KEPCO (NYSE: KEP) 2025 net income surges on stronger earnings

Rhea-AI Filing Summary

Korea Electric Power Corporation (KEPCO) released preliminary, unaudited consolidated and separate results for the fourth quarter and full year ended December 31, 2025, prepared under K-IFRS. Management cautions that these figures are based on estimates and have not been audited or reviewed.

On a consolidated basis, full-year 2025 operating revenues were ₩97,434 billion, up from ₩93,399 billion in 2024, while operating income increased to ₩13,525 billion from ₩8,365 billion. Net income rose to ₩8,737 billion from ₩3,622 billion, with net income attributable to owners of the company reaching ₩8,617 billion versus ₩3,492 billion. Total assets were ₩255,102 billion and total equity ₩49,365 billion at year-end 2025. Separate (parent-only) results also improved, with 2025 net income of ₩7,242 billion versus ₩829 billion and total equity of ₩26,563 billion compared with ₩19,389 billion a year earlier.

Positive

• Sharp earnings improvement: Consolidated net income rose to ₩8,737 billion in 2025 from ₩3,622 billion in 2024, alongside higher operating income and equity, signaling a substantial profitability and capital position recovery.

Negative

• None.

Insights

Utilities equity analyst

KEPCO shows a major swing in profitability in 2025, with strong earnings and balance sheet improvement.

KEPCO reports much stronger 2025 financial performance under K-IFRS. Consolidated operating revenues increased to ₩97,434 billion, and operating income climbed to ₩13,525 billion, indicating improved underlying profitability versus 2024.

Full-year consolidated net income rose to ₩8,737 billion from ₩3,622 billion, while net income attributable to owners reached ₩8,617 billion. The balance sheet also strengthened, with total equity increasing to ₩49,365 billion and total assets to ₩255,102 billion as of December 31, 2025.

Separate (parent-only) results show a similar pattern, with net income rising to ₩7,242 billion from ₩829 billion and total equity up to ₩26,563 billion. All figures are preliminary and unaudited, so subsequent audited statements may refine these results.

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 February 2026

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 ☐

Korea Electric Power Corporation (“KEPCO”) hereby announces its unaudited consolidated and separate results of operation for the fourth quarter and the year ended December 31, 2025 prepared in accordance with Korean International Financial Reporting Standards (K-IFRS) as shown below.

Disclaimer:

The financial information relating to the unaudited consolidated and separate results of operations of KEPCO for the fourth quarter and the year ended December 31, 2025 as presented below (the “Information”) has been prepared by KEPCO based on preliminary estimates and in accordance with K-IFRS. The Information has been neither audited nor reviewed by KEPCO’s independent accountants, KPMG Samjong Accounting Corp., or any other independent public accountants. The Information may differ significantly from the actual results of operations of KEPCO, and accordingly should not be relied upon for investment, including but not limited to purchase of any securities, or for other purposes.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As of December 31, 2025 and 2024

(Unit : in billions of Korean Won)		2025				2024				Change
Total Assets			255,102				246,808				8,294
Total Liabilities			205,737				205,445				292
Total Equity			49,365				41,363				8,002

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the fourth quarter and the year ended December 31, 2025 and 2024

(Unit : in billions of Korean Won)		2025 Oct.-Dec.				2024 Oct.-Dec.				Change				2025 Jan.-Dec.				2024 Jan.-Dec.				Change
Operating revenues			23,688				23,529				159				97,434				93,399				4,035
Operating income (loss)			1,983				2,419				-436				13,525				8,365				5,160
Income (Loss) before income tax			1,485				1,193				292				11,731				5,257				6,474
Net income (loss)			1,409				1,032				377				8,737				3,622				5,115
Net income (loss) attributable to owners of the company			1,396				1,016				380				8,617				3,492				5,125

CONDENSED SEPARATE STATEMENTS OF FINANCIAL POSITION

As of December 31, 2025 and 2024

(Unit : in billions of Korean Won)		2025				2024				Change
Total Assets			144,600				139,472				5,128
Total Liabilities			118,037				120,083				-2,046
Total Equity			26,563				19,389				7,174

CONDENSED SEPARATE STATEMENTS OF COMPREHENSIVE INCOME

For the fourth quarter and the year ended December 31, 2025 and 2024

(Unit : in billions of Korean Won)		2025 Oct.-Dec.				2024 Oct.-Dec.				Change				2025 Jan.-Dec.				2024 Jan.-Dec.				Change
Operating revenues			23,068				22,983				85				95,536				91,647				3,889
Operating income (loss)			3,004				2,771				233				8,540				3,167				5,373
Income (Loss) before income tax			2,678				2,208				470				8,749				1,000				7,749
Net income (loss)			2,339				1,661				678				7,242				829				6,413

The figures may not add up to the relevant total numbers due to rounding.

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: February 26, 2026

FAQ

How did KEPCO (KEP) perform financially for full-year 2025?

KEPCO reported sharply stronger 2025 results, with consolidated operating revenues of ₩97,434 billion and net income of ₩8,737 billion. This compares with ₩93,399 billion in revenues and ₩3,622 billion in net income for 2024 under K-IFRS.

What were KEPCO’s Q4 2025 earnings under K-IFRS?

In Q4 2025, KEPCO generated consolidated operating revenues of ₩23,688 billion, operating income of ₩1,983 billion, and net income of ₩1,409 billion. These unaudited figures reflect continued profitability compared with Q4 2024 results under K-IFRS.

How did KEPCO’s balance sheet change by December 31, 2025?

As of December 31, 2025, KEPCO’s consolidated total assets were ₩255,102 billion and total equity was ₩49,365 billion. This represents increases from 2024 totals of ₩246,808 billion in assets and ₩41,363 billion in equity.

What do KEPCO’s separate (parent-only) 2025 results show?

On a separate basis, KEPCO reported 2025 operating revenues of ₩95,536 billion, operating income of ₩8,540 billion, and net income of ₩7,242 billion. Total assets reached ₩144,600 billion and total equity rose to ₩26,563 billion at year-end 2025.

Are KEPCO’s 2025 financial figures audited?

No. KEPCO’s 2025 fourth-quarter and full-year figures are preliminary, unaudited, and prepared under K-IFRS. They have not been audited or reviewed by KPMG Samjong Accounting Corp. or any other independent accountants and may differ significantly from final results.

How did net income attributable to KEPCO shareholders change in 2025?

Net income attributable to owners of KEPCO increased to ₩8,617 billion in 2025 from ₩3,492 billion in 2024. This reflects a substantial improvement in profitability for common shareholders under the company’s preliminary, unaudited K-IFRS financial statements.