SK Telecom (NYSE: SKM) 9M25 revenue hits ₩12.8T with 79% 5G users

Rhea-AI Filing Summary

SK Telecom filed a Form 6-K presenting its Korean quarterly business report for the nine months ended September 30, 2025. On a consolidated basis, operating revenue was ₩12,770,541 million, with operating profit of ₩954,082 million and profit attributable to owners of the parent of ₩295,862 million. The wireless segment contributed ₩9,360,142 million of sales, while fixed-line generated ₩3,136,013 million.

5G remains the core driver: SK Telecom had 17.26 million 5G subscribers, representing 79% of its total mobile subscriber base as of September 30, 2025, supporting stable wireless profitability in a mature Korean market. Subsidiary SK Broadband recorded consolidated revenue of ₩3.38 trillion for the nine months, up 2.7% year-on-year, led by high-speed Internet and B2B data center services.

The group reported total assets of ₩28,895,347 million and equity of ₩11,808,944 million. It invested ₩273,532 million in R&D (2.14% of sales) and highlights extensive patent portfolios at SK Telecom and SK Broadband, along with RE100 participation and Net Zero targets.

Insights

Telecom equity analyst

SK Telecom shows stable 9M25 profits, high 5G mix, and modest fixed-line growth.

SK Telecom’s consolidated operating revenue of ₩12,770,541 million for the nine months ended September 30, 2025 came mainly from wireless, which provided ₩9,360,142 million or 73% of sales. Fixed-line contributed ₩3,136,013 million (25%), reflecting the importance of SK Broadband’s Internet, IPTV, and B2B services. Group operating profit was ₩954,082 million, indicating that the core business remains profitable in a mature domestic telecom market.

The company reports 17.26 million 5G subscribers, equal to 79% of its total base as of September 30, 2025. This high 5G penetration supports data-driven ARPU but also underscores the market’s maturity, limiting easy volume growth. In fixed-line, SK Broadband’s revenue of ₩3.38 trillion for the nine months, up 2.7% year-on-year, was driven by high-speed Internet and new data centers, suggesting incremental strength in B2B connectivity.

On the balance sheet, SK Telecom shows total assets of ₩28,895,347 million and total equity of ₩11,808,944 million as of September 30, 2025, with numerous long-dated unsecured bonds and compliance with debt ratio and lien covenants. R&D spending of ₩273,532 million (a 2.14% sales ratio) plus large patent portfolios in both SK Telecom and SK Broadband point to continued investment in network, AI, and platform technologies, though the commercial payoff will depend on future service uptake and regulatory dynamics.

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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 December 2025

COMMISSION FILE NUMBER: 333-04906

SK Telecom Co., Ltd.

(Translation of registrant’s name into English)

65, Eulji-ro, Jung-gu

Seoul 04539, Korea

(Address of principal executive office)

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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QUARTERLY BUSINESS REPORT

(From January 1, 2025 to September 30, 2025)

THIS IS A SUMMARY OF THE QUARTERLY BUSINESS REPORT ORIGINALLY PREPARED IN KOREAN WHICH IS IN SUCH FORM AS REQUIRED BY THE KOREAN FINANCIAL SERVICES COMMISSION.

IN THE TRANSLATION PROCESS, SOME PARTS OF THE REPORT WERE REFORMATTED, REARRANGED OR SUMMARIZED FOR THE CONVENIENCE OF READERS.

ALL REFERENCES TO THE “COMPANY” SHALL MEAN SK TELECOM CO., LTD. AND, UNLESS THE CONTEXT OTHERWISE REQUIRES, ITS CONSOLIDATED SUBSIDIARIES. REFERENCES TO “SK TELECOM” SHALL MEAN SK TELECOM CO., LTD., BUT SHALL NOT INCLUDE ITS CONSOLIDATED SUBSIDIARIES.

UNLESS EXPRESSLY STATED OTHERWISE, ALL INFORMATION CONTAINED HEREIN IS PRESENTED ON A CONSOLIDATED BASIS IN ACCORDANCE WITH THE INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTED FOR USE IN KOREA (“K-IFRS”) WHICH DIFFER IN CERTAIN RESPECTS FROM GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN CERTAIN OTHER COUNTRIES, INCLUDING THE UNITED STATES. THE COMPANY HAS MADE NO ATTEMPT TO IDENTIFY OR QUANTIFY THE IMPACT OF THESE DIFFERENCES.

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I. COMPANY OVERVIEW

Omitted in quarterly reports in accordance with applicable Korean disclosure rules. For more information, please refer to the Company’s semi-annual business report for the six months ended June 30, 2025.

II. BUSINESS

1. Business Overview

Each company in the consolidated entity is a separate legal entity providing independent services and products. The Company’s business is primarily separated into (1) the wireless business consisting of cellular voice, wireless data and wireless Internet services, (2) the fixed-line business consisting of fixed-line telephone, high-speed Internet, data and network lease services, among others and (3) other businesses consisting of commercial retail data broadcasting channel business, among others.

Set forth below is a summary description of the business of each of the Company’s material consolidated subsidiaries.

Classification		Company name		Description of business
Wireless		SK Telecom Co., Ltd.		Wireless voice and data telecommunications services via digital wireless networks
		PS&Marketing Co., Ltd. (“PS&Marketing”)		Sale of fixed-line and wireless telecommunications products through wholesale, retail and online distribution channels
		SK O&S Co., Ltd. (“SK O&S”)		Maintenance of base stations
Fixed-line		SK Broadband Co., Ltd. (“SK Broadband”)		High-speed Internet, TV, telephone, commercial data and other fixed-line services and management of the transmission system for online digital contents Various media-related services, such as channel management services including video-on-demand services
		Home & Service Co., Ltd. (“Home&Service”)		System maintenance of high-speed Internet, Internet protocol TV (“IPTV”) and fixed-line services
		SK Telink Co., Ltd. (“SK Telink”)		International wireless direct-dial “00700” services and mobile virtual network operator (“MVNO”) business
Other business		SK stoa Co., Ltd. (“SK Stoa”)		Operation of commercial retail data broadcasting channel services
		Atlas Investment		Investments
		SK Telecom Innovation Fund, L.P.		Investments
		SAPEON Inc.		Manufacture of non-memory and other electronic integrated circuits
		Astra AI Infra LLC		Investments
		SK Telecom Americas, Inc.		Information collection and consulting services
		Global AI Platform Corporation		Software development and supply business

[Wireless Business]

A. Overview

Wireless telecommunications companies provide services based on competitive strengths in handheld devices, affordable pricing, network coverage and an extensive contents library. The Company continues to maintain its reputation as the unparalleled premium network operator in the 5G market on the basis of its technological leadership and network management technology. With the world’s first commercialization of 5G technology in 2019, the Company continues to maintain its position as the top network operator in the 5G era and strives to provide differentiated services to its customers.

In order to strengthen its sales channels, the Company has been offering a variety of fixed-line and wireless telecommunications convergence products through its subsidiary, PS&Marketing. PS&Marketing provides differentiated service to customers through the establishment of new sales channels and product development. Additionally, SK O&S, the Company’s subsidiary responsible for the operation of the Company’s networks, including base stations and related transmission and power facilities, provides customers with quality network services and provides the Company with technological know-how in network operations.

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The Company has been maintaining solid profitability based on the stable sales generated from its 5G subscribers, together with efficient investments in, and operation of, its wireless networks and stabilization of market competition. The number of the Company’s 5G subscribers, which has reached its maturation stage, recorded 17.26 million subscribers as of September 30, 2025, and accounted for 79% of the Company’s total number of subscribers. The Company seeks to enhance profitability through stable market operations while striving to further expand customer choices and benefits in order to minimize the slowdown in the growths of wireless services revenue and Average Revenue Per User (“ARPU”). The Company seeks to achieve solid growth in profit from its wireless telecommunications business even in the mature 5G market.

B. Industry Characteristics

The telecommunications services market can be categorized into telecommunications services (such as fixed-line, wireless and leased line services, as well as sales intermediary services relating thereto and value-added services) and broadcasting and telecommunications convergence services (including IPTV and integrated fixed-line and wireless telecommunications services). Pursuant to the Telecommunications Business Act, the telecommunications services market can be further classified into basic telecommunications (fixed-line and wireless telecommunications), special category telecommunications (resale of telecommunications equipment, facilities and services) and value-added telecommunications (Internet connection and management, media contents and others).

The size of the domestic telecommunications services market is determined based on various factors specific to Korea, including the size of the population that uses telecommunications services and telecommunications expenditures per capita. While it is possible for Korean telecommunications service providers to provide services abroad through acquisitions or otherwise, foreign telecommunications services markets have their own characteristics depending, among others, on the regulatory environment and demand for telecommunications services.

C. Growth Potential

The Korean mobile communications market is considered to have reached its maturation stage with more than a 100% penetration rate. However, the Korean mobile communications market continues to improve in the quality of services with the help of advances in network-related technology and the development of highly advanced smartphones which enable the provision of new information and communications technology (“ICT”) services for advanced multimedia contents, mobile commerce, mobility and other related services. In addition, the ultra-low latency and high capacity characteristics of 5G networks as well as the advancement of artificial intelligence (“AI”) are expected to accelerate the introduction of new services and the growth of Internet-of-Things (“IoT”)-based business-to-business (“B2B”) businesses.

(Unit: in 1,000 persons)

				As of September 30, 2025				As of December 31,
Classification								2024				2023
Number of subscribers		SK Telecom			31,048				31,786				31,276
		Others (KT, LG U+)			40,302				38,360				35,643
		MVNO			19,417				17,825				15,851
		Total			90,767				87,971				82,770

* Source: Wireless telecommunications service data from the Ministry of Science and ICT (“MSIT”) as of August 31, 2025.

D. Domestic and Overseas Market Conditions

The Korean mobile communications market includes the entire population of Korea with mobile communications service needs, and almost every Korean is considered a potential user. Sales revenue related to data services has been growing due to the increasing popularity of smartphones and high-speed wireless networks. There is also a growing importance of the B2B segment, which creates added value by selling and developing various solutions. The telecommunications industry is a regulated industry requiring license and approval from the MSIT.

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In the wireless business, industry players compete on the basis of the following three main competitive elements:

(i) brand competitiveness, which refers to the overall sense of recognition and loyalty experienced by customers with respect to services and values provided by a company, including the images created by a company’s comprehensive activities and communications on top of the actual services rendered;

(ii) product and service competitiveness, which refers to the fundamental criteria for wireless telecommunications services, including voice quality, service coverage, broad ranges of rate plans, diversified mobile Internet services, price and quality of devices, and customer service quality, as well as the ability to develop new services that meet customer needs in a market environment defined by convergence; and

(iii) sales competitiveness, which refers to novel and diversified marketing methods and the strength of the distribution network.

Set forth below is the historical market share of the Company (excluding MVNO subscribers).

(Unit: in percentages)

Classification		As of September 30, 2025				As of December 31,
						2024				2023
Mobile communication services			43.5				45.3				46.7

* Source: Wireless telecommunications service data from the MSIT as of August 31, 2025.

[Fixed-line Business]

A. Overview

For the nine months ended September 30, 2025, SK Broadband recorded Won 3.38 trillion in revenue on a consolidated basis, which represented a 2.7% increase from Won 3.29 trillion for the nine months ended September 30, 2024. Such increase was primarily attributable to the growth of SK Broadband’s high-speed Internet business resulting from an increase in the number of subscribers and the growth of its B2B business primarily focused on new data centers.

SK Broadband’s business is divided into the media business segment, which provides IPTV and cable TV services, and the fixed-line business segment, which provides high-speed Internet, telecommunications, leased lines and data center services.

For the nine months ended September 30, 2025, the media business segment recorded Won 1.43 trillion in revenue, which represented a 0.3% increase compared to the nine months ended September 30, 2024. For the nine months ended September 30, 2025, the fixed-line business segment recorded Won 1.95 trillion in revenue, which represented a 5.0% increase compared to the nine months ended September 30, 2024.

B. Industry Characteristics

The domestic telecommunications service industry displays the typical characteristics of a domestic industry given that its coverage area is limited to Korea. As a result, the size of the industry is greatly affected by the domestic user population and the level of telecommunications service expenditures in light of the domestic income level. Domestic telecommunications companies may expand overseas through mergers and acquisitions or direct expansion, but the overseas telecommunications service industries are subject to inherently different industry characteristics from the domestic one, depending on the regulatory and demand characteristics of each country.

The broadcasting business involves the planning, programming or production of broadcasting programs and the process of transmitting them to viewers through telecommunications facilities. The broadcasting market can primarily be categorized into terrestrial broadcasting, fixed-line TV broadcasting, satellite broadcasting and programming-providing businesses, in each case pursuant to the Broadcasting Act, as well as Internet multimedia broadcasting business pursuant to the Internet Multimedia Broadcast Services Act.

The Company engages in the fixed-line TV broadcasting business, which is defined as the business of managing and operating fixed-line TV broadcasting stations (including their facilities and employees for the purpose of providing multi-channel broadcasting) and providing broadcasts through transmission and line facilities. The Internet multimedia broadcasting refers to the broadcasting of programs through a combination of various contents including data, video, voice, sound and/or e-commerce, including real-time broadcasting, while guaranteeing a consistent service quality through a bidirectional Internet protocol using a broadband integrated information network.

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As a result of the government’s direct and indirect control over the fixed-line telecommunications industry, ranging from service licensing to business activities, the industry’s growth potential and degree of competition are greatly affected by the government’s regulatory policies. The fixed-line telecommunications industry is also a technology-intensive industry that evolves rapidly and continuously through the development of communications technology and equipment, which requires proactive responses in meeting the various needs of subscribers by developing new services and penetrating the market. Fixed-line telecommunications services have become essential commodities and act as the foundation for integration and convergence with various other services. The essential nature of such services provides stable demand, resulting in low sensitivity to economic conditions.

In addition, the Korean fixed-line services industry is marked by a high level of market concentration, as the government is highly selective in granting telecommunications business licenses. While the competitive landscape of the fixed-line and wireless services markets is dominated by its three leading operators, the Company (including SK Broadband), KT and LG U+, the intensity of competition is growing as digitalization of communication technologies and devices leads to the convergence of fixed-line and wireless services, as well as broadcasting and telecommunications, and technology for faster data communications services is developed.

In the high-speed Internet services market, the demand for Giga Internet services has been continuing to increase due to the popularization of mobile and home IoT devices and the expansion of large media services including video streaming services.

In the pay TV market, competition for content has been intensifying, at the center of which are large over-the-top operators with exclusive content. Reflecting a rapid change in content consumption patterns and behaviors of viewers, the Company is preparing for new growth in the home platform domain by providing customized services using ICT convergence technologies such as AI and big data in addition to differentiated contents.

In the corporate business market, the Company expects to see growth in new business areas, following the emergence of new services based on novel technology, including AI data centers. The Company is continuing its efforts to generate stable returns by strengthening its competitiveness in the traditional fixed line-based business through expansion of core infrastructure including data centers and leased lines, for which market demand has been continually growing.

C. Growth Potential

(Unit: in persons)

Classification				As of September 30, 2025**				As of December 31,
								2024				2023
Fixed-line Subscribers*		High-speed Internet			25,080,218				24,721,782				24,098,164
		Fixed-line telephone			9,902,068				10,325,245				10,973,838
		IPTV			21,310,250				21,190,908				20,870,152
		Cable TV			12,273,098				12,342,797				12,586,391

* Source: MSIT website.

** High-speed Internet and fixed-line telephone subscribers represent the number of subscribers as of August 31, 2025, while IPTV and cable TV subscribers represent the average number of subscribers in the second half of 2024.

D. Cyclical Nature and Seasonality

There is little difference among the services provided by operators of high-speed Internet, fixed-line telephone and broadcasting services. Such services, which demonstrate characteristics of essential public utilities, are subject to a subscriber-based business model, and are not sensitive to cyclical economic changes. Due to the low income elasticity of telecommunications services, the overall telecommunications market is not expected to be particularly affected by an economic downturn.

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E. Domestic and Overseas Market Conditions

Set forth below is the historical market share of the Company.

(Unit: in percentages)

Classification		As of September 30, 2025***				As of December 31,
						2024				2023
High-speed Internet (including resales)*			28.6				28.9				28.7
Fixed-line telephone (including Voice over Internet Protocol (“VoIP”))*			18.5	**			18.3	**			18.0	**
IPTV*			31.8				32.0				31.8
Cable TV*			22.9				22.8				22.4

* Source: MSIT website.

** With respect to fixed-line telephone, the market share was calculated based on market shares among the Company, KT and LG U+ and is based on the number of landline and IP phone subscribers.

*** Market shares for the high-speed Internet and fixed-line telephone markets are based on the market shares as of August 31, 2025 and market shares for the IPTV and cable TV markets are based on the average number of subscribers in the second half of 2024.

The Company is engaged in a number of business areas including high-speed Internet, home telephone, corporate business, IPTV and cable TV pursuant to the relevant communications regulations such as the Telecommunications Business Act, the Internet Multimedia Broadcast Services Act and the Broadcasting Act. In each of its principal business areas, the Company competes on the basis of price, service quality and speed. In the IPTV business, the ability to offer complex services and differentiated contents are becoming increasingly important. General telecommunications businesses operate in a licensed industry with a high barrier of entry, which is dominated by the Company, KT and LG U+.

[Other Businesses]

A. Other businesses

SK Stoa operates the commercial retail data broadcasting channel business, offering an interactive service that integrates television home shopping and data home shopping services. Such integrated service allows television viewers to organize various product categories on the television screen and select and purchase desired products using a television remote control or mobile device, unlike traditional home shopping services that only allowed for real-time purchase through the relevant broadcast.

2. Key Financial Data by Business Line

A. Assets

						(Unit: in millions of Won and percentages)
Classification		As of September 30,   2025								As of December 31,
										2024								2023
		Amount				Ratio				Amount				Ratio				Amount				Ratio
Wireless			24,734,156				74	%			25,154,898				75	%			25,608,563				77	%
Fixed-line			7,292,491				22	%			7,174,920				21	%			6,825,342				20	%
Other			1,219,797				4	%			1,276,546				4	%			910,020				3	%
Subtotal			33,246,444				100	%			33,606,364				100	%			33,343,925				100	%
Consolidation Adjustment			(4,351,097	)			—				(3,091,111	)			—				(3,224,698	)			—
Total			28,895,347				—				30,515,254				—				30,119,227				—

B. Revenue

						(Unit: in millions of Won and percentages)
Classification		For the nine months ended September 30, 2025								For the year ended December 31,
										2024								2023
		Amount				Ratio				Amount				Ratio				Amount				Ratio
Wireless			9,360,142				73	%			13,318,213				74	%			13,123,166				75	%
Fixed-line			3,136,013				25	%			4,075,412				23	%			3,928,020				22	%
Other			274,386				2	%			546,984				3	%			557,325				3	%
Total			12,770,541				100	%			17,940,609				100	%			17,608,511				100	%

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C. Operating Profit

						(Unit: in millions of Won and percentages)
Classification		For the nine months ended September 30, 2025								For the year ended December 31,
										2024								2023
		Amount				Ratio				Amount				Ratio				Amount				Ratio
Wireless			701,435				71	%			1,529,971				84	%			1,463,934				84	%
Fixed-line			302,023				31	%			366,517				20	%			329,072				19	%
Other			(15,102	)			(2	)%			(64,929	)			(4	)%			(42,771	)			(2	)%
Subtotal			988,356				100	%			1,831,559				100	%			1,750,235				100	%
Consolidation Adjustment			(34,274	)			—				(8,150	)			—				2,969				—
Total			954,082				—				1,823,409				—				1,753,204				—

3. Updates on Major Products and Services

								(Unit: in millions of Won and percentages)
Business		Major Companies		Items		Major Trademarks		For the nine months ended September 30, 2025								For the year ended December 31,
																2024								2023
								Consolidated Sales Amount				Ratio				Consolidated Sales Amount				Ratio				Consolidated Sales Amount				Ratio
Wireless		SK Telecom Co., Ltd., PS&Marketing Co., Ltd., Service Ace Co., Ltd., SK O&S Co., Ltd., etc.		Mobile communications service, wireless data service, ICT service and others		T, 5GX, T Plan and others			9,360,142				73	%			13,318,213				74	%			13,123,166				75	%
Fixed-line		SK Broadband Co., Ltd., Home & Service Co., Ltd., SK Telink Co., Ltd., etc.		Fixed-line phone, high-speed Internet, data and network lease service and others		B tv, 00700 international call, 7mobile and others			3,136,013				25	%			4,075,412				23	%			3,928,020				22	%
Other		SK stoa Co., Ltd., etc.		Commercial retail data broadcasting channel service and others		Stoa ON			274,386				2	%			546,984				3	%			557,325				3	%
Total									12,770,541				100	%			17,940,609				100	%			17,608,511				100	%

4. Price Trends for Major Products

[Wireless Business]

As of September 30, 2025, based on the Company’s standard monthly subscription plan, the basic service fee was Won 12,100 (including value-added tax) and the usage fee was Won 1.98 per second. Among the 4G-based plans, the “T-Plan Safe 4G” provides 4 GB of data and unlimited voice calls at Won 50,000 per month (including value-added tax). Among the 5G-based plans, the “Basic” plan provides 11 GB of data and unlimited voice calls at Won 49,000 per month (including value-added tax). In March 2024, the Company launched the “Compact” plan, which provides 5G data at Won 39,000 per month (including value-added tax). In October 2025, the Company launched six types of subscription plans for “air”, our digital communication service available exclusively for unlocked devices. The Company plans to continue to introduce new services that reach out to different customer segments. The Company provides a variety of other subscription plans catering to subscriber demand, which may be reviewed on the Company’s website at www.tworld.co.kr.

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[Fixed-line Business]

The monthly subscription fees for the services offered by SK Broadband are as follows:

- IPTV (media business segment): from Won 11,000 (B tv Mini) to Won 50,600 (B tv All + Catch On + major networks) under no fixed-term contract

- Cable TV (based on Suwon broadcasting) direct cable TV: from Won 4,400 or less (B tv Cable 20) to Won 16,500 or less (B tv Cable 90) under no fixed-term contract, and from Won 3,520 or less (B tv Cable 20) to Won 13,200 (B tv Cable 90) under a three-year contract

- Digital cable TV: from Won 13,200 or less (B tv Cable 100) to Won 26,400 (B tv Cable 200) under no fixed-term contract, and from Won 10,560 (B tv Cable 100) to Won 21,120 (B tv Cable 200) under a three-year contract

- Technology-neutral service: from Won 13,200 (B tv Pop 100) to Won 33,990 (B tv Pop 230+) under no fixed-term contract, and from Won 7,700 (B tv Pop 100) to Won 20,900 (B tv Pop 230+) under a three-year contract

- High-speed Internet service (fixed-line business segment): from Won 30,800 (Speed Internet) to Won 104,500 (Giga Premium×10) under no fixed-term contract, and from Won 22,000 (Speed Internet) to Won 82,500 (Giga Premium×10) under a three-year contract

- Bundled products that combine high-speed Internet and IPTV services: from Won 33,000 (Speed Internet + B tv Economy) to Won 111,100 (Giga Premium×10 + B tv All + Catch On + major networks) under a three-year contract

The above fees may vary depending on the conditions for subscription, including services provided, contract period and bundled products.

In 2025, SK Broadband has been launching various new subscription plans. On March 4, 2025, SK Broadband launched the “AI Speaker Set-Top Box” for its Internet protocol cable TV service, which meets cable TV customers’ demand for AI services based on voice recognition and offers broader choice of set-top box options. The monthly rental fee for the AI Speaker Set-Top Box is Won 6,600 per month based on a three-year contract. As part of a launch promotion, customers who newly subscribe under a three-year contract by August 31, 2025 receive a rental fee discount of Won 6,600.

On May 9, 2025, SK Broadband launched two new subscription plans, “B tv pop 230+” and “B tv pop 180+”, which allow users to combine IP cable TV products with B tv+ monthly subscription services. Users can enjoy the same contents at up to a 46% lower cost compared to subscribing separately.

On August 31, 2025, SK Broadband launched the “Baro Bundled Discount” plan, which provides an additional discount on top of existing contract discounts when customers newly subscribe through direct channels including its customer center or official website. The plan offers discounts for standalone high-speed Internet subscriptions or high-speed Internet and IPTV bundled subscriptions under a three-year contract, and was introduced to reduce the financial burden for price-sensitive customers such as young adults.

In addition, starting on August 31, 2025, three existing cable Internet plans (Cable Fiber Optic Local Area Network (“LAN”), Cable Giga Lite and Cable Giga) were discontinued for new subscriptions and plan changes, and were replaced by six new products (Cable Smart 100M/320M/1G and Cable Smart 100M/320M/1G Wi-Fi). Recognizing that cable Internet customers are more sensitive to subscription fees, the three-year contract rates were reduced by from 13.7% to 17.7%. Furthermore, for an additional monthly fee of Won 1,100, customers can upgrade to include Wi-Fi with the Cable Smart 100M/320M/1G plans, thereby enhancing the convenience of Wi-Fi usage.

SK Broadband launched the “Deundeun Internet” and “Share Internet” plans on July 10, 2025 and September 15, 2025, respectively, in order to expand the product lineup for small business customers. The “Deundeun Internet” plan includes Internet and Wi-Fi services, and offers device repair compensation for store equipment and financial fraud compensation for the same price as the existing integrated Wi-Fi plans. “Share Internet”, which is designed for businesses such as small offices, academies and cafes where multiple PCs and laptops are used simultaneously at the same location, is an Internet product that can support up to 10 PCs and laptops concurrently.

SK Broadband also provides a variety of other subscription plans based on consumer demand, which may be reviewed on SK Broadband’s website at www.bworld.co.kr.

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5. Investment Status

[Wireless Business]

A. Investment in Progress and Future Investment Plan

(Unit: in billions of Won)

Purpose of investment

Subject of investment

Investment period

Expected investment amount

Amount already invested

Investment effect

Upgrade/ New installation

Network, systems and others

Nine months ended September 30, 2025

To be determined

689

Upgrades to the existing services and expanded provision of network services including 5G

[Fixed-line Business]

A. Investment in Progress and Future Investment Plan

(Unit: in billions of Won)

Purpose of investment

Subject of investment

Investment period

Amount already invested*

Future investment

Investment effect

Coverage expansion, upgrade of media platform

Network, systems, Internet data center and others

Nine months ended September 30, 2025

509

To be determined

Securing subscriber network and equipment; quality and system improvement

* Represents investments by SK Broadband on a separate basis.

6. Revenues

(Unit: in millions of Won)

Business		Sales type		Item				For the nine months ended September 30, 2025				For the year ended December 31, 2024				For the year ended December 31, 2023
Wireless		Services		Mobile communication, wireless data, information communication		Export			149,285				212,235				169,885
						Domestic			9,210,857				13,105,978				12,953,281
						Subtotal			9,360,142				13,318,213				13,123,166
Fixed-line		Services		Fixed-line, high-speed Internet, data, lease line service		Export			153,478				213,815				178,824
						Domestic			2,982,535				3,861,597				3,749,196
						Subtotal			3,136,013				4,075,412				3,928,020
Other		Services		Commercial retail data broadcasting channel services		Export			—				—				—
						Domestic			274,386				546,984				557,325
						Subtotal			274,386				546,984				557,325
Total						Export			302,763				426,050				348,709
						Domestic			12,467,778				17,514,559				17,259,802
						Total			12,770,541				17,940,609				17,608,511

(Unit: in millions of Won)

For the nine months ended September 30, 2025		Wireless				Fixed-line				Other				Sub total				Consolidation adjustment				After consolidation
Total sales			10,555,487				4,047,569				302,199				14,905,255				(2,134,714	)			12,770,541
Internal sales			1,195,345				911,556				27,813				2,134,714				(2,134,714	)			—
External sales			9,360,142				3,136,013				274,386				12,770,541				—				12,770,541
Depreciation and amortization			1,908,388				744,932				14,797				2,668,117				(66,967	)			2,601,150
Operating profit (loss)			701,435				302,023				(15,102	)			988,356				(34,274	)			954,082
Finance profit (loss)																							(238,664	)
Gain (loss) from investments in associates and joint ventures																							(19,956	)
Other non-operating profit (loss)																							(111,044	)
Profit before income tax																							584,418

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7. Derivative Transactions

A. Current Swap Contract Applying Cash Flow Risk Hedge Accounting

Currency and interest rate swap contracts under cash flow hedge accounting as of September 30, 2025 are as follows:

[SK Telecom]

Borrowing date		Hedged item		Hedged risk		Contract type		Financial institution		Duration of contract
July 20, 2007		Fixed rate foreign currency denominated bonds		Foreign currency risk		Cross currency swap		Morgan Stanley and four other banks		July 20, 2007 – July 20, 2027
June 28, 2023		Fixed rate foreign currency denominated bonds		Foreign currency risk		Cross currency swap		Citibank, Shinhan Bank, KDB, J.P. Morgan		June 28, 2023 – June 28, 2028
October 7, 2024		Floating rate Won denominated borrowings		Interest rate risk		Interest rate swap		DBS Bank Ltd		October 10, 2024 – October 8, 2026
May 28, 2025		Floating rate Won denominated bonds		Foreign currency risk and interest rate risk		Cross currency interest rate swap		DBS Bank Ltd		May 28, 2025 – May 26, 2028

[SK Broadband]

Borrowing date		Hedged item		Hedged risk		Contract type		Financial institution		Duration of contract
June 28, 2023		Non-guaranteed foreign currency denominated bonds (face value of USD 300,000,000)		Foreign currency risk		Cross currency swap		Citibank, Shinhan Bank, KDB, J.P. Morgan		June 28, 2023 – June 28, 2028

8. Major Contracts

None.

9. R&D Investments

Set forth below are the Company’s R&D expenditures.

(Unit: in millions of Won except percentages)

Category				For the nine months ended September 30, 2025				For the year ended December 31, 2024				For the year ended December 31, 2023				Remarks
Raw material					19				492				48				—
Labor					107,720				134,508				140,790				—
Depreciation					88,514				134,989				137,264				—
Commissioned service					27,149				61,588				51,749				—
Others					50,131				61,267				61,992				—
Total R&D costs					273,532				392,844				391,843				—
Government Subsidies					—				—				—				—
Accounting		Sales and administrative expenses			268,201				378,079				369,507				—
		Development costs (Intangible assets)			5,331				14,765				22,334				—
R&D cost / sales amount ratio (Total R&D costs / Current sales amount×100)					2.14	%			2.19	%			2.23	%			—

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10. Other Information Relating to Investment Decisions

A. Brand Management Policies

The Company manages its corporate brand and other product brands in a comprehensive way to protect and increase their value. The Company operates an intranet system called “Comm.ON” in order to implement consistent communication with consumers across various areas including branding, design, marketing and public relations, and systematically manages the development, registration and licensing of brands through such system.

B. Business-related Intellectual Property

[SK Telecom]

As of September 30, 2025, the registered patents and trademarks held by the Company included 2,893 Korean-registered patents, 1,799 foreign-registered patents and 767 Korean-registered trademarks. The number of registered patents and trademarks is subject to constant change due to the acquisition of new rights, expiration of terms, abandonments and dispositions.

[SK Broadband]

As of September 30, 2025, SK Broadband holds 204 Korean-registered patents and 40 foreign-registered patents (including those held jointly with other companies). It also holds 280 Korean-registered trademarks. SK Broadband owns intellectual property rights to its proprietary graphic design of the alphabet “B” representing its brand. The designed alphabet “B” is registered in all business categories for trademarks (total of 45). The number of registered patents and trademarks is subject to continual change due to the acquisition of new rights, expiration of terms, abandonments and dispositions.

C. Business-related Pollutants and Environmental Protection

[SK Telecom]

The Company does not directly engage in any manufacturing and therefore does not undertake any industrial processes that emit pollutants into the air or industrial processes in which hazardous materials are used. Nevertheless, the Company clearly recognizes the severity of the climate crisis and has been diligently fulfilling its social obligations by establishing a systematic and practical environmental management strategy system. Under the vision of “realizing a sustainable future based on AI” and to achieve Net Zero by 2050, the Company is making efforts to (1) preemptively respond to climate change, (2) improve its environmental management system and (3) create an eco-friendly green culture. To this end, the Company was one of the first information technology companies in Korea to join the RE100 (Renewable Electricity 100%) initiative and signed a green premium contract with Korea Electric Power Corporation. The Company has been implementing company-wide adoption of renewable energy through efforts such as installing solar power generation equipment in its office buildings and base stations. In addition, the Company leads in energy savings and environmental protections based on AI technology, and recently became the first company in the telecommunications industry to obtain carbon emission rights by reducing greenhouse gas through integration of telecommunications equipment and technology upgrades.

[SK Broadband]

SK Broadband does not directly engage in any manufacturing processes that emit environmental pollutants, and more than 99% of its greenhouse gas emissions is indirect emissions from its use of external electricity. SK Broadband was selected as a business subject to allocation of emission permits as part of Korea’s greenhouse gas emissions trading scheme that commenced in 2015, and it actively fulfills its obligations and consistently achieves the targets set by the government.

In 2021, SK Broadband declared its goal to achieve Net Zero by 2045 in an effort to actively participate in the international community’s response to climate change. Prior to the declaration, SK Broadband had already subscribed to the RE100 initiative in 2020. Since 2021, SK Broadband has participated in Korea Electrical Power Corporation’s renewable energy power purchase program, “Green Premium,” to purchase renewable energy and has installed additional solar power generation facilities to increase the self-production and use of renewable energy.

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III. FINANCIAL INFORMATION

1. Summary Financial Information (Consolidated and Separate)

A. Summary Financial Information (Consolidated)

Below is the summary consolidated financial information of the Company as of September 30, 2025, December 31, 2024 and December 31, 2023 and for the nine months ended September 30, 2025 and for the years ended December 31, 2024 and 2023. The Company’s interim consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine months ended September 30, 2025 and 2024, which are prepared in accordance with K-IFRS, are attached hereto.

(Unit: in millions of Won except number of companies)
		As of September 30, 2025				As of December 31, 2024				As of December 31, 2023
Assets
Current Assets			6,929,368				7,476,682				6,585,602
• Cash and Cash Equivalents			1,384,723				2,023,721				1,454,978
• Accounts Receivable – Trade, net			2,022,578				1,989,306				1,978,532
• Accounts Receivable – Other, net			516,528				369,192				344,350
• Others			4,906,790				3,094,463				2,807,742
Non-Current Assets			21,965,979				23,038,573				23,533,625
• Long-Term Investment Securities			1,777,840				1,877,922				1,679,384
• Investments in Associates and Joint Ventures			2,348,743				2,341,827				1,915,012
• Property and Equipment, net			11,918,934				12,617,394				13,006,196
• Goodwill			2,072,493				2,072,493				2,075,009
• Intangible Assets, net			1,768,374				2,194,871				2,861,137
• Others			2,079,595				1,934,066				1,996,887
Total Assets			28,895,347				30,515,255				30,119,227
Liabilities
Current Liabilities			6,492,244				9,224,278				6,993,980
Non-Current Liabilities			10,594,159				9,463,343				10,896,848
Total Liabilities			17,086,403				18,687,621				17,890,828
Equity
Equity Attributable to Owners of the Parent Company			11,702,177				11,698,627				11,389,046
Share Capital			30,493				30,493				30,493
Capital Surplus (Deficit) and Other Capital Adjustments			(12,139,152	)			(11,954,936	)			(11,828,644	)
Retained Earnings			22,815,616				22,976,127				22,799,981
Reserves			995,220				646,943				387,216
Non-controlling Interests			106,767				129,007				839,353
Total Equity			11,808,944				11,827,634				12,228,399
Total Liabilities and Equity			28,895,347				30,515,255				30,119,227
(Unit: in millions of Won except per share data and number of consolidated subsidiaries)
		For the nine months ended September 30, 2025				For the year ended December 31, 2024				For the year ended December 31, 2023
Operating Revenue			12,770,541				17,940,609				17,608,511
Operating Profit			954,082				1,823,409				1,753,204
Profit Before Income Tax			584,418				1,761,765				1,488,179
Profit for the Period			278,091				1,387,095				1,145,937
Profit for the Period Attributable to Owners of the Parent Company			295,862				1,250,155				1,093,611
Profit for the Period Attributable to Non-controlling Interests			(17,771	)			136,940				52,326
Basic Earnings Per Share (Won)			1,320				5,780				4,954
Diluted Earnings Per Share (Won)			1,318				5,765				4,950
Total Number of Consolidated Subsidiaries			19				21				25

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B. Summary Financial Information (Separate)

Below is the summary separate financial information of the Company as of September 30, 2025, December 31, 2024 and December 31, 2023 and for the nine months ended September 30, 2025 and for the years ended December 31, 2024 and 2023. The Company’s interim separate financial statements as of September 30, 2025 and December 31, 2024 and for the nine months ended September 30, 2025 and 2024, which are prepared in accordance with K-IFRS, are attached hereto.

(Unit: in millions of Won)

		As of September 30, 2025				As of December 31, 2024				As of December 31, 2023
Assets
Current Assets			4,863,625				5,242,405				4,703,844
• Cash and Cash Equivalents			457,271				1,165,158				631,066
• Accounts Receivable – Trade, net			1,546,311				1,508,893				1,495,617
• Accounts Receivable – Other, net			598,328				390,243				343,036
• Others			2,261,715				2,178,111				2,234,125
Non-Current Assets			19,166,316				19,343,221				20,292,088
• Long-Term Investment Securities			1,197,946				1,418,465				1,426,290
• Investments in Subsidiaries and Associates			5,956,994				4,899,558				4,670,568
• Property and Equipment, net			7,768,101				8,515,225				9,076,459
• Goodwill			1,306,236				1,306,236				1,306,236
• Intangible Assets, net			1,286,354				1,683,018				2,250,829
• Others			1,650,685				1,520,719				1,561,706
Total Assets			24,029,941				24,585,626				24,995,932
Liabilities
Current Liabilities			4,987,886				6,240,886				5,505,470
Non-Current Liabilities			8,047,414				7,383,886				9,054,369
Total Liabilities			13,035,300				13,624,772				14,559,839
Equity
Share Capital			30,493				30,493				30,493
Capital Surplus (Deficit) and Other Capital Adjustments			(4,547,688	)			(4,551,820	)			(4,766,147	)
Retained Earnings			15,116,780				15,273,451				15,032,473
Reserves			395,056				208,730				139,274
Total Equity			10,994,641				10,960,854				10,436,093
Total Liabilities and Equity			24,029,941				24,585,626				24,995,932

(Unit: in millions of Won)

		For the nine months ended September 30, 2025				For the year ended December 31, 2024				For the year ended December 31, 2023
Operating Revenue			8,967,323				12,774,060				12,589,220
Operating Profit			681,084				1,523,175				1,455,870
Profit Before Income Tax			565,539				1,477,084				1,354,939
Profit for the Period			511,475				1,280,484				1,059,750
Basic Earnings Per Share (Won)			1,362				5,923				4,798
Diluted Earnings Per Share (Won)			1,360				5,907				4,794

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2. Dividends and Others

Omitted in quarterly reports in accordance with applicable Korean disclosure rules. For more information, please refer to the Company’s annual business report for the year ended December 31, 2024 and the semi-annual business report for the six months ended June 30, 2025.

3. Use of Direct Financing

A. Use of Proceeds from Public Offerings

[SK Telecom]

(As of September 30, 2025)

(Unit: in millions of Won)

Category

Bond Series

Payment Date

Planned Use of Proceeds

Actual Use of Proceeds

Reasons for Difference

Use

Amount

Use

Amount

Corporate bond

Series 85-1,2

February 17, 2023

Repayment of debt

300,000

Repayment of debt

300,000

—

Corporate bond

Series 86-1,2,3

April 12, 2023

Repayment of debt

350,000

Repayment of debt

350,000

—

Hybrid securities

Series 3

June 5, 2023

Repayment of debt

400,000

Repayment of debt

400,000

—

Corporate bond

Series 87-1,2,3,4

October 18, 2023

Repayment of debt

295,000

Repayment of debt

295,000

—

Corporate bond

Series 88-1,2,3

February 22, 2024

Repayment of debt

400,000

Repayment of debt

400,000

—

Corporate bond

Series 89-1,2,3

December 11, 2024

Repayment of debt

300,000

Repayment of debt

300,000

—

Corporate bond

Series 90-1,2,3

February 21, 2025

Repayment of debt

400,000

Repayment of debt

400,000

—

[SK Broadband]

(As of September 30, 2025)

(Unit: in millions of Won)

Category

Bond Series

Payment Date

Planned Use of Proceeds

Actual Use of Proceeds

Reasons for Difference

Use

Amount

Use

Amount

Corporate bond

Series 53-1

March 2, 2023

Operation fund

5,000

Operation fund

5,000

—

Corporate bond

Series 53-1

March 2, 2023

Repayment of debt

45,000

Repayment of debt

45,000

—

Corporate bond

Series 53-2

March 2, 2023

Operation fund

55,000

Operation fund

55,000

—

Corporate bond

Series 53-2

March 2, 2023

Repayment of debt

45,000

Repayment of debt

45,000

—

Corporate bond

Series 53-3

March 2, 2023

Operation fund

46,900

Operation fund

46,900

—

Corporate bond

Series 53-3

March 2, 2023

Repayment of debt

43,100

Repayment of debt

43,100

—

Corporate bond

Series 54-1

October 30, 2023

Facility fund

100,000

Facility fund

100,000

—

Corporate bond

Series 54-2

October 30, 2023

Facility fund

60,000

Facility fund

60,000

—

Corporate bond

Series 55-1

January 22, 2024

Repayment of debt

170,000

Repayment of debt

170,000

—

Corporate bond

Series 55-2

January 22, 2024

Repayment of debt

60,000

Repayment of debt

60,000

—

Corporate bond

Series 56-1

December 4, 2024

Repayment of debt

100,000

Repayment of debt

100,000

—

Corporate bond

Series 56-1

December 4, 2024

Facility fund

30,000

Facility fund

30,000

—

Corporate bond

Series 56-2

December 4, 2024

Repayment of debt

50,000

Repayment of debt

50,000

—

Corporate bond

Series 56-2

December 4, 2024

Facility fund

65,000

Facility fund

65,000

—

Corporate bond

Series 56-3

December 4, 2024

Repayment of debt

30,000

Repayment of debt

30,000

—

Corporate bond

Series 56-3

December 4, 2024

Facility fund

20,000

Facility fund

20,000

—

Corporate bond

Series 57-1

April 29, 2025

Repayment of debt

50,000

Repayment of debt

50,000

—

Corporate bond

Series 57-2

April 29, 2025

Repayment of debt

120,000

Repayment of debt

120,000

—

Corporate bond

Series 57-3

April 29, 2025

Repayment of debt

30,000

Repayment of debt

30,000

—

Corporate bond

Series 58-1

June 19, 2025

Acquisition of business

480,000

Acquisition of business

480,000

—

Corporate bond

Series 58-2

June 19, 2025

Acquisition of business

50,000

Acquisition of business

50,000

—

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4. Other Matters Related to Financial Information

A. Restatement of the Financial Statements

Not applicable.

B. Loss Allowance

(1) Loss Allowance of Trade and Other Receivables

		(Unit: in millions of Won, except percentages)
		For the nine months ended September 30, 2025
		Gross amount				Loss Allowance				Percentage
Accounts receivable – trade			2,307,313				276,167				12.0	%
Loans			173,057				42,243				24.4	%
Accounts receivable – other			703,636				23,527				3.3	%
Accrued income			3,066				—				—
Guarantee deposits			254,999				—				—
Total			3,442,071				341,937				9.9	%
		(Unit: in millions of Won, except percentages)
		For the year ended December 31, 2024
		Gross amount				Loss Allowance				Percentage
Accounts receivable – trade			2,258,412				258,030				11.4	%
Loans			141,609				41,958				29.6	%
Accounts receivable – other			568,072				25,628				4.5	%
Accrued income			4,242				—				—
Guarantee deposits			275,450				—				—
Total			3,247,785				325,616				10.0	%
		(Unit: in millions of Won, except percentages)
		For the year ended December 31, 2023
		Gross amount				Loss Allowance				Percentage
Accounts receivable – trade			2,233,586				242,737				10.9	%
Loans			150,671				42,087				27.9	%
Accounts receivable – other			690,157				33,276				4.8	%
Accrued income			4,295				—				—
Guarantee deposits			286,520				300				0.1	%
Total			3,365,229				318,400				9.5	%

(2) Movements in Loss Allowance of Trade and Other Receivables

		(Unit: in millions of Won)
		For the nine months ended September 30, 2025				For the year ended December 31, 2024				For the year ended December 31, 2023
Beginning balance			325,616				318,401				325,003
Effect of change in accounting policy			—				—				—
Increase of loss allowance			35,486				54,703				43,162
Reversal of loss allowance			—				—				—
Write-offs			(19,165	)			(44,556	)			(49,764	)
Other			—				(2,933	)			—
Ending balance			341,937				325,615				318,400

(3) Policies for Loss Allowance

The Company establishes loss allowances based on the likelihood of recoverability of trade and other receivables based on their aging at the end of the period and past customer default experience for the past three years. With respect to trade receivables relating to wireless telecommunications services, the Company considers the likelihood of recovery based on past customer default experience and the length of default in connection with the type of default (e.g., whether the customer’s service has been terminated or is continued). Consistent with customary practice, the Company writes off trade and other receivables for which the prescription period has passed or that are determined to be impossible or economically too costly to collect, including receivables that are less than Won 200,000 and more than six months overdue and receivables that have been determined to be the subject of identity theft.

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(4) Aging of Accounts Receivable

										(Unit: in millions of Won, except percentages)
		As of September 30, 2025
		Six months or less				From six months to one year				From one year to three years				More than three years				Total
Accounts receivable – general			2,046,106				58,649				158,069				44,491				2,307,315
Percentage			88.68	%			2.54	%			6.85	%			1.93	%			100.0	%

C. Inventories

(1) Detailed Categories of Inventories

		(Unit: in millions of Won, except percentages)
Account Category		For the nine months ended September 30, 2025				For the year ended December 31, 2024				For the year ended December 31, 2023
Merchandise			208,332				183,202				166,614
Goods in transit			—				—				—
Other inventories			16,781				26,581				13,195
Total			225,113				209,783				179,809
Percentage of inventories to total assets [Inventories / Total assets]			0.78	%			0.69	%			0.60	%
Inventory turnover [Cost of sales / { ( Beginning balance of inventories + Ending balance of inventories ) / 2}]			5.88				6.73				7.32

(2) Reporting of Inventories

The Company holds handsets, ICT equipment for offline sales, etc. in inventory. The Company conducts physical due diligence of its inventories with external auditors at the end of each year.

D. Fair Value Measurement

See Note 29 of the notes to the Company’s interim consolidated financial statements attached hereto for more information.

E. Key Terms of Debt Securities

[SK Telecom]

The following are key terms and conditions of bonds issued by the Company as of September 30, 2025. The compliance status is as of June 30, 2025.

Name

Issue Date

Maturity Date

Principal Amount (millions of Won)

Date of Fiscal Agency Agreement

Fiscal Agent

Unsecured Bond – Series 62-3

Aug. 28, 2012

Aug. 28, 2032

90,000

Aug. 22, 2012

Meritz Securities Co., Ltd.

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 100% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed Won 2 trillion
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		—
		Compliance Status		—
Submission of Compliance Certificate		Compliance Status		Submitted on September 10, 2025

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Table of Contents

Name

Issue Date

Maturity Date

Principal Amount (millions of Won)

Date of Fiscal Agency Agreement

Fiscal Agent

Unsecured Bond – Series 63-2

Apr. 23, 2013

Apr. 23, 2033

130,000

Apr. 17, 2013

Korea Securities Finance Corp.

Unsecured Bond – Series 66-3

Feb. 26, 2015

Feb. 26, 2030

50,000

Feb. 11, 2015

Korea Securities Finance Corp.

Unsecured Bond – Series 67-3

July 17, 2015

July 17, 2030

90,000

July 9, 2015

Korea Securities Finance Corp.

Unsecured Bond – Series 68-2

Nov. 30, 2015

Nov. 30, 2025

100,000

Nov. 18, 2015

Korea Securities Finance Corp.

Unsecured Bond – Series 68-3

Nov. 30, 2015

Nov. 30, 2035

70,000

Nov. 18, 2015

Korea Securities Finance Corp.

Unsecured Bond – Series 69-3

Mar. 4, 2016

Mar. 4, 2026

90,000

Feb. 22, 2016

Korea Securities Finance Corp.

Unsecured Bond – Series 69-4

Mar. 4, 2016

Mar. 4, 2036

80,000

Feb. 22, 2016

Korea Securities Finance Corp.

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 100% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed Won 2 trillion
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		—
		Compliance Status		—
Submission of Compliance Certificate		Compliance Status		Submitted on September 10, 2025

Name

Issue Date

Maturity Date

Principal Amount (millions of Won)

Date of Fiscal Agency Agreement

Fiscal Agent

Unsecured Bond – Series 70-3

June 3, 2016

June 3, 2026

120,000

May 24, 2016

Korea Securities Finance Corp.

Unsecured Bond – Series 70-4

June 3, 2016

June 3, 2031

50,000

May 24, 2016

Korea Securities Finance Corp.

Unsecured Bond – Series 71-3

Apr. 25, 2017

Apr. 25, 2027

100,000

Apr. 13, 2017

Korea Securities Finance Corp.

Unsecured Bond – Series 71-4

Apr. 25, 2017

Apr. 25, 2032

90,000

Apr. 13, 2017

Korea Securities Finance Corp.

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed Won 5 trillion
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		—
		Compliance Status		—
Submission of Compliance Certificate		Compliance Status		Submitted on September 10, 2025

18

Table of Contents

Name

Issue Date

Maturity Date

Principal Amount (millions of Won)

Date of Fiscal Agency Agreement

Fiscal Agent

Unsecured Bond – Series 72-3

Nov. 10, 2017

Nov. 10, 2027

100,000

Oct. 31, 2017

Korea Securities Finance Corp.

Unsecured Bond – Series 73-3

Feb. 20, 2018

Feb. 20, 2028

200,000

Feb. 6. 2018

Korea Securities Finance Corp.

Unsecured Bond – Series 73-4

Feb. 20, 2018

Feb. 20, 2038

90,000

Feb. 6. 2018

Korea Securities Finance Corp.

Unsecured Bond – Series 74-3

Sept. 17, 2018

Sept. 17, 2038

50,000

Sept. 5, 2018

Korea Securities Finance Corp.

Unsecured Bond – Series 75-3

Mar. 6, 2019

Mar. 6, 2029

50,000

Feb. 21, 2019

Korea Securities Finance Corp.

Unsecured Bond – Series 75-4

Mar. 6, 2019

Mar. 6, 2039

50,000

Feb. 21, 2019

Korea Securities Finance Corp.

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on September 10, 2025

Name

Issue Date

Maturity Date

Principal Amount (millions of Won)

Date of Fiscal Agency Agreement

Fiscal Agent

Unsecured Bond – Series 76-3

July 29, 2019

July 29, 2029

120,000

July 17, 2019

Korea Securities Finance Corp.

Unsecured Bond – Series 76-4

July 29, 2019

July 29, 2039

50,000

July 17, 2019

Korea Securities Finance Corp.

Unsecured Bond – Series 76-5

July 29, 2019

July 29, 2049

50,000

July 17, 2019

Korea Securities Finance Corp.

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on September 10, 2025

Name

Issue Date

Maturity Date

Principal Amount (millions of Won)

Date of Fiscal Agency Agreement

Fiscal Agent

Unsecured Bond – Series 77-3

Oct. 22, 2019

Oct. 22, 2029

40,000

Oct. 10, 2019

Korea Securities Finance Corp.

Unsecured Bond – Series 77-4

Oct. 22, 2019

Oct. 22, 2039

60,000

Oct. 10, 2019

Korea Securities Finance Corp.

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on September 10, 2025

19

Table of Contents

Name

Issue Date

Maturity Date

Principal Amount (millions of Won)

Date of Fiscal Agency Agreement

Fiscal Agent

Unsecured Bond – Series 78-3

Jan. 14, 2020

Jan. 14, 2030

50,000

Dec. 31, 2019

Korea Securities Finance Corp.

Unsecured Bond – Series 78-4

Jan. 14, 2020

Jan. 14, 2040

70,000

Dec. 31, 2019

Korea Securities Finance Corp.

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on September 10, 2025

Name

Issue Date

Maturity Date

Principal Amount (millions of Won)

Date of Fiscal Agency Agreement

Fiscal Agent

Unsecured Bond – Series 79-1

Oct. 19, 2020

Oct. 19, 2025

140,000

Oct. 6, 2020

Korea Securities Finance Corp.

Unsecured Bond – Series 79-2

Oct. 19, 2020

Oct. 19, 2030

40,000

Oct. 6, 2020

Korea Securities Finance Corp.

Unsecured Bond – Series 79-3

Oct. 19, 2020

Oct. 19, 2040

110,000

Oct. 6, 2020

Korea Securities Finance Corp.

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on September 10, 2025

Name

Issue Date

Maturity Date

Principal Amount (millions of Won)

Date of Fiscal Agency Agreement

Fiscal Agent

Unsecured Bond – Series 80-2

Jan. 15, 2021

Jan. 15, 2026

80,000

Jan. 5, 2021

Korea Securities Finance Corp.

Unsecured Bond – Series 80-3

Jan. 15, 2021

Jan. 15, 2031

50,000

Jan. 5, 2021

Korea Securities Finance Corp.

Unsecured Bond – Series 80-4

Jan. 15, 2021

Jan. 15, 2041

100,000

Jan. 5, 2021

Korea Securities Finance Corp.

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on September 10, 2025

20

Table of Contents

Name

Issue Date

Maturity Date

Principal Amount (millions of Won)

Date of Fiscal Agency Agreement

Fiscal Agent

Unsecured Bond – Series 81-2

Oct. 28, 2021

Oct. 28, 2026

70,000

Oct. 18, 2021

Korea Securities Finance Corp.

Unsecured Bond – Series 81-3

Oct. 28, 2021

Oct. 28, 2041

40,000

Oct. 18, 2021

Korea Securities Finance Corp.

Unsecured Bond – Series 82-2

Apr. 12, 2022

Apr. 12, 2027

70,000

Mar. 31, 2022

Korea Securities Finance Corp.

Unsecured Bond – Series 82-3

Apr. 12, 2022

Apr. 12, 2042

40,000

Mar. 31, 2022

Korea Securities Finance Corp.

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on September 10, 2025

Name

Issue Date

Maturity Date

Principal Amount (millions of Won)

Date of Fiscal Agency Agreement

Fiscal Agent

Unsecured Bond – Series 83-2

Aug. 10, 2022

Aug. 10, 2027

95,000

July 29, 2022

Korea Securities Finance Corp.

Unsecured Bond – Series 84-2

Dec. 14, 2022

Dec. 12, 2025

110,000

Dec. 2, 2022

Korea Securities Finance Corp.

Unsecured Bond – Series 84-3

Dec. 14, 2022

Dec. 14, 2027

60,000

Dec. 2, 2022

Korea Securities Finance Corp.

Unsecured Bond – Series 84-4

Dec. 14, 2022

Dec. 14, 2032

40,000

Dec. 2, 2022

Korea Securities Finance Corp.

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on September 10, 2025

Name

Issue Date

Maturity Date

Principal Amount (millions of Won)

Date of Fiscal Agency Agreement

Fiscal Agent

Unsecured Bond – Series 85-1

Feb. 17, 2023

Feb. 17, 2026

110,000

Feb. 7, 2023

Korea Securities Finance Corp.

Unsecured Bond – Series 85-2

Feb. 17, 2023

Feb. 17, 2028

190,000

Feb. 7, 2023

Korea Securities Finance Corp.

21

Table of Contents

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on September 10, 2025

Name

Issue Date

Maturity Date

Principal Amount (millions of Won)

Date of Fiscal Agency Agreement

Fiscal Agent

Unsecured Bond – Series 86-1

Apr. 12, 2023

Apr. 10, 2026

80,000

Mar. 31, 2023

Korea Securities Finance Corp.

Unsecured Bond – Series 86-2

Apr. 12, 2023

Apr. 12, 2028

200,000

Mar. 31, 2023

Korea Securities Finance Corp.

Unsecured Bond – Series 86-3

Apr. 12, 2023

Apr. 12, 2030

70,000

Mar. 31, 2023

Korea Securities Finance Corp.

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on September 10, 2025

Name

Issue Date

Maturity Date

Principal Amount (millions of Won)

Date of Fiscal Agency Agreement

Fiscal Agent

Hybrid Securities Series 3

June 5, 2023

June 5, 2083

400,000

May 23, 2023

Eugene Investment & Securities Co., Ltd.

Maintenance of Financial Ratio		Key Term		Not Applicable
		Compliance Status		Compliant
Restriction on Liens		Key Term		Not Applicable
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Not Applicable
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Not Applicable
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on September 10, 2025

Name

Issue Date

Maturity Date

Principal Amount (millions of Won)

Date of Fiscal Agency Agreement

Fiscal Agent

Unsecured Bond – Series 87-1

Oct. 18, 2023

Oct. 16, 2026

115,000

Oct. 5, 2023

Korea Securities Finance Corp.

Unsecured Bond – Series 87-2

Oct. 18, 2023

Oct. 18, 2028

100,000

Oct. 5, 2023

Korea Securities Finance Corp.

Unsecured Bond – Series 87-3

Oct. 18, 2023

Oct. 18, 2030

50,000

Oct. 5, 2023

Korea Securities Finance Corp.

Unsecured Bond – Series 87-4

Oct. 18, 2023

Oct. 18, 2033

30,000

Oct. 5, 2023

Korea Securities Finance Corp.

22

Table of Contents

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on September 10, 2025

Name

Issue Date

Maturity Date

Principal Amount (millions of Won)

Date of Fiscal Agency Agreement

Fiscal Agent

Unsecured Bond – Series 88-1

Feb. 22, 2024

Feb. 22, 2027

180,000

Feb 8, 2024

Korea Securities Finance Corp.

Unsecured Bond – Series 88-2

Feb. 22, 2024

Feb. 22, 2029

110,000

Feb. 8, 2024

Korea Securities Finance Corp.

Unsecured Bond – Series 88-3

Feb. 22, 2024

Feb. 22, 2034

110,000

Feb. 8, 2024

Korea Securities Finance Corp.

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on September 10, 2025

Name

Issue Date

Maturity Date

Principal Amount (millions of Won)

Date of Fiscal Agency Agreement

Fiscal Agent

Unsecured Bond – Series 89-1

Dec. 11, 2024

Dec. 10, 2027

170,000

Nov. 29, 2024

Korea Securities Finance Corp.

Unsecured Bond – Series 89-2

Dec. 11, 2024

Dec. 11, 2029

90,000

Nov. 29, 2024

Korea Securities Finance Corp.

Unsecured Bond – Series 89-3

Dec. 11, 2024

Dec. 11, 2034

40,000

Nov. 29, 2024

Korea Securities Finance Corp.

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on September 10, 2025

23

Table of Contents

Name

Issue Date

Maturity Date

Principal Amount (millions of Won)

Date of Fiscal Agency Agreement

Fiscal Agent

Unsecured Bond – Series 90-1

Feb. 21, 2025

Feb. 21, 2028

190,000

Feb. 11, 2025

Korea Securities Finance Corp.

Unsecured Bond – Series 90-2

Feb. 21, 2025

Feb. 21, 2030

70,000

Feb. 11, 2025

Korea Securities Finance Corp.

Unsecured Bond – Series 90-3

Feb. 21, 2025

Feb. 21, 2035

140,000

Feb. 11, 2025

Korea Securities Finance Corp.

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on September 10, 2025

Name

Issue Date

Maturity Date

Principal Amount (millions of Won)

Date of Fiscal Agency Agreement

Fiscal Agent

Unsecured Bond – Series 91-1

Sept. 11, 2025

Sept. 11, 2028

80,000

Sept. 1, 2025

Korea Securities Finance Corp.

Unsecured Bond – Series 91-2

Sept. 11, 2025

Sept. 10, 2030

190,000

Sept. 1, 2025

Korea Securities Finance Corp.

Unsecured Bond – Series 91-3

Sept. 11, 2025

Sept. 11, 2035

40,000

Sept. 1, 2025

Korea Securities Finance Corp.

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		To be submitted following the filing of the next annual business report

24

Table of Contents

[SK Broadband]

The following are key terms and conditions of bonds issued by SK Broadband.

Name

Issue Date

Maturity Date

Principal Amount (millions of Won)

Date of Fiscal Agency Agreement

Fiscal Agent

Unsecured Bond –Series 48-3

Sept. 24, 2019

Sept. 23, 2026

50,000

Sept. 10, 2019

Korea Securities Finance Corp.

Unsecured Bond – Series 52-2

Jan. 25, 2022

Jan. 25, 2032

50,000

Jan. 13, 2022

Korea Securities Finance Corp.

Unsecured Bond – Series 53-2

Mar. 2, 2023

Feb. 27, 2026

100,000

Feb. 17, 2023

Korea Securities Finance Corp.

Unsecured Bond – Series 53-3

Mar. 2, 2023

Mar. 2, 2028

90,000

Feb. 17, 2023

Korea Securities Finance Corp.

Unsecured Bond – Series 54-1

Oct. 30, 2023

Oct. 30, 2026

100,000

Oct. 18, 2023

Korea Securities Finance Corp.

Unsecured Bond – Series 54-2

Oct. 30, 2023

Oct. 30, 2028

60,000

Oct. 18, 2023

Korea Securities Finance Corp.

Unsecured Bond – Series 55-1

Jan. 22, 2024

Jan. 22, 2027

170,000

Jan. 10, 2024

Korea Securities Finance Corp.

Unsecured Bond – Series 55-2

Jan. 22, 2024

Jan. 22, 2029

60,000

Jan. 10, 2024

Korea Securities Finance Corp.

Unsecured Bond – Series 56-1

Dec. 4, 2024

Dec. 3, 2027

130,000

Nov. 22, 2024

Korea Securities Finance Corp.

Unsecured Bond – Series 56-2

Dec. 4, 2024

Dec. 4, 2029

115,000

Nov. 22, 2024

Korea Securities Finance Corp.

Unsecured Bond – Series 56-3

Dec. 4, 2024

Dec. 4, 2031

50,000

Nov. 22, 2024

Korea Securities Finance Corp.

Unsecured Bond – Series 57-1

Apr. 29, 2025

Apr. 28, 2028

50,000

Apr. 17, 2025

Korea Securities Finance Corp.

Unsecured Bond – Series 57-2

Apr. 29, 2025

Apr. 29, 2030

120,000

Apr. 17, 2025

Korea Securities Finance Corp.

Unsecured Bond – Series 57-3

Apr. 29, 2025

Apr. 29, 2035

30,000

Apr. 17, 2025

Korea Securities Finance Corp.

Unsecured Bond – Series 58-1

Jun. 19, 2025

Jun. 19, 2030

480,000

Jun. 9, 2025

Korea Securities Finance Corp.

Unsecured Bond – Series 58-2

Jun. 19, 2025

Jun. 19, 2035

50,000

Jun. 9, 2025

Korea Securities Finance Corp.

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 400%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 200% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 70% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Restriction on changes of ownership structure
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on September 5, 2025

25

Table of Contents

IV. MANAGEMENT’S DISCUSSION AND ANALYSIS

Omitted in quarterly reports in accordance with applicable Korean disclosure rules. For more information, please refer to the Company’s annual business report for the year ended December 31, 2024.

26

Table of Contents

V. AUDITOR’S OPINION

1. Independent Auditors and Audit Opinions

A. Independent Auditor and Audit Opinion (Separate and Consolidated)

Period		Classification		Independent auditor		Audit opinion		Emphasis of Matter		Critical Audit Matters
Nine months ended September 30, 2025		Audit report (Separate)		KPMG Samjong		Unqualified		—		—
		Audit report (Consolidated)		KPMG Samjong		Unqualified		—		—
Year ended December 31, 2024		Audit report (Separate)		Ernst & Young Han Young		Unqualified		—		Timing of revenue recognition related to the Company’s cellular services
		Audit report (Consolidated)		Ernst & Young Han Young		Unqualified		—		Timing of revenue recognition related to the Company’s cellular services; impairment assessment of goodwill for the fixed-line telecommunications services cash generating unit
Year ended December 31, 2023		Audit report (Separate)		Ernst & Young Han Young		Unqualified		—		Timing of revenue recognition related to the Company’s cellular services
		Audit report (Consolidated)		Ernst & Young Han Young		Unqualified		—		Timing of revenue recognition related to the Company’s cellular services; impairment assessment of goodwill for the fixed-line telecommunications services cash generating unit

B. Audit Services Contracts with Independent Auditors

(Unit: in millions of Won except number of hours)

Period

Auditors

Contents

Audit Contract

Actual Performance

Fee

Total number of hours

Fee

Total number of hours

Nine months ended September 30, 2025

KPMG Samjong

Quarterly and semi-annual review

2,597

24,500

1,321

12,463

Separate financial statements audit

Consolidated financial statements audit

English financial statements review and other audit task

Internal accounting system audit

Year ended December 31, 2024

Ernst & Young Han Young

Quarterly and semi-annual review

2,880

25,000

2,880

25,000

Separate financial statements audit

Consolidated financial statements audit

English financial statements review and other audit task

Internal accounting system audit

Year ended December 31, 2023

Ernst & Young Han Young

Quarterly and semi-annual review

2,780

24,800

2,780

24,800

Separate financial statements audit

Consolidated financial statements audit

English financial statements review and other audit task

Internal accounting system audit

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C. Non-Audit Services Contracts with Independent Auditors

(Unit: in millions of Won)
Period		Contract date		Service provided		Service duration		Fee
Nine months ended September 30, 2025		July 28, 2025		Consulting on overseas value-added tax		July 28, 2025 – October 31, 2025		20
		March 28, 2025		Research on international cases of carbon neutrality information disclosures		March 28, 2025 – May 31, 2025		100
		March 26, 2025		Consulting on international taxation		March 26, 2025 – March 31, 2026		50
		March 24, 2025		Interpretation of customs value		March 24, 2025 – June 30, 2026		15
Year ended December 31, 2024		—		—		—		—
Year ended December 31, 2023		—		—		—		—

D. Discussions between Audit Committee and Independent Auditors

Date		Attendance		Method		Key Matters Discussed
February 25, 2025		Company’s Audit Committee: 4 Auditor: 2		In-person		Report on 2024 results of audit of financial statements; report on results of 2024 internal accounting management system audit
April 23, 2025		Company’s Audit Committee: 4 Auditor: 2		In-person		Report on 2024 results of Public Company Accounting Oversight Board (“PCAOB”) audit
May 21, 2025		Company’s Audit Committee: 4 Auditor: 3		In-person		Report on audit plans for fiscal year 2025
July 23, 2025		Company’s Audit Committee: 4 Auditor: 2		In-person		Report on results of external auditors’ 2025 semi-annual review
October 28, 2025		Company’s Audit Committee: 3 Auditor: 1		In-person		Role of the audit committee under strengthened fund controls and the new internal accounting management system evaluation and reporting standards

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VI. CORPORATE ORGANIZATION INCLUDING BOARD OF DIRECTORS

1. Board of Directors

Omitted in quarterly reports in accordance with applicable Korean disclosure rules. For more information, please refer to the Company’s semi-annual business report for the six months ended June 30, 2025.

2. Audit System

Omitted in quarterly reports in accordance with applicable Korean disclosure rules. For more information, please refer to the Company’s semi-annual business report for the six months ended June 30, 2025.

3. Shareholders’ Exercise of Voting Rights

Omitted in quarterly reports in accordance with applicable Korean disclosure rules. For more information, please refer to the Company’s semi-annual business report for the six months ended June 30, 2025.

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VII. SHAREHOLDERS

1. Shareholdings of the Largest Shareholder and Related Persons

A. Shareholdings of the Largest Shareholder and Related Persons

(As of September 30, 2025)						(Unit: in shares and percentages)
Name		Relationship		Type of share		Number of shares owned and ownership ratio
						Beginning of Period								End of Period
						Number of shares				Ownership ratio				Number of shares				Ownership ratio
SK Inc.		Largest shareholder		Common share			65,668,397				30.57				65,668,397				30.57
Tae Won Chey		Officer of affiliated company		Common share			303				0.00				303				0.00
Dong Hyun Jang		Officer of affiliated company		Common share			762				0.00				762				0.00
Young Sang Ryu		Officer of the Company		Common share			20,309				0.01				20,309				0.01
Yong-Hak Kim		Officer of the Company		Common share			4,923				0.00				6,311				0.00
Junmo Kim		Officer of the Company		Common share			3,763				0.00				4,631				0.00
Haeyun Oh		Officer of the Company		Common share			2,316				0.00				3,184				0.00
Mi Kyung Noh		Officer of the Company		Common share			978				0.00				1,846				0.00
Chang Bo Kim		Officer of the Company		Common share			0				0.00				868				0.00
Poong Young Yoon		Related person		Common share			2,733				0.00				2,733				0.00
Total				Common share			65,717,070				30.60				65,709,344				30.59

* The number of shares owned and ownership ratio as of the beginning of the period account for the 12,586 shares owned by Jong Ryeol Kang (former executive director) and Seok-Dong Kim (former independent director), whose respective terms expired in March 2025.

** The number of shares owned and ownership ratio as of the beginning of the period do not account for the shares owned by Chang Bo Kim (independent director), who was newly appointed in March 2025.

B. Overview of the Largest Shareholder

As of September 30, 2025, the Company’s largest shareholder was SK Inc. SK Inc. was established on April 13, 1991 and was made public on the securities market on November 11, 2009 under the identification code “034730.” SK Inc. is located at 26, Jong-ro, Jongno-gu, Seoul, Korea. SK Inc.’s telephone number is +82-2-2121-5114 and its website is https://www.sk-inc.com/.

C. Changes in Shareholdings of the Largest Shareholder and Related Persons

Changes in shareholdings of the largest shareholder are as follows:

(As of September 30, 2025)

(Unit: in shares and percentages)

Largest Shareholder

Date of the change

Shares Held*

Holding Ratio

Remarks

SK Inc.

February 27, 2023

65,719,411

30.03

Young Sang Ryu, representative director of the Company, and Jong Ryeol Kang, executive director of the Company, acquired 4,634 and 2,274 shares, respectively.

March 28, 2023

65,717,964

30.03

Retirement of Jung Ho Ahn, independent director of the Company (1,447 shares)

April 21, 2023

65,724,963

30.03

Four independent directors, Youngmin Yoon, Haeyun Oh, Junmo Kim and Seok-dong Kim each acquired 1,338 shares. Yong-Hak Kim, independent director of the Company, acquired 1,647 shares.

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(As of September 30, 2025)

(Unit: in shares and percentages)

Largest Shareholder

Date of the change

Shares Held*

Holding Ratio

Remarks

January 29, 2024

65,736,363

30.04

Young Sang Ryu, representative director of the Company, and Jong Ryeol Kang, executive director of the Company, acquired 8,335 and 3,065 shares, respectively.

March 26, 2024

65,733,123

30.60

Retirement of Youngmin Yoon, independent director of the Company (2,785 shares) and Kyu-nam Choi, non-executive director of the company (455 shares)

April 29, 2024

65,738,600

30.61

Four independent directors of the Company, Seok-Dong Kim, Junmo Kim, Mi Kyung Noh, Haeyun Oh, each acquired 978 shares. Yong-Hak Kim, another independent director of the Company, acquired 1,565 shares.

September 22, 2024

65,717,070

30.60

Elimination of former related person Jung Ho Park’s related party relationship (21,530 shares).

March 26, 2025

65,704,484

30.59

Retirement of Jong Ryeol Kang, executive director of the Company (8,823 shares) and Seok-Dong Kim, independent director of the Company (3,763 shares).

April 30, 2025

65,709,344

30.59

Four independent directors of the Company, Junmo Kim, Haeyun Oh, Mi Kyung Noh and Chang Bo Kim, each acquired 868 shares. Yong-Hak Kim, another independent director of the Company, acquired 1,388 shares.

* The figures for shares held and holding ratio are based on the shareholding of the largest shareholder and its related persons.

** The figures for holding ratio are calculated based on the total number of issued common shares.

*** The changes in holding ratio also reflects the cancellation of treasury shares (1.8% of total shares issued) in February 2024.

VIII. EMPLOYEES AND DIRECTORS

1. Officers and Employees

A. Registered Directors

(As of September 30, 2025)

Name

Gender

Date of Birth

Position

Professional Background

Duration of Term

End of Current Term

Young Sang Ryu

Male

May 1970

Chief Executive Officer; Representative Director

Former Head, SK Telecom MNO business

7 years and 7 months

—

Yang Seob Kim

Male

Feb. 1966

Head of Corporate Planning Center and Chief Financial Officer

Former Head of Finance Division and Chief Financial Officer, SK Innovation

1 year and 7 months

—

Dong Soo Kang

Male

June 1969

Non-executive Director

Head of PM Division, SK Inc.; Former Head of Portfolio Division, SK Innovation

7 months

—

Yong-Hak Kim

Male

Jan. 1953

Independent Director

Former President (Professor Emeritus), Yonsei University

5 years and 7 months

—

Junmo Kim

Male

Sep. 1976

Independent Director

Professor, Department of Electrical Engineering at Korea Advanced Institute of Science and Technology

5 years and 7 months

—

Haeyun Oh

Female

Nov. 1974

Independent Director

Director of MARS Artificial Intelligence Integrated Research Center, Korea Advanced Institute of Science and Technology; Professor, Department of Computer Science at Korea Advanced Institute of Science and Technology

2 years and 7 months

—

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(As of September 30, 2025)

Name

Gender

Date of Birth

Position

Professional Background

Duration of Term

End of Current Term

Mi Kyung Noh

Female

Aug. 1965

Independent Director

Former Regional Head of Credit Risk Review and Asia Pacific Risk, HSBC Hong Kong

1 year and 7 months

—

Chang Bo Kim

Male

July 1959

Independent Director

Attorney, DR & AJU LLC; Former Chief Judge, Seoul High Court

7 months

—

* At the 41st General Meeting of Shareholders held on March 26, 2025, Dong Soo Kang was newly elected as a non-executive director and Chang Bo Kim was newly elected as an independent director and a member of the audit committee.

2. Compensation of Directors and Officers

Omitted in quarterly reports in accordance with applicable Korean disclosure rules. For more information, please refer to the Company’s semi-annual business report for the six months ended June 30, 2025.

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IX. RELATED PARTY TRANSACTIONS

1. Line of Credit Extended to the Largest Shareholder and Related Parties

None.

2. Transfer of Assets to/from the Largest Shareholder and Related Parties and Other Transactions

None.

See Note 10 of the notes to the Company’s interim consolidated financial statements attached hereto for information relating to acquisitions and dispositions of investments in related parties.

3. Transactions with the Largest Shareholder and Related Parties

(As of September 30, 2025)				(Unit: in millions of Won)
Name (Corporate name)		Relationship		Transaction Type		Transaction Period		Transaction Details		Transaction Amount
PS&Marketing		Affiliate		Sales and purchases, etc.		January 1, 2025 – September 30, 2025		Marketing fees, etc.		1,007,574

4. Related Party Transactions

See Note 30 of the notes to the Company’s interim consolidated financial statements attached hereto for information regarding related party transactions.

5. Share-based Compensation Transactions with the Largest Shareholder and Related Parties

(As of September 30, 2025)
Program Name		Grantee		Relationship		Grant Date		Issuance Date (Cancellation Date)		Shares Granted								Shares Issued								Unissued
										New				Cumulative				Current Period				Cumulative				Unissued at End of Period
Performance Stock Unit (“PSU”)		Young Sang Ryu		Representative Director		March 28, 2023		Within one month of the Board of Directors’ 2026 resolution on the disposal of treasury shares			25,380				25,380				—				—				25,380
						March 26, 2024		Within one month of the Board of Directors’ 2027 resolution on the disposal of treasury shares			26,555				26,555				—				—				26,555
		Yang Seob Kim		Executive Director		March 26, 2024		Within one month of the Board of Directors’ 2027 resolution on the disposal of treasury shares			2,360				2,360				—				—				2,360
Stock Grant		Yong-Hak Kim		Independent Director		April 24, 2025		April 28, 2025			1,388				1,388				1,388				1,388				—
		Junmo Kim		Independent Director							868				868				868				868				—
		Chang Bo Kim		Independent Director							868				868				868				868				—
		Mi Kyung Noh		Independent Director							868				868				868				868				—
		Haeyun Oh		Independent Director							868				868				868				868				—

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* From 2023 to 2024, the Company granted PSUs to certain of its and its subsidiaries’ directors (including the representative director) and executive officers in order to align management and shareholder interests and further align growth in the Company’s enterprise value with management compensation. Future performance targets were set when entering into the relevant stock compensation agreement, and the final number of shares to be received by each grantee, which would be settled out of the Company’s treasury shares, were determined based on the achievement levels of such targets subject to approval by the Board of Directors.

** The Company has been granting portions of its independent directors’ remuneration in the form of shares in order to align the interests of the Board of Directors and shareholders. The grant of shares is subject to resolution by the Board of Directors.

6. Other Related Party Transactions (excluding Transactions with the Largest Shareholder and Related Parties listed above)

A. Provisional Payment and Loans (including loans on marketable securities)

(As of September 30, 2025)										(Unit: in millions of Won)
Name (Corporate name)		Relationship		Account category		Change details																Accrued interest				Remarks
						Beginning				Increase				Decrease				Ending
Baekmajang and others		Agency		Long-term and short- term loans			56,633				85,649				57,027				85,255				—			—
Daehan Kanggun BCN Inc.		Investee		Long-term loans			22,148				—				—				22,148				—			—

B. Other transactions

See Note 31 of the notes to the Company’s interim consolidated financial statements attached hereto for more information regarding other related party transactions relating to pledges and guarantees, sale and purchase of securities and real properties, transfers of business and assets, and long-term supply agreements.

X. OTHER INFORMATION RELATING TO THE PROTECTION OF INVESTORS

1. Developments in the Items Mentioned in Prior Reports on Important Business Matters

None.

2. Contingent Liabilities

A. Legal Proceedings

[SK Telecom]

As of September 30, 2025, the Company is involved in various pending legal proceedings, and the provisions recognized for these proceedings are not material. The management of the Company has determined that there are currently no present obligations in connection with proceedings for which no provision has been recognized. The management has also determined that the outcome of these proceedings will not have a significant impact on the Company’s financial position and operating performance.

[SK Broadband]

As of September 30, 2025, there were 25 pending lawsuits against SK Broadband (aggregate amount of claims of Won 27,885 million), and provisions in the amount of Won 118 million were recognized in connection with such lawsuits.

B. Other Contingent Liabilities and Guarantees for Payment

[SK Telecom]

None.

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[SK Broadband]

As of September 30, 2025, SK Broadband has entered into revolving credit facilities with a limit of Won 176.0 billion with two financial institutions including Hana Bank in relation to its loans.

In connection with public offerings of notes, SK Broadband is subject to certain restrictions with respect to its debt ratio, third party payment guarantees and other limitations on liens.

SK Broadband has provided “geun” mortgage amounting to Won 1,198 million on certain of its buildings, including Gyeyang Guksa, in connection with leasing of such buildings.

SK Broadband has entered into a leased line contract and a resale contract for fixed-line telecommunications services with SK Telecom.

As of September 30, 2025, SK Broadband has been provided with the following material payment guarantees by other parties.

(Unit: in millions of Won)
Guarantor		Guarantee Details		Guaranteed Amount
Seoul Guarantee Insurance Company		Contract and defect performance guarantee			27,318
Korea Content Financial Cooperative		Contract performance guarantee			59,397

[PS&Marketing]

As of September 30, 2025, PS&Marketing has been provided with the following material payment guarantees by other parties.

(Unit: in millions of Won)
Guarantor		Guarantee Details		Guaranteed Amount
Seoul Guarantee Insurance Company		Performance guarantee			1,243

[SK Telink]

As of September 30, 2025, SK Telink provided the following material payment guarantees to other parties.

(Unit: in millions of Won)
Guarantor		Counterparty		Guaranteed Amount				Guarantee Details
SK Telink		Hanwha Systems Co., Ltd. and others			665				Contract guarantee

As of September 30, 2025, SK Telink has been provided with the following material payment guarantees by other parties.

(Unit: in millions of Won)
Guarantor		Guarantee Details		Guaranteed Amount
Seoul Guarantee Insurance Company		Contract guarantee			836

[Home&Service]

As of September 30, 2025, Home&Service has been provided with the following material payment guarantees by other parties.

(Unit: in millions of Won)
Guarantor		Guarantee Details		Guaranteed Amount
Seoul Guarantee Insurance Company		Payment guarantees			37

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As of September 30, 2025, Home&Service has entered into the following credit facilities with financial institutions.

(Unit: in millions of Won)
Financial Institution		Credit Limit		Details
Shinhan Bank		6,000			Revolving credit

[SK O&S]

As of September 30, 2025, SK O&S has been provided with the following material payment guarantees by other parties.

(Unit: in millions of Won)
Guarantor		Guarantee Details		Guaranteed Amount
Seoul Guarantee Insurance Company		Contract performance guarantee			50,000

[SK Stoa]

As of September 30, 2025, SK Stoa has been provided with the following material payment guarantees by other parties.

(Unit: in millions of Won)
Guarantor		Guarantee Details		Guaranteed Amount
Kookmin Bank		Performance guarantee			1,240

3. Status of Sanctions, etc.

Omitted in quarterly reports in accordance with applicable Korean disclosure rules. For more information, please refer to the Company’s semi-annual business report for the six months ended June 30, 2025.

4. Material Events Subsequent to the Reporting Period

Omitted in quarterly reports in accordance with applicable Korean disclosure rules. For more information, please refer to the Company’s semi-annual business report for the six months ended June 30, 2025.

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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.

SK Telecom Co., Ltd.

(Registrant)

By: /s/ Taehee Kim

(Signature)

Name:		Taehee Kim
Title:		Vice President

Date: December 12, 2025

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SK TELECOM CO., LTD. AND ITS SUBSIDIARIES

Condensed Consolidated Interim Financial Statements

For the nine-month period ended September 30, 2025

(with the Independent Auditor’s Review report)

Table of Contents

Contents

Independent Auditors’ Review Report
		Page
Condensed Consolidated Interim Financial Statements
Condensed Consolidated Interim Statements of Financial Position			1
Condensed Consolidated Interim Statements of Income (Loss)			3
Condensed Consolidated Interim Statements of Comprehensive Income			4
Condensed Consolidated Interim Statements of Changes in Equity			5
Condensed Consolidated Interim Statements of Cash Flows			6
Notes to the Condensed Consolidated Interim Financial Statements			8

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Independent Auditors’ Review Report

Based on a report originally issued in Korean

To the Board of Directors and Shareholders

SK Telecom Co., Ltd.

Reviewed financial statements

We have reviewed the accompanying condensed consolidated interim financial statements of SK Telecom Co., Ltd. and its subsidiaries (the “Group”), which comprise the condensed consolidated interim statement of financial position as of September 30, 2025, the condensed consolidated interim statements of income (loss) and comprehensive income for the three-month and nine-month periods ended September 30, 2025, the condensed consolidated statements of changes in equity and cash flows for the nine-month period ended September 30, 2025, and notes, comprising a summary of material accounting policies and other explanatory information.

Management’s responsibility

Management is responsible for the preparation and fair presentation of these condensed consolidated interim financial statements in accordance with Korean International Financial Reporting Standards (“K-IFRS”) No.1034, Interim Financial Reporting, and for such internal controls as management determines is necessary to enable the preparation of condensed consolidated interim financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ review responsibility

Our responsibility is to issue a report on these condensed consolidated interim financial statements based on our review.

We conducted our review in accordance with the Review Standards for Quarterly and Semiannual Financial Statements established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements referred to above do not present fairly, in all material respects, in accordance with K-IFRS No.1034, Interim Financial Reporting.

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Other matters

The accompanying condensed consolidated interim statements of income (loss) and comprehensive income for the three and nine-month periods ended September 30, 2024, and the condensed consolidated interim statements of changes in equity and cash flows for the nine-month period ended September 30, 2024, presented for comparative purposes were reviewed by another auditor, whose report dated November 13, 2024, stated that based on their review, nothing has come to their attention that causes them to believe those condensed consolidated interim financial statements do not present fairly, in all material respects, in accordance with K-IFRS No.1034, Interim Financial Reporting.

The consolidated statement of financial position of the Group as of December 31, 2024, and the related consolidated statements of income (loss), comprehensive income, changes in equity and cash flows for the year then ended, which are not accompanying this report, were audited by another auditor in accordance with Korean Standards on Auditing and their report thereon, dated March 10, 2025, expressed an unmodified opinion. The accompanying consolidated statement of financial position of the Group as of December 31, 2024, presented for comparative purposes, is not different from that audited by another auditor from which it was derived in all material respects.

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

KPMG Samjong Accounting Corp.

Seoul, Korea

November 13, 2025

This report is effective as of November 13, 2025, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying condensed consolidated interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that the above review report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

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SK TELECOM CO., LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024 AND

FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024

The accompanying condensed consolidated interim financial statements, including all footnote disclosures, have been prepared by, and are the responsibility of, the Group.

Ryu, Young-Sang

Chief Executive Officer

SK TELECOM CO., LTD.

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SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Financial Position

As of September 30, 2025 and December 31, 2024

(In millions of won)		Note				September 30, 2025				December 31, 2024
Assets
Current Assets:
Cash and cash equivalents			28,29			W	1,384,723				2,023,721
Short-term financial instruments			28,29				280,938				323,890
Short-term investment securities			9,28,29				20,105				—
Accounts receivable – trade, net			5,28,29,30				2,022,578				1,989,306
Short-term loans, net			5,28,29				94,341				65,205
Accounts receivable – other, net			5,28,29,30,31				516,528				369,192
Contract assets			7,29				116,564				90,385
Prepaid expenses			6				2,133,342				1,945,610
Prepaid income taxes			26				450				21
Derivative financial assets			28,29				1,567				119,500
Inventories, net			8				225,113				209,783
Assets held for sale			34				746				174,839
Advanced payments and others			5,28,29,30				132,373				165,230
							6,929,368				7,476,682
Non-Current Assets:
Long-term financial instruments			28,29				373				373
Long-term investment securities			9,28,29				1,777,840				1,877,922
Investments in associates and joint ventures			10				2,348,743				2,341,827
Investment property, net			12				46,990				26,611
Property and equipment, net			11,13,30,31				11,918,934				12,617,394
Goodwill							2,072,493				2,072,493
Intangible assets, net			14				1,768,374				2,194,871
Long-term contract assets			7,29				65,073				46,352
Long-term loans, net			5,28,29,30				36,473				34,446
Long-term accounts receivable – other, net			5,28,29,30,31				163,581				173,252
Long-term prepaid expenses			6				1,265,811				1,108,406
Guarantee deposits, net			5,28,29,30				160,168				155,875
Long-term derivative financial assets			28,29				219,386				221,608
Defined benefit assets			18				111,465				154,329
Other non-current assets			5,28,29				10,275				12,814
							21,965,979				23,038,573
Total Assets						W	28,895,347				30,515,255

(Continued)

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SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Financial Position, Continued

As of September 30, 2025 and December 31, 2024

(In millions of won)		Note				September 30, 2025				December 31, 2024
Liabilities and Shareholders’ Equity
Current Liabilities:
Accounts payable – trade			28,29,30			W	192,507				126,508
Accounts payable – other			28,29,30				1,259,179				2,798,978
Withholdings			28,29,30				977,927				928,679
Contract liabilities			7				218,108				168,194
Accrued expenses			28,29				1,666,458				1,522,750
Income tax payable			26				96,820				243,564
Derivative financial liabilities			28,29				12,698				—
Provisions			17,33				37,833				50,016
Short-term borrowings			15,28,29				200,000				100,000
Current portion of long-term debt, net			15,28,29				1,056,902				2,460,109
Current portion of long-term payables – other			16,28,29				367,358				367,765
Lease liabilities			28,29,30				406,454				351,363
Liabilities held for sale			34				—				106,352
							6,492,244				9,224,278
Non-Current Liabilities:
Debentures, excluding current portion, net			15,28,29				7,544,912				6,363,646
Long-term borrowings, excluding current portion, net			15,28,29				500,000				203,125
Long-term payables – other			16,28,29				178,778				539,955
Long-term lease liabilities			28,29,30				1,123,019				1,286,588
Long-term contract liabilities			7				144,085				61,512
Defined benefit liabilities			18				18,242				2,086
Long-term derivative financial liabilities			28,29				4,029				3,437
Long-term provisions			17				79,217				70,044
Deferred tax liabilities			26				910,576				851,200
Other non-current liabilities			28,29,30				91,301				81,750
							10,594,159				9,463,343
Total Liabilities							17,086,403				18,687,621
Shareholders’ Equity:
Share capital			1,19				30,493				30,493
Capital surplus and others			19,20				(12,139,152	)			(11,954,936	)
Retained earnings			21				22,815,616				22,976,127
Reserves			22				995,220				646,943
Equity attributable to owners of the Parent Company							11,702,177				11,698,627
Non-controlling interests							106,767				129,007
Total Shareholders’ Equity							11,808,944				11,827,634
Total Liabilities and Shareholders’ Equity						W	28,895,347				30,515,255

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

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SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Income (Loss)

For the three-month and nine-month periods ended September 30, 2025 and 2024

(In millions of won, except for earnings per share)		Note				2025								2024
						Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Operating revenue:			4,30
Revenue						W	3,978,064				12,770,541				4,532,118				13,429,088
Operating expenses:			30
Labor							605,345				1,871,160				639,370				1,923,989
Commission			6				1,367,066				4,089,754				1,370,080				4,116,835
Depreciation and amortization			4				868,715				2,601,150				887,260				2,668,248
Network interconnection							143,627				469,579				175,161				521,511
Leased lines							66,348				202,479				66,056				197,760
Advertising							41,339				109,811				46,685				117,748
Rent							27,398				98,730				36,591				100,626
Cost of goods sold			8				362,437				959,755				363,710				982,524
Others			23				447,351				1,414,041				413,942				1,230,587
							3,929,626				11,816,459				3,998,855				11,859,828
Operating profit			4				48,438				954,082				533,263				1,569,260
Finance income			4,25				36,969				121,873				28,876				123,666
Finance costs			4,25				(107,574	)			(360,537	)			(207,275	)			(442,756	)
Gain (loss) relating to investments in associates and joint ventures, net			4,10				(14,669	)			(19,956	)			9,260				24,685
Other non-operating income			4,24				14,417				50,662				8,410				31,982
Other non-operating expenses			4,24				(141,434	)			(161,706	)			(7,805	)			(23,201	)
Profit (loss) before income tax			4				(163,853	)			584,418				364,729				1,283,636
Income tax expense			26				2,878				306,327				84,553				291,346
Profit (loss) for the period						W	(166,731	)			278,091				280,176				992,290
Attributable to:
Owners of the Parent Company						W	(158,198	)			295,862				268,905				959,297
Non-controlling interests							(8,533	)			(17,771	)			11,271				32,993
Earnings (loss) per share:			27
Basic earnings (loss) per share (in won)						W	(766	)			1,320				1,240				4,437
Diluted earnings (loss) per share (in won)							(766	)			1,318				1,236				4,425

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

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Condensed Consolidated Interim Statements of Comprehensive Income

For the three-month and nine-month periods ended September 30, 2025 and 2024

(In millions of won)						2025								2024
		Note				Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Profit (loss) for the period						W	(166,731	)			278,091				280,176				992,290
Other comprehensive income (loss):
Items that will not be reclassified subsequently to profit or loss, net of taxes:
Net change in other comprehensive income of investments in associates and joint ventures			10,22				99,216				113,746				—				—
Remeasurement of defined benefit liabilities and assets			18				15,341				(12,643	)			9,939				11,314
Valuation gain (loss) on financial assets at fair value through other comprehensive income			22				189,644				432,856				(59,659	)			(74,812	)
Items that are or may be reclassified subsequently to profit or loss, net of taxes:
Net change in other comprehensive income (loss) of investments in associates and joint ventures			10,22				38,859				(33,465	)			(66,846	)			22,797
Net change in unrealized fair value of derivatives			22				2,717				9,584				(28	)			908
Foreign currency translation differences for foreign operations			22				33,525				(26,308	)			(10,865	)			9,175
Other comprehensive income (loss) for the period, net of taxes							379,302				483,770				(127,459	)			(30,618	)
Total comprehensive income						W	212,571				761,861				152,717				961,672
Total comprehensive income (loss) attributable to:
Owners of the Parent Company						W	223,829				779,698				139,604				929,214
Non-controlling interests							(11,258	)			(17,837	)			13,113				32,458

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

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Condensed Consolidated Interim Statements of Changes in Equity

For the nine-month periods ended September 30, 2025 and 2024

(In millions of won)						Attributable to owners of the Parent Company																				Non- controlling interests				Total Equity
		Note				Share capital				Capital surplus and others				Retained earnings				Reserves				Sub-total
Balance as of January 1, 2024						W	30,493				(11,828,644	)			22,799,981				387,216				11,389,046				839,353				12,228,399
Total comprehensive income:
Profit for the period							—				—				959,297				—				959,297				32,993				992,290
Other comprehensive income (loss)			10,18,22				—				—				(46,803	)			16,720				(30,083	)			(535	)			(30,618	)
							—				—				912,494				16,720				929,214				32,458				961,672
Transactions with owners:
Annual dividends							—				—				(223,335	)			—				(223,335	)			(50,927	)			(274,262	)
Interim dividends							—				—				(353,387	)			—				(353,387	)			—				(353,387	)
Share option			20				—				3,942				—				—				3,942				392				4,334
Interest on hybrid bonds							—				—				(14,850	)			—				(14,850	)			—				(14,850	)
Acquisition and disposal of treasury shares			19,20				—				9,154				—				—				9,154				—				9,154
Retirement of treasury shares			19				—				200,000				(200,000	)			—				—				—				—
Changes in ownership in subsidiaries, etc.							—				3,039				—				—				3,039				(2,695	)			344
							—				216,135				(791,572	)			—				(575,437	)			(53,230	)			(628,667	)
Balance as of September 30, 2024						W	30,493				(11,612,509	)			22,920,903				403,936				11,742,823				818,581				12,561,404
Balance as of January 1, 2025						W	30,493				(11,954,936	)			22,976,127				646,943				11,698,627				129,007				11,827,634
Total comprehensive income (loss):
Profit (loss) for the period							—				—				295,862				—				295,862				(17,771	)			278,091
Other comprehensive income (loss)			10,18,22				—				—				135,559				348,277				483,836				(66)				483,770
							—				—				431,421				348,277				779,698				(17,837)				761,861
Transactions with owners:
Annual dividends							—				—				(223,531	)			—				(223,531	)			(1,533	)			(225,064	)
Interim dividends							—				—				(353,551	)			—				(353,551	)			—				(353,551	)
Share option			20				—				(1,184	)			—				—				(1,184	)			—				(1,184	)
Interest on hybrid bonds							—				—				(14,850	)			—				(14,850	)			—				(14,850	)
Disposal of treasury shares			19,20				—				5,316				—				—				5,316				—				5,316
Changes in ownership in subsidiaries, etc.							—				(188,348	)			—				—				(188,348	)			(2,870	)			(191,218	)
							—				(184,216	)			(591,932	)			—				(776,148	)			(4,403	)			(780,551	)
Balance as of September 30, 2025						W	30,493				(12,139,152	)			22,815,616				995,220				11,702,177				106,767				11,808,944

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

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Condensed Consolidated Interim Statements of Cash Flows

For the nine-month periods ended September 30, 2025 and 2024

(In millions of won)		Note				2025				2024
Cash flows from operating activities:
Cash generated from operating activities:
Profit for the period						W	278,091				992,290
Adjustments for income and expenses			32				3,385,982				3,512,172
Changes in assets and liabilities related to operating activities			32				(218,180	)			(219,653	)
							3,445,893				4,284,809
Interest received							42,034				53,241
Dividends received							57,155				33,363
Interest paid							(287,327	)			(286,097	)
Income tax paid							(434,969	)			(268,920	)
Net cash provided by operating activities							2,822,786				3,816,396
Cash flows from investing activities:
Cash inflows from investing activities:
Decrease in short-term financial instruments, net							42,952				26,161
Collection of short-term loans							64,520				100,058
Proceeds from disposals of short-term investment securities							70,528				—
Proceeds from disposals of long-term investment securities							650,758				48,414
Proceeds from disposals of investments in associates and joint ventures							14,042				15,130
Proceeds from disposals of property and equipment							11,437				15,130
Proceeds from disposals of intangible assets							9,447				9,135
Proceeds from disposals of assets held for sale							25,944				13,031
Collection of long-term loans							1,911				1,375
Decrease in deposits							9,176				4,877
Proceeds from settlement of derivatives							3,181				489
Proceeds from disposals of subsidiaries, net of cash transferred							40,423				—
							944,319				233,800
Cash outflows for investing activities:
Increase in short-term loans							(88,230	)			(94,656	)
Increase in long-term loans							(9,739	)			(11,448	)
Acquisitions of short-term investment securities							(90,000	)			—
Acquisitions of long-term investment securities							(18,699	)			(45,834	)
Acquisitions of investments in associates and joint ventures							(11,602	)			(6,311	)
Acquisitions of property and equipment							(1,466,837	)			(1,587,094	)
Acquisitions of intangible assets							(60,032	)			(32,625	)
Increase in deposits							(17,055	)			(15,102	)
Cash outflow from acquisitions of business							(506,844	)			—
							(2,269,038	)			(1,793,070	)
Net cash used in investing activities						W	(1,324,719	)			(1,559,270	)

(Continued)

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Condensed Consolidated Interim Statements of Cash Flows, Continued

For the nine-month periods ended September 30, 2025 and 2024

(In millions of won)		Note				2025				2024
Cash flows from financing activities:
Cash inflows from financing activities:
Proceeds from short-term borrowings						W	100,000				100,000
Proceeds from long-term borrowings							300,000				—
Proceeds from issuance of debentures							1,875,300				627,405
Cash inflows from settlement of derivatives							52,859				—
Transactions with non-controlling shareholders							124				—
							2,328,283				727,405
Cash outflows for financing activities:
Repayments of long-term borrowings							(259,375	)			(389,375	)
Repayments of long-term payables – other							(369,150	)			(369,150	)
Repayments of debentures							(1,771,760	)			(770,000	)
Payments of dividends							(628,367	)			(627,230	)
Payments of interest on hybrid bonds							(14,850	)			(14,850	)
Repayments of lease liabilities							(267,965	)			(287,604	)
Acquisition of treasury shares							—				(15,788	)
Cash outflow from transactions with the non-controlling shareholders							(1,145,870	)			(2,271	)
							(4,457,337	)			(2,476,268	)
Net cash used in financing activities							(2,129,054	)			(1,748,863	)
Net increase (decrease) in cash and cash equivalents							(630,987	)			508,263
Cash and cash equivalents at beginning of the period							2,023,721				1,454,978
Effects of exchange rate changes on cash and cash equivalents							(8,011	)			3,092
Cash and cash equivalents at end of the period						W	1,384,723				1,966,333

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

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

1. Reporting Entity

(1) General

SK Telecom Co., Ltd. (the “Parent Company”) was incorporated on March 29, 1984, under the laws of the Republic of Korea (“Korea”) to provide cellular telephone communication services in Korea. The head office of the Parent Company is located at 65, Eulji-ro, Jung-gu, Seoul, Korea.

The Parent Company’s common shares are listed on the Stock Market of Korea Exchange, and its depositary receipts (DRs) are listed on the New York Stock Exchange. As of September 30, 2025, the Parent Company’s total issued shares are held by the following shareholders:

		Number of shares				Percentage of total shares issued (%)
SK Inc.			65,668,397				30.57
National Pension Service			15,370,553				7.16
Institutional investors and other shareholders			128,096,838				59.64
Kakao Investment Co., Ltd.			3,846,487				1.79
Treasury shares			1,807,778				0.84
			214,790,053				100.00

These condensed consolidated interim financial statements comprise the Parent Company and its subsidiaries (collectively referred to as the “Group”).

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

1. Reporting Entity, Continued

(2) List of consolidated subsidiaries

List of consolidated subsidiaries as of September 30, 2025 and December 31, 2024 is as follows:

Ownership (%)(*1)

Subsidiary

Location

Primary business

Sep. 30, 2025

Dec. 31, 2024

Subsidiaries owned by the Parent Company

SK Telink Co., Ltd.

Korea

International telecommunication and Mobile Virtual Network Operator service

100.0

100.0

NATE Communications Corporation (Formerly, SK Communications Co., Ltd.)(*2)

Korea

Internet website services

—

100.0

SK Broadband Co., Ltd.

Korea

Fixed-line telecommunication services

99.1

99.1

PS&Marketing Corporation

Korea

Communications device retail business

100.0

100.0

SERVICE ACE Co., Ltd.

Korea

Call center management service

100.0

100.0

SERVICE TOP Co., Ltd.

Korea

Call center management service

100.0

100.0

SK O&S Co., Ltd.

Korea

Base station maintenance service

100.0

100.0

SK Telecom China Holdings Co., Ltd.

China

Investment (Holdings company)

100.0

100.0

YTK Investment Ltd.

Cayman Islands

Investment

100.0

100.0

Atlas Investment

Cayman Islands

Investment

100.0

100.0

SK Telecom Americas, Inc.

USA

Information gathering and consulting

100.0

100.0

Happy Hanool Co., Ltd.

Korea

Service

100.0

100.0

SK stoa Co., Ltd.

Korea

Other telecommunication retail business

100.0

100.0

SAPEON Inc.

USA

Investment (Holdings company)

62.5

62.5

Astra AI Infra LLC

USA

Investment

100.0

100.0

Subsidiaries owned by SK Broadband Co., Ltd.

Home & Service Co., Ltd.

Korea

Operation of information and communication facility

100.0

100.0

Media S Co., Ltd.

Korea

Production and supply services of broadcasting programs

100.0

100.0

Subsidiary owned by PS&Marketing Corporation

SK m&service Co., Ltd.(*2)

Korea

Database and Internet website service

—

100.0

Subsidiary owned by SK Telecom Americas, Inc.

Global AI Platform Corporation

USA

Software development and supply business

100.0

100.0

Subsidiary owned by Global AI Platform Corporation

Global AI Platform Corporation Korea

Korea

Software development and supply business

100.0

100.0

Other(*3)

SK Telecom Innovation Fund, L.P.

USA

Investment

100.0

100.0

(*1) The ownership interest represents direct ownership interest in subsidiaries either by the Parent Company or subsidiaries of the Parent Company.

(*2) Details of changes in the consolidation scope for the nine-month period ended September 30, 2025 are presented in note 1-(4).

(*3) Other is owned by Atlas Investment and another subsidiary of the Parent Company.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

1. Reporting Entity, Continued

(3) Condensed financial information of subsidiaries

1) Condensed financial information of significant consolidated subsidiaries as of and for the nine-month period ended September 30, 2025 is as follows:

(In millions of won)
		As of September 30, 2025												For the nine-month period ended September 30, 2025
Subsidiary		Total assets				Total liabilities				Total equity				Revenue				Profit (loss)
SK Telink Co., Ltd.		W	208,750				58,062				150,688				267,613				15,355
SK Broadband Co., Ltd.			6,900,965				4,121,622				2,779,343				3,380,845				179,484
PS&Marketing Corporation			530,534				287,303				243,231				1,074,483				13,475
SERVICE ACE Co., Ltd.			92,864				65,931				26,933				139,650				2,436
SERVICE TOP Co., Ltd.			70,613				46,199				24,414				118,258				3,194
SK O&S Co., Ltd.			119,620				87,316				32,304				255,773				1,202
Home & Service Co., Ltd.			157,851				120,178				37,673				385,566				2,333
SK stoa Co., Ltd.			117,388				44,757				72,631				232,938				12,017
SK m&service Co., Ltd.(*)			—				—				—				46,240				(4,407	)

(*) The condensed financial information of SK m&service Co., Ltd. represents the financial information up to the date of disposal.

2) Condensed financial information of significant consolidated subsidiaries as of December 31, 2024 and for the nine-month period ended September 30, 2024 is as follows:

(In millions of won)
		As of December 31, 2024												For the nine-month period ended September 30, 2024
Subsidiary		Total assets				Total liabilities				Total equity				Revenue				Profit
SK Telink Co., Ltd.		W	210,962				63,558				147,404				252,928				11,818
SK Broadband Co., Ltd.			6,806,280				3,760,426				3,045,854				3,292,954				176,562
PS&Marketing Corporation			448,887				218,885				230,002				1,039,333				2,367
SERVICE ACE Co., Ltd.			74,676				49,818				24,858				144,509				3,127
SERVICE TOP Co., Ltd.			60,073				42,479				17,594				125,206				1,032
SK O&S Co., Ltd.			130,618				94,807				35,811				224,825				2,067
Home & Service Co., Ltd.			139,664				107,379				32,285				370,425				4,305
SK stoa Co., Ltd.			116,785				56,192				60,593				220,654				5,123
SK m&service Co., Ltd.			164,772				100,230				64,542				181,392				1,945

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

1. Reporting Entity, Continued

(4) Changes in subsidiaries

Details of subsidiaries that were excluded from consolidation scope during the nine-month period ended September 30, 2025 are as follows:

Subsidiary		Reason
NATE Communications Corporation (Formerly, SK Communications Co., Ltd.)		Loss of control
SK m&service Co., Ltd.		Loss of control

(5) There are no material non-controlling interests of the Group as of September 30, 2025 and December 31, 2024.

2. Basis of Preparation

(1) Statement of compliance

These condensed consolidated interim financial statements were prepared in accordance with Korean International Financial Reporting Standard (“KIFRS”) 1034 Interim Financial Reporting as part of the period covered by the Group’s KIFRS annual financial statements. These condensed consolidated interim financial statements do not include all of the disclosures required for full annual financial statements. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since December 31, 2024. The accompanying condensed consolidated interim financial statements have been translated into English from the Korean language financial statements.

(2) Use of estimates and judgments

1) Critical judgments, assumptions and estimation uncertainties

The preparation of the condensed consolidated interim 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.

In preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as of and for the year ended December 31, 2024.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

2. Basis of Preparation, Continued

(2) Use of estimates and judgments, Continued

2) Fair value measurement

The Group’s accounting policies and disclosures require the measurement of fair values, for both a number of financial and non-financial assets and liabilities. The Group has established policies and processes with respect to the measurement of fair values, including Level 3 fair values, and the measurement of fair values is reviewed and directly reported to the finance executives.

The Group 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 Group 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 valuations 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:

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;

• Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

If the inputs used to measure the fair value of an asset or a liability fall into 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.

The information about assumptions used for fair value measurements is included in note 29.

3. Material Accounting Policies

The material accounting policies applied by the Group in these condensed consolidated interim 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 adoption of new and revised KIFRS applied from January 1, 2025, which are summarized below. The Group has not early applied the new and revised KIFRS and interpretations that have been issued but are not yet effective.

The following amended KIFRS is effective from January 1, 2025 and it did not have a material impact on the Group’s condensed consolidated interim financial statements.

• Lack of Exchangeability (Amendments to KIFRS 1021 The Effect of Changes in Foreign Exchange Rates and KIFRS 1101)

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

4. Operating Segments

The Group’s operating segments have been identified to be each business unit, by which the Group provides different services and sells merchandise. The Group’s reportable segments include: cellular services, which include cellular voice service, wireless data service and wireless internet services; fixed-line telecommunication services, which include telephone services, internet services, and leased line services; and all other businesses, which include providing shopping channel and digital platform for selling products and other immaterial operations, each of which does not meet the quantitative threshold to be considered as a reportable segment and are presented collectively as others.

(1) Segment information for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)
		For the nine-month period ended September 30, 2025
		Cellular services				Fixed-line telecommunication services				Others				Sub-total				Adjustments				Total
Total revenue		W	10,555,487				4,047,569				302,199				14,905,255				(2,134,714	)			12,770,541
Inter-segment revenue			1,195,345				911,556				27,813				2,134,714				(2,134,714	)			—
External revenue			9,360,142				3,136,013				274,386				12,770,541				—				12,770,541
Depreciation and amortization			1,908,388				744,932				14,797				2,668,117				(66,967	)			2,601,150
Operating profit (loss)			701,435				302,023				(15,102	)			988,356				(34,274	)			954,082
Finance income and costs, net																							(238,664	)
Loss relating to investments in subsidiaries, associates and joint ventures, net																							(19,956	)
Other non-operating income and expense, net																							(111,044	)
Profit before income tax																							584,418
(In millions of won)
		For the nine-month period ended September 30, 2024
		Cellular services				Fixed-line telecommunication services				Others				Sub-total				Adjustments				Total
Total revenue		W	11,117,310				3,930,183				448,648				15,496,141				(2,067,053	)			13,429,088
Inter-segment revenue			1,130,631				889,103				47,319				2,067,053				(2,067,053	)			—
External revenue			9,986,679				3,041,080				401,329				13,429,088				—				13,429,088
Depreciation and amortization			2,015,182				726,338				19,573				2,761,093				(92,845	)			2,668,248
Operating profit (loss)			1,355,093				262,241				(40,247	)			1,577,087				(7,827	)			1,569,260
Finance income and costs, net																							(319,090	)
Gain relating to investments in subsidiaries, associates and joint ventures, net																							24,685
Other non-operating income and expense, net																							8,781
Profit before income tax																							1,283,636

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SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

4. Operating Segments, Continued

(1) Segment information for the nine-month periods ended September 30, 2025 and 2024 are as follows, Continued:

The Group principally operates its businesses in Korea, and the revenue amounts earned outside of Korea are immaterial. Therefore, no entity-wide geographical information is presented.

No single customer contributed 10% or more to the Group’s total revenue for the nine-month period ended September 30, 2025 or for the year ended December 31, 2024.

(2) Disaggregation of operating revenues considering the economic factors that affect the nature, amounts, timing and uncertainty of the Group’s revenue and future cash flows is as follows:

(In millions of won)				For the nine-month period ended
				September 30, 2025				September 30, 2024
Goods and Services transferred at a point in time:
Cellular revenue		Goods and others(*1)		W	789,054				806,197
Fixed-line telecommunication revenue		Goods and others			58,262				52,739
Other revenue		Others(*2)			245,345				343,025
					1,092,661				1,201,961
Goods and Services transferred over time:
Cellular revenue		Wireless service(*3)			7,237,220				7,807,324
		Cellular interconnection			277,944				317,299
		Other(*4)			1,055,924				1,055,859
Fixed-line telecommunication revenue		Fixed-line service			110,502				118,938
		Cellular interconnection			9,851				11,454
		Internet Protocol Television(*5)			1,360,052				1,372,256
		International calls			157,174				159,562
		Internet service and miscellaneous(*6)			1,440,172				1,326,131
Other revenue		Miscellaneous			29,041				58,304
					11,677,880				12,227,127
				W	12,770,541				13,429,088

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

4. Operating Segments, Continued

(2) Disaggregation of operating revenues considering the economic factors that affect the nature, amounts, timing and uncertainty of the Group’s revenue and future cash flows is as follows, Continued:

(*1) Cellular revenue includes revenue from sales of handsets and other electronic accessories.

(*2) Miscellaneous other revenue includes revenue from considerations received for the data broadcasting channel used for sales of goods.

(*3) Wireless service includes revenue from wireless voice and data transmission services principally derived from usage charges to wireless subscribers.

(*4) Other revenue includes revenue from billing and collection services as well as other miscellaneous services.

(*5) Internet Protocol Television (“IPTV”) service revenue includes revenue from IPTV services principally derived from usage charges to IPTV subscribers.

(*6) Internet service includes revenue from the high speed broadband internet service principally derived from usage charges to subscribers as well as other miscellaneous services.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

5. Trade and Other Receivables

(1) Details of trade and other receivables as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)		September 30, 2025
		Gross amount				Loss allowance				Carrying amount
Current assets:
Accounts receivable – trade		W	2,298,744				(276,166	)			2,022,578
Short-term loans			95,189				(848	)			94,341
Accounts receivable – other(*)			540,055				(23,527	)			516,528
Accrued income			3,066				—				3,066
Guarantee deposits (Other current assets)			94,831				—				94,831
			3,031,885				(300,541	)			2,731,344
Non-current assets:
Long-term loans			77,868				(41,395	)			36,473
Long-term accounts receivable – other(*)			163,581				—				163,581
Guarantee deposits			160,168				—				160,168
Long-term accounts receivable – trade (Other non-current assets)			8,569				(1	)			8,568
			410,186				(41,396	)			368,790
		W	3,442,071				(341,937	)			3,100,134

(*) Gross and carrying amounts of accounts receivable – other as of September 30, 2025 include W296,829 million of financial instruments classified as fair value through profit or loss (“FVTPL”).

(In millions of won)		December 31, 2024
		Gross amount				Loss allowance				Carrying amount
Current assets:
Accounts receivable – trade		W	2,247,334				(258,028	)			1,989,306
Short-term loans			65,767				(562	)			65,205
Accounts receivable – other(*)			394,820				(25,628	)			369,192
Accrued income			4,242				—				4,242
Guarantee deposits (Other current assets)			119,575				—				119,575
			2,831,738				(284,218	)			2,547,520
Non-current assets:
Long-term loans			75,842				(41,396	)			34,446
Long-term accounts receivable – other(*)			173,252				—				173,252
Guarantee deposits			155,875				—				155,875
Long-term accounts receivable – trade (Other non-current assets)			11,078				(2	)			11,076
			416,047				(41,398	)			374,649
		W	3,247,785				(325,616	)			2,922,169

(*) Gross and carrying amounts of accounts receivable – other as of December 31, 2024 include W223,761 million of financial instruments classified as fair value through profit or loss (“FVTPL”).

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

5. Trade and Other Receivables, Continued

(2) Changes in the loss allowance on trade and other receivables measured at amortized cost for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)
		For the nine-month period ended September 30, 2025
		Beginning balance				Impairment				Write-offs(*)				Collection of receivables previously written-off				Ending balance
Accounts receivable – trade		W	258,030				32,672				(20,896	)			6,361				276,167
Accounts receivable – other, etc.			67,586				2,814				(4,984	)			354				65,770
		W	325,616				35,486				(25,880	)			6,715				341,937
(In millions of won)
		For the nine-month period ended September 30, 2024
		Beginning balance				Impairment				Write-offs(*)				Collection of receivables previously written-off				Ending balance
Accounts receivable – trade		W	242,737				33,658				(24,487	)			6,469				258,377
Accounts receivable – other, etc.			75,663				2,913				(8,447	)			967				71,096
		W	318,400				36,571				(32,934	)			7,436				329,473

(*) The Group writes off trade and other receivables that are determined to be uncollectable due to reasons such as termination of operations or bankruptcy.

(3) The Group applies the practical expedient that allows the Group to estimate the loss allowance for accounts receivable – trade at an amount equal to the lifetime expected credit losses. The expected credit losses include the forward-looking information. To make the assessment, the Group uses its historical credit loss experience over the past three years and classifies the accounts receivable – trade by their credit risk characteristics and days overdue.

Due to the nature of its business, which involves both fixed-line and wireless telecommunications, the Group’s accounts receivables from telecommunications revenue primarily consist of receivables from individual customers. As there are no significant differences in credit terms among customers, there is no material concentration of credit risk.

Receivables related to other revenue mainly consist of receivables from corporate customers. The Group transacts only with corporate customers with credit ratings considered to be low at credit risk. In addition, the Group is not exposed to significant credit concentration risk as the Group regularly assesses their credit risk by monitoring their credit ratings. While the contract assets are subject to impairment assessment, no significant credit risk has been identified.

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SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

6. Prepaid Expenses

The Group pays commissions to its retail stores and authorized dealers, primarily for wireless and fixed-line telecommunication services based on their performance of attracting new customers and renewing contracts with existing customers. The Group recognizes costs among the commissions that would not have incurred if a contract had not been entered into with a customer as prepaid expenses. These prepaid expenses are amortized on a straight-line basis over the expected customer retention periods.

(1) Details of prepaid expenses as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		September 30, 2025				December 31, 2024
Current assets:
Incremental costs of obtaining contracts		W	2,035,415				1,881,608
Others			97,927				64,002
		W	2,133,342				1,945,610
Non-current assets:
Incremental costs of obtaining contracts		W	1,206,073				1,038,170
Others			59,738				70,236
		W	1,265,811				1,108,406

(2) Incremental costs of obtaining contracts

Amortization in connection with incremental costs of obtaining contracts recognized as an asset for the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Amortization recognized		W	635,401				1,929,931				622,333				1,860,285

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

7. Contract Assets and Liabilities

In case of providing both wireless telecommunication services and sales of handsets, the Group allocated the consideration based on relative stand-alone selling prices and recognized unbilled receivables from handset sales as contract assets. The Group recognized receipts in advance for prepaid telecommunications services and unearned revenue for customer loyalty programs as contract liabilities.

(1) Details of contract assets and liabilities as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		September 30, 2025				December 31, 2024
Contract assets:		W	181,637				136,737
Contract liabilities:
Wireless service contracts			19,600				20,275
Customer loyalty programs			5,709				5,694
Fixed-line service contracts			230,658				151,427
Others			106,226				52,310
		W	362,193				229,706

(2) Amounts of revenue recognized for the nine-month periods ended September 30, 2025 and 2024 related to the contract liabilities carried forward from the prior periods are W112,037 million and W94,886 million, respectively.

8. Inventories

(1) Details of inventories as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		September 30, 2025												December 31, 2024
		Acquisition cost				Valuation allowance				Carrying amount				Acquisition cost				Valuation allowance				Carrying amount
Merchandise		W	215,439				(7,107	)			208,332				191,323				(8,121	)			183,202
Supplies			16,781				—				16,781				26,581				—				26,581
		W	232,220				(7,107	)			225,113				217,904				(8,121	)			209,783

(2) Inventories recognized as operating expenses for the nine-month periods ended September 30, 2025 and 2024 are W958,028 million and W980,840 million, respectively, which are included in cost of goods sold. In addition, reversal of valuation losses on inventories and valuation losses on inventories which are included in the cost of goods sold and other operating expenses amount to W824 million and W163 million for the nine-month periods ended September 30, 2025 and 2024, respectively. Write-offs included in other operating expenses for the nine-month periods ended September 30, 2025 and 2024 are W24 million and W34 million, respectively.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

9. Investment Securities

(1) Details of short-term investment securities as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		Category		September 30, 2025				December 31, 2024
Beneficiary certificates		FVTPL		W	20,105				—

(2) Details of long-term investment securities as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		Category		September 30, 2025				December 31, 2024
Equity instruments		FVOCI(*)		W	1,641,857				1,739,133
Debt instruments		FVTPL			135,983				138,789
				W	1,777,840				1,877,922

(*) The Group designated investments in equity instruments that are not held for trading as financial assets at FVOCI.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

10. Investments in Associates and Joint Ventures

(1) Investments in associates and joint ventures accounted for using the equity method as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)				September 30, 2025								December 31, 2024
		Country		Ownership (%)				Carrying amount				Ownership (%)				Carrying amount
Investments in associates:
SK China Company Ltd.		China			27.3			W	1,073,133				27.3			W	975,443
Korea IT Fund(*1)		Korea			63.3				362,154				63.3				363,138
UniSK		China			49.0				25,703				49.0				26,031
SK Technology Innovation Company		Cayman Islands			49.0				31,989				49.0				34,516
SK MENA Investment B.V.(*2)		Netherlands			32.1				6,459				32.1				17,273
SK Latin America Investment S.A.		Spain			32.1				1,676				32.1				1,357
SK South East Asia Investment Pte. Ltd.		Singapore			20.0				362,679				20.0				391,572
Citadel Pacific Telecom Holdings, LLC(*3)		USA			15.0				53,329				15				51,780
SM Culture & Contents Co., Ltd.		Korea			22.8				35,151				22.8				39,567
Nam Incheon Broadcasting Co., Ltd.		Korea			27.3				15,791				27.3				15,635
Home Choice Corp.(*3)		Korea			17.8				2,824				17.8				3,238
Konan Technology Inc.		Korea			20.6				1,168				20.6				3,575
CMES Inc.(*3)		Korea			6.6				7,215				6.6				4,772
SK telecom Japan Inc.		Japan			24.9				3,606				24.9				3,703
Rebellions Inc. (Formerly, SAPEON Korea Inc.)		Korea			22.8				255,848				26.1				298,327
SK m&service Co., Ltd.(*4)		Korea			30.0				23,950				—				—
Start-up Win-Win Fund and others(*3,5,6)		—			—				77,972				—				102,702
								W	2,340,647							W	2,332,629
Investments in joint ventures:
UTC Kakao-SK Telecom ESG Fund(*7)		Korea			48.2				8,096				48.2				9,198
								W	2,348,743							W	2,341,827

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

10. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures accounted for using the equity method as of September 30, 2025 and December 31, 2024 are as follows, Continued:

(*1) Investment in Korea IT Fund was classified as investment in associates as the Group does not have control over the investee under the contractual agreement with other shareholders.

(*2) The Group received W10,955 million from the paid-in capital reduction of SK MENA Investment B.V. for the nine-month period ended September 30, 2025, with no change in ownership interest.

(*3) These investments were classified as investments in associates as the Group can exercise significant influence through its right to appoint the members of the board of directors even though the Group has less than 20% of equity interests.

(*4) The Group disposed of a portion of shares in SK m&service Co., Ltd., which was an indirect subsidiary of the Parent Company, to SAMKOO Inc. and received W53,997 million for the nine-month period ended September 30, 2025. As a result, the remaining shares have been reclassified as an investment in associate as of September 30, 2025.

(*5) The Group exchanged its entire shares in id Quantique SA for shares in IonQ, Inc., and recognized a W1,189 million loss relating to investments in associates for the nine-month period ended September 30, 2025.

(*6) The Group newly contributed W10,596 million in cash to Syntelligence AI Ltd. for the nine-month period ended September 30, 2025.

(*7) This investment was classified as investment in joint ventures as the Group has joint control pursuant to the agreement with the other shareholders.

(2) Market values of investments in listed associates as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won, except for share data)
		September 30, 2025												December 31, 2024
		Market price per share (in won)				Number of shares				Market value				Market price per share (in won)				Number of shares				Market value
SM Culture & Contents Co., Ltd.		W	1,295				22,033,898				28,534				1,400				22,033,898				30,847
Konan Technology Inc.			25,200				2,359,160				59,451				19,470				2,359,160				45,933
CMES Inc.			26,600				763,968				20,322				24,000				763,968				18,335

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

10. Investments in Associates and Joint Ventures, Continued

(3) The condensed financial information of material associates as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)
		As of September 30, 2025
		Korea IT Fund				SK China Company Ltd.				SK South East Asia Investment Pte. Ltd.				Rebellions Inc. (Formerly, SAPEON Korea Inc.)(*)
Current assets		W	166,078				1,770,950				1,079,954				283,021
Non-current assets			405,744				2,197,312				874,916				266,995
Current liabilities			—				37,862				77,617				675,914
Non-current liabilities			—				360,775				4,133				2,742
		For the nine-month period ended September 30, 2025
Revenue		W	13,116				48,614				68,484				10,562
Profit (loss) for the period			2,547				36,725				13,208				(88,678	)
Other comprehensive income			9,879				447,193				12,468				—
Total comprehensive income (loss)			12,426				483,918				25,676				(88,678	)

(*) The financial information includes the goodwill held by Rebellions Inc. (formerly, SAPEON Korea Inc.), which was recognized as part of the identifiable net assets of the associate at the time the investment in the associate was made.

(In millions of won)
		As of December 31, 2024
		Korea IT Fund				SK China Company Ltd.				SK South East Asia Investment Pte. Ltd.
Current assets		W	164,128				1,755,237				1,724,220
Non-current assets			409,248				1,898,657				1,328,952
Current liabilities			—				48,662				342,671
Non-current liabilities			—				328,485				18,430
		For the nine-month period ended September 30, 2024
Revenue		W	14,515				50,024				53,550
Profit (loss) for the period			1,850				35,400				(166	)
Other comprehensive income (loss)			10,930				(30,054	)			5,848
Total comprehensive income			12,780				5,346				5,682

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

10. Investments in Associates and Joint Ventures, Continued

(4) Reconciliations of financial information of material associates to carrying amounts of investments in associates in the consolidated financial statements as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		September 30, 2025
		Net assets				Ownership interests (%)				Net assets attributable to the ownership interests				Cost-book value differentials				Carrying amount
Korea IT Fund		W	571,822				63.3				362,154				—				362,154
SK China Company Ltd.			3,569,625				27.3				973,480				99,653				1,073,133
SK South East Asia Investment Pte. Ltd.(*1)			1,813,395				20.0				362,679				—				362,679
Rebellions Inc. (Formerly, SAPEON Korea Inc.)(*2,3)			(358,293	)			22.8				(142,601	)			398,449				255,848

(*1) Net assets of the entity represent net assets excluding those attributable to the non-controlling interests.

(*2) Net assets of the entity exclude the goodwill held by Rebellions Inc. (formerly, SAPEON Korea Inc.) at the time the investment in the associate was recognized.

(*3) The ownership interest is based on the number of shares owned by the Parent Company divided by the total shares issued by the investee, and the effective ownership interest applied for the equity method is 39.8% as of September 30, 2025.

(In millions of won)
		December 31, 2024
		Net assets				Ownership interests (%)				Net assets attributable to the ownership interests				Cost-book value differentials				Carrying amount
Korea IT Fund		W	573,376				63.3				363,138				—				363,138
SK China Company Ltd.			3,276,747				27.3				893,609				81,834				975,443
SK South East Asia Investment Pte. Ltd.(*)			1,957,860				20.0				391,572				—				391,572

(*) Net assets of the entity represent net assets excluding those attributable to the non-controlling interests.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

10. Investments in Associates and Joint Ventures, Continued

(5) Changes in investments in associates and joint ventures accounted for using the equity method for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)		For the nine-month period ended September 30, 2025
		Beginning balance				Acquisition and disposal				Share of profit (loss)				Other compre- hensive income (loss)				Other changes				Ending balance
																									Investments in associates:
																									SK China Company Ltd.		W	975,443				—				7,050				90,640				—				1,073,133
Korea IT Fund(*1)			363,138				—				1,615				6,257				(8,856	)			362,154
UniSK			26,031				—				246				(574	)			—				25,703
SK Technology Innovation Company			34,516				—				463				(1,627	)			(1,363	)			31,989
SK MENA Investment B.V.			17,273				—				386				(159	)			(11,041	)			6,459
SK Latin America Investment S.A.			1,357				—				191				128				—				1,676
SK South East Asia Investment Pte. Ltd.			391,572				—				583				(29,476	)			—				362,679
Citadel Pacific Telecom Holdings, LLC(*1)			51,780				—				(381	)			3,368				(1,438	)			53,329
SM Culture & Contents Co., Ltd.			39,567				—				(4,262	)			(154	)			—				35,151
Nam Incheon Broadcasting Co., Ltd.(*1)			15,635				—				293				—				(137	)			15,791
Home Choice Corp.			3,238				—				(414	)			—				—				2,824
Konan Technology Inc.			3,575				—				(2,407	)			—				—				1,168
CMES Inc.			4,772				3,374				(980	)			49				—				7,215
SK telecom Japan Inc.			3,703				—				(126	)			29				—				3,606
Rebellions Inc. (Formerly, SAPEON Korea Inc.)			298,327				(4,629	)			(38,102	)			252				—				255,848
SK m&service Co., Ltd(*2)			—				—				736				(352	)			23,566				23,950
Start-up Win-Win Fund and others (*1,3,4)			102,702				11,252				930				359				(37,271	)			77,972
			2,332,629				9,997				(34,179	)			68,740				(36,540	)			2,340,647
Investments in joint ventures:
UTC Kakao-SK Telecom ESG Fund			9,198				—				(1,102	)			—				—				8,096
		W	2,341,827				9,997				(35,281	)			68,740				(36,540	)			2,348,743

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

10. Investments in Associates and Joint Ventures, Continued

(5) Changes in investments in associates and joint ventures accounted for using the equity method for the nine-month periods ended September 30, 2025 and 2024 are as follows, Continued:

(*1) Dividends received from the associates are deducted from the carrying amount for the nine-month period ended September 30, 2025.

(*2) The Group disposed of a portion of shares in SK m&service Co., Ltd., which was an indirect subsidiary of the Parent Company, for the nine-month period ended September 30, 2025, resulting in the reclassification of the remaining shares as an investment in associate as of September 30, 2025.

(*3) The Group exchanged its entire shares in id Quantique SA for shares in IonQ, Inc. and classified the investment in IonQ, Inc. as a financial asset at FVOCI for the nine-month period ended September 30, 2025.

(*4) The acquisition for the nine-month period ended September 30, 2025 includes W10,596 million of investments in Syntelligence AI Ltd.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

10. Investments in Associates and Joint Ventures, Continued

(5) Changes in investments in associates and joint ventures accounted for using the equity method for the nine-month periods ended September 30, 2025 and 2024 are as follows, Continued:

(In millions of won)		For the nine-month period ended September 30, 2024
		Beginning balance				Acquisition and disposal				Share of profit (loss)				Other compre- hensive income				Other changes				Ending balance
																									Investments in associates:
																									SK China Company Ltd.		W	896,990				—				4,812				7,472				—				909,274
Korea IT Fund(*1)			336,404				—				1,172				6,922				(5,055	)			339,443
UniSK			22,285				—				(242	)			1,195				—				23,238
SK Technology Innovation Company			70,409				—				5,945				1,504				—				77,858
SK MENA Investment B.V.			14,872				—				921				320				—				16,113
SK Latin America Investment S.A.			14,607				—				(206	)			476				—				14,877
SK South East Asia Investment Pte. Ltd.			355,282				—				2,146				2,708				—				360,136
Citadel Pacific Telecom Holdings, LLC			45,901				—				(31	)			2,741				—				48,611
SM Culture & Contents Co., Ltd.			41,578				(3	)			(1,577	)			(129	)			—				39,869
Nam Incheon Broadcasting Co., Ltd.(*1)			14,344				—				865				—				(135	)			15,074
Home Choice Corp.			3,215				—				(86	)			—				—				3,129
Konan Technology Inc.			6,349				—				(3,357	)			—				—				2,992
CMES Inc.			900				(4,396	)			(810	)			55				8,984				4,733
SK telecom Japan Inc.			1,239				—				—				—				—				1,239
12CM JAPAN and others(*1,2)			81,142				5,963				1,653				49				(590	)			88,217
			1,905,517				1,564				11,205				23,313				3,204				1,944,803
Investments in joint ventures:
UTC Kakao-SK Telecom ESG Fund			9,495				—				(155	)			—				—				9,340
		W	1,915,012				1,564				11,050				23,313				3,204				1,954,143

(*1) Dividends received from the associates are deducted from the carrying amount for the nine-month period ended September 30, 2024.

(*2) The acquisition for the nine-month period ended September 30, 2024 includes W5,878 million of investment in SK AMERICAS Inc. (formerly, SK USA, Inc.), W162 million of investment in SK VENTURE CAPITAL, LLC., W271 million of investment in WALDEN SKT VENTURE FUND and W20 million of investment in F&U Credit information Co., Ltd. The disposal for the nine-month period ended September 30, 2024 includes a portion of shares in SK AMERICAS Inc. (formerly, SK USA, Inc.) for W167 million and a portion of Start-up Win-Win Fund for W200 million.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

10. Investments in Associates and Joint Ventures, Continued

(6) The Group discontinued the application of equity method to the following investees due to their carrying amounts being reduced to zero. The details of cumulative unrecognized equity method losses as of September 30, 2025 are as follows:

(In millions of won)		Unrecognized loss								Unrecognized change in equity
		For the nine-month period ended September 30, 2025				Cumulative loss				For the nine-month period ended September 30, 2025				Cumulative loss
Invites Genomics Co., Ltd.		W	6,526				28,704				(726	)			560
Daehan Kanggun BcN Co., Ltd. and others			—				5,187				—				(124	)
		W	6,526				33,891				(726	)			436

11. Property and Equipment

Changes in property and equipment for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)
		For the nine-month period ended September 30, 2025
		Beginning balance				Acquisition				Disposal				Transfer				Depreciation				Impairment				Other Changes(*)				Ending balance
Land		W	1,260,712				10,217				(282	)			29,309				—				—				41,574				1,341,530
Buildings			765,818				10,299				(239	)			50,519				(43,749	)			—				150,222				932,870
Structures			210,987				683				(5	)			5,414				(26,237	)			—				—				190,842
Machinery			7,722,566				269,845				(4,338	)			793,502				(1,646,540	)			(359	)			48,503				7,183,179
Other			369,007				93,185				(3,411	)			(140,041	)			(52,573	)			—				4				266,171
Right-of-use assets			1,608,219				194,968				(58,050	)			(2,913	)			(318,393	)			—				—				1,423,831
Construction in progress			680,085				775,110				(182	)			(874,502	)			—				—				—				580,511
		W	12,617,394				1,354,307				(66,507	)			(138,712	)			(2,087,492	)			(359	)			240,303				11,918,934

(*) Other changes consist of increases in assets arising from business combinations under common control. (See note 35)

(In millions of won)
		For the nine-month period ended September 30, 2024
		Beginning balance				Acquisition				Disposal				Transfer				Depreciation				Ending balance
Land		W	1,248,200				11				(322	)			18,714				—				1,266,603
Buildings			773,392				1,045				(272	)			42,122				(42,344	)			773,943
Structures			234,879				1,129				(78	)			5,989				(29,276	)			212,643
Machinery			7,890,654				266,842				(2,958	)			1,026,239				(1,701,797	)			7,478,980
Other			485,157				270,213				(11,277	)			(293,198	)			(63,723	)			387,172
Right-of-use assets			1,611,951				246,155				(45,963	)			(21,702	)			(299,457	)			1,490,984
Construction in progress			761,963				638,608				(1,316	)			(892,615	)			—				506,640
		W	13,006,196				1,424,003				(62,186	)			(114,451	)			(2,136,597	)			12,116,965

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

12. Investment Property

(1) Changes in investment property for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)
		For the nine-month period ended September 30, 2025
		Beginning balance				Transfer				Depreciation				Ending balance
																	Land		W	9,787				11,189				—				20,976
Buildings			8,029				9,488				(922	)			16,595
Right-of-use assets			8,795				2,669				(2,045	)			9,419
		W	26,611				23,346				(2,967	)			46,990

(In millions of won)
		For the nine-month period ended September 30, 2024
		Beginning balance				Transfer				Depreciation				Ending balance
																	Land		W	14,199				(1,278	)			—				12,921
Buildings			10,242				(194	)			(651	)			9,397
Right-of-use assets			10,371				134				(1,191	)			9,314
		W	34,812				(1,338	)			(1,842	)			31,632

(2) The Group recognized lease income of W5,743 million and W4,743 million from investment property for the nine-month periods ended September 30, 2025 and 2024, respectively.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

13. Leases

(1) Details of the right-of-use assets as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		September 30, 2025				December 31, 2024
Right-of-use assets:
Land, buildings and structures		W	1,208,626				1,379,422
Others			215,205				228,797
		W	1,423,831				1,608,219

(2) Details of amounts recognized in the condensed consolidated interim statements of income (loss) for the nine-month periods ended September 30, 2025 and 2024 as a lessee are as follows:

(In millions of won)
		For the nine-month period ended
		September 30, 2025				September 30, 2024
Depreciation of right-of-use assets:
Land, buildings and structures		W	270,160				250,843
Others(*)			48,233				48,614
		W	318,393				299,457
Interest expense on lease liabilities		W	36,320				34,364

(*) Others include the amount reclassified as research and development expenses related to the lease contract for research and development facilities.

Expenses related to short-term leases and leases of low-value assets that the Group recognized are immaterial.

(3) The total cash outflows for lease payments for the nine-month periods ended September 30, 2025 and 2024 amounted to W316,608 million and W344,967 million, respectively.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

14. Intangible Assets

(1) Changes in intangible assets for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)
		For the nine-month period ended September 30, 2025
		Beginning balance				Acquisition				Disposal				Transfer				Amortization				Impairment				Other Changes(*)				Ending balance
Frequency usage rights		W	1,135,546				—				—				—				(353,295	)			—				—				782,251
Land usage rights			309				84				—				—				(130	)			—				—				263
Industrial rights			20,173				3,804				—				—				(3,451	)			—				—				20,526
Development costs			27				—				—				—				(14	)			—				—				13
Facility usage rights			13,314				421				(2	)			219				(2,149	)			—				—				11,803
Customer relations			246,119				—				—				—				(20,270	)			—				—				225,849
Club memberships(*1)			78,618				6,264				(3,535	)			—				—				(153	)			—				81,194
Other(*2)			700,765				48,721				(414	)			117,296				(219,895	)			—				2				646,475
		W	2,194,871				59,294				(3,951	)			117,515				(599,204	)			(153	)			2				1,768,374

(*) Other changes consist of increases in assets arising from business combinations under common control. (See note 35)

(In millions of won)
		For the nine-month period ended September 30, 2024
		Beginning balance				Acquisition				Disposal				Transfer				Amortization				Impairment				Ending balance
Frequency usage rights		W	1,606,606				—				—				—				(353,295	)			—				1,253,311
Land usage rights			587				70				(5	)			—				(291	)			—				361
Industrial rights			46,154				4,814				(240	)			—				(3,690	)			—				47,038
Development costs			49				—				—				—				(17	)			—				32
Facility usage rights			14,313				1,050				(1	)			496				(2,330	)			—				13,528
Customer relations			273,150				—				—				—				(20,273	)			—				252,877
Club memberships(*1)			97,186				3,596				(6,735	)			—				—				—				94,047
Other(*2)			823,092				23,899				(1,483	)			94,703				(253,551	)			(2	)			686,658
		W	2,861,137				33,429				(8,464	)			95,199				(633,447	)			(2	)			2,347,852

(*1) Club memberships are classified as intangible assets with indefinite useful lives and are not amortized.

(*2) Other intangible assets primarily consist of computer software and others.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

14. Intangible Assets, Continued

(2) Details of frequency usage rights as of September 30, 2025 are as follows:

(In millions of won)

Amount

Amortization methods

Commencement of amortization

Completion of amortization

800 MHz license

W

32,936

Straight-line basis

Jul. 2021

Jun. 2026

1.8 GHz license

123,413

Dec. 2021

Dec. 2026

2.6 GHz license

151,765

Sept. 2016

Dec. 2026

2.1 GHz license

92,752

Dec. 2021

Dec. 2026

3.5 GHz license

381,385

Apr. 2019

Nov. 2028

W

782,251

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

15. Borrowings and Debentures

(1) Short-term borrowings as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
Lender		Annual interest rate (%)				Maturity				September 30, 2025				December 31, 2024
iM SECURITIES CO., LTD.			2.71				Oct. 16, 2025			W	40,000				—
KB SECURITIES CO., LTD.			2.71				Oct. 16, 2025				60,000				—
SK Securities Co., Ltd.			3.62				Oct. 2, 2025				50,000				50,000
Shinhan Securities Co., Ltd.			3.62				Oct. 2, 2025				50,000				50,000
										W	200,000				100,000

(2) Changes in long-term borrowings for the nine-month period ended September 30, 2025 are as follows:

(In millions of won)
		Lender		Annual interest rate (%)				Maturity				Book value
Current												W	312,475
Non-current													203,125
As of January 1, 2025													515,600
New long-term borrowings:
		Industrial and Commercial Bank of China Ltd.			2.70				Sept. 13, 2027				100,000
		Mizuho Bank, Ltd.			2.75				Sept. 22, 2027				200,000
													300,000
Repayments of long-term borrowings:
		DBS Bank Ltd.			2.63				Mar. 10, 2025				(200,000	)
		Korea Development Bank(*1)			1.87				Feb. 10, 2026				(9,375	)
		Mizuho Bank, Ltd.			4.80				Jul. 25, 2025				(50,000	)
													(259,375	)
Other changes(*2)													25
Current(*3)													56,250
Non-current(*3)													500,000
As of September 30, 2025												W	556,250

(*1) The long-term borrowing is to be repaid by installments on an annual basis from 2022 to 2026.

(*2) Other changes primarily reflect the amortization of the present value discount for the nine-month period ended September 30, 2025.

(*3) W3,125 million were reclassified from non-current to current for the nine-month period ended September 30, 2025.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

15. Borrowings and Debentures, Continued

(3) Changes in debentures for the nine-month period ended September 30, 2025 are as follows:

(In millions of won and thousands of U.S. dollars)
		Purpose		Annual interest rate (%)				Maturity				Face value				Book value
Current												W	2,148,762				2,147,634
Non-current													6,384,000				6,363,646
As of January 1, 2025													8,532,762				8,511,280
Debentures newly issued:
Unsecured corporate bonds		Refinancing fund			2.98				Feb. 21, 2028				190,000				189,193
Unsecured corporate bonds		Refinancing fund			3.05				Feb. 21, 2030				70,000				69,692
Unsecured corporate bonds		Refinancing fund			3.17				Feb. 21, 2035				140,000				139,418
Unsecured corporate bonds		Refinancing fund			2.67				Sep. 11, 2028				80,000				79,696
Unsecured corporate bonds		Refinancing fund			2.82				Sep. 10, 2030				190,000				189,284
Unsecured corporate bonds		Refinancing fund			3.06				Sep. 11, 2035				40,000				39,821
Unsecured corporate bonds(*1)		Refinancing fund			2.76				Apr. 28, 2028				50,000				49,763
Unsecured corporate bonds(*1)		Refinancing fund			2.87				Apr. 29, 2030				120,000				119,504
Unsecured corporate bonds(*1)		Refinancing fund			2.97				Apr. 29, 2035				30,000				29,838
Unsecured corporate bonds(*1)		Business acquisition fund			3.09				Jun. 19, 2030				480,000				478,168
Unsecured corporate bonds(*1)		Business acquisition fund			3.38				Jun. 19, 2035				50,000				49,760
Registered unsecured private exchangeable bond		Refinancing fund			—				Nov. 28, 2027				32,000				19,021
Floating rate notes(*2)		Operating fund			SOFR rate + 0.59				May. 26, 2028				410,490 USD 300,000				409,163 USD 300,000
													1,882,490				1,862,321
Debentures repaid:
Unsecured corporate bonds		Operating and Refinancing fund			2.49				Feb. 26, 2025				(150,000	)			(150,000	)
Unsecured corporate bonds		Operating fund			2.66				Jul. 17, 2025				(70,000	)			(70,000	)
Unsecured corporate bonds		Operating fund			1.75				Jan. 14, 2025				(130,000	)			(130,000	)
Unsecured corporate bonds		Refinancing fund			3.80				Apr. 12, 2025				(240,000	)			(240,000	)
Unsecured corporate bonds		Refinancing fund			4.00				Aug. 8, 2025				(300,000	)			(300,000	)
Unsecured corporate bonds(*1)		Operating and Refinancing fund			1.64				Jun. 11, 2025				(100,000	)			(100,000	)

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

15. Borrowings and Debentures, Continued

(3) Changes in debentures for the nine-month period ended September 30, 2025 are as follows, Continued:

(In millions of won and thousands of U.S. dollars)
		Purpose		Annual interest rate (%)				Maturity				Face value				Book value
Unsecured corporate bonds(*1)		Refinancing fund			1.41				Sep. 25, 2025				(160,000	)			(160,000	)
Unsecured corporate bonds(*1)		Refinancing fund			2.58				Jan. 24, 2025				(100,000	)			(100,000	)
Unsecured corporate bonds(*1)		Operating and Refinancing fund			4.21				Feb. 28, 2025				(50,000	)			(50,000	)
Floating rate notes		Operating fund			SOFR rate + 1.17				Jun. 4, 2025				(414,420 (USD 300,000	)  )			(414,420 (USD 300,000	)  )
Convertible bonds(*3)		Operating fund			—				Mar. 21, 2028				(4,341 (USD 3,000	)  )			(4,978 (USD 3,440	)  )
Convertible bonds(*3)		Operating fund			—				Jun. 12, 2028				(23,371 (USD 16,150	)  )			(26,337 (USD 18,200	)  )
Convertible bonds(*3)		Operating fund			—				Jun. 23, 2028				(11,215 (USD 7,750	)  )			(12,609 (USD 8,713	)  )
Convertible bonds(*3)		Operating fund			—				Jul. 21, 2028				(11,577 (USD 8,000	)  )			(12,938 (USD 8,941	)  )
													(1,764,924	)			(1,771,282	)
Other changes(*4)													(71,822	)			(56,755	)
Current(*5)													1,011,306				1,000,652
Non-current(*5)													7,567,200				7,544,912
As of September 30, 2025												W	8,578,506				8,545,564

(*1) Unsecured corporate bonds were issued by SK Broadband Co., Ltd., a subsidiary of the Parent Company.

(*2) Applied interest rate is the SOFR rate of 4.35% as of September 30, 2025.

(*3) Convertible bonds were redeemed on February 7, 2025, pursuant to an early redemption request.

(*4) Other changes primarily reflect foreign currency translation effect of debentures and amortization of debentures issuance discount for the nine-month period ended September 30, 2025.

(*5) W650,537 million was reclassified from non-current to current for the nine-month period ended September 30, 2025.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

16. Long-term Payables – other

(1) As of September 30, 2025 and December 31, 2024, details of long-term payables – other which consist of payables related to the acquisition of frequency usage rights are as follows (See note 14):

(In millions of won)
		September 30, 2025				December 31, 2024
Long-term payables – other		W	551,925				921,075
Present value discount on long-term payables – other			(5,789	)			(13,355	)
Current portion of long-term payables – other			(367,358	)			(367,765	)
Carrying amount at period end		W	178,778				539,955

(2) The sum of portions repaid among the principal of long-term payables – other for the nine-month periods ended September 30, 2025 and 2024 amounts to W369,150 million and W369,150 million, respectively. The repayment schedule of the principal amount of long-term payables – other as of September 30, 2025 is as follows:

(In millions of won)
		Amount
Less than 1 year		W	369,150
1~3 years			182,775
		W	551,925

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

17. Provisions

Changes in provisions for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)
		For the nine-month period ended September 30, 2025																								As of September 30, 2025
		Beginning balance				Increase				Utilization				Reversal				Other				Ending balance				Current				Non-current
Provision for restoration		W	119,623				3,616				(5,575)				(951	)			(1	)			116,712				37,613				79,099
Emission allowance			437				1,111				(266	)			(1,062	)			—				220				220				—
Other provisions			—				118				—				—				—				118				—				118
		W	120,060				4,845				(5,841	)			(2,013	)			(1	)			117,050				37,833				79,217

(In millions of won)
		For the nine-month period ended September 30, 2024																								As of September 30, 2024
		Beginning balance				Increase				Utilization				Reversal				Other				Ending balance				Current				Non-current
Provision for restoration		W	120,024				4,445				(2,118	)			(628	)			3				121,726				41,823				79,903
Emission allowance			1,182				994				(130	)			(2,024	)			—				22				22				—
Other provisions			218				—				—				(218	)			—				—				—				—
		W	121,424				5,439				(2,248	)			(2,870	)			3				121,748				41,845				79,903

18. Defined Benefit Liabilities (Assets)

(1) Details of defined benefit liabilities (assets) as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		September 30, 2025				December 31, 2024
Present value of defined benefit obligations		W	1,134,697				1,142,324
Fair value of plan assets			(1,227,920	)			(1,294,567	)
Defined benefit assets(*)			(111,465	)			(154,329	)
Defined benefit liabilities			18,242				2,086

(*) Since the Group entities neither have legally enforceable right nor intention to settle the defined benefit obligations of the Group entities with defined benefit assets of other Group entities, defined benefit assets of the Group entities have been separately presented from defined benefit liabilities.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

18. Defined Benefit Liabilities (Assets), Continued

(2) Changes in present value of defined benefit obligations for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)		For the nine-month period ended
		September 30, 2025				September 30, 2024
Beginning balance		W	1,142,324				1,121,679
Current service cost			95,226				98,070
Interest cost			32,343				35,456
Remeasurement
- Demographic assumption			221				—
- Financial assumption			(1,587	)			3,449
- Adjustment based on experience			23,337				(17,683	)
Benefit paid			(170,851	)			(90,685	)
Others			13,684				11,254
Ending balance		W	1,134,697				1,161,540

(3) Changes in fair value of plan assets for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)		For the nine-month period ended
		September 30, 2025				September 30, 2024
Beginning balance		W	1,294,567				1,292,416
Interest income			35,748				40,660
Remeasurement			3,770				2,583
Contributions			93,273				41,200
Benefit paid			(210,424	)			(104,016	)
Others			10,986				4,257
Ending balance		W	1,227,920				1,277,100

(4) Total cost of defined benefit plan, which is recognized in profit or loss for the nine-month periods ended September 30, 2025 and 2024 is as follows:

(In millions of won)		For the nine-month period ended
		September 30, 2025				September 30, 2024
Current service cost		W	95,226				98,070
Net interest income			(3,405	)			(5,204	)
		W	91,821				92,866

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

19. Share Capital and Capital Surplus and Others

(1) The Parent Company’s outstanding share capital consists of shares with a par value of W100. The number of authorized and issued common shares and the details of share capital and capital surplus and others as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won, except for share data)
		September 30, 2025				December 31, 2024
Number of authorized shares			670,000,000				670,000,000
Number of issued shares			214,790,053				214,790,053
Share capital:
Common shares(*1)		W	30,493				30,493
Capital surplus and others:
Paid-in surplus			1,771,000				1,771,000
Treasury shares			(88,533	)			(92,962	)
Hybrid bonds(*2)			398,509				398,509
Share option(Note 20)			14,511				14,498
Others(*3)			(14,234,639	)			(14,045,981	)
		W	(12,139,152	)			(11,954,936	)

(*1) The Parent Company retired 4,043,091 treasury shares with reduction of its unappropriated retained earnings, and accordingly, the Parent Company’s shares issued have decreased without a change in share capital for the nine-month period ended September 30, 2024. Also, in 2002 and 2003, the Parent Company retired treasury shares with reduction of its retained earnings before appropriation, and as a result, the Parent Company’s issued shares have decreased without a change in share capital.

(*2) As there is no contractual obligation to deliver financial assets to the holders of hybrid bonds, the Parent Company classified the hybrid bonds as equity. When in liquidation or bankruptcy, these hybrid bonds are senior only to common shares.

(*3) Others primarily consist of the excess of the consideration paid by the Group over the carrying amount of net assets acquired from entities under common control.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

19. Share Capital and Capital Surplus and Others, Continued

(2) There were no changes in share capital for the nine-month periods ended September 30, 2025 and 2024, and details of shares outstanding as of September 30, 2025 and 2024 are as follows:

(In shares)

September 30, 2025

September 30, 2024

Issued shares

Treasury shares

Outstanding shares

Issued shares

Treasury shares

Outstanding shares

Shares outstanding

214,790,053

1,807,778

212,982,275

214,790,053

1,903,711

212,886,342

(3) Details of treasury shares as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won, except for share data)
		September 30, 2025				December 31, 2024
Number of shares(*)			1,807,778				1,903,711
Acquisition cost		W	88,533				92,962

(*) The Parent Company granted 91,073 treasury shares (acquisition cost: W4,191 million) upon exercise of stock options for the nine-month period ended September 30, 2025, resulting in a gain on disposal of treasury shares of W1,164 million. Also, the Parent Company distributed 4,860 treasury shares (acquisition cost: W238 million) as bonus payment to its employees, resulting in a gain on disposal of treasury shares of W24 million for the nine-month period ended September 30, 2025.

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SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

20. Share-based payment arrangement

20.1 Share-based payment arrangement of the Parent Company

(1) Terms and conditions related to the grants of the share-based payment arrangement are as follows:

1) Share-based payment arrangement with cash alternatives

Series

5(*)

6

7-1(*)

7-2

Grant date

March 26, 2020

March 25, 2021

March 25, 2022

Types of shares to be issued

Registered common shares of the Parent Company

Grant method

Reissue of treasury shares, Cash settlement

Number of shares (in share)

32,947

71,726

98,425

96,820

Exercise price (in won)

38,452

50,276

56,860

56,860

Exercise period

Mar. 27, 2023 ~ Mar. 26, 2027

Mar. 26, 2023 ~ Mar. 25, 2026

Mar. 26, 2025 ~ Mar. 25, 2029

Mar. 26, 2024 ~ Mar. 25, 2027

Vesting conditions

3 years’ service from the grant date

2 years’ service from the grant date

2 years’ service from the grant date

2 years’ service from the grant date

(*) For the nine-month period ended September 30, 2025, some portions of stock options granted in the 5^th series were exercised.

2) Cash-settled share-based payment arrangement

The entire amount of remaining share appreciation rights for shares of SK Telecom Co., Ltd. granted in 2022 was not exercised and was fully forfeited for the nine-month period ended September 30, 2025.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

20. Share-based payment arrangement, Continued

20.1 Share-based payment arrangement of the Parent Company, Continued:

(1) Terms and conditions related to the grants of the share-based payment arrangement are as follows, Continued:

3) Equity-settled share-based payment arrangement

The Parent Company established Performance Share Units (“PSU”) for executives of the Parent Company and major subsidiaries as part of the compensation based on the growth of corporate value for the year ended December 31, 2023, and the details are as follows:

		PSU of SK Telecom Co., Ltd.
Grant date		March 28, 2023		March 26, 2024
Types of shares to be issued		Registered common shares of the Parent Company
Grant method		Reissue of treasury shares
Number of shares(*)		Fluctuates according to the share price on the expiration date and the cumulative increase rate of KOSPI200
Reference share price (in won)		47,280		52,720
Reference index (KOSPI200)		315		362
Maturity (exercise date)		The day in which the annual general meeting of shareholders is held after 3 years from the grant date
Vesting conditions		Full service in the year in which the grant date is included

(*) The initial amount granted is a total of W10,813 million for 2023 and W12,835 million for 2024, and the amount calculated according to the adjustment rate based on the share price on the expiration date and the cumulative increase rate of KOSPI200 will be paid in shares.

(2) Share compensation expense for share-based payment arrangements with cash alternatives recognized for the nine-month period ended September 30, 2025 is as follows, and there is no remaining share compensation expense to be recognized in subsequent periods.

(In millions of won)
		Share compensation expense
As of December 31, 2024		W	158,596
For the nine-month period ended September 30, 2025			(194	)
		W	158,402

The liabilities recognized by the Parent Company in relation to the share-based payment arrangement with cash alternatives are W1,407 million and W7,283 million, respectively, which are included in accrued expenses as of September 30, 2025 and December 31, 2024.

As of December 31, 2024, the carrying amount of liabilities recognized by the Parent Company in relation to the cash-settled share-based payment arrangement was W305 million, and no liability was recognized as of September 30, 2025.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

20. Share-based payment arrangement, Continued

20.1 Share-based payment arrangement of the Parent Company, Continued:

(3) The Parent Company used option-pricing models, including the binomial model, on the measurement of the fair value of the share options and the inputs used in the model are as follows:

1) Share-based payment arrangement with cash alternatives

(i) SK Telecom Co., Ltd.

(In won)		Series
		5				6				7-1				7-2
Risk-free interest rate			2.47	%			2.30	%			2.65	%			2.47	%
Estimated option’s life			7 years				5 years				7 years				5 years
Share price on the remeasurement date			54,300				54,300				54,300				54,300
Expected volatility			17.20	%			17.20	%			17.20	%			17.20	%
Expected dividends yield			6.52	%			6.52	%			6.52	%			6.52	%
Exercise price			38,452				50,276				56,860				56,860
Per-share fair value of the option			15,848				4,475				3,401				2,370

(ii) SK Square Co., Ltd.

(In won)		Series
		5				6
Risk-free interest rate			1.52	%			1.55	%
Estimated option’s life			7 years				5 years
Share price (Closing price on the preceding day)			34,900				49,800
Expected volatility			8.10	%			25.70	%
Expected dividends yield			5.70	%			4.00	%
Exercise price			38,452				50,276
Per-share fair value of the option			192				8,142

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

20. Share-based payment arrangement, Continued

20.1 Share-based payment arrangement of the Parent Company, Continued:

(3) The Parent Company used option-pricing models, including the binomial model, on the measurement of the fair value of the share options and the inputs used in the model are as follows, Continued:

2) Equity-settled share-based payment arrangement

(In won)		Granted in 2023 PSU of SK Telecom Co., Ltd.				Granted in 2024 PSU of SK Telecom Co., Ltd.
Risk-free interest rate			3.26	%			3.30	%
Estimated option’s life			3 years				3 years
Share price on the grant date			48,500				54,100
Expected volatility			18.67	%			15.90	%
Expected dividends yield			4.90	%			5.40	%
Per-share fair value of the option			27,525				25,920

20.2 Share-based payment arrangement by SAPEON Inc., a subsidiary of the Parent Company

The entire amount of remaining share-based payment arrangement granted by SAPEON Inc. to its employees was not exercised and was fully forfeited for the nine-month period ended September 30, 2025.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

21. Retained Earnings

Retained earnings as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		September 30, 2025				December 31, 2024
Appropriated:
Legal reserve		W	22,320				22,320
Reserve for business expansion			10,131,138				9,981,138
Reserve for technology development			4,865,300				4,715,300
			14,996,438				14,696,438
Unappropriated			7,796,858				8,257,369
		W	22,815,616				22,976,127

22. Reserves

(1) Details of reserves, net of taxes, as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		September 30, 2025				December 31, 2024
Valuation gain on FVOCI		W	547,130				262,657
Other comprehensive income of investments in associates and joint ventures			396,196				315,283
Valuation gain (loss) on derivatives			1,490				(8,044	)
Foreign currency translation differences for foreign operations			50,404				77,047
		W	995,220				646,943

(2) Changes in reserves for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)
		Valuation gain (loss) on financial assets at FVOCI				Other comprehensive income of investments in associates and joint ventures				Valuation gain (loss) on derivatives				Foreign currency translation differences for foreign operations				Total
																					Balance as of January 1, 2024		W	176,208				182,702				(1,488	)			29,794				387,216
Changes, net of taxes			(15,620	)			22,797				(289	)			9,832				16,720
Balance as of September 30, 2024		W	160,588				205,499				(1,777	)			39,626				403,936
Balance as of January 1, 2025		W	262,657				315,283				(8,044	)			77,047				646,943
Changes, net of taxes			284,473				80,913				9,534				(26,643	)			348,277
Balance as of September 30, 2025		W	547,130				396,196				1,490				50,404				995,220

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

23. Other Operating Expenses

Details of other operating expenses for the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Communication		W	8,286				24,005				8,428				25,135
Utilities			163,935				429,897				147,357				407,858
Taxes and dues			4,372				42,636				4,419				37,357
Repair			101,138				305,214				103,512				320,805
Research and development			98,244				268,201				102,404				288,814
Training			8,143				19,912				7,715				21,233
Bad debt for accounts receivable – trade			12,789				32,672				9,130				33,658
Travel			3,103				11,376				3,925				14,566
Supplies and others			47,341				280,128				27,052				81,161
		W	447,351				1,414,041				413,942				1,230,587

24. Other Non-Operating Income and Expenses

Details of other non-operating income and expenses for the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Other Non-operating Income:
Gain on disposal of property and equipment and intangible assets		W	7,274				18,684				3,065				11,245
Others			7,143				31,978				5,345				20,737
		W	14,417				50,662				8,410				31,982
Other Non-operating Expenses:
Loss on disposal of property and equipment and intangible assets		W	2,512				6,474				4,497				8,721
Impairment loss on property and equipment and intangible assets			153				512				—				2
Donations			3,762				12,731				1,594				9,898
Bad debt (reversal) for accounts receivable – other			(498	)			2,814				583				2,913
Others			135,505				139,175				1,131				1,667
		W	141,434				161,706				7,805				23,201

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

25. Finance Income and Costs

(1) Details of finance income and costs for the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Finance Income:
Interest income		W	17,672				56,135				20,382				59,835
Dividends			12,136				44,587				5,294				27,982
Gain on foreign currency transactions			6,387				15,484				4,525				14,822
Gain on foreign currency translations			522				4,998				(2,316	)			1,791
Gain relating to financial instruments at FVTPL			252				669				991				19,236
		W	36,969				121,873				28,876				123,666
(In millions of won)		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Finance Costs:
Interest expenses		W	97,374				290,020				97,470				301,584
Loss on sale of accounts receivable – other			4,449				13,217				7,382				28,426
Loss on foreign currency transactions			8,550				22,344				7,110				14,467
Loss on foreign currency translations			(2,773	)			3,757				(40	)			2,860
Loss relating to financial instruments at FVTPL			(21	)			80				95,353				95,419
Loss on settlement of derivatives			—				7,298				—				—
Loss on repayment of debentures			(5	)			465				—				—
Other finance costs			—				23,356				—				—
		W	107,574				360,537				207,275				442,756

(2) Details of interest income included in finance income for the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Interest income on cash equivalents and financial instruments		W	10,319				37,404				13,602				39,878
Interest income on loans and others			7,353				18,731				6,780				19,957
		W	17,672				56,135				20,382				59,835

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

25. Finance Income and Costs, Continued

(3) Details of interest expenses included in finance costs for the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Interest expense on borrowings		W	5,831				21,216				7,072				24,029
Interest expense on debentures			71,350				207,643				67,848				206,077
Others			20,193				61,161				22,550				71,478
		W	97,374				290,020				97,470				301,584

(4) Details of impairment losses for financial assets for the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Accounts receivable – trade		W	12,789				32,672				9,130				33,658
Other receivables			(498	)			2,814				583				2,913
		W	12,291				35,486				9,713				36,571

26. Income Tax Expense

The income tax expense was calculated by considering current tax expense, adjusted for changes in estimates related to prior periods, and deferred tax expense due to origination and reversal of temporary differences and income tax expense that relates to items recognized outside profit or loss.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

27. Earnings (loss) per Share

Earnings (loss) per share is calculated for profit (loss) attributable to owners of the Parent Company per common share and dilutive potential common share, and details are as follows:

(1) Basic earnings (loss) per share

1) Basic earnings (loss) per share for the three and nine-month periods ended September 30, 2025 and 2024 are calculated as follows:

(In millions of won, except for share data and basic earnings per share)
		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Basic earnings (loss) per share attributable to owners of the Parent Company:
Profit (loss) attributable to owners of the Parent Company		W	(158,198	)			295,862				268,905				959,297
Interest on hybrid bonds			(4,950	)			(14,850	)			(4,950	)			(14,850	)
Profit (loss) attributable to owners of the Parent Company on common shares			(163,148	)			281,012				263,955				944,447
Weighted average number of common shares outstanding			212,982,275				212,943,216				212,886,342				212,835,311
Basic earnings (loss) per share (in won)		W	(766	)			1,320				1,240				4,437

2) Weighted average number of common shares outstanding for the three and nine-month periods ended September 30, 2025 and 2024 are calculated as follows:

(In shares)		Number of common shares				Weighted average number of common shares
						Three-month period ended September 30				Nine-month period ended September 30
Issued shares as of January 1, 2025			214,790,053				214,790,053				214,790,053
Treasury shares as of January 1, 2025			(1,903,711	)			(1,903,711	)			(1,903,711	)
Disposal of treasury shares			95,933				95,933				56,874
			212,982,275				212,982,275				212,943,216

(In shares)		Number of common shares				Weighted average number of common shares
						Three-month period ended September 30				Nine-month period ended September 30
Issued shares as of January 1, 2024			218,833,144				218,833,144				218,833,144
Treasury shares as of January 1, 2024			(6,133,414	)			(6,133,414	)			(6,133,414	)
Acquisition of treasury shares			(317,000	)			(317,000	)			(314,748	)
Disposal of treasury shares			503,612				503,612				450,329
			212,886,342				212,886,342				212,835,311

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

27. Earnings (loss) per Share, Continued

(2) Diluted earnings (loss) per share

1) Diluted earnings (loss) per share for the three and nine-month periods ended September 30, 2025 and 2024 are calculated as follows:

(In millions of won, except for share data and diluted earnings per share)
		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Profit (loss) attributable to owners of the Parent Company on common shares		W	(163,148	)			281,012				263,955				944,447
Adjusted weighted average number of common shares outstanding			212,982,275				213,193,075				213,479,404				213,414,191
Diluted earnings (loss) per share (in won)		W	(766	)			1,318				1,236				4,425

2) Adjusted weighted average number of common shares outstanding for the three and nine-month periods ended September 30, 2025 and 2024 are calculated as follows:

(In shares)
		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Outstanding shares as of January 1			212,886,342				212,886,342				212,699,730				212,699,730
Effect of treasury shares			95,933				56,874				186,612				135,581
Effect of share option(*)			—				249,859				593,062				578,880
Adjusted weighted average number of common shares outstanding			212,982,275				213,193,075				213,479,404				213,414,191

(*) For the three-month period ended September 30, 2025, there were no dilutive effects from potential common shares, as the Group incurred a net loss. Accordingly, the diluted loss per share is equal to the basic loss per share.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

28. Categories of Financial Instruments

(1) Financial assets by category as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		September 30, 2025
		Financial assets at FVTPL				Equity instruments at FVOCI				Financial assets at amortized cost				Derivatives hedging instrument				Total
Cash and cash equivalents		W	570,587				—				814,136				—				1,384,723
Short-term investment securities			20,105				—				—				—				20,105
Financial instruments			15,000				—				266,311				—				281,311
Long-term investment securities(*)			135,983				1,641,857				—				—				1,777,840
Accounts receivable – trade			—				—				2,031,146				—				2,031,146
Loans and other receivables			296,829				—				767,231				—				1,064,060
Derivative financial assets			67,217				—				—				153,736				220,953
		W	1,105,721				1,641,857				3,878,824				153,736				6,780,138

(*) The Group designated W1,641,857 million of equity instruments that are not held for trading as financial assets at FVOCI.

(In millions of won)
		December 31, 2024
		Financial assets at FVTPL				Equity instruments at FVOCI				Financial assets at amortized cost				Derivatives hedging instrument				Total
Cash and cash equivalents(*1)		W	310,721				—				1,713,000				—				2,023,721
Financial instruments(*1)			5,000				—				319,263				—				324,263
Long-term investment securities(*2)			138,789				1,739,133				—				—				1,877,922
Accounts receivable – trade(*1)			—				—				2,000,382				—				2,000,382
Loans and other receivables(*1)			223,761				—				697,216				—				920,977
Derivative financial assets			70,311				—				—				270,797				341,108
		W	748,582				1,739,133				4,729,861				270,797				7,488,373

(*1) Financial assets reclassified as assets held for sale as of December 31, 2024 are not included.

(*2) The Group designated W1,739,133 million of equity instruments that are not held for trading as financial assets at FVOCI.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

28. Categories of Financial Instruments, Continued

(2) Financial liabilities by category as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)		September 30, 2025
		Financial liabilities at FVTPL				Financial liabilities at amortized cost				Derivatives hedging instrument				Total
Accounts payable – trade		W	—				192,507				—				192,507
Derivative financial liabilities			15,387				—				1,340				16,727
Borrowings			—				756,250				—				756,250
Debentures			—				8,545,564				—				8,545,564
Lease liabilities(*)			—				1,529,473				—				1,529,473
Accounts payable - other and others			—				3,395,855				—				3,395,855
		W	15,387				14,419,649				1,340				14,436,376

(*) The categorization of financial liabilities is not applicable to lease liabilities, but they are classified as financial liabilities measured at amortized cost, considering the nature of measuring liabilities.

(In millions of won)		December 31, 2024
		Financial liabilities at FVTPL				Financial liabilities at amortized cost				Derivatives hedging instrument				Total
Accounts payable – trade		W	—				126,508				—				126,508
Derivative financial liabilities			2,689				—				748				3,437
Borrowings			—				615,600				—				615,600
Debentures			—				8,511,280				—				8,511,280
Lease liabilities(*1,2)			—				1,637,951				—				1,637,951
Accounts payable - other and others(*2)			—				5,018,850				—				5,018,850
		W	2,689				15,910,189				748				15,913,626

(*1) The categorization of financial liabilities is not applicable to lease liabilities, but they are classified as financial liabilities measured at amortized cost, considering the nature of measuring liabilities.

(*2) Financial liabilities reclassified as liabilities held for sale as of December 31, 2024 are not included.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

29. Financial Risk Management

(1) Financial risk management

The Group is exposed to market risk, credit risk and liquidity risk. Market risk is the risk related to the changes in market prices, such as foreign exchange rates, interest rates and price fluctuations. The Group implements a risk management system to monitor and manage these specific risks.

The Group’s financial assets consist of cash and cash equivalents, financial instruments, long-term investment securities, accounts receivable – trade and other, etc. Financial liabilities consist of accounts payable – other and others, borrowings, debentures, lease liabilities and others.

1) Market risk

(i) Currency risk

The Group incurs foreign exchange position due to revenues and expenses from its global operations. Major foreign currencies where currency risk exists are USD, EUR and others. The Group determines its currency risk management policy after considering the nature of business and the presence of methods that mitigate the currency risk on each Group entity basis. The Group regularly evaluates, manages and reports foreign exchange exposure risk through the management systems to receivables and payables denominated in foreign currencies. Currency risk arises from forecasted transactions and recognized assets and liabilities which are denominated in a currency other than the functional currency of each group entity.

Monetary assets and liabilities denominated in foreign currencies as of September 30, 2025 are as follows:

(In millions of won, thousands of foreign currencies)
		Assets								Liabilities
		Foreign currencies				Won equivalent				Foreign currencies				Won equivalent
USD			156,344			W	219,227				1,034,339			W	1,450,350
EUR			12,481				20,526				8				14
Others			—				564				—				1,583
						W	240,317							W	1,451,947

In addition, the Group has entered into cross currency swaps to hedge against currency risk related to foreign currency debentures.

As of September 30, 2025, a hypothetical change in exchange rates by 10% would have increased (decreased) the Group’s profit before income tax and equity as follows:

(In millions of won)
		Profit before income tax								Equity
		If increased by 10%				If decreased by 10%				If increased by 10%				If decreased by 10%
USD		W	16,492				(16,492	)		W	12,308				(12,308	)
EUR			2,052				(2,052	)			1,531				(1,531	)
Others			(102	)			102				(76	)			76
		W	18,442				(18,442	)		W	13,763				(13,763	)

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

29. Financial Risk Management, Continued

(1) Financial risk management, Continued

1) Market risk, Continued

(ii) Interest rate risk

The interest rate risk of the Group arises from borrowings, debentures and long-term payables – other. Since the Group’s interest-bearing assets are mostly fixed-interest bearing assets, the Group’s revenue and operating cash flows from the interest-bearing assets are not influenced by the changes in market interest rates.

The Group performs various analysis to reduce interest rate risk and to optimize its financing. To minimize risks arising from changes in interest rates, the Group takes various measures, such as refinancing, renewal, alternative financing and hedging.

As of September 30, 2025, the par values of floating-rate borrowings and debentures amount to W200,000 million and W420,660 million, respectively, and the Group has entered into interest rate swaps to hedge interest rate risk related to the floating-rate borrowings and debentures. Therefore, profit before income tax for the nine-month period ended September 30, 2025 would not have been affected by the changes in interest rates of floating-rate borrowings and debentures.

As of September 30, 2025, the floating-rate long-term payables – other amount to W551,925 million. Assuming all other variables remain constant, the impact of changes in the interest rate of long-term payables – other by 1%p on profit before income tax and equity for the nine-month period ended September 30, 2025 is as follows.

(In millions of won)
		Profit before income tax								Equity
		If increased by 1%p				If decreased by 1%p				If increased by 1%p				If decreased by 1%p
		W	(4,139	)			4,139			W	(3,089	)			3,089

(iii) Price fluctuations risk

As of September 30, 2025, the Group holds equity instruments in an active trading market and is exposed to price fluctuation risk accordingly. Assuming all other variables remain constant, the impact of changes in per-share stock price of the equity securities on profit before income tax and equity for the nine-month period ended September 30, 2025 is as follows.

(In millions of won)

Profit before income tax

Equity

If increased by 10%

If decreased by 10%

If increased by 10%

If decreased by 10%

W

—

—

W

70,406

(70,406

)

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

29. Financial Risk Management, Continued

(1) Financial risk management, Continued

2) Credit risk

Maximum credit exposure as of September 30, 2025 and December 31, 2024 is as follows:

(In millions of won)
		September 30, 2025				December 31, 2024
Cash and cash equivalents		W	1,384,533				2,023,543
Financial instruments			281,311				324,263
Long-term investment securities			2,603				2,205
Accounts receivable – trade			2,031,146				2,000,382
Contract assets			181,637				136,737
Loans and other receivables			1,064,060				920,977
Derivative financial assets			220,953				341,108
		W	5,166,243				5,749,215

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. To manage credit risk, the Group evaluates the credit worthiness of each customer or counterparty by considering the party’s financial information, its own trading records and other factors. Based on such information, the Group establishes credit limits for each customer or counterparty.

The Group establishes a loss allowance in respect of accounts receivable – trade. The main components of this allowance are a specific loss component that relates to individually significant exposures and a collective loss component established for groups of similar assets in respect of losses that are expected to occur. The collective loss allowance is determined based on historical data of collection statistics for similar financial assets. Also, the Group’s credit risk can arise from transactions with financial institutions related to its cash and cash equivalents, financial instruments and derivatives. To minimize such risk, the Group has a policy to deal only with financial institutions with high credit ratings.

The Group’s maximum exposure to credit risk is equal to each financial asset’s carrying amount as of September 30, 2025.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

29. Financial Risk Management, Continued

(1) Financial risk management, Continued

3) Liquidity risk

The Group’s approach to managing liquidity is to ensure that it will always maintain sufficient cash and cash equivalents balances and have enough liquidity through various committed credit lines. The Group maintains enough liquidity within credit lines through active operating activities.

Contractual maturities of financial liabilities as of September 30, 2025 are as follows:

(In millions of won)
		Carrying amount				Contractual cash flows				Less than 1 year				1 – 5 years				More than 5 years
Accounts payable – trade		W	192,507				192,507				192,507				—				—
Borrowings(*)			756,250				766,817				263,733				503,084				—
Debentures(*)			8,545,564				9,741,396				1,294,944				6,237,933				2,208,519
Lease liabilities			1,529,473				1,769,662				412,401				985,746				371,515
Accounts payable – other and others(*)			3,395,855				3,416,217				3,215,154				201,063				—
		W	14,419,649				15,886,599				5,378,739				7,927,826				2,580,034

(*) The contractual cash flow is amount that includes estimated interest payables.

The Group does not expect that the cash flows included in the maturity analysis could occur significantly earlier or in significantly different amounts.

As of September 30, 2025, periods in which cash flows from cash flow hedge derivatives are expected to occur are as follows:

(In millions of won)
		Carrying amount				Contractual cash flows				Less than 1 year				1 - 5 years
Assets		W	153,736				158,511				20,583				137,928
Liabilities			(1,340	)			(1,359	)			(1,058	)			(301	)

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

29. Financial Risk Management, Continued

(2) Capital management

The Group manages its capital to ensure that it will be able to continue as a going concern while maximizing the return to shareholders through the optimization of its debt and equity structure. The overall strategy of the Group is the same as that of the Group as of and for the year ended December 31, 2024.

The Group monitors its debt-equity ratio as a capital management indicator. This ratio is calculated as total liabilities divided by total equity from the consolidated financial statements.

Debt-equity ratio as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		September 30, 2025				December 31, 2024
Total liabilities		W	17,086,403				18,687,621
Total equity			11,808,944				11,827,634
Debt-equity ratios			144.69	%			158.00	%

(3) Fair value

1) Fair value and carrying amount of financial assets and liabilities, including fair value hierarchy as of September 30, 2025 are as follows:

(In millions of won)		September 30, 2025
		Carrying amount				Level 1				Level 2				Level 3				Total
Financial assets that are measured at fair value:
FVTPL		W	1,105,721				—				902,521				203,200				1,105,721
Derivative hedging instruments			153,736				—				153,736				—				153,736
FVOCI			1,641,857				943,423				224,640				473,794				1,641,857
		W	2,901,314				943,423				1,280,897				676,994				2,901,314
Financial liabilities that are measured at fair value:
FVTPL		W	15,387				—				—				15,387				15,387
Derivative hedging instruments			1,340				—				1,340				—				1,340
		W	16,727				—				1,340				15,387				16,727
Financial liabilities that are not measured at fair value:
Borrowings		W	756,250				—				758,981				—				758,981
Debentures			8,545,564				—				8,655,481				—				8,655,481
Long-term payables – other			546,136				—				551,765				—				551,765
		W	9,847,950				—				9,966,227				—				9,966,227

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

29. Financial Risk Management, Continued

(3) Fair value, Continued

2) Fair value and carrying amount of financial assets and liabilities, including fair value hierarchy as of December 31, 2024 are as follows:

(In millions of won)
		December 31, 2024
		Carrying amount				Level 1				Level 2				Level 3				Total
Financial assets that are measured at fair value:
FVTPL		W	748,582				—				539,481				209,101				748,582
Derivative hedging instruments			270,797				—				270,797				—				270,797
FVOCI			1,739,133				1,088,578				171,967				478,588				1,739,133
		W	2,758,512				1,088,578				982,245				687,689				2,758,512
Financial liabilities that are measured at fair value:
FVTPL		W	2,689				—				—				2,689				2,689
Derivative hedging instruments			748				—				748				—				748
		W	3,437				—				748				2,689				3,437
Financial liabilities that are not measured at fair value:
Borrowings		W	615,600				—				619,325				—				619,325
Debentures			8,511,280				—				8,582,255				—				8,582,255
Long-term payables – other			907,720				—				930,604				—				930,604
		W	10,034,600				—				10,132,184				—				10,132,184

The above information does not include fair values of financial assets and liabilities of which fair values have not been measured as carrying amounts are reasonable approximation of fair values.

Fair value of the financial instruments that are traded in an active market (financial assets at FVTPL and financial assets at FVOCI) is measured based on the bid price at the end of the reporting date.

The Group uses various valuation methods for determination of fair value of financial instruments that are not traded in an active market. Derivative financial contracts and long-term liabilities are measured using the discounted present value methods. Other financial assets are determined using the methods, such as discounted cash flow and market approach. Inputs used in such valuation methods include swap rate, interest rate, risk premium, and the volatility of stock price, and the Group performs valuation using the inputs which are consistent with natures of assets and liabilities measured.

Interest rates used by the Group for the fair value measurement as of September 30, 2025 are as follows:

		Interest rate
Derivative instruments		2.08% ~ 6.80%
Borrowings and debentures		2.69% ~ 3.02%
Long-term payables – other		2.58% ~ 2.78%

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

29. Financial Risk Management, Continued

(3) Fair value, Continued

3) There have been no transfers between Level 1 and Level 2 for the nine-month period ended September 30, 2025. The changes in financial assets and liabilities classified as Level 3 for the nine-month period ended September 30, 2025 are as follows:

(In millions of won)
		Balance as of January 1, 2025				Gain				OCI				Acquisition				Disposal				Transfer				Balance as of September 30, 2025
Financial assets
FVTPL		W	209,101				17				(2,735	)			6,582				(14,861	)			5,096				203,200
FVOCI			478,588				—				(3,171	)			1,437				(3,060	)			—				473,794
		W	687,689				17				(5,906	)			8,019				(17,921	)			5,096				676,994
Financial liabilities
FVTPL		W	(2,689	)			—				581				(13,279	)			—				—				(15,387	)

(4) Enforceable master netting agreement or similar agreement

Carrying amounts of financial instruments recognized to which offset agreements are applicable as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)		September 30, 2025
		Gross financial instruments recognized				Amount offset				Net financial instruments presented on the condensed consolidated interim statement of financial position
Financial assets:
Accounts receivable – trade and others		W	203,133				(188,905	)			14,228
Financial liabilities:
Accounts payable – other and others		W	193,447				(188,905	)			4,542
(In millions of won)		December 31, 2024
		Gross financial instruments recognized				Amount offset				Net financial instruments presented on the consolidated statement of financial position
Financial assets:
Accounts receivable – trade and others		W	186,284				(174,372	)			11,912
Financial liabilities:
Accounts payable – other and others		W	180,323				(174,372	)			5,951

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

30. Transactions with Related Parties

(1) List of related parties

Relationship		Company
Ultimate controlling entity		SK Inc.
Joint venture		UTC Kakao-SK Telecom ESG Fund
Associates		SK China Company Ltd. and 44 others
Others		The ultimate controlling entity’s subsidiaries, associates and others

As of September 30, 2025, the Group belongs to SK Group, a conglomerate as defined in the Monopoly Regulation and Fair Trade Act of the Republic of Korea. All of the other entities included in SK Group are considered related parties of the Group.

(2) Compensation for the key management

The Parent Company considers registered directors who have substantial role and responsibility in planning, operations, and relevant controls of the business as key management. The compensations given to such key management for the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Salaries		W	894				5,833				768				4,906
Defined benefits plan expenses			159				680				204				1,159
Share option			(201	)			(69	)			1,169				882
		W	852				6,444				2,141				6,947

Compensation for the key management include salaries, non-monetary salaries and defined benefits made in relation to the pension plan and compensation expenses related to share options granted.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

30. Transactions with Related Parties, Continued

(3) Transactions with the related parties for the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)
				For the period ended September 30, 2025
				Operating revenue and others								Operating expenses and others(*1)								Acquisition of property and equipment and others
Scope		Company		Three- month				Nine- month				Three- month				Nine- month				Three- month				Nine- month
Ultimate controlling entity		SK Inc.(*2)		W	11,290				21,104				148,567				484,779				74,554				138,805
Associates		SK m&service Co., Ltd.			599				2,838				10,521				22,024				237				843
		Others(*3,4)			3,743				13,435				2,081				19,268				69,012				69,012
					4,342				16,273				12,602				41,292				69,249				69,855
Others		SK Innovation Co., Ltd.			1,800				5,498				5,033				14,432				—				2,050
		SK Energy Co., Ltd.			398				1,201				6				69				—				—
		SK Geo Centric Co., Ltd.			154				522				—				13				—				—
		SK Networks Co., Ltd.(*5)			3,552				9,159				338,914				779,461				—				—
		SK Networks Service Co., Ltd.			1,314				3,950				14,993				45,285				652				1,021
		SK Ecoplant Co., Ltd.			947				2,165				143				143				—				—
		SK hynix Inc.			16,920				49,523				511				779				—				—
		SK Shieldus Co., Ltd.			14,370				42,296				43,143				118,094				3,629				12,560
		Content Wavve Corp.			748				8,360				16				33,052				—				—
		Eleven Street Co., Ltd.			20,571				54,275				7,655				21,868				—				—
		SK Planet Co., Ltd.			1,754				6,469				17,541				54,770				1,041				1,151
		SK intellix Co.,Ltd. (Formerly, SK Magic Co., Ltd.)			287				1,000				272				882				—				—
		Tmap Mobility Co., Ltd.			2,181				10,713				1,406				4,001				—				—
		One Store Co., Ltd.			2,928				9,451				8				29				—				—
		Dreamus Company			578				3,417				11,763				38,842				—				—
		UNA Engineering Inc.			24				69				13,910				40,918				9,502				21,088
		Happy Narae Co., Ltd.			84				625				2,768				12,118				9,002				14,916
		Others			9,941				29,183				10,983				41,723				—				19,803
					78,551				237,876				469,065				1,206,479				23,826				72,589
				W	94,183				275,253				630,234				1,732,550				167,629				281,249

(*1) Operating expenses and others include lease payments by the Group.

(*2) Operating expenses and others include W177,961 million of dividends paid by the Parent Company.

(*3) The disposal of the shares in F&U Credit Information Co., Ltd. held by the Group was completed on April 4, 2025, and the transactions subsequent to the disposal have not been included.

(*4) Operating revenue and others include W10,753 million of dividends received which was deducted from the investment in associates.

(*5) Operating expenses and others include costs for handset purchases amounting to W726,920 million.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

30.  Transactions with Related Parties, Continued

(3) Transactions with the related parties for the three and nine-month periods ended September 30, 2025 and 2024 are as follows, Continued:

(In millions of won)
				For the period ended September 30, 2024
				Operating revenue and others								Operating expenses and others(*1)								Acquisition of property and equipment and others
Scope		Company		Three- month				Nine- month				Three- month				Nine- month				Three- month				Nine- month
Ultimate controlling entity		SK Inc.(*2)		W	4,714				13,908				157,323				486,441				28,759				44,034
Associates		F&U Credit information Co., Ltd.			863				2,427				12,131				36,774				—				203
		Daehan Kanggun BcN Co., Ltd.			3,565				9,227				—				—				—				—
		Others(*3)			1,270				8,033				2,406				9,742				—				—
					5,698				19,687				14,537				46,516				—				203
Others		SK Innovation Co., Ltd.			4,520				12,170				4,988				12,656				—				—
		SK Energy Co., Ltd.			713				2,401				(20	)			166				—				—
		SK Geo Centric Co., Ltd.			177				584				1				2				—				—
		SK Networks Co., Ltd.(*4)			1,216				4,106				293,767				740,061				—				—
		SK Networks Service Co., Ltd.			1,281				3,884				17,457				49,296				1,205				1,983
		SK Ecoplant Co., Ltd.			775				1,863				—				—				—				—
		SK hynix Inc.			13,926				36,465				39				189				—				—
		SK Shieldus Co., Ltd.			16,583				45,950				37,026				112,787				2,327				5,388
		Content Wavve Corp.			3,992				9,151				22,903				63,245				—				—
		Eleven Street Co., Ltd.			17,065				51,403				8,198				22,565				—				—
		SK Planet Co., Ltd.			4,818				12,039				21,996				62,296				719				9,355
		SK RENT A CAR Co., Ltd.(*5)			2,069				8,336				3,607				14,462				—				169
		SK intellix Co.,Ltd. (Formerly, SK Magic Co., Ltd.)			358				1,162				144				484				—				—
		Tmap Mobility Co., Ltd.			5,802				18,419				1,525				4,748				—				—
		One Store Co., Ltd.			3,357				11,629				428				1,175				—				—
		Dreamus Company			1,389				4,175				16,620				49,980				265				265
		UNA Engineering Inc.			21				67				13,807				39,741				9,275				17,583
		Happy Narae Co., Ltd.			361				975				3,630				9,977				20,777				44,899
		Others			11,399				35,146				4,491				14,175				678				17,400
					89,822				259,925				450,607				1,198,005				35,246				97,042
				W	100,234				293,520				622,467				1,730,962				64,005				141,279

(*1) Operating expenses and others include lease payments by the Group.

(*2) Operating expenses and others include W177,961 million of dividends paid by the Parent Company.

(*3) Operating revenue and others include W5,780 million of dividends received which was deducted from the investment in associates.

(*4) Operating expenses and others include costs for handset purchases amounting to W702,398 million.

(*5) SK RENT A CAR Co., Ltd. was excluded from the related parties for the nine-month period ended September 30, 2024, and the transactions above occurred before the related party relationship terminated.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

30. Transactions with Related Parties, Continued

(4) Account balances with the related parties as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)				September 30, 2025
				Receivables								Payables
Scope		Company		Loans				Accounts receivable – trade, etc.				Accounts payable – other, etc.
Ultimate controlling entity		SK Inc.		W	—				4,746				121,155
Associates		Daehan Kanggun BcN Co., Ltd.(*)			22,147				—				—
		SK m&service Co., Ltd.			—				630				47,660
		Others			—				1,212				4,089
					22,147				1,842				51,749
Others		SK Innovation Co., Ltd.			—				3,256				22,181
		SK Networks Co., Ltd.			—				862				208,252
		Mintit Co., Ltd.			—				2,554				14
		SK hynix Inc.			—				16,052				117
		Happy Narae Co., Ltd.			—				86				5,334
		SK Shieldus Co., Ltd.			—				13,821				21,897
		Content Wavve Corp.			—				57				9
		Incross Co., Ltd.			—				1,411				5,927
		Eleven Street Co., Ltd.			—				31,299				3,903
		SK Planet Co., Ltd.			—				273				5,980
		UNA Engineering Inc.			—				—				12,464
		Others			—				8,175				25,144
					—				77,846				311,222
				W	22,147				84,434				484,126

(*) As of September 30, 2025, the Parent Company recognized loss allowance for the entire balance of loans to Daehan Kanggun BcN Co., Ltd.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

30. Transactions with Related Parties, Continued

(4) Account balances with the related parties as of September 30, 2025 and December 31, 2024 are as follows, Continued:

(In millions of won)				December 31, 2024
				Receivables								Payables
Scope		Company		Loans				Accounts receivable – trade, etc.				Accounts payable –  other, etc.
Ultimate controlling entity		SK Inc.		W	—				1,668				76,471
Associates		F&U Credit information Co., Ltd.			—				54				4,610
		Daehan Kanggun BcN Co., Ltd.(*)			22,147				—				—
		Others			—				5,158				7,001
					22,147				5,212				11,611
Others		SK Innovation Co., Ltd.			—				6,531				28,326
		SK Networks Co., Ltd.			—				372				140,120
		Mintit Co., Ltd.			—				4				—
		SK hynix Inc.			—				12,680				206
		Happy Narae Co., Ltd.			—				52				17,833
		SK Shieldus Co., Ltd.			—				12,582				20,515
		Content Wavve Corp.			—				1,564				7
		Incross Co., Ltd.			—				1,946				20,353
		Eleven Street Co., Ltd.			—				16,637				4,750
		SK Planet Co., Ltd.			—				980				15,491
		UNA Engineering Inc.			—				—				25,498
		Others			—				12,703				27,981
					—				66,051				301,080
				W	22,147				72,931				389,162

(*) As of December 31, 2024, the Parent Company recognized loss allowance for the entire balance of loans to Daehan Kanggun BcN Co., Ltd.

(5) The Group has granted SK REIT Co., Ltd. the right of first offer regarding the disposal of specified real estates owned by the Group. Whereby, the negotiation period is within three to five years from June 30, 2021, when the agreement was signed, and the negotiation period for the real estate that matured after the first three-year period was extended by three years as of June 30, 2024. In addition, the Group has been granted the right by SK REIT Co., Ltd. to lease the real estate in preference to a third party if SK REIT Co., Ltd. purchases the real estate from the Group.

(6) The details of additional investments and disposal of associates for the nine-month period ended September 30, 2025 are as presented in note 10.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

31. Commitments and Contingencies

(1) Collateral assets and commitments

SK Broadband Co., Ltd., a subsidiary of the Parent Company, has pledged its properties as collateral for leases on buildings in the amount of W1,198 million as of September 30, 2025.

(2) Legal claims and litigations

As of September 30, 2025, the Group is involved in various legal claims and litigations. The provision recognized in relation to these claims and litigations is immaterial. In connection with those legal claims and litigations for which no provision was recognized, management does not believe the Group has a present obligation, nor is it expected any of these claims or litigations will have a material impact on the Group’s financial position or operating results in the event an outflow of resources is ultimately necessary.

(3) Accounts receivable from sale of handsets

Retail stores and authorized dealers of the Parent Company sell handsets to the Parent Company’s subscribers on an installment basis. The Parent Company entered into comprehensive agreements to purchase accounts receivable from handset sales with the retail stores and authorized dealers and to transfer the accounts receivable from handset sales to special purpose companies which were established with the purpose of liquidating receivables, respectively.

The accounts receivable from sale of handsets amounting to W314,994 million and W241,962 million as of September 30, 2025 and December 31, 2024, respectively, which the Parent Company purchased according to the relevant comprehensive agreement, are recognized as accounts receivable – other and long-term accounts receivable – other.

(4) Obligation relating to spin-off

The Parent Company carried out the spin-off of its business of managing investments in semiconductor, New Information and Communication Technologies(“ICT”) and other businesses and making new investments on November 1, 2021. The Parent Company has obligation to jointly and severally reimburse the Parent Company’s liabilities incurred prior to the spin-off with SK Square Co., Ltd., the spin-off company, in accordance with Article 530-9 (1) of Korean Commercial Act.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

31. Commitments and Contingencies, Continued

(5) According to the covenant for bond issuance and borrowings, the Group is required to maintain specific financial ratios, such as the debt ratio at certain levels. The funds obtained must be used for specified purposes only, and regular reporting to lenders is mandated. Additionally, the contracts include clauses that restrict both provision of additional collateral of assets held by the Group and disposal of certain assets.

(6) The Parent Company entered into a contract with SK Inc. for the use of Amazon Web Services (“AWS”). In accordance with the contract, the Parent Company is entitled to receive AWS services for a ten-year period beginning in July 2025, with a total contract value of USD 800,000,000.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

32. Statements of Cash Flows

(1) Adjustments for income and expenses from operating activities for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)		For the nine-month period ended
		September 30, 2025				September 30, 2024
Interest income		W	(56,135	)			(59,835	)
Dividends			(44,587	)			(27,982	)
Gain on foreign currency translations			(4,998	)			(1,791	)
Gain (loss) relating to investments in subsidiaries, associates and joint ventures, net			19,956				(24,685	)
Gain on disposal of property and equipment and intangible assets			(18,684	)			(11,245	)
Gain relating to financial instruments at FVTPL			(669	)			(19,236	)
Other finance costs			23,356				—
Interest expenses			290,020				301,584
Loss on foreign currency translations			3,757				2,860
Loss on repayment of debentures			465				—
Loss on sale of accounts receivable – other			13,217				28,426
Income tax expense			306,327				291,346
Expense related to defined benefit plan			91,821				92,866
Share option expenses (reversal)			(499	)			5,460
Bonus paid by treasury shares			262				24,988
Depreciation and amortization			2,689,663				2,771,886
Bad debt for accounts receivable – trade			32,672				33,658
Impairment loss on property and equipment and intangible assets			512				2
Loss on disposal of property and equipment and intangible assets			6,474				8,721
Bad debt for accounts receivable – other			2,814				2,913
Loss relating to financial instruments at FVTPL			80				95,419
Loss on settlement of derivatives			7,298				—
Other income (expenses)			22,860				(3,183	)
		W	3,385,982				3,512,172

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

32. Statements of Cash Flows, Continued

(2) Changes in assets and liabilities from operating activities for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)		For the nine-month period ended
		September 30, 2025				September 30, 2024
Accounts receivable – trade		W	(39,147	)			(189,225	)
Accounts receivable – other			(190,572	)			(40,419	)
Advanced payments			9,746				(17,757	)
Prepaid expenses			(343,662	)			(35,026	)
Inventories			(15,958	)			(43,607	)
Long-term accounts receivable – other			30,567				(43,303	)
Contract assets			(48,742	)			(7,891	)
Guarantee deposits			22,895				2,780
Accounts payable – trade			66,335				25,357
Accounts payable – other			(44,042	)			(160,901	)
Withholdings			58,665				235,215
Contract liabilities			133,496				14,494
Deposits received			7,929				438
Accrued expenses			192,537				71,138
Provisions			(383	)			(23	)
Long-term provisions			(709	)			(246	)
Plan assets			117,151				62,816
Retirement benefits payment			(170,851	)			(90,685	)
Others			(3,435	)			(2,808	)
		W	(218,180	)			(219,653	)

(3) Material non-cash transactions for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)		For the nine-month period ended
		September 30, 2025				September 30, 2024
Decrease in accounts payable – other relating to the acquisition of property and equipment and intangible assets		W	(308,236	)			(408,442	)
Increase of right-of-use assets			194,968				246,155
Transfer from property and equipment to investment property			23,346				(1,338	)

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

33. Emissions Liabilities

(1) Quantities of emissions rights allocated free of charge for each implementation year as of September 30, 2025 are as follows:

(In tCO2-eQ)
		Quantities allocated in 2021				Quantities allocated in 2022				Quantities allocated in 2023				Quantities allocated in 2024				Quantities allocated in 2025				Total
Emissions rights allocated free of charge(*)			1,385,433				1,602,751				1,736,918				1,766,850				1,597,964				8,089,916

(*) The finalized changes in quantity due to additional allocation, cancellation of allocation and others are considered.

(2) Changes in emissions rights quantities the Group held are as follows:

(In tCO2-eQ)
		Quantities allocated in 2023				Quantities allocated in 2024				Quantities allocated in the nine-month period ended September 30, 2025				Total
Beginning			306,575				414,356				517,280				1,238,211
Allocation at no cost			1,736,918				1,766,850				1,597,964				5,101,732
Sale			(56,266	)			(41,446	)			(250,738	)			(348,450	)
Surrender or shall be surrendered			(1,572,871	)			(1,622,480	)			(1,864,506	)			(5,059,857	)
Ending			414,356				517,280				—				931,636

(3) As of September 30, 2025, the estimated annual greenhouse gas emissions quantities of the Group are 1,864,506 tCO2-eQ.

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

34. Assets and Liabilities Held for Sale

Assets and liabilities held for sale as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
				September 30, 2025				December 31, 2024
Assets:
Disposal Groups(*1)		Cash and cash equivalents		W	—				22,986
		Accounts receivable – trade and other, net			—				71,401
		Prepaid expenses			—				1,127
		Inventories, net			—				3,740
		Property and equipment, net			—				17,412
		Investment property, net			—				1,719
		Intangible assets, net			—				5,655
		Goodwill			—				2,516
		Financial instrument			—				10
		Defined benefit assets			—				7,601
		Advanced payments and others			—				17,559
Investments in associates		F&U Credit information Co., Ltd.(*2)			—				11,138
		Daekyo Wipoongdangdang Contents Korea Fund			746				746
Long-term investment securities		Digital Content Korea Fund			—				3,395
		Central Fusion Content Fund			—				883
		P&I Cultural Innovation Fund			—				818
Property and equipment		—			—				6,133
				W	746				174,839
Liabilities:
Disposal Groups(*1)		Accounts payable – other		W	—				82,206
		Withholdings			—				16,161
		Lease liabilities			—				2,745
		Contract liabilities			—				1,261
		Provisions			—				1,924
		Other current liabilities			—				1,904
		Deferred tax liabilities			—				151
				W	—				106,352

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

34. Assets and Liabilities Held for Sale, Continued

Assets and liabilities held for sale as of September 30, 2025 and December 31, 2024 are as follows, Continued:

(*1) For the year ended December 31, 2024, the Group decided to dispose of the shares of NATE Communications Corporation (formerly, SK Communications Co., Ltd.) and SK m&service Co., Ltd., the consolidated subsidiaries, and reclassified assets and liabilities of NATE Communications Corporation (formerly, SK Communications Co., Ltd.) and SK m&service Co., Ltd. as assets and liabilities held for sale. The disposal of these subsidiaries was completed for the nine-month period ended September 30, 2025.

(*2) The Group disposed of the shares in F&U Credit information Co., Ltd., resulting in a gain of W7,367 million relating to investments in associates for the nine-month period ended September 30, 2025.

35. Business Combinations Under Common Control

(1) General Information

On July 1, 2025, SK Broadband Co., Ltd., a subsidiary of the Parent Company, acquired the Pangyo Data Center business from SK Inc., a related party.

As this transaction is a business combination under common control, the assets acquired and liabilities assumed were recognized at the carrying amounts in the ultimate controlling entity’s consolidated financial statements, and the difference between the consideration transferred and the carrying amounts of net assets was recognized as capital surplus and others for the nine-month period ended September 30, 2025.

(2) Considerations transferred and identifiable assets acquired and liabilities assumed are as follows:

(In millions of won)
		Amounts
I. Consideration transferred:
Cash and cash equivalents		W	506,844
II. Identifiable assets acquired and liabilities assumed:
Accounts receivable – trade and other, net			19,085
Property and equipment, net			240,303
Intangible assets, net			2
Accounts payable – trade and other			(3,992	)
			255,398
III. Capital surplus and others(I - II)		W	251,446

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Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

36. Subsequent Events

At its meeting on October 29, 2025, the Board of Directors of the Group resolved to dispose of its building located in Pangyo to SK REIT Co., Ltd. for W215,699 million on November 26, 2025, and to lease back the building until November 25, 2030.

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SK TELECOM CO., LTD.

Condensed Separate Interim Financial Statements

For the nine-month period ended September 30, 2025

(With the Independent Auditor’s Review report)

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Contents

		Page
Independent Auditors’ Review Report
Condensed Separate Interim Financial Statements
Condensed Separate Interim Statements of Financial Position			1
Condensed Separate Interim Statements of Income (Loss)			3
Condensed Separate Interim Statements of Comprehensive Income (Loss)			4
Condensed Separate Interim Statements of Changes in Equity			5
Condensed Separate Interim Statements of Cash Flows			6
Notes to the Condensed Separate Interim Financial Statements			8

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Independent Auditors’ Review Report

Based on a report originally issued in Korean

To the Board of Directors and Shareholders

SK Telecom Co., Ltd.

Reviewed financial statements

We have reviewed the accompanying condensed separate interim financial statements of SK Telecom Co., Ltd. (the “Company”), which comprise the condensed separate interim statement of financial position as of September 30, 2025, the condensed separate interim statements of income (loss) and comprehensive income (loss) for the three-month and nine-month periods ended September 30, 2025, the condensed separate statements of changes in equity and cash flows for the nine-month period ended September 30, 2025, and notes, comprising a summary of material accounting policies and other explanatory information.

Management’s responsibility

Management is responsible for the preparation and fair presentation of these condensed separate interim financial statements in accordance with Korean International Financial Reporting Standards (“K-IFRS”) No.1034, Interim Financial Reporting, and for such internal controls as management determines is necessary to enable the preparation of condensed separate interim financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ review responsibility

Our responsibility is to issue a report on these condensed separate interim financial statements based on our review.

We conducted our review in accordance with the Review Standards for Quarterly and Semiannual Financial Statements established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed separate interim financial statements referred to above do not present fairly, in all material respects, in accordance with K-IFRS No.1034, Interim Financial Reporting.

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Other matters

The accompanying condensed separate interim statements of income (loss) and comprehensive income (loss) for the three and nine-month periods ended September 30, 2024, and the condensed separate interim statements of changes in equity and cash flows for the nine-month period ended September 30, 2024, presented for comparative purposes were reviewed by another auditor, whose report dated November 13, 2024, stated that based on their review, nothing has come to their attention that causes them to believe those condensed separate interim financial statements do not present fairly, in all material respects, in accordance with K-IFRS No.1034, Interim Financial Reporting.

The separate statement of financial position of the Company as of December 31, 2024, and the related separate statements of income (loss), comprehensive income (loss), changes in equity and cash flows for the year then ended, which are not accompanying this report, were audited by another auditor in accordance with Korean Standards on Auditing and their report thereon, dated March 10, 2025, expressed an unmodified opinion. The accompanying separate statement of financial position of the Company as of December 31, 2024, presented for comparative purposes, is not different from that audited by another auditor from which it was derived in all material respects.

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

KPMG Samjong Accounting Corp.

Seoul, Korea

November 13, 2025

This report is effective as of November 13, 2025, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying condensed separate interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that the above review report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

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SK TELECOM CO., LTD.

CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024 AND

FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024

The accompanying condensed separate interim financial statements, including all footnote disclosures, have been prepared by, and are the responsibility of, the Company.

Ryu, Young-Sang

Chief Executive Officer

SK TELECOM CO., LTD.

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SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Financial Position

As of September 30, 2025 and December 31, 2024

(In millions of won)		Note				September 30, 2025				December 31, 2024
Assets
Current Assets:
Cash and cash equivalents			27,28			W	457,271				1,165,158
Short-term financial instruments			27,28				79,000				79,000
Accounts receivable – trade, net			4,27,28,29				1,546,311				1,508,893
Short-term loans, net			4,27,28				83,942				55,577
Accounts receivable – other, net			4,27,28,29,30				598,328				390,243
Contract assets			6,28				5,913				5,275
Prepaid expenses			5				1,990,013				1,802,742
Guarantee deposits			4,27,28,29				53,580				67,521
Derivative financial assets			27,28				—				80,650
Inventories, net							29,118				38,982
Non-current assets held for sale			33				—				11,568
Advanced payments and others			4,27,28				20,149				36,796
							4,863,625				5,242,405
Non-Current Assets:
Long-term financial instruments			27,28				354				354
Long-term investment securities			7,27,28				1,197,946				1,418,465
Investments in subsidiaries, associates and joint ventures			8				5,956,994				4,899,558
Property and equipment, net			9,11,29				7,768,101				8,515,225
Investment property, net			10				51,092				35,462
Goodwill							1,306,236				1,306,236
Intangible assets, net			12				1,286,354				1,683,018
Long-term loans, net			4,27,28,29				460				490
Long-term accounts receivable – other, net			4,27,28,30				237,575				239,008
Long-term contract assets			6,28				12,635				13,301
Long-term prepaid expenses			5				1,070,516				894,226
Guarantee deposits, net			4,27,28,29				80,564				85,939
Long-term derivative financial assets			27,28				123,120				148,172
Defined benefit assets			16				74,120				103,518
Other non-current assets							249				249
							19,166,316				19,343,221
Total Assets						W	24,029,941				24,585,626

(Continued)

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SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Financial Position, Continued

As of September 30, 2025 and December 31, 2024

(In millions of won)		Note				September 30, 2025				December 31, 2024
Liabilities and Shareholders’ Equity
Current Liabilities:
Short-term borrowings			13,27,28			W	100,000				—
Accounts payable – other			27,28,29				1,182,385				1,543,989
Contract liabilities			6				128,195				76,682
Withholdings			27,28				748,263				717,547
Accrued expenses			27,28				1,129,002				996,204
Income tax payable			25				63,845				172,008
Provisions			15,32				31,033				40,710
Current portion of long-term debt, net			13,27,28				879,708				1,930,070
Lease liabilities			27,28,29				345,994				308,141
Current portion of long-term payables – other			14,27,28				367,358				367,765
Derivative financial liabilities			27,28				—				78,467
Other current liabilities			27,28				12,103				9,303
							4,987,886				6,240,886
Non-Current Liabilities:
Debentures, excluding current portion, net			13,27,28				5,577,613				4,955,124
Long-term borrowings, excluding current portion, net			13,27,28				500,000				200,000
Long-term payables – other			14,27,28				178,778				539,955
Long-term contract liabilities			6				1,642				1,528
Long-term derivative financial liabilities			27,28				4,029				3,437
Long-term lease liabilities			27,28,29				781,900				850,311
Long-term provisions			15				67,753				60,395
Deferred tax liabilities			25				876,012				717,278
Other non-current liabilities			27,28				59,687				55,858
							8,047,414				7,383,886
Total Liabilities							13,035,300				13,624,772
Shareholders’ Equity:
Share capital			1,17				30,493				30,493
Capital surplus and others			17,18				(4,547,688	)			(4,551,820	)
Retained earnings			19				15,116,780				15,273,451
Reserves			20				395,056				208,730
Total Shareholders’ Equity							10,994,641				10,960,854
Total Liabilities and Shareholders’ Equity						W	24,029,941				24,585,626

The accompanying notes are an integral part of the condensed separate interim financial statements.

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SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Income (Loss)

For the three-month and nine-month periods ended September 30, 2025 and 2024

(In millions of won, except for earnings per share)						2025								2024
		Note				Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Operating revenue:			21,29
Revenue						W	2,664,748				8,967,323				3,203,229				9,583,437
Operating expenses:			29
Labor							237,434				740,386				243,367				747,366
Commission			5				1,196,537				3,560,906				1,169,848				3,521,480
Depreciation and amortization							623,235				1,877,730				659,441				1,983,120
Network interconnection							86,270				298,984				116,303				357,350
Leased lines							48,038				145,028				48,925				144,124
Advertising							24,023				67,396				36,333				82,499
Rent							31,552				95,897				31,158				88,563
Cost of goods sold							147,509				436,904				148,467				447,549
Others			22				322,330				1,063,008				292,397				867,554
							2,716,928				8,286,239				2,746,239				8,239,605
Operating profit (loss)							(52,180	)			681,084				456,990				1,343,832
Finance income			24				28,265				267,696				16,136				258,753
Finance costs			24				(80,581	)			(277,544	)			(180,314	)			(366,323	)
Other non-operating income			23				12,382				37,349				5,644				17,943
Other non-operating expenses			23				(139,810	)			(157,814	)			(6,499	)			(21,215	)
Gain (loss) relating to investments in subsidiaries, associates and joint ventures, net			8				1,416				14,768				(150	)			11,329
Profit (loss) before income tax							(230,508	)			565,539				291,807				1,244,319
Income tax expense (benefit)			25				(23,877	)			260,695				69,450				249,524
Profit (loss) for the period						W	(206,631	)			304,844				222,357				994,795
Earnings (loss) per share:			26
Basic earnings (loss) per share (in won)						W	(993	)			1,362				1,021				4,604
Diluted earnings (loss) per share (in won)							(993	)			1,360				1,018				4,592

The accompanying notes are an integral part of the condensed separate interim financial statements.

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SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Comprehensive Income (Loss)

For the three-month and nine-month periods ended September 30, 2025 and 2024

(In millions of won)						2025								2024
		Note				Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Profit (loss) for the period						W	(206,631	)			304,844				222,357				994,795
Other comprehensive income (loss):
Items that will not be reclassified subsequently to profit or loss, net of taxes:
Remeasurement of defined benefit assets			16				7,490				(17,804	)			12,718				20,262
Valuation gain (loss) on financial assets at fair value through other comprehensive income			20				113,716				331,749				(54,412	)			(71,221	)
Items that are or may be reclassified subsequently to profit or loss, net of taxes:
Net change in unrealized fair value of derivatives			20				(1,257	)			2,798				(5,606	)			(3,769	)
Other comprehensive income (loss) for period, net of taxes							119,949				316,743				(47,300	)			(54,728	)
Total comprehensive income (loss)						W	(86,682	)			621,587				175,057				940,067

The accompanying notes are an integral part of the condensed separate interim financial statements.

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SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Changes in Equity

For the nine-month periods ended September 30, 2025 and 2024

(In millions of won)										Capital surplus and others
		Note				Share capital				Paid-in surplus				Treasury shares				Hybrid bonds				Share option				Other				Sub-total				Retained earnings				Reserves				Total equity
Balance as of January 1, 2024						W	30,493				1,771,000				(301,981	)			398,509				9,818				(6,643,493	)			(4,766,147	)			15,032,473				139,274				10,436,093
Total comprehensive income:
Profit for the period							—				—				—				—				—				—				—				994,795				—				994,795
Other comprehensive loss			16,20				—				—				—				—				—				—				—				(27,558	)			(27,170	)			(54,728	)
							—				—				—				—				—				—				—				967,237				(27,170	)			940,067
Transactions with owners:
Annual dividends							—				—				—				—				—				—				—				(223,335	)			—				(223,335	)
Interim dividends							—				—				—				—				—				—				—				(353,387	)			—				(353,387	)
Share option			18				—				—				—				—				3,864				78				3,942				—				—				3,942
Interest on hybrid bonds							—				—				—				—				—				—				—				(14,850	)			—				(14,850	)
Acquisition and disposal of treasury shares			17,18				—				—				9,019				—				—				135				9,154				—				—				9,154
Retirement of treasury shares			17,18				—				—				200,000				—				—				—				200,000				(200,000	)			—				—
							—				—				209,019				—				3,864				213				213,096				(791,572	)			—				(578,476	)
Balance as of September 30, 2024						W	30,493				1,771,000				(92,962	)			398,509				13,682				(6,643,280	)			(4,553,051	)			15,208,138				112,104				10,797,684
Balance as of January 1, 2025						W	30,493				1,771,000				(92,962	)			398,509				14,498				(6,642,865	)			(4,551,820	)			15,273,451				208,730				10,960,854
Total comprehensive income:
Profit for the period							—				—				—				—				—				—				—				304,844				—				304,844
Other comprehensive income			16,20				—				—				—				—				—				—				—				130,417				186,326				316,743
							—				—				—				—				—				—				—				435,261				186,326				621,587
Transactions with owners:
Annual dividends							—				—				—				—				—				—				—				(223,531	)			—				(223,531	)
Interim dividends							—				—				—				—				—				—				—				(353,551	)			—				(353,551	)
Share option			18				—				—				—				—				13				(1,197	)			(1,184	)			—				—				(1,184	)
Interest on hybrid bonds							—				—				—				—				—				—				—				(14,850	)			—				(14,850	)
Disposal of treasury shares			17,18				—				—				4,429				—				—				887				5,316				—				—				5,316
							—				—				4,429				—				13				(310	)			4,132				(591,932	)			—				(587,800	)
Balance as of September 30, 2025						W	30,493				1,771,000				(88,533	)			398,509				14,511				(6,643,175	)			(4,547,688	)			15,116,780				395,056				10,994,641

The accompanying notes are an integral part of the condensed separate interim financial statements.

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SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Cash Flows

For the nine-month periods ended September 30, 2025 and 2024

(In millions of won)		Note				2025				2024
Cash flows from operating activities:
Cash generated from operating activities:
Profit for the period						W	304,844				994,795
Adjustments for income and expenses			31				2,276,621				2,514,620
Changes in assets and liabilities related to operating activities			31				(470,270	)			(225,790	)
							2,111,195				3,283,625
Interest received							22,857				26,153
Dividends received							222,080				207,112
Interest paid							(223,588	)			(236,091	)
Income tax paid							(318,184	)			(247,792	)
Net cash provided by operating activities							1,814,360				3,033,007
Cash flows from investing activities:
Cash inflows from investing activities:
Decrease in short-term financial instruments, net							—				80,024
Collection of short-term loans							56,997				92,314
Proceeds from disposals of long-term investment securities							642,598				34,089
Proceeds from disposals of investments in subsidiaries, associates and joint ventures							15,817				17,222
Proceeds from disposals of non-current assets held for sale							24,234				—
Proceeds from disposals of property and equipment							8,818				11,993
Proceeds from disposals of intangible assets							6,552				4,176
							755,016				239,818
Cash outflows for investing activities:
Increase in short-term loans							(85,619	)			(92,481	)
Acquisitions of long-term investment securities							(500	)			(1,145	)
Cash outflows from settlement of derivatives							(78,467	)			—
Acquisitions of investments in subsidiaries, associates and joint ventures							(1,081,986	)			(48,883	)
Acquisitions of property and equipment							(865,114	)			(1,089,631	)
Acquisitions of intangible assets							(40,282	)			(9,147	)
							(2,151,968	)			(1,241,287	)
Net cash used in investing activities						W	(1,396,952	)			(1,001,469	)

(Continued)

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SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Cash Flows, Continued

For the nine-month periods ended September 30, 2025 and 2024

(In millions of won)		Note				2025				2024
Cash flows from financing activities:
Cash inflows from financing activities:
Proceeds from short-term borrowings, net						W	100,000				—
Proceeds from long-term borrowings							300,000				—
Proceeds from issuance of debentures							1,116,267				398,306
Cash inflows from settlement of derivatives							52,859				—
							1,569,126				398,306
Cash outflows for financing activities:
Repayments of long-term borrowings							(200,000	)			(380,000	)
Repayments of long-term payables – other							(369,150	)			(369,150	)
Repayments of debentures							(1,304,420	)			(410,000	)
Payments of dividends							(577,062	)			(576,703	)
Acquisition of treasury shares							—				(15,788	)
Payments of interest on hybrid bonds							(14,850	)			(14,850	)
Repayments of lease liabilities							(229,405	)			(249,981	)
							(2,694,887	)			(2,016,472	)
Net cash used in financing activities							(1,125,761	)			(1,618,166	)
Net increase (decrease) in cash and cash equivalents							(708,353	)			413,372
Cash and cash equivalents at beginning of the period							1,165,158				631,066
Effects of exchange rate changes on cash and cash equivalents							466				147
Cash and cash equivalents at end of the period						W	457,271				1,044,585

The accompanying notes are an integral part of the condensed separate interim financial statements.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

1. Reporting Entity

SK Telecom Co., Ltd. (“the Company”) was incorporated on March 29, 1984, under the laws of the Republic of Korea (“Korea”) to provide cellular telephone communication services in Korea. The head office of the Company is located at 65, Eulji-ro, Jung-gu, Seoul, Korea.

The Company’s common shares are listed on the Stock Market of Korea Exchange, and its depositary receipts (DRs) are listed on the New York Stock Exchange. As of September 30, 2025, the Company’s total issued shares are held by the following shareholders:

		Number of shares				Percentage of total shares issued (%)
SK Inc.			65,668,397				30.57
National Pension Service			15,370,553				7.16
Institutional investors and other shareholders			128,096,838				59.64
Kakao Investment Co., Ltd.			3,846,487				1.79
Treasury shares			1,807,778				0.84
			214,790,053				100.00

2. Basis of Preparation

(1) Statement of compliance

These condensed separate interim financial statements were prepared in accordance with Korean International Financial Reporting Standard (“KIFRS”) 1034 Interim Financial Reporting as part of the period covered by the Company’s KIFRS annual financial statements. These condensed separate interim financial statements do not include all of the disclosures required for full annual financial statements. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Company since December 31, 2024. The accompanying condensed separate interim financial statements have been translated into English from the Korean language financial statements.

These interim financial statements are condensed separate interim financial statements prepared in accordance with KIFRS 1027, Separate Financial Statements, presented by a parent, an investor with joint control of or significant influence over an investee, in which the investments are accounted for at cost less impairment, if any.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

2. Basis of Preparation, Continued

(2) Use of estimates and judgments

1) Critical judgments, assumptions and estimation uncertainties

The preparation of the condensed separate interim 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.

In preparing these condensed separate interim financial statements, the significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the separate financial statements as of and for the year ended December 31, 2024.

2) Fair value measurement

The Company’s accounting policies and disclosures require the measurement of fair values, for both a number of financial and non-financial assets and liabilities. The Company has established policies and processes with respect to the measurement of fair values, including Level 3 fair values, and the measurement of fair values is reviewed and directly reported to the finance executives.

The Company 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 Company 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 valuations should be classified.

When measuring the fair value of an asset or a liability, the Company 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:

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;

• Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

If the inputs used to measure the fair value of an asset or a liability fall into 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 Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

The information about assumptions used for fair value measurements is included in note 28.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

3. Material Accounting Policies

The material accounting policies applied by the Company in these condensed separate interim financial statements are the same as those applied by the Company in its separate financial statements as of and for the year ended December 31, 2024, except for the adoption of new and revised KIFRS applied from January 1, 2025, which are summarized below. The Company has not early applied the new and revised KIFRS and interpretations that have been issued but are not yet effective.

The following amended KIFRS is effective from January 1, 2025 and it did not have a material impact on the Company’s condensed separate interim financial statements.

• Lack of Exchangeability (Amendments to KIFRS 1021 The Effect of Changes in Foreign Exchange Rates and KIFRS 1101)

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

4. Trade and Other Receivables

(1) Details of trade and other receivables as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)		September 30, 2025
		Gross amount				Loss allowance				Carrying amount
Current assets:
Accounts receivable – trade		W	1,667,920				(121,609	)			1,546,311
Short-term loans			84,790				(848	)			83,942
Accounts receivable – other(*)			618,601				(20,273	)			598,328
Guarantee deposits			53,580				—				53,580
Accrued income			641				—				641
			2,425,532				(142,730	)			2,282,802
Non-current assets:
Long-term loans			41,500				(41,040	)			460
Long-term accounts receivable – other(*)			237,575				—				237,575
Guarantee deposits			80,564				—				80,564
			359,639				(41,040	)			318,599
		W	2,785,171				(183,770	)			2,601,401

(*) Gross and carrying amounts of accounts receivable – other as of September 30, 2025 include W296,829 million of financial instruments classified as fair value through profit or loss (“FVTPL”).

(In millions of won)		December 31, 2024
		Gross amount				Loss allowance				Carrying amount
Current assets:
Accounts receivable – trade		W	1,611,947				(103,054	)			1,508,893
Short-term loans			56,138				(561	)			55,577
Accounts receivable – other(*)			412,310				(22,067	)			390,243
Guarantee deposits			67,521				—				67,521
Accrued income			2,243				—				2,243
			2,150,159				(125,682	)			2,024,477
Non-current assets:
Long-term loans			41,530				(41,040	)			490
Long-term accounts receivable – other(*)			239,008				—				239,008
Guarantee deposits			85,939				—				85,939
			366,477				(41,040	)			325,437
		W	2,516,636				(166,722	)			2,349,914

(*) Gross and carrying amounts of accounts receivable – other as of December 31, 2024 include W223,761 million of financial instruments classified as fair value through profit or loss (“FVTPL”).

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

4. Trade and Other Receivables, Continued

(2) Changes in the loss allowance on trade and other receivables measured at amortized cost for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)
		For the nine-month period ended September 30, 2025
		Beginning balance				Impairment				Write-offs(*)				Collection of receivables previously written-off				Ending balance
Accounts receivable – trade		W	103,054				29,038				(15,612	)			5,129				121,609
Accounts receivable – other, etc.			63,668				2,849				(4,671	)			315				62,161
		W	166,722				31,887				(20,283	)			5,444				183,770
(In millions of won)
		For the nine-month period ended September 30, 2024
		Beginning balance				Impairment				Write-offs(*)				Collection of receivables previously written-off				Ending balance
Accounts receivable – trade		W	94,245				21,890				(15,758	)			5,492				105,869
Accounts receivable – other, etc.			69,555				3,108				(8,447	)			876				65,092
		W	163,800				24,998				(24,205	)			6,368				170,961

(*) The Company writes off trade and other receivables that are determined to be uncollectable due to reasons such as termination of operations or bankruptcy.

(3) The Company applies the practical expedient that allows the Company to estimate the loss allowance for accounts receivable – trade at an amount equal to the lifetime expected credit losses. The expected credit losses include the forward-looking information. To make the assessment, the Company uses its historical credit loss experience over the past three years and classifies the accounts receivable – trade by their credit risk characteristics and days overdue.

Due to the nature of its business, which involves wireless telecommunications, the Company’s accounts receivables from telecommunications revenue primarily consist of receivables from individual customers. As there are no significant differences in credit terms among customers, there is no material concentration of credit risk.

Receivables related to other revenue mainly consist of receivables from corporate customers. The Company transacts only with corporate customers with credit ratings considered to be low at credit risk. In addition, the Company is not exposed to significant credit concentration risk as the Company regularly assesses their credit risk by monitoring their credit ratings. While the contract assets are subject to impairment assessment, no significant credit risk has been identified.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

5. Prepaid Expenses

The Company pays commissions to its retail stores and authorized dealers for wireless telecommunications services based on their performance of attracting new customers and renewing contracts with existing customers. The Company recognizes costs among the commissions that would not have incurred if a contract had not been entered into with a customer as prepaid expenses. These prepaid expenses are amortized on a straight-line basis over the expected customer retention periods.

(1) Details of prepaid expenses as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		September 30, 2025				December 31, 2024
Current assets:
Incremental costs of obtaining contracts		W	1,928,426				1,773,253
Others			61,587				29,489
		W	1,990,013				1,802,742
Non-current assets:
Incremental costs of obtaining contracts		W	1,040,219				856,138
Others			30,297				38,088
		W	1,070,516				894,226

(2) Incremental costs of obtaining contracts

Amortization in connection with incremental costs of obtaining contracts recognized as an asset for the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Amortization recognized		W	611,691				1,773,625				584,358				1,755,659

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

6. Contract Assets and Liabilities

In case of providing both wireless telecommunication services and sales of handsets, the Company allocated the consideration based on relative stand-alone selling prices and recognized unbilled receivables from handset sales as contract assets. The Company recognized receipts in advance for prepaid telecommunications services and unearned revenue for customer loyalty programs as contract liabilities.

(1) Details of contract assets and liabilities as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		September 30, 2025				December 31, 2024
Contract assets:		W	18,548				18,576
Contract liabilities:
Wireless service contracts			19,600				20,275
Customer loyalty programs			5,709				5,694
Others			104,528				52,241
		W	129,837				78,210

(2) Amounts of revenue recognized for the nine-month periods ended September 30, 2025 and 2024 related to the contract liabilities carried forward from the prior periods are W54,245 million and W37,526 million, respectively.

7. Long-term Investment Securities

Details of long-term investment securities as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		Category		September 30, 2025				December 31, 2024
Equity instruments		FVOCI(*)		W	1,125,333				1,342,902
Debt instruments		FVTPL			72,613				75,563
				W	1,197,946				1,418,465

(*) The Company designated investments in equity instruments that are not held for trading as financial assets at FVOCI.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

8. Investments in Subsidiaries, Associates and Joint Ventures

(1) Investments in subsidiaries, associates and joint ventures as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		September 30, 2025				December 31, 2024
Investments in subsidiaries		W	4,585,869				3,519,072
Investments in associates and joint ventures			1,371,125				1,380,486
		W	5,956,994				4,899,558

(2) Details of investments in subsidiaries as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won, except for share data)
		September 30, 2025												December 31, 2024
		Number of shares				Ownership (%)				Carrying amount				Carrying amount
SK Telink Co., Ltd.			1,432,627				100.0			W	244,040				244,040
SK Broadband Co., Ltd.(*)			398,595,779				99.1				3,285,853				2,218,450
PS&Marketing Corporation			66,000,000				100.0				314,038				314,038
SERVICE ACE Co., Ltd.			4,385,400				100.0				21,963				21,963
SK Telecom China Holdings Co., Ltd.			—				100.0				48,096				48,096
SK Telecom Americas, Inc.			122				100.0				129,803				128,916
Atlas Investment			—				100.0				240,640				238,675
SK stoa Co., Ltd.			3,631,355				100.0				40,081				40,081
SAPEON Inc.			400,000				62.5				48,456				48,456
Astra AI Infra LLC			—				100.0				182,733				182,805
SK O&S Co., Ltd. and others			—				—				30,166				33,552
										W	4,585,869				3,519,072

(*) The Company acquired an additional 99,543,344 shares (24.7%) of SK Broadband Co., Ltd. for W1,067,403 million in cash for the nine-month period ended September 30, 2025.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

8. Investments in Subsidiaries, Associates and Joint Ventures, Continued

(3) Details of investments in associates and joint ventures as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won, except for share data)
		September 30, 2025												December 31, 2024
		Number of shares				Ownership (%)				Carrying amount				Carrying amount
Investments in associates:
SK China Company Ltd.			10,928,921				27.3			W	601,192				601,192
Korea IT Fund(*1)			190				63.3				220,957				220,957
SK Technology Innovation Company			7,644				49.0				23,699				24,308
SM Culture & Contents Co., Ltd.			22,033,898				22.8				41,578				41,578
SK South East Asia Investment Pte. Ltd.			300,000,000				20.0				344,240				344,240
Citadel Pacific Telecom Holdings, LLC(*2)			1,734,109				15.0				36,487				36,487
CMES Inc.(*2)			763,968				6.6				5,488				5,488
Konan Technology Inc.			2,359,160				20.6				22,413				22,413
12CM JAPAN and others(*2,3)			—				—				65,071				73,823
											1,361,125				1,370,486
Investments in joint ventures:
UTC Kakao-SK Telecom ESG Fund(*4)			10,000				48.2				10,000				10,000
										W	1,371,125				1,380,486

(*1) Investment in Korea IT Fund was classified as investment in associates as the Company does not have control over the investee under the contractual agreement with other shareholders.

(*2) These investments were classified as investments in associates as the Company can exercise significant influence through its right to appoint the members of the board of directors even though the Company has less than 20% of equity interests.

(*3) The Company recognized a W2,298 million gain relating to investments in associates from the paid-in capital reduction of SK MENA Investment B.V. for the nine-month period ended September 30, 2025, with no change in ownership interest.

(*4) This investment was classified as investment in joint venture as the Company has joint control pursuant to the agreement with the other shareholders.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

8. Investments in Subsidiaries, Associates and Joint Ventures, Continued

(4) Market value of investments in listed associates as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won, except for share data)
		September 30, 2025												December 31, 2024
		Market price per share (in won)				Number of shares				Market value				Market price per share (in won)				Number of shares				Market value
SM Culture & Contents Co., Ltd.		W	1,295				22,033,898				28,534				1,400				22,033,898				30,847
Konan Technology Inc.			25,200				2,359,160				59,451				19,470				2,359,160				45,933
CMES Inc.			26,600				763,968				20,322				24,000				763,968				18,335

9. Property and Equipment

Changes in property and equipment for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)
		For the nine-month period ended September 30, 2025
		Beginning balance				Acquisition				Disposal				Transfer				Depreciation				Impairment				Ending balance
Land		W	739,856				—				(282	)			21,645				—				—				761,219
Buildings			577,375				118				(210	)			5,961				(31,963	)			—				551,281
Structures			210,029				503				(5	)			4,590				(26,196	)			—				188,921
Machinery			5,130,188				42,218				(1,850	)			494,006				(1,107,964	)			(359	)			4,556,239
Right-of-use assets			1,082,984				246,432				(43,203	)			(29,396	)			(264,262	)			—				992,555
Other			332,094				84,549				(2,917	)			(141,645	)			(39,455	)			—				232,626
Construction in progress			442,699				503,821				(182	)			(461,078	)			—				—				485,260
		W	8,515,225				877,641				(48,649	)			(105,917	)			(1,469,840	)			(359	)			7,768,101

(In millions of won)
		For the nine-month period ended September 30, 2024
		Beginning balance				Acquisition				Disposal				Transfer				Depreciation				Ending balance
Land		W	723,069				11				(322	)			18,002				—				740,760
Buildings			568,270				515				(252	)			39,770				(32,279	)			576,024
Structures			233,450				546				(75	)			5,989				(29,077	)			210,833
Machinery			5,230,866				46,592				(169	)			919,022				(1,182,863	)			5,013,448
Right-of-use assets			1,226,875				153,800				(29,619	)			3,371				(265,779	)			1,088,648
Other			436,854				261,232				(11,048	)			(295,130	)			(47,628	)			344,280
Construction in progress			657,075				406,897				(1,316	)			(743,408	)			—				319,248
		W	9,076,459				869,593				(42,801	)			(52,384	)			(1,557,626	)			8,293,241

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

10. Investment Property

(1) Changes in investment property for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)
		For the nine-month period ended September 30, 2025
		Beginning balance				Transfer				Depreciation				Ending balance
Land		W	15,069				7,639				—				22,708
Buildings			18,334				8,128				(1,667	)			24,795
Right-of-use assets			2,059				1,942				(412	)			3,589
		W	35,462				17,709				(2,079	)			51,092

(In millions of won)
		For the nine-month period ended September 30, 2024
		Beginning balance				Transfer				Depreciation				Ending balance
Land		W	16,288				(564	)			—				15,724
Buildings			18,284				2,159				(1,451	)			18,992
Right-of-use assets			11,508				(3,074	)			(3,001	)			5,433
		W	46,080				(1,479	)			(4,452	)			40,149

(2) The Company recognized lease income of W10,431 million and W14,404 million from investment property for the nine-month periods ended September 30, 2025 and 2024, respectively.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

11. Leases

(1) Details of the right-of-use assets as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		September 30, 2025				December 31, 2024
Right-of-use assets:
Land, buildings and structures		W	725,894				853,393
Others			266,661				229,591
		W	992,555				1,082,984

(2) Details of amounts recognized in the condensed separate interim statements of income (loss) for the nine-month periods ended September 30, 2025 and 2024 as a lessee are as follows:

(In millions of won)
		For the nine-month period ended
		September 30, 2025				September 30, 2024
Depreciation of right-of-use assets:
Land, buildings and structures		W	207,262				207,660
Others(*)			57,000				58,119
		W	264,262				265  ,779
Interest expense on lease liabilities		W	22,012				23,390

(*) Others include the amount reclassified as research and development expenses related to the lease contract for research and development facilities.

Expenses related to short-term leases and leases of low-value assets that the Company recognized are immaterial.

(3) The total cash outflows for lease payments for the nine-month periods ended September 30, 2025 and 2024 amounted to W251,944 million and W273,610 million, respectively.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

12. Intangible Assets

(1) Changes in intangible assets for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)
		For the nine-month period ended September 30, 2025
		Beginning balance				Acquisition				Disposal				Transfer				Amortization				Ending balance
Frequency usage rights		W	1,135,546				—				—				—				(353,295	)			782,251
Land usage rights			269				63				—				—				(118	)			214
Industrial rights			20,169				3,806				—				—				(3,450	)			20,525
Facility usage rights			12,855				418				(2	)			219				(1,906	)			11,584
Club memberships(*1)			45,202				4,029				(2,704	)			—				—				46,527
Other(*2)			468,977				31,966				(411	)			60,277				(135,556	)			425,253
		W	1,683,018				40,282				(3,117	)			60,496				(494,325	)			1,286,354

(In millions of won)
		For the nine-month period ended September 30, 2024
		Beginning balance				Acquisition				Disposal				Transfer				Amortization				Ending balance
Frequency usage rights		W	1,606,606				—				—				—				(353,295	)			1,253,311
Land usage rights			542				60				(5	)			—				(280	)			317
Industrial rights			18,790				4,810				(240	)			—				(3,682	)			19,678
Facility usage rights			13,435				1,050				(1	)			497				(2,010	)			12,971
Club memberships(*1)			59,001				617				(2,111	)			—				—				57,507
Other(*2)			552,455				2,610				(1,482	)			52,715				(161,212	)			445,086
		W	2,250,829				9,147				(3,839	)			53,212				(520,479	)			1,788,870

(*1) Club memberships are classified as intangible assets with indefinite useful lives and are not amortized.

(*2) Other intangible assets primarily consist of computer software and others.

(2) Details of frequency usage rights as of September 30, 2025 are as follows:

(In millions of won)
		Amount				Amortization methods		Commencement of amortization		Completion of amortization
800 MHz license		W	32,936					Jul. 2021		Jun. 2026
1.8 GHz license			123,413					Dec. 2021		Dec. 2026
2.6 GHz license			151,765			Straight-line basis		Sept. 2016		Dec. 2026
2.1 GHz license			92,752					Dec. 2021		Dec. 2026
3.5 GHz license			381,385					Apr. 2019		Nov. 2028
		W	782,251

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

13. Borrowings and Debentures

(1) Short-term borrowings as of September 30, 2025 are as follows:

(In millions of won)

Lender

Annual interest rate (%)

Maturity

September 30, 2025

iM SECURITIES CO., LTD.

2.71

Oct. 16, 2025

W

40,000

KB SECURITIES CO., LTD.

2.71

Oct. 16, 2025

60,000

W

100,000

(2) Changes in long-term borrowings for the nine-month period ended September 30, 2025 are as follows:

(In millions of won)
		Lender				Annual interest rate (%)				Maturity				Book value
Current														W	250,000
Non-current															200,000
As of January 1, 2025															450,000
New long-term borrowings:
			Industrial and Commercial Bank of China Ltd.				2.70				Sep. 13, 2027				100,000
			Mizuho Bank, Ltd.				2.75				Sep. 22, 2027				200,000
															300,000
Repayments of long-term borrowing:
			DBS Bank Ltd.				2.63				Mar. 10, 2025				(200,000	)
															(200,000	)
Current															50,000
Non-current															500,000
As of September 30, 2025														W	550,000

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

13. Borrowings and Debentures, Continued

(3) Changes in debentures for the nine-month period ended September 30, 2025 are as follows:

(In millions of won and thousands of U.S. dollars)
		Purpose				Annual interest rate (%)				Maturity				Face value				Book value
Current														W	1,681,000				1,680,070
Non-current															4,968,000				4,955,124
As of January 1, 2025															6,649,000				6,635,194
Debentures newly issued:
Unsecured corporate bonds			Refinancing fund				2.98				Feb. 21, 2028				190,000				189,193
			Refinancing fund				3.05				Feb. 21, 2030				70,000				69,692
			Refinancing fund				3.17				Feb. 21, 2035				140,000				139,418
			Refinancing fund				2.67				Sep. 11, 2028				80,000				79,696
			Refinancing fund				2.82				Sep. 10, 2030				190,000				189,284
			Refinancing fund				3.06				Sep. 11, 2035				40,000				39,821
Floating rate notes(*1)			Operating fund				SOFR rate + 0.59				May. 26, 2028			USD	410,490 300,000			USD	409,163 300,000
															1,120,490				1,116,267
Debentures repaid:
Unsecured corporate bonds			Operating and Refinancing fund				2.49				Feb. 26, 2025				(150,000	)			(150,000	)
			Operating fund				2.66				Jul. 17, 2025				(70,000	)			(70,000	)
			Operating fund				1.75				Jan. 14, 2025				(130,000	)			(130,000	)
			Refinancing fund				3.80				Apr.12, 2025				(240,000	)			(240,000	)
			Refinancing fund				4.00				Aug. 8, 2025				(300,000	)			(300,000	)
Floating rate notes			Operating fund				SOFR rate + 1.17				Jun. 4, 2025			(USD	(414,420 300,000	)  )		(USD	(414,420 300,000	)  )
															(1,304,420	)			(1,304,420	)
Other changes(*2)															(43,530	)			(39,720	)
Current(*3)															830,000				829,708
Non-current(*3)															5,591,540				5,577,613
As of September 30, 2025														W	6,421,540				6,407,321

(*1) Applied interest rate is the SOFR rate of 4.35% as of September 30, 2025.

(*2) Other changes primarily reflect foreign currency translation effect of debentures and amortization of debentures issuance discount for the nine-month period ended September 30, 2025.

(*3) W479,593 million was reclassified from non-current to current for the nine-month period ended September 30, 2025.

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Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

14. Long-Term Payables – Other

(1) As of September 30, 2025 and December 31, 2024, details of long-term payables – other which consist of payables related to the acquisition of frequency usage rights are as follows (See note 12):

(In millions of won)
		September 30, 2025				December 31, 2024
Long-term payables – other		W	551,925				921,075
Present value discount on long-term payables – other			(5,789	)			(13,355	)
Current portion of long-term payables – other			(367,358	)			(367,765	)
Carrying amount at period end		W	178,778				539,955

(2) The sum of portions repaid among the principal of long-term payables – other for the nine-month periods ended September 30, 2025 and 2024 amounts to W369,150 million and W369,150 million, respectively. The repayment schedule of the principal amount of long-term payables – other as of September 30, 2025 is as follows:

(In millions of won)
		Amount
Less than 1 year		W	369,150
1 ~ 3 years			182,775
		W	551,925

15. Provisions

Changes in provisions for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)		For the nine-month period ended September 30, 2025																				As of September 30, 2025
		Beginning balance				Increase				Utilization				Reversal				Ending balance				Current				Non-current
Provision for restoration		W	101,077				2,954				(4,659)				(586	)			98,786				31,033				67,753
Emission allowance			28				1,034				—				(1,062	)			—				—				—
		W	101,105				3,988				(4,659	)			(1,648	)			98,786				31,033				67,753

(In millions of won)		For the nine-month period ended September 30, 2024																				As of September 30, 2024
		Beginning balance				Increase				Utilization				Reversal				Ending balance				Current				Non-current
Provision for restoration		W	100,282				3,416				(1,922)				(620	)			101,156				31,716				69,440
Emission allowance			822				994				—				(1,794	)			22				22				—
		W	101,104				4,410				(1,922)				(2,414	)			101,178				31,738				69,440

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

16. Defined Benefit Assets

(1) Details of defined benefit assets as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		September 30, 2025				December 31, 2024
Present value of defined benefit obligations		W	479,840				504,857
Fair value of plan assets			(553,960	)			(608,375	)
		W	(74,120	)			(103,518	)

(2) Changes in present value of defined benefit obligations for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)
		For the nine-month period ended
		September 30, 2025				September 30, 2024
Beginning balance		W	504,857				493,541
Current service cost			38,421				37,671
Interest cost			13,998				15,110
Remeasurement
- Adjustment based on experience			27,425				(24,240	)
Benefit paid			(113,001	)			(28,930	)
Others			8,140				9,159
Ending balance		W	479,840				502,311

(3) Changes in fair value of plan assets for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)
		For the nine-month period ended
		September 30, 2025				September 30, 2024
Beginning balance		W	608,375				578,685
Interest income			16,392				18,073
Remeasurement			3,343				2,753
Contribution			67,000				35,000
Benefit paid			(145,139	)			(36,368	)
Others			3,989				2,937
Ending balance		W	553,960				601,080

(4) Total cost of defined benefit plan, which is recognized in profit or loss for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)
		For the nine-month period ended
		September 30, 2025				September 30, 2024
Current service cost		W	38,421				37,671
Net interest income			(2,394	)			(2,963	)
		W	36,027				34,708

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Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

17. Share Capital and Capital Surplus and Others

(1) The Company’s outstanding share capital consists entirely of common shares with a par value of W100. The number of authorized and issued common shares and the details of share capital and capital surplus and others as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won, except for share data)
		September 30, 2025				December 31, 2024
Number of authorized shares			670,000,000				670,000,000
Number of issued shares			214,790,053				214,790,053
Share capital:
Common shares(*1)		W	30,493				30,493
Capital surplus and others:
Paid-in surplus			1,771,000				1,771,000
Treasury shares			(88,533	)			(92,962	)
Hybrid bonds(*2)			398,509				398,509
Share option(Note 18)			14,511				14,498
Others			(6,643,175	)			(6,642,865	)
		W	(4,547,688	)			(4,551,820	)

(*1) The Company retired 4,043,091 treasury shares with reduction of its unappropriated retained earnings, and accordingly, the Company’s shares issued have decreased without a change in share capital for the nine-month period ended September 30, 2024. Also, in 2002 and 2003, the Company retired treasury shares with reduction of its retained earnings before appropriation, and as a result, the Company’s issued shares have decreased without a change in share capital.

(*2) As there is no contractual obligation to deliver financial assets to the holders of hybrid bonds, the Company classified the hybrid bonds as equity. When in liquidation or bankruptcy, these hybrid bonds are senior only to common shares.

(2) There were no changes in share capital for the nine-month periods ended September 30, 2025 and 2024, and details of shares outstanding as of September 30, 2025 and 2024 are as follows:

(In shares)

September 30, 2025

September 30, 2024

Issued shares

Treasury shares

Outstanding shares

Issued shares

Treasury shares

Outstanding shares

Shares outstanding

214,790,053

1,807,778

212,982,275

214,790,053

1,903,711

212,886,342

(3) Details of treasury shares as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won, except for share data)
		September 30, 2025				December 31, 2024
Number of shares(*)			1,807,778				1,903,711
Acquisition cost		W	88,533				92,962

(*) The Company granted 91,073 treasury shares (acquisition cost: W4,191 million) upon exercise of stock options for the nine-month period ended September 30, 2025, resulting in a gain on disposal of treasury shares of W1,164 million. Also, the Company distributed 4,860 treasury shares (acquisition cost: W238 million) as bonus payment to its employees, resulting in a gain on disposal of treasury shares of W24 million for the nine-month period ended September 30, 2025.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

18. Share-Based Payment Arrangement

(1) Terms and conditions related to the grants of the share-based payment arrangement are as follows:

1) Share-based payment arrangement with cash alternatives

		Series
		5(*)		6		7-1		7-2
Grant date		March 26, 2020		March 25, 2021		March 25, 2022
Types of shares to be issued		Registered common shares
Grant method		Reissue of treasury shares, Cash settlement
Number of shares (in share)		32,947		71,726		98,425		96,820
Exercise price (in won)		38,452		50,276		56,860		56,860
Exercise period		Mar. 27, 2023		Mar. 26, 2023		Mar. 26, 2025		Mar. 26, 2024
		~		~		~		~
		Mar. 26, 2027		Mar. 25, 2026		Mar. 25, 2029		Mar. 25, 2027
Vesting conditions		3 years’ service from the grant date		2 years’ service from the grant date		2 years’ service from the grant date		2 years’ service from the grant date

(*) For the nine-month period ended September 30, 2025, some portions of stock options granted in the 5^th series were exercised.

2) Cash-settled share-based payment arrangement

The entire amount of remaining share appreciation rights for shares of SK Telecom Co., Ltd. granted in 2022 was not exercised and was fully forfeited for the nine-month period ended September 30, 2025.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

18.  Share-Based Payment Arrangement, Continued

(1) Terms and conditions related to the grants of the share-based payment arrangement are as follows, Continued:

3) Equity-settled share-based payment arrangement

The Company established Performance Share Units (“PSU”) for executives of the Company and major subsidiaries as part of the compensation based on the growth of corporate value for the year ended December 31, 2023, and the details are as follows:

		PSU of SK Telecom Co., Ltd.
Grant date		March 28, 2023		March 26, 2024
Types of shares to be issued		Registered common shares
Grant method		Reissue of treasury shares
Number of shares(*)		Fluctuates according to the share price on the expiration date and the cumulative increase rate of KOSPI200
Reference share price (in won)		47,280		52,720
Reference index (KOSPI200)		315		362
Maturity (exercise date)		The day in which the annual general meeting of shareholders is held after 3 years from the grant date
Vesting conditions		Full service in the year in which the grant date is included

(*) The initial amount granted is a total of W10,813 million for 2023 and W12,835 million for 2024, and the amount calculated according to the adjustment rate based on the share price on the expiration date and the cumulative increase rate of KOSPI200 will be paid in shares.

(2) Share compensation expense for share-based payment arrangements with cash alternatives recognized for the nine-month period ended September 30, 2025 is as follows, and there is no remaining share compensation expense to be recognized in subsequent periods.

(In millions of won)
		Share compensation expense
As of December 31, 2024		W	158,596
For the nine-month period ended September 30, 2025			(194	)
		W	158,402

The liabilities recognized by the Company in relation to the share-based payment arrangement with cash alternatives are W1,407 million and W7,283 million, respectively, which are included in accrued expenses as of September 30, 2025 and December 31, 2024.

As of December 31, 2024, the carrying amount of liabilities recognized by the Company in relation to the cash-settled share-based payment arrangement was W305 million, and no liability was recognized as of September 30, 2025.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

18. Share-Based Payment Arrangement, Continued

(3) The Company used option-pricing models, including the binomial model, on the measurement of the fair value of share options and the inputs used in the model are as follows:

1) Share-based payment arrangement with cash alternatives

(i) SK Telecom Co., Ltd.

(In won)		Series
		5				6				7-1				7-2
Risk-free interest rate			2.47	%			2.30	%			2.65	%			2.47	%
Estimated option’s life			7 years				5 years				7 years				5 years
Share price on the remeasurement date			54,300				54,300				54,300				54,300
Expected volatility			17.20	%			17.20	%			17.20	%			17.20	%
Expected dividends yield			6.52	%			6.52	%			6.52	%			6.52	%
Exercise price			38,452				50,276				56,860				56,860
Per-share fair value of the option			15,848				4,475				3,401				2,370

(ii) SK Square Co., Ltd.

(In won)		Series
		5				6
Risk-free interest rate			1.52	%			1.55	%
Estimated option’s life			7 years				5 years
Share price (Closing price on the preceding day)			34,900				49,800
Expected volatility			8.10	%			25.70	%
Expected dividends yield			5.70	%			4.00	%
Exercise price			38,452				50,276
Per-share fair value of the option			192				8,142

2) Equity-settled share-based payment arrangement

(In won)		Granted in 2023 PSU of SK Telecom Co., Ltd.				Granted in 2024 PSU of SK Telecom Co., Ltd.
Risk-free interest rate			3.26	%			3.30	%
Estimated option’s life			3 years				3 years
Share price on the grant date			48,500				54,100
Expected volatility			18.67	%			15.90	%
Expected dividends yield			4.90	%			5.40	%
Per-share fair value of the option			27,525				25,920

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

19. Retained Earnings

Retained earnings as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		September 30, 2025				December 31, 2024
Appropriated:
Legal reserve		W	22,320				22,320
Reserve for business expansion			10,131,138				9,981,138
Reserve for technology development			4,865,300				4,715,300
			14,996,438				14,696,438
Unappropriated			98,022				554,693
		W	15,116,780				15,273,451

20. Reserves

(1) Details of reserves, net of taxes, as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		September 30, 2025				December 31, 2024
Valuation gain on FVOCI		W	397,253				213,725
Valuation loss on derivatives			(2,197	)			(4,995	)
		W	395,056				208,730

(2) Changes in reserves for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)
		Valuation gain (loss) on financial assets at FVOCI				Valuation gain (loss) on derivatives				Total
Balance at January 1, 2024		W	139,548				(274	)			139,274
Changes, net of taxes			(23,401	)			(3,769	)			(27,170	)
Balance at September 30, 2024		W	116,147				(4,043	)			112,104
Balance at January 1, 2025		W	213,725				(4,995	)			208,730
Changes, net of taxes			183,528				2,798				186,326
Balance at September 30, 2025		W	397,253				(2,197	)			395,056

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

21. Operating Revenue

Disaggregation of operating revenues considering the economic factors that affect the nature, amounts, timing and uncertainty of the Company’s revenue and future cash flows is as follows:

(In millions of won)		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Products transferred at a point in time:
Product sales		W	45,115				120,916				41,780				123,471
Services transferred over time:
Wireless service revenue(*1)			2,124,226				7,408,630				2,672,066				8,010,165
Cellular interconnection revenue			94,625				285,712				106,202				327,488
Others(*2)			400,782				1,152,065				383,181				1,122,313
			2,619,633				8,846,407				3,161,449				9,459,966
		W	2,664,748				8,967,323				3,203,229				9,583,437

(*1) Wireless service revenue includes revenue from wireless voice and data transmission services, which is collected from the wireless subscribers.

(*2) Other revenue includes revenue from billing and collection services as well as other miscellaneous services.

The Company has a right to receive consideration from a customer in an amount that corresponds directly with the value of telecommunications service provided; thus, the Company applies practical expedient method and recognizes revenue in the amount to which the Company has a right to invoice.

Most of the Company’s transactions are occurring in Korea as it principally operates its businesses in Korea.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

22. Other Operating Expenses

Details of other operating expenses for the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Communication		W	7,113				20,396				6,611				20,153
Utilities			105,920				292,886				106,953				297,385
Taxes and dues			2,347				29,186				2,128				24,182
Repair			64,472				185,220				61,907				191,239
Research and development			85,867				251,501				96,066				266,334
Training			5,921				14,317				5,395				15,116
Bad debt for accounts receivable – trade			10,130				29,038				6,547				21,890
Supplies and others			40,560				240,464				6,790				31,255
		W	322,330				1,063,008				292,397				867,554

23. Other Non-Operating Income and Expenses

Details of other non-operating income and expenses for the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Other Non-operating Income:
Gain on disposal of property and equipment and intangible assets		W	6,085				14,619				2,697				9,845
Others			6,297				22,730				2,947				8,098
		W	12,382				37,349				5,644				17,943
Other Non-operating Expenses:
Loss on disposal of property and equipment and intangible assets		W	1,882				5,047				3,997				7,637
Impairment loss on property and equipment and intangible assets			—				359				—				—
Donations			3,256				11,778				1,296				9,224
Bad debt (reversal) for accounts receivable – other			(477	)			2,849				588				3,108
Others			135,149				137,781				618				1,246
		W	139,810				157,814				6,499				21,215

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

24. Finance Income and Costs

(1) Details of finance income and costs for the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Finance Income:
Interest income		W	9,359				32,831				9,252				27,947
Dividends			14,097				222,080				5,483				207,112
Gain on foreign currency transactions			4,559				11,173				1,697				4,920
Gain on foreign currency translations			247				1,602				(816	)			671
Gain relating to financial instruments at FVTPL			3				10				520				18,103
		W	28,265				267,696				16,136				258,753
Finance Costs:
Interest expenses		W	71,095				219,023				75,687				237,062
Loss on sale of accounts receivable – other			4,449				13,217				7,382				28,426
Loss on foreign currency transactions			5,939				13,977				1,820				4,674
Loss on foreign currency translations			(879	)			595				72				742
Loss relating to financial instruments at FVTPL			(23	)			78				95,353				95,419
Loss on settlement of derivatives			—				7,298				—				—
Other finance costs			—				23,356				—				—
		W	80,581				277,544				180,314				366,323

(2) Details of interest income included in finance income for the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Interest income on cash equivalents and short-term financial instruments		W	4,020				17,898				4,748				15,035
Interest income on loans and others			5,339				14,933				4,504				12,912
		W	9,359				32,831				9,252				27,947

(3) Details of interest expenses included in finance costs for the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Interest expense on borrowings		W	4,218				12,843				2,716				12,817
Interest expense on debentures			51,506				156,551				53,912				163,120
Others			15,371				49,629				19,059				61,125
		W	71,095				219,023				75,687				237,062

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

24. Finance Income and Costs, Continued

(4) Details of impairment losses for financial assets for the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Accounts receivable – trade		W	10,130				29,038				6,547				21,890
Other receivables			(477	)			2,849				588				3,108
		W	9,653				31,887				7,135				24,998

25. Income Tax Expense

The income tax expense was calculated by considering current tax expense, adjusted for changes in estimates related to prior periods, and deferred tax expense due to origination and reversal of temporary differences and income tax expense that relates to items recognized outside profit or loss.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

26. Earnings (loss) per Share

Earnings (loss) per share is calculated for profit (loss) of the Company per common share and dilutive potential common share, and details are as follows:

(1) Basic earnings (loss) per share

1) Basic earnings (loss) per share for the three and nine-month periods ended September 30, 2025 and 2024 are calculated as follows:

(In millions of won, except for share data and basic earnings per share)
		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Profit (loss) for the period		W	(206,631	)			304,844				222,357				994,795
Interest on hybrid bonds			(4,950	)			(14,850	)			(4,950	)			(14,850	)
Profit (loss) for the period on common shares			(211,581	)			289,994				217,407				979,945
Weighted average number of common shares outstanding			212,982,275				212,943,216				212,886,342				212,835,311
Basic earnings (loss) per share (in won)		W	(993	)			1,362				1,021				4,604

2) Weighted average number of common shares outstanding for the three and nine-month periods ended September 30, 2025 and 2024 are calculated as follows:

(In shares)						Weighted average number of common shares
		Number of common shares				Three-month period ended September 30				Nine-month period ended September 30
Issued shares as of January 1, 2025			214,790,053				214,790,053				214,790,053
Treasury shares as of January 1, 2025			(1,903,711	)			(1,903,711	)			(1,903,711	)
Disposal of treasury shares			95,933				95,933				56,874
			212,982,275				212,982,275				212,943,216

(In shares)						Weighted average number of common shares
		Number of common shares				Three-month period ended September 30				Nine-month period ended September 30
Issued shares as of January 1, 2024			218,833,144				218,833,144				218,833,144
Treasury shares as of January 1, 2024			(6,133,414	)			(6,133,414	)			(6,133,414	)
Acquisition of treasury shares			(317,000	)			(317,000	)			(314,748	)
Disposal of treasury shares			503,612				503,612				450,329
			212,886,342				212,886,342				212,835,311

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

26. Earnings (loss) per Share, Continued

(2) Diluted earnings (loss) per share

1) Diluted earnings (loss) per share for the three and nine-month periods ended September 30, 2025 and 2024 are calculated as follows:

(In millions of won, except for share data and diluted earnings per share)
		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Profit (loss) for the period on common shares		W	(211,581	)			289,994				217,407				979,945
Adjusted weighted average number of common shares outstanding			212,982,275				213,193,075				213,479,404				213,414,191
Diluted earnings (loss) per share (in won)		W	(993	)			1,360				1,018				4,592

2) Adjusted weighted average number of common shares outstanding for the three and nine-month periods ended September 30, 2025 and 2024 are calculated as follows:

(In shares)		2025
		Three-month period ended September 30				Nine-month period ended September 30
Outstanding shares as of January 1, 2025			212,886,342				212,886,342
Effect of treasury shares			95,933				56,874
Effect of share option(*)			—				249,859
Adjusted weighted average number of common shares outstanding			212,982,275				213,193,075

(*) For the three-month period ended September 30, 2025, there were no dilutive effects from potential common shares, as the Company incurred a net loss. Accordingly, the diluted loss per share is equal to the basic loss per share.

(In shares)		2024
		Three-month period ended September 30				Nine-month period ended September 30
Outstanding shares as of January 1, 2024			212,699,730				212,699,730
Effect of treasury shares			186,612				135,581
Effect of share option			593,062				578,880
Adjusted weighted average number of common shares outstanding			213,479,404				213,414,191

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

27. Categories of Financial Instruments

(1) Financial assets by category as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		September 30, 2025
		Financial assets at FVTPL				Equity instruments at FVOCI				Financial assets at amortized cost				Derivatives hedging instrument				Total
Cash and cash equivalents		W	130,000				—				327,271				—				457,271
Financial instruments			—				—				79,354				—				79,354
Long-term investment securities(*)			72,613				1,125,333				—				—				1,197,946
Accounts receivable – trade			—				—				1,546,311				—				1,546,311
Loans and other receivables			296,829				—				753,420				—				1,050,249
Derivative financial assets			—				—				—				123,120				123,120
		W	499,442				1,125,333				2,706,356				123,120				4,454,251

(*) The Company designated W1,125,333 million of equity instruments that are not held for trading as financial assets at FVOCI.

(In millions of won)
		December 31, 2024
		Financial assets at FVTPL				Equity instruments at FVOCI				Financial assets at amortized cost				Derivatives hedging instrument				Total
Cash and cash equivalents		W	—				—				1,165,158				—				1,165,158
Financial instruments			—				—				79,354				—				79,354
Long-term investment securities(*)			75,563				1,342,902				—				—				1,418,465
Accounts receivable – trade			—				—				1,508,893				—				1,508,893
Loans and other receivables			223,761				—				616,521				—				840,282
Derivative financial assets			—				—				—				228,822				228,822
		W	299,324				1,342,902				3,369,926				228,822				5,240,974

(*) The Company designated W1,342,902 million of equity instruments that are not held for trading as financial assets at FVOCI.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

27. Categories of Financial Instruments, Continued

(2) Financial liabilities by category as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		September 30, 2025
		Financial liabilities at FVTPL				Financial liabilities at amortized cost				Derivatives hedging instrument				Total
Derivative financial liabilities		W	2,689				—				1,340				4,029
Borrowings			—				650,000				—				650,000
Debentures			—				6,407,321				—				6,407,321
Lease liabilities(*)			—				1,127,894				—				1,127,894
Accounts payable – other and others			—				3,076,837				—				3,076,837
		W	2,689				11,262,052				1,340				11,266,081

(In millions of won)
		December 31, 2024
		Financial liabilities at FVTPL				Financial liabilities at amortized cost				Derivatives hedging instrument				Total
Derivative financial liabilities		W	81,156				—				748				81,904
Borrowings			—				450,000				—				450,000
Debentures			—				6,635,194				—				6,635,194
Lease liabilities(*)			—				1,158,452				—				1,158,452
Accounts payable – other and others			—				3,489,056				—				3,489,056
		W	81,156				11,732,702				748				11,814,606

(*) The categorization of financial liabilities is not applicable to lease liabilities, but they are classified as financial liabilities measured at amortized cost, considering the nature of measuring liabilities.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

28. Financial Risk Management

(1) Financial risk management

The Company is exposed to market risk, credit risk and liquidity risk. Market risk is the risk related to the changes in market prices, such as foreign exchange rates, interest rates and price fluctuations. The Company implements a risk management system to monitor and manage these specific risks.

The Company’s financial assets consist of cash and cash equivalents, financial instruments, long-term investment securities, accounts receivable – trade and other, etc. Financial liabilities consist of accounts payable – other and others, borrowings, debentures, lease liabilities and others.

1) Market risk

(i) Currency risk

The Company’s currency risk is mainly related to changes in recognized assets and liabilities due to exchange rate fluctuations. If the Company determines that it is necessary to hedge currency risk for business purposes, the Company manages currency risk by using currency swaps, etc. Currency risk arises from forecasted transactions and recognized assets and liabilities which are denominated in a currency other than the functional currency of the Company.

Monetary assets and liabilities denominated in foreign currencies as of September 30, 2025 are as follows:

(In millions of won, thousands of foreign currencies)
		Assets								Liabilities
		Foreign currencies				Won equivalent				Foreign currencies				Won equivalent
USD			104,923			W	147,124				709,740			W	995,197
EUR			8,804				14,479				8				13
Others			—				564				—				1,583
						W	162,167							W	996,793

In addition, the Company has entered into cross currency swaps to hedge against currency risk related to foreign currency debentures.

As of September 30, 2025, a hypothetical change in exchange rates by 10% would have increased (decreased) the Company’s profit before income tax and equity as follows:

(In millions of won)
		Profit before income tax								Equity
		If increased by 10%				If decreased by 10%				If increased by 10%				If decreased by 10%
USD		W	13,070				(13,070	)		W	9,754				(9,754	)
EUR			1,447				(1,447	)			1,080				(1,080	)
Others			(102	)			102				(76	)			76
		W	14,415				(14,415	)		W	10,758				(10,758	)

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

28. Financial Risk Management, Continued

(1) Financial risk management, Continued

1) Market risk, Continued

(ii) Interest rate risk

The interest rate risk of the Company arises from borrowings, debentures and long-term payables – other. Since the Company’s interest-bearing assets are mostly fixed-interest bearing assets, the Company’s revenue and operating cash flows from the interest-bearing assets are not influenced by the changes in market interest rates.

The Company performs various analysis to reduce interest rate risk and to optimize its financing. To minimize risks arising from changes in interest rates, the Company takes various measures, such as refinancing, renewal, alternative financing and hedging.

As of September 30, 2025, the par values of floating-rate borrowings and debentures amount to W200,000 million and W420,660 million, respectively, and the Company has entered into interest rate swaps to hedge interest rate risk related to the floating-rate borrowings and debentures. Therefore, profit before income tax for the nine-month period ended September 30, 2025 would not have been affected by the changes in interest rates of floating-rate borrowings and debentures.

As of September 30, 2025, the floating-rate long-term payables – other amount to W551,925 million. Assuming all other variables remain constant, the impact of changes in the interest rate of long-term payables – other by 1%p on profit before income tax and equity for the nine-month period ended September 30, 2025 is as follows.

(In millions of won)
Profit before income tax				Equity
If increased by 1%p		If decreased by 1%p		If increased by 1%p		If decreased by 1%p
W(4,139)		4,139		W(3,089)		3,089

(iii) Price fluctuations risk

As of September 30, 2025, the Company holds equity instruments in an active trading market and is exposed to price fluctuation risk accordingly. Assuming all other variables remain constant, the impact of changes in per-share stock price of the equity securities on profit before income tax and equity for the nine-month period ended September 30, 2025 is as follows.

(In millions of won)
Profit before income tax				Equity
If increased by 10%		If decreased by 10%		If increased by 10%		If decreased by 10%
W—		—		W65,002		(65,002)

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

28. Financial Risk Management, Continued

(1) Financial risk management, Continued

2) Credit risk

Maximum credit exposure as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		September 30, 2025				December 31, 2024
Cash and cash equivalents		W	457,228				1,165,121
Financial instruments			79,354				79,354
Long-term financial instruments			500				—
Accounts receivable – trade			1,546,311				1,508,893
Contract assets			18,548				18,576
Loans and other receivables			1,050,249				840,282
Derivative financial assets			123,120				228,822
		W	3,275,310				3,841,048

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. To manage credit risk, the Company evaluates the credit worthiness of each customer or counterparty by considering the party’s financial information, its own trading records and other factors. Based on such information, the Company establishes credit limits for each customer or counterparty.

The Company establishes a loss allowance in respect of accounts receivable – trade. The main components of this allowance are a specific loss component that relates to individually significant exposures and a collective loss component established for groups of similar assets in respect of losses that are expected to occur. The collective loss allowance is determined based on historical data of collection statistics for similar financial assets. Also, the Company’s credit risk can arise from transactions with financial institutions related to its cash and cash equivalents, financial instruments and derivatives. To minimize such risk, the Company has a policy to deal only with financial institutions with high credit ratings.

The Company’s maximum exposure to credit risk is equal to each financial asset’s carrying amount as of September 30, 2025.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

28. Financial Risk Management, Continued

(1) Financial risk management, Continued

3) Liquidity risk

The Company’s approach to managing liquidity is to ensure that it will always maintain sufficient cash and cash equivalents balances and have enough liquidity through various committed credit lines. The Company maintains enough liquidity within credit lines through active operating activities.

Contractual maturities of financial liabilities as of September 30, 2025 are as follows:

(In millions of won)
		Carrying amount				Contractual cash flows				Less than 1 year				1 – 5 years				More than 5 years
Borrowings(*)		W	650,000				660,523				157,439				503,084				—
Debentures(*)			6,407,321				7,317,204				1,036,595				4,268,483				2,012,126
Lease liabilities			1,127,894				1,224,666				349,919				781,565				93,182
Accounts payable -other and others(*)			3,076,837				3,096,669				2,885,862				210,807				—
		W	11,262,052				12,299,062				4,429,815				5,763,939				2,105,308

(*) The contractual cash flow is amount that includes estimated interest payables.

The Company does not expect that the cash flows included in the maturity analysis could occur significantly earlier or in significantly different amounts.

As of September 30, 2025, periods in which cash flows from cash flow hedge derivatives are expected to occur are as follows:

(In millions of won)
		Carrying amount				Contractual cash flows				Less than 1 year				1 – 5 years
Assets		W	123,120				127,895				15,908				111,987
Liabilities			(1,340	)			(1,359	)			(1,058	)			(301	)

(2) Capital management

The Company manages its capital to ensure that it will be able to continue as a going concern while maximizing the return to shareholders through the optimization of its debt and equity structure. The overall strategy of the Company is the same as that of the Company as of and for the year ended December 31, 2024.

The Company monitors its debt-equity ratio as a capital management indicator. This ratio is calculated as total liabilities divided by total equity from the separate financial statements.

Debt-equity ratio as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		September 30, 2025				December 31, 2024
Total liabilities		W	13,035,300				13,624,772
Total equity			10,994,641				10,960,854
Debt-equity ratios			118.56	%			124.30	%

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

28. Financial Risk Management, Continued

(3) Fair value

1) Fair value and carrying amount of financial assets and liabilities, including fair value hierarchy as of September 30, 2025 are as follows:

(In millions of won)		September 30, 2025
		Carrying amount				Level 1				Level 2				Level 3				Total
Financial assets that are measured at fair value:
FVTPL		W	499,442				—				426,829				72,613				499,442
Derivative hedging instruments			123,120				—				123,120				—				123,120
FVOCI			1,125,333				871,008				—				254,325				1,125,333
		W	1,747,895				871,008				549,949				326,938				1,747,895
Financial liabilities that are measured at fair value:
Derivative financial liabilities		W	4,029				—				1,340				2,689				4,029
Financial liabilities that are not measured at fair value:
Borrowings		W	650,000				—				652,731				—				652,731
Debentures			6,407,321				—				6,435,426				—				6,435,426
Long-term payables – other			546,136				—				551,765				—				551,765
		W	7,603,457				—				7,639,922				—				7,639,922

2) Fair value and carrying amount of financial assets and liabilities, including fair value hierarchy as of December 31, 2024 are as follows:

(In millions of won)		December 31, 2024
		Carrying amount				Level 1				Level 2				Level 3				Total
Financial assets that are measured at fair value:
FVTPL		W	299,324				—				223,761				75,563				299,324
Derivative hedging instruments			228,822				—				228,822				—				228,822
FVOCI			1,342,902				1,088,578				—				254,324				1,342,902
		W	1,871,048				1,088,578				452,583				329,887				1,871,048
Financial liabilities that are measured at fair value:
Derivative financial liabilities		W	81,904				—				748				81,156				81,904
Financial liabilities that are not measured at fair value:
Borrowings		W	450,000				—				453,965				—				453,965
Debentures			6,635,194				—				6,637,948				—				6,637,948
Long-term payables – other			907,720				—				930,604				—				930,604
		W	7,992,914				—				8,022,517				—				8,022,517

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

28. Financial Risk Management, Continued

(3) Fair value, Continued

Fair value and carrying amount of financial assets and liabilities including fair value hierarchy as of September 30, 2025 and December 31, 2024 are as follows, Continued:

The above information does not include fair values of financial assets and liabilities of which fair values have not been measured as carrying amounts are reasonable approximation of fair values.

Fair value of the financial instruments that are traded in an active market (financial assets at FVOCI) is measured based on the bid price at the end of the reporting date.

The Company uses various valuation methods for determination of fair value of financial instruments that are not traded in an active market. Derivative financial contracts and long-term liabilities are measured using valuation methods such as discounted present value methods. Other financial assets are determined using the methods, such as discounted cash flow and market approach. Inputs used in such valuation methods include swap rate, interest rate, risk premium and the volatility of stock price, and the Company performs valuation using the inputs which are consistent with natures of assets and liabilities measured.

Interest rates used by the Company for the fair value measurement as of September 30, 2025 are as follows:

		Interest rate
Derivative instruments			2.08% ~ 3.89%
Borrowings and debentures			2.69% ~ 2.98%
Long-term payables – other			2.58% ~ 2.78%

3) There have been no transfers between Level 1 and Level 2 for the nine-month period ended September 30, 2025. The changes in financial assets and liabilities classified as Level 3 for the nine-month period ended September 30, 2025 are as follows:

(In millions of won)
		Balance as of January 1, 2025				Loss				OCI				Acquisition				Disposal				Balance as of September 30, 2025
Financial assets:
FVTPL		W	75,563				(69	)			—				500				(3,381	)			72,613
FVOCI			254,324				—				3,060				1				(3,060	)			254,325
		W	329,887				(69	)			3,060				501				(6,441	)			326,938
Financial liabilities:
FVTPL		W	(81,156	)			—				—				—				78,467				(2,689	)

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

28. Financial Risk Management, Continued

(4) Enforceable master netting agreement or similar agreement

Carrying amounts of financial instruments recognized to which offset agreements are applicable as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)
		September 30, 2025
		Gross financial instruments recognized				Amount offset				Net financial instruments presented on the condensed separate interim statement of financial position
Financial assets:
Accounts receivable – trade and others		W	62,325				(62,325	)			—
Financial liabilities:
Accounts payable – other and others		W	64,796				(62,325	)			2,471
(In millions of won)
		December 31, 2024
		Gross financial instruments recognized				Amount offset				Net financial instruments presented on the separate statement of financial position
Financial assets:
Accounts receivable – trade and others		W	72,747				(72,747	)			—
Financial liabilities:
Accounts payable – other and others		W	74,658				(72,747	)			1,911

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

29. Transactions with Related Parties

(1) List of the related parties

Relationship		Company
Ultimate controlling entity		SK Inc.
Subsidiaries		SK Broadband Co., Ltd. and 18 others(*)
Joint venture		UTC Kakao-SK Telecom ESG Fund
Associates		SK China Company Ltd. and 44 others
Others		The ultimate controlling entity’s subsidiaries, associates and others

(*) As of September 30, 2025, subsidiaries of the Company are as follows:

Subsidiary				Ownership percentage(%)(*1)				Primary business
Subsidiaries owned by the Company		SK Telink Co., Ltd.			100.0			International telecommunication and Mobile Virtual Network Operator service
		SK Broadband Co., Ltd.			99.1			Fixed-line telecommunication services
		PS&Marketing Corporation			100.0			Communications device retail business
		SERVICE ACE Co., Ltd.			100.0			Call center management service
		SERVICE TOP Co., Ltd.			100.0			Call center management service
		SK O&S Co., Ltd.			100.0			Base station maintenance service
		SK Telecom China Holdings Co., Ltd.			100.0			Investment (Holdings company)
		YTK Investment Ltd.			100.0			Investment
		Atlas Investment			100.0			Investment
		SK Telecom Americas, Inc.			100.0			Information gathering and consulting
		Happy Hanool Co., Ltd.			100.0			Service
		SK stoa Co., Ltd.			100.0			Other telecommunication retail business
		SAPEON Inc.			62.5			Investment (Holdings company)
		Astra AI Infra LLC			100.0			Investment
Subsidiaries owned by SK Broadband Co., Ltd.		Home & Service Co., Ltd.			100.0			Operation of information and communication facility
		Media S Co., Ltd.			100.0			Production and supply services of broadcasting programs
Subsidiary owned by SK Telecom Americas, Inc.		Global AI Platform Corporation			100.0			Software development and supply services
Subsidiary owned by Global AI Platform Corporation		Global AI Platform Corporation Korea			100.0			Software development and supply services
Other(*2)		SK Telecom Innovation Fund, L.P.			100.0			Investment

(*1) The ownership interest represents direct ownership interest in subsidiaries either by the Company or subsidiaries of the Company.

(*2) Other is owned by Atlas Investment and another subsidiary of the Company.

As of September 30, 2025, the Company belongs to SK Group, a conglomerate as defined in the Monopoly Regulation and Fair Trade Act of the Republic of Korea. All of the other entities included in SK Group are considered related parties of the Company.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

29. Transactions with Related Parties, Continued

(2) Compensation for the key management

The Company considers registered directors who have substantial role and responsibility in planning, operations and relevant controls of the business as key management. The compensations given to such key management for the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)
		2025								2024
		Three-month period ended September 30				Nine-month period ended September 30				Three-month period ended September 30				Nine-month period ended September 30
Salaries		W	894				5,833				768				4,906
Defined benefit plan expenses			159				680				204				1,159
Share option			(201	)			(69	)			1,169				882
		W	852				6,444				2,141				6,947

Compensations for the key management include salaries, non-monetary salaries and defined benefits made in relation to the pension plan and compensation expenses related to share options granted.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

29. Transactions with Related Parties, Continued

(3) Transactions with the related parties for the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)				For the period ended September 30, 2025
				Operating revenue and others								Operating expenses and others(*1)								Acquisition of property and equipment and others
Scope		Company		Three- month				Nine- month				Three- month				Nine- month				Three- month				Nine- month
Ultimate controlling entity		SK Inc.(*2)		W	7,204				11,819				144,512				438,117				46,180				97,495
Subsidiaries		SK Broadband Co., Ltd.(*3)			45,328				277,473				153,788				458,675				40				214
		PS&Marketing Corporation(*4)			1,517				4,961				413,693				1,002,584				4				29
		SK O&S Co., Ltd.(*5)			1,038				6,836				71,594				207,251				17,644				35,209
		SK Telink Co., Ltd.(*6)			21,333				90,451				4,552				13,092				—				—
		SERVICE ACE Co., Ltd.			635				4,473				27,504				90,015				—				—
		SERVICE TOP Co., Ltd.			1,509				4,574				25,942				84,039				—				—
		Others(*7)			4,603				14,400				4,093				17,398				—				—
					75,963				403,168				701,166				1,873,054				17,688				35,452
Associates		SK m&service Co., Ltd.(*8)			149				1,995				6,493				13,742				237				816
		Others(*9,10)			2,375				10,944				2,069				17,093				68,882				68,882
					2,524				12,939				8,562				30,835				69,119				69,698
Others		SK Innovation Co., Ltd.			1,781				5,438				4,024				9,806				—				—
		SK Networks Co., Ltd.			200				736				2,718				7,930				—				—
		SK Networks Service Co., Ltd.			129				416				8,440				25,816				247				602
		SK Energy Co., Ltd.			393				1,185				6				69				—				—
		Content Wavve Corp.			748				8,360				5				33,014				—				—
		Happy Narae Co., Ltd.			32				113				7,681				14,097				8,041				12,519
		SK Shieldus Co., Ltd.			13,395				37,842				28,793				73,915				2,570				10,875
		Eleven Street Co., Ltd.			867				4,488				6,840				18,677				—				—
		SK Planet Co., Ltd.			487				2,783				16,633				51,932				1,041				1,151
		SK hynix Inc.			14,602				40,493				139				401				—				—
		Tmap Mobility Co., Ltd.			1,771				9,696				1,094				3,232				—				—
		Dreamus Company			334				2,528				11,759				38,823				—				—
		One Store Co., Ltd.			2,863				9,238				8				29				—				—
		UNA Engineering Inc.			—				—				2,215				5,058				2,297				7,067
		Others			8,151				20,519				7,496				39,688				—				96
					45,753				143,835				97,851				322,487				14,196				32,310
				W	131,444				571,761				952,091				2,664,493				147,183				234,955

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

29. Transactions with Related Parties, Continued

(3) Transactions with the related parties for the three and nine-month periods ended September 30, 2025 and 2024 are as follows, Continued:

(*1) Operating expenses and others include lease payments by the Company.

(*2) Operating expenses and others include W177,961 million of dividends paid by the Company.

(*3) Operating revenue and others include W149,526 million of dividend income received.

(*4) Operating expenses and others include W471,215 million paid to PS&Marketing Corporation relating to purchase of accounts receivable resulting from sale of handsets.

(*5) Operating revenue and others include W4,000 million of dividend income received.

(*6) Operating revenue and others include W11,991 million of dividend income received.

(*7) Operating revenue and others include W11,024 million of dividend received from Astra AI Infra LLC.

(*8) Transactions with SK m&service Co., Ltd. prior to the disposal of shares were classified as transactions with a subsidiary, and the transactions subsequent to the disposal were classified as transactions with an associate.

(*9) The disposal of the shares in F&U Credit Information Co., Ltd. held by the Company was completed on April 4, 2025, and the transactions subsequent to the disposal have not been included.

(*10) Operating revenue and others include W8,855 million of dividend received from Korea IT Fund, W1,438 million of dividend received from Citadel Pacific Telecom Holdings, LLC and W460 million of dividend received from Start-up Win-Win Fund.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

29. Transactions with Related Parties, Continued

(3) Transactions with the related parties for the three and nine-month periods ended September 30, 2025 and 2024 are as follows, Continued:

(In millions of won)				For the period ended September 30, 2024
				Operating revenue and others								Operating expenses and others(*1)								Acquisition of property and equipment and others
Scope		Company		Three- month				Nine- month				Three- month				Nine- month				Three- month				Nine- month
Ultimate controlling entity		SK Inc.(*2)		W	2,575				7,575				136,671				423,154				18,465				25,318
Subsidiaries		SK Broadband Co., Ltd.(*3)			37,890				265,806				151,017				451,550				759				840
		PS&Marketing Corporation(*4)			1,458				4,481				343,452				945,663				300				524
		SK O&S Co., Ltd.			733				2,382				64,449				194,018				8,416				14,814
		SK Telink Co., Ltd.(*5)			28,398				102,762				4,202				11,950				—				—
		SERVICE ACE Co., Ltd.(*6)			2,653				11,755				30,039				92,231				—				—
		SERVICE TOP Co., Ltd.(*7)			1,817				11,200				28,577				88,339				—				—
		NATE Communications Corporation (Formerly, SK Communications Co., Ltd.)			383				1,087				1,021				1,848				179				636
		Others			2,229				7,261				11,155				29,600				187				197
					75,561				406,734				633,912				1,815,199				9,841				17,011
Associates		F&U Credit information Co., Ltd.			190				568				11,076				33,668				—				203
		Daehan Kanggun BcN Co., Ltd.			3,565				9,227				—				—				—				—
		Others(*8)			191				5,645				2,319				9,619				—				—
					3,946				15,440				13,395				43,287				—				203
Others		SK Innovation Co., Ltd.			1,108				4,588				3,669				9,431				—				—
		SK Networks Co., Ltd.			265				835				2,892				8,293				—				—
		SK Networks Service Co., Ltd.			117				367				11,055				29,867				551				1,285
		SK Energy Co., Ltd.			346				1,147				13				158				—				—
		Content Wavve Corp.			3,992				9,151				22,890				63,214				—				—
		Happy Narae Co., Ltd.			38				117				2,268				7,194				19,215				41,406
		SK Shieldus Co., Ltd.			14,087				38,230				20,370				67,593				1,677				2,707
		Eleven Street Co., Ltd.			1,498				5,499				7,313				20,545				—				—
		SK Planet Co., Ltd.			1,284				3,866				19,190				54,286				546				1,158
		SK hynix Inc.			11,484				29,066				31				175				—				—
		Tmap Mobility Co., Ltd.			3,402				11,817				1,351				4,221				—				—
		Dreamus Company			1,073				3,272				16,447				49,488				265				265
		One Store Co., Ltd.			3,246				11,251				14				52				—				—
		UNA Engineering Inc.			—				—				2,603				5,748				1,772				5,080
		Others(*9)			8,586				26,562				4,908				17,443				677				17,400
					50,526				145,768				115,014				337,708				24,703				69,301
				W	132,608				575,517				898,992				2,619,348				53,009				111,833

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

29. Transactions with Related Parties, Continued

(3) Transactions with the related parties for the three and nine-month periods ended September 30, 2025 and 2024 are as follows, Continued:

(*1) Operating expenses and others include lease payments by the Company.

(*2) Operating expenses and others include W177,961 million of dividends paid by the Company.

(*3) Operating revenue and others include W149,526 million of dividend income received.

(*4) Operating expenses and others include W500,475 million paid to PS&Marketing Corporation relating to purchase of accounts receivable resulting from sale of handsets.

(*5) Operating revenue and others include W14,971 million of dividend income received.

(*6) Operating revenue and others include W3,302 million of dividend income received.

(*7) Operating revenue and others include W5,700 million of dividend income received.

(*8) Operating revenue and others include W590 million of dividend received from Start-up Win-Win Fund and W5,054 million of dividend received from Korea IT Fund.

(*9) SK RENT A CAR Co., Ltd. was excluded from the related parties for the nine-month period ended September 30, 2024, and the transactions above occurred before the related party relationship terminated.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

29. Transactions with Related Parties, Continued

(4) Account balances with the related parties as of September 30, 2025 and December 31, 2024 are as follows:

(In millions of won)				September 30, 2025
				Receivables								Payables
Scope		Company		Loans				Accounts receivable – trade, etc.				Accounts payable – other, etc.
Ultimate controlling entity		SK Inc.		W	—				4,354				110,017
Subsidiaries		SK Broadband Co., Ltd.			—				203,998				236,511
		PS&Marketing Corporation			—				1,344				73,677
		SK O&S Co., Ltd.			—				16				10,181
		SK Telink Co., Ltd.			—				20,768				5,927
		SERVICE ACE Co., Ltd.			—				543				10,315
		SERVICE TOP Co., Ltd.			—				1,492				12,345
		Others			—				217				2,914
					—				228,378				351,870
Associates		Daehan Kanggun BcN Co., Ltd.(*)			22,147				—				—
		SK m&service Co., Ltd.			—				459				44,926
		Others			—				—				366
					22,147				459				45,292
Others		SK hynix Inc.			—				16,052				106
		SK Planet Co., Ltd.			—				152				1,599
		Eleven Street Co., Ltd.			—				15,091				3,582
		One Store Co., Ltd.			—				535				10,361
		SK Shieldus Co., Ltd.			—				13,403				14,424
		SK Innovation Co., Ltd.			—				3,246				21,813
		SK Networks Co., Ltd.			—				82				27,354
		SK Networks Service Co., Ltd.			—				—				5,820
		Incross Co., Ltd.			—				1,228				5,832
		UNA Engineering Inc.			—				—				243
		Happy Narae Co., Ltd.			—				10				4,650
		Content Wavve Corp.			—				57				1
		Dreamus Company			—				386				2,033
		Others			—				8,354				4,214
					—				58,596				102,032
				W	22,147				291,787				609,211

(*) As of September 30, 2025, the Company recognized loss allowance for the entire balance of loans to Daehan Kanggun BcN Co., Ltd.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

29. Transactions with Related Parties, Continued

(4) Account balances with the related parties as of September 30, 2025 and December 31, 2024 are as follows, Continued:

(In millions of won)				December 31, 2024
				Receivables								Payables
Scope		Company		Loans				Accounts receivable – trade, etc.				Accounts payable – other, etc.
Ultimate controlling entity		SK Inc.		W	—				1,166				71,672
Subsidiaries		SK Broadband Co., Ltd.			—				128,050				186,030
		PS&Marketing Corporation			—				1,152				56,531
		SK O&S Co., Ltd.			—				57				63,748
		SK Telink Co., Ltd.			—				23,625				11,705
		SERVICE ACE Co., Ltd.			—				412				25,150
		SERVICE TOP Co., Ltd.			—				24				22,578
		NATE Communications Corporation (Formerly, SK Communications Co., Ltd.)			—				2				7,489
		SK m&service Co., Ltd.			—				1,219				25,705
		Others			—				361				5,708
					—				154,902				404,644
Associates		F&U Credit information Co., Ltd.			—				—				4,000
		Daehan Kanggun BcN Co., Ltd.(*)			22,147				—				—
		Konan Technology Inc.			—				—				63
		Others			—				353				2,715
					22,147				353				6,778
Others		SK hynix Inc.			—				11,948				206
		SK Planet Co., Ltd.			—				241				2,386
		Eleven Street Co., Ltd.			—				10,425				1,565
		One Store Co., Ltd.			—				474				9,883
		SK Shieldus Co., Ltd.			—				11,233				11,742
		SK Innovation Co., Ltd.			—				5,259				28,159
		SK Networks Co., Ltd.			—				262				26,319
		SK Networks Service Co., Ltd.			—				—				5,204
		Incross Co., Ltd.			—				1,650				20,215
		UNA Engineering Inc.			—				—				3,320
		Happy Narae Co., Ltd.			—				8				14,781
		Content Wavve Corp.			—				1,564				2
		Dreamus Company			—				313				2,055
		Others			—				8,106				9,861
					—				51,483				135,698
				W	22,147				207,904				618,792

(*) As of December 31, 2024, the Company recognized loss allowance for the entire balance of loans to Daehan Kanggun BcN Co., Ltd.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

29. Transactions with Related Parties, Continued

(5) The Company has granted SK REIT Co., Ltd. the right of first offer regarding the disposal of specified real estates owned by the Company. Whereby, the negotiation period is within three to five years from June 30, 2021, when the agreement was signed, and the negotiation period for the real estate that matured after the first three-year period was extended by three years as of June 30, 2024. In addition, the Company has been granted the right by SK REIT Co., Ltd. to lease the real estate in preference to a third party if SK REIT Co., Ltd. purchases the real estate from the Company.

(6) The details of additional investments and disposal of subsidiaries and associates for the nine-month period ended September 30, 2025 are as presented in note 8.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

30. Commitments and Contingencies

(1) Accounts receivable from sale of handsets

Retail stores and authorized dealers of the Company sell handsets to the Company’s subscribers on an installment basis. The Company entered into comprehensive agreements to purchase accounts receivable from handset sales with the retail stores and authorized dealers and to transfer the accounts receivable from handset sales to special-purpose companies which were established with the purpose of liquidating receivables, respectively.

The accounts receivable from sale of handsets amounting to W314,994 million and W241,962 million as of September 30, 2025 and December 31, 2024, respectively, which the Company purchased according to the relevant comprehensive agreement, are recognized as accounts receivable – other and long-term accounts receivable – other.

(2) Legal claims and litigations

As of September 30, 2025, the Company is involved in various legal claims and litigations. The provision recognized in relation to these claims and litigations is immaterial. In connection with those legal claims and litigations for which no provision was recognized, management does not believe the Company has a present obligation, nor is it expected that any of these claims or litigations will have a material impact on the Company’s financial position or operating results in the event an outflow of resources is ultimately necessary.

(3) Obligation relating to spin-off

The Company carried out the spin-off of its business of managing investments in semiconductor, New Information and Communication Technologies(“ICT”) and other businesses and making new investments on November 1, 2021. The Company has obligation to jointly and severally reimburse the Company’s liabilities incurred prior to the spin-off with SK Square Co., Ltd., the spin-off company, in accordance with Article 530-9 (1) of Korean Commercial Act.

(4) According to the covenant for bond issuance and borrowings, the Company is required to maintain specific financial ratios, such as the debt ratio, at certain levels. The funds obtained must be used for specified purposes only, and regular reporting to lenders is mandated. Additionally, the contracts include clauses that restrict both provision of additional collateral of assets held by the Company and disposal of certain assets.

(5) The Company entered into a contract with SK Inc. for the use of Amazon Web Services (“AWS”). In accordance with the contract, the Company is entitled to receive AWS services for a ten-year period beginning in July 2025, with a total contract value of USD 800,000,000.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

31. Statements of Cash Flows

(1) Adjustments for income and expenses from operating activities for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)
		For the nine-month period ended
		September 30, 2025				September 30, 2024
Gain on foreign currency translations		W	(1,602	)			(671	)
Interest income			(32,831	)			(27,947	)
Dividends			(222,080	)			(207,112	)
Gain relating to investments in subsidiaries, associates and joint ventures, net			(17,685	)			(11,329	)
Gain relating to financial instruments at FVTPL			(10	)			(18,103	)
Gain on disposal of property and equipment and intangible assets			(14,619	)			(9,845	)
Other income			(4,675	)			(1,934	)
Loss on foreign currency translations			595				742
Bad debt for accounts receivable – trade			29,038				21,890
Bad debt for accounts receivable – other			2,849				3,108
Loss relating to financial instruments at FVTPL			78				95,419
Loss on settlement of derivatives			7,298				—
Other finance costs			23,356				—
Loss relating to investments in subsidiaries, associates and joint ventures, net			2,917				—
Depreciation and amortization			1,966,244				2,082,557
Loss on disposal of property and equipment and intangible assets			5,047				7,637
Impairment loss on property and equipment and intangible assets			359				—
Loss on sale of accounts receivable – other			13,217				28,426
Interest expense			219,023				237,062
Expense related to defined benefit plan			36,027				34,708
Bonus paid by treasury shares			262				24,988
Share option expenses (reversal)			(499	)			3,872
Income tax expense			260,695				249,524
Other expenses			3,617				1,628
		W	2,276,621				2,514,620

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

31. Statements of Cash Flows, Continued

(2) Changes in assets and liabilities from operating activities for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)
		For the nine-month period ended
		September 30, 2025				September 30, 2024
Accounts receivable – trade		W	(60,025	)			(177,893	)
Accounts receivable – other			(205,589	)			(82,822	)
Advanced payments			15,305				1,251
Prepaid expenses			(362,974	)			(4,763	)
Inventories			9,864				(23,483	)
Long-term accounts receivable – other			12,938				(40,835	)
Guarantee deposits			22,481				2,100
Contract assets			28				1,487
Accounts payable – other			(116,478	)			(119,501	)
Withholdings			30,716				179,344
Deposits received			5,081				184
Accrued expenses			163,786				53,659
Plan assets			78,139				1,368
Retirement benefits payment			(113,001	)			(28,930	)
Contract liabilities			51,627				15,189
Others			(2,168	)			(2,145	)
		W	(470,270	)			(225,790	)

(3) Material non-cash transactions for the nine-month periods ended September 30, 2025 and 2024 are as follows:

(In millions of won)
		For the nine-month period ended
		September 30, 2025				September 30, 2024
Decrease in accounts payable – other relating to the acquisition of property and equipment and intangible assets		W	(233,905	)			(373,825	)
Increase of right-of-use assets			246,432				153,800
Transfer from property and equipment to investment property			17,709				(1,479	)

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

32. Emissions Liabilities

(1) Quantities of emissions rights allocated free of charge for each implementation year as of September 30, 2025 are as follows:

(In tCO2-eQ)
		Quantities allocated in 2021				Quantities allocated in 2022				Quantities allocated in 2023				Quantities allocated in 2024				Quantities allocated in 2025				Total
Emissions rights allocated free of charge(*)			1,031,526				1,223,008				1,327,809				1,332,500				1,021,864				5,936,707

(*) The finalized changes in quantity due to additional allocation, cancellation of allocation and others are considered.

(2) Changes in emissions rights quantities the Company held are as follows:

(In tCO2-eQ)
		Quantities allocated in 2023				Quantities allocated in 2024				Quantities allocated in the nine-month period  ended September 30, 2025				Total
																	Beginning			306,575				414,356				517,280				1,238,211
Allocation at no cost			1,327,809				1,332,500				1,021,864				3,682,173
Sale			(70,789	)			(63,058	)			(293,002	)			(426,849	)
Surrender or shall be surrendered			(1,149,239	)			(1,166,518	)			(1,246,142	)			(3,561,899	)
Ending			414,356				517,280				—				931,636

(3) As of September 30, 2025, the estimated annual greenhouse gas emissions quantities of the Company are 1,246,142 tCO2-eQ.

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

33. Non-current Assets Held for Sale

Non-current assets held for sale as of December 31, 2024 are as follows:

(In millions of won)
				December 31, 2024
Investments in subsidiaries		NATE Communications Corporation (Formerly, SK Communications Co., Ltd.)(*1)		W	7,035
Investments in associates		F&U Credit information Co., Ltd.(*2)			4,533
				W	11,568

(*1) The Company disposed of the shares in NATE Communications Corporation (formerly, SK Communications Co., Ltd.), resulting in a loss of W1,306 million relating to investments in subsidiaries for the nine-month period ended September 30, 2025.

(*2) The Company disposed of the shares in F&U Credit information Co., Ltd., resulting in a gain of W13,971 million relating to investments in associates for the nine-month period ended September 30, 2025.

34. Subsequent Events

At its meeting on October 29, 2025, the Board of Directors of the Company resolved to dispose of its building located in Pangyo to SK REIT Co., Ltd. for W215,699 million on November 26, 2025, and to lease back the building until November 25, 2030.

58

FAQ

What were SK Telecom (SKM) consolidated results for the nine months ended September 30, 2025?

For the nine months ended September 30, 2025, SK Telecom reported consolidated operating revenue of ₩12,770,541 million, operating profit of ₩954,082 million, profit before income tax of ₩584,418 million, and profit attributable to owners of the parent of ₩295,862 million. Basic earnings per share were ₩1,320 on a consolidated basis.

How large is SK Telecom’s 5G subscriber base as of September 30, 2025?

As of September 30, 2025, SK Telecom had 17.26 million 5G subscribers, representing 79% of its total mobile subscriber base. The company states that 5G has reached a mature stage in Korea, and it aims to maintain solid wireless profitability through stable operations and diversified service offerings.

How did SK Broadband perform in the fixed-line and media businesses in 2025?

For the nine months ended September 30, 2025, SK Broadband recorded consolidated revenue of ₩3.38 trillion, a 2.7% increase from ₩3.29 trillion in the same period of 2024. The media segment generated ₩1.43 trillion (up 0.3%), while the fixed-line segment delivered ₩1.95 trillion (up 5.0%), supported by growth in high-speed Internet subscribers and new data center-focused B2B business.

What does SK Telecom’s balance sheet look like as of September 30, 2025?

As of September 30, 2025, SK Telecom reported total assets of ₩28,895,347 million and total liabilities of ₩17,086,403 million, resulting in total equity of ₩11,808,944 million. Equity attributable to owners of the parent company was ₩11,702,177 million. The company holds substantial property and equipment of ₩11,918,934 million and investments in associates and joint ventures of ₩2,348,743 million.

How much is SK Telecom investing in R&D and what is the R&D intensity?

For the nine months ended September 30, 2025, SK Telecom incurred total R&D costs of ₩273,532 million, including labor, depreciation, commissioned services and other expenses. Of this, ₩268,201 million was recorded in selling and administrative expenses and ₩5,331 million as capitalized development costs. The R&D cost-to-sales ratio was 2.14% over the period.

What environmental and climate initiatives has SK Telecom disclosed?

SK Telecom states that it aims to achieve Net Zero by 2050 under a vision of realizing a sustainable future based on AI. It was among the first Korean IT firms to join the RE100 initiative, signed a green premium contract with Korea Electric Power Corporation, and is deploying solar power at offices and base stations. It also notes being the first telecom company to obtain carbon emission rights through greenhouse gas reductions from equipment integration and technology upgrades.

Who is SK Telecom’s largest shareholder and what is its ownership stake?

SK Inc. is SK Telecom’s largest shareholder. As of September 30, 2025, SK Inc. held 65,668,397 common shares, representing an ownership ratio of 30.57%. Including related persons, total holdings reported were 65,709,344 shares, or 30.59% of SK Telecom’s common shares.