149,737	)			(37,762,078	)			(18,678	)			51,643,202
Machinery			122,610,077				(105,546	)			(65,120,941	)			(533,405	)			56,850,185
Ships			17,870				—				(7,336	)			—				10,534
Vehicles			452,812				(2,745	)			(371,245	)			(116	)			78,706
Equipment			2,512,223				(3,915	)			(2,073,752	)			(375	)			434,181
Tools			1,428,994				(1,306	)			(1,255,257	)			(1	)			172,430
Construction-in-progress			31,307,153				(223,566	)			—				(22,795	)			31,060,792
Right-of-use assets			6,031,076				—				(2,984,680	)			—				3,046,396
Asset retirement costs			18,283,796				—				(8,388,929	)			(146,423	)			9,748,444
Others			17,198,254				—				(15,136,756	)			—				2,061,498
		W	330,210,469				(555,936	)			(145,913,633	)			(758,137	)			182,982,763

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

18. Property, Plant and Equipment, Continued

(2) Changes in property, plant and equipment for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025
		Beginning balance				Acquisition				Disposal				Depreciation				Impairment				Others				Ending balance
Land		W	14,548,055				3,176				(11,545	)			—				—				271,720				14,811,406
(Government grants)			(27,403	)			—				11				—				—				—				(27,392	)
Buildings			13,397,461				11,698				(19,827	)			(740,888	)			—				633,279				13,281,723
(Government grants)			(41,718	)			—				—				2,965				—				(299	)			(39,052	)
Structures			51,792,939				26,004				(240,118	)			(2,238,348	)			—				2,332,482				51,672,959
(Government grants)			(149,737	)			—				490				7,087				—				(59	)			(142,219	)
Machinery			56,955,731				312,517				(167,990	)			(4,882,267	)			—				2,699,376				54,917,367
(Government grants)			(105,546	)			—				313				11,552				—				(1,941	)			(95,622	)
Ships			10,534				—				—				(1,398	)			—				—				9,136
Vehicles			81,451				1,834				(56	)			(35,154	)			—				92,915				140,990
(Government grants)			(2,745	)			—				6				980				—				(688	)			(2,447	)
Equipment			438,096				68,483				(108	)			(159,564	)			—				73,371				420,278
(Government grants)			(3,915	)			—				—				1,587				—				—				(2,328	)
Tools			173,736				17,221				(25	)			(58,937	)			—				42,166				174,161
(Government grants)			(1,306	)			—				—				327				—				(113	)			(1,092	)
Construction-in-progress			31,284,358				11,431,328				—				—				—				(5,746,225	)			36,969,461
(Government grants)			(223,566	)			2,926				—				—				—				(12,951	)			(233,591	)
Right-of-use assets			3,046,396				58,577				(3,079	)			(368,557	)			—				(1,391	)			2,731,946
Asset retirement costs			9,748,444				—				—				(1,105,977	)			—				433,658				9,076,125
Others			2,061,498				2,387				—				(774,099	)			—				989,783				2,279,569
		W	182,982,763				11,936,151				(441,928	)			(10,340,691	)			—				1,805,083				185,941,378

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

18. Property, Plant and Equipment, Continued

(2) Changes in property, plant and equipment for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows, continued:

In millions of won		For the year ended December 31, 2024
		Beginning balance				Acquisition				Disposal				Depreciation				Impairment				Others				Ending balance
Land		W	14,398,088				28,390				(38,162	)			—				—				159,739				14,548,055
(Government grants)			(27,404	)			—				1				—				—				—				(27,403	)
Buildings			13,360,204				3,767				(13,366	)			(984,288	)			(1,351	)			1,032,495				13,397,461
(Government grants)			(46,227	)			—				—				4,508				—				1				(41,718	)
Structures			50,890,001				16,201				(303,046	)			(2,873,012	)			(9,154	)			4,071,949				51,792,939
(Government grants)			(157,881	)			—				1,330				9,458				—				(2,644	)			(149,737	)
Machinery			53,817,046				341,652				(199,670	)			(6,311,423	)			(735	)			9,308,861				56,955,731
(Government grants)			(119,824	)			—				522				16,076				—				(2,320	)			(105,546	)
Ships			12,365				—				—				(1,865	)			—				34				10,534
Vehicles			83,374				4,311				(223	)			(43,837	)			—				37,826				81,451
(Government grants)			(2,837	)			—				8				1,233				—				(1,149	)			(2,745	)
Equipment			430,875				84,020				(236	)			(210,376	)			—				133,813				438,096
(Government grants)			(5,932	)			—				—				2,118				—				(101	)			(3,915	)
Tools			164,474				32,825				(68	)			(82,603	)			—				59,108				173,736
(Government grants)			(62	)			—				—				341				—				(1,585	)			(1,306	)
Construction-in-progress			32,008,502				14,335,323				—				—				—				(15,059,467	)			31,284,358
(Government grants)			(173,474	)			6,806				75				—				—				(56,973	)			(223,566	)
Right-of-use assets			3,363,743				132,495				(2,252	)			(538,995	)			—				91,405				3,046,396
Asset retirement costs			9,733,574				—				—				(1,809,280	)			—				1,824,150				9,748,444
Others			2,146,930				1,704				—				(1,011,161	)			—				924,025				2,061,498
		W	179,875,535				14,987,494				(555,087	)			(13,833,106	)			(11,240	)			2,519,167				182,982,763

(3) For the nine-month period ended September 30, 2025, the Group’s subsidiaries including Korea Hydro & Nuclear Power Co., Ltd. recognized proceeds and costs from selling items produced before the assets’ intended use. As a result, W681 million (W97,747 million for the nine-month period ended September 30, 2024) was recognized as revenue and W5,416 million (W77,429 million for the nine-month period ended September 30, 2024) was recognized as cost of sales in profit or loss, respectively.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

19. Investment Properties

(1) Investment properties as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025
		Acquisition cost				Government grants				Accumulated depreciation				Book value
Land		W	148,727				—				—				148,727
Buildings			36,477				(23	)			(15,860	)			20,594
		W	185,204				(23	)			(15,860	)			169,321

In millions of won		As of December 31, 2024
		Acquisition cost				Government grants				Accumulated depreciation				Book value
Land		W	210,509				—				—				210,509
Buildings			32,517				(22	)			(14,020	)			18,475
		W	243,026				(22	)			(14,020	)			228,984

(2) Changes in investment properties for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025
		Beginning balance				Disposal				Depreciation				Others				Ending balance
Land		W	210,509				—				—				(61,782	)			148,727
Buildings			18,497				—				(778	)			2,898				20,617
(Government grants)			(22	)			—				—				(1	)			(23	)
		W	228,984				—				(778	)			(58,885	)			169,321
In millions of won		For the year ended December 31, 2024
		Beginning balance				Disposal				Depreciation				Others				Ending balance
Land		W	172,594				—				—				37,915				210,509
Buildings			12,955				—				(683	)			6,225				18,497
(Government grants)			(22	)			—				1				(1	)			(22	)
		W	185,527				—				(682	)			44,139				228,984

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

19. Investment Properties, Continued

(3) Income and expenses related to investment properties for each of the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

In millions of won		September 30, 2025								September 30, 2024
		Three-month period ended				Nine-month period ended				Three-month period ended				Nine-month period ended
Rental income		W	3,603				9,081				3,138				8,707
Operating and maintenance expenses related to rental income			(276	)			(794	)			(191	)			(524	)
		W	3,327				8,287				2,947				8,183
(4)   Fair values of investment properties as of September 30, 2025 and December 31, 2024 are as follows:
In millions of won		As of September 30, 2025								As of December 31, 2024
		Book value				Fair value				Book value				Fair value
Land		W	148,727				252,769				210,509				337,379
Buildings			20,594				21,407				18,475				19,094
		W	169,321				274,176				228,984				356,473

The Group determined the fair value of investment property on the transition date based on valuations conducted by an independent valuation firm that is independent of the Group. The valuation firm has appropriate qualifications and experience in the valuation of real estate in the Republic of Korea, and the valuation was conducted using a comparison method, which is a method of obtaining economic value based on the marketability of the property. The fair values of the investment properties as of the reporting date were determined in consideration of the fluctuation on the publicly announced individual land price after the KIFRS transition date (January 1, 2010).

(5) All of the Group’s investment properties are held under freehold interests.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

20. Construction Contracts

(1) Changes in the total contract amount in which revenue is not yet recognized for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won

For the nine-month period ended September 30, 2025

Beginning balance

Increase (decrease) (*)

Recognized as revenue

Ending balance

Nuclear power plant construction in overseas and others

W

6,136,773

28,759,382

(382,298

)

34,513,857

(*) For the nine-month period ended September 30, 2025, the increased balance of contracts from new orders is W28,912,550 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W153,168 million.

In millions of won

For the year ended December 31, 2024

Beginning balance

Increase (decrease) (*)

Recognized as revenue

Ending balance

Nuclear power plant construction in overseas and others

W

5,795,600

1,190,281

(849,108

)

6,136,773

(*) For the year ended December 31, 2024, the increased balance of contracts from new orders is W1,299,281 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W109,000 million.

(2) Accumulated earned revenue, expense and others related to the Group’s construction contracts in progress as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won

As of September 30, 2025

Accumulated earned revenue

Accumulated expense

Accumulated Profit (loss)

Unearned advance receipts

Nuclear power plant construction in overseas and others

W

24,416,302

25,032,020

(615,718

)

91,629

In millions of won

As of December 31, 2024

Accumulated earned revenue

Accumulated expense

Accumulated profit

Unearned advance receipts

Nuclear power plant construction in overseas and others

W

24,255,432

24,008,579

246,853

80,069

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

20. Construction Contracts, Continued

(3) The gross amounts due from customers recognized as contract assets and due to customers recognized as contract liabilities for contract works as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won

As of September 30, 2025

As of December 31, 2024

Contract assets (*1)

Contract liabilities (*2)

Contract assets (*1)

Contract liabilities (*2)

Nuclear power plant construction in overseas and others

W

1,194,467

284,352

1,159,085

161,778

(*1) Included in trade and other receivables, net, in the consolidated statements of financial position.

(*2) Included in non-financial liabilities as advance received in the consolidated statements of financial position. The revenue recognized for the nine-month period ended September 30, 2025 from the amounts included in contract liabilities at the end of the prior year was W139,957 million.

(4) The contracts with customers state that the disclosure of information related to UAE and Egypt Eldaba nuclear power plant construction projects such as rate of progress, unbilled construction, impairment losses, etc. is not allowed without consent from the customers. The customers did not agree to disclose such information. Accordingly, the Group did not disclose such information based on KIFRS 1115 129.2(2) as it is probable that the purchasers may file a lawsuit for breach of contract if the Group does so. Also, the Group reported to the audit committee that those items will not be disclosed in the notes to the condensed consolidated financial statements.

		Contract date				Completion date
Egypt Eldaba nuclear power plant construction projects			August 25, 2022				April 8, 2029

(5) The Group is in discussion with the contracting parties about the prolongation costs and liquidated damages for the UAE nuclear power plant project. As of September 30, 2025, the Group recognized the amount of estimated outflow of resources embodying economic benefits related to the prolongation costs as provisions.

(6) The operating segment information related to the contracts for which the Group recognizes revenue based on the percentage-of-completion on a cost-based input method for the nine-month period ended September 30, 2025 is as follows:

In millions of won		For the nine-month period ended September 30, 2025
		Effect from changes in accounting estimates																								Contract assets from construction contracts								Trade receivables from construction contracts
		Expected loss on construction contracts				The effect on profit or loss of changes in estimates of contract revenue and contract costs				Amounts recognized in current profit or loss				Amounts to be recognized in future profit or loss				Changes in estimated total contract costs				Revenue recognized from performance obligations satisfied in previous periods				Gross				Allowance for doubtful accounts				Gross				Allowance for doubtful accounts
Transmission and distribution		W	11,672				(218,391	)			(210,722	)			(7,669	)			244,018				—				275,308				15,427				—				—
Electric power generation (Nuclear)			544,606				(1,476,564	)			(627,709	)			(848,855	)			1,266,968				—				6,662				—				86,034				—
Plant maintenance & engineering Service and others			633				8,848				5,907				2,941				8,277				12,076				81,120				2				24,487				5,543
Others			—				—				—				—				—				—				831,377				—				8,806				48
		W	556,911				(1,686,107	)			(832,524	)			(853,583	)			1,519,263				12,076				1,194,467				15,429				119,327				5,591

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

21. Intangible Assets other than Goodwill

(1) Intangible assets as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025
		Acquisition cost				Government grants				Accumulated amortization				Accumulated impairment losses				Book value
Software		W	1,210,710				(849	)			(1,042,919	)			(19	)			166,923
Copyrights, patents rights and other industrial rights			109,658				—				(76,059	)			(9,178	)			24,421
Mining rights			613,480				—				(21,074	)			(578,847	)			13,559
Development expenditures			1,021,843				(613	)			(957,140	)			—				64,090
Intangible assets under development			104,155				(4,179	)			—				—				99,976
Usage rights of donated assets and others			592,638				—				(467,515	)			(136	)			124,987
Leasehold rights			28,185				—				(25,773	)			(538	)			1,874
Greenhouse gas emissions rights			100,565				—				—				—				100,565
Others			617,474				(159	)			(238,129	)			(12,162	)			367,024
		W	4,398,708				(5,800	)			(2,828,609	)			(600,880	)			963,419
In millions of won		As of December 31, 2024
		Acquisition cost				Government grants				Accumulated amortization				Accumulated impairment losses				Book value
Software		W	1,156,641				(844	)			(976,633	)			(19	)			179,145
Copyrights, patents rights and other industrial rights			107,040				—				(71,231	)			(9,178	)			26,631
Mining rights			670,083				—				(66,938	)			(573,723	)			29,422
Development expenditures			1,011,550				(939	)			(937,877	)			—				72,734
Intangible assets under development			96,544				(3,473	)			—				(8,903	)			84,168
Usage rights of donated assets and others			592,680				—				(459,165	)			(136	)			133,379
Leasehold rights			28,185				—				(25,216	)			(538	)			2,431
Greenhouse gas emissions rights			135,534				—				—				—				135,534
Others			620,366				(229	)			(224,410	)			(12,253	)			383,474
		W	4,418,623				(5,485	)			(2,761,470	)			(604,750	)			1,046,918

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

21. Intangible Assets other than Goodwill, Continued

(2) Changes in intangible assets for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025
		Beginning balance				Acquisition				Disposal				Amortization				Impairment				Others				Ending balance
Software		W	179,989				11,565				(560	)			(65,656	)			—				42,434				167,772
(Government grants)			(844	)			—				—				231				—				(236	)			(849	)
Copyrights, patents rights and other industrial rights			26,631				322				(13	)			(3,840	)			—				1,321				24,421
Mining rights			29,422				625				(706	)			(3,892	)			—				(11,890	)			13,559
Development expenditures			73,673				—				—				(20,014	)			—				11,044				64,703
(Government grants)			(939	)			—				—				423				—				(97	)			(613	)
Intangible assets under development			87,641				43,443				—				—				(30	)			(26,899	)			104,155
(Government grants)			(3,473	)			—				—				—				—				(706	)			(4,179	)
Usage rights of donated assets and others			133,379				—				—				(8,392	)			—				—				124,987
Leasehold rights			2,431				—				—				(557	)			—				—				1,874
Greenhouse gas emissions rights			135,534				256				—				—				—				(35,225	)			100,565
Others			383,703				1,607				(142	)			(17,100	)			43				(928	)			367,183
(Government grants)			(229	)			—				—				70				—				—				(159	)
		W	1,046,918				57,818				(1,421	)			(118,727	)			13				(21,182	)			963,419
In millions of won		For the year ended December 31, 2024
		Beginning balance				Acquisition				Disposal				Amortization				Impairment				Others				Ending balance
Software		W	197,841				18,249				(4	)			(88,985	)			—				52,888				179,989
(Government grants)			(413	)			—				—				229				—				(660	)			(844	)
Copyrights, patents rights and other industrial rights			23,491				576				(44	)			(4,846	)			—				7,454				26,631
Mining rights			32,165				—				(100	)			(5,798	)			—				3,155				29,422
Development expenditures			55,434				—				—				(25,830	)			—				44,069				73,673
(Government grants)			(2,121	)			—				—				1,364				—				(182	)			(939	)
Intangible assets under development			86,013				69,878				—				(14	)			—				(68,236	)			87,641
(Government grants)			(2,458	)			—				—				—				—				(1,015	)			(3,473	)
Usage rights of donated assets and others			145,251				36				—				(11,903	)			—				(5	)			133,379
Leasehold rights			3,929				—				—				(960	)			(538	)			—				2,431
Greenhouse gas emissions rights			107,086				123				—				(416	)			—				28,741				135,534
Others			388,088				3,997				(394	)			(26,501	)			(364	)			18,877				383,703
(Government grants)			(322	)			—				—				93				—				—				(229	)
		W	1,033,984				92,859				(542	)			(163,567	)			(902	)			85,086				1,046,918

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

21. Intangible Assets other than Goodwill, Continued

(3) Significant specific intangible assets as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won and thousands of Australian dollars
As of September 30, 2025
Type		Description		Currency		Amount				Remaining useful lives
Software		S/4HANA ERP license		KRW			3,176			2 years and 2 months
Copyrights, patents rights and other industrial rights		Contributions to APR NRC DC		KRW			9,392			2 years and 3 months
Mining rights		Mining rights of Bylong mine		AUD			—			— (*)
Usage rights of donated assets and others		Sejong Haengbogdosi sharing charge		KRW			5,294			1 year and 2 months
		Right of use electricity and gas supply facility (Community district of Songdo)		KRW			5,008			4 years and 9 months
Others		Occupancy and use of public waters		KRW			61,330			11 years and 4 months
		Greenhouse gas emissions rights		KRW			100,565			—
		Business rights		KRW			143,216			24 years and 11 months

(*) The carrying amount of mining rights is nil, because KEPCO Australia Pty., Ltd. and KEPCO Bylong Australia Pty., Ltd. had recognized impairment losses in full.

In millions of won and thousands of Australian dollars
As of December 31, 2024
Type		Description		Currency		Amount				Remaining useful lives
Software		S/4HANA ERP license		KRW			4,276			2 years and 11 months
Copyrights, patents rights and other industrial rights		Contributions to APR NRC DC		KRW			12,523			3 years
Mining rights		Mining rights of Bylong mine		AUD			—			— (*)
Usage rights of donated assets and others		Sejong Haengbogdosi sharing charge		KRW			8,697			1 year and 11 months
		Right of use electricity and gas supply facility (Community district of Songdo)		KRW			5,799			5 years and 6 months
Others		Occupancy and use of public waters		KRW			65,389			12 years and 1 month
		Greenhouse gas emissions rights		KRW			135,534			—
		Business rights		KRW			143,216			24 years and 11 months

(*) The carrying amount of mining rights is nil, because KEPCO Australia Pty., Ltd. and KEPCO Bylong Australia Pty., Ltd. had recognized impairment losses in full.

(4) For the nine-month periods ended September 30, 2025 and 2024, the Group recognized research and development expenses of W576,472 million and W528,950 million, respectively.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

22. Trade and Other Payables

Trade and other payables as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025								As of December 31, 2024
		Current				Non-current				Current				Non-current
Trade payables		W	3,815,496				—				4,494,504				—
Non-trade payables			2,287,028				1,494,800				2,224,036				1,432,421
Accrued expenses			2,019,382				21,747				1,983,697				22,259
Leasehold deposits received			6,098				—				3,211				3,237
Other deposits received			75,969				45,982				97,276				45,012
Lease liabilities			540,905				2,644,567				603,492				3,095,964
Dividends payable			7,784				—				5,063				—
Others (*)			29				10,324				36				10,348
		W	8,752,691				4,217,420				9,411,315				4,609,241

(*) Details of others as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025								As of December 31, 2024
		Current				Non-current				Current				Non-current
Advance received from local governments		W	—				2,689				—				2,689
Others			29				7,635				36				7,659
		W	29				10,324				36				10,348

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

23. Borrowings and Debt Securities

(1) Borrowings and debt securities as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025				As of December 31, 2024
Current liabilities
Short-term borrowings		W	10,988,350				9,122,792
Current portion of long-term borrowings			8,693,263				8,434,330
Current portion of debt securities			26,115,601				26,908,467
Less: current portion of discount on long-term borrowings			(7,242	)			(16,537	)
Less: current portion of discount on debt securities			(11,083	)			(7,100	)
			45,778,889				44,441,952
Non-current liabilities
Long-term borrowings			3,273,146				3,153,867
Debt securities			81,620,783				85,149,391
Less: discount on long-term borrowings			(40,672	)			(35,071	)
Less: discount on debt securities			(153,767	)			(176,739	)
			84,699,490				88,091,448
		W	130,478,379				132,533,400

(2) Repayment schedules of borrowings and debt securities as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won
As of September 30, 2025
Type		Borrowings				Debt Securities
Less than 1 year		W	19,681,613				26,115,601
1~ 5 years			1,222,627				61,408,660
More than 5 years			2,050,519				20,212,123
		W	22,954,759				107,736,384
In millions of won
As of December 31, 2024
Type		Borrowings				Debt Securities
Less than 1 year		W	17,557,122				26,908,467
1~ 5 years			1,488,840				63,087,182
More than 5 years			1,665,027				22,062,209
		W	20,710,989				112,057,858

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

23. Borrowings and Debt Securities, Continued

(3) Short-term borrowings as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won and thousands of foreign currencies

As of September 30, 2025

Type

Creditor

Interest rate (%)

Maturity

Foreign currency

Local currency

Local short-term borrowings

Yuanta Securities Co., Ltd. and others

2.58 ~ 4.60

2025.10.14 ~2026.09.18

—

W

7,566,135

Local short-term borrowings

Nonghyup Bank and others

3M CD + 0.54 ~ 0.80

2025.11.20 ~2026.07.11

—

3,200,000

Local short-term borrowings

Hanyang Securities., LTD. and other

2.69

2025.10.14

—

50,000

Local short-term borrowings

Korea Development Bank

Short-term loan base interest rate + 1.03

2026.02.24

—

20,000

Foreign short-term borrowings

Hana Bank

SOFR(1M) + 0.90

2026.08.11

USD

39,983

56,064

Foreign short-term borrowings

PT Bank KEB Hana Indonesia

9.50

2025.12.10

IDR

9,478,340

797

Local bank overdraft

Nonghyup Bank

3.24

2025.10.10

—

94,000

Local bank overdraft

Woori Bank

Standard overdraft rate + 1.44

2026.02.20

—

1,354

W

10,988,350

In millions of won and thousands of USD

As of December 31, 2024

Type

Creditor

Interest rate (%)

Maturity

Foreign currency

Local currency

Local short-term borrowings

Yuanta Securities Co., Ltd. and others

3.27 ~ 4.60

2025.01.07 ~2025.12.31

—

W

4,953,348

Local short-term borrowings

Nonghyup Bank and others

3M CD + 0.23 ~ 0.65 4.17

2025.01.02 ~2025.11.20

—

3,934,600

Foreign short-term borrowings

Hana Bank

SOFR(1M) + 0.90

2025.08.12

USD

40,000

58,800

Local bank overdraft

Korea Development Bank

3.85

2025.04.28

—

100,000

Local bank overdraft

Woori Bank and others

Standard overdraft rate + 1.37 4.20

2025.02.21 ~2025.03.28

—

76,044

W

9,122,792

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

23. Borrowings and Debt Securities, Continued

(4) Long-term borrowings as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won
As of September 30, 2025
Type				Interest rate (%)		Maturity		Foreign currency				Local currency
Local long-term borrowings
Korea Development Bank		Others		0.50		2025~2044			—			W	1,179
		Facility		4.60~4.94		2028~2042			—				47,486
		Facility		CB rate+0.90		2029			—				7,952
Hana Bank and others		Commercial Paper		3M CD + 0.31~1.20		2025~2030			—				8,150,000
		Facility		4.60		2028			—				3,907
		Facility		3yr KTB rate-1.25		2025~2028			—				1,993
Export-Import Bank of Korea		Project loans		1.00		2026			—				2,946
		Facility		1.32		2026~2028			—				52,000
		Operating funds		3M bank debenture rate+0.66		2026			—				50,000
Korea Energy Agency		Development of power resources		3yr KTB rate-2.25 1.75		2025~2028			—				6,665
		Project loans		—		2033			—				1,197
Shinhan Bank and others		Facility		CB rate+0.90~1.10		2028~2029			—				11,426
		Others		3.95		2034			—				63,319
		Others		Standard overdraft rate+1.00		2034			—				63,319
Kookmin Bank		Facility		4.36~5.93		2030~2037			—				163,407
Woori Bank		Facility		3M CD+1.90 4.66~5.20		2034~2042			—				94,721
IBK		Facility		4.00~5.80		2042~2044			—				30,690
Nonghyup Bank		Facility		5.60~5.70		2030~2041			—				39,093
Others		Facility		3.30~6.80		2028~2042			—				781,362
		Facility		CB rate+1.10 1.75~5.70		2028~2041			—				21,667
		Others		4.40~7.90		2038~2039			—				87,426
		Others		2.00~5.43		2031~2034			—				49,821
												W	9,731,576

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

23. Borrowings and Debt Securities, Continued

(4) Long-term borrowings as of September 30, 2025 and December 31, 2024 are as follows, continued:

In millions of won and thousands of foreign currencies
As of September 30, 2025
Type				Interest rate (%)		Maturity				Foreign currency				Local currency
Foreign long-term borrowings
Korea Energy Agency		Project loans		—			2026				USD 8,744			W	12,260
Export-Import Bank of Korea and others		Direct Loan and others		TERM SOFR (6M)+CAS+ 3.00			2036				USD 68,738				96,385
		Direct Loan and others		6M Synthetic Libor +2.25~3.70			2027				JOD 40,530				80,157
		Facility		SOFR+0.43~1.83			2029~2031				USD 157,822				221,298
POSCO E&C and others		Shareholder’s loan		8.00			2026				USD 4,762				6,678
NH-Amundi		Syndicated Loan		8.00			2032				JPY 640,932				6,049
SMTB		Syndicated Loan		JPY 6M Tibor+0.55			2036				JPY 6,012,608				56,743
Solar Construction Lending, LLC		Facility		5.00			2025				USD 30,273				42,449
Kiwoom Solar Power Professional Investor Private Placement Investment Trust V		Senior borrowing		3.90			2029				EUR 36,221				59,565
IFC and others		Facility		SOFR (3M)+1.60~1.99 SOFR (6M)+5.00 5.70~6.18			2026~2032				USD 934,948				1,310,984
Hanwha US Solar Private Fund 1 and others		Facility		6.00			2038				USD 60,953				85,468
Shinhan Bank		Facility		1M BBSY+1.40~2.25			2027				AUD 224,809				207,357
Nonghyup Bank and others		Facility		10.40			2039				USD 35,259				49,440
															2,234,833
															11,966,409
Less: discount on long-term borrowings															(47,914	)
Less: current portion of long-term borrowings															(8,693,263	)
Add: current portion of discount on long-term borrowings															7,242
														W	3,232,474

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

23. Borrowings and Debt Securities, Continued

(4) Long-term borrowings as of September 30, 2025 and December 31, 2024 are as follows, continued:

In millions of won
As of December 31, 2024
Type				Interest rate (%)				Maturity				Foreign currency				Local currency
Local long-term borrowings
Korea Development Bank		Others			0.50				2025~2044				—			W	1,424
		Facility			2.60~4.94				2025~2042				—				51,960
		Facility			CB rate+0.90				2029				—				9,486
Hana Bank and others		Commercial Paper			3M CD+0.31~1.20				2025~2029				—				7,550,000
		Facility			4.60				2028				—				4,904
		Facility			3yr KTB rate-1.25				2028				—				2,492
Export-Import Bank of Korea		Project loans			1.00				2026				—				4,419
		Facility			1.32				2025~2028				—				64,000
		Operating funds			3M bank debenture rate+0.66				2026				—				50,000
Korea Energy Agency		Development of power resources			3yr KTB rate-2.25 1.75				2025~2028				—				7,494
		Project loans			—				2033				—				1,197
Shinhan Bank and others		Facility			CB rate+0.90~1.10				2028~2029				—				13,995
		Operating funds			6M bank debenture rate+0.93~1.03				2025~2027				—				50,000
		Others			3.95				2034				—				67,733
		Others			Standard overdraft rate+1.00				2034				—				67,733
Kookmin Bank		Facility			3M CD+1.79 5.53~5.63				2030~2037				—				167,945
		Operating funds			1yr bank debenture rate+0.78				2025				—				20,000
Woori Bank		Facility			3M CD+1.90 5.12~5.61				2034~2042				—				100,071
IBK		Facility			4.00~5.80				2042~2044				—				30,690
Nonghyup Bank		Facility			5.53~5.63				2030~2041				—				36,351
Others		Facility			3.30~6.80				2028~2042				—				801,687
		Facility			CB rate+1.10 2.25~5.63				2028~2041				—				24,517
		PF Refinancing			CB rate+1.25				2030				—				5,726
		PF Refinancing			4.10				2030				—				15,905
		Securitized debts (*)			3M CD+1.80				2025				—				54,236
		Others			4.40~7.90				2025~2039				—				113,362
		Others			2.00~6.15				2031~2034				—				49,826
																W	9,367,153

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

23. Borrowings and Debt Securities, Continued

(4) Long-term borrowings as of September 30, 2025 and December 31, 2024 are as follows, continued:

In millions of won and thousands of foreign currencies

As of December 31, 2024

Type

Interest rate (%)

Maturity

Foreign currency

Local currency

Foreign long-term borrowings

Korea Energy Agency

Project loans

—

2026

USD 8,744

W

12,853

Export-Import Bank of Korea and others

Direct Loan and others

6M Synthetic Libor+1.80~3.20

2036

USD 72,163

106,080

Direct Loan and others

6M Synthetic Libor+2.25~3.70

2027

JOD 44,126

91,437

Facility

SOFR+0.43 1M SOFR+1.83

2029~2031

USD 112,672

165,628

Korea Development Bank and others

EBL

1M SOFR+0.86

2025

USD 149,592

219,900

POSCO E&C and others

Shareholder’s loan

5.60~8.00

2025~2026

USD 10,145

14,914

Shareholder’s loan

8.00

2031

JOD 4,853

10,056

Samsung Life Insurance and others

Syndicated Loan

3.10~8.00

2025~2032

JPY 3,937,987

36,878

Woori Bank and others

Syndicated Loan

JPY 6M Tibor+1.84

2025

JPY 2,178,069

20,397

Solar Construction Lending, LLC

Facility

5.00

2025

USD 28,303

41,605

Kiwoom Solar Power Professional Investor Private Placement Investment Trust V

Senior borrowing

3.90

2029

EUR 38,139

58,304

IFC and others

Facility

3M SOFR+1.60~1.99 6M SOFR+5.00 6.19~7.22

2026~2032

USD 772,852

1,136,092

Hanwha US Solar Private Fund 1 and others

Facility

6.00

2038

USD 60,743

89,292

DBS Bank and others

Facility

1M BBSY+1.40~2.25

2025

AUD 178,729

163,301

Nonghyup Bank and others

Facility

10.40

2039

USD 36,943

54,307

2,221,044

11,588,197

Less: discount on long-term borrowings

(51,608

)

Less: current portion of long-term borrowings

(8,434,330

)

Add: current portion of discount on long-term borrowings

16,537

W

3,118,796

(*) The main reasons for early repayment of securitized debts as of December 31, 2024 are as follows:

Type		Details
Non-payment of proceeds		Where the consignor fails to pay the principal to the trustee
Guarantees for supplemental funding		Where the consignor fails to fulfill guarantees for supplemental funding
Additional trust obligation		Where the consignor fails to fulfill the additional trust obligation
Event of default		In case the event of default occurs under the ABL loan agreement

The Group is responsible for collateral obligations (fund supplementation) and liability guarantees for entrusted assets.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

23. Borrowings and Debt Securities, Continued

(5) Local debt securities as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won
		Issue date				Maturity				Interest rate (%)				As of September 30, 2025				As of December 31, 2024
Electricity Bonds			2012.03.27 ~2025.09.11				2025.10.04 ~2052.04.21				1.43~5.99			W	61,710,000				63,960,000
Corporate Bonds (*)			2009.10.16 ~2025.09.02				2025.10.24 ~2054.06.28				1.29~10.00				30,117,353				28,727,353
Corporate Bonds			2021.05.26 ~2023.12.28				2041.05.25 ~2043.09.15				1.71~3.78				41,578				41,578
															91,868,931				92,728,931
Less: discount on local debt securities															(54,496	)			(51,149	)
Less: current portion of local debt securities															(20,971,584	)			(22,621,584	)
Add: current portion of discount on local debt securities															2,448				2,124
														W	70,845,299				70,058,322

(*) Among the corporate bonds, each holder of Hee Mang Sunlight Power Co., Ltd.’s private equity bonds, amounting to W1,584 million, may exercise the early redemption rights on the 5th year (March 31, 2021) from the date of issuance of the bonds and every year on March 31 thereafter, until the year before the redemption date.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

23. Borrowings and Debt Securities, Continued

(6) Foreign debt securities as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won and thousands of foreign currencies
September 30, 2025
Type		Issue date		Maturity		Interest rate (%)		Foreign currency				Local currency
FY-96		1996.04.01~1996.12.06		2026.12.01~2096.04.01		6.00~7.95			USD 278,701			W	390,795
FY-97		1997.01.31~1997.08.04		2027.02.01~2027.08.01		6.75~7.00			USD 314,717				441,296
FY-04		2004.04.23		2034.04.23		5.13			USD 286,920				402,319
FY-14		2014.07.30		2029.07.30		3.57			USD 100,000				140,220
FY-17		2017.07.25		2027.07.25		3.13			USD 300,000				420,660
FY-17		2017.10.30		2037.10.30		1.70			EUR 40,000				65,780
FY-17		2017.11.16		2037.11.16		2.36			SEK 450,000				66,969
FY-18		2018.03.13		2028.03.13		3.35			HKD 1,650,000				297,248
FY-19		2019.07.19		2027.07.19		0.05			CHF 100,000				175,802
FY-19		2019.12.19		2037.12.31		3.30~5.70			USD 318,787				447,003
FY-20		2020.08.03		2026.02.03		1.00			USD 300,000				420,660
FY-21		2021.01.27		2026.01.27		0.75			USD 450,000				630,990
FY-21		2021.04.27		2026.04.27		1.25			USD 500,000				701,100
FY-21		2021.08.09		2026.08.09		1.25			USD 300,000				420,660
FY-21		2021.09.24		2026.09.24		1.13			USD 300,000				420,660
FY-22		2022.04.21		2027.04.21		3.63			USD 300,000				420,660
FY-22		2022.06.14		2027.06.14		4.00			USD 300,000				420,660
FY-22		2022.07.27		2027.07.27		4.25			USD 700,000				981,540
FY-22		2022.10.06		2026.04.06~2028.04.06		5.38~5.50			USD 800,000				1,121,760
FY-22		2022.10.06~2022.11.01		2032.10.06		5.16			HKD 2,350,000				423,353
FY-23		2023.06.07		2030.06.07		4.51			HKD 1,037,000				186,816
FY-23		2023.07.12		2028.07.12		4.88			USD 350,000				490,770
FY-23		2023.07.18		2028.07.18		5.00			USD 500,000				701,100
FY-23		2023.07.31		2026.07.31		5.38			USD 1,000,000				1,402,200
FY-23		2023.09.21		2026.09.21		5.38			USD 300,000				420,660
FY-24		2024.01.31		2027.01.31		4.88			USD 1,200,000				1,682,640
FY-24		2024.07.29		2029.07.29		4.63			USD 500,000				701,100
FY-25		2025.02.13		2028.02.13		4.75			USD 400,000				560,879
FY-25		2025.03.05		2028.03.05		4.10			HKD 1,166,000				210,054
FY-25		2025.07.30		2030.07.30		SOFR+0.79			USD 500,000				701,099
													15,867,453
Less: discount on foreign debt securities													(110,354	)
Less: current portion of foreign debt securities													(5,144,017	)
Add: current portion of discount on foreign debt securities													8,635
												W	10,621,717

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

23. Borrowings and Debt Securities, Continued

(6) Foreign debt securities as of September 30, 2025 and December 31, 2024 are as follows, continued:

In millions of won and thousands of foreign currencies
As of December 31, 2024
Type		Issue date		Maturity		Interest rate (%)		Foreign currency				Local currency
FY-96		1996.04.01~1996.12.06		2026.12.01~2096.04.01		6.00~7.95			USD 278,701			W	409,690
FY-97		1997.01.31~1997.08.04		2027.02.01~2027.08.01		6.75~7.00			USD 314,717				462,634
FY-04		2004.04.23		2034.04.23		5.13			USD 286,920				421,772
FY-14		2014.07.30		2029.07.30		3.57			USD 100,000				147,000
FY-15		2015.06.15		2025.06.15		3.25			USD 300,000				441,000
FY-17		2017.07.25		2027.07.25		3.13			USD 300,000				441,000
FY-17		2017.10.30		2037.10.30		1.70			EUR 40,000				61,149
FY-17		2017.11.16		2037.11.16		2.36			SEK 450,000				59,954
FY-18		2018.03.13		2028.03.13		3.35			HKD 1,650,000				312,345
FY-19		2019.07.19		2027.07.19		0.05			CHF 100,000				162,638
FY-19		2019.12.19		2037.12.31		3.30~5.70			USD 326,929				480,586
FY-20		2020.02.03		2025.02.03		2.13			USD 300,000				441,000
FY-20		2020.05.06		2025.05.06		1.75			USD 500,000				735,000
FY-20		2020.06.15		2025.06.15		1.13			USD 500,000				735,000
FY-20		2020.08.03		2026.02.03		1.00			USD 300,000				441,000
FY-21		2021.01.27		2026.01.27		0.75			USD 450,000				661,500
FY-21		2021.04.27		2026.04.27		1.25			USD 500,000				735,000
FY-21		2021.08.09		2026.08.09		1.25			USD 300,000				441,000
FY-21		2021.09.24		2026.09.24		1.13			USD 300,000				441,000
FY-22		2022.04.21		2027.04.21		3.63			USD 300,000				441,000
FY-22		2022.05.06		2025.05.06		3.60			USD 500,000				735,000
FY-22		2022.06.14		2025.06.14~2027.06.14		3.63~4.00			USD 800,000				1,176,000
FY-22		2022.06.28		2025.06.28		4.13			USD 300,000				441,000
FY-22		2022.07.27		2027.07.27		4.25			USD 700,000				1,029,000
FY-22		2022.10.06		2026.04.06~2028.04.06		5.38~5.50			USD 800,000				1,176,000
FY-22		2022.10.06~2022.11.01		2032.10.06		5.16			HKD 2,350,000				444,855
FY-23		2023.06.07		2030.06.07		4.51			HKD 1,037,000				196,304
FY-23		2023.07.12		2028.07.12		4.88			USD 350,000				514,500
FY-23		2023.07.18		2028.07.18		5.00			USD 500,000				735,000
FY-23		2023.07.31		2026.07.31		5.38			USD 1,000,000				1,470,000
FY-23		2023.09.21		2026.09.21		5.38			USD 300,000				441,000
FY-24		2024.01.31		2027.01.31		4.88			USD 1,200,000				1,764,000
FY-24		2024.07.29		2029.07.29		4.63			USD 500,000				735,000
													19,328,927
Less: discount on foreign debt securities													(132,690	)
Less: current portion of foreign debt securities													(4,286,883	)
Add: current portion of discount on foreign debt securities													4,976
												W	14,914,330

(7) Changes in borrowings and debt securities for the nine-month periods ended September 30, 2025 and 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025												For the nine-month period ended September 30, 2024
		Borrowings				Debt Securities				Total				Borrowings				Debt Securities				Total
Beginning balance		W	20,659,381				111,874,019				132,533,400				19,839,652				113,792,178				133,631,830
Cash flow			2,442,256				(3,291,194	)			(848,938	)			243,842				(2,107,030	)			(1,863,188	)
Effect of exchange rate fluctuations			(198,487	)			(1,030,280	)			(1,228,767	)			66,719				342,542				409,261
Others			3,695				18,989				22,684				(35,579	)			2,478				(33,101	)
		W	22,906,845				107,571,534				130,478,379				20,114,634				112,030,168				132,144,802

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

24. Lease

1) Group as a lessee

(1) Lease contracts

The Group applies the short-term leases recognition exemption to its lease contracts that have a lease term of 12 months or less from the commencement date, and recognized W103,044 million and W118,604 million respectively, as expense for the nine-month periods ended September 30, 2025 and 2024. The Group also applies the leases of low-value assets recognition exemption to lease contracts with underlying assets considered to be low value (i.e., approximately less than W5 million), and recognized W2,566 million and W2,162 million respectively, as expense for the nine-month periods ended September 30, 2025 and 2024. The Group has lease contracts for various items such as consecutive voyage charter contracts, power purchase agreements (PPA), real estate lease contracts including buildings, switchyard, and land for electric substation, vehicles, and other equipment.

(2) Right-of-use assets as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025
		Acquisition Cost				Accumulated depreciation				Book value
Land		W	1,021,475				(385,584	)			635,891
Buildings			223,463				(126,084	)			97,379
Structures			53,893				(14,360	)			39,533
Machinery			55,408				(32,506	)			22,902
Ships			3,798,606				(2,103,903	)			1,694,703
Vehicles			71,466				(44,953	)			26,513
Others (*)			331,663				(116,638	)			215,025
		W	5,555,974				(2,824,028	)			2,731,946

(*) During the nine-month period ended September 30, 2025, the power purchase agreement (“PPA”) with CGN Yulchon Generation Co., Ltd., an LNG combined-cycle power project operator, was terminated.

In millions of won		As of December 31, 2024
		Acquisition Cost				Accumulated depreciation				Book value
Land		W	1,017,114				(339,512	)			677,602
Buildings			214,258				(108,417	)			105,841
Structures			52,983				(12,124	)			40,859
Machinery			54,654				(27,594	)			27,060
Ships			3,946,265				(2,015,172	)			1,931,093
Vehicles			59,402				(38,482	)			20,920
Others (*)			686,400				(443,379	)			243,021
		W	6,031,076				(2,984,680	)			3,046,396

(*) Including a power purchase agreement (“PPA”) with CGN Yulchon Generation Co., Ltd.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

24. Lease, Continued

1) Group as a lessee, Continued

(3) Changes in right-of-use assets for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025
		Beginning balance				Increase				Decrease				Depreciation				Others				Ending balance
Land		W	677,602				4,743				(1,511	)			(44,532	)			(411	)			635,891
Buildings			105,841				17,834				(1,234	)			(31,080	)			6,018				97,379
Structures			40,859				1,889				(96	)			(3,944	)			825				39,533
Machinery			27,060				191				(19	)			(4,919	)			589				22,902
Ships			1,931,093				9,688				—				(250,801	)			4,723				1,694,703
Vehicles			20,920				17,005				(219	)			(11,227	)			34				26,513
Others			243,021				7,227				—				(22,054	)			(13,169	)			215,025
		W	3,046,396				58,577				(3,079	)			(368,557	)			(1,391	)			2,731,946
In millions of won		For the year ended December 31, 2024
		Beginning balance				Increase				Decrease				Depreciation				Others				Ending balance
Land		W	655,860				12,369				(117	)			(65,245	)			74,735				677,602
Buildings			90,573				61,397				(399	)			(48,371	)			2,641				105,841
Structures			37,356				4,115				—				(4,595	)			3,983				40,859
Machinery			5,943				26,200				—				(7,083	)			2,000				27,060
Ships			2,313,305				—				(1,656	)			(363,032	)			(17,524	)			1,931,093
Vehicles			25,491				11,042				(77	)			(14,167	)			(1,369	)			20,920
Others			235,215				17,372				(3	)			(36,502	)			26,939				243,021
		W	3,363,743				132,495				(2,252	)			(538,995	)			91,405				3,046,396

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

24. Lease, Continued

1) Group as a lessee, Continued

(4) Lease liabilities as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025				As of December 31, 2024
Less than 1 year		W	560,073				632,878
1 ~ 5 years			1,599,643				1,817,340
More than 5 years			1,380,056				1,670,416
			3,539,772				4,120,634
Less: present value discounts and others			(354,300	)			(421,178	)
Present value of lease payment		W	3,185,472				3,699,456

(5) Details of the liquidity classification of lease liabilities as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025				As of December 31, 2024
Current lease liabilities		W	540,905				603,492
Non-current lease liabilities			2,644,567				3,095,964
		W	3,185,472				3,699,456

(6) Changes in lease liabilities for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025
		Beginning balance				Increase				Decrease				Interest expenses				Others (*)				Ending balance
Lease liabilities		W	3,699,456				50,415				(521,536	)			58,369				(101,232	)			3,185,472

(*) Others include the translation effect of foreign currency lease liabilities and others.

In millions of won		For the year ended December 31, 2024
		Beginning balance				Increase				Decrease				Interest expenses				Others (*)				Ending balance
Lease liabilities		W	3,807,880				119,161				(695,466	)			82,638				385,243				3,699,456

(*) Others include the translation effect of foreign currency lease liabilities and others.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

24. Lease, Continued

1) Group as a lessee, Continued

(7) Details of expense relating to lease contracts as lessee for the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

In millions of won		September 30, 2025								September 30, 2025
		Three-month period ended				Nine-month period ended				Three-month period ended				Nine-month period ended
Depreciation of right-of-use assets		W	115,097				368,557				128,674				396,125
Interest expenses of lease liabilities			18,354				58,369				20,313				62,562
Lease expenses for short-term leases			49,128				103,044				24,545				118,604
Lease expenses for leases of low-value assets			739				2,566				703				2,162
Variable lease payments			7,272				4,528				(6,476	)			(4,106	)
		W	190,590				537,064				167,759				575,347

(8) The total cash outflow related to the lease contracts amounts to W631,674 million and W652,647 million, for the nine-month periods ended September 30, 2025 and 2024, respectively.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

24. Lease, Continued

2) Group as a lessor

(1) Finance lease contracts

The Group entered into power purchase agreements (“PPA”) with Jordan Electric Power Company to provide a 373MW level Qatrana gas combined power plant over a 25-year lease term, and an 89.1MW level Fujeij wind power plant over a 20-year lease term. In addition, the Group provides 13 energy storage system installation projects and 288 energy efficiency contracts as finance leases with a lease term of 2 to 11 years. Also, the Group entered into a PPA with the Comision Federal de Electricidad in Mexico to provide for 25 years (from December 2013 to November 2038) all electricity generated from the power plant after completion of its construction and collect rates consisting of fixed costs (to recover the capital) and variable costs during the contracted period.

(2) Profits and losses related to finance leases for the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

In millions of won

September 30, 2025

September 30, 2024

Three-month period ended

Nine-month period ended

Three-month period ended

Nine-month period ended

Finance income on the net investment in the lease

W

28,299

88,678

18,775

78,202

(3) The maturity analysis of the lease payments receivable and reconciliation of the undiscounted lease payments to the net investment in the lease as of September 30, 2025 and December 31, 2024 is as follows:

In millions of won		As of September 30, 2025				As of December 31, 2024
Less than 1 year		W	208,744				213,300
1 ~ 2 years			199,511				217,747
2 ~ 3 years			190,204				204,867
3 ~ 4 years			181,251				193,379
4 ~ 5 years			171,967				184,436
More than 5 years			1,246,123				1,420,807
			2,197,800				2,434,536
Less: unearned finance income			(939,586	)			(1,078,138	)
Net investment in the lease (*)		W	1,258,214				1,356,398

(*) Including the present value of unguaranteed residual value amounting to W32,526 million and W31,857 million, as of September 30, 2025 and December 31, 2024, respectively.

The implicit interest rate for a lease term is determined on the lease contract date. The implicit interest rate of the finance lease contracts is from 0.00% up to 17.56% per year as of September 30, 2025 (0.00%~17.15% as of December 31, 2024).

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

24. Lease, Continued

2) Group as a lessor, Continued

(4) Changes in the allowance for doubtful accounts of finance lease receivables for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025				For the year ended December 31, 2024
Beginning balance		W	5,255				5,256
Bad debt expense			2,130				—
Write-off			(230	)			—
Reversal			—				(1	)
Ending balance		W	7,155				5,255

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

25. Employment Benefits

(1) Employment benefit obligations as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025				As of December 31, 2024
Net defined benefit asset		W	13,885				40,425
Net defined benefit obligations			1,734,480				1,449,837
Other long-term employee benefit obligations			1,467				1,710

(2) Principal assumptions used for actuarial valuation as of September 30, 2025 and December 31, 2024 are as follows:

		As of September 30, 2025				As of December 31, 2024
Discount rate			3.26% ~ 4.94%				3.38% ~ 5.06%
Future salary and benefit levels			4.83	%			4.83%
Weighted average duration			9.61 years				9.89 years

(3) Details of expense relating to defined benefit plans for the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

In millions of won		September 30, 2025								September 30, 2024
		Three-month period ended				Nine-month period ended				Three-month period ended				Nine-month period ended
Current service cost		W	115,766				344,458				105,788				312,835
Interest cost			42,700				126,112				45,464				132,936
Expected return on plan assets			(29,875	)			(89,757	)			(33,620	)			(101,564	)
		W	128,591				380,813				117,632				344,207

Expenses described above are recognized in those items below in the condensed consolidated financial statements.

In millions of won		September 30, 2025								September 30, 2024
		Three-month period ended				Nine-month period ended				Three-month period ended				Nine-month period ended
Cost of sales		W	93,010				272,564				84,467				247,016
Selling and administrative expenses			23,087				71,462				21,928				64,008
Others including construction-in-progress			12,494				36,787				11,237				33,183
		W	128,591				380,813				117,632				344,207

In addition, for the nine-month periods ended September 30, 2025 and 2024, benefit expenses which the Group paid for the defined contribution plan in accordance with ratio defined in the Group’s retirement benefit plan are classified as follows: W71,712 million and W63,789 million as cost of sales; W13,548 million and W10,397 million as selling and administrative expenses; and W13,214 million and W10,925 million as construction-in-progress and others.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

25. Employment Benefits, Continued

(4) Details of defined benefit obligations as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025				As of December 31, 2024
Present value of defined benefit obligation from funded plans		W	5,181,930				4,960,645
Fair value of plan assets			(3,461,335	)			(3,551,233	)
Net liabilities incurred from defined benefit plans		W	1,720,595				1,409,412

(5) Changes in the present value of defined benefit obligations for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025				For the year ended December 31, 2024
Beginning balance		W	4,960,645				4,312,702
Current service cost			344,458				430,308
Interest cost			126,112				184,169
Remeasurement component			172,617				425,671
Actual payments			(421,770	)			(392,336	)
Others			(132	)			131
Ending balance		W	5,181,930				4,960,645

(6) Changes in the fair value of plan assets for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025				For the year ended December 31, 2024
Beginning balance		W	3,551,233				3,349,480
Expected return			89,757				141,108
Remeasurement component			(3,752	)			(10,030	)
Contributions by the employers			21,536				254,763
Actual payments			(197,439	)			(184,088	)
Ending balance		W	3,461,335				3,551,233

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

25. Employment Benefits, Continued

(7) Details of the fair value of plan assets as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025				As of December 31, 2024
Equity instruments		W	850				2,308
Debt instruments			402,304				413,522
Bank deposits			433,143				452,158
Others (*)			2,625,038				2,683,245
		W	3,461,335				3,551,233

(*) Others consist of various financial instruments managed by external asset management companies.

For the nine-month period ended September 30, 2025 and for the year ended December 31, 2024, actual returns on plan assets amounted to W86,005 million and W131,078 million, respectively.

(8) Remeasurement components recognized in other comprehensive income (loss) for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025				For the year ended December 31, 2024
Actuarial loss from changes in financial assumptions		W	24,644				320,582
Actuarial loss from experience adjustments, etc.			147,973				105,089
Expected loss			3,752				10,030
		W	176,369				435,701

Remeasurement component recognized as other comprehensive income or loss is included in retained earnings.

In addition, loss on accumulated remeasurement component amounting to W68,254 million and W95,694 million have been recognized as other comprehensive income or loss as of September 30, 2025 and December 31, 2024, respectively.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

26. Provisions

(1) Provisions as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025								As of December 31, 2024
		Current				Non-current				Current				Non-current
Employment benefits
Provisions for employment benefits		W	986,498				—				1,093,625				—
Litigation
Litigation provisions			5,878				479,553				9,350				479,071
Decommissioning cost
Nuclear plants			79,501				23,604,527				79,501				23,192,872
Spent fuel			868,225				2,061,488				799,384				2,124,361
Radioactive waste			113,701				1,711,948				84,485				1,677,306
PCBs			—				28,853				—				39,389
Other recovery provisions			—				51,138				—				50,407
Others
Power plant regional support program			150,704				—				130,256				—
Transmission regional support program			175,898				—				302,631				—
Provisions for financial guarantee			20,835				24,367				26,440				4,484
Provisions for RPS			5,220				—				—				—
Provisions for greenhouse gas emissions obligations			3,657				—				156,463				—
Provision for onerous contracts			556,012				899				434				1,333
Others			76,012				302,039				111,402				267,811
		W	3,042,141				28,264,812				2,793,971				27,837,034

(2) Changes in provisions for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025
		Beginning balance				Increase in provision				Payment				Reversal				Others				Ending balance
Employment benefits
Provisions for employment benefits		W	1,093,625				880,186				(987,230	)			(83	)			—				986,498
Litigation
Litigation provisions			488,421				26,650				(23,432	)			(6,208	)			—				485,431
Decommissioning cost
Nuclear plants			23,272,373				453,850				(42,195	)			—				—				23,684,028
Spent fuel			2,923,745				556,938				(326,629	)			(224,341	)			—				2,929,713
Radioactive waste			1,761,791				80,880				(17,022	)			—				—				1,825,649
PCBs			39,389				858				(11,394	)			—				—				28,853
Other recovery provisions			50,407				12,530				—				—				(11,799	)			51,138
Others
Power plant regional support program			130,256				59,909				(39,461	)			—				—				150,704
Transmission regional support program			302,631				6,799				(133,532	)			—				—				175,898
Provisions for financial guarantee			30,924				34,433				(17,103	)			(2,803	)			(249	)			45,202
Provisions for RPS			—				796,792				(784,869	)			(6,703	)			—				5,220
Provisions for greenhouse gas emissions obligations			156,463				6,924				(153,441	)			(2,107	)			(4,182	)			3,657
Provision for onerous contracts			1,767				556,278				—				(1,134	)			—				556,911
Others			379,213				127,370				(128,285	)			—				(247	)			378,051
		W	30,631,005				3,600,397				(2,664,593	)			(243,379	)			(16,477	)			31,306,953

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

26. Provisions, Continued

(2) Changes in provisions for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows, continued:

In millions of won		For the year ended December 31, 2024
		Beginning balance				Increase in provision				Payment				Reversal				Others				Ending balance
Employment benefits
Provisions for employment benefits		W	999,691				1,226,957				(1,127,746	)			(5,379	)			102				1,093,625
Litigation
Litigation provisions			177,018				373,328				(26,040	)			(35,885	)			—				488,421
Decommissioning cost
Nuclear plants			21,646,887				1,692,508				(66,971	)			—				(51	)			23,272,373
Spent fuel			2,925,734				842,753				(463,388	)			(381,354	)			—				2,923,745
Radioactive waste			1,908,085				113,342				(56,907	)			(202,729	)			—				1,761,791
PCBs			57,944				7,049				(25,604	)			—				—				39,389
Other recovery provisions			36,082				4,479				(879	)			—				10,725				50,407
Others
Power plant regional support program			130,034				55,761				(55,539	)			—				—				130,256
Transmission regional support program			256,006				202,882				(156,257	)			—				—				302,631
Provisions for financial guarantee			49,992				11,347				(25,723	)			(5,086	)			394				30,924
Provisions for RPS			36,074				891,143				(862,039	)			(65,178	)			—				—
Provisions for greenhouse gas emissions obligations			18,672				164,438				(17,659	)			(5,611	)			(3,377	)			156,463
Provision for onerous contracts			2,733				348				—				(1,314	)			—				1,767
Others			290,217				294,606				(126,693	)			(1,127	)			(77,790	)			379,213
		W	28,535,169				5,880,941				(3,011,445	)			(703,663	)			(69,997	)			30,631,005

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

27. Government Grants

(1) Government grants as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025				As of December 31, 2024
Land		W	27,392				27,403
Buildings			39,052				41,718
Structures			142,219				149,737
Machinery			95,622				105,546
Vehicles			2,447				2,745
Equipment			2,328				3,915
Tools			1,092				1,306
Construction-in-progress			233,591				223,566
Investment properties			23				22
Software			849				844
Development expenditures			613				939
Intangible assets under development			4,179				3,473
Other intangible assets			159				229
		W	549,566				561,443

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

27. Government Grants, Continued

(2) Changes in government grants for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025
		Beginning balance				Receipt				Acquisition				Offset the items of depreciation expense and others				Disposal				Revenue				Others				Ending balance
Cash		W	—				14,135				—				—				—				161				(14,296	)			—
Land			27,403				—				—				—				(11	)			—				—				27,392
Buildings			41,718				—				—				(2,965	)			—				—				299				39,052
Structures			149,737				—				—				(7,087	)			(490	)			—				59				142,219
Machinery			105,546				—				—				(11,552	)			(313	)			—				1,941				95,622
Vehicles			2,745				—				—				(980	)			(6	)			—				688				2,447
Equipment			3,915				—				—				(1,587	)			—				—				—				2,328
Tools			1,306				—				—				(327	)			—				—				113				1,092
Construction-in-progress			223,566				—				(2,926	)			—				—				—				12,951				233,591
Investment properties			22				—				—				—				—				—				1				23
Software			844				—				—				(231	)			—				—				236				849
Development expenditures			939				—				—				(423	)			—				—				97				613
Intangible assets under development			3,473				—				—				—				—				—				706				4,179
Other intangible assets			229				—				—				(70	)			—				—				—				159
		W	561,443				14,135				(2,926	)			(25,222	)			(820	)			161				2,795				549,566

In millions of won		For the year ended December 31, 2024
		Beginning balance				Receipt				Acquisition				Offset the items of depreciation expense and others				Disposal				Revenue				Others				Ending balance
Cash			—				59,503				—				—				—				4,789				(64,292	)			—
Land		W	27,404				—				—				—				(1	)			—				—				27,403
Buildings			46,227				—				—				(4,508	)			—				—				(1	)			41,718
Structures			157,881				—				—				(9,458	)			(1,330	)			—				2,644				149,737
Machinery			119,824				—				—				(16,076	)			(522	)			—				2,320				105,546
Vehicles			2,837				—				—				(1,233	)			(8	)			—				1,149				2,745
Equipment			5,932				—				—				(2,118	)			—				—				101				3,915
Tools			62				—				—				(341	)			—				—				1,585				1,306
Construction-in-progress			173,474				—				(6,806	)			—				(75	)			—				56,973				223,566
Investment properties			22				—				—				(1	)			—				—				1				22
Software			413				—				—				(229	)			—				—				660				844
Development expenditures			2,121				—				—				(1,364	)			—				—				182				939
Intangible assets under development			2,458				—				—				—				—				—				1,015				3,473
Other intangible assets			322				—				—				(93	)			—				—				—				229
		W	538,977				59,503				(6,806	)			(35,421	)			(1,936	)			4,789				2,337				561,443

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

28. Deferred Revenue

Changes in deferred revenues for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows which are included in current and non-current non-financial liabilities in the consolidated statements of financial position:

In millions of won		For the nine-month period ended September 30, 2025				For the year ended December 31, 2024
Beginning balance		W	13,652,565				11,548,855
Increase			1,203,481				2,924,341
Recognized as revenue			(649,466	)			(820,631	)
Ending balance		W	14,206,580				13,652,565

29. Non-financial Liabilities

Non-financial liabilities as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025								As of December 31, 2024
		Current				Non-current				Current				Non-current
Advance received		W	3,208,162				531,625				3,531,207				354,218
Unearned revenue			43,089				12,479				37,062				14,910
Deferred revenue			810,805				13,395,775				776,988				12,875,577
Withholdings			546,119				1,549				271,425				2,296
Others			2,226,131				9,787				1,710,459				34,519
		W	6,834,306				13,951,215				6,327,141				13,281,520

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

30. Contributed Capital

(1) Details of share capital as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won except share information

As of September 30, 2025

Shares authorized (in shares)

Shares issued (in shares)

Par value per share (in won)

Owned by government (*)

Owned by others

Total

Common shares

1,200,000,000

641,964,077

W

5,000

1,640,385

1,569,435

3,209,820

(*) Korea Development Bank’s interest of W1,056,176 million is included.

In millions of won except share information

As of December 31, 2024

Shares authorized (in shares)

Shares issued (in shares)

Par value per share (in won)

Owned by government (*)

Owned by others

Total

Common shares

1,200,000,000

641,964,077

W

5,000

1,640,385

1,569,435

3,209,820

(*) Korea Development Bank’s interest of W1,056,176 million is included.

(2) Details in the number of floating capital stock for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

Number of shares		For the nine-month period ended September 30, 2025				For the year ended December 31, 2024
Beginning balance			641,964,077				641,964,077
Ending balance			641,964,077				641,964,077

(3) Details of share premium as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025				As of December 31, 2024
Share premium		W	843,758				843,758

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

31. Retained Earnings and Dividends Paid

(1) Details of retained earnings as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025				As of December 31, 2024
Legal reserve (*)		W	1,604,910				1,604,910
Voluntary reserves			567,469				—
Retained earnings before appropriations			24,934,926				18,523,337
Retained earnings		W	27,107,305				20,128,247

(*) The KEPCO Act (Article 14) requires KEPCO to appropriate a legal reserve equal to at least 20 percent of net income for each accounting period until the reserve equals 50 percent of KEPCO’s common stock. The legal reserve is not available for cash dividends; however, this reserve may be credited to paid-in capital or offset against accumulated deficit by the resolution of the shareholders.

(2) Details of voluntary reserves as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025				As of December 31, 2024
Reserve for business expansion		W	567,469				—
		W	567,469				—

(3) Changes in retained earnings for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025				For the year ended December 31, 2024
Beginning balance		W	20,128,247				16,338,262
Profit for the year attributed to owners of the controlling company			7,220,576				3,491,698
Changes in equity method retained earnings			1,313				(6,346	)
Remeasurements of defined benefit liability, net of tax			(106,094	)			(281,761	)
Transfer of revaluation reserve			—				586,394
Dividend paid			(136,737	)			—
Ending balance		W	27,107,305				20,128,247

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

31. Retained Earnings and Dividends Paid, Continued

(4) Dividends paid for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won

For the nine-month period ended September 30, 2025

Number of shares issued (in shares)

Number of treasury stocks (in shares)

Number of shares eligible for dividends (in shares)

Dividends paid per share (in won)

Dividends paid

Common shares

641,964,077

—

641,964,077

W

213

136,737

In millions of won

For the year ended December 31, 2024

Number of shares issued (in shares)

Number of treasury stocks (in shares)

Number of shares eligible for dividends (in shares)

Dividends paid per share (in won)

Dividends paid

Common shares

641,964,077

—

641,964,077

W

—

—

(5) Changes in retained earnings of investments in associates and joint ventures for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025				For the year ended December 31, 2024
Beginning balance		W	(17,420	)			(11,074	)
Changes			1,313				(6,346	)
Ending balance		W	(16,107	)			(17,420	)

(6) Changes in remeasurement components related to defined benefit liability for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025				For the year ended December 31, 2024
Beginning balance		W	(95,694	)			29,229
Changes			(170,436	)			(421,327	)
Income tax effect			64,342				139,566
Transfer to reserve for business expansion			133,534				156,838
Ending balance		W	(68,254	)			(95,694	)

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

32. Hybrid Bonds

Hybrid bonds classified as equity (non-controlling interests) as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won
Issuer		Hybrid bond				Issued date				Maturity				Yield (%)				As of September 30, 2025				As of December 31, 2024
Korea South-East Power Co., Ltd. (*1, 2)			2nd hybrid bond				2012.12.07				2042.12.06				5.10			W	—				230,000
Expense of issuance																			—				(627	)
																		W	—				229,373

(*1) Bondholders may not require prepayment in any case, and the Group has a call option to repay all of these bonds on or after 12 years from the date of issuance of the bonds, or on each interest payment date henceforth. In addition, there is a step-up clause from the date of the initial call option exercise. Although these instruments have contractual maturity dates, the contractual agreements allow the Group to indefinitely extend the maturity dates and defer the payment of interest without modification to the other terms of the instruments. When the Group decides not to pay dividends on common shares, they are not required to pay interest on the hybrid bonds. From December 7, 2024, the date when the call option becomes exercisable for the first time, the interest rate has increased from 4.44% to 5.10% due to the application of the step-up provision.

(*2) 2nd hybrid bond was redeemed during the nine-month period ended September 30, 2025.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

33. Other Components of Equity

(1) Other components of equity as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025				As of December 31, 2024
Other capital surplus		W	1,605,627				1,600,812
Accumulated other comprehensive income			1,078,428				1,424,014
Other equity			12,708,585				12,708,585
		W	15,392,640				15,733,411

(2) Changes in other capital surplus for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025												For the year ended December 31, 2024
		Gains on disposal of treasury stocks				Others				Total				Gains on disposal of treasury stocks				Others				Total
Beginning balance		W	387,524				1,213,288				1,600,812				387,524				1,213,277				1,600,801
Additional paid-in capital of subsidiaries			—				(246	)			(246	)			—				(7	)			(7	)
Equity transaction within the consolidated entity			—				5,061				5,061				—				18				18
Ending balance		W	387,524				1,218,103				1,605,627				387,524				1,213,288				1,600,812

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

33. Other Components of Equity, Continued

(3) Changes in accumulated other comprehensive income (loss) for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025
		Financial assets at fair value through other comprehensive income valuation reserve				Shares of other comprehensive income of investments in associates and joint ventures				Reserve for overseas operations translation credit				Reserve for gain (loss) on valuation of derivatives				Total
Beginning balance		W	80,757				1,597,958				(231,946	)			(22,755	)			1,424,014
Changes in the unrealized fair value of financial assets at FVOCI, net of tax			112,544				—				—				—				112,544
Shares of other comprehensive loss of associates and joint ventures, net of tax			—				(404,787	)			—				—				(404,787	)
Foreign currency translation of foreign operations, net of tax			—				—				(68,686	)			—				(68,686	)
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax			—				—				—				15,343				15,343
Ending balance		W	193,301				1,193,171				(300,632	)			(7,412	)			1,078,428

In millions of won		For the year ended December 31, 2024
		Financial assets at fair value through other comprehensive income valuation reserve				Shares of other comprehensive income of investments in associates and joint ventures				Reserve for overseas operations translation credit				Reserve for gain (loss) on valuation of derivatives				Total
Beginning balance		W	(20,002	)			943,733				(331,570	)			(34,731	)			557,430
Changes in the unrealized fair value of financial assets at FVOCI, net of tax			100,759				—				—				—				100,759
Shares of other comprehensive income of associates and joint ventures, net of tax			—				654,225				—				—				654,225
Foreign currency translation of foreign operations, net of tax			—				—				99,624				—				99,624
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax			—				—				—				11,976				11,976
Ending balance		W	80,757				1,597,958				(231,946	)			(22,755	)			1,424,014

(4) Other equity as of September 30, 2025 and December 31, 2024 is as follows:

In millions of won		As of September 30, 2025				As of December 31, 2024
Statutory revaluation reserve		W	12,708,704				12,708,704
Changes in other equity			(119	)			(119	)
		W	12,708,585				12,708,585

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

34. Sales

Details of sales for each of the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

In millions of won		September 30, 2025
		Domestic								Overseas								Total
		Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended
[Type of goods and services]
Sales of goods		W	26,900,260				71,894,938				133,282				341,049				27,033,542				72,235,987
Electricity			26,474,032				70,631,565				—				—				26,474,032				70,631,565
Heat supply			16,295				257,478				—				—				16,295				257,478
Others			409,933				1,005,895				133,282				341,049				543,215				1,346,944
Sales related to rendering of services			129,093				328,611				46,088				150,144				175,181				478,755
Sales related to construction services			45,302				135,889				99,528				246,409				144,830				382,298
Revenue related to transfer of assets from customers			218,831				649,466				—				—				218,831				649,466
		W	27,293,486				73,008,904				278,898				737,602				27,572,384				73,746,506
[Timing of revenue recognition]
Performance obligations satisfied at a point in time		W	26,900,260				71,894,938				133,282				341,049				27,033,542				72,235,987
Performance obligations satisfied over time			393,226				1,113,966				145,616				396,553				538,842				1,510,519
		W	27,293,486				73,008,904				278,898				737,602				27,572,384				73,746,506

In millions of won		September 30, 2024
		Domestic								Overseas								Total
		Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended
[Type of goods and services]
Sales of goods		W	25,511,814				68,179,045				117,524				270,933				25,629,338				68,449,978
Electricity			25,022,271				66,727,885				—				—				25,022,271				66,727,885
Heat supply			18,383				253,676				—				—				18,383				253,676
Others			471,160				1,197,484				117,524				270,933				588,684				1,468,417
Sales related to rendering of services			98,019				315,816				43,887				163,379				141,906				479,195
Sales related to construction services			38,890				99,236				97,516				264,079				136,406				363,315
Revenue related to transfer of assets from customers			195,707				577,319				—				—				195,707				577,319
		W	25,844,430				69,171,416				258,927				698,391				26,103,357				69,869,807
[Timing of revenue recognition]
Performance obligations satisfied at a point in time		W	25,511,814				68,179,045				117,524				270,933				25,629,338				68,449,978
Performance obligations satisfied over time			332,616				992,371				141,403				427,458				474,019				1,419,829
		W	25,844,430				69,171,416				258,927				698,391				26,103,357				69,869,807

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

35. Selling and Administrative Expenses

Selling and administrative expenses for each of the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

In millions of won		September 30, 2025								September 30, 2024
		Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended
Salaries		W	276,015				855,678				276,248				829,647
Retirement benefit expense			29,497				85,010				24,956				74,405
Welfare and benefit expense			48,291				122,034				43,144				107,687
Insurance expense			7,618				23,833				6,818				21,096
Depreciation			60,805				177,069				57,599				172,727
Amortization of intangible assets			17,697				63,087				22,301				66,426
Bad debt expense			22,163				53,707				13,098				36,899
Commission			125,854				330,880				144,992				351,695
Advertising expense			9,978				26,754				7,654				26,104
Training expense			2,767				7,082				2,183				6,288
Vehicle maintenance expense			2,741				7,059				2,540				6,725
Publishing expense			263				1,779				377				1,642
Business promotion expense			734				2,121				610				1,911
Rent expense			20,024				46,189				15,516				37,323
Telecommunication expense			2,269				7,416				2,189				7,052
Transportation expense			296				838				284				773
Taxes and dues			5,174				89,621				3,322				89,902
Expendable supplies expense			1,889				6,117				1,472				4,680
Water, light and heating expense			4,331				12,272				4,721				12,243
Repairs and maintenance expense			39,562				106,394				32,802				101,455
Ordinary development expense			63,398				154,361				54,896				139,112
Travel expense			5,047				15,775				4,312				13,575
Clothing expense			1,585				4,457				2,347				3,739
Survey and analysis expense			168				565				229				637
Membership fee			197				1,620				259				1,494
Others			39,003				93,805				31,302				93,829
		W	787,366				2,295,523				756,171				2,209,066

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

36. Other Income and Expenses

(1) Other income for each of the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

In millions of won		September 30, 2025								September 30, 2024
		Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended
Reversal of other provisions		W	2,544				6,627				1,332				23,746
Reversal of other bad debt allowance			—				4,101				—				—
Gains on government grants			59				161				—				—
Gains on assets contributed			1,304				2,817				24,585				28,724
Gains on liabilities exempted			49				756				127				288
Compensation and reparations revenue			44,490				90,385				12,574				67,382
Revenue from foundation fund			51				214				1				2
Rental income			52,297				157,486				45,583				153,119
Others			22,104				44,889				14,460				48,430
		W	122,898				307,436				98,662				321,691

(2) Other expenses for each of the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

In millions of won		September 30, 2025								September 30, 2024
		Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended
Compensation and indemnification expense		W	(1,000	)			310				3				138
Accretion expenses of other provisions			6,775				5,888				4,457				4,809
Depreciation expenses on investment properties			270				778				172				495
Depreciation expenses on idle assets			903				2,710				911				2,747
Other bad debt expense			5,142				5,144				3,796				11,799
Donations			32,432				109,177				16,069				154,388
Others			25,002				38,973				27,759				38,596
		W	69,524				162,980				53,167				212,972

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

37. Other Gains (Losses)

Composition of other gains (losses) for each of the three and nine-month periods ended September 30, 2025 and 2024 is as follows:

In millions of won		September 30, 2025								September 30, 2024
		Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended
Other gains
Gains on disposal of property, plant and equipment		W	272,124				280,199				18,597				83,068
Gains on disposal of intangible assets			2				18				8				22
Reversal of impairment loss on intangible assets			2				42				—				—
Gains on foreign currency translation			782				9,840				9,366				27,449
Gains on foreign currency transactions			8,188				83,926				28,261				59,099
Gains on insurance proceeds			178				1,193				2,604				3,411
Others			46,626				328,142				72,476				198,334
Other losses
Losses on disposal of property, plant and equipment			(37,425	)			(87,565	)			(12,048	)			(58,633	)
Losses on disposal of intangible assets			—				(13	)			—				(110	)
Impairment loss on intangible assets			—				(30	)			—				—
Losses on foreign currency translation			—				(42,275	)			—				(5,217	)
Losses on foreign currency transactions			(27,875	)			(65,269	)			(7,937	)			(81,008	)
Others			(22,210	)			(148,632	)			(29,054	)			(100,246	)
		W	240,392				359,576				82,273				126,169

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

38. Finance Income

Finance income for each of the three and nine-month periods ended September 30, 2025 and 2024 is as follows:

In millions of won		September 30, 2025								September 30, 2024
		Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended
Interest income		W	116,964				332,010				100,375				323,744
Dividend income			1,374				24,695				1,369				12,243
Gains on disposal of financial assets			9,636				29,132				8,679				29,383
Gains on valuation of financial assets at fair value through profit or loss			20,153				54,942				19,003				68,950
Gains on valuation of derivatives			555,044				77,861				—				469,540
Gains on transaction of derivatives			65,432				204,610				44,641				192,676
Gains on foreign currency translation			—				861,917				936,771				105,385
Gains on foreign currency transactions			4,803				298,544				13,030				25,030
Others			1,293				2,530				4,593				6,383
		W	774,699				1,886,241				1,128,461				1,233,334

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

39. Finance Expenses

Finance expenses for each of the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

In millions of won		September 30, 2025								September 30, 2024
		Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended
Interest expense		W	1,068,176				3,279,432				1,138,819				3,422,931
Losses on sale of financial assets			842				3,525				—				219
Losses on valuation of financial assets at fair value through profit or loss			2,106				2,493				—				279
Losses on valuation of derivatives			—				514,824				740,389				80,486
Losses on transaction of derivatives			12,632				274,826				24,358				45,650
Losses on foreign currency translation			523,574				89,244				—				464,464
Losses on foreign currency transactions			1,594				46,706				20,816				76,812
Others			—				5,504				3,482				11,830
		W	1,608,924				4,216,554				1,927,864				4,102,671

Capitalization rates for the nine-month periods ended September 30, 2025 and 2024 are 2.27% ~ 3.31% and 2.45% ~ 4.01%, respectively.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

40. Income Taxes

(1) Income tax expense is calculated by adjusting prior year adjustments, changes in deferred tax assets and liabilities resulting from temporary differences, and income tax expense related to items recognized as other than profit or loss. The average effective tax rate for the nine-month periods ended September 30, 2025 and 2024 is 28.48% and 36.26%, respectively.

(2) Pillar two model rules

The Group has assessed the potential exposure arising from the Pillar Two legislation based on the financial information. Based on the assessment carried out so far, the Group has identified its potential exposure to Pillar Two income taxes on profits earned from its constituent entities operating in Nepal, Pakistan, Vietnam, and other jurisdictions where the expected Pillar Two effective tax rate is likely to be lower than 15%. As a result, the Group expects that KEPCO and its constituent entities operating therein will pay additional Pillar Two income taxes on the profit from such constituent entities.

The current income tax expense recognized for the nine-month period ended September 30, 2025 in relation to the additional Pillar Two income taxes amounts to W2,132 million. The Group has applied the mandatory exception to recognition and disclosure of deferred taxes arising from Pillar Two income taxes.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

41. Assets and Liabilities Held-for-Sale

Assets and liabilities held-for-sale as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025				As of December 31, 2024
Assets held-for-sale
Cash and cash equivalents (*2)		W	1,660				—
Trade and other receivables (*2)			1,176				—
Inventories (*2)			2,822				—
Property, plant and equipment (*1,2)			27,142				45,648
Intangible assets (*2)			13,332				—
Other assets (*2)			29,773				—
		W	75,905				45,648
Liabilities held-for-sale
Trade and other payables (*2)		W	5,478				—
Other liabilities (*2)			5,755				—
		W	11,233				—

(*1) The board of directors of Korea Electric Power Corporation, the controlling company, made a resolution to sell the Uijeongbu substation, and reclassified the buildings and land as assets held-for-sale expecting its carrying amount would be recovered through a sale transaction during the year ended December 31, 2022. KEPCO completed the sale during the nine-month period ended September 30, 2025.

(*2) Korea Western Power Co., Ltd., Korea Southern Power Co., Ltd., and Korea South-East Power Co., Ltd., subsidiaries of the Group, resolved to dispose of their interests in the Moolarben JV project in Australia upon approval by their respective boards of directors. As the carrying amounts of the related assets are expected to be recovered principally through a sale transaction, the associated assets and liabilities have been reclassified as assets and liabilities held-for-sale.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

42. Expenses Classified by Nature

Expenses classified by nature for the nine-month periods ended September 30, 2025 and 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025
		Selling and administrative expenses				Cost of sales				Total
Raw materials used		W	—				14,115,857				14,115,857
Power purchase			—				26,606,262				26,606,262
Salaries			855,678				3,509,816				4,365,494
Retirement benefit expense			85,010				344,276				429,286
Welfare and benefit expense			122,034				409,707				531,741
Insurance expense			23,833				100,792				124,625
Depreciation			177,069				10,160,913				10,337,982
Amortization of intangible assets			63,087				55,640				118,727
Bad debt expense			53,707				—				53,707
Commission			330,880				244,867				575,747
Advertising expense			26,754				8,264				35,018
Training expense			7,082				12,390				19,472
Vehicle maintenance expense			7,059				6,653				13,712
Publishing expense			1,779				1,867				3,646
Business promotion expense			2,121				1,914				4,035
Rent expense			46,189				132,992				179,181
Telecommunication expense			7,416				7,845				15,261
Transportation expense			838				53,622				54,460
Taxes and dues			89,621				499,415				589,036
Expendable supplies expense			6,117				38,052				44,169
Water, light and heating expense			12,272				30,729				43,001
Repairs and maintenance expense			106,394				1,958,126				2,064,520
Ordinary development expense			154,361				422,111				576,472
Travel expense			15,775				55,674				71,449
Clothing expense			4,457				5,789				10,246
Survey and analysis expense			565				3,040				3,605
Membership fee			1,620				15,236				16,856
Others			93,805				1,107,743				1,201,548
		W	2,295,523				59,909,592				62,205,115

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

42. Expenses Classified by Nature, Continued

Expenses classified by nature for the nine-month periods ended September 30, 2025 and 2024 are as follows, continued:

In millions of won		For the nine-month period ended September 30, 2024
		Selling and administrative expenses				Cost of sales				Total
Raw materials used		W	—				16,415,002				16,415,002
Power purchase			—				26,819,297				26,819,297
Salaries			829,647				3,389,287				4,218,934
Retirement benefit expense			74,405				310,805				385,210
Welfare and benefit expense			107,687				385,749				493,436
Insurance expense			21,096				99,871				120,967
Depreciation			172,727				10,321,369				10,494,096
Amortization of intangible assets			66,426				56,030				122,456
Bad debt expense			36,899				—				36,899
Commission			351,695				283,678				635,373
Advertising expense			26,104				6,415				32,519
Training expense			6,288				10,824				17,112
Vehicle maintenance expense			6,725				6,925				13,650
Publishing expense			1,642				1,670				3,312
Business promotion expense			1,911				1,773				3,684
Rent expense			37,323				131,712				169,035
Telecommunication expense			7,052				7,509				14,561
Transportation expense			773				44,539				45,312
Taxes and dues			89,902				488,130				578,032
Expendable supplies expense			4,680				33,051				37,731
Water, light and heating expense			12,243				30,602				42,845
Repairs and maintenance expense			101,455				2,092,297				2,193,752
Ordinary development expense			139,112				389,838				528,950
Travel expense			13,575				56,896				70,471
Clothing expense			3,739				6,874				10,613
Survey and analysis expense			637				2,897				3,534
Membership fee			1,494				15,001				16,495
Others			93,829				307,040				400,869
		W	2,209,066				61,715,081				63,924,147

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

43. Earnings Per Share

(1) Basic earnings per share for each of the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

In Won

September 30, 2025

September 30, 2024

Type

Three- month period ended

Nine- month period ended

Three- month period ended

Nine- month period ended

Basic earnings per share

W

5,850

11,248

2,881

3,857

(2) Profits for the periods and the weighted average number of common shares used in the calculation of basic earnings per share for each of the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

In millions of won except number of shares		September 30, 2025								September 30, 2024
Type		Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended
Profit attributable to controlling interest		W	3,755,618				7,220,576				1,849,337				2,475,886
Profit used in the calculation of total basic earnings per share			3,755,618				7,220,576				1,849,337				2,475,886
Weighted average number of common shares (in shares)			641,964,077				641,964,077				641,964,077				641,964,077

(3) The weighted average number of common shares used in the calculation of basic earnings per share for each of the three and nine-month periods ended September 30, 2025 and 2024 is as follows:

In number of shares		September 30, 2025								September 30, 2024
Type		Three- month period ended				Nine- month period ended				Three- month period ended				Nine- month period ended
The number of common shares issued at beginning of the year			641,964,077				641,964,077				641,964,077				641,964,077
Weighted average number of common shares			641,964,077				641,964,077				641,964,077				641,964,077

(4) There are no potential dilutive instruments, thus diluted earnings per share are same as basic earnings per share for each of the three and nine-month periods ended September 30, 2025 and 2024.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

44. Risk Management

The Group manages various risks that may arise from each business segment, primarily focusing on credit risk, market risk, interest rate risk, and liquidity risk. These risks are identified, measured, controlled, and reported in accordance with the Group’s established basic policy for risk management.

(1) Capital risk management

The Group manages its capital to ensure the ability to continue as a going concern while minimizing the cost of capital and maximizing returns to shareholders. The management of the Group periodically reviews the capital structure and maintains an optimal capital mix through short and long-term borrowings and equity issuances. The capital structure consists of net debt (calculated as borrowings less cash and cash equivalents) and equity. The Group’s overall capital risk management policy remains consistent with the prior year.

Details of the Group’s capital management accounts as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025				As of December 31, 2024
Total borrowings and debt securities		W	130,478,379				132,533,400
Cash and cash equivalents			2,275,359				2,382,979
Net borrowings and debt securities			128,203,020				130,150,421
Total equity			47,751,330				41,362,833
Debt to equity ratio			268.48	%			314.66	%

(2) Financial risk management

The Group is exposed to various risks related to its financial instruments, such as market risk (currency risk, interest rate risk, price risk), and credit risk. The Group monitors and manages the financial risks relating to the operations of the Group through internal risk reports which analyze exposures by degree and magnitude of risks. The Group uses derivative financial instruments to hedge certain risk exposures. The Group’s overall financial risk management strategy remains consistent with the prior year.

(i) Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises primarily from the sales activities, securities and derivatives. In addition, credit risk exposure may exist within financial guarantees and unused line of credits. As these financial institutions the Group makes transactions with are reputable financial institutions, the credit risk from them is considered limited. The Group decides credit transaction limits based on evaluation of client’s credit, through information obtained from the credit bureau and disclosed financial position at committing contracts.

① Credit risk management

Electricity sales, the main operations of the Group are the necessity for daily life and industrial activities of Korean nationals and have importance as one of the national key industries. The Group dominates the domestic market supplying electricity to customers. The Group is not exposed to significant credit risk as customers of the Group are diverse and are from various industries and areas. The Group uses publicly available information and its own internal data related to trade receivables, to rate its major customers and to measure the credit risk that a counter party will default on a contractual obligation. For the incurred but not recognized loss, it is measured considering overdue period.

② Impairment and allowance account

In accordance with the Group policies, individual material financial assets are assessed on a regular basis. Trade receivables that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Value of the acquired collateral (including the confirmation of feasibility) and estimated collectible amounts are included in this assessment.

Allowance for bad debts assessed on a collective basis is recognized for (i) the group of assets which individually are not material and (ii) incurred but not recognized losses that are assessed using statistical methods, judgment and past experience.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

44. Risk Management, Continued

(2) Financial risk management, continued

Book values of the financial assets represent the maximum exposed amounts of the credit risk. Details of the Group’s level of maximum exposure to credit risk as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025				As of December 31, 2024
Cash and cash equivalents		W	2,275,359				2,382,979
Financial assets at fair value through profit or loss (*1)			3,056,612				2,013,948
Derivative assets (trading)			1,252,196				1,846,527
Financial assets at fair value through other comprehensive income (debt securities)			5,045				5,045
Financial assets at amortized cost			31,202				30,233
Loans			886,361				908,148
Long-term/short-term financial instruments			3,401,141				1,960,140
Derivative assets (applying hedge accounting)			379,851				844,637
Trade and other receivables			15,433,453				15,373,625
Financial guarantee contracts (*2)			4,180,433				5,151,554
		W	30,901,653				30,516,836

(*1) Equity investments held by the Group are excluded.

(*2) Maximum exposure associated with the financial guarantee contracts is the maximum amounts of the obligation.

For the nine-month period ended September 30, 2025, there are no financial assets and non-financial assets that were acquired through the exercise of the right of collateralized assets and reinforcement of credit arrangement.

(ii) Market risk

Market risk is the risk that the Group’s fair values of the financial instruments or future cash flows are affected by the changes in the market. Market risk consists of interest rate risk, currency risk and other price risk.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

44. Risk Management, Continued

(2) Financial risk management, continued

(iii) Sensitivity analysis

Significant assets and liabilities with uncertainties in underlying assumptions.

① Defined benefit obligation

A sensitivity analysis of defined benefit obligation assuming a 1%p increase and decrease in the actuarial valuation assumptions as of September 30, 2025 and December 31, 2024 is as follows:

In millions of won				As of September 30, 2025								As of December 31, 2024
Type		Accounts		1%p Increase				1%p Decrease				1%p Increase				1%p Decrease
Future salary increases		Increase (decrease) in defined benefit obligation		W	520,522				(454,692	)			473,627				(413,799	)
Discount rate		Increase (decrease) in defined benefit obligation			(439,087	)			515,584				(429,517	)			506,031

Changes in retirement benefit costs assuming a 1%p increase and decrease in discount rate on plan asset for the nine-month periods ended September 30, 2025 and 2024 are W24,602 million and W23,556 million, respectively.

② Provisions

The underlying assumptions to estimate provisions as of September 30, 2025 and December 31, 2024 are as follows:

Accounts		Type		As of September 30, 2025				As of December 31, 2024
PCBs		Inflation rate			2.80	%			2.80	%
		Discount rate			2.90	%			2.90	%
Nuclear plants		Inflation rate			2.02	%			2.02	%
		Discount rate			2.78	%			2.78	%
Spent fuel		Inflation rate			1.91	%			1.91	%
		Discount rate			2.49	%			2.49	%
Radioactive waste		Inflation rate			3.32	%			3.32	%
		Discount rate			4.17	%			4.17	%

A sensitivity analysis of provisions assuming a 0.1%p increase and decrease in the underlying assumptions as of September 30, 2025 and December 31, 2024 is as follows:

In millions of won				As of September 30, 2025								As of December 31, 2024
Type		Accounts		0.1%p Increase				0.1%p Decrease				0.1%p Increase				0.1%p Decrease
Discount rate		PCBs		W	(29	)			29				(58	)			58
		Nuclear plants			(458,517	)			475,337				(464,727	)			481,899
		Spent fuel			(130,228	)			130,925				(129,983	)			130,679
		Radioactive waste			(10,808	)			10,913				(11,363	)			11,478
Inflation rate		PCBs			29				(29	)			58				(58	)
		Nuclear plants			518,346				(500,556	)			507,814				(490,386	)
		Spent fuel			134,099				(128,769	)			133,847				(128,527	)
		Radioactive waste			11,814				(11,715	)			11,167				(11,075	)

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

44. Risk Management, Continued

(2) Financial risk management, continued

Management judgment effected by uncertainties in underlying assumptions.

① Foreign currency risk

The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities as of September 30, 2025 and December 31, 2024 are as follows:

In thousands of foreign currencies		Assets												Liabilities
Type		As of September 30, 2025				As of December 31, 2024				As of September 30, 2025				As of December 31, 2024
AED			56,304				33,465				4,435				8,795
AUD			51				26				10				64
BDT			2,251				2,252				—				—
BWP			768				768				—				—
CAD			2				2				—				61
CHF			—				—				100,230				100,686
DOP			5,923				7,772				—				—
EGP			220,254				203,044				—				—
EUR			7,382				20,433				42,284				47,829
GBP			32				139				—				4
HKD			—				—				6,236,525				5,093,862
IDR			20,261,140				37,830,902				28,488,335				4,027,099
INR			1,161,183				1,037,437				190,774				225,042
JOD			438				902				258				49,128
JPY			192,185				23,798				4,771,980				7,483,199
KZT			1,495				1,510				—				—
MGA			9,111,659				5,452,745				698,148				248,175
MMK			188,021				188,021				—				—
MYR			2,805				2,805				—				—
PHP			81,722				19,401				—				—
PKR			58,591,865				68,734,242				10,418				10,418
SAR			1,043				1,087				—				—
SEK			—				—				449,337				449,302
SGD			143				291				—				110
USD			1,364,030				1,651,765				12,724,150				15,364,685
UYU			200,540				99,189				1,037				1,141
VND			969,496				733,338				—				587,003
ZAR			82,938				79,897				—				—

A sensitivity analysis on the Group’s income for the period assuming a 10% increase and decrease in currency exchange rates as of September 30, 2025 and December 31, 2024 is as follows:

In millions of won		As of September 30, 2025								As of December 31, 2024
Type		10% Increase				10% Decrease				10% Increase				10% Decrease
Increase (decrease) of profit before income tax		W	(1,704,514	)			1,704,514				(2,114,808	)			2,114,808
Increase (decrease) of shareholder’s equity (*)			(1,704,514	)			1,704,514				(2,114,808	)			2,114,808

(*) The effect on the shareholder’s equity excludes the impact of income taxes.

The sensitivity analysis above is conducted for monetary assets and liabilities denominated in foreign currencies other than functional currency, without consideration of hedge effect of related derivatives, as of September 30, 2025 and December 31, 2024.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

44. Risk Management, Continued

(2) Financial risk management, continued

To manage its foreign currency risk related to foreign currency denominated receivables and payables, the Group has a policy to enter into currency swap agreements. In addition, to manage its foreign currency risk related to foreign currency denominated expected sales transactions and purchase transactions, the Group enters into currency forward agreements.

There is an economic relationship between the hedged item and the hedging instrument as the terms of cross-currency swap agreement are consistent with the terms of expected transaction (repayment of foreign debt securities and others). The hedging ratio is 1:1 as the risk of cross-currency swap agreement matches the hedged item. As of September 30, 2025, the hedging instrument (cross-currency swap) hedges the risk of the hedged item (repayment of foreign debt securities and others).

② Interest rate risk

The Group is exposed to interest rate risk due to its borrowing with floating interest rates. A 1%p increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates.

The Group’s borrowings and debt securities with floating interest rates as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won Type		As of September 30, 2025				As of December 31, 2024
Short-term borrowings		W	3,328,214				4,069,444
Long-term borrowings			10,632,988				10,112,707
Debt securities			742,677				41,578
		W	14,703,879				14,223,729

A sensitivity analysis on the Group’s borrowings and debt securities assuming a 1%p increase and decrease in interest rates for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 is as follows:

In millions of won		For the nine-month period ended September 30, 2025								For the year ended December 31, 2024
Type		1%p Increase				1%p Decrease				1%p Increase				1%p Decrease
Increase (decrease) of profit before income tax		W	(110,279	)			110,279				(142,237	)			142,237
Increase (decrease) of shareholder’s equity (*)			(110,279	)			110,279				(142,237	)			142,237

(*) The effect on the shareholder’s equity excludes the impact of income taxes.

The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. To manage this, the Group enters into interest rate swaps, in which it agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. The above analysis measures the interest rate risk before reflecting the hedge effect by related derivatives.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

44. Risk Management, Continued

(2) Financial risk management, continued

③ Electricity rates risk

The Group is exposed to electricity rates risk due to changes in government regulations and policies on national power supply schemes and electricity billing rates, in consideration of the national economy.

A sensitivity analysis on the Group’s income for the period assuming a 1% increase and decrease in price of electricity for the nine-month periods ended September 30, 2025 and 2024 is as follows:

In millions of won		For the nine-month period ended September 30, 2025								For the nine-month period ended September 30, 2024
Type		1% Increase				1% Decrease				1% Increase				1% Decrease
Increase (decrease) of profit before income tax		W	706,316				(706,316	)			667,279				(667,279	)
Increase (decrease) of shareholder’s equity (*)			706,316				(706,316	)			667,279				(667,279	)

(*) The effect on the shareholder’s equity excludes the impact of income taxes.

(iv) Liquidity risk

The Group has established an appropriate liquidity risk management framework for the management of the Group’s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by continuously monitoring forecasted and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

In addition, the Group has established credit lines on its trade financing and bank overdrafts, and through payment guarantees it has received, it maintains an adequate credit (borrowing) line. In addition, the Group has the ability to utilize excess cash or long-term borrowings for major construction investments.

The expected maturities of non-derivative financial liabilities as of September 30, 2025 and December 31, 2024 in detail are as follows:

In millions of won		As of September 30, 2025
Type		Less than 1 year				1~2 Years				2~5 Years				More than 5 years				Total
Borrowings		W	21,086,326				641,902				718,105				2,663,101				25,109,434
Debt securities			27,979,522				29,129,130				37,783,793				26,587,968				121,480,413
Lease liabilities			560,073				455,444				1,144,199				1,380,056				3,539,772
Trade and other payables (*1)			8,211,785				368,540				685,309				519,005				9,784,639
Financial guarantee contracts (*2)			4,180,433				—				—				—				4,180,433
		W	62,018,139				30,595,016				40,331,406				31,150,130				164,094,691

(*1) Excludes lease liabilities.

(*2) The total amount represents the maximum exposure that the Group would be obliged to bear in the event of a financial guarantee occurrence, allocated to the earliest period in which the guarantee may be called upon. As of September 30, 2025, the Group has recognized W45,202 million as a provision for financial guarantee contracts.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

44. Risk Management, Continued

(2) Financial risk management, continued

In millions of won		As of December 31, 2024
Type		Less than 1 year				1~2 Years				2~5 Years				More than 5 years				Total
Borrowings		W	18,887,527				430,883				1,300,087				2,032,303				22,650,800
Debt securities			28,967,125				29,601,867				39,451,207				28,885,833				126,906,032
Lease liabilities			632,878				553,030				1,264,310				1,670,416				4,120,634
Trade and other payables (*1)			8,807,823				354,778				631,653				526,846				10,321,100
Financial guarantee contracts (*2)			3,156,187				1,712,801				270,806				11,760				5,151,554
		W	60,451,540				32,653,359				42,918,063				33,127,158				169,150,120

(*1) Excludes lease liabilities.

(*2) The total amount represents the maximum exposure that the Group would be obliged to bear in the event of a financial guarantee occurrence, and it is classified by maturity of the guarantee contracts. The maximum amount of guarantee that may be called upon at the earliest period is W5,151,554 million. As of December 31, 2024, the Group has recognized W30,924 million as a provision for financial guarantee contracts.

As the Group manages liquidity based on net assets and net liabilities, information about non-derivative financial assets should be included in the disclosure for better understanding of liquidity risk management.

The expected maturities of non-derivative financial assets as of September 30, 2025 and December 31, 2024 in detail are as follows:

In millions of won		As of September 30, 2025
Type		Less than 1 year				1~5 Years				More than 5 years				Other (*)				Total
Cash and cash equivalents		W	2,275,359				—				—				—				2,275,359
Financial assets at fair value through other comprehensive income			—				—				—				814,875				814,875
Financial assets at amortized cost			21,067				10,135				—				—				31,202
Loans and receivables			83,687				387,421				310,225				141,941				923,274
Long-term/short-term financial Instruments			2,596,122				19,414				—				785,605				3,401,141
Financial assets at fair value through profit or loss			2,506,258				313,670				674,486				529,117				4,023,531
Trade and other receivables			12,407,441				2,668,387				3,587,041				—				18,662,869
		W	19,889,934				3,399,027				4,571,752				2,271,538				30,132,251

In millions of won		As of December 31, 2024
Type		Less than 1 year				1~5 Years				More than 5 years				Other (*)				Total
Cash and cash equivalents		W	2,382,979				—				—				—				2,382,979
Financial assets at fair value through other comprehensive income			—				—				—				674,850				674,850
Financial assets at amortized cost			20,418				1,333				8,482				—				30,233
Loans and receivables			110,005				347,251				369,851				118,013				945,120
Long-term/short-term financial Instruments			1,147,929				583				—				811,628				1,960,140
Financial assets at fair value through profit or loss			1,467,954				346,982				780,130				494,710				3,089,776
Trade and other receivables			12,245,159				1,506,085				2,126,928				—				15,878,172
		W	17,374,444				2,202,234				3,285,391				2,099,201				24,961,270

(*) The maturities cannot be presently determined.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

44. Risk Management, Continued

(2) Financial risk management, continued

Derivative liabilities classified by maturity periods from reporting date to maturity dates as per the contracts as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025
Type		Less than 1 year				1~2 Years				2~5 Years				More than 5 years				Total
Net settlement
- Trading		W	—				—				—				—				—
Gross settlement
- Trading and others			(77,781	)			(99,208	)			(40,875	)			(89,669	)			(307,533	)
- Hedging			—				—				—				—				—
		W	(77,781	)			(99,208	)			(40,875	)			(89,669	)			(307,533	)

In millions of won		As of December 31, 2024
Type		Less than 1 year				1~2 Years				2~5 Years				More than 5 years				Total
Net settlement
- Trading		W	—				—				—				—				—
Gross settlement
- Trading and others			(46,087	)			(61,259	)			(73,017	)			(31,760	)			(212,123	)
- Hedging			—				—				—				(4,895	)			(4,895	)
		W	(46,087	)			(61,259	)			(73,017	)			(36,655	)			(217,018	)

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

44. Risk Management, Continued

(3) Fair value risk

The fair value of the Group’s actively-traded financial instruments (i.e., FVTPL, FVOCI, etc.) is based on the traded market-price as of the reporting period end. The fair value of the Group’s financial assets is the amount which the asset could be exchanged for or the amount a liability could be settled for.

The fair values of financial instruments where no active market exists or where quoted prices are not otherwise available are determined by using valuation techniques. Valuation techniques include using recent arm’s length market transactions between knowledgeable, willing parties, if available, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis and option pricing models. If there is a valuation technique commonly used by market participants to price the instrument and that technique has been demonstrated to provide reliable estimates of prices obtained in actual market transactions, the Group uses that technique.

For trade receivables and payables, the Group considers the carrying value net of impairment as fair value. While for disclosure purposes, the fair value of financial liabilities is estimated by discounting the future contractual cash flows based on current market interest rates applied to similar financial instruments.

(i) Fair values and book values of financial assets and liabilities as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025								As of December 31, 2024
Type		Book value				Fair value				Book value				Fair value
Assets recognized at fair value
Financial assets at fair value through other comprehensive income		W	814,875				814,875				674,850				674,850
Derivative assets (trading)			1,252,196				1,252,196				1,846,527				1,846,527
Derivative assets (applying hedge accounting)			379,851				379,851				844,637				844,637
Financial assets at fair value through profit or loss			3,223,360				3,223,360				2,176,172				2,176,172
		W	5,670,282				5,670,282				5,542,186				5,542,186
Assets carried at amortized cost
Financial assets at amortized cost		W	31,202				31,202				30,233				30,233
Loans and receivables			886,361				886,361				908,148				908,148
Trade and other receivables			15,433,453				15,433,453				15,373,625				15,373,625
Long-term financial instruments			805,019				805,019				812,211				812,211
Short-term financial instruments			2,596,122				2,596,122				1,147,929				1,147,929
Cash and cash equivalents			2,275,359				2,275,359				2,382,979				2,382,979
		W	22,027,516				22,027,516				20,655,125				20,655,125
Liabilities recognized at fair value
Derivative liabilities (trading)		W	326,836				326,836				279,932				279,932
Derivative liabilities (applying hedge accounting)			—				—				4,893				4,893
		W	326,836				326,836				284,825				284,825
Liabilities carried at amortized cost
Secured borrowings		W	1,352,648				1,352,648				1,443,125				1,443,125
Unsecured bond			107,571,534				107,811,439				111,874,019				110,798,858
Lease liabilities			3,185,472				3,185,472				3,699,456				3,699,456
Unsecured borrowings			21,458,844				21,420,392				19,040,213				18,994,676
Trade and other payables (*)			9,784,639				9,784,639				10,321,100				10,321,100
Overdraft			95,353				95,353				176,043				176,043
		W	143,448,490				143,649,943				146,553,956				145,433,258

(*) Excludes lease liabilities.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

44. Risk Management, Continued

(3) Fair value risk, continued

(ii) Interest rates used for determining fair value

The interest rates used to discount estimated cash flows, when applicable, are based on the government yield curve at the reporting date plus an adequate credit spread.

The discount rates used for calculating fair value as of September 30, 2025 and December 31, 2024 are as follows:

Type		As of September 30, 2025		As of December 31, 2024
Derivatives		0.00% ~ 4.88%		0.03% ~ 4.88%
Borrowings and debt securities		0.34% ~ 5.38%		0.96% ~ 5.84%
Leases		0.00% ~ 17.56%		0.00% ~ 17.15%

(iii) Fair value hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, classified as Level 1, 2 or 3, based on the degree to which the fair value is observable.

Level 1:		Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2:		Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and
Level 3:		Inputs that are not based on observable market data.

Fair values of financial instruments by hierarchy level as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025
Type		Level 1				Level 2				Level 3				Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income		W	499,959				—				314,916				814,875
Derivative assets			—				1,493,777				138,270				1,632,047
Financial assets at fair value through profit or loss			—				3,216,951				6,409				3,223,360
		W	499,959				4,710,728				459,595				5,670,282
Financial liabilities at fair value
Derivative liabilities		W	—				180,626				146,210				326,836

In millions of won		As of December 31, 2024
Type		Level 1				Level 2				Level 3				Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income		W	360,096				—				314,754				674,850
Derivative assets			—				2,691,164				—				2,691,164
Financial assets at fair value through profit or loss			—				2,169,300				6,872				2,176,172
		W	360,096				4,860,464				321,626				5,542,186
Financial liabilities at fair value
Derivative liabilities		W	—				284,825				—				284,825

The fair value of financial assets traded in the market (including those measured at FVTPL and FVOCI) is measured at the closing bid price quoted at the end of the reporting period. Meanwhile, the fair value of unmarketable financial assets (including those measured at FVTPL and FVOCI) is calculated using the fair value measurement performed by external pricing service agents. In addition, the Group considered the major economic indicators and economic environment of the derivatives to be evaluated, and measured the fair value of the derivatives using a discounted cash flow model that reflects the Group’s credit risk.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

44. Risk Management, Continued

(3) Fair value risk, continued

Changes in financial assets and liabilities which are classified as level 3 for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025
		Beginning balance				Acquisitions				Reclassified category				Valuation				Disposal				Foreign currency translation and others				Ending balance
Financial assets at fair value
Financial assets at fair value through profit or loss Cooperative		W	6,872				—				—				(463	)			—				—				6,409
Financial assets at fair value through other comprehensive income Unlisted securities			309,709				—				—				(589	)			(9	)			760				309,871
Debt securities			5,045				—				—				—				—				—				5,045
Derivatives Others			—				6,840				129,359				3,126				(5,457	)			4,402				138,270
Financial liabilities at fair value
Derivatives Others			—				—				170,244				(8,354	)			(13,659	)			(2,021	)			146,210

In millions of won		For the year ended December 31, 2024
		Beginning balance				Acquisitions				Reclassified category				Valuation				Disposal				Foreign currency translation and others				Ending balance
Financial assets at fair value
Financial assets at fair value through profit or loss Cooperative		W	6,735				—				22				115				—				—				6,872
Financial assets at fair value through other comprehensive income Unlisted securities			212,762				4,000				—				88,256				—				4,691				309,709
Debt securities			4,627				—				—				418				—				—				5,045

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

45. Service Concession Arrangements

(1) Hydroelectric Power Generation at Semangka, Indonesia

(i) Significant terms and concession period of the arrangement

Regarding Semangka hydroelectric power-generation business in Indonesia, the Group has entered into a contract with PT. Perusahaan Listrik Negara (the “PT PLN”) whereby the Group shall provide electricity generated for about 30 years (2018 ~ 2048) subsequent to the completion of plant construction and shall receive tariff rates designed to recover capital cost, fixed O&M cost, water usage cost, variable O&M cost and special facilities cost during the concession period.

(ii) Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2018 to 2048. At the end of the concession period, PT PLN has an option to take over the ownership of the power plant from the Group.

(iii) Classification method

This project allows PT PLN to acquire ownership of the plant after the end of the 30 years concession period.

(iv) The Group’s expected future collections of service concession arrangements as of September 30, 2025 are as follows:

In millions of won
Type		Amounts
Less than 1 year		W	35,137
1 ~ 2 years			35,181
2 ~ 3 years			35,348
Over 3 years			510,154
		W	615,820

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

45. Service Concession Arrangements, Continued

(2) Pakistan Gulpur Hydropower Project

(i) Significant terms and concession period of the arrangement

The Group has entered into a contract with CPPAg (Central Power Purchasing Agency Guarantee Limited) whereby the Group shall provide electricity generated for approximately 30 years (2020 ~ 2050) subsequent to the completion of plant construction and shall receive tariff rates designed to recover capital cost, variable O&M cost, fixed O&M cost, water usage cost, insurance cost and others during the concession period.

(ii) Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2020 to 2050. The Government of Pakistan has an option to take over the ownership of the power plant from the Group after the concession period has elapsed.

(iii) Classification method

This project allows the Government of Pakistan to acquire ownership of the plant after the end of the concession period.

(iv) The Group’s expected future collections of service concession arrangements as of September 30, 2025 are as follows:

In millions of won
Type		Amounts
Less than 1 year		W	77,766
1 ~ 2 years			77,766
2 ~ 3 years			77,766
Over 3 years			830,019
		W	1,063,317

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

45. Service Concession Arrangements, Continued

(3) Guam Ukudu Combined thermal power plant Project

(i) Significant terms and concession period of the arrangement

The Group has entered into a contract with Guam Power Authority whereby the Group shall provide electricity generated for approximately 25 years (from 2025 to 2050) subsequent to the completion of plant construction and shall receive tariff rates designed to recover variable O&M cost, fixed O&M cost and others during the concession period.

(ii) Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2025 to 2050. The Guam Power Authority takes over the ownership of the power plant from the Group after the concession period has elapsed.

(iii) Classification method

This project allows the Guam Power Authority to acquire ownership of the plant after the end of the concession period.

(iv) The Group’s expected future collections of service concession arrangements as of September 30, 2025 are as follows:

In millions of won
Type		Amounts
Less than 1 year		W	112,187
1 ~ 2 years			113,177
2 ~ 3 years			114,212
Over 3 years			2,730,992
		W	3,070,568

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46. Related Parties

(1) The Group’s related parties as of September 30, 2025 are as follows:

Type		Related party
Parent		Republic of Korea government
Subsidiaries (170 subsidiaries)		Korea Hydro & Nuclear Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Midland Power Co., Ltd., Korea Western Power Co., Ltd., Korea Southern Power Co., Ltd., Korea East-West Power Co., Ltd., KEPCO Engineering & Construction Company, Inc., KEPCO Plant Service & Engineering Co., Ltd., KEPCO Nuclear Fuel Co., Ltd., KEPCO KDN Co., Ltd., Gyeonggi Green Energy Co., Ltd., Korea Offshore Wind Power Co., Ltd., KOSEP Material Co., Ltd., KEPCO International HongKong Ltd., KEPCO International Philippines Inc., KEPCO Philippines Corporation, KEPCO Ilijan Corporation, KEPCO Gansu International Ltd., KEPCO Philippines Holdings Inc., KEPCO Neimenggu International Ltd., KEPCO Australia Pty., Ltd., KEPCO Shanxi International Ltd., KOMIPO Global Pte Ltd., KOSEP Australia Pty., Ltd., KOMIPO Australia Pty., Ltd., KOWEPO Australia Pty., Ltd., KOSPO Australia Pty., Ltd., KEPCO Netherlands B.V., KEPCO Middle East Holding Company, Qatrana Electric Power Company, KOWEPO International Corporation, KOSPO Jordan LLC, Korea Waterbury Uranium Limited Partnership, PT. Cirebon Power Service, EWP America Inc., KHNP Canada Energy Ltd., KEPCO Bylong Australia Pty., Ltd., KNF Canada Energy Limited, KEPCO Holdings de Mexico, KST Electric Power Company, S.A.P.I. de C.V., KEPCO Energy Service Company, KEPCO Netherlands S3 B.V., PT. KOMIPO Pembangkitan Jawa Bali, EWP Barbados 1 SRL, PT. Tanggamus Electric Power, KOMIPO America Inc., PT. EWP Indonesia, KEPCO Netherlands J3 B.V., Global One Pioneer B.V., Global Energy Pioneer B.V., Mira Power Limited, KEPCO KPS Philippines Corp., KOSPO Chile SpA, Gyeongju Wind Power Co., Ltd., California Power Holdings, LLC, EWP Renewable Corporation, Hee Mang Sunlight Power Co., Ltd., Fujeij Wind Power Company, KOSPO Youngnam Power Co., Ltd., Chitose Solar Power Plant LLC., KEPCO Solar Co., Ltd., KEPCO ES Co., Ltd., KOSPO Power Services Ltda., KOEN Bylong Pty., Ltd., KOWEPO Bylong Pty., Ltd., KOSPO Bylong Pty., Ltd., EWP Bylong Pty., Ltd., KOWEPO Lao International, KOMIPO Bylong Pty., Ltd., Energy New Industry Specialized Investment Private Investment Trust., KEPCO Mangilao Holdings LLC, Mangilao Investment LLC, KEPCO Mangilao Solar, LLC, Jeju Hanlim Offshore Wind Co., Ltd., PT. Siborpa Eco Power, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund VII, PT. Korea Energy Indonesia, KOLAT SpA, KEPCO California, LLC, KEPCO Mojave Holdings, LLC, Incheon Fuel Cell Co., Ltd., KOEN Service Co., Ltd., KOMIPO Service Co., Ltd., KOWEPO Service Co., Ltd., KOSPO Service Co., Ltd., EWP Service Co., Ltd., PT. KOMIPO Energy Indonesia, KNF Partners Co., Ltd., KOSPO USA Inc., KOSPO Niles LLC (formerly, Nambu USA LLC), Tamra Offshore Wind Power Co., Ltd., KEPCO MCS Co., Ltd., KEPCO FMS Co., Ltd., Firstkeepers Co., Ltd., Secutec Co., Ltd., SE Green Energy Co., Ltd., Mangilao Intermediate Holdings LLC, KEPCO CSC Co., Ltd., KOAK Power Limited, KOMIPO Europe B.V., Haenanum Energy Fund, Paju Ecoenergy Co., Ltd., Guam Ukudu Power LLC, K-SOLAR SHINAN Co., Ltd., KPS Partners Co., Ltd., KEPCO E&C Service Co., Ltd., Moha solar Co., Ltd., KHNP USA LLC, KOMIPO Vanphong Power Service LLC, Ogiri Solar Power Co., Ltd., BSK E-New Industry Fund X, Energy Innovation Fund I, KHNP Chile SpA, Yeong Yang Apollon Photovoltaic Co., Ltd., Yeong Yang Corporation Co., Ltd., SolarVader Co., Ltd., Yeong Yang Innovation Co., Ltd., Yeong Yang Horus Photovoltaic Co., Ltd., Yeong Yang Solar Management Co., Ltd., LSG Hydro Power Limited, KOEN Bio Co., Ltd., KOMIPO Energy Solution America, LLC, Elara Investment Holdings, LLC, Elara Equity Holdings, LLC, Elara Class B Holdings, LLC, Elara Class B Member, LLC, Elara Development Holdings, LLC, KOMIPO Development, LLC, Elara Energy Holdings, LLC, Elara Energy Project, LLC, KOMIPO Iberian Solar Group, S.L.U., KOWEPO Europe B.V., CVS Equity Holdings, LLC, CVS Class B Holdings, LLC, CVS Development Holdings, LLC, CVS Development, LLC, CVS Class B Member, LLC, CVS Energy Holdings, LLC, Concho Valley Energy, LLC, Concho Valley Solar, LLC, Jeongam Wind Power Co., Ltd., Yeongdeok Sunrise Wind Power Co., Ltd., UI Carbon-Neutrality Fund, KA Power Limited, Western Power Changgi Solar Co., Ltd., Digital Innovation Growth Fund, EWP Australia Pty., Ltd., Columboola Solar Farm Hold Co Pty., Ltd., J Wind First, LLC, KEPCO Holding Company, KEPCO for Maintenance Company, KOSPO Trumbull LLC, Changjuk Wind Power Co., Ltd., KEPCO KPS South Africa Pty., Ltd., Chile Solar JV SpA, KOWEPO Holding Limited, Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust, Columboola Solar Farm Fin Co Pty., Ltd., Magna Energy New Industrial Fund, EWP ESS Holdings, LLC, Fairhaven ESS LLC, KOSPO Rutile, LLC, Sprott Chile Solar I SpA, KEPCO Yona America LLC, EWP Yona America LLC, KEPCO SADAWI – FZCO, KOMIPO Middle East Energy L.L.C-FZ

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued

(1) The Group’s related parties as of September 30, 2025 are as follows, continued:

Type		Related party
Associates (104 entities) (*1)		Dongducheon Dream Power Co., Ltd., Korea Gas Corporation, Daegu Photovoltaic Co., Ltd., Haeng Bok Do Si Photovoltaic Power Co., Ltd., Korea Electric Power Industrial Development Co., Ltd., Goseong Green Power Co., Ltd., Gangneung Eco Power Co., Ltd., Shin Pyeongtaek Power Co., Ltd., Noeul Green Energy Co., Ltd., Gangwon Wind Power Co., Ltd., Gwangyang Green Energy Co., Ltd., Hyundai Green Power Co., Ltd., Korea Power Exchange, Taebaek Guinemi Wind Power Co., Ltd., Daeryun Power Co., Ltd., KNH Solar Co., Ltd., S-Power Co., Ltd., SPC Power Corporation, Gemeng International Energy Co., Ltd., PT. Cirebon Electric Power, KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co., Ltd., PT Wampu Electric Power, PT. Bayan Resources TBK, Nepal Water & Energy Development Company Private Limited, Xe-Pian Xe-Namnoy Power Co., Ltd., PT. Mutiara Jawa, Jinbhuvish Power Generation Pvt. Ltd., Daejung Offshore Wind Power Co., Ltd., GS Donghae Electric Power Co., Ltd., Busan Green Energy Co., Ltd., Hansuwon KNP Co., Ltd., Korea Electric Power Corporation Fund, Energy Infra Asset Management Co., Ltd., Yaksu ESS Co., Ltd., PND Solar Co., Ltd., Hyundai Eco Energy Co., Ltd., YeongGwang Yaksu Wind Electric Co., Ltd., Green Energy Electricity Generation Co., Ltd., Korea Energy Solutions Co., Ltd., ITR Co., Ltd., STN Co., Ltd., Indeck Niles Development, LLC, Indeck Niles Asset Management, LLC, Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1, Suwon New Power Co., Ltd., Gwangbaek Solar Power Investment Co., Ltd., Godeok Clean Energy Co., Ltd., SureDataLab Co., Ltd., SEP Co., Ltd., Hankook Electric Power Information Co., Ltd., Tronix Co., Ltd., O2&B Global Co., Ltd., Muan Sunshine Solar Power Plant Co., Ltd., Bigeum Resident Photovoltaic Power Co., Ltd., Goesan Solar park Co., Ltd., Saemangeum Heemang Photovoltaic Co., Ltd., Bitgoel Eco Energy Co., Ltd., Jeju Gimnyeong Wind Power Co., Ltd., Seoroseoro Sunny Power Plant Co., Ltd., Muan Solar Park Co., Ltd., YuDang Solar Co., Ltd., Anjwa Smart Farm & Solar City Co., Ltd., KPE Green Energy Co., Ltd., G.GURU Co., Ltd., UD4M Co., Ltd., Dongbu Highway Solar Co., Ltd., Seobu Highway Solar Co., Ltd., Korea Energy Data Co., Ltd., Gangneung Sacheon Fuel Cell Co., Ltd., Taebaek Gadeoksan Wind Power Co., Ltd., Chuncheon Green Energy Co., Ltd., Yeomsubong Wind Power Co., Ltd., Yeongyang Wind Power Corporation II, Haeparang Energy Co., Ltd., Saemangeum Sebit Power Plant Co., Ltd., PlatformN. Co., Ltd., PT. Cirebon Energi Prasarana, Future Convergence Technology Laboratory. Co., Ltd., ECO Motion Co., Ltd., REC’s Innovation Co., Ltd., ACE, Co., Ltd., Environment and Energy Co., Ltd., Green Radiation Co., Ltd., Santiago Solar Power SpA, Yanggu Floating Photovoltaic Power Plant Inc., Changwon SG energy Co., Ltd., Donpyung Technology. Co., Ltd., Power Embedded, HORANG ENERGY Inc., Hoenggye Renewable Energy Co., Ltd., Haman Green Energy Co., Ltd., Songsan Green Energy Co., Ltd., SkyPic Inc., HyChangwon Fuel Cell. Co., Ltd., Dreams Co.,Ltd., DEEPAI Co.,Ltd., Amaala Sustainable Company for Energy, Remal First Holding Company, Naseem First Holding Company,Cheonwang Green Energy Co., Ltd., Namjeju Bitdream Energy Co., Ltd., Jeju Bukchon BES Power Co., Ltd., Commerce and Industry Energy Co., Ltd.,
Joint ventures (123 entities) (*1)		Daegu Green Power Co., Ltd., KEPCO SPC Power Corporation, KAPES, Inc., Honam Wind Power Co., Ltd., Korea Power Engineering Service Co., Ltd., Seokmun Energy Co., Ltd., Incheon New Power Co., Ltd., Chun-cheon Energy Co., Ltd., Yeonggwangbaeksu Wind Power Co., Ltd., KW Nuclear Components Co., Ltd., Busan Shinho Solar Power Co., Ltd., Global Trade Of Power System Co., Ltd., Expressway Solar-light Power Generation Co., Ltd., Gansu Datang Yumen Wind Power Co., Ltd., Datang Chifeng Renewable Power Co., Ltd., Rabigh Electricity Company, Rabigh Operation & Maintenance Company Limited, Datang KEPCO Chaoyang Renewable Power Co., Ltd., Shuweihat Asia Power Investment B.V., Shuweihat Asia Operation & Maintenance Company, Waterbury Lake Uranium L.P., ASM-BG Investicii AD, RES Technology AD, Jamaica Public Service Company Limited, KV Holdings, Inc., Amman Asia Electric Power Company, Kelar S.A., PT. Tanjung Power Indonesia, Nghi Son 2 Power LLC, Daehan Wind Power PSC, MOMENTUM, Barakah One Company, Nawah Energy Company, Yeonggwang Wind Power Co., Ltd., Chester Solar IV SpA, Chester Solar V SpA, Diego de Almagro Solar SpA, South Jamaica Power Company Limited, Daesan Green Energy Co., Ltd., RE Holiday Holdings LLC, RE Pioneer Holdings LLC, RE Barren Ridge 1 Holdings LLC, RE Astoria 2 LandCo LLC, RE Barren Ridge LandCo LLC, Laurel SpA, KIAMCO KOWEPO Bannerton Hold Co Pty Ltd, Cheong-Song Noraesan Wind Power Co., Ltd., Chester Solar I SpA, Solar Philippines Calatagan Corporation, Saemangeum Solar Power Co., Ltd., Chungsongmeon BongSan wind power Co., Ltd., Jaeun Resident Wind Power Plant Co., Ltd., Dangjin Eco Power Co., Ltd., Haemodum Solar Co., Ltd., Yangyang Wind Power Co., Ltd., Horus Solar, S.A. de C.V., Recursos Solares PV de Mexico II, S.A. de C.V., Sunmex Renovables, S.A. de C.V., Stavro Holding II A.B., Solaseado Solar Power Co., Ltd., Yeongam Solar Power Co., Ltd., Samsu Wind Power Co., Ltd., Pulau Indah Power Plant Sdn. Bhd., NH-Amundi Global Infrastructure Investment Private Investment Trust 21, Shin-han BNPP Private Investment Trust for East-West Sunlight Dream, PT Barito Wahana Tenaga, Cheongna Energy Co., Ltd., Boim Combined Heat and Power Generation Co., Ltd., OneEnergy Asia Limited, KAS INVESTMENT I LLC, KAS INVESTMENT II LLC, Energyco Co., Ltd., CAES, LLC, Hapcheon Floating Photovoltaic Power Plant Inc., Busan Industrial Solar Power Co., Ltd., Bitsolar Energy Co., Ltd., Naepo Green Energy Co., Ltd., Pulau Indah O&M Sdn. Bhd., Guadalupe Solar SpA, Omisan Wind Power Co., Ltd., Foresight Iberian Solar Group Holding, S.L., Yeongwol Eco Wind Co., Ltd., Gurae Resident Power Co., Ltd., Cheongju Eco Park Co., Ltd., Prime Swedish Holding AB, Enel X Midland Photovoltaic, LLC, Geumsungsan Wind Power Co., Ltd., KEPCO KPS CARABAO Corp., Goheung New Energy Co., Ltd., Gunsan Land Solar Co., Ltd., CapMan Lynx SCA, SICAR, International Offshore Power Transmission Holding Company Limited, Eumseong Eco Park Co., Ltd., Changwon Nu-ri Energy Co., Ltd., PungBack Wind Farm Corporation, Seobusambo highway photovoltaics Co., Ltd., Seokmun Green Energy, Pyeongchang Wind Power Co., Ltd., Trumbull Asset Management, LLC, S-Power Chile SpA, Taebaek Wind Power Co., Ltd., Yangyang Suri Wind Power Co., Ltd., KEPCO for Power Company, Kumyang Eco Park Co., Ltd., Jeongeup Green Power Co., Ltd., Hadong E-factory Co., Ltd., Namyangju Combined Heat and Power Co., Ltd., Wadi Noor Solar Power Company SAOC, Fairhaven Energy Storage LLC, Rutile BESS Holdings, LLC, Trumbull Development Partners, LLC, Samcheok Eco Materials Co., Ltd., Imha Floating Photovoltaic Power Plant Inc., Roof One Energy Co., Ltd., EDFR KOWEPO AJBAN PV HOLDING LIMITED, Taean Haetdeulwon Solar Co., Ltd., Haetbyeotgil Solar Co., Ltd., KES Yona Holdings L.L.C, Siraj AlTaqa AlNazifa, Seongseo Neulpureun Energy Co., Ltd., Luluah SKY Energy Holding Ltd., Nour Ibri Solar Power Company, Lucy Equity Holdings, LLC
Others (1 entity)		Korea Development Bank

(*1) Subsidiaries of associates and joint ventures are included.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued

(2) Transactions between the Group and its subsidiaries are eliminated during the consolidation and are not disclosed in notes.

(3) The related party transactions for each of the nine-month periods ended September 30, 2025 and 2024 are as follows:

<Sales and Others>

In millions of won						Sales and others
Company name		Transaction type				September 30, 2025				September 30, 2024
<Associates>
Korea Gas Corporation			Electricity sales			W	292,442				109,801
Goseong Green Power Co., Ltd.			Electricity sales				401,451				471,955
Dongducheon Dream Power Co., Ltd.			Electricity sales				15,142				8,271
Shin Pyeongtaek Power Co., Ltd.			Electricity sales				16,935				44,906
S-Power Co., Ltd.			Service				1,730				1,471
GS Donghae Electric Power Co., Ltd.			Electricity sales				18,658				6,289
Korea Power Exchange			Service				23,707				54,115
Gangneung Eco Power Co., Ltd.			Fuel sales				435,131				340,700
Korea Electric Power Industrial Development Co., Ltd.			Service				7,653				9,195
Daeryun Power Co., Ltd.			Electricity sales				51				2,688
PT. Bayan Resources TBK			Dividend income				109,528				82,764
Chuncheon Green Energy Co., Ltd.			Electricity sales				15,561				6,590
Gangneung Sacheon Fuel Cell Co., Ltd.			Electricity sales				9,242				4,394
Taebaek Gadeoksan Wind Power Co., Ltd.			Electricity sales				3,550				2,330
KPE Green Energy Co., Ltd.			Electricity sales				102				105
Busan Green Energy Co., Ltd.			Electricity sales				3,756				7,493
Noeul Green Energy Co., Ltd.			Electricity sales				5,401				5,039
Godeok Clean Energy Co., Ltd.			Electricity sales				1,571				9,286
Gangwon Wind Power Co., Ltd.			Electricity sales				1,516				1,668
Gemeng International Energy Co., Ltd.			Dividend income				20,644				—
Bitgoel Eco Energy Co., Ltd.			Service				1,877				3,008
Hyundai Eco Energy Co., Ltd.			Electricity sales				844				742
Saemangeum Sebit Power Plant Co., Ltd.			Electricity sales				1,155				1,220
Others (Anjwa Smart Farm & Solar City Co., Ltd. and 57 others)			Electricity sales				41,163				34,738
<Joint ventures>
Chun-cheon Energy Co., Ltd.			Electricity sales				727				745
Daegu Green Power Co., Ltd.			Electricity sales				1,584				1,356
KAPES, Inc.			Others				2,090				1,437
Daesan Green Energy Co., Ltd.			Electricity sales				437				228
Seokmun Energy Co., Ltd.			Electricity sales				1,457				1,506
Cheongju Eco Park Co., Ltd.			Electricity sales				102				196
Cheongna Energy Co., Ltd.			Others				30,129				26,308
KEPCO SPC Power Corporation			Dividend income				29,135				30,039
Yeongam Solar Power Co., Ltd.			Electricity sales				370				406
Solaseado Solar Power Co., Ltd.			Electricity sales				1,397				1,413
Seokmun Green Energy			Electricity sales				30				48
Yeonggwang Wind Power Co., Ltd.			Electricity sales				760				727
Eumseong Eco Park Co., Ltd.			Electricity sales				15				15
Amman Asia Electric Power Company			Others				16,884				19,677
Naepo Green Energy Co., Ltd.			Electricity sales				16,022				2,775
KW Nuclear Components Co., Ltd.			Service				1,260				1,370
Kelar S.A.			Service				14,632				16,426
Yeonggwangbaeksu Wind Power Co., Ltd.			Electricity sales				1,523				1,519
Bitsolar Energy Co., Ltd.			Electricity sales				326				375
Jamaica Public Service Company Limited			Dividend income				9,700				2,343
Others (Goheung New Energy Co., Ltd. and 67 others)			Electricity sales				170,753				247,869
<Others>
Korea Development Bank			Electricity sales				4,256				4,334
			Interest income				4,525				9,909
						W	1,736,924				1,579,789

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued

(3) The related party transactions for each of the nine-month periods ended September 30, 2025 and 2024 are as follows, continued:

<Purchase and Others>

In millions of won						Purchase and others
Company name		Transaction type				September 30, 2025				September 30, 2024
<Associates>
Korea Gas Corporation			Electricity sales			W	3,933,473				5,284,239
Goseong Green Power Co., Ltd.			Electricity sales				999,232				910,295
Dongducheon Dream Power Co., Ltd.			Electricity sales				861,383				1,110,898
Shin Pyeongtaek Power Co., Ltd.			Electricity sales				565,125				635,098
S-Power Co., Ltd.			Service				477,209				578,110
GS Donghae Electric Power Co., Ltd.			Electricity sales				428,066				418,885
Korea Power Exchange			Service				76,205				70,782
Gangneung Eco Power Co., Ltd.			Fuel sales				128				1,013
Korea Electric Power Industrial Development Co., Ltd.			Service				245,604				230,003
Daeryun Power Co., Ltd.			Electricity sales				205,650				217,285
PT. Bayan Resources TBK			Dividend income				68,314				86,964
Chuncheon Green Energy Co., Ltd.			Electricity sales				48,789				40,715
Gangneung Sacheon Fuel Cell Co., Ltd.			Electricity sales				32,691				26,123
Taebaek Gadeoksan Wind Power Co., Ltd.			Electricity sales				26,762				26,372
KPE Green Energy Co., Ltd.			Electricity sales				27,121				31,603
Busan Green Energy Co., Ltd.			Electricity sales				21,200				20,975
Noeul Green Energy Co., Ltd.			Electricity sales				19,047				15,229
Godeok Clean Energy Co., Ltd.			Electricity sales				21,712				27,325
Gangwon Wind Power Co., Ltd.			Electricity sales				20,029				17,070
Bitgoel Eco Energy Co., Ltd.			Service				17,944				24,847
Hyundai Eco Energy Co., Ltd.			Electricity sales				18,427				18,560
Saemangeum Sebit Power Plant Co., Ltd.			Electricity sales				15,923				16,383
Others (Anjwa Smart Farm & Solar City Co., Ltd and 57 others)			Electricity sales				164,127				97,074
<Joint ventures>
Chun-cheon Energy Co., Ltd.			Electricity sales				281,138				333,792
Daegu Green Power Co., Ltd.			Electricity sales				207,932				257,141
KAPES, Inc.			Others				130,198				15,880
Daesan Green Energy Co., Ltd.			Electricity sales				110,284				129,029
Seokmun Energy Co., Ltd.			Electricity sales				33,505				40,800
Cheongju Eco Park Co., Ltd.			Electricity sales				31,364				33,059
Cheongna Energy Co., Ltd.			Others				60				62
Yeongam Solar Power Co., Ltd.			Electricity sales				26,494				35,303
Solaseado Solar Power Co., Ltd.			Electricity sales				24,994				16,355
Seokmun Green Energy			Electricity sales				21,373				17,871
Yeonggwang Wind Power Co., Ltd.			Electricity sales				19,433				25,251
Eumseong Eco Park Co., Ltd.			Electricity sales				17,299				20,109
KW Nuclear Components Co., Ltd.			Service				14,007				6,880
Yeonggwangbaeksu Wind Power Co., Ltd.			Electricity sales				10,785				9,604
Bitsolar Energy Co., Ltd.			Electricity sales				9,881				9,448
Jamaica Public Service Company Limited			Dividend income				119				178
Others (Goheung New Energy Co., Ltd. and 67 others)			Electricity sales				110,772				78,009
<Others>
Korea Development Bank			Interest expense				50,159				6,624
						W	9,393,958				10,941,243

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued

(4) Receivables and payables arising from the related party transactions as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won				Receivables								Payables
Company name		Type		September 30, 2025				December 31, 2024				September 30, 2025				December 31, 2024
<Associates>
Korea Gas Corporation		Trade receivables		W	10,418				15,766				—				—
		Non-trade receivables and others			136,346				404				—				—
		Trade payables			—				—				318,388				482,008
		Non-trade payables and others			—				—				1,343				1,486
Goseong Green Power Co., Ltd.		Trade receivables			38,444				30,732				—				—
		Non-trade receivables and others			360				1,438				—				—
		Trade payables			—				—				135,026				162,719
		Non-trade payables and others			—				—				42,989				45,174
GS Donghae Electric Power Co., Ltd.		Trade receivables			303				22				—				—
		Non-trade receivables and others			157				109				—				—
		Trade payables			—				—				142,562				90,468
		Non-trade payables and others			—				—				30				—
Dongducheon Dream Power Co., Ltd.		Trade receivables			1,104				6,350				—				—
		Non-trade receivables and others			286				637				—				—
		Trade payables			—				—				70,377				114,962
		Non-trade payables and others			—				—				—				29
Shin Pyeongtaek Power Co., Ltd.		Trade receivables			1,620				1,720				—				—
		Non-trade receivables and others			1,109				5,812				—				—
		Trade payables			—				—				57,855				77,222
		Non-trade payables and others			—				—				769				2,450
Busan Green Energy Co., Ltd.		Trade receivables			18				1				—				—
		Non-trade receivables and others			48,423				43,790				—				—
		Trade payables			—				—				—				—
		Non-trade payables and others			—				—				4,115				4,799
Noeul Green Energy Co., Ltd.		Trade receivables			1				5				—				—
		Non-trade receivables and others			32,686				27,043				—				—
		Trade payables			—				—				—				—
		Non-trade payables and others			—				—				3,385				3,699
S-Power Co., Ltd.		Trade receivables			233				264				—				—
		Non-trade receivables and others			60				54				—				—
		Trade payables			—				—				34,802				73,377
		Non-trade payables and others			—				—				—				19
Chuncheon Green Energy Co., Ltd.		Trade receivables			—				—				—				—
		Non-trade receivables and others			25,820				10,870				—				—
		Trade payables			—				—				—				—
		Non-trade payables and others			—				—				8,722				8,881
Others (Gangneung Sacheon Fuel Cell Co., Ltd. and 50 others)		Trade receivables			38,355				21,449				—				—
		Non-trade receivables and others			54,089				76,369				—				—
		Trade payables			—				—				43,708				77,583
		Non-trade payables and others			—				—				29,768				20,254

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued

(4) Receivables and payables arising from the related party transactions as of September 30, 2025 and December 31, 2024 are as follows, continued:

In millions of won				Receivables								Payables
Company name		Type		September 30, 2025				December 31, 2024				September 30, 2025				December 31, 2024
<Joint ventures>
KAPES Inc.		Trade receivables		W	3				4				—				—
		Non-trade receivables and others			62,771				90,088				—				—
		Trade payables			—				—				—				—
		Non-trade payables and others			—				—				1,556				3,041
Kelar S.A.		Trade receivables			2,074				3,244				—				—
		Non-trade receivables and others			38,469				36,010				—				—
		Trade payables			—				—				—				—
		Non-trade payables and others			—				—				—				—
Boim Combined Heat and Power Generation Co., Ltd.		Trade receivables			46				47				—				—
		Non-trade receivables and others			4,586				3,208				—				—
		Trade payables			—				—				243				445
		Non-trade payables and others			—				—				27,443				13,824
Cheongju Eco Park Co., Ltd.		Trade receivables			—				—				—				—
		Non-trade receivables and others			21,343				13,461				—				—
		Trade payables			—				—				6,813				9,105
		Non-trade payables and others			—				—				1,879				2,853
Amman Asia Electric Power Company		Trade receivables			2,874				4,653				—				—
		Non-trade receivables and others			—				—				—				—
		Trade payables			—				—				—				—
		Non-trade payables and others			—				—				24,109				23,559
Others (Chun-cheon Energy Co., Ltd. and 64 others)		Trade receivables			322,609				271,039				—				—
		Non-trade receivables and others			11,881				35,392				—				—
		Trade payables			—				—				57,926				88,950
		Non-trade payables and others			—				—				19,611				11,812
<Others>
Korea Development Bank		Accrued Interest Receivable			1,440				—				—				—
		Non-trade receivables and others			30,007				34,138				—				—
		Non-trade payables and others			—				—				22				231
		Derivatives and others			130,096				273,627				13,764				2,421
				W	1,018,031				1,007,746				1,047,205				1,321,371

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued

(5) Loans and others arising from the related party transactions as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won
Type		Company name		Beginning balance				Loans				Collection				Others				Ending balance
Associates		KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co., Ltd.		W	33,066				710				—				—				33,776
		(Allowance for doubtful accounts)			(33,066	)			(710	)			—				—				(33,776	)
Associates		Xe-Pian Xe-Namnoy Power Co., Ltd.			26,606				—				—				(1,228	)			25,378
Associates		PT. Cirebon Energi Prasarana			38,865				—				—				(165	)			38,700
Associates		Daejung Offshore Wind Power Co., Ltd.			1,000				—				—				—				1,000
Associates		Bitgoel Eco Energy Co., Ltd.			26,625				—				(3,124	)			—				23,501
Associates		Saemangeum Sebit Power Plant Co., Ltd.			27,550				—				(5,374	)			—				22,176
Associates		Remal First Holding Company			—				1				—				—				1
Associates		Nassem First Holding Company			—				1				—				—				1
Associates		Jeju Bukchon BES Power Co., Ltd.			—				7,380				—				—				7,380
Joint ventures		Solaseado Solar Power Co., Ltd.			34,929				—				(749	)			—				34,180
Joint ventures		Recursos Solares PV de Mexico II, S.A. de C.V.			14,313				1,512				—				(630	)			15,195
Joint ventures		Horus Solar, S.A. de C.V.			13,677				—				—				(631	)			13,046
Joint ventures		Sunmex Renovables, S.A. de C.V.			21,793				2,529				—				(1,007	)			23,315
Joint ventures		Kelar S.A.			19,291				—				(9	)			(1,874	)			17,408
Joint ventures		DE Energia SpA			8,420				—				(8,420	)			—				—
Joint ventures		Daehan Wind Power PSC			16,956				—				(595	)			(765	)			15,596
Joint ventures		Bitsolar Energy Co., Ltd.			3,165				—				—				—				3,165
Joint ventures		Daesan Green Energy Co., Ltd.			2,491				811				—				—				3,302
Joint ventures		Yangyang Wind Power Co., Ltd.			3,257				—				—				—				3,257
Joint ventures		Nghi Son 2 Power LLC			168,601				—				(19,429	)			(7,549	)			141,623
Joint ventures		Guadalupe Solar SpA			3,352				—				(104	)			(154	)			3,094
Joint ventures		Foresight Iberian Solar Group Holding, S.L.			71,137				3,769				(3,892	)			8,768				79,782
Joint ventures		Capman Lynx SCA, SICAR			35,210				—				—				—				35,210
		(Allowance for doubtful accounts)			(35,210	)			—				—				—				(35,210	)
Joint ventures		S-Power Chile SpA			294				—				—				(14	)			280
Joint ventures		Omisan Wind Power Co., Ltd.			8,894				—				—				—				8,894
Joint ventures		Gurae Resident Power Co., Ltd.			—				106				—				—				106
Joint ventures		Yeongwol Eco Wind Co., Ltd.			—				2,178				—				—				2,178
Joint ventures		KAS Investment I LLC			7,517				—				—				(351	)			7,166
Joint ventures		KAS Investment II LLC			7,567				—				—				(345	)			7,222
				W	526,300				18,287				(41,696	)			(5,945	)			496,946

(6) Borrowings arising from the related party transactions as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won
Related parties		Type		Beginning balance				Borrowings				Repayment				Others				Ending balance
Korea Development Bank		Facility		W	84,653				—				(7,987	)			(719	)			75,947
		Others			1,424				—				(245	)			—				1,179
		Operating funds			100,000				317,711				(397,711	)			—				20,000
		EBL and others			149,862				2,005				(11,329	)			(2,634	)			137,904
				W	335,939				319,716				(417,272	)			(3,353	)			235,030

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued

(7) Guarantees provided to the related parties as of September 30, 2025 are as follows:

In millions of won and thousands of foreign currencies

Primary guarantor		Principal obligor		Type of guarantees		Credit limit				Creditor
Korea Electric Power Corporation		Shuweihat Asia Operation & Maintenance Company		Performance guarantees			USD 11,000			Shuweihat Asia Power Investment B.V.
Korea Electric Power Corporation		Rabigh Operation & Maintenance Company Limited		Performance guarantees			USD 1,387			Rabigh Electricity Company
Korea Electric Power Corporation		Rabigh Electricity Company		Performance guarantees			SAR 4,151			Hana Bank
Korea Electric Power Corporation		Nghi Son 2 Power LLC		Certification of payment on L/C			USD 42,750			SMBC Singapore and others
Korea Electric Power Corporation		Barakah One Company		Performance guarantees and others			USD 3,880,733			First Abu Dhabi Bank and others
Korea Electric Power Corporation		RE Holiday Holdings LLC		Performance guarantees (*9)			USD 203,981			EFS Renewables Holdings, LLC, CA-CIB and others
Korea Electric Power Corporation		RE Pioneer Holdings LLC		Performance guarantees			USD 106,873			EFS Renewables Holdings, LLC
Korea Electric Power Corporation		Shuweihat Asia Power Investment B.V.		Certification of payment on L/C			USD 9,800			Hana Bank
Korea Electric Power Corporation		Amman Asia Electric Power Company		Certification of payment on L/C			USD 13,200			Hana Bank
Korea Electric Power Corporation		Horus Solar, S.A. de C.V.		Other performance guarantees			MXN 14,843			CENACE and others
Korea Electric Power Corporation		Recursos Solares PV de Mexico II, S.A. de C.V.		Other performance guarantees			MXN 1,518			SEMARNAT
							USD 393			CFE Transmission
Korea Electric Power Corporation		Sunmex Renovables, S.A. de C.V.		Other performance guarantees			USD 9,078			CENACE
							MXN 4,929			CFE Transmission and others
Korea Electric Power Corporation		International Offshore Power Transmission Holding Company Limited		Performance guarantees			USD 52,500			Mizuho Bank
				Other performance guarantees			USD 7,000			Credit Agricole
Korea Electric Power Corporation		Pulau Indah Power Plant Sdn. Bhd.		Collateralized money invested (*10)			MYR 25,350			Malaysian Trustee Berhad
Korea Electric Power Corporation		KEPCO for Power Company		Debt guarantees			USD 60,000			Riyad bank
				Other performance guarantees			USD 70,000			SMBC Seoul
Korea Electric Power Corporation		Remal First Holding Company		Debt Guarantee (*15)			USD 146,400			DBS BANK LTD. (DIFC BRANCH)
Korea Electric Power Corporation		Naseem First Holding Company		Debt Guarantee (*15)			USD 146,400			DBS BANK LTD. (DIFC BRANCH)
Korea Western Power Co., Ltd.		Cheongna Energy Co., Ltd.		Collateralized money invested			KRW 28,202			Kookmin Bank and others
Korea Western Power Co., Ltd.		Dongducheon Dream Power Co., Ltd.		Collateralized money invested (*5)			KRW 53,233			Kookmin Bank and others
				Debt Guarantee			KRW 20,300			HY western 1st co., Ltd
Korea Western Power Co., Ltd.		PT.Mutiara Jawa		Collateralized money invested			-			Woori Bank
Korea Western Power Co., Ltd.		Rabigh Operation & Maintenance Company Limited		Performance guarantees and others			SAR 11,200			National Bank of Kuwait
Korea Western Power Co., Ltd.		Xe-Pian Xe-Namnoy Power Co., Ltd.		Collateralized money invested			KRW 87,426			Krung Thai Bank
				Impounding bonus guarantees (*11)			USD 5,000			SK Eco Plant Co., Ltd.
Korea Western Power Co., Ltd.		Haeng Bok Do Si Photovoltaic Power Co., Ltd.		Collateralized money invested			KRW 194			Nonghyup Bank
Korea Western Power Co., Ltd.		Shin Pyeongtaek Power Co., Ltd.		Collateralized money invested			KRW 72,000			Kookmin Bank and others
Korea Western Power Co., Ltd.		Haemodum Solar Co., Ltd.		Collateralized money invested			KRW 2,940			Nonghyup Bank
Korea Western Power Co., Ltd.		Seoroseoro Sunny Power Plant Co., Ltd.		Collateralized money invested			KRW 706			Hana Bank and others
Korea Western Power Co., Ltd.		Muan Solar Park Co., Ltd.		Collateralized money invested			KRW 4,400			IBK and others
Korea Western Power Co., Ltd.		YuDang Solar Co., Ltd.		Collateralized money invested			KRW 360			Hana Bank and others
Korea Western Power Co., Ltd.		Anjwa Smart Farm & Solar City Co., Ltd.		Collateralized money invested			KRW 5,651			Hana Bank and others
Korea Western Power Co., Ltd.		Hapcheon Floating Photovoltaic Power Plant Inc.		Collateralized money invested			KRW 7,512			Nonghyup Bank and others

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued

(7) Guarantees provided to the related parties as of September 30, 2025 are as follows, continued:

In millions of won and thousands of foreign currencies

Primary guarantor		Principal obligor		Type of guarantees		Credit limit				Creditor
Korea Western Power Co., Ltd.		Yeongwol Eco Wind Co., Ltd.		Collateralized money invested			KRW 3,089			Hana Bank and others
Korea Western Power Co., Ltd.		Gurae Resident Power Co., Ltd.		Collateralized money invested			KRW  386			Hana Bank and others
Korea Western Power Co., Ltd.		Gunsan Land Solar Co., Ltd.		Collateralized money invested			KRW 19,091			Hana Bank and others
Korea Western Power Co., Ltd.		Seobusambo highway photovoltaics Co., Ltd.		Collateralized money invested			KRW 3,020			Hana Bank and others
Korea Western Power Co., Ltd.		Eumseong Eco Park Co., Ltd.		Collateralized money invested			KRW 5,741			Kyobo Life Insurance Co., Ltd. and others
Korea Western Power Co., Ltd.		PungBack Wind Farm Corporation		Collateralized money invested			KRW 7,885			Hanwha Life Insurance Co., Ltd. and others
Korea Western Power Co., Ltd.		Wadi Noor Solar Power Company SAOC		Loan payment guarantee			USD 54,855			DBS Bank
Korea Western Power Co., Ltd.		EDFR KOWEPO AJBAN HOLDING LIMITED		Loan payment guarantee			USD 57,090			First Abu Dhabi Bank
Korea Western Power Co., Ltd.		Taean Haetdeulwon Solar Co., Ltd.		Collateralized money invested			KRW 7,992			Kookmin Bank and others
Korea East-West Power Co., Ltd.		Seokmun Energy Co., Ltd.		Collateralized money invested			KRW 14,979			Kookmin Bank and others
				Guarantees for supplemental funding (*1)			-
Korea East-West Power Co., Ltd.		Chun-cheon Energy Co., Ltd.		Collateralized money invested			KRW 36,682			Kookmin Bank and others
				Guarantees for supplemental funding (*1)			-
Korea East-West Power Co., Ltd.		Honam Wind Power Co., Ltd.		Collateralized money invested			KRW 4,701			Shinhan Bank and others
Korea East-West Power Co., Ltd.		GS Donghae Electric Power Co., Ltd.		Collateralized money invested			KRW 282,668			Korea Development Bank and others
Korea East-West Power Co., Ltd.		Yeonggwangbaeksu Wind Power Co., Ltd.		Collateralized money invested			KRW 3,689			Kookmin Bank and others
Korea East-West Power Co., Ltd.		Yeonggwang Wind Power Co., Ltd.		Collateralized money invested			KRW 29,617			KDB Capital Corporation and others
Korea East-West Power Co., Ltd.		Daesan Green Energy Co., Ltd.		Collateralized money invested			KRW 24,182			IBK
				Guarantees for supplemental funding (*1)			-
Korea East-West Power Co., Ltd.		Taebaek Gadeoksan Wind Power Co., Ltd.		Collateralized money invested			KRW 23,241			Samsung Fire & Marine Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.		PT. Tanjung Power Indonesia		Other guarantees(*16)			USD 3,150			PT. Adaro Indonesia
				Guarantees for supplemental funding (*1)			-			Sumitomo mitsui banking and others
				Collateralized money invested			KRW 93,816			MUFG and others
Korea East-West Power Co., Ltd.		South Jamaica Power Company Limited		Performance guarantees (*14)			USD 14,400			Hana Bank
				Collateralized money invested			KRW 47,595			JCSD Trustee Services Limited and others
Korea East-West Power Co., Ltd.		Cheongju Eco Park Co., Ltd.		Collateralized money invested			KRW 10,815			Kyobo Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.		Busan Industrial Solar Power Co., Ltd.		Collateralized money invested			KRW 1,351			Shinhan Bank and others
Korea East-West Power Co., Ltd.		Yangyang Wind Power Co., Ltd.		Collateralized money invested			KRW 13,970			Hana Bank and others
				Guarantees for supplemental funding (*1)			-
Korea East-West Power Co., Ltd.		KPE Green Energy Co., Ltd.		Collateralized money invested			KRW 8,680			Hana Bank and others
Korea East-West Power Co., Ltd.		Goheung New Energy Co., Ltd.		Collateralized money invested			KRW 5,654			Woori Bank and others
Korea East-West Power Co., Ltd.		Seokmun Green Energy		Collateralized money invested			KRW 14,556			Hana Bank and others
Korea East-West Power Co., Ltd.		Yanggu Floating Photovoltaic Power Plant Inc.		Collateralized money invested			KRW 889			Korea Development Bank
Korea East-West Power Co., Ltd.		Hoenggye Renewable Energy Co., Ltd.		Collateralized money invested			KRW 2,375			IBK
				Guarantees for supplemental funding (*1)			—

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued

(7) Guarantees provided to the related parties as of September 30, 2025 are as follows, continued:

In millions of won and thousands of foreign currencies

Primary guarantor		Principal obligor		Type of guarantees		Credit limit				Creditor
Korea East-West Power Co., Ltd.		Kumyang Eco Park Co., Ltd.		Collateralized money invested			KRW 6,662			Woori Bank and others
Korea East-West Power Co., Ltd.		Amaala Sustaninable Company for Energy LLC		Loan payment guarantee (*7)			USD 38,054			First Abu Dhabi Bank
				Collateralized money invested			KRW 18
				Guarantees for supplemental funding (*1)			—
Korea East-West Power Co., Ltd.		Jeju Bukchon BES Power Co., Ltd.		Collateralized money invested			KRW 3,009			Woori Bank and others
				Guarantees for supplemental funding (*1)			—
Korea Southern Power Co., Ltd.		Daeryun Power Co., Ltd.		Collateralized money invested			KRW 33,161			Korea Development Bank and others
Korea Southern Power Co., Ltd.		Daegu Green Power Co., Ltd.		Collateralized money invested			KRW 33,398			Shinhan Bank and others
				Performance guarantees			—
Korea Southern Power Co., Ltd.		Kelar S.A.		Performance guarantees			USD 26,520			Hana Bank, MUFG
				Payment guarantees (*12)			USD 11,707			Hana Bank
Korea Southern Power Co., Ltd.		Daehan Wind Power PSC		Performance guarantees (*17)			USD 1,800			Shinhan Bank
				Payment guarantees (*6)			USD 2,000			Hana Bank
				Collateralized money invested			KRW 23,214			Standard Chartered
Korea Southern Power Co., Ltd.		Pyeongchang Wind Power Co., Ltd.		Collateralized money invested			KRW 12,739			Woori Bank, Shinhan Bank and others
				Performance guarantees			—
Korea Southern Power Co., Ltd.		Taebaek Guinemi Wind Power Co., Ltd.		Collateralized money invested			KRW 15,019			IBK
Korea Southern Power Co., Ltd.		Samcheok Eco Materials Co., Ltd.		Payment guarantees (*2)			—			KIS SF the 22nd Co., Ltd.
				Performance guarantees			—			HC elementary materials
Korea Southern Power Co., Ltd.		Solaseado Solar Power Co., Ltd.		Collateralized money invested			KRW 19,054			Kookmin Bank and others
Korea Southern Power Co., Ltd.		Naepo Green Energy Co., Ltd.		Collateralized money invested			KRW 59,900			IBK and others
Korea Southern Power Co., Ltd.		Omisan Wind Power Co., Ltd.		Collateralized money invested			KRW 11,756			Shinhan Bank and others
				Performance guarantees and guarantees for supplemental funding (*1)			—
Korea Southern Power Co., Ltd.		Geumsungsan Wind Power Co., Ltd.		Collateralized money invested			KRW 7,104			Kookmin Bank and others
Korea Southern Power Co., Ltd.		HORANG ENERGY Inc.		Collateralized money invested			KRW 4,044			Woori Bank and others
				Guarantees for supplemental funding (*1)			—
Korea Southern Power Co., Ltd.		Haman Green Energy Co., Ltd.		Collateralized money invested			KRW 4,356			Hana Bank and others
				Guarantees for supplemental funding (*1)			—
Korea Southern Power Co., Ltd.		Jeongeup Green Power Co., Ltd.		Collateralized money invested			KRW 6,648			Mirae Asset Securities Co., Ltd.
				Guarantees for supplemental funding (*1)			—
Korea Southern Power Co., Ltd.		HyChangwon Fuel Cell. Co., Ltd.		Collateralized money invested			KRW 8,948			Woori Bank and others
				Guarantees for supplemental funding (*1)			—
Korea Southern Power Co., Ltd.		Roof One Energy Co., Ltd.		Collateralized money invested			KRW 1,888			Woori Bank
				Guarantees for supplemental funding (*1)			—
Korea Southern Power Co., Ltd.		Namjeju Bitdream Energy Co., Ltd.		Collateralized money invested			KRW 4,693			Woori Bank and others
				Guarantees for supplemental funding (*1)			—
Korea Southern Power Co., Ltd.		Cheonwang Green Energy Co., Ltd.		Collateralized money invested			KRW 606			Samsung Fire & Marine Insurance Co., Ltd. and others
				Guarantees for supplemental funding (*1)			—
Korea Southern Power Co., Ltd.		Haetbyeotgil Sunlight Co., Ltd.		Collateralized money invested			KRW 421			Kyobo Life Insurance Co.,Ltd.
				Guarantees for supplemental funding (*1)			—			Heungkuk Asset Management
Korea Southern Power Co., Ltd.		Rutile BESS. LLC		Payment guarantees			USD 13,000			Nonghyup Bank, JP Morgan Chase Bank
KOSPO Power Services Ltda.		Kelar S.A.		Performance guarantees			USD 1,348			Scotia bank
KOSPO Chile SpA		Kelar S.A.		Collateralized money invested			KRW 149,204			Export-Import Bank of Korea and others
KOSPO Chile SpA		Chester Solar I SpA		Collateralized money invested			KRW 2,352			IBK
KOSPO Chile SpA		Chester Solar IV SpA		Collateralized money invested			KRW 3,771			IBK
KOSPO Chile SpA		Chester Solar V SpA		Collateralized money invested			KRW 423			IBK
KOSPO Chile SpA		Diego de Almagro Solar SpA		Collateralized money invested			KRW 2,551			IBK
KOSPO Chile SpA		Laurel SpA		Collateralized money invested			KRW 2,171			IBK
Korea Midland Power Co., Ltd.		YeongGwang Yaksu Wind Electric Co., Ltd.		Collateralized money invested			—			IBK and others
Korea Midland Power Co., Ltd.		Hyundai Green Power Co., Ltd.		Collateralized money invested			KRW 85,773			Korea Development Bank and others
Korea Midland Power Co., Ltd.		PT. Cirebon Electric Power		Debt guarantees			USD 4,125			Mizuho Bank
Korea Midland Power Co., Ltd.		PT Wampu Electric Power		Debt guarantees			USD 4,253			PT. Bank KB Bukopin
Korea Midland Power Co., Ltd.		PT. Cirebon Energi Prasarana		Debt guarantees			USD 9,230			Mizuho Bank
Korea Midland Power Co., Ltd.		Green Energy Electricity Generation Co., Ltd.		Collateralized money invested			KRW 507,665			IBK
				Guarantees for supplemental funding (*1)			—
Korea Midland Power Co., Ltd.		Yaksu ESS Co., Ltd.		Collateralized money invested			KRW 26			IBK
Korea Midland Power Co., Ltd.		Gwangbaek Solar Power Investment Co., Ltd.		Collateralized money invested			KRW 5,203			Kyobo Life Insurance Co., Ltd. and others
Korea Midland Power Co., Ltd.		Muan Sunshine Solar Power Plant Co., Ltd.		Collateralized money invested			KRW 2,822			IBK
Korea Midland Power Co., Ltd.		Goesan Solar park Co., Ltd.		Collateralized money invested			KRW 2,905			IBK

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued

(7) Guarantees provided to the related parties as of September 30, 2025 are as follows, continued:

In millions of won and thousands of foreign currencies

Primary guarantor		Principal obligor		Type of guarantees		Credit limit				Creditor
Korea Midland Power Co., Ltd.		Bitgoel Eco Energy Co., Ltd.		Collateralized money invested			KRW 7,678			IBK and others
				Guarantees for supplemental funding (*1)			—
Korea Midland Power Co., Ltd.		Energyco Co., Ltd.		Collateralized money invested			KRW 2,572			Nonghyup Bank
Korea Midland Power Co., Ltd.		Jeju Gimnyeong Wind Power Co., Ltd.		Collateralized money invested			—			Nonghyup Bank
Korea Midland Power Co., Ltd.		Dongbu Highway Solar Co., Ltd.		Collateralized money invested			KRW 311			Shinhan Bank
Korea Midland Power Co., Ltd.		Seobu Highway Solar Co., Ltd.		Collateralized money invested			KRW 683			Shinhan Bank
Korea Midland Power Co., Ltd.		Yeongyang Wind Power Corporation II		Collateralized money invested			KRW 12,573			Korea Development Bank and others
Korea Midland Power Co., Ltd.		Haeparang Energy Co., Ltd.		Collateralized money invested			KRW 2,710			Templeton Hana Asset
				Guarantees for supplemental funding (*1)			—			Management Co., Ltd.
Korea Midland Power Co., Ltd.		Saemangeum Sebit Power Plant Co., Ltd.		Collateralized money invested			KRW 28,287			IBK and others
Korea Midland Power Co., Ltd.		Yeomsubong Wind Power Co., Ltd.		Collateralized money invested			KRW 310			Korea Development Bank
				Guarantees for supplemental funding (*1)			—
Korea Midland Power Co., Ltd.		Commerce and Industry Energy Co., Ltd.		Collateralized money invested			KRW 498			IBK and others
Korea South-East Power Co., Ltd.		Boim Combined Heat and Power Generation Co., Ltd.		Collateralized money invested (*3,4)			—			IBK
				Guarantees for supplemental funding and others (*1,18)			KRW 76,800			NH Investment & Securities Co., Ltd. and others
Korea South-East Power Co., Ltd.		RES Technology AD		Collateralized money invested (*4)			KRW 16,696			UniCredit Bulbank and others
Korea South-East Power Co., Ltd.		ASM-BG Investicii AD		Collateralized money invested (*4)			KRW 20,206			UniCredit Bulbank and others
Korea South-East Power Co., Ltd.		Goseong Green Power Co., Ltd.		Collateralized money invested (*4)			KRW 290,631			Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.		Gangneung Eco Power Co., Ltd.		Collateralized money invested (*4)			KRW 228,751			Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.		PND Solar Co., Ltd.		Collateralized money invested (*4)			KRW 2,010			IBK
Korea South-East Power Co., Ltd.		Hyundai Eco Energy Co., Ltd.		Collateralized money invested (*4)			KRW 8,711			Samsung Life Insurance and others
Korea South-East Power Co., Ltd.		Jaeun Resident Wind Power Plant Co., Ltd.		Collateralized money invested (*4)			KRW 417			IBK
Korea South-East Power Co., Ltd.		Chungsongmeon BongSan wind power Co., Ltd.		Collateralized money invested (*4)			KRW 2,375			Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.		Yeongam Solar Power Co., Ltd.		Collateralized money invested (*4)			KRW 12,099			Kookmin Bank and others
Korea South-East Power Co., Ltd.		Samsu Wind Power Co., Ltd.		Collateralized money invested (*4)			KRW 3,140			Shinhan Bank and others
Korea South-East Power Co., Ltd.		Saemangeum Heemang Photovoltaic Co., Ltd.		Collateralized money invested (*4)			KRW 16,916			Woori Bank and others
Korea South-East Power Co., Ltd.		Nepal Water & Energy Development Company Private Limited		Collateralized money invested (*4)			USD 97,105			International Finance
				Business reserve payment guarantee			USD 33,333			Corporation and others
Korea South-East Power Co., Ltd.		Santiago Solar Power SpA		Debt guarantees (*8)			USD 8,000			Nonghyup Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Noeul Green Energy Co., Ltd.		Collateralized money invested			—			Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Busan Green Energy Co., Ltd.		Collateralized money invested			KRW 1,949			Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Godeok Clean Energy Co., Ltd.		Collateralized money invested			KRW 6,298			Kookmin Bank and others
				Guarantees for supplemental funding (*1)			—
Korea Hydro & Nuclear Power Co., Ltd.		Cheong-Song Noraesan Wind Power Co., Ltd.		Collateralized money invested			KRW 3,836			Woori Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Gwangyang Green Energy Co., Ltd.		Collateralized money invested			KRW 24,005			Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Gangneung Sacheon Fuel Cell Co., Ltd.		Collateralized money invested			KRW 9,320			Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Chuncheon Green Energy Co., Ltd.		Collateralized money invested			KRW 16,452			Hana Bank and others

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued

(7) Guarantees provided to the related parties as of September 30, 2025 are as follows, continued:

In millions of won and thousands of foreign currencies

Primary guarantor		Principal obligor		Type of guarantees		Credit limit				Creditor
Korea Hydro & Nuclear Power Co., Ltd.		Yangyang Suri Wind Power Co., Ltd.		Collateralized money invested			KRW 8,111			Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Bigeum Resident Photovoltaic Power Co., Ltd.		Collateralized money invested			KRW 8,371			Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Songsan Green Energy Co., Ltd.		Collateralized money invested			KRW 11,610			Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Changwon Nu-ri Energy Co., Ltd.		Collateralized money invested			KRW 8,576			Hana Bank and others
				Guarantees for supplemental funding (*1)			—			Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Imha Floating Photovoltaic Power Plant Inc.		Collateralized money invested			KRW 5,734			Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		KAS INVESTMENT I LLC		Payment guarantees (*13)			USD 9,770			WOORI AMERICA BANK
Korea Hydro & Nuclear Power Co., Ltd.		KAS INVESTMENT II LLC		Payment guarantees (*13)			USD 9,730			WOORI AMERICA BANK

(*1) The Group guarantees to provide supplemental funding for business with respect to excessive business expenses or insufficient repayment of borrowings.

(*2) Samcheok Eco Materials Co., Ltd., a joint venture of the Group has issued the hybrid bonds. If the bonds are not repaid by December 8, 2026, the parent company and shareholders except the parent company must purchase the bonds from the acquirer. As of September 30, 2025, derivative liabilities of W26,422 million were recognized in relation to this obligation. Meanwhile, the Group has entered into an agreement to compensate for potential losses in connection with the fulfillment of the obligated supply volume under the coal ash supply obligation agreement.

(*3) The Group recognized an impairment loss on all of the equity securities of Boim Combined Heat and Power Generation Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is W47,067 million.

(*4) The agreement includes an obligation to contribute, in proportion to the equity interest, any excess amount over the threshold in the event that the non-recognized portion of the guaranteed company’s capital expenditure exceeds the prescribed limit.

(*5) The common stocks of Dongducheon Dream Power Co., Ltd. held by the Group were pledged as collateral.

(*6) The Group provided a payment guarantee to Jordan Tafila wind power project for opening L/C for Debt Service Reserve Account (DSRA).

(*7) The Group provided EBL payment and EBL hedging guarantee to Amaala Sustainable Company for Energy LLC, an associate of the Group.

(*8) The Group has issued a guaranteed letter of credit in the amount of USD 8,000 thousand under the interlender loan agreement with Santiago Solar Power SpA.

(*9) The credit limits of guarantees to RE Holiday Holdings LLC include the credit limits of guarantees to their subsidiaries.

(*10) The Group, together with other shareholders, has provided a guarantee for the project financing of Pulau Indah Power Plant Sdn. Bhd., by establishing the right of pledge on the shares of Pulau Indah Power Plant Sdn. Bhd. The Group has pledged a portion of its shares in Pulau Indah Power Plant Sdn. Bhd., with a book value of MYR 25,350 thousand, as collateral.

(*11) Xe-Pian Xe-Namnoy Power Co., Ltd., an associate of the Group, has entered a contract to pay an incentive type of impounding bonus to SK Eco Plant Co., Ltd. when the Xe-Pian Xe-Namnoy Dam is completed. If Xe-Pian Xe-Namnoy Power Co., Ltd. fails to pay SK Eco Plant Co., Ltd., the Group guarantees the payment, and the amount is USD 5,000 thousand.

(*12) The Group provided a payment guarantee to Chile Kelar project for opening L/C for Debt Service Reserve Account (DSRA), and others.

(*13) The credit limits of guarantees to KAS INVESTMENT I LLC, KAS INVESTMENT II LLC include the credit limits of guarantees to their subsidiaries.

(*14) The payment guarantee is related to the gas combined cycle power project of South Jamaica Power Company Limited, a joint venture of the Group.

(*15) The guarantee limits of Remal First Holding Company and Naseem First Holding Company include the guarantee limits provided for subsidiaries of associates.

(*16) The payment guarantees for the water source modification cost of PT. Tanjung Power Indonesia, a joint venture of the Group, has not yet been executed.

(*17) The Group has provided a performance guarantee in connection with the Tafila Wind Power Project in Jordan.

(*18) In accordance with the agreement, the Group has recognized the estimated amount required for the fulfillment of the obligation as other provisions, amounting to W14,266 million.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued

(8) Guarantees received from the related parties as of September 30, 2025 are as follows:

In millions of won
Primary Guarantor		Type of guarantees		Credit limit
KAPES, Inc.		Defect guarantees		W	16,081
		Performance guarantees			38,231
		Advance payment guarantee			248,042

(9) Derivatives transactions with the related parties as of September 30, 2025 are as follows:

(i) Currency Swap

In millions of won and thousands of foreign currencies except contract exchange rate information
						Contract amounts								Contract interest rate per annum								Contract exchange
																						rate
Counterparty		Contract year				Pay				Receive				Pay				Receive				(in won)
Korea Development Bank			2021~2026			W	118,170			USD	100,000				1.11	%			1.13	%		W	1,181.70
			2022~2026				283,820			USD	200,000				4.67	%			5.38	%			1,419.10
			2022~2028				283,820			USD	200,000				5.12	%			5.50	%			1,419.10
			2023~2026				256,000			USD	200,000				4.04	%			5.38	%			1,280.00
			2024~2027				864,890			USD	650,000				3.53	%			4.88	%			1,330.60
			2017~2027				111,610			USD	100,000				2.31	%			3.13	%			1,116.10
			2018~2028				108,600			HKD	800,000				2.69	%			3.35	%			135.75
			2019~2027				119,978			CHF	100,000				1.43	%			0.05	%			1,199.78
			2021~2026				111,400			USD	100,000				0.93	%			1.25	%			1,114.00
			2022~2027				262,000			USD	200,000				3.63	%			4.25	%			1,310.00
			2024~2028				257,880			USD	200,000				3.80	%			5.00	%			1,289.40
			2024~2028				128,940			USD	100,000				3.69	%			5.00	%			1,289.40
			2024~2029				138,540			USD	100,000				3.19	%			4.63	%			1,385.40
			2025~2030				556,560			USD	400,000				2.75	%			SOFR+0.79	%			1,391.40
			2020~2026				118,910			USD	100,000				0.61	%			1.00	%			1,189.10
			2021~2026				114,230			USD	100,000				1.27	%			1.25	%			1,142.30
			2022~2027				123,710			USD	100,000				3.41	%			3.63	%			1,237.10
			2023~2028				129,500			USD	100,000				3.85	%			4.88	%			1,295.00

(ii) Currency forward

In millions of won and thousands of foreign currencies except contract exchange rate information

Contract amounts

Contract exchange

rate

Counterparty

Contract date

Maturity date

Pay

Receive

(in Won)

Korea Development Bank

2025.09.30

2025.10.23

W

7,010

USD 5,000

W

1,401.95

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued

(10) During the nine-month period ended September 30, 2025, the Group acquired financial instruments amounting to W80,000 million from Korea Development Bank, a related party, and disposed of the entire holdings.

(11) The Group considers all standing directors of the Board who serve as executive officers responsible for planning, operations and/or control of business activities, as key management personnel. The Group recorded salaries and other compensations related to the key management personnel as follows:

In millions of won		September 30, 2025								September 30, 2024
Type		Three-month period ended				Nine-month period ended				Three-month period ended				Nine-month period ended
Salaries		W	236				1,190				218				858
Employee benefits			14				47				10				22
		W	250				1,237				228				880

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

47. Statement of Cash Flows

(1) Significant non-cash transactions for the nine-month periods ended September 30, 2025 and 2024 are as follows:

In millions of won
Transactions		For the nine-month period ended September 30, 2025				For the nine-month period ended September 30, 2024
Transfer from construction-in-progress to other assets		W	5,749,126				10,031,412
Recognition of asset retirement cost and related provision for decommissioning costs			433,783				1,269,781
Transfer from provision for disposal of used nuclear fuel to accrued expenses			326,629				369,208
Transfer from long-term borrowings and debt securities to current portion of long-term borrowings and debt securities			22,105,635				24,194,581
Transfer from inventory to stored nuclear fuel			987,361				922,671
Recognition of right-of-use assets and others			58,577				65,308
Increase in accounts receivable related to the disposal of assets held-for-sale			241,040				—
Decrease in advance payments related to the disposal of assets held-for-sale			29,457				—

(2) Changes in liabilities incurred from financing activities for the nine-month periods ended September 30, 2025 and 2024 are as follows:

In millions of won		For the nine-month period ended September 30, 2025
										Non-cash changes
		Beginning balance				Cash flows				Increase				Effect of exchange rate fluctuations and others				Ending balance
Borrowings		W	20,659,381				2,442,256				—				(194,792	)			22,906,845
Debt securities			111,874,019				(3,291,194	)			—				(1,011,291	)			107,571,534
Lease liabilities			3,699,456				(463,167	)			50,415				(101,232	)			3,185,472
Dividends Payable			5,063				(209,733	)			—				212,454				7,784
Derivative liabilities (assets), net			(2,406,338	)			589,621				—				511,507				(1,305,210	)
		W	133,831,581				(932,217	)			50,415				(583,354	)			132,366,425

In millions of won		For the nine-month period ended September 30, 2024
										Non-cash changes
		Beginning balance				Cash flows				Increase				Effect of exchange rate fluctuations and others				Ending balance
Borrowings		W	19,839,652				243,842				—				31,140				20,114,634
Debt securities			113,792,178				(2,107,030	)			—				345,022				112,030,170
Lease liabilities			3,807,880				(473,425	)			70,784				62,848				3,468,087
Dividends Payable			4,574				(83,524	)			—				86,067				7,117
Derivative liabilities (assets), net			(554,146	)			330,937				—				(562,665	)			(785,874	)
		W	136,890,138				(2,089,200	)			70,784				(37,588	)			134,834,134

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

48. Commitments for Expenditure

(1) The commitments for acquisition of property, plant and equipment as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025								As of December 31, 2024
Contracts		Commitment amounts				Remaining liability balances				Commitment amounts				Remaining liability balances
Purchase of cable (PVC, 1C, 2000SQ) 153,000M and others (Shin-Bupyung-Youngseo)		W	57,226				417				57,226				417
Purchase of GIS (362kV, 6300A, 63kA) 23CB – Youngseo S/S			37,168				11,747				37,168				15,109
Purchase of GIS (362kV, 6300A, 63kA) 27CB – Kwangyang S/S			37,744				140				37,744				140
Purchase of cable (PVC, 1C, 2500SQ) 100,548M and others (Kyungin Construction)			58,271				746				58,271				746
Purchase of GIS (362kV, 6300A, 63kA) 25CB – Migeum S/S			35,282				7,981				35,282				13,476
Purchase of cable (PVC, 1C, 2000SQ) 5,862M and others (Baekun-Gwangyanghang)			35,016				703				35,016				703
Purchase of cable (PVC, 1C, 2500SQ) 57,868M and others (Goduk-Seoansung)			40,937				654				40,937				654
Purchase of cable (PVC, 1C, 2000SQ) 87,732M and others (Eulwangboonki)			36,446				1,015				36,446				1,015
Purchase of GIS (362kV,6300A,63kA) Type 18 – Wolsung S/Y			33,057				16,045				33,057				16,045
System stabilization ESS equipment (Bubuk S/S) Type 1			221,939				42,137				221,939				42,137
System stabilization ESS equipment (Yeongcheon S/S) Type 1			72,779				16,975				72,779				16,975
System stabilization ESS equipment (Yesan S/S) Type 1			56,174				11,471				56,174				11,471
System stabilization ESS equipment (Hamyang S/S) Type 1			35,764				11,468				35,764				11,468
Concrete pole (10M, general purpose, 500KGF) 90,000 ea and four other equipment			—				—				59,473				36,464
Purchase of cable (PVC, 1C, 2500SQ) 53,856M and others (Shinchungjuboonki)			—				—				31,925				7,756
Purchase of GIS (362kV, 6300A, 63kA) Type 31 – East Seoul S/S			39,060				39,060				39,060				39,060
Purchase of cable (PVC, 1C, 2000SQ) 68,613M and others (Dongducheon-Yangju)			40,933				22,114				40,933				28,790
Purchase of HVDC cable (PE, 2500SQ) 31,551M and others			40,323				40,323				40,323				40,323
Purchase of HVDC cable (PE, 2500SQ) 30,883M and others			40,130				40,130				40,130				40,130
Stationary reactive power compensation device (Phase 3, ±500MVAR) – Shin Jecheon S/S			39,300				39,300				39,300				39,300
Stationary reactive power compensation device (STATCOM, phase 3, ±500MVAR) – East coast #1C/S			37,600				37,600				37,600				37,600
AMIGO, 1P2W, 60(5)A, Electronic, Class 1.0, 220V, 1,031,728 EA – Annual Unit Price			43,054				1,808				43,054				38,404
Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) – Shin Gapyeong S/S			40,590				40,590				40,590				40,590
Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) – Shin Namwon S/S			37,100				37,100				37,100				37,100
Steel Pipe Towers (500kV HVDC), 6,105 tons – Donghae–Shingapyeong (Section 2)			32,381				23,101				25,214				25,214
Steel Pipe Towers (500kV HVDC), 6,143 tons – Donghae–Shingapyeong (Section 3)			31,184				19,162				25,372				25,372
Purchase of GIS (362kV, 6300A, 63kA) Type 16 and others -East coast #1C/S			41,000				41,000				—				—
Purchase of cable (PVC, 1C, 2500SQ) 55,593M and others (Shin Anseong–Dong Yongin)			37,470				21,077				—				—
Concrete pole (10M, general purpose, 500KGF) 70,000 ea and five other equipment			32,269				20,657				—				—
AMIGO, 1P2W, 60(5)A, Electronic, Class 1.0, 220V, 709,616 units – Annual Unit Price (General)			40,475				30,166				—				—
AMIGO, 3P4W, 120(10)A, Electronic, Class 1.0, 220V, 422,751 units – Annual Unit Price (General)			42,252				21,378				—				—
Diesel Power Plant Fuel Oil (Kerosene, By-product Fuel Oil No.1) – Power Generation Technology Department Annual Unit Price			99,016				99,016				—				—
Purchase of cable (PVC, 1C, 2000SQ) 74,647M and others (East Seoul#2-Tancheon)			30,471				30,471				—				—
Stationary reactive power compensation device (Phase 3, ±500MVAR) – East coast #2C/S			36,400				36,400				—				—

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

48. Commitments for Expenditure, Continued

(1) The commitments for acquisition of property, plant and equipment as of September 30, 2025 and December 31, 2024 are as follows, continued:

In millions of won		As of September 30, 2025								As of December 31, 2024
Contracts		Commitment amounts				Remaining liability balances				Commitment amounts				Remaining liability balances
Purchase of GIS (800KV,8000A,50KA) Type 7– Dangjin Thermal Power Plant		W	63,903				63,903				—				—
765kV Power Transformer 3Bank(15Tank) – Dangjin Thermal Power Plant			61,100				61,100				—				—
Construction of Saeul Units (#3,4)			11,718,217				1,005,267				11,718,217				1,748,342
Construction of Shin-Hanul Units (#3,4)			12,343,245				10,353,465				12,343,245				10,964,638
Other 59 contracts			2,232,744				1,569,164				2,033,913				1,744,217
Purchase of equipment for the construction project of Boryeong indoor coal storage yard			370,134				156,352				357,479				241,751
Purchase of main machine for Boryeong New Complex Unit 1			286,299				96,416				286,299				177,988
Boryeong New Complex Unit 1 Construction Project			212,769				98,463				202,552				161,753
Haman Combined Power Block Conditional Purchase Agreement			583,874				511,702				581,790				543,509
Purchase of gas turbine and turbine equipment of Gimpo combined heat & power plant			123,544				15,651				123,495				15,603
Purchase of steam turbine, HRSG and POWER BLOCK of Gimpo combined heat & power plant			—				—				220,864				101
Construction of Gimpo combined heat & power plant			223,697				7,184				223,660				8,795
Purchase of gas turbines, steam turbines, and accessories for Gumi natural gas power plant			198,029				18,973				198,029				29,417
Purchase of heat recovery boiler and accessories for Gumi natural gas power plant			65,918				9,336				65,918				12,574
Construction of Gumi natural gas power plant			276,063				34,388				246,110				96,708
Installation of natural gas supply facility at Gumi natural gas power plant			—				—				83,801				45,019
Construction of Gongju natural gas power plant			223,245				150,120				203,849				190,840
Purchase of natural gas main machine and accessories at Gongju natural gas power plant			310,322				257,822				305,829				273,338
Purchase of main equipment and ancillary facilities for the Yeosu Natural Gas Power Plant.			288,250				232,221				—				—
Purchase of coal handling machine for construction of Samcheok Units (#1,2)			327,569				2,954				326,395				5,905
Purchase of main equipment for Shin-Sejong combined thermal power plant			234,392				2,862				234,392				2,670
Hadong Thermal Power Plant Indoor Coal Storage Yard Residual Project Purchase			61,859				56,290				—				—
Purchase of Samcheok hydrogen compound co-firing facility infrastructure			128,820				76,150				128,820				90,876
Construction of Andong Combined Unit 2 Power Plant			185,549				149,524				181,593				175,029
Purchase of main equipment for Andong Combined Unit 2			279,771				170,914				279,773				230,694
Service of designing Hadong Combined Unit 1			32,289				26,988				31,593				26,351

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

48. Commitments for Expenditure, Continued

(2) As of September 30, 2025, details of contracts for inventory purchase commitment are as follows:

Type		Periods		Contracted quantity
Concentrate		2025 ~ 2033		20,737 Ton U3O8
Conversion		2025 ~ 2030		17,392 Ton U
Enrichment		2025 ~ 2035		27,829 Ton SWU

In addition, the contracted quantity of the molded uranium between Korea Hydro & Nuclear Power Co., Ltd. and KEPCO Nuclear Fuel Co., Ltd., which are subsidiaries of the Group, is 1,370 Ton U (contract periods: 2024 ~ 2033).

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

49. Contingencies and Commitments

(1) Ongoing litigations and arbitrations related with contingent liabilities and contingent assets as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As of September 30, 2025								As of December 31, 2024
		Number of cases				Amount				Number of cases				Amount
As the defendant			720			W	854,070				722			W	884,402
As the plaintiff			244				755,719				264				769,772

The amounts above exclude legal proceedings in which the Group is a plaintiff or defendant. As of September 30, 2025, consolidated entities are involved in 4 litigation cases and 3 arbitration proceedings.

1) The Group is the defendant against a number of litigations. The following is ongoing litigation pertaining to the Group which can potentially be significant:

There are multiple ongoing litigations against the Group related to ordinary wages, requesting payment of unpaid wages. The Group believes that the possibility of the outflow of economic benefits is probable on the ongoing and the expected litigations. Accordingly, the Group recognized W334,854 million as litigation provisions in relation to the litigation as of September 30, 2025.

2) There are 11 arbitration cases pertaining to the Group as of September 30, 2025 and the significant arbitration case is as follows:

During the period ended December 31, 2024, UniTest Co., Ltd. filed an arbitration claim against KEPCO for delay damages arising from the modification of design and contract amount related to the 154kV Yesan S/S 82MW ESS construction project. The amount and timing of resource outflows resulted therefrom cannot be reasonably estimated.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

49. Contingencies and Commitments, Continued

(2) Guarantees of payments and commitments provided to other companies as of September 30, 2025 are as follows:

1) The Group has provided the syndicate of lenders of PT Indo Raya Tenaga, the business corporation of PT Barito Wahana Tenaga, a guarantee by establishing the right of pledge on the shares of PT Barito Wahana Tenaga for project financing of PT Barito Wahana Tenaga as of September 30, 2025.

2) The Group has outstanding borrowings with a limit of USD 264,800 thousand from its creditors such as International Finance Corporation. Regarding the borrowing contract, the Group has guaranteed capital contribution of USD 69,808 thousand and additional contribution up to USD 19,000 thousand for contingencies, if any. In relation to this financial agreement, the Group is providing its entire shares in Mira Power Limited and business-related PP&E as collateral to the lenders.

3) The Group has provided USD 6,015 thousand for a debt guarantee to Export-Import Bank of Korea, BNP Paribas and ING Bank, to guarantee the payment of debt related to hydroelectric power business of Tanggamus, Indonesia.

4) The Group has provided USD 4,253 thousand for a debt guarantee to PT. Bank KB Bukopin, to guarantee the payment of debt related to hydroelectric power business of Wampu, Indonesia.

5) The Group has provided RBC Community Investments Impact Renewables HoldCo-1, LLC a performance guarantee regarding weatherization in relation with tax investors up to USD 3,000 thousand for the of the power plant construction for Concho Valley solar power project in the United States.

6) The Group has provided EUR 7,031 thousand for a performance guarantee to Microsoft through Kookmin Bank, to guarantee the implementation of the power plant construction for Guba Buget wind power project in Sweden.

7) The Group has provided Axia Power Holdings B.V. and others a performance guarantee up to USD 54,000 thousand for the implementation of Cirebon thermal power generation project in Indonesia.

8) The Group has provided Nonghyup Bank a debt guarantee up to USD 4,125 thousand to guarantee Debt Service Reserve Account (DSRA) for Mizuho bank, related to the Cirebon power plant business of PT. Cirebon Electric Power in Indonesia.

9) The Group has provided Nonghyup Bank a debt guarantee up to USD 9,230 thousand to guarantee Debt Service Reserve Account (DSRA) for Mizuho bank, related to the Cirebon power plant business of PT. Cirebon Energi Prasarana in Indonesia.

10) The Group has provided PT Perusahaan Listrik Negara a performance guarantee up to IDR 35,588,165 thousand for the implementation of Tanjung Jati power plant operation project in Indonesia.

11) The Group has provided USD 30,000 thousand for a performance guarantee to Morgan Stanley Capital Group Inc., to guarantee the electricity purchase contract in relation to photovoltaic power generation project in USA.

12) The Group has provided Morgan Stanley Renewables Inc. a guarantee up to USD 70,000 thousand for the fulfillment of subscription obligation regarding photovoltaic power generation project in USA.

13) The Group has provided Hana Bank a debt guarantee up to USD 40,000 thousand to guarantee Equity Bridge Loan for Concho Valley solar business in the United States.

14) The Group has provided Van Phong Power Company, Ltd. a performance guarantee up to USD 5,000 thousand for the operation maintenance project in Van Phong, Vietnam.

15) The Group has provided RBC Community Investments Impact Renewables HoldCo-1, LLC a guarantee for up to USD 62,800 thousand for the fulfillment of subscription obligation regarding Concho Valley solar power project in the United States.

16) The Group has provided PT Perusahaan Listrik Negara a performance guarantee up to USD 2,280 thousand for the operation maintenance project in Indonesia siborpa.

17) The Group has provided a performance guarantee of USD 4,413 thousand to Mondelez Global, LLC, as a guarantee for the U.S. Rusi solar power project undertaken by Concho County Solar 1, LLC.

18) The Group has provided a performance guarantee of OMR 2,750 thousand to HSBC Oman and HSBC Seoul, as a guarantee for the Ibri 3 solar bidding project in Oman undertaken by Nama PWP and HSBC Oman.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

49. Contingencies and Commitments, Continued

(3) Credit lines provided by financial institutions and others as of September 30, 2025 are as follows:

In millions of won and thousands of foreign currencies
Commitments		Financial institutions		Currency				Credit limit
Commitments on Bank-overdraft		Nonghyup Bank and others			KRW				2,220,500
Limit amount available for CP		Hana Bank and others			KRW				8,180,000
General Loan, etc.		Kookmin Bank and others			KRW				3,200,000
Limit amount available for card		Nonghyup Card and others			KRW				48,458
Loan limit		Korea Development Bank and others			KRW				2,621,495
		DBS Bank and others			USD				1,836,000
Certification of payment on payables from foreign country		Nonghyup Bank			USD				8,700
Certification of payment on L/C		Shinhan Bank and others			USD				1,082,312
		Kookmin Bank and others			EUR				8,431
		Shinhan Bank			JPY				715,837
Certification of Performance guarantee on contract		Hana Bank and others			KRW				143,052
		First Abu Dhabi Bank and others			USD				1,816,317
		SMTB			JPY				6,500,000
		Hana Bank and others			EUR				375,609
		Hana Bank			INR				27,117
		Hana Bank			OMR				6,250
		First Abu Dhabi Bank and others			AED				52,500
		Saudi National Bank and others			SAR				124,151
Certification of bidding		Korea Software Financial Cooperative			KRW				42,278
		Hana Bank and others			USD				14,200
		Export-Import Bank of Korea			EUR				10,000
		First Abu Dhabi Bank			OMR				3,750
Advance payment bond, Warranty bond, Retention bond and others		Seoul Guarantee Insurance			KRW				77,186
		Hana Bank and others			USD				702,342
		Saudi National Bank			SAR				57,555
		Hana Bank and others			MXN				21,290
Others (*)		Nonghyup Bank and others			KRW				396,011
		Nonghyup Bank and others			USD				579,171
		Shinhan Bank			QAR				155,213
		Standard Chartered			AED				50
Secured loan of credit sales		Nonghyup Bank and others			KRW				320,000
Inclusive credit		Hana Bank			KRW				8,000
		Hana Bank and others			USD				35,000
Equity Bridge Loan Guarantee		Export-Import Bank of Korea and others			USD				1,194,048
Trade finance		DBS Bank and others			USD				600,000

(*) As of September 30, 2025, the Group has entered into a credit extension agreement for derivatives transactions with Nonghyup Bank, Hana Bank and Woori Bank as ancillary to currency swap transactions.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

49. Contingencies and Commitments, Continued

(4) As of September 30, 2025, promissory notes and assets provided as collaterals or pledges to financial institutions by the Group are as follows:

In millions of won and thousands of foreign currencies

Obligor

Creditor

Assets provided as security (*2)

Currency

Amount

Description

Mira Power Limited

International Finance Corporation and others

Property, plant and Equipment and others

USD

264,800

Collateral for borrowings (*1)

Tamra Offshore Wind Power Co., Ltd.

Kyobo Life Insurance Co., Ltd. and others

Property, plant and equipment and others

KRW

132,000

Collateral for borrowings (*1)

Gyeonggi Green Energy Co., Ltd.

Korea Development Bank and others

Cash and cash equivalents and others

KRW

251,600

Collateral for borrowings (*1)

Jeongam Wind Power Co., Ltd.

KDB Capital Corporation and others

Cash and cash equivalents and others

KRW

230,761

Collateral for borrowings

Gyeongju Wind Power Co., Ltd.

Shinhan Bank and others

Property, plant and equipment and others

KRW

68,400

Collateral for borrowings (*1)

Korea Offshore Wind Power Co., Ltd.

Woori Bank and others

Property, plant and equipment and others

KRW

244,500

Collateral for borrowings (*1)

Qatrana Electric Power Company

The Islamic Development Bank and others

Finance lease receivable and property, plant and equipment and others

USD

62,325

Collateral for borrowings (*1)

KST Electric Power Company, S.A.P.I. de C.V.

Export–Import Bank of Korea and others

Finance lease receivable and property, plant and equipment and others

USD

318,787

Collateral for debt securities (*1)

Incheon Fuel Cell Co., Ltd.

Kookmin Bank and others

Cash and cash equivalents and others

KRW

230,800

Collateral for borrowings (*1)

K-SOLAR SHINAN Co., Ltd.

Kyobo Life Insurance Co., Ltd. and others

Property, plant and equipment and others

KRW

274,780

Collateral for borrowings

KOSPO Youngnam Power Co., Ltd.

Shinhan Bank and others

Cash and cash equivalents and others

KRW

744,120

Collateral for borrowings

Jeju Hanlim Offshore Wind Co., Ltd.

Kookmin Bank and others

Property, plant and equipment and others

KRW

37,232

Collateral for borrowings

Western Power Changgi Solar Co., Ltd.

Samsung Life Insurance and others

Property, plant and equipment and others

KRW

45,000

Collateral for borrowings (*1)

Yeongdeok Sunrise Wind Power Co., Ltd.

Korea Development Bank and others

Property, plant and equipment and others

KRW

96,240

Collateral for borrowings (*1)

Chitose Solar Power Plant LLC

SMTB

Property, plant and equipment and others

USD

127,822

Collateral for borrowings

Mangilao Intermediate Holdings LLC

Mizuho Bank

Trade receivable and others

USD

84,785

Collateral for borrowings (*1)

(*1) This is based on the amount of loan commitment limit.

(*2) As of September 30, 2025, the Group has established guarantees for pledge for transfer of rights of long-term borrowings, pledge for insurance claims, factory foundation mortgages, deposit pledges, etc.

The Group has W1,197 million of project loans from the Korea Energy Agency as of September 30, 2025. The Group has provided a promissory note as a repayment guarantee.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

49. Contingencies and Commitments, Continued

(5) The Group temporarily suspended operations of the Gangneung hydroelectric generating plant, with a carrying amount of W56,614 million as of September 30, 2025, to improve the quality of water used in generating electricity. The expenses related to the suspension of operations of W550 million and depreciation on the idle assets of W2,710 million are recorded in other expenses for the nine-month period ended September 30, 2025. Regarding the improvement of water quality, the results of damages compensation for the local residents cannot be reasonably estimated, and the Group is in negotiations with Gangneung City and related stakeholders to restart the Gangneung hydroelectric generating plant as of September 30, 2025.

(6) As the government of the Republic of Korea announced the suspension of operation in Gaeseong Industrial District, it is uncertain if the Group can exercise the property rights for the Group’s facility in Gaeseong Industrial District as of September 30, 2025. Accordingly, the book value of the facility, amounting to W11,778 million, was recognized as an impairment loss, and trade receivables related to companies residing in the Gaeseong Industrial District were fully written off. As of September 30, 2025, the Group cannot make reasonable estimation on whether assets will be recovered or utilized in regular way related thereto.

(7) As of September 30, 2025, the Group owns land at 6171-1 Nuri-ri, Yeongi-myeon, Sejong Special Self-Governing City as PP&E with limited ownership, and its book value is W64,371 million.

(8) The Korea Institute of Energy Technology(KENTECH) was established in April, 2020, in accordance with the “Basic plan for the establishment of KENTECH (July, 2019)”. By the special law to create KENTECH, the Group, government, and local government may contribute to the fund. The Group will decide whether to contribute to the fund on a board resolution after consulting with relevant organizations considering its financial situation by year.

(9) The ongoing armed conflict in Ukraine started in February 2022 and relevant sanctions against Russia imposed by the international community can impact not only sanctioned entities but also the entities doing business directly or indirectly with Ukraine or Russia and the entities exposed directly or indirectly to industries or economy of Russia or Ukraine. The Group cannot make reasonable estimation of the financial impact of the recent conflict in Ukraine on the future events.

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

50. Subsequent Events

(1) Subsequent to September 30, 2025, KEPCO borrowed long-term borrowings for the purposes of operation and details related thereto are as follows:

In millions of won

Company

Type

Issue date

Maturity

Interest rate (%)

Amount

Korea Electric Power Corporation

Local long-term borrowings (Mid- to long-term CP (*))

2025.10.20

2028.10.20

3M CD+0.25

W200,000

(*) The maturity of mid- to long-term CPs corresponds to contract period of commercial paper repurchase agreements.

(2) Subsequent to September 30, 2025, KEPCO and its subsidiaries, Korea South-East Power Co., Ltd., Korea Western Power Co., Ltd. and Korea East-West Power Co., Ltd., issued bonds denominated in Korean won and USD for the purpose of operation funding and details related thereto are as follows:

In millions of won and thousands of foreign currencies
Company		Type		Issue date				Maturity				Interest rate (%)				Amount
Korea Electric Power Corporation		#1528 Corporate bond			2025.10.01				2027.10.01				2.69			W160,000
		#1529 Corporate bond			2025.10.01				2028.09.29				2.78			260,000
		#1530 Corporate bond			2025.10.01				2030.10.01				2.93			80,000
		#1531 Corporate bond			2025.10.13				2027.10.13				2.65			100,000
		#1532 Corporate bond			2025.10.13				2028.10.13				2.77			200,000
		#1533 Corporate bond			2025.10.13				2030.10.11				2.89			100,000
		#1534 Corporate bond			2025.11.06				2028.11.06				3.12			270,000
		#1535 Corporate bond			2025.11.06				2030.11.06				3.28			220,000
		#17 Global bond			2025.11.12				2030.11.12				4.13			USD 400,000
		#18 Global bond			2025.11.12				2028.11.12				Compounded Daily SOFR + 0.62	%		USD 600,000
Korea South-East Power Co., Ltd		#67 Corporate bond			2025.11.07				2028.11.07				3.01			60,000
Korea Western Power Co., Ltd.		#73-1 Corporate bond			2025.10.31				2030.10.31				3.08			60,000
		#73-2 Corporate bond			2025.10.31				2035.10.31				3.41			90,000
Korea East-West Power Co., Ltd.		Foreign corporate bond (25-1)			2025.11.04				2031.05.04				4.00			USD 300,000

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Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

51. Adjusted Operating Profit (Loss)

The operating profit (loss) in the Group’s consolidated statements of comprehensive income or loss prepared in accordance with KIFRS included in this report differs from that in its consolidated statements of comprehensive income or loss prepared in accordance with IFRS Accounting Standards as issued by the IASB. The table below sets forth a reconciliation of the Group’s results from operating activities as presented in the Group’s consolidated interim statements of comprehensive income or loss prepared in accordance with KIFRS for each of the three and nine-month periods ended September 30, 2025 and 2024 to the operating profit or loss as presented in the Group’s consolidated interim statements of comprehensive income or loss prepared in accordance with IFRS as issued by IASB for each of the corresponding periods.

In millions of won		September 30, 2025								September 30, 2024
		Three-month period ended				Nine-month period ended				Three-month period ended				Nine-month period ended
Operating profit on the interim consolidated statements of comprehensive income		W	5,651,912				11,541,391				3,396,055				5,945,660
Add
Other income
Reversal of other provisions			2,544				6,627				1,332				23,746
Reversal of other allowance for doubtful accounts			—				4,101				—				—
Gains on government grants			59				161				—				—
Gains on assets contributed			1,304				2,817				24,585				28,724
Gains on liabilities exempted			49				756				127				288
Compensation and reparations revenue			44,490				90,385				12,574				67,382
Revenue from foundation fund			51				214				1				2
Rental income			52,297				157,486				45,583				153,119
Others			22,104				44,889				14,460				48,430
Other gains
Gains on disposal of property, plant and equipment			272,124				280,199				18,597				83,068
Gains on disposal of intangible assets			2				18				8				22
Reversal of impairment loss on intangible assets			2				42				—				—
Gains on foreign currency translation			782				9,840				9,366				27,449
Gains on foreign currency transactions			8,188				83,926				28,261				59,099
Gains on insurance proceeds			178				1,193				2,604				3,411
Others			46,626				328,142				72,476				198,334
Deduct
Other expenses
Compensation and reparations expenses			1,000				(310	)			(3	)			(138	)
Accretion expenses of other provisions			(6,775	)			(5,888	)			(4,457	)			(4,809	)
Depreciation expenses on investment properties			(270	)			(778	)			(172	)			(495	)
Depreciation expenses on idle assets			(903	)			(2,710	)			(911	)			(2,747	)
Other bad debt expense			(5,142	)			(5,144	)			(3,796	)			(11,799	)
Donations			(32,432	)			(109,177	)			(16,069	)			(154,388	)
Others			(25,002	)			(38,973	)			(27,759	)			(38,596	)
Other losses
Losses on disposal of property, plant and equipment			(37,425	)			(87,565	)			(12,048	)			(58,633	)
Losses on disposal of intangible assets			—				(13	)			—				(110	)
Impairment loss on intangible assets			—				(30	)			—				—
Losses on foreign currency translation			—				(42,275	)			—				(5,217	)
Losses on foreign currency transactions			(27,875	)			(65,269	)			(7,937	)			(81,008	)
Others			(22,210	)			(148,632	)			(29,054	)			(100,246	)
Adjusted operating profit		W	5,945,678				12,045,423				3,523,823				6,180,548

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