KEPCO (NYSE: KEP) 2025 profit jumps to W8.7T on stronger ops

Rhea-AI Filing Summary

Korea Electric Power Corporation filed its amended 2025 audited consolidated financial statements, prepared under K-IFRS and still subject to shareholder approval. The independent auditor issued an unmodified opinion on both the financial statements and internal control over financial reporting.

For 2025, KEPCO generated sales of W97,429,346 million and operating profit of W13,490,557 million. Profit for the year rose to W8,666,656 million, up from W3,621,968 million in 2024, with basic and diluted earnings per share of W13,311. Total assets reached W254,927,457 million and equity W49,322,944 million, including W187,751,538 million of property, plant and equipment and a W24,176,898 million provision for nuclear plant decommissioning.

Positive

• Profit more than doubled year-on-year: 2025 profit reached W8,666,656 million versus W3,621,968 million in 2024, with operating profit rising to W13,490,557 million, signaling a strong rebound in financial performance.
• Equity base strengthened: Total equity attributable to owners increased to W48,169,942 million (total equity W49,322,944 million), driven mainly by higher retained earnings from substantially improved profitability.

Negative

• None.

Insights

Equity research analyst

KEPCO swung to substantially higher 2025 profits with a stronger balance sheet.

KEPCO reports 2025 profit of W8,666,656 million, up from W3,621,968 million in 2024, on sales of W97,429,346 million. Operating profit improved to W13,490,557 million, indicating materially better core performance.

Total equity increased to W49,322,944 million from W41,362,833 million, supported by higher retained earnings. Large long-life assets remain central, with property, plant and equipment of W187,751,538 million and a nuclear decommissioning provision of W24,176,898 million shaping long-term obligations.

The unmodified audit and internal control opinions under K-IFRS and KSAs support reliability of these results. Future filings around March 25, 2026 shareholder approval may confirm any final adjustments to the 2025 numbers disclosed here.

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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 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 ☐

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On March 10, 2026, Korea Electric Power Corporation (“KEPCO”) filed its audit report for the fiscal year 2025 prepared in accordance with Korean International Financial Reporting Standards (K-IFRS), and, on March 12, 2026, KEPCO amended and restated its audit report filed on March 10, 2026 as attached. The financial statements in such report have not been approved by the shareholders of KEPCO and remain subject to change.

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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: March 13, 2026

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KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Consolidated financial statements

December 31, 2025

(With independent auditor’s report thereon)

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		Page
Independent auditors’ report
Consolidated financial statements
Consolidated statements of financial position			1
Consolidated statements of comprehensive income			3
Consolidated statements of changes in equity			5
Consolidated statements of cash flows			7
Notes to the consolidated financial statements			9
Audit opinion on internal control over financial reporting
Independent auditors’ report of internal control over financial reporting
Management’s annual report on the effectiveness of internal control over financial reporting

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Independent auditor’s report

(English translation of a report originally issued in Korean)

To the Board of Directors and Shareholders of

Korea Electric Power Corporation

Opinion

We have audited the consolidated financial statements of Korea Electric Power Corporation and its subsidiaries (the “Group”), which comprise the consolidated statements of financial position as of December 31, 2025, the consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and the notes to the consolidated financial statements, including material accounting polies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2025 and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Korean International Financial Reporting Standards (“K-IFRS”).

We also have audited, in accordance with Korean Standards on Auditing (KSAs), the Group’s Internal Control Over Financial Reporting (“ICFR”) for consolidation purposes as of December 31, 2025 based on the criteria established in Conceptual Framework for Designing and Operating Internal Control over Financial Reporting issued by the Operating Committee of Internal Control over Financial Reporting in the Republic of Korea, and our report dated March 10, 2026 expressed an unmodified opinion on the effectiveness of the Group’s ICFR for consolidation purposes.

Basis for Opinion

We conducted our audit in accordance with KSAs. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in the Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements as of and for the year ended December 31, 2025. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

• Impairment of property, plant and equipment in the cash-generating unit related to electricity sales.

The Group’s property, plant and equipment (“PP&E”) amounted to KRW 187,751,538 million as of December 31, 2025, which included PP&E in the cash-generating unit (“CGU”) related to electricity sales. As discussed in Note 3.(18) to the consolidated financial statements, the Group performed impairment assessment for the CGU by comparing the carrying amount of the CGU with its estimated value-in-use (“VIU”) amount.

We identified the evaluation of impairment of PP&E in the CGU related to electricity sales as a key audit matter. Specifically, the determination of unit sales prices and the discount rate used by management in estimating VIU of the CGU involved a high degree of subjectivity and uncertainty. A minor change in unit sales prices or the discount rate may have a material impact on the impairment of the CGU. Consequently, evaluating the reasonableness of these key assumptions required subjective and complex auditor judgments.

The following are the primary procedures we performed to address this key audit matter.

• We evaluated the design and tested the operating effectiveness of certain internal controls related to the assessment of the VIU of the CGU, including controls over management’s review of the determination of unit sales prices and the discount rate.

• We performed sensitivity analysis as a risk assessment procedure on unit sales prices, and the discount rate to evaluate the impact of changes in these assumptions on the VIU of the CGU.

• We assessed the unit sales prices assumptions by comparing them to those used in budgets as approved by the board of directors and historical tariff rates policy measures adopted by the government.

• We compared the estimated unit sales price prepared in prior year with the current year’s actual results to assess the Group’s ability to accurately forecast.

• We involved valuation professionals with specialized skills and knowledge, who assisted in: (1) assessing the reasonableness of the unit sales prices assumptions by performing comparing them to government-approved tariff framework, historical tariff changes, and relevant external market data, and (2) evaluating the appropriateness of the discount rate by independently developing a discount rate using publicly available market information and comparing it to the rate used by management.

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• Evaluation of Provision for Decommissioning Cost - Nuclear Plants.

As discussed in Note 3.(20) and Note 26 to the consolidated financial statements, the Group recognized a provision for decommissioning cost - Nuclear plants of KRW 24,176,898 million as of December 31, 2025. The Group measures the provision at the present value of the estimated future decommissioning costs.

We identified the evaluation of provisions for decommissioning cost - Nuclear plants as a key audit matter. Specifically, the determination of the discount rate and the inflation rate used by management in measuring the present value of the provision involved a high degree of subjectivity and uncertainty. A minor change in either the discount rate or the inflation rate may have a material impact on the measurement of the provision. Consequently, evaluating the discount rate and the inflation rate assumptions required subjective and complex auditor judgment.

The following are the primary procedures we performed to address this key audit matter.

• We evaluated the design and tested the operating effectiveness of certain internal controls related to the measurement of the provision for decommissioning cost - Nuclear plants, including controls over management’s review of the determination of the discount rate and the inflation rate.

• We performed sensitivity analysis as a risk assessment procedure on the discount rate and inflation rate to evaluate the impact of changes in these assumptions on the measurement of the provision.

• We involved valuation professionals with specialized skills and knowledge, who assisted in: (1) assessing the long-term market interest rate for discounting the provision by evaluating its consistency with the expected timing and duration of future decommissioning cash outflows, and (2) evaluating the discount rate and inflation rate assumptions used by management by comparing them to publicly available long-term market data.

Other Matters

The consolidated financial statements of the Group as of and for the year ended December 31, 2024, were audited by another auditor who expressed an unmodified opinion on those statements on March 11, 2025.

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

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with K-IFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with KSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with KSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.

• Evaluate the appropriateness of accounting policies used in the preparation of the consolidated financial statements and the reasonableness of accounting estimates and related disclosures made by management.

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• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor’s report is Jung Soo Lee.

Seoul, Korea

March 10, 2026

This report is effective as of March 10, 2026, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the accompanying consolidated financial statements and notes thereto. Accordingly, the readers of the audit report should understand that the above audit 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

Consolidated statements of financial position

As of December 31, 2025 and 2024

In millions of won		Note				2025				2024
Assets
Current assets
Cash and cash equivalents			5,6,7,45			W	2,240,811				2,382,979
Current financial assets, net			5,6,9,11,12,13,45,47				4,250,164				3,494,717
Trade and other receivables, net			5,8,20,24,45,46,47				12,618,480				12,216,216
Inventories, net			14				10,152,724				9,769,236
Current income tax assets			41				91,579				78,495
Current non-financial assets			15				1,361,630				1,267,914
Assets held-for-sale			16,42				—				45,648
Total current assets							30,715,388				29,255,205
Non-current assets
Non-current financial assets, net			5,6,9,10,11,12,13,45,47				4,565,561				4,945,990
Non-current trade and other receivables, net			5,8,20,45,46,47				3,124,185				3,157,409
Property, plant and equipment, net			4,18,24,27,49				187,751,538				182,982,763
Investment properties, net			4,19,27				238,772				228,984
Goodwill, net			4,16				99,303				99,179
Intangible assets other than goodwill, net			4,21,27,46				1,001,295				1,046,918
Investments in associates			4,17				6,851,456				6,704,754
Investments in joint ventures			4,17				6,512,332				4,581,340
Defined benefit assets, net			25				104,344				40,425
Deferred tax assets			41				12,950,032				13,436,624
Non-current non-financial assets			4,15				1,013,251				328,204
Total non-current assets							224,212,069				217,552,590
Total assets			4			W	254,927,457				246,807,795

(Continued)

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of financial position, Continued

As of December 31, 2025 and 2024

In millions of won		Note				2025				2024
Liabilities
Current liabilities
Trade and other payables			5,22,24,45,47			W	8,621,671				9,411,315
Current financial liabilities			5,12,23,45,47				45,939,089				44,465,866
Current income tax liabilities			41				1,571,143				970,496
Current non-financial liabilities			20,28,29				6,805,171				6,327,141
Current provisions			26,45				4,170,243				2,793,971
Total current liabilities							67,107,317				63,968,789
Non-current liabilities
Non-current trade and other payables			5,22,24,45,47				4,028,808				4,609,241
Non-current financial liabilities			5,12,23,45,47				83,995,702				88,352,359
Non-current non-financial liabilities			28,29				13,726,159				13,281,520
Employee benefits liabilities, net			25,45				1,381,852				1,451,547
Deferred tax liabilities			41				6,500,975				5,944,472
Non-current provisions			26,45				28,863,700				27,837,034
Total non-current liabilities							138,497,196				141,476,173
Total liabilities			4			W	205,604,513				205,444,962
Equity
Contributed capital			1,30,45
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							26,328,205				18,523,337
							28,500,584				20,128,247
Other components of equity			34
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			16,33				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

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of comprehensive income

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

In millions of won, except per share information		Note				2025				2024
Sales			4,35,45,47
Sale of goods			2			W	95,167,797				91,018,712
Sales of services							726,096				710,445
Sales of construction services			20				673,693				849,108
Revenue related to transfer of assets from customers			28				861,760				820,631
							97,429,346				93,398,896
Cost of sales			14,25,43,47
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			25,36,43,47				(3,233,977	)			(3,070,026	)
Operating profit			4				13,490,557				8,364,710
Other income			37				425,303				477,354
Other expenses			37				(243,387	)			(465,688	)
Other gains, net			38				338,973				84,884
Finance income			5,12,39				2,038,143				3,448,177
Finance expenses			5,12,40				(5,038,751	)			(7,535,228	)
Profit (loss) related to associates, joint ventures and subsidiaries			4,16,17
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			41				(2,920,274	)			(1,634,561	)
Profit for the year						W	8,666,656				3,621,968

(Continued)

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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		Note				2025				2024
Other comprehensive income (loss), net of tax			5,12,25,31,34
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans			25,31			W	(27,437)				(296,135	)
Share of other comprehensive loss of associates and joint ventures			31				(5,944	)			(6,346	)
Net change in fair value of financial assets at fair value through other comprehensive income			34				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			5,12,34				34,663				11,870
Foreign currency translation of foreign operations			34				(32,608	)			164,628
Share of other comprehensive income (loss) of associates and joint ventures			34				(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			44			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)			44
Basic and diluted earnings per share						W	13,311				5,439

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of changes in equity

For each of the two years in the 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)

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of changes in equity, Continued

For each of the two years in the 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

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of cash flows

For each of the two years in the 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)

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Consolidated statements of cash flows, Continued

For each of the two years in the 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

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

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Notes to the consolidated financial statements

December 31, 2025 and 2024

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 December 31, 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 143,869,288 shares (22.41%) as of December 31, 2025.

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

The consolidated financial statements of Korea Electric Power Corporation and its subsidiaries (collectively referred to as the “Group”) were authorized for issuance by the Board of Directors on February 26, 2026, which will be submitted for final approval at the shareholders’ meeting held on March 25, 2026.

(1) Statement of compliance

These consolidated financial statements have been prepared in accordance with KIFRS, as prescribed in the Act on External Audit of Stock companies in the Republic of Korea. The accompanying consolidated financial statements have been translated into English from Korean language financial statements. In the event of any differences in interpreting the financial statements or the independent auditor’s report thereon, the Korean version, which is used for regulatory reporting purposes, shall prevail.

(2) Basis of measurement

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

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

2. Basis of Preparation, Continued

(4) Use of estimates and judgments

The preparation of the 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, 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 following 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 consolidated financial statements, Continued

December 31, 2025 and 2024

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 by 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 estimated volume of electricity delivered which can vary significantly as a result of customer usage patterns, customer mix, meter reading schedules, weather, etc. Unbilled revenue recognized as of December 31, 2025 and 2024 are W2,573,914 million and W2,492,898 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 consolidated financial statements, Continued

December 31, 2025 and 2024

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 consolidated 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.

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

Amendments to KIFRS 1117 “Insurance Contracts” - Disclosure of Estimation Techniques for Inputs Used in Measuring Insurance Contracts

The amendments to KIFRS 1117, “Insurance Contracts,” are effective for reporting periods ending on or after December 31, 2025. These amendments address situations where an entity may be required to follow principled estimation techniques prescribed by insurance-related laws and regulations in the absence of sufficient historical data or experience for its insurance products.

If the estimation techniques used by an entity to measure insurance contracts differ from the principled estimation techniques required by such regulations, and if this information is deemed relevant and material to the users of the financial statements, the following disclosures are required:

• The estimation techniques for inputs used based on significant judgment and the basis for such judgment, as well as the details of any differences from the principled estimation techniques required by the regulations; and

• The impact on the estimates of future cash flows, contractual service margin (CSM), insurance revenue, and insurance service expenses, had the principled estimation techniques required by the regulations been applied.

These amendments will remain in effect through the reporting periods including December 31, 2029. This amendment has no significant impact on the consolidated financial statements.

(6) New accounting standards and interpretations not yet adopted

The following are the major new and amended accounting standards and interpretations that have been issued but are not yet effective for the fiscal year beginning on January 1, 2025, and have not been early adopted by the Group:

Amendments to KIFRS 1109, “Financial Instruments” and KIFRS 1107, “Financial Instruments: Disclosures”—Classification and Measurement of Financial Instruments

The amendments to KIFRS 1109 and KIFRS 1107 regarding the classification and measurement of financial instruments include the following:

• Clarification that a financial liability is derecognized on the settlement date, and the introduction of an accounting policy choice to derecognize financial liabilities settled through electronic payment systems before the settlement date if specific criteria are met;

• Additional guidance on assessing the contractual cash flow characteristics of financial assets with ESG or similar features;

• Clarification of the characteristics of non-recourse features and contractually linked instruments; and

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

2. Basis of Preparation, Continued

(6) New accounting standards and interpretations not yet adopted, continued

• Introduction of new disclosure requirements for financial instruments with contingent features and additional disclosures for equity instruments measured at fair value through other comprehensive income (FVOCI).

These amendments are effective for reporting periods beginning on or after January 1, 2026, with early adoption permitted. Entities may choose to early adopt only the amendments related to the classification of financial assets and the corresponding disclosures. The Group does not plan to early adopt these amendments.

Annual Improvements to KIFRS Accounting Standards - Volume 11

Annual Improvements to KIFRS Volume 11 were issued to enhance consistency among accounting standards and clarify ambiguous requirements. The key improvements include:

• KIFRS 1101, “First-time Adoption of KIFRS”: Hedge accounting by a first-time adopter;

• KIFRS 1107, “Financial Instruments: Disclosures”: Gain or loss on derecognition and implementation guidance;

• KIFRS 1109, “Financial Instruments”: Derecognition of lease liabilities and the definition of transaction price;

• KIFRS 1110, “Consolidated Financial Statements”: Determination of a “de facto” agent; and

• KIFRS 1007, “Statement of Cash Flows”: Cost method.

These amendments are effective for reporting periods beginning on or after January 1, 2026, with early adoption permitted. If an entity early adopts these amendments, it must disclose that fact. The Group does not expect these amendments to have a material impact on its consolidated financial statements.

Amendments to KIFRS 1109, “Financial Instruments” and KIFRS 1107, “Financial Instruments: Disclosures” - Contracts for Renewable Electricity

The amendments to KIFRS 1109 and KIFRS 1107 regarding contracts for renewable electricity (nature-dependent electricity) include the following:

• Clarification of the “own-use” requirement for contracts within the scope;

• Amendments to the requirements for designating the hedged item in a cash flow hedge relationship for contracts within the scope; and

• New disclosure requirements to enable investors to understand the impact of such contracts on the entity’s financial performance and cash flows.

These amendments are effective for fiscal years beginning on or after January 1, 2026, with early adoption permitted. Amendments regarding the “own-use” exception must be applied retrospectively, while amendments related to hedge accounting are to be applied prospectively to new hedge relationships designated after the date of initial application. The Group does not expect these amendments to have a material impact on its consolidated financial statements.

KIFRS 1118, “Presentation and Disclosure in Financial Statements”

KIFRS 1118, which replaces KIFRS 1001, “Presentation of Financial Statements,” has been issued. KIFRS 1118 introduces new requirements for the statement of profit or loss, including specific totals and subtotals. Entities are required to classify all income and expenses into one of five categories: operating, investing, financing, income taxes, and discontinued operations.

The standard also requires disclosure of “Management-defined Performance Measures” (MPMs) and includes new requirements for aggregating and disaggregating financial information based on identified “roles” of the primary financial statements and the notes.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

2. Basis of Preparation, Continued

(6) New accounting standards and interpretations not yet adopted, continued

Furthermore, narrow-scope amendments were made to KIFRS 1007, “Statement of Cash Flows,” such as changing the starting point for calculating operating cash flows under the indirect method from net income to operating profit or loss and removing options for the classification of cash flows arising from interest and dividends.

KIFRS 1118 and related amendments are effective for reporting periods beginning on or after January 1, 2027, with retrospective application required upon initial adoption. The Group is currently assessing the impact of these amendments on its consolidated financial statements. Significant changes expected upon initial application include:

• Foreign exchange differences will be classified in the same category as the income and expenses of the items that generated them;

• New disclosures will be added, including:

• Management-defined Performance Measures (MPMs);

• Expenses by nature for specific items when expenses are presented by function in the operating category; and

• A reconciliation between the amounts presented under KIFRS 1118 and the amounts that would have been presented under KIFRS 1001.

• In the statement of cash flows, interest received and interest paid will be classified as investing and financing activities, respectively.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3. Material Accounting Policies

The accounting policies applied by the Group in these 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).

(1) Basis of consolidation

The consolidated financial statements are the financial statements of the Group in which the assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries are presented as those of a single economic entity. Subsidiaries are controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

Income and expense of a subsidiary acquired or disposed of during the current year are included in the consolidated statement of comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income of subsidiaries is attributed to the owners of the Group and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those of the Group.

Transactions within the Group are eliminated during the consolidation.

Changes in the Group’s ownership interests in a subsidiary that do not result in the Group losing control over the subsidiary are accounted for as equity transactions. The carrying amounts of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Group.

When the Group loses control of a subsidiary, the income or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. When assets of the subsidiary are carried at revalued amounts or fair values and the related cumulative gain or loss has been recognized in other comprehensive income and accumulated in equity, the amounts previously recognized in other comprehensive income and accumulated in equity are accounted for as if the Group had directly disposed of the relevant assets (i.e. reclassified to income or loss or transferred directly to retained earnings). The fair value of any investment retained in the former subsidiary at the date when control is lost is recognized as the fair value on initial recognition for subsequent accounting under KIFRS 1109 ‘Financial Instruments’ or, when applicable, the cost on initial recognition of an investment in an associate or a jointly controlled entity.

(2) Business combinations

A business combination is accounted for by applying the acquisition method, unless it is a combination involving entities or businesses under common control.

The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are generally recognized in income or loss as incurred.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3. Material Accounting Policies, Continued

(2) Business combinations, continued

At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value at the acquisition date, except that:

• deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognized and measured in accordance with KIFRS 1012 Income Taxes and KIFRS 1019 Employee Benefits, respectively;

• assets (or disposal groups) that are classified as held for sale in accordance with KIFRS 1105 Non-current Assets Held for Sale are measured in accordance with that standard.

Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognized immediately in income or loss as a bargain purchase gain.

Non-controlling interest that is present on acquisition day and entitles the holder to a proportionate share of the entity’s net assets in an event of liquidation, may be initially measured either at fair value or at the non-controlling interest’s proportionate share of the recognized amounts of the acquiree’s identifiable net assets. The choice of measurement can be elected on a transaction-by-transaction basis. Other types of non-controlling interests are measured at fair value or, when applicable, on the basis specified in other KIFRSs.

When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the ‘measurement period’ (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.

The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not re-measured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is re-measured at subsequent reporting dates in accordance with KIFRS 1109 Financial Instruments, or with KIFRS 1037 Provisions, Contingent Liabilities and Contingent Assets, as appropriate, with the corresponding gain or loss being recognized in income or loss.

When a business combination is achieved in stages, the Group’s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date (i.e. the date when the Group obtains control) and the resulting gain or loss, if any, is recognized in income or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are reclassified to income or loss where such treatment would be appropriate if that interest were disposed of.

If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date.

The assets and liabilities acquired under business combinations under common control are recognized at the carrying amounts recognized previously in the consolidated financial statements of the ultimate parent. The difference between consideration transferred and carrying amounts of net assets acquired is recognized as part of share premium.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3. Material Accounting Policies, Continued

(3) Investments in associates

An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but does not control or joint control over those policies. If the Group holds 20% ~ 50% of the voting power of the investee, it is presumed that the Group has significant influence.

The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. If the investment is classified as held for sale, in which case it is accounted for in accordance with KIFRS 1105 Non-current Assets Held for Sale, any retained portion of an investment in associates that has not been classified as held for sale shall be accounted for using the equity method until disposal of the portion that is classified as held for sale takes place. After the disposal takes place, the Group shall account for any retained interest in associates in accordance with KIFRS 1109 Financial Instruments unless the retained interest continues to be an associate, in which case the entity uses the equity method.

Under the equity method, an investment in an associate is initially recognized in the consolidated statement of financial position at cost and adjusted thereafter to recognize the Group’s share of the income or loss and other comprehensive income of the associate. When the Group’s share of losses of an associate exceeds the Group’s interest in that associate (which includes any long-term interests that, in substance, form part of the Group’s net investment in the associate), the Group discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.

Any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of an associate recognized at the date of acquisition is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognized immediately in income or loss.

Upon disposal of an associate that results in the Group losing significant influence over that associate, any retained investment is measured at fair value at that date and the fair value is regarded as its fair value on initial recognition as a financial asset in accordance with KIFRS 1109. The difference between the previous carrying amount of the associate attributable to the retained interest and its fair value is included in the determination of the gain or loss on disposal of the associate.

In addition, the Group accounts for all amounts previously recognized in other comprehensive income in relation to that associate on the same basis as would be required if that associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognized in other comprehensive income by that associate would be reclassified to income or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to income or loss (as a reclassification adjustment) when it loses significant influence over that associate.

The requirements of KIFRS 1028 Investments in Associates and Joint Ventures are applied to determine whether it is necessary to recognize any impairment loss with respect to the Group’s investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with KIFRS 1036 Impairment of Assets as a single asset by comparing its recoverable amount (higher of value-in-use and fair value less costs to sell) with its carrying amount, any impairment loss recognized forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized in accordance with KIFRS 1036 to the extent that the recoverable amount of the investment subsequently increases.

When the Group transacts with its associate, incomes and losses resulting from the transactions with the associate are recognized in the Group’s consolidated financial statements only to the extent of interests in the associate that are not related to the Group.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3. Material Accounting Policies, Continued

(4) Joint arrangements

A joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Joint arrangements are classified into two types - joint operations and joint ventures. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets, and obligations for the liabilities, relating to the arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint ventures) have rights to the net assets of the arrangement.

The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement. The Group determines the type of joint arrangement in which it is involved by considering the structure and form of the arrangement, the terms agreed by the parties in the contractual arrangement and other facts and circumstances.

If the Group is a joint operator, the Group is to recognize and measure the assets and liabilities (and recognize the related revenues and expenses) in relation to its interest in the arrangement in accordance with relevant KIFRSs applicable to the particular assets, liabilities, revenues and expenses. If the joint arrangement is a joint venture, the Group is to account for that investment using the equity method accounting in accordance with KIFRS 1028 Investment in Associates and Joint Ventures (refer to note 3.(3)), except when the Group is applicable to the KIFRS 1105 Non-current Assets Held for Sale.

(5) Non-current assets held-for-sale

Non-current assets and disposal groups are classified as held-for-sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the non-current asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.

When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale.

Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell.

(6) Goodwill

The Group measures goodwill arises from a business combination at the amount recognized at the date on which it obtains control of the acquiree (acquisition date) less any accumulated impairment losses. Goodwill acquired in a business combination is allocated to each cash-generating unit (CGU) that is expected to benefit from the synergies arising from the business acquired.

The Group performs impairment assessment for CGUs to which goodwill is allocated at the end of each reporting period and more frequently if an indication that the CGU may be impaired. An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss.

Any impairment identified at the CGU level will first reduce the carrying value of goodwill and then be used to reduce the carrying amount of the other assets in the CGU on a pro rata basis. Except for impairment losses in respect of goodwill which are never reversed, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

On disposal of the relevant CGU, the amount of goodwill is included in the determination of the gain or loss on disposal.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3. Material Accounting Policies, Continued

(7) Revenue from Contracts with Customers

The Group recognizes revenue by applying the five-step approach (Step 1: Identify the contract(s) with a customer, Step 2: Identify the performance obligations in the contract, Step 3: Determine the transaction price, Step 4: Allocate the transaction price to the performance obligations in the contract, Step 5: Recognize revenue when the entity satisfied a performance obligation), in accordance with KIFRS 1115. The Group recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, excluding amounts collected on behalf of third parties. Also, the Group recognizes revenue when the Group satisfies a performance obligation by transferring a promised good or service to a customer.

(i) Identify the performance obligations in the contract

The Group is engaged in the generation, transmission and distribution of electricity and development of electric power resources, and electricity sales revenue accounts for 95.46% of consolidated revenue for the year ended December 31, 2025.

Under KIFRS 1115, supplying electricity is a series of distinct goods or services identified as a single performance obligation. The Group is also engaged in contracts with customers for transmission and distribution, provision of power generation byproducts, EPC business, O&M, etc. that are identified as separate performance obligations for each contract.

(ii) Variable consideration

The Group may be subject to variability in the consideration received from customers due to the progressive electricity tariff system, government-mandated discounts, penalties, late-payment charges, and other factors. The Group estimates variable consideration using the expected value method, under which the Group can better predict the amount of consideration to which the Group will be entitled. The estimated variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal of cumulative revenue recognized will not occur when the related uncertainty is subsequently resolved.

(iii) Performance obligations satisfied over time

The Group satisfies its performance obligations for contracts such as EPC business, O&M, etc. over time. The Group recognizes revenue based on the percentage-of-completion on a reasonable basis.

The Group recognizes revenue over time if one of the following criteria is met:

(a) the customer simultaneously receives and consumes the benefits provided by the Group’s performance as the Group performs;

(b) the Group’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or

(c) the Group’s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

(iv) Adoption of cost pass-through tariff system

The Group amended its basic supply terms and conditions with the approval of the Ministry of Trade, Industry and Energy (MOTIE) on December 17, 2020. In accordance with this amendment, the cost pass-through tariff system has been applied to the electricity rate after January 1, 2021. The Group has assessed that the adoption of the new system did not affect the existing accounting policies, including revenue from contracts with customers.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3. Material Accounting Policies, Continued

(8) Leases

The lessee and the lessor account for each lease component separately from non-lease component, in the lease contracts or contracts that contain lease. However, the Group applied a practical expedient to each type of underlying asset in accounting as a lessee, and instead of separating the non-lease component from the lease component, it applied a method of accounting for each lease component and the related non-lease component as a single lease contract. The lessor’s accounting has not changed significantly. Therefore, a lease that transfers most of the risks and rewards of ownership of the underlying asset is classified as a finance lease, and a lease that does not transfer most of the risks and rewards of ownership of the underlying asset is classified as an operating lease.

(i) The Group as a lessor

In the case of finance leases, the Group recognizes the same amount of the net investment in the lease as finance lease receivables, and recognizes interest income using the effective interest method. Income from operating leases is recognized using the straight-line basis over the lease term, and lease opening direct costs incurred during the negotiation and contract phase of the operating lease contract are added to the carrying amount of the lease asset and recognized as expenses over the lease term on a straight-line basis.

(ii) The Group as a lessee

(a) Right-of-use assets

The Group recognizes right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.

(b) Lease liabilities

At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expenses in the period on which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment of an option to purchase the underlying asset.

(c) Short-term leases and leases of low-value assets

The Group applies the short-term leases recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the leases of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term.

Book value and changes in book value of right-of-use assets and lease liabilities during the period are described in Note 24.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3. Material Accounting Policies, Continued

(9) Foreign currencies

Transactions in foreign currencies are translated to the respective functional currencies of the Group entities at exchange rates at the dates of the transactions. Monetary items in foreign currencies are retranslated to the functional currency using the reporting date’s exchange rate. Non-monetary items that are measured at fair value in foreign currencies are retranslated to the functional currency at the exchange rate at the date that the fair value was determined, while non-monetary items that are measured in terms of historical cost in foreign currencies shall not be retranslated.

Exchange differences are recognized in profit or loss in the period in which they arise except for:

• exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings;

• exchange differences on transactions entered into in order to hedge certain foreign currency risks (refer to Note 3.(23) Derivative financial instruments, including hedge accounting); and

• exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognized initially in other comprehensive income and reclassified from equity to income or loss on disposal or partial disposal of the net investment.

For the purpose of presenting the consolidated financial statements, the assets and liabilities of the Group’s foreign operations are expressed in Korean won using exchange rates prevailing at the end of the reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity (if applicable, in non-controlling interest).

On the disposal of a foreign operation, the cumulative amount of the exchange differences relating to that foreign operation that have been attributed to the controlling interests shall be reclassified from equity to profit or loss (as a reclassification adjustment). The cumulative amount of the exchange differences relating to that foreign operation that have been attributed to the non-controlling interests shall be derecognized, but shall not be reclassified to profit or loss.

On the partial disposal of a subsidiary that includes a foreign operation, the entity shall re-attribute the proportionate share of the cumulative amount of the exchange differences recognized in other comprehensive income to the non-controlling interests in that foreign operation. In any other partial disposal of a foreign operation the entity shall reclassify to profit or loss only the proportionate share of the cumulative amount of the exchange differences recognized in other comprehensive income.

Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation shall be treated as assets and liabilities of the foreign operation. Thus they shall be expressed in the functional currency of the foreign operation and shall be translated at the closing rate. And such exchange differences shall be recognized in equity.

(10) Borrowing costs

The Group capitalizes borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. Other borrowing costs are recognized in expense as incurred. A qualifying asset is an asset that requires a substantial period of time to get ready for its intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.

All other borrowing costs are recognized in profit or loss in the period in which they are incurred.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3. Material Accounting Policies, Continued

(11) Government grants

Government grants are not recognized unless there is reasonable assurance that the Group will comply with the grant’s conditions and that the grant will be received.

Benefit from a government loan at a below-market interest rate is treated as a government grant, measured as the difference between proceeds received and the fair value of the loan based on prevailing market interest rates.

(i) If the Group received grants related to assets

Government grants whose primary condition is that the Group purchase, construct or otherwise acquire long-term assets are deducted in calculating the carrying amount of the asset. The grant is recognized in profit or loss over the life of a depreciable asset as a reduced depreciation expense.

(ii) If the Group received grants related to income

Government grants which are intended to compensate the Group for expenses incurred are recognized as other income (government grants) in profit or loss over the periods in which the Group recognizes the related costs as expenses.

(12) Retirement benefit expenses

When an employee has rendered service to the Group during a period, the Group recognizes the contribution payable to a defined contribution plan in exchange for that service as a liability (accrued expense).

For defined benefit pension plans and other post-employment benefits, the net periodic pension expense is actuarially determined by “Pension Actuarial System” developed by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension liability. However, if there is not a deep market, market yields on government bonds are used.

Net defined benefit liability’s measurement is composed of actuarial gains and losses, return on plan assets excluding net interest on net defined benefit liability, and any change in the effect of the asset ceiling, excluding net interest, which are immediately recognized in other comprehensive income. The actuarial gains or losses recognized in other comprehensive income which will not be reclassified into net profit or loss for later periods are immediately recognized in retained earnings. Past service cost will be recognized as expenses upon the earlier of the date of change or reduction to the plan, or the date of recognizing termination benefits.

The retirement benefit obligation recognized in the statement of financial position represents the present value of the defined benefit obligation as adjusted for unrecognized actuarial gains and losses and unrecognized past service cost, and as reduced by the fair value of plan assets. Any asset resulting from this calculation is limited to unrecognized actuarial losses and past service cost, plus the present value of available refunds and reductions in future contributions to the plan.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3. Material Accounting Policies, Continued

(13) Income taxes

Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income.

(i) Current tax

Current tax is the expected tax payable or receivable on the taxable profit or loss for the year, using tax rates enacted or substantively enacted at the end of the reporting period and any adjustment to tax payable in respect of previous years. The taxable profit is different from the accounting profit for the period since the taxable profit is calculated excluding the temporary differences, which will be taxable or deductible in determining taxable profit (tax loss) of future periods, and non-taxable or non-deductible items from the accounting profit.

Current tax assets and liabilities are offset only if, the Group:

(a) has a legally enforceable right to set off the recognized amounts; and

(b) intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

(ii) Deferred tax

Deferred tax is recognized, using the asset-liability method, in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. A deferred tax liability is recognized for all taxable temporary differences. A deferred tax asset is recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which they can be utilized. However, deferred tax is not recognized for the following temporary differences: taxable temporary differences arising on the initial recognition of goodwill, or the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting profit or loss nor taxable income.

The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets or deferred tax liabilities on investment properties measured at fair value, unless any contrary evidence exists, are measured using the assumption that the carrying amount of the property will be recovered entirely through sale.

The Group recognizes a deferred tax liability for all taxable temporary differences associated with investments in subsidiaries, associates, and interests in joint ventures, except to the extent that the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The Group recognizes a deferred tax asset for all deductible temporary differences arising from investments in subsidiaries and associates, to the extent that it is probable that the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.

The carrying amount of a deferred tax asset is reviewed at the end of each reporting period and reduces the carrying amount to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of that deferred tax asset to be utilized.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset only if there is a legally enforceable right to offset the related current tax liabilities and assets, and they relate to income taxes levied by the same tax authority and they intend to settle current tax liabilities and assets on a net basis.

(iii) Current and deferred tax for the year

Current and deferred tax are recognized in income or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3. Material Accounting Policies, Continued

(14) Property, plant and equipment

Property, plant and equipment are initially measured at cost and after initial recognition, are carried at cost less accumulated depreciation and accumulated impairment losses. The cost of property, plant and equipment includes expenditures arising directly from the construction or acquisition of the asset, any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management and the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located.

Subsequent costs are recognized in the carrying amount of property, plant and equipment at cost or, if appropriate, as separate items if it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing are recognized in profit or loss as incurred.

Property, plant and equipment, except for land, are depreciated on a straight-line basis over estimated useful lives that appropriately reflect the pattern in which the asset’s future economic benefits are expected to be consumed. For loaded nuclear fuel related to long-term raw materials and spent nuclear fuels related to asset retirement costs, the Group uses the unit-of-production method to measure and recognize depreciation expenses.

The estimated useful lives of the Group’s property, plant and equipment are as follows:

		Useful lives (years)
Buildings		8 ~ 40
Structures		5 ~ 50
Machinery		1 ~ 34
Vehicles		3 ~ 5
Loaded heavy water		30
Asset retirement costs		18, 30, 40, 60
Right-of-use assets		1 ~ 65
Ships		9
Others		3 ~ 30

A component that is significant compared to the total cost of property, plant and equipment is depreciated over its separate useful life.

Depreciation methods, residual values and useful lives of property, plant and equipment are reviewed at the end of each reporting period and if change is deemed appropriate, it is treated as a change in accounting estimate.

Property, plant and equipment are derecognized on disposal, or when no future economic benefits are expected from its use or disposal. Gains or losses arising from derecognition of a property, plant and equipment, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in income or loss when the asset is derecognized.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3. Material Accounting Policies, Continued

(15) Investment property

Property held for the purpose of earning rentals or benefiting from capital appreciation is classified as investment property. Investment property is initially measured at its cost. Transaction costs are included in the initial measurement. Subsequently, investment property is carried at depreciated cost less any accumulated impairment losses.

Subsequent costs are recognized in the carrying amount of investment property at cost or, if appropriate, as separate items if it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing are recognized in profit or loss as incurred.

Investment property except for land, is depreciated on a straight-line basis over 8 ~ 40 years as estimated useful lives.

The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

An investment property is derecognized upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in income or loss in the period in which the property is derecognized.

(16) Intangible assets

(i) Intangible assets acquired separately

Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over their estimated useful lives. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.

(ii) Research and development

Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally-generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of the following have been demonstrated:

• the technical feasibility of completing the intangible asset so that it will be available for use or sale;

• the intention to complete the intangible asset and use or sell it;

• the ability to use or sell the intangible asset;

• how the intangible asset will generate probable future economic benefits;

• the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and

• the ability to measure reliably the expenditure attributable to the intangible asset during its development.

The amount initially recognized for internally-generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. When the development expenditure does not meet the criteria listed above, an internally-generated intangible asset cannot be recognized and the expenditure is recognized in income or loss in the period in which it is incurred.

Internally-generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3. Material Accounting Policies, Continued

(16) Intangible assets, continued

The estimated useful lives and amortization methods of the Group’s intangible assets are as follows:

		Useful lives (years)		Amortization methods
Usage rights for donated assets		10 ~ 30		Straight line
Software		4 ~ 30		Straight line
Industrial rights		5 ~ 30		Straight line
Development expenses		5		Straight line
Leasehold rights		8		Straight line
Others		3 ~ 50 or indefinite		Straight line
Mining right		-		Unit of production

Mining right is amortized using the unit-of-production method to reflect the pattern in which the asset’s economic benefits are consumed.

(iii) Intangible assets acquired in a business combination

Intangible assets that are acquired in a business combination are recognized separately from goodwill are initially recognized at their fair value at the acquisition date.

Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.

(iv) Derecognition of intangible assets

An intangible asset is derecognized on disposal, or when no future economic benefits are expected from its use or disposal. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in income or loss when the asset is derecognized.

(17) Greenhouse gas emissions rights (allowances) and obligations

In connection with Act on the Allocation and Trading of Greenhouse Gas Emissions Permits of the Republic of Korea, the Group applies the following accounting policies for greenhouse gas emissions rights and obligations.

(i) Greenhouse gas emissions rights

Greenhouse gas emissions rights consist of the allowances received free of charge from the government and the ones purchased. The cost of the greenhouse gas emissions rights includes expenditures arising directly from the acquisition and any other costs incurred during normal course of the acquisition.

Greenhouse gas emissions rights are held by the Group to fulfill the legal obligation and recorded as intangible assets. To the extent that the portion to be submitted to the government within one year from the end of reporting period, the greenhouse gas emissions rights are classified as current assets. Greenhouse gas emissions rights recorded as intangible assets are initially measured at cost and substantially remeasured at cost less accumulated impairment losses.

Greenhouse gas emissions rights are derecognized on submission to the government or when no future economic benefits are expected from its use or disposal.

(ii) Greenhouse gas emissions obligations

Greenhouse gas emissions obligations are the Group’s present legal obligation to submit the greenhouse gas emissions allowances to the government and recognized when an outflow of resources is probable and a reliable estimate can be made of the amount of the obligation. Greenhouse gas emissions obligations are measured as the sum of the carrying amount of the allocated rights that will be submitted to the government and the best estimate of expenditure required to settle the obligation at the end of the reporting period for any excess emission.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3. Material Accounting Policies, Continued

(18) Impairment of non-financial assets other than goodwill

At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets with definite useful lives to determine whether there is any indication that those assets may have been impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or a CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

When an impairment loss subsequently reverses, the carrying amount of the asset (or a CGU) is increased to the revised estimate of its recoverable amount, to the extent the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or CGU) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

The Group determined that there were indications of impairment for the cash-generating unit (CGU) related to electricity sales, as the carrying amount of net assets exceeded the market capitalization. Accordingly, an impairment assessment was conducted for the CGU. The Group estimated the value-in-use based on discounted cash flow forecasts, applying key assumptions such as the discount rate, future sales volume estimates, sales price, and costs of electricity purchased. As a result of the impairment assessment, the recoverable amount exceeded the carrying amount of the CGU.

(19) Inventories

Inventories are measured at the lower of cost and net realizable value. Cost of inventories for inventories in transit are measured by using specific identification method. Cost of inventories, except for those in transit, are measured under the weighted average method and consists of the purchase price, cost of conversion and other costs incurred in bringing the inventories to their present location and condition.

Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories, arising from an increase in net realizable value, are recognized as a reduction in the amount of inventories recognized as an expense in the period in which the reversal occurs.

(20) Provisions

Provisions are recognized when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

The risks and uncertainties that inevitably surround many events and circumstances are taken into account in reaching the best estimate of a provision. Where the effect of the time value of money is material, provisions are determined at the present value of the expected future cash flows.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3. Material Accounting Policies, Continued

(20) Provisions, continued

Where some or all of the expenditures required to settle a provision are expected to be reimbursed by another party, the reimbursement shall be recognized when, and only when, it is virtually certain that reimbursement will be received if the entity settles the obligation. The reimbursement shall be treated as a separate asset.

Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimates. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed.

(i) Provision for employment benefits

The Group determines the provision for employment benefits as the incentive payments based on the results of the individual performance evaluation or management assessment.

(ii) Provision for decommissioning costs of nuclear power plants

The Company records the present value of estimated decommissioning costs as a liability in the period in which the Company incurs a legal obligation associated with retirement of long-lived assets that result from acquisition, construction, development and/or normal use of the assets. Accretion expense consists of period-to-period changes in the liability for decommissioning costs resulting from the passage of time and revisions to either the timing or the amount of the original estimate of undiscounted cash flows.

The discount rate applied to measure the decommissioning provision is based on a long-term market interest rate that reflects the expected timing and duration of future decommissioning cash outflows. In determining this rate, the Company also considers publicly available long term interest rate information, including historical long term rate patterns, given the long-term nature of nuclear decommissioning obligations.

Regarding inflation rate that is used to measure future cash outflows, the Company considers historical published consumer price index and their representativeness for future periods when the cash flows for decommissioning activities are expected to occur.

(iii) Provision for disposal of spent nuclear fuel

Under the Radioactive Waste Management Act, the Group is levied to pay the spent nuclear fuel fund for the management of spent nuclear fuel. The Group recognizes the provision of present value of the estimated payments.

(iv) Provision for low and intermediate radioactive wastes

Under the Radioactive Waste Management Act, the Group recognizes the provision for the disposal of low and intermediate radioactive wastes in best estimate of the expenditure required to settle the present obligation.

(v) Provision for Polychlorinated Biphenyls (“PCBs”)

Under the regulation of Persistent Organic Pollutants Management Act, enacted in 2007, the Group is required to remove PCBs, a toxin, from the insulating oil of its transformers by 2025. As a result of the enactments, the Group is required to inspect the PCBs contents of transformers and dispose of PCBs in excess of safety standards under the legally settled procedures. The Group’s estimates and assumptions used to determine fair value can be affected by many factors, such as the estimated costs of inspection and disposal, inflation rate, discount rate, regulations and the general economy.

(vi) Provisions for power plant regional support program

Power plant regional support programs consist of scholarship programs to local students, local economy support programs, local culture support programs, environment development programs, and local welfare programs. The Group recognizes the provision in relation to power plant regional support program.

(vii) Provisions for transmission and transformation facilities-neighboring areas support program

The Group has present obligation to conduct transmission and transformation facilities-neighboring areas support program under Act on assistance to transmission and transformation facilities-neighboring areas. The Group recognizes the provision of estimated amount to fulfill the obligation.

(viii) Renewable Portfolio Standard (“RPS”) provisions

RPS program is required to generate a specified percentage of total electricity to be generated in the form of renewable energy and provisions are recognized for the governmental regulations to require the production of energies from renewable energy sources such as solar, wind and biomass.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3. Material Accounting Policies, Continued

(21) Financial instruments

The Group recognizes financial assets and financial liabilities in the statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Upon initial recognition, financial assets and financial liabilities are measured at their fair value plus, in the case of a financial asset or financial liabilities not at fair value through profit or loss, transaction costs that are directly attributable to the asset’s acquisition or issuance.

(i) Classification and measurement of financial assets

The Group classifies financial assets into three principal categories; measured at amortized cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL) based on the business model in which assets are managed and their cash flow characteristics. The Group assesses the hybrid financial instrument in which derivatives embedded as whole for classification.

Business model		Cash flow characteristics
		Solely payments of principal and interest (SPPI)		Other than SPPI
To collect contractual cash flows		Amortized cost		FVTPL (*2)
Both collecting contractual cash flows and selling financial assets		FVOCI (*1)
To sell financial assets		FVTPL

(*1) To eliminate or reduce an accounting mismatch, the Group may elect to recognize the amount of change in fair value in profit or loss.

(*2) On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment’s fair value in OCI.

A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: 1) it is held within a business model whose objective is to hold assets to collect contractual cash flows; and 2) its contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: 1) it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and 2) its contractual terms of the financial asset give rise on specified dates to cash flow that are solely payments of principal and interest on the principal amount outstanding.

All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. On initial recognition of equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in fair value in OCI, and will not reclassify (recycle) those items in OCI to profit or loss subsequently.

(ii) Classification and measurement of financial liabilities

Financial liabilities are classified as FVTPL or other financial liabilities.

A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss.

A non-derivative financial liability that is not classified as at FVTPL is classified as other financial liabilities. Other financial liabilities are measured initially at its fair value minus transaction costs that are directly attributable to the acquisition or issue. Other financial liabilities are subsequently measured at amortized cost using the effective interest method.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3. Material Accounting Policies, Continued

(21) Financial instruments, continued

(iii) Impairment: Financial assets and contract assets

The Group applies a forward-looking ‘expected credit loss’ (ECL) model for debt instruments, lease receivables, contractual assets, loan commitments and financial guarantee contracts.

The Group recognizes loss allowances measured on either of the 12-month or lifetime ECL based on the extent of increase in credit risk since inception as shown in the table below.

		Classification				Loss allowances
		Stage 1		Credit risk has not increased significantly since the initial recognition		12-month ECL: ECLs that resulted from possible default events within the 12 months after the reporting date
		Stage 2		Credit risk has increased significantly since the initial recognition		Lifetime ECL: ECL that resulted from all possible default events over the expected life of a financial instrument
		Stage 3		Credit-impaired

Under KIFRS 1109, the Group always measures the loss allowance at an amount equal to lifetime expected credit losses for trade receivables or contract assets that result from transactions that are within the scope of KIFRS 1115 and that do not contain a significant financing component in accordance with KIFRS 1115 and if the trade receivables or contract assets include a significant financing component, the Group may choose as its accounting policy to measure the loss allowance at an amount equal to lifetime expected credit losses.

The Group has chosen to measure the loss allowance at an amount equal to lifetime expected credit losses for the trade receivables, contract assets and lease receivables that contain a significant financing component.

(iv) Derecognition

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized.

The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.

(22) Service Concession Arrangements

The Group recognizes revenues from construction services and operating services related to service concession arrangements in accordance with KIFRS 1115 Revenue from Contracts with Customers.

The Group recognizes a financial asset to the extent that it has an unconditional contractual right to receive cash or another financial asset for the construction services and an intangible asset to the extent that it receives a right (license) to charge users of the public service. Borrowing costs attributable to the arrangement are recognized as an expense in the period in which they are incurred unless the Group has a contractual right to receive an intangible asset (a right to charge users of the public service). In this case, borrowing costs attributable to the arrangement are capitalized during the construction phase of the arrangement.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3. Material Accounting Policies, Continued

(23) Derivative financial instruments, including hedge accounting

The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risk, including foreign exchange forward contracts, interest rate swaps and cross currency swaps and others.

Derivatives are initially recognized at fair value. Subsequent to initial recognition, derivatives are measured at fair value. The resulting gain or loss is recognized in income or loss immediately unless the derivative is designated and effective as a hedging instrument, in such case the timing of the recognition in income or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognized as a financial asset; a derivative with a negative fair value is recognized as a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realized or settled within 12 months. Other derivatives are presented as current assets or current liabilities.

(i) Separable embedded derivatives

A derivative embedded in a hybrid contract, with a financial liability host or host not in the scope of KIFRS 1109, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss.

(ii) Hedge accounting

The Group designates certain hedging instruments, which include derivatives, embedded derivatives and non-derivatives in respect of foreign currency risk, as either fair value hedges or cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges.

At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item.

(iii) Fair value hedges

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognized in income or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The changes in the fair value of the hedging instrument and the change in the hedged item attributable to the hedged risk relating to the hedged items are recognized in the consolidated statements of comprehensive income. However, changes in the fair value of hedging instrument and hedged item of equity instruments for which changes in fair value have been elected to be presented in other comprehensive income at the time of initial recognition are recognized in other comprehensive income.

If a hedging relationship no longer meets the objective of the hedge effectiveness related to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the hedge ratio of the hedging relationship should be rebalanced so that the hedging relationship again meets the criteria. Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. The fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is amortized as income or loss as of that date.

(iv) Cash flow hedges

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in income or loss, and is included in finance income and expense.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3. Material Accounting Policies, Continued

(23) Derivative financial instruments, including hedge accounting, continued

Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to income or loss in the periods when the hedged item is recognized in income or loss, in the same line of the consolidated statement of comprehensive income as the recognized hedged item. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability.

Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or it no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in income or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in income or loss.

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), which is the measure for segment profit or 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 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 consolidated financial statements.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

4. Segment, Geographic and Other Information, Continued

(2) The financial information of the segments for each of the two years in the period ended December 31, 2025, respectively, is as follows:

In millions of won
For the year ended December 31, 2025
Segment		Total segment revenue				Intersegment revenue				Revenue from external customers				Operating profit (loss)				Depreciation and amortization				Interest income				Interest expense				Profit (loss) related to associates, joint ventures and subsidiaries
Transmission and distribution		W	95,536,165				2,323,115				93,213,050				8,540,000				4,544,891				93,656				2,628,600				364,660
Electric power generation (Nuclear)			15,346,722				14,980,918				365,804				2,478,392				4,898,189				85,585				796,273				(8,974	)
Electric power generation (Non-nuclear)			28,710,970				26,182,963				2,528,007				2,141,000				4,119,191				43,902				667,916				220,330
Plant maintenance & engineering service			3,325,786				2,768,349				557,437				307,661				171,000				27,684				5,613				76
Others			2,200,702				1,435,654				765,048				99,277				236,282				249,422				327,450				—
Consolidation adjustments			(47,690,999	)			(47,690,999	)			—				(75,773	)			(180,762	)			(59,863	)			(86,292	)			—
		W	97,429,346				—				97,429,346				13,490,557				13,788,791				440,386				4,339,560				576,092
In millions of won
For the year ended December 31, 2024
Segment		Total segment revenue				Intersegment revenue				Revenue from external customers				Operating profit (loss)				Depreciation and amortization				Interest income				Interest expense				Profit (loss) related to associates, joint ventures and subsidiaries
Transmission and distribution		W	91,646,581				2,217,014				89,429,567				3,166,658				4,368,806				86,889				2,946,080				578,973
Electric power generation (Nuclear)			13,447,880				13,118,098				329,782				1,577,798				5,182,841				72,760				786,491				(20,548	)
Electric power generation (Non-nuclear)			31,563,589				29,186,796				2,376,793				2,805,997				4,252,872				67,835				704,678				138,347
Plant maintenance & engineering service			3,266,873				2,765,640				501,233				405,389				164,749				26,262				7,144				185,548
Others			2,283,458				1,521,937				761,521				60,344				218,505				271,709				336,718				—
Consolidation adjustments			(48,809,485	)			(48,809,485	)			—				348,524				(190,418	)			(57,930	)			(116,016	)			—
		W	93,398,896				—				93,398,896				8,364,710				13,997,355				467,525				4,665,095				882,320

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

4. Segment, Geographic and Other Information, Continued

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

In millions of won
As of December 31, 2025
Segment		Segment assets				Investments in associates and joint ventures				Acquisition of non-current assets				Segment liabilities
Transmission and distribution		W	144,616,479				8,606,616				9,077,814				118,045,718
Electric power generation (Nuclear)			76,378,365				169,728				2,532,322				49,741,461
Electric power generation (Non-nuclear)			63,352,471				4,585,612				4,634,208				35,395,912
Plant maintenance & engineering service			4,363,345				1,832				202,142				1,346,629
Others			17,125,478				—				254,262				6,885,650
Consolidation adjustments			(50,908,681	)			—				(111,689	)			(5,810,857	)
		W	254,927,457				13,363,788				16,589,059				205,604,513
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 consolidated financial statements, Continued

December 31, 2025 and 2024

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)
Geographical unit		For the year ended December 31, 2025				For the year ended December 31, 2024				As of December 31, 2025				As of December 31, 2024
Domestic		W	96,294,769				92,107,468				196,736,382				191,214,679
Overseas (*1)			1,134,577				1,291,428				6,731,565				4,757,463
		W	97,429,346				93,398,896				203,467,947				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 two years in the period ended December 31, 2025.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

5. Classification of Financial Instruments

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

In millions of won		As of December 31, 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	—				—				2,240,811				—				2,240,811
Current financial assets
Current financial assets at fair value through profit or loss			1,299,027				—				—				—				1,299,027
Current financial assets at amortized cost			—				—				21,663				—				21,663
Current derivative assets			492,028				—				—				344,204				836,232
Other financial assets			—				—				2,093,242				—				2,093,242
Trade and other receivables			—				—				12,618,480				—				12,618,480
			1,791,055				—				16,974,196				344,204				19,109,455
Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss			696,199				—				—				—				696,199
Non-current financial assets at fair value through other comprehensive income			—				885,173				—				—				885,173
Non-current financial assets at amortized cost			—				—				9,454				—				9,454
Non-current derivative assets			1,055,987				—				—				143,331				1,199,318
Other financial assets			—				—				1,775,417				—				1,775,417
Trade and other receivables			—				—				3,124,185				—				3,124,185
			1,752,186				885,173				4,909,056				143,331				7,689,746
		W	3,543,241				885,173				21,883,252				487,535				26,799,201

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

5. Classification of Financial Instruments, Continued

(1) The classification of financial assets as of December 31, 2025 and 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 cost			—				—				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 cost			—				—				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 consolidated financial statements, Continued

December 31, 2025 and 2024

5. Classification of Financial Instruments, Continued

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

In millions of won		As of December 31, 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	—				18,721,522				—				18,721,522
Debt securities			—				27,165,448				—				27,165,448
Derivative liabilities			52,119				—				—				52,119
Trade and other payables			—				8,621,671				—				8,621,671
			52,119				54,508,641				—				54,560,760
Non-current liabilities
Borrowings			—				3,274,774				—				3,274,774
Debt securities			—				80,607,548				—				80,607,548
Derivative liabilities			113,254				—				126				113,380
Trade and other payables			—				4,028,808				—				4,028,808
			113,254				87,911,130				126				88,024,510
		W	165,373				142,419,771				126				142,585,270
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 consolidated financial statements, Continued

December 31, 2025 and 2024

5. Classification of Financial Instruments, Continued

(3) The classification of comprehensive income (loss) from financial instruments for each of the two years in the period ended December 31, 2025 is as follows:

In millions of won				For the year ended December 31, 2025				For the year ended December 31, 2024
Cash and cash equivalents		Interest income		W	95,671				102,505
		Gain (loss) on foreign currency transactions and translations			(10,405	)			17,498
Financial assets at fair value through profit or loss		Interest income			40,506				54,385
		Dividend income			3,823				4,813
		Gain on valuation of derivatives			80,519				1,396,350
		Gain on transaction of derivatives			91,526				129,471
		Gain on valuation of financial assets			108,099				69,161
		Gain on disposal of financial assets			54,590				45,059
Financial assets at fair value through other comprehensive income		Dividend income			22,314				65,788
		Gain on valuation of financial assets at fair value through other comprehensive income (equity, before tax)			212,336				162,565
Financial assets at amortized cost		Interest income			3,561				2,859
		Gain on foreign currency transactions and translations			—				5,568
Loans		Interest income			39,279				45,511
		Bad debt expense (Reversal of bad debt allowance)			(3,455	)			3,727
		Gain (loss) on foreign currency transactions and translations			(1,250	)			3,685
Trade and other receivables		Interest income			180,707				209,675
		Bad debt expense			86,455				56,581
		Gain (loss) on foreign currency transactions and translations			(45,331	)			121,193
Short-term financial instruments		Interest income			56,022				31,766
Long-term financial instruments		Interest income			24,270				20,562
		Gain on foreign currency transactions and translations			—				3
Other financial assets		Interest income			370				262
Derivatives assets (applying hedge accounting)		Gain (loss) on valuation of derivatives (profit or loss)			(54,478	)			410,088
		Gain on valuation of derivatives (equity, before tax)			63,425				21,443
		Gain (loss) on transaction of derivatives			(59,241	)			14,801
Financial liabilities at fair value through profit or loss		Gain on valuation of derivatives			51,138				52,515
		Gain (loss) on transaction of derivatives			(61,672	)			146,417
Financial liabilities carried at amortized cost		Interest expense of borrowings and debt securities			3,472,649				3,805,062
		Interest expense of trade and other payables			162,569				191,918
		Interest expense of others			704,342				668,115
		Other finance income			3,147				8,882
		Other finance expenses			14,669				4,177
		Gain (loss) on foreign currency transactions and translations			699,585				(2,643,230	)
Derivatives liabilities (applying hedge accounting)		Gain on valuation of derivatives (profit or loss)			4,893				244,758
		Loss on valuation of derivatives (equity, before tax)			(447	)			(1,137	)
		Gain on transaction of derivatives			—				11,968

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

6. Restricted Deposits

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

In millions of won				As of December 31, 2025				As of December 31, 2024
Cash and cash equivalents		Escrow accounts		W	3,082				3,280
		Deposits for government project and others			27,023				30,812
		Collateral provided for borrowings			263,685				211,522
		Collateral provided for lawsuit			2				54
		Deposits for transmission regional support program			3,498				8,959
		Deposits for other business purposes			22,064				4,187
Short-term financial instruments		Restriction on withdrawal related to ‘win-win growth program’ for small and medium enterprises and others			292,500				83,520
		Collateral provided for borrowings			23,614				85,569
		Bid Bond			68,010				—
Non-current financial assets at fair value through profit or loss		Decommissioning costs of nuclear power plants			257,649				296,496
Long-term financial instruments		Guarantee deposits for banking accounts at overseas branches			1				22
		Collateral provided for borrowings			18,245				6,500
		Decommissioning costs of nuclear power plants			730,004				660,000
		Small and Medium Enterprise Development Fund			4,000				—
Long-term deposit		Court Deposit			4,588				—
Other non-current financial assets		Deposits for other business purposes			6,359				9,150
				W	1,724,324				1,400,071

7. Cash and Cash Equivalents

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

In millions of won		As of December 31, 2025				As of December 31, 2024
Cash		W	10,982				17,941
Other demand deposits			1,562,485				1,712,130
Short-term deposits classified as cash equivalents			558,775				548,611
Short-term investments classified as cash equivalents			108,569				104,297
		W	2,240,811				2,382,979

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

8. Trade and Other Receivables

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

In millions of won		As of December 31, 2025
		Gross amount				Allowance for doubtful accounts				Present value discount				Book value
Current assets
Trade receivables		W	11,811,493				(186,596	)			—				11,624,897
Other receivables			1,039,679				(42,415	)			(3,681	)			993,583
			12,851,172				(229,011	)			(3,681	)			12,618,480
Non-current assets
Trade receivables			1,037,726				(93,718	)			(83,101	)			860,907
Other receivables			2,395,952				(118,479	)			(14,195	)			2,263,278
			3,433,678				(212,197	)			(97,296	)			3,124,185
		W	16,284,850				(441,208	)			(100,977	)			15,742,665

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 consolidated financial statements, Continued

December 31, 2025 and 2024

8. Trade and Other Receivables, Continued

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

In millions of won		As of December 31, 2025
		Gross amount				Allowance for doubtful accounts				Present value discount				Book value
Current assets
Non-trade receivables		W	478,822				(36,074	)			(474	)			442,274
Accrued income			43,123				—				—				43,123
Deposits			268,090				—				(3,207	)			264,883
Finance lease receivables (*1)			104,600				(5,048	)			—				99,552
Others			145,044				(1,293	)			—				143,751
			1,039,679				(42,415	)			(3,681	)			993,583
Non-current assets
Non-trade receivables			401,390				(76,770	)			(5,096	)			319,524
Accrued income			65,615				(6,320	)			—				59,295
Deposits			516,519				(414	)			(9,099	)			507,006
Finance lease receivables (*2)			1,172,687				(1,954	)			—				1,170,733
Others			239,741				(33,021	)			—				206,720
			2,395,952				(118,479	)			(14,195	)			2,263,278
		W	3,435,631				(160,894	)			(17,876	)			3,256,861

(*1) The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W 113,272 million.

(*2) The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W 818,800 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 consolidated financial statements, Continued

December 31, 2025 and 2024

8. Trade and Other Receivables, Continued

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

In millions of won		As of December 31, 2025				As of December 31, 2024
Trade receivables not overdue		W	12,472,407				12,010,590
Trade receivables overdue and impairment-reviewed:			376,812				345,399
Less than 60 days			15,256				12,289
60 ~ 90 days			54,093				59,427
90 ~ 120 days			21,317				21,642
120 days ~ 1 year			65,435				56,107
More than 1 year			220,711				195,934
			12,849,219				12,355,989
Less: allowance for doubtful accounts			(280,314	)			(260,774	)
Less: Present value discount			(83,101	)			—
		W	12,485,804				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) The aging analysis of other receivables as of December 31, 2025 and 2024 is as follows:

In millions of won		As of December 31, 2025				As of December 31, 2024
Other receivables not overdue		W	3,145,499				3,212,146
Other receivables overdue and impairment-reviewed:			290,132				220,926
Less than 60 days			79				318
60 ~ 90 days			54,271				34,267
90 ~ 120 days			1,012				1,786
120 days ~ 1 year			60,618				59,567
More than 1 year			174,152				124,988
			3,435,631				3,433,072
Less: allowance for doubtful accounts			(160,894	)			(140,168	)
Less: present value discount			(17,876	)			(14,494	)
		W	3,256,861				3,278,410

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

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

8. Trade and Other Receivables, Continued

(6) Changes in the allowance for doubtful accounts for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 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			84,625				8,155				48,160				21,937
Write-off			(37,639	)			(14,675	)			(17,157	)			(23,177	)
Reversal			(2,223	)			(4,101	)			(12,928	)			(587	)
Others			(25,223	)			31,347				10,054				8,042
Ending balance		W	280,314				160,894				260,774				140,168

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

9. Financial Assets at Fair Value through Profit or Loss

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

In millions of won		As of December 31, 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				125,837				313				152,054
Cooperative			—				6,413				—				6,872
Others (*)			1,298,707				428,389				1,456,582				405,309
			1,299,027				560,639				1,456,895				564,235
Financial assets designated as at fair value through profit or loss
Debt with embedded derivatives			—				135,560				—				155,042
		W	1,299,027				696,199				1,456,895				719,277

(*) Others include MMT, MMF etc.

(2) Details of income (loss) from financial assets at fair value through profit or loss for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Beneficiary certificate		W	35,510				34,481
Cooperative			190				118
Debt with embedded derivatives			627				2,435
Others			170,691				136,383
		W	207,018				173,417

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10. Financial Assets at Fair Value through Other Comprehensive Income

(1) Changes in financial assets at fair value through other comprehensive income for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025
		Beginning balance				Acquisition				Disposal				Valuation				Others				Ending balance
Equity securities
Listed		W	360,096				—				(3,091	)			160,245				1				517,251
Unlisted			309,709				—				(10	)			52,343				1,086				363,128
			669,805				—				(3,101	)			212,588				1,087				880,379
Debt securities
Corporate bond			5,045				—				—				(251	)			—				4,794
		W	674,850				—				(3,101	)			212,337				1,087				885,173
Current financial assets at fair value through other comprehensive income		W	—				—				—				—				—				—
Non-current financial assets at fair value through other comprehensive income			674,850				—				(3,101	)			212,337				1,087				885,173

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 consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

In millions of won		As of December 31, 2025
		Shares				Ownership				Acquisition cost				Book value				Fair value
Listed
Korea District Heating Corp.			2,264,068				19.55	%		W	173,201				218,255				218,255
KG Mobility Co., Ltd.			12,205				0.01	%			428				43				43
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				26				26
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				74,369				74,369
Denison Mines Corp.			58,284,000				7.46	%			84,134				222,278				222,278
Paladin Energy			10,760				0.01	%			41				98				98
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				813				813
Aone Alform Co., Ltd.			2,672				0.04	%			19				3				3
Kodaco Co., Ltd.			131,698				0.85	%			1,317				1,354				1,354
Winiaaid Co., Ltd.			129				0.00	%			1				1				1
											326,001				517,251				517,251
Unlisted (*1)
Set Holding (*2)			1,100,220				2.50	%		W	229,255				310,808				310,808
SGC Greenpower Co., Ltd.			580,000				5.00	%			2,900				5,807				5,807
Le Soleil KHNP LLC			137,600				19.00	%			1,376				1,376				1,376
Ihsung CNI Co., Ltd. (Unlisted)			127,660				3.96	%			1,500				2,144				2,144
H Robotics Co., Ltd.			903,601				7.05	%			4,000				399				399
Good Tcells Co., Ltd.			11,364				0.33	%			500				630				630
IPS Bio Co., Ltd.			1,975				3.13	%			1,000				873				873
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				862				862
Fine Powerex Co., Ltd.			72,633				4.45	%			1,500				1,714				1,714
Agencore Co., Ltd.			175,779				6.31	%			2,200				2,934				2,934
SamHong Machinery Co., Ltd.			1,543,837				9.13	%			7,000				15,099				15,099
Aloha Factory Co., Ltd.			2,970				3.70	%			1,000				639				639
Dailyshot Co., Ltd.			1,695				1.64	%			1,001				1,205				1,205
Mediquitous Co., Ltd.			5,080				0.48	%			1,250				1,546				1,546
Black Materials Co., Ltd.			37,038				8.31	%			500				431				431
Monit Co., Ltd.			333,334				14.29	%			1,000				853				853
3i Powergen Inc.(*6)			—				15.00	%			1,482				—				—
Enersys Co., Ltd.			9,763				19.62	%			2,050				337				337
Kalman Co., Ltd.			23,172				9.54	%			1,000				821				821
Himet Co., Ltd.			1,754,386				13.93	%			5,000				4,182				4,182
PT. Kedap Sayaaq			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.			10,916				0.14	%			1,092				97				97

47

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

In millions of won		As of December 31, 2025
		Shares				Ownership				Acquisition cost				Book value				Fair value
SAMBO AUTO. Co., Ltd.			15,066				0.02	%		W	38				38				38
Mobo Co., Ltd.			504				0.00	%			14				14				14
Dae Kwang Semiconductor Co., Ltd.			589				0.07	%			6				6				6
Sanbon Department Store			828				0.01	%			124				3				3
Sungwon Co., Ltd.			117				0.07	%			29				29				29
IMHWA Corp.			329				0.11	%			5				5				5
DALIM Special Vehicle Co., Ltd.			58				0.08	%			10				10				10
Moonkyung Silica Co., Ltd.			42				0.56	%			—				—				—
KS Remicon Co., Ltd.			12				0.04	%			3				3				3
Samgong Development Co., Ltd.			12				0.01	%			7				7				7
Joongang Development Co., Ltd.			540				0.12	%			8				8				8
Newasia Co., Ltd.			12,906				0.23	%			32				32				32
MSE Co., Ltd.			429				0.13	%			9				9				9
Ilrim Nano Tec Co., Ltd.			1,520				0.07	%			15				15				15
Ilsuk Co., Ltd.			152				0.17	%			10				10				10
Zyle Daewoo Motor Sales Co., Ltd.			22				0.00	%			—				—				—
Daewoo Development Co., Ltd.			8				0.00	%			—				—				—
Seyang Inc.			537				0.05	%			27				30				30
Seungri Enterprise Co., Ltd.			93				0.05	%			3				3				3
Shin-E P&C Co., Ltd.			1,569				0.64	%			110				2				2
Ejung Ad Co., Ltd.			132				0.09	%			3				3				3
Solvus Co., Ltd.			1,056				0.04	%			3				3				3
Myung Co., Ltd.			89				0.05	%			2				2				2
Biwang Industry Co., Ltd.			406				0.04	%			2				2				2
Young Sung Co., Ltd.			89				0.40	%			27				27				27
Yuil Industrial Electronics Co., Ltd.			804				0.32	%			16				16				16
Woojin Industry Corporation			3				0.00	%			16				16				16
Kwang Sung Industry Co., Ltd.			325				0.35	%			7				7				7
Woojoo Environment Ind. Co., Ltd.			101				0.11	%			13				13				13
Hyungji Esquire Co., Ltd.			61				0.02	%			22				22				22
Morado Co., Ltd.			209				0.04	%			2				2				2
Myung Sung Tex Co., Ltd.			20				0.00	%			2				2				2
Kwang Sung Co., Ltd.			610				0.53	%			31				32				32
Seen Business and Technology co., Ltd.			29,424				0.73	%			147				7				7
Shin Pyung Co., Ltd.			6				0.03	%			3				3				3
JMC Heavy Industries Co., Ltd.			2,724				0.10	%			27				2				2
Najin Steel Co., Ltd.			37				0.06	%			5				5				5
Sinkwang Industry Co., Ltd.			1,091				1.68	%			5				5				5
Elephant & Friends Co., Ltd.			563				0.61	%			3				3				3
Mireco Co., Ltd.			109				0.25	%			11				11				11
L&K Industry Co., Ltd.			1,615				0.60	%			24				24				24
JO Tech Co., Ltd.			1,263				0.62	%			25				26				26
Kendae Printing Co., Ltd.			422				0.60	%			21				21				21
Dauning Co., Ltd.			231				0.41	%			6				6				6
Korea Trecision Co., Ltd.			22				0.45	%			5				5				5
Hurim Biocell Co., Ltd.			1,021				0.00	%			5				5				5
Beer Yeast Korea Inc.			1,388				0.43	%			7				7				7

48

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

In millions of won		As of December 31, 2025
		Shares				Ownership				Acquisition cost				Book value				Fair value
B CON Co., Ltd.			96				1.16	%		W	6				6				6
Ace Integration Co., Ltd.			105				0.09	%			23				23				23
AceInti Agricultural Co., Ltd.			4				0.02	%			5				2				2
KyungDong Co., Ltd.			130				0.01	%			1				1				1
ChunWon Development Co., Ltd.			193				0.19	%			39				39				39
SungLim Industrial Co., Ltd.			29				0.03	%			1				1				1
Korea Minerals Co., Ltd.			191				0.05	%			135				1				1
JoHyun Co., Ltd.			350				1.56	%			18				18				18
KC Co., Ltd.			5,107				0.17	%			26				26				26
SeongJi Industrial Co., Ltd.			41				0.05	%			1				1				1
Seyang Precision Ind.Co., Ltd.			829				0.23	%			41				41				41
Dooriwon Food System Co., Ltd.			13				0.27	%			1				1				1
Sung Kwang Co., Ltd.			23				0.37	%			6				6				6
Shinheung petrol. Co., Ltd.			699				0.14	%			35				35				35
Samsung Tech Co., Ltd.			486				1.28	%			97				36				36
Sevenvalley JC			24				0.02	%			12				12				12
Han Young Technology Company Co., Ltd.			35				0.00	%			—				—				—
Ptotronics Co., Ltd.			843				0.42	%			84				6				6
Hyundaitech Co., Ltd.			1,363				0.87	%			27				27				27
Dasan Material Co., Ltd.			29				0.04	%			22				22				22
Fish World Co., Ltd.			47				0.21	%			2				2				2
Samdo Industry Electric Co., Ltd.			48				0.02	%			1				1				1
Shinsei Trading Co., Ltd.			64				0.72	%			6				6				6
Green Alchemy Co., Ltd.			38,202				1.48	%			191				17				17
KM Leatech Co., Ltd.			1,648				0.98	%			8				8				8
Semist Co., Ltd.			555				0.80	%			3				3				3
Sewon Bus Co., Ltd.			12				0.00	%			—				—				—
Enertec Co., Ltd.			7,937				0.19	%			44				44				44
Bellie Doughnuts Co., Ltd.			169				0.19	%			10				10				10
Choheung packing Co., Ltd.			61				0.13	%			12				12				12
Jaewoo Co., Ltd.			359				0.24	%			11				11				11
Wooyang HC Co., Ltd			1,375				0.01	%			159				13				13
TheYeonriji Co., Ltd.			116				0.10	%			6				6				6
Flusys Co., Ltd.			9				0.08	%			2				2				2
DongSeo Electronics Co., Ltd.			347				0.07	%			17				17				17
Daewoo Display Co., Ltd.			177				0.03	%			5				5				5
NTS Co., Ltd.			143				0.22	%			36				36				36
AID CO., Ltd.			1,212				0.57	%			36				36				36
Changwon Eco-friendly farming Corp.			3				0.01	%			—				—				—
Kumo Hitech Co., Ltd.			6,697				0.53	%			100				32				32
Kyung Pyo Industry Co., Ltd.			186				0.76	%			19				19				19
Samjoo Hightech Co., Ltd.			522				0.08	%			3				3				3
Samkwang Chemical Co., Ltd.			204				1.27	%			51				51				51
Shinseung Chemical Industy Co., Ltd.			5				0.01	%			60				—				—
KJ Alloy Co., Ltd.			368				0.20	%			7				7				7
SM Hi-tech Co., Ltd.			22				0.39	%			22				22				22
Puruen Environment Co., Ltd.			967				1.34	%			19				19				19
Miretech Co., Ltd.			9,111				0.27	%			18				18				18
Sejin Hightech Co., Ltd.			17,980				0.16	%			18				18				18
Eun Sung Enterprise Co., Ltd.			1,131				0.72	%			17				17				17
Shinyoung Textiles Co., Ltd.			523				1.01	%			52				23				23
Ilwoo Steel Co., Ltd.			41				0.28	%			17				17				17

49

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

In millions of won		As of December 31, 2025
		Shares				Ownership				Acquisition cost				Book value				Fair value
Dong-un Tech Co., Ltd.			1,159				6.28	%		W	81				34				34
Wongwang Door Corp.			575				1.00	%			29				29				29
Eanskorea Co., Ltd.			39				0.05	%			2				2				2
Youngdongseafood Co., Ltd.			165				0.33	%			8				8				8
Hyunwoo Winstar Co., Ltd.			1				0.00	%			—				—				—
Sungchang Tech Co., Ltd.			159				0.31	%			10				19				19
Yuchang Industry Co., Ltd.			90				0.11	%			5				5				5
Jeongpum Co., Ltd.			322				0.35	%			16				16				16
Korea Steel Power Co., Ltd.			2,761				1.88	%			55				2				2
Caffe Bene Co.,Ltd.			1,908				0.03	%			9				9				9
Jinhung Packaging Co., Ltd.			4,329				3.02	%			22				22				22
Donglim Eng Co., Ltd.			26				0.11	%			3				3				3
SIP Co., Ltd.			274				0.55	%			7				7				7
Daeji Product Co., Ltd.			15				0.05	%			1				—				—
SSET Co., Ltd.			181				0.30	%			18				18				18
Sewon PM Tech Co., Ltd.			963				1.11	%			48				48				48
Shinwoo Toptech Co., Ltd.			834				0.51	%			83				6				6
KMLC Co., Ltd.			281				0.14	%			22				22				22
Seinfood Co., Ltd.			13				0.17	%			7				7				7
TaeSung Eco-Tech. Co., Ltd.			1,368				4.55	%			34				34				34
Kukex Inc.			639				0.05	%			3				3				3
Chang won Engineering Co., Ltd.			22				0.00	%			4				4				4
Samsung Silup Co., Ltd.			47				0.19	%			5				5				5
Samwon Bio Tech Co., Ltd.			390				0.25	%			6				6				6
IZU KOREA Co., Ltd.			48				0.00	%			2				2				2
Dongdo CNP Co., Ltd.			234				0.36	%			6				6				6
Taejin Hiech Co., Ltd.			78				0.26	%			3				3				3
Headone Co.,Ltd.			69				0.12	%			7				7				7
E-Won Solutech Co., Ltd.			158				0.16	%			40				40				40
KPL Circuit Co., Ltd.			283				0.08	%			14				14				14
Han Mi Flexible Co., Ltd.			143				0.20	%			43				43				43
Millennium PNT Co., Ltd.			227				0.37	%			6				6				6
Dae Myung Co., Ltd.			114				0.08	%			3				3				3
Young San Heavy Industries Co., Ltd.			74				0.11	%			7				7				7
Samchungwon Co., Ltd.			15				0.24	%			2				2				2
Wooyang Frozen Foods Co., Ltd.			66				0.82	%			27				27				27
Nanomic Co., Ltd.			94				0.63	%			38				38				38
Samsung Nonferrous Metal Co., Ltd.			89				0.26	%			9				9				9
Daewha Fuel Pump Ind., Ltd.			83				0.05	%			10				10				10
WorldCnM Inc.			131				1.09	%			10				10				10
Superone Co., Ltd.			1,585				1.45	%			8				8				8
Buyoung Panji Co., Ltd.			478				0.44	%			12				12				12
International Paint Korea Co., Ltd.			111				0.48	%			11				11				11
EI Lighting Co., Ltd.			358				0.36	%			18				18				18
Yooseung Co., Ltd.			10				0.08	%			1				1				1
Sungkwang Co., Ltd.			48				0.35	%			2				2				2
Ajin KSB Co., Ltd.			204				0.31	%			18				18				18
Sewon Ceramic Co., Ltd.			530				1.01	%			5				5				5
Choyang Tech Co., Ltd.			465				1.01	%			23				23				23
TK Co., Ltd.			307				0.70	%			15				15				15

50

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

In millions of won		As of December 31, 2025
		Shares				Ownership				Acquisition cost				Book value				Fair value
Arari Co., Ltd.			14				0.05	%		W	1				1				1
C&S Corporation Co., Ltd.			1,304				0.01	%			13				13				13
Global The One of Korea Co., Ltd.			62				0.06	%			3				3				3
Steellife Co., Ltd.			85				0.06	%			4				4				4
Geumhan Co., Ltd.			498				0.24	%			7				7				7
Mokgan Co., Ltd.			5				0.02	%			1				1				1
Sulim Co., Ltd.			30				0.20	%			6				6				6
Shinkwang Engineering			24				0.36	%			2				2				2
Ek Cookware Co., Ltd.			60				0.04	%			1				1				1
KTTW Co., Ltd.			28				0.05	%			2				2				2
Avajar Co., Ltd.			1,061				0.01	%			1				1				1
Woosung I.B. Co., Ltd.			7,071				0.07	%			14				14				14
MSM Co., Ltd.			25				0.08	%			—				—				—
Ddpopstyle Co., Ltd.			22				0.14	%			—				—				—
Finemetal Co., Ltd.			49				0.08	%			1				1				1
Sungkyeong Co., Ltd.			52				0.24	%			2				2				2
Newko Co., Ltd.			331				0.06	%			10				10				10
Dongsung Mulsan Co., Ltd.			137				0.34	%			14				14				14
Pizzakorea Co., Ltd.			42				0.18	%			9				9				9
Geumdani Co., Ltd.			2,377				1.82	%			36				36				36
Mezzanine I-pack Co., Ltd.			38				0.02	%			1				1				1
Ltop Co., Ltd.			36				0.06	%			7				7				7
Simile Aluminium Co., Ltd.			428				0.31	%			9				9				9
GT Tooling Co., Ltd.			604				0.17	%			6				6				6
Team Korea Co., Ltd.			4,782				0.37	%			24				24				24
Donghwa TCA Co., Ltd.			1,012				0.30	%			25				25				25
Hankook Piaget Co., Ltd.			4				0.01	%			—				—				—
Coco Food Co., Ltd.			648				1.24	%			32				32				32
Woori Industry Co., Ltd.			102				1.05	%			20				20				20
Ssangyong Youngweol Plant Service&Engineering Co., Ltd.			83				0.07	%			4				1				1
SH Co., Ltd.			39				0.20	%			8				8				8
Daeyoung Co., Ltd.			75				0.01	%			8				8				8
Getron Co., Ltd.			7,259				0.20	%			36				4				4
JM Tech Co., Ltd.			403				0.67	%			81				10				10
Choigang-gujo Co., Ltd.			61				0.45	%			6				1				1
Hosungsteel Co., Ltd.			323				0.26	%			14				3				3
Uktae IND. Co., Ltd.			140				0.12	%			7				1				1
JFC Co., Ltd.			16				0.01	%			2				2				2
Hyundai Tech Co., Ltd.			28				0.69	%			10				10				10
Metal Link Inc. Co., Ltd.			709				0.17	%			35				4				4
Pipetec Korea Co., Ltd.			50				0.07	%			10				1				1
SungJin Tech Co., Ltd.			803				1.20	%			24				8				8
Yujin E&C Co., Ltd.			29				0.18	%			6				—				—
Daishin Logistics Co., Ltd.			13				0.09	%			1				1				1
JinSung Engineering Co., Ltd.			18				0.30	%			18				18				18
Yongho Industry Co., Ltd.			157				0.22	%			32				2				2
Wow tech Co., Ltd.			369				0.75	%			11				11				11
World Power Tech Co., Ltd.			16				0.28	%			24				24				24

51

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

In millions of won		As of December 31, 2025
		Shares				Ownership				Acquisition cost				Book value				Fair value
PBM Auto Co., Ltd.			1,001				1.06	%		W	10				10				10
K2 Motors Co., Ltd.			54				0.28	%			1				1				1
CL Tech Co., Ltd.			801				2.25	%			40				40				40
Mirae Industry Co., Ltd.			39				0.04	%			6				6				6
Gentak Korea Co., Ltd.			301				0.31	%			8				8				8
Sungjin Chemical Co., Ltd.			118				0.36	%			4				4				4
LMAT Co., Ltd.			198				0.04	%			20				20				20
Poong Lim Industrial Co., Ltd.			25				0.00	%			38				38				38
Dae Sung GeoTech Co., Ltd.			631				1.28	%			32				32				32
Saeheemang Co., Ltd.			756				0.60	%			15				15				15
Vornech Co., Ltd.			431				0.37	%			11				2				2
Woojin Formtech Co., Ltd.			76				0.08	%			8				1				1
Korea Engineer Manufacturing Co., Ltd.			114				0.26	%			6				1				1
Sinwa J&K Co., Ltd.			476				0.28	%			5				5				5
Owon E&G Co., Ltd.			132				0.20	%			4				4				4
Guseong Co., Ltd.			141				0.20	%			4				4				4
Irefarm Co., Ltd.			45				0.30	%			3				3				3
Haenarae Agricultural Corp.			15				0.03	%			2				2				2
DECO&E Co., Ltd.			1,261				0.00	%			2				2				2
Design Beyond Co., Ltd.			17				0.19	%			2				2				2
LBK Co., Ltd.			8				0.05	%			1				1				1
Duckwon industrial Co., Ltd.			32				0.43	%			13				13				13
ASPT Co., Ltd.			64				0.82	%			19				19				19
Jingkang Resources Co., Ltd.			90				1.57	%			13				13				13
Fourever Co., Ltd.			44				0.10	%			4				4				4
Myungil Metal Co., Ltd.			80				0.10	%			4				4				4
Greencarbon Co., Ltd.			79				0.06	%			1				1				1
Sunkoo Co., Ltd.			4				0.10	%			2				2				2
Jians Construction Co., Ltd.			45				0.01	%			2				4				4
DH trading Co., Ltd.			891				0.04	%			178				—				—
Sangsin Co., Ltd.			29				0.09	%			15				15				15
Steel focus Co., Ltd.			154				0.20	%			4				4				4
Kamada Korea Co., Ltd.			437				0.33	%			22				22				22
Fosys Co., Ltd.			19				0.08	%			4				4				4
GB precision Co., Ltd.			137				0.57	%			1				1				1
Ewon Art Co., Ltd.			185				0.61	%			9				9				9
DI Tech Co., Ltd.			3				0.00	%			—				—				—
Hans AD Co., Ltd.			33				0.35	%			2				2				2
Daesung Stain Co., Ltd.			32				0.32	%			2				2				2
U&I Co., Ltd.			50				0.22	%			5				5				5
World One Co., Ltd.			401				0.58	%			10				10				10
Yewon Co., Ltd.			24				0.02	%			1				—				—
TSNT Co., Ltd.			119				0.00	%			24				24				24
Shinsung Tech Co., Ltd.			314				0.01	%			16				16				16
Loft Garden Co., Ltd.			1				0.04	%			—				—				—
GH Tech Co., Ltd.			82				0.22	%			3				3				3
Daeo Co., Ltd.			13				0.23	%			4				4				4
Bokwang Co., Ltd.			76				0.00	%			15				15				15

52

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

In millions of won		As of December 31, 2025
		Shares				Ownership				Acquisition cost				Book value				Fair value
Samkum Industry Co., Ltd.			201				0.48	%		W	40				40				40
Mirae Engineering Co., Ltd.			66				0.15	%			1				1				1
Ilshin Tech Co., Ltd.			36				0.00	%			7				7				7
Sukwon Co., Ltd.			2,885				0.59	%			29				29				29
White&Clean Foods Co., Ltd.			330				0.00	%			3				3				3
Michang Cable Co., Ltd.			1,096				0.13	%			16				16				16
G.M Foods Co., Ltd.			57				0.16	%			9				9				9
Wecan Global Inc. Co., Ltd.			165				0.08	%			8				8				8
Daeju Steel Co., Ltd.			11				0.20	%			1				1				1
Hyundai Glass Co., Ltd.			860				0.83	%			43				43				43
MEC Co., Ltd.			16,468				1.17	%			41				41				41
Daeyeoneco Co., Ltd.			151				0.00	%			15				15				15
Hyesung Cable&Communication Inc.			762				0.39	%			38				38				38
Sangjin Co., Ltd.			428				0.35	%			21				21				21
Iksan-guwon Co., Ltd.			563				0.00	%			11				11				11
Korea Remicon Co., Ltd.			36				0.03	%			5				5				5
New Tech Co., Ltd.			23				0.15	%			2				2				2
Segeon Co., Ltd.			124				0.00	%			4				4				4
MS Tech Co., Ltd.			9				0.15	%			1				1				1
J.I Steel Co., Ltd.			21				0.00	%			2				2				2
HNT Co., Ltd.			172				0.00	%			9				9				9
Taejin Co., Ltd.			27				0.08	%			3				3				3
Macroad Co., Ltd.			953				0.17	%			10				10				10
Eunsung Industrial Co., Ltd.			3				0.03	%			—				—				—
KPE Co., Ltd.			51				0.19	%			13				13				13
Dongbangfarms Co., Ltd.			904				0.55	%			41				5				5
Altron Jeonju Co., Ltd.			34,846				1.34	%			697				5				5
K Shipbuilding Co., Ltd.			8,622				0.25	%			1,078				1,078				1,078
Shinjin International Corporation Co., Ltd.			4				0.01	%			1				1				1
RMK Co., Ltd.			63				0.90	%			22				22				22
Andong Trading Corporation Co., Ltd.			42				0.00	%			2				2				2
Seokjin E&T Co., Ltd.			81				0.06	%			8				8				8
Seohan Food Co., Ltd.			83				0.19	%			2				2				2
JSL Co., Ltd.			51				0.49	%			3				3				3
Seil Textile Co., Ltd.			16				0.15	%			3				3				3
Sungdo Pack Co., Ltd.			15				0.06	%			1				1				1
Coffeenie Co., Ltd.			2				0.00	%			—				—				—
Medi Pharma Plan Co., Ltd.			1,075				0.26	%			108				7				7
Woori Ascon Co., Ltd.			25				0.34	%			10				10				10
Cheonwoo E.P.S Co., Ltd.			371				1.10	%			19				19				19
Koa Tech Co., Ltd.			1,244				0.77	%			12				12				12
SKE Cable Co., Ltd.			120				0.08	%			6				6				6
Hi Korea Co., Ltd.			1,845				1.94	%			185				21				21
Daeheung Engineering Co., Ltd.			65				0.01	%			1				1				1
Etapol Co., Ltd.			1,361				0.54	%			41				41				41
Yoongwon Korea Co., Ltd.			157				1.47	%			31				31				31
Avoh Ceramic&Bath Co., Ltd.			173				0.14	%			3				3				3
Dongyang R.P.F. Industrial Co., Ltd.			59				0.03	%			2				2				2
Yuil Engineering Co., Ltd.			14				0.03	%			1				1				1
Taesan Co., Ltd.			146				0.69	%			35				35				35
Thermo Tec Co., Ltd.			446				0.03	%			4				4				4

53

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

In millions of won		As of December 31, 2025
		Shares				Ownership				Acquisition cost				Book value				Fair value
DaeYang Hydro Co., Ltd.			6				0.02	%		W	1				1				1
SangMoo Steel Co., Ltd.			24				0.04	%			2				2				2
Jungin Distribution Co., Ltd.			17				0.00	%			3				3				3
TheSun Co., Ltd.			77				0.06	%			1				1				1
ChoungHwa Precise Co., Ltd.			428				0.08	%			43				4				4
Snopa Co., Ltd.			458				0.01	%			5				5				5
SKD Korea Co., Ltd.			40				0.28	%			20				20				20
Samhyup Co., Ltd.			376				0.91	%			38				38				38
Taekwang Paper Board Co., Ltd.			133				0.49	%			23				23				23
NY Tech Co., Ltd.			33				0.15	%			2				2				2
Dongbang Metal Co., Ltd.			1,985				0.32	%			20				20				20
Guseul Co., Ltd.			89				0.23	%			9				9				9
Gaone International Co., Ltd.			54				0.29	%			14				14				14
Dongyang Pratech Co., Ltd.			265				1.21	%			29				29				29
Samjin Placo Co., Ltd.			661				0.52	%			33				33				33
MS Steel Industrial Co., Ltd.			167				0.40	%			8				8				8
STS Global Co., Ltd.			9				0.04	%			—				—				—
Y Tech Co., Ltd.			855				0.65	%			34				34				34
J&J Tech Co.			14				0.22	%			1				1				1
Shield Board Co., Ltd.			165				0.15	%			3				3				3
SFC International Co., Ltd.			11				0.01	%			1				1				1
Hana ITM Inc.			8,443				0.70	%			84				84				84
Jeuvis Co., Ltd.			191				0.30	%			2				2				2
JBM Co., Ltd.			662				0.34	%			20				20				20
Jungwoo Metal Solution Co., Ltd.			27				0.08	%			2				2				2
MS Precision Co., Ltd.			220				0.16	%			22				22				22
YM Tech Co., Ltd.			2				0.01	%			—				—				—
C&C ENG Co., Ltd.			439				1.59	%			22				22				22
Daejoo E&G Co., Ltd.			133				0.00	%			27				27				27
Taeyoung Precision Co., Ltd.			31				0.22	%			—				—				—
Shin Heung Precision Co., Ltd.			93				4.63	%			4				4				4
TaeGwang P&C Co., Ltd.			530				0.90	%			13				13				13
KyeongGwang Tech Co., Ltd.			244				1.04	%			7				7				7
Wonil Image Maker Inc.			16				0.04	%			—				—				—
Vehicle System Co., Ltd.			225				0.19	%			23				23				23
Moohan Enterprise Co., Ltd.			63				0.12	%			3				3				3
C&A Industries Co., Ltd.			42,062				0.26	%			21				21				21
CH Solution Co., Ltd.			1,456				0.16	%			4				4				4
Value Invest Korea Co., Ltd.			8				0.00	%			2				2				2
HNT Co., Ltd.			8,567				0.09	%			9				9				9
Sunquen Co., Ltd.			4				0.01	%			—				—				—
Shabath Co., Ltd.			48				0.04	%			6				6				6
Woori Elec Co., Ltd.			102				0.17	%			5				5				5
Dong-Yang Special Casting Co., Ltd.			1,027				0.41	%			21				21				21
Haegang Industry Co., Ltd.			1,687				1.13	%			25				25				25
Daone Co., Ltd.			860				0.23	%			9				9				9
Yeowoon Co., Ltd.			3				0.00	%			—				—				—
Evertrue Co., Ltd.			15				0.00	%			—				—				—
Libechen Co., Ltd.			151				0.13	%			8				8				8
Hongin Co., Ltd.			149				0.22	%			45				45				45
Neo Life Co., Ltd.			19				0.04	%			—				—				—
T-Eng Co., Ltd.			123				1.05	%			25				25				25
Badanuri			8				0.10	%			2				2				2
Ki Soo Precision Co., Ltd.			325				0.44	%			98				27				27
DNGV			5,516				0.14	%			11				11				11
BJ Korea			446				0.81	%			40				40				40

54

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

In millions of won		As of December 31, 2025
		Shares				Ownership				Acquisition cost				Book value				Fair value
R&S Co., Ltd.			291				0.61	%		W	4				4				4
Daekyoung Co., Ltd.			85				0.66	%			17				17				17
Dongyang Environment			141				0.38	%			7				7				7
KEE Co., Ltd.			64				0.63	%			13				13				13
Asia Platech Co., Ltd.			932				3.59	%			47				47				47
HyoChang Industrial Co., Ltd			10,930				0.59	%			5				5				5
Semin Environmental Design Co., Ltd.			14				0.04	%			—				—				—
JungAng PNA Co., Ltd.			385				0.61	%			8				8				8
CNEGS Co., Ltd.			80				0.07	%			7				7				7
HaeDeuRim Co., Ltd.			70				0.41	%			11				11				11
CMTI Co., Ltd.			65				0.15	%			2				2				2
JMT Co., Ltd.			6,133				0.39	%			15				15				15
SeJung Precision Industrial Co., Ltd.			141				0.43	%			14				14				14
SGTech			30				0.66	%			3				3				3
OhBakSaDatkeom Co., Ltd.			52				0.23	%			3				3				3
SeongMinSusan Co., Ltd.			371				0.09	%			4				4				4
DreamFact Co., Ltd.			77				0.10	%			3				3				3
DongSuh Co., Ltd.			18				0.23	%			2				2				2
Dondodam Co., Ltd.			262				0.34	%			13				13				13
Vision Food Co., Ltd.			1,732				1.00	%			87				27				27
A One Metal Co., Ltd.			156				0.89	%			16				16				16
ECO Plus Co., Ltd.			2,786				0.91	%			3				3				3
DaeWoon Tech Co., Ltd.			106				0.26	%			3				3				3
KoWEEO Co., Ltd.			38				0.05	%			2				2				2
IK Co., Ltd.			14				0.06	%			1				1				1
Eco Join Co., Ltd.			145				0.03	%			2				2				2
Yuk Hwawon Co., Ltd.			567				0.25	%			11				11				11
Yun Hwawon FND Co., Ltd.			496				0.84	%			25				25				25
GoRyeoInSam Co., Ltd.			197				0.41	%			30				30				30
HyeJin IND Co., Ltd.			77				0.26	%			4				4				4
Cheongsong JungAng Aluminum Co., Ltd.			1,300				0.14	%			20				20				20
Easy Tape Co., Ltd.			144				0.30	%			14				14				14
Gyeonganaseukon			51				0.85	%			10				10				10
Biseullo Co., Ltd.			11				0.03	%			1				1				1
Cest Co., Ltd.			152				1.43	%			76				76				76
MDT Co., Ltd.			57				0.30	%			6				6				6
KDP Sieori Co., Ltd.			511				0.50	%			5				5				5
Hanam Industrial Co., Ltd.			87				0.80	%			13				13				13
Goryeo Filter Co.,Ltd.			31				0.07	%			2				2				2
Hungaforming Co., Ltd.			397				0.64	%			20				20				20
HyeopJin PL Co., Ltd.			7,889				0.72	%			39				39				39
AOS Co., Ltd.			25				0.16	%			1				1				1
SamHan Industrial Co., Ltd.			215				0.45	%			3				3				3
YangJI EnterPrise Co., Ltd.			16				0.04	%			3				3				3
GyungNam Metal Co., Ltd.			698				0.07	%			17				17				17
Yoolim industrial Co., Ltd.			1,560				1.98	%			234				43				43
Haemirae Co., Ltd.			57				0.25	%			4				4				4
KROPC Co., Ltd.			1,297				1.19	%			26				26				26
Mirae Seesco Co. Ltd.			17				0.04	%			2				2				2
SungMin Industrial Co., Ltd.			229				2.80	%			34				34				34
Kunyang Co., Ltd.			44				0.12	%			4				4				4
CAT Co., Ltd.			40				0.27	%			3				3				3
JeongJin Nurimaru Co., Ltd.			218				1.08	%			33				33				33
GeunHo Precision Co., Ltd.			1,770				0.98	%			133				47				47
HwaIn Inemtek Co., Ltd.			327				0.60	%			43				43				43

55

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

In millions of won		As of December 31, 2025
		Shares				Ownership				Acquisition cost				Book value				Fair value
TS Steel Co., Ltd.			202				0.13	%		W	20				20				20
SaeHan Food Co., Ltd.			23				0.40	%			5				5				5
SamYeong Engineer Co., Ltd.			501				0.55	%			10				10				10
GumYoung General Co., Ltd.			6,522				0.06	%			13				13				13
SaeUm Global Co., Ltd.			207				0.06	%			5				5				5
Work life balance Co., Ltd.			9				0.92	%			1				1				1
YuJin Hightech Co., Ltd.			152				0.58	%			15				15				15
GOC Co., Ltd.			4,415				0.16	%			44				44				44
Fraijour Queen Co., Ltd.			73				0.56	%			3				3				3
Wnt Co., Ltd.			57				0.19	%			6				6				6
Tae Gwang Engineer Co., Ltd.			406				2.60	%			41				41				41
GSB Co., Ltd.			370				1.03	%			37				37				37
MCI Co., Ltd.			760				0.12	%			23				23				23
Wonchang steel Co., Ltd.			66				0.16	%			7				7				7
GukWon Construction Co., Ltd.			9				0.00	%			—				—				—
Friend Co., Ltd.			2,745				0.46	%			55				21				21
AppleLind Networks Co., Ltd.			2,417				0.12	%			11				11				11
HSC Co., Ltd.			7,174				2.69	%			36				36				36
ChangShin Plant Co., Ltd.			108				1.40	%			22				22				22
PyeongKang Precision Co., Ltd.			3				0.01	%			—				—				—
ShinSung Co., Ltd.			66				0.58	%			13				13				13
DreamHightech Co., Ltd.			137				0.16	%			7				7				7
WooHo Construction Co., Ltd.			35				0.02	%			2				2				2
Seyang Co., Ltd.			229				0.81	%			23				23				23
KD Electric Co., Ltd.			202				0.35	%			15				15				15
WithU Co., Ltd.			68				0.39	%			7				7				7
Home Indus Co., Ltd.			100				0.43	%			3				3				3
P&P Industry Co., Ltd.			16				0.00	%			—				—				—
JY Co., Ltd.			2,059				1.88	%			41				41				41
Good Day Co., Ltd.			239				1.00	%			12				12				12
SM Food Co., Ltd.			121				0.64	%			6				6				6
Hyowon NV Co., Ltd.			302				0.43	%			9				9				9
Glogenic Co., Ltd.			3,920				0.28	%			10				10				10
Choco Square Co., Ltd.			2,542				0.02	%			1				1				1
GJTec Co., Ltd.			24				0.07	%			1				1				1
Mana F&B Co., Ltd.			29				0.09	%			1				1				1
Beolgyo Cockle Co., Ltd.			4,542				0.19	%			11				11				11
NanoOne Co., Ltd.			178				0.32	%			7				7				7
Samyoung Aluminum Co., Ltd.			56				1.11	%			7				7				7
JY Electronics Co., Ltd.			71				0.05	%			1				1				1
Silla Innotek Co., Ltd.			513				0.78	%			51				51				51
Insung Enpla Co., Ltd.			3,526				0.10	%			35				35				35
Jeil Chemical Co., Ltd.			263				0.02	%			3				3				3
Philip Co., Ltd.			2,391				1.60	%			12				12				12
SKB Co., Ltd.			15				0.24	%			2				2				2
URO Tech Co., Ltd.			42				0.53	%			8				8				8
Kyungsung Industry Co., Ltd.			89				0.08	%			9				9				9
Dorim Paper Board Co., Ltd.			846				1.23	%			42				42				42
Plintech Co., Ltd.			123				0.62	%			15				15				15
Changbo Co., Ltd.			68				0.39	%			10				10				10
Youchang Tech Co., Ltd.			61				0.24	%			9				9				9
Songcheon Tech Co., Ltd.			124				0.39	%			6				6				6
Saehan Co., Ltd.			28				0.41	%			3				3				3
Cusp Co., Ltd.			26				0.03	%			3				3				3
Woobang Co., Ltd.			8				0.00	%			8				8				8

56

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

In millions of won		As of December 31, 2025
		Shares				Ownership				Acquisition cost				Book value				Fair value
Miju Steel Co., Ltd.			1,097				0.23	%		W	50				50				50
Kkum & Deul Co., Ltd.			—				0.18	%			15				15				15
Istec Co., Ltd.			82				0.40	%			4				4				4
Porex Co., Ltd.			1,906				0.19	%			19				19				19
K-Pro System Co., Ltd.			8				0.08	%			1				1				1
Sunmi Co., Ltd.			4				0.06	%			2				2				2
Daewon MT Co., Ltd.			6				0.02	%			1				1				1
Kyungdong Meat Co., Ltd.			294				0.49	%			10				10				10
Enbiodime Co., Ltd.			794				0.60	%			12				12				12
Juwon Agricultural Co., Ltd.			280				0.86	%			14				14				14
Ildung Korea Co., Ltd.			1,462				0.27	%			29				29				29
Daemyung Industry Co., Ltd.			97				0.32	%			5				5				5
Living Square Co., Ltd.			17				0.09	%			1				1				1
SP Sungbo Co., Ltd.			61				0.39	%			12				12				12
L&RP Co., Ltd.			63				0.20	%			1				1				1
Joyful Co., Ltd.			30				0.13	%			2				2				2
Suyeong Metal Co., Ltd.			4,378				4.27	%			219				219				219
Eins Gratech Co., Ltd.			863				2.76	%			30				30				30
Gaga Farm Co., Ltd.			7				0.01	%			—				—				—
HS Tech Co., Ltd.			269				0.62	%			13				13				13
KG Industry Development Co., Ltd.			60				0.30	%			16				16				16
JK Metal Material Co., Ltd.			810				1.17	%			41				41				41
Ganggyeong Pack Co., Ltd.			51				0.18	%			3				3				3
Moduyeoneunsesang Co., Ltd.			15				0.19	%			2				2				2
Samil Frame Co., Ltd.			113				0.26	%			6				6				6
Samyoung M-TEK Co., Ltd.			321				1.15	%			32				32				32
Gwanmun Industry Co., Ltd.			77				0.10	%			16				16				16
Focus Engineer Co., Ltd.			241				0.13	%			12				12				12
Adic Co., Ltd.			174				0.02	%			1				1				1
Sunil Corporation Co., Ltd.			79				0.56	%			8				8				8
Pchef Korea Co., Ltd.			8				0.11	%			3				3				3
Busan Meat Processing Center Co., Ltd.			35				0.30	%			4				4				4
Ain Co., Ltd.			25				0.46	%			3				3				3
SLTE Co., Ltd.			868				1.62	%			87				87				87
SMC Global Co., Ltd.			76				0.41	%			4				4				4
Ereh Tech Co., Ltd.			87				0.12	%			17				17				17
Yechan Retail Co., Ltd.			462				0.39	%			12				12				12
Yuil Precision Co., Ltd.			75				0.10	%			8				8				8
Youngmaru Livestock Co., Ltd.			2				0.01	%			1				1				1
BSD Co., Ltd.			39				0.11	%			4				4				4
JPS Co., Ltd.			1,015				0.04	%			5				5				5
Seokrim Industry Co., Ltd.			270				0.90	%			27				27				27
Hanmadang Co., Ltd.			103				0.47	%			11				11				11
											349,588				363,128				363,128
Debt securities (*1)
Aron Flying Ship Co., Ltd.			—				—			W	491				—				—
Ino Platech Co., Ltd.			—				—				1,080				1,278				1,278
Daebon Tech Co., Ltd.			—				—				3,000				3,516				3,516
											4,571				4,794				4,794
										W	680,160				885,173				885,173

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

(*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, 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 entered corporate rehabilitation procedures during the prior year. The Group classified the investment in the entity as a 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. As of December 31, 2025, the liquidation process is in progress, and the book value of the investment has been measured at zero, considering its recoverability.

(*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.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

In millions of won		As of December 31, 2024
		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. (formerly, STX Heavy Industries Co., Ltd.			61,455				0.22	%			430				1,503				1,503
Codes Combine Co., Ltd.			291				0.00	%			1				—				—
PT Almatri Resources Indonesia (formerly, PT Adaro Energy Tbk.)			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 (formerly, Fission Uranium Corp.			100,000				0.01	%			41				74				74
KS Industry Co., Ltd (formerly, SangSangin 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	%		W	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. (Unlisted)			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.			—				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. Kedap Sayaaq			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.			10,916				0.14	%			1,092				97				97

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

In millions of won		As of December 31, 2024
		Shares				Ownership				Acquisition cost				Book value				Fair value
SAMBO AUTO. Co., Ltd.			15,066				0.02	%		W	38				38				38
Mobo Co., Ltd.			504				0.00	%			14				14				14
Dae Kwang Semiconductor Co., Ltd.			589				0.07	%			6				6				6
Sanbon Department Store			828				0.01	%			124				3				3
Miju Steel Co., Ltd.			1,097				0.23	%			50				50				50
Sungwon Co., Ltd.			117				0.07	%			29				29				29
IMHWA Corp.			329				0.11	%			5				5				5
DALIM Special Vehicle Co., Ltd.			58				0.08	%			10				10				10
Moonkyung Silica Co., Ltd.			42				0.56	%			—				—				—
Sungkwang Timber Co., Ltd.			3				0.08	%			5				5				5
KS Remicon Co., Ltd.			12				0.04	%			3				3				3
Pyungsan SI Co., Ltd.			434				0.01	%			4				4				4
Samgong Development Co., Ltd.			12				0.01	%			7				7				7
Joongang Development Co., Ltd.			540				0.12	%			8				8				8
Newasia Co., Ltd.			12,906				0.23	%			32				32				32
MSE Co., Ltd.			429				0.13	%			9				9				9
Ilrim Nano Tec Co., Ltd.			1,520				0.07	%			15				15				15
Ilsuk Co., Ltd.			152				0.17	%			10				10				10
Zyle Daewoo Motor Sales Co., Ltd.			22				0.00	%			—				—				—
Daewoo Development Co., Ltd.			8				0.00	%			—				—				—
Seyang Inc.			537				0.05	%			27				30				30
Seungri Enterprise Co., Ltd.			93				0.05	%			3				3				3
Shin-E P&C Co., Ltd.			1,569				0.64	%			110				2				2
Ejung Ad Co., Ltd.			132				0.09	%			3				3				3
Solvus Co., Ltd.			1,056				0.04	%			3				3				3
Myung Co., Ltd.			89				0.05	%			2				2				2
Biwang Industry Co., Ltd.			406				0.04	%			2				2				2
Young Sung Co., Ltd.			89				0.40	%			27				27				27
Yuil Industrial Electronics Co., Ltd.			804				0.32	%			16				16				16
Woojin Industry Corporation			3				0.00	%			16				16				16
Kwang Sung Industry Co., Ltd.			325				0.35	%			7				7				7
Woojoo Environment Ind. Co., Ltd.			101				0.11	%			13				13				13
Hyungji Esquire Co., Ltd.			61				0.02	%			22				23				23
Morado Co., Ltd.			209				0.04	%			2				2				2
Myung Sung Tex Co., Ltd.			20				0.00	%			2				2				2
Kwang Sung Co., Ltd.			610				0.53	%			31				31				31
Seen Business and Technology co., Ltd.			29,424				0.73	%			147				7				7
Woobang Co., Ltd.			8				0.00	%			8				8				8
Shin Pyung Co., Ltd.			6				0.03	%			3				3				3
JMC Heavy Industries Co., Ltd.			2,724				0.10	%			27				2				2
Najin Steel Co., Ltd.			37				0.06	%			5				5				5
Sinkwang Industry Co., Ltd.			1,091				1.68	%			5				6				6
Elephant & Friends Co., Ltd.			563				0.61	%			3				3				3
Mireco Co., Ltd.			109				0.25	%			11				11				11
L&K Industry Co., Ltd.			1,615				0.60	%			24				24				24
JO Tech Co., Ltd.			1,263				0.62	%			25				25				25
Kendae Printing Co., Ltd.			422				0.60	%			21				21				21
Dauning Co., Ltd.			231				0.41	%			6				6				6
Korea Trecision Co., Ltd.			22				0.45	%			5				5				5
Hurim Biocell Co., Ltd.			1,021				0.00	%			5				5				5
Beer Yeast Korea Inc.			1,388				0.43	%			7				7				7

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

In millions of won		As of December 31, 2024
		Shares				Ownership				Acquisition cost				Book value				Fair value
B CON Co., Ltd.			96				1.16	%		W	6				6				6
Ace Integration Co., Ltd.			105				0.09	%			23				23				23
AceInti Agricultural Co., Ltd.			16				0.02	%			5				5				5
KyungDong Co., Ltd.			130				0.01	%			1				1				1
ChunWon Development Co., Ltd.			193				0.19	%			39				39				39
SungLim Industrial Co., Ltd.			29				0.03	%			1				1				1
Korea Minerals Co., Ltd.			191				0.05	%			135				1				1
HyoDong Development Co., Ltd.			128				0.16	%			25				1				1
JoHyun Co., Ltd.			350				1.56	%			18				18				18
KC Co., Ltd.			5,107				0.17	%			26				26				26
SeongJi Industrial Co., Ltd.			41				0.05	%			1				1				1
Seyang Precision Ind.Co., Ltd.			829				0.23	%			41				41				41
Dooriwon Food System Co., Ltd.			13				0.27	%			1				1				1
Sung Kwang Co., Ltd.			23				0.37	%			6				6				6
Shinheung petrol. Co., Ltd.			699				0.14	%			35				35				35
Samsung Tech Co., Ltd.			486				1.28	%			97				36				36
Sevenvalley JC			24				0.02	%			12				12				12
Han Young Technology Company Co., Ltd.			35				0.00	%			—				—				—
Ptotronics Co., Ltd.			843				0.42	%			84				6				6
Hyundaitech Co., Ltd.			1,363				0.87	%			27				27				27
Dasan Material Co., Ltd.			29				0.04	%			22				22				22
Fish World Co., Ltd.			47				0.21	%			2				2				2
Samdo Industry Electric Co.,Ltd.			48				0.02	%			—				—				—
Shinsei Trading Co., Ltd.			64				0.72	%			5				5				5
Dynamic Co., Ltd.			111				0.19	%			3				3				3
Green Alchemy Co.,Ltd.			38,202				1.48	%			191				17				17
KM Leatech Co., Ltd.			1,648				0.98	%			8				8				8
Semist Co.,Ltd.			555				0.80	%			3				3				3
Sewon Bus Co.,Ltd.			12				0.00	%			—				—				—
Enertec Co., Ltd.			7,937				0.19	%			44				44				44
Bellie Doughnuts Co., Ltd.			169				0.19	%			10				10				10
Choheung packing Co., Ltd.			61				0.13	%			12				12				12
Jaewoo Co., Ltd.			359				0.24	%			12				11				11
Wooyang HC Co., Ltd			1,375				0.01	%			159				13				13
TheYeonriji Co., Ltd.			116				0.10	%			6				6				6
Flusys Co., Ltd.			9				0.08	%			2				2				2
DongSeo Electronics Co., Ltd.			347				0.07	%			17				17				17
Daewoo Display Co., Ltd.			177				0.03	%			5				5				5
NTS Co., Ltd.			143				0.22	%			36				36				36
AID CO., Ltd.			1,212				0.57	%			36				36				36
Changwon Eco-friendly farming Corp.			3				0.01	%			—				—				—
Kumo Hitech Co., Ltd.			6,697				0.53	%			100				32				32
Kyung Pyo Industry Co., Ltd.			186				0.76	%			19				19				19
Doosung Heavy Industries Co., Ltd.			53				0.06	%			5				5				5
Samjoo Hightech Co., Ltd.			522				0.08	%			3				3				3
Samkwang Chemical Co., Ltd.			204				1.27	%			51				51				51
Shinseung Chemical Industy Co., Ltd.			5				0.01	%			60				—				—
KJ Alloy Co., Ltd.			368				0.20	%			7				7				7
SM Hi-tech Co., Ltd.			22				0.39	%			22				22				22
Puruen Environment Co., Ltd.			967				1.34	%			20				20				20
Miretech Co., Ltd.			9,111				0.27	%			18				18				18
Sejin Hightech Co., Ltd.			17,980				0.16	%			18				18				18
Eun Sung Enterprise Co., Ltd.			1,131				0.72	%			17				17				17
Shinyoung Textiles Co., Ltd.			523				1.01	%			52				23				23

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

In millions of won		As of December 31, 2024
		Shares				Ownership				Acquisition cost				Book value				Fair value
Ilwoo Steel Co., Ltd.			41				0.28	%		W	16				17				17
Dong-un Tech Co., Ltd.			1,159				6.28	%			81				34				34
Wongwang Door Corp.			575				1.00	%			29				29				29
Eanskorea Co., Ltd.			39				0.05	%			2				2				2
Youngdongseafood Co., Ltd.			165				0.33	%			8				8				8
Hyunwoo Winstar Co., Ltd.			1				0.00	%			—				—				—
Sungchang Tech Co., Ltd.			159				0.31	%			10				19				19
Yuchang Industry Co., Ltd.			90				0.11	%			5				5				5
Jeongpum Co., Ltd.			322				0.35	%			16				16				16
Korea Steel Power Co., Ltd.			2,761				1.88	%			55				2				2
Caffe Bene Co.,Ltd.			1,908				0.03	%			9				9				9
Jinhung Packaging Co., Ltd.			4,329				3.02	%			22				22				22
Donglim Eng Co., Ltd.			26				0.11	%			3				3				3
SIP Co., Ltd.			274				0.55	%			7				7				7
Daeji Product Co., Ltd.			15				0.05	%			1				—				—
SSET Co., Ltd.			181				0.30	%			18				18				18
Sewon PM Tech Co., Ltd.			963				1.11	%			48				48				48
Dawon Yuhwa Co., Ltd.			506				1.94	%			25				25				25
Ewon materials Co., Ltd.			834				0.51	%			83				6				6
KMLC Co., Ltd.			281				0.14	%			22				22				22
Seinfood Co., Ltd.			13				0.17	%			7				7				7
TaeSung Eco-Tech. Co., Ltd.			1,368				4.55	%			34				34				34
Kukex Inc.			639				0.05	%			3				3				3
Chang won Engineering Co., Ltd.			22				0.00	%			4				4				4
Samsung Silup Co., Ltd.			47				0.19	%			5				5				5
Samwon Bio Tech Co., Ltd.			390				0.25	%			6				6				6
IZU KOREA Co., Ltd.			48				0.00	%			2				2				2
Dongdo CNP Co., Ltd.			234				0.36	%			6				6				6
S.I.T. Co.,Ltd			2,213				0.44	%			22				22				22
Taejin Hiech Co., Ltd.			78				0.26	%			3				3				3
Headone Co.,Ltd.			69				0.12	%			7				7				7
E-Won Solutech Co., Ltd.			158				0.16	%			40				40				40
KPL Circuit Co., Ltd.			283				0.08	%			14				14				14
Road Solar Co., Ltd.			12				0.00	%			—				—				—
Han Mi Flexible Co., Ltd.			143				0.20	%			43				43				43
Millennium PNT Co., Ltd.			227				0.37	%			6				6				6
Dae Myung Co., Ltd.			114				0.08	%			3				3				3
Young San Heavy Industries Co., Ltd.			74				0.11	%			7				7				7
Samchungwon Co., Ltd.			15				0.24	%			2				2				2
Wooyang Frozen Foods Co., Ltd.			66				0.82	%			27				27				27
Nanomic Co., Ltd.			94				0.63	%			38				38				38
Samsung Nonferrous Metal Co., Ltd.			89				0.26	%			9				9				9
Daewha Fuel Pump Ind., Ltd.			83				0.05	%			10				10				10
WorldCnM Inc.			131				1.09	%			10				10				10
Superone Co., Ltd.			1,585				1.45	%			8				8				8
Buyoung Panji Co., Ltd.			478				0.44	%			12				12				12
International Paint Korea Co., Ltd.			111				0.48	%			11				11				11
EI Lighting Co., Ltd.			358				0.36	%			18				18				18
Yooseung Co., Ltd.			10				0.08	%			1				1				1
Sungkwang Co., Ltd.			48				0.35	%			2				2				2
Ajin KSB Co., Ltd.			204				0.31	%			18				18				18
Sewon Ceramic Co., Ltd.			530				1.01	%			5				5				5
Choyang Tech Co., Ltd.			465				1.01	%			23				23				23

62

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

In millions of won		As of December 31, 2024
		Shares				Ownership				Acquisition cost				Book value				Fair value
TK Co., Ltd.			307				0.70	%		W	15				15				15
Arari Co., Ltd.			14				0.05	%			1				1				1
C&S Corporation Co., Ltd.			1,304				0.01	%			13				13				13
Global The One of Korea Co., Ltd.			62				0.06	%			3				3				3
Steellife Co., Ltd.			85				0.06	%			4				4				4
Geumhan Co., Ltd.			498				0.24	%			7				7				7
Mokgan Co., Ltd.			5				0.02	%			1				1				1
Wenex Co., Ltd.			373				0.53	%			19				19				19
Sulim Co., Ltd.			30				0.20	%			6				6				6
Shinkwang Engineering			24				0.36	%			2				2				2
Ek Cookware Co., Ltd.			60				0.04	%			1				1				1
KTTW Co., Ltd.			28				0.05	%			2				2				2
Avajar Co., Ltd.			1,061				0.01	%			1				1				1
Woosung I.B. Co., Ltd.			7,071				0.07	%			14				14				14
CAP Korea Co., Ltd.			16				0.30	%			3				3				3
MSM Co., Ltd.			25				0.08	%			—				—				—
Ddpopstyle Co., Ltd.			22				0.14	%			—				—				—
Finemetal Co., Ltd.			49				0.08	%			1				1				1
Sungkyeong Co., Ltd.			52				0.24	%			2				2				2
Newko Co., Ltd.			331				0.06	%			10				10				10
Dongsung Mulsan Co., Ltd.			137				0.34	%			14				14				14
Pizzakorea Co., Ltd.			42				0.18	%			9				9				9
Geumdani Co., Ltd.			2,377				1.82	%			36				36				36
Mezzanine I-pack Co., Ltd.			38				0.02	%			1				1				1
Ltop Co., Ltd.			36				0.06	%			7				7				7
Simile Aluminium Co., Ltd.			428				0.31	%			9				9				9
GT Tooling Co., Ltd.			604				0.17	%			6				6				6
Team Korea Co., Ltd.			4,782				0.37	%			24				24				24
Donghwa TCA Co., Ltd.			1,012				0.30	%			25				25				25
Hankook Piaget Co., Ltd.			4				0.01	%			—				—				—
Coco Food Co., Ltd.			648				1.24	%			32				32				32
Woori Industry Co., Ltd.			102				1.05	%			20				20				20
Ssangyong Youngweol Plant Service&Engineering Co., Ltd.			83				0.07	%			4				1				1
SH Co., Ltd.			39				0.20	%			8				8				8
Daeyoung Co., Ltd.			75				0.01	%			8				8				8
Getron Co., Ltd.			7,259				0.20	%			36				4				4
Jungmun Co., Ltd.			19				0.26	%			2				2				2
JM Tech Co., Ltd.			403				0.67	%			81				10				10
Choigang-gujo Co., Ltd.			61				0.45	%			6				1				1
Hosungsteel Co., Ltd.			323				0.26	%			14				3				3
Uktae IND. Co., Ltd.			140				0.12	%			7				1				1
JFC Co., Ltd.			16				0.01	%			2				2				2
Hyundai Tech Co., Ltd.			28				0.69	%			10				10				10
Daeil Co., Ltd.			301				0.42	%			15				2				2
Daehyeon Recycle Co., Ltd.			59				0.61	%			12				12				12
Metal Link Inc. Co., Ltd.			709				0.17	%			35				4				4
Pipetec Korea Co., Ltd.			50				0.07	%			10				1				1
SungJin Tech Co., Ltd.			803				1.20	%			24				8				8
Yujin E&C Co., Ltd.			29				0.18	%			6				—				—
Daishin Logistics Co., Ltd.			13				0.09	%			1				1				1
JinSung Engineering Co., Ltd.			18				0.30	%			18				18				18
Yongho Industry Co., Ltd.			157				0.22	%			32				2				2
Wow tech Co., Ltd.			369				0.75	%			11				11				11

63

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

In millions of won		As of December 31, 2024
		Shares				Ownership				Acquisition cost				Book value				Fair value
World Power Tech Co., Ltd.			16				0.28	%		W	24				24				24
PBM Auto Co., Ltd.			1,001				1.06	%			10				10				10
K2 Motors Co., Ltd.			54				0.28	%			1				1				1
CL Tech Co., Ltd.			801				2.25	%			40				40				40
Mirae Industry Co., Ltd.			39				0.04	%			6				6				6
Gentak Korea Co., Ltd.			301				0.31	%			8				8				8
Sungjin Chemical Co., Ltd.			118				0.36	%			4				4				4
LMAT Co., Ltd.			198				0.04	%			20				20				20
Poong Lim Industrial Co., Ltd.			25				0.00	%			38				38				38
Dae Sung GeoTech Co., Ltd.			631				1.28	%			32				32				32
Saeheemang Co., Ltd.			756				0.60	%			15				15				15
Vornech Co., Ltd.			431				0.37	%			11				2				2
Woojin Formtech Co., Ltd.			76				0.08	%			8				1				1
Korea Engineer Manufacturing Co., Ltd.			114				0.26	%			6				1				1
Sinwa J&K Co., Ltd.			476				0.28	%			5				5				5
Owon E&G Co., Ltd.			132				0.20	%			4				4				4
Guseong Co., Ltd.			141				0.20	%			4				4				4
Irefarm Co., Ltd.			45				0.30	%			3				3				3
Haenarae Agricultural Corp.			15				0.03	%			2				2				2
DECO&E Co., Ltd.			1,261				0.00	%			2				2				2
Design Beyond Co., Ltd.			17				0.19	%			2				2				2
LBK Co., Ltd.			8				0.05	%			2				2				2
Duckwon industrial Co., Ltd.			32				0.43	%			13				13				13
ASPT Co., Ltd.			64				0.82	%			19				19				19
SIMA Co., Ltd.			29				0.05	%			3				3				3
Jingkang Resources Co., Ltd.			90				1.57	%			13				13				13
CIC Tech Co., Ltd.			96				0.54	%			10				10				10
Fourever Co., Ltd.			44				0.10	%			4				4				4
Myungil Metal Co., Ltd.			80				0.10	%			4				4				4
Daeshin ECM Co., Ltd.			182				0.30	%			9				9				9
Greencarbon Co., Ltd.			79				0.06	%			1				1				1
Sunkoo Co., Ltd.			4				0.10	%			2				2				2
Jians Construction Co., Ltd.			45				0.01	%			2				4				4
DH trading Co., Ltd.			891				0.04	%			178				—				—
Sangsin Co., Ltd.			29				0.09	%			16				16				16
Steel focus Co., Ltd.			154				0.20	%			5				5				5
Kamada Korea Co., Ltd.			437				0.33	%			23				23				23
Fosys Co., Ltd.			19				0.08	%			4				4				4
GB precision Co., Ltd.			137				0.57	%			1				1				1
Ewon Art Co., Ltd.			185				0.61	%			9				9				9
DI Tech Co., Ltd.			3				0.00	%			1				—				—
Hans AD Co., Ltd.			33				0.35	%			2				2				2
Chaegim Environment Development Co., Ltd.			158				0.01	%			4				3				3
Daesung Stain Co., Ltd.			32				0.32	%			2				1				1
U&I Co., Ltd.			50				0.22	%			5				5				5
World One Co., Ltd.			401				0.58	%			10				10				10
Yewon Co., Ltd.			24				0.02	%			1				1				1
TSNT Co., Ltd.			119				0.00	%			24				24				24
Shinsung Tech Co., Ltd.			314				0.01	%			16				16				16
Loft Garden Co., Ltd.			1				0.04	%			—				—				—
Handon Co., Ltd.			74				0.25	%			11				11				11
GH Tech Co., Ltd.			82				0.22	%			3				3				3
Daeo Co., Ltd.			13				0.23	%			4				4				4

64

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

In millions of won		As of December 31, 2024
		Shares				Ownership				Acquisition cost				Book value				Fair value
Bokwang Co., Ltd.			76				0.00	%		W	15				15				15
Samkum Industry Co., Ltd.			201				0.48	%			40				40				40
Dyntex Korea Co., Ltd.			75				0.28	%			15				15				15
Mirae Engineering Co., Ltd.			66				0.15	%			1				1				1
Ilshin Tech Co., Ltd.			36				0.00	%			7				7				7
Sukwon Co., Ltd.			2,885				0.59	%			29				29				29
White&Clean Foods Co., Ltd.			330				0.00	%			3				3				3
Michang Cable Co., Ltd.			1,096				0.13	%			16				16				16
G.M Foods Co., Ltd.			57				0.16	%			9				9				9
Wecan Global Inc. Co., Ltd.			165				0.08	%			8				8				8
Daeju Steel Co., Ltd.			11				0.20	%			1				—				—
Hyundai Glass Co., Ltd.			860				0.83	%			43				43				43
MEC Co., Ltd.			16,468				1.17	%			41				41				41
Daeyeoneco Co., Ltd.			151				0.00	%			15				15				15
Hyesung Cable&Communication Inc.			762				0.39	%			38				38				38
Sangjin Co., Ltd.			428				0.35	%			21				21				21
Iksan-guwon Co., Ltd.			563				0.00	%			11				11				11
Korea Remicon Co., Ltd.			36				0.03	%			5				5				5
New Tech Co., Ltd.			23				0.15	%			2				2				2
Segeon Co., Ltd.			124				0.00	%			4				4				4
MS Tech Co., Ltd.			9				0.15	%			1				1				1
J.I Steel Co., Ltd.			21				0.00	%			2				2				2
HNT Co., Ltd.			172				0.00	%			9				9				9
Taejin Co., Ltd.			27				0.08	%			3				3				3
Macroad Co., Ltd.			953				0.17	%			10				10				10
Woongjin Energy Co., Ltd.			94				0.00	%			9				9				9
Eunsung Industrial Co., Ltd.			3				0.03	%			—				—				—
KPE Co., Ltd.			51				0.19	%			13				13				13
Dongbangfarms Co., Ltd.			904				0.55	%			40				4				4
Altron Jeonju Co., Ltd.			34,846				1.34	%			697				5				5
K Shipbuilding Co., Ltd.			8,622				0.25	%			1,078				1,078				1,078
Shinjin International Corporation Co., Ltd.			4				0.01	%			1				1				1
RMK Co., Ltd.			63				0.90	%			22				22				22
Andong Trading Corporation Co., Ltd.			42				0.00	%			2				2				2
Seokjin E&T Co., Ltd.			81				0.06	%			8				8				8
Seohan Food Co., Ltd.			83				0.19	%			2				2				2
JSL Co., Ltd.			51				0.49	%			3				3				3
Seil Textile Co., Ltd.			16				0.15	%			3				3				3
Sungdo Pack Co., Ltd.			15				0.06	%			1				1				1
Coffeenie Co., Ltd.			2				0.00	%			—				—				—
Medi Pharma Plan Co., Ltd.			1,075				0.26	%			108				7				7
Woori Ascon Co., Ltd.			25				0.34	%			10				10				10
Cheonwoo E.P.S Co., Ltd.			371				1.10	%			19				19				19
Koa Tech Co., Ltd.			1,244				0.77	%			12				12				12
SKE Cable Co., Ltd.			120				0.08	%			6				6				6
Hi Korea Co., Ltd.			1,845				1.94	%			185				21				21
Daeheung Engineering Co., Ltd.			65				0.01	%			1				1				1
Etapol Co., Ltd.			1,361				0.54	%			41				41				41
Yoongwon Korea Co., Ltd.			157				1.47	%			31				31				31
Avoh Ceramic&Bath Co., Ltd.			173				0.14	%			3				3				3
Dongyang R.P.F. Industrial Co., Ltd.			59				0.03	%			2				2				2
Yuil Engineering Co., Ltd.			14				0.03	%			1				1				1
Taesan Co., Ltd.			146				0.69	%			35				35				35

65

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

In millions of won		As of December 31, 2024
		Shares				Ownership				Acquisition cost				Book value				Fair value
Thermo Tec Co., Ltd.			446				0.03	%		W	4				4				4
DaeYang Hydro Co., Ltd.			6				0.02	%			1				1				1
SangMoo Steel Co., Ltd.			24				0.04	%			2				2				2
Jungin Distribution Co., Ltd.			17				0.00	%			3				3				3
TheSun Co., Ltd.			77				0.06	%			1				1				1
ChoungHwa Precise Co., Ltd.			428				0.08	%			43				4				4
Snopa Co., Ltd.			458				0.01	%			5				5				5
SKD Korea Co., Ltd.			40				0.28	%			20				20				20
Samhyup Co., Ltd.			376				0.91	%			38				38				38
Gogang Aluminum Co., Ltd.			828				1.52	%			41				41				41
Taekwang Paper Board Co., Ltd.			133				0.49	%			23				23				23
NY Tech Co., Ltd.			33				0.15	%			2				2				2
Dongbang Metal Co., Ltd.			1,985				0.32	%			20				20				20
Samwang Co., Ltd.			170				0.25	%			17				17				17
Guseul Co., Ltd.			89				0.23	%			9				9				9
Gaone International Co., Ltd.			54				0.29	%			14				14				14
Dongyang Pratech Co., Ltd.			265				1.21	%			29				29				29
Samjin Placo Co., Ltd.			661				0.52	%			33				33				33
MS Steel Industrial Co., Ltd.			167				0.40	%			8				8				8
STS Global Co., Ltd.			9				0.04	%			—				—				—
Y Tech Co., Ltd.			855				0.65	%			34				34				34
J&J Tech Co.			14				0.22	%			1				1				1
Shield Board Co., Ltd.			165				0.15	%			3				3				3
SFC International Co., Ltd.			11				0.01	%			1				1				1
Hana ITM Inc.			8,443				0.70	%			84				84				84
Jeuvis Co., Ltd.			191				0.30	%			2				2				2
JBM Co., Ltd.			662				0.34	%			20				20				20
Jungwoo Metal Solution Co., Ltd.			27				0.08	%			2				2				2
MS Precision Co., Ltd.			220				0.16	%			22				22				22
YM Tech Co., Ltd.			2				0.01	%			—				—				—
C&C ENG Co., Ltd.			439				1.59	%			22				22				22
Daejoo E&G Co., Ltd.			133				0.00	%			27				27				27
Taeyoung Precision Co., Ltd.			31				0.22	%			—				—				—
Shin Heung Precision Co., Ltd.			93				4.63	%			4				4				4
TaeGwang P&C Co., Ltd.			530				0.90	%			13				13				13
KyeongGwang Tech Co., Ltd.			244				1.04	%			7				7				7
Wonil Image Maker Inc.			16				0.04	%			—				—				—
Vehicle System Co., Ltd.			225				0.19	%			23				23				23
Moohan Enterprise Co., Ltd.			63				0.12	%			3				3				3
C&A Industries Co., Ltd.			42,062				0.26	%			21				21				21
CH Solution Co., Ltd.			1,456				0.16	%			4				4				4
Value Invest Korea Co., Ltd.			8				0.00	%			2				2				2
HNT Co., Ltd.			8,567				0.09	%			9				9				9
Sunquen Co., Ltd.			4				0.01	%			—				—				—
Shabath Co., Ltd.			48				0.04	%			6				6				6
Woori Elec Co., Ltd.			102				0.17	%			6				6				6
Dong-Yang Special Casting Co., Ltd.			1,027				0.41	%			21				21				21
Haegang Industry Co., Ltd.			1,687				1.13	%			25				25				25
Daone Co., Ltd.			860				0.23	%			9				9				9
Yeowoon Co., Ltd.			3				0.00	%			1				1				1
Evertrue Co., Ltd.			15				0.00	%			—				1				1
Libechen Co., Ltd.			151				0.13	%			8				8				8
Hongin Co., Ltd.			149				0.22	%			45				45				45
Bolim Co., Ltd.			37				0.10	%			5				5				5
Neo Life Co., Ltd.			19				0.04	%			—				—				—
T-Eng Co., Ltd.			123				1.05	%			25				25				25

66

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

In millions of won		As of December 31, 2024
		Shares				Ownership				Acquisition cost				Book value				Fair value
Badanuri			8				0.10	%		W	2				2				2
Ki Soo Precision Co., Ltd.			325				0.44	%			98				27				27
DNGV			5,516				0.14	%			11				11				11
BJ Korea			446				0.81	%			40				40				40
R&S Co., Ltd.			291				0.61	%			4				4				4
Daekyoung Co., Ltd.			85				0.66	%			17				17				17
Dongyang Environment			141				0.38	%			7				7				7
KEE Co., Ltd.			64				0.63	%			13				13				13
Asia Platech Co., Ltd.			932				3.59	%			47				47				47
HyoChang Industrial Co., Ltd			10,930				0.59	%			5				5				5
Semin Environmental Design Co., Ltd.			14				0.04	%			—				—				—
JungAng PNA Co., Ltd.			385				0.61	%			8				8				8
CNEGS Co., Ltd.			80				0.07	%			7				7				7
HaeDeuRim Co., Ltd.			70				0.41	%			11				11				11
CMTI Co., Ltd.			65				0.15	%			2				2				2
JMT Co., Ltd.			6,133				0.39	%			15				15				15
SeJung Precision Industrial Co., Ltd.			141				0.43	%			14				14				14
SGTech			30				0.66	%			3				3				3
OhBakSaDatkeom Co., Ltd.			52				0.23	%			3				3				3
GeumChangHwaseom Co., Ltd.			119				1.02	%			12				12				12
SeongMinSusan Co., Ltd.			371				0.09	%			4				4				4
DreamFact Co., Ltd.			77				0.10	%			3				3				3
DonEWorld Co., Ltd.			125				0.68	%			10				10				10
DongSuh Co., Ltd.			18				0.23	%			2				2				2
Dondodam Co., Ltd.			262				0.34	%			13				13				13
Vision Food Co., Ltd.			1,732				1.00	%			87				87				87
A One Metal Co., Ltd.			156				0.89	%			16				16				16
ECO Plus Co., Ltd.			2,786				0.91	%			3				3				3
Seong An Synthetics Co., Ltd.			200,684				2.91	%			2,007				2,007				2,007
DaeWoon Tech Co., Ltd.			106				0.26	%			3				3				3
KoWEEO Co., Ltd.			38				0.05	%			2				2				2
IK Co., Ltd.			14				0.06	%			1				1				1
Eco Join Co., Ltd.			145				0.03	%			2				2				2
Yuk Hwawon Co., Ltd.			567				0.25	%			12				12				12
Yun Hwawon FND Co., Ltd.			496				0.84	%			25				25				25
GoRyeoInSam Co., Ltd.			197				0.41	%			30				30				30
HyeJin IND Co., Ltd.			77				0.26	%			4				4				4
Cheongsong JungAng Aluminum Co., Ltd.			1,300				0.14	%			20				20				20
Easy Tape Co., Ltd.			144				0.30	%			14				14				14
Gyeonganaseukon			51				0.85	%			10				10				10
Biseullo Co., Ltd.			11				0.03	%			1				1				1
Cest Co., Ltd.			152				1.43	%			76				76				76
MDT Co., Ltd.			57				0.30	%			6				6				6
KDP Sieori Co., Ltd.			511				0.50	%			6				6				6
KREMS Co., Ltd.			868				0.81	%			347				347				347
Hanam Industrial Co., Ltd.			87				0.80	%			13				13				13
R Light Co., Ltd.			437				0.41	%			5				5				5
Daewon SNP Co., Ltd.			2,656				0.44	%			93				93				93
Goryeo Filter Co.,Ltd.			31				0.07	%			2				2				2
Daehan Special Metal Co., Ltd.			2,326				5.89	%			931				931				931
Hungaforming Co., Ltd.			397				0.64	%			20				20				20
HyeopJin PL Co., Ltd.			7,889				0.72	%			39				39				39
Seun Co., Ltd.			61				0.69	%			3				3				3
AOS Co., Ltd.			25				0.16	%			1				1				1
SamHan Industrial Co., Ltd.			215				0.45	%			3				3				3
YangJI EnterPrise Co., Ltd.			16				0.04	%			3				3				3

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

In millions of won		As of December 31, 2024
		Shares				Ownership				Acquisition cost				Book value				Fair value
GyungNam Metal Co., Ltd.			698				0.07	%		W	17				17				17
Yoolim industrial Co., Ltd.			1,560				1.98	%			234				234				234
Haemirae Co., Ltd.			57				0.25	%			4				4				4
KROPC Co., Ltd.			1,297				1.19	%			26				26				26
Mirae Seesco Co. Ltd.			17				0.04	%			2				2				2
SungMin Industrial Co., Ltd.			229				2.80	%			34				34				34
Kunyang Co., Ltd.			44				0.12	%			4				4				4
CAT Co., Ltd.			40				0.27	%			3				3				3
JeongJin Nurimaru Co., Ltd.			218				1.08	%			33				33				33
GeunHo Precision Co., Ltd.			1,770				0.98	%			133				133				133
HwaIn Inemtek Co., Ltd.			327				0.60	%			43				43				43
TS Steel Co., Ltd.			202				0.13	%			20				20				20
SaeHan Food Co., Ltd.			23				0.40	%			5				5				5
SamYeong Engineer Co., Ltd.			501				0.55	%			10				10				10
GumYoung General Co., Ltd.			6,522				0.06	%			13				13				13
SaeUm Global Co., Ltd.			207				0.06	%			5				5				5
Work life balance Co., Ltd.			9				0.92	%			1				1				1
YuJin Hightech Co., Ltd.			152				0.58	%			15				15				15
GOC Co., Ltd.			4,415				0.16	%			44				44				44
Fraijour Queen Co., Ltd.			73				0.56	%			3				3				3
Wnt Co., Ltd.			57				0.19	%			6				6				6
Tae Gwang Engineer Co., Ltd.			406				2.60	%			41				41				41
GSB Co., Ltd.			370				1.03	%			37				37				37
MCI Co., Ltd.			760				0.12	%			23				23				23
Wonchang steel Co., Ltd.			66				0.16	%			7				7				7
GukWon Construction Co., Ltd.			9				0.00	%			—				—				—
Friend Co., Ltd.			2,745				0.46	%			55				55				55
AppleLind Networks Co., Ltd.			2,417				0.12	%			11				11				11
HSC Co., Ltd.			7,174				2.69	%			36				36				36
ChangShin Plant Co., Ltd.			108				1.40	%			22				22				22
PyeongKang Precision Co., Ltd.			3				0.01	%			—				—				—
ShinSung Co., Ltd.			66				0.58	%			13				13				13
DreamHightech Co., Ltd.			137				0.16	%			7				7				7
WooHo Construction Co., Ltd.			35				0.02	%			2				2				2
											352,191				309,709				309,709
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 is undergoing 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.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

11. Financial Assets at Amortized Cost

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

In millions of won		As of December 31, 2025
		Financial assets at amortized cost				Book value
Government bonds		W	1,423				1,423
Others			29,694				29,694
		W	31,117				31,117
Current		W	21,663				21,663
Non-current			9,454				9,454
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 consolidated financial statements, Continued

December 31, 2025 and 2024

12. Derivatives

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

In millions of won		As of December 31, 2025								As of December 31, 2024
		Current				Non-current				Current				Non-current
Derivative assets
Currency forward		W	76				—				12,153				—
Currency swap			833,715				927,127				733,374				1,630,570
Interest rate swap			2,441				174,195				9,571				176,138
Others (*2,3)			—				97,996				5,456				123,902
		W	836,232				1,199,318				760,554				1,930,610
Derivative liabilities
Currency forward		W	9,078				—				132				—
Currency swap			4,786				23,761				1,640				36,328
Interest rate swap			—				37,560				127				76,356
Others (*1,2,4,5)			38,255				52,059				22,015				148,227
		W	52,119				113,380				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 December 31, 2025 which amounts to W23,494 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 year ended December 31, 2025, and the Group recognized a gain on transaction of derivative instruments of W37,572 million for the year ended December 31, 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 consolidated financial statements, Continued

December 31, 2025 and 2024

12. Derivatives, Continued

(2) Currency forward contracts which are not designated as hedging instruments as of December 31, 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
Morgan Stanley			2025.12.11				2026.01.02			W	16,110				USD11,000			W	1,464.50
JP Morgan			2025.12.19				2026.01.15				5,911				USD4,000				1,477.80
Mizuho Bank			2025.12.24				2026.01.13				7,349				USD5,000				1,469.80
Hana Bank			2025.12.24				2026.01.16				14,698				USD10,000				1,469.80
Woori Bank			2025.12.24				2026.01.20				14,701				USD10,000				1,470.10
Kyongnam Bank			2025.12.24				2026.01.09				14,703				USD10,000				1,470.30
Busan Bank			2025.12.26				2026.01.23				14,390				USD10,000				1,439.00
Shinhan Bank			2025.12.29				2026.01.26				15,773				USD11,000				1,433.87
MUFG			2025.07.16				2026.01.16				6,585				JPY700,000				9.41
MUFG			2025.09.04				2026.01.08				6,621				JPY700,000				9.46
MUFG			2025.10.10				2026.01.15				6,540				JPY700,000				9.34
MUFG			2025.10.16				2026.01.20				6,617				JPY700,000				9.45
MUFG			2025.10.27				2026.01.27				6,591				JPY700,000				9.42
MUFG			2025.10.30				2026.01.29				6,545				JPY700,000				9.35
MUFG			2025.12.02				2026.01.05				10,272				USD7,000				1,467.45
JP Morgan			2025.12.02				2026.01.05				2,491				USD1,700				1,465.10
MUFG			2025.12.03				2026.01.05				8,800				USD6,000				1,466.65
JP Morgan			2025.12.05				2026.01.09				13,824				USD9,400				1,470.60
MUFG			2025.12.08				2026.01.12				7,335				USD5,000				1,467.02
JP Morgan			2025.12.08				2026.01.12				7,335				USD5,000				1,467.00
Nonghyup Bank			2025.12.08				2026.01.12				4,392				USD3,000				1,463.90
MUFG			2025.12.09				2026.01.13				10,278				USD7,000				1,468.35
MUFG			2025.12.10				2026.01.14				7,342				USD5,000				1,468.35
JP Morgan			2025.12.10				2026.01.14				7,342				USD5,000				1,468.35
MUFG			2025.12.11				2026.01.15				7,337				USD5,000				1,467.45
MUFG			2025.12.24				2026.01.29				7,292				USD5,000				1,458.35
Nonghyup Bank			2025.12.24				2026.01.29				7,267				USD5,000				1,453.45
MUFG			2025.12.26				2026.01.30				7,232				USD5,000				1,446.30
JP Morgan			2025.12.29				2026.02.05				6,421				JPY700,000				9.17
MUFG			2025.12.30				2026.02.06				7,169				USD5,000				1,433.75
JP Morgan			2025.12.30				2026.02.02				14,338				USD10,000				1,433.80
Nonghyup Bank			2025.12.30				2026.02.06				7,170				USD5,000				1,433.90
Bank of America			2025.12.19				2026.01.27				7,379				USD5,000				1,475.89
Citi Bank			2025.11.24				2026.01.07				7,365				USD5,000				1,472.90
Citi Bank			2025.12.16				2026.01.27				5,865				USD4,000				1,466.20
Kookmin Bank			2025.12.04				2026.01.07				7,325				USD5,000				1,464.90
MUFG			2025.11.27				2026.01.07				4,379				USD3,000				1,459.80
SMBC			2025.12.22				2026.02.06				8,850				USD6,000				1,475.05
Nonghyup Bank			2025.12.30				2026.02.06				7,151				USD5,000				1,430.10
Mizuho Bank			2025.11.26				2026.01.07				8,753				USD6,000				1,458.90
Mizuho Bank			2025.12.08				2026.01.27				5,852				USD4,000				1,463.10
Mizuho Bank			2025.12.24				2026.02.06				8,760				USD6,000				1,459.95
Mizuho Bank			2025.12.30				2026.01.07				USD2,501				3,649				1458.90
Busan Bank			2025.12.23				2026.01.09				14,944				USD10,112				1,477.90
Shinhan Bank			2025.12.24				2026.02.06				10,255				USD7,000				1,465.00
Hana Bank			2025.12.08				2026.01.27				5,856				USD4,000				1,464.00
Bank of America			2025.11.13				2026.02.10				500				USD344				1,456.50
MUFG			2025.11.26				2026.02.26				3,039				USD2,093				1,451.65
Shinhan Bank			2025.12.08				2026.02.25				1,156				USD790				1,462.28
Woori Bank			2025.12.11				2026.02.25				1,259				USD862				1,460.70
Hana Bank			2025.12.11				2026.02.25				5,841				USD4,000				1,460.20
MUFG			2025.12.11				2026.02.25				7,305				USD5,000				1,461.00
HSBC			2025.12.24				2026.03.19				4,088				USD2,784				1,468.20
Shinhan Bank			2025.12.24				2026.03.17				10,238				USD7,000				1,462.60
Bank of America			2025.12.24				2026.03.19				7,328				USD5,000				1,465.50

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

12. Derivatives, Continued

(2) Currency forward contracts which are not designated as hedging instruments as of December 31, 2025 are as follows Continued:

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
JP Morgan			2025.12.24				2026.03.19			W	7,329				USD5,000			W	1,465.70
Nonghyup Bank			2025.12.24				2026.03.19				7,326				USD5,000				1,465.20
Busan Bank			2025.12.24				2026.03.19				7,329				USD5,000				1,465.80
MUFG			2025.12.24				2026.03.19				7,328				USD5,000				1,465.55
Woori Bank			2025.12.24				2026.03.19				7,328				USD5,000				1,465.60
HSBC			2025.12.24				2026.03.17				10,183				USD7,000				1,454.75
Shinhan Bank			2025.12.24				2026.03.19				7,273				USD5,000				1,454.55
Hana Bank			2025.12.24				2026.03.19				7,281				USD5,000				1,456.20
Bank of America			2025.12.24				2026.03.17				7,284				USD5,000				1,456.85
Woori Bank			2025.12.24				2026.03.17				7,266				USD5,000				1,453.10
Shinhan Bank			2025.12.26				2026.03.30				7,213				USD5,000				1,442.55
JP Morgan			2025.12.26				2026.03.30				7,195				USD5,000				1,438.90

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

12. Derivatives, Continued

(3) Currency swap contracts which are not designated as hedging instruments as of December 31, 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				102,470				USD100,000				3.14	%			3.57	%			1,024.70
Woori Bank			2019~2027				21,708				USD19,417				5.04	%			6.75	%			1,118.00
Kookmin Bank			2020~2026				76,355				USD70,445				5.83	%			6.00	%			1,083.90
Woori Bank			2021~2026				118,170				USD100,000				1.11	%			1.13	%			1,181.70
Korea Development Bank			2021~2026				118,170				USD100,000				1.11	%			1.13	%			1,181.70
Hana Bank			2021~2026				118,170				USD100,000				1.11	%			1.13	%			1,181.70
JP Morgan			2022~2027				128,600				USD100,000				3.56	%			4.00	%			1,286.00
Woori Bank			2022~2027				128,600				USD100,000				3.56	%			4.00	%			1,286.00
Kookmin Bank			2022~2027				128,600				USD100,000				3.56	%			4.00	%			1,286.00
Korea Development Bank			2022~2026				283,820				USD200,000				4.67	%			5.38	%			1,419.10
Hana Bank			2022~2026				141,910				USD100,000				4.68	%			5.38	%			1,419.10
Woori Bank			2022~2026				141,910				USD100,000				4.68	%			5.38	%			1,419.10
JP Morgan			2022~2026				141,910				USD100,000				4.69	%			5.38	%			1,419.10
Korea Development Bank			2022~2028				283,820				USD200,000				5.12	%			5.50	%			1,419.10
Woori Bank			2022~2028				141,910				USD100,000				5.13	%			5.50	%			1,419.10
Hana Bank			2023~2026				256,000				USD200,000				3.97	%			5.38	%			1,280.00
Shinhan Bank			2023~2026				192,000				USD150,000				3.99	%			5.38	%			1,280.00
Kookmin Bank			2023~2026				128,000				USD100,000				4.03	%			5.38	%			1,280.00
Korea Development Bank			2023~2026				256,000				USD200,000				4.04	%			5.38	%			1,280.00
Bank of America			2023~2026				128,000				USD100,000				4.04	%			5.38	%			1,280.00
Standard Chartered			2023~2026				128,000				USD100,000				4.04	%			5.38	%			1,280.00
Woori Bank			2023~2026				192,000				USD150,000				4.05	%			5.38	%			1,280.00
Shinhan Bank			2024~2027				133,060				USD100,000				3.53	%			4.88	%			1,330.60
Kookmin Bank			2024~2027				133,060				USD100,000				3.53	%			4.88	%			1,330.60
Korea Development Bank			2024~2027				864,890				USD650,000				3.53	%			4.88	%			1,330.60
Bank of America			2024~2027				133,060				USD100,000				3.53	%			4.88	%			1,330.60
Standard Chartered			2024~2027				133,060				USD100,000				3.53	%			4.88	%			1,330.60
IBK Securities Co., Ltd.			2024~2027				199,590				USD150,000				3.53	%			4.88	%			1,330.60
Shinhan Bank			2024~2034				138,010				USD100,000				3.64	%			5.13	%			1,380.10
Hana Bank			2024~2034				138,010				USD100,000				3.69	%			5.13	%			1,380.10
Woori Bank			2024~2034				119,958				USD86,920				3.74	%			5.13	%			1,380.10
Shinhan Bank			2025~2030				146,320				USD100,000				3.18	%			4.13	%			1,463.20
Hana Bank			2025~2030				438,960				USD300,000				3.21	%			4.13	%			1,463.20
Kookmin Bank			2025~2028				292,640				USD200,000				2.99	%			SOFR + 0.62	%			1,463.20
Bank of America			2025~2028				219,480				USD150,000				2.99	%			SOFR + 0.62	%			1,463.20
Hana Bank			2025~2028				146,320				USD100,000				3.00	%			SOFR + 0.62	%			1,463.20
Korea Development Bank			2025~2028				73,160				USD50,000				3.02	%			SOFR + 0.62	%			1,463.20
Shinhan Bank			2025~2028				146,320				USD100,000				3.02	%			SOFR + 0.62	%			1,463.20
Woori Bank			2017~2027				111,610				USD100,000				2.25	%			3.13	%			1,116.10
Korea Development Bank			2017~2027				111,610				USD100,000				2.31	%			3.13	%			1,116.10
Hana Bank			2017~2027				111,610				USD100,000				2.31	%			3.13	%			1,116.10
Korea Development Bank			2018~2028				108,600				HKD800,000				2.69	%			3.35	%			135.75
Shinhan Bank			2018~2028				115,388				HKD850,000				2.66	%			3.35	%			135.75
Korea Development Bank			2019~2027				119,978				CHF100,000				1.43	%			0.05	%			1,199.78
Woori Bank			2021~2026				222,800				USD200,000				0.93	%			1.25	%			1,114.00
Shinhan Bank			2021~2026				111,400				USD100,000				0.92	%			1.25	%			1,114.00
Korea Development Bank			2021~2026				111,399				USD100,000				0.93	%			1.25	%			1,114.00
Nonghyup Bank			2021~2026				111,400				USD100,000				0.93	%			1.25	%			1,114.00
Woori Bank			2022~2027				262,000				USD200,000				3.62	%			4.25	%			1,310.00
Export-Import Bank of Korea			2022~2027				131,000				USD100,000				3.63	%			4.25	%			1,310.00
Kookmin Bank			2022~2027				131,000				USD100,000				3.62	%			4.25	%			1,310.00
Hana Bank			2022~2027				131,000				USD100,000				3.61	%			4.25	%			1,310.00
Korea Development Bank			2022~2027				262,000				USD200,000				3.63	%			4.25	%			1,310.00
Export-Import Bank of Korea			2022~2032				349,829				HKD1,935,000				4.87	%			5.16	%			180.79

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

12. Derivatives, Continued

(3) Currency swap contracts which are not designated as hedging instruments as of December 31, 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
JP Morgan			2022~2032			W	75,194				HKD 415,000				5.00	%			5.16	%		W	181.19
Export-Import Bank of Korea			2023~2030				172,982				HKD1,037,000				4.25	%			4.51	%			166.81
Hana Bank			2024~2028				128,940				USD100,000				3.73	%			5.00	%			1,289.40
JP Morgan			2024~2028				128,940				USD100,000				3.85	%			5.00	%			1,289.40
Korea Development Bank			2024~2028				257,880				USD200,000				3.80	%			5.00	%			1,289.40
Korea Development Bank			2024~2028				128,940				USD100,000				3.69	%			5.00	%			1,289.40
Hana Bank			2024~2029				138,540				USD100,000				3.15	%			4.63	%			1,385.40
Shinhan Bank			2024~2029				138,540				USD100,000				3.15	%			4.63	%			1,385.40
Kookmin Bank			2024~2029				138,540				USD100,000				3.16	%			4.63	%			1,385.40
Woori Bank			2024~2029				138,540				USD100,000				3.17	%			4.63	%			1,385.40
Korea Development Bank			2024~2029				138,540				USD100,000				3.19	%			4.63	%			1,385.40
Credit Agricole			2025~2028				218,963				HKD1,166,000				2.85	%			4.10	%			187.79
Korea Development Bank			2025~2030				556,560				USD400,000				2.75	%			SOFR + 0.79	%			1,391.40
Hana Bank			2025~2030				139,140				USD100,000				2.75	%			SOFR + 0.79	%			1,391.40

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

12. Derivatives, Continued

(4) Currency swap contracts which are designated as hedging instruments as of December 31, 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				USD100,000				0.61	%			1.00	%		W	1,189.10
Hana Bank			2020~2026				118,910				USD100,000				0.61	%			1.00	%			1,189.10
Woori Bank			2020~2026				118,910				USD100,000				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				USD100,000				1.27	%			1.25	%			1,142.30
Korea Development Bank			2021~2026				114,230				USD100,000				1.27	%			1.25	%			1,142.30
Hana Bank			2021~2026				114,230				USD100,000				1.27	%			1.25	%			1,142.30
Korea Development Bank			2022~2027				123,710				USD100,000				3.41	%			3.63	%			1,237.10
Woori Bank			2022~2027				123,710				USD100,000				3.41	%			3.63	%			1,237.10
JP Morgan			2022~2027				123,710				USD100,000				3.41	%			3.63	%			1,237.10
Woori Bank			2021~2026				220,600				USD200,000				0.47	%			0.75	%			1,103.00
Shinhan Bank			2021~2026				220,600				USD200,000				0.47	%			0.75	%			1,103.00
Hana Bank			2021~2026				55,150				USD50,000				0.48	%			0.75	%			1,103.00
Shinhan Bank			2023~2026				132,930				USD100,000				4.07	%			5.38	%			1,329.30
Nonghyup Bank			2023~2026				132,930				USD100,000				4.05	%			5.38	%			1,329.30
Kookmin Bank			2023~2026				132,930				USD100,000				4.07	%			5.38	%			1,329.30
Woori Bank			2023~2028				259,000				USD200,000				3.83	%			4.88	%			1,295.00
Korea Development Bank			2023~2028				129,500				USD100,000				3.85	%			4.88	%			1,295.00
Bank of America			2023~2028				64,750				USD50,000				3.85	%			4.88	%			1,295.00
Woori Bank			2025~2031				142,900				USD100,000				2.93	%			4.00	%			1,429.00
Hana Bank			2025~2031				142,900				USD100,000				2.93	%			4.00	%			1,429.00
Shinhan Bank			2025~2031				71,450				USD50,000				2.94	%			4.00	%			1,429.00
Bank of America			2025~2031				71,450				USD50,000				2.94	%			4.00	%			1,429.00

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

12. Derivatives, Continued

(5) Interest rate swap contracts which are not designated as hedging instruments as of December 31, 2025 are as follows:

In millions of won and thousands of foreign currencies

Contract interest rate per annum

Counterparty

Contract year

Contract amount

Pay

Receive

Nomura (*1)

2018~2038

W

30,000

3M CD + 0.10%

3.75%

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%

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%

Hana Bank

2025~2028

200,000

2.85%

3M CD + 0.25%

Shinhan Bank

2025~2026

100,000

3.30%

3M CD + 0.45%

Nomura

2017~2032

52,457

Floating rate + 2.55%

2.60%

Nomura

2017~2032

59,423

Floating rate + 2.57%

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

USD155,941

3M SOFR

3.71%

Mizuho Capital Markets LLC

2022~2048

USD155,941

3M SOFR

1.05%

NORD LB Bank

2022~2036

USD16,121

1.83%

6M SOFR

Rabobank

2022~2036

USD19,619

1.83%

6M SOFR

Mizuho Capital Markets LLC

2024~2045

USD77,399

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.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

12. Derivatives, Continued

(6) Interest rate swap contracts which are designated as hedging instruments as of December 31, 2025 are as follows:

In thousands of foreign currencies

Contract interest rate per annum

Counterparty

Contract year

Contract amount

Pay

Receive

Export-Import Bank of Korea

2015~2031

USD11,021

2.67%

SOFR + 0.43%

ING Bank

2015~2031

USD27,178

2.67%

SOFR + 0.43%

BNP Paribas

2015~2031

USD28,994

2.67%

SOFR + 0.43%

BNP Paribas

2009~2027

USD22,923

4.16%

6M USD Synthetic Libor

KFW

2009~2027

USD22,923

4.16%

6M USD Synthetic Libor

Export-Import Bank of Korea

2016~2036

USD51,095

3.00%

6M USD Synthetic Libor

SMTB

2025~2036

JPY3,557,580

1.82%

6M TIBOR + 0.55%

(7) Gains and losses on valuation and transaction of derivatives for each of the two years in the period ended December 31, 2025 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) (*)
		For the year ended December 31, 2025				For the year ended December 31, 2024				For the year ended December 31, 2025				For the year ended December 31, 2024				For the year ended December 31, 2025				For the year ended December 31, 2024
Currency forward		W	(8,968	)			12,021				(5,565	)			78,237				—				—
Currency swap			26,014				2,058,411				(64,409	)			190,000				67,527				18,622
Interest rate swap			45,451				21,270				3,015				18,834				(4,549	)			1,684
Other derivatives			19,575				12,009				37,572				15,586				—				—
		W	82,072				2,103,711				(29,387	)			302,657				62,978				20,306

(*) For each of the two years ended December 31, 2025 and 2024, the net gain on valuation of derivatives applying cash flow hedge accounting of W 34,663 million and W11,870 million, net of tax, is included in other comprehensive income, respectively.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

13. Other Financial Assets

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

In millions of won		As of December 31, 2025								As of December 31, 2024
		Current				Non-current				Current				Non-current
Loans		W	101,773				992,012				115,161				901,953
Less: allowance for doubtful accounts			(5,191	)			(66,807	)			(5,156	)			(66,838	)
Less: present value discount			(984	)			(34,275	)			(1,084	)			(35,888	)
			95,598				890,930				108,921				799,227
Long-term / short-term financial instruments			1,997,644				884,487				1,147,929				812,211
		W	2,093,242				1,775,417				1,256,850				1,611,438

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

In millions of won		As of December 31, 2025
		Face value				Allowance for doubtful accounts				Present value discount				Carrying value
Short-term loans
Loans for tuition		W	34,290				(5,155	)			(984	)			28,151
Loans for housing			40,515				—				—				40,515
Other loans			26,968				(36	)			—				26,932
			101,773				(5,191	)			(984	)			95,598
Long-term loans
Loans for tuition			326,941				(983	)			(34,275	)			291,683
Loans for housing			243,651				—				—				243,651
Loans for related parties			359,519				(24,218	)			—				335,301
Other loans			61,901				(41,606	)			—				20,295
			992,012				(66,807	)			(34,275	)			890,930
		W	1,093,785				(71,998	)			(35,259	)			986,528

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 consolidated financial statements, Continued

December 31, 2025 and 2024

13. Other Financial Assets, Continued

(3) Changes in the allowance for doubtful accounts of loans for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Beginning balance		W	71,994				80,793
Bad debt expense (Reversal of bad debt allowance)			(3,455	)			3,727
Write-off			(447	)			(12,526	)
Others			3,906				—
Ending balance		W	71,998				71,994

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

In millions of won		As of December 31, 2025								As of December 31, 2024
		Current				Non-current				Current				Non-current
Time deposits		W	1,602,572				155,487				823,806				135,995
CD			40,000				—				40,000				—
Others			355,072				729,000				284,123				676,216
		W	1,997,644				884,487				1,147,929				812,211

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

14. Inventories

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

In millions of won		As of December 31, 2025
		Acquisition cost				Valuation allowance				Book value
Raw materials		W	5,299,493				(670	)			5,298,823
Merchandises			3,447				—				3,447
Work-in-progress			213,919				—				213,919
Finished goods			93,379				—				93,379
Supplies			3,564,892				—				3,564,892
Inventories-in-transit			962,337				—				962,337
Other inventories			15,927				—				15,927
		W	10,153,394				(670	)			10,152,724
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 each of the two years in the period ended December 31, 2025 amounts to W6,477 million and W9,182 million, respectively.

The amounts of loss from inventory valuation included in other gains or losses for each of the two years in the period ended December 31, 2025 were W4,944 million and W9,941 million, respectively.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

15. Non-Financial Assets

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

In millions of won		As of December 31, 2025								As of December 31, 2024
		Current				Non-current				Current				Non-current
Advanced payments		W	632,235				634,986				467,156				66,174
Prepaid expenses			416,297				236,141				431,087				221,922
Others (*)			313,098				142,124				369,671				40,108
		W	1,361,630				1,013,251				1,267,914				328,204

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

In millions of won		As of December 31, 2025								As of December 31, 2024
		Current				Non-current				Current				Non-current
Greenhouse gas emissions rights		W	107,550				—				211,969				—
Other quick assets			205,548				142,124				157,702				40,108
		W	313,098				142,124				369,671				40,108

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

16. Consolidated Subsidiaries

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

Subsidiaries		Key operation activities		Location		Percentage of ownership (%)
						As of December 31, 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			80.82	%			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)		RDF Power generation		Korea			—				85.03	%

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

16. Consolidated Subsidiaries, Continued

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

Subsidiaries		Key operation activities		Location		Percentage of ownership (%)
						As of December 31, 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 (*6)		Holding company		USA			69.21	%			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 consolidated financial statements, Continued

December 31, 2025 and 2024

16. Consolidated Subsidiaries, Continued

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

Subsidiaries		Key operation activities		Location		Percentage of ownership (%)
						As of December 31, 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	%
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		United Arab Emirates			100.00	%			—
Nuclear Energy Industry Growth Fund II		Holding company		Korea			99.99	%			—

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

16. Consolidated Subsidiaries, Continued

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

(*1) Considering treasury stocks, the effective percentage of ownership is 51.24%. The Group sold a portion of its stocks in the subsidiary (14.77%) during the year ended December 31, 2023.

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

(*3) As of December 31, 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 year ended December 31, 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 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) Liquidated during the current period.

(*8) The ownership interest changed due to a disproportionate capital reduction with consideration during the year ended December 31, 2025.

(2) The subsidiaries included in and excluded from the scope of consolidation for the year ended December 31, 2025 are as follows:

<Subsidiaries included in consolidation during the year ended December 31, 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
Nuclear Energy Industry Growth Fund II		New investment

<Subsidiaries excluded from consolidation during the year ended December 31, 2025>

Subsidiaries		Reason
Commerce and Industry Energy Co., Ltd.		Loss of control due to a partial disposal of shares
J Wind First, LLC		Liquidation
SPROTT CHILE SOLAR I SpA		Liquidation

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for each of the two years in the period ended December 31, 2025 is as follows:

In millions of won
As of and for the year ended December 31, 2025
Subsidiaries		Total assets				Total liabilities				Sales				Profit (loss) for the period
Korea Hydro & Nuclear Power Co., Ltd.		W	76,378,365				49,741,461				15,346,722				1,579,701
Korea South-East Power Co., Ltd.			12,476,339				6,456,780				6,509,651				290,916
Korea Midland Power Co., Ltd.			13,811,313				8,879,106				5,652,535				253,721
Korea Western Power Co., Ltd.			12,912,790				7,923,730				5,464,991				140,365
Korea Southern Power Co., Ltd.			12,392,402				6,686,458				6,100,647				338,992
Korea East-West Power Co., Ltd.			11,759,627				5,449,839				4,983,146				433,932
KEPCO Engineering & Construction Company, Inc.			883,518				258,552				518,768				85,368
KEPCO Plant Service & Engineering Co., Ltd.			1,687,760				350,731				1,545,256				123,796
KEPCO Nuclear Fuel Co., Ltd.			1,077,308				558,433				488,251				50,601
KEPCO KDN Co., Ltd.			721,868				178,913				773,511				54,656
KEPCO International HongKong Ltd.			143,964				—				—				6,256
KEPCO International Philippines Inc.			13,382				1				—				64
KEPCO Gansu International Ltd.			8,347				1,046				—				(58	)
KEPCO Philippines Holdings Inc.			224,385				321				—				63,550
KEPCO Philippines Corporation			2,987				4				—				120
KEPCO Ilijan Corporation			30,998				201				—				(2,228	)
KEPCO Neimenggu International Ltd.			220,764				119				—				(266	)
KEPCO Shanxi International Ltd.			779,800				350,253				—				(5,502	)
KOMIPO Global Pte Ltd.			393,031				3,992				—				9,259
KEPCO Netherlands B.V.			143,789				57				—				2,936
KEPCO Australia Pty., Ltd.			389				174				—				(22	)
KOSEP Australia Pty., Ltd.			57,023				1,117				19,672				7,192
KOMIPO Australia Pty., Ltd.			58,960				5,264				25,387				9,358
KOWEPO Australia Pty., Ltd.			100,454				38				17,109				4,864
KOSPO Australia Pty., Ltd.			42,150				5,311				17,109				3,666
KEPCO Middle East Holding Company			138,608				138,829				—				(7,010	)
Qatrana Electric Power Company			528,581				170,136				30,432				22,596
KHNP Canada Energy Ltd.			247,213				24,175				—				316
KEPCO Bylong Australia Pty., Ltd.			47,486				562,939				—				17,442
Korea Waterbury Uranium Limited Partnership			25,002				64				—				(122	)
KEPCO Holdings de Mexico			1,366				3,986				—				154
KST Electric Power Company, S.A.P.I. de C.V.			629,930				498,093				91,552				16,287
KEPCO Energy Service Company			4,733				3,683				15,711				328
KEPCO Netherlands S3 B.V.			77,919				18,595				—				1,706
PT. KOMIPO Pembangkitan Jawa Bali			17,032				3,540				21,982				1,074
PT. Cirebon Power Service			3,724				980				10,612				674
KOWEPO International Corporation			—				11				—				—
KOSPO Jordan LLC			43,705				26,213				14,446				3,446
EWP America Inc. (*1)			60,246				2,993				25,064				11,990
KNF Canada Energy Limited			2,445				32				—				(70	)
EWP Barbados 1 SRL			479,658				777				—				17,314
Gyeonggi Green Energy Co., Ltd.			236,006				306,417				71,149				(3,822	)
PT. Tanggamus Electric Power			213,263				129,988				3,876				7,737
Gyeongju Wind Power Co., Ltd.			84,225				33,877				16,636				3,889
KOMIPO America Inc. (*2)			594,895				286,998				25,586				14,841
PT. EWP Indonesia			103,086				48				—				7,007
KEPCO Netherlands J3 B.V.			173,301				19,880				—				(1,183	)
Korea Offshore Wind Power Co., Ltd.			342,516				129,083				43,562				8,209
Global One Pioneer B.V.			1,755,583				99				—				(261	)
Global Energy Pioneer B.V.			398				99				—				(184	)
Mira Power Limited			404,476				262,983				2,651				33,464
KOSEP Material Co., Ltd.			7,596				555				5,453				1,583
KEPCO KPS Philippines Corp.			7,853				1,326				8,123				967
KOSPO Chile SpA			191,746				86,580				—				5,074

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for each of the two years in the period ended December 31, 2025 is as follows, continued:

In millions of won
As of and for the year ended December 31, 2025
Subsidiaries		Total assets				Total liabilities				Sales				Profit (loss) for the period
Hee Mang Sunlight Power Co., Ltd.		W	5,882				2,323				559				39
Fujeij Wind Power Company			232,988				146,500				—				15,343
KOSPO Youngnam Power Co., Ltd.			330,664				220,060				315,616				3,322
Chitose Solar Power Plant LLC			84,332				77,481				15,122				2,674
KEPCO ES Co., Ltd.			336,045				23,142				9,516				6,320
KEPCO Solar Co., Ltd.			243,087				28,763				23,412				7,023
KOSPO Power Services Ltda.			12,674				10,361				16,919				403
Energy New Industry Specialized Investment Private Investment Trust (*3)			543,694				5,879				—				49,341
KOEN Bylong Pty., Ltd.			17				201				—				(18	)
KOMIPO Bylong Pty., Ltd.			18				197				—				(8	)
KOWEPO Bylong Pty., Ltd.			18				203				—				(24	)
KOSPO Bylong Pty., Ltd.			193				453				—				(24	)
EWP Bylong Pty., Ltd.			18				21				—				(4	)
KOWEPO Lao International			21,202				1,085				12,712				5,021
KEPCO Mangilao Holdings LLC			97,123				49,828				844				1,764
Mangilao Investment LLC			208,610				19,622				—				(19,432	)
KEPCO Mangilao Solar, LLC			213,916				741				17,346				2,961
Jeju Hanlim Offshore Wind Co., Ltd.			633,525				555,268				80,467				12,289
PT. Siborpa Eco Power			17,564				4,083				—				(62	)
PT. Korea Energy Indonesia			8,462				5,142				8,227				760
KOLAT SpA			53,759				377				2,963				1,061
KEPCO California, LLC			50,809				7,248				672				(518	)
KEPCO Mojave Holdings, LLC			95,077				88,595				—				(4,491	)
Incheon Fuel Cell Co., Ltd.			212,662				217,098				75,963				(20,384	)
KOEN Service Co., Ltd.			8,055				4,959				41,138				171
KOMIPO Service Co., Ltd.			11,114				6,010				40,652				1,560
KOWEPO Service Co., Ltd.			10,223				6,762				44,485				271
KOSPO Service Co., Ltd.			7,875				4,718				34,049				593
EWP Service Co., Ltd.			7,234				4,462				29,819				1,296
PT. KOMIPO Energy Indonesia			5,855				1,616				5,425				1,421
KNF partners Co., Ltd.			3,222				1,220				7,416				429
KOSPO USA Inc.			853,452				509				—				(5,976	)
KOSPO Niles LLC			353,430				1,077				532				33,255
Tamra Offshore Wind Power Co., Ltd.			102,795				64,577				16,720				281
KEPCO MCS Co., Ltd.			63,700				54,752				280,479				(19,492	)
KEPCO FMS Co., Ltd.			23,883				21,889				117,234				220
Firstkeepers Co., Ltd.			27,337				14,052				102,366				4,563
Secutec Co., Ltd.			18,000				12,273				81,175				431
SE Green Energy Co., Ltd.			120,726				92,633				38,335				(407	)
Mangilao Intermediate Holdings LLC			212,243				119,591				—				(8,057	)
KEPCO CSC Co., Ltd.			20,227				12,573				50,773				2,084
KOAK Power Limited			16,089				126				—				(170	)
KOMIPO Europe B.V.			91,488				89				1,214				(3,124	)
Haenanum Energy Fund			7,416				3				951				902
Paju Ecoenergy Co., Ltd.			60,776				2,791				16,199				1,477
Guam Ukudu Power LLC			922,687				793,769				31,801				(34,266	)
K-SOLAR SHINAN Co., Ltd.			265,222				248,630				33,441				746

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for each of the two years in the period ended December 31, 2025 is as follows, continued:

In millions of won
As of and for the year ended December 31, 2025
Subsidiaries		Total assets				Total liabilities				Sales				Profit (loss) for the period
KPS Partners Co., Ltd.		W	4,300				2,422				14,787				238
KEPCO E&C Service Co., Ltd.			10,278				2,208				16,789				1,321
Moha solar Co., Ltd.			25,401				26,861				—				985
Ogiri Solar Power Co., Ltd.			1,052				21				—				(22	)
KHNP USA LLC			59,782				391				1,244				157
KOMIPO Vanphong Power Service LLC			35,596				5,201				30,289				7,091
Energy Innovation Fund I			43,596				1,194				—				(790	)
KHNP Chile SpA			4,650				3,433				—				(48	)
Yeong Yang Apollon Photovoltaic Co., Ltd.			1,379				1,237				208				44
Yeong Yang Corporation Co., Ltd.			1,356				1,227				204				40
SolarVader Co., Ltd.			1,368				1,230				206				42
Yeong Yang Innovation Co., Ltd.			1,356				1,227				200				36
Yeong Yang Horus Photovoltaic Co., Ltd.			1,337				1,228				192				28
Yeong Yang Solar Management Co., Ltd.			1,376				1,230				213				49
LSG Hydro Power Limited			350				4				—				(250	)
KOEN Bio Co., Ltd.			1,371				925				1,872				(35	)
KOMIPO Iberian Solar Group, S.L.U.			76,791				74,519				—				(6,552	)
Jeongam Wind Power Co., Ltd.			68,826				59,308				8,189				(1,084	)
KOWEPO Europe B.V.			51				4,036				—				(145	)
Yeongdeok Sunrise Wind Power Co., Ltd.			109,860				84,334				11,908				(617	)
KA Power Limited			6,373				3,258				—				(31	)
Western Power Changgi Solar Co., Ltd.			38,918				32,572				6,485				(109	)
EWP Australia Pty., Ltd.			54,134				461				—				(16,420	)
Columboola Solar Farm Hold Co Pty., Ltd. (*4)			348,779				247,899				12,210				(22,288	)
Digital Innovation Growth Fund			9,506				215				—				1,650
KEPCO Holding Company			201,433				197,847				—				(56	)
KEPCO for Maintenance Company			4,522				1,307				8,920				3,889
KOSPO Trumbull LLC			466,732				—				—				359
Changjuk Wind Power Co., Ltd.			25,394				2,618				6,921				657
Chile Solar JV SpA			91,608				73,301				8,079				2,419
KEPCO KPS South Africa Pty., Ltd.			18,991				10,106				30,900				1,979
KOWEPO Holding Limited			21,077				1,072				—				11,875
KOSPO Rutile, LLC			50,508				112				373				557
KEPCO Yona America LLC			—				—				—				—
KEPCO SADAWI - FZCO			389				—				—				(83	)
EWP Yona America LLC			—				—				—				—
KOMIPO Middle East Energy L.L.C-FZ			1,327				380				—				(7	)
Nuclear Energy Industry Growth Fund II			7,004				7				—				(3	)

(*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 consolidated financial statements, Continued

December 31, 2025 and 2024

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for each of the two years in the period ended December 31, 2025 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 consolidated financial statements, Continued

December 31, 2025 and 2024

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for each of the two years in the period ended December 31, 2025 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 consolidated financial statements, Continued

December 31, 2025 and 2024

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for each of the two years in the period ended December 31, 2025 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 consolidated financial statements, Continued

December 31, 2025 and 2024

16. Consolidated Subsidiaries, Continued

(4) Significant restrictions on the Group’s abilities to its subsidiaries as of December 31, 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 consolidated financial statements, Continued

December 31, 2025 and 2024

16. Consolidated Subsidiaries, Continued

(4) Significant restrictions on the Group’s abilities to its subsidiaries as of December 31, 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 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 December 31, 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 consolidated financial statements, Continued

December 31, 2025 and 2024

16. Consolidated Subsidiaries, Continued

(6) Details of non-controlling interests prior to intra-company eliminations as of and for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won
As of and for the year ended December 31, 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	30,284				987,560				540,208				1,285,167				2,843,219
Non-current assets			714				700,200				343,310				4,508,792				5,553,016
Current liabilities			(201	)			(344,162	)			(253,981	)			(1,025,572	)			(1,623,916	)
Non-current liabilities			—				(6,569	)			(4,571	)			(2,594,928	)			(2,606,068	)
Net assets			30,797				1,337,029				624,966				2,173,459				4,166,251
Book value of non-controlling interests			15,091				655,144				304,734				178,033				1,153,002
Sales			—				1,545,256				518,768				1,157,679				3,221,703
Profit (loss) for the period			(2,228	)			123,796				85,368				108,860				315,796
Profit for the period attributable to non-controlling interests			(1,092	)			60,660				41,625				20,545				121,738
Cash flows from operating activities			(1,752	)			136,753				26,999				378,589				540,589
Cash flows from investing activities			22				30,866				(7,722	)			(111,354	)			(88,188	)
Cash flows from financing activities before dividends to non-controlling interests			(24,464	)			(70,264	)			(20,479	)			(202,212	)			(317,419	)
Dividends to non-controlling interests			—				(54,441	)			(18,530	)			(9,342	)			(82,313	)
Effect of exchange rate fluctuation			(1,603	)			(670	)			(35	)			(4,794	)			(7,102	)
Net increase (decrease) in cash and cash equivalents			(27,797	)			42,244				(19,767	)			50,887				45,567

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 consolidated financial statements, Continued

December 31, 2025 and 2024

16. Consolidated Subsidiaries, Continued

(7) Changes in goodwill

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

In millions of won		As of December 31, 2025				As of December 31, 2024
Acquisition cost		W	101,885				101,761
Less: accumulated impairment			(2,582	)			(2,582	)
Carrying book value		W	99,303				99,179

(ii) Changes in goodwill for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025
		Beginning				Increase				Decrease				Impairment				Others				Ending
Acquisition cost		W	101,761				—				—				—				124				101,885
Less: accumulated impairment			(2,582	)			—				—				—				—				(2,582	)
Carrying book value		W	99,179				—				—				—				124				99,303

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 year ended December 31, 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 J Wind First, LLC and SPROTT CHILE SOLAR I SpA for the year ended December 31, 2025. 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 consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures

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

In millions of won
As of December 31, 2025
Investees		Key operation activities		Location				Percentage of ownership				Acquisition cost				Book value
<Associates>
Korea Gas Corporation (*9)		Importing and wholesaling LNG			Korea				20.47%			W	94,500				2,283,535
Korea Electric Power Industrial Development Co., Ltd.		Electricity metering and others			Korea				29.00%				4,727				31,642
Gangwon Wind Power Co., Ltd. (*1)		Power generation			Korea				15.00%				5,725				12,373
Hyundai Green Power Co., Ltd.		Power generation equipment consignment and operation service			Korea				29.00%				88,885				86,549
Korea Power Exchange (*2)		Management of power market and others			Korea				100.00%				127,839				262,069
Taebaek Guinemi Wind Power Co., Ltd. (*26)		Power generation			Korea				67.25%				12,637				14,877
Daeryun Power Co., Ltd. (*1)		Power generation			Korea				6.85%				46,373				34,475
KNH Solar Co., Ltd.		Power generation			Korea				27.00%				1,296				1,687
SPC Power Corporation (*27)		Power generation			Philippines				38.00%				20,635				107,067
Gemeng International Energy Co., Ltd.		Power generation			China				42.00%				516,007				812,292
PT. Cirebon Electric Power		Power generation			Indonesia				27.50%				40,365				162,112
KNOC Nigerian East Oil Co., Ltd. (*3)		Resources development			Nigeria				14.63%				12				—
KNOC Nigerian West Oil Co., Ltd. (*3)		Resources development			Nigeria				14.63%				12				—
PT Wampu Electric Power		Power generation			Indonesia				46.00%				21,292				36,516
PT. Bayan Resources TBK		Resources development			Indonesia				20.00%				615,860				731,714
S-Power Co., Ltd.		Power generation			Korea				49.00%				132,300				200,335
Xe-Pian Xe-Namnoy Power Co., Ltd.		Power generation			Laos				25.00%				87,426				65,612
PT. Mutiara Jawa		Manufacturing and operating floating coal terminal			Indonesia				29.00%				2,978				4,399
Noeul Green Energy Co., Ltd.		Power generation			Korea				29.00%				1,740				—
Goseong Green Power Co., Ltd.		Power generation			Korea				29.00%				262,740				276,085
Gangneung Eco Power Co., Ltd.		Power generation			Korea				29.00%				261,000				227,683
Shin Pyeongtaek Power Co., Ltd.		Power generation			Korea				40.00%				72,000				148,586
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		Power generation			Korea				28.00%				194				274
Dongducheon Dream Power Co., Ltd. (*4)		Power generation			Korea				33.61%				148,105				102,321
Jinbhuvish Power Generation Pvt. Ltd. (*1)		Power generation			India				5.16%				9,000				—
Daejung Offshore Wind Power Co., Ltd.		Power generation			Korea				46.59%				5,190				1,355
GS Donghae Electric Power Co., Ltd.		Power generation			Korea				34.00%				204,000				286,796
Daegu Photovoltaic Co., Ltd.		Power generation			Korea				29.00%				1,230				2,417
Busan Green Energy Co., Ltd.		Power generation			Korea				29.00%				5,243				1,711
Hansuwon KNP Co., Ltd.		Electric material agency			Korea				28.98%				537				965
Korea Electric Power Corporation Fund (*5)		Developing electric enterprises			Korea				98.09%				9,480				14,892
Energy Infra Asset Management Co., Ltd. (*31)		Asset management			Korea				9.90%				297				1,399
YaksuESS Co., Ltd.		Installing ESS related equipment			Korea				29.00%				210				31
Nepal Water & Energy Development Company Private Limited (*6, 29)		Construction and operation of utility plant			Nepal				66.10%				110,332				192,705
Gwangyang Green Energy Co., Ltd.		Power generation			Korea				20.00%				26,800				23,781
PND solar Co., Ltd.		Power generation			Korea				29.00%				1,250				1,938
Hyundai Eco Energy Co., Ltd. (*1)		Power generation			Korea				19.00%				3,610				9,159
YeongGwang Yaksu Wind Electric Co., Ltd. (*1)		Power generation			Korea				9.63%				533				61
Green Energy Electricity Generation Co., Ltd.		Power generation			Korea				29.00%				1,189				230
Korea Energy Solutions Co., Ltd.		R & D			Korea				20.00%				300				139
ITR Co., Ltd. (*29, 30)		R & D			Korea				8.03%				50				—
STN Co., Ltd.		Technical testing and consulting			Korea				20.00%				25				354
Indeck Niles Development, LLC		Power generation			USA				50.00%				249,274				363,675
Indeck Niles Asset Management, LLC		Power generation			USA				33.33%				—				55
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1		Holding company			Korea				49.00%				6,047				6,059
Suwon New Power Co., Ltd.		Power generation			Korea				39.90%				798				801
Gwangbaek Solar Power Investment Co., Ltd.		Power generation			Korea				44.00%				4,757				5,236
Go deok Clean Energy Co., Ltd.		Fuel cell generation			Korea				40.00%				5,560				5,479
SureDataLab Co., Ltd.(*29)		R & D			Korea				0.35%				126				3
SEP Co., Ltd.		R & D			Korea				21.26%				27				—
Hankook Electric Power Information Co., Ltd. (*11)		R & D			Korea				16.16%				38				291
Tronix Co., Ltd. (*11)		R & D			Korea				12.50%				75				65

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

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

In millions of won
As of December 31, 2025
Investees		Key operation activities		Location				Percentage of ownership				Acquisition cost				Book value
<Associates>
O2&B Global Co., Ltd.		R & D			Korea				20.00%			W	25				—
Muan Sunshine Solar Power Plant Co., Ltd.		Power generation			Korea				20.00%				1,570				2,778
Bigeum Resident Photovoltaic Power Co., Ltd.		Power generation			Korea				27.31%				11,214				7,569
Goesan Solar Park Co., Ltd.		Power generation			Korea				29.00%				1,276				2,926
Saemangeum Heemang Photovoltaic Co., Ltd.		Power generation			Korea				35.00%				11,022				16,913
Bitgoel Eco Energy Co., Ltd.		Power generation			Korea				49.25%				7,880				12,977
Jeju Gimnyeong Wind Power Co., Ltd.		Power generation			Korea				30.00%				714				—
Seoroseoro Sunny Power Plant Co., Ltd.		Power generation			Korea				42.58%				706				1,135
Muan Solar park Co., Ltd.		Power generation			Korea				20.00%				4,400				8,093
YuDang Solar Co., Ltd.		Power generation			Korea				20.00%				360				696
Anjwa Smart Farm & Solar City Co., Ltd.		Power generation			Korea				20.00%				5,651				9,477
KPE Green Energy Co., Ltd.		Power generation			Korea				25.36%				3,910				9,096
G.GURU Co., Ltd.(*29)		R & D			Korea				14.42%				493				—
UD4M Co., Ltd. (*8)		R & D			Korea				12.50%				75				120
Dongbu Highway Solar Co., Ltd.		Power generation			Korea				20.00%				190				523
Seobu Highway Solar Co., Ltd.		Power generation			Korea				20.00%				195				683
Korea Energy Data Co., Ltd.		R & D			Korea				29.37%				60				—
Gangneung Sacheon Fuel Cell Co., Ltd.		Power generation			Korea				41.00%				5,695				9,205
Taebaek Gadeoksan Wind Power Co., Ltd.		Power generation			Korea				34.00%				12,570				26,456
Chuncheon Green Energy Co., Ltd.		Power generation			Korea				45.00%				9,540				15,829
Yeomsubong Wind Power Co., Ltd.		Power generation			Korea				29.00%				1,411				325
Yeongyang Wind Power Corporation II		Power generation			Korea				30.00%				7,965				13,406
Haeparang Energy Co., Ltd.		Power generation			Korea				25.00%				2,241				2,714
Saemangeum Sebit Power Plant Co., Ltd. (*10)		Power generation			Korea				55.14%				21,037				37,662
PlatformN. Co., Ltd.		R & D			Korea				29.58%				105				—
PT. Cirebon Energi Prasarana (*7)		Power generation			Indonesia				10.00%				26,710				94,005
Green Radiation Co., Ltd. (*11,39)		R & D			Korea				8.74%				20				20
Future Convergence Technology Laboratory. Co., Ltd.		R & D			Korea				20.12%				76				20
Eco Motion Co., Ltd.		R & D			Korea				20.00%				90				334
REC’s Innovation Co., Ltd. (*31)		R & D			Korea				11.04%				81				197
ACE		R & D			Korea				20.00%				25				4
Environment and Energy Co., Ltd. (*11)		R & D			Korea				10.54%				11				1
Santiago Solar Power SpA		Power generation			Chile				50.00%				13,851				8,008
Yanggu Floating Photovoltaic Power Plant Inc.		Power generation			Korea				29.00%				904				851
Power Embedded		R & D			Korea				23.33%				70				57
Changwon SG Energy Co., Ltd. (*11)		Power generation			Korea				18.78%				900				673
Donpyung Technology. Co., Ltd.		R & D			Korea				20.00%				125				295
HORANG ENERGY Inc.		Power generation			Korea				40.00%				4,240				4,209
Hoenggye Renewable Energy Co., Ltd		Power generation			Korea				36.12%				2,375				2,375
Haman Green Energy Co., Ltd.		Power generation			Korea				35.00%				4,771				5,776
Songsan Green Energy Co., Ltd. (*6)		Power generation			Korea				60.00%				8,400				11,450
SkyPic Inc.		R & D			Korea				20.00%				26				30
HyChangwon Fuel Cell. Co., Ltd.		Power generation			Korea				40.00%				9,396				8,643
Dreams Co.,Ltd. (*11)		R & D			Korea				11.00%				11				3
DEEPAI Co.,Ltd. (*11, 36)		R & D			Korea				1.20%				11				8
Amaala Sustainable Company for Energy LLC (*7)		Power generation			Saudi Arabia				10.00%				18				18
Remal First Holding Company		Holding company			Saudi Arabia				30.00%				1				—
Naseem First Holding Company		Holding company			Saudi Arabia				30.00%				1				—
Cheonwang Green Energy Co., Ltd.		Power generation			Korea				40.00%				652				494
Namjeju Bitdream Energy Co., Ltd.		Power generation			Korea				50.00%				5,325				5,260
Jeju Bukchon BESS Power Plant Co., Ltd.		Power generation			Korea				41.00%				3,690				2,480
Commerce and Industry Energy Co., Ltd.		Power generation			Korea				24.46%				498				498
KI Tech Co., Ltd.		R & D			Korea				24.70%				247				171
Enlight Energy Advanced Industry Venture Fund		Holding company			Korea				28.00%				3,150				3,150
Gunsan Green Energy Co., Ltd.		Power generation			Korea				42.63%				2,043				2,043
												W	3,408,649				6,851,456

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

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

In millions of won
As of December 31, 2025
Investees		Key operation activities		Location				Percentage of ownership				Acquisition cost				Book value
<Joint ventures>
Shuweihat Asia Power Investment B.V.		Holding company			Netherlands				49.00%			W	44,405				82,230
Shuweihat Asia Operation & Maintenance Company (*12)		Maintenance of utility plant			Cayman				55.00%				30				2,837
Waterbury Lake Uranium L.P. (*13,29)		Resources development			Canada				29.45%				24,985				28,576
ASM-BG Investicii AD		Power generation			Bulgaria				50.00%				9,846				20,491
RES Technology AD		Power generation			Bulgaria				50.00%				11,922				16,672
KV Holdings, Inc. (*27)		Power generation			Philippines				40.00%				2,103				6,374
KEPCO SPC Power Corporation (*12,27)		Construction and operation of utility plant			Philippines				60.00%				94,579				119,443
Gansu Datang Yumen Wind Power Co., Ltd.		Power generation			China				40.00%				16,621				8,029
Datang Chifeng Renewable Power Co., Ltd.		Power generation			China				40.00%				121,928				212,130
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		Power generation			China				40.00%				39,872				49,501
Rabigh Electricity Company(*13)		Power generation			Saudi arabia				40.00%				109,743				285,805
Rabigh Operation & Maintenance Company Limited		Maintenance of utility plant			Saudi arabia				40.00%				70				10,091
Jamaica Public Service Company Limited		Power generation			Jamaica				40.00%				301,910				412,277
KW Nuclear Components Co., Ltd.		Manufacturing			Korea				45.00%				833				22,365
Busan Shinho Solar Power Co., Ltd.		Power generation			Korea				25.00%				2,100				6,260
Global Trade Of Power System Co., Ltd. (*14)		Exporting products and technology of small or medium business by proxy			Korea				29.00%				290				708
Expressway Solar-light Power Generation Co., Ltd.		Power generation			Korea				50.00%				1,856				4,658
Amman Asia Electric Power Company (*12)		Power generation			Jordan				60.00%				111,476				274,751
KAPES, Inc. (*12)		R & D			Korea				51.00%				5,629				—
Honam Wind Power Co., Ltd.		Power generation			Korea				29.00%				3,480				4,898
Korea Power Engineering Service Co., Ltd.		Construction and service			Korea				29.00%				290				6,404
Chun-cheon Energy Co., Ltd.		Power generation			Korea				29.90%				52,700				36,703
Yeonggwangbaeksu Wind Power Co., Ltd. (*14)		Power generation			Korea				15.00%				3,000				3,835
Nghi Son 2 Power LLC		Power generation			Vietnam				50.00%				175,261				566,700
Kelar S.A. (*12)		Power generation			Chile				65.00%				78,060				153,294
PT. Tanjung Power Indonesia		Power generation			Indonesia				35.00%				57,039				98,221
Incheon New Power Co., Ltd. (*16)		Power generation			Korea				29.00%				461				455
Seokmun Energy Co., Ltd.		Power generation			Korea				29.00%				15,370				14,565
Daehan Wind Power PSC		Power generation			Jordan				50.00%				7,493				25,095
Barakah One Company (*17)		Power generation			UAE				18.00%				1,794,166				1,672,507
Nawah Energy Company (*17)		Operation of utility plant			UAE				18.00%				296				392
MOMENTUM		International thermonuclear experimental reactor construction management			France				33.33%				1				106
Daegu Green Power Co., Ltd. (*18)		Power generation			Korea				29.00%				46,225				31,119
Yeonggwang Wind Power Co., Ltd.		Power generation			Korea				46.00%				17,475				29,258
Chester Solar IV SpA (*15)		Power generation			Chile				90.00%				2,776				5,349
Chester Solar V SpA (*15)		Power generation			Chile				90.00%				634				756
Diego de Almagro Solar SpA (*15)		Power generation			Chile				90.00%				2,902				4,920
South Jamaica Power Company Limited		Power generation			Jamaica				20.00%				20,430				48,675
Daesan Green Energy Co., Ltd.		Power generation			Korea				35.00%				17,850				21,755
RE Holiday Holdings LLC		Power generation			USA				50.00%				42,948				80,631
RE Pioneer Holdings LLC		Power generation			USA				50.00%				27,891				48,831
RE Barren Ridge 1 Holdings LLC		Power generation			USA				50.00%				28,021				54,825
RE Astoria 2 LandCo LLC		Power generation			USA				50.00%				5,188				8,137
RE Barren Ridge LandCo LLC		Power generation			USA				50.00%				2,187				2,870
Laurel SpA (*15)		Power generation			Chile				90.00%				2,156				3,092
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd (*14)		Power generation			Australia				12.37%				4,095				906
Cheong-Song Noraesan Wind Power Co., Ltd. (*13)		Power generation			Korea				29.01%				3,200				4,120
Chester Solar I SpA (*15)		Power generation			Chile				90.00%				1,316				3,417
Solar Philippines Calatagan Corporation		Power generation			Philippines				38.00%				47,903				61,113
Saemangeum Solar Power Co., Ltd. (*19)		Power generation			Korea				81.01%				26,400				23,123
Chungsongmeon BongSan wind power Co., Ltd. (*14)		Power generation			Korea				29.00%				2,900				2,304
Jaeun Resident Wind Power Plant Co., Ltd. (*14)		Power generation			Korea				29.00%				2,494				—
Dangjin Eco Power Co., Ltd.		Power generation			Korea				34.00%				25,661				27,150

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

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

In millions of won
As of December 31, 2025
Investees		Key operation activities		Location				Percentage of ownership				Acquisition cost				Book value
<Joint ventures>
Haemodum Solar Co., Ltd.		Power generation			Korea				49.00%			W	2,940				3,151
Yangyang Wind Power Co., Ltd.		Power generation			Korea				50.00%				12,000				15,131
HORUS SOLAR, S.A. DE C.V. (*20)		Renewable power generation			Mexico				14.95%				5,068				2,645
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. (*20)		Renewable power generation			Mexico				14.95%				3,678				4,602
SUNMEX RENOVABLES, S.A. DE C.V. (*20)		Renewable power generation			Mexico				14.95%				1,678				3,405
Stavro Holding II A.B.		Holding company			Sweden				20.00%				18,566				18,062
Solaseado Solar Power Co., Ltd.		Power generation			Korea				39.00%				7,020				26,553
Yeongam Solar Power Co., Ltd. (*14)		Power generation			Korea				19.00%				6,460				12,215
Samsu Wind Power Co., Ltd. (*14)		Power generation			Korea				19.00%				2,637				3,310
Pulau Indah Power Plant Sdn. Bhd.		Power generation			Malaysia				25.00%				44,545				56,997
NH-Amundi Global Infrastructure Investment Private Investment Trust 21		Holding company			Korea				29.53%				22,636				11,001
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream (*12)		Holding company			Korea				90.00%				14,325				15,023
PT Barito Wahana Tenaga		Power generation			Indonesia				30.61%				59,574				225,828
Cheongna Energy Co., Ltd. (*19)		Generating and distributing vapor and hot/cold water			Korea				50.10%				49,344				67,846
Naepo Green Energy Co., Ltd.		Power generation			Korea				29.20%				29,200				59,242
Boim Combined Heat and Power Generation Co., Ltd. (*21)		Power generation			Korea				30.66%				71,070				—
OneEnergy Asia Limited		Power generation			Vietnam				40.00%				296,872				494,403
KAS INVESTMENT I LLC (*13)		Holding company			USA				29.89%				23,437				13
KAS INVESTMENT II LLC (*13)		Holding company			USA				29.89%				23,343				13
Energyco Co., Ltd.		Power generation			Korea				29.00%				1,659				2,629
CAES, LLC		Holding company			USA				36.00%				19,414				18,098
Hapcheon Floating Photovoltaic Power Plant Inc. (*14)		Power generation			Korea				49.00%				7,512				12,792
Busan Industrial Solar Power Co., Ltd.		Power generation			Korea				28.02%				510				1,351
Bitsolar Energy Co., Ltd.		Power generation			Korea				27.10%				352				—
Pulau Indah O&M Sdn. Bhd. (*14)		Power generation			Malaysia				40.00%				—				62
Guadalupe Solar SpA (*22)		Power generation			Chile				60.00%				1,397				2,277
Omisan Wind Power Co., Ltd.		Power generation			Korea				42.00%				10,752				12,204
Foresight Iberian Solar Group Holding, S.L. (*22)		Power generation			Spain				75.00%				10,564				—
Yeongwol Eco Wind Co., Ltd.		Power generation			Korea				29.00%				3,089				631
Gurae Resident Power Co., Ltd.		Power generation			Korea				29.00%				386				408
Cheongju Eco Park Co., Ltd.		Power generation			Korea				29.00%				5,858				11,017
Enel X Midland Photovoltaic, LLC		Power generation			Korea				20.00%				2,211				2,822
Geumsungsan Wind Power Co., Ltd.		Power generation			Korea				29.00%				6,531				7,538
KEPCO KPS CARABAO Corp. (*16)		Utility plant maintenance			Philippines				40.00%				93				—
Prime Swedish Holding AB		Holding company			Sweden				45.00%				35,410				38,664
Goheung New Energy Co., Ltd.		Power generation			Korea				46.15%				12,959				18,238
Gunsan Land Solar Co., Ltd. (*22,28)		Power generation			Korea				75.29%				19,091				23,822
International Offshore Power Transmission Holding Company Limited		Undersea transmission network operation			UAE				35.00%				—				—
Pyeongchang Wind Power Co., Ltd. (*25)		Power generation			Korea				58.00%				9,329				12,851
Eumseong Eco Park Co., Ltd.		Power generation			Korea				29.00%				5,741				11,625
Changwon Nu-ri Energy Co., Ltd. (*14)		Fuel cell generation			Korea				61.00%				8,095				9,486
PungBack Wind Farm Corporation (*24)		Power generation			Korea				32.89%				7,885				6,367
Trumbull Asset Management, LLC (*25)		Holding company			USA				78.00%				1				1,228
S-Power Chile SpA		Power generation			Chile				50.00%				127				538
Seungmun Green Energy		Power generation			Korea				33.00%				8,973				12,457
Seobusambo highway photovoltaics Co., Ltd. (*23)		Power generation			Korea				80.00%				3,020				3,524
Yangyang Suri Wind Power Co., Ltd.(*13)		Power generation			Korea				29.00%				10,498				9,568
KEPCO for Power Company (*32)		Power generation			Saudi arabia				60.00%				3,083				12,983
Taebaek Wind Power Co., Ltd. (*33)		Power generation			Korea				60.00%				11,494				12,637
Kumyang Eco Park Co., Ltd.		Power generation			Korea				29.00%				3,663				6,874
Jeongeup Green Power Co., Ltd. (*34)		Power generation			Korea				44.86%				9,600				6,724
Hadong E-factory Co., Ltd.(*13)		Power generation			Korea				29.99%				350				340
Namyangju Combined Heat and Power Co., Ltd. (*35)		Generating and distributing vapor and hot/cold water			Korea				70.10%				149,313				147,146
Samcheok Eco Materials Co., Ltd. (*37)		Recycling fly ashes			Korea				25.54%				686				—

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

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

In millions of won
As of December 31, 2025
Investees		Key operation activities		Location				Percentage of ownership				Acquisition cost				Book value
<Joint ventures>
Wadi Noor Solar Power Company SAOC		Power generation			Oman				50.00%				847				—
Fairhaven Energy Storage LLC		Power generation			USA				35.00%				1,505				—
Rutile BESS Holdings, LLC		Holding company			USA				50.00%				21,572				19,099
Trumbull Development Partners, LLC(*38)		Holding company			USA				56.23%				415,467				439,268
Imha Floating Photovoltaic Power Plant Inc.(*13)		Power generation			Korea				49.00%				7,174				5,627
EDFR KOWEPO AJBAN PV HOLDING LIMITED		Holding company			UAE				50.00%				1				854
Roof One Energy Co., Ltd.		Holding company			Korea				48.00%				2,000				1,933
Taean Haetdeulwon Solar Power Co., Ltd.		Power generation			Korea				45.00%				7,992				8,637
Haetbyeotgil Solar Power Co., Ltd.		Power generation			Korea				30.00%				704				732
Seongseo Neulpureun Energy Co., Ltd.		Power generation			Korea				49.80%				797				681
Luluah SKY Energy Holding Ltd. (*34)		Power generation			Qatar				15.00%				103				63
KES Yona Holdings LLC (*38)		Holding company			USA				80.00%				—				—
Siraj AlTaqa AlNazifa		Power generation			Saudi Arabia				20.00%				—				—
Nour Ibri Solar Power Company		Power generation			Oman				30.77%				364				373
Lucy Equity Holdings, LLC		Power generation			Oman				20.00%				9,612				—
													4,950,644				6,512,332
												W	8,359,293				13,363,788

(*1) 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.

(*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 one out of four members of the steering committee of the entity. Moreover, the Group has significant financial transactions, which can affect its significant influence on the entity.

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

(*5) 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 an associate.

(*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 an associate.

(*7) 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.

(*8) The effective percentage of ownership is 14.29% due to the acquisition of treasury stocks. The effective percentage of ownership is less than 20%. However, the Group exercises significant influence over the decisions related to finance and operation by virtue of right to nominate directors to the board of directors of the entity.

(*9) The effective percentage of ownership is 21.66%, considering hybrid bonds.

(*10) 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 an associate.

(*11) 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 entity.

(*12) 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.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

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

(*13) The effective percentage of ownership is less than 50%. However, the investment is classified as a joint venture because decisions regarding significant financial and operating policies require the unanimous consent of all parties sharing control.

(*14) According to the shareholders’ agreement, the parties have joint control over all decisions related to finance and operation. Accordingly, the entity is classified as joint ventures.

(*15) Although the Group holds majority of shares in the entities marked above by acquiring additional shares for the year ended December 31, 2024, the entities are classified as joint ventures due to the shareholders’ agreement requiring unanimous approval from the entities’ board of directors for making material decisions on financial and operational policies.

(*16) The joint arrangement which the Group has joint control is structured through a separate company. The parties have joint control over the joint arrangement are classified as joint ventures, judging that they have rights to the net assets of the arrangement.

(*17) 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.

(*18) 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.

(*19) The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.

(*20) The effective percentage of ownership is less than 50%. However, according to the shareholders’ agreement, decisions related principal operation must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.

(*21) According to the Boim Combined Heat and Power Generation Co., Ltd. Investment Agreement signed in March 2011, the Group has a commitment to guarantee principal and certain returns on shares of REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.). held by NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation. Since NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation have put option regarding their share of the entity, the Group was deemed to have acquired an additional 15.6% stake. As a result, the effective percentage of ownership is 46.3% in the current and prior period. In accordance with shareholders’ agreement signed during the current period, the Group has joint control with other investors in making important financial and operation decisions, so it has been reclassified from an associate to a joint venture.

(*22) The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.

(*23) Although the effective percentage of ownership is more than 50%, decisions in relevant activities must be agreed by all members of the board of directors.

(*24) The effective percentage of ownership is 37%, considering potential common stock.

(*25) The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all members of the board of directors. Accordingly, the entity is classified as a joint venture.

(*26) The effective percentage of ownership is more than 50%. However, by the shareholders’ agreement, 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 an associate.

(*27) The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation, and KV Holdings, Inc. and the timing of and proceeds from such sales transaction is not specified as of December 31, 2025.

(*28) The nominal percentage of ownership is 75.29% and the effective percentage of ownership is 53.83%, as the Group has an obligation to provide excessive dividend income to Gunsan City when a certain rate of return defined in the shareholders’ agreement is met.

(*29) During the period ended December 31, 2025, the Group’s ownership interest in the entity changed due to a disproportionate capital increase by the financial investors.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

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

(*30) Although the Group’s effective percentage of ownership is less than 20%, the entity has been classified as an associate as the Group has significant influence on the entity considering the fact that ordinary resolutions passed at the shareholders’ meeting require the majority decision and the Group has the right to elect the entity’s directors.

(*31) Although the Group’s effective percentage of ownership is less than 20%, the Group can exercise significant influence on the entity through its contractual right to appoint one director to the entity’s board of directors.

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

(*33) Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a joint venture considering the minimum number of the entity’s board of directors’ members required to agree for making decision on material financial and operational policies due to the joint shareholders’ agreement.

(*34) Although the Group’s effective percentage of ownership is less than 50%, the entity is reclassified as a joint venture considering the Group can exercise significant influence on the entity due to the Group’s contractual right to appoint a director to the entity’s board of directors and the minimum number of the entity’s board of directors members required to agree for making decision on material financial and operational policies in accordance with the joint shareholders’ agreement .

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

(*36) The effective ownership interest is 1.32%, considering convertible redeemable preferred shares.

(*37) Although the Group’s effective percentage of ownership is less than 50%, the entity is reclassified as a joint venture considering the minimum number of the entity’s board of directors’ members required to agree for making decision on material financial and operational policies as the joint shareholders’ agreement revised in the year ended December 31, 2024.

(*38) Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a joint venture since the entity’s material financial and operational decisions require unanimous agreement of the representative committee due to the shareholders’ agreement.

(*39) The effective ownership interest is 10%, considering convertible redeemable preferred shares.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2025 and 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 (*9)		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
Gangwon Wind Power Co., Ltd. (*1)		Power generation			Korea				15.00%				5,725				11,693
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
Taebaek Guinemi Wind Power Co., Ltd. (*26)		Power generation			Korea				67.25%				12,637				13,559
Daeryun Power Co., Ltd. (*1)		Power generation			Korea				6.85%				46,373				31,093
KNH Solar Co., Ltd.		Power generation			Korea				27.00%				1,296				2,165
SPC Power Corporation (*27)		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
KNOC Nigerian East Oil Co., Ltd. (*3)		Resources development			Nigeria				14.63%				12				—
KNOC Nigerian West Oil Co., Ltd. (*3)		Resources development			Nigeria				14.63%				12				—
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
PT. Mutiara Jawa		Manufacturing and operating floating coal terminal			Indonesia				29.00%				2,978				5,735
Noeul Green Energy Co., Ltd.		Power generation			Korea				29.00%				1,740				—
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
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		Power generation			Korea				28.00%				194				360
Dongducheon Dream Power Co., Ltd. (*4)		Power generation			Korea				33.61%				148,105				91,351
Jinbhuvish Power Generation Pvt. Ltd. (*1)		Power generation			India				5.16%				9,000				—
Daejung Offshore Wind Power Co., Ltd.		Power generation			Korea				46.59%				5,190				1,490
GS Donghae Electric Power Co., Ltd.		Power generation			Korea				34.00%				204,000				279,432
Daegu Photovoltaic Co., Ltd.		Power generation			Korea				29.00%				1,230				2,535
Busan Green Energy Co., Ltd.		Power generation			Korea				29.00%				5,243				2,334
Hansuwon KNP Co., Ltd.		Electric material agency			Korea				28.98%				537				674
Korea Electric Power Corporation Fund (*5)		Developing electric enterprises			Korea				98.09%				11,210				13,353
Energy Infra Asset Management Co., Ltd. (*31)		Asset management			Korea				9.90%				297				1,268
YaksuESS Co., Ltd.		Installing ESS related equipment			Korea				29.00%				210				162
Nepal Water & Energy Development Company Private Limited (*6)		Construction and operation of utility plant			Nepal				68.88%				110,332				170,955
Gwangyang Green Energy Co., Ltd.		Power generation			Korea				20.00%				26,800				24,217
PND solar Co., Ltd.		Power generation			Korea				29.00%				1,250				1,735
Hyundai Eco Energy Co., Ltd. (*1)		Power generation			Korea				19.00%				3,610				8,493
YeongGwang Yaksu Wind Electric Co., Ltd. (*1)		Power generation			Korea				9.63%				533				41
Green Energy Electricity Generation Co., Ltd.		Power generation			Korea				29.00%				1,189				—
Korea Energy Solutions Co., Ltd.		R & D			Korea				20.00%				300				197
ITR Co., Ltd. (*30)		R & D			Korea				8.70%				50				—
STN Co., Ltd.		Technical testing and consulting			Korea				20.00%				25				407

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2025 and 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>
Indeck Niles Development, LLC		Power generation			USA				50.00%			W	249,274				370,970
Indeck Niles Asset Management, LLC		Power generation			USA				33.33%				—				60
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1		Holding company			Korea				49.00%				6,108				6,119
Suwon New Power Co., Ltd.		Power generation			Korea				39.90%				798				914
Gwangbaek Solar Power Investment Co., Ltd.		Power generation			Korea				44.00%				4,757				5,155
Go deok Clean Energy Co., Ltd.		Fuel cell generation			Korea				40.00%				5,560				5,301
SureDataLab Co., Ltd.		R & D			Korea				23.95%				126				48
SEP Co., Ltd.		R & D			Korea				21.26%				27				—
Hankook Electric Power Information Co., Ltd. (*11)		R & D			Korea				16.16%				38				212
Tronix Co., Ltd. (*11)		R & D			Korea				12.50%				75				146
O2&B Global Co., Ltd.		R & D			Korea				20.00%				25				—
Muan Sunshine Solar Power Plant Co., Ltd.		Power generation			Korea				20.00%				1,570				2,772
Bigeum Resident Photovoltaic Power Co., Ltd. (*29)		Power generation			Korea				27.31%				11,214				7,908
Goesan Solar Park Co., Ltd.		Power generation			Korea				29.00%				1,276				3,133
Saemangeum Heemang Photovoltaic Co., Ltd.		Power generation			Korea				35.00%				11,022				16,137
Bitgoel Eco Energy Co., Ltd.		Power generation			Korea				49.25%				7,880				13,701
Jeju Gimnyeong Wind Power Co., Ltd.		Power generation			Korea				30.00%				714				250
Seoroseoro Sunny Power Plant Co., Ltd.		Power generation			Korea				42.58%				706				1,030
Muan Solar park Co., Ltd.		Power generation			Korea				20.00%				4,400				6,267
YuDang Solar Co., Ltd.		Power generation			Korea				20.00%				360				617
Anjwa Smart Farm & Solar City Co., Ltd.		Power generation			Korea				20.00%				5,651				8,298
KPE Green Energy Co., Ltd.		Power generation			Korea				25.36%				3,910				8,230
G.GURU Co., Ltd.		R & D			Korea				24.65%				493				34
UD4M Co., Ltd. (*8)		R & D			Korea				12.50%				75				121
Dongbu Highway Solar Co., Ltd.		Power generation			Korea				20.00%				190				512
Seobu Highway Solar Co., Ltd.		Power generation			Korea				20.00%				195				579
Korea Energy Data Co., Ltd.		R & D			Korea				29.37%				60				23
Gangneung Sacheon Fuel Cell Co., Ltd.		Power generation			Korea				41.00%				5,695				9,306
Taebaek Gadeoksan Wind Power Co., Ltd.		Power generation			Korea				34.00%				12,570				22,909
Chuncheon Green Energy Co., Ltd.		Power generation			Korea				45.00%				9,540				17,672
Yeomsubong Wind Power Co., Ltd.		Power generation			Korea				29.00%				1,411				603
Yeongyang Wind Power Corporation II		Power generation			Korea				30.00%				7,965				11,301
Haeparang Energy Co., Ltd.		Power generation			Korea				25.00%				2,241				1,950
Saemangeum Sebit Power Plant Co., Ltd. (*10)		Power generation			Korea				55.14%				21,037				37,110
PlatformN. Co., Ltd.		R & D			Korea				29.58%				105				—
PT. Cirebon Energi Prasarana (*7)		Power generation			Indonesia				10.00%				26,710				96,846
Green Radiation Co., Ltd. (*11)		R & D			Korea				9.00%				20				—
Future Convergence Technology Laboratory. Co., Ltd.		R & D			Korea				20.12%				76				22
Eco Motion Co., Ltd.		R & D			Korea				20.00%				90				229
REC’s Innovation Co., Ltd. (*31)		R & D			Korea				11.04%				81				155
ACE		R & D			Korea				20.00%				25				5
Environment and Energy Co., Ltd. (*11)		R & D			Korea				10.54%				11				3
Santiago Solar Power SpA		Power generation			Chile				50.00%				13,851				6,961
Yanggu Floating Photovoltaic Power Plant Inc.		Power generation			Korea				29.00%				904				846
Power Embedded		R & D			Korea				23.33%				70				68
Changwon SG Energy Co., Ltd. (*11)		Power generation			Korea				18.78%				900				682
Donpyung Technology. Co., Ltd.		R & D			Korea				20.00%				125				281
HORANG ENERGY Inc.		Power generation			Korea				40.00%				4,240				3,808
Hoenggye Renewable Energy Co., Ltd		Power generation			Korea				36.12%				2,375				2,375
Haman Green Energy Co., Ltd.		Power generation			Korea				35.00%				4,771				2,810
Songsan Green Energy Co., Ltd. (*6)		Power generation			Korea				60.00%				8,400				7,908
SkyPic Inc.		R & D			Korea				20.00%				26				26
HyChangwon Fuel Cell. Co., Ltd.		Power generation			Korea				40.00%				9,396				9,278
Dreams Co.,Ltd. (*11)		R & D			Korea				11.00%				11				11
DEEPAI Co.,Ltd. (*11, 36)		R & D			Korea				1.20%				11				11
Amaala Sustainable Company for Energy LLC (*7)		Power generation			Saudi Arabia				10.00%				18				18
												W	3,394,833				6,704,754

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2025 and 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
<Joint ventures>
Shuweihat Asia Power Investment B.V.		Holding company			Netherlands				49.00%			W	44,405				86,450
Shuweihat Asia Operation & Maintenance Company (*12)		Maintenance of utility plant			Cayman				55.00%				30				2,138
Waterbury Lake Uranium L.P. (*13)		Resources development			Canada				29.68%				20,753				23,756
ASM-BG Investicii AD		Power generation			Bulgaria				50.00%				9,846				16,936
RES Technology AD		Power generation			Bulgaria				50.00%				11,922				15,069
KV Holdings, Inc. (*27)		Power generation			Philippines				40.00%				2,103				6,921
KEPCO SPC Power Corporation (*12,27)		Construction and operation of utility plant			Philippines				60.00%				94,579				159,139
Gansu Datang Yumen Wind Power Co., Ltd.		Power generation			China				40.00%				16,621				7,919
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(*13)		Power generation			Saudi arabia				40.00%				109,743				269,893
Rabigh Operation & Maintenance Company Limited		Maintenance of utility plant			Saudi arabia				40.00%				70				8,311
Jamaica Public Service Company Limited		Power generation			Jamaica				40.00%				301,910				412,616
KW Nuclear Components Co., Ltd.		Manufacturing			Korea				45.00%				833				18,758
Busan Shinho Solar Power Co., Ltd.		Power generation			Korea				25.00%				2,100				6,993
Global Trade Of Power System Co., Ltd. (*14)		Exporting products and technology of small or medium business by proxy			Korea				29.00%				290				696
Expressway Solar-light Power Generation Co., Ltd.		Power generation			Korea				50.00%				1,856				5,771
Amman Asia Electric Power Company (*12)		Power generation			Jordan				60.00%				111,476				268,864
KAPES, Inc. (*12)		R & D			Korea				51.00%				5,629				—
Honam Wind Power Co., Ltd.		Power generation			Korea				29.00%				3,480				4,833
Korea Power Engineering Service Co., Ltd.		Construction and service			Korea				29.00%				290				6,054
Chun-cheon Energy Co., Ltd.		Power generation			Korea				29.90%				52,700				36,599
Yeonggwangbaeksu Wind Power Co., Ltd. (*14)		Power generation			Korea				15.00%				3,000				3,729
Nghi Son 2 Power LLC		Power generation			Vietnam				50.00%				175,261				563,079
Kelar S.A. (*12)		Power generation			Chile				65.00%				78,060				152,367
PT. Tanjung Power Indonesia		Power generation			Indonesia				35.00%				57,039				100,580
Incheon New Power Co., Ltd. (*16)		Power generation			Korea				29.00%				461				302
Seokmun Energy Co., Ltd.		Power generation			Korea				29.00%				15,370				15,456
Daehan Wind Power PSC		Power generation			Jordan				50.00%				7,493				21,327
Barakah One Company (*17)		Power generation			UAE				18.00%				118				—
Nawah Energy Company (*17)		Operation of utility plant			UAE				18.00%				296				392
MOMENTUM		International thermonuclear experimental reactor construction management			France				33.33%				1				195
Daegu Green Power Co., Ltd. (*18)		Power generation			Korea				29.00%				46,225				30,513
Yeonggwang Wind Power Co., Ltd.		Power generation			Korea				46.00%				17,475				26,146
Chester Solar IV SpA (*15)		Power generation			Chile				90.00%				2,776				1,452
Chester Solar V SpA (*15)		Power generation			Chile				90.00%				634				262
Diego de Almagro Solar SpA (*15)		Power generation			Chile				90.00%				2,902				1,700
South Jamaica Power Company Limited		Power generation			Jamaica				20.00%				20,430				48,760
Daesan Green Energy Co., Ltd.		Power generation			Korea				35.00%				17,850				25,331
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
RE Astoria 2 LandCo LLC		Power generation			USA				50.00%				5,188				8,119
RE Barren Ridge LandCo LLC		Power generation			USA				50.00%				2,187				2,857
Laurel SpA (*15)		Power generation			Chile				90.00%				2,156				1,432
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd (*14)		Power generation			Australia				12.37%				4,095				1,149
Cheong-Song Noraesan Wind Power Co., Ltd. (*13)		Power generation			Korea				29.01%				3,200				4,317
Chester Solar I SpA (*15)		Power generation			Chile				90.00%				1,316				1,649
Solar Philippines Calatagan Corporation		Power generation			Philippines				38.00%				47,903				63,695
Saemangeum Solar Power Co., Ltd. (*19)		Power generation			Korea				81.01%				26,400				23,277
Chungsongmeon BongSan wind power Co., Ltd. (*14)		Power generation			Korea				29.00%				2,900				2,590
Jaeun Resident Wind Power Plant Co., Ltd. (*14)		Power generation			Korea				29.00%				2,494				2,045
DE Energia SpA		Power generation			Chile				49.00%				8,364				11,062
Dangjin Eco Power Co., Ltd.		Power generation			Korea				34.00%				25,661				26,867

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2025 and 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
<Joint ventures>
Haemodum Solar Co., Ltd.		Power generation			Korea				49.00%			W	2,940				3,230
Yangyang Wind Power Co., Ltd.		Power generation			Korea				50.00%				12,000				11,640
HORUS SOLAR, S.A. DE C.V. (*20)		Renewable power generation			Mexico				14.95%				5,068				1,488
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. (*20)		Renewable power generation			Mexico				14.95%				3,678				4,452
SUNMEX RENOVABLES, S.A. DE C.V. (*20)		Renewable power generation			Mexico				14.95%				1,678				1,687
Stavro Holding II A.B.		Holding company			Sweden				20.00%				18,566				16,459
Solaseado Solar Power Co., Ltd.		Power generation			Korea				39.00%				7,020				22,793
Yeongam Solar Power Co., Ltd. (*14)		Power generation			Korea				19.00%				6,460				11,828
Samsu Wind Power Co., Ltd. (*14)		Power generation			Korea				19.00%				2,637				2,851
Pulau Indah Power Plant Sdn. Bhd.		Power generation			Malaysia				25.00%				39,052				50,721
NH-Amundi Global Infrastructure Investment Private Investment Trust 21		Holding company			Korea				29.53%				20,857				15,433
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream (*12)		Holding company			Korea				90.00%				14,848				15,496
PT Barito Wahana Tenaga		Power generation			Indonesia				30.61%				59,574				207,565
Cheongna Energy Co., Ltd. (*19)		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
Boim Combined Heat and Power Generation Co., Ltd. (*21)		Power generation			Korea				30.66%				71,070				—
OneEnergy Asia Limited		Power generation			Vietnam				40.00%				258,011				465,349
KAS INVESTMENT I LLC (*13)		Holding company			USA				29.89%				23,437				6,078
KAS INVESTMENT II LLC (*13)		Holding company			USA				29.89%				23,343				6,040
Energyco Co., Ltd.		Power generation			Korea				29.00%				1,659				2,322
CAES, LLC		Holding company			USA				36.00%				19,414				20,659
Hapcheon Floating Photovoltaic Power Plant Inc. (*14)		Power generation			Korea				49.00%				7,512				11,334
Busan Industrial Solar Power Co., Ltd.		Power generation			Korea				28.02%				510				1,160
Bitsolar Energy Co., Ltd.		Power generation			Korea				27.10%				352				—
Pulau Indah O&M Sdn. Bhd. (*14)		Power generation			Malaysia				40.00%				—				—
Guadalupe Solar SpA (*22)		Power generation			Chile				60.00%				1,397				781
Omisan Wind Power Co., Ltd.		Power generation			Korea				42.00%				10,752				10,859
Foresight Iberian Solar Group Holding, S.L. (*22)		Power generation			Spain				75.00%				10,564				—
Yeongwol Eco Wind Co., Ltd.		Power generation			Korea				29.00%				3,089				890
Gurae Resident Power Co., Ltd.		Power generation			Korea				29.00%				386				333
Cheongju Eco Park Co., Ltd.		Power generation			Korea				29.00%				5,858				10,636
Enel X Midland Photovoltaic, LLC		Power generation			Korea				20.00%				2,211				2,715
Geumsungsan Wind Power Co., Ltd.		Power generation			Korea				29.00%				6,531				7,840
KEPCO KPS CARABAO Corp. (*16)		Utility plant maintenance			Philippines				40.00%				93				—
Prime Swedish Holding AB		Holding company			Sweden				45.00%				35,410				37,559
Goheung New Energy Co., Ltd.		Power generation			Korea				46.15%				12,959				15,768
Gunsan Land Solar Co., Ltd. (*22,28)		Power generation			Korea				75.29%				19,091				23,163
CapMan Lynx SCA, SICAR		Holding company			Luxembourg				50.00%				9,601				—
International Offshore Power Transmission Holding Company Limited		Undersea transmission network operation			UAE				35.00%				—				11,038
Pyeongchang Wind Power Co., Ltd. (*25)		Power generation			Korea				58.00%				9,329				12,147
Eumseong Eco Park Co., Ltd.		Power generation			Korea				29.00%				5,741				11,613
Changwon Nu-ri Energy Co., Ltd. (*14)		Fuel cell generation			Korea				61.00%				8,095				7,658
PungBack Wind Farm Corporation (*24)		Power generation			Korea				32.89%				7,885				7,760
Trumbull Asset Management, LLC (*25)		Holding company			USA				78.00%				1				1,297
S-Power Chile SpA		Power generation			Chile				50.00%				127				159
Seungmun Green Energy		Power generation			Korea				33.00%				8,973				12,745
Seobusambo highway photovoltaics Co., Ltd. (*23)		Power generation			Korea				80.00%				3,020				3,309

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2025 and 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
<Joint ventures>
Yangyang Suri Wind Power Co., Ltd.(*13)		Power generation			Korea				29.00%			W	10,498				8,643
KEPCO for Power Company (*32)		Power generation			Saudi arabia				60.00%				3,083				17,906
Taebaek Wind Power Co., Ltd. (*33)		Power generation			Korea				60.00%				11,494				14,759
Jeonju Bio Green Energy Co., Ltd.(*22)		Power generation			Korea				65.00%				3,250				2,566
Kumyang Eco Park Co., Ltd.		Power generation			Korea				29.00%				3,663				3,841
Jeongeup Green Power Co., Ltd. (*34)		Power generation			Korea				44.86%				9,600				8,846
Hadong E-factory Co., Ltd.(*13)		Power generation			Korea				29.99%				350				344
Namyangju Combined Heat and Power Co., Ltd. (*35)		Generating and distributing vapor and hot/cold water			Korea				70.10%				53,977				51,768
Samcheok Eco Materials Co., Ltd. (*37)		Recycling fly ashes			Korea				25.54%				686				—
Wadi Noor Solar Power Company SAOC		Power generation			Oman				50.00%				847				1,392
Fairhaven Energy Storage LLC		Power generation			USA				35.00%				1,505				—
Rutile BESS Holdings, LLC		Holding company			USA				50.00%				106				1
Trumbull Development Partners, LLC		Holding company			USA				56.23%				304,836				355,379
Imha Floating Photovoltaic Power Plant Inc.(*13)		Power generation			Korea				49.00%				7,174				6,351
EDFR KOWEPO AJBAN PV HOLDING LIMITED		Holding company			UAE				50.00%				1				85
Roof One Energy Co., Ltd.		Holding company			Korea				48.00%				2,000				2,000
													2,880,964				4,581,340
												W	6,275,797				11,286,094

(*1) 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.

(*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 one out of four members of the steering committee of the entity. Moreover, the Group has significant financial transactions, which can affect its significant influence on the entity.

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

(*5) 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 an associate.

(*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 an associate.

(*7) 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.

(*8) The effective percentage of ownership is 14.29% due to the acquisition of treasury stocks. The effective percentage of ownership is less than 20%. However, the Group exercises significant influence over the decisions related to finance and operation by virtue of right to nominate directors to the board of directors of the entity.

(*9) The effective percentage of ownership is 21.66%, considering hybrid bonds.

(*10) 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 an associate.

(*11) 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 entity.

(*12) 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.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

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

(*13) The effective percentage of ownership is less than 50%. However, the entity is classified as a joint venture, because all consent was required to make decisions on related activities.

(*14) According to the shareholders’ agreement, the parties have joint control over all decisions related to finance and operation. Accordingly, the entity is classified as joint ventures.

(*15) Although the Group holds majority of shares in the entities marked above by acquiring additional shares for the year ended December 31, 2024, the entities are classified as joint ventures due to the shareholders’ agreement requiring unanimous approval from the entities’ board of directors for making material decisions on financial and operational policies.

(*16) The joint arrangement which the Group has joint control is structured through a separate company. The parties have joint control over the joint arrangement are classified as joint ventures, judging that they have rights to the net assets of the arrangement.

(*17) 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.

(*18) 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.

(*19) The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.

(*20) The effective percentage of ownership is less than 50%. However, according to the shareholders’ agreement, decisions related principal operation must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.

(*21) According to the Boim Combined Heat and Power Generation Co., Ltd. Investment Agreement signed in March 2011, the Group has a commitment to guarantee principal and certain returns on shares of REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.). held by NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation. Since NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation have put option regarding their share of the entity, the Group was deemed to have acquired an additional 15.6% stake. As a result, the effective percentage of ownership is 46.3% in the current and prior period. In accordance with shareholders’ agreement signed during the current period, the Group has joint control with other investors in making important financial and operation decisions, so it has been reclassified from an associate to a joint venture.

(*22) The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.

(*23) Although the effective percentage of ownership is more than 50%, decisions in relevant activities must be agreed by all members of the board of directors.

(*24) The effective percentage of ownership is 37%, considering potential common stock.

(*25) The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all members of the board of directors. Accordingly, the entity is classified as a joint venture.

(*26) The effective percentage of ownership is more than 50%. However, by the shareholders’ agreement, 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 an associate.

(*27) The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation, and KV Holdings, Inc. and the timing of and proceeds from such sales transaction is not specified as of December 31, 2024.

(*28) The nominal percentage of ownership is 75.29% and the effective percentage of ownership is 56.91%, as the Group has an obligation to provide excessive dividend income to Gunsan City when a certain rate of return defined in the shareholders’ agreement is met.

(*29) During the year ended December 31, 2024, the long-term loan to Bigeum Resident Photovoltaic Power Co., Ltd. was converted into equity.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

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

(*30) Although the Group’s effective percentage of ownership is less than 20%, the entity has been classified as an associate as the Group has significant influence on the entity considering the fact that ordinary resolutions passed at the shareholders’ meeting require the majority decision and the Group has the right to elect the entity’s directors.

(*31) Although the Group’s effective percentage of ownership is less than 20%, the Group can exercise significant influence on the entity through its contractual right to appoint one director to the entity’s board of directors.

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

(*33) Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a joint venture considering the minimum number of the entity’s board of directors’ members required to agree for making decision on material financial and operational policies due to the joint shareholders’ agreement.

(*34) Although the Group’s effective percentage of ownership is less than 50%, the entity is reclassified as a joint venture considering the Group can exercise significant influence on the entity due to the Group’s contractual right to appoint a director to the entity’s board of directors and the minimum number of the entity’s board of directors members required to agree for making decision on material financial and operational policies in accordance with the joint shareholders’ agreement .

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

(*36) The effective ownership interest is 1.32%, considering convertible redeemable preferred shares.

(*37) Although the Group’s effective percentage of ownership is less than 50%, the entity is reclassified as a joint venture considering the minimum number of the entity’s board of directors’ members required to agree for making decision on material financial and operational policies as the joint shareholders’ agreement revised in the year ended December 31, 2024.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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 December 31, 2025 and 2024 are as follows:

In millions of won
Investees		As of December 31, 2025				As of December 31, 2024
<Associates>
Korea Electric Power Industrial Development Co., Ltd.		W	98,511				88,489
Korea Gas Corporation			742,770				655,830
SPC Power Corporation			134,901				130,063
PT. Bayan Resources TBK			8,959,467				12,298,501

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won
For the year ended December 31, 2025
Investees		Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (loss)				Other comprehen- sive income (loss)				Others				Ending balance
<Associates>
Korea Gas Corporation		W	2,289,304				—				—				(27,500	)			28,811				(5,964	)			(1,116	)			2,283,535
Korea Electric Power Industrial Development Co., Ltd.			30,177				—				—				(3,470	)			4,779				—				156				31,642
Gangwon Wind Power Co., Ltd.			11,693				—				—				(1,420	)			2,100				—				—				12,373
Hyundai Green Power Co., Ltd.			87,393				—				—				(3,555	)			2,678				—				33				86,549
Korea Power Exchange			273,962				—				—				—				(5,173	)			—				(6,720	)			262,069
Taebaek Guinemi Wind Power Co., Ltd.			13,559				—				—				—				1,318				—				—				14,877
Daeryun Power Co., Ltd.			31,093				—				—				—				3,381				—				1				34,475
KNH Solar Co., Ltd.			2,165				—				—				(108	)			(370	)			—				—				1,687
SPC Power Corporation			107,574				—				—				(16,876	)			20,767				(4,398	)			—				107,067
Gemeng International Energy Co., Ltd.			728,338				—				—				(19,510	)			87,732				15,732				—				812,292
PT. Cirebon Electric Power			157,530				—				—				—				8,270				(3,688	)			—				162,112
KNOC Nigerian East Oil Co., Ltd.			—				—				—				—				—				—				—				—
KNOC Nigerian West Oil Co., Ltd.			—				—				—				—				—				—				—				—
PT Wampu Electric Power			39,268				—				—				(3,928	)			1,699				(523	)			—				36,516
PT. Bayan Resources TBK			717,376				—				—				(109,528	)			142,742				(18,784	)			(92	)			731,714
S-Power Co., Ltd.			180,372				—				—				—				19,962				1				—				200,335
Xe-Pian Xe-Namnoy Power Co., Ltd.			73,065				—				—				—				(4,845	)			(2,608	)			—				65,612
PT. Mutiara Jawa			5,735				—				—				(850	)			(188	)			(298	)			—				4,399
Noeul Green Energy Co., Ltd.			—				—				—				—				—				—				—				—
Goseong Green Power Co., Ltd.			284,542				—				—				—				(8,457	)			—				—				276,085
Gangneung Eco Power Co., Ltd.			241,814				—				—				—				(14,131	)			—				—				227,683
Shin Pyeongtaek Power Co., Ltd.			139,059				—				—				—				9,523				—				4				148,586
Haeng Bok Do Si Photovoltaic Power Co., Ltd.			360				—				—				(104	)			18				—				—				274
Dongducheon Dream Power Co., Ltd.			91,351				—				—				—				10,975				—				(5	)			102,321
Jinbhuvish Power Generation Pvt. Ltd.			—				—				—				—				—				—				—				—
Daejung Offshore Wind Power Co., Ltd.			1,490				—				—				—				(135	)			—				—				1,355
GS Donghae Electric Power Co., Ltd.			279,432				—				—				(12,029	)			19,675				—				(282	)			286,796
Daegu Photovoltaic Co., Ltd.			2,535				—				—				(443	)			325				—				—				2,417
Busan Green Energy Co., Ltd.			2,334				—				—				—				(636	)			—				13				1,711
Hansuwon KNP Co., Ltd.			674				—				—				(13	)			304				—				—				965
Korea Electric Power Corporation Fund			13,353				—				(1,730	)			—				3,459				(190	)			—				14,892
Energy Infra Asset Management Co., Ltd.			1,268				—				—				—				131				—				—				1,399
YaksuESS Co., Ltd.			162				—				—				—				(131	)			—				—				31
Nepal Water & Energy Development Company Private Limited			170,955				—				—				—				25,028				(3,278	)			—				192,705
Gwangyang Green Energy Co., Ltd.			24,217				—				—				—				(436	)			—				—				23,781
PND solar Co., Ltd.			1,735				—				—				—				203				—				—				1,938
Hyundai Eco Energy Co., Ltd.			8,493				—				—				(578	)			1,244				—				—				9,159
YeongGwang Yaksu Wind Electric Co., Ltd.			41				—				—				—				20				—				—				61
Green Energy Electricity Generation Co., Ltd.			—				—				—				—				230				—				—				230
Korea Energy Solutions Co., Ltd.			197				—				—				—				(58	)			—				—				139
ITR Co., Ltd.			—				—				—				—				(41	)			—				41				—
STN Co., Ltd.			407				—				—				—				(53	)			—				—				354
Indeck Niles Development, LLC			370,970				—				—				(37,126	)			60,484				(30,653	)			—				363,675
Indeck Niles Asset Management, LLC			60				—				—				(410	)			406				(1	)			—				55
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1			6,119				—				(61	)			(553	)			554				—				—				6,059
Suwon New Power Co., Ltd.			914				—				—				—				(113	)			—				—				801
Gwangbaek Solar Power Investment Co., Ltd.			5,155				—				—				(307	)			388				—				—				5,236
Go deok Clean Energy Co., Ltd.			5,301				—				—				—				178				—				—				5,479
SureDataLab Co., Ltd.			48				—				—				—				(49	)			—				4				3
SEP Co., Ltd.			—				—				—				—				—				—				—				—
Hankook Electric Power Information Co., Ltd.			212				—				—				—				79				—				—				291
Tronix Co., Ltd.			146				—				—				—				(81	)			—				—				65
O2&B Global Co., Ltd.			—				—				—				—				—				—				—				—
Muan Sunshine Solar Power Plant Co., Ltd.			2,772				—				—				(520	)			526				—				—				2,778
Bigeum Resident Photovoltaic Power Co., Ltd.			7,908				—				—				—				(339	)			—				—				7,569

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2025 are as follows, continued:

In millions of won
For the year ended December 31, 2025
Investees		Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (loss)				Other comprehen- sive income (loss)				Others				Ending balance
<Associates>
Goesan Solar Park Co., Ltd.		W	3,133				—				—				(400	)			193				—				—				2,926
Saemangeum Heemang Photovoltaic Co., Ltd.			16,137				—				—				(1,102	)			1,878				—				—				16,913
Bitgoel Eco Energy Co., Ltd.			13,701				—				—				(835	)			111				—				—				12,977
Jeju Gimnyeong Wind Power Co., Ltd.			250				—				—				—				(250	)			—				—				—
Seoroseoro Sunny Power Plant Co., Ltd.			1,030				—				—				—				105				—				—				1,135
Muan Solar park Co., Ltd.			6,267				—				—				(1,380	)			2,049				—				1,157				8,093
YuDang Solar Co., Ltd.			617				—				—				—				79				—				—				696
Anjwa Smart Farm & Solar City Co., Ltd.			8,298				—				—				—				1,179				—				—				9,477
KPE Green Energy Co., Ltd.			8,230				—				—				—				866				—				—				9,096
G.GURU Co., Ltd.			34				—				—				—				(48	)			—				14				—
UD4M Co., Ltd.			121				—				—				—				(1	)			—				—				120
Dongbu Highway Solar Co., Ltd.			512				—				—				—				11				—				—				523
Seobu Highway Solar Co., Ltd.			579				—				—				—				104				—				—				683
Korea Energy Data Co., Ltd.			23				—				—				—				(23	)			—				—				—
Gangneung Sacheon Fuel Cell Co., Ltd.			9,306				—				—				—				(101	)			—				—				9,205
Taebaek Gadeoksan Wind Power Co., Ltd.			22,909				—				—				(2,891	)			6,438				—				—				26,456
Chuncheon Green Energy Co., Ltd.			17,672				—				—				—				(1,843	)			—				—				15,829
Yeomsubong Wind Power Co., Ltd.			603				—				—				—				(278	)			—				—				325
Yeongyang Wind Power Corporation II			11,301				—				—				—				2,105				—				—				13,406
Haeparang Energy Co., Ltd.			1,950				—				—				—				765				(1	)			—				2,714
Saemangeum Sebit Power Plant Co., Ltd.			37,110				—				—				—				552				—				—				37,662
PlatformN. Co., Ltd.			—				—				—				—				—				—				—				—
PT. Cirebon Energi Prasarana			96,846				—				—				—				3,341				(6,182	)			—				94,005
Green Radiation Co., Ltd.			—				—				—				—				20				—				—				20
Future Convergence Technology Laboratory. Co., Ltd.			22				—				—				—				(2	)			—				—				20
Eco Motion Co., Ltd.			229				—				—				—				105				—				—				334
REC’s Innovation Co., Ltd.			155				—				—				—				42				—				—				197
ACE			5				—				—				—				(1	)			—				—				4
Environment and Energy Co., Ltd.			3				—				—				—				(5	)			3				—				1
Santiago Solar Power SpA			6,961				—				—				—				496				551				—				8,008
Yanggu Floating Photovoltaic Power Plant Inc.			846				—				—				—				5				—				—				851
Power Embedded			68				—				—				—				(11	)			—				—				57
Changwon SG Energy Co., Ltd.			682				—				—				—				(9	)			—				—				673
Donpyung Technology. Co., Ltd.			281				—				—				—				14				—				—				295
HORANG ENERGY Inc.			3,808				—				—				—				401				—				—				4,209
Hoenggye Renewable Energy Co., Ltd			2,375				—				—				—				—				—				—				2,375
Haman Green Energy Co., Ltd.			2,810				—				—				—				2,966				—				—				5,776
Songsan Green Energy Co., Ltd.			7,908				—				—				—				3,542				—				—				11,450
SkyPic Inc.			26				—				—				—				4				—				—				30
HyChangwon Fuel Cell. Co., Ltd.			9,278				—				—				—				(635	)			—				—				8,643
Dreams Co.,Ltd.			11				—				—				—				(8	)			—				—				3
DEEPAI Co.,Ltd.			11				—				—				—				(3	)			—				—				8
Amaala Sustainable Company for Energy LLC			18				—				—				—				—				—				—				18
Remal First Holding Company			—				1				—				—				(1	)			—				—				—
Naseem First Holding Company			—				1				—				—				(1	)			—				—				—
Cheonwang Green Energy Co., Ltd.			—				652				—				—				(158	)			—				—				494
Namjeju Bitdream Energy Co., Ltd.			—				5,325				—				—				(65	)			—				—				5,260
Jeju Bukchon BESS Power Plant Co., Ltd.			—				3,690				—				—				(1,157	)			(53	)			—				2,480
Commerce and Industry Energy Co., Ltd.			—				—				—				—				—				—				498				498
KI Tech Co., Ltd.			—				247				—				—				(76	)			—				—				171
Enlight Energy Advanced Industry Venture Fund			—				3,150				—				—				—				—				—				3,150
Gunsan Green Energy Co., Ltd.			—				2,043				—				—				—				—				—				2,043
			6,704,754				15,109				(1,791	)			(245,436	)			445,448				(60,334	)			(6,294	)			6,851,456

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2025 are as follows, continued:

In millions of won
For the year ended December 31, 2025
Investees		Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (loss)				Other comprehen- sive income (loss)				Others				Ending balance
<Joint ventures>
Shuweihat Asia Power Investment B.V.		W	86,450				—				—				(1,087	)			1,699				(4,832	)			—				82,230
Shuweihat Asia Operation & Maintenance Company			2,138				—				—				(622	)			1,368				(47	)			—				2,837
Waterbury Lake Uranium L.P.			23,756				4,232				—				—				17				571				—				28,576
ASM-BG Investicii AD			16,936				—				—				—				1,954				1,720				(119	)			20,491
RES Technology AD			15,069				—				—				—				118				1,489				(4	)			16,672
KV Holdings, Inc.			6,921				—				—				—				891				(1,438	)			—				6,374
KEPCO SPC Power Corporation			159,139				—				—				(39,832	)			6,106				(5,970	)			—				119,443
Gansu Datang Yumen Wind Power Co., Ltd.			7,919				—				—				—				(31	)			141				—				8,029
Datang Chifeng Renewable Power Co., Ltd.			204,516				—				—				—				3,974				3,640				—				212,130
Datang KEPCO Chaoyang Renewable Power Co., Ltd.			48,325				—				—				—				330				846				—				49,501
Rabigh Electricity Company			269,893				—				—				(1,696	)			28,441				(10,833	)			—				285,805
Rabigh Operation & Maintenance Company Limited			8,311				—				—				(1,835	)			3,080				535				—				10,091
Jamaica Public Service Company Limited			412,616				—				—				(9,700	)			14,193				(5,435	)			603				412,277
KW Nuclear Components Co., Ltd.			18,758				—				—				(833	)			4,440				—				—				22,365
Busan Shinho Solar Power Co., Ltd.			6,993				—				—				(1,250	)			517				—				—				6,260
Global Trade Of Power System Co., Ltd.			696				—				—				—				12				—				—				708
Expressway Solar-light Power Generation Co., Ltd.			5,771				—				—				(650	)			(463	)			—				—				4,658
Amman Asia Electric Power Company			268,864				—				—				—				17,500				(11,613	)			—				274,751
KAPES, Inc.			—				—				—				(1,904	)			1,904				—				—				—
Honam Wind Power Co., Ltd.			4,833				—				—				(435	)			500				—				—				4,898
Korea Power Engineering Service Co., Ltd.			6,054				—				—				(203	)			541				—				12				6,404
Chun-cheon Energy Co., Ltd.			36,599				—				—				—				104				—				—				36,703
Yeonggwangbaeksu Wind Power Co., Ltd.			3,729				—				—				—				106				—				—				3,835
Nghi Son 2 Power LLC			563,079				—				—				—				44,061				(40,440	)			—				566,700
Kelar S.A.			152,367				—				—				—				7,027				(6,100	)			—				153,294
PT. Tanjung Power Indonesia			100,580				—				—				(4,785	)			7,202				(4,229	)			(547	)			98,221
Incheon New Power Co., Ltd.			302				—				—				—				153				—				—				455
Seokmun Energy Co., Ltd.			15,456				—				—				—				(891	)			—				—				14,565
Daehan Wind Power PSC			21,327				—				—				—				3,521				247				—				25,095
Barakah One Company			—				1,794,047				—				—				(92,162	)			(29,378	)			—				1,672,507
Nawah Energy Company			392				—				—				—				8				(8	)			—				392
MOMENTUM			195				—				—				(203	)			98				16				—				106
Daegu Green Power Co., Ltd.			30,513				—				—				—				583				—				23				31,119
Yeonggwang Wind Power Co., Ltd.			26,146				—				—				—				3,112				—				—				29,258
Chester Solar IV SpA			1,452				—				—				—				3,681				216				—				5,349
Chester Solar V SpA			262				—				—				—				477				17				—				756
Diego de Almagro Solar SpA			1,700				—				—				—				2,980				240				—				4,920
South Jamaica Power Company Limited			48,760				—				—				(3,618	)			4,568				(1,035	)			—				48,675
Daesan Green Energy Co., Ltd.			25,331				—				—				—				(3,575	)			—				(1	)			21,755
RE Holiday Holdings LLC			89,780				—				—				—				(6,460	)			(2,689	)			—				80,631
RE Pioneer Holdings LLC			55,622				—				—				—				(5,430	)			(1,361	)			—				48,831
RE Barren Ridge 1 Holdings LLC			59,806				—				—				(1,663	)			(1,781	)			(1,537	)			—				54,825
RE Astoria 2 LandCo LLC			8,119				—				—				(414	)			626				(194	)			—				8,137
RE Barren Ridge LandCo LLC			2,857				—				—				(164	)			245				(68	)			—				2,870
Laurel SpA			1,432				—				—				—				1,562				98				—				3,092
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd			1,149				—				—				—				1				(244	)			—				906
Cheong-Song Noraesan Wind Power Co., Ltd.			4,317				—				—				(692	)			495				—				—				4,120
Chester Solar I SpA			1,649				—				—				—				1,581				187				—				3,417
Solar Philippines Calatagan Corporation			63,695				—				—				(6,480	)			6,258				(2,360	)			—				61,113
Saemangeum Solar Power Co., Ltd.			23,277				—				—				—				(154	)			—				—				23,123
Chungsongmeon BongSan wind power Co., Ltd.			2,590				—				—				—				(286	)			—				—				2,304
Jaeun Resident Wind Power Plant Co., Ltd.			2,045				—				—				—				(2,045	)			—				—				—
DE Energia SpA			11,062				—				(9,409	)			(1,653	)			—				—				—				—

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2025 are as follows, continued:

In millions of won
For the year ended December 31, 2025
Investees		Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (loss)				Other comprehen- sive income (loss)				Others				Ending balance
<Joint ventures>
Dangjin Eco Power Co., Ltd.		W	26,867				—				—				—				263				18				2				27,150
Haemodum Solar Co., Ltd.			3,230				—				—				(235	)			156				—				—				3,151
Yangyang Wind Power Co., Ltd.			11,640				—				—				—				3,491				—				—				15,131
HORUS SOLAR, S.A. DE C.V.			1,488				—				—				—				1,313				(156	)			—				2,645
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.			4,452				—				—				—				461				(311	)			—				4,602
SUNMEX RENOVABLES, S.A. DE C.V.			1,687				—				—				—				1,409				309				—				3,405
Stavro Holding II A.B.			16,459				—				—				—				(1,227	)			1,144				1,686				18,062
Solaseado Solar Power Co., Ltd.			22,793				—				—				—				3,760				—				—				26,553
Yeongam Solar Power Co., Ltd.			11,828				—				—				—				387				—				—				12,215
Samsu Wind Power Co., Ltd.			2,851				—				—				(121	)			580				—				—				3,310
Pulau Indah Power Plant Sdn. Bhd.			50,721				5,493				—				—				2,464				(1,681	)			—				56,997
NH-Amundi Global Infrastructure Investment Private Investment Trust 21			15,433				1,779				—				—				(6,211	)			—				—				11,001
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream			15,496				—				(523	)			(905	)			955				—				—				15,023
PT Barito Wahana Tenaga			207,565				—				—				—				37,915				(19,652	)			—				225,828
Cheongna Energy Co., Ltd.			46,158				—				—				—				21,688				—				—				67,846
Naepo Green Energy Co., Ltd.			48,031				—				—				(13,432	)			24,643				—				—				59,242
Boim Combined Heat and Power Generation Co., Ltd.			—				—				—				—				—				—				—				—
OneEnergy Asia Limited			465,349				38,861				—				—				26,030				(35,837	)			—				494,403
KAS INVESTMENT I LLC			6,078				—				—				—				(6,522	)			457				—				13
KAS INVESTMENT II LLC			6,040				—				—				—				(6,481	)			454				—				13
Energyco Co., Ltd.			2,322				—				—				—				307				—				—				2,629
CAES, LLC			20,659				—				—				(742	)			(1,235	)			(141	)			(443	)			18,098
Hapcheon Floating Photovoltaic Power Plant Inc.			11,334				—				—				—				1,457				—				1				12,792
Busan Industrial Solar Power Co., Ltd.			1,160				—				—				—				191				—				—				1,351
Bitsolar Energy Co., Ltd.			—				—				—				—				—				—				—				—
Pulau Indah O&M Sdn. Bhd.			—				—				—				—				59				3				—				62
Guadalupe Solar SpA			781				—				—				—				1,355				141				—				2,277
Omisan Wind Power Co., Ltd.			10,859				—				—				—				1,345				—				—				12,204
Foresight Iberian Solar Group Holding, S.L.			—				—				—				—				(8,169	)			(833	)			9,002				—
Yeongwol Eco Wind Co., Ltd.			890				—				—				—				(259	)			—				—				631
Gurae Resident Power Co., Ltd.			333				—				—				—				75				—				—				408
Cheongju Eco Park Co., Ltd.			10,636				—				—				—				381				—				—				11,017
Enel X Midland Photovoltaic, LLC			2,715				—				—				—				107				—				—				2,822
Geumsungsan Wind Power Co., Ltd.			7,840				—				—				—				(302	)			—				—				7,538
KEPCO KPS CARABAO Corp.			—				—				—				—				—				—				—				—
Prime Swedish Holding AB			37,559				—				—				(203	)			(2,301	)			3,609				—				38,664
Goheung New Energy Co., Ltd.			15,768				—				—				—				2,470				—				—				18,238
Gunsan Land Solar Co., Ltd.			23,163				—				—				(3,011	)			3,670				—				—				23,822
CapMan Lynx SCA, SICAR			—				—				—				—				—				—				—				—
International Offshore Power Transmission Holding Company Limited			11,038				—				—				—				(133	)			(10,905	)			—				—
Pyeongchang Wind Power Co., Ltd.			12,147				—				—				—				700				—				4				12,851
Eumseong Eco Park Co., Ltd.			11,613				—				—				—				12				—				—				11,625
Changwon Nu-ri Energy Co., Ltd.			7,658				—				—				—				1,825				—				3				9,486
PungBack Wind Farm Corporation			7,760				—				—				—				(1,393	)			—				—				6,367
Trumbull Asset Management, LLC			1,297				—				—				—				(37	)			(32	)			—				1,228
S-Power Chile SpA			159				—				—				—				361				18				—				538
Seungmun Green Energy			12,745				—				—				—				(288	)			—				—				12,457
Seobusambo highway photovoltaics Co., Ltd.			3,309				—				—				—				215				—				—				3,524

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2025 are as follows, continued:

In millions of won
For the year ended December 31, 2025
Investees		Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (loss)				Other comprehen- sive income (loss)				Others				Ending balance
<Joint ventures>
Yangyang Suri Wind Power Co., Ltd.		W	8,643				—				—				—				925				—				—				9,568
Kepco for Power Company			17,906				—				—				—				292				(5,215	)			—				12,983
Taebaek Wind Power Co., Ltd.			14,759				—				—				(2,399	)			277				—				—				12,637
Jeonju Bio Green Energy Co., Ltd.			2,566				—				(1,776	)			—				(790	)			—				—				—
Kumyang Eco Park Co., Ltd.			3,841				—				—				—				3,033				—				—				6,874
Jeongeup Green Power Co., Ltd.			8,846				—				—				—				(2,122	)			—				—				6,724
Hadong E-factory Co., Ltd.			344				—				—				—				(4	)			—				—				340
Namyangju Combined Heat and Power Co., Ltd.			51,768				95,336				—				—				36				6				—				147,146
Wadi Noor Solar Power Company SAOC			1,392				—				—				—				726				(2,118	)			—				—
Samcheok Eco Materials Co., Ltd.			—				—				—				—				—				—				—				—
Fairhaven Energy Storage LLC			—				—				—				—				—				—				—				—
Rutile BESS Holdings, LLC			1				21,466				—				—				(2,274	)			(94	)			—				19,099
Trumbull Development Partners, LLC			355,379				110,631				—				—				(11,696	)			(15,046	)			—				439,268
Imha Floating Photovoltaic Power Plant Inc.			6,351				—				—				—				(724	)			—				—				5,627
EDFR KOWEPO AJBAN PV HOLDING LIMITED			85				—				—				—				(49	)			818				—				854
Roof One Energy Co., Ltd.			2,000				—				—				—				(67	)			—				—				1,933
Taean Haetdeulwon Solar Power Co., Ltd.			—				7,992				—				—				663				(18	)			—				8,637
Haetbyeotgil Solar Power Co., Ltd.			—				704				—				—				28				—				—				732
Seongseo Neulpureun Energy Co., Ltd.			—				797				—				—				(116	)			—				—				681
Luluah SKY Energy Holding Ltd.			—				103				—				—				(44	)			4				—				63
KES Yona Holdings LLC			—				—				—				—				—				—				—				—
Siraj AlTaqa AlNazifa			—				—				—				—				—				—				—				—
Nour Ibri Solar Power Company			—				364				—				—				—				9				—				373
Lucy Equity Holdings, LLC			—				9,612				—				—				(1,110	)			(8,532	)			30				—
			4,581,340				2,091,417				(11,708	)			(100,767	)			155,227				(213,429	)			10,252				6,512,332
		W	11,286,094				2,106,526				(13,499	)			(346,203	)			600,675				(273,763	)			3,958				13,363,788

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2025 are as follows, continued:

In millions of won
For the year ended December 31, 2024
Investees		Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (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	)			—				—				—				—				—
Gangwon Wind Power Co., Ltd.			12,001				—				—				(1,420	)			1,112				—				—				11,693
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
Taebaek Guinemi Wind Power Co., Ltd.			13,530				—				—				—				29				—				—				13,559
Daeryun Power Co., Ltd.			26,834				—				—				—				4,301				—				(42	)			31,093
KNH Solar Co., Ltd.			3,194				—				—				(1,620	)			591				—				—				2,165
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
KNOC Nigerian East Oil Co., Ltd.			—				—				—				—				(12,334	)			1,621				10,713				—
KNOC Nigerian West Oil Co., Ltd.			—				—				—				—				1,519				1,475				(2,994	)			—
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
Pioneer Gas Power Limited			—
Xe-Pian Xe-Namnoy Power Co., Ltd.			116,378				—				—				—				(20,217	)			11,861				(34,957	)			73,065
PT. Mutiara Jawa			5,168				—				—				—				103				464				—				5,735
Samcheok Eco Materials Co., Ltd.			—				—				—				—				—				—				—				—
Noeul Green Energy Co., Ltd.			—				—				—				—				—				—				—				—
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
Haeng Bok Do Si Photovoltaic Power Co., Ltd.			294				—				—				—				66				—				—				360
Dongducheon Dream Power Co., Ltd.			87,203				—				—				—				4,141				—				7				91,351
Jinbhuvish Power Generation Pvt. Ltd.			—				—				—				—				—				—				—				—
Daejung Offshore Wind Power Co., Ltd.			1,483				—				—				—				7				—				—				1,490
GS Donghae Electric Power Co., Ltd.			259,085				—				—				—				20,323				—				24				279,432
Daegu Photovoltaic Co., Ltd.			2,804				—				—				(344	)			75				—				—				2,535
Busan Green Energy Co., Ltd.			3,259				—				—				—				(910	)			—				(15	)			2,334
Hansuwon KNP Co., Ltd.			467				—				—				—				207				—				—				674
Korea Electric Power Corporation Fund			23,421				—				(9,637	)			—				479				(910	)			—				13,353
Energy Infra Asset Management Co., Ltd.			1,213				—				—				(89	)			144				—				—				1,268
Daegu clean Energy Co., Ltd.			—				—				—				—				—				—				—				—
YaksuESS Co., Ltd.			285				—				—				—				(123	)			—				—				162
Nepal Water & Energy Development Company Private Limited			110,573				—				—				—				7,392				52,990				—				170,955
Gwangyang Green Energy Co., Ltd.			24,638				—				—				—				(421	)			—				—				24,217
PND solar Co., Ltd.			1,510				—				—				—				225				—				—				1,735
Hyundai Eco Energy Co., Ltd.			7,947				—				—				(477	)			1,024				—				(1	)			8,493
YeongGwang Yaksu Wind Electric Co., Ltd.			133				—				—				—				(92	)			—				—				41
Green Energy Electricity Generation Co., Ltd.			8				—				—				—				(8	)			—				—				—
Korea Energy Solutions Co., Ltd.			170				—				—				—				27				—				—				197
ITR Co., Ltd.			—				—				—				—				(12	)			—				12				—
STN Co., Ltd.			391				—				—				—				16				—				—				407
Indeck Niles Development, LLC			335,401				—				(14,551	)			(10,591	)			12,909				47,802				—				370,970
Indeck Niles Asset Management, LLC			93				—				—				(416	)			373				10				—				60
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1			6,496				—				(374	)			(360	)			358				(1	)			—				6,119
Suwon New Power Co., Ltd.			1,022				—				—				—				(108	)			—				—				914
Gwangbaek Solar Power Investment Co., Ltd.			5,155				—				—				(523	)			523				—				—				5,155
Go deok Clean Energy Co., Ltd.			4,723				—				—				—				578				—				—				5,301
SureDataLab Co., Ltd.			114				—				—				—				(66	)			—				—				48

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2025 are as follows, continued:

In millions of won
For the year ended December 31, 2024
Investees		Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (loss)				Other comprehen- sive income (loss)				Others				Ending balance
<Associates>
SEP Co., Ltd.		W	—				—				—				—				—				—				—				—
Hankook Electric Power Information Co., Ltd.			214				—				—				—				(2	)			—				—				212
Tronix Co., Ltd.			220				—				—				—				(74	)			—				—				146
O2&B Global Co., Ltd.			21				—				—				—				(21	)			—				—				—
Muan Sunshine Solar Power Plant Co., Ltd.			2,822				—				—				(560	)			510				—				—				2,772
Bigeum Resident Photovoltaic Power Co., Ltd.			—				9,525				—				—				(1,560	)			(57	)			—				7,908
Goesan Solar Park Co., Ltd.			2,877				—				—				—				256				—				—				3,133
Saemangeum Heemang Photovoltaic Co., Ltd.			14,420				—				—				—				1,717				—				—				16,137
Bitgoel Eco Energy Co., Ltd.			12,394				—				—				(1,905	)			3,212				13				(13	)			13,701
Jeju Gimnyeong Wind Power Co., Ltd.			246				—				—				—				4				—				—				250
Seoroseoro Sunny Power Plant Co., Ltd.			941				—				—				—				89				—				—				1,030
Muan Solar park Co., Ltd.			6,830				—				—				(1,400	)			837				—				—				6,267
YuDang Solar Co., Ltd.			570				—				—				(60	)			110				—				(3	)			617
Anjwa Smart Farm & Solar City Co., Ltd.			7,665				—				—				—				633				—				—				8,298
KPE Green Energy Co., Ltd.			7,779				—				—				—				451				—				—				8,230
G.GURU Co., Ltd.			167				—				—				—				(133	)			—				—				34
UD4M Co., Ltd.			150				—				—				—				(29	)			—				—				121
Dongbu Highway Solar Co., Ltd.			380				—				—				—				132				—				—				512
Seobu Highway Solar Co., Ltd.			406				—				—				—				173				—				—				579
Korea Energy Data Co., Ltd.			36				—				—				—				(13	)			—				—				23
Gangneung Sacheon Fuel Cell Co., Ltd.			7,870				—				—				—				1,436				—				—				9,306
KOSTURE Co., Ltd.			8				—				(7	)			—				(1	)			—				—				—
Taebaek Gadeoksan Wind Power Co., Ltd.			19,426				—				—				(1,767	)			5,250				—				—				22,909
Chuncheon Green Energy Co., Ltd.			8,900				—				—				—				8,772				—				—				17,672
Yeomsubong Wind Power Co., Ltd.			871				—				—				—				(268	)			—				—				603
Yeongyang Wind Power Corporation II			10,100				—				—				—				1,201				—				—				11,301
Haeparang Energy Co., Ltd.			2,104				—				—				—				(154	)			—				—				1,950
Saemangeum Sebit Power Plant Co., Ltd.			37,191				—				—				—				(81	)			—				—				37,110
Boulder Solar III, LLC			754				—				(754	)			—				—				—				—				—
PlatformN. Co., Ltd.			—				—				—				—				—				—				—				—
PT. Cirebon Energi Prasarana			76,597				—				—				—				6,051				2,782				11,416				96,846
Green Radiation Co., Ltd.			26				—				—				—				(26	)			—				—				—
Future Convergence Technology Laboratory. Co., Ltd.			36				—				—				—				(14	)			—				—				22
Eco Motion Co., Ltd.			267				—				—				—				(38	)			—				—				229
REC’s Innovation Co., Ltd.			120				—				—				—				59				—				(24	)			155
ACE			2				—				—				—				3				—				—				5
Environment and Energy Co., Ltd.			9				—				—				—				(4	)			(2	)			—				3
Santiago Solar Power SpA			11,769				—				—				—				(4,877	)			69				—				6,961
Yanggu Floating Photovoltaic Power Plant Inc.			760				—				—				—				86				—				—				846
Power Embedded			70				—				—				—				(2	)			—				—				68
Changwon SG Energy Co., Ltd.			783				—				—				—				(101	)			—				—				682
Donpyung Technology. Co., Ltd.			254				—				—				—				27				—				—				281
HORANG ENERGY Inc.			4,149				—				—				—				(341	)			—				—				3,808
Hoenggye Renewable Energy Co., Ltd			2,375				—				—				—				—				—				—				2,375
Haman Green Energy Co., Ltd.			2,981				—				—				—				(145	)			(26	)			—				2,810
Songsan Green Energy Co., Ltd.			8,323				—				—				—				(415	)			—				—				7,908
SkyPic Inc.			—				26				—				—				—				—				—				26
HyChangwon Fuel Cell. Co., Ltd.			—				9,396				—				—				(118	)			—				—				9,278
Dreams Co.,Ltd.			—				11				—				—				—				—				—				11
DEEPAI Co.,Ltd.			—				11				—				—				—				—				—				11
Amaala Sustainable Company for Energy LLC			—				18				—				—				—				—				—				18
			6,176,889				18,987				(77,626	)			(266,868	)			502,636				341,774				8,962				6,704,754

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2025 are as follows, continued:

In millions of won
For the year ended December 31, 2024
Investees		Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (loss)				Other comprehen- sive income (loss)				Others				Ending balance
<Joint ventures>
Shuweihat Asia Power Investment B.V.		W	69,902				—				—				—				1,709				14,839				—				86,450
Shuweihat Asia Operation & Maintenance Company			1,818				—				—				(1,200	)			1,262				258				—				2,138
Waterbury Lake Uranium L.P.			22,612				—				—				—				74				1,070				—				23,756
ASM-BG Investicii AD			14,739				—				—				—				1,413				784				—				16,936
RES Technology AD			14,383				—				—				—				(145	)			831				—				15,069
KV Holdings, Inc.			5,186				—				—				(989	)			720				574				1,430				6,921
KEPCO SPC Power Corporation			196,544				—				—				(28,591	)			16,714				(25,528	)			—				159,139
Gansu Datang Yumen Wind Power Co., Ltd.			6,315				—				—				—				812				792				—				7,919
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
Rabigh Operation & Maintenance Company Limited			4,964				—				—				—				2,461				886				—				8,311
Jamaica Public Service Company Limited			349,866				—				—				(15,215	)			28,849				49,463				(347	)			412,616
KW Nuclear Components Co., Ltd.			18,680				—				—				(833	)			911				—				—				18,758
Busan Shinho Solar Power Co., Ltd.			6,669				—				—				(667	)			991				—				—				6,993
Global Trade Of Power System Co., Ltd.			615				—				—				—				81				—				—				696
Expressway Solar-light Power Generation Co., Ltd.			5,187				—				—				—				584				—				—				5,771
Amman Asia Electric Power Company			223,424				—				—				(8,171	)			20,485				33,126				—				268,864
KAPES, Inc.			—				—				—				(1,095	)			1,095				—				—				—
Honam Wind Power Co., Ltd.			4,743				—				—				(435	)			525				—				—				4,833
Korea Power Engineering Service Co., Ltd.			5,708				—				—				—				419				—				(73	)			6,054
Chun-cheon Energy Co., Ltd.			35,083				—				—				—				1,516				—				—				36,599
Yeonggwangbaeksu Wind Power Co., Ltd.			3,443				—				—				—				286				—				—				3,729
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
Incheon New Power Co., Ltd.			298				—				—				—				4				—				—				302
Seokmun Energy Co., Ltd.			16,591				—				—				—				(1,135	)			—				—				15,456
Daehan Wind Power PSC			16,426				—				—				—				1,779				3,122				—				21,327
Barakah One Company			—				—				—				—				—				—				—				—
Nawah Energy Company			330				—				—				—				14				48				—				392
MOMENTUM			209				—				—				(225	)			196				15				—				195
Daegu Green Power Co., Ltd.			26,430				—				—				—				4,103				—				(20	)			30,513
Yeonggwang Wind Power Co., Ltd.			23,380				—				—				—				2,766				—				—				26,146
Chester Solar IV SpA			484				1,076				—				—				(216	)			108				—				1,452
Chester Solar V SpA			191				108				—				—				(66	)			29				—				262
Diego de Almagro Solar SpA			954				810				—				—				(160	)			96				—				1,700
South Jamaica Power Company Limited			43,109				—				—				(2,895	)			2,704				5,842				—				48,760
Daesan Green Energy Co., Ltd.			22,191				—				—				—				3,144				—				(4	)			25,331
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
RE Astoria 2 LandCo LLC			6,937				—				—				(404	)			594				992				—				8,119
RE Barren Ridge LandCo LLC			2,441				—				—				(170	)			237				349				—				2,857
Laurel SpA			613				934				—				—				(228	)			113				—				1,432
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd			3,719				—				—				—				9				435				(3,014	)			1,149
Cheong-Song Noraesan Wind Power Co., Ltd.			3,756				—				—				—				560				—				1				4,317
Chester Solar I SpA			1,238				134				—				—				184				93				—				1,649
Solar Philippines Calatagan Corporation			58,130				—				—				(6,107	)			6,523				5,149				—				63,695
Saemangeum Solar Power Co., Ltd.			23,419				—				—				—				(142	)			—				—				23,277
Chungsongmeon BongSan wind power Co., Ltd.			2,665				—				—				—				(75	)			—				—				2,590
Jaeun Resident Wind Power Plant Co., Ltd.			2,214				—				—				—				(169	)			—				—				2,045
DE Energia SpA			9,703				—				—				—				—				1,359				—				11,062

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2025 are as follows, continued:

In millions of won
For the year ended December 31, 2024
Investees		Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (loss)				Other comprehen- sive income (loss)				Others				Ending balance
<Joint ventures>
Dangjin Eco Power Co., Ltd.		W	26,753				—				—				—				253				(139	)			—				26,867
Haemodum Solar Co., Ltd.			3,122				—				—				—				108				—				—				3,230
Yangyang Wind Power Co., Ltd.			10,435				—				—				—				1,209				—				(4	)			11,640
HORUS SOLAR, S.A. DE C.V.			11,181				—				—				—				(9,636	)			(57	)			—				1,488
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.			10,935				—				—				—				(6,540	)			57				—				4,452
SUNMEX RENOVABLES, S.A. DE C.V.			3,541				—				—				—				(1,724	)			(130	)			—				1,687
Stavro Holding II A.B.			18,263				—				—				—				(2,326	)			(676	)			1,198				16,459
Solaseado Solar Power Co., Ltd.			17,953				—				—				—				4,840				—				—				22,793
Yeongam Solar Power Co., Ltd.			9,637				—				—				—				2,191				—				—				11,828
Samsu Wind Power Co., Ltd.			3,022				—				—				(301	)			130				—				—				2,851
Pulau Indah Power Plant Sdn. Bhd.			25,603				14,713				—				—				(816	)			11,221				—				50,721
NH-Amundi Global Infrastructure Investment Private Investment Trust 21			21,897				959				—				—				(6,896	)			—				(527	)			15,433
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream			15,487				—				(68	)			(87	)			164				—				—				15,496
PT Barito Wahana Tenaga			156,994				—				—				—				24,435				26,136				—				207,565
Cheongna Energy Co., Ltd.			25,549				—				—				—				20,609				—				—				46,158
Naepo Green Energy Co., Ltd.			5,285				—				—				—				32,284				—				10,462				48,031
Boim Combined Heat and Power Generation Co., Ltd.			—				—				—				—				—				—				—				—
OneEnergy Asia Limited			289,966				62,880				—				—				47,346				65,157				—				465,349
KAS INVESTMENT I LLC			15,784				—				—				—				(12,916	)			3,210				—				6,078
KAS INVESTMENT II LLC			15,709				—				—				—				(12,867	)			3,198				—				6,040
Energyco Co., Ltd.			2,140				—				—				—				182				—				—				2,322
CAES, LLC			20,380				—				—				(663	)			340				(1,687	)			2,289				20,659
Hapcheon Floating Photovoltaic Power Plant Inc.			10,348				—				—				(661	)			1,647				—				—				11,334
Busan Industrial Solar Power Co., Ltd.			1,058				—				—				—				102				—				—				1,160
Bitsolar Energy Co., Ltd.			352				—				—				—				—				—				(352	)			—
Pulau Indah O&M Sdn. Bhd.			—				—				—				—				—				—				—				—
Guadalupe Solar SpA			1,200				—				—				—				(431	)			12				—				781
Omisan Wind Power Co., Ltd.			10,229				—				—				—				630				—				—				10,859
Foresight Iberian Solar Group Holding, S.L.			8,119				—				—				—				(5,852	)			(2,626	)			359				—
Yeongwol Eco Wind Co., Ltd.			4,024				—				—				—				(3,134	)			—				—				890
Gurae Resident Power Co., Ltd.			569				—				—				—				(236	)			—				—				333
Cheongju Eco Park Co., Ltd.			9,072				—				—				—				1,564				—				—				10,636
Enel X Midland Photovoltaic, LLC			2,542				—				—				—				173				—				—				2,715
Geumsungsan Wind Power Co., Ltd.			5,515				—				—				—				2,325				—				—				7,840
KEPCO KPS CARABAO Corp.			—				—				—				—				—				—				—				—
Prime Swedish Holding AB			38,789				—				—				—				(3,782	)			—				2,552				37,559
Goheung New Energy Co., Ltd.			15,736				—				—				—				32				—				—				15,768
Gunsan Land Solar Co., Ltd.			22,429				—				—				—				734				—				—				23,163
CapMan Lynx SCA, SICAR			—				—				—				—				—				—				—				—
International Offshore Power Transmission Holding Company Limited			1,423				—				—				—				(65	)			9,680				—				11,038
Pyeongchang Wind Power Co., Ltd.			12,228				—				—				—				(81	)			—				—				12,147
Eumseong Eco Park Co., Ltd.			8,386				—				—				—				3,227				—				—				11,613
Changwon Nu-ri Energy Co., Ltd.			8,027				—				—				—				(369	)			—				—				7,658
PungBack Wind Farm Corporation			7,940				—				—				—				(180	)			—				—				7,760
Trumbull Asset Management, LLC			936				—				—				—				212				149				—				1,297
S-Power Chile SpA			64				—				—				—				74				21				—				159
Seungmun Green Energy			9,757				—				—				—				2,988				—				—				12,745
Seobusambo highway photovoltaics Co., Ltd.			3,580				—				—				—				(271	)			—				—				3,309

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2025 are as follows, continued:

In millions of won
For the year ended December 31, 2024
Investees		Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (loss)				Other comprehen- sive income (loss)				Others				Ending balance
<Joint ventures>
Yangyang Suri Wind Power Co., Ltd.		W	9,608				—				—				—				(912	)			(53	)			—				8,643
Kepco for Power Company			435				—				—				—				(570	)			18,041				—				17,906
Taebaek Wind Power Co., Ltd.			13,932				—				—				—				827				—				—				14,759
Jeonju Bio Green Energy Co., Ltd.			3,195				—				—				—				(629	)			—				—				2,566
Kumyang Eco Park Co., Ltd.			3,663				—				—				—				178				—				—				3,841
Jeongeup Green Power Co., Ltd.			1,560				8,040				—				—				(1,473	)			—				719				8,846
Hadong E-factory Co., Ltd.			349				—				—				—				(5	)			—				—				344
Namyangju Combined Heat and Power Co., Ltd.			3,850				50,127				—				—				(1,519	)			(690	)			—				51,768
Wadi Noor Solar Power Company SAOC			846				—				—				—				(5,170	)			5,716				—				1,392
Samcheok Eco Materials Co., Ltd.			—				—				—				—				—				—				—				—
Fairhaven Energy Storage LLC			—				1,505				—				—				(854	)			29				(680	)			—
Rutile BESS Holdings, LLC			—				106				—				—				(106	)			1				—				1
Trumbull Development Partners, LLC			—				304,836				—				—				7,976				42,567				—				355,379
Imha Floating Photovoltaic Power Plant Inc.			—				7,174				—				—				(823	)			—				—				6,351
EDFR KOWEPO AJBAN PV HOLDING LIMITED			—				1				—				—				(72	)			156				—				85
Roof One Energy Co., Ltd.			—				2,000				—				—				—				—				—				2,000
			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 consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(4) The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2025 is as follows:

In millions of won
As of and for the year ended December 31, 2025
Investees		Total assets				Total liabilities				Sales				Profit (loss) for the year
<Associates>
Korea Gas Corporation		W	53,627,847				42,828,922				35,727,336				132,251
Korea Electric Power Industrial Development Co., Ltd.			204,592				95,482				392,361				7,224
Gangwon Wind Power Co., Ltd.			283,460				201,297				27,005				13,997
Hyundai Green Power Co., Ltd.			656,989				256,336				111,887				9,787
Korea Power Exchange			350,477				88,408				126,117				2,817
Taebaek Guinemi Wind Power Co., Ltd.			35,835				17,788				7,003				1,995
Daeryun Power Co., Ltd.			1,102,566				587,322				393,540				48,372
KNH Solar Co., Ltd.			6,333				84				1,123				(977	)
SPC Power Corporation			313,540				31,783				73,796				55,063
Gemeng International Energy Co., Ltd.			8,504,351				5,688,462				3,149,333				222,146
PT. Cirebon Electric Power			724,772				135,272				304,258				30,071
KNOC Nigerian East Oil Co., Ltd.			30,204				124,852				—				(36	)
KNOC Nigerian West Oil Co., Ltd.			32,566				119,596				—				(36	)
PT Wampu Electric Power			190,896				111,514				19,113				3,694
PT. Bayan Resources TBK			4,842,617				1,149,228				4,874,768				1,118,309
S-Power Co., Ltd.			664,275				253,454				660,755				40,452
Xe-Pian Xe-Namnoy Power Co., Ltd.			1,533,443				1,127,607				213,673				(23,055	)
PT. Mutiara Jawa			19,680				4,511				12,404				488
Noeul Green Energy Co., Ltd.			100,122				108,399				45,739				4,940
Goseong Green Power Co., Ltd.			4,953,795				3,966,676				1,307,686				(17,519	)
Gangneung Eco Power Co., Ltd.			5,413,851				4,752,300				932,084				(27,205	)
Shin Pyeongtaek Power Co., Ltd.			1,021,409				625,341				697,349				22,149
Haeng Bok Do Si Photovoltaic Power Co., Ltd.			1,155				182				433				81
Dongducheon Dream Power Co., Ltd.			1,266,052				928,870				1,123,208				31,456
Jinbhuvish Power Generation Pvt. Ltd.			63,124				13,036				—				—
Daejung Offshore Wind Power Co., Ltd.			5,254				2,345				—				(253	)
GS Donghae Electric Power Co., Ltd.			1,794,220				950,702				544,701				57,866
Daegu Photovoltaic Co., Ltd.			11,373				3,037				2,990				714
Busan Green Energy Co., Ltd.			137,848				131,949				58,189				(2,194	)
Hansuwon KNP Co., Ltd.			5,591				1,706				10,944				1,051
Korea Electric Power Corporation Fund			15,199				21				3,155				3,522
Energy Infra Asset Management Co., Ltd.			15,316				1,181				5,081				1,328
YaksuESS Co., Ltd.			4,297				4,194				716				(454	)
Nepal Water & Energy Development Company Private Limited			868,222				578,041				146,768				25,127
Gwangyang Green Energy Co., Ltd.			628,711				509,896				—				(2,182	)
PND solar Co., Ltd.			30,067				23,914				5,511				753
Hyundai Eco Energy Co., Ltd.			145,984				98,906				24,404				6,734
YeongGwang Yaksu Wind Electric Co., Ltd.			34,792				34,993				5,925				205
Green Energy Electricity Generation Co., Ltd.			67,107				68,999				5,270				2,158
Korea Energy Solutions Co., Ltd.			1,018				321				443				(239	)
ITR Co., Ltd.			824				840				330				(622	)
STN Co., Ltd.			1,620				116				796				(200	)
Indeck Niles Development, LLC			1,208,801				685,577				456,748				123,823
Indeck Niles Asset Management, LLC			198				34				1,237				1,220
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1			12,695				330				1,162				1,130
Suwon New Power Co., Ltd.			14,354				11,698				4,868				206
Gwangbaek Solar Power Investment Co., Ltd.			240,317				229,134				8,849				883
Go deok Clean Energy Co., Ltd.			135,051				121,354				46,357				836
SureDataLab Co., Ltd.			1,016				161				2,225				319
SEP Co., Ltd.			45				118				—				(1	)
Hankook Electric Power Information Co., Ltd.			2,957				1,157				2,701				388
Tronix Co., Ltd.			3,875				3,351				3,044				(95	)
O2&B Global Co., Ltd.			550				650				22				(84	)
Muan Sunshine Solar Power Plant Co., Ltd.			119,120				107,703				15,446				2,628
Bigeum Resident Photovoltaic Power Co., Ltd.			414,475				386,764				40,124				(3,556	)
Goesan Solar Park Co., Ltd.			46,279				36,188				6,120				667

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(4) The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2025 is as follows, continued:

In millions of won
As of and for the year ended December 31, 2025
Investees		Total assets				Total liabilities				Sales				Profit (loss) for the year
<Associates>
Saemangeum Heemang Photovoltaic Co., Ltd.		W	143,972				97,762				22,920				5,389
Bitgoel Eco Energy Co., Ltd.			70,965				44,509				24,840				1,403
Jeju Gimnyeong Wind Power Co., Ltd.			49,262				49,515				11,339				(1,085	)
Seoroseoro Sunny Power Plant Co., Ltd.			6,578				3,959				1,039				248
Muan Solar park Co., Ltd.			182,811				143,971				31,033				8,707
YuDang Solar Co., Ltd.			18,046				14,567				3,501				635
Anjwa Smart Farm & Solar City Co., Ltd.			226,781				183,481				37,958				6,197
KPE Green Energy Co., Ltd.			132,729				97,030				35,620				3,392
G.GURU Co., Ltd.			32				43				159				(252	)
UD4M Co., Ltd.			1,352				511				1,416				(283	)
Dongbu Highway Solar Co., Ltd.			18,237				15,877				2,700				55
Seobu Highway Solar Co., Ltd.			15,871				12,456				2,837				519
Korea Energy Data Co., Ltd.			104				131				33				(119	)
Gangneung Sacheon Fuel Cell Co., Ltd.			141,398				119,159				40,919				110
Taebaek Gadeoksan Wind Power Co., Ltd.			187,427				109,615				35,363				22,390
Chuncheon Green Energy Co., Ltd.			214,160				179,102				59,398				(1,376	)
Yeomsubong Wind Power Co., Ltd.			50,729				50,458				6,151				(961	)
Yeongyang Wind Power Corporation II			138,971				101,318				20,537				7,014
Haeparang Energy Co., Ltd.			66,397				55,619				7,339				3,063
Saemangeum Sebit Power Plant Co., Ltd.			143,281				75,139				20,428				1,003
PlatformN. Co., Ltd.			62				128				—				(4	)
PT. Cirebon Energi Prasarana			3,650,107				2,710,061				525,647				33,411
Green Radiation Co., Ltd.			1,030				865				1,037				47
Future Convergence Technology Laboratory. Co., Ltd.			381				280				18				(29	)
Eco Motion Co., Ltd.			2,399				727				888				524
REC’s Innovation Co., Ltd.			3,081				1,296				1,803				382
ACE			162				117				9				(1	)
Environment and Energy Co., Ltd.			8				—				—				(22	)
Santiago Solar Power SpA			90,913				74,898				6,657				862
Yanggu Floating Photovoltaic Power Plant Inc.			14,940				12,006				2,018				17
Power Embedded			396				156				177				(49	)
Changwon SG Energy Co., Ltd.			4,564				1,065				3,744				(51	)
Donpyung Technology. Co., Ltd.			3,283				1,683				1,310				73
HORANG ENERGY Inc.			111,959				101,998				32,082				1,003
Hoenggye Renewable Energy Co., Ltd			87,568				84,838				85				(53	)
Haman Green Energy Co., Ltd.			140,112				123,610				35,401				8,469
Songsan Green Energy Co., Ltd.			143,642				124,676				42,284				5,904
SkyPic Inc.			171				21				27				16
HyChangwon Fuel Cell. Co., Ltd.			198,733				177,417				—				(1,585	)
Dreams Co.,Ltd.			181				202				212				(120	)
DEEPAI Co.,Ltd.			1,006				848				434				(56	)
Amaala Sustainable Company for Energy LLC			2,004,265				1,932,575				947,226				4,539
Remal First Holding Company			1				25,106				—				(116	)
Naseem First Holding Company			1				27,233				—				(116	)
Cheonwang Green Energy Co., Ltd.			1,428				300				—				(405	)
Namjeju Bitdream Energy Co., Ltd.			57,629				47,523				—				(383	)
Jeju Bukchon BESS Power Plant Co., Ltd.			71,424				65,375				—				(2,646	)
Commerce and Industry Energy Co., Ltd.			61,355				28,832				10,732				(3,487	)
KI Tech Co., Ltd.			949				9				—				(59	)
Enlight Energy Advanced Industry Venture Fund			11,235				—				—				—
Gunsan Green Energy Co., Ltd.			4,792				—				—				—
<Joint ventures>
Shuweihat Asia Power Investment B.V.			167,992				177				—				(405	)
Shuweihat Asia Operation & Maintenance Company			5,494				337				3,822				2,488
Waterbury Lake Uranium L.P.			97,380				355				—				—
ASM-BG Investicii AD			70,715				29,734				14,792				3,904
RES Technology AD			57,211				23,867				8,946				232

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(4) The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2025 is as follows, continued:

In millions of won
As of and for the year ended December 31, 2025
Investees		Total assets				Total liabilities				Sales				Profit (loss) for the year
<Joint ventures>
KV Holdings, Inc.		W	15,937				1				2,218				2,227
KEPCO SPC Power Corporation			234,570				35,498				159,381				10,392
Gansu Datang Yumen Wind Power Co., Ltd.			63,125				43,052				9,624				15
Datang Chifeng Renewable Power Co., Ltd.			827,575				297,251				111,688				13,150
Datang KEPCO Chaoyang Renewable Power Co., Ltd.			179,775				56,023				27,350				986
Rabigh Electricity Company			2,473,573				1,667,517				367,680				66,776
Rabigh Operation & Maintenance Company Limited			30,894				5,667				37,205				6,783
Jamaica Public Service Company Limited			2,903,070				1,910,042				1,530,704				41,735
KW Nuclear Components Co., Ltd.			57,137				7,045				23,272				9,869
Busan Shinho Solar Power Co., Ltd.			25,970				928				5,980				2,070
Global Trade Of Power System Co., Ltd.			2,812				371				3,288				258
Expressway Solar-light Power Generation Co., Ltd.			9,440				123				1,807				(7	)
Amman Asia Electric Power Company			758,903				300,985				30,651				29,223
KAPES, Inc.			340,957				300,260				97,232				2,904
Honam Wind Power Co., Ltd.			26,339				9,559				6,339				1,725
Korea Power Engineering Service Co., Ltd.			23,970				1,888				12,625				1,528
Chun-cheon Energy Co., Ltd.			499,150				375,580				363,995				325
Yeonggwangbaeksu Wind Power Co., Ltd.			67,345				41,815				11,161				1,004
Nghi Son 2 Power LLC			4,243,607				3,110,208				824,849				87,686
Kelar S.A.			678,813				448,065				114,267				15,295
PT. Tanjung Power Indonesia			695,407				414,774				105,871				20,516
Incheon New Power Co., Ltd.			1,839				271				2,982				528
Seokmun Energy Co., Ltd.			187,425				137,202				49,595				(3,034	)
Daehan Wind Power PSC			170,626				120,436				18,885				7,040
Barakah One Company			45,516,321				37,236,879				2,373,596				171,548
Nawah Energy Company			868,133				865,957				772,745				—
MOMENTUM			9,650				9,333				21,021				293
Daegu Green Power Co., Ltd.			450,953				356,158				258,151				1,309
Yeonggwang Wind Power Co., Ltd.			210,262				147,728				31,232				7,664
Chester Solar IV SpA			13,024				8,315				4,241				3,935
Chester Solar V SpA			4,356				3,854				592				455
Diego de Almagro Solar SpA			18,266				13,498				4,396				3,120
South Jamaica Power Company Limited			522,505				279,114				287,408				22,842
Daesan Green Energy Co., Ltd.			205,850				143,693				76,220				(8,563	)
RE Holiday Holdings LLC			334,702				173,439				16,417				(7,622	)
RE Pioneer Holdings LLC			251,486				153,824				14,708				(7,711	)
RE Barren Ridge 1 Holdings LLC			206,966				97,315				12,685				(1,673	)
RE Astoria 2 LandCo LLC			16,543				269				1,105				1,081
RE Barren Ridge LandCo LLC			5,847				108				428				423
Laurel SpA			11,722				9,406				1,591				1,338
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd			31,790				165				—				35
Cheong-Song Noraesan Wind Power Co., Ltd.			50,178				36,187				7,672				2,257
Chester Solar I SpA			12,543				9,090				1,559				1,338
Solar Philippines Calatagan Corporation			162,588				46,665				22,752				11,978
Saemangeum Solar Power Co., Ltd.			34,546				6,001				—				(189	)
Chungsongmeon BongSan wind power Co., Ltd.			137,596				135,793				1,270				(1,059	)
Jaeun Resident Wind Power Plant Co., Ltd.			89,657				92,275				4,325				(6,348	)
Dangjin Eco Power Co., Ltd.			90,477				11,629				3,642				767
Haemodum Solar Co., Ltd.			20,139				13,708				2,208				319
Yangyang Wind Power Co., Ltd.			147,912				117,737				20,896				6,052
HORUS SOLAR, S.A. DE C.V.			188,294				194,547				27,527				7,556
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.			264,327				248,063				18,937				3,082
SUNMEX RENOVABLES, S.A. DE C.V.			227,521				204,770				—				9,430
Stavro Holding II A.B.			90,561				252				—				(6,134	)
Solaseado Solar Power Co., Ltd.			333,609				268,850				44,123				11,125
Yeongam Solar Power Co., Ltd.			304,249				244,031				34,691				4,600
Samsu Wind Power Co., Ltd.			61,652				44,229				9,689				3,058

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(4) The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2025 is as follows, continued:

In millions of won
As of and for the year ended December 31, 2025
Investees		Total assets				Total liabilities				Sales				Profit (loss) for the year
<Joint ventures>
Pulau Indah Power Plant Sdn. Bhd.		W	1,430,289				1,224,872				489,648				4,541
NH-Amundi Global Infrastructure Investment Private Investment Trust 21			39,023				1,768				10				(21,032	)
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream			17,254				562				1,109				1,061
PT Barito Wahana Tenaga			737,706				—				—				100,948
Cheongna Energy Co., Ltd.			495,919				364,410				160,101				43,278
Naepo Green Energy Co., Ltd.			759,180				568,084				427,122				80,207
Boim Combined Heat and Power Generation Co., Ltd.			415,646				479,035				125,925				(5,332	)
OneEnergy Asia Limited			3,529,252				2,357,026				139,025				61,186
KAS INVESTMENT I LLC			44				—				(21,877	)			(21,816	)
KAS INVESTMENT II LLC			44				—				(21,739	)			(21,678	)
Energyco Co., Ltd.			55,110				48,903				6,690				1,058
CAES, LLC			42,153				—				—				(3,434	)
Hapcheon Floating Photovoltaic Power Plant Inc.			76,375				50,349				11,958				3,044
Busan Industrial Solar Power Co., Ltd.			18,060				14,274				2,461				542
Bitsolar Energy Co., Ltd.			64,606				70,583				8,300				—
Pulau Indah O&M Sdn. Bhd.			5,656				5,500				7,573				157
Guadalupe Solar SpA			11,481				7,850				2,295				1,857
Omisan Wind Power Co., Ltd.			176,949				148,288				21,238				2,784
Foresight Iberian Solar Group Holding, S.L.			208,506				223,478				8,598				(1,312	)
Yeongwol Eco Wind Co., Ltd.			94,294				98,423				9,156				(2,875	)
Gurae Resident Power Co., Ltd.			12,581				11,340				1,552				(24	)
Cheongju Eco Park Co., Ltd.			136,937				99,619				36,505				1,314
Enel X Midland Photovoltaic, LLC			14,482				374				2,376				533
Geumsungsan Wind Power Co., Ltd.			153,201				129,123				18,692				253
KEPCO KPS CARABAO Corp.			246				687				—				(50	)
Prime Swedish Holding AB			151,330				69,152				10,691				(5,114	)
Goheung New Energy Co., Ltd.			172,504				135,334				29,501				4,993
Gunsan Land Solar Co., Ltd.			136,335				94,558				22,160				5,228
International Offshore Power Transmission Holding Company Limited			145,797				146,009				—				(613	)
Pyeongchang Wind Power Co., Ltd.			51,801				29,643				10,502				1,308
Eumseong Eco Park Co., Ltd.			141,344				103,247				35,958				200
Changwon Nu-ri Energy Co., Ltd.			150,789				135,244				22,907				2,694
PungBack Wind Farm Corporation			225,511				211,235				5,405				(3,808	)
Trumbull Asset Management, LLC			2,576				1,002				4,332				(48	)
S-Power Chile SpA			3,460				2,694				1,481				875
Seungmun Green Energy			138,284				100,535				38,641				(872	)
Seobusambo highway photovoltaics Co., Ltd.			10,027				5,622				1,313				110
Yangyang Suri Wind Power Co., Ltd.			252,661				219,668				—				(1,103	)
KEPCO for Power Company			704,847				683,209				—				(9	)
Taebaek Wind Power Co., Ltd.			24,758				3,696				6,274				895
Kumyang Eco Park Co., Ltd.			143,281				119,773				38,929				6,128
Jeongeup Green Power Co., Ltd.			70,905				59,659				—				(4,733	)
Hadong E-factory Co., Ltd.			2,335				1,220				—				(13	)
Namyangju Combined Heat and Power Co., Ltd.			211,193				1,559				—				51
Samcheok Eco Materials Co., Ltd.			21,858				2,714				6,662				2,616
Wadi Noor Solar Power Company SAOC			562,304				555,715				47,038				980
Fairhaven Energy Storage LLC			2,042				—				—				—
Rutile BESS Holdings, LLC			41,785				3,587				—				(4,548	)
Trumbull Development Partners, LLC			1,812,101				1,121,329				10,137				(20,709	)
Imha Floating Photovoltaic Power Plant Inc.			79,588				68,199				4,372				(1,477	)
EDFR KOWEPO AJBAN PV HOLDING LIMITED			11,723				10,016				—				148
Roof One Energy Co., Ltd.			32,551				28,596				2,379				658

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(4) The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2025 is as follows, continued:

In millions of won
As of and for the year ended December 31, 2025
Investees		Total assets				Total liabilities				Sales				Profit (loss) for the year
<Joint ventures>
Taean Haetdeulwon Solar Power Co., Ltd.		W	98,868				81,256				9,857				988
Haetbyeotgil Solar Power Co., Ltd.			11,520				9,112				467				68
Seongseo Neulpureun Energy Co., Ltd.			1,395				28				—				(233	)
Luluah SKY Energy Holding Ltd.			716				293				—				(292	)
KES Yona Holdings LLC			—				—				—				—
Siraj AlTaqa AlNazifa			—				—				—				—
Nour Ibri Solar Power Company			1,184				—				—				—
Lucy Equity Holdings, LLC			274,705				423,262				—				(16	)

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(4) The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2025 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 year
<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
Gangwon Wind Power Co., Ltd.			123,787				46,156				23,400				7,415
Hyundai Green Power Co., Ltd.			698,653				295,095				109,081				9,354
Korea Power Exchange			365,652				91,690				120,586				1,795
Taebaek Guinemi Wind Power Co., Ltd.			35,917				19,831				5,155				213
Daeryun Power Co., Ltd.			1,117,771				651,892				397,332				61,893
KNH Solar Co., Ltd.			8,110				93				2,671				2,359
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
KNOC Nigerian East Oil Co., Ltd.			30,834				127,760				—				(31	)
KNOC Nigerian West Oil Co., Ltd.			33,230				122,351				—				(31	)
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	)
PT. Mutiara Jawa			28,266				8,489				13,455				4,094
Noeul Green Energy Co., Ltd.			95,570				108,793				47,999				4,787
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
Haeng Bok Do Si Photovoltaic Power Co., Ltd.			1,666				385				476				135
Dongducheon Dream Power Co., Ltd.			1,350,004				1,044,020				1,360,809				10,453
Jinbhuvish Power Generation Pvt. Ltd.			67,903				14,023				—				—
Daejung Offshore Wind Power Co., Ltd.			5,419				2,220				—				53
GS Donghae Electric Power Co., Ltd.			1,910,960				1,089,101				535,012				59,776
Daegu Photovoltaic Co., Ltd.			11,767				3,025				3,805				908
Busan Green Energy Co., Ltd.			142,943				134,894				66,924				(3,140	)
Hansuwon KNP Co., Ltd.			4,324				1,444				7,949				716
Korea Electric Power Corporation Fund			13,676				67				1,880				488
Energy Infra Asset Management Co., Ltd.			14,037				1,229				5,003				1,450
YaksuESS Co., Ltd.			5,295				4,738				749				(423	)
Nepal Water & Energy Development Company Private Limited			666,316				419,386				123,848				10,732
Gwangyang Green Energy Co., Ltd.			547,208				426,210				—				(2,105	)
PND solar Co., Ltd.			32,025				26,570				5,331				737
Hyundai Eco Energy Co., Ltd.			157,873				114,299				25,081				5,963
YeongGwang Yaksu Wind Electric Co., Ltd.			36,659				37,065				5,194				(953	)
Green Energy Electricity Generation Co., Ltd.			81,798				85,848				1,942				(1,392	)
Korea Energy Solutions Co., Ltd.			1,303				318				1,209				146
ITR Co., Ltd.			720				898				130				(510	)
STN Co., Ltd.			1,870				99				666				108
Indeck Niles Development, LLC			1,234,170				704,296				284,855				32,491
Indeck Niles Asset Management, LLC			211				32				1,157				1,120
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1			12,665				178				722				689
Suwon New Power Co., Ltd.			15,427				13,338				5,072				(229	)
Gwangbaek Solar Power Investment Co., Ltd.			260,641				249,642				9,658				1,188
Go deok Clean Energy Co., Ltd.			130,520				117,267				49,187				1,465
SureDataLab Co., Ltd.			660				461				675				(291	)
SEP Co., Ltd.			45				118				—				(1	)
Hankook Electric Power Information Co., Ltd.			2,381				991				2,135				58
Tronix Co., Ltd.			4,824				3,659				2,578				42

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(4) The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2025 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 year
<Associates>
O2&B Global Co., Ltd.		W	453				485				149				(104	)
Muan Sunshine Solar Power Plant Co., Ltd.			128,131				116,742				16,246				2,552
Bigeum Resident Photovoltaic Power Co., Ltd.			441,227				412,276				10,812				(6,845	)
Goesan Solar Park Co., Ltd.			48,924				38,119				6,143				884
Saemangeum Heemang Photovoltaic Co., Ltd.			149,528				105,535				22,600				4,049
Bitgoel Eco Energy Co., Ltd.			79,709				51,776				28,110				6,064
Jeju Gimnyeong Wind Power Co., Ltd.			53,335				52,503				10,889				13
Seoroseoro Sunny Power Plant Co., Ltd.			6,680				4,309				1,035				208
Muan Solar park Co., Ltd.			188,303				158,595				27,641				5,152
YuDang Solar Co., Ltd.			18,321				15,238				3,506				589
Anjwa Smart Farm & Solar City Co., Ltd.			237,359				199,954				36,948				3,530
KPE Green Energy Co., Ltd.			135,307				103,023				41,289				2,131
G.GURU Co., Ltd.			273				133				103				(535	)
UD4M Co., Ltd.			1,076				227				1,142				(170	)
Dongbu Highway Solar Co., Ltd.			16,139				13,833				2,665				656
Seobu Highway Solar Co., Ltd.			16,323				13,428				2,737				863
Korea Energy Data Co., Ltd.			212				134				167				(104	)
Gangneung Sacheon Fuel Cell Co., Ltd.			148,460				125,975				45,534				5,768
Taebaek Gadeoksan Wind Power Co., Ltd.			187,927				120,551				32,534				15,536
Chuncheon Green Energy Co., Ltd.			234,506				195,354				68,010				11,494
Yeomsubong Wind Power Co., Ltd.			45,468				44,236				—				(924	)
Yeongyang Wind Power Corporation II			136,360				105,721				18,376				4,005
Haeparang Energy Co., Ltd.			63,749				56,030				758				(620	)
Saemangeum Sebit Power Plant Co., Ltd.			160,225				93,086				20,376				(147	)
PlatformN. Co., Ltd.			162				223				430				139
PT. Cirebon Energi Prasarana			3,831,992				2,863,534				543,340				60,512
Green Radiation Co., Ltd.			521				663				613				(272	)
Future Convergence Technology Laboratory. Co., Ltd.			384				277				—				(83	)
Eco Motion Co., Ltd.			1,830				684				350				82
REC’s Innovation Co., Ltd.			2,921				1,518				1,010				232
ACE			359				308				27				14
Environment and Energy Co., Ltd.			31				—				—				(36	)
Santiago Solar Power SpA			85,063				71,139				4,862				(9,488	)
Yanggu Floating Photovoltaic Power Plant Inc.			15,300				12,382				2,259				210
Power Embedded			400				112				—				(7	)
Changwon SG Energy Co., Ltd.			4,878				1,328				3,342				(539	)
Donpyung Technology. Co., Ltd.			2,205				673				2,317				135
HORANG ENERGY Inc.			94,637				85,678				—				(947	)
Hoenggye Renewable Energy Co., Ltd			43,206				43,942				—				(62	)
Haman Green Energy Co., Ltd.			122,937				114,908				—				(1,165	)
Songsan Green Energy Co., Ltd.			120,001				106,939				121				(692	)
SkyPic Inc.			167				37				3				(7	)
HyChangwon Fuel Cell. Co., Ltd.			114,580				91,679				—				(309	)
Dreams Co.,Ltd.			233				183				208				(49	)
DEEPAI Co.,Ltd.			813				449				240				(319	)
Amaala Sustainable Company for Energy LLC			697,354				697,158				—				—
<Joint ventures>
Shuweihat Asia Power Investment B.V.			176,569				137				—				(370	)
Shuweihat Asia Operation & Maintenance Company			4,215				328				3,574				2,293
Waterbury Lake Uranium L.P.			80,803				761				—				—
ASM-BG Investicii AD			68,437				34,565				12,815				2,824
RES Technology AD			57,356				27,219				7,395				(292	)
KV Holdings, Inc.			17,304				1				1,778				1,799
KEPCO SPC Power Corporation			291,538				26,307				190,296				28,108
Gansu Datang Yumen Wind Power Co., Ltd.			63,240				43,443				10,721				944
Datang Chifeng Renewable Power Co., Ltd.			900,001				388,711				115,297				17,722

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(4) The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2025 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 year
<Joint ventures>
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		W	180,827				60,016				26,678				2,031
Rabigh Electricity Company			2,651,843				1,873,439				353,677				63,270
Rabigh Operation & Maintenance Company Limited			40,983				20,205				30,841				5,840
Jamaica Public Service Company Limited			2,649,022				1,656,068				1,490,606				76,611
KW Nuclear Components Co., Ltd.			47,498				5,423				6,919				2,510
Busan Shinho Solar Power Co., Ltd.			28,837				865				8,452				3,963
Global Trade Of Power System Co., Ltd.			2,976				574				3,635				290
Expressway Solar-light Power Generation Co., Ltd.			11,709				168				3,219				1,214
Amman Asia Electric Power Company			791,478				343,371				22,776				34,047
KAPES, Inc.			299,380				257,858				43,699				6,224
Honam Wind Power Co., Ltd.			29,174				12,618				6,508				1,810
Korea Power Engineering Service Co., Ltd.			22,701				1,828				12,983				1,444
Chun-cheon Energy Co., Ltd.			533,211				409,989				430,679				4,890
Yeonggwangbaeksu Wind Power Co., Ltd.			69,249				44,422				12,636				2,156
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
Incheon New Power Co., Ltd.			1,267				227				2,777				36
Seokmun Energy Co., Ltd.			192,083				138,787				51,233				(4,558	)
Daehan Wind Power PSC			173,637				130,982				18,496				3,584
Barakah One Company			43,235,235				45,056,439				1,636,730				(53,778	)
Nawah Energy Company			701,247				699,068				566,077				40
MOMENTUM			7,422				6,836				22,770				586
Daegu Green Power Co., Ltd.			493,595				399,918				338,750				7,344
Yeonggwang Wind Power Co., Ltd.			217,987				162,218				32,114				7,971
Chester Solar IV SpA			12,649				12,309				1,941				(676	)
Chester Solar V SpA			4,260				4,321				631				(176	)
Diego de Almagro Solar SpA			16,301				15,161				2,625				(667	)
South Jamaica Power Company Limited			532,323				288,501				250,519				14,460
Daesan Green Energy Co., Ltd.			225,765				153,391				110,002				5,960
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	)
RE Astoria 2 LandCo LLC			16,514				276				1,060				848
RE Barren Ridge LandCo LLC			5,826				110				411				342
Laurel SpA			10,897				10,471				1,522				(557	)
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd			33,736				150				—				70
Cheong-Song Noraesan Wind Power Co., Ltd.			53,374				38,705				6,788				1,599
Chester Solar I SpA			12,935				11,454				1,395				(745	)
Solar Philippines Calatagan Corporation			166,126				37,872				19,412				8,733
Saemangeum Solar Power Co., Ltd.			34,377				5,643				—				(176	)
Chungsongmeon BongSan wind power Co., Ltd.			86,708				83,921				—				(399	)
Jaeun Resident Wind Power Plant Co., Ltd.			95,657				88,605				—				(380	)
DE Energia SpA			32,263				24,853				—				3,163
Dangjin Eco Power Co., Ltd.			90,750				12,732				3,645				743
Haemodum Solar Co., Ltd.			21,036				14,444				2,060				232
Yangyang Wind Power Co., Ltd.			146,697				123,504				11,948				2,334
HORUS SOLAR, S.A. DE C.V.			170,018				184,014				35,080				(43,774	)
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.			238,276				223,019				19,178				(37,720	)
SUNMEX RENOVABLES, S.A. DE C.V.			182,159				170,906				—				(15,771	)
Stavro Holding II A.B.			82,407				114				—				(11,632	)
Solaseado Solar Power Co., Ltd.			347,831				292,737				46,361				12,443
Yeongam Solar Power Co., Ltd.			318,641				260,459				34,509				10,880
Samsu Wind Power Co., Ltd.			61,678				46,675				7,051				682
Pulau Indah Power Plant Sdn. Bhd.			1,054,236				873,923				40,818				(2,896	)
NH-Amundi Global Infrastructure Investment Private Investment Trust 21			52,533				271				3,054				(23,354	)

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(4) The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2025 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 year
<Joint ventures>
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream		W	17,251				33				227				182
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
Boim Combined Heat and Power Generation Co., Ltd.			421,954				480,084				139,134				294
OneEnergy Asia Limited			3,237,191				2,137,600				424,036				100,781
KAS INVESTMENT I LLC			20,361				28				(40,343	)			(43,213	)
KAS INVESTMENT II LLC			20,233				28				(40,189	)			(43,048	)
Energyco Co., Ltd.			50,310				45,161				6,221				629
CAES, LLC			49,267				—				—				946
Hapcheon Floating Photovoltaic Power Plant Inc.			76,903				53,853				12,361				3,992
Busan Industrial Solar Power Co., Ltd.			18,236				15,133				2,262				191
Bitsolar Energy Co., Ltd.			68,249				74,213				8,300				(390	)
Pulau Indah O&M Sdn. Bhd.			1				2				—				24
Guadalupe Solar SpA			10,477				9,339				1,408				(574	)
Omisan Wind Power Co., Ltd.			180,001				154,541				4,785				1,480
Foresight Iberian Solar Group Holding, S.L.			187,118				194,881				3,262				(13,206	)
Yeongwol Eco Wind Co., Ltd.			99,288				102,522				7,118				(5,518	)
Gurae Resident Power Co., Ltd.			12,845				11,861				1,490				(101	)
Cheongju Eco Park Co., Ltd.			145,162				109,158				37,392				2,415
Enel X Midland Photovoltaic, LLC			13,694				119				2,470				865
Geumsungsan Wind Power Co., Ltd.			143,725				118,608				21,048				7,349
KEPCO KPS CARABAO Corp.			226				835				—				(513	)
Prime Swedish Holding AB			143,102				62,354				8,911				(8,404	)
Goheung New Energy Co., Ltd.			174,255				142,437				28,059				2,190
Gunsan Land Solar Co., Ltd.			144,887				104,284				22,154				4,939
CapMan Lynx SCA, SICAR			3,319				134,790				—				(4,808	)
International Offshore Power Transmission Holding Company Limited			33,191				1,650				—				(213	)
Pyeongchang Wind Power Co., Ltd.			55,697				34,754				9,261				(536	)
Eumseong Eco Park Co., Ltd.			149,904				111,846				45,239				9,512
Changwon Nu-ri Energy Co., Ltd.			71,179				58,630				333				(606	)
PungBack Wind Farm Corporation			148,157				130,116				—				(536	)
Trumbull Asset Management, LLC			2,572				910				4,501				486
S-Power Chile SpA			2,779				2,778				1,369				108
Seungmun Green Energy			142,213				103,593				46,712				9,026
Seobusambo highway photovoltaics Co., Ltd.			10,245				6,108				1,214				26
Yangyang Suri Wind Power Co., Ltd.			210,853				181,052				—				(5,391	)
KEPCO for Power Company			644,110				614,267				—				(1,058	)
Taebaek Wind Power Co., Ltd.			28,067				3,468				6,431				2,169
Jeonju Bio Green Energy Co., Ltd.			4,130				181				—				(967	)
Kumyang Eco Park Co., Ltd.			125,961				112,910				3,169				615
Jeongeup Green Power Co., Ltd.			22,939				6,960				—				(2,767	)
Hadong E-factory Co., Ltd.			2,331				1,204				—				(17	)
Namyangju Combined Heat and Power Co., Ltd.			75,474				1,899				—				(2,410	)
Samcheok Eco Materials Co., Ltd.			21,109				1,981				3,352				(1,357	)
Wadi Noor Solar Power Company SAOC			492,407				481,139				—				(1,477	)
Fairhaven Energy Storage LLC			2,071				82				—				(14	)
Rutile BESS Holdings, LLC			7,353				7,350				—				(211	)
Trumbull Development Partners, LLC			1,582,082				1,042,712				—				14,174
Imha Floating Photovoltaic Power Plant Inc.			36,412				23,546				—				(1,679	)
EDFR KOWEPO AJBAN PV HOLDING LIMITED			37,776				37,606				—				(143	)
Roof One Energy Co., Ltd.			9,305				5,209				—				(46	)

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

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

In millions of won
As of December 31, 2025
Investees		Net assets				Percentage of ownership (*)				Share in net assets				Investment differential				Intercompany transaction				Others				Book value
<Associates>
Korea Gas Corporation		W	10,798,925				21.66	%			2,339,047				—				—				(55,512	)			2,283,535
Korea Electric Power Industrial Development Co., Ltd.			109,110				29.00	%			31,642				—				—				—				31,642
Gangwon Wind Power Co., Ltd.			82,163				15.00	%			12,324				49				—				—				12,373
Hyundai Green Power Co., Ltd.			400,653				29.00	%			116,189				—				—				(29,640	)			86,549
Korea Power Exchange			262,069				100.00	%			262,069				—				—				—				262,069
Taebaek Guinemi Wind Power Co., Ltd.			18,047				67.25	%			12,136				2,741				—				—				14,877
Daeryun Power Co., Ltd.			515,244				6.85	%			35,295				—				—				(820	)			34,475
KNH Solar Co., Ltd.			6,249				27.00	%			1,687				—				—				—				1,687
SPC Power Corporation			281,757				38.00	%			107,067				—				—				—				107,067
Gemeng International Energy Co., Ltd.			2,815,889				42.00	%			1,182,674				—				—				(370,382	)			812,292
PT. Cirebon Electric Power			589,500				27.50	%			162,112				—				—				—				162,112
KNOC Nigerian East Oil Co., Ltd.			(94,648	)			14.63	%			(13,847	)			—				—				13,847				—
KNOC Nigerian West Oil Co., Ltd.			(87,030	)			14.63	%			(12,732	)			—				—				12,732				—
PT Wampu Electric Power			79,382				46.00	%			36,516				—				—				—				36,516
PT. Bayan Resources TBK			3,693,389				20.00	%			738,678				69,416				—				(76,380	)			731,714
S-Power Co., Ltd.			410,821				49.00	%			201,302				—				(967	)			—				200,335
Xe-Pian Xe-Namnoy Power Co., Ltd.			405,836				25.00	%			101,459				305				(905	)			(35,247	)			65,612
PT. Mutiara Jawa			15,169				29.00	%			4,399				—				—				—				4,399
Noeul Green Energy Co., Ltd.			(8,277	)			29.00	%			(2,401	)			—				—				2,401				—
Goseong Green Power Co., Ltd.			987,119				29.00	%			286,264				—				(10,179	)			—				276,085
Gangneung Eco Power Co., Ltd.			661,551				29.00	%			191,850				45,212				(9,379	)			—				227,683
Shin Pyeongtaek Power Co., Ltd.			396,068				40.00	%			158,428				3,559				(13,401	)			—				148,586
Haeng Bok Do Si Photovoltaic Power Co., Ltd.			973				28.00	%			272				—				—				2				274
Dongducheon Dream Power Co., Ltd.			337,182				34.01	%			114,675				1,757				(1,529	)			(12,582	)			102,321
Jinbhuvish Power Generation Pvt. Ltd.			50,088				5.20	%			2,605				—				—				(2,605	)			—
Daejung Offshore Wind Power Co., Ltd.			2,909				46.59	%			1,355				—				—				—				1,355
GS Donghae Electric Power Co., Ltd.			843,518				34.00	%			286,796				—				—				—				286,796
Daegu Photovoltaic Co., Ltd.			8,336				29.00	%			2,417				—				—				—				2,417
Busan Green Energy Co., Ltd.			5,899				29.00	%			1,711				—				—				—				1,711
Hansuwon KNP Co., Ltd.			3,885				28.98	%			1,125				—				—				(160	)			965
Korea Electric Power Corporation Fund			15,178				98.09	%			14,889				—				—				3				14,892
Energy Infra Asset Management Co., Ltd.			14,135				9.90	%			1,399				—				—				—				1,399
YaksuESS Co., Ltd.			103				29.00	%			30				1				—				—				31
Nepal Water & Energy Development Company Private Limited			290,181				66.12	%			191,868				837				—				—				192,705
Gwangyang Green Energy Co., Ltd.			118,815				20.00	%			23,763				18				—				—				23,781
PND solar Co., Ltd.			6,153				29.00	%			1,784				154				—				—				1,938
Hyundai Eco Energy Co., Ltd.			47,078				19.00	%			8,945				214				—				—				9,159
YeongGwang Yaksu Wind Electric Co., Ltd.			(201	)			9.63	%			(19	)			300				—				(220	)			61
Green Energy Electricity Generation Co., Ltd.			(1,892	)			29.00	%			(549	)			779				—				—				230
Korea Energy Solutions Co., Ltd.			697				20.00	%			139				—				—				—				139
ITR Co., Ltd.			(16	)			8.03	%			(1	)			—				—				1				—
STN Co., Ltd.			1,504				20.00	%			301				53				—				—				354
Indeck Niles Development, LLC			523,224				50.00	%			261,613				97,643				—				4,419				363,675
Indeck Niles Asset Management, LLC			164				33.33	%			55				—				—				—				55
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1			12,365				49.00	%			6,059				—				—				—				6,059
Suwon New Power Co., Ltd.			2,656				30.15	%			801				—				—				—				801
Gwangbaek Solar Power Investment Co., Ltd.			11,183				44.00	%			4,920				316				—				—				5,236
Go deok Clean Energy Co., Ltd.			13,697				40.00	%			5,479				—				—				—				5,479
SureDataLab Co., Ltd.			855				0.35	%			3				—				—				—				3
SEP Co., Ltd.			(73	)			21.26	%			(15	)			—				—				15				—
Hankook Electric Power Information Co., Ltd.			1,800				16.16	%			291				—				—				—				291
Tronix Co., Ltd.			524				12.50	%			65				—				—				—				65
O2&B Global Co., Ltd.			(100	)			20.00	%			(20	)			—				—				20				—

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

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

In millions of won
As of December 31, 2025
Investees		Net assets				Percentage of ownership (*)				Share in net assets				Investment differential				Intercompany transaction				Others				Book value
<Associates>
Muan Sunshine Solar Power Plant Co., Ltd.		W	11,417				20.00	%			2,284				494				—				—				2,778
Bigeum Resident Photovoltaic Power Co., Ltd.			27,711				27.31	%			7,569				—				—				—				7,569
Goesan Solar Park Co., Ltd.			10,091				29.00	%			2,926				—				—				—				2,926
Saemangeum Heemang Photovoltaic Co., Ltd.			46,210				35.00	%			16,174				739				—				—				16,913
Bitgoel Eco Energy Co., Ltd.			26,456				49.05	%			12,977				—				—				—				12,977
Jeju Gimnyeong Wind Power Co., Ltd.			(253	)			30.00	%			(76	)			—				—				76				—
Seoroseoro Sunny Power Plant Co., Ltd.			2,619				42.58	%			1,115				20				—				—				1,135
Muan Solar park Co., Ltd.			38,840				20.00	%			7,768				325				—				—				8,093
YuDang Solar Co., Ltd.			3,479				20.00	%			696				—				—				—				696
Anjwa Smart Farm & Solar City Co., Ltd.			43,300				20.00	%			8,661				816				—				—				9,477
KPE Green Energy Co., Ltd.			35,699				25.36	%			9,052				44				—				—				9,096
G.GURU Co., Ltd.			(11	)			14.42	%			(2	)			—				—				2				—
UD4M Co., Ltd.			841				14.29	%			120				—				—				—				120
Dongbu Highway Solar Co., Ltd.			2,360				20.00	%			473				50				—				—				523
Seobu Highway Solar Co., Ltd.			3,415				20.00	%			683				—				—				—				683
Korea Energy Data Co., Ltd.			(27	)			29.37	%			(8	)			—				—				8				—
Gangneung Sacheon Fuel Cell Co., Ltd.			22,239				41.00	%			9,118				87				—				—				9,205
Taebaek Gadeoksan Wind Power Co., Ltd.			77,812				34.00	%			26,456				—				—				—				26,456
Chuncheon Green Energy Co., Ltd.			35,058				45.00	%			15,776				53				—				—				15,829
Yeomsubong Wind Power Co., Ltd.			271				29.00	%			79				246				—				—				325
Yeongyang Wind Power Corporation II			37,653				30.00	%			11,296				2,110				—				—				13,406
Haeparang Energy Co., Ltd.			10,778				25.00	%			2,694				20				—				—				2,714
Saemangeum Sebit Power Plant Co., Ltd.			68,142				55.00	%			37,480				182				—				—				37,662
PlatformN. Co., Ltd.			(66	)			29.58	%			(20	)			—				—				20				—
PT. Cirebon Energi Prasarana			940,046				10.00	%			94,005				—				—				—				94,005
Green Radiation Co., Ltd.			165				10.00	%			17				3				—				—				20
Future Convergence Technology Laboratory. Co., Ltd.			101				20.12	%			20				—				—				—				20
Eco motion Co., Ltd.			1,672				20.00	%			334				—				—				—				334
REC’s Innovation Co., Ltd.			1,785				11.04	%			197				—				—				—				197
ACE			45				20.00	%			9				—				(5	)			—				4
Environment and Energy Co., Ltd.			8				10.54	%			1				—				—				—				1
Santiago Solar Power SpA			16,015				50.00	%			8,008				—				—				—				8,008
Yanggu Floating Photovoltaic Power Plant Inc.			2,934				29.00	%			851				—				—				—				851
Power Embedded			240				23.33	%			56				1				—				—				57
Changwon SG Energy Co., Ltd.			3,499				18.78	%			658				15				—				—				673
Donpyung Technology. Co., Ltd.			1,600				20.00	%			320				—				(25	)			—				295
HORANG ENERGY Inc.			9,961				40.00	%			3,985				224				—				—				4,209
Hoenggye Renewable Energy Co., Ltd			2,730				36.12	%			986				2,375				—				(986	)			2,375
Haman Green Energy Co., Ltd.			16,502				35.00	%			5,776				—				—				—				5,776
Songsan Green Energy Co., Ltd.			18,966				60.00	%			11,379				71				—				—				11,450
SkyPic Inc.			150				20.00	%			30				—				—				—				30
HyChangwon Fuel Cell. Co., Ltd.			21,316				40.00	%			8,526				117				—				—				8,643
Dreams Co.,Ltd.			(21	)			11.00	%			(2	)			5				—				—				3
DEEPAI Co.,Ltd.			158				1.32	%			2				6				—				—				8
Amaala Sustainable Company for Energy LLC			71,690				10.00	%			7,169				—				—				(7,151	)			18
Remal First Holding Company			(25,105	)			30.00	%			(7,532	)			—				—				7,532				—
Naseem First Holding Company			(27,232	)			30.00	%			(8,170	)			—				—				8,170				—
Cheonwang Green Energy Co., Ltd.			1,128				40.00	%			451				46				—				(3	)			494
Namjeju Bitdream Energy Co., Ltd.			10,106				50.00	%			5,053				207				—				—				5,260
Jeju Bukchon BESS Power Plant Co., Ltd.			6,049				41.00	%			2,480				—				—				—				2,480
Commerce and Industry Energy Co., Ltd.			32,523				24.46	%			7,954				—				—				(7,456	)			498
KI Tech Co., Ltd.			940				24.70	%			232				—				(61	)			—				171
Enlight Energy Advanced Industry Venture Fund			11,235				28.04	%			3,150				—				—				—				3,150
Gunsan Green Energy Co., Ltd.			4,792				42.63	%			2,043				—				—				—				2,043

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

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

In millions of won
For the year ended December 31, 2025
Investees		Net assets				Percentage of ownership (*)				Share in net assets				Investment differential				Intercompany transaction				Others				Book value
<Joint ventures>
Shuweihat Asia Power Investment B.V.		W	167,815				49.00	%			82,230				—				—				—				82,230
Shuweihat Asia Operation & Maintenance Company			5,157				55.00	%			2,837				—				—				—				2,837
Waterbury Lake Uranium L.P.			97,025				29.45	%			28,576				—				—				—				28,576
ASM-BG Investicii AD			40,981				50.00	%			20,491				—				—				—				20,491
RES Technology AD			33,344				50.00	%			16,672				—				—				—				16,672
KV Holdings, Inc.			15,936				40.00	%			6,374				—				—				—				6,374
KEPCO SPC Power Corporation			199,072				60.00	%			119,443				—				—				—				119,443
Gansu Datang Yumen Wind Power Co., Ltd.			20,073				40.00	%			8,029				—				—				—				8,029
Datang Chifeng Renewable Power Co., Ltd.			530,324				40.00	%			212,130				—				—				—				212,130
Datang KEPCO Chaoyang Renewable Power Co., Ltd.			123,752				40.00	%			49,501				—				—				—				49,501
Rabigh Electricity Company			806,056				40.00	%			322,423				—				(35,813	)			(805	)			285,805
Rabigh Operation & Maintenance Company Limited			25,227				40.00	%			10,091				—				—				—				10,091
Jamaica Public Service Company Limited			993,028				40.00	%			397,211				29,357				—				(14,291	)			412,277
KW Nuclear Components Co., Ltd.			50,092				45.00	%			22,541				—				—				(176	)			22,365
Busan Shinho Solar Power Co., Ltd.			25,042				25.00	%			6,260				—				—				—				6,260
Global Trade Of Power System Co., Ltd.			2,441				29.00	%			708				—				—				—				708
Expressway Solar-light Power Generation Co., Ltd.			9,317				50.00	%			4,658				—				—				—				4,658
Amman Asia Electric Power Company			457,918				60.00	%			274,751				—				—				—				274,751
KAPES, Inc.			40,697				51.00	%			20,755				—				(31,563	)			10,808				—
Honam Wind Power Co., Ltd.			16,780				29.00	%			4,866				32				—				—				4,898
Korea Power Engineering Service Co., Ltd.			22,082				29.00	%			6,404				—				—				—				6,404
Chun-cheon Energy Co., Ltd.			123,570				29.90	%			36,948				3				—				(248	)			36,703
Yeonggwangbaeksu Wind Power Co., Ltd.			25,530				15.00	%			3,829				6				—				—				3,835
Nghi Son 2 Power LLC			1,133,399				50.00	%			566,700				—				—				—				566,700
Kelar S.A.			230,748				65.00	%			149,986				3,308				—				—				153,294
PT. Tanjung Power Indonesia			280,633				35.00	%			98,221				—				—				—				98,221
Incheon New Power Co., Ltd.			1,568				29.00	%			455				—				—				—				455
Seokmun Energy Co., Ltd.			50,223				29.00	%			14,565				—				—				—				14,565
Daehan Wind Power PSC			50,190				50.00	%			25,095				—				—				—				25,095
Barakah One Company			8,279,442				18.00	%			1,490,300				—				182,207				—				1,672,507
Nawah Energy Company			2,176				18.00	%			392				—				—				—				392
MOMENTUM			317				33.33	%			106				—				—				—				106
Daegu Green Power Co., Ltd.			94,795				54.24	%			51,416				84				—				(20,381	)			31,119
Yeonggwang Wind Power Co., Ltd.			62,534				46.00	%			28,766				492				—				—				29,258
Chester Solar IV SpA			4,709				90.00	%			4,237				1,112				—				—				5,349
Chester Solar V SpA			502				90.00	%			452				304				—				—				756
Diego de Almagro Solar SpA			4,768				90.00	%			4,291				629				—				—				4,920
South Jamaica Power Company Limited			243,391				20.00	%			48,678				—				—				(3	)			48,675
Daesan Green Energy Co., Ltd.			62,157				35.00	%			21,755				—				—				—				21,755
RE Holiday Holdings LLC			161,263				50.00	%			80,631				—				—				—				80,631
RE Pioneer Holdings LLC			97,662				50.00	%			48,831				—				—				—				48,831
RE Barren Ridge 1 Holdings LLC			109,651				50.00	%			54,825				—				—				—				54,825
RE Astoria 2 LandCo LLC			16,274				50.00	%			8,137				—				—				—				8,137
RE Barren Ridge LandCo LLC			5,739				50.00	%			2,870				—				—				—				2,870
Laurel SpA			2,316				90.00	%			2,084				1,008				—				—				3,092
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd			31,625				12.37	%			3,912				9				—				(3,015	)			906
Cheong-Song Noraesan Wind Power Co., Ltd.			13,991				29.01	%			4,059				61				—				—				4,120
Chester Solar I SpA			3,453				90.00	%			3,108				309				—				—				3,417
Solar Philippines Calatagan Corporation			115,923				38.00	%			44,050				—				—				17,063				61,113
Saemangeum Solar Power Co., Ltd.			28,545				81.01	%			23,123				—				—				—				23,123
Chungsongmeon BongSan wind power Co., Ltd.			1,803				29.00	%			522				1,782				—				—				2,304

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

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

In millions of won
As of December 31, 2025
Investees		Net assets				Percentage of ownership (*)				Share in net assets				Investment differential				Intercompany transaction				Others				Book value
<Joint ventures>
Jaeun Resident Wind Power Plant Co., Ltd.		W	(2,618	)			29.00	%			(759	)			—				—				759				—
Dangjin Eco Power Co., Ltd.			78,848				34.00	%			26,809				341				—				—				27,150
Haemodum Solar Co., Ltd.			6,431				49.00	%			3,151				—				—				—				3,151
Yangyang Wind Power Co., Ltd.			30,175				50.00	%			15,088				43				—				—				15,131
HORUS SOLAR, S.A. DE C.V.			(6,253	)			14.95	%			(935	)			3,580				—				—				2,645
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.			16,264				14.95	%			2,431				2,171				—				—				4,602
SUNMEX RENOVABLES, S.A. DE C.V.			22,751				14.95	%			3,400				5				—				—				3,405
Stavro Holding II A.B.			90,309				20.00	%			18,062				—				—				—				18,062
Solaseado Solar Power Co., Ltd.			64,759				38.90	%			25,192				1,361				—				—				26,553
Yeongam Solar Power Co., Ltd.			60,218				19.00	%			11,442				773				—				—				12,215
Samsu Wind Power Co., Ltd.			17,423				19.00	%			3,310				—				—				—				3,310
Pulau Indah Power Plant Sdn. Bhd.			205,417				25.00	%			51,354				5,643				—				—				56,997
NH-Amundi Global Infrastructure Investment Private Investment Trust 21			37,255				29.53	%			11,001				527				—				(527	)			11,001
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream			16,692				90.00	%			15,023				—				—				—				15,023
PT Barito Wahana Tenaga			737,706				30.61	%			225,828				—				—				—				225,828
Cheongna Energy Co., Ltd.			131,509				50.10	%			65,886				3,137				(1,177	)			—				67,846
Naepo Green Energy Co., Ltd.			191,096				29.20	%			55,800				—				—				3,442				59,242
Boim Combined Heat and Power Generation Co., Ltd.			(63,389	)			46.30	%			(29,349	)			—				(743	)			30,092				—
OneEnergy Asia Limited			1,172,226				40.00	%			468,891				25,512				—				—				494,403
KAS INVESTMENT I LLC			44				29.89	%			13				—				—				—				13
KAS INVESTMENT II LLC			44				29.89	%			13				—				—				—				13
Energyco Co., Ltd.			6,207				29.00	%			1,800				829				—				—				2,629
CAES, LLC			42,153				36.00	%			15,175				2,923				—				—				18,098
Hapcheon Floating Photovoltaic Power Plant Inc.			26,026				49.00	%			12,753				39				—				—				12,792
Busan Industrial Solar Power Co., Ltd.			3,786				28.02	%			1,061				290				—				—				1,351
Bitsolar Energy Co., Ltd.			(5,977	)			27.10	%			(1,620	)			—				—				1,620				—
Pulau Indah O&M Sdn. Bhd.			156				40.00	%			62				—				—				—				62
Guadalupe Solar SpA			3,631				60.00	%			2,179				98				—				—				2,277
Omisan Wind Power Co., Ltd.			28,661				42.00	%			12,038				166				—				—				12,204
Foresight Iberian Solar Group Holding, S.L.			(14,972	)			75.00	%			(11,229	)			1,427				—				9,802				—
Yeongwol Eco Wind Co., Ltd.			(4,129	)			29.00	%			(1,197	)			1,828				—				—				631
Gurae Resident Power Co., Ltd.			1,241				29.00	%			360				48				—				—				408
Cheongju Eco Park Co., Ltd.			37,318				29.00	%			10,822				195				—				—				11,017
Enel X Midland Photovoltaic, LLC			14,108				20.00	%			2,822				—				—				—				2,822
Geumsungsan Wind Power Co., Ltd.			24,078				29.00	%			6,982				556				—				—				7,538
KEPCO KPS CARABAO Corp.			(441	)			40.00	%			(176	)			—				—				176				—
Prime Swedish Holding AB			82,178				45.00	%			36,980				1,684				—				—				38,664
Goheung New Energy Co., Ltd.			37,170				46.15	%			17,154				1,084				—				—				18,238
Gunsan Land Solar Co., Ltd.			41,777				53.83	%			22,488				—				—				1,334				23,822
International Offshore Power Transmission Holding Company Limited			(212	)			35.00	%			(74	)			(2	)			—				76				—
Pyeongchang Wind Power Co., Ltd.			22,158				58.00	%			12,851				—				—				—				12,851
Eumseong Eco Park Co., Ltd.			38,097				29.00	%			11,048				577				—				—				11,625
Changwon Nu-ri Energy Co., Ltd.			15,545				61.00	%			9,483				3				—				—				9,486
PungBack Wind Farm Corporation			14,276				37.00	%			5,282				1,085				—				—				6,367
Trumbull Asset Management, LLC			1,574				78.00	%			1,228				—				—				—				1,228
S-Power Chile SpA			766				50.00	%			383				155				—				—				538
Seungmun Green Energy			37,749				33.00	%			12,457				—				—				—				12,457
Seobusambo highway photovoltaics Co., Ltd.			4,405				80.00	%			3,524				—				—				—				3,524

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

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

In millions of won
As of December 31, 2025
Investees		Net assets				Percentage of ownership (*)				Share in net assets				Investment differential				Intercompany transaction				Others				Book value
<Joint ventures>
Yangyang Suri Wind Power Co., Ltd.		W	32,993				29.00	%			9,568				—				—				—				9,568
KEPCO for Power Company			21,638				60.00	%			12,983				—				—				—				12,983
Taebaek Wind Power Co., Ltd.			21,062				60.00	%			12,637				—				—				—				12,637
Kumyang Eco Park Co., Ltd.			23,508				29.00	%			6,818				56				—				—				6,874
Jeongeup Green Power Co., Ltd.			11,246				44.86	%			5,045				1,679				—				—				6,724
Hadong E-factory Co., Ltd.			1,115				29.99	%			334				6				—				—				340
Namyangju Combined Heat and Power Co., Ltd.			209,634				70.10	%			146,953				193				—				—				147,146
Samchuck			19,144				25.54	%			4,889				—				—				(4,889	)			—
Wadi Noor Solar Power Company SAOC			6,589				50.00	%			3,295				9				(4,015	)			711				—
Fairhaven Energy Storage LLC			2,042				35.00	%			715				—				—				(715	)			—
Rutile BESS Holdings, LLC			38,198				50.00	%			19,099				—				—				—				19,099
Trumbull Development Partners, LLC			690,772				56.23	%			388,421				50,847				—				—				439,268
Imha Floating Photovoltaic Power Plant Inc.			11,389				49.00	%			5,581				46				—				—				5,627
EDFR KOWEPO AJBAN PV HOLDING LIMITED			1,707				50.00	%			854				—				—				—				854
Roof One Energy Co., Ltd.			3,955				48.00	%			1,899				34				—				—				1,933
Taean Haetdeulwon Solar Power Co., Ltd.			17,612				45.00	%			7,925				712				—				—				8,637
Haetbyeotgil Solar Power Co., Ltd.			2,408				30.00	%			723				9				—				—				732
Seongseo Neulpureun Energy Co., Ltd.			1,367				49.81	%			681				—				—				—				681
Luluah SKY Energy Holding Ltd.			423				15.00	%			63				—				—				—				63
KES Yona Holdings LLC			—				0.00	%			—				—				—				—				—
Siraj AlTaqa AlNazifa			—				0.00	%			—				—				—				—				—
Nour Ibri Solar Power Company			1,184				30.77	%			364				—				—				9				373
Lucy Equity Holdings, LLC			(148,557	)			20.00	%			(29,711	)			1,268				—				28,443				—

(*) The percentage of ownership shown above is an effective percentage of ownership including the treasury stocks and others.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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 December 31, 2025 and 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
Gangwon Wind Power Co., Ltd.			77,631				15.00	%			11,644				49				—				—				11,693
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
Taebaek Guinemi Wind Power Co., Ltd.			16,086				67.25	%			10,818				2,741				—				—				13,559
Daeryun Power Co., Ltd.			465,879				6.85	%			31,913				—				—				(820	)			31,093
KNH Solar Co., Ltd.			8,017				27.00	%			2,165				—				—				—				2,165
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
KNOC Nigerian East Oil Co., Ltd.			(96,926	)			14.63	%			(14,180	)			—				—				14,180				—
KNOC Nigerian West Oil Co., Ltd.			(89,121	)			14.63	%			(13,038	)			—				—				13,038				—
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
PT. Mutiara Jawa			19,777				29.00	%			5,735				—				—				—				5,735
Noeul Green Energy Co., Ltd.			(13,223	)			29.00	%			(3,835	)			—				—				3,835				—
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
Haeng Bok Do Si Photovoltaic Power Co., Ltd.			1,281				28.00	%			359				—				—				1				360
Dongducheon Dream Power Co., Ltd.			305,984				34.01	%			104,065				1,757				(1,889	)			(12,582	)			91,351
Jinbhuvish Power Generation Pvt. Ltd.			53,880				5.16	%			2,780				—				—				(2,780	)			—
Daejung Offshore Wind Power Co., Ltd.			3,199				46.59	%			1,490				—				—				—				1,490
GS Donghae Electric Power Co., Ltd.			821,859				34.00	%			279,432				—				—				—				279,432
Daegu Photovoltaic Co., Ltd.			8,742				29.00	%			2,535				—				—				—				2,535
Busan Green Energy Co., Ltd.			8,049				29.00	%			2,334				—				—				—				2,334
Hansuwon KNP Co., Ltd.			2,880				28.98	%			835				—				—				(161	)			674
Korea Electric Power Corporation Fund			13,609				98.09	%			13,349				—				—				4				13,353
Energy Infra Asset Management Co., Ltd.			12,808				9.90	%			1,268				—				—				—				1,268
YaksuESS Co., Ltd.			557				29.00	%			161				1				—				—				162
Nepal Water & Energy Development Company Private Limited			246,930				68.88	%			170,083				872				—				—				170,955
Gwangyang Green Energy Co., Ltd.			120,998				20.00	%			24,199				18				—				—				24,217
PND solar Co., Ltd.			5,455				29.00	%			1,582				154				—				(1	)			1,735
Hyundai Eco Energy Co., Ltd.			43,574				19.00	%			8,279				214				—				—				8,493
YeongGwang Yaksu Wind Electric Co., Ltd.			(406	)			9.63	%			(39	)			300				—				(220	)			41
Green Energy Electricity Generation Co., Ltd.			(4,050	)			29.00	%			(1,175	)			779				—				396				—
Korea Energy Solutions Co., Ltd.			985				20.00	%			197				—				—				—				197
ITR Co., Ltd.			(178	)			8.70	%			(15	)			—				—				15				—
STN Co., Ltd.			1,771				20.00	%			354				53				—				—				407
Indeck Niles Development, LLC			529,874				50.00	%			264,936				101,361				—				4,673				370,970
Indeck Niles Asset Management, LLC			179				33.33	%			60				—				—				—				60
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1			12,487				49.00	%			6,119				—				—				—				6,119

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(5) The financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2025 and 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>
Suwon New Power Co., Ltd.		W	2,089				30.15	%			630				—				284				—				914
Gwangbaek Solar Power Investment Co., Ltd.			10,999				44.00	%			4,839				316				—				—				5,155
Go deok Clean Energy Co., Ltd.			13,253				40.00	%			5,301				—				—				—				5,301
SureDataLab Co., Ltd.			199				23.95	%			48				—				—				—				48
SEP Co., Ltd.			(73	)			21.26	%			(15	)			—				—				15				—
Hankook Electric Power Information Co., Ltd.			1,390				16.16	%			225				—				—				(13	)			212
Tronix Co., Ltd.			1,165				12.50	%			146				—				—				—				146
O2&B Global Co., Ltd.			(32	)			20.00	%			(6	)			—				—				6				—
Muan Sunshine Solar Power Plant Co., Ltd.			11,389				20.00	%			2,278				494				—				—				2,772
Bigeum Resident Photovoltaic Power Co., Ltd.			28,951				27.31	%			7,908				—				—				—				7,908
Goesan Solar Park Co., Ltd.			10,805				29.00	%			3,133				—				—				—				3,133
Saemangeum Heemang Photovoltaic Co., Ltd.			43,993				35.00	%			15,398				739				—				—				16,137
Bitgoel Eco Energy Co., Ltd.			27,933				49.05	%			13,701				—				—				—				13,701
Jeju Gimnyeong Wind Power Co., Ltd.			832				30.00	%			250				—				—				—				250
Seoroseoro Sunny Power Plant Co., Ltd.			2,371				42.58	%			1,010				20				—				—				1,030
Muan Solar park Co., Ltd.			29,708				20.00	%			5,942				325				—				—				6,267
YuDang Solar Co., Ltd.			3,083				20.00	%			617				—				—				—				617
Anjwa Smart Farm & Solar City Co., Ltd.			37,405				20.00	%			7,482				816				—				—				8,298
KPE Green Energy Co., Ltd.			32,284				25.36	%			8,186				44				—				—				8,230
G.GURU Co., Ltd.			140				24.65	%			34				—				—				—				34
UD4M Co., Ltd.			849				14.29	%			121				—				—				—				121
Dongbu Highway Solar Co., Ltd.			2,306				20.00	%			462				50				—				—				512
Seobu Highway Solar Co., Ltd.			2,895				20.00	%			579				—				—				—				579
Korea Energy Data Co., Ltd.			78				29.37	%			23				—				—				—				23
Gangneung Sacheon Fuel Cell Co., Ltd.			22,485				41.00	%			9,219				87				—				—				9,306
Taebaek Gadeoksan Wind Power Co., Ltd.			67,376				34.00	%			22,909				—				—				—				22,909
Chuncheon Green Energy Co., Ltd.			39,152				45.00	%			17,619				53				—				—				17,672
Yeomsubong Wind Power Co., Ltd.			1,232				29.00	%			357				246				—				—				603
Yeongyang Wind Power Corporation II			30,639				30.00	%			9,191				2,110				—				—				11,301
Haeparang Energy Co., Ltd.			7,719				25.00	%			1,930				20				—				—				1,950
Saemangeum Sebit Power Plant Co., Ltd.			67,139				55.00	%			36,928				182				—				—				37,110
PlatformN. Co., Ltd.			(61	)			29.58	%			(18	)			—				—				18				—
PT. Cirebon Energi Prasarana			968,458				10.00	%			96,846				—				—				—				96,846
Green Radiation Co., Ltd.			(142	)			10.00	%			(14	)			3				—				11				—
Future Convergence Technology Laboratory. Co., Ltd.			107				20.12	%			22				—				—				—				22
Eco motion Co., Ltd.			1,146				20.00	%			229				—				—				—				229
REC’s Innovation Co., Ltd.			1,403				11.04	%			155				—				—				—				155
ACE			51				20.00	%			10				—				(5	)			—				5
Environment and Energy Co., Ltd.			31				10.54	%			3				—				—				—				3
Santiago Solar Power SpA			13,924				50.00	%			6,961				—				—				—				6,961
Yanggu Floating Photovoltaic Power Plant Inc.			2,918				29.00	%			846				—				—				—				846
Power Embedded			288				23.33	%			67				1				—				—				68
Changwon SG Energy Co., Ltd.			3,550				18.78	%			667				15				—				—				682
Donpyung Technology. Co., Ltd.			1,532				20.00	%			306				—				(25	)			—				281
HORANG ENERGY Inc.			8,959				40.00	%			3,584				224				—				—				3,808
Hoenggye Renewable Energy Co., Ltd			(736	)			36.12	%			(266	)			2,375				—				266				2,375
Haman Green Energy Co., Ltd.			8,029				35.00	%			2,810				—				—				—				2,810
Songsan Green Energy Co., Ltd.			13,062				60.00	%			7,837				71				—				—				7,908
SkyPic Inc.			130				20.00	%			26				—				—				—				26
HyChangwon Fuel Cell. Co., Ltd.			22,901				40.00	%			9,161				117				—				—				9,278
Dreams Co.,Ltd.			50				11.00	%			6				5				—				—				11
DEEPAI Co.,Ltd.			364				1.32	%			5				6				—				—				11
Amaala Sustainable Company for Energy LLC			196				10.00	%			20				—				—				(2	)			18

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

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

In millions of won
For the year ended December 31, 2024
Investees		Net assets				Percentage of ownership (*)				Share in net assets				Investment differential				Intercompany transaction				Others				Book value
<Joint ventures>
Shuweihat Asia Power Investment B.V.		W	176,432				49.00	%			86,450				—				—				—				86,450
Shuweihat Asia Operation & Maintenance Company			3,887				55.00	%			2,138				—				—				—				2,138
Waterbury Lake Uranium L.P.			80,042				29.68	%			23,756				—				—				—				23,756
ASM-BG Investicii AD			33,872				50.00	%			16,936				—				—				—				16,936
RES Technology AD			30,137				50.00	%			15,069				—				—				—				15,069
KV Holdings, Inc.			17,303				40.00	%			6,921				—				—				—				6,921
KEPCO SPC Power Corporation			265,231				60.00	%			159,139				—				—				—				159,139
Gansu Datang Yumen Wind Power Co., Ltd.			19,797				40.00	%			7,919				—				—				—				7,919
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
Rabigh Operation & Maintenance Company Limited			20,778				40.00	%			8,311				—				—				—				8,311
Jamaica Public Service Company Limited			992,954				40.00	%			397,182				29,357				—				(13,923	)			412,616
KW Nuclear Components Co., Ltd.			42,075				45.00	%			18,934				—				—				(176	)			18,758
Busan Shinho Solar Power Co., Ltd.			27,972				25.00	%			6,993				—				—				—				6,993
Global Trade Of Power System Co., Ltd.			2,402				29.00	%			696				—				—				—				696
Expressway Solar-light Power Generation Co., Ltd.			11,541				50.00	%			5,771				—				—				—				5,771
Amman Asia Electric Power Company			448,107				60.00	%			268,864				—				—				—				268,864
KAPES, Inc.			41,522				51.00	%			21,176				—				(25,107	)			3,931				—
Honam Wind Power Co., Ltd.			16,556				29.00	%			4,801				32				—				—				4,833
Korea Power Engineering Service Co., Ltd.			20,873				29.00	%			6,054				—				—				—				6,054
Chun-cheon Energy Co., Ltd.			123,222				29.90	%			36,843				3				—				(247	)			36,599
Yeonggwangbaeksu Wind Power Co., Ltd.			24,827				15.00	%			3,723				6				—				—				3,729
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
Incheon New Power Co., Ltd.			1,040				29.00	%			302				—				—				—				302
Seokmun Energy Co., Ltd.			53,296				29.00	%			15,456				—				—				—				15,456
Daehan Wind Power PSC			42,655				50.00	%			21,327				—				—				—				21,327
Barakah One Company			(1,821,204	)			18.00	%			(327,817	)			—				153,104				174,713				—
Nawah Energy Company			2,179				18.00	%			392				—				—				—				392
MOMENTUM			586				33.33	%			195				—				—				—				195
Daegu Green Power Co., Ltd.			93,677				54.24	%			50,810				84				—				(20,381	)			30,513
Yeonggwang Wind Power Co., Ltd.			55,769				46.00	%			25,654				492				—				—				26,146
Chester Solar IV SpA			340				90.00	%			306				1,146				—				—				1,452
Chester Solar V SpA			(61	)			90.00	%			(55	)			317				—				—				262
Diego de Almagro Solar SpA			1,140				90.00	%			1,026				674				—				—				1,700
South Jamaica Power Company Limited			243,822				20.00	%			48,764				—				—				(4	)			48,760
Daesan Green Energy Co., Ltd.			72,374				35.00	%			25,331				—				—				—				25,331
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
RE Astoria 2 LandCo LLC			16,238				50.00	%			8,119				—				—				—				8,119
RE Barren Ridge LandCo LLC			5,716				50.00	%			2,857				—				—				—				2,857
Laurel SpA			426				90.00	%			382				1,050				—				—				1,432
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd			33,586				12.37	%			4,155				9				—				(3,015	)			1,149
Cheong-Song Noraesan Wind Power Co., Ltd.			14,669				29.01	%			4,256				61				—				—				4,317
Chester Solar I SpA			1,481				90.00	%			1,333				316				—				—				1,649
Solar Philippines Calatagan Corporation			128,254				38.00	%			48,737				—				—				14,958				63,695
Saemangeum Solar Power Co., Ltd.			28,734				81.01	%			23,277				—				—				—				23,277
Chungsongmeon BongSan wind power Co., Ltd.			2,787				29.00	%			808				1,782				—				—				2,590

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(5) The financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2025 and 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
<Joint ventures>
Jaeun Resident Wind Power Plant Co., Ltd.		W	7,052				29.00	%			2,045				—				—				—				2,045
DE Energia SpA			7,410				49.00	%			3,631				—				—				7,431				11,062
Dangjin Eco Power Co., Ltd.			78,018				34.00	%			26,526				341				—				—				26,867
Haemodum Solar Co., Ltd.			6,592				49.00	%			3,230				—				—				—				3,230
Yangyang Wind Power Co., Ltd.			23,193				50.00	%			11,597				43				—				—				11,640
HORUS SOLAR, S.A. DE C.V.			(13,996	)			14.95	%			(2,092	)			3,580				—				—				1,488
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.			15,257				14.95	%			2,281				2,171				—				—				4,452
SUNMEX RENOVABLES, S.A. DE C.V.			11,253				14.95	%			1,682				5				—				—				1,687
Stavro Holding II A.B.			82,293				20.00	%			16,459				—				—				—				16,459
Solaseado Solar Power Co., Ltd.			55,094				38.90	%			21,432				1,361				—				—				22,793
Yeongam Solar Power Co., Ltd.			58,182				19.00	%			11,055				773				—				—				11,828
Samsu Wind Power Co., Ltd.			15,003				19.00	%			2,851				—				—				—				2,851
Pulau Indah Power Plant Sdn. Bhd.			180,313				25.00	%			45,078				5,643				—				—				50,721
NH-Amundi Global Infrastructure Investment Private Investment Trust 21			52,262				29.53	%			15,433				527				—				(527	)			15,433
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream			17,218				90.00	%			15,496				—				—				—				15,496
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
Boim Combined Heat and Power Generation Co., Ltd.			(58,130	)			46.30	%			(27,938	)			—				(785	)			28,723				—
OneEnergy Asia Limited			1,099,591				40.00	%			439,837				25,512				—				—				465,349
KAS INVESTMENT I LLC			20,333				29.89	%			6,078				—				—				—				6,078
KAS INVESTMENT II LLC			20,205				29.89	%			6,040				—				—				—				6,040
Energyco Co., Ltd.			5,149				29.00	%			1,493				829				—				—				2,322
CAES, LLC			49,267				36.00	%			17,736				2,923				—				—				20,659
Hapcheon Floating Photovoltaic Power Plant Inc.			23,050				49.00	%			11,295				39				—				—				11,334
Busan Industrial Solar Power Co., Ltd.			3,103				28.02	%			870				290				—				—				1,160
Bitsolar Energy Co., Ltd.			(5,964	)			27.10	%			(1,616	)			352				—				1,264				—
Pulau Indah O&M Sdn. Bhd.			(1	)			40.00	%			—				—				—				—				—
Guadalupe Solar SpA			1,138				60.00	%			683				98				—				—				781
Omisan Wind Power Co., Ltd.			25,460				42.00	%			10,693				166				—				—				10,859
Foresight Iberian Solar Group Holding, S.L.			(7,763	)			75.00	%			(5,822	)			1,427				—				4,395				—
Yeongwol Eco Wind Co., Ltd.			(3,234	)			29.00	%			(938	)			1,828				—				—				890
Gurae Resident Power Co., Ltd.			984				29.00	%			285				48				—				—				333
Cheongju Eco Park Co., Ltd.			36,004				29.00	%			10,441				195				—				—				10,636
Enel X Midland Photovoltaic, LLC			13,575				20.00	%			2,715				—				—				—				2,715
Geumsungsan Wind Power Co., Ltd.			25,117				29.00	%			7,284				556				—				—				7,840
KEPCO KPS CARABAO Corp.			(609	)			40.00	%			(244	)			—				—				244				—
Prime Swedish Holding AB			80,748				45.00	%			36,336				1,223				—				—				37,559
Goheung New Energy Co., Ltd.			31,818				46.15	%			14,684				1,084				—				—				15,768
Gunsan Land Solar Co., Ltd.			40,603				51.94	%			21,090				—				—				2,073				23,163
CapMan Lynx SCA, SICAR			(131,471	)			50.00	%			(65,735	)			—				—				65,735				—
International Offshore Power Transmission Holding Company Limited			31,541				35.00	%			11,040				(2	)			—				—				11,038
Pyeongchang Wind Power Co., Ltd.			20,943				58.00	%			12,147				—				—				—				12,147
Eumseong Eco Park Co., Ltd.			38,058				29.00	%			11,036				577				—				—				11,613
Changwon Nu-ri Energy Co., Ltd.			12,549				61.00	%			7,655				3				—				—				7,658
PungBack Wind Farm Corporation			18,041				37.00	%			6,675				1,085				—				—				7,760
Trumbull Asset Management, LLC			1,662				78.00	%			1,297				—				—				—				1,297
S-Power Chile SpA			1				50.00	%			1				158				—				—				159
Seungmun Green Energy			38,620				33.00	%			12,745				—				—				—				12,745
Seobusambo highway photovoltaics Co., Ltd.			4,137				80.00	%			3,309				—				—				—				3,309

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(5) The financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2025 and 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
<Joint ventures>
Yangyang Suri Wind Power Co., Ltd.		W	29,801				29.00	%			8,643				—				—				—				8,643
KEPCO for Power Company			29,843				60.00	%			17,906				—				—				—				17,906
Taebaek Wind Power Co., Ltd.			24,599				60.00	%			14,759				—				—				—				14,759
Jeonju Bio Green Energy Co., Ltd.			3,949				65.00	%			2,566				—				—				—				2,566
Kumyang Eco Park Co., Ltd.			13,051				29.00	%			3,785				56				—				—				3,841
Jeongeup Green Power Co., Ltd.			15,979				44.86	%			7,167				1,679				—				—				8,846
Hadong E-factory Co., Ltd.			1,127				29.99	%			338				6				—				—				344
Namyangju Combined Heat and Power Co., Ltd.			73,575				70.10	%			51,575				193				—				—				51,768
Samchuck			19,128				25.54	%			4,885				—				—				(4,885	)			—
Wadi Noor Solar Power Company SAOC			11,268				50.00	%			5,634				9				(4,251	)			—				1,392
Fairhaven Energy Storage LLC			1,989				35.00	%			696				—				—				(696	)			—
Rutile BESS Holdings, LLC			3				50.00	%			1				—				—				—				1
Trumbull Development Partners, LLC			539,370				56.23	%			303,288				52,091				—				—				355,379
Imha Floating Photovoltaic Power Plant Inc.			12,866				49.00	%			6,305				46				—				—				6,351
EDFR KOWEPO AJBAN PV HOLDING LIMITED			170				50.00	%			85				—				—				—				85
Roof One Energy Co., Ltd.			4,096				48.00	%			1,966				34				—				—				2,000

(*) The percentage of ownership shown above is an effective percentage of ownership including the treasury stocks and others.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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 December 31, 2025 and 2024 is as follows:

In millions of won		As of December 31, 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	2,394				31,117				769				28,723
Samcheok Eco Materials Co., Ltd.			(5	)			5,321				895				5,326
Barakah One Company			(174,713	)			—				33,994				174,713
KAPES, Inc.			6,877				10,808				916				3,931
ITR Co., Ltd.			(14	)			1				14				15
SEP Co., Ltd.			—				15				—				15
Noeul Green Energy Co., Ltd.			(1,434	)			2,401				(1,377	)			3,835
PlatformN. Co., Ltd.			2				20				(44	)			18
KEPCO KPS CARABAO Corp.			(68	)			176				207				244
Bitsolar Energy Co., Ltd.			356				1,620				1,264				1,264
Green Energy Electricity Generation Co., Ltd.			(396	)			—				396				396
O2&B Global Co., Ltd.			14				20				6				6
Pulau Indah O&M Sdn. Bhd.			(1	)			—				1				1
Foresight Iberian Solar Group Holding, S.L. (*2)			5,407				9,802				4,395				4,395
Green Radiation Co., Ltd.,			(11	)			—				11				11
Hoenggye Renewable Energy Co., Ltd.,			(266	)			—				266				266
CapMan Lynx SCA, SICAR (*)			(31,090	)			—				31,090				31,090
G.GURU Co., Ltd.			2				2				—				—
International Offshore Power Transmission Holding Company Limited			76				76				—				—
Jeju Gimnyeong Wind Power Co., Ltd.			76				76				—				—
Korea Energy Data Co., Ltd.			8				8				—				—
Wadi Noor Solar Power Company SAOC			711				711				—				—
Jaeun Resident Wind Power Plant Co., Ltd.			759				759				—				—
Lucy Equity Holdings, LLC			3,538				3,538				—				—
Remal First Holding Company			7,532				7,532				—				—
Naseem First Holding Company			8,170				8,170				—				—
KNOC Nigerian East Oil Co., Ltd. (*2)			(333	)			13,847				14,180				14,180
KNOC Nigerian West Oil Co., Ltd. (*2)			(306	)			12,732				13,038				13,038

(*1) Liquidated during the period.

(*2) Further share of losses exceeding the carrying amount of the investment is recognized against other long-term interests, such as loans, that in substance form part of the net investment in the entity.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(7) As of December 31, 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 consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(7) As of December 31, 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 consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(8) Significant restrictions on the Group’s abilities on associates and joint ventures as of December 31, 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 consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(8) Significant restrictions on the Group’s abilities on associates or joint ventures as of December 31, 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 consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(8) Significant restrictions on the Group’s abilities on associates or joint ventures as of December 31, 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 consolidated financial statements, Continued

December 31, 2025 and 2024

17. Investments in Associates and Joint Ventures, Continued

(8) Significant restrictions on the Group’s abilities on associates or joint ventures as of December 31, 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 consolidated financial statements, Continued

December 31, 2025 and 2024

18. Property, Plant and Equipment

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

In millions of won		As of December 31, 2025
		Acquisition cost				Government grants				Accumulated depreciation				Accumulated impairment losses				Book value
Land		W	14,867,112				(27,392	)			—				(30,756	)			14,808,964
Buildings			27,544,929				(38,077	)			(13,779,225	)			(7,119	)			13,720,508
Structures			93,340,759				(149,558	)			(40,552,716	)			(18,678	)			52,619,807
Machinery			126,564,408				(94,337	)			(70,384,493	)			(546,317	)			55,539,261
Ships			17,870				—				(9,199	)			—				8,671
Vehicles			538,604				(2,683	)			(402,753	)			(116	)			133,052
Equipment			2,641,393				(1,868	)			(2,191,439	)			(376	)			447,710
Tools			1,495,250				(982	)			(1,305,965	)			(1	)			188,302
Construction-in-progress			36,779,508				(230,573	)			—				(22,795	)			36,526,140
Right-of-use assets			5,441,389				—				(2,809,452	)			—				2,631,937
Asset retirement costs			18,347,513				—				(9,302,981	)			(146,422	)			8,898,110
Others			18,380,931				—				(16,151,855	)			—				2,229,076
		W	345,959,666				(545,470	)			(156,890,078	)			(772,580	)			187,751,538

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 consolidated financial statements, Continued

December 31, 2025 and 2024

18. Property, Plant and Equipment, Continued

(2) Changes in property, plant and equipment for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025
		Beginning balance				Acquisition				Disposal				Depreciation				Impairment				Others				Ending balance
Land		W	14,548,055				3,397				(14,757	)			—				—				299,661				14,836,356
(Government grants)			(27,403	)			—				11				—				—				—				(27,392	)
Buildings			13,397,461				29,671				(27,419	)			(1,008,638	)			(16	)			1,367,526				13,758,585
(Government grants)			(41,718	)			—				4				3,937				—				(300	)			(38,077	)
Structures			51,792,939				8,593				(304,274	)			(3,015,461	)			—				4,287,568				52,769,365
(Government grants)			(149,737	)			—				687				9,552				—				(10,060	)			(149,558	)
Machinery			56,955,731				477,443				(238,182	)			(6,371,551	)			(14,246	)			4,824,403				55,633,598
(Government grants)			(105,546	)			—				384				15,011				—				(4,186	)			(94,337	)
Ships			10,534				—				—				(1,863	)			—				—				8,671
Vehicles			81,451				5,482				(108	)			(49,732	)			—				98,642				135,735
(Government grants)			(2,745	)			—				6				1,309				—				(1,253	)			(2,683	)
Equipment			438,096				88,890				(166	)			(212,174	)			—				134,932				449,578
(Government grants)			(3,915	)			—				—				2,119				—				(72	)			(1,868	)
Tools			173,736				36,172				(48	)			(78,791	)			—				58,215				189,284
(Government grants)			(1,306	)			—				—				437				—				(113	)			(982	)
Construction-in-progress			31,284,358				15,728,954				(65	)			—				—				(10,256,534	)			36,756,713
(Government grants)			(223,566	)			4,685				—				—				—				(11,692	)			(230,573	)
Right-of-use assets			3,046,396				100,430				(5,876	)			(477,663	)			—				(31,350	)			2,631,937
Asset retirement costs			9,748,444				—				—				(1,437,687	)			—				587,353				8,898,110
Others			2,061,498				2,849				—				(1,007,904	)			—				1,172,633				2,229,076
		W	182,982,763				16,486,566				(589,803	)			(13,629,099	)			(14,262	)			2,515,373				187,751,538

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

18. Property, Plant and Equipment, Continued

(2) Changes in property, plant and equipment for each of the two years in the period ended December 31, 2025 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 year ended December 31, 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, W7,038 million (W101,609 million for the year ended December 31, 2024) was recognized as revenue and W23,041 million (W77,549 million for the year ended December 31, 2024) was recognized as cost of sales in profit or loss, respectively.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

19. Investment Properties

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

In millions of won		As of December 31, 2025
		Acquisition cost				Government grants				Accumulated depreciation				Book value
Land		W	218,041				—				—				218,041
Buildings			38,311				(22	)			(17,558	)			20,731
		W	256,352				(22	)			(17,558	)			238,772

In millions of won		As of December 31, 2024
		Acquisition cost				Government grants				Accumulated depreciation				Book value
Land			W210,509				—				—				210,509
Buildings			32,517				(22	)			(14,020	)			18,475
			W243,026				(22	)			(14,020	)			228,984

(2) Changes in investment properties for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025
		Beginning balance				Disposal				Depreciation				Others				Ending balance
Land		W	210,509				—				—				7,532				218,041
Buildings			18,497				—				(1,082	)			3,338				20,753
(Government grants)			(22	)			—				—				—				(22	)
		W	228,984				—				(1,082	)			10,870				238,772

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 consolidated financial statements, Continued

December 31, 2025 and 2024

19. Investment Properties, Continued

(3) Income and expenses related to investment properties for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Rental income		W	12,394				11,594
Operating and maintenance expenses related to rental income			(1,103	)			(716	)
		W	11,291				10,878

(4) Fair values of investment properties as of December 31, 2025 and 2024 are as follows:

In millions of won		As of December 31, 2025								As of December 31, 2024
		Book value				Fair value				Book value				Fair value
Land		W	218,041				363,922				210,509				337,379
Buildings			20,731				24,126				18,475				19,094
		W	238,772				388,048				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 consolidated financial statements, Continued

December 31, 2025 and 2024

20. Construction Contracts

(1) Changes in the total contract amount in which revenue is not yet recognized for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won

For the year ended December 31, 2025

Beginning balance

Increase (decrease) (*)

Recognized as revenue

Ending balance

Nuclear power plant construction in overseas and others

W

6,136,773

28,724,681

(673,693

)

34,187,761

(*) For the year ended December 31, 2025, the increased balance of contracts from new orders is W 29,718,160 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W 993,479 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 December 31, 2025 and 2024 are as follows:

In millions of won

As of December 31, 2025

Accumulated earned revenue

Accumulated expense

Accumulated Profit (loss)

Unearned advance receipts

Nuclear power plant construction in overseas and others

W

23,954,612

25,468,062

(1,513,450

)

102,359

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 consolidated financial statements, Continued

December 31, 2025 and 2024

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 December 31, 2025 and 2024 are as follows:

In millions of won

As of December 31, 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

538,057

363,521

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 year ended December 31, 2025 from the amounts included in contract liabilities at the end of the prior year was W134,174 million.

(4) The contracts with customers state that the disclosure of information related to UAE nuclear power plant construction project, Egypt Eldaba nuclear power plant construction projects, construction of retubing and refurbishment for Cernavoda NPP Unit1 refurbishment project in Romania, and Dukovany nuclear power plant construction projects (Units 5 and 6) in the Czech Republic, 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 consolidated financial statements.

		Contract date				Completion date
Egypt Eldaba nuclear power plant construction projects			August 25, 2022				April 8, 2029
Construction of Retubing and Refurbishment for Cernavoda NPP Unit1 Refurbishment Project in Romania			December 19, 2024				June 30, 2030
Dukovany nuclear power plant construction projects (Units 5 and 6) in the Czech Republic (*)			June 17, 2025				—

(*) The completion date of the Dukovany New Nuclear Power Plant (Units 5 and 6) Project is exempt from disclosure pursuant to the laws of the Czech Republic.

(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 December 31, 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 year ended December 31, 2025 is as follows:

In millions of won		For the year ended December 31, 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	12,814				(227,497	)			(227,473	)			(24	)			321,193				—				351,593				—				—				—
Electric power generation (Nuclear)			1,434,601				(2,465,749	)			(1,537,333	)			(928,416	)			1,730,523				—				116,720				—				117,102				—
Plant maintenance & engineering Service and others			2,268				10,099				(12,722	)			22,821				13,494				14,514				67,033				1				45,890				13,336
Others			—				—				—				—				—				—				2,711				—				18,631				49
		W	1,449,683				(2,683,147	)			(1,777,528	)			(905,619	)			2,065,210				14,514				538,057				1				181,623				13,385

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

21. Intangible Assets other than Goodwill

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

In millions of won		As of December 31, 2025
		Acquisition cost				Government grants				Accumulated amortization				Accumulated impairment losses				Book value
Software		W	1,237,800				(804	)			(1,064,876	)			(19	)			172,101
Copyrights, patents rights and other industrial rights			57,100				—				(42,168	)			—				14,932
Mining rights			626,449				—				(16,125	)			(601,636	)			8,688
Development expenditures			1,033,744				(540	)			(965,175	)			—				68,029
Intangible assets under development			125,687				(5,044	)			—				—				120,643
Usage rights of donated assets and others			602,139				—				(470,762	)			(136	)			131,241
Leasehold rights			28,185				—				(25,959	)			(538	)			1,688
Greenhouse gas emissions rights			108,300				—				—				—				108,300
Others			631,396				(136	)			(243,363	)			(12,224	)			375,673
		W	4,450,800				(6,524	)			(2,828,428	)			(614,553	)			1,001,295

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 consolidated financial statements, Continued

December 31, 2025 and 2024

21. Intangible Assets other than Goodwill, Continued

(2) Changes in intangible assets for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025
		Beginning balance				Acquisition				Disposal				Amortization				Impairment				Others				Ending balance
Software		W	179,989				23,008				(2,267	)			(89,309	)			40				61,444				172,905
(Government grants)			(844	)			—				—				342				—				(302	)			(804	)
Copyrights, patents rights and other industrial rights			26,631				390				(12	)			(4,937	)			(8,348	)			1,208				14,932
Mining rights			29,422				30				(972	)			(1,569	)			—				(18,223	)			8,688
Development expenditures			73,673				—				—				(27,901	)			—				22,797				68,569
(Government grants)			(939	)			—				—				496				—				(97	)			(540	)
Intangible assets under development			87,641				75,291				—				—				(30	)			(37,215	)			125,687
(Government grants)			(3,473	)			—				—				—				—				(1,571	)			(5,044	)
Usage rights of donated assets and others			133,379				—				—				(11,599	)			—				9,461				131,241
Leasehold rights			2,431				—				—				(743	)			—				—				1,688
Greenhouse gas emissions rights			135,534				1,523				—				—				—				(28,757	)			108,300
Others			383,703				2,251				(1,350	)			(23,483	)			(58	)			14,746				375,809
(Government grants)			(229	)			—				—				93				—				—				(136	)
		W	1,046,918				102,493				(4,601	)			(158,610	)			(8,396	)			23,491				1,001,295
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 consolidated financial statements, Continued

December 31, 2025 and 2024

21. Intangible Assets other than Goodwill, Continued

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

In millions of won and thousands of Australian dollars

As of December 31, 2025

Type

Description

Currency

Amount

Remaining useful lives

Software

S/4HANA ERP license

KRW

2,810

1 years and 11 months

Mining rights

Mining rights of Bylong mine

AUD

—

— (*)

Usage rights of donated assets and others

Sejong Haengbogdosi sharing charge

KRW

4,159

11 months

Right of use electricity and gas supply facility (Community district of Songdo)

KRW

4,745

4 years and 6 months

Others

Occupancy and use of public waters

KRW

59,977

11 years and 1 month

Greenhouse gas emissions rights

KRW

108,300

—

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 each of the two years in the period ended December 31, 2025, the Group recognized research and development expenses of W794,917 million and W773,931 million, respectively.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

22. Trade and Other Payables

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

In millions of won		As of December 31. 2025								As of December 31, 2024
		Current				Non-current				Current				Non-current
Trade payables		W	3,543,008				—				4,494,504				—
Non-trade payables			2,413,056				1,298,781				2,224,036				1,432,421
Accrued expenses			2,066,595				39,309				1,983,697				22,259
Leasehold deposits received			5,448				956				3,211				3,237
Other deposits received			82,116				38,788				97,276				45,012
Lease liabilities			510,105				2,640,775				603,492				3,095,964
Dividends payable			1,319				—				5,063				—
Others (*)			24				10,199				36				10,348
		W	8,621,671				4,028,808				9,411,315				4,609,241

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

In millions of won		As of December 31. 2025								As of December 31, 2024
		Current				Non-current				Current				Non-current
Advance received from local governments		W	—				2,689				—				2,689
Others			24				7,510				36				7,659
		W	24				10,199				36				10,348

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

23. Borrowings and Debt Securities

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

In millions of won		As of December 31. 2025				As of December 31, 2024
Current liabilities
Short-term borrowings		W	9,979,420				9,122,792
Current portion of long-term borrowings			8,744,156				8,434,330
Current portion of debt securities			27,173,916				26,908,467
Less: current portion of discount on long-term borrowings			(2,054	)			(16,537	)
Less: current portion of discount on debt securities			(8,468	)			(7,100	)
			45,886,970				44,441,952
Non-current liabilities
Long-term borrowings			3,317,261				3,153,867
Debt securities			80,769,677				85,149,391
Less: discount on long-term borrowings			(42,487	)			(35,071	)
Less: discount on debt securities			(162,129	)			(176,739	)
			83,882,322				88,091,448
		W	129,769,292				132,533,400

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

In millions of won
		As of December 31. 2025
Type		Borrowings				Debt Securities
Less than 1 year			W18,723,576				27,173,916
1~ 5 years			1,268,982				59,991,872
More than 5 years			2,048,279				20,777,805
			W22,040,837				107,943,593

In millions of won
		As of December 31, 2024
Type		Borrowings				Debt Securities
Less than 1 year			W17,557,122				26,908,467
1~ 5 years			1,488,840				63,087,182
More than 5 years			1,665,027				22,062,209
			W20,710,989				112,057,858

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

23. Borrowings and Debt Securities, Continued

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

In millions of won and thousands of foreign currencies

As of December 31, 2025

Type

Creditor

Interest rate (%)

Maturity

Foreign currency

Local currency

Local short-term borrowings

Yuanta Securities Co., Ltd. and others

2.82 ~ 3.65

2026.01.02 ~ 2026.05.18

—

W

7,018,433

Local short-term borrowings

Nonghyup Bank and others

3M CD + 0.62 ~ 0.80

2026.05.27 ~ 2026.07.11

—

2,600,000

Local short-term borrowings

Korea Development Bank

Short-term loan base interest rate + 1.03

2026.02.24

—

30,000

Local short-term borrowings

Export-Import Bank of Korea

2.97 ~ 3.30

2026.09.18 ~ 2026.12.29

—

30,000

Foreign short-term borrowings

Hana Bank and others

SOFR(1M) + 0.40 ~ 0.90

2026.08.11 ~ 2026.11.25

USD 49,165

70,547

Local bank overdraft

Nonghyup Bank

3.26

2026.01.08

—

183,300

Local bank overdraft

Hana Bank

1yr bank debenture rate+1.07

2026.10.31

—

47,140

W

9,979,420

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 consolidated financial statements, Continued

December 31, 2025 and 2024

23. Borrowings and Debt Securities, Continued

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

In millions of won
				As of December 31, 2025
Type				Interest rate (%)		Maturity		Foreign currency				Local currency
Local long-term borrowings
Korea Development Bank		Others		0.50		2025~2044			—			W	1,097
		Facility		4.60~4.94		2028~2042			—				46,340
		Facility		CB rate+0.90		2029			—				7,457
Hana Bank and others		Commercial Paper		3M CD + 0.31~1.20		2025~2030			—				8,350,000
		Facility		4.60		2028			—				3,578
		Facility		3yr KTB rate-1.25		2025~2028			—				1,827
Export-Import Bank of Korea		Project loans		1.00		2026			—				1,473
		Facility		1.32		2026~2028			—				48,000
		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		2028			—				6,438
		Project loans		—		2033			—				1,197
Shinhan Bank and others		Facility		CB rate+0.90~1.10		2028~2029			—				10,586
		Others		3.95		2034			—				61,820
		Others		Standard overdraft rate+1.00		2034			—				61,820
Kookmin Bank		Facility		4.36~5.93		2030~2037			—				161,114
Woori Bank		Facility		3M CD+1.90 4.66~5.20		2034~2042			—				92,963
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			—				768,821
		Facility		CB rate+1.10 1.75~5.70		2028~2041			—				20,549
		Others		4.40~7.90		2038~2039			—				79,296
		Others		2.00~5.41		2031~2034			—				49,819
												W	9,893,978

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

23. Borrowings and Debt Securities, Continued

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

In millions of won and thousands of foreign currencies
				As of December 31, 2025
Type				Interest rate (%)		Maturity				Foreign currency				Local currency
Foreign long-term borrowings
Korea Energy Agency		Project loans		—			2026				USD 8,744			W	12,546
Export-Import Bank of Korea and others		Direct Loan and others		6.72~8.12			2036				USD 65,616				94,152
		Direct Loan and others		6M Synthetic Libor +2.25~3.70			2027				USD 32,621				46,808
		Facility		SOFR+0.43~1.83			2029~2031				USD 125,556				180,160
		Facility		SOFR+0.78			2029				SAR 517,167				197,847
POSCO E&C and others		Shareholder’s Loan		8.00			2026				USD 4,086				5,863
		Shareholder’s Loan		8.00			2031				USD 6,845				9,822
NH-Amundi		Syndicated Loan		8.00			2032				JPY 491,448				4,510
SMTB		Syndicated Loan		((0.55%+TIBOR 6M)×40%) +(1.8225%×60%)			2036				JPY 5,792,647				53,155
Kiwoom Solar Power Professional Investor Private Placement Investment Trust V		Senior borrowing		3.90			2029				EUR 36,060				60,786
MUFGBank		Facility		SOFR(3M)+1.60~1.99 SOFR(6M)+5.00 5.67~6.18			2026~2032				USD 801,862				1,150,592
Hanwha US Solar Private Fund 1 and others		Facility		6.00			2038				USD 60,818				87,267
Shinhan Bank		Facility		1M BBSY+1.40~2.25			2026				AUD 223,008				214,315
Nonghyup Bank and others		Facility		10.40			2039				USD 34,577				49,616
															2,167,439
															12,061,417
Less: discount on long-term borrowings															(44,541	)
Less: current portion of long-term borrowings															(8,744,156	)
Add: current portion of discount on long-term borrowings															2,054
														W	3,274,774

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

23. Borrowings and Debt Securities, Continued

(4) Long-term borrowings as of December 31, 2025 and 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 consolidated financial statements, Continued

December 31, 2025 and 2024

23. Borrowings and Debt Securities, Continued

(4) Long-term borrowings as of December 31, 2025 and 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 consolidated financial statements, Continued

December 31, 2025 and 2024

23. Borrowings and Debt Securities, Continued

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

In millions of won
		Issue date				Maturity				Interest rate (%)				As of December 31, 2025				As of December 31, 2024
Electricity Bonds			2012.03.27~2025.11.06				2026.01.03~2052.04.21				1.48~5.69			W	59,850,000				63,960,000
Corporate Bonds (*)			2009.10.16~2025.12.01				2026.01.16~2054.06.28				1.29~10.00				29,957,353				28,727,353
Corporate Bonds			2021.05.26~2023.12.28				2041.05.25~2043.09.15				1.75~3.78				41,578				41,578
															89,848,931				92,728,931
Less: discount on local debt securities															(52,559	)			(51,149	)
Less: current portion of local debt securities															(21,801,584	)			(22,621,584	)
Add: current portion of discount on local debt securities															2,163				2,124
														W	67,996,951				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 consolidated financial statements, Continued

December 31, 2025 and 2024

23. Borrowings and Debt Securities, Continued

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

In millions of won and thousands of foreign currencies
						December 31, 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	399,908
FY-97		1997.01.31~1997.08.04		2027.02.01~2027.08.01		6.75~7.00		USD	314,717				451,587
FY-04		2004.04.23		2034.04.23		5.13		USD	286,920				411,702
FY-14		2014.07.30		2029.07.30		3.57		USD	100,000				143,490
FY-17		2017.07.25		2027.07.25		3.13		USD	300,000				430,470
FY-17		2017.10.30		2037.10.30		1.70		EUR	40,000				67,429
FY-17		2017.11.16		2037.11.16		2.36		SEK	450,000				70,187
FY-18		2018.03.13		2028.03.13		3.35		HKD	1,650,000				304,277
FY-19		2019.07.19		2027.07.19		0.05		CHF	100,000				181,197
FY-19		2019.12.19		2037.12.31		3.30~5.70		USD	310,682				445,798
FY-20		2020.08.03		2026.02.03		0.61		USD	300,000				430,470
FY-21		2021.01.27		2026.01.27		0.75		USD	450,000				645,705
FY-21		2021.04.27		2026.04.27		1.25		USD	500,000				717,450
FY-21		2021.08.09		2026.08.09		1.25		USD	300,000				430,470
FY-21		2021.09.24		2026.09.24		1.13		USD	300,000				430,470
FY-22		2022.04.21		2027.04.21		3.63		USD	300,000				430,470
FY-22		2022.06.14		2027.06.14		4.00		USD	300,000				430,470
FY-22		2022.07.27		2027.07.27		4.25		USD	700,000				1,004,430
FY-22		2022.10.06		2026.04.06~2028.04.06		5.38~5.50		USD	800,000				1,147,920
FY-22		2022.10.06~2022.11.01		2032.10.06		5.16		HKD	2,350,000				433,364
FY-23		2023.06.07		2030.06.07		4.51		HKD	1,037,000				191,233
FY-23		2023.07.12		2028.07.12		4.88		USD	350,000				502,215
FY-23		2023.07.18		2028.07.18		5.00		USD	500,000				717,450
FY-23		2023.07.31		2026.07.31		5.38		USD	1,000,000				1,434,900
FY-23		2023.09.21		2026.09.21		5.38		USD	300,000				430,470
FY-24		2024.01.31		2027.01.31		4.88		USD	1,200,000				1,721,880
FY-24		2024.07.29		2029.07.29		4.63		USD	500,000				717,450
FY-25		2025.02.13		2028.02.13		4.75		USD	400,000				573,960
FY-25		2025.03.05		2028.03.05		4.10		HKD	1,166,000				215,022
FY-25		2025.07.30		2030.07.30		SOFR+0.79		USD	500,000				717,450
FY-25		2025.11.04		2031.05.04		4.00		USD	300,000				430,470
FY-25		2025.11.12		2028.11.12		Compounded Daily SOFR+0.62		USD	600,000				860,939
FY-25		2025.11.12		2030.11.12		4.13		USD	400,000				573,959
													18,094,662
Less: discount on foreign debt securities													(118,038	)
Less: current portion of foreign debt securities													(5,372,332	)
Add: current portion of discount on foreign debt securities													6,305
												W	12,610,597

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

23. Borrowings and Debt Securities, Continued

(6) Foreign debt securities as of December 31, 2025 and 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 each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025												For the year ended December 31, 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			1,506,642				(3,447,638	)			(1,940,996	)			604,841				(4,211,164	)			(3,606,323	)
Effect of exchange rate fluctuations			(176,794	)			(666,627	)			(843,421	)			250,661				2,294,022				2,544,683
Others			7,067				13,242				20,309				(35,773	)			(1,017	)			(36,790	)
		W	21,996,296				107,772,996				129,769,292				20,659,381				111,874,019				132,533,400

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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 W195,791 million and W152,644 million respectively, as expense for each of the two years in the period ended December 31, 2025. 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 W4,008 million and W3,121 million respectively, as expense for each of the two years in the period ended December 31, 2025. 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 December 31, 2025 and 2024 are as follows:

In millions of won		As of December 31, 2025
		Acquisition Cost				Accumulated depreciation				Book value
Land		W	1,025,978				(401,002	)			624,976
Buildings			220,277				(126,636	)			93,641
Structures			54,310				(15,125	)			39,185
Machinery			56,211				(33,535	)			22,676
Ships			3,630,728				(2,066,439	)			1,564,289
Vehicles			72,416				(47,670	)			24,746
Others (*)			381,469				(119,045	)			262,424
		W	5,441,389				(2,809,452	)			2,631,937

(*) During the year ended December 31, 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 consolidated financial statements, Continued

December 31, 2025 and 2024

24. Lease, Continued

1) Group as a lessee, Continued

(3) Changes in right-of-use assets for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025
		Beginning balance				Increase				Depreciation				Decrease				Others				Ending balance
Land		W	677,602				9,402				(59,793	)			(2,035	)			(200	)			624,976
Buildings			105,841				25,783				(41,921	)			(2,282	)			6,220				93,641
Structures			40,859				1,889				(8,433	)			(96	)			4,966				39,185
Machinery			27,060				1,364				(6,515	)			(19	)			786				22,676
Ships			1,931,093				9,688				(316,823	)			—				(59,669	)			1,564,289
Vehicles			20,920				21,280				(15,498	)			(1,444	)			(512	)			24,746
Others			243,021				31,024				(28,680	)			—				17,059				262,424
		W	3,046,396				100,430				(477,663	)			(5,876	)			(31,350	)			2,631,937

In millions of won		For the year ended December 31, 2024
		Beginning balance				Increase				Depreciation				Decrease				Others				Ending balance
Land		W	655,860				12,369				(65,245	)			(117	)			74,735				677,602
Buildings			90,573				61,397				(48,371	)			(399	)			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				—				(363,032	)			(1,656	)			(17,524	)			1,931,093
Vehicles			25,491				11,042				(14,167	)			(77	)			(1,369	)			20,920
Others			235,215				17,372				(36,502	)			(3	)			26,939				243,021
		W	3,363,743				132,495				(538,995	)			(2,252	)			91,405				3,046,396

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

24. Lease, Continued

1) Group as a lessee, Continued

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

In millions of won		As of December 31, 2025				As of December 31, 2024
Less than 1 year		W	526,324				632,878
1 ~ 5 years			1,614,003				1,817,340
More than 5 years			1,407,310				1,670,416
			3,547,637				4,120,634
Less: present value discounts and others			(396,757	)			(421,178	)
Present value of lease payment		W	3,150,880				3,699,456

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

In millions of won		As of December 31, 2025				As of December 31, 2024
Current lease liabilities		W	510,105				603,492
Non-current lease liabilities			2,640,775				3,095,964
		W	3,150,880				3,699,456

(6) Changes in lease liabilities for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025
		Beginning balance				Increase				Decrease				Interest expenses				Others (*)				Ending balance
Lease liabilities		W	3,699,456				90,362				(626,586	)			76,935				(89,287	)			3,150,880

(*) 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 consolidated financial statements, Continued

December 31, 2025 and 2024

24. Lease, Continued

1) Group as a lessee, Continued

(7) Details of expense relating to lease contracts as lessee for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Depreciation of right-of-use assets		W	477,663				538,995
Interest expenses of lease liabilities			76,935				82,638
Lease expenses for short-term leases			195,791				152,644
Lease expenses for leases of low-value assets			4,008				3,121
Variable lease payments			5,169				12,420
		W	759,566				789,818

(8) The total cash outflow related to the lease contracts amounts to W831,553 million and W863,651 million, for each of the two years in the period ended December 31, 2025, respectively.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

24. Lease, Continued

2) Group as a lessor

(1) Finance lease contracts

The Group has entered into power purchase agreements (“PPA”) with Jordan Electric Power Company to provide a 373MW level Qatrana gas-fired 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 11 energy storage system installation projects and 295 energy efficiency contracts as finance leases with lease terms ranging from 3 to 11 years. Also, the Group has 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 receives revenue consisting of fixed charges (for capital cost recovery) and variable costs over the contracted period.

(2) Profits and losses related to finance leases for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Finance income on the net investment in the lease		W	118,903				120,770

(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 December 31, 2025 and 2024 is as follows:

In millions of won		As of December 31, 2025				As of December 31, 2024
Less than 1 year		W	217,872				213,300
1 ~ 2 years			206,023				217,747
2 ~ 3 years			194,195				204,867
3 ~ 4 years			184,626				193,379
4 ~ 5 years			187,851				184,436
More than 5 years			1,218,793				1,420,807
			2,209,360				2,434,536
Less: unearned finance income			(932,072	)			(1,078,138	)
Net investment in the lease (*)		W	1,277,288				1,356,398

(*) Including the present value of unguaranteed residual value amounting to W34,047 million and W31,857 million, as of December 31, 2025 and 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 17.37% per year as of December 31, 2025 (0.00%~17.15% as of December 31, 2024).

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

24. Lease, Continued

2) Group as a lessor, Continued

(4) Changes in the allowance for doubtful accounts of finance lease receivables for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Beginning balance		W	5,255				5,256
Bad debt expense			1,977				—
Write-off			(230	)			—
Reversal			—				(1	)
Ending balance		W	7,002				5,255

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

25. Employment Benefits

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

In millions of won		As of December 31, 2025				As of December 31, 2024
Net defined benefit asset		W	104,344				40,425
Net defined benefit obligations			1,380,352				1,449,837
Other long-term employee benefit obligations			1,500				1,710

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

		As of December 31, 2025		As of December 31, 2024
Discount rate		3.38% ~ 5.44%		3.38% ~ 5.06%
Future salary and benefit levels		4.83%		4.83%
Weighted average duration		9.65 years		9.89 years

(3) Details of expense relating to defined benefit plans for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Current service cost		W	486,139				430,308
Interest cost			173,362				184,169
Expected return on plan assets			(124,639	)			(141,108	)
		W	534,862				473,369

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

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Cost of sales		W	384,386				340,165
Selling and administrative expenses			99,838				87,815
Others including construction-in-progress			50,638				45,389
		W	534,862				473,369

In addition, for each of the two years in the period ended December 31, 2025, 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: W95,639 million and W87,998 million as cost of sales; W22,729 million and W 16,221 million as selling and administrative expenses; and W17,749 million and W15,701 million as construction-in-progress and others.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

25. Employment Benefits, Continued

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

In millions of won		As of December 31, 2025				As of December 31, 2024
Present value of defined benefit obligation from funded plans		W	4,978,795				4,960,645
Fair value of plan assets			(3,702,787	)			(3,551,233	)
Net liabilities incurred from defined benefit plans		W	1,276,008				1,409,412

(5) Changes in the present value of defined benefit obligations for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Beginning balance		W	4,960,645				4,312,702
Current service cost			486,139				430,308
Interest cost			173,362				184,169
Remeasurement component			32,568				425,671
Actual payments			(673,863	)			(392,336	)
Others			(56	)			131
Ending balance		W	4,978,795				4,960,645

(6) Changes in the fair value of plan assets for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Beginning balance		W	3,551,233				3,349,480
Expected return			124,639				141,108
Remeasurement component			(12,236	)			(10,030	)
Contributions by the employers			350,970				254,763
Actual payments			(311,819	)			(184,088	)
Ending balance		W	3,702,787				3,551,233

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

25. Employment Benefits, Continued

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

In millions of won		As of December 31, 2025				As of December 31, 2024
Equity instruments		W	879				2,308
Debt instruments			527,278				413,522
Bank deposits			275,590				452,158
Others (*)			2,899,040				2,683,245
		W	3,702,787				3,551,233

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

For each of the two years in the period ended December 31, 2025, actual returns on plan assets amounted to W112,403 million and W131,078 million, respectively.

(8) Remeasurement components recognized in other comprehensive income (loss) for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Actuarial loss (gain) from changes in financial assumptions		W	(172,587	)			320,582
Actuarial loss from experience adjustments, etc.			205,155				105,089
Expected loss			12,236				10,030
		W	44,804				435,701

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

In addition, gain(loss) on accumulated remeasurement component amounting to W8,027 million and W(95,694) million have been recognized as other comprehensive income or loss as of December 31, 2025 and 2024, respectively.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

26. Provisions

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

In millions of won		As of December 31, 2025								As of December 31, 2024
		Current				Non-current				Current				Non-current
Employment benefits
Provisions for employment benefits		W	1,145,049				—				1,093,625				—
Litigation
Litigation provisions			10,114				342,213				9,350				479,071
Decommissioning cost
Nuclear plants			55,874				24,121,023				79,501				23,192,872
Spent fuel			700,694				2,044,650				799,384				2,124,361
Radioactive waste			72,616				1,699,429				84,485				1,677,306
PCBs			—				14,073				—				39,389
Other recovery provisions			—				55,843				—				50,407
Others
Power plant regional support program			132,818				—				130,256				—
Transmission regional support program (*)			344,824				—				302,631				—
Provisions for financial guarantee			21,815				28,894				26,440				4,484
Provisions for greenhouse gas emissions obligations			151,187				—				156,463				—
Provision for onerous contracts			1,448,037				1,656				434				1,333
Others			87,215				555,919				111,402				267,811
		W	4,170,243				28,863,700				2,793,971				27,837,034

(*) As of December 31, 2025 and 2024, the Group recognized reimbursement assets of W 46,069 million and W 46,444 million, respectively, in connection with the provisions for support projects for areas adjacent to transmission and substation facilities.

(2) Changes in provisions for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025
		Beginning balance				Increase in provision				Payment				Reversal				Others				Ending balance
Employment benefits
Provisions for employment benefits		W	1,093,625				1,364,058				(1,301,555	)			(11,079	)			—				1,145,049
Litigation
Litigation provisions			488,421				44,700				(167,170	)			(13,638	)			14				352,327
Decommissioning cost
Nuclear plants			23,272,373				1,005,286				(63,355	)			(37,407	)			—				24,176,897
Spent fuel			2,923,745				578,601				(411,377	)			(345,625	)			—				2,745,344
Radioactive waste			1,761,791				108,910				(56,879	)			(41,777	)			—				1,772,045
PCBs			39,389				1,144				(19,958	)			(6,502	)			—				14,073
Other recovery provisions			50,407				18,963				(1,290	)			(280	)			(11,957	)			55,843
Others
Power plant regional support program			130,256				59,769				(57,207	)			—				—				132,818
Transmission regional support program			302,631				212,701				(170,508	)			—				—				344,824
Provisions for financial guarantee			30,924				45,864				(22,553	)			(3,347	)			(179	)			50,709
Provisions for RPS			—				1,107,704				(1,101,002	)			(6,702	)			—				—
Provisions for greenhouse gas emissions obligations			156,463				247,135				(241,024	)			(7,204	)			(4,183	)			151,187
Provision for onerous contracts			1,767				1,448,691				—				(765	)			—				1,449,693
Others			379,213				308,807				(44,620	)			(147	)			(119	)			643,134
		W	30,631,005				6,552,333				(3,658,498	)			(474,473	)			(16,424	)			33,033,943

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

26. Provisions, Continued

(2) Changes in provisions for each of the two years in the period ended December 31, 2025 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

(3) Greenhouse gas emissions rights (allowances) and obligations:

(i) Allowances allocated free of charge from the government for each compliance year in the commitment period as of December 31, 2025 are as follows:

In ten thousands of tons(tCO2-eq)		3rd planned period
		2021				2022				2023				2024				2025				Total
Allowances received free of charge from the government			15,831				14,542				14,575				12,451				11,838				69,237

(ii) Changes in greenhouse gas emissions rights for each of the two years in the period ended December 31, 2025 are as follows:

In ten thousands of tons(tCO2-eq), millions of won
		3rd commitment period
		2024								2025								Total
		Quantity				Amount				Quantity				Amount				Quantity				Amount
Beginning (*1)			13,784				129,571				11,402				68,476				25,186				198,047
Purchase (Sell)			1,833				176,441				1,823				179,183				3,656				355,624
Government Submission			(13,884	)			(159,199	)			(2,858	)			(240,001	)			(16,742	)			(399,200	)
Carry Forward (Borrowing)			(1,708	)			(146,813	)			1,275				92,621				(433	)			(54,192	)
ETC			—				—				25				7,271				25				7,271
Ending (*2)			25				—				11,667				107,550				11,692				107,550

(*1) Changes in emission rights due to allowances additionally allocated or cancelled are reflected.

(*2) Current greenhouse gas emissions rights represent those expected to be surrendered to the government or sold within one year from the end of the reporting period. Non-current greenhouse gas emissions rights, amounting to W 108,300 million, are classified as other intangible assets (See Note 21).

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

26. Provisions, Continued

(3) Greenhouse gas emissions rights and obligations, continued:

(ii) Changes in greenhouse gas emissions rights for each of the two years in the period ended December 31, 2025 are as follows, continued:

In ten thousands of tons(tCO2-eq), millions of won
		3rd commitment period
		2023								2024								2025								Total
		Quantity				Amount				Quantity				Amount				Quantity				Amount				Quantity				Amount
Beginning (*)			14,829				25,128				11,952				99,968				9,288				6,873				36,069				131,969
Purchase (Sell)			1,536				135,837				1,674				174,991				—				—				3,210				310,828
Government Submission			(14,780	)			(39,968	)			(657	)			(53,727	)			—				—				(15,437	)			(93,695	)
Carry Forward (Borrowing)			(1,585	)			(129,188	)			1,043				44,430				828				128,417				286				43,659
ETC			—				8,191				—				(53,693	)			—				244				—				(45,258	)
Ending			—				—				14,012				211,969				10,116				135,534				24,128				347,503

(*) Changes in emission rights due to allowances additionally allocated or cancelled are reflected.

(iii) The Group does not have greenhouse gas emissions rights pledged as collateral as of December 31, 2025.

(iv) The Group does not hold any greenhouse gas emissions rights prepared for generating a profit from short-term fluctuations in price as of December 31, 2025.

(v) The estimated greenhouse gas emission of the Group for the year ended December 31, 2025 is 11,401 ten thousand tons.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

27. Government Grants

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

In millions of won		As of December 31, 2025				As of December 31, 2024
Land		W	27,392				27,403
Buildings			38,077				41,718
Structures			149,558				149,737
Machinery			94,337				105,546
Vehicles			2,683				2,745
Equipment			1,868				3,915
Tools			982				1,306
Construction-in-progress			230,573				223,566
Investment properties			22				22
Software			804				844
Development expenditures			540				939
Intangible assets under development			5,044				3,473
Other intangible assets			136				229
		W	552,016				561,443

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

27. Government Grants, Continued

(2) Changes in government grants for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025
		Beginning balance				Receipt				Acquisition				Offset the items of depreciation expense and others				Disposal				Revenue				Others				Ending balance
Cash		W	—				25,019				—				—				—				224				(25,243	)			—
Land			27,403				—				—				—				(11	)			—				—				27,392
Buildings			41,718				—				—				(3,937	)			(4	)			—				300				38,077
Structures			149,737				—				—				(9,552	)			(687	)			—				10,060				149,558
Machinery			105,546				—				—				(15,011	)			(384	)			—				4,186				94,337
Vehicles			2,745				—				—				(1,309	)			(6	)			—				1,253				2,683
Equipment			3,915				—				—				(2,119	)			—				—				72				1,868
Tools			1,306				—				—				(437	)			—				—				113				982
Construction-in-progress			223,566				—				(4,685	)			—				—				—				11,692				230,573
Investment properties			22				—				—				—				—				—				—				22
Software			844				—				—				(342	)			—				—				302				804
Development expenditures			939				—				—				(496	)			—				—				97				540
Intangible assets under development			3,473				—				—				—				—				—				1,571				5,044
Other intangible assets			229				—				—				(93	)			—				—				—				136
		W	561,443				25,019				(4,685	)			(33,296	)			(1,092	)			224				4,403				552,016

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		W	—				59,503				—				—				—				4,789				(64,292	)			—
Land			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 consolidated financial statements, Continued

December 31, 2025 and 2024

27. Government Grants, Continued

(3) Changes in government grants for specific business projects for each of the two years in the period ended December 31, 2025 are as follows:

In millions of Won												2025
Department		Business Name		Description		Period		Budget				Beginning Balance				Received				Used				Return				Others				Ending Balance
Ministry of Employment and Labor		Support for the installation of workplace daycare centers		Support for the installation of workplace daycare centers (2021)		2023.01.01~2023.12.31			1,491				1				—				—				—				—				1
Ministry of Trade, Industry and Energy		Electricity supply business in rural areas		Electricity supply business in rural areas (Support for Losses in Local Government Operations, 2024)		2024.01.01~2024.12.31			161,429				—				18,828				(18,828	)			—				—				—
Ministry of Industry and Trade		Temporary electricity bill support for small business owners		Temporary electricity bill support for small business owners (2024)		2024.02.15~2024.12.31			178,753				28,074				19,058				(41,772	)			—				—				5,360
Ministry of SMEs and Startups				Construction of the Integrated Control System for Renewable Energy in Transmission Area		2024.02.13~2026.03.31			5,601				—				195				(196	)			—				32				31
Ministry of Employment and Labor		Support for the installation of workplace daycare centers		Support for the installation of workplace daycare centers (2025)		2025.01.01~2025.07.09			80				—				80				(80	)			—				—				—
Ministry of Climate, Energy and Environment		Electricity supply business in rural areas		Electricity supply business in rural areas (Government Fiscal Loans, 2025) Electricity supply business in rural areas		2025.01.01~2026.12.31			122				—				111				(111	)			—				—				—
Ministry of Climate, Energy and Environment		Electricity supply business in rural areas		(Capital Expenditure for Rural Electrification Support and New Connections, 2025)		2025.01.01~2026.12.31			20,987				—				9,789				(9,789	)			—				—				—
Ministry of Climate, Energy and Environment		Electricity supply business in rural areas		Electricity supply business in rural areas (Support for for self-generation Facilities, 2025)		2025.01.01~2026.12.31			93,925				—				86,747				(86,747	)			—				—				—
Ministry of Climate, Energy and Environment		Renewable Energy Generation Difference Support		Renewable Energy Generation Difference Support (2025)		2025.01.01~2025.12.31			30,913				—				29,901				(29,901	)			—				—				—
Ministry of Climate, Energy and Environment		Operating expenses for regional projects around the power plant		Operating expenses for regional projects around the power plant (2025) Energy Industry Cooperation: Improving		2025.01.01~2025.12.31			436				—				61				(61	)			—				—				—
Ministry of Climate, Energy and Environment		Official Development Assistance (ODA)		Efficiency through the Utilization of Distribution Automation Systems (DAS) in the Dominican Republic Energy Industry Cooperation: Support for		2025.01.01~2026.12.31			6,752				—				788				(788	)			—				—				—
Ministry of Climate, Energy and Environment		Official Development Assistance (ODA)		Modernizing Grid Operations based on Distribution Automation Systems (DAS) in the Central-Southern Region of Honduras		2025.01.01~2026.12.31			10,468				—				222				(222	)			—				—				—
Saemangeum Development and Investment Agency		Construction of Power Infrastructure for the Saemangeum Secondary Battery Specialized Complex		Construction of Power Infrastructure for the Saemangeum Secondary Battery Specialized Complex		2025.01.01~2026.12.31			6,542				—				1,730				(1,730	)			—				—				—

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

27. Government Grants, Continued

(3) Changes in government grants for specific business projects for each of the two years in the period ended December 31, 2025 are as follows:

										2024
Business Name		Description		Period		Budget				Beginning Balance				Received				Used				Return				Others				Ending Balance
Temporary electricity bill support for small business owners		Temporary electricity bill support for small business owners		2021.04.01 ~ 2022.06.30			211,235				1,069				—				(791	)			(278	)			—				—
Support for the installation of workplace daycare centers		Support for the installation of workplace daycare centers		2023.01.01 ~ 2023.12.31			1,491				—				1				—				—				—				1
Support for underground power line installation		Daebul Industrial Complex Underground Power Line Project (Phase 1) (Subsidy)		2023.01.01 ~ 2025.12.31			3,492				—				3,492				(3,492	)			—				—				—
Construction of the Integrated Control System for Renewable Energy in Transmission Area		Construction of the Integrated Control System for Renewable Energy in Transmission Area		2023.01.01 ~ 2023.12.31			490				—				213				(213	)			—				—				—
Construction of the Integrated Control System for Renewable Energy in Power Distribution Sector		Construction of the Integrated Control System for Renewable Energy in Power Distribution Sector		2023.01.01 ~ 2023.12.31			2,510				2				203				(205	)			—				—				—
Temporary electricity bill support for small business owners		Temporary electricity bill support for small business owners (2024)		2024.02.15 ~ 2024.12.31			178,753				—				156,058				(127,984	)			—				—				28,074
Electricity supply business in rural areas		Electricity supply business in rural areas (Support for Losses in Local Government Operations, 2024)		2024.01.01 ~ 2024.12.31			161,429				—				170,276				(170,276	)			—				—				—
Renewable Energy Generation Difference Support		Renewable Energy Generation Difference Support (2024)		2024.01.01 ~ 2024.12.31			52,170				—				51,413				(51,413	)			—				—				—
Operating expenses for regional projects around the power plant		Operating expenses for regional projects around the power plant (2024)		2024.01.02 ~ 2024.12.31			428				—				61				(61	)			—				—				—

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

28. Deferred Revenue

Changes in deferred revenues for each of the two years in the period ended December 31, 2025 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 year ended December 31, 2025				For the year ended December 31, 2024
Beginning balance		W	13,652,565				11,548,855
Increase			1,308,338				2,924,341
Recognized as revenue			(861,760	)			(820,631	)
Ending balance		W	14,099,143				13,652,565

29. Non-financial Liabilities

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

In millions of won		As of December 31, 2025								As of December 31, 2024
		Current				Non-current				Current				Non-current
Advance received		W	3,742,661				423,445				3,531,207				354,218
Unearned revenue			56,306				18,364				37,062				14,910
Deferred revenue			826,003				13,273,140				776,988				12,875,577
Withholdings			300,016				1,024				271,425				2,296
Others			1,880,185				10,186				1,710,459				34,519
		W	6,805,171				13,726,159				6,327,141				13,281,520

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

30. Contributed Capital

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

In millions of won except share information

As of December 31, 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 each of the two years in the period ended December 31, 2025 are as follows:

Number of shares		For the year ended December 31, 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 December 31, 2025 and 2024 are as follows:

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

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

31. Retained Earnings and Dividends Paid

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

In millions of won		As of December 31, 2025				As of December 31, 2024
Legal reserve (*)		W	1,604,910				1,604,910
Voluntary reserves			567,469				—
Retained earnings before appropriations			26,328,205				18,523,337
Retained earnings		W	28,500,584				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 December 31, 2025 and 2024 are as follows:

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

(3) Changes in retained earnings for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 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			8,544,918				3,491,698
Changes in equity method retained earnings			(5,944	)			(6,346	)
Remeasurements of defined benefit liability, net of tax			(29,899	)			(281,761	)
Transfer of revaluation reserve			—				586,394
Dividend paid			(136,738	)			—
Ending balance		W	28,500,584				20,128,247

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

31. Retained Earnings and Dividends Paid, Continued

(4) Dividends paid for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won

For the year ended December 31, 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

136,738

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 each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Beginning balance		W	(17,420	)			(11,074	)
Changes			(5,944	)			(6,346	)
Ending balance		W	(23,364	)			(17,420	)

(6) Changes in remeasurement components related to defined benefit liability for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Beginning balance		W	(95,694	)			29,229
Changes			(47,266	)			(421,327	)
Income tax effect			17,367				139,566
Transfer to reserve for business expansion			133,620				156,838
Ending balance		W	8,027				(95,694	)

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

32. Statement of Appropriation of Retained Earnings

For the year ended December 31, 2024, KEPCO’s retained earnings were appropriated on March 26, 2025. For the year ended December 31, 2025, KEPCO’s retained earnings are expected to be appropriated on March 25, 2026. The statements of appropriation of retained earnings of KEPCO, the controlling company, for each of the two years in the period ended December 31, 2025, respectively, are as follows:

In millions of won except for dividends per share		For the year ended December 31, 2025				For the year ended December 31, 2024
I. Unappropriated retained earnings Unappropriated retained earnings carried over from prior years		W	—				—
Net profit			7,249,900				829,339
Remeasurement of the defined benefit plan			(20,426	)			(125,132	)
			7,229,474				704,207
II. Transfer from voluntary reserves			—				—
III. Subtotal (I + II)			7,229,474				704,207
IV. Appropriation of retained earnings
Dividends (government, individuals) Amount of dividends per share (%): Current year – W1,542 (30.84%)                   Prior year – W213 (4.26%)			(989,909	)			(136,738	)
Voluntary reserves			(6,239,565	)			(567,469	)
			(7,229,474	)			(704,207	)
V. Unappropriated retained earnings to be carried over forward to subsequent year			—				—

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

33. Hybrid Bonds

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

In millions of won
Issuer		Hybrid bond				Issued date				Maturity				Yield (%)				As of December 31, 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 year ended December 31, 2025.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

34. Other Components of Equity

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

In millions of won		As of December 31, 2025				As of December 31, 2024
Other capital surplus		W	1,566,635				1,600,812
Accumulated other comprehensive income			1,340,560				1,424,014
Other equity			12,708,585				12,708,585
		W	15,615,780				15,733,411

(2) Changes in other capital surplus for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 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			—				(855	)			(855	)			—				(7	)			(7	)
Equity transaction within the consolidated entity			—				(33,322	)			(33,322	)			—				18				18
Ending balance		W	387,524				1,179,111				1,566,635				387,524				1,213,288				1,600,812

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

34. Other Components of Equity, Continued

(3) Changes in accumulated other comprehensive income (loss) for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 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			143,888				—				—				—				143,888
Shares of other comprehensive loss of associates and joint ventures, net of tax			—				(257,793	)			—				—				(257,793	)
Foreign currency translation of foreign operations, net of tax			—				—				(5,032	)			—				(5,032	)
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax			—				—				—				35,483				35,483
Ending balance		W	224,645				1,340,165				(236,978	)			12,728				1,340,560

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 December 31, 2025 and 2024 is as follows:

In millions of won		As of December 31, 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 consolidated financial statements, Continued

December 31, 2025 and 2024

35. Sales

Details of sales for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025												For the year ended December 31, 2024
		Domestic				Overseas				Total				Domestic				Overseas				Total
[Type of goods and services]
Sales of goods		W	94,771,926				395,871				95,167,797				90,659,090				359,622				91,018,712
Electricity			93,004,580				—				93,004,580				88,889,764				—				88,889,764
Heat supply			342,123				—				342,123				363,154				—				363,154
Others			1,425,223				395,871				1,821,094				1,406,172				359,622				1,765,794
Sales related to rendering of services			475,616				250,480				726,096				482,251				228,194				710,445
Sales related to construction services			185,467				488,226				673,693				145,496				703,612				849,108
Revenue related to transfer of assets from customers			861,760				—				861,760				820,631				—				820,631
		W	96,294,769				1,134,577				97,429,346				92,107,468				1,291,428				93,398,896
[Timing of revenue recognition]
Performance obligations satisfied at a point in time		W	94,771,926				395,871				95,167,797				90,659,090				359,622				91,018,712
Performance obligations satisfied over time			1,522,843				738,706				2,261,549				1,448,378				931,806				2,380,184
		W	96,294,769				1,134,577				97,429,346				92,107,468				1,291,428				93,398,896

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

36. Selling and Administrative Expenses

(1) Selling and administrative expenses for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Salaries		W	1,220,937				1,180,379
Retirement benefit expense			122,567				104,036
Welfare and benefit expense			196,532				151,840
Insurance expense			34,783				30,460
Depreciation			238,291				231,114
Amortization of intangible assets			82,897				88,920
Bad debt expense			82,402				35,232
Commission			455,435				429,977
Advertising expense			38,523				32,205
Training expense			9,388				8,911
Vehicle maintenance expense			9,548				9,218
Publishing expense			3,087				2,857
Business development expense			2,938				2,687
Rent expense			63,562				48,474
Telecommunication expense			9,673				9,406
Transportation expense			1,142				1,108
Taxes and dues			100,765				98,714
Expendable supplies expense			9,809				6,976
Water, light and heating expense			14,784				15,009
Repairs and maintenance expense			173,738				197,942
Ordinary development expense			186,947				217,975
Travel expense			21,491				18,726
Clothing expense			10,777				11,216
Survey and analysis expense			738				871
Membership fee			2,168				1,709
Others			141,055				134,064
		W	3,233,977				3,070,026

(2) Other selling and administrative expenses for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Accommodation development expenses		W	38,751				48,902
Miscellaneous wages			35,503				33,020
Litigation and filing expenses			20,047				22,578
Compensation for damages			8,544				7,653
Outsourcing expenses			1,779				1,368
Reward expenses			2,951				2,764
Overseas market development expenses			1,780				1,378
Others			31,700				16,401
		W	141,055				134,064

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

37. Other Income and Expenses

(1) Other income for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Reversal of other provisions		W	8,847				35,317
Reversal of other allowance for bad debt			4,101				17,699
Gains on government grants			224				4,789
Gains on assets contributed			4,505				29,968
Gains on liabilities exempted			914				504
Compensation and reparations revenue			99,976				84,682
Revenue from foundation fund			245				58
Rental income			209,400				204,277
Others			97,091				100,060
		W	425,303				477,354

(2) Details of “others” of other income for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Refund of claim for rectification		W	10,585				1,512
Maintenance expenses on lease building			801				109
Training expenses			3,218				2,486
Deposit redemption			223				252
Reversal of expenses on litigation			6,817				45,751
Gains on guarantee contracts			85				85
Others			75,362				49,865
		W	97,091				100,060

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

37. Other Income and Expenses, Continued

(3) Other expenses for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Compensation and indemnification expense		W	2,174				234
Accretion expenses of other provisions			6,441				5,841
Depreciation expenses on investment properties			1,082				682
Depreciation expenses on idle assets			3,614				3,642
Other bad debt expense			4,700				42,776
Donations			145,798				324,694
Others			79,578				87,819
		W	243,387				465,688

(4) Details of “others” of other expense for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Operating expenses related to the idle assets		W	761				1,741
Research grants			254				662
Supporting expenses on farming and fishing village			12,833				15,344
Operating expenses on fitness center			5,277				10,116
Expenses on adjustment of research and development grants			655				392
Taxes and dues			10,506				18,065
Expenses on R&D supporting			205				41
Others			49,087				41,458
		W	79,578				87,819

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

38. Other Gains (Losses)

(1) Composition of other gains (losses) for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Other gains
Gains on disposal of property, plant and equipment		W	285,525				85,990
Gains on disposal of intangible assets			18				41
Reversal of impairment loss on intangible assets			42				—
Gains on foreign currency translation			22,283				77,269
Gains on foreign currency transactions			110,496				74,520
Gains on insurance proceeds			1,840				3,411
Others			434,280				273,745
Other losses
Losses on disposal of property, plant and equipment			(112,692	)			(112,018	)
Losses on disposal of intangible assets			(13	)			(111	)
Loss on impairment of property, plant and equipment			(14,262	)			(11,240	)
Loss on impairment of intangible assets			(8,439	)			(902	)
Losses on foreign currency translation			(37,045	)			(29,225	)
Losses on foreign currency transactions			(128,384	)			(148,381	)
Others			(214,676	)			(128,215	)
		W	338,973				84,884

(2) Details of “others” of other gains for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Gains on disposal of inventories		W	41,403				18,789
Gains on proxy collection of TV license fee			22,359				33,191
Gains on compensation of impaired electric poles			289				688
Gains on harbor facilities dues			3,806				3,710
Gains on technical fees			2,166				1,836
Reversal of occupation development training fees			935				1,466
Gains on disposal of waste			4,728				2,950
Gain on insurance settlement:			736				—
Gains on tax rebate			1,642				206
Gains on other commission			2,623				1,945
Others			353,593				208,964
		W	434,280				273,745

(3) Details of “others” of other losses for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Losses on valuation of inventories		W	4,944				9,941
Losses on disposal of inventories			15,804				15,494
Losses due to disaster			17,651				5,761
Losses on rounding adjustment of electric charge surtax			1,383				1,351
Others			174,894				95,668
		W	214,676				128,215

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

39. Finance Income

(1) Finance income for each of the two years in the period ended December 31, 2025 is as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Interest income		W	440,386				467,525
Dividend income			26,137				70,601
Gains on disposal of financial assets			58,115				45,493
Gains on valuation of financial assets at fair value through profit or loss			133,082				83,408
Gains on valuation of derivatives			314,700				2,231,533
Gains on transaction of derivatives			258,795				362,119
Gains on foreign currency translation			500,074				142,723
Gains on foreign currency transactions			303,706				35,893
Others			3,148				8,882
		W	2,038,143				3,448,177

(2) Interest income included in finance income for each of the two years in the period ended December 31, 2025 is as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Cash and cash equivalents		W	95,671				102,505
Financial assets at fair value through profit or loss			40,506				54,385
Financial assets at amortized cost			3,561				2,859
Loans			39,279				45,511
Short-term financial instrument			56,022				31,766
Long-term financial instrument			24,270				20,562
Other financial assets			370				262
Trade and other receivables			180,707				209,675
		W	440,386				467,525

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

40. Finance Expenses

(1) Finance expenses for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Interest expense		W	4,339,560				4,665,095
Losses on disposal of financial assets			3,525				434
Losses on valuation of financial assets at fair value through profit or loss			24,983				14,247
Losses on valuation of derivatives			232,628				127,822
Losses on transaction of derivatives			288,182				59,462
Losses on foreign currency translation			78,206				2,557,597
Losses on foreign currency transactions			50,325				90,485
Others			21,342				20,086
		W	5,038,751				7,535,228

(2) Interest expense included in finance expenses for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Trade and other payables		W	162,569				191,918
Short-term borrowings			329,111				395,773
Long-term borrowings			451,529				465,352
Debt securities			3,541,732				3,857,917
Other financial liabilities			704,342				668,115
			5,189,283				5,579,075
Less: Capitalized borrowing costs			(849,723	)			(913,980	)
		W	4,339,560				4,665,095

Capitalization rates for each of the two years in the period ended December 31, 2025 are 2.04%~4.00% and 2.39%~4.94%, respectively

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

41. Income Taxes

(1) Income tax expenses (benefits) for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Current income tax expense
Payment of income tax		W	2,012,555				1,301,275
Adjustment in respect of prior years due to change in estimate			(82,133	)			(44,892	)
Current income tax directly recognized in equity			(53,243	)			(128,337	)
			1,877,179				1,128,046
Deferred tax expense (benefit)
Generation and realization of temporary differences			4,455				(1,561,484	)
Changes of unrecognized tax losses, tax credit and temporary differences for prior periods			48,957				(7,740	)
Changes in deferred tax on tax losses carryforwards			1,053,591				2,012,537
Tax credit carryforwards			18,359				72,371
Amount due to change in tax rate or regulations			(82,267	)			(9,169	)
			1,043,095				506,515
Income tax expense (benefit)		W	2,920,274				1,634,561

(2) Reconciliations between actual income tax expense (benefit) and amount computed by applying the statutory tax rate to income (loss) before income taxes for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Profit before income tax		W	11,586,930				5,256,529
Income tax expense at applicable tax rate (2025: 26.92%, 2024: 25.93%)			3,119,202				1,363,018
Adjustments:
Effect of applying gradual tax rate			(10,362	)			(10,362	)
Effect of non-taxable income			(437,942	)			(86,442	)
Effect of non-deductible expenses			15,336				28,712
Effect of tax losses that are not recognized as deferred tax asset			—				(797	)
Effects of tax credits and deduction			(118,434	)			(54,364	)
Reversal of unrecognized deferred tax asset, net			48,957				(7,740	)
Effect of change in deferred tax due to change in tax rate			(372,426	)			(11,985	)
Deduction of deferred tax assets			10,136				—
Deferred income tax related to investments in subsidiaries and associates			784,577				447,833
Others, net			(36,637	)			11,580
			(116,795	)			316,435
Adjustment in respect of prior years due to change in estimate			(82,133	)			(44,892	)
Income tax expense		W	2,920,274				1,634,561
			(	*)			(	*)

(*) The average effective tax rate for each of the two years in the period ended December 31, 2025 is 25.20% and 31.10%, respectively

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

41. Income Taxes, Continued

(3) Income tax recognized as other comprehensive income (loss) for each of the two years in the period ended December 31, 2025 is as follows:

In millions of won		For the year ended December 31, 2025				For the year ended December 31, 2024
Income tax recognized as other comprehensive income (loss)
Loss on valuation of financial assets at fair value through other comprehensive income		W	(68,449	)			(61,807	)
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax			(28,316	)			(8,435	)
Remeasurement of defined benefit obligations			17,367				139,566
Investments in associates			15,865				(134,639	)
Others			10,290				(63,022	)
		W	(53,243	)			(128,337	)

(4) Changes in deferred tax assets (liabilities) recognized in the statements of financial position for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025
		Beginning balance				Amounts recognized in profit or loss				Amount recognized in other comprehensive income (loss)				Amounts recognized directly in equity				Ending balance
Deferred tax on temporary differences
Long-term employee benefits		W	863,353				(364,037	)			17,367				—				516,683
Cash flow hedge			(156,115	)			54,250				(28,316	)			—				(130,181	)
Investments in subsidiaries, associates and joint ventures			(7,850,272	)			(556,478	)			15,865				—				(8,390,885	)
Property, plant and equipment			(7,469,734	)			(827,785	)			—				—				(8,297,519	)
Finance lease			(225,013	)			(38,008	)			—				—				(263,021	)
Intangible assets			(26,573	)			(3	)			—				—				(26,576	)
Financial assets at fair value through profit or loss			(730	)			880				—				—				150
Financial assets at fair value through other comprehensive income			(16,339	)			(8,489	)			(68,449	)			—				(93,277	)
Deferred revenue			1,862,318				797,179				—				—				2,659,497
Provisions			7,603,648				975,554				—				—				8,579,202
Doubtful receivables			2,264				107				—				—				2,371
Other finance liabilities			17,431				(17,662	)			—				—				(231	)
Gains or losses on foreign exchange translation			215,275				(51,782	)			—				—				163,493
Allowance for doubtful accounts			67,821				2,500				—				—				70,321
Accrued income			(14,532	)			(1,517	)			—				—				(16,049	)
Special deduction for property, plant and equipment			(211,318	)			(8,149	)			—				—				(219,467	)
Others			1,320,120				130,394				10,290				—				1,460,804
			(4,018,396	)			86,954				(53,243	)			—				(3,984,685	)
Deferred tax on unused tax losses and tax credit
Unused tax losses			11,300,587				(1,012,460	)			—				—				10,288,127
Excess of donation limit			42,210				(42,210	)			—				—				—
Tax credit			167,751				(22,136	)			—				—				145,615
			11,510,548				(1,076,806	)			—				—				10,433,742
		W	7,492,152				(989,852	)			(53,243	)			—				6,449,057

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

41. Income Taxes, Continued

(4) Changes in deferred tax assets (liabilities) recognized in the statements of financial position for each of the two years in the period ended December 31, 2025 are as follows, continued:

In millions of won		For the year ended December 31, 2024
		Beginning balance				Amounts recognized in profit or loss				Amount recognized in other comprehensive income (loss)				Amounts recognized directly in equity				Ending balance
Deferred tax on temporary differences
Long-term employee benefits		W	339,284				384,503				139,566				—				863,353
Cash flow hedge			(20,855	)			(126,825	)			(8,435	)			—				(156,115	)
Investments in subsidiaries, associates and joint ventures			(7,117,637	)			(597,996	)			(134,639	)			—				(7,850,272	)
Property, plant and equipment			(7,007,277	)			(462,457	)			—				—				(7,469,734	)
Finance lease			(225,696	)			683				—				—				(225,013	)
Intangible assets			(23,405	)			(3,168	)			—				—				(26,573	)
Financial assets at fair value through profit or loss			(1,742	)			1,012				—				—				(730	)
Financial assets at fair value through other comprehensive income			27,358				18,110				(61,807	)			—				(16,339	)
Deferred revenue			156,400				1,705,918				—				—				1,862,318
Provisions			7,041,660				561,988				—				—				7,603,648
Doubtful receivables			2,400				(136	)			—				—				2,264
Other finance liabilities			17,992				(561	)			—				—				17,431
Gains or losses on foreign exchange translation			128,010				87,265				—				—				215,275
Allowance for doubtful accounts			55,743				12,078				—				—				67,821
Accrued income			33,935				(48,467	)			—				—				(14,532	)
Special deduction for property, plant and equipment			(211,860	)			542				—				—				(211,318	)
Others			1,216,228				166,914				(63,022	)			—				1,320,120
			(5,589,462	)			1,699,403				(128,337	)			—				(4,018,396	)
Deferred tax on unused tax losses and tax credit
Unused tax losses			13,338,743				(2,038,156	)			—				—				11,300,587
Excess of donation limit			46,322				(4,112	)			—				—				42,210
Tax credit			203,064				(35,313	)			—				—				167,751
			13,588,129				(2,077,581	)			—				—				11,510,548
		W	7,998,667				(378,178	)			(128,337	)			—				7,492,152

(5) Deferred tax assets (liabilities) recognized in the statements of financial position as of December 31, 2025 and 2024 are as follows:

In millions of won		As of December 31, 2025				As of December 31, 2024
Deferred tax assets		W	12,950,032				13,436,624
Deferred tax liabilities			(6,500,975	)			(5,944,472	)
		W	6,449,057				7,492,152

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

41. Income Taxes, Continued

(6) Details of deductible temporary differences, tax losses and unused tax credits for which no deferred tax assets were recognized as of December 31, 2025 and 2024 are as follows:

In millions of won		As of December 31, 2025				As of December 31, 2024
Deductible temporary differences and others		W	1,373,128				1,287,886
Tax loss carryforwards and unused tax credits (*)			29,360				128,764
		W	1,402,488				1,416,650

(*) The expiration dates of unused tax credits for which no deferred tax assets have been recognized are as follows:

In millions of won		As of December 31, 2025				As of December 31, 2024
Less than 1 year		W	—				—
1 ~ 2 years			—				—
2 ~ 3 years			11,500				—
Over 3 years			17,860				128,764
		W	29,360				128,764

(7) Pillar Two Model Rules

The Group has assessed the potential exposure arising from the Pillar Two legislation based on the financial information for 2025. 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 year ended December 31, 2025 in relation with the additional Pillar Two income taxes amounts to approximately W6,715 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 consolidated financial statements, Continued

December 31, 2025 and 2024

42. Assets Held-for-Sale

(1) Assets held-for-sale as of December 31, 2025 and 2024 are as follows:

In millions of won		As of December 31, 2025				As of December 31, 2024
Land (*)		W	—				31,766
Buildings (*)			—				13,881
Structures			—				1
		W	—				45,648

(*) 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 year ended December 31, 2025.

(2) Although the Group entered into a contract to sell the site of the Majang Materials Center during the year ended December 31, 2025, the asset was not classified as assets held-for-sale as of December 31, 2025, as it was not considered highly probable that the sale would be completed within one year.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

43. Expenses Classified by Nature

Expenses classified by nature for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025
		Selling and administrative expenses				Cost of sales				Total
Raw materials used		W	—				18,642,916				18,642,916
Power purchase			—				34,052,707				34,052,707
Salaries			1,220,937				4,947,070				6,168,007
Retirement benefit expense			122,567				480,025				602,592
Welfare and benefit expense			196,532				622,677				819,209
Insurance expense			34,783				135,051				169,834
Depreciation			238,291				13,387,194				13,625,485
Amortization of intangible assets			82,897				75,713				158,610
Bad debt expense			82,402				—				82,402
Commission			455,435				378,471				833,906
Advertising expense			38,523				14,137				52,660
Training expense			9,388				19,723				29,111
Vehicle maintenance expense			9,548				9,311				18,859
Publishing expense			3,087				2,964				6,051
Business promotion expense			2,938				2,791				5,729
Rent expense			63,562				234,486				298,048
Telecommunication expense			9,673				10,206				19,879
Transportation expense			1,142				76,466				77,608
Taxes and dues			100,765				622,768				723,533
Expendable supplies expense			9,809				57,049				66,858
Water, light and heating expense			14,784				39,807				54,591
Repairs and maintenance expense			173,738				3,167,758				3,341,496
Ordinary development expense			186,947				607,970				794,917
Travel expense			21,491				72,845				94,336
Clothing expense			10,777				10,083				20,860
Survey and analysis expense			738				4,577				5,315
Membership fee			2,168				16,422				18,590
Others			141,055				3,013,625				3,154,680
		W	3,233,977				80,704,812				83,938,789

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

43. Expenses Classified by Nature, Continued

Expenses classified by nature for each of the two years in the period ended December 31, 2025 are as follows, continued:

In millions of won		For the year ended December 31, 2024
		Selling and administrative expenses				Cost of sales				Total
Raw materials used		W	—				21,070,280				21,070,280
Power purchase			—				34,659,893				34,659,893
Salaries			1,180,379				4,887,006				6,067,385
Retirement benefit expense			104,036				428,163				532,199
Welfare and benefit expense			151,840				546,124				697,964
Insurance expense			30,460				130,904				161,364
Depreciation			231,114				13,598,350				13,829,464
Amortization of intangible assets			88,920				74,647				163,567
Bad debt expense			35,232				0				35,232
Commission			429,977				426,976				856,953
Advertising expense			32,205				11,359				43,564
Training expense			8,911				17,156				26,067
Vehicle maintenance expense			9,218				9,416				18,634
Publishing expense			2,857				2,750				5,607
Business promotion expense			2,687				2,627				5,314
Rent expense			48,474				182,358				230,832
Telecommunication expense			9,406				9,920				19,326
Transportation expense			1108				52,532				53,640
Taxes and dues			98,714				624,475				723,189
Expendable supplies expense			6,976				50,451				57,427
Water, light and heating expense			15,009				42,180				57,189
Repairs and maintenance expense			197,942				2,750,014				2,947,956
Ordinary development expense			217,975				555,956				773,931
Travel expense			18,726				74,843				93,569
Clothing expense			11,216				9,299				20,515
Survey and analysis expense			871				4,382				5,253
Membership fee			1,709				15,995				17,704
Others			134,064				1,726,104				1,860,168
		W	3,070,026				81,964,160				85,034,186

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

44. Earnings Per Share

(1) Basic earnings per share for each of the two years in the period ended December 31, 2025 are as follows:

In won
Type		For the year ended December 31, 2025				For the year ended December 31, 2024
Basic earnings per share		W	13,311				5,439

(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 two years in the period ended December 31, 2025 are as follows:

In millions of won except number of shares
Type		For the year ended December 31, 2025				For the year ended December 31, 2024
Profit attributable to controlling interest		W	8,544,918				3,491,698
Profit used in the calculation of total basic earnings per share			8,544,918				3,491,698
Weighted average number of common shares			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 two years in the period ended December 31, 2025 is as follows:

In number of shares
Type		For the year ended December 31, 2025				For the year ended December 31, 2024
The number of common shares issued at beginning of the year			641,964,077				641,964,077
Weighted average number of common shares			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 two years in the period ended December 31, 2025.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

45. 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, managed, 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 December 31, 2025 and 2024 are as follows:

In millions of won		As of December 31, 2025				As of December 31, 2024
Total borrowings and debt securities		W	129,769,292				132,533,400
Cash and cash equivalents			2,240,811				2,382,979
Net borrowings and debt securities			127,528,481				130,150,421
Total equity			49,322,944				41,362,833
Debt to equity ratio			258.56	%			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 consolidated financial statements, Continued

December 31, 2025 and 2024

45. 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 December 31, 2025 and 2024 are as follows:

In millions of won		As of December 31, 2025				As of December 31, 2024
Cash and cash equivalents		W	2,240,811				2,382,979
Financial assets at fair value through profit or loss (*1)			1,800,539				2,013,948
Derivative assets (trading)			1,548,015				1,846,527
Financial assets at fair value through other comprehensive income (debt securities)			4,794				5,045
Financial assets at amortized cost			31,117				30,233
Loans			986,528				908,148
Long-term/short-term financial instruments			2,882,131				1,960,140
Derivative assets (applying hedge accounting)			487,535				844,637
Trade and other receivables			15,742,665				15,373,625
Financial guarantee contracts (*2)			4,091,813				5,151,554

(*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 year ended December 31, 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 consolidated financial statements, Continued

December 31, 2025 and 2024

45. 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 December 31, 2025 and 2024 is as follows:

In millions of won				As of December 31, 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	460,237				(412,611	)			473,627				(413,799	)
Discount rate		Increase (decrease) in defined benefit obligation			(427,236	)			491,119				(429,517	)			506,031

Changes in retirement benefit costs assuming a 1%p increase and decrease in discount rate on plan asset for each of the two years in the period ended December 31, 2025 are W32,726 million and W36,602 million, respectively.

② Provisions

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

Accounts		Type		As of December 31, 2025				As of December 31, 2024
PCBs		Inflation rate			3.29	%			2.80	%
		Discount rate			3.24	%			2.90	%
Nuclear plants		Inflation rate			2.04	%			2.02	%
		Discount rate			2.89	%			2.78	%
Spent fuel		Inflation rate			2.04	%			1.91	%
		Discount rate			2.47	%			2.49	%
Radioactive waste		Inflation rate			2.45	%			3.32	%
		Discount rate			4.03	%			4.17	%

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

In millions of won				As of December 31, 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	(17	)			17				(58	)			58
		Nuclear plants			(478,760	)			495,645				(464,727	)			481,899
		Spent fuel			(147,517	)			157,989				(129,983	)			130,679
		Radioactive waste			(13,625	)			14,951				(11,363	)			11,478
Inflation rate		PCBs			17				(17	)			58				(58	)
		Nuclear plants			523,954				(506,787	)			507,814				(490,386	)
		Spent fuel			158,525				(148,263	)			133,847				(128,527	)
		Radioactive waste			14,868				(13,625	)			11,167				(11,075	)

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

45. 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 December 31, 2025 and 2024 are as follows:

In thousands of foreign currencies		Assets								Liabilities
Type		As of December 31, 2025				As of December 31, 2024				As of December 31, 2025				As of December 31, 2024
AED			51,617				33,465				4,927				8,795
AUD			49				26				—				64
BDT			2,251				2,252				—				—
BWP			726				768				—				—
EGP			759,561				203,044				—				—
CAD			579				2				—				61
CHF			—				—				99,946				100,686
DOP			6,378				7,772				—				—
EUR			89,734				20,433				44,482				47,829
GBP			90				139				—				4
HKD			—				—				6,286,899				5,093,862
IDR			37,788,922				37,830,902				49,014,235				4,027,099
INR			1,175,785				1,037,437				161,578				225,042
JOD			646				902				433				49,128
JPY			60,443				23,798				746,066				7,483,199
KZT			1,485				1,510				—				—
MGA			7,038,637				5,452,745				577,908				248,175
MMK			188,021				188,021				—				—
MYR			2,805				2,805				—				—
PHP			71,400				19,401				—				—
PKR			64,839,210				68,734,242				10,418				10,418
RON			748				—				—				—
SAR			1,069				1,087				—				—
SEK			—				—				449,349				449,302
SGD			1,783				291				—				110
USD			1,356,230				1,651,765				13,851,077				15,364,685
UYU			93,414				99,189				1,285				1,141
VND			772,198				733,338				—				587,003
ZAR			84,167				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 December 31, 2025 and 2024 is as follows:

In millions of won		As of December 31, 2025								As of December 31, 2024
Type		10% Increase				10% Decrease				10% Increase				10% Decrease
Increase (decrease) of profit before income tax		W	(1,885,349	)			1,885,349				(2,114,808	)			2,114,808
Increase (decrease) of shareholder’s equity (*)			(1,885,349	)			1,885,349				(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 December 31, 2025 and 2024.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

45. 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 December 31, 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 December 31, 2025 and 2024 are as follows:

In millions of won
Type		As of December 31, 2025				As of December 31, 2024
Short-term borrowings		W	2,747,687				4,069,444
Long-term borrowings			10,787,203				10,112,707
Debt securities			1,619,967				41,578
		W	15,154,857				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 each of the two years in the period ended December 31, 2025 is as follows:

In millions of won		For the year ended December 31, 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	(151,549	)			151,549				(142,237	)			142,237
Increase (decrease) of shareholder’s equity (*)			(151,549	)			151,549				(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 consolidated financial statements, Continued

December 31, 2025 and 2024

45. 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 each of the two years in the period ended December 31, 2025 is as follows:

In millions of won		For the year ended December 31, 2025								For the year ended December 31, 2024
Type		1% Increase				1% Decrease				1% Increase				1% Decrease
Increase (decrease) of profit before income tax		W	930,046				(930,046	)			888,898				(888,898	)
Increase (decrease) of shareholder’s equity (*)			930,046				(930,046	)			888,898				(888,898	)

(*) 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, for large-scale capital investments, the Group minimizes liquidity risk by aligning the funding maturity through the use of internally generated funds or long-term borrowings.

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

In millions of won		As of December 31, 2025
Type		Less than 1 year				1~2 Years				2~5 Years				More than 5 years				Total
Borrowings		W	20,100,531				597,717				792,513				2,512,018				24,002,779
Debt securities			29,172,320				28,897,889				37,383,870				24,539,981				119,994,060
Lease liabilities			526,324				473,319				1,140,684				1,407,310				3,547,637
Trade and other payables (*1)			8,111,566				343,906				618,231				425,896				9,499,599
Financial guarantee contracts (*2)			4,091,813				—				—				—				4,091,813
		W	62,002,554				30,312,831				39,935,298				28,885,205				161,135,888

(*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 December 31, 2025, the Group has recognized W50,709 million as a provision for financial guarantee contracts.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

45. 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 December 31, 2025 and 2024 in detail are as follows:

In millions of won		As of December 31, 2025
Type		Less than 1 year				1~5 Years				More than 5 years				Other (*)				Total
Cash and cash equivalents		W	2,240,811				—				—				—				2,240,811
Financial assets at fair value through other comprehensive income			—				—				—				885,173				885,173
Financial assets at amortized cost			21,663				9,454				—				—				31,117
Loans and receivables			96,582				420,903				344,853				159,449				1,021,787
Long-term/short-term financial Instruments			1,997,644				19,423				—				865,064				2,882,131
Financial assets at fair value through profit or loss			1,309,159				325,496				681,967				487,841				2,804,463
Trade and other receivables			12,840,965				2,063,420				4,768,062				—				19,672,447
		W	18,506,824				2,838,696				5,794,882				2,397,527				29,537,929

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 consolidated financial statements, Continued

December 31, 2025 and 2024

45. 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 December 31, 2025 and 2024 are as follows:

In millions of won		As of December 31, 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			(53,973	)			(14,327	)			(10,395	)			(89,024	)			(167,719	)
- Hedging			—				—				—				(126	)			(126	)
		W	(53,973	)			(14,327	)			(10,395	)			(89,150	)			(167,845	)

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 consolidated financial statements, Continued

December 31, 2025 and 2024

45. 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 December 31, 2025 and 2024 are as follows:

In millions of won		As of December 31, 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	885,173				885,173				674,850				674,850
Derivative assets (trading)			1,548,015				1,548,015				1,846,527				1,846,527
Derivative assets (applying hedge accounting)			487,535				487,535				844,637				844,637
Financial assets at fair value through profit or loss			1,995,226				1,995,226				2,176,172				2,176,172
		W	4,915,949				4,915,949				5,542,186				5,542,186
Assets carried at amortized cost
Financial assets at amortized cost		W	31,117				31,117				30,233				30,233
Loans and receivables			986,528				986,528				908,148				908,148
Trade and other receivables			15,742,665				15,742,665				15,373,625				15,373,625
Long-term financial instruments			884,487				884,487				812,211				812,211
Short-term financial instruments			1,997,644				1,997,644				1,147,929				1,147,929
Cash and cash equivalents			2,240,811				2,240,811				2,382,979				2,382,979
		W	21,883,252				21,883,252				20,655,125				20,655,125
Liabilities recognized at fair value
Derivative liabilities (trading)		W	165,373				165,373				279,932				279,932
Derivative liabilities (applying hedge accounting)			126				126				4,893				4,893
		W	165,499				165,499				284,825				284,825
Liabilities carried at amortized cost
Secured borrowings		W	1,245,289				1,245,289				1,443,125				1,443,125
Unsecured bond			107,772,996				106,751,304				111,874,019				110,798,858
Lease liabilities			3,150,880				3,150,880				3,699,456				3,699,456
Unsecured borrowings			20,520,567				20,473,189				19,040,213				18,994,676
Trade and other payables (*)			9,499,599				9,499,599				10,321,100				10,321,100
Overdraft			230,440				230,440				176,043				176,043
		W	142,419,771				141,350,701				146,553,956				145,433,258

(*) Excludes lease liabilities.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

45. 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 December 31, 2025 and 2024 are as follows:

Type		As of December 31, 2025				As of December 31, 2024
Derivatives			0.00% ~ 4.88%				0.03% ~ 4.88%
Borrowings and debt securities			0.33% ~ 5.50%				0.96% ~ 5.84%
Leases			0.00% ~ 17.37%				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 December 31, 2025 and 2024 are as follows:

In millions of won		As of December 31, 2025
Type		Level 1				Level 2				Level 3				Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income		W	517,251				—				367,922				885,173
Derivative assets			—				1,937,554				97,996				2,035,550
Financial assets at fair value through profit or loss			—				1,988,813				6,413				1,995,226
		W	517,251				3,926,367				472,331				4,915,949
Financial liabilities at fair value
Derivative liabilities		W	—				75,185				90,314				165,499

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 consolidated financial statements, Continued

December 31, 2025 and 2024

45. Risk Management, Continued

(3) Fair value risk, continued

Changes in financial assets and liabilities which are classified as level 3 for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 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				—				—				(459	)			—				—				6,413
Financial assets at fair value through other comprehensive income Unlisted securities			309,709				—				—				52,343				(10	)			1,086				363,128
Debt securities			5,045				—				—				(251	)			—				—				4,794
Derivatives
Others			—				7,496				129,359				8,293				(53,373	)			6,221				97,996
Financial liabilities at fair value
Derivatives
Others			—				3				170,244				(11,282	)			(67,752	)			(899	)			90,314

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 consolidated financial statements, Continued

December 31, 2025 and 2024

46. 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 December 31, 2025 are as follows:

In millions of won
Type		Amounts
Less than 1 year		W	35,968
1 ~ 2 years			36,013
2 ~ 3 years			36,184
Over 3 years			512,761
		W	620,926

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

46. 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 December 31, 2025 are as follows:

In millions of won
Type		Amounts
Less than 1 year		W	80,668
1 ~ 2 years			80,668
2 ~ 3 years			80,668
Over 3 years			843,303
		W	1,085,307

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

46. 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 December 31, 2025 are as follows:

In millions of won
Type		Amounts
Less than 1 year		W	115,706
1 ~ 2 years			116,741
2 ~ 3 years			117,818
Over 3 years			2,815,444
		W	3,165,709

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47. Related Parties

(1) The Group’s related parties as of December 31, 2025 are as follows:

Type		Related party
Parent		Republic of Korea government
Subsidiaries (169 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., 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, KEPCO Yona America LLC, EWP Yona America LLC, KEPCO SADAWI – FZCO, KOMIPO Middle East Energy L.L.C-FZ, Nuclear Energy Industry Growth Fund II

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47. Related Parties, Continued

(1) The Group’s related parties as of December 31, 2025 are as follows, continued:

Type		Related party
Associates (107 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., Gunsan Green Energy Co., Ltd., KI Tech Co., Ltd., Enlight Energy Advanced Industry Venture Fund
Joint ventures (122 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., 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 consolidated financial statements, Continued

December 31, 2025 and 2024

47. 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 two years in the period ended December 31, 2025 are as follows:

<Sales and Others>

In millions of won				Sales and others
Company name		Transaction type		For the year ended December 31, 2025				For the year ended December 31, 2024
<Associates>
Korea Gas Corporation		Electricity sales		W	332,646				149,095
Goseong Green Power Co., Ltd.		Electricity sales			632,703				612,327
Dongducheon Dream Power Co., Ltd.		Electricity sales			18,573				17,151
Saemangeum Sebit Power Plant Co., Ltd.		Electricity sales			1,555				1,693
Daejung Offshore Wind Power Co., Ltd.		Electricity sales			90				87
Namjeju Bitdream Energy Co., Ltd.		Rental income			35				—
Daegu Photovoltaic Co., Ltd.		Electricity sales			443				344
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		Electricity sales			107				3
Korea Electric Power Industrial Development Co., Ltd.		Service			10,204				11,180
Gangneung Eco Power Co., Ltd.		Fuel sales			594,273				494,428
Shin Pyeongtaek Power Co., Ltd.		Electricity sales			23,344				55,610
Noeul Green Energy Co., Ltd.		Electricity sales			7,941				8,009
Busan Green Energy Co., Ltd.		Electricity sales			5,787				11,794
Hansuwon KNP Co., Ltd.		Dividends			13				—
Energy Infra Asset Management Co., Ltd.		Electricity sales			—				89
Gangwon Wind Power Co., Ltd.		Electricity sales			1,549				1,736
Gwangyang Green Energy Co., Ltd.		Electricity sales			2,546				1,479
Bigeum Resident Photovoltaic Power Co., Ltd.		Electricity sales			478				919
Yanggu Floating Photovoltaic Power Plant Inc.		Electricity sales			—				6
Goesan Solar Park Co., Ltd.		Electricity sales			400				—
Hyundai Green Power Co., Ltd.		Electricity sales and design service			6,815				6,659
Korea Power Exchange		Service			37,156				78,346
Taebaek Guinemi Wind Power Co., Ltd.		Electricity sales			30				26
Daeryun Power Co., Ltd.		Electricity sales			51				3,628
Commerce and Industry Energy Co., Ltd.		Rental income and others			338				—
GS Donghae Electric Power Co., Ltd.		Electricity sales			22,018				9,284
KNH Solar Co., Ltd.		Electricity sales			124				1,635
S-Power Co., Ltd.		Service			2,470				2,359
Chuncheon Green Energy Co., Ltd.		Electricity sales			21,446				11,010
Yeomsubong Wind Power Co., Ltd.		Electricity sales			20				—
Yeongyang Wind Power Corporation II		Comission			150				150
PND solar Co., Ltd.		Electricity sales			35				348
Hyundai Eco Energy Co., Ltd.		Electricity sales			928				833
YeongGwang Yaksu Wind Electric Co., Ltd.		Electricity sales			156				237
Taebaek Gadeoksan Wind Power Co., Ltd.		Electricity sales			3,852				2,464
Korea Energy Solutions Co., Ltd.		Electricity sales			2				2
STN Co., Ltd.		Others							1
Green Energy Electricity Generation Co., Ltd.		Electricity sales			1				—
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1		Others			553				360
Bitgoel Eco Energy Co., Ltd.		Electricity sales			2,206				3,377
Jeju Gimnyeong Wind Power Co., Ltd.		Electricity sales			610				458
Seoroseoro Sunny Power Plant Co., Ltd.		Electricity sales			2				2
Muan Solar Park Co., Ltd.		Electricity sales			1,742				1,797
YuDang Solar Co., Ltd.		Electricity sales			—				60
Anjwa Smart Farm & Solar City Co., Ltd.		Electricity sales			973				971
KPE Green Energy Co., Ltd.		Others			290				226
Saemangeum Heemang Photovoltaic Co., Ltd.		Electricity sales			1,288				2,232
UD4M Co., Ltd.		Electricity sales			4				8
Dongbu Highway Solar Co., Ltd.		Electricity sales			11				11
Seobu Highway Solar Co., Ltd.		Electricity sales			12				13
Songsan Green Energy Co., Ltd.		Interest income/ Dividends income			320				174

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47. Related Parties, Continued

(3) Related party transactions for each of the two years in the period ended December 31, 2025 are as follows, continued:

In millions of won				Sales and others
Company name		Transaction type		For the year ended December 31, 2025				For the year ended December 31, 2024
<Associates>
DEEPAI Co.,Ltd.		Others		W	1				—
KI Tech Co., Ltd.		R & D			247				—
Jeju Bukchon BESS Power Plant Co., Ltd.		Power generation			1,161				—
Gwangbaek Solar Power Investment Co., Ltd.		Electricity sales			307				523
Go deok Clean Energy Co., Ltd.		Electricity sales			3,120				11,376
Changwon SG Energy Co., Ltd.		Electricity sales			11				9
Suwon New Power Co., Ltd.		Electricity sales			15				(102	)
Donpyung Technology. Co., Ltd.		Others			1				—
Hankook Electric Power Information Co., Ltd.		Others			45				—
HyChangwon Fuel Cell. Co., Ltd.		Others			478				—
HORANG ENERGY Inc.		REC sales			130				—
Muan Sunshine Solar Power Plant Co., Ltd.		Electricity sales			584				630
Hoenggye Renewable Energy Co., Ltd.		Others			11				—
Gangneung Sacheon Fuel Cell Co., Ltd.		Electricity sales			12,814				8,343
15 Associates (Overseas)		Others			201,938				243,651
<Joint ventures>
Daegu Green Power Co., Ltd.		Electricity sales			2,483				2,385
Seobusambo highway photovoltaics Co., Ltd.		Electricity sales			22				20
Yangyang Suri Wind Power Co., Ltd.		Service			201				202
KAPES, Inc.		Commission			2,237				1,531
Honam Wind Power Co., Ltd.		Electricity sales			487				529
Korea Power Engineering Service Co., Ltd.		Service			358				777
Seokmun Energy Co., Ltd.		Service			1,897				1,774
Incheon New Power Co., Ltd.		Others			16				26
Naepo Green Energy Co., Ltd.		Electricity sales			17,270				3,972
Chun-cheon Energy Co., Ltd.		Electricity sales			3,152				968
Yeonggwangbaeksu Wind Power Co., Ltd.		Electricity sales			2,031				2,031
Samcheok Eco Materials Co., Ltd.		Electricity sales			248				—
Cheongna Enrergy Co., Ltd.		Others			38,724				38,349
Namyangju Combined Heat and Power Co., Ltd.		Service			4,245				2,493
Yeonggwang Wind Power Co., Ltd.		Electricity sales			977				943
Seungmun Green Energy		Electricity sales			62				79
KW Nuclear Components Co., Ltd.		Service			1,587				1,645
Boim Combined Heat and Power Generation Co., Ltd.		Service			3,497				2,073
Taebaek Wind Power Co., Ltd.		Others			2,436				41
Roof One Energy Co., Ltd.		Others			1				—
Pyeongchang Wind Power Co., Ltd.		Electricity sales			52				771
Busan Shinho Solar Power Co., Ltd.		Electricity sales			1,284				699
Expressway Solar-light Power Generation Co., Ltd.		Electricity sales			650				—
Goheung New Energy Co., Ltd.		Electricity sales			233				3,106
Gunsan Land Solar Co., Ltd.		Electricity sales			3,905				944
Daesan Green Energy Co., Ltd.		Electricity sales			674				426
Cheong-Song Noraesan Wind Power Co., Ltd.		Electricity sales			726				38
Chungsongmeon BongSan wind power Co., Ltd.		Electricity sales			45				1
Saemangeum Solar Power Co., Ltd.		Electricity sales			39				—
Dangjin Eco Power Co., Ltd.		Electricity sales			42				42
Yangyang Wind Power Co., Ltd.		Electricity sales			111				238
Energyco Co., Ltd.		Electricity sales			55				161
Hapcheon Floating Photovoltaic Power Plant Inc.		Electricity sales			178				905
Busan Industrial Solar Power Co., Ltd.		Electricity sales			22				23
Bitsolar Energy Co., Ltd.		Electricity sales			460				464
Omisan Wind Power Co., Ltd.		Electricity sales			527				279
Changwon Nu-ri Energy Co., Ltd.		Service			366				171
Jeonju Bio Green Energy Co., Ltd.		Service			12				170
Haemodum Solar Co., Ltd.		Electricity sales			275				39

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47. Related Parties, Continued

(3) Related party transactions for each of the two years in the period ended December 31, 2025 are as follows, continued:

In millions of won				Sales and others
Company name		Transaction type		For the year ended December 31, 2025				For the year ended December 31, 2024
<Joint ventures>
Yeongam Solar Power Co., Ltd.		Electricity sales			506				545
Samsu Wind Power Co., Ltd.		Electricity sales			122				301
Solaseado Solar Power Co., Ltd.		Electricity sales			1,855				1,870
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream		Dividends income			905				87
Yeongwol Eco Wind Co., Ltd.		Electricity sales			210				—
Gurae Resident Power Co., Ltd.		Electricity sales			14				—
Cheongju Eco Park Co., Ltd.		Electricity sales			1,013				316
Enel X Midland Photovoltaic, LLC		Electricity sales			12				11
Geumsungsan Wind Power Co., Ltd.		Electricity sales			57				58
Eumseong Eco Park Co., Ltd.		Electricity sales			20				19
Taean Haetdeulwon Solar Power Co., Ltd.		Electricity sales and others			73				—
41 Joint ventures (Overseas)		Others			346,183				518,941
<Others>
Korea Development Bank		Electricity sales			5,622				4,368
		Interest income			4,704				10,324

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47. Related Parties, Continued

(3) Related party transactions for each of the two years in the period ended December 31, 2025 are as follows, continued:

<Purchase and Others>

In millions of won				Purchase and others
Company name		Transaction type		For the year ended December 31, 2025				For the year ended December 31, 2024
<Associates>
Korea Gas Corporation		Electricity sales		W	4,959,219				6,623,974
Goseong Green Power Co., Ltd.		Electricity sales			1,298,250				1,301,710
Dongducheon Dream Power Co., Ltd.		Electricity sales			1,123,263				1,360,837
Saemangeum Sebit Power Plant Co., Ltd.		Electricity sales			19,821				19,753
Haman Green Energy Co., Ltd.		REC Purchase			14,237				—
Cheonwang Green Energy Co., Ltd.		Others			652				—
Daegu Photovoltaic Co., Ltd.		Electricity sales			2,762				3,815
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		Electricity sales			419				427
Korea Electric Power Industrial Development Co., Ltd.		Service			338,796				317,114
Gangneung Eco Power Co., Ltd.		Others			122				1,134
Shin Pyeongtaek Power Co., Ltd.		Electricity sales			709,267				843,056
Noeul Green Energy Co., Ltd.		Electricity sales			24,177				20,833
Busan Green Energy Co., Ltd.		Electricity sales			26,552				28,272
Energy Infra Asset Management Co., Ltd.		Others			2,546				2,631
Yaksu ESS Co., Ltd.		Electricity sales			716				749
Gangwon Wind Power Co., Ltd.		Electricity sales			27,005				23,400
Bigeum Resident Photovoltaic Power Co., Ltd.		Others			4,880				285
Yanggu Floating Photovoltaic Power Plant Inc.		Electricity sales			692				562
Goesan Solar park Co., Ltd.		Electricity sales			6,120				6,143
Korea Power Exchange		Service			104,365				90,549
Taebaek Guinemi Wind Power Co., Ltd.		Electricity sales			7,003				5,155
Daeryun Power Co., Ltd.		Electricity sales			262,924				282,968
Commerce and Industry Energy Co., Ltd.		Othes			6,071				—
GS Donghae Electric Power Co., Ltd.		Electricity sales			530,717				519,119
KNH Solar Co., Ltd.		Electricity sales			1,123				2,671
S-Power Co., Ltd.		Service			622,968				693,948
Chuncheon Green Energy Co., Ltd.		Electricity sales			62,637				39,333
Yeomsubong Wind Power Co., Ltd.		Electricity sales			8,358				—
Yeongyang Wind Power Corporation II		Comission			19,954				17,898
Haeparang Energy Co., Ltd.		Electricity sales			7,051				—
PND solar Co., Ltd.		Electricity sales			5,392				5,231
Hyundai Eco Energy Co., Ltd.		Electricity sales			27,475				26,253
YeongGwang Yaksu Wind Electric Co., Ltd.		Electricity sales			9,168				7,415
Taebaek Gadeoksan Wind Power Co., Ltd.		Electricity sales			34,039				32,549
Korea Energy Solutions Co., Ltd.		Electricity sales			132				132
ITR Co., Ltd.		Others			5				—
STN Co., Ltd.		Others			—				8
Green Energy Electricity Generation Co., Ltd.		Electricity sales			5,171				1,966
Bitgoel Eco Energy Co., Ltd.		Service and others			24,457				32,413
Jeju Gimnyeong Wind Power Co., Ltd.		Electricity sales			10,630				10,161
Seoroseoro Sunny Power Plant Co., Ltd.		REC and others			1,050				991
Muan Solar Park Co., Ltd.		REC and others			19,145				17,825
YuDang Solar Co., Ltd.		REC and others			2,186				2,020
Anjwa Smart Farm & Solar City Co., Ltd.		Electricity sales			21,490				19,494
KPE Green Energy Co., Ltd.		Others			36,047				41,197
Saemangeum Heemang Photovoltaic Co., Ltd.		Electricity sales			4,655				2,745
G.GURU Co., Ltd.		Electricity sales			115				—
Dongbu Highway Solar Co., Ltd.		Electricity sales			3,931				2,951
Seobu Highway Solar Co., Ltd.		Electricity sales			2,879				2,899
REC’s Innovation Co., Ltd.		Interest income/ Dividends income			12				23
Dreams Co.,Ltd.		Others			33				30
DEEPAI Co.,Ltd.		Others			30				30
KI Tech Co., Ltd.		R & D			247				—
Green Radiation Co., Ltd.		Ordinary development expense			85				45

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47. Related Parties, Continued

(3) Related party transactions for each of the two years in the period ended December 31, 2025 are as follows, continued:

In millions of won				Purchase and others
Company name		Transaction type		For the year ended December 31, 2025				For the year ended December 31, 2024
<Associates>
Gwangbaek Solar Power Investment Co., Ltd.		Electricity sales		W	590				499
Go deok Clean Energy Co., Ltd.		Electricity sales			28,814				35,055
Changwon SG Energy Co., Ltd.		Electricity sales			1,657				1,080
SureDataLab Co., Ltd.		Others			—				72
HORANG ENERGY Inc.		Others			12,984				—
Muan Sunshine Solar Power Plant Co., Ltd.		Electricity sales			15,223				15,697
Gangneung Sacheon Fuel Cell Co., Ltd.		Electricity sales			41,821				32,689
PlatformN. Co., Ltd.		Others			—				237
15 Associates (Overseas)		Others			113,947				98,753
<Joint ventures>
Daegu Green Power Co., Ltd.		Electricity sales			246,605				328,485
Seobusambo highway photovoltaics Co., Ltd.		Electricity sales			1,045				825
Haetbyeotgil Sunlight Co., Ltd.		Others			704				—
KAPES, Inc.		Commission			198,464				23,924
Honam Wind Power Co., Ltd.		Electricity sales			6,617				7,148
Korea Power Engineering Service Co., Ltd.		Others			—				551
Seokmun Energy Co., Ltd.		Others			46,553				51,924
Chun-cheon Energy Co., Ltd.		Electricity sales			363,960				430,697
Yeonggwangbaeksu Wind Power Co., Ltd.		Electricity sales			13,503				12,294
Samcheok Eco Materials Co., Ltd. (*1)		Electricity sales			6,117				3,282
Cheongna Energy Co., Ltd.		Service			62				60
Yeonggwang Wind Power Co., Ltd.		Electricity sales			30,501				31,712
Seungmun Green Energy		Electricity sales			21,373				25,725
KW Nuclear Components Co., Ltd.		Service			22,817				6,880
Boim Combined Heat and Power Generation Co., Ltd.		Service			6,324				3,038
Taebaek Wind Power Co., Ltd.		Service			6,182				6,327
Pyeongchang Wind Power Co., Ltd.		Electricity sales			5,074				3,079
Busan Shinho Solar Power Co., Ltd.		Electricity sales			6,854				8,467
Global Trade Of Power System Co., Ltd.		Service			529				511
Expressway Solar-light Power Generation Co., Ltd.		Electricity sales			1,500				3,165
Goheung New Energy Co., Ltd.		Electricity sales			12,547				10,133
Gunsan Land Solar Co., Ltd.		Electricity sales			4,655				2,752
Daesan Green Energy Co., Ltd.		Electricity sales			124,074				154,623
Cheong-Song Noraesan Wind Power Co., Ltd.		Electricity sales			2,959				2,048
Chungsongmeon BongSan wind power Co., Ltd.		Electricity sales			10				—
Saemangeum Solar Power Co., Ltd.		Electricity sales			218				—
Dangjin Eco Power Co., Ltd.		Electricity sales			3,443				3,645
Yangyang Wind Power Co., Ltd.		Service and Electricity sales			7,299				3,599
Energyco Co., Ltd.		Electricity sales			6,294				5,788
Hapcheon Floating Photovoltaic Power Plant Inc.		Service and REC			5,343				4,759
Busan Industrial Solar Power Co., Ltd.		Electricity sales			2,497				2,493
Bitsolar Energy Co., Ltd.		Electricity sales			12,940				9,072
Omisan Wind Power Co., Ltd.		Electricity sales			9,500				638
Haemodum Solar Co., Ltd.		Electricity sales			718				544
Yeongam Solar Power Co., Ltd.		Electricity sales			36,198				24,004
Samsu Wind Power Co., Ltd.		Electricity sales			9,268				6,864
Solaseado Solar Power Co., Ltd.		Electricity sales			33,059				24,899
Yeongwol Eco Wind Co., Ltd.		Electricity sales			3,974				2,496
Gurae Resident Power Co., Ltd.		Electricity sales			676				476
Cheongju Eco Park Co., Ltd.		Electricity sales			38,416				34,601
Enel X Midland Photovoltaic, LLC		Electricity sales			3,196				3,200
Geumsungsan Wind Power Co., Ltd		Electricity sales			6,055				—
Eumseong Eco Park Co., Ltd.		Electricity sales			23,194				26,372
Taean Haetdeulwon Solar Power Co., Ltd.		REC Purchase and others			1,948				—
41 Joint ventures (Overseas)		Others			22,436				14,796
<Others>
Korea Development Bank		Interest expense			50,658				7,839

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47. Related Parties, Continued

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

In millions of won				Receivables								Payables
Company name		Type		As of December 31, 2025				As of December 31, 2024				As of December 31, 2025				As of December 31, 2024
<Associates>
Korea Gas Corporation		Trade receivables		W	15,486				15,766				—				—
		Non-trade receivables and others			447				404				—				—
		Trade payables			—				—				381,353				482,008
		Non-trade payables and others			—				—				466				1,486
Goseong Green Power Co., Ltd.		Trade receivables			69,535				30,732				—				—
		Non-trade receivables and others			16				1,438				—				—
		Trade payables			—				—				112,314				162,719
		Non-trade payables and others			—				—				41,070				45,174
Dongducheon Dream Power Co., Ltd.		Trade receivables			1,254				6,350				—				—
		Non-trade receivables and others			637				637				—				—
		Trade payables			—				—				58,610				114,962
		Non-trade payables and others			—				—				—				29
Saemangeum Sebit Power Plant Co., Ltd.		Trade receivables			132				156				—				—
		Non-trade receivables and others			40				47				—				—
		Trade payables			—				—				1,736				1,499
		Non-trade payables and others			—				—				11				—
Green Radiation Co., Ltd.		Non-trade payables and others			—				—				—				30
Daejung Offshore Wind Power Co., Ltd.		Non-trade receivables and others			438				349				—				—
Daegu Photovoltaic Co., Ltd.		Trade payables			—				—				219				108
		Non-trade payables and others			—				—				1				—
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		Trade receivables			—				—				—				—
Korea Electric Power Industrial		Trade receivables			57				123				—				—
Development Co., Ltd.		Trade payables			—				—				21				1,291
		Non-trade payables and others			—				—				4,563				8,832
Gangneung Eco Power Co., Ltd.		Trade receivables			29,354				8,142				—				—
		Non-trade payables and others			—				—				1,071				105
Shin Pyeongtaek Power Co., Ltd.		Trade receivables			2,634				1,720				—				—
		Non-trade receivables and others			1,514				5,812				—				—
		Trade payables			—				—				42,688				77,222
		Non-trade payables and others			—				—				85				2,450
Noeul Green Energy Co., Ltd.		Trade receivables			4				5				—				—
		Non-trade receivables and others			35,447				27,043				—				—
		Non-trade payables and others			—				—				3,428				3,699
Busan Green Energy Co., Ltd.		Trade receivables			2				1				—				—
		Non-trade receivables and others			50,846				43,790				—				—
		Non-trade payables and others			—				—				3,688				4,799
Energy Infra Asset Management Co., Ltd.		Non-trade payables and others			—				—				—				1
Yaksu ESS Co., Ltd.		Trade payables			—				—				496				923
Gangwon Wind Power Co., Ltd.		Trade receivables			8				10				—				—
		Trade payables			—				—				3,367				4,023
Gwangyang Green Energy Co., Ltd.		Trade receivables			990				1,040				—				—
		Non-trade receivables and others			252				1,016				—				—
Bigeum Resident Photovoltaic Power Co., Ltd.		Trade receivables			48				273				—				—
		Non-trade receivables and others			1,796				1,796				—				—
Hyundai Green Power Co., Ltd.		Trade receivables			1,057				893				—				—
Korea Power Exchange		Trade receivables			5,022				2,434				—				—
		Non-trade receivables and others			4				—				—				—
		Trade payables			—				—				—				2,688
		Non-trade payables and others			—				—				3,583				1,571
Taebaek Guinemi Wind Power Co., Ltd.		Non-trade receivables and others			3				—				—				—
		Trade payables			—								487				840
		Non-trade payables and others			—				—				373				167
Daeryun Power Co., Ltd.		Trade payables			—				—				28,426				35,392

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47. Related Parties, Continued

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

In millions of won				Receivables								Payables
Company name		Type		As of December 31, 2025				As of December 31, 2024				As of December 31, 2025				As of December 31, 2024
<Associates>
GS Donghae Electric Power Co., Ltd.		Trade receivables		W	975				22				—				—
		Non-trade receivables and others			109				109				—				—
		Trade payables			—				—				154,984				90,468
		Non-trade payables and others			—				—				17				—
KNH Solar Co., Ltd.		Trade receivables			1				—				—				—
S-Power Co., Ltd.		Trade receivables			360				264				—				—
		Non-trade receivables and others			60				54				—				—
		Trade payables			—				—				49,089				73,377
		Non-trade payables and others			—				—				—				19
Chuncheon Green Energy Co., Ltd.		Non-trade receivables and others			31,676				10,870				—				—
		Non-trade payables and others			—				—				14,305				8,881
Yeomsubong Wind Power Co., Ltd.		Trade receivables			1				—				—				—
Yeongyang Wind Power Corporation II		Trade payables			—				—				3,594				3,978
Haeparang Energy Co., Ltd.		Trade payables			—				—				1,429				—
PND solar Co., Ltd.		Trade payables			—				—				507				418
Hyundai Eco Energy Co., Ltd.		Trade receivables			26				25				—				—
		Trade payables			—				—				540				647
		Non-trade payables and others			—				—				—				—
YeongGwang Yaksu Wind Electric Co., Ltd.		Trade receivables			6				7				—				—
		Non-trade receivables and others			2,725				2,858				—				—
		Trade payables			—				—				1,195				1,034
		Non-trade payables and others			—				—				413				—
Taebaek Gadeoksan Wind Power Co., Ltd.		Non-trade receivables and others			54				62				—				—
		Trade payables			—				—				11,649				9,249
		Non-trade payables and others			—				—				1,919				1
Korea Energy Solutions Co., Ltd.		Trade receivables			—				—				—				—
Green Energy Electricity Generation Co., Ltd.		Trade payables			—				—				555				—
		Non-trade payables and others			—				—				—				—
Bitgoel Eco Energy Co., Ltd.		Trade payables			—				—				175				5,394
		Non-trade receivables and others			1,395				2				—				—
		Non-trade payables and others			—				—				—				1,458
Jeju Gimnyeong Wind Power Co., Ltd.		Non-trade receivables and others			118				143				—				—
		Trade payables			—				—				1,783				2,152
		Non-trade payables and others			—				—				7				5
Muan Solar Park Co., Ltd.		Trade receivables			28				—				—				—
		Non-trade receivables and others			3				4				—				—
Gunsan Green Energy Co., Ltd.		Non-trade payables and others			—				—				2,670				—
Songsan Green Energy Co., Ltd.		Trade receivables			1				—				—				—
		Non-trade payables and others			—				—				7,202				—
Anjwa Smart Farm & Solar City Co., Ltd.		Trade receivables			34				—				—				—
		Non-trade payables and others			—				—				2,297				1,797
KPE Green Energy Co., Ltd.		Trade receivables			3,514				1				—				—
		Non-trade receivables and others			—				130				—				—
		Trade payables			—				—				4,693				5,521
Saemangeum Heemang Photovoltaic Co., Ltd.		Non-trade receivables and others			—				1				—				—
		Non-trade payables and others			—				—				—				—
UD4M Co., Ltd.		Trade receivables			—				—				—				—
Dongbu Highway Solar Co., Ltd.		Trade receivables			1				1				—				—
		Trade payables			—				—				244				241
		Non-trade payables and others			—				—				—				1
Seobu Highway Solar Co., Ltd.		Trade receivables			1				1				—				—
		Trade payables			—				—				355				231
		Non-trade payables and others			—				—				—				2
Songsan Green Energy Co., Ltd.		Non-trade receivables and others			193				190				—				—
Dreams Co.,Ltd.		Non-trade receivables and others			1				1				—				—
		Non-trade payables and others			—				—				—				30

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47. Related Parties, Continued

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

In millions of won				Receivables								Payables
Company name		Type		As of December 31, 2025				As of December 31, 2024				As of December 31, 2025				As of December 31, 2024
<Associates>
DEEPAI Co.,Ltd.		Non-trade receivables and others		W	1				1				—				—
		Non-trade payables and others			—				—				—				30
Jeju Bukchon BES Power Co., Ltd.		Non-trade receivables and others			177				—				—				—
Go deok Clean Energy Co., Ltd.		Non-trade receivables and others			12,818				10,118				—				—
		Non-trade payables and others			—				—				5,187				3,022
Suwon New Power Co., Ltd.		Trade receivables			1				—				—				—
		Non-trade payables and others			—				—				—				1
Donpyung Technology. Co., Ltd.		Trade receivables			—				—				—				—
HORANG ENERGY Inc.		Trade receivables			6				—				—				—
Muan Sunshine Solar Power Plant Co., Ltd.		Trade payables			—				—				2,015				1,954
Gangneung Sacheon Fuel Cell Co., Ltd.		Trade receivables			—				8,343				—				—
		Non-trade receivables and others			20,731				—				—				—
		Non-trade payables and others			—				—				6,278				3,201
8 Associates (Overseas)		Non-trade receivables and others			19,061				59,651				—				—
		Trade payables			—				—				5,899				—
<Joint ventures>
Daegu Green Power Co., Ltd.		Trade receivables			223				182				—				—
		Non-trade receivables and others			456				503				—				—
		Trade payables			—				—				10,877				25,622
Seobusambo highway photovoltaics Co., Ltd.		Trade receivables			1				1				—				—
		Non-trade receivables and others			4				4				—				—
Yangyang Suri Wind Power Co., Ltd.		Non-trade receivables and others			56				55				—				—
		Non-trade payables and others			—				—				1				—
KAPES, Inc.		Trade receivables			4				4				—				—
		Non-trade receivables and others			161,784				90,088				—				—
		Non-trade payables and others			—				—				9,072				3,041
Honam Wind Power Co., Ltd.		Trade payables			—				—				437				515
Korea Power Engineering Service Co., Ltd.		Trade receivables			—				—				—				—
		Non-trade receivables and others			7				52				—				—
Seokmun Energy Co., Ltd.		Trade receivables			37				35				—				—
		Non-trade receivables and others			10,358				862				—				—
		Trade payables			—				—				6,027				7,156
Incheon New Power Co., Ltd.		Trade receivables			—				9				—				—
Naepo Green Energy Co., Ltd.		Trade receivables			199				325				—				—
		Non-trade receivables and others			308				458				—				—
Chun-cheon Energy Co., Ltd.		Trade receivables			307				—				—				—
		Non-trade receivables and others			222				—				—				—
		Trade payables			—				—				23,654				35,325
Yeonggwangbaeksu Wind Power Co., Ltd.		Trade receivables			184				9				—				—
		Non-trade receivables and others			—				178				—				—
		Trade payables			—				—				687				962
Samcheok Eco Materials Co., Ltd.		Trade receivables			26				—				—				—
Cheongna Energy Co., Ltd.		Trade receivables			4,479				7,033				—				—
		Non-trade receivables and others			2,228				3,229				—				—
		Non-trade payables and others			—				—				—				8
Yeonggwang Wind Power Co., Ltd.		Trade receivables			12				12				—				—
		Non-trade receivables and others			60				58				—				—
		Trade payables			—				—				4,660				4,591
Seungmun Green Energy		Non-trade receivables and others			35				34				—				—
		Non-trade payables and others			—				—				2,566				—
KW Nuclear Components Co., Ltd.		Trade receivables			5				—				—				—
		Non-trade receivables and others			16				—				—				—
Boim Combined Heat and Power Generation Co., Ltd.		Trade receivables			46				47				—				—
		Non-trade receivables and others			5,045				3,208				—				—
		Trade payables			—				—				861				445
		Non-trade payables and others			—				—				27,834				13,824

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47. Related Parties, Continued

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

In millions of won				Receivables								Payables
Company name		Type		As of December 31, 2025				As of December 31, 2024				As of December 31, 2025				As of December 31, 2024
<Joint ventures>
Taebaek Wind Power Co., Ltd.		Trade payables		W	—				—				387				691
		Non-trade payables and others			—				—				275				184
		Trade receivables			3				—				—				—
Busan Shinho Solar Power Co., Ltd.		Trade receivables			4				3				—				—
		Trade payables			—				—				451				915
Global Trade Of Power System Co., Ltd.		Non-trade payables and others			—				—				—				7
Expressway Solar-light Power Generation Co., Ltd.		Trade payables			—				—				—				432
Goheung New Energy Co., Ltd.		Trade receivables			25				21				—				—
		Non-trade receivables and others			—				8				—				—
		Non-trade payables and others			—				—				411				—
Gunsan Land Solar Co., Ltd.		Non-trade receivables and others			268				217				—				—
		Non-trade payables and others			—				—				—				—
Daesan Green Energy Co., Ltd.		Trade receivables			12				4				—				—
		Non-trade receivables and others			220				211				—				—
		Trade payables			—				—				2,804				3,819
Cheong-Song Noraesan Wind Power Co., Ltd.		Trade receivables			2				—				—				—
Chungsongmeon BongSan wind power Co., Ltd.		Trade receivables			6				—				—				—
		Non-trade receivables and others			87				—				—				—
Saemangeum Solar Power Co., Ltd.		Non-trade receivables and others			4,437				4,368				—				—
Dangjin Eco Power Co., Ltd.		Trade receivables			4				4				—				—
		Trade payables			—				—				273				282
		Non-trade payables and others			—				—				—				181
Yangyang Wind Power Co., Ltd.		Non-trade receivables and others			273				163				—				—
Energyco Co., Ltd.		Trade receivables			—				—				—				—
		Non-trade receivables and others			1				124				—				—
		Trade payables			—				—				524				432
Hapcheon Floating Photovoltaic Power Plant Inc.		Trade receivables			11				12				—				—
		Non-trade receivables and others			—				59				—				—
Busan Industrial Solar Power Co., Ltd.		Trade receivables			2				2				—				—
		Trade payables			—				—				82				240
		Non-trade payables and others			—				—				6				—
Bitsolar Energy Co., Ltd.		Trade receivables			11				12				—				—
		Non-trade receivables and others			767				444				—				—
		Trade payables			—				—				426				207
		Non-trade payables and others			—				—				361				—
Omisan Wind Power Co., Ltd.		Trade receivables			6				—				—				—
		Non-trade receivables and others			563				146				—				—
Changwon Nu-ri Energy Co., Ltd.		Non-trade receivables and others			197				188				—				—
		Non-trade payables and others			—				—				4,405				—
Jeonju Bio Green Energy Co., Ltd.		Non-trade receivables and others			—				187				—				—
Haemodum Solar Co., Ltd.		Trade receivables			1				1				—				—
		Non-trade payables and others			—				—				1				—
Yeongam Solar Power Co., Ltd.		Trade receivables			48				48				—				—
		Trade payables			—				—				4,764				5,723
		Non-trade payables and others			—				—				2,246				—
Samsu Wind Power Co., Ltd.		Trade payables			—				—				1,963				1,834
		Non-trade payables and others			—				—				—				—
Solaseado Solar Power Co., Ltd.		Non-trade receivables and others			18				15				—				—
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream		Non-trade receivables and others			381				—				—				—
Yeongwol Eco Wind Co., Ltd.		Trade receivables			5				—				—				—
		Non-trade receivables and others			82				—				—				—
Gurae Resident Power Co., Ltd.		Non-trade receivables and others			4				—				—				—

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47. Related Parties, Continued

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

In millions of won				Receivables								Payables
Company name		Type		As of December 31, 2025				As of December 31, 2024				As of December 31, 2025				As of December 31, 2024
<Joint ventures>
Cheongju Eco Park Co., Ltd.		Non-trade receivables and others		W	16,117				13,461				—				—
		Trade payables			—				—				6,906				9,105
		Non-trade payables and others			—				—				—				2,853
Enel X Midland Photovoltaic, LLC		Trade receivables			1				1				—				—
		Trade payables			—				—				124				204
		Non-trade payables and others			—				—				—				59
Geumsungsan Wind Power Co., Ltd.		Trade receivables			3				3				—				—
Taean Haetdeulwon Solar Power Co., Ltd.		Non-trade payables and others			—				—				399				—
27 Joint ventures (Overseas)		Trade receivables			361,770				271,219				—				—
		Non-trade receivables and others			62,446				59,839				—				—
		Non-trade payables and others			—				—				43,464				34,932
<Others>
Korea Development Bank		Interest receivables			1,642				—				—				—
		Non-trade receivables and others			32,354				34,138				—				—
		Non-trade payables and others			—				—				44				231
		Derivatives and others			183,662				273,627				1,085				2,421

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47. Related Parties, Continued

(5) Loans arising from the related party transactions as of December 31, 2025 and 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				—				—				(635	)			25,971
Associates		PT. Cirebon Energi Prasarana			38,865				10,412				(1,642	)			3,039				50,674
Associates		Daejung Offshore Wind Power Co., Ltd.			1,000				—				—				—				1,000
Associates		Bitgoel Eco Energy Co., Ltd.			26,625				—				(4,118	)			—				22,507
Associates		Saemangeum Sebit Power Plant Co., Ltd.			27,550				—				(5,748	)			—				21,802
Associates		Remal First Holding Company			—				1				—				—				1
Associates		Naseem First Holding Company			—				1				—				—				1
Associates		Jeju Bukchon BES Power Co., Ltd.			—				7,380				—				—				7,380
Associates		Gunsan Green Energy Co., Ltd.			—				627				—				—				627
Joint ventures		Solaseado Solar Power Co., Ltd.			34,929				—				(999	)			—				33,930
Joint ventures		Recursos Solares PV de Mexico II S.A. de C.V.			14,313				1,512				—				(275	)			15,550
Joint ventures		Horus Solar S.A. de C.V.			13,677				3,413				—				(296	)			16,794
Joint ventures		Sunmex Renovables S.A. de C.V.			21,793				2,529				—				(463	)			23,859
Joint ventures		Kelar S.A			19,291				11,397				(10	)			(12,358	)			18,320
Joint ventures		DE energia SpA			8,420				—				(8,420	)			—				—
Joint ventures		Daehan Wind Power PSC			16,956				—				(1,767	)			(411	)			14,778
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	)			(4,245	)			144,927
Joint ventures		Guadalupe Solar SpA			3,352				—				(198	)			(81	)			3,073
Joint ventures		Forsight Iberian Solar Group Holding, S.L.			71,137				3,018				—				(1,944	)			72,211
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				—				—				(7	)			287
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				—				—				(184	)			7,333
Joint ventures		KAS Investment II LLC			7,567				—				—				(176	)			7,391
Joint ventures		Chungsongmeon BongSan Wind Power Co., Ltd.			—				5,563				—				—				5,563
				W	526,300				48,948				(42,331	)			(18,036	)			514,881

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

In millions of won
Related parties		Type		Beginning balance				Borrowings				Repayment				Others				Ending balance
Korea Development		Facility		W	84,653				—				(9,416	)			(295	)			74,942
Bank		Others			1,424				—				(327	)			—				1,097
		Operating funds			100,000				637,711				(607,711	)			—				130,000
		EBL and others			149,862				2,521				(52,012	)			(681	)			99,690
				W	335,939				640,232				(669,466	)			(976	)			305,729

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47. Related Parties, Continued

(7) Guarantees provided to the related parties as of December 31, 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 44,350			SMBC Singapore and others
Korea Electric Power Corporation		Barakah One Company		Performance guarantees and others			USD 3,876,233			FAB 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			USD 1,165			CENACE
				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
Korea Electric Power Corporation		Sunmex Renovables, S.A. de C.V.		Other performance guarantees			USD 9,078			CFE Transmission
				Other performance guarantees			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		KEPCO for Power Company		Other performance guarantees			USD 70,000			SMBC Seoul
Korea Electric Power Corporation		Remal Energy Company		Debt Guarantee			USD 146,400			DBS BANK Ltd. (Hong Kong)
Korea Electric Power Corporation		Naseem Energy Company		Debt Guarantee			USD 146,400			DBS BANK Ltd. (Hong Kong)
Korea Western Power Co., Ltd.		Cheongna Energy Co., Ltd.		Collateralized money invested			KRW 28,202			Kookmin Bank and others
				Guarantees for supplemental funding (*1)			—
Korea Western Power Co., Ltd.		Dongducheon Dream Power Co., Ltd.		Collateralized money invested (*5)			KRW 53,233			Kookmin Bank and others
				Debt Guarantee			KRW 18,200			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 72,509			Krung Thai Bank
				Impounding bonus guarantees (*10)			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
				Guarantees for supplemental funding (*1)			—
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

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47. Related Parties, Continued

(7) Guarantees provided to the related parties as of December 31, 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		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 14,565			Kookmin Bank and others
				Guarantees for supplemental funding (*1)			—
Korea East-West Power Co., Ltd.		Chun-cheon Energy Co., Ltd.		Collateralized money invested			KRW 36,703			Kookmin Bank and others
				Guarantees for supplemental funding (*1)			—
Korea East-West Power Co., Ltd.		Honam Wind Power Co., Ltd.		Collateralized money invested			KRW 4,898			Shinhan Bank and others
Korea East-West Power Co., Ltd.		GS Donghae Electric Power Co., Ltd.		Collateralized money invested			KRW 286,796			Korea Development Bank and others
Korea East-West Power Co., Ltd.		Yeonggwangbaeksu Wind Power Co., Ltd.		Collateralized money invested			KRW 3,835			Kookmin Bank and others
				Collateralized money invested			—
Korea East-West Power Co., Ltd.		Daesan Green Energy Co., Ltd.		Collateralized money invested			KRW 21,755			IBK
				Guarantees for supplemental funding (*1)			—
Korea East-West Power Co., Ltd.		Taebaek Gadeoksan Wind Power Co., Ltd.		Collateralized money invested			KRW 26,456			Hana Bank and others
Korea East-West Power Co., Ltd.		PT. Tanjung Power Indonesia		Other guarantees(*14)			USD 3,150			PT. Adaro Indonesia
				Guarantees for supplemental funding (*1)			—			Sumitomo mitsui banking and others
				Collateralized money invested			KRW 98,221			MUFG and others
Korea East-West Power Co., Ltd.		South Jamaica Power Company Limited		Performance guarantees (*13)			USD 14,400			Hana Bank
				Collateralized money invested			KRW 48,675			JCSD Trustee Services Limited and others
Korea East-West Power Co., Ltd.		Cheongju Eco Park Co., Ltd.		Collateralized money invested			KRW 11,017			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 15,131			Hana Bank and others
				Collateralized money invested(*1)			—
Korea East-West Power Co., Ltd.		Goheung New Energy Co., Ltd.		Collateralized money invested			KRW 5,572			Woori Bank and others
Korea East-West Power Co., Ltd.		Yanggu Floating Photovoltaic Power Plant Inc.		Collateralized money invested			KRW 851			Korea Development Bank
Korea East-West Power Co., Ltd.		Hoenggye Renewable Energy Co., Ltd.		Collateralized money invested			KRW 2,375			IBK
				Collateralized money invested(*1)			—

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47. Related Parties, Continued

(7) Guarantees provided to the related parties as of December 31, 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 6,874			Woori Bank and others
Korea East-West Power Co., Ltd.		Amaala Sustaninable Company for Energy LLC		Loan payment guarantee (*7)			USD 38,054			FAB
				Collateralized money invested			KRW 18			First Abu Dhabi Bank PJSC
				Guarantees for supplemental funding (*1)			—
Korea East-West Power Co., Ltd.		KPE Green Energy Co., Ltd.		Collateralized money invested			KRW 9,096			Hana Bank and others
Korea East-West Power Co., Ltd.		Yeonggwang Wind Power Co., Ltd.		Collateralized money invested			KRW 29,258			KDB Capital Corp. and others
Korea East-West Power Co., Ltd.		Bitsolar Energy Co., Ltd.		Collateralized money invested			—			Mirae Asset Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.		Jeju Bukchon BES Power Co., Ltd.		Collateralized money invested			KRW 2,480			Woori Bank and others
				Guarantees for supplemental funding (*1)			—
Korea Southern Power Co., Ltd.		Daeryun Power Co., Ltd.		Collateralized money invested			KRW 34,475			Korea Development Bank and others
Korea Southern Power Co., Ltd.		Daegu Green Power Co., Ltd.		Collateralized money invested			KRW 31,119			Shinhan Bank and others
				Performance guarantees			—
Korea Southern Power Co., Ltd.		Kelar S.A.		Performance guarantees			USD 26,520			Hana Bank, MUFG
				Payment guarantees (*11)			USD 11,707			Hana Bank
Korea Southern Power Co., Ltd.		Daehan Wind Power PSC		Payment guarantees (*6)			USD 2,000			Hana Bank
				Performance guarantees (*15)			USD 1,800			Shinhan Bank
				Collateralized money invested			KRW 25,095			Standard Chartered
Korea Southern Power Co., Ltd.		Pyeongchang Wind Power Co., Ltd.		Collateralized money invested			KRW 12,851			Woori Bank, Shinhan Bank and others
				Performance guarantees			—
Korea Southern Power Co., Ltd.		Taebaek Guinemi Wind Power Co., Ltd.		Collateralized money invested			KRW 14,878			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 19,781			Kookmin Bank and others
Korea Southern Power Co., Ltd.		Naepo Green Energy Co., Ltd.		Collateralized money invested			KRW 59,242			IBK and others
				Performance guarantees			—
Korea Southern Power Co., Ltd.		Omisan Wind Power Co., Ltd.		Collateralized money invested			KRW 12,204			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 7,538			Kookmin Bank and others
Korea Southern Power Co., Ltd.		HORANG ENERGY Inc.		Collateralized money invested			KRW 4,209			Woori Bank and others
				Guarantees for supplemental funding (*1)			—
Korea Southern Power Co., Ltd.		Haman Green Energy Co., Ltd.		Collateralized money invested			KRW 5,776			Hana Bank and others
				Guarantees for supplemental funding (*1)			—
Korea Southern Power Co., Ltd.		Jeongeup Green Power Co., Ltd.		Collateralized money invested			KRW 6,724			Mirae Asset Securities Co., Ltd.
				Guarantees for supplemental funding (*1)			—
Korea Southern Power Co., Ltd.		HyChangwon Fuel Cell. Co., Ltd.		Collateralized money invested			KRW 8,643			Woori Bank and others
				Guarantees for supplemental funding (*1)			—
Korea Southern Power Co., Ltd.		Roof One Energy Co., Ltd.		Collateralized money invested			KRW 1,933			Woori Bank
				Guarantees for supplemental funding (*1)			—
Korea Southern Power Co., Ltd.		Namjeju Bitdream Energy Co., Ltd.		Collateralized money invested			KRW 5,260			Woori Bank and others
				Guarantees for supplemental funding (*1)			—
Korea Southern Power Co., Ltd.		Cheonwang Green Energy Co., Ltd.		Collateralized money invested			KRW 494			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 732			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 153,294			Export-Import Bank of Korea and others
KOSPO Chile SpA		Chester Solar I SpA		Collateralized money invested			KRW 3,417			IBK
KOSPO Chile SpA		Chester Solar IV SpA		Collateralized money invested			KRW 5,349			IBK
KOSPO Chile SpA		Chester Solar V SpA		Collateralized money invested			KRW 756			IBK
KOSPO Chile SpA		Diego de Almagro Solar SpA		Collateralized money invested			KRW 4,920			IBK
KOSPO Chile SpA		Laurel SpA		Collateralized money invested			KRW 3,092			IBK
Korea Midland Power Co., Ltd.		YeongGwang Yaksu Wind Electric Co., Ltd.		Collateralized money invested			KRW 61			IBK and others
Korea Midland Power Co., Ltd.		Hyundai Green Power Co., Ltd.		Collateralized money invested			KRW 86,549			Korea Development Bank and others
Korea Midland Power Co., Ltd.		PT. Cirebon Electric Power		Debt guarantees			USD 3,795			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.		Green Energy Electricity Generation Co., Ltd.		Collateralized money invested			KRW 230			IBK
Korea Midland Power Co., Ltd.		Gwangbaek Solar Power Investment Co., Ltd.		Collateralized money invested			KRW 5,236			Kyobo Life Insurance Co., Ltd. and others
				Guarantees for supplemental funding (*1)			—

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47. Related Parties, Continued

(7) Guarantees provided to the related parties as of December 31, 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.		Yaksu ESS Co., Ltd.		Collateralized money invested			KRW 31			IBK
Korea Midland Power Co., Ltd.		Muan Sunshine Solar Power Plant Co., Ltd.		Collateralized money invested			KRW 2,778			IBK
Korea Midland Power Co., Ltd.		Goesan Solar park Co., Ltd.		Collateralized money invested			KRW 2,926			IBK
				Guarantees for supplemental funding (*1)			—
Korea Midland Power Co., Ltd.		Bitgoel Eco Energy Co., Ltd.		Collateralized money invested			KRW 7,672			IBK and others
				Guarantees for supplemental funding (*1)			—
Korea Midland Power Co., Ltd.		Energyco Co., Ltd.		Collateralized money invested			KRW 2,629			Nonghyup Bank
Korea Midland Power Co., Ltd.		Dongbu Highway Solar Co., Ltd.		Collateralized money invested			KRW 523			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 13,406			Korea Development Bank and others
Korea Midland Power Co., Ltd.		Haeparang Energy Co., Ltd.		Collateralized money invested			KRW 2,714			Templeton Hana Asset
Korea Midland Power Co., Ltd.		Saemangeum Sebit Power Plant Co., Ltd.		Collateralized money invested			KRW 28,114			IBK and others
Korea Midland Power Co., Ltd.		Yeomsubong Wind Power Co., Ltd.		Collateralized money invested			KRW 325			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 Midland Power Co., Ltd.		Ibri III Solar IPP		Performance Guarantee			OMR 2,750			Oman Power and Water Procurement Company SAOC
				Performance Guarantee			USD 17,300			Shinhan Bank
				Performance Guarantee			USD 600			Shinhan Bank
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 (*1,16)			KRW 76,800			UniCredit Bulbank and others
Korea South-East Power Co., Ltd.		RES Technology AD		Collateralized money invested (*4)			EUR 7,210			UniCredit Bulbank and others
Korea South-East Power Co., Ltd.		ASM-BG Investicii AD		Collateralized money invested (*4)			EUR 5,735			UniCredit Bulbank and others
Korea South-East Power Co., Ltd.		Goseong Green Power Co., Ltd.		Collateralized money invested (*4)			KRW 276,085			Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.		Gangneung Eco Power Co., Ltd.		Collateralized money invested (*4)			KRW 227,683			Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.		PND Solar Co., Ltd.		Collateralized money invested (*4)			KRW 1,938			Korea Investment & Securities Co., Ltd.
Korea South-East Power Co., Ltd.		Hyundai Eco Energy Co., Ltd.		Collateralized money invested (*4)			KRW 9,159			Samsung Life Insurance and others
Korea South-East Power Co., Ltd.		Jaeun Resident Wind Power Plant Co., Ltd.		Collateralized money invested (*4)			—			IBK
Korea South-East Power Co., Ltd.		Chungsongmeon BongSan wind power Co., Ltd.		Collateralized money invested (*4)			KRW 2,304			Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.		Yeongam Solar Power Co., Ltd.		Collateralized money invested (*4)			KRW 12,215			Kookmin Bank and others
Korea South-East Power Co., Ltd.		Samsu Wind Power Co., Ltd.		Collateralized money invested (*4)			KRW 3,310			Shinhan Bank and others
Korea South-East Power Co., Ltd.		Saemangeum Heemang Photovoltaic Co., Ltd.		Collateralized money invested (*4)			KRW 16,913			Woori Bank and others
Korea South-East Power Co., Ltd.		Nepal Water & Energy Development Company Private Limited		Collateralized money invested (*4)			USD 95,960			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 1,711			Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Godeok Clean Energy Co., Ltd.		Collateralized money invested			KRW 5,479			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 4,119			Woori Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Gwangyang Green Energy Co., Ltd.		Collateralized money invested			KRW 23,781			Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Gangneung Sacheon Fuel Cell Co., Ltd.		Collateralized money invested			KRW 9,205			Hana Bank and others

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47. Related Parties, Continued

(7) Guarantees provided to the related parties as of December 31, 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.		Chuncheon Green Energy Co., Ltd.		Collateralized money invested			KRW 15,830			Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Yangyang Suri Wind Power Co., Ltd.		Collateralized money invested			KRW 9,569			Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Bigeum Resident Photovoltaic Power Co., Ltd.		Collateralized money invested			KRW 7,569			Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Songsan Green Energy Co., Ltd.		Collateralized money invested			KRW 11,450			Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Changwon Nu-ri Energy Co., Ltd.		Collateralized money invested			KRW 9,485			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 5,627			Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		KAS INVESTMENT I LLC		Payment guarantees (*12)			USD 9,770			WOORI AMERICA BANK
Korea Hydro & Nuclear Power Co., Ltd.		KAS INVESTMENT II LLC		Payment guarantees (*12)			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 must purchase the bonds from the acquirer. As of December 31, 2025, derivative liabilities of W23,494 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) 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.

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

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

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

(*14) 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.

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

(*16) In accordance with the agreement, the Group has recognized the estimated amount required for the fulfillment of the obligation as other provisions, amounting to W13,498 million.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47. Related Parties, Continued

(8) Guarantees received from the related parties as of December 31, 2025 are as follows:

In millions of won
Primary Guarantor		Type of guarantees		Credit limit
KAPES, Inc.		Defect guarantees		W	16,081
		Performance guarantees			35,926
		Advance payment guarantee			248,042

(9) Derivatives transactions with the related parties as of December 31, 2025 are as follows:

In millions of won and thousands of foreign currencies except contract exchange rate information
Counterparty		Contract year				Contract amounts								Contract interest rate per annum								Contract exchange rate (in won)
						Pay				Receive				Pay				Receive
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
			2025~2028				73,160				USD 50,000				3.02	%			SOFR + 0.62	%			1,463.20
			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				111,399				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

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47. Related Parties, Continued

(10) During the year ended December 31, 2025, the Group acquired financial instruments amounting to KRW 120,000 million from Korea Development Bank, an other related party, and disposed of financial instruments amounting to KRW 80,000 million.

(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
Type		For the year ended December 31, 2025				For the year ended December 31, 2024
Salaries		W	1,407				1,064
Retirement benefits			62				36
		W	1,469				1,100

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

48. Statement of Cash Flows

(1) Significant non-cash transactions for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won
Transactions		For the year ended December 31, 2025				For the year ended December 31, 2024
Transfer from construction-in-progress to other assets		W	10,256,534				15,059,467
Recognition of asset retirement cost and related provision for decommissioning costs			591,433				1,821,415
Transfer from provision for disposal of used nuclear fuel to accrued expenses			411,377				463,388
Transfer from long-term borrowings to current portion of long-term borrowings			8,742,102				8,417,793
Transfer from debt securities to current portion of debt securities			27,165,448				26,901,367
Transfer from inventory to stored nuclear fuel			1,194,976				1,002,036
Recognition of right-of-use assets and others			100,430				132,495

(2) Changes in liabilities incurred from financing activities for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won		For the year ended December 31, 2025
										Non-cash changes
		Beginning balance				Cash flows				Increase				Effect of exchange rate fluctuations and others				Ending balance
Borrowings		W	20,659,381				1,506,642				—				(169,727	)			21,996,296
Debt securities			111,874,019				(3,447,638	)			—				(653,385	)			107,772,996
Lease liabilities			3,699,456				(549,651	)			90,362				(89,287	)			3,150,880
Dividends Payable			5,063				(216,780	)			—				213,036				1,319
Derivative liabilities (assets), net			(2,406,338	)			621,571				—				(85,283	)			(1,870,050	)
		W	133,831,581				(2,085,856	)			90,362				(784,646	)			131,051,441
In millions of won		For the year ended December 31, 2024
										Non-cash changes
		Beginning balance				Cash flows				Increase				Effect of exchange rate fluctuations and others				Ending balance
Borrowings		W	19,839,652				604,841				—				214,888				20,659,381
Debt securities			113,792,178				(4,211,164	)			—				2,293,005				111,874,019
Lease liabilities			3,807,880				(612,828	)			119,161				385,243				3,699,456
Dividends Payable			4,574				(126,902	)			—				127,391				5,063
Derivative liabilities (assets), net			(554,147	)			545,483				—				(2,397,674	)			(2,406,338	)
			W136,890,137				(3,800,570	)			119,161				622,853				133,831,581

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

49. Commitments for Expenditure

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

In millions of won		As of December 31, 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			37,081				8,394				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				4,749				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			38,520				38,520				39,060				39,060
Purchase of cable (PVC, 1C, 2000SQ) 68,613M and others (Dongducheon-Yangju)			40,933				15,651				40,933				28,790
Purchase of HVDC cable (PE, 2500SQ) 31,551M and others			40,323				31,810				40,323				40,323
Purchase of HVDC cable (PE, 2500SQ) 30,883M and others			40,130				31,505				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				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				11,453				25,214				25,214
Steel Pipe Towers (500kV HVDC), 6,143 tons – Donghae–Shingapyeong (Section 3)			31,184				14,490				25,372				25,372
Purchase of GIS (362kV, 6300A, 63kA) Type 16 and others -East coast #1C/S			41,000				40,700				—				—
Purchase of cable (PVC, 1C, 2500SQ) 55,593M and others (Shin Anseong–Dong Yongin)			38,086				10,334				—				—
Concrete pole (10M, general purpose, 500KGF) 70,000 ea and five other equipment			31,838				18,411				—				—
AMIGO, 1P2W, 60(5)A, Electronic, Class 1.0, 220V, 709,616 units – Annual Unit Price (General)			40,475				29,546				—				—
AMIGO, 3P4W, 120(10)A, Electronic, Class 1.0, 220V, 422,751 units – Annual Unit Price (General)			42,252				12,262				—				—
Purchase of cable (PVC, 1C, 2000SQ) 74,647M and others (East Seoul#2-Tancheon)			30,471				30,471				—				—
Purchase of cable (PE,1C,2500SQ) 69,720M and others (Saemangeum-Dongbieung)			30,607				20,679				—				—

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

49. Commitments for Expenditure, Continued

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

In millions of won		As of December 31, 2025								As of December 31, 2024
Contracts		Commitment amounts				Remaining liability balances				Commitment amounts				Remaining liability balances
Stationary reactive power compensation device (Phase 3, ±500MVAR) – East coast #2C/S			36,400				36,400				—				—
Purchase of GIS (800KV,8000A,50KA) Type 7– Dangjin Thermal Power Plant			63,903				63,903				—				—
765kV Power Transformer 3Bank(15Tank) - Dangjin Thermal Power Plant			61,100				61,100				—				—
Purchase of cable (PVC, 1C, 2000SQ) 61,641M and others (Shin Gangseoboonki)			52,204				52,204				—				—
Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) Type2- Shin Okcheon S/S			58,650				58,650				—				—
Construction of Saeul Units (#3,4)			11,718,217				921,006				11,718,217				1,748,342
Construction of Shin-Hanul Units (#3,4)			12,343,245				10,205,627				12,343,245				10,964,638
Other 55 contracts			2,245,116				1,583,953				2,033,913				1,744,217
Purchase of equipment for the construction project of Boryeong indoor coal storage yard			371,978				134,735				357,479				241,751
Purchase of main machine for Boryeong New Complex Unit 1			282,623				29,970				286,299				177,988
Boryeong New Complex Unit 1 Construction Project			221,475				93,617				202,552				161,753
Haman Combined Power Block Conditional Purchase Agreement			586,983				514,447				581,790				543,509
Purchase of gas turbine and turbine equipment of Gimpo combined heat & power plant			123,989				9,820				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			301,684				24,569				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			224,392				120,972				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 gas turbines and accessories for Asan combined heat & power plant			123,000				123,000				—				—
Purchase of coal handling machine for construction of Samcheok Units (#1,2)			327,569				2,110				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				49,504				—				—
Purchase of Samcheok hydrogen compound co-firing facility infrastructure			128,820				64,989				128,820				90,876
Construction of Andong Combined Unit 2 Power Plant			185,647				132,297				181,593				175,029
Purchase of main equipment for Andong Combined Unit 2			279,771				125,852				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 consolidated financial statements, Continued

December 31, 2025 and 2024

49. Commitments for Expenditure, Continued

(2) As of December 31, 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 consolidated financial statements, Continued

December 31, 2025 and 2024

50. Contingencies and Commitments

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

In millions of won		As of December 31, 2025								As of December 31, 2024
		Number of cases				Amount				Number of cases				Amount
As the defendant			706			W	799,646				722			W	884,402
As the plaintiff			244				531,459				264				769,772

As of December 31, 2025, the Group is involved in five litigation matters and two 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:

As of December 31, 2025, the Group is a defendant in a total of 14 lawsuits regarding ordinary wages and 9 lawsuits regarding other wage-related matters pending in various courts, including the Supreme Court of Korea. The aggregate amount of claims filed against the Group in these wage-related lawsuits is W 198,628 million, and the Group has recognized provisions for litigation amounting to W 196,504 million as of December 31, 2025. While the ultimate outcomes of the lawsuits for which no provisions have been recognized are not currently predictable, the Group’s management believes that the results of such proceedings will not have a material adverse effect on the Group’s results of operations or financial position.

2) There are 10 arbitration cases pertaining to the Group as of December 31, 2025 and the significant arbitration cases are as follows:

① During the year ended December 2025, Hyosung Heavy Industries Co., Ltd. filed an arbitration request with the Korean Commercial Arbitration Board (KCAB) against the Group in connection with the 200MW Voltage Source Converter (VSC) HVDC technology development agreement and the related acquisition costs. As of December 31, 2025, the Group is unable to reasonably estimate the amount or timing of any potential resource outflows that may result from the final outcome of this arbitration.

② The Group is currently engaged in arbitration proceedings at the KCAB against S-Energy Co., Ltd. to confirm the latter’s obligation to pay compensation for the shortfall in guaranteed power output of certain solar power facilities. As of the end of the current period, the Group cannot reasonably estimate the probability or the amount of any potential inflow of economic benefits arising from the outcome of this arbitration.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

50. Contingencies and Commitments, Continued

(2) Guarantees of payments and commitments provided to other companies as of December 31, 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 December 31, 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 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 3,795 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 PT Perusahaan Listrik Negara a performance guarantee up to IDR 35,599,935 thousand for the implementation of Tanjung Jati power plant operation project in Indonesia.

10) 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.

11) 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.

12) 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.

13) 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.

14) 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.

15) 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.

16) The Group has provided an equity commitment guarantee of OMR 17,515 thousand to Natixis in connection with the Oman Ibri 3 Solar Project, which is being developed by its subsidiary, KOMIPO Middle East Energy L.L.C. FZ.

17) The Group has provided a performance guarantee of OMR 667 thousand to HSBC Seoul, in connection with the bid bond for the Oman Al Kamil Solar Project conducted by a consortium consisting of Abu Dhabi Future Energy Company PJSC (Masdar), KOMIPO, and Al Khadra.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

50. Contingencies and Commitments, Continued

(3) Credit lines provided by financial institutions and others as of December 31, 2025 are as follows:

In millions of won and thousands of foreign currencies
Commitments		Financial institutions		Currency		Credit limit				Used amount
Commitments on Bank-overdraft		Nonghyup Bank and others		KRW			1,780,500				388,873
Limit amount available for CP		Hana Bank and others		KRW			8,380,000				8,380,000
General Loan, etc.		Nonghyup Bank and others		KRW			2,600,000				2,600,000
Limit amount available for card		Nonghyup Card and others		KRW			48,458				4,351
Loan limit		Korea Development Bank and others		KRW			3,067,095				1,845,751
		DBS Bank and others		USD			1,760,000				—
Certification of payment on payables from foreign country		Nonghyup Bank		USD			8,700				4,020
Certification of payment on L/C		Shinhan Bank and others		USD			1,292,634				USD 323,645
											EUR 5,150
		Kookmin Bank and others		EUR			8,431				7,461
		Shinhan Bank		JPY			526,241				118,950
Certification of Performance guarantee on contract		Hana Bank and others		KRW			170,168				108,989
		First Abu Dhabi Bank and others		USD			1,874,849				388,118
		SMTB		JPY			6,500,000				440,000
		Hana Bank and others		EUR			377,623				6,342
		Hana Bank		INR			27,117				27,117
		Hana Bank		OMR			6,250				—
		First Abu Dhabi Bank		AED			52,500				52,500
		Saudi National Bank and others		SAR			124,151				123,657
Certification of bidding		Korea Software Financial Cooperative		KRW			43,806				—
		Hana Bank and others		USD			14,200				9,000
		Bank Muscat		OMR			3,750				3,750
Advance payment bond, Warranty bond, Retention bond and others		Seoul Guarantee Insurance		KRW			110,226				110,226
		Saudi National Bank and others		USD			705,517				667,341
		Saudi National Bank		SAR			42,505				42,505
		Shinhan Bank and others		MXN			21,290				21,290
Others (*)		Nonghyup Bank and others		KRW			624,149				210,779
		Nonghyup Bank and others		USD			575,137				162,799
		Shinhan Bank		QAR			155,213				—
		Standard Chartered		AED			50				50
Secured loan of credit sales		Nonghyup Bank and others		KRW			284,500				—
Inclusive credit		Hana Bank and others		KRW			28,000				3,954
		Hana Bank and others		USD			35,000				USD 6,913
											INR 273,832
											AED 1,446
Equity Bridge Loan Guarantee		First Abu Dhabi Bank and others		USD			1,102,993				955,893
Trade finance		DBS Bank and others		USD			600,000				—

(*) As of December 31, 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 consolidated financial statements, Continued

December 31, 2025 and 2024

50. Contingencies and Commitments, Continued

(4) As of December 31, 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

230,716

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

32,667

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

310,682

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 (*1)

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

Cash and cash equivalents and others

JPY

594,963

Collateral for borrowings

Mangilao Intermediate Holdings LLC

Mizuho Bank and others

Trade receivable and others

USD

83,147

Collateral for borrowings (*1)

(*1) This is based on the amount of loan commitment limit.

(*2) As of December 31, 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 December 31, 2025. The Group has provided a promissory note as a repayment guarantee.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

50. Contingencies and Commitments, Continued

(5) The Group temporarily suspended operations of the Gangneung hydroelectric generating plant, with a carrying amount of W55,707 million as of December 31, 2025, to improve the quality of water used in generating electricity. The expenses related to the suspension of operations of W761 million and depreciation on the idle assets of W3,614 million are recorded in other expenses for the year ended December 31, 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 December 31, 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 December 31, 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 December 31, 2025, the Group cannot make reasonable estimation on whether assets will be recovered or utilized in regular way related thereto.

(7) As of December 31, 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.

(10) The Group believes that a potential obligation related to mutual cooperation contributions exists in connection with nuclear power plants whose design life is approaching expiration. The amount and terms of such mutual cooperation contributions have not been agreed upon, and accordingly, the likelihood of an outflow of economic benefits resulting from the settlement of such obligation cannot be reasonably estimated, as of December 31, 2025.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

51. Subsequent Events

(1) Subsequent to December 31, 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 (*))

2026.01.22

2029.01.22

3M CD + 0.34

W

200,000

Korea Electric Power Corporation

Local long-term borrowings (Mid- to long-term CP (*))

2026.02.04

2029.02.02

3M CD + 0.36

200,000

Korea Electric Power Corporation

Local long-term borrowings (Mid- to long-term CP (*))

2026.02.12

2029.02.09

3M CD + 0.40

200,000

(*) The maturity of mid- to long-term CPs corresponds to contract period of commercial paper repurchase agreements.

(2) Subsequent to December 31, 2025, KEPCO and its subsidiaries, Korea South-East Power Co., Ltd., Korea Western Power Co., Ltd. and Korea Southern 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			#1536 Corporate bond				2026.01.06				2028.01.06				2.98			W	200,000
			#1537 Corporate bond				2026.01.06				2029.01.05				3.15				100,000
			#1538 Corporate bond				2026.01.12				2028.01.12				2.99				200,000
			#1539 Corporate bond				2026.01.12				2029.01.12				3.15				200,000
			#1540 Corporate bond				2026.01.19				2028.01.19				3.11				120,000
			#1541 Corporate bond				2026.01.19				2029.01.19				3.32				250,000
			#1542 Corporate bond				2026.01.27				2028.01.25				3.20				30,000
			#1543 Corporate bond				2026.01.27				2029.01.26				3.41				100,000
			#1544 Corporate bond				2026.01.27				2031.01.27				3.65				80,000
			#1545 Corporate bond				2026.02.03				2028.02.03				3.35				50,000
			#1546 Corporate bond				2026.02.03				2029.02.02				3.54				120,000
			#1547 Corporate bond				2026.02.03				2031.02.03				3.80				130,000
			#1548 Corporate bond				2026.02.10				2028.02.10				3.44				70,000
			#1549 Corporate bond				2026.02.10				2029.02.09				3.65				100,000
			#1550 Corporate bond				2026.02.10				2031.02.10				3.86				170,000
			#1551 Corporate bond				2026.02.24				2028.02.24				3.28				110,000
			#1552 Corporate bond				2026.02.24				2029.02.23				3.51				230,000
			#1553 Corporate bond				2026.02.24				2031.02.24				3.71				100,000
			#1554 Corporate bond				2026.03.05				2028.03.03				3.31				120,000
			#1555 Corporate bond				2026.03.05				2029.03.05				3.52				110,000
			#1556 Corporate bond				2026.03.05				2031.03.05				3.71				70,000

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

51. Subsequent Events, Continued

(2) Subsequent to December 31, 2025, KEPCO and its subsidiaries, Korea South-East Power Co., Ltd., Korea Midland Power Co., Ltd., Korea Western Power Co., Ltd. and Korea Southern Power Co., Ltd., issued bonds denominated in Korean won and USD for the purpose of operation funding and details related thereto are as follows, continued:

In millions of won and thousands of foreign currencies
Company		Type				Issue date				Maturity				Interest rate (%)				Amount
Korea South-East Power Co., Ltd			#69-1 Corporate bond				2026.01.20				2028.01.19				3.15			W	150,000
			#69-2 Corporate bond				2026.01.20				2029.01.19				3.40				90,000
			#69-3 Corporate bond				2026.01.20				2031.01.20				3.68				70,000
			#70-1 Corporate bond				2026.01.30				2028.01.25				3.26				110,000
			#70-2 Corporate bond				2026.01.30				2029.01.30				3.47				110,000
			#70-3 Corporate bond				2026.01.30				2031.01.30				3.78				80,000
Korea Midland Power Co., Ltd.			#75 Corporate bond				2026.02.12				2028.02.11				3.56				100,000
Korea Western Power Co., Ltd.			#75-1 Corporate bond				2026.01.27				2029.01.26				3.43				100,000
			#75-2 Corporate bond				2026.01.27				2031.01.27				3.73				90,000
			#76-1 Corporate bond				2026.02.12				2029.02.09				3.63				100,000
			#76-2 Corporate bond				2026.02.12				2031.02.12				3.91				110,000
			Electronic short-term bonds				2026.01.06				2026.03.13				2.86				150,000
			Electronic short-term bonds				2026.01.14				2026.03.26				2.89				150,000
			Electronic short-term bonds				2026.01.26				2026.02.25				3.04				80,000
Korea Southern Power Co., Ltd.			#82-1 Corporate bond				2026.01.23				2029.01.23				3.38				70,000
			#82-2 Corporate bond				2026.01.23				2031.01.21				3.69				30,000
			#83-1 Corporate bond				2026.02.13				2029.02.09				3.64				60,000
			#83-2 Corporate bond				2026.02.13				2031.02.13				3.87				80,000
			#83-3 Corporate bond				2026.02.13				2036.02.13				4.11				20,000

(3) An armed conflict that began in the Middle East in February 2026 has led to increased geopolitical and economic uncertainty. These developments may affect entities with direct or indirect operations in the affected region, or those exposed to the economies of the countries involved. This situation is considered a non-adjusting event after the reporting period. At this time, the Group is unable to reasonably estimate the potential financial impact that the evolving situation in the Middle East may have on its financial position or results of operations.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

52. 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 as issued by IASB. The table below sets forth a reconciliation of the Group’s results from operating activities as presented in the Group’s consolidated statements of comprehensive income or loss prepared in accordance with KIFRS for each of the two years in the period ended December 31, 2025 to the operating profit or loss as presented in the Group’s consolidated 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		2025				2024
Operating profit on the consolidated statements of comprehensive income		W	13,490,557				8,364,710
Add
Other income
Reversal of other provisions			8,847				35,317
Reversal of other allowance for bad debt			4,101				17,699
Gains on government grants			224				4,789
Gains on assets contributed			4,505				29,968
Gains on liabilities exempted			914				504
Compensation and reparations revenue			99,976				84,682
Revenue from foundation fund			245				58
Rental income			209,400				204,277
Others			97,091				100,060
Other gains
Gains on disposal of property, plant and equipment			285,525				85,990
Gains on disposal of intangible assets			18				41
Reversal of impairment losses on intangible assets			42				—
Gains on foreign currency translation			22,283				77,269
Gains on foreign currency transactions			110,496				74,520
Gains on insurance proceeds			1,840				3,411
Others			434,280				273,745
Deduct
Other expenses
Compensation and indemnification expense			(2,174	)			(234	)
Accretion expenses of other provisions			(6,441	)			(5,841	)
Depreciation expenses on investment properties			(1,082	)			(682	)
Depreciation expenses on idle assets			(3,614	)			(3,642	)
Other bad debt expense			(4,700	)			(42,776	)
Donations			(145,798	)			(324,694	)
Others			(79,578	)			(87,819	)
Other losses
Losses on disposal of property, plant and equipment			(112,692	)			(112,018	)
Losses on disposal of intangible assets			(13	)			(111	)
Losses on impairment of property, plant and equipment			(14,262	)			(11,240	)
Losses on impairment of intangible assets			(8,439	)			(902	)
Losses on foreign currency translation			(37,045	)			(29,225	)
Losses on foreign currency transactions			(128,384	)			(148,381	)
Others			(214,676	)			(128,215	)
Adjusted operating profit		W	14,011,446				8,461,260

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Independent Auditors’ Report of

Internal Control over Financial Reporting

(English translation of a report originally issued in Korean)

To the Board of Directors and Shareholders of

Korea Electric Power Corporation

Opinion on Internal Control over Financial Reporting for Consolidation Purposes

We have audited Korea Electric Power Corporation and its subsidiaries (the “Group”)’ internal control over financial reporting (“ICFR”) for consolidation purposes as of December 31, 2025 based on the criteria established in the Conceptual Framework for Designing and Operating ICFR (“ICFR Design and Operation Framework”) issued by the Operating Committee of Internal Control over Financial Reporting in the Republic of Korea (the “ICFR Committee”).

In our opinion, the Group maintained, in all material respects, effective internal control over financial reporting for consolidation purposes as of December 31, 2025, based on ICFR Design and Operation Framework.

We also have audited, in accordance with Korean Standards on Auditing (KSAs), the consolidated financial statements of the Group, which comprise the consolidated statement of financial position as of December 31, 2025, the consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising material accounting policy information and our report dated March 10, 2026 expressed an unmodified opinion on those consolidated financial statements.

Basis for Opinion on Internal Control over Financial Reporting for Consolidation Purposes

We conducted our audit in accordance with KSAs. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Internal Control over Financial Reporting for Consolidation Purposes section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the internal control over financial reporting in Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of Management and Those Charged with Governance for the Internal Control over Financial Reporting for Consolidation Purposes

The Group’s management is responsible for designing, operating and maintaining effective internal control over financial reporting for consolidation purposes and for its assessment of the effectiveness of internal control over financial reporting for consolidation purposes, included in the accompanying Management’s annual report on internal control over financial reporting.

Those charged with governance are responsible for overseeing the Group’s internal control over financial reporting for consolidation purposes.

Auditors’ Responsibilities for the Audit of the Internal Control over Financial Reporting for Consolidation Purposes

Our responsibility is to express an opinion on the Group’s internal control over financial reporting for consolidation purposes based on our audit. We conducted our audit in accordance with KSAs. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting for consolidation purposes was maintained in all material respects.

Our audit of internal control over financial reporting for consolidation purposes included obtaining an understanding of internal control over financial reporting for consolidation purposes, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

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Definition and Limitations of Internal Control over Financial Reporting for Consolidation Purposes

A company’s internal control over financial reporting for consolidation purposes is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with Korean International Financial Reporting Standards (“K-IFRS”). A company’s internal control over financial reporting for consolidation purposes includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Group; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with K-IFRS, and that receipts and expenditures of the Group are being made only in accordance with authorizations of management and directors of the Group; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Group’s assets that could have a material effect on the consolidated financial statements.

Because of its inherent limitations, internal control over financial reporting for consolidation purposes may not prevent or detect material misstatements in the consolidated financial statements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The engagement partner on the audit resulting in this independent auditors’ report is Jung Soo Lee.

Seoul, Korea

March 10, 2026

This report is effective as of March 10, 2026, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the internal control over financial reporting. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

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Management’s annual report on

the effectiveness of internal control over financial reporting

(English translation of a report originally issued in Korean)

To the Shareholders, Board of Directors and Audit Committee of Korea Electric Power Corporation

We, as the Chief Executive Officer (“CEO”) and Internal Control over Financial Reporting (“ICFR”) Officer of Korea Electric Power Corporation and its subsidiaries (collectively referred to as the “Group”), assessed the status of the design and operation of the Group’s ICFR for consolidation purposes for the year ended December 31, 2025.

The Group’s management including the CEO and ICFR Officer is responsible for designing and operating ICFR. We, as the CEO and ICFR Officer (collectively, “We”, “Our” or “Us”), evaluated whether the ICFR has been effectively designed and operated to prevent and detect error or fraud which may cause material misstatement of the consolidated financial statements to ensure preparation and disclosure of reliable financial information.

We used the Conceptual Framework for Design and Operation of ICFR established by the Operating Committee of ICFR in Korea (the “ICFR Committee”) as the criteria for the design and operation of the Group’s ICFR. We also conducted an evaluation of ICFR based on the Management Guideline for Evaluation and Reporting of ICFR established by the ICFR Committee.

Based on our assessment of ICFR operation, we concluded that the Group’s ICFR has been appropriately designed and is operating effectively in all material respects as of December 31, 2025, in accordance with the Conceptual Framework for Design and Operation of ICFR.

We certify that this report does not contain any untrue statement of a fact, or omit to state a fact necessary to be presented herein. We also certify that this report does not contain or present any statements which might cause material misunderstandings of the readers, and we have reviewed and verified this report with sufficient care.

February 19, 2026

(Appendix)

• Results of the Implementation of Remediation Plans for Material Weaknesses Reported in the Prior Fiscal Year: Not applicable

• Internal Control Activities Performed by the Company to Address Fraud Risks Related to Cash and Embezzlement

/s/ Dong-Cheol Kim

President/CEO

/s/ Heung-Bok Oh

Internal Control over Financial Reporting Officer

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(Appendix) Internal Control Activities Performed by the Company to Address Fraud Risks Related to Cash and Embezzlement

Control Category		Control Activities Performed by the Company		In-Scope Company		Results of Design and Operating Effectiveness Assessment (Performing Department and Timing, etc.)
Entity Level Controls		<Operation of Fraud Prevention Program> The Company has established and operates an ethical reporting system to prevent fraudulent activities, including embezzlement.		KEPCO, KHNP and 9 other companies		Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.
		<Communication of the Code of Ethics> In order to communicate management’s commitment to ethical management, the Company publicly disseminates its Code of Ethics and related policies across the organization.		KEPCO, KHNP and 9 other companies		Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
		<Internal Audit Considering Fraud Risks> The Company performs oversight activities related to employee misconduct and the supervision of the internal control over financial reporting through its internal audit department.		KEPCO, KHNP and 9 other companies		Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
Treasury Controls		<Bank Account Registration and Termination> The registration and termination of bank accounts are performed subject to appropriate approval procedures.		KEPCO, KHNP and 9 other companies		Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
		<Monitoring of Bank Account Status> The head of the treasury department periodically reviews and approves the list of bank accounts and related balances.		KEPCO, KHNP and 9 other companies		Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
		<Management of Dormant Accounts> The head of the treasury department periodically reviews and manages dormant bank accounts.		KEPCO, KHNP and 9 other companies		Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
		<Completeness Review of Bank Accounts> The head of the treasury department reviews and approves the results of comparisons between company-owned bank accounts identified through financial institutions and those registered in the Company’s systems to verify completeness and consistency.		KEPCO, KHNP and 9 other companies		Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
		<Verification of Cash-on-Hand and Bank Balances> The head of the treasury department reviews daily cash reports and verifies that bank account balances reconcile with the Company’s recorded cash balances, and approves the results of such review.		KEPCO, KHNP and 9 other companies		Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
		<Approval of Foreign Currency Disbursements and Remittances> The personnel responsible for foreign currency transactions disburse foreign currency payments only after reconciling accounting vouchers, relevant supporting documents, and foreign remittance requests, and obtaining approval from the authorized approver.		KEPCO, KHNP and 8 other companies		Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
		<Segregation of Initiator and Approver in Firm Banking> Fund disbursements, including those executed through firm banking systems, are approved by appropriate authorized approvers, and the roles of transaction initiator and approver are segregated.		KEPCO, KHNP and 9 other companies		Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
		<Control over the Use of Corporate Seals> Physical access to corporate seals is restricted, and the use of such seals is permitted only after obtaining approval from an appropriate authorized approver.		KEPCO, KHNP and 9 other companies		Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
		<Borrowings and Repayments of Debt> The head of the financing department reviews and approves the appropriateness of key terms set forth in proposals for borrowings and bond issuances, and submits such matters to the Board of Directors when board approval is required.		KEPCO, KHNP and 7 other companies		Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
		<Restriction on Fund Disbursements> The Company’s systems are configured to prevent transfers to bank accounts that are not registered in the vendor bank account master.		KEPCO, KHNP and 9 other companies		Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
Other Process Level Controls		<Review and Approval of Vendor Bank Accounts> Business personnel obtain approval from an appropriate approver by submitting the required supporting documents when creating or modifying a vendor disbursement bank account. The treasury department reviews whether key information is consistent with the supporting documentation and approves the request.		KEPCO, KHNP and 9 other companies		Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)

FAQ

How did KEPCO (KEP) perform financially in 2025 under K-IFRS?

KEPCO reported 2025 profit of W8,666,656 million, up from W3,621,968 million in 2024. Sales reached W97,429,346 million, and operating profit was W13,490,557 million, reflecting a strong improvement in core operations and overall profitability compared with the prior year.

What were KEPCO (KEP) sales and operating profit for 2025?

KEPCO generated W97,429,346 million in sales and W13,490,557 million in operating profit for 2025. This compares with W93,398,896 million of sales and W8,364,710 million of operating profit in 2024, indicating higher revenue and significantly stronger operating performance year-on-year.

What is KEPCO’s earnings per share based on the 2025 results?

KEPCO’s 2025 basic and diluted earnings per share were W13,311. This EPS is calculated on profit attributable to owners of the controlling company of W8,544,918 million, showing a substantial increase versus the prior year’s W5,439 per share under K-IFRS reporting.

How strong is KEPCO’s balance sheet at December 31, 2025?

At year-end 2025, KEPCO reported total assets of W254,927,457 million and total equity of W49,322,944 million. Property, plant and equipment totaled W187,751,538 million, highlighting a capital-intensive asset base supporting its electricity generation, transmission, and distribution operations.

What are KEPCO’s key long-term obligations, including nuclear decommissioning?

KEPCO recognized a provision for nuclear plant decommissioning costs of W24,176,898 million as of December 31, 2025. Total liabilities were W205,604,513 million, reflecting substantial financial and decommissioning obligations tied to its large-scale power infrastructure portfolio.

Did KEPCO’s auditors issue a clean opinion on the 2025 financial statements?

Yes. The independent auditors issued an unmodified opinion on KEPCO’s 2025 consolidated financial statements under K-IFRS and on internal control over financial reporting, stating the statements present fairly, in all material respects, the Group’s financial position and performance.

Are KEPCO’s 2025 financial statements final and approved by shareholders?

The 2025 consolidated financial statements have been authorized by KEPCO’s Board and are subject to shareholder approval at a meeting scheduled for March 25, 2026. Until that approval, the financial statements may still be subject to change under applicable procedures.