Surging 2025 profit at Korea Electric Power (NYSE: KEP)

Rhea-AI Filing Summary

Korea Electric Power Corporation reported sharply improved 2025 results and received shareholder approval at its annual meeting. Profit for the year rose to W 8,666,656 million from W 3,621,968 million, as sales increased to W 97,429,346 million and operating profit climbed to W 13,490,557 million.

Total equity attributable to owners increased to W 48,169,942 million, supported by stronger earnings and retained profits. Cash flows from operating activities improved to W 20,880,154 million, more than covering heavy capital spending and investment outflows.

At the AGM on March 25, 2026, shareholders approved the 2025 financial statements, the 2026 ceiling on director remuneration, and amendments to the Articles of Incorporation. The amendments realign ministerial references with government reorganization and allow the board to set separate dividend record dates, aiming to enhance dividend predictability.

Positive

• Strong earnings recovery: Profit for 2025 rose to W 8,666,656 million from W 3,621,968 million, with operating profit improving to W 13,490,557 million and equity attributable to owners climbing to W 48,169,942 million, indicating a materially better financial position.

Negative

• None.

Insights

Equity analyst

KEPCO shows a strong earnings rebound with more flexible dividend mechanics.

Korea Electric Power delivered a major turnaround, with profit for 2025 rising to W 8,666,656 million from W 3,621,968 million. Higher sales and a jump in gross profit to W 16,724,534 million supported operating profit of W 13,490,557 million.

Equity attributable to owners increased to W 48,169,942 million, while operating cash flow of W 20,880,154 million comfortably funded large capital expenditures and financial asset movements. Debt remains substantial, with total liabilities of W 205,604,513 million, so balance-sheet strength still depends on sustaining improved profitability.

The AGM decisions on March 25, 2026 confirm shareholder backing for the 2025 accounts, director pay limits for 2026, and governance updates. New language on setting dividend record dates and updated ministerial references may influence how future dividends are timed and overseen, with details to emerge through subsequent distributions.

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 March 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 ☐

At the annual general meeting (“AGM”) of shareholders of Korea Electric Power Corporation (“KEPCO”) held on March 25, 2026, all the agenda set forth below submitted for shareholder approval were approved by the shareholders as originally proposed:

1. Agendas for Shareholder Approval:

1) Approval of financial statements for the fiscal year 2025

2) Approval of the maximum aggregate amount of remuneration for directors in 2026

• Aggregate ceiling on remuneration for directors in 2026 : 2,207,869 thousand won

3) Approval of amendments to the Articles of Incorporation of KEPCO

2. Voting Results

Agenda		Outstanding Shares				Attendant Shares				Shares for
1)			641,964,077				511,345,965				506,568,651 (99.1%)
2)			641,964,077				511,345,965				509,945,280 (99.7%)
3)			641,964,077				511,345,965				510,592,978 (99.9%)

※ Details on the proposed agenda for the AGM are attached hereto.

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: March 25, 2026

Agenda 1. Approval of Financial Statements for the Fiscal Year 2025

KEPCO seeks to obtain approval for its consolidated financial statements, separate financial statements and accompanying documents for the fiscal year 2025, pursuant to Article 449 of the Commercial Act, Article 43 of the Act on the Management of Public Institutions and Article 50 of the Articles of Incorporation of KEPCO. Tables below are part of such financial statements and please refer to a separate Form 6-K filed on March 13, 2026 that contains the audit report for the fiscal year 2025 for more details.

Disclaimer: The financial statements for the fiscal year 2025 is in accordance with the International Financial Reporting Standard adopted in Korea (K-IFRS) and are subject to shareholder’s approval.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of financial position

As of December 31, 2025 and 2024

In millions of won		2025				2024
Assets
Current assets
Cash and cash equivalents		W	2,240,811				2,382,979
Current financial assets, net			4,250,164				3,494,717
Trade and other receivables, net			12,618,480				12,216,216
Inventories, net			10,152,724				9,769,236
Current income tax assets			91,579				78,495
Current non-financial assets			1,361,630				1,267,914
Assets held-for-sale			—				45,648
Total current assets			30,715,388				29,255,205
Non-current assets
Non-current financial assets, net			4,565,561				4,945,990
Non-current trade and other receivables, net			3,124,185				3,157,409
Property, plant and equipment, net			187,751,538				182,982,763
Investment properties, net			238,772				228,984
Goodwill, net			99,303				99,179
Intangible assets other than goodwill, net			1,001,295				1,046,918
Investments in associates			6,851,456				6,704,754
Investments in joint ventures			6,512,332				4,581,340
Defined benefit assets, net			104,344				40,425
Deferred tax assets			12,950,032				13,436,624
Non-current non-financial assets			1,013,251				328,204
Total non-current assets			224,212,069				217,552,590
Total assets		W	254,927,457				246,807,795

(Continued)

1

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of financial position, Continued

As of December 31, 2025 and 2024

In millions of won		2025				2024
Liabilities
Current liabilities
Trade and other payables		W	8,621,671				9,411,315
Current financial liabilities			45,939,089				44,465,866
Current income tax liabilities			1,571,143				970,496
Current non-financial liabilities			6,805,171				6,327,141
Current provisions			4,170,243				2,793,971
Total current liabilities			67,107,317				63,968,789
Non-current liabilities
Non-current trade and other payables			4,028,808				4,609,241
Non-current financial liabilities			83,995,702				88,352,359
Non-current non-financial liabilities			13,726,159				13,281,520
Employee benefits liabilities, net			1,381,852				1,451,547
Deferred tax liabilities			6,500,975				5,944,472
Non-current provisions			28,863,700				27,837,034
Total non-current liabilities			138,497,196				141,476,173
Total liabilities		W	205,604,513				205,444,962
Equity
Contributed capital
Share capital		W	3,209,820				3,209,820
Share premium			843,758				843,758
			4,053,578				4,053,578
Retained earnings
Legal reserves			1,604,910				1,604,910
Voluntary reserves			567,469				—
Unappropriated retained earnings			26,328,205				18,523,337
			28,500,584				20,128,247
Other components of equity
Other capital surplus			1,566,635				1,600,812
Accumulated other comprehensive income			1,340,560				1,424,014
Other equity			12,708,585				12,708,585
			15,615,780				15,733,411
Equity attributable to owners of the controlling company			48,169,942				39,915,236
Non-controlling interests			1,153,002				1,447,597
Total equity		W	49,322,944				41,362,833
Total liabilities and equity		W	254,927,457				246,807,795

2

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of comprehensive income

For each of the years in the two-year period ended December 31, 2025

In millions of won, except per share information		2025				2024
Sales
Sale of goods		W	95,167,797				91,018,712
Sales of services			726,096				710,445
Sales of construction services			673,693				849,108
Revenue related to transfer of assets from customers			861,760				820,631
			97,429,346				93,398,896
Cost of sales
Cost of sales of goods			(77,593,597	)			(80,221,013	)
Cost of sales of services			(671,334	)			(557,261	)
Cost of sales of construction services			(2,439,881	)			(1,185,886	)
			(80,704,812	)			(81,964,160	)
Gross profit			16,724,534				11,434,736
Selling and administrative expenses			(3,233,977	)			(3,070,026	)
Operating profit			13,490,557				8,364,710
Other income			425,303				477,354
Other expenses			(243,387	)			(465,688	)
Other gains, net			338,973				84,884
Finance income			2,038,143				3,448,177
Finance expenses			(5,038,751	)			(7,535,228	)
Profit (loss) related to associates, joint ventures and subsidiaries
Share of profit of associates and joint ventures			807,419				937,959
Gain on disposal of investments in associates and joint ventures			3,880				186,066
Reversal of impairment loss on investments in associates and joint ventures			—				10,527
Gain on disposal of investments in subsidiaries			27				98
Share of loss of associates and joint ventures			(206,743	)			(182,507	)
Loss on disposal of investments in associates and joint ventures			—				(650	)
Loss on impairment of investments in associates and joint ventures			—				(69,173	)
Loss on disposal of investments in subsidiaries			(28,491	)			—
			576,092				882,320
Profit before income tax			11,586,930				5,256,529
Income tax expense			(2,920,274	)			(1,634,561	)
Profit for the year		W	8,666,656				3,621,968

(Continued)

3

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of comprehensive income, Continued

For each of the years in the two-year period ended December 31, 2025

In millions of won, except per share information		2025				2024
Other comprehensive income (loss), net of tax
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans		W	(27,437	)			(296,135	)
Share of other comprehensive loss of associates and joint ventures			(5,944	)			(6,346	)
Net change in fair value of financial assets at fair value through other comprehensive income			143,886				100,759
Items that are or may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting			34,663				11,870
Foreign currency translation of foreign operations			(32,608	)			164,628
Share of other comprehensive income (loss) of associates and joint ventures			(257,793	)			654,225
Other comprehensive income (loss) for the year			(145,233	)			629,001
Total comprehensive income for the year		W	8,521,423				4,250,969
Profit attributable to:
Owners of the controlling company		W	8,544,918				3,491,698
Non-controlling interests			121,738				130,270
		W	8,666,656				3,621,968
Total comprehensive income attributable to:
Owners of the controlling company		W	8,425,621				4,070,175
Non-controlling interests			95,802				180,794
		W	8,521,423				4,250,969
Earnings per share (in won)
Basic and diluted earnings per share		W	13,311				5,439

4

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of changes in equity

For each of the years in the two-year period ended December 31, 2025

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 for the period
Profit for the period			—				3,491,698				—				3,491,698				130,270				3,621,968
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax			—				(281,761	)			—				(281,761	)			(14,374	)			(296,135	)
Share of other comprehensive loss of associates and joint ventures, net of tax			—				(6,346	)			—				(6,346	)			—				(6,346	)
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax			—				—				100,759				100,759				—				100,759
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			—				—				11,976				11,976				(106	)			11,870
Foreign currency translation of foreign operations, net of tax			—				—				99,624				99,624				65,004				164,628
Share of other comprehensive income of associates and joint ventures, net of tax			—				—				654,225				654,225				—				654,225
Transactions with owners of the Group, recognized directly in equity
Dividends paid			—				—				—				—				(126,900	)			(126,900	)
Additional paid-in capital and others			—				—				—				—				(1,819	)			(1,819	)
Equity transaction within the consolidated entity			—				—				18				18				(13,878	)			(13,860	)
Changes in consolidation scope			—				—				—				—				9				9
Dividends paid for hybrid bonds			—				—				—				—				(10,316	)			(10,316	)
Others
Transfer of revaluation reserve			—				586,394				(586,394	)			—				—				—
Balance as of December 31, 2024		W	4,053,578				20,128,247				15,733,411				39,915,236				1,447,597				41,362,833

(Continued)

5

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of changes in equity, Continued

For each of the years in the two-year period ended December 31, 2025

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			—				8,544,918				—				8,544,918				121,738				8,666,656
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax			—				(29,899	)			—				(29,899	)			2,462				(27,437	)
Share of other comprehensive income of associates and joint ventures, net of tax			—				(5,944	)			—				(5,944	)			—				(5,944	)
Net change in fair value of financial assets at fair value through other comprehensive income (loss), net of tax			—				—				143,888				143,888				(2	)			143,886
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			—				—				35,483				35,483				(820	)			34,663
Foreign currency translation of foreign operations, net of tax			—				—				(5,032	)			(5,032	)			(27,576	)			(32,608	)
Share of other comprehensive loss of associates and joint ventures, net of tax			—				—				(257,793	)			(257,793	)			—				(257,793	)
Transactions with owners of the Group, recognized directly in equity
Dividends paid			—				(136,738	)			—				(136,738	)			(76,443	)			(213,181	)
Additional paid-in capital and others			—				—				(855	)			(855	)			882				27
Equity transaction within the consolidated entity			—				—				(33,322	)			(33,322	)			(82,564	)			(115,886	)
Changes in consolidation scope			—				—				—				—				(144	)			(144	)
Dividends paid for hybrid bonds			—				—				—				—				(2,128	)			(2,128	)
Repayment of hybrid bond			—				—				—				—				(230,000	)			(230,000	)
Balance as of December 31, 2025		W	4,053,578				28,500,584				15,615,780				48,169,942				1,153,002				49,322,944

6

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of cash flows

For each of the years in the two-year period ended December 31, 2025

In millions of won		2025				2024
Cash flows from operating activities
Profit for the year		W	8,666,656				3,621,968
Adjustments to reconcile profit for the period to net cash provided by operating activities:
Income tax expenses			2,920,274				1,634,561
Depreciation			13,630,181				13,833,788
Amortization			158,610				163,567
Retirement benefit expenses			484,224				427,980
Bad debt expense			83,001				60,309
Interest expense			4,339,560				4,665,095
Loss on disposal of financial assets			3,525				434
Loss on disposal of property, plant and equipment			112,692				112,018
Loss on abandonment of property, plant and equipment			122,368				195,697
Loss on impairment of property, plant and equipment			14,262				11,240
Loss on impairment of intangible assets			8,439				902
Loss on disposal of intangible assets			13				111
Increase in provisions, net			3,492,316				1,762,526
Loss (Gain) on foreign currency translation, net			(407,106	)			2,366,830
Gain on valuation of financial assets at fair value through profit or loss			(133,082	)			(83,408	)
Loss on valuation of financial assets at fair value through profit or loss			24,983				14,247
Gain on derivatives			(52,685	)			(2,406,368	)
Gain on valuation of investments in associates and joint ventures, net			(600,675	)			(755,452	)
Gain on disposal of financial assets			(58,115	)			(45,493	)
Reversal of impairment loss on intangible assets			(42	)			—
Gain on disposal of property, plant and equipment			(285,525	)			(85,990	)
Gain on disposal of intangible assets			(18	)			(41	)
Gain on disposal of associates and joint ventures			(3,880	)			(186,066	)
Loss on disposal of associates and joint ventures			—				650
Loss on impairment investments in associates and joint ventures			—				69,173
Reversal of impairment loss on investments in associates and joint ventures			—				(10,527	)
Gain on disposal of subsidiaries			(27	)			(98	)
Loss on disposal of subsidiaries			28,491				—
Interest income			(440,386	)			(467,525	)
Dividends income			(26,137	)			(70,601	)
Others, net			(422,833	)			(76,125	)
			22,992,428				21,131,434
Changes in working capital:
Trade receivables			(436,841	)			2,702
Non-trade receivables			76,882				(191,526	)
Accrued income			325,716				(189,995	)
Other receivables			97,299				101,042
Other current assets			(713,475	)			(656,588	)
Inventories			(1,566,800	)			(1,412,713	)
Other non-current assets			(165,996	)			108,625
Trade payables			(957,469	)			109,214
Non-trade payables			(498,552	)			(97,540	)
Accrued expenses			(343,879	)			(508,199	)
Other current liabilities			642,339				(2,261,294	)
Other non-current liabilities			365,255				2,892,947
Investments in associates and joint ventures (dividends received)			346,203				364,287
Provisions			(1,840,454	)			(1,588,396	)
Payments of employee benefit obligations			(362,044	)			(208,248	)
Plan assets			(350,970	)			(254,763	)
		W	(5,382,786	)			(3,790,445	)

(Continued)

7

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of cash flows, Continued

For each of the years in the two-year period ended December 31, 2025

In millions of won		2025				2024
Cash generated from operating activities		W	26,276,298				20,962,957
Dividends received			26,137				12,243
Interest paid			(4,393,329	)			(4,697,442	)
Interest received			304,166				390,671
Income taxes paid			(1,333,118	)			(792,313	)
Net cash flows provided by operating activities			20,880,154				15,876,116
Cash flows from investing activities
Proceeds from disposals of investments in associates and joint ventures			14,436				236,624
Acquisition of investments in associates and joint ventures			(2,096,355	)			(451,813	)
Proceeds from disposals of property, plant and equipment			467,623				402,603
Acquisition of property, plant and equipment			(15,834,139	)			(14,216,037	)
Proceeds from disposals of intangible assets			4,606				428
Acquisition of intangible assets			(103,490	)			(91,851	)
Proceeds from disposals of financial assets			3,677,329				2,615,341
Acquisition of financial assets			(4,341,542	)			(2,536,994	)
Increase in loans			(376,811	)			(172,849	)
Collection of loans			413,027				226,935
Increase in deposits			(161,923	)			(154,503	)
Decrease in deposits			143,226				152,803
Proceeds from disposals of assets held-for-sale			40,047				28,727
Receipt of government grants			25,019				59,503
Net cash outflows from changes in consolidation scope			(3,062	)			(2,740	)
Other cash outflows from investing activities, net			(313,444	)			(189,284	)
Net cash flows used in investing activities			(18,445,453	)			(14,093,107	)
Cash flows from financing activities
Proceeds (Repayment) of short-term borrowings, net			948,196				(1,536,401	)
Proceeds from long-term borrowings			1,769,770				2,795,823
Proceeds from debt securities			23,093,711				20,476,245
Repayment of long-term borrowings			(1,211,324	)			(654,581	)
Repayment of debt securities			(26,541,349	)			(24,687,409	)
Payment of lease liabilities			(549,651	)			(612,828	)
Settlement of derivative instruments, net			621,571				545,483
Change in non-controlling interests			(57,759	)			(35,986	)
Repayment of hybrid bond			(230,000	)			—
Dividends paid for hybrid bond			(2,128	)			(10,316	)
Dividends paid			(216,780	)			(126,903	)
Other cash outflows from financing activities, net			(258,858	)			(2,428	)
Net cash flows used in financing activities			(2,634,601	)			(3,849,301	)
Net decrease in cash and cash equivalents before effect of exchange rate fluctuations			(199,900	)			(2,066,292	)
Effect of exchange rate fluctuations on cash held			57,732				106,384
Net decrease in cash and cash equivalents			(142,168	)			(1,959,908	)
Cash and cash equivalents as of January 1, 2025 and 2024			2,382,979				4,342,887
Cash and cash equivalents as of December 31, 2025 and 2024		W	2,240,811				2,382,979

8

Agenda 2. Approval of the ceiling amount of remuneration for directors in 2026

KEPCO seeks to obtain approval regarding the ceiling amount of remuneration for directors for the fiscal year 2026, pursuant to Article 388 of the Commercial Act and Article 35 of the Articles of Incorporation of KEPCO.

• Proposed aggregate ceiling on remuneration for directors:

• 2,207,869 thousand won in fiscal year 2026 (total number of directors: 15; number of non-standing directors: 8)

• 2,172,984 thousand won in fiscal year 2025 (total number of directors: 15; number of non-standing directors: 8)

• The actual remuneration for directors in the fiscal year 2025 was 1,664,368 thousand won.

• We proposed to increase the maximum aggregate ceiling on remuneration for directors in 2026 by 34,885 thousand won compared to 2025 as a result of (i) the notification by the Government to increase the remuneration for directors of government controlled entities by 3.4% (34,135 thousand won), (ii) the decreased payment ceiling for performance-based compensation (10,214 thousand won), (iii) the increased severance payments by 34,964 thousand won due to the increase in the average incumbency of our directors ( 25 g 29 months) and (iv) the decreased remuneration ceiling for the Labor Director (24,000 thousand won).

Agenda 3. Approval of amendments to the Articles of Incorporation of KEPCO

• The table below compares the current provisions in the Articles of Incorporation with the proposed amendments and rationales for such proposed amendments.

Current provision		Proposed amendment		Rationale
Article 4 (Change of Articles of Incorporation) In case the Corporation intends to change the Articles of Incorporation, the Corporation shall obtain approval of the Minister of the Ministry of Trade, Industry and Energy, following the resolutions of the Board of Directors and the General Meeting of Shareholders.		Article 4 (Change of Articles of Incorporation) In case the Corporation intends to change the Articles of Incorporation, the Corporation shall obtain approval of the Minister of the Ministry of Climate, Energy and Environment, following the resolutions of the Board of Directors and the General Meeting of Shareholders.		To reivse the Articles of Incorporation in accordance with amendments to the Government Organization Act.
Article 15 (Suspension of Changes in the Register of Shareholders) (2) The Corporation shall permit the shareholders whose names appear in the register of shareholders on December 31 of each year to exercise voting rights and receive dividends as shareholders in the Ordinary General Meeting of Shareholders held in respect of such fiscal year.		Article 15 (Suspension of Changes in the Register of Shareholders) (2) The Corporation shall permit the shareholders whose names appear in the register of shareholders on December 31 of each year to exercise voting rights as shareholders in the Ordinary General Meeting of Shareholders held in respect of such fiscal year.		To set the dividend record date after the dividend amount is determined, by separating the right to vote from the right to receive dividends, in order to enhance dividend predictability for shareholders
Article 26-2 (Appointment of Officers, etc.) (1) For the appointment of the position of the President, the Director Nomination Committee pursuant to Article 28-2 makes multiple recommendations followed by Director Nomination Committee deliberations and resolution of the Committee for Management of Public Institutions pursuant to Article 8 of the Act on the Management of Public Institutions and the resolution of the General Meeting of shareholders, and shall be appointed by the President of the Republic of Korea as motioned by the Minister of the Ministry of Trade, Industry and Energy.		Article 26-2 (Appointment of Officers, etc.) (1) For the appointment of the position of the President, the Director Nomination Committee pursuant to Article 28-2 makes multiple recommendations followed by Director Nomination Committee deliberations and resolution of the Committee for Management of Public Institutions pursuant to Article 8 of the Act on the Management of Public Institutions and the resolution of the General Meeting of Shareholders, and shall be appointed by the President of the Republic of Korea as motioned by the Minister of the Ministry of Climate, Energy and Environment.		To reivse the Articles of Incorporation in accordance with amendments to the Government Organization Act

(2) The Standing Directors except for the President shall be appointed by the President following a resolution of the General Meeting of Shareholders. Provided, however, that a Standing Director who becomes a member of the Audit Committee in accordance with the provisions of Article 41-2 shall be appointed by the President of the Republic of Korea, as motioned by the Minister of the Ministry of Economy and Finance, following the deliberation and resolution of the Committee for Management of Public Institutions and the resolution of the General Meeting of Shareholders from the pool of candidates who have been recommended by the Director Nomination Committee.		(2) The Standing Directors except for the President shall be appointed by the President following a resolution of the General Meeting of Shareholders. Provided, however, that a Standing Director who becomes a member of the Audit Committee in accordance with the provisions of Article 41-2 shall be appointed by the President of the Republic of Korea, as motioned by the Minister of the Ministry of Finance and Economy, following the deliberation and resolution of the Committee for Management of Public Institutions and the resolution of the General Meeting of Shareholders from the pool of candidates who have been recommended by the Director Nomination Committee.
(3) The non-standing director shall be selected from among the pool of candidates under any of the following subparagraphs who have been recommended by the Director Nomination Committee, and appointed by the Minister of the Ministry of Economy and Finance upon deliberation and resolution by the Committee for Management of Public Institutions. Such appointment shall include one (1) person pursuant to Subparagraph 2. set forth below.		(3) The non-standing director shall be selected from among the pool of candidates under any of the following subparagraphs who have been recommended by the Director Nomination Committee, and appointed by the Minister of the Ministry of Finance and Economy upon deliberation and resolution by the Committee for Management of Public Institutions. Such appointment shall include one (1) person pursuant to Subparagraph 2. set forth below.
Article 28-3 (Administration Agreement with President) (2) The Director Nomination Committee shall negotiate the terms and conditions of the proposed contract as submitted pursuant to Paragraph (1) above with the candidate for the President’s office who is recommended by the Committee, and shall report the results to the Minister of the Ministry of Trade, Industry and Energy. For purposes of such negotiation, the Director Nomination Committee may change certain terms and conditions of the contract, as necessary.		Article 28-3 (Administration Agreement with President) (2) The Director Nomination Committee shall negotiate the terms and conditions of the proposed contract as submitted pursuant to Paragraph (1) above with the candidate for the President’s office who is recommended by the Committee, and shall report the results to the Minister of the Ministry of Climate, Energy and Environment. For purposes of such negotiation, the Director Nomination Committee may change certain terms and conditions of the contract, as necessary.		To reivse the Articles of Incorporation in accordance with amendments to the Government Organization Act
(3) The person who is appointed as the President of the Corporation shall execute the contract with the Minister of the Ministry of Trade, Industry and Energy pursuant to Paragraph (2) above. The Minister of the Ministry of Trade, Industry and Energy may negotiate with the person appointed as the President and may change the terms and conditions of the contract from the contract determined pursuant to Paragraph (1) or (2) above.		(3) The person who is appointed as the President of the Corporation shall execute the contract with the Minister of the Ministry of Climate, Energy and Environment pursuant to Paragraph (2) above. The Minister of the Ministry of Climate, Energy and Environment may negotiate with the person appointed as the President and may change the terms and conditions of the contract from the contract determined pursuant to Paragraph (1) or (2) above.

(4) The President and the Minister of the Ministry of Trade, Industry and Energy may change the terms and conditions of the contract after the execution thereof through mutual negotiation in the event of unavoidable circumstances, pursuant to Paragraph (3) above.		(4) The President and the Minister of the Ministry of Climate, Energy and Environment may change the terms and conditions of the contract after the execution thereof through mutual negotiation in the event of unavoidable circumstances, pursuant to Paragraph (3) above.
Article 32 (Restriction on Officers’ and Employees’ Holding of Concurrent Positions) No Standing Director or employee of the Corporation shall engage in any business activities for profit other than the performance of his duties for the Corporation. The President may engage in not-for-profit activities upon obtaining approval of the Minister of the Ministry of Trade, Industry and Energy. Standing Directors and employees of the Corporation may engage in not-for-profit activities upon obtaining approval of the President.		Article 32 (Restriction on Officers’ and Employees’ Holding of Concurrent Positions) No Standing Director or employee of the Corporation shall engage in any business activities for profit other than the performance of his duties for the Corporation. The President may engage in not-for-profit activities upon obtaining approval of the Minister of the Ministry of Climate, Energy and Environment. Standing Directors and employees of the Corporation may engage in not-for-profit activities upon obtaining approval of the President.		To reivse the Articles of Incorporation in accordance with amendments to the Government Organization Act
Article 35 (Remuneration for Officers and Employees) (3) The standards for remuneration in Paragraph (2) with respect to the President and the Standing Directors shall be determined by the Board of Directors pursuant to the guidelines on remuneration established by the Minister of the Ministry of Economy and Finance upon deliberation and resolution by the Operation Committee, taking into account the following.		Article 35 (Remuneration for Officers and Employees) (3) The standards for remuneration in Paragraph (2) with respect to the President and the Standing Directors shall be determined by the Board of Directors pursuant to the guidelines on remuneration established by the Minister of the Ministry of Finance and Economy upon deliberation and resolution by the Operation Committee, taking into account the following.		To reivse the Articles of Incorporation in accordance with amendments to the Government Organization Act
Article 37–2 (Senior Non-standing Director) (2) The Senior Non-standing Director shall be appointed by the Minister of the Ministry of Economy and Finance upon deliberation and resolution by the Operation Committee.		Article 37–2 (Senior Non-standing Director) (2) The Senior Non-standing Director shall be appointed by the Minister of the Ministry of Finance and Economy upon deliberation and resolution by the Operation Committee.		To reivse the Articles of Incorporaiton in accordance with amendments to the Government Organization Act
Article 51 (Dividends) (1) Any rights to dividends shall be extinguished by prescription unless exercised with five (5) years.		Article 51 (Dividends) <Maintained>		Establishment of grounds for determining the dividend record date
(2) Dividends to which rights has extinguished pursuant to Paragraph (1) above shall revert to the Corporation.
(3) The Corporation may pay dividends to shareholders other than the Government preferentially.

(4) The Corporation shall make efforts to treat the members of ESOA favorably in payment of dividends.

<Newly established>

(5) The Corporation may, by resolution of the Board of Directors, determine the record date to identify the shareholders entitled to receive dividends. If such record date is set, the Company shall provide public notice thereof at least 2 weeks prior to the record date.

All amendments to the Articles of Incorporation shall be effective on and from the date in which the amendments have been promulgated. A resolution from the AGM and the approval of the Minister of Climate, Energy, and Environment are required for the amendments to be promulgated.

FAQ

How did Korea Electric Power (KEP) perform financially in 2025?

Korea Electric Power’s 2025 profit rose to W 8,666,656 million, up from W 3,621,968 million. Sales increased to W 97,429,346 million, and operating profit reached W 13,490,557 million, reflecting stronger margins and improved overall profitability compared with 2024.

What happened at KEPCO’s March 2026 annual general meeting?

At the March 2026 AGM, shareholders approved KEPCO’s 2025 financial statements, the ceiling on director remuneration for fiscal 2026, and several amendments to the Articles of Incorporation, signaling broad support for management’s financial reporting and proposed governance changes.

How did KEPCO’s balance sheet change between 2024 and 2025?

Total assets grew to W 254,927,457 million, while total equity increased to W 49,322,944 million, up from W 41,362,833 million. Equity attributable to owners rose to W 48,169,942 million, showing that retained earnings and stronger results bolstered the company’s capital base.

What were KEPCO’s 2025 cash flows from operating, investing, and financing activities?

Net cash from operating activities was W 20,880,154 million. Investing activities used W 18,445,453 million, largely for property, plant, equipment and financial assets. Financing activities used W 2,634,601 million, leading to a modest net decrease in cash and cash equivalents over the year.

What changes did KEPCO make to its dividend-related provisions?

KEPCO amended Article 15 and Article 51 so the board may set a separate record date for dividends by resolution. The company must publicly announce this at least two weeks in advance, aiming to enhance predictability of dividend timing for shareholders.

How were KEPCO’s Articles of Incorporation updated regarding government oversight?

Multiple articles were revised to replace references to the Minister of Trade, Industry and Energy or Economy and Finance with the Minister of Climate, Energy and Environment or Finance and Economy, aligning KEPCO’s governance documents with amendments to the Government Organization Act.

What was KEPCO’s earnings per share for 2025?

KEPCO reported basic and diluted earnings per share of W 13,311 for 2025, compared with W 5,439 in 2024. This reflects the significant increase in profit attributable to owners of the controlling company during the year.