Surging 2025 profit as KEPCO (NYSE: KEP) prepares dividend rule changes

Rhea-AI Filing Summary

Korea Electric Power Corporation (KEPCO) has called its 2026 annual general meeting and released detailed 2025 consolidated financial statements. The AGM will be held on March 25, 2026 at 11:00 a.m. (Seoul time) at KEPCO’s headquarters in Naju, Korea.

For 2025, KEPCO generated W 97,429,346 million in sales and increased operating profit to W 13,490,557 million from W 8,364,710 million in 2024. Profit for the year rose to W 8,666,656 million, with basic and diluted earnings per share of W 13,311, up from W 5,439.

Total assets were W 254,927,457 million and total equity was W 49,322,944 million as of December 31, 2025. Net cash from operating activities improved to W 20,880,154 million. Shareholders will vote on 2025 financial statements, the 2026 director remuneration ceiling, and amendments to KEPCO’s Articles of Incorporation, including updated government ministry names and a more flexible dividend record-date mechanism.

Positive

• Strong earnings recovery in 2025: Profit for the year increased to W 8,666,656 million from W 3,621,968 million in 2024, with basic earnings per share rising to W 13,311 from W 5,439, indicating a substantial improvement in KEPCO’s profitability.
• Robust operating cash flow: Net cash from operating activities rose to W 20,880,154 million in 2025 from W 15,876,116 million in 2024, providing greater financial flexibility to support capital investments, debt service, and potential future shareholder returns.

Negative

• None.

Insights

Equity analyst

KEPCO’s 2025 results show a sharp earnings rebound and stronger cash generation.

KEPCO reported 2025 sales of W 97,429,346 million, with operating profit rising to W 13,490,557 million from W 8,364,710 million in 2024. Profit for the year more than doubled to W 8,666,656 million, and basic earnings per share increased to W 13,311.

Total equity grew to W 49,322,944 million as of December 31, 2025, up from W 41,362,833 million, while total liabilities stayed broadly stable. Net cash from operating activities improved to W 20,880,154 million, supporting ongoing investment and financing capacity despite sizeable capital expenditure and debt activity.

The AGM on March 25, 2026 will seek shareholder approval of the 2025 financial statements, the 2026 ceiling for director remuneration, and Articles of Incorporation changes. These include aligning ministry names with the amended Government Organization Act and allowing the board to set separate dividend record dates, which may influence how future dividends are timed.

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 ☐

Korea Electric Power Corporation (“KEPCO”) hereby calls the annual ordinary general meeting of shareholders (“AGM”) and seeks the attendance of its shareholders.

The following is an English translation of the notice given to the shareholders in connection with the AGM:

To: Shareholders

From: Kim, Dong-Cheol, President & CEO of KEPCO

We hereby call the fiscal year 2025 AGM pursuant to Article 18 of the Articles of Incorporation of KEPCO as follows and seek your attendance. Pursuant to Article 542-4 of the Commercial Act, this notice shall be in lieu of notices to be given to the shareholders.

1. Date / Time: March 25, 2026 / 11:00 a.m. (Seoul Time)

2. Location: 55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, Korea

KEPCO Headquarters

3. Items to be Reported:

1) Audit Report

2) Management report on KEPCO’s operation

3) Operation report on internal accounting control system

4. Agendas for Shareholder Approval:

1) Approval of financial statements for the fiscal year 2025

2) Approval of the ceiling amount of remuneration for directors in 2026

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

 Details on the proposed agenda for the AGM are attached.

* KEPCO will disclose its audit report on or around March 10, 2026 on the SEC and its webpage (https://www.kepco.co.kr). Business report in Korean will be disclosed on March 17, 2026, through Data Analysis, Retrieval and Transfer System (“DART”) of the Financial Supervisory Service. Business report in Korean shall be changed after the AGM or revised to correct any miswriting. KEPCO will disclose the revised report on DART if there is any amendment.

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 10, 2026

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

KEPCO seeks to obtain approval for its consolidated financial statements, separate financial statements and accompanying documents for the fiscal year 2025, pursuant to Article 449 of the Commercial Act, Article 43 of the Act on the Management of Public Institutions and Article 50 of the Articles of Incorporation of KEPCO. Tables below are part of such financial statements and please refer to a separate Form 6-K filed on or around March 10, 2026 that contains the audit report for the fiscal year 2025 for more details.

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of financial position

As of December 31, 2025 and 2024

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

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of financial position, Continued

As of December 31, 2025 and 2024

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of comprehensive income

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

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

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of comprehensive income, Continued

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

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

KKOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of changes in equity

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

In millions of won						Equity attributable to owners of the controlling company
						Contributed capital				Retained earnings				Other components of equity				Subtotal				Non- controlling interests				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)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of changes in equity, Continued

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

In millions of won						Equity attributable to owners of the controlling company
						Contributed capital				Retained earnings				Other components of equity				Subtotal				Non- controlling interests				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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of cash flows

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

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

(Continued)

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

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

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

• Proposed aggregate ceiling on remuneration for directors:

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

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

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

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

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

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

Current provision		Proposed amendment		Rationale
Article 4 (Change of Articles of Incorporation) In case the Corporation intends to change the Articles of Incorporation, the Corporation shall obtain approval of the Minister of the Ministry of Trade, Industry and Energy, following the resolutions of the Board of Directors and the General Meeting of Shareholders.		Article 4 (Change of Articles of Incorporation) In case the Corporation intends to change the Articles of Incorporation, the Corporation shall obtain approval of the Minister of the Ministry of Climate, Energy and Environment, following the resolutions of the Board of Directors and the General Meeting of Shareholders.		To reivse the Articles of Incorporation in accordance with amendments to the Government Organization Act.
Article 15 (Suspension of Changes in the Register of Shareholders) (2) The Corporation shall permit the shareholders whose names appear in the register of shareholders on December 31 of each year to exercise voting rights and receive dividends as shareholders in the Ordinary General Meeting of Shareholders held in respect of such fiscal year.		Article 15 (Suspension of Changes in the Register of Shareholders) (2) The Corporation shall permit the shareholders whose names appear in the register of shareholders on December 31 of each year to exercise voting rights as shareholders in the Ordinary General Meeting of Shareholders held in respect of such fiscal year.		To set the dividend record date after the dividend amount is determined, by separating the right to vote from the right to receive dividends, in order to enhance dividend predictability for shareholders

Article 26-2 (Appointment of Officers, etc.) (1) For the appointment of the position of the President, the Director Nomination Committee pursuant to Article 28-2 makes multiple recommendations followed by Director Nomination Committee deliberations and resolution of the Committee for Management of Public Institutions pursuant to Article 8 of the Act on the Management of Public Institutions and the resolution of the General Meeting of shareholders, and shall be appointed by the President of the Republic of Korea as motioned by the Minister of the Ministry of Trade, Industry and Energy.		Article 26-2 (Appointment of Officers, etc.) (1) For the appointment of the position of the President, the Director Nomination Committee pursuant to Article 28-2 makes multiple recommendations followed by Director Nomination Committee deliberations and resolution of the Committee for Management of Public Institutions pursuant to Article 8 of the Act on the Management of Public Institutions and the resolution of the General Meeting of Shareholders, and shall be appointed by the President of the Republic of Korea as motioned by the Minister of the Ministry of Climate, Energy and Environment.		To reivse the Articles of Incorporation in accordance with amendments to the Government Organization Act
(2) The Standing Directors except for the President shall be appointed by the President following a resolution of the General Meeting of Shareholders. Provided, however, that a Standing Director who becomes a member of the Audit Committee in accordance with the provisions of Article 41-2 shall be appointed by the President of the Republic of Korea, as motioned by the Minister of the Ministry of Economy and Finance, following the deliberation and resolution of the Committee for Management of Public Institutions and the resolution of the General Meeting of Shareholders from the pool of candidates who have been recommended by the Director Nomination Committee.		(2) The Standing Directors except for the President shall be appointed by the President following a resolution of the General Meeting of Shareholders. Provided, however, that a Standing Director who becomes a member of the Audit Committee in accordance with the provisions of Article 41-2 shall be appointed by the President of the Republic of Korea, as motioned by the Minister of the Ministry of Finance and Economy, following the deliberation and resolution of the Committee for Management of Public Institutions and the resolution of the General Meeting of Shareholders from the pool of candidates who have been recommended by the Director Nomination Committee.

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

(3) The person who is appointed as the President of the Corporation shall execute the contract with the Minister of the Ministry of Trade, Industry and Energy pursuant to Paragraph (2) above. The Minister of the Ministry of Trade, Industry and Energy may negotiate with the person appointed as the President and may change the terms and conditions of the contract from the contract determined pursuant to Paragraph (1) or (2) above.		(3) The person who is appointed as the President of the Corporation shall execute the contract with the Minister of the Ministry of Climate, Energy and Environment pursuant to Paragraph (2) above. The Minister of the Ministry of Climate, Energy and Environment may negotiate with the person appointed as the President and may change the terms and conditions of the contract from the contract determined pursuant to Paragraph (1) or (2) above.
(4) The President and the Minister of the Ministry of Trade, Industry and Energy may change the terms and conditions of the contract after the execution thereof through mutual negotiation in the event of unavoidable circumstances, pursuant to Paragraph (3) above.		(4) The President and the Minister of the Ministry of Climate, Energy and Environment may change the terms and conditions of the contract after the execution thereof through mutual negotiation in the event of unavoidable circumstances, pursuant to Paragraph (3) above.
Article 32 (Restriction on Officers’ and Employees’ Holding of Concurrent Positions) No Standing Director or employee of the Corporation shall engage in any business activities for profit other than the performance of his duties for the Corporation. The President may engage in not-for-profit activities upon obtaining approval of the Minister of the Ministry of Trade, Industry and Energy. Standing Directors and employees of the Corporation may engage in not-for-profit activities upon obtaining approval of the President.		Article 32 (Restriction on Officers’ and Employees’ Holding of Concurrent Positions) No Standing Director or employee of the Corporation shall engage in any business activities for profit other than the performance of his duties for the Corporation. The President may engage in not-for-profit activities upon obtaining approval of the Minister of the Ministry of Climate, Energy and Environment. Standing Directors and employees of the Corporation may engage in not-for-profit activities upon obtaining approval of the President.		To reivse the Articles of Incorporation in accordance with amendments to the Government Organization Act

Article 35 (Remuneration for Officers and Employees) (3) The standards for remuneration in Paragraph (2) with respect to the President and the Standing Directors shall be determined by the Board of Directors pursuant to the guidelines on remuneration established by the Minister of the Ministry of Economy and Finance upon deliberation and resolution by the Operation Committee, taking into account the following.		Article 35 (Remuneration for Officers and Employees) (3) The standards for remuneration in Paragraph (2) with respect to the President and the Standing Directors shall be determined by the Board of Directors pursuant to the guidelines on remuneration established by the Minister of the Ministry of Finance and Economy upon deliberation and resolution by the Operation Committee, taking into account the following.		To reivse the Articles of Incorporation in accordance with amendments to the Government Organization Act
Article 37–2 (Senior Non-standing Director) (2) The Senior Non-standing Director shall be appointed by the Minister of the Ministry of Economy and Finance upon deliberation and resolution by the Operation Committee.		Article 37–2 (Senior Non-standing Director) (2) The Senior Non-standing Director shall be appointed by the Minister of the Ministry of Finance and Economy upon deliberation and resolution by the Operation Committee.		To reivse the Articles of Incorporaiton in accordance with amendments to the Government Organization Act
Article 51 (Dividends) (1) Any rights to dividends shall be extinguished by prescription unless exercised with five (5) years.		Article 51 (Dividends) <Maintained>		Establishment of grounds for determining the dividend record date

(2) Dividends to which rights has extinguished pursuant to Paragraph (1) above shall revert to the Corporation.

(3) The Corporation may pay dividends to shareholders other than the Government preferentially.

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

<Newly established>

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

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

FAQ

How did KEPCO (KEP) perform financially in 2025?

KEPCO delivered much stronger results in 2025, with profit for the year reaching W 8,666,656 million, up from W 3,621,968 million in 2024. Sales were W 97,429,346 million, and operating profit climbed to W 13,490,557 million, reflecting improved margins versus the prior year.

What were KEPCO’s 2025 earnings per share and who benefited?

In 2025, KEPCO’s basic and diluted earnings per share were W 13,311, compared with W 5,439 in 2024. Profit attributable to owners of the controlling company totaled W 8,544,918 million, while non-controlling interests received W 121,738 million, supporting higher returns for ordinary shareholders.

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

As of December 31, 2025, KEPCO’s total assets were W 254,927,457 million and total equity was W 49,322,944 million, up from W 41,362,833 million in 2024. Equity attributable to owners of the controlling company increased to W 48,169,942 million, strengthening the capital base.

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

KEPCO generated net cash from operating activities of W 20,880,154 million in 2025. Investing activities used W 18,445,453 million, mainly for property, plant and equipment, while financing activities used W 2,634,601 million. Year-end cash and cash equivalents stood at W 2,240,811 million.

When is KEPCO’s 2026 AGM and what key items will be voted on?

KEPCO’s 2026 annual general meeting will be held on March 25, 2026 at 11:00 a.m. (Seoul time) at its Naju headquarters. Shareholders will vote on 2025 financial statements, the 2026 ceiling for director remuneration, and amendments to the Articles of Incorporation, including governance and dividend-related changes.

What dividend-related changes are included in KEPCO’s proposed Articles amendments?

KEPCO proposes revising Article 15 and Article 51 to separate voting rights from dividend rights and allow the board to set a dividend record date by resolution. Public notice would be provided at least two weeks before that date, aiming to enhance dividend predictability for shareholders.

How are government ministry references changing in KEPCO’s Articles of Incorporation?

Multiple Articles will replace references to the Ministry of Trade, Industry and Energy with the Ministry of Climate, Energy and Environment, and change the “Ministry of Economy and Finance” to the “Ministry of Finance and Economy.” These updates align KEPCO’s governance documents with the amended Government Organization Act.