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KEPCO (NYSE: KEP) H1 2026 profit falls despite mostly steady revenues

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Korea Electric Power Corporation (KEPCO) released unaudited K-IFRS results for the second quarter and first half of 2026. On a consolidated basis, operating revenues were 21,919 billion KRW for April–June 2026 and 46,317 billion KRW for January–June 2026, both roughly flat versus 2025. However, profitability declined: consolidated operating income for Q2 2026 was 1,129 billion KRW, down from 2,136 billion KRW, and net income was 278 billion KRW versus 1,176 billion KRW a year earlier. For the first half, consolidated net income attributable to owners of the company was 2,760 billion KRW, down from 3,465 billion KRW.

On a separate company basis, KEPCO’s Q2 2026 operating revenues were 21,287 billion KRW, with operating income of 36 billion KRW, significantly lower than 957 billion KRW in Q2 2025. Separate net income turned to a 361 billion KRW loss in Q2 2026 compared with 261 billion KRW profit a year earlier, though the first half of 2026 still showed separate net income of 2,877 billion KRW. All figures are preliminary and unaudited.

Positive

  • KEPCO remained profitable on a consolidated basis in H1 2026, with 2,797 billion KRW net income and 2,760 billion KRW attributable to owners of the company.
  • Consolidated operating revenues were broadly stable year-on-year, at 46,317 billion KRW for H1 2026 versus 46,174 billion KRW in H1 2025.

Negative

  • Consolidated profitability weakened, with Q2 2026 operating income down by 1,007 billion KRW and net income down by 898 billion KRW versus Q2 2025.
  • On a separate basis, KEPCO posted a Q2 2026 net loss of 361 billion KRW, reversing from a 261 billion KRW profit in Q2 2025.
  • For H1 2026, consolidated net income attributable to owners fell by 705 billion KRW year-on-year, from 3,465 billion KRW to 2,760 billion KRW.
Consolidated operating revenues Q2 2026 21,919 billion KRW Second quarter 2026 consolidated operating revenues
Consolidated net income Q2 2026 278 billion KRW Second quarter 2026 consolidated net income
Consolidated net income H1 2026 2,797 billion KRW First half 2026 consolidated net income
Consolidated net income H1 2025 3,538 billion KRW First half 2025 consolidated net income for comparison
Separate net income (loss) Q2 2026 -361 billion KRW Second quarter 2026 separate net loss
Separate net income H1 2026 2,877 billion KRW First half 2026 separate net income
Consolidated operating income Q2 2026 1,129 billion KRW Second quarter 2026 consolidated operating income
Korean International Financial Reporting Standards (K-IFRS) financial
"results of operation for the first half of the fiscal year 2026 prepared in accordance with K-IFRS"
condensed consolidated statements of comprehensive income financial
"CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the second three-month"
condensed separate statements of comprehensive income financial
"CONDENSED SEPERATE STATEMENTS OF COMPREHENSIVE INCOME For the second three-month"
foreign private issuer regulatory
"FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER Pursuant to Rule 13a-16"
A foreign private issuer is a company organized outside the United States that meets tests showing it is primarily foreign-controlled and therefore qualifies for a different set of U.S. reporting rules. For investors, that means the company files less frequent or differently formatted disclosures with U.S. regulators and may follow home-country accounting and governance practices, so buying its stock is like dining at a well-reviewed restaurant that follows its home kitchen’s rules instead of the local menu — you get access but should check what standards apply.
Consolidated operating revenues H1 2026 vs 2025 46,317 billion KRW vs 46,174 billion KRW Increase of 143 billion KRW
Consolidated net income H1 2026 vs 2025 2,797 billion KRW vs 3,538 billion KRW Decrease of 741 billion KRW
Separate net income H1 2026 vs 2025 2,877 billion KRW vs 3,085 billion KRW Decrease of 208 billion KRW
Consolidated net income Q2 2026 vs 2025 278 billion KRW vs 1,176 billion KRW Decrease of 898 billion KRW

FAQ

How did KEPCO (KEP) perform financially in Q2 2026 on a consolidated basis?
KEPCO reported 21,919 billion KRW in consolidated operating revenues and 278 billion KRW in net income for Q2 2026. Operating income was 1,129 billion KRW, lower than the same quarter in 2025, indicating weaker profitability despite stable revenues.

What were KEPCO’s (KEP) consolidated results for the first half of 2026?
For H1 2026, KEPCO recorded consolidated operating revenues of 46,317 billion KRW and net income of 2,797 billion KRW. Net income attributable to owners of the company was 2,760 billion KRW, down from 3,465 billion KRW in the first half of 2025.

How did KEPCO’s (KEP) separate financial results compare in Q2 2026 versus Q2 2025?
On a separate basis, KEPCO’s Q2 2026 operating revenues were 21,287 billion KRW, with operating income of 36 billion KRW. Net income shifted to a 361 billion KRW loss, compared with a 261 billion KRW profit in Q2 2025, reflecting a notable deterioration.

Was KEPCO (KEP) profitable over the first half of 2026 on a separate basis?
Yes. Despite a Q2 loss, KEPCO’s separate results for H1 2026 showed net income of 2,877 billion KRW. This compares with 3,085 billion KRW in H1 2025, indicating lower but still positive earnings over the six-month period.

Are KEPCO’s (KEP) H1 2026 financial figures audited?
No. KEPCO states the H1 2026 financial figures are unaudited and based on preliminary estimates under K-IFRS. They have not been audited or reviewed by KPMG Samjong Accounting Corp. or any other independent public accountants.

How did KEPCO’s (KEP) revenues trend year-on-year in H1 2026?
Consolidated operating revenues for H1 2026 were 46,317 billion KRW, slightly above 46,174 billion KRW in H1 2025. On a separate basis, operating revenues were 44,996 billion KRW, modestly below 45,461 billion KRW a year earlier.

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Form 6-K: How Foreign Companies Report to the SEC →
 
 

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 August 2026

Commission File Number 001-13372

 

 

KOREA ELECTRIC POWER CORPORATION

(Translation of registrant’s name into English)

 

 

55 Jeollyeok-ro, Naju-si, Jeonnam-Gwangju, 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 first half of the fiscal year 2026 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 first half of the fiscal year 2026 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 from the actual results of operations of KEPCO, and accordingly should not be relied upon for investment or other purposes.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the second three-month and the first half period ended June 30, 2026 and 2025

 

(Unit : in billions of Korean Won)

    2026
Apr.-Jun.		      2025
Apr.-Jun.		      Change      2026
Jan.-Jun.		      2025
Jan.-Jun.		      Change  

Operating revenues

      21,919        21,950        -31        46,317        46,174        143  

Operating income (loss)

      1,129        2,136        -1,007        4,913        5,889        -976  

Income (Loss) before income tax

      426        1,665        -1,239        3,821        4,897        -1,076  

Net income (loss)

      278        1,176        -898        2,797        3,538        -741  

Net income (loss) attributable to owners of the company

      267        1,137        -870        2,760        3,465        -705  

CONDENSED SEPERATE STATEMENTS OF COMPREHENSIVE INCOME

For the second three-month and the first half period ended June 30, 2026 and 2025

 

(Unit : in billions of Korean Won)

    2026
Apr.-Jun.		      2025
Apr.-Jun.		      Change      2026
Jan.-Jun.		      2025
Jan.-Jun.		      Change  

Operating revenues

      21,287        21,600        -313        44,996        45,461        -465  

Operating income (loss)

      36        957        -921        2,123        2,857        -734  

Income (Loss) before income tax

      -471        381        -852        3,246        3,593        -347  

Net income (loss)

      -361        261        -622        2,877        3,085        -208  

 

*

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: August 12, 2026

Source: View Original Filing on SEC EDGAR