Woori Financial (WF) grows assets and reports steady 2025 profit

Rhea-AI Filing Summary

Woori Financial Group Inc. filed a Form 6-K presenting audited consolidated financial statements for 2025 under Korean IFRS. Total assets reached KRW 601,457,286 million, up from KRW 525,753,320 million, reflecting growth across loans, securities and newly consolidated insurance operations.

Net income was KRW 3,227,508 million, slightly higher than KRW 3,171,469 million in 2024, while operating income declined to KRW 3,674,808 million from KRW 4,255,190 million as credit-loss impairments and expenses increased. Basic and diluted earnings per share were KRW 4,052, up from KRW 3,950.

The auditor issued an unmodified opinion on the 2025 and 2024 consolidated financial statements and on internal control over financial reporting. The group also expanded through the July 2025 acquisition and consolidation of Tongyang Life Insurance and ABL Life Insurance, adding substantial insurance assets and liabilities. The financial statements are audited but still subject to shareholder approval and potential change.

Insights

Banking and insurance sector analyst

Audited 2025 results show balance-sheet growth with stable earnings.

Woori Financial Group reports audited 2025 net income of KRW 3,227,508 million, broadly in line with 2024, while total assets expanded to KRW 601,457,286 million. The shift reflects loan growth, larger securities portfolios and consolidation of newly acquired insurance subsidiaries.

Operating income fell to KRW 3,674,808 million from KRW 4,255,190 million, as impairment losses due to credit loss rose to KRW 2,102,814 million and general and administrative expenses increased. At the same time, net interest income and fee income remained solid, and basic EPS improved to KRW 4,052.

The auditor issued an unmodified opinion on both the financial statements and internal control over financial reporting as of December 31, 2025, which supports the reliability of the numbers. Further details on segment performance and asset quality trends will depend on how the market interprets the higher credit-loss allowance and expanded insurance activities in subsequent disclosures.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2026

Commission File Number: 001-31811

Woori Financial Group Inc.

(Translation of registrant’s name into English)

51, Sogong-ro, Jung-gu, Seoul, 04632, 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 ☐

Submission of Audit Reports of Woori Financial Group Inc.

On March 4, 2026, Woori Financial Group Inc. disclosed audit reports for the fiscal year 2025 based on the International Financial Reporting Standards as adopted by the Republic of Korea.

The financial statements accompanying such reports have not been approved by the shareholders of Woori Financial Group Inc. and remain subject to change.

Please refer to the audit reports and the consolidated and separate financial statements, which have been furnished as Exhibits 99.1 and 99.2 hereto, respectively.

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.

				Woori Financial Group Inc.
				(Registrant)
Date: March 4, 2026				By:		/s/ Seong Min Kwak
						(Signature)
						Name: Seong Min Kwak
						Title:  Deputy President

Exhibit 99.1

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

WOORI FINANCIAL GROUP INC.

		Page(s)
Independent Auditor’s Report			1-4
Consolidated Financial Statements			5
Consolidated Statements of Financial Position			6
Consolidated Statements of Comprehensive Income			7-8
Consolidated Statements of Changes in Equity			9
Consolidated Statements of Cash Flows			10-11
Notes to the Consolidated Financial Statements			12-232
Independent Auditor’s Report on Internal Control over Financial Reporting for Consolidation Purposes			233-234
Operating Status Report of Internal Control over Financial Reporting			235-242

Independent Auditor’s Report

Based on a report originally issued in Korean

To the Board of Directors and Shareholders of

Woori Financial Group Inc.

Opinion

We have audited the consolidated financial statements of Woori Financial Group Inc. and its subsidiaries (“the Group”), which comprise the consolidated statements of financial position as of December 31, 2025 and 2024, the consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising of material accounting policy information and other explanatory information.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2025 and 2024, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Korean International Financial Reporting Standards (“K-IFRS”).

We also have audited, in accordance with Korean Standards on Auditing (KSAs), the Group’s Internal Control over Financial Reporting (“ICFR”) for consolidation purposes as of December 31, 2025, based on the criteria established in Conceptual Framework for Designing and Operating Internal Control over Financial Reporting issued by the Operating Committee of Internal Control over Financial Reporting in the Republic of Korea, and our report dated March 5, 2025 expressed an unmodified opinion on the effectiveness of the Group’s internal control over financial reporting for consolidation purposes.

Basis for Opinion

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

Key Audit Matter

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

- 1 -

Assessment of the allowance for credit losses for loans

As discussed in Note 10 to the consolidated financial statements, the Group recognized an allowance for credit losses using the expected credit loss (ECL) impairment model for loans at amortized cost amounting to KRW 3,357,625 million as of December 31, 2025. ECL allowances are measured at amounts equal to either (i) 12-month ECL; or (ii) lifetime ECL for those loans that have experienced a significant increase in credit risk (SICR) since initial recognition or are impaired. The Group measures ECL allowances on an individual basis for individually significant corporate loans which have had SICR or have become impaired. The allowance for credit losses for all other loans is measured on a collective basis. For these loans, the Group measures ECL by estimating the probability of default (PD), the loss given default (LGD) as well as the future economic forecast information. For the incorporation of future economic forecast information, the Group uses various information to select a model and this involves a high level of judgment by the Group. For corporate loans, the Group’s credit rating of the borrower is used in the determination of the PDs. The Group uses quantitative and qualitative factors to determine the credit rating of the borrower and the evaluation of the qualitative factors involves a high level of judgment by the Group.

We identified the following risk as a key audit matter, considering the likelihood of errors, the level of involvement of management judgement, and risk of material misstatement.

- Risk that the allowance for credit losses which is measured on a collective basis is misstated due to error or fraud in the manner in which future economic forecast information is incorporated.

- Risk that the allowance for credit losses which is measured on a collective basis is misstated due to error or fraud in the evaluation of the qualitative factors which is used for determining the internal credit ratings of corporate loans.

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

- We evaluated the design and tested the operating effectiveness of certain internal controls related to: (i) the assessment of qualitative factors in the process of determining the Group’s credit rating of corporate loans; and (ii) the assessment of the appropriateness of the model selection process to incorporate future economic forecast information

- We checked whether, for a sample of corporate loans with ECL measured on a collective basis, the Group’s policy was applied in the credit rating process

- We involved credit risk professionals with specialized skills and knowledge, who assisted in: (i) using statistical methods to analyze the correlation between the future economic forecast information and PDs and LGDs; (ii) assessing the reasonableness of the rationale for the selection of the final model by checking the appropriateness and the reasonableness of the model selection criteria by statistically; and (iii) checking the accuracy of the PDs and LGDs which incorporated future economic forecast information by a recalculation.

Other Matter

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

- 2 -

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

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

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

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

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

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

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

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

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

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

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

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

- 3 -

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

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

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

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

The engagement partner on the audit resulting in this independent auditor’s report is Jae-Beom Choi.

/s/ KPMG Samjong Accounting Corp.

Seoul, Korea

March 4, 2026

This report is effective as of March 4, 2026, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the accompanying consolidated financial statements and notes thereto. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

- 4 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

The accompanying consolidated financial statements including

all footnote disclosures were prepared by, and are the responsibility of, the management of Woori Financial Group Inc.

Jong Yong Yim

President and Chief Executive Officer

Main Office Address: (Address) 51, Sogong-ro, Jung-gu, Seoul

         (Phone Number)    02-2125-2000

- 5 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF DECEMBER 31, 2025 AND 2024

		December 31, 2025				December 31, 2024
		(Korean Won in millions)
ASSETS
Cash and cash equivalents (Note 7)			38,499,679				27,281,123
Financial assets at fair value through profit or loss (“FVTPL”) (Notes 4,8,12,13,19, and 29)			34,245,475				25,202,672
Financial assets at fair value through other comprehensive income (“FVTOCI”) (Notes 4,9,12,13, and 19)			83,499,522				43,797,745
Securities at amortized cost (Notes 4,10,12,13, and 19)			18,707,459				19,203,177
Loans and other financial assets at amortized cost (Notes 4,11,12,13,19, and 45)			412,495,783				398,471,816
Investments in joint ventures and associates (Note 14)			2,080,008				1,748,810
Reinsurance contract assets (Note 25)			620,207				—
Investment properties (Notes 15 and 19)			998,854				450,788
Premises and equipment (Notes 16 and 19)			3,780,817				3,370,585
Intangible assets (Note 17)			1,056,647				1,091,402
Assets held for sale (Note 18)			168,491				73,989
Net defined benefit asset (Note 27)			20,558				146,109
Current tax assets (Note 42)			228,229				61,613
Deferred tax assets (Note 42)			413,649				72,937
Derivative assets (Designated for hedging) (Notes 4,12,13, and 29)			217,180				175,191
Other assets (Notes 20 and 45)			4,424,728				4,605,363
Total assets			601,457,286				525,753,320
LIABILITIES
Financial liabilities at fair value through profit or loss (“FVTPL”) (Notes 4,12,13,21, and 29)			6,356,934				9,896,597
Deposits due to customers (Notes 4,12,22, and 45)			376,580,845				366,821,156
Borrowings (Notes 4,7,12,13, and 23)			34,183,267				30,117,031
Debentures (Notes 4,7,12, and 23)			55,583,392				48,207,103
Insurance contract liabilities (Note 24)			45,573,864				—
Reinsurance contract liabilities (Note 25)			184,792				—
Investment contract liabilities (Notes 4,5, and 12)			3,433,611				—
Provisions (Notes 26,44, and 45)			790,733				611,428
Net defined benefit liability (Note 27)			115,091				5,424
Current tax liabilities (Note 42)			723,368				127,126
Deferred tax liabilities (Note 42)			504,828				858,822
Derivative liabilities (Designated for hedging) (Notes 4,12,13, and 29)			615,361				102,815
Other financial liabilities (Notes 4,7,12,13,28, and 45)			38,118,058				32,314,051
Other liabilities (Notes 6,28, and 45)			833,894				796,498
Total liabilities			563,598,038				489,858,051
EQUITY
Owners’ equity (Note 30)
Capital stock			3,802,676				3,802,676
Hybrid securities			3,710,498				3,810,435
Capital surplus			933,436				934,100
Other equity			(1,219,327	)			(1,400,885	)
Retained earnings			28,790,056				26,950,510
			36,017,339				34,096,836
Non-controlling interests			1,841,909				1,798,433
Total equity			37,859,248				35,895,269
Total liabilities and equity			601,457,286				525,753,320

The accompanying notes are part of these consolidated financial statements.

- 6 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

		2025				2024
		(Korean Won in millions)
Interest income			21,188,743				22,013,341
Financial assets at FVTPL			303,458				236,793
Financial assets at FVTOCI			1,866,114				1,281,642
Financial assets at amortized cost			19,009,985				20,494,906
Insurance finance (Note 36)			9,186				—
Interest expense			(12,157,974	)			(13,127,005	)
Financial liabilities at amortized cost			(11,401,953	)			(13,127,005	)
Insurance finance (Note 36)			(756,021	)			—
Net interest income (Notes 12, 32 and 45)			9,030,769				8,886,336
Fees and commissions income			3,017,771				2,874,216
Fees and commissions expense			(857,367	)			(788,046	)
Net fees and commissions income (Notes 12, 33 and 45)			2,160,404				2,086,170
Dividend income (Notes 12, 34 and 45)			484,465				310,320
Insurance income			1,042,497				—
Insurance			1,005,778				—
Reinsurance			36,719				—
Insurance service expense			(938,626	)			—
Insurance service			(901,614	)			—
Reinsurance service			(37,012	)			—
Net insurance income (Note 35)			103,871				—
Other insurance finance income and expenses (Note 36)			(378,130	)			—
Net gain on financial instruments at FVTPL (Notes 12, 37 and 45)			725,939				1,492,783
Net gain on financial assets at FVTOCI (Notes 12 and 38)			130,620				96,620
Net gain arising on financial assets at amortized cost (Note 12)			107,667				286,885
Impairment losses due to credit loss (Notes 39 and 45)			(2,102,814	)			(1,716,295	)
General and administrative expense (Notes 40 and 45)			(5,179,621	)			(4,468,973	)
Other net operating expense (Notes 12, 29, 40 and 45)			(1,408,362	)			(2,718,656	)
Operating income			3,674,808				4,255,190
Share of gain of joint ventures and associates (Note 14)			98,660				76,265
Other non-operating income (expense)			316,698				(108,608	)
Non-operating income (expenses) (Note 41)			415,358				(32,343	)
Net income before income tax expense			4,090,166				4,222,847
Income tax expense (Note 42)			(862,658	)			(1,051,378	)
Net income			3,227,508				3,171,469

(Continued)

- 7 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024 (CONTINUED)

		2025				2024
		(Korean Won in millions)
Net gain (loss) on valuation of equity securities at FVTOCI			100,259				(138,097	)
Net gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at FVTPL			(74	)			1,348
Changes in capital due to equity method			(957	)			(1,663	)
Remeasurement loss related to defined benefit liabilities			(8,681	)			(61,929	)
Items that will not be reclassified to profit or loss:			90,547				(200,341	)
Net gain (loss) on valuation of debt securities at FVTOCI			(1,421,826	)			172,155
Changes in capital due to equity method			(1,378	)			(3,704	)
Net gain (loss) on foreign currency translation of foreign operations			(116,405	)			522,845
Net gain (loss) on valuation of hedges of net investments in foreign operations			22,319				(114,827	)
Net gain (loss) on valuation of cash flow hedge			(167,670	)			6,591
Net financial gain on insurance contract assets (liabilities)			1,786,814				—
Net financial loss on reinsurance contract assets (liabilities)			(15,631	)			—
Items that may be reclassified to profit or loss:			86,223				583,060
Other comprehensive income, net of tax			176,770				382,719
Total comprehensive income			3,404,278				3,554,188
Net income attributable to:			3,227,508				3,171,469
Net income attributable to owners			3,124,346				3,085,995
Net income attributable to non-controlling interests			103,162				85,474
Total comprehensive income attributable to:			3,404,278				3,554,188
Comprehensive income attributable to owners			3,251,616				3,454,620
Comprehensive income attributable to non-controlling interests			152,662				99,568
Earnings per share (Note 43)
Basic and diluted earnings per share (Unit: In Korean Won)			4,052				3,950

The accompanying notes are part of these consolidated financial statements.

- 8 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

		Capital Stock				Hybrid securities				Capital surplus				Other equity				Retained earnings				Owners’ equity in total				Non-controlling interests				Total equity
		(Korean Won in millions)
January 1, 2024			3,802,676				3,611,129				935,563				(1,668,957	)			24,986,470				31,666,881				1,730,609				33,397,490
Total comprehensive income
Net income			—				—				—				—				3,085,995				3,085,995				85,474				3,171,469
Net gain (loss) on valuation of financial instruments at FVTOCI			—				—				—				34,203				—				34,203				(145	)			34,058
Net gain (loss) due to disposal of equity securities at FVTOCI			—				—				—				(53,460	)			53,460				—				—				—
Net gain on credit risk fluctuation of financial liabilities designated to be measured at FVTPL			—				—				—				1,348				—				1,348				—				1,348
Changes in capital due to equity method			—				—				—				(5,357	)			(10	)			(5,367	)			—				(5,367	)
Gain on foreign currency translation of foreign operations			—				—				—				508,631				—				508,631				14,214				522,845
Loss on valuation of hedges of net investments in foreign operations			—				—				—				(114,827	)			—				(114,827	)			—				(114,827	)
Gain on valuation of cash flow hedge			—				—				—				6,591				—				6,591				—				6,591
Remeasurement gain related to defined benefit liabilities			—				—				—				(61,954	)			—				(61,954	)			25				(61,929	)
Transactions with owners
Dividends to common stocks			—				—				—				—				(878,330	)			(878,330	)			(3,829	)			(882,159	)
Changes in treasury stocks			—				—				733				3,832				(136,688	)			(132,123	)			—				(132,123	)
Issuance of hybrid securities			—				1,196,850				—				—				—				1,196,850				757,970				1,954,820
Dividends to hybrid securities			—				—				—				—				(158,682	)			(158,682	)			(76,249	)			(234,931	)
Redemption of hybrid securities			—				(997,544	)			—				(52,199	)			—				(1,049,743	)			(658,470	)			(1,708,213	)
Changes in subsidiaries’ capital			—				—				12,256				1,264				(1,693	)			11,827				(9,709	)			2,118
Changes in non-controlling interests related to business combinations			—				—				(1,148	)			—				—				(1,148	)			5,599				4,451
Others			—				—				(13,304	)			—				(12	)			(13,316	)			(47,056	)			(60,372	)
December 31, 2024			3,802,676				3,810,435				934,100				(1,400,885	)			26,950,510				34,096,836				1,798,433				35,895,269
January 1, 2025			3,802,676				3,810,435				934,100				(1,400,885	)			26,950,510				34,096,836				1,798,433				35,895,269
Total comprehensive income
Net income			—				—				—				—				3,124,346				3,124,346				103,162				3,227,508
Net loss on valuation of financial instruments at FVTOCI			—				—				—				(1,168,408	)			—				(1,168,408	)			(153,159	)			(1,321,567	)
Net gain (loss) due to disposal of equity securities at FVTOCI			—				—				—				1,319				(1,319	)			—				—				—
Net loss on credit risk fluctuation of financial liabilities designated to be measured at FVTPL			—				—				—				(74	)			—				(74	)			—				(74	)
Changes in capital due to equity method			—				—				—				(2,335	)			—				(2,335	)			—				(2,335	)
Loss on foreign currency translation of foreign operations			—				—				—				(107,013	)			—				(107,013	)			(9,392	)			(116,405	)
Gain on valuation of hedges of net investments in foreign operations			—				—				—				22,319				—				22,319				—				22,319
Loss on valuation of cash flow hedge			—				—				—				(130,513	)			—				(130,513	)			(37,157	)			(167,670	)
Remeasurement gain related to defined benefit liabilities			—				—				—				(10,774	)			—				(10,774	)			2,093				(8,681	)
Net financial gain on insurance contract assets (liabilities)			—				—				—				1,534,529				—				1,534,529				252,285				1,786,814
Net financial loss on reinsurance contract assets (liabilities)			—				—				—				(10,461	)			—				(10,461	)			(5,170	)			(15,631	)
Transactions with owners
Dividends to common stocks			—				—				—				—				(927,296	)			(927,296	)			(1,414	)			(928,710	)
Changes in treasury stocks			—				—				2				—				(150,000	)			(149,998	)			—				(149,998	)
Issuance of hybrid securities			—				797,841				—				—				—				797,841				—				797,841
Dividends to hybrid securities			—				—				—				—				(150,059	)			(150,059	)			(100,129	)			(250,188	)
Redemption of hybrid securities			—				(897,778	)			—				771				—				(897,007	)			(644,777	)			(1,541,784	)
Transfer of redemption loss of hybrid securities to retained earnings			—				—				—				2,456				(2,456	)			—				—				—
Changes in subsidiaries’ capital			—				—				225				49,742				(49,742	)			225				(225	)			—
Changes in non-controlling interests related to business combinations			—				—				—				—				—				—				643,304				643,304
Others			—				—				(891	)			—				(3,928	)			(4,819	)			(5,945	)			(10,764	)
December 31, 2025			3,802,676				3,710,498				933,436				(1,219,327	)			28,790,056				36,017,339				1,841,909				37,859,248

The accompanying notes are part of these consolidated financial statements.

- 9 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

		2025				2024
		(Korean Won in millions)
Cash flows from operating activities:
Net income			3,227,508				3,171,469
Adjustments to net income:
Income tax expense			862,658				1,051,378
Interest income			(21,188,743	)			(22,013,341	)
Interest expense			12,157,974				13,127,005
Dividend income			(484,465	)			(310,320	)
			(8,652,576	)			(8,145,278	)
Additions of expenses not involving cash outflows:
Insurance service expense			938,626				—
Other insurance finance expense			378,535				—
Loss on financial assets at FVTOCI			30,357				4,611
Impairment loss due to credit loss			2,102,814				1,716,295
Loss on other provisions			132,442				41,938
Retirement benefit			187,514				129,029
Depreciation and amortization			1,250,606				1,163,799
Loss on foreign currency translation			—				1,177,859
Loss on derivatives (designated for hedge)			624,781				24,252
Loss on fair value hedge			92,138				64,571
Loss on valuation of investments in joint ventures and associates			24,035				19,911
Loss on disposal of investments in joint ventures and associates			1,874				532
Loss on disposal of premises and equipment, intangible assets and other assets			3,475				2,233
Impairment loss on premises and equipment, intangible assets and other assets			86,354				3,627
Other loss			—				10,887
Other operating expenses			1,015				9,509
			5,854,566				4,369,053
Deductions of income not involving cash inflows:
Insurance income			1,042,497				—
Other insurance finance income			405				—
Gain on financial assets at FVTPL			924,792				1,299,919
Gain on financial assets at FVTOCI			160,977				101,231
Gain on other provisions			691				10,026
Gain on foreign currency translation			784,525				—
Gain on derivatives (designated for hedge)			251,270				192,000
Gain on fair value hedge			16,141				25,469
Gain on valuation of investments in joint ventures and associates			122,695				96,176
Gain on disposal of investments in joint ventures and associates			7,507				19,642
Gain on disposal of premises and equipment, intangible assets and other assets			45,823				7,064
Reversal of impairment loss on premises and equipment, intangible assets and other assets			971				147
Bargain purchase gain			581,010				—
			3,939,304				1,751,674
Changes in operating assets and liabilities:
Reinsurance contract assets			33,600				—
Financial instruments at FVTPL			988,108				1,594,646
Loans and other financial assets at amortized cost			(8,369,230	)			(21,703,969	)
Other assets			(680,841	)			(1,254,513	)
Insurance contract liabilities			(130,431	)			—
Reinsurance contract liabilities			(32,097	)			—
Investment contract liabilities			(104,735	)			—
Deposits due to customers			13,839,807				3,411,535
Provisions			1,666				(203,770	)
Net defined benefit liability			14,200				(120,782	)
Other financial liabilities			3,640,406				4,806,822
Other liabilities			24,815				(9,173	)
			9,225,268				(13,479,204	)

(Continued)

- 10 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024 (CONTINUED)

		2025				2024
		(Korean Won in millions)
Interest income received			20,564,072				22,304,745
Interest expense paid			(12,410,911	)			(12,483,982	)
Dividends received			482,764				310,341
Income tax paid			(708,996	)			(424,770	)
			7,926,929				9,706,334
Net cash inflow (outflow) from operating activities			13,642,391				(6,129,300	)
Cash flows from investing activities:
Net cash out-flows from hedging activities			(34,199	)			—
Net cash in-flows (out-flows) from obtaining control			(778,468	)			2,008
Disposal of financial instruments at FVTPL			19,103,867				11,659,750
Acquisition of financial instruments at FVTPL			(20,087,654	)			(11,111,809	)
Disposal of financial assets at FVTOCI			35,153,473				26,921,313
Acquisition of financial assets at FVTOCI			(43,073,556	)			(31,718,677	)
Redemption of securities at amortized cost			5,900,990				7,634,677
Acquisition of securities at amortized cost			(5,312,962	)			(2,586,171	)
Cash outflows from changes in subsidiaries			(120,121	)			(674,625	)
Disposal of investments in joint ventures and associates			431,389				1,253,301
Acquisition of investments in joint ventures and associates			(757,496	)			(979,480	)
Disposal of investment properties			4,750				64,926
Acquisition of investment properties			(736	)			—
Disposal of premises and equipment			37,626				10,730
Acquisition of premises and equipment			(325,952	)			(221,856	)
Disposal of intangible assets			3,344				4,596
Acquisition of intangible assets			(180,481	)			(190,126	)
Disposal of assets held for sale			115,094				23,909
Net decrease of other assets			40,489				(126,765	)
Net cash outflow from investing activities			(9,880,603	)			(34,299	)
Cash flows from financing activities:
Net cash out-flows from hedging activities			17,231				(25,442	)
Net increase (decrease) in borrowings			4,392,369				(3,011,120	)
Issuance of debentures			37,210,706				41,067,565
Redemption of debentures			(31,611,225	)			(35,473,345	)
Redemption of lease liabilities			(251,559	)			(238,770	)
Net increase (decrease) of other liabilities			(41	)			(17,690	)
Acquisition of treasury stocks			(150,000	)			(136,699	)
Disposal of treasury stocks			—				4,834
Dividends paid			(927,296	)			(878,330	)
Issuance of hybrid securities			797,841				1,954,820
Redemption of hybrid securities			(1,541,088	)			(1,726,936	)
Dividends paid to hybrid securities			(250,188	)			(234,931	)
Dividends paid to non-controlling interest			(1,414	)			(3,829	)
Changes in non-controlling interests			—				(41,375	)
Net increase in non-controlling equity liabilities			—				6,589
Net cash inflow from financing activities			7,685,336				1,245,341
Effects of exchange rate changes on cash and cash equivalents			(228,568	)			1,642,763
Net increase (decrease) in cash and cash equivalents			11,218,556				(3,275,495	)
Cash and cash equivalents, beginning of the period			27,281,123				30,556,618
Cash and cash equivalents, end of the Period (Note 7)			38,499,679				27,281,123

The accompanying notes are part of these consolidated financial statements.

- 11 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

1. GENERAL

(1) Summary of the Parent company

Woori Financial Group, Inc. (hereinafter referred to as the “Parent company”) is primarily aimed at controlling subsidiaries that operate in the financial industry or those that are closely related to the financial industry through the ownership of shares and was established on January 11, 2019 under the Financial Holding Company Act through the comprehensive transfer with shareholders of Woori Bank (hereinafter referred to as the “Bank”), Woori FIS Co., Ltd., Woori Finance Research Institute Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Services Co., Ltd. and Woori Private Equity Asset Management Co. Ltd. The headquarters of the Parent company is located at 51, Sogong-ro, Jung-gu, Seoul, Korea, and the capital stock is 3,802,676 million Won. The Parent company’s stocks were listed on the Korea Exchange on February 13, 2019, and its American Depository Shares (“ADS”) are also being traded as the underlying common stock on the New York Stock Exchange since the same date.

The details of stock transfer between the Parent company and subsidiaries as of Incorporation are as follows (Unit: Number of shares)

Stock transfer company		Total number of issued shares				Exchange ratio per share				Number of Parent company’s stocks
Woori Bank			676,000,000				1.0000000				676,000,000
Woori FIS Co., Ltd.			4,900,000				0.2999708				1,469,857
Woori Finance Research Institute Co., Ltd.			600,000				0.1888165				113,289
Woori Credit Information Co., Ltd.			1,008,000				1.1037292				1,112,559
Woori Fund Service Co., Ltd.			2,000,000				0.4709031				941,806
Woori Private Equity Asset Management Co., Ltd.			6,000,000				0.0877992				526,795

As of August 1, 2019, the Parent company acquired a 73% interest in Tongyang Asset Management Co., Ltd. and changed the name to Woori Asset Management Corp. Also, as of August 1, 2019, the Parent company gained 100% control of ABL Global Asset Management Co., Ltd., added it as a consolidated subsidiary and changed the name to Woori Global Asset Management Co., Ltd. on December 6, 2019.

The Parent company paid 598,391 million Won in cash and 42,103,377 new shares of the Parent company to acquire 100% interest of Woori Card Co., Ltd. from its subsidiary, Woori Bank, on September 10, 2019. On the same date, the Parent company also acquired 59.8% interest of Woori Investment Bank Co., Ltd. from Woori Bank with 392,795 million Won in cash.

As of December 30, 2019, the Parent company acquired 67.2% interest (excluding treasury stocks, 51% interest including treasury stocks) in Woori Asset Trust Co., Ltd. (formerly Kukje Asset Trust Co., Ltd.) and added it as a consolidated subsidiary at the end of 2019. As of March 31, 2023, it acquired an additional 28.1% interest (excluding treasury stock, 21.3% in the case of including treasury stock).

The Parent company acquired 76.8% (excluding treasury stocks, 74.0% interest including treasury stocks) interest in Woori Financial Capital Co., Ltd. (formerly Aju Capital Co., Ltd.) on December 10, 2020. In addition, as of April 15, 2021, the Parent company acquired 13.3% interest (excluding treasury stock, 12.9% when including treasury stock) in Woori Financial Capital Co., Ltd., and as of May 24, 2021, the Parent company additionally acquired treasury stock (3.6%) which Woori Financial Capital Co., Ltd. possessed.

The Parent company paid 113,238 million Won in cash to acquire 100% interest of Woori Savings Bank from its subsidiary, Woori Financial Capital Co., Ltd., on March 12, 2021.

As of August 10, 2021, the Parent company paid 5,792,866 new shares of the Parent company to the shareholders of Woori Financial Capital Co., Ltd. (excluding the Parent company) through comprehensive stock exchange and acquired residual interest (9.5%) of Woori Financial Capital Co., Ltd., to make it a wholly owned subsidiary.

As of January 7, 2022, the Parent company established Woori Financial F&I Co., Ltd., an investment company for non-performing loans and restructuring companies (100% interest, 200 billion Won in stock payments) and included it as a subsidiary.

- 12 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

As of March 23, 2023, the Parent company acquired a 53.9% interest (excluding treasury stocks, 52.0% interest including treasury stocks) in Woori Venture Partners Co., Ltd. (formerly Daol Investment Co., Ltd.), and added it as a consolidated subsidiary. As of May 30, 2023, the Parent company additionally acquired treasury stock (3.5%) which Woori Venture Partners Co., Ltd. possessed.

As of August 8, 2023, the Parent company paid 22,541,465 new shares of the Parent company to the shareholders of Woori Investment Bank Co., Ltd. (excluding the Parent company) through comprehensive stock exchange and acquired residual interest (41.3%) of Woori Investment Bank Co., Ltd., to make it a wholly owned subsidiary. In addition, on the same day, the Parent company paid 9,933,246 new shares of the Parent company to the shareholders of Woori Venture Partners Co., Ltd. (excluding the Parent company) through comprehensive stock exchange and acquired residual interest (44.5%) of Woori Venture Partners Co., Ltd., to make it a wholly owned subsidiary.

On January 29, 2024, the Parent company’s percentage of ownership in Woori Asset Management Corp. after the merger between Woori Asset Management Corp. (the surviving company) and Woori Global Asset Management Co., Ltd. (the merged company) is 77.5%. On March 29, 2024, the Parent company acquired the remaining shares (22.5%) of Woori Asset Management Corp., pursuant to which Woori Asset Management Corp. became a wholly-owned subsidiary of the parent company.

On March 25, 2024, the Parent company participated in the capital increase amount and acquired the 1,062,045 shares (96.7% after acquiring shares, 79.4% including treasury shares) of Woori Asset Trust Co., Ltd. Additionally, on March 29, 2024, Woori Asset Trust Co., Ltd. conducted a complete retirement of its 738,000 treasury shares. In addition, as of April 8, 2024, the Parent company additionally acquired minority interests (2.0%) of Woori Asset Trust Co., Ltd. As of November 19, 2024, the Parent company additionally acquired minority interests (0.9%) of Woori Asset Trust Co., Ltd.

On August 1, 2024, The Parent company owned 97.1% interest in merged securities firm as a result of merger between Korea Foss Securities (the surviving company) and Woori Investment Bank Co., Ltd. (dissolution company), and acquired an additional 2.3% out of the remaining interest. The merged securities company also changed its name to Woori Investment Securities Co., Ltd.

On July 1, 2025, the Parent company acquired 77.9% of the shares (excluding treasury shares; 75.3% including treasury shares) of Tongyang Life Insurance Co., Ltd. and 100% of the shares of ABL Life Insurance Co., Ltd. and included them as subsidiaries.

On July 31, 2025, the Parent company acquired the remaining shares (0.4%) of Woori Asset Trust Co., Ltd., pursuant to which Woori Asset Trust Co., Ltd. became a wholly-owned subsidiary of the parent company.

On November 28, 2025, the Parent Company acquired an additional (0.20%) minority interest in Woori Investment Securities Co., Ltd. As of December 19, 2025, the Parent Company additionally acquired (0.10%) of the treasury shares held by Woori Investment Securities Co., Ltd., as well as an additional (0.20%) minority interest.

(2) Details of the Parent company and subsidiaries (hereinafter ‘Group’) as of December 31, 2025 and 2024 are as follows:

Percentage of ownership (%)

Location

Financial statements date

Subsidiaries

Main business

December 31, 2025

December 31, 2024

Held by Woori Financial Group Inc.

Woori Bank

Bank

100.0

100.0

Korea

December 31

Tongyang Life Insurance Co., Ltd. (*1)

Life insurance

77.9

—

Korea

December 31

Woori Card Co., Ltd.

Finance

100.0

100.0

Korea

December 31

Woori Financial Capital Co., Ltd.

Finance

100.0

100.0

Korea

December 31

Woori Investment Securities Co., Ltd. (*1)

Securities brokerage

99.9

99.5

Korea

December 31

ABL Life Insurance Co., Ltd. (*1)

Life insurance

100.0

—

Korea

December 31

Woori Asset Trust Co., Ltd.

Real estate trust

100.0

99.6

Korea

December 31

Woori Savings Bank

Mutual saving bank

100.0

100.0

Korea

December 31

Woori Financial F&I Co., Ltd.

Finance

100.0

100.0

Korea

December 31

Woori Asset Management Corp. (*1)

Finance

100.0

100.0

Korea

December 31

Woori Venture Partners

Other financial services

100.0

100.0

Korea

December 31

- 13 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Percentage of ownership (%)

Location

Financial statements date

Subsidiaries

Main business

December 31, 2025

December 31, 2024

Woori Private Equity Asset Management Co., Ltd.

Finance

100.0

100.0

Korea

December 31

Woori Credit Information Co., Ltd.

Credit information

100.0

100.0

Korea

December 31

Woori Fund Service Co., Ltd.

Financial support service business

100.0

100.0

Korea

December 31

Woori FIS Co., Ltd.

System software development & maintenance

100.0

100.0

Korea

December 31

Woori Finance Research Institute Co., Ltd.

Other service business

100.0

100.0

Korea

December 31

Held by Woori Bank

Woori America Bank

Finance

100.0

100.0

America

December 31

Woori Global Markets Asia Limited

Finance

100.0

100.0

Hong Kong

December 31

Woori Bank China Limited

Finance

100.0

100.0

China

December 31

AO Woori Bank (*7)

Finance

100.0

100.0

Russia

December 31

PT Bank Woori Saudara Indonesia 1906 Tbk

Finance

90.8

90.8

Indonesia

December 31

Banco Woori Bank do Brasil S.A.

Finance

100.0

100.0

Brazil

December 31

Korea BTL Infrastructure Fund

Finance

99.9

99.9

Korea

December 31

Woori Finance Myanmar Co., Ltd.

Finance

100.0

100.0

Myanmar

December 31

Wealth Development Bank

Finance

51.0

51.0

Philippines

December 31

Woori Bank Vietnam Limited

Finance

100.0

100.0

Vietnam

December 31

Woori Bank (Cambodia) PLC

Finance

100.0

100.0

Cambodia

December 31

Woori Bank Europe

Finance

100.0

100.0

Germany

December 31

KAMCO Value Recreation First Securitization Specialty Co., Ltd. (*2)

Asset securitization

15.0

15.0

Korea

December 31

Jeonju Iwon Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Wonju I one Inc. (*2)

Asset securitization

—

—

Korea

December 31

Heitz Third Co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori hansoop 1st Co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori QS 1st Co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori Dream 2nd Co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori K 1st Co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori Display 3rd Co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Quantum Jump the 2nd Co., Ltd. (*2) (*5)

Asset securitization

—

—

Korea

—

Woori HW 1st Co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori Dream 3rd Co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori SJS 1st Co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

SPG the 1st Co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori-HWC 1st Co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori HC 3rd Co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori Park I 1st co., Ltd (*2) (*5)

Asset securitization

—

—

Korea

—

Woori HC 4th Co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori SKR 1st Co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori H chemical 1st Co.,Ltd (*2)

Asset securitization

—

—

Korea

December 31

HE the 1st Co.,Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori Hub The 1st Co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori K The 3rd Co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori KF 1st Co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori L Yongsan 1st Co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori HC 5th Co., Ltd. (*2) (*5)

Asset securitization

—

—

Korea

—

Woori Lotte Dongtan 1st Co., Ltd. (*2) (*5)

Asset securitization

—

—

Korea

—

Woori HC 6th Co., Ltd. (*2) (*5)

Asset securitization

—

—

Korea

—

Woori HO 1st Co., Ltd. (*2) (*5)

Asset securitization

—

—

Korea

—

Woori ESG 1st Co.,Ltd. (*2) (*5)

Asset securitization

—

—

Korea

—

Woori Osiria 1st Co.,Ltd. (*2) (*5)

Asset securitization

—

—

Korea

—

- 14 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Percentage of ownership (%)

Location

Financial statements date

Subsidiaries

Main business

December 31, 2025

December 31, 2024

Gangnam Landmark 2nd Co., Ltd (*2) (*5)

Asset securitization

—

—

Korea

—

Woori HP the 1st co.,Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori KF 2nd Co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori HD 1st co., Ltd. (*2) (*5)

Asset securitization

—

—

Korea

—

Woori ST 1st co.,Ltd. (*2) (*5)

Asset securitization

—

—

Korea

—

Woori HW 2nd co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori Mirae 1st co., Ltd. (*2) (*5)

Asset securitization

—

—

Korea

—

Woori HR 2nd Co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori QS 2nd Co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori Plasma 1st Co., Ltd. (*2)

Asset securitization

—

—

Korea

December 31

Woori EUGENE 1st Co.,Ltd (*2)

Asset securitization

—

—

Korea

December 31

WOORIWON 1ST, CO,.LIMITED. (*2)

Asset securitization

—

—

Korea

December 31

WOORI ENERBILITY 1ST, CO,.LIMITED. (*2)

Asset securitization

—

—

Korea

December 31

WOORI HL 1ST, CO,.LIMITED. (*2)

Asset securitization

—

—

Korea

December 31

WOORI PARC1. 2ND CO.,LTD (*2) (*10)

Asset securitization

—

—

Korea

December 31

WOORI HEROS 1ST CO.,LTD. (*2) (*10)

Asset securitization

—

—

Korea

December 31

WOORI GANGNAM ALPHA 1ST CO.,LTD. (*2) (*10)

Asset securitization

—

—

Korea

December 31

WOORI BLOSSOM 1ST CO.,LTD. (*2) (*10)

Asset securitization

—

—

Korea

December 31

WOORI DK 1ST CO.,LTD. (*2) (*10)

Asset securitization

—

—

Korea

December 31

WOORI TECHONE 1ST CO.,LTD (*2) (*10)

Asset securitization

—

—

Korea

December 31

WOORI TECHONE 2ND CO.,LTD (*2) (*10)

Asset securitization

—

—

Korea

December 31

WOORI SONO 1ST CO.,LTD (*2) (*10)

Asset securitization

—

—

Korea

December 31

WOORI SEOUL STATION AREA 1ST, CO,.LTD. (*2)

Asset securitization

—

—

Korea

December 31

WOORI NC 1ST CO.,LTD. (*2) (*10)

Asset securitization

—

—

Korea

December 31

Heungkuk Global Private Placement Investment Trust No. 1 (*3)

Securities investment and others

98.8

98.8

Korea

December 31

AI Partners UK Water Supply Private Placement Investment Trust No.2 (*3)

Securities investment and others

97.3

97.3

Korea

December 31

Mirae Asset Multi Overseas Real Estate General Private Investment Trust No. 5-2 (*3)

Securities investment and others

99.0

99.0

Korea

December 31

IGIS Australia Investment Trust No. 209-1 (*3)

Securities investment and others

99.4

99.4

Korea

December 31

JB Airline Private Placement Investment Trust No.8 (*3)

Securities investment and others

97.0

97.0

Korea

December 31

Kiwoom Harmony Private Placement Investment Trust No. 2 (*3) (*5)

Securities investment and others

—

97.3

Korea

—

Kiwoom Harmony Private Placement Investment Trust No. 1 (*3)

Securities investment and others

97.7

97.4

Korea

December 31

Kiwoom Harmony Private Placement Investment Trust No. 4 (*3)

Securities investment and others

96.2

96.2

Korea

December 31

Kiwoom Harmony Private Placement Investment Trust No. 9 (*3) (*10)

Securities investment and others

100.0

—

Korea

December 31

Woori Partners General Type Private Investment Trust No.4 (*3) (*10)

Securities investment and others

99.0

—

Korea

December 31

Principal Guaranteed Trust (*4)

Trust

—

—

Korea

December 31

- 15 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Percentage of ownership (%)

Location

Financial statements date

Subsidiaries

Main business

December 31, 2025

December 31, 2024

Principal and Interest Guaranteed Trust (*4)

Trust

—

—

Korea

December 31

Held by Mirae Asset Multi Overseas Real Estate General Private Investment Trust No. 5-2 MAGI No.5 LuxCo S.a.r.l.

Asset securitization

54.6

54.6

Luxembourg

December 31

Held by MAGI No.5 LuxCo S.a.r.l. ADP 16 Brussels

Asset securitization

100.0

100.0

Belgium

December 31

Held by Woori ESG Infrastructure Development General Private Investment Trust No. 1:

Woori Global Infrastructure Development Co., Ltd.

Other financial services

100.0

100.0

Korea

December 31

Namyangju Resource Circulation Facility Development Co., Ltd.

Other professional services

100.0

100.0

Korea

December 31

Held by Woori Card Co., Ltd.

TUTU Finance –WCI Myanmar Co., Ltd.

Finance

100.0

100.0

Myanmar

December 31

PT Woori Finance Indonesia Tbk.

Finance

84.5

84.5

Indonesia

December 31

Woori Card 2021-1 Asset Securitization Specialty Co., Ltd. (*2) (*5)

Asset securitization

—

0.5

Korea

—

Woori Card 2022-1 Asset Securitization Specialty Co., Ltd. (*2) (*5)

Asset securitization

—

0.5

Korea

—

Woori Card 2022-2 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

0.5

0.5

Korea

December 31

Woori Card 2023-1 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

0.5

0.5

Korea

December 31

Woori Card 2023-2 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

0.5

0.5

Korea

December 31

Woori Card 2024-1 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

0.5

0.5

Korea

December 31

Held by Woori Financial Capital Co., Ltd.

Specified Money Market Trust

Trust

100.0

100.0

Korea

December 31

Held by Woori Investment Securities Co., Ltd.

Seari Second Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

Namjong 1st Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

Bukgeum First Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

Bukgeum Second Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WS1909 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WS2003 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WS2006 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WH2103 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WN2103 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WH2106 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

- 16 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

				Percentage of ownership (%)								Location		Financial statements date
Subsidiaries		Main business		December 31, 2025				December 31, 2024
WiBee AK 1st Co.,Ltd. (*2) (*10))		Asset securitization			—				—			Korea			December 31
WiBee Sae-A 1st Co., Ltd (*2) (*10)		Asset securitization			—				—			Korea			December 31
WiBee Central 1st Co., Ltd (*2) (*10)		Asset securitization			—				—			Korea			December 31
WiBee Retail 1st Co., Ltd (*2) (*10)		Asset securitization			—				—			Korea			December 31
WiBee Smile AP 1st Co., Ltd (*2) (*10)		Asset securitization			—				—			Korea			December 31
Bridge Beta 1st Co., Ltd (*2) (*10)		Asset securitization			—				—			Korea			December 31
Held by Tongyang Life Insurance Co., Ltd.
Tongyang Life Financial Service Co., Ltd (*10)		Insurance agents and brokers			100.0				—			Korea			December 31
Held by ABL Life Insurance Co., Ltd.
ABA Financial Service LLC. (*10)		Insurance agents and brokers			100.0				—			Korea			December 31
Kookmin Bank acting as Trustee of Kiwoom Andante Private Investment Trust (*3) (*5) (*10)		Securities investment and others			—				—			Korea			—
Kookmin Bank Acting as Trustee of Kiwoom Moderato Private Securities Investment Trust I (*3) (*5) (*10)		Securities investment and others			—				—			Korea			—
Kiwoom Europe Infra A.I. Private Type Investment Trust III (*3) (*5) (*10)		Securities investment and others			—				—			Korea			—
Kiwoom Global Infra A.I. Private Type Investment Trust II (*3) (*5) (*10)		Securities investment and others			—				—			Korea			—
Kookmin Bank acting as Trustee of Kiwoom AGPS Private Investment Trust (*3) (*5) (*10)		Securities investment and others			—				—			Korea			—
Kiwoom Europe Infra A.I. Private Type Investment Trust IX (*3) (*5) (*10)		Securities investment and others			—				—			Korea			—
Alceon Real Infrastructure Blind General Type Private Placement Investment Trust (*3) (*5) (*10)		Securities investment and others			—				—			Korea			—
Hanwha Global Infrastructure Private Fund 31 (*3) (*5) (*10)		Securities investment and others			—				—			Korea			—
Alceon Real Property Blind General Type Private Placement Investment Trust (*3) (*10)		Securities investment and others			100.0				—			Korea			December 31
KB NB Private Investment Trust No. 4 (*3) (*5) (*10)		Securities investment and others			—				—			Korea			—
IGIS U.S. Private Placement Real Estate Investment Trust No. 469-1 (*3) (*5) (*10)		Securities investment and others			—				—			Korea			—
IGIS U.S. Private Placement Real Estate Investment Trust No. 469-2 (*3) (*5) (*10)		Securities investment and others			—				—			Korea			—
Alceon Australia RDS General Type Private Placement Investment Trust 2 (*3) (*5) (*10)		Securities investment and others			—				—			Korea			—

- 17 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Percentage of ownership (%)

Location

Financial statements date

Subsidiaries

Main business

December 31, 2025

December 31, 2024

Alceon Australia RDS General Type Private Placement Investment Trust 3 (*3) (*5) (*10)

Securities investment and others

—

—

Korea

—

Woori Park Square Payton General Type Private Investment Trust (*3) (*10)

Securities investment and others

100.0

—

Korea

December 31

Woori Pantheon Metrics General Type Private Investment Trust (*3) (*10)

Securities investment and others

100.0

—

Korea

December 31

Held by Woori Asset Management Corp.

Woori China Convertible Bond Hedging feeder Investment Trust H (debt-oriented hybrid) (*3) (*5)

Securities investment and others

—

89.5

Korea

—

Woori China Convertible Bond Master Fund (*3) (*5)

Securities investment and others

—

63.3

Korea

—

Woori Together TDF 2040 (*3) (*5)

Securities investment and others

—

34.3

Korea

—

Woori Together TDF 2045 (*3) (*5)

Securities investment and others

—

56.0

Korea

—

Woori Together TDF 2050 (*3) (*5)

Securities investment and others

—

31.5

Korea

—

Woori Rooftop Solar Private Special Asset Investment Trust No.1 (*3)

Securities investment and others

40.1

40.1

Korea

December 31

Woori Following Foreigners Securities Sub-Investment Master Fund [Equity] (*3) (*10)

Securities investment and others

100.0

—

Korea

December 31

Woori Following Foreigners 40 Securities Sub-Investment Trust [Bond Mixed-Fund of Funds] Class C-F (*3) (*10)

Securities investment and others

31.3

—

Korea

December 31

Woori Following Foreigners Securities Sub-Investment Trust [Equity] Class C-F (*3) (*10)

Securities investment and others

75.6

—

Korea

December 31

Woori Didim US Technology and Bio-Healthcare Feeder Investment Trust (*3) (*5)

Securities investment and others

—

44.6

Korea

—

Woori US Billionaire Equity Master Investment Trust (*3) (*5) (*10)

Securities investment and others

—

—

Korea

—

Woori US Billionaire Equity EMP Feeder Investment Trust (H) ClassC-F (*3) (*5) (*10)

Securities investment and others

—

—

Korea

—

Woori US Billionaire Equity EMP Feeder Investment Trust (UH) ClassC-F (*3) (*5) (*10)

Securities investment and others

—

—

Korea

—

Woori Total Bond Market Master Investment Trust (*3) (*5) (*10)

Securities investment and others

—

—

Korea

—

Woori Short Term Bond Master Investment Trust (*3) (*5) (*10)

Securities investment and others

—

—

Korea

—

Held by Woori Financial F&I Co., Ltd.

WI2203 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WM2203 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WNI2206 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WI2209 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WN2212 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

- 18 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Percentage of ownership (%)

Location

Financial statements date

Subsidiaries

Main business

December 31, 2025

December 31, 2024

WK2212 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WH2306 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WN2306 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WNKN2309 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WB2309 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WI2311 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WSB2312 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WK2312 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WBS2312 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WK2403 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WH2403 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WSB2406 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WK2406 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WI2406 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WKN2406 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WS2409 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WSB2409 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

5.0

Korea

December 31

WDSB2503 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

—

Korea

December 31

WHKN2506 Asset Securitization Specialty Co., Ltd. (*2) (*10)

Asset securitization

5.0

—

Korea

December 31

WK2509 Asset Securitization Specialty Co.,Ltd. (*2) (*10)

Asset securitization

5.0

—

Korea

December 31

WH2509 Asset Securitization Specialty Co.,Ltd. (*2) (*10)

Asset securitization

5.0

—

Korea

December 31

WI2511 Asset Securitization Specialty Co., Ltd. (*2) (*10)

Asset securitization

5.0

—

Korea

December 31

VOGO DL General Private Equity Investment Trust 1(*3)

Securities investment and others

99.4

99.8

Korea

December 31

WFBS 1st Corporate Recovery Private Equity Fund (*3)

Finance

96.2

96.2

Korea

December 31

Held by Woori Venture Partners Co., Ltd.

Woori Venture Partners US

Other financial services

100.0

100.0

America

December 31

Held by Woori Bank, Woori Financial Capital Co., Ltd., and Woori Private Equity Asset Management Co., Ltd. (*6)

Green ESG Growth No.1 Private Equity Fund (*3)

Securities investment and others

32.7

34.8

Korea

December 31

Woori New Growth Credit Fund 1 (*3)

Securities investment and others

100.0

100.0

Korea

December 31

Woori PE Secondary Fund 1 (*3)

Securities investment and others

100.0

100.0

Korea

December 31

- 19 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Percentage of ownership (%)

Location

Financial statements date

Subsidiaries

Main business

December 31, 2025

December 31, 2024

Held by Woori Financial Capital Co., Ltd.,

Woori Private Equity Asset Management Co., Ltd. and Woori Investment Securities Co., Ltd. (*6)

Japanese Hotel Real Estate Private Equity Fund 1 (*3)

Securities investment and others

100.0

100.0

Korea

December 31

Held by Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Securities Co., Ltd., Woori Savings Bank and Woori Private Equity Asset Management Co., Ltd. (*6)

Woori Innovative Growth Professional Investment Type Private Investment Trust No.1 (*3)

Securities investment and others

90.0

90.0

Korea

December 31

Held by Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Securities Co., Ltd. and Woori Private Equity Asset Management Co., Ltd. (*6)

Woori Innovative Growth Professional Investment Type Private Investment Trust No.2 (*3)

Securities investment and others

85.0

85.0

Korea

December 31

Woori Innovative Growth New Deal Private Investment Trust No.3 (*3)

Securities investment and others

94.3

94.3

Korea

December 31

Held by Woori Bank, Woori Financial Capital Co., Ltd., and Woori Investment Securities Co., Ltd. (*6)

Woori GP Commitment Loan General Type Private Investment Trust No.1 (*3)

Securities investment and others

100.0

100.0

Korea

December 31

Woori Equity Bridge Loan General Type Private Investment Trust No.1 (*3)

Securities investment and others

80.0

80.0

Korea

December 31

Woori GP Commitment Loan General Type Private Investment Trust No.2 (*3)

Securities investment and others

100.0

100.0

Korea

December 31

Woori GP Commitment Loan General Type Private Investment Trust No.3 (*3)

Securities investment and others

100.0

100.0

Korea

December 31

Woori Junior Equity General Type Private Investment Trust (*3)

Securities investment and others

100.0

100.0

Korea

December 31

Woori Top-Class Senior and Junior Loan Private Investment Trust (*3) (*10)

Securities investment and others

100.0

—

Korea

December 31

Woori Top-Class Equity Fund of Funds Private Investment Trust (*3) (*10)

Securities investment and others

100.0

—

Korea

December 31

Held by Woori Bank, Woori Financial Capital Co., Ltd., and Woori Asset Trust Co., Ltd. (*6)

Woori New Deal(Infrastructure) Policy Fund No.1(*3)

Securities investment and others

70.0

70.0

Korea

December 31

Held by Woori bank and Woori Investment Securities Co., Ltd. (*6)

Woori Global Development Infrastructure Synergy Company Private Placement Investment Trust No.1 (*3)

Securities investment and others

100.0

100.0

Korea

December 31

- 20 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Percentage of ownership (%)

Location

Financial statements date

Subsidiaries

Main business

December 31, 2025

December 31, 2024

Woori NorthAmerica Infra Private Placement Investment Trust No. 1 (*3)

Securities investment and others

100.0

100.0

Korea

December 31

Woori Infrastructure New Deal Specialized Investment Private Equity Investment Trust No. 1 (*3)

Securities investment and others

100.0

100.0

Korea

December 31

Woori General Type Private Real Estate Investment Trust No.2 (*3)

Securities investment and others

30.1

30.1

Korea

December 31

Woori ESG Infrastructure Development General Type Private Investment Trust No.1 (*3)

Securities investment and others

100.0

100.0

Korea

December 31

Woori Real Estate Blind Investment General Type Private Investment Trust No.1 (*3) (*10)

Securities investment and others

100.0

—

Korea

December 31

Held by Woori bank (*6)

Woori WooriBank Partners General Type Private Investment Trust No.1 (*3)

Securities investment and others

92.6

92.6

Korea

December 31

Woori General Type Private Real Estate Investment Trust No.1 (*3)

Securities investment and others

86.8

84.9

Korea

December 31

Woori Global Mid-market Secondary General Type Private Investment Trust No.1 (*3)

Securities investment and others

80.0

80.0

Korea

December 31

Woori Woori Bank Partners Professional Type Private Investment Trust No. 2 (*3)

Securities investment and others

90.9

90.9

Korea

December 31

Woori General Type Private Real Estate Investment Trust No.5 (*3)

Securities investment and others

87.0

87.0

Korea

December 31

Woori Global Secondary Private Placement Investment Trust No. 1 (*3)

Securities investment and others

98.8

98.8

Korea

December 31

Woori Japan General Type Private Real Estate Feeder Investment Trust No.1-2 (*3) (*5)

Securities investment and others

—

98.8

Korea

—

Woori Japan Blind General Type Private Real Estate Feeder Investment Trust No.1 (*3)

Securities investment and others

99.9

99.9

Korea

December 31

Woori Clean Energy General Type Private Investment Trust No.2 (*3)

Securities investment and others

30.8

30.8

Korea

December 31

Woori ESG Infrastructure Development General Type Private Investment Trust No.2 (*3)

Securities investment and others

50.0

50.0

Korea

December 31

Woori Dongbu Underground Expressway General type Private Special Asset Investment Trust (*3)

Securities investment and others

40.0

40.0

Korea

December 31

Woori Partners General Private Investment Trust No. 3 (*3)

Securities investment and others

90.9

90.9

Korea

December 31

Woori Natixis Partnership Global Private Debt Fund No. 1-1(USD) (*3)

Securities investment and others

80.0

80.0

Korea

December 31

Woori Natixis Partnership Global Private Debt Fund No. 1-2(EUR) (*3)

Securities investment and others

80.0

80.0

Korea

December 31

Woori General Type Private Real Estate Investment Trust No.7 (*3)

Securities investment and others

87.0

87.0

Korea

December 31

- 21 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Percentage of ownership (%)

Location

Financial statements date

Subsidiaries

Main business

December 31, 2025

December 31, 2024

Woori Baran-Namyang Expressway Private Special Asset Investment Trust (*3) (*10)

Securities investment and others

47.0

—

Korea

December 31

Held by Woori Bank and Tongyang Life Insurance Co., Ltd. (*6)

Woori Senior Loan General Type Private Investment Trust No.2 (*3)

Securities investment and others

54.0

50.0

Korea

December 31

Woori Senior Loan General Type Private Investment Trust No.3 (*3)

Securities investment and others

47.3

45.8

Korea

December 31

Held by ABL Life Insurance Co., Ltd. (*6)

Woori MDF V General Type Private Real Estate Investment Trust (*3) (*10)

Securities investment and others

50.0

—

Korea

December 31

Woori NewGen Energy ABL Private Investment Trust (*3) (*10)

Securities investment and others

33.3

—

Korea

December 31

Held by Woori Bank and Woori Financial Capital Co., Ltd. (*6)

Woori Renewable New Deal Fund No.1 (*3)

Securities investment and others

60.0

60.0

Korea

December 31

Woori Equity Investment General Type Private Investment Trust No.1 (*3)

Securities investment and others

100.0

100.0

Korea

December 31

Woori Busan Logistics Infra Private Placement Special Asset Investment Trust (*3)

Securities investment and others

100.0

100.0

Korea

December 31

Woori Fund Financing General Type Private Investment Trust (*3)

Securities investment and others

99.3

99.7

Korea

December 31

Held by Woori Financial Capital Co., Ltd. (*6)

Woori Japan Private Placement Real Estate Feeder Investment Trust No.1-1 (*3) (*5)

Securities investment and others

—

63.2

Korea

—

Held by Woori Bank and Woori Asset Management Co., Ltd. (*6)

Woori General Type Private Real Estate Investment Trust No.6 (*3)

Securities investment and others

85.8

85.8

Korea

December 31

Woori Innovation Growth(Infrastructure) General Type Private Investment Trust No.2 (*3)

Securities investment and others

46.4

46.4

Korea

December 31

Held by Woori bank, Woori Investment Securities Co., Ltd., and Woori Asset Management Co., Ltd. (*6)

Woori Real Estate Financial Stabilization General Private Investment Trust No. 1 (*3)

Securities investment and others

100.0

100.0

Korea

December 31

Woori Real Estate Financial Stabilization General Private Investment Trust No. 2 (*3) (*10)

Securities investment and others

100.0

—

Korea

December 31

- 22 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Percentage of ownership (%)

Location

Financial statements date

Subsidiaries

Main business

December 31, 2025

December 31, 2024

Held by Woori Bank, Woori Card Co., Woori Investment Securities Co., Ltd. and Woori Financial Capital Co., Ltd. (*6)

Woori FG Digital Investment Fund 1st (*3)

Securities investment and others

100.0

100.0

Korea

December 31

Woori FG DINNO Lab Fund 1st (*3)

Securities investment and others

100.0

100.0

Korea

December 31

Woori FG DINNO Lab Fund 2nd (*3) (*10)

Securities investment and others

100.0

—

Korea

December 31

Held by Woori Bank, Woori Financial Capital Co., Ltd. and Tongyang Life Insurance Co., Ltd. (*6)

Woori Senior Loan Private Placement Investment Trust No.1 (*3) (*10)

Securities investment and others

32.0

—

Korea

December 31

Held by Woori Bank, Woori Card Co., Woori Financial Capital Co., Ltd., Woori Investment Securities Co., Ltd., Tongyang Life Insurance Co., Ltd., ABL Life Insurance Co., Ltd. and Woori Asset Management Co., Ltd. (*6)

Woori Future Co-Growth High-tech Strategic Industries Private Investment Trust (*3) (*10)

Securities investment and others

100.0

—

Korea

December 31

Held by Woori Japan Private Placement Real Estate Feeder Investment Trust No.1-1 and Woori Japan Investment Trust No. 1-2 (*6)

Woori Japan Private Placement Real Estate Master Investment Trust No.1 (*3) (*5) (*8)

Securities investment and others

—

100.0

Korea

—

Held by Woori Financial Capital Co., Ltd. and Woori Investment Securities Co., Ltd. (*6)

Woori Japan Private Placement Real Estate Master Investment Trust No.2-1 (*3) (*5)

Securities investment and others

—

100.0

Korea

—

Held by Woori Bank and Woori Private Equity Asset Management Co., Ltd. (*6)

Woori Corporate Turnaround No.1 Private Equity Fund (*3)

Securities investment and others

35.3

36.4

Korea

December 31

Held by Woori Japan Blind General Type Private Real Estate Feeder Investment Trust No.1 and Woori Japan General Type Private Real Estate Feeder Investment Trust No.2-1 (*6)

Woori Japan Private Placement Real Estate Master Investment Trust No.2 (*3) (*5) (*8)

Securities investment and others

—

100.0

Korea

—

Held by Woori Japan Private Placement Real Estate Master Investment Trust No.1

GK OK Chatan (*3) (*5)

Other financial services

—

99.9

Japan

—

Held by Woori Japan Blind General Type Private Real Estate Feeder Investment Trust No.1 (*6)

Woori Private Placement Investment Trust No. 3 (*3) (*8)

Securities investment and others

76.5

76.5

Korea

December 31

Held by Woori Private Placement Investment Trust No. 3

GK Woorido (*3)

Other financial services

100.0

100.0

Japan

September 30 (*9)

- 23 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(*1) On July 1, 2025, the Group acquired 77.9% of the shares (excluding treasury shares; 75.3% including treasury shares) of Tongyang Life Insurance Co., Ltd. and 100% of the shares of ABL Life Insurance Co., Ltd. and included them as subsidiaries. Woori Asset Management Corp. and Woori Global Asset Management Co., Ltd. merged through a business combination to become Woori Asset Management Corp, for the year ended December 31, 2024. Additionally, The Group owned interest in Korea Foss Securities Co., Ltd. as a result of the merger between Korea Foss Securities Co., Ltd. (surviving company) and Woori Investment Bank Co., Ltd. (dissolution company) for the year ended December 31, 2024. The merged securities company also changed its name to Woori Investment Securities Co., Ltd.

(*2) The entity is a structured entity for the purpose of asset securitization. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.

(*3) The entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.

(*4) The entity is a ‘money trust’ under the Financial Investment Services and Capital Markets Act. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.

(*5) Companies are excluded from the consolidation as of December 31, 2025.

(*6) Determined that the Group controls the investees, considering the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns, by two or more subsidiaries’ investment or operation.

(*7) The Russia – Ukraine conflict has been escalated in February 2022, and international sanctions were imposed on Russia. Due to the sanctions, the Group may experience situations such as a decrease in value of financial assets or operating assets owned by the Group regarding the conflict, an increase in receivable payment terms, limitation to transfer funds, decrease in the profit. As of December 31, 2025, the Group expects such conflict and sanctions would have financial impacts on the business of AO Woori Bank, one of the subsidiaries, in the future. However, the Group cannot reasonably predict the financial impacts.

(*8) As a master-feeder fund, it is the percentage of the feeder fund’s ownership in the master fund.

(*9) As the financial statements for the end of the reporting period were not available, the most recent financial statements available from the date of settlement were used.

(*10) Companies are included in the consolidation during the year ended December 31, 2025.

(3) The Group has not consolidated the following entities as of December 31, 2025 and 2024 despite having more than 50% ownership interest:

		As of December 31, 2025
Subsidiaries		Location				Main Business		Percentage of ownership (%)
Mirae Asset Maps Clean Water Private Equity Investment Trust 7th (*1)			Korea			Securities Investment			59.7
Kiwoom Yonsei Private Equity Investment Trust (*1)			Korea			Securities Investment			88.9
IGIS Europe Private Placement Real Estate Fund No. 163-2 (*2)			Korea			Securities Investment			97.8
IGIS Global Private Placement Real Estate Fund No. 148-1 (*1)			Korea			Securities Investment			75.0
IGIS Global Private Placement Real Estate Fund No. 148-2 (*1)			Korea			Securities Investment			75.0
Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1)			Korea			Securities Investment			66.7
Hangang Blue Water Private Placement Special Asset Investment Trust (*1)			Korea			Securities Investment			55.6
Korea Investment Pocheon-Hwado Highway Private Special Asset Trust 2 (*1)			Korea			Securities Investment			55.2
Midas Global Private Placement Real Estate Investment Trust No. 7-2 (*1)			Korea			Securities Investment			58.3
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs] (*3)			Korea			Securities Investment			100.0
INMARK France Private Placement Investment Trust No. 18-1 (*1)			Korea			Securities Investment			93.8
Kiwoom Vibrato Private Placement Investment Trust 1-W(EUR) (*2)			Korea			Securities Investment			99.5
KOTAM Global Infra Private Fund 1-4 (*2)			Korea			Securities Investment			99.7
UBSHana Class 1 Special Asset Investment Trust 3 Class C 2 (*1)			Korea			Securities Investment			51.0

- 24 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		As of December 31, 2025
Subsidiaries		Location				Main Business		Percentage of ownership (%)
Consus GyeongJu Green Specialized Private Special Asset Investment Trust 1 (*1)			Korea			Securities Investment			50.0
Kiwoom Harmony Private Placement Investment Trust No. 3 (*1)			Korea			Securities Investment			77.3
Kiwoom Aurora Geneal Type Private Placement Investment Trust No. 2 (*1)			Korea			Securities Investment			60.0
NH-Amundi WSCP VIII Private Fund 2 (*1)			Korea			Securities Investment			65.2
AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund Trust No. 2 (*2)			Korea			Securities Investment			100.0
Hangang new deal infra BTL fund 4 (HNBF4) (*1)			Korea			Securities Investment			60.0
IGIS Global Private Placement Real Estate Fund No. 316-1(*2)			Korea			Securities Investment			99.3
INMARK Spain Private Placement Real Estate Investment Trust No. 26-2 (*2)			Korea			Securities Investment			97.7
Woori Asset Global Partnership Fund No.5(*4)			Korea			Securities Investment			57.7
Kiwoom Harmony Private Placement Investment Trust No. 6 (*1)			Korea			Securities Investment			76.9
Project Chile PMGD Solar (*2)			Korea			Securities Investment			75.2
NH-Amundi BXD Private Fund 2[FoF] (*2)			Korea			Securities Investment			77.8
Rifa Qualified Investors Private Real Estate Investment Trust No.40 (*2)			Korea			Securities Investment			55.0
Hangang Green Environment Private Placement Special Asset Investment Trust (*1)			Korea			Securities Investment			50.0
KB Nongsok Sewage Treatment Facility Private Special Asset Investment Trust (*1)			Korea			Securities Investment			80.0
KIAMCO Daejang Hongdaeseon Private Special Asset Investment Trust (*1)			Korea			Securities Investment			76.6
Renaissance KOSDAQ Venture Beauty Privately Placed Fund (*1)			Korea			Securities Investment			88.9
KIAMCO Siwha Jeongwang Logistics Development Private Real Estate Investment Trust No.1 (*2)			Korea			Securities Investment			50.0
Dabi Hana Inje Gwan-sa BTL Private Special Asset Investment Trust (*2)			Korea			Securities Investment			50.0
Alceon Australia Alternative General Private Investment Trust No.1 (*2)			Korea			Securities Investment			100.0
KB NA Sound Point Private Special Asset Fund 3(*2)			Korea			Securities Investment			100.0
Alceon Australia RDS General Type Private Placement Investment Trust 1(*2)			Korea			Securities Investment			100.0
NH-Amundi Transport Infra Private Fund No. 1 (*2)			Korea			Securities Investment			100.0
Hanwha Global Infrastructure Private Fund 39 (*2)			Korea			Securities Investment			100.0
Alceon Dorchester Credit Secondary General Type Private Placement Investment Trust (*2)			Korea			Securities Investment			100.0
Alceon PRISM Global Credit Secondary General Type Private Placement Investment Trust (*2)			Korea			Securities Investment			99.9
Alceon Australia Alternative General Private Investment Trust No.2 (*2)			Korea			Securities Investment			99.9
Alceon Digital Infrastructure General Type Private Placement Investment Trust (*2)			Korea			Securities Investment			99.9
IGIS Global Secondary Private Investment Trust No. 504-1 (*2)			Korea			Securities Investment			99.9
Alceon Park Squaure Europe Private Credit General Type Private Placement Investment Trust (*2)			Korea			Securities Investment			99.9
Alpha Private Debt Blind General Private Investment Trust (*2)			Korea			Securities Investment			99.8
Alceon SOF III General Type Private Placement Investment Trust (*2)			Korea			Securities Investment			99.7
IGIS European Private Placement Real Estate Investment Trust No. 521-1 (*2)			Korea			Securities Investment			99.7
IGIS European Private Placement Real Estate Investment Trust No. 521-2 (*2)			Korea			Securities Investment			99.7
NH-Amundi Europe Direct Lending Private Fund No. 4 (*2)			Korea			Securities Investment			99.5
Koramco Europe Infra Private Special Asset Investment Trust No. 1 (*2)			Korea			Securities Investment			99.0
Koramco Global Infra Private Special Asset Investment Trust No. 1 (*2)			Korea			Securities Investment			99.0
Koramco Global Private Credit Private Special Asset Investment Trust No. 1-1 (*2)			Korea			Securities Investment			99.0
Kiwoom ASM Private Investment Trust[FoFs] (*2)			Korea			Securities Investment			98.1
KEB Hana Bank as trustee of Hyundai Investments Private Fund No.41 (*2)			Korea			Securities Investment			55.6
IBK SeAH Solar Power Generation Private Securities Investment Fund(SOC) (*2)			Korea			Securities Investment			50.0
Koramco PRISM Real Estate Debt Blind Private Real Estate Investment Trust (*2)			Korea			Securities Investment			99.9
Koramco Global Private Credit Private Special Asset Investment Trust No. 1-2 (*2)			Korea			Securities Investment			99.0
Kiwoom PRISM General Private Investment Turst (*2)			Korea			Securities Investment			99.9
Kookmin Bank acting as Trustee of Kiwoom Andante Private Investment Trust (*2)			Korea			Securities Investment			99.8
Kookmin Bank Acting as Trustee of Kiwoom Moderato Private Securities Investment Trust I (*2)			Korea			Securities Investment			99.7
Kiwoom Europe Infra A.I. Private Type Investment Trust III (*2)			Korea			Securities Investment			99.8

- 25 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		As of December 31, 2025
Subsidiaries		Location				Main Business		Percentage of ownership (%)
Kiwoom Global Infra A.I. Private Type Investment Trust II (*2)			Korea			Securities Investment			98.8
Kookmin Bank acting as Trustee of Kiwoom AGPS Private Investment Trust (*2)			Korea			Securities Investment			99.9
Kiwoom Europe Infra A.I. Private Type Investment Trust IX (*2)			Korea			Securities Investment			98.1
Alceon Real Infrastructure Blind General Type Private Placement Investment Trust (*2)			Korea			Securities Investment			100.0
Hanwha Global Infrastructure Private Fund 31 (*2)			Korea			Securities Investment			98.4
IGIS U.S. Private Placement Real Estate Investment Trust No. 469-1 (*2)			Korea			Securities Investment			99.6
IGIS U.S. Private Placement Real Estate Investment Trust No. 469-2 (*2)			Korea			Securities Investment			99.6
Alceon Australia RDS General Type Private Placement Investment Trust 2 (*2)			Korea			Securities Investment			50.5
Alceon Australia RDS General Type Private Placement Investment Trust 3 (*2)			Korea			Securities Investment			99.3
KB NB Private Investment Trust No. 4 (*2)			Korea			Securities Investment			57.1
Pacific No.70 General Private Real Estate Investment Trust (*1)			Korea			Securities Investment			53.8
Hanwha Abu Dhabi Gas Infrastructure General Private Special Asset Investment Trust No.1 (*1)			Korea			Securities Investment			62.2

(*1) The Group does not have power over the discretionary fund because the fund manager has the sole authority to decide the relevant activities of the investee. The fund manager’s delegated power is exercised not only for the Group, but also for other investors as well. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.

(*2) The Group does not have power over the fund of funds because the Group cannot decide the relevant activities of the fund through the related contract. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.

(*3) The Group does not have power over the stock market stabilization fund as the fund’s relevant activities are determined by the management committee, over which the Group does not have substantial control. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.

(*4) In this fund, one of the parties holds substantive removal rights and can remove the collective investment business operator. Consequently, the Group have no controls as it exercises decision-making rights as agent.

As of December 31, 2024

Subsidiaries

Location

Main Business

Percentage of ownership (%)

Mirae Asset Maps Clean Water Private Equity Investment Trust 7th (*1)

Korea

Securities Investment

59.7

Kiwoom Yonsei Private Equity Investment Trust (*1)

Korea

Securities Investment

88.9

IGIS Europe Private Placement Real Estate Fund No. 163-2 (*2)

Korea

Securities Investment

97.8

IGIS Global Private Placement Real Estate Fund No. 148-1 (*1)

Korea

Securities Investment

75.0

IGIS Global Private Placement Real Estate Fund No. 148-2 (*1)

Korea

Securities Investment

75.0

Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1)

Korea

Securities Investment

66.7

Hangang Blue Water Private Placement Special Asset Investment Trust (*1)

Korea

Securities Investment

55.6

Korea Investment Pocheon-Hwado Highway Private Special Asset Trust 2 (*1)

Korea

Securities Investment

55.2

Midas Global Private Placement Real Estate Investment Trust No. 7-2 (*1)

Korea

Securities Investment

58.3

Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs] (*3)

Korea

Securities Investment

100.0

INMARK France Private Placement Investment Trust No. 18-1 (*1)

Korea

Securities Investment

93.8

Kiwoom Vibrato Private Placement Investment Trust 1-W(EUR) (*2)

Korea

Securities Investment

99.5

KOTAM Global Infra Private Fund 1-4 (*2)

Korea

Securities Investment

99.7

UBSHana Class 1 Special Asset Investment Trust 3 Class C 2 (*1)

Korea

Securities Investment

51.0

Consus GyeongJu Green Specialized Private Special Asset Investment Trust 1 (*1)

Korea

Securities Investment

50.0

Kiwoom Harmony Private Placement Investment Trust No. 3 (*1)

Korea

Securities Investment

77.4

Consus Solar Energy Private Placement Investment Truns No.1(*1)

Korea

Securities Investment

50.0

Kiwoom Aurora Geneal Type Private Placement Investment Trust No. 2 (*1)

Korea

Securities Investment

60.0

NH-Amundi WSCP VIII Private Fund 2 (*1)

Korea

Securities Investment

65.2

AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund Trust No. 2 (*2)

Korea

Securities Investment

100.0

Hangang new deal infra BTL fund 4 (HNBF4) (*1)

Korea

Securities Investment

60.0

IGIS Global Private Placement Real Estate Fund No. 316-1 (*2)

Korea

Securities Investment

99.3

INMARK Spain Private Placement Real Estate Investment Trust No. 26-2 (*2)

Korea

Securities Investment

97.7

Woori Asset Global Partnership Fund No.5 (*4)

Korea

Securities Investment

57.7

Kiwoom Harmony Private Placement Investment Trust No. 6 (*1)

Korea

Securities Investment

76.9

Project Chile PMGD Solar (*2)

Korea

Securities Investment

75.2

NH-Amundi BXD Private Fund 2[FoF] (*2)

Korea

Securities Investment

77.8

Rifa Qualified Investors Private Real Estate Investment Trust No.40 (*2)

Korea

Securities Investment

55.0

Hangang Green Environment Private Placement Special Asset Investment Trust (*1)

Korea

Securities Investment

50.0

- 26 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(*1) The Group does not have power over the discretionary fund because the fund manager has the sole authority to decide the relevant activities of the investee. The fund manager’s delegated power is exercised not only for the Group, but also for other investors as well. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.

(*2) The Group does not have power over the fund of funds because the Group cannot decide the relevant activities of the fund through the related contract. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest. The Group does not have the power over the fund’s activities even though the Group holds ownership interest.

(*3) The Group does not have power over the stock market stabilization fund as the fund’s relevant activities are determined by the management committee, over which the Group does not have substantial control. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.

(*4) In this fund, because one party holds substantive removal rights, they can remove the collective investment business operator. Consequently, the Group has no control as it exercises decision-making rights as an agent.

(4) The summarized financial information of the major subsidiaries is as follows. The financial information of each subsidiary was prepared on the basis of consolidated financial statements. (Unit: Korean Won in millions):

		As of and for the year ended December 31, 2025
Subsidiaries		Assets				Liabilities				Operating revenue				Net income (loss) attributable to owners				Comprehensive income (loss) attributable to owners
Woori Bank			502,846,197				473,158,744				33,077,179				2,589,646				2,440,011
Tongyang Life Insurance Co., Ltd. (*)			35,444,959				33,351,243				2,127,821				43,609				307,187
Woori Card Co., Ltd.			17,512,741				14,620,417				2,268,801				149,953				154,441
Woori Financial Capital Co., Ltd.			12,361,366				10,523,678				1,902,863				148,727				149,872
Woori Investment Securities Co., Ltd.			9,706,286				8,504,657				519,130				27,444				55,351
ABL Life Insurance Co., Ltd. (*)			19,609,549				18,928,173				1,566,440				55,984				109,611
Woori Asset Trust Co., Ltd.			302,661				63,308				76,499				(220,617	)			(220,455	)
Woori Savings Bank			2,061,407				1,853,571				134,632				14,719				13,590
Woori Financial F&I Co., Ltd.			1,271,613				930,542				75,360				3,594				3,604
Woori Asset Management Corp.			204,188				24,860				64,547				18,741				18,713
Woori Venture Partners Co., Ltd.			382,040				28,151				39,162				26,207				26,183
Woori Private Equity Asset Management Co., Ltd.			106,003				6,161				12,380				4,071				4,267
Woori Credit Information Co., Ltd.			45,455				7,581				37,622				868				928
Woori Fund Service Co., Ltd.			33,882				2,665				18,422				4,255				4,255
Woori FIS Co., Ltd.			52,554				6,015				173,875				198				(234	)
Woori Finance Research Institute Co., Ltd.			7,469				3,550				9,972				126				148

(*) Additional investment occurred and added it as a consolidated subsidiary during the year ended December 31, 2025.

		As of and for the year ended December 31, 2024
Subsidiaries		Assets				Liabilities				Operating revenue				Net income (loss) attributable to owners				Comprehensive income (loss) attributable to owners
Woori Bank			485,888,941				456,944,053				41,881,143				3,039,372				3,381,799
Woori Card Co., Ltd.			16,613,482				13,828,816				2,293,739				147,179				160,121
Woori Financial Capital Co., Ltd.			12,770,681				11,045,686				1,759,842				141,419				138,826
Woori Investment Securities Co., Ltd.			7,186,431				6,041,109				430,599				2,552				6,279
Woori Asset Trust Co., Ltd.			499,279				39,470				107,154				1,803				1,609
Woori Savings Bank			1,874,624				1,680,378				136,417				(85,879	)			(84,907	)
Woori Financial F&I Co., Ltd.			1,251,854				914,388				90,373				13,306				13,199
Woori Asset Management Corp.			203,232				39,077				57,562				11,801				11,870
Woori Venture Partners Co., Ltd.			350,066				15,060				62,261				36,786				37,213
Woori Private Equity Asset Management Co., Ltd.			101,164				5,589				9,974				4,148				3,987
Woori Credit Information Co., Ltd.			43,985				6,555				42,796				1,614				1,252
Woori Fund Service Co., Ltd.			31,154				2,799				18,069				4,646				4,646
Woori FIS Co., Ltd.			58,868				12,094				175,624				(1,709	)			(1,485	)
Woori Finance Research Institute Co., Ltd.			7,663				3,892				9,022				59				(70	)

- 27 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(5) The financial support that the Group provides to consolidated structured entities is as follows:

• Structured entity for asset securitization

The structured entity is established for the purpose of securitization of project financing loans, corporate bonds, and other financial assets. The Group is involved with the structured entity through provision of credit facility over asset-backed commercial papers issued by the entity, originating loans directly to the structured entity, or purchasing 100% of the subordinated debts issued by the structured entity.

• Structured entity for the investments in securities

The structured entity is established for the purpose of investments in securities. The Group acquires beneficiary certificates through its contribution of funding to the structured entity by the Group, and it is exposed to the risk that it may not be able to recover its funds depending on the result of investment performance of asset managers of the structured entity.

• Money trust under the Financial Investment Services and Capital Markets Act

The Group provides with financial guarantee of principal and interest or solely principal to some of its trust products. Due to the financial guarantees, the Group may be obliged when the principal and interest or principal of the trust product sold is short of the guaranteed amount depending on the result of investment performance of the trust product.

As of December 31, 2025 and 2024, the Group provides 2,429,099 million Won and 2,166,871 million Won of credit facilities, respectively, for the structured entities mentioned above. As of December 31, 2025 and 2024, the purchase commitment amounts to 3,638,934 million Won and 2,817,626 million Won, respectively.

(6) The Group has entered into various agreements with structured entities such as asset securitization, structured finance, investment fund, and trust contract. The characteristics of interests and the nature of risks related to unconsolidated structured entities over which the Group does not have control in accordance with K-IFRS 1110 are as follows:

The interests in unconsolidated structured entities that the Group hold are classified into asset securitization, structured finance, investment fund and real-estate trust, based on the nature and the purpose of each structured entity.

Unconsolidated structured entities classified as ‘asset securitization’ are entities that issue asset-backed securities, pay the principal and interest or distribute dividends on asset-backed securities through borrowings or profits from the management, operation and sale of securitized assets. The Group has been purchasing commitments of asset-backed securities or issuing asset-backed securities through credit grants and recognizes related interest or fee revenue. There are entities that provide additional funding and conditional debt acquisition commitments before the Group’s financial support, but the Group is still exposed to losses arising from the purchase of financial assets issued by the structured entities when it fails to renew the securities.

Unconsolidated structured entities classified as ‘structured finance’ include real estate project financing investment vehicles, social overhead capital companies, and special purpose companies for ship (aircraft) financing. Each entity is incorporated as a separate company with a limited purpose in order to efficiently pursue business goals and the fund is raised by equity investment or loans from financial institutions and participating institutions. ‘Structured financing’ is a financing method for large-scale risky business, with investments made based on feasibility of the specific business or project, instead of credit of business owner or physical collaterals. The investors receive profits from the operation of the business. The Group recognizes interest revenue, profit or loss from assessment or transactions of financial instruments, or dividend income. With regard to uncertainties involving structured financing, there are entities that provide financial support such as additional funds, guarantees and prioritized credit grants prior to the Group’s intervention, but the Group is exposed to possible losses due to loss of principal from reduction in investment value or irrecoverable loans arising from failure to collect scheduled cash flows and cessation of projects.

- 28 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Unconsolidated structured entities classified as ‘investment funds’ include investment trusts and private equity funds. An investment trust orders the investment and operation of funds to the trust manager in accordance with trust contract with profits distributed to the investors. Private equity funds finance money required to acquire equity securities to enable direction of management and/or improvement of ownership structure, with profit distributed to the investors. The Group recognizes pro rata amount of dividend income as an investor in the same way as ‘structured finance’ and may be exposed to losses due to reduction in investment value. Investments in MMF (Money Market Funds), ETF(Exchange Traded Funds) and Listed Investment Fund as of December 31, 2025 and 2024 are 1,862,861 million Won and 187,159 million Won, respectively, and there are no additional commitments for these funds.

‘Real estate trust’ is to be entrusted as the underlying property for the purpose of managing, disposing, operating or developing from the consignor who owns the property and distributes the proceeds achieved through the trust to the beneficiary. When the consignee does not fulfill his or her important obligations in the trust contract or it is, in fact, difficult to run the business, the Group may be exposed to the threat of compensating for the loss.

The total assets of the unconsolidated structured entity held by the Group, the carrying amount of the items recognized in the consolidated financial statements, the maximum loss exposure, and the losses from the unconsolidated structured entity are as follows. The maximum loss exposure includes the amount of investment recognized in the consolidated financial statements and the amount that is likely to be confirmed in the future when satisfies certain conditions by contracts such as purchase commitments and credit offerings.

		(unit : Korean Won in millions))
		December 31, 2025
		Asset securitization				Structured Finance				Investment Fund				Real-estate trust
Total asset of the unconsolidated structured entities			12,118,202				230,294,151				473,869,175				2,760,602
Assets recognized in the consolidated financial statements related to the unconsolidated structured entities			5,640,625				11,104,844				13,194,525				94,949
Financial assets at FVTPL			75,519				2,101,491				11,096,765				12,994
Financial assets at FVTOCI			1,341,132				50,419				—				—
Financial assets at amortized cost			4,223,974				8,951,737				1,159,459				81,955
Investments in joint ventures and associates			—				-				938,301				—
Derivative assets			—				1,197				—				—
Liabilities recognized in the consolidated financial statements related to the unconsolidated structured entities			162				2,434				992				30,641
Derivative liabilities			—				89				—				—
Other liabilities (provisions)			162				2,345				992				30,641
The maximum exposure to risks			5,669,611				13,356,328				18,399,891				286,975
Investment assets			5,640,625				11,104,844				13,194,525				94,949
Purchase commitment			—				335,651				4,768,592				—
Credit offerings and others			28,986				1,915,833				436,774				192,026
Loss recognized on unconsolidated structured entities			—				122,139				239,152				234,595

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		(unit : Korean Won in millions))
		December 31, 2024
		Asset securitization				Structured Finance				Investment Fund				Real-estate trust
Total asset of the unconsolidated structured entities			9,725,385				130,281,870				268,076,078				2,541,640
Assets recognized in the consolidated financial statements related to the unconsolidated structured entities			6,941,360				5,512,070				7,694,857				183,036
Financial assets at FVTPL			10,923				20,898				6,787,853				12,644
Financial assets at FVTOCI			1,813,481				44,477				—				—
Financial assets at amortized cost			5,116,956				5,444,604				79,879				170,392
Investments in joint ventures and associates			—				—				824,536				—
Derivative assets			—				2,091				2,589				—
Liabilities recognized in the consolidated financial statements related to the unconsolidated structured entities			242				2,270				—				10,769
Derivative liabilities			—				421				—				—
Other liabilities (provisions)			242				1,849				—				10,769
The maximum exposure to risks			7,026,784				6,402,819				11,588,447				348,947
Investment assets			6,941,360				5,512,070				7,694,857				183,036
Purchase commitment			—				—				3,892,107				—
Credit offerings and others			85,424				890,749				1,483				165,911
Loss recognized on unconsolidated structured entities			—				84,962				200,672				79,152

(7) As of December 31, 2025 and 2024, the share of non-controlling interests on the net income and equity of subsidiaries in which non-controlling interests are significant are as follows: (Unit: Korean Won in millions):

1) Accumulated non-controlling interests at the end of the reporting period

		December 31, 2025				December 31, 2024
Woori Bank (*1)			1,406,512				1,645,947
Tongyang Life Insurance Co., Ltd.			305,892				—
Woori Investment Securities Co., Ltd. (*2)(*4)			1,386				5,571
Woori Asset Trust Co., Ltd. (*3)(*4)			—				1,901
PT Bank Woori Saudara Indonesia 1906 Tbk			89,767				104,023
Wealth Development Bank			22,292				23,975
PT Woori Finance Indonesia Tbk.			15,446				16,179

(*1) Hybrid securities issued by Woori Bank

(*2) The non-controlling interests were recognized in accordance with merger with Korea Foss Securities Co., Ltd. during the year ended December 31, 2024.

(*3) The non-controlling interests decreased in accordance with paid-in capital increase and stock retirement and additional acquisition of minority interests during the year ended December 31, 2024.

(*4) The non-controlling interests decreased due to the additional acquisition of minority interests during the year ended December 31, 2025.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

2) Net income attributable to non-controlling interests

		For the years ended December 31
		2025				2024
Woori Bank (*1)			89,134				76,249
Tongyang Life Insurance Co., Ltd. (*2)			20,663				—
Woori Investment Securities Co., Ltd.			101				(16	)
Woori Asset Trust Co., Ltd.			(366	)			276
Woori Asset Management Corp			—				530
PT Bank Woori Saudara Indonesia 1906 Tbk			(6,856	)			6,764
Wealth Development Bank			(722	)			764
PT Woori Finance Indonesia Tbk.			—				872

(*1) Distribution of the hybrid securities issued by Woori Bank

(*2) Including the distribution of the hybrid securities issued by Tongyang Life Insurance Co., Ltd.

3) Dividends to non-controlling interests

		For the years ended December 31
		2025				2024
Woori Bank (*1)			89,134				76,249
Tongyang Life Insurance Co., Ltd. (*2)			10,995				—
PT Bank Woori Saudara Indonesia 1906 Tbk			983				3,450
PT Woori Finance Indonesia Tbk.			402				343
Korea BTL Infrastructure Fund			29				37

(*1) Distribution of the hybrid securities issued by Woori Bank

(*2) Distribution of the hybrid securities issued by Tongyang Life Insurance Co., Ltd.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

2. BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES

(1) Basis of presentation

The Group maintains its accounting records in Korean won and prepares statutory financial statements in the Korean language (Hangul) in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (K-IFRS). The accompanying consolidated financial statements have been condensed, restructured and translated into English from the Korean language financial statements.

Certain information attached to the Korean language financial statements but not required for a fair presentation of the Group’s financial position, financial performance or cash flows, is not presented in the accompanying consolidated financial statements.

The consolidated financial statements of the Group have been prepared in accordance with K-IFRS. These are the standards, subsequent amendments and related interpretations issued by the International Accounting Standards Board (IASB) that have been adopted by the Republic of Korea.

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

The consolidated financial statements, as described in following paragraphs of accounting policy, are prepared at the end of each reporting period on historical cost basis, except for certain non-current assets and financial assets that are either revalued or measured in fair value. Historical cost is generally measured at the fair value of consideration given to acquire assets.

Meanwhile, the consolidated financial statements of the Group were initially approved by the Board of Directors on February 6, 2026, subsequently amended and approved on February 27, 2026, and are scheduled to be approved at the annual shareholder’s meeting on March 23, 2026.

1) The standards and interpretations that are newly adopted by the Group during the current period, and the changes in accounting policies thereof are as follows:

i) Amendments to K-IFRS 1021 The Effects of Changes in Foreign Exchange Rates and 1101 First-time Adoption of International Financial Reporting Standards – Lack of Exchangeability

When an entity estimates a spot exchange rate because exchangeability between two currencies is lacking, the entity shall disclose related information. The amendments do not have a significant impact on the consolidated financial statements.

ii) Amendment to K-IFRS No. 1117 “Insurance Contracts”

If the estimation techniques used for inputs in measuring insurance contracts differ from the fundamental estimation techniques required by insurance-related regulations, and if such differences and their effects on the consolidated financial statements are considered relevant and material to users of the financial statements, they shall be disclosed. The amendment to this standard does not have any significant impact on the consolidated financial statements.

2) As of the approval date of the financial statements, the following Korean International Financial Reporting Standards have been issued and announced but are not yet effective, and the Group has not early adopted them.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

i) Amendments to K-IFRS 1109 Financial Instruments, K-IFRS 1107 Financial Instruments: Disclosures

K-IFRS 1109 Financial Instruments and K-IFRS 1107 Financial Instruments: Disclosures have been amended to respond to recent questions arising in practice, and to include new requirements. The amendments should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. The Group does not expect the amendments to have a significant impact on the consolidated financial statements. These amendments:

• clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;

• clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;

• add new disclosures of impact on the entity and the extent to which the entity is exposed for each type of financial instrument if the timing or amount of contractual cash flow changes due to amendment of contract term; and

• update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).

ii) Annual Improvements to K-IFRS

Annual Improvements to K-IFRS should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. The Group does not expect the amendments to have a significant impact on the consolidated financial statements.

• K-IFRS 1101 First-time Adoption of International Financial Reporting Standards: Hedge accounting by a first-time adopter

• K-IFRS 1107 Financial Instruments: Disclosures: Gain or loss on derecognition and implementation guidance

• K-IFRS 1109 Financial Instruments: Derecognition of lease liabilities and definition of transaction price

• K-IFRS 1110 Consolidated Financial Statements: Determination of a ‘de facto agent’

• K-IFRS 1007 Statement of Cash Flows: Cost method

The above enacted or amended standards will not have a significant impact on the Group.

iii) Amendments to K-IFRS 1109 Financial Instruments and K-IFRS 1107 Financial Instruments: Disclosures - Contracts Referencing Nature-dependent Electricity

Contracts referencing nature-dependent electricity are defined contracts that expose an entity to variability in the underlying amount of electricity because the source of electricity generation depends on uncontrollable natural conditions (for example, the weather). The amendments clarify that ‘contracts to buy or sell such electricity’ are assessed for eligibility under the own-use exemption. In addition, the amendments modify hedge accounting requirements by allowing an entity to designate as the hedged item a variable nominal amount of forecast electricity transactions that reflect the nature-dependent variability of electricity and introduce additional disclosure requirements. The amendments should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. The amendments do not have a significant impact on the financial statements.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

iv) Standards to Korean IFRS 1118 ‘Presentation and Disclosure in Financial Statements’

K-IFRS 1118 ‘Presentation and Disclosure in Financial Statements’ replaces K-IFRS 1001 ‘Presentation of Financial Statements.’ The new presentation requirements introduced by K-IFRS 1118 are expected to enhance comparability of financial performance between similar entities, particularly with respect to the definition of operating profit. In addition, the disclosure requirements for management-defined performance measures will improve transparency. The standard applies to annual periods beginning on or after January 1, 2027, with early adoption permitted. In accordance with the retrospective application requirements of the standard, comparative information for the financial year ending December 31, 2026, will be restated in accordance with K-IFRS 1118.

The consolidated entity has not yet adopted K-IFRS 1118 and is in the process of preparing a transition plan. It is on track to report its first interim financial statements under K-IFRS 1118 for the period ending March 31, 2027, and its annual financial statements for the year ending December 31, 2027, as scheduled.

The management is currently reviewing the impact of the application of the new standard on the consolidated financial statements of the subsidiaries. While the adoption of the standard is not expected to affect the consolidated net income, it is anticipated to affect the calculation and reporting of operating profit, as revenues and expenses in the income statement will be reclassified into new categories.

It is assessed that the above amendments and revisions to the standards will not have a material impact on the consolidated companies.

(2) Basis of consolidated financial statement presentation

The consolidated financial statements consist of the financial statements of the Parent company and the entities (including structured entities) controlled by the parent company (or its subsidiaries, which is the “Group”). Control is achieved where the Group 1) has the power over the investee, 2) is exposed, or has rights, to variable returns from its involvement with the investee, and 3) able to use its power to affect its returns. The Group reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

When the Group has less than most of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether the Group’s voting rights in an investee are enough to give it power, including:

• The relative size of the Group’s holding of voting rights and dispersion of holdings of the other vote holders;

• Potential voting rights held by the Group, other vote holders or other parties;

• Rights arising from other contractual arrangements;

• Any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings.

Income and expenses of subsidiaries acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the date the Group gains control until the date when the Group ceases to control the subsidiary. The carrying amount of the non-controlling interest after the acquisition is the amount initially recognized plus the amount of proportionate interest of the non-controlling interest in the changes in equity since the acquisition. Total comprehensive income of subsidiaries is attributed to the owner of the Group and to the non-controlling interests even if this results in the non-controlling interests having a negative (-) balance.

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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

All intra-group transactions and related assets and liabilities, income and expenses are eliminated in full on consolidation.

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

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

(3) Business combinations

Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured as the sum of the acquisition-date fair values of the assets transferred by the Group in exchange for control of the acquiree, liabilities assumed by the Group for the former owners of the acquiree and the equity interests issued by the Group. Acquisition-related costs are generally recognized in profit or loss as incurred.

At the acquisition date, the acquiree’s identifiable acquires assets, liabilities and contingent liabilities are recognized at their fair value, except for the followings:

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

• Liabilities or equity instruments related to share-based payment arrangements of the acquiree, or share-based payment arrangements of the Group entered to replace share-based payment arrangements of the acquiree are measured in accordance with K-IFRS 1102 Share-based Payment at the acquisition date; and

• Non-current assets (or disposal groups) that are classified as held for sale are measured in accordance with K-IFRS 1105 Non-current Assets Held for Sale and Discontinued Operations

Any excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the Group’s previously held equity interest (if any) in the acquiree over the net of identifiable assets and liabilities assumed of the acquiree at the acquisition date is recognized as goodwill.

If, after reassessment, the Group’s interest in the fair value of the acquiree’s identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer’s previously held equity interest in the acquiree (if any), the excess is recognized immediately in net income as a bargain purchase gain.

The subsidiary’s non-controlling interests are identified separately from the Group’s equity. If the element of the non-controlling interest in the acquiree is the current interest at the acquisition date and the holder is entitled to a proportional share of the entity’s net assets, the non-controlling interest can be measured in 1) fair value or 2) proportionate share of the current equity instrument of the amount recognized for the acquiree’s identifiable net assets at the acquisition date. The selection of these metrics is made for each acquisition transaction. All other non-controlling interests are measured at fair value at the acquisition date.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

The carrying amount of the non-controlling interest after acquisition reflects the proportional interest of the non-controlling interest in changes in equity after acquisition in the initial recognition amount. Even if the non-controlling interest is a negative (-) balance, total comprehensive income is attributed to the non-controlling interest.

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

The subsequent accounting for changes in the fair value of the contingent consideration that does not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration other than the above is remeasured at subsequent reporting dates as appropriate, with the corresponding gain or loss being recognized in profit or loss.

When a business combination is achieved in stages, the Group’s previously held equity interest in the acquiree is remeasured at fair value at the acquisition date (i.e., the date when the Group obtains control) and the resulting gain or loss, if any, is recognized in net income (or other comprehensive income, if applicable). Amounts arising from changes in value of interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are recognized, identical to the treatment assuming interests are sold directly.

If the initial accounting for a business combination is not completed by the end of the reporting period in which the business combination occurred, the Group reports in consolidated financial statements the provisional number of items that have not been accounted for. If there is new information about the facts and circumstances that existed as of the acquisition date during the measurement period (see above), the Group retrospectively adjusts the provisional amounts recognized at the acquisition date or recognizes additional assets and liabilities to reflect the information that would have affected the measurement of the amount recognized at the acquisition date if it had already known at the acquisition date.

(4) Investments in joint ventures and associates

An associate is an entity over which the Group has significant influence, and that is not a subsidiary or a joint venture. Significant influence is the power to participate in making decisions on the financial and operating policy of the investee but is not control or joint control over those policies.

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to net assets relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.

The net income of current period and the assets and liabilities of the joint ventures and associates are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with K-IFRS 1105 Non-current Assets Held for Sale and Discontinued Operations. Under the equity method, an investment in the joint ventures and associates is initially recognized in the consolidated statements of financial position at cost and adjusted thereafter to recognize the Group’s share of the net assets of the joint ventures and associates and any impairment. When the Group’s share of losses of the joint ventures and associates exceeds the Group’s interest in the associate, the Group discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint ventures and associates.

- 36 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Investment in joint ventures and associates are accounted for and applied with the equity method from the time the investee becomes an associate or a joint venture.

Any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the joint ventures and associates recognized at the date of acquisition is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition exists after the review, it is recognized immediately in net income.

The requirements of K-IFRS 1028 - Investments in Associates and Joint Ventures to determine whether there has been a loss event are applied to identify whether it is necessary to recognize any impairment loss with respect to the Group’s investment in the joint ventures and associates. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with K-IFRS 1036 - Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with it carrying amount. Any impairment loss recognized is not allocated to any asset (including goodwill), which forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized in accordance with K-IFRS 1036 to the extent that the recoverable amount of the investment subsequently increases.

The Group ceases to use the equity method from the time it fails meet the definition of an associate or a joint venture. Upon a loss of significant influence over the joint ventures and associates, the Group discontinues the use of the equity method and measures at fair value of any investment that the Group retains in the former joint ventures and associates from the date when the Group loses significant influence. The fair value of the investment is regarded as its fair value on initial recognition as a financial asset in accordance with K-IFRS 1109 Financial Instruments; Recognition and Measurement. The Group recognized differences between the carrying amount and fair value in net income and it is included in determination of the gain or loss on disposal of joint ventures and associates. The Group accounts for all amounts recognized in other comprehensive income in relation to joint ventures and associates on the same basis as would be required if the joint ventures and associates had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognized in other comprehensive income by an associate or a joint venture would be reclassified to net income on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to net income as a reclassification adjustment.

When the Group’s ownership of interest in an associate or a joint venture decreases but the Group continues to maintain significant influence over an associate or a joint venture, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognized in other comprehensive income relating to that decrease in ownership interest if the gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. Meanwhile, if interest on associate or joint venture meets the definition of non-current asset held for sale, it is accounted for in accordance with K-IFRS 1105.

The Group continues to use the equity method when an investment in an associate becomes an investment in a joint venture or an investment in a joint venture becomes an investment in an associate. There is no remeasurement of fair value upon such changes in ownership interests.

When the Group transacts with an associate or a joint venture of the Group, profits and losses resulting from the transactions with the associate or joint venture are recognized in the Group’s consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the Group.

The Group applies K-IFRS 1109 Financial Instruments, including the impairment requirements, to its long-term investment interests in associates and joint ventures that form part of its net investment without applying the equity method. In addition, when applying K-IFRS 1109 to long-term investments, the Group does not consider adjustments to the carrying amount required by K-IFRS 1028. Examples of such adjustments include an impairment assessment or an adjustment to the carrying amount of long-term investment interest resulting from the allocation of losses to the investee in accordance with K-IFRS 1028.

- 37 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(5) Investment in joint operation

A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.

When the Group operates as a joint operator, it recognizes in relation to its interest in a joint operation:

• its assets, including its share of any assets held jointly;

• its liabilities, including its share of any liabilities incurred jointly;

• its revenue from the sale of its share of the output arising from the joint operation;

• its share of the revenue from the sale of the output by the joint operation;

• its expenses, including its share of any expenses incurred jointly.

The Group accounts for the assets, liabilities, revenues and expenses that correspond to its interest in a joint operation in accordance with the K-IFRSs applicable to the specific assets, liabilities, revenues and expenses.

When the Group enters into a transaction with a joint operation in which it is a joint operator, such as a sale or contribution of assets, it is conducting the transaction with the other parties to the joint operation and, as such, the Group recognizes gains and losses resulting from such a transaction only to the extent of the other parties’ interests in the joint operation.

When the Group enters a transaction with a joint operation in which it is a joint operator, such as a purchase of assets, it does not recognize proportional share of profit or loss until the asset is sold to a third party.

(6) Revenue recognition

K-IFRS 1115 requires the recognition of revenues based on transaction price allocated to the performance obligation when or as the Group performs that obligation to the customer. Revenues other than those from contracts with customers, such as interest revenue and loan origination fee (cost), are recognized through effective interest rate method.

1) Revenues from contracts with customers

The Group recognizes revenue when the Group satisfies a performance obligation by transferring a promised good or service to a customer. When a performance obligation is satisfied, the Group shall recognize as a revenue the amount of the transaction price that is allocated to that performance obligation. The transaction price is the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties.

The Group recognizes revenue by major sources as shown below:

① Fees and commission received for brokerage

The fees and commission received for agency are the amount of consideration or fee expected to be entitled to receive in return for providing goods or services to the other parties with the Group acting as an agency, such as in the case of sales of bancassurance and beneficiary certificates. Most of these fees and commission received for brokerage are from the business activities relevant to Banking segment.

② Fees and commission received related to credit

The fees and commission received related to credit mainly include the lending fees received from the loan activity and the fees received in the L/C transactions. Except for the fees and commission accounted for in calculating the effective interest rate, it is generally recognized when the performance obligation has been performed. Most of these fees and commission received related to credit are from the business activities relevant to Banking, Credit card and Investment banking segment.

- 38 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

③ Fees and commission received for electronic finance

The fees and commission received for electronic finance include fees received in return for providing various kinds of electronic financial services through firm-banking and CMS. These fees are recognized as revenue immediately upon the completion of services. Most of these fees and commission received for electronic finance are from the business activities relevant to Banking and Investment banking segment.

④ Fees and commission received on foreign exchange handling

The fees and commission received on foreign exchange handling consist of various fees incurred when transferring foreign currency. The point of processing the customer’s request is the time when performance obligation is satisfied, and revenue is immediately recognized when fees and commission are received after requests are processed. The business activities relevant to these fees and commission received on foreign exchange handling are substantially attributable to Banking segment.

⑤ Fees and commission received on foreign exchange

The fees and commission received on foreign exchange consist of fees related to the issuance of various certificates, such as exchange, import and export performance certificates, purchase certificates, etc. The point of processing the customer’s request is the time when performance obligation is satisfied, and revenue is immediately recognized when fees and commission are received after requests are processed. The business activities relevant to these fees and commission received on foreign exchange are substantially attributable to Banking segment.

⑥ Fees and commission received for guarantee

The fees and commission received for guarantee include the fees received for the various warranties. The activities related to the warranty consist mainly of performance obligations satisfied over time and fees and commission are recognized over the guarantee period. The business activities relevant to these fees and commission received for guarantee are substantially attributable to Banking segment.

⑦ Fees and commission received on credit card

The fees and commission received on credit card consist mainly of merchant account fees and annual fees. The Group recognizes merchant account fees by multiplying agreed commission rate to the amount paid by using the credit card. The annual fees are performance obligation satisfied over time and are recognized over agreed periods after the annual fees are paid in advance. The business activities relevant to these fees and commission received on credit card are substantially attributable to Credit cards segment.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

⑧ Fees and commission received on securities business

The fees and commission received on securities business consist mainly of fees and commission for the sale of beneficiary certificates, and these fees are recognized when the beneficiary certificates are sold to customers. The business activities relevant to these fees and commission received on securities business are substantially attributable to Banking and Investment banking segment.

⑨ Fees and commission from trust management

The fees and commission from trust management consist of fees and commission received in return for the operation and management services for entrusted assets. These operation and management services are performance obligations satisfied over time, and revenue is recognized over the service period. Among the fees and commission from trust management, variable considerations such as profit commission that are affected by the value of entrusted assets and base return of the future periods are recognized as revenue when limitations to the estimates are lifted. Most of these fees and commission received for brokerage are from the business activities relevant to Banking segment.

⑩ Fees and commission received on credit Information

The fees and commission received on credit Information are composed of the fees and commission received by performing credit investigation and proxy collection services. Credit investigation fees and commission are the amount received in return for verifying the information requested by the customer and are recognized as revenue at the time the verification is completed. Proxy collection service fees are recognized by applying the applicable rate to the collected amount at the time when collection services are completed. Most of these fees and commission received for brokerage are from the business activities relevant to other segments.

Other fees

Other fees are usually fees related to remittances, but include fees related to various other services provided to customers by the Group. These fees are recognized when transactions occur at the customers’ request and services are provided, at the same time when commission are received. These other fees occur across all operating segments.

2) Revenues from sources other than contracts with customers

① Interest income

Interest income on financial assets measured at FVTOCI and financial assets at amortized costs is measured using the effective interest method.

The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating the interest income over the expected life of the asset. The effective interest rate is the rate that exactly discounts estimated future cash flows to the instrument’s initial unamortized cost over the expected period, or shorter if appropriate. Future cash flows include commissions and cost of reward points (limited to the primary component of effective interest rate) and other premiums or discounts that are paid or received between the contractual parties when calculating the effective interest rate, but does not include expected credit losses. All contractual terms of a financial instrument are considered when estimating future cash flows.

For purchased or originated credit-impaired financial assets, interest revenue is recognized by applying the credit-adjusted effective interest rate to the amortized cost of the financial asset from initial recognition. Even if the financial asset is no longer impaired in the subsequent periods due to credit improvement, the basis of interest revenue calculation is not changed from amortized cost to unamortized cost of the financial assets.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

② Loan origination fees and costs

The commission fees earned on loans, which is part of the effective interest of loans, are accounted for as deferred origination fees. Incremental costs related to the origination of loans are accounted for as deferred origination fees and are being added or deducted to/from interest income on loans using effective interest rate method.

3) Dividend income

Dividend income is recognized when the right to receive dividends as a shareholder is confirmed. Dividend income is recognized as an appropriate item of profit or loss in the statement of comprehensive income according to the classification of financial instruments.

(7) Accounting for foreign currencies

The Group’s consolidated financial statements are presented in Korean Won, which is the functional currency of the Group. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at its prevailing exchange rates at the date. The effective portion of the changes in fair value of a derivative that qualifies as a cash flow hedge and the foreign exchange differences on monetary items that form part of net investment in foreign operations are recognized in equity.

Assets and liabilities of the foreign operations subject to consolidation are translated into Korean Won at foreign exchange rates at the end of the reporting period. Except for situations in which it is required to use exchange rates at the date of transaction due to significant changes in exchange rates during the period, items that belong to profit or loss shall be measured by average exchange rate, with foreign exchange differences recognized as other comprehensive income and added to equity (allocated to non-controlling interests, if appropriate). When foreign operations are disposed, the controlling interest’s share of accumulated foreign exchange differences related to such foreign operations will be reclassified to profit or loss, while non-controlling interest’s corresponding share will not be reclassified.

Adjustments to fair value of identifiable assets and liabilities, and goodwill arising from the acquisition of foreign operations will be treated as assets and liabilities of the corresponding foreign operation and translated using foreign exchange rates at the end of the period. The foreign exchange differences are recognized in other comprehensive income.

(8) Cash and cash equivalents

The Group classifies cash on hand, demand deposits, interest-earning deposits with original maturities of up to three months on acquisition date, and highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value as cash and cash equivalents.

(9) Financial assets and financial liabilities

1) Financial assets

A regular way purchase or sale of financial assets is recognized or derecognized on the trade or settlement date. A regular way purchase or sale is a purchase or sale of a financial asset under a contract whose term requires delivery of the asset within the time frame established generally by regulation or convention in the marketplace concerned.

On initial recognition, financial assets are classified into financial assets at FVTPL, financial assets at FVTOCI, and financial assets at amortized cost according to its business model and contractual cash flows.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

a) Business model

The Group evaluates the way business is being managed, and the purpose of the business model for managing a financial asset best reflects the way information is provided to the management at its portfolio level. Such information considers the following:

• The accounting policies and purpose specified for the portfolio, the actual operation of such policies. This includes strategy of the management focusing on the receipt of contractual interest revenue, maintaining a certain level of interest income, matching the duration of financial assets and the duration of corresponding liabilities to obtain the asset, and outflow or realization of expected cash flows from disposal of assets

• The way the performance of a financial asset is held under the business model is evaluated, and the way such evaluation is being reported to the management

• The risk affecting the performance of the business model (and financial assets held under the business model), and the way such risk is being managed

• The compensation plan for the management (e.g. whether the management is compensated based on the fair value of assets or based on contractual cash flows received)

• Frequency, amount, timing and reason for sale of financial assets in the past and forecast of future sale activities.

b) Contractual cash flows

The principal is defined to be the fair value of financial assets at initial recognition. Interest is not only composed of consideration for the time value of money, consideration for the credit risk related to remaining principal at a certain period of time, and consideration for other costs (e.g. liquidity risk and cost of operation) and fundamental risk associated with lending but also profit.

When evaluating whether contractual cash flows are solely payments of principal and interests, the Group considers the contractual terms of the financial instrument. When a financial asset contains contractual conditions that modify the timing and amount of contractual cash flows, it is required to determine whether contractual cash flows that arise during the remaining life of the financial instrument due to such contractual conditions are solely payments of principal and interest. The Group considers the following elements when evaluating the above:

• Conditions that lead to modification of timing or amount of cash flows

• Contractual terms that adjust contractual nominal interest, including floating rate features

• Early payment features and maturity extension features

• Contractual terms that limit the Group’s claim on cash flows arising from certain assets

① Financial assets at FVTPL

The Group classifies those financial assets that are not classified as either financial assets at amortized cost or financial assets at FVTOCI, and those designated to be measured at FVTPL, as financial assets at FVTPL. Financial assets at FVTPL are measured at fair value, and related profit or loss is recognized in net income. Transaction costs related to acquisition at initial recognition are recognized in net income immediately upon its occurrence.

It is possible to designate a financial asset as financial asset at FVTPL if at initial recognition: (a) it is possible to remove or significantly reduce recognition or measurement mismatch that may otherwise have occurred if not for its designation as financial asset at FVTPL; (b) the financial asset forms part of the Group’s financial instrument group (a group composed of a combination of financial asset or liability), is measured at fair value and is being evaluated for its performance, and such information is provided internally; and (c) the financial asset is part of a contract that contains one or more of embedded derivatives, and is a hybrid contract in which designation as financial asset at FVTPL is allowed under K-IFRS 1109 Financial Instruments. However, the designation is irrevocable.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

② Financial assets at FVTOCI

When financial assets are held under a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and when contractual cash flows from such financial assets are solely payments of principal and interest, the financial assets are classified as financial assets at FVTOCI. Also, for investments in equity instruments that are not held for short-term trade, an irrevocable election is available at initial recognition to present subsequent changes in fair value as other comprehensive income.

At initial recognition, financial assets at FVTOCI are measured at its fair value plus any direct transaction cost, and are subsequently measured in fair value. However, for equity instruments that do not have a quotation in an active market and in which fair value cannot be measured reliably, they are measured at cost. The income tax effects related to the changes in fair value except for profit or loss items such as impairment losses (reversals), interest revenue calculated by using effective interest method, and foreign exchange gain or loss about debt instruments are recognized as other comprehensive income until the asset’s disposal. Upon derecognition, the accumulated other comprehensive income is reclassified from equity to net income for FVTOCI (debt instrument) and reclassified within the equity for FVTOCI (equity instruments).

③ Financial assets at amortized cost

When financial assets are held under a business model whose objective is to hold financial assets in order to collect contractual cash flows, and when contractual cash flows from such financial assets are solely payments of principal and interest, the financial assets are classified as financial assets at amortized cost. At initial recognition, financial assets at amortized cost are recognized at fair value plus any direct transaction cost. Financial assets at amortized cost are presented at amortized cost using effective interest method, less any loss allowance.

2) Financial liabilities

At initial recognition, financial liabilities are classified into either financial liabilities at FVTPL or financial liabilities at amortized cost.

Financial liabilities are usually classified as financial liabilities at FVTPL when they are acquired with a purpose to repurchase them within a short period of time, when they are part of a certain financial instrument portfolio that is actually and recently being managed with a purpose of short-term profit and joint management by the Group at initial recognition, and when they are derivatives that do not qualify as hedging instruments. Financial liabilities at FVTPL are measured at fair value plus direct transaction cost at initial recognition, and are subsequently measured at fair value. Profit or loss arising from financial liabilities at FVTPL is recognized in net income when occurred.

It is possible to designate a financial liability as financial liability at FVTPL if at initial recognition: (a) it is possible to remove or significantly reduce recognition or measurement mismatch that may otherwise have occurred if not for its designation as financial liability at FVTPL; (b) the financial asset forms part of the Group’s financial instrument group (a group composed of a combination of financial asset or liability) according to the Group’s documented risk management or investment strategy, is measured at fair value and is being evaluated for its performance, and such information is provided internally; and (c) the financial liability is part of a contract that contains one or more of embedded derivatives, and is a hybrid contract in which designation as financial liability at FVTPL is allowed under K-IFRS 1109 Financial Instruments.

Financial liabilities designated as at FVTPL are initially recognized at fair value, with any direct transaction cost recognized in profit or loss, and are subsequently measured at fair value. Any profit or loss from financial liabilities at FVTPL are recognized in profit or loss.

Financial liabilities not classified as financial liabilities at FVTPL are measured at amortized cost.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

3) Reclassification

Financial assets are not reclassified after initial recognition unless the Group modifies the business model used to manage financial assets. When the Group modifies the business model used to manage financial assets, all affected financial assets are reclassified on the first day of the first reporting period after the modification.

4) Derecognition

Financial assets are derecognized when contractual rights to cash flows from the financial assets are expired, or when substantially all of risk and reward for holding financial assets is transferred to another entity as a result of a sale of financial assets. If the Group does not have and does not transfer substantially all of the risk and reward of holding financial assets with control of the transferred financial assets retained, the Group recognizes financial assets to the extent of its continuing involvement. If the Group holds substantially all the risk and reward of holding a financial asset, it continues to recognize that asset and proceeds are accounted for as collateralized borrowings.

When a financial asset is fully derecognized, the difference between the carrying amount and the sum of proceeds and accumulated other comprehensive income is recognized as profit or loss in case of FVTOCI (debt instruments), and as retained earnings for FVTOCI (equity instruments).

In case when a financial asset is not fully derecognized, the Group allocates the carrying amount into amounts retained in the books and removed from the books, based on the relative fair value of each portion at the date of sale, and based on the degree of continuing involvement. For the derecognized portion of the financial assets, the difference between its carrying amount and the sum of proceeds and the portion of accumulated other comprehensive income attributable to that portion will be recognized in profit or loss in case of debt instruments and recognized in retained earnings in case of equity instruments. The accumulated other comprehensive income is distributed to the portion of carrying amount retained in the books, and to the portion of carrying amount removed from the books.

The Group derecognizes financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.

When the Group exchanges with the existing lender one debt instrument into another one with substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, the Group accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate is at least 10 percent different from the discounted present value of the remaining cash flows of the original financial liability.

5) Fair value of financial instruments

Financial assets at FVTPL and financial assets at FVTOCI are measured and presented in consolidated financial statements at their fair values, and all derivatives are also subject to fair value measurement.

Fair value is defined as the price that would be received to exchange an asset or paid to transfer a liability in a recent transaction between independent parties that are reasonable and willing. Fair value is the transaction price of identical financial assets or financial liabilities generated in an active market. An active market is a market where trade volume is sufficient and objective price information is available due to the fact that bid and ask price differences are small.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

When trade volume of a financial instrument is low, when transaction prices within the market show large differences among them, or when it cannot be concluded that a financial instrument is being traded within an active market due to disclosures being extremely shallow, fair value is measured using valuation techniques based on alternative market information or using internal valuation techniques based on general and observable information obtained from objective sources. Market information includes maturity and characteristics, duration, similar yield curve, and variability measurement of financial instruments of similar nature. Fair value amount contains unique assumptions on each entity (the Group concluded that it is using assumptions applied in valuing financial instruments in the market, or risk-adjusted assumptions in case marketability does not exist).

The market approach and income approach, which are valuation techniques used to estimate the fair value of financial instruments, both require significant judgment. Market approach measures fair value using either a recent transaction price that includes the financial instrument, or observable information on comparable firm or assets. Income approach measures fair value through discounting future cash flows with a discount rate reflecting market expectations, and revenue, operating income, depreciation, capital expenditures, income tax, working capital and estimated residual value of financial investments are being considered when deriving future cash flows. Valuation techniques such as the above include estimates based on the financial instruments’ complexity and usefulness of observable information in the market.

The valuation techniques used in the evaluation of financial instruments are explained below.

a) Financial assets at FVTPL and Financial assets at FVTOCI

The fair value of equity securities included in financial assets at FVTPL and financial assets at FVTOCI category is recognized in the statement of financial position at its available market price. Debt securities traded in the over-the-counter market are generally recognized at an amount computed by an independent appraiser. When the Group uses the fair value determined by independent appraisers, the Group usually obtains three values from three different appraisers for each financial instrument and selects the minimum amount without making additional adjustments. For equity securities without marketability, the Group uses the amount determined by the independent appraiser. The Group verifies the prices obtained from appraisers in various ways, including the evaluation of independent appraisers’ competency, indirect verification through comparison between appraisers’ price and other available market information, and reperformed by employees who have knowledge of valuation models and assumptions that appraisers used.

b) Derivatives

The Group’s transactions involving derivatives such as futures and exchange-traded options are measured at market value. For exchange traded derivatives classified as level 2 in the fair value hierarchy, the fair value is estimated using internal valuation techniques. If there are no publicly available market prices because they are traded over-the-counter, fair value is measured through internal valuation techniques. When using internal valuation techniques to derive fair value, the types of derivatives, base interest rate or characteristics of prices, or stock market indices are considered. When variables used in the internal valuation techniques are not observable information in the market, such variables may contain significant estimates.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

c) Adjustment of valuation amount

The Group is exposed to credit risk when a counterparty to a derivative contract does not perform its contractual obligation, and the exposure amount is equal to the amount of derivative asset recognized in the statement of financial position. When the Group earns income through valuation of derivatives, such income is recognized as derivative asset in the statement of financial position. Some of the derivatives are traded in the market, but most of the derivatives are measured at estimated fair value derived from internal valuation models that use observable information in the market. As such, in order to estimate the fair value, there should be an adjustment made to incorporate counterparty’s credit risk, and credit risk adjustment is being considered when valuing derivative assets such as over-the-counter derivatives. The amount of financial liabilities is also adjusted by the Group’s own credit risk when valuing them.

The amount of adjustment is derived from counterparty’s probability of default and loss given default. This adjustment considers contractual matters that are designed to reduce the Group’s exposure to each counterparty’s credit risk. When derivatives are under master netting arrangement, the exposure used in the computation of credit risk adjustment is a net amount after adding/deducting cash collateral received (or paid) from loss (or gain) position derivatives with the same counterparty.

6) Expected credit losses on financial assets

The Group recognizes loss allowance for expected credit losses for the following assets:

• Financial assets at amortized cost

• Debt instruments measured at FVTOCI

• Contract assets as defined by K-IFRS 1115

Expected credit losses are weighted-average value of a range of possible results, considering the time value of money, and are measured by incorporating information on current conditions and forecasts of future economic conditions that are available without undue cost or effort.

The methods to measure expected credit losses are classified into following three categories in accordance with K-IFRS:

• General approach: Financial assets that do not belong to below two models and unused loan commitments

• Simplified approach: When financial assets are either trade receivables, contract assets or lease receivables

• Credit impairment model: Purchased or originated credit-impaired financial assets

The measurement of loss allowance under general approach is differentiated depending on whether the credit risk has increased significantly after initial recognition. That is, loss allowance is measured based on 12-month expected credit loss when the credit risk has not increased significantly after initial recognition, while loss allowance is measured at lifetime expected credit loss when credit risk has increased significantly. Lifetime is the expected remaining life of the financial instrument up to the maturity date of the contract.

The measurement of loss allowance under simplified approach is always based on lifetime expected credit loss, and loss allowance under credit impairment model is measured as the cumulative change in lifetime expected credit loss since initial recognition.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

a) Measurement of expected credit losses on financial asset at amortized cost

The expected credit losses on financial assets at amortized cost is measured by the difference between the contractual cash flow during the period and the present value of expected cash flows. Expected cash inflows are computed for individually significant financial assets in order to calculate expected credit losses. When financial assets that are not individually significant, they are included in a group of financial assets with similar credit risk characteristics and expected credit losses of the group are calculated collectively.

Expected credit losses are deducted through loss allowance account, and when the financial asset is determined to be uncollectible, the loss allowance is written off from the books along with the related financial asset.

b) Measurement of expected credit losses on financial assets at FVTOCI(Debt instruments)

The measurement method of expected credit loss is identical to financial asset at amortized cost, but changes in the loss allowance are recognized in other comprehensive income. When financial assets at FVTOCI is disposed or repaid, the related loss allowance is reclassified from accumulated other comprehensive income to net income.

(10) Offsetting financial instruments

Financial assets and liabilities are presented as a net amount in the statements of financial position when the Group has an enforceable legal right and an intention to settle on a net basis or to realize an asset and settle the liability simultaneously.

(11) Investment properties

The Group classifies a property held to earn rentals and/or for capital appreciation as an investment property. Investment properties are measured initially at cost, including transaction costs, less subsequent depreciation and impairment.

Subsequent costs are included in the carrying amount of the asset or recognized as a separate asset if it is probable that future economic benefits associated with the assets will flow into the Group and the cost of an asset can be measured reliably, and the carrying amount of a portion of an asset that are replaced by a subsequent expenditure is removed from the books. Routine maintenance and repairs are expensed as incurred.

While land is not depreciated, all other investment properties are depreciated based on the depreciation method and useful lives of premises and equipment. The estimated useful lives, residual values and depreciation methods are reviewed at the end of each reporting period, and when it is deemed appropriate to change them, the effect of any change is accounted for as a change in accounting estimates.

An investment property is derecognized from the consolidated financial statements on disposal or when it is permanently withdrawn from use and no future economic benefits are expected even from its disposal. The gain or loss on the derecognition of an investment property is calculated as the difference between the net disposal proceeds and the carrying amount of the property and is recognized in profit or loss in the period of the derecognition.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(12) Premises and equipment

Premises and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. The cost of an item of premises and equipment is expenditure directly attributable to their purchase or construction, which includes any cost directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. It also includes the initial estimate of costs of dismantling and removing the item and restoring the site on which it is located.

Subsequent costs are recognized in the carrying amount of an asset or as a separate asset (if appropriate) if it is probable that future economic benefit associated with the assets will flow into the Group and the cost of an asset can be measured reliably. Routine maintenance and repairs are expensed as incurred.

While land is not depreciated, for all other premises and equipment, depreciation is charged to net income on a straight-line basis by applying the following estimated economic useful lives on the amount of cost or revalued amount less residual value.

		Useful life
Buildings used for business purpose		26 to 57 years
Structures in leased office		4 to 5 years
Properties for business purpose		4 to 7 years

The Group reassesses the depreciation method, the estimated useful lives and residual values of premises and equipment at the end of each reporting period. If changes in the estimates are deemed appropriate, the changes are accounted for as a change in an accounting estimate. When there is an indicator of impairment and the carrying amount of a premises and equipment item exceeds the estimated recoverable amount, the carrying amount of such asset is reduced to the recoverable amount.

(13) Intangible assets and goodwill

The Group recognizes the acquisition cost of an intangible asset as the manufacturing cost or purchase cost plus additional incidental expenses. Development costs are the sum of expenditures incurred after the asset recognition requirements, such as technical feasibility and future economic benefits, are met. After the initial recognition, the carrying value is presented as the accumulated amortization and accumulated impairment losses deducted from the cost.

The Group’s intangible asset is amortized over the following economic lives using the straight-line method. However, for some intangible assets, the period of time that is expected to be available is not predictable, so the useful life of some intangible assets is assessed as indefinite and not depreciated.

The estimated useful life and amortization method of intangible assets with a finite useful life are reviewed at the end of each reporting period. If changes in the estimates are deemed appropriate, the changes are accounted for as a change in an accounting estimate.

		Useful life
Industrial property rights		5 to 10 years
Development costs		5 years
Software and others		1 to 10 years

In addition, when an indicator that intangible assets are impaired is noted, and the carrying amount of the asset exceeds the estimated recoverable amount of the asset, the carrying amount of the asset is reduced to its recoverable amount.

Goodwill acquired in a business combination is included in intangible assets. Goodwill is not amortized but is subject to an impairment test at the cash-generating unit level every year, and whenever there is an indicator that goodwill is impaired.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Goodwill is allocated to each of the Group’s cash-generating units (or groups of cash-generating units) that is expected to benefit from the synergies of the combination. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit on a pro rata basis based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognized directly in profit or loss. An impairment loss recognized for goodwill is not reversed in subsequent periods.

(14) Impairment of non-monetary assets

Intangible assets with indefinite useful lives or intangible assets that are not yet available for use are tested for impairment annually, regardless of whether there is any indication of impairment. All other assets are tested for impairment by estimating the recoverable amount when there is an objective indication that the carrying amount may not be recoverable. Recoverable amount is the higher of value in use or net fair value, less costs to sell. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and such impairment loss is recognized immediately in net income.

(15) Leases

The Group determines whether the contract is a lease or includes a lease at the time of the contract agreement. In exchange for consideration in a contract, the contract is either a lease or includes a lease if the control over the use of the identified asset is transferred for a period of time. In determining whether a contract transfers control over the use of the asset to which it is identified, the Group uses the definition of lease in K-IFRS 1116.

① The Group as a lessee

The Group recognizes the right-of-use asset and the lease liability at the commencement date of the lease. The right-of-use asset is measured at cost, which comprises the amount of the initial measurement of the lease liability, lease payments made at or before the commencement date(less any lease incentives received), initial direct costs, and an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located.

The right-of-use asset is subsequently depreciated on a straight-line basis from the commencement of the lease to the end of the lease term. However, if the lease transfers ownership of the underlying asset to the lessee by the end of the lease term or if the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, the lessee depreciates the right-of-use asset same as a fixed asset from the commencement date to the end of the useful life of the underlying asset. The right-of-use asset may be reduced by an impairment of the underlying asset or adjusted by remeasurement of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the lease, if that cannot be readily determined, the Group uses its incremental borrowing rate. The Group generally uses the incremental borrowing rate.

The Group makes adjustments to reflect the terms of the lease and the characteristics of the lease asset in interest rates obtained from external financial information, and calculates the incremental borrowing rate.

The Group calculates the lease term by including the relevant period when it is quite certain that the lessee will exercise the extension option or the termination option. The Group calculates the enforceable period in consideration of the economic disadvantages of terminating the contract if the lessee and the lessor have the right to terminate it without the consent of the other parties.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

The lease payments included in the measurement of the lease liability comprise the following:

• Fixed payments (including in-substance fixed payments)

• Variable lease payments that depend on an index (or a rate), are initially measured using the index or a rate as at the commencement date

• Amounts expected to be payable by the lessee under residual value guarantees

• The exercise price of a purchase option if the lessee is reasonably certain to exercise that option, lease payments of the extended period if the lessee is reasonably certain to exercise extension option, and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease

The lease liability is subsequently increased by the interest expense recognized for the lease liability and decreased by reflecting the payment of the lease payments. The lease liability is remeasured if the future lease payments change depending on changes in the index (or a rate), changes in the expected amount to be paid under the residual value guarantee, and changes in the assessment of whether the purchase or extension option is reasonably certain to be exercised or not to exercise the terminate option.

When remeasuring a lease liability, the related right-of-use asset is adjusted and if the carrying amount of the right-of-use asset decreases to zero, the remeasurement amount is recognized in profit or loss.

The Group applies its judgment when determining the lease term for some lease contracts that include the extension option. The assessment of whether the Group is reasonably certain to exercise the option significantly affects the lease term and therefore has a significant impact on the amount of lease liabilities and the right-of-use asset.

Because the Group can replace the assets without significant cost or business discontinuation, the option to extend the lease is not included in the lease liability in most offices and vehicle transport leases.

The Group reevaluates the lease term when the option is exercised (or not exercised) or the Group is liable to exercise (or not exercise) the option. Group will change its judgment only when significant events occur that affect the lessee’s control and the determination of the lease term, or there is a significant change in the circumstances.

Lease liabilities and right-of-use-asset increased by 7,373 million Won, reflecting the exercise impact of the extension and termination options during the current term.

In the statement of financial position, the Group classified the right-of-use assets that do not meet the definition of investment property as ‘premises and equipment’ and the lease liabilities as ‘other financial liabilities.’

The Group has chosen a practical expedient that does not recognize the right-of-use asset and lease liabilities for short-term leases with a lease term of less than 12 months and leases for which the underlying asset is of low value. The Group recognizes the lease payments associated with those leases as an expense on a straight-line basis over the lease term.

② The Group as a lessor

At the date of the agreement or the effective date of the modification containing the lease element, the Group allocates the consideration of the contract to each lease element based on its relative stand-alone price.

As a lessor, the Group classifies its leases as either a finance lease or an operating lease at the commencement date.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

The Group subsequently judges whether the lease transfers substantially all the risks and rewards incidental to ownership of an underlying asset. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset, otherwise a lease is classified as an operating lease.

If the agreement contains both lease and non-lease elements, the Group applies K-IFRS 1115 to allocate the consideration of the contract.

The Group applies the derecognition and impairment provisions of K-IFRS 1109 to its net investment in the lease. The Group also carries out regular reviews of the unguaranteed residual value used to calculate total lease investment.

The Group recognizes lease payments from operating lease as income on a straight-line basis.

The accounting policy that the Group has applied as a lessor is not different from K-IFRS 1116.

(16) Derivative instruments

Derivative instruments are classified as forwards, futures, options and swaps, depending on the types of transactions and are classified at the point of transaction as either trading or hedging based on its purpose.

Derivatives are initially recognized at fair value at the date of contract and are subsequently measured at fair value at the end of each reporting period. The resulting gain or loss is recognized in net income immediately unless the derivative is designated or effective as a hedging instrument. If derivatives have been designated as hedging instruments and if it is effective, the point of recognition of gain or loss depends on the characteristics of hedging relationship.

Derivatives that have positive (+) fair values are recognized as financial assets and those that have negative (-) fair values are recognized as financial liabilities. Derivatives are not offset in the consolidated financial statements unless they have legally enforceable rights to set off or are intended to set off.

1) Embedded derivatives

Embedded derivatives are components of a hybrid financial instrument that includes a non-derivative host contract. It has an effect of modifying part of cash flows of the hybrid financial instrument similar to an independent derivative.

Embedded derivatives that are part of a hybrid contract of which the host contract is a financial asset within the scope of K-IFRS 1109 are not separated. The classification is done by considering the hybrid contract as a whole, and subsequent measurement is either at amortized cost or fair value.

If embedded derivatives are part of a hybrid contract of which the host contract is not a financial asset within the scope of K-IFRS 1109 (e.g. financial liability), then these are treated as separate derivatives if embedded derivatives meet the definition of a derivative, characteristics & risk of the embedded derivatives are not closely related to that of host contract, and if the host contract is not measured at FVTPL.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

2) Hedge accounting

The Group is applying K-IFRS 1109 in regard to hedge accounting. The Group is designating certain derivatives as hedging instruments against fair value changes in relation to the interest rate risk, foreign currency translation and interest rate risk, and foreign currency translation risk.

The Group documents the relationship between hedging instruments and hedged items at the commencement of hedging in accordance with their purpose and strategy. Also, the Group documents at the commencement and subsequent dates whether the hedging instrument effectively counters the changes in fair value of hedged items. A hedging instrument is effective only when it meets all the following criteria:

• When there is an economic relationship between the hedged items and hedging instruments

• When the effect of credit risk is not stronger than the change in value due to the economic relationship between the hedged items and hedging instruments

• When the hedge ratio of hedging relationship is equal to the proportion of the number of items that the group actually hedges and the number of hedging instruments that the Group actually uses to hedge the number of hedged items

When a hedging relationship no longer meets the hedging effectiveness requirements related to hedge ratio, but when the purpose of risk management on designated hedging relationship is still maintained, the hedge ratio of the hedging relationship is adjusted so that hedging relationship may meet the requirements again (Hedge ratio readjustment).

The Group has designated derivatives as hedging instruments except for the portion on foreign currency basis spread. The fair value change due to foreign currency basis spread is recognized in other comprehensive income and is accumulated in equity. If the hedged item is related to transactions, the accumulated other comprehensive income is reclassified to profit or loss when the hedged item affects the profit or loss. However, when non-monetary items are subsequently recognized due to hedged items, the accumulated equity is removed from the equity directly, and is included in the initial carrying amount of the recognized non-monetary items. Such transfers does not affect other comprehensive income. But if part or all of accumulated equity is not expected to be recovered in the future periods, the amount not expected to be recovered is immediately reclassified to profit or loss. If the hedged item is time-related, then the foreign currency basis spread on the day the derivative is designated as a hedging instrument that is related to the hedged item is reclassified to profit or loss over the term of the hedge.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

3) Fair value hedge

Gain or loss arising from valid hedging instrument is recognized in profit or loss. However, when the hedging instrument mitigates risks on equity instruments designated as financial assets at FVTOCI, related gain or loss is recognized in other comprehensive income.

The carrying amount of hedged items that are not measured in fair value is adjusted by the changes in fair value arising from the hedged risk, with resulting gain or loss reflected in net income. In case of debt instruments measured at FVTOCI, carrying amount is an amount that is already adjusted to fair value and thus gain or loss arising from the hedged risk is recognized in profit or loss instead of other comprehensive income without adjustments in carrying amount. When the hedged item is equity instruments measured at FVTOCI, the gain or loss arising from hedged risk is retained at other comprehensive income in order to match the gain or loss with hedging instruments.

When gains or losses arising from the hedged risk are recognized in profit or loss of the current term, they are recognized as items related to the hedged items.

Hedge accounting ceases to apply only when hedging relationship (or part of it) does not meet the requirements of hedge accounting (even after hedging relationship readjustment, if applicable). This treatment is held in case of lapse, disposal, expiry and exercise of hedging instruments, and this cease of treatment applies prospectively. The fair value adjustments made to carrying amount of hedged item due to hedged risk is amortized from the date of discontinuance of hedge accounting and is recognized in profit or loss.

4) Cash flow hedge

The Group recognizes the effective portion of changes in the fair value of derivatives and other valid hedging instruments that are designated and qualified as cash flow hedges in other comprehensive income to the extent of cumulative fair value changes of the hedged item from the starting date of hedge accounting and it is cumulated in the cash flow hedge reserve. The gain or loss relating to the ineffective portion is recognized immediately in net income.

Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to net income when the hedged item affects net income. However, when non-monetary assets or liabilities are subsequently recognized due to expected transactions involving hedged items, the valuation gain or loss accumulated in the equity as other comprehensive income is removed from the equity and included in the initial carrying amount of the recognized non-monetary assets or liabilities. Such transfers do not affect other comprehensive income. Also, if the cash flow hedge reserve is loss and accumulated other comprehensive income is a loss and part or all of the losses are not expected to be recovered in the future periods, the said amount is immediately reclassified to profit or loss.

Hedge accounting ceases to apply only when hedging relationship (or part of it) does not meet the requirements of hedge accounting (even after hedging relationship readjustment, if applicable). This treatment is held in case of lapse, disposal, expiry and exercise of hedging instruments, and this cease of treatment applies prospectively. At the point of cessation of cash flow hedge, the valuation gain or loss recognized as accumulated other comprehensive income continues to be recognized as equity, and is reclassified to profit or loss when the expected transaction is ultimately recognized as profit or loss. However, when transactions are no longer expected to occur, the valuation gain or loss of hedging instrument recognized as accumulated other comprehensive income is immediately reclassified to profit or loss.

(17) Assets (or disposal group) held for sale

The Group classifies a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(18) Provisions

Provisions are recognized if they have present or contractual obligations as a result of the past event, it is probable that an outflow of resources will be required to settle the obligation and the amount of the obligation is reliably estimated. A provision is not recognized for the future operating losses.

The Group recognizes provisions related to the payment guarantees, loan commitment and litigations. Under the terms of lease agreement, the cost incurred by the Group to recover the leased asset to its original state are recognized as provisions at the commencement of the lease or during a specific period in which the obligation is incurred as a result of the using the asset. The provisions are measured as the best estimate of the expenditure required to recover the asset, which is regularly reviewed and sated to the new situation.

Where there are a number of similar obligations, the probability that an outflow will be required in settlement is determined by considering the obligations as a whole. Although the likelihood of outflow for any one item may be small, if it is probable that some outflow of resources will be needed to settle the obligations as a whole, a provision is recognized.

At the end of each reporting period, the remaining provision balance is reviewed and assessed to determine if the current best estimate is being recognized.

(19) Equity instruments issued by the Group

1) Capital and compound financial instruments

The Group classifies a financial instrument that it issues as a financial liability or an equity instrument in accordance with the substance of the contractual arrangement. A financial liability is a contractual obligation to deliver cash or another financial asset to another entity. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. The compound financial instruments are financial instruments where it is neither a financial liability nor an equity instrument because it was designed to contain both equity and debt elements.

If the Group reacquires its own equity instruments, the consideration paid including the direct transaction costs (net of tax expense) are presented as a deduction from total equity until such instruments are retired or reissued. When these instruments are reissued, the consideration received (net of direct transaction costs) is included in the shareholder’s equity.

2) Hybrid securities

The Group classifies hybrid securities that have the unconditional right to avoid contractual obligations, such as to deliver cash or other financial assets in relation to financial instruments into equity instruments and presents as part of equity. Meanwhile, hybrid securities issued by subsidiaries of the group are classified as non-controlling interests according to the criteria, and the distribution paid is treated as net profit attributable to non-controlling interests in the consolidated comprehensive income statement.

(20) Financial guarantee contracts

A financial guarantee contract is a contract where the issuer must pay a certain amount of money in order to compensate for losses suffered by the creditor when debtor defaults on a debt instrument in accordance with original or modified contractual terms.

A financial guarantee is initially measured at fair value and is subsequently measured at the higher of the amounts below unless it is designated to be measured at FVTPL or when it arises from disposal of an asset.

• Loss allowance in accordance with K-IFRS 1109

• Initial carrying amount less accumulated profit measured in accordance with K-IFRS 1115

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(21) Employee benefits and pensions

The Group recognizes the undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by the employees. Also, the Group recognizes expenses and liabilities in the case of accumulating compensated absences when the employees render services that entitle their right to future compensated absences. Similarly, the Group recognizes expenses and liabilities for customary profit distribution or bonuses when the employees render services, even though the Group does not have legal obligation to do so because it can be construed as constructive obligation.

The Group is operating defined contribution plans and defined benefit plans. Contributions to defined contribution plans are recognized as an expense when employees have rendered services entitling them to receive the benefits. For defined benefit plans, the defined benefit liability is calculated through an actuarial assessment using the projected unit credit method at every end of the reporting period, conducted by a professional actuary. Remeasurement, comprising actuarial gains and losses, the return on plan assets (excluding the amount included in net interest from net defined benefit liability (asset)), and the effect of the changes to the asset ceiling is reflected immediately in the consolidated statement of financial position with a charge or credit recognized in other comprehensive income in the period in which they occur.

Remeasurement recognized in the consolidated statement of comprehensive income is not reclassified to profit or loss in the subsequent periods. Past service cost is recognized in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are composed of service costs (including current service cost and past service cost, as well as gains and losses on settlements), net interest expense (income) and remeasurement.

The Group presents the service cost and net interest expense (income) components in profit or loss, and the remeasurement component in other comprehensive income. Curtailment gains and losses are accounted for as past service costs.

The retirement benefit obligation recognized in the consolidated statement of financial position represents the actual deficit or surplus in the Group’s defined benefit plans. Any surplus resulting from this calculation is recognized as an asset limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.

Liabilities for termination benefits are recognized at the earlier of either the date when the Group is no longer able to cancel its proposal for termination benefits or the date when the Group has recognized the cost of restructuring that accompanies the payment of termination benefits.

(22) Income taxes

Income tax expense is composed of current tax and deferred tax. That is, income tax expense is composed of taxes payable or refundable during the period and deferred taxes calculated by applying asset-liability method to taxable and deductible temporary differences arising from operating loss and tax credit carryforwards. Temporary differences are the differences between the carrying values of assets and liabilities for financial reporting purposes and their tax bases. Deferred income tax benefit or expense is recognized for the change in deferred tax assets or liabilities. Deferred tax assets and liabilities are measured as of the reporting date using the enacted or substantively enacted tax rates expected to apply in the period in which the liability is settled or asset is realized. Deferred tax assets, including the carryforwards of unused tax losses, are recognized to the extent it is probable that the deferred tax assets will be realized.

Deferred income tax assets and liabilities are offset if, and only if, the Group has a legally enforceable right to offset current tax assets against current tax liabilities, and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority or when the entity intends to settle current tax liabilities and assets on a net basis with different taxable entities.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent it is no longer probable that sufficient taxable profits will be available to allow all or part of the assets to be recovered.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Deferred liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill. Deferred tax assets or liabilities are not recognized if they arise from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit (tax loss) nor the accounting profit.

Current and deferred taxes are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity or when it arises from business combination.

The tax uncertainty arises from the compensation claim filed by the Group, and refund litigation for the amount of tax levied by the tax authority due to differences in tax law analysis. In response, the Group paid taxes in accordance with K-IFRS 2123 due to the tax authority’s claim, but recognized as a corporate tax asset if it is highly probable of a refund in the future. In addition, the Group appropriately estimates and reflects the amount of corporate tax liabilities based on the analysis of corporate tax laws and the evaluation of many factors, including past experiences.

(23) Criteria of calculating earnings per share (“EPS”)

Basic EPS is a calculation of net income per common stock. It is calculated by dividing net income attributable to ordinary shareholders by the weighted-average number of common shares outstanding. Diluted EPS is calculated by adjusting the earnings and number of shares for the effects of all dilutive potential common shares.

(24) Share-based payment

For cash-settled share-based payment transactions that provide cash in return for the goods or services received, the Group measures the goods or services received, and the corresponding liability at the fair value and recognizes as employee benefit expenses and liabilities during the vesting period. The fair value of the liability is remeasured at the end of each reporting period and the settlement date until the liability is settled, and changes in fair value are recognized as employee benefits.

(25) Insurance Contract

1) Definition and classification of insurance contracts

The Group classifies a contract under which one party (the issuer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder as an insurance contract.

The Group determines whether an insurance contract contains significant insurance risk by assessing whether, in at least one scenario that has commercial substance, the insured event could cause the Group to pay significant additional benefits to the policyholder, and this assessment is performed for each contract at the issuance date. As a result, if significant insurance risk is acquired from the policyholder, it is classified as an insurance contract, and if there is no significant transfer of insurance risk, it is classified as an investment contract even if it takes the legal form of an insurance contract. Depending on the classification of the contract, K-IFRS 1117 Insurance Contracts applies to insurance contracts and investment contracts with discretionary participation features, and K-IFRS 1109 Financial Instruments applies to investment contracts without discretionary participation features.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

2) Level of aggregation

The Group identifies portfolios of insurance contracts that are exposed to similar risks and managed together, and each portfolio is divided into the following groups of insurance contracts.

• A group of contracts that are onerous at initial recognition, if any;

• a group of contracts that at initial recognition have no significant possibility of becoming onerous subsequently, if any; and

• a group of the remaining contracts in the portfolio, if any.

In addition, insurance contracts issued more than one year apart are not included in the same group of insurance contracts. The Group does not subsequently re-evaluate the composition of the group.

3) Recognition

A group of insurance contracts held by the Group is recognized from the earlier of the following:

• the beginning of the coverage period of the group of contracts;

• the date when the first payment from a policyholder in the group becomes due; and

• for a group of onerous contracts, when the group becomes onerous.

A group of reinsurance contracts held by the Group is recognized from the earlier of the following:

• The beginning of the coverage period of the group of reinsurance contracts held; and

• if the Group recognizes an onerous group of underlying insurance contracts on an earlier date and the related reinsurance contract was entered into before that earlier date, then the group of reinsurance contracts is recognized on that earlier date.

The Group delays the recognition of a group of reinsurance contracts held that provide proportionate coverage until the date that any underlying insurance contract is initially recognized, if that date is later than the beginning of the coverage period of the group of reinsurance contracts held.

4) Contract boundaries

The measurement of a group of insurance contracts includes future cash flows within the boundaries of the contracts in the group. Cash flows are within the boundary of an insurance contract if they arise from substantive rights and obligations that exist during the reporting period in which the Group can compel the policyholder to pay the premiums or in which the Group has a substantive obligation to provide the policyholder with insurance contract services A substantive obligation to provide insurance contract services ends when:

• the Group has the practical ability to reassess the risks of the particular policyholder and, as a result, can set a price or level of benefits that fully reflect those risks; or

• the Group has the practical ability to reassess the risks of the portfolio of insurance contracts that contains the contract and, as a result, can set a price or level of benefits that fully reflects the risk of that portfolio; and the pricing of the premiums up to the date when the risks are reassessed does not take into account the risks that relate to periods after the reassessment date.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

5) Measurement

A) Initial measurement

On initial recognition, the Group measures a group of insurance contracts at the total of:

• the fulfilment cash flows, which comprise estimates of future cash flows, an adjustment to reflect the time value of money and the financial risks related to the future cash flows, and a risk adjustment for non-financial risk; and

• the contractual service margin

Risk adjustment for non-financial risk of a group of insurance contracts is a liability that adjusts the estimate of the present value of the future cash flows to reflect the compensation that the entity requires for bearing the uncertainty about the amount and timing of the cash flows that arises from non-financial risk.

Contractual service margin of a group of insurance contracts is unearned profit that would be recognized by providing insurance service in the future. If the fulfilment cash flows of a group of insurance contracts at the date of initial recognition are a net inflow, contractual service margin is measured so that there is no revenue or expense in the group of insurance contracts at the date of initial recognition.

In contrast, if the fulfilment cash flows of a group of insurance contracts at the date of initial recognition are a net outflow, the group of insurance contracts is classified as onerous. And the Group recognizes a loss in profit or loss for the net outflow. The loss component, depicting the losses recognized, determines the amounts that are presented in profit or loss as reversals of losses on onerous groups and are consequently excluded from the determination of insurance revenue.

Representation of insurance contracts assets and insurance contracts liabilities are determined in accordance with a sum of fulfilment cash flows and contractual service margin, on a portfolio basis.

B) Subsequent measurement

The book amount of the group of insurance contracts as of the end of the reporting period is the sum of the liability for remaining coverage and the liability for incurred claims. The liability for remaining coverage consists of fulfilment cash flows and contractual service margin related to future services allocated to the group of insurance contracts as of the end of the reporting period. The liability for incurred claims consists of fulfilment cash flows related to past service allocated to the group at that date, including fulfilment cash flows for insurance claims and insurance costs that have not yet been paid.

The Group measures insurance contracts with direct participation features by applying the variable fee approach in accordance with K-IFRS 1117 Insurance Contracts. Under the variable fee approach, changes in the obligation to pay an amount equal to the fair value of the underlying items are not adjusted against the contractual service margin, whereas changes in the group’s share of the fair value of the underlying items and changes in fulfilment cash flows that do not vary based on the returns on the underlying items are adjusted against the contractual service margin.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

C) Measurement of reinsurance contract

The Group applies the same accounting policies applied to the measurement of groups of insurance contracts to the measurement of groups of reinsurance contracts, except for the following.

The Group includes in the estimates of the present value of the future cash flows for the group of reinsurance contracts held the effect of any risk of non-performance by the issuer of the reinsurance contract, including the effects of collateral and losses from disputes. The effect of the reinsurer’s default risk is remeasured at the end of each reporting period, and the effect of changes in default risk are recognized in profit or loss.

The Group calculates risk adjustments for non-financial risks to reflect the risks transferred to the reinsurer.

Considering the characteristics of reinsurance contracts, even if the fulfilment cash flow at the time of initial recognition is a net outflow, the contract is neither classified as onerous group of contracts nor recognizes the expected net outflow in profit or loss.

The Group may use the premium allocation approach to simplify the measurement of a group of reinsurance contracts held, if at the inception of the group:

• the Group reasonably expects the resulting measurement would not differ materially from the result of general insurance; or

• the coverage period of each contract in the group of reinsurance contracts is one year or less.

6) Derecognition and modification

The Group derecognizes insurance contracts when the obligation specified in the insurance contract expires or is discharged or cancelled. Also, if the terms of an insurance contract are modified and certain conditions are met, the Group derecognizes the original contract and recognizes the modified contract as a new contract. If the contract terms are modified but the contract is not derecognized, it is accounted for as changes in accounting estimates of fulfillment cash flows.

7) Insurance revenue and insurance service expenses

The Group recognizes insurance revenue as the provision of services arising from the group of insurance contracts at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those services. Insurance revenue related to insurance services provided during the reporting period depicts the changes in the liability for remaining coverage related to the consideration of which the entity expects.

Contractual service margin recognized as insurance service revenue during the reporting period is recognized as amount allocated to coverage units provided during the reporting period. The allocation of closing remaining contractual service margin before amortization by the group of insurance contracts is made proportionately between the coverage units provided during the reporting period and those provided afterwards. The number of coverage units is the quantitative unit of insurance contract services provided by the contracts, and it is determined by considering the quantitative unit of benefits and its expected duration.

Incurred claims (excluding repayments of investment components), other incurred insurance service expenses, amortization of insurance acquisition cash flows, changes in fulfilment cash flows relating to the liability for incurred claims and losses on onerous groups of contracts and reversals of such losses are recognized as insurance service expenses.

- 59 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

The Group determines insurance revenue related to insurance acquisition cash flows by allocating those cash flows to each reporting period in a systematic way on the basis of the passage of time. The Group recognizes the same amount as insurance service expenses. Loss components are systematically allocated resulting in the total amounts allocated to the loss component being equal to zero by the end of the coverage period of a group of contracts. Loss components are systematically allocated to each reporting period in proportion to beginning balance of loss components to the sum of present value of beginning expected cash outflows and risk adjustments for beginning non-financial risk. The loss component allocated to current year is excluded from recognition by the same amount as insurance service revenue and expenses.

8) Reinsurance revenue and reinsurance service expenses

The Group presents separately the amounts recovered from the reinsurer and an allocation of the premiums paid. The Group recognizes the amount covered or other services provided in the group of reinsurance contracts as reinsurance service expense. Reinsurance expense related to services provided by reinsurance contract during the reporting period represents the changes in reinsurance assets for remaining coverage related to services that the Group compensated. The Group recognizes the amounts collected from reinsurers as reinsurance service revenue.

9) Insurance Finance Income or Expenses

Insurance finance income or expenses (Reinsurance finance income or expenses) comprises the change in the book amount of the group of insurance contracts and the group of reinsurance contracts arising from the time value of money with its change effect and financial risk with its change effect. The Group determines the systematic allocation of insurance finance income or expenses between profit or loss and other comprehensive income by each portfolio. The Group systematically allocates the expected total insurance finance income or expenses over the duration of the group of contracts and recognizes insurance finance income or expenses for current period as profit or loss and the remainders as other comprehensive income.

In the case of a group of insurance contracts with direct participation features that hold underlying items, the Group subdivides insurance finance income and expenses by applying the current period book yield approach in order to recognize in profit or loss the amount that eliminates accounting mismatches from gains or losses on the underlying items held. In addition, for certain groups of insurance contracts to which risk mitigation is applied, the Group elects to apply an approach that does not recognize changes in the contractual service margin for the effects of changes in the time value of money and financial risk on the entity’s share and on the fulfilment cash flows.

Furthermore, in case of a group of insurance contracts with direct participation features that does not hold underlying items and a group of insurance contracts where changes in assumptions regarding financial risks have a significant impact on the amount payable to policyholders, the Group applies either the effective yield approach or the projected crediting rate approach and systematically allocates the insurance finance income or expenses. The insurance finance income and expenses for other insurance contract groups are calculated applying the discount rate at initial recognition.

The insurance finance income and expenses arising from the contractual service margin for insurance contract groups with direct participation features shall be determined using an allocation method consistent with the future cash flows, and those for insurance contract groups without direct participation features are systematically allocated using the discount rate applied at initial recognition.

When the Group derecognizes an insurance contract because it transfers the contract to a third party or the terms of an insurance contract are modified, the remaining amount recognized in other comprehensive income for the group is reclassified to profit or loss as a reclassification adjustment, in accordance with the accounting policy elected for the portfolio.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

10) Changes in estimates of future cash flows arising from the exercise of discretion

The Group has defined the discretion as the adjustment rate applied to the standard interest rate in the case of interest-linked insurance contracts, and the policyholder’s share ratio in the profits of dividend products in the case of participating insurance. The Group deems changes in discretionary cash flows to be related to future service and adjusts the contractual service margin accordingly.

11) Calculation of investment components

The Group has calculated the investment component as the amount not exceeding the total premium amount with interests that the Group must repay to the policyholder under the insurance contract (such as maturity refunds) regardless of the occurrence of the insured event. Investment components are excluded from the calculation of insurance service revenue and insurance service expense.

12) Calculation of coverage units

The Group calculates profit from contractual service margin by providing services based on the number of coverage units for a group of insurance contracts. The number of coverage units for a group of insurance contracts is determined by the quantitative unit of insurance contract service and its expected duration.

3. MATERIAL ACCOUNTING ESTIMATES AND ASSUMPTIONS

Material accounting estimates and assumptions are continuously evaluated based on a number of factors, including historical experience and expectations of future events that are considered reasonably probable. Accounting estimates calculated based on these definitions may not match actual results. The accounting estimates and assumptions that include a significant risk of materially changing the carrying amounts of assets and liabilities currently recognized in the following accounting period are as follows.

1) Income taxes

The Group has recognized current and deferred taxes based on best estimates of expected future income tax effect arising from the Group’s operations until the end of the current reporting period. However, actual tax payment may not be identical to the related assets/liabilities already recognized, and these differences may affect current taxes and deferred tax assets/liabilities at the time when income tax effects are finalized. Deferred tax assets relating to tax losses carried forward and deductible temporary differences are recognized only to the extent that it is probable that future taxable profit will be available against which the tax losses carried forward and the deductible temporary differences can be utilized. In this case the Group’s evaluation considers various factors such as estimated future taxable profit based on forecasted operating results, which are based on historical financial performance. The Group is reviewing the carrying amount of deferred tax assets at every end of the reporting period and in the event that the possibility of earning future taxable income changes, the deferred tax assets are adjusted up to taxable income sufficient to use deductible temporary differences.

2) Valuation of financial instruments

Financial assets at FVTPL and FVTOCI are recognized in the consolidated financial statements at fair value. All derivatives are measured at fair value. Valuation techniques are required in order to determine fair values of financial instruments where observable market prices do not exist. Financial instruments that are not actively traded and have low price transparency will have less objective fair value and require broad judgment in liquidity, concentration, uncertainty in market factors and assumption in price determination and other risks.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

As described in ‘2. Basis of Preparation and Material Accounting Policies (9) 5) Fair value of financial instruments’, when valuation techniques are used to determine the fair value of a financial instrument, various general and internally developed techniques are used, and various types of assumptions and variables are incorporated during the process.

3) Impairment of financial instruments

The accuracy of the provision for credit losses is determined by the estimation of the expected cash flows for each borrower for estimating the individually assessed loan-loss allowance, and the assumptions and variables in the model used for estimating the collectively assessed loan-loss allowance payment, guarantee and unused commitment.

The Group has estimated the allowance for credit losses based on reasonable and supportable information that was available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions.

Information on measuring expected credit losses is described in 4. Risk Management (1) 2) Measurement of expected credit loss.

4) Defined benefit plan

The Group operates a defined benefit pension plan. Defined benefit obligation is calculated at every end of the reporting period by performing actuarial valuation, and estimation of assumptions such as discount rate, expected wage growth rate and mortality rate is required to perform such actuarial valuation. The defined benefit plan, due to its long-term nature, contains significant uncertainties in its estimates.

5) Impairment of goodwill

The recoverable amount of a cash generating unit (CGU) is determined based on value-in-use calculations.

6) Measurement of insurance contracts

To measure the current value of fulfillment cash flows of liability for remaining coverage and liability for incurred claims, the Group calculates unbiased current estimates of future cash flows, adjustment for financial risk related to the time value of money and future cash flows, and risk adjustment for non-financial risk. Such current value measurement of fulfillment cash flows is determined by estimation of relevant market variables, judgment on uncertainty of the amount and timing of future cash flows, actuarial and economic assumptions and other risks.

The Group calculates profit based on the number of coverage units for a group of insurance contracts. The number of coverage units for a group of insurance contracts is determined by the quantitative unit of insurance contract service and its expected duration.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

4. RISK MANAGEMENT

The Group is exposed to various risks that may arise from its operating activities, and the main types of risks are credit risk, market risk, liquidity risk and etc. The Risk Management Organization analyzes and assesses the level of complex risks in order to manage the risks, and the risk management standards such as policies, regulations, management systems and decision-making have been established and operated for sound management of the Group.

The risk management organization is operated by Board Risk Management Committee, Chief Risk Officer (CRO), and Risk Management Department. The Board of Directors operates a Board Risk Management Committee comprised of outside directors for professional risk management. The Board Risk Management Committee plays a role as the top decision-making body in risk management by establishing basic policies for risk management that are in line with the Group’s management strategy and determining the risk level that the Group is willing to take.

The Chief Risk Officer (CRO) assists the Board Risk Management Committee and operates a Group Risk Management Council comprised of risk management managers of subsidiaries to periodically check and improve the risk burden of external environments and the Group. The risk management department is independent and is in charge of risk management of the Group. It also supports reporting and decision-making of key risk-related issues.

(1) Credit risk

Credit risk represents the possibility of financial losses incurred due to the refusal of the transaction or when the counterparty fails to fulfill its contractual obligations. The goal of credit risk management is to maintain the Group’s credit risk exposure to a permissible degree and to optimize its rate of return considering such credit risk.

1) Credit risk management

To measure credit risk, the Group considers the possibility of failure in performing the obligation by the counterparties, credit exposure to the counterparty, the related default risk and the rate of default loss. The Group uses the credit rating model to assess the possibility of counterparty’s default risk; and when assessing the obligor’s credit rating, other than quantitative methods utilizing financial statements and others, and assessor’s judgement, the Group utilizes credit rating derived using statistical methods.

In order to manage credit risk limit, the Group establishes the appropriate credit line per obligor, company or industry by monitoring obligor’s credit line, total exposures and loan portfolios when approving the loan.

The Group mitigates credit risk resulting from the obligor’s credit condition by using financial and physical collateral, guarantees, netting agreements and purchase of credit derivatives that have low correlation with the obligor’s credit status. The Group has adopted the comprehensive method to mitigate its credit risk. Credit risk mitigation is reflected in qualifying financial collateral, trade receivables, guarantees, residential and commercial real estate and other collaterals. The Group regularly performs a revaluation of collateral reflecting such credit risk mitigation.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

2) Measurement of expected credit loss

K-IFRS 1109 requires entities to measure loss allowance equal to 12-month expected credit losses or lifetime expected credit losses after classifying financial assets into one of the three stages, depending on the degree of increase in credit risk since their initial recognition.

Classification		Stage 1		Stage 2		Stage 3
Definition		No significant increase in credit risk after initial recognition (*)		Significant increase in credit risk after initial recognition		Credit- impaired
Loss allowance		12-month expected credit losses		Lifetime expected credit losses
		Expected credit losses that result from those default events on the financial instrument that are possible within 12 months after the reporting date		Expected credit losses that result from all possible default events over the life of the financial instrument

(*) If the financial instrument has low credit risk at the end of the reporting period, the Group may assume that the credit risk has not increased significantly since initial recognition.

At the end of each reporting period the Group assesses whether credit risk has significantly increased since the date of initial recognition. The Group assesses whether the credit risk has increased significantly since initial recognition by using credit rating, asset quality level, early warning system, days past due and others. For financial assets whose contractual cash flows have been modified, the Group assesses whether there is a significant increase in credit risk on the same basis.

The Group performs the assessment below to both corporate and retail exposures, and indicators of significant increase in credit risk are as follows:

Corporate Exposures		Retail Exposures
Asset quality level ‘Precautionary’ or lower		Asset quality level ‘Precautionary’ or lower
More than 30 days past due		More than 30 days past due
‘Warning’ level in early warning system		Significant decrease in credit rating
Debtor experiencing financial difficulties (Capital impairment, Adverse opinion or Disclaimer of opinion by external auditors)		Deferment of repayment of principal and interest
Significant decrease in credit rating		Deferment of interest
Deferment of repayment of principal and interest
Deferment of interest

The Group concludes that credit is impaired when financial assets are under conditions stated below:

• When principal and interest of loan is overdue for 90 days or longer due to significant deterioration in credit

• For loans overdue for less than 90 days, when it is determined that not even a portion of the loan will be recovered unless claim actions such as disposal of collaterals are taken

• When other objective indicators of impairment have been noted for the financial asset.

The Group also incorporates forward looking into the estimates of default rates and loss given default. Considering the potential for latent insolvency due to increased internal and external economic uncertainties, the Group adjusts the forward looking to additionally recognize expected credit loss allowance.

The Group has estimated the allowance for credit losses using an estimation model that additionally reflects the forward-looking information based on the past experience loss rate data.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Loss allowance is calculated by applying PD (Probability of Default) and LGD (Loss Given Default) estimated for each financial asset in consideration of factors such as obligor type, credit rating and portfolio. The estimates are regularly reviewed in order to reduce discrepancies with actual losses.

In measuring the expected credit losses, the Group is also using reasonable and supportable macroeconomic variables such as gross domestic product (real, original series) growth rate, consumer price index, apartment sales price index (KB, Seoul) and unemployment rate (original series) in order to forecast future economic conditions.

The Group applies a future economic situation estimation model as follows, and the results are reviewed regularly.

• Development of estimation models through regression analysis of obligator (corporate, retail)/by-period and collateral (credit, collateral)/by-period recover rate in the event of default (1- Loss Given Default) and macroeconomic indicator data by year

Major macroeconomic indicators		Correlation between credit risk and macroeconomic indicators
Gross domestic product (real, original series) growth rate		Negative(-) Correlation
Average capacity utilization rate for manufacturing		Negative(-) Correlation
Unemployment rate (original series)		Positive(+) Correlation
Apartment sales price index (KB, Seoul)		Negative(-) Correlation
KOSPI		Negative(-) Correlation
Gross domestic income (GDI)		Negative(-) Correlation
Retail sales index		Negative(-) Correlation
Actual apartment sales price index (Seoul Metropolitan Area)		Negative(-) Correlation
KOSDAQ		Negative(-) Correlation

Calculation of estimated default rate and estimated default recovery rate by incorporating future economic outlook using utilizing economic variable forecasts derived from various methods: 1) Economic variable forecasts provided by institutions verified to be reliable such as the Bank of Korea (BOK), Korea Development Institute (KDI), and Korea Institute of Finance (KIF); 2) Forecasts derived from external institutions and regression analysis results; 3) Economic variable forecasts derived through time series trends, etc., to the estimation model developed as a result of modeling.

• As of December 31, 2025, the probability weights applied to the scenarios of the forecasts of macroeconomic variables is as follows (Unit: %):

		Normal Scenario				Good Scenario				Bad Scenario				Worst Scenario
Probability weight			45.58				5.69				28.73				20.00

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

• The increase rate from the predicted default rate and predicted recovery rate is used as a forward-looking adjustment coefficient and reflected to the applicable estimate for the current year.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Considering internal and external uncertainties, The Group additionally applied the Worst scenario to the three macroeconomic variable scenarios: Normal, Good, and Bad. Assuming all other conditions remain the same, the sensitivity analysis of the Group’s expected credit loss allowance, assuming a probability weighting of 100% for each scenario, are as follows (Unit: Korean Won in millions):

Scenario		Applied probability weight				Assuming 100%				Difference from book value
Good			5.69	%			1,280,714				(675,757	)
Normal			45.58	%			1,394,081				(562,390	)
Bad			28.73	%			1,796,726				(159,745	)
Worst			20.00	%			4,255,128				2,298,657

3) Maximum exposure

The Group’s maximum exposure to credit risk shows the uncertainties related to the maximum possible variation of financial assets’ net value as a result of changes in the specific risk factors, prior to the consideration of collaterals that are recorded at net carrying amount after allowances and other credit enhancements. However, the maximum exposure is the fair value amount (recorded in the books) for derivatives, maximum contractual obligation for payment guarantees and unused amount of commitments for loan commitment.

The maximum exposure to credit risk as of December 31, 2025 and 2024 is as follows (Unit: Korean Won in millions):

				December 31, 2025				December 31, 2024
Loans and other financial assets at amortized cost (*1)		Korean treasury and government agencies			538,314				229,126
		Banks			23,189,957				23,593,313
		Corporates			188,753,434				179,986,851
		Consumers			200,014,078				194,662,526
		Sub-total			412,495,783				398,471,816
Financial assets at FVTPL (*2)		Deposits			261,470				73,951
		Debt securities			9,552,081				6,801,288
		Loans			1,126,446				104,177
		Derivative assets			5,774,203				10,094,532
		Others			156,134				2,671
		Sub-total			16,870,334				17,076,619
Financial assets at FVTOCI		Debt securities and others			82,071,637				42,922,671
Securities at amortized cost		Debt securities			18,707,459				19,203,177
Derivative assets		Derivative assets (Designated for hedging)			217,180				175,191
Off-balance accounts		Payment guarantees (*3)			16,070,098				16,611,262
		Loan commitments			134,286,067				133,863,588
		Sub-total			150,356,165				150,474,850
		Total			680,718,558				628,324,324

(*1) Cash and cash equivalents are not included.

(*2) Puttable financial instruments are not included.

(*3) As of December 31, 2025 and 2024, the financial guarantee amount of 5,032,808 million Won and 4,156,790 million Won are included, respectively.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

a) Credit risk exposure by geographical areas

The following tables analyze credit risk exposure by geographical areas (Unit: Korean Won in millions):

		December 31, 2025
		Korea				China				USA				UK				Japan				Others (*)				Total
Loans and other financial assets at amortized cost			381,895,446				5,455,324				6,700,018				775,262				1,266,134				16,403,599				412,495,783
Securities at amortized cost			17,720,610				55,390				779,676				—				—				151,783				18,707,459
Financial assets at FVTPL			14,030,387				32				1,151,755				502,905				277,765				907,490				16,870,334
Financial assets at FVTOCI			70,443,271				1,102,112				4,752,496				400,316				591,861				4,781,581				82,071,637
Derivative assets (Designated for hedging)			180,170				—				30,719				—				6,291				—				217,180
Off-balance accounts			142,669,598				1,069,795				1,439,439				756,252				35,333				4,385,748				150,356,165
Total			626,939,482				7,682,653				14,854,103				2,434,735				2,177,384				26,630,201				680,718,558

(*) Others consist of financial assets in Indonesia, Hong Kong, Germany, Australia, and other countries.

		December 31, 2024
		Korea				China				USA				UK				Japan				Others (*)				Total
Loans and other financial assets at amortized cost			367,026,768				5,784,272				7,108,462				584,060				850,872				17,117,382				398,471,816
Securities at amortized cost			18,052,871				197,188				712,761				—				—				240,357				19,203,177
Financial assets at FVTPL			12,643,738				88				1,824,414				553,842				430,341				1,624,196				17,076,619
Financial assets at FVTOCI			37,746,319				589,277				3,157,655				190,801				22,112				1,216,507				42,922,671
Derivative assets (Designated for hedging)			165,089				—				3,216				—				6,886				—				175,191
Off-balance accounts			144,006,247				1,213,479				1,805,060				87,755				20,758				3,341,551				150,474,850
Total			579,641,032				7,784,304				14,611,568				1,416,458				1,330,969				23,539,993				628,324,324

(*) Others consist of financial assets in Indonesia, Hong Kong, Germany, Australia, and other countries.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

b) Credit risk exposure by industries

The following tables analyze credit risk exposure by industries, which are service, manufacturing, finance and insurance, construction, individuals and others in accordance with the Korea Standard Industrial Classification Code as of December 31, 2025 and 2024 (Unit: Korean Won in millions):

		December 31, 2025
		Service				Manufacturing				Finance and insurance				Construction				Individuals				Others				Total
Loans and other financial assets at amortized cost			88,350,901				52,551,867				40,292,287				5,754,395				196,402,459				29,143,874				412,495,783
Securities at amortized cost			89,611				—				8,009,336				39,968				—				10,568,544				18,707,459
Financial assets at FVTPL			498,155				677,238				9,126,225				145,149				100				6,423,467				16,870,334
Financial assets at FVTOCI			388,717				1,308,907				39,468,777				867,980				—				40,037,256				82,071,637
Derivative assets (Designated for hedging)			—				—				217,180				—				—				—				217,180
Off-balance accounts			24,121,840				25,922,599				14,542,861				3,533,170				73,040,583				9,195,112				150,356,165
Total			113,449,224				80,460,611				111,656,666				10,340,662				269,443,142				95,368,253				680,718,558

		December 31, 2024
		Service				Manufacturing				Finance and insurance				Construction				Individuals				Others				Total
Loans and other financial assets at amortized cost			92,018,694				47,835,603				33,986,585				6,219,603				190,902,940				27,508,391				398,471,816
Securities at amortized cost			169,352				—				10,248,257				59,866				—				8,725,702				19,203,177
Financial assets at FVTPL			287,401				539,092				10,833,850				31,527				123,339				5,261,410				17,076,619
Financial assets at FVTOCI			331,590				474,837				29,935,898				194,940				—				11,985,406				42,922,671
Derivative assets (Designated for hedging)			—				—				175,191				—				—				—				175,191
Off-balance accounts			22,460,440				28,514,078				14,147,757				3,192,714				73,212,057				8,947,804				150,474,850
Total			115,267,477				77,363,610				99,327,538				9,698,650				264,238,336				62,428,713				628,324,324

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

4) Credit risk exposure

a) Financial assets

The maximum exposure to credit risk by asset quality, except for financial assets at FVTPL and derivative asset (designated for hedging) as of December 31, 2025 and 2024 is as follows (Unit: Korean Won in millions):

		December 31, 2025
		Stage 1								Stage 2
		Above appropriate credit rating (*1)				Less than a limited credit rating (*2)				Above appropriate credit rating (*1)				Less than a limited credit rating (*2)				Stage 3				Credit impairment model				Total				Loss allowance				Total, net
Loans and other financial assets at amortized cost			354,069,178				30,632,768				13,842,896				12,837,364				3,564,522				1,137,650				416,084,378				(3,588,595	)			412,495,783
Korean treasury and government agencies			539,215				—				—				—				—				—				539,215				(901	)			538,314
Banks			22,832,170				380,843				—				—				—				—				23,213,013				(23,056	)			23,189,957
Corporates			155,984,903				23,571,082				3,177,635				5,395,186				1,733,385				1,137,650				190,999,841				(2,246,407	)			188,753,434
General business			107,006,628				14,727,532				2,404,812				3,754,332				1,102,892				—				128,996,196				(1,518,049	)			127,478,147
Small- and medium-sized enterprise			33,828,252				8,118,497				542,006				1,469,338				368,686				—				44,326,779				(456,931	)			43,869,848
Project financing and others			15,150,023				725,053				230,817				171,516				261,807				1,137,650				17,676,866				(271,427	)			17,405,439
Consumers			174,712,890				6,680,843				10,665,261				7,442,178				1,831,137				—				201,332,309				(1,318,231	)			200,014,078
Securities at amortized cost			18,718,526				—				—				—				—				—				18,718,526				(11,067	)			18,707,459
Financial assets at FVTOCI (*3)			81,911,940				159,697				—				—				—				—				82,071,637				(29,204	)			82,071,637
Total			454,699,644				30,792,465				13,842,896				12,837,364				3,564,522				1,137,650				516,874,541				(3,628,866	)			513,274,879

		December 31, 2025
		Collateral value
		Stage1				Stage2				Stage3				Credit impairment model				Total
Loans and other financial assets at amortized cost			242,664,753				22,382,806				1,219,109				1,128,343				267,395,011
Korean treasury and government agencies			103,817				—				—				—				103,817
Banks			1,815,479				—				—				—				1,815,479
Corporates			99,471,630				7,066,546				720,305				1,128,343				108,386,824
General business			61,218,056				5,128,816				516,966				—				66,863,838
Small- and medium-sized enterprise			26,662,910				1,594,623				142,383				—				28,399,916
Project financing and others			11,590,664				343,107				60,956				1,128,343				13,123,070
Consumers			141,273,827				15,316,260				498,804				—				157,088,891
Securities at amortized cost			—				—				—				—				—
Financial assets at FVTOCI (*3)			—				—				—				—				—
Total			242,664,753				22,382,806				1,219,109				1,128,343				267,395,011

(*1) Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.

(*2) Credit grade of corporates are BBB- ~ C, and consumers are grades 7 ~ 10.

(*3) Financial assets at FVTOCI has been disclosed as the amount before deducting loss allowance because loss allowance does not reduce the carrying amount.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		December 31, 2024
		Stage 1								Stage 2
		Above appropriate credit rating (*1)				Less than a limited credit rating (*2)				Above appropriate credit rating (*1)				Less than a limited credit rating (*2)				Stage 3				Credit impairment model				Total				Loss allowance				Total, net
Loans and other financial assets at amortized cost			343,186,708				27,086,126				13,280,849				14,344,066				3,003,886				1,147,147				402,048,782				(3,576,966	)			398,471,816
Korean treasury and government agencies			229,733				22				—				—				—				—				229,755				(629	)			229,126
Banks			23,375,096				115,721				88,306				—				36,143				—				23,615,266				(21,953	)			23,593,313
Corporates			150,732,338				19,561,385				3,130,814				6,264,461				1,416,152				1,147,147				182,252,297				(2,265,446	)			179,986,851
General business			103,495,951				11,071,283				2,507,705				4,093,868				807,545				—				121,976,352				(1,409,387	)			120,566,965
Small- and medium-sized enterprise			35,450,353				7,731,142				500,934				1,870,087				357,881				—				45,910,397				(586,059	)			45,324,338
Project financing and others			11,786,034				758,960				122,175				300,506				250,726				1,147,147				14,365,548				(270,000	)			14,095,548
Consumers			168,849,541				7,408,998				10,061,729				8,079,605				1,551,591				—				195,951,464				(1,288,938	)			194,662,526
Securities at amortized cost			19,213,940				—				—				—				—				—				19,213,940				(10,763	)			19,203,177
Financial assets at FVTOCI (*3)			42,766,477				156,194				—				—				—				—				42,922,671				(29,084	)			42,922,671
Total			405,167,125				27,242,320				13,280,849				14,344,066				3,003,886				1,147,147				464,185,393				(3,616,813	)			460,597,664

		December 31, 2024
		Collateral value
		Stage1				Stage2				Stage3				Credit impairment model				Total
Loans and other financial assets at amortized cost			241,378,580				22,815,602				1,070,209				1,137,097				266,401,488
Korean treasury and government agencies			55,775				—				—				—				55,775
Banks			2,474,302				—				—				—				2,474,302
Corporates			101,666,963				7,536,068				645,842				1,137,097				110,985,970
General business			59,099,372				5,578,709				328,802				—				65,006,883
Small- and medium-sized enterprise			34,401,736				1,729,820				243,513				—				36,375,069
Project financing and others			8,165,855				227,539				73,527				1,137,097				9,604,018
Consumers			137,181,540				15,279,534				424,367				—				152,885,441
Securities at amortized cost			—				—				—				—				—
Financial assets at FVTOCI (*3)			—				—				—				—				—
Total			241,378,580				22,815,602				1,070,209				1,137,097				266,401,488

(*1) Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.

(*2) Credit grade of corporates are BBB- ~ C, and consumers are grades 7 ~ 10.

(*3) Financial assets at FVTOCI has been disclosed as the amount before deducting loss allowance because loss allowance does not reduce the carrying amount.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

b) Payment guarantees and commitments

The credit quality of the payment guarantees and loan commitments as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		December 31, 2025
Financial assets		Stage 1								Stage 2								Stage 3				Total
		Above appropriate credit rating (*1)				Less than a limited credit rating (*2)				Above appropriate credit rating (*1)				Less than a limited credit rating (*2)
Off-balance accounts:
Payment guarantees			15,186,145				776,039				18,603				66,204				23,107				16,070,098
Loan commitments			127,446,436				3,821,389				2,461,016				521,696				35,530				134,286,067
Total			142,632,581				4,597,428				2,479,619				587,900				58,637				150,356,165

(*1) Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.

(*2) Credit grade of corporate are BBB- ~ C, and consumers are grades 7 ~ 10.

		December 31, 2024
Financial assets		Stage 1								Stage 2								Stage 3				Total
		Above appropriate credit rating (*1)				Less than a limited credit rating (*2)				Above appropriate credit rating (*1)				Less than a limited credit rating (*2)
Off-balance accounts:
Payment guarantees			15,679,374				808,182				41,866				59,688				22,152				16,611,262
Loan commitments			127,622,889				3,402,602				2,298,056				502,070				37,971				133,863,588
Total			143,302,263				4,210,784				2,339,922				561,758				60,123				150,474,850

(*1) Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.

(*2) Credit grade of corporate are BBB- ~ C, and consumers are grades 7 ~ 10.

5) Collateral and other credit enhancements

For the years ended December 31, 2025 and 2024, there have been no significant changes in the value of collateral or other credit enhancements held by the Group and there have been no significant changes in collateral or other credit enhancements due to changes in the collateral policy of the Group.

6) Among financial assets that measured loss allowance at lifetime expected credit losses, amortized costs before changes in contractual cash flows as of December 31, 2025 and 2024 are 107,905 million Won and 153,361 million Won, respectively, with net losses recognized along with the changes 6,951 million Won and 15,335 million Won, respectively.

7) The Group determines which loan is subject to write-off in accordance with internal guidelines and writes off loan receivables when it is determined that the loans are practically irrecoverable. For example, loans are practically irrecoverable when application is made for rehabilitation under the Debtor Rehabilitation and Bankruptcy Act and loans are confirmed as irrecoverable by the court’s decision to waive debtor’s obligation, or when it is impossible to recover the loan amount through legal means such as auctioning of debtor’s assets or through any other means of recovery available.

As the Group manages receivables that have not lost the right of claim to the debtor for the grounds of incomplete statute limitation and uncollected receivables under the related laws as receivable charge-offs, the balance as of December 31, 2025 and 2024 are 9,904,152 million Won and 9,018,290 million Won. In addition, the contractual non-recoverable amount of financial assets amortized for the year ended December 31, 2025, but still in the process of recovery is 2,018,638 million Won.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(2) Market risk

Market risk is the possible risk of loss arising from trading position and non-trading position as a result of the volatility of market factors such as interest rates, stock prices and foreign exchange rates.

1) Market risk management

Market risk management refers to the process of making and implementing decisions for the avoidance, acceptance or mitigation of risks by identifying the underlying source of the risks, measuring its level, and evaluating the appropriateness of the level of accepted market risks for both trading and non-trading activities.

a) Trading activities

The Group uses the standard approach and internal model approach (Woori Bank) in measuring market risk for trading positions, and allocates market risk capital through the Board Risk Management Committee. Risk management departments of the Group and its subsidiaries manage limits in detail including those on risk and loss with their management result regularly reported to the Board Risk Management Committee.

Subsidiaries such as Woori Bank manage market internal capital limits using the Basel III standard approach, and other subsidiaries manage market risks by applying the simple method.

The Basel III standard approach consists of a sensitivity method that measures linear and nonlinear losses that may occur due to unfavorable fluctuations in market risk factors, bankruptcy risks that may occur due to sudden bankruptcy, and residual risk-bearing equity capital for other losses.

Woori Bank, a major subsidiary subject to Basel III standard approach of market risk management, has the following equity capital required for market risk. (Unit : Korean Won in millions)

		Risk Group		December 31, 2025				December 31, 2024
Sensitivity-based risk		General interest rate risk			34,292				29,029
		Equity risk			3,152				3,006
		Commodity risk			3				51
		Foreign exchange risk			110,144				114,174
		Non-securitization credit spread risk			23,797				18,258
		Securitization (excluding CTP (Correlation Trading Portfolio)) credit spread risk			—				—
		CTP credit spread risk			—				—
Default risk		Non-Securitization bankruptcy risk			9,207				8,604
		Securitization (excluding CTP) default risk			—				—
		CTP default risk			—				—
Residual risk		Residual risk			1,106				1,182
Total					181,701				174,304

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

b) Non-trading activities

From the end of 2019 for the Bank and the beginning of 2021 for non-banking subsidiaries, the Bank and its subsidiaries manage and measure interest risk for non-trading activities through ΔNII(Change in Net Interest Income) and ΔEVE(Change in Economic Value of Equity) in accordance with IRRBB(Interest Rate Risk in the Banking Book).

ΔNII represents a change in net interest income that may occur over a certain period (e.g. one year) due to changes in interest rates, and ΔEVE indicates the economic value changes in equity capital that could be caused by changes in interest rates affecting the present value of asset, liabilities, and off-balance accounts.

ΔEVE and ΔNII calculated on interest risk in banking book(IRRBB) basis for assets and liabilities by subsidiary as of December 31, 2025 and 2024 are as follows(Unit: Korean Won in millions):

		December 31, 2025								December 31, 2024
		ΔEVE (*1)				ΔNII (*2)				ΔEVE (*1)				ΔNII (*2)
Woori Bank			488,658				685,472				952,830				668,290
Woori Card Co., Ltd.			106,003				53,435				120,153				79,515
Woori Financial Capital Co., Ltd.			65,780				9,773				67,877				16,151
Woori Investment Securities Co., Ltd.			93,763				90,407				29,325				24,911
Woori Asset Trust Co., Ltd.			716				4,982				1,817				12,802
Woori Asset Management Corp.			1,134				1,653				504				1,682
Woori Savings Bank			29,858				340				15,117				4,537
Woori Private Equity Asset Management Co., Ltd.			6				354				17				338
Woori Financial F&I Co., Ltd.			86,260				8,891				97,936				6,858
Woori Venture Partners Co., Ltd.			668				2,897				705				3,231

(*1) ΔEVE: change in Economic Value of Equity

(*2) ΔNII: change in Net Interest Income

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

At the interest rate re-pricing date, cash flows (both principal and interest) of interest-bearing assets and liabilities, which is the basis of non-trading position interest rate risk management are as follows: (Unit: Korean Won in millions):

		December 31, 2025
		Within 3 months				4 to 6 months				7 to 9 months				10 to 12 months				1 to 5 years				Over 5 years				Total
Asset:
Loans and other financial assets at amortized cost			255,374,516				52,912,872				22,204,663				14,715,553				80,604,982				4,483,870				430,296,456
Financial assets at FVTPL			723,058				23,986				107,748				87,500				68,617				—				1,010,909
Financial assets at FVTOCI			16,102,668				4,109,860				3,296,553				2,170,275				23,894,889				1,298,513				50,872,758
Securities at amortized cost			1,068,946				1,058,142				2,206,199				2,130,814				11,965,315				1,192,507				19,621,923
Total			273,269,188				58,104,860				27,815,163				19,104,142				116,533,803				6,974,890				501,802,046
Liability:
Deposits due to customers			170,106,506				58,129,264				42,994,149				44,283,193				64,141,014				29,351				379,683,477
Borrowings			24,211,741				3,820,560				1,293,285				1,424,149				3,404,397				518,214				34,672,346
Debentures			7,327,498				3,554,590				4,716,362				4,321,910				34,546,993				2,615,848				57,083,201
Total			201,645,745				65,504,414				49,003,796				50,029,252				102,092,404				3,163,413				471,439,024
		December 31, 2024
		Within 3 months				4 to 6 months				7 to 9 months				10 to 12 months				1 to 5 years				Over 5 years				Total
Asset:
Loans and other financial assets at amortized cost			241,742,497				53,994,860				25,504,549				17,099,875				78,442,115				5,000,982				421,784,878
Financial assets at FVTPL			297,653				38,474				9,993				5,420				42,433				51				394,024
Financial assets at FVTOCI			7,276,254				4,996,536				2,350,787				2,570,750				26,459,375				1,421,185				45,074,887
Securities at amortized cost			1,318,853				1,651,266				1,856,726				629,079				12,972,012				1,862,090				20,290,026
Total			250,635,257				60,681,136				29,722,055				20,305,124				117,915,935				8,284,308				487,543,815
Liability:
Deposits due to customers			166,841,875				55,267,332				44,234,044				42,203,933				62,625,304				34,751				371,207,239
Borrowings			19,153,362				4,676,893				1,587,119				1,542,868				3,131,674				513,870				30,605,786
Debentures			5,189,563				5,370,343				4,438,800				3,168,918				30,963,968				2,673,453				51,805,045
Total			191,184,800				65,314,568				50,259,963				46,915,719				96,720,946				3,222,074				453,618,070

2) Currency risk

Currency risk arises from the financial instruments denominated in foreign currencies other than the functional currency. Therefore, no currency risk arises from non-monetary items or financial instruments denominated in the functional currency.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Financial instruments in foreign currencies exposed to currency risk as of December 31, 2025 and 2024 are as follows (Unit: USD in millions, JPY in millions, CNY in millions, EUR in millions, and Korean Won in millions):

				December 31, 2025
				USD								JPY								CNY								EUR								Others				Total
				Foreign currency				Korean Won equivalent				Foreign currency				Korean Won equivalent				Foreign currency				Korean Won equivalent				Foreign currency				Korean Won equivalent				Korean Won equivalent				Korean Won equivalent
Asset		Cash and cash equivalents			10,382				14,897,814				163,681				1,501,990				1,440				294,862				396				667,551				1,504,069				18,866,286
		Loans and other financial assets at amortized cost			22,828				32,755,775				99,204				915,492				18,707				3,830,414				2,122				3,577,181				7,721,655				48,800,517
		Financial assets at FVTPL			1,713				2,458,578				1,587				14,562				11				2,350				279				470,231				298,686				3,244,407
		Financial assets at FVTOCI			5,189				7,445,013				596				547,281				8,043				696,669				1,765				2,975,486				1,422,141				13,086,590
		Securities at amortized cost			610				875,923				—				—				271				55,390				7				12,610				135,379				1,079,302
		Total			40,722				58,433,103				265,068				2,979,325				28,472				4,879,685				4,569				7,703,059				11,081,930				85,077,102
Liability		Financial liabilities at FVTPL			62				88,508				—				1				—				—				—				774				138				89,421
		Deposits due to customers			22,954				32,937,144				215,351				1,976,126				21,625				4,428,000				5,781				9,744,458				6,344,318				55,430,046
		Borrowings			7,846				11,258,513				41,724				382,874				957				195,936				359				605,116				2,055,224				14,497,663
		Debentures			4,406				6,322,500				—				—				600				122,856				195				328,345				—				6,773,701
		Other financial liabilities			3,148				4,516,991				12,179				111,756				1,423				291,386				62				104,876				352,234				5,377,243
		Total			38,416				55,123,656				269,254				2,470,757				24,605				5,038,178				6,397				10,783,569				8,751,914				82,168,074
Off-balance accounts					10,487				15,046,017				19,765				181,369				1,163				238,158				953				1,605,830				561,333				17,632,707

				December 31, 2024
				USD								JPY								CNY								EUR								Others				Total
				Foreign currency				Korean Won equivalent				Foreign currency				Korean Won equivalent				Foreign currency				Korean Won equivalent				Foreign currency				Korean Won equivalent				Korean Won equivalent				Korean Won equivalent
Asset		Cash and cash equivalents			8,258				12,139,283				80,851				757,154				1,331				267,802				223				341,326				1,123,728				14,629,293
		Loans and other financial assets at amortized cost			21,637				31,775,374				104,585				979,422				26,856				5,405,371				2,211				3,380,628				7,584,236				49,125,031
		Financial assets at FVTPL			887				1,304,438				1,836				17,190				16				3,318				149				227,858				20,087				1,572,891
		Financial assets at FVTOCI			3,588				5,274,144				—				—				2,910				585,622				37				55,853				847,518				6,763,137
		Securities at amortized cost			767				1,127,313				—				—				980				197,188				36				55,074				175,895				1,555,470
		Total			35,137				51,620,552				187,272				1,753,766				32,093				6,459,301				2,656				4,060,739				9,751,464				73,645,822
Liability		Financial liabilities at FVTPL			112				164,400				36				334				—				—				1				1,766				751				167,251
		Deposits due to customers			23,607				34,702,743				250,528				2,346,146				27,301				5,494,893				2,024				3,094,378				5,348,009				50,986,169
		Borrowings			8,302				12,203,906				56,465				528,785				110				22,235				545				832,661				3,334,191				16,921,778
		Debentures			4,549				6,687,333				—				—				—				—				195				297,766				446,349				7,431,448
		Other financial liabilities			2,123				3,120,355				20,684				193,701				4,120				829,197				244				373,203				493,198				5,009,654
		Total			38,693				56,878,737				327,713				3,068,966				31,531				6,346,325				3,009				4,599,774				9,622,498				80,516,300
Off-balance accounts					9,109				13,390,339				23,905				223,864				1,702				342,576				841				1,286,110				1,506,643				16,749,532

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(3) Liquidity risk

Liquidity risk refers to the risk that the Group may encounter difficulties in meeting obligations from its financial liabilities.

1) Liquidity risk management

Liquidity risk management is to prevent potential cash shortages as a result of mismatching maturity of assets and liabilities or unexpected cash outflows. The consolidated financial liabilities that are relevant to liquidity risk are incorporated within the scope of risk management. Derivatives instruments are excluded from those financial liabilities as they reflect expected cash flows for a pre-determined period.

Assets and liabilities are grouped by account under Asset Liability Management (“ALM”) in accordance with the characteristics of the account. The Group manages liquidity risk by identifying the maturity gap and such gap ratio through various cash flows analysis (i.e. based on remaining maturity and contract period, etc.), while maintaining the gap ratio at or below the target limit.

The information on early repayment related to asset securitization is described in Note 40. Contingent Liabilities and Commitments (4) 3).

2) Maturity analysis of non-derivative financial liabilities

a) Cash flows of principals and interests by remaining contractual maturities of non-derivative financial liabilities as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Within 3 months				4 to 6 months				7 to 9 months				10 to 12 months				1 to 5 years				Over 5 years				Total
Financial liabilities at FVTPL			456,606				103,174				131,181				310,111				324,118				17,501				1,342,691
Deposits due to customers			239,003,957				43,936,717				31,733,945				47,843,702				18,670,748				1,212,186				382,401,255
Borrowings			18,209,601				4,676,557				3,879,109				3,202,042				3,881,934				518,214				34,367,457
Debentures			7,015,353				3,594,266				4,732,824				4,586,030				35,650,614				4,127,981				59,707,068
Lease liabilities			66,838				55,213				50,236				43,549				357,379				44,575				617,790
Other financial liabilities(*)			24,614,468				194,968				35,049				47,917				1,103,857				3,849,974				29,846,233
Investment contract liabilities			3,702,780				—				—				—				—				—				3,702,780
Total			293,069,603				52,560,895				40,562,344				56,033,351				59,988,650				9,770,431				511,985,274

		December 31, 2024
		Within 3 months				4 to 6 months				7 to 9 months				10 to 12 months				1 to 5 years				Over 5 years				Total
Financial liabilities at FVTPL			74,205				—				69,534				112,944				—				—				256,683
Deposits due to customers			237,078,927				41,568,072				33,229,547				43,680,907				16,991,574				1,441,654				373,990,681
Borrowings			11,589,854				6,676,926				4,781,377				3,676,310				3,561,696				563,870				30,850,033
Debentures			4,635,557				5,525,191				4,442,376				3,572,533				30,967,974				2,673,592				51,817,223
Lease liabilities			60,099				49,069				45,534				40,375				317,971				50,341				563,389
Other financial liabilities (*)			19,417,326				108,361				30,995				27,093				1,118,751				4,287,489				24,990,015
Total			272,855,968				53,927,619				42,599,363				51,110,162				52,957,966				9,016,946				482,468,024

(*) Lease liabilities are not included.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

b) Cash flows of principals and interests by expected maturities of non-derivative financial liabilities as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Within 3 months				4 to 6 months				7 to 9 months				10 to 12 months				1 to 5 years				Over 5 years				Total
Financial liabilities at FVTPL			465,982				110,167				135,894				314,271				296,086				17,501				1,339,901
Deposits due to customers			245,944,516				46,024,410				31,302,585				42,075,527				16,164,093				433,017				381,944,148
Borrowings			18,211,997				4,677,678				3,880,180				3,204,104				3,875,284				518,214				34,367,457
Debentures			7,015,353				3,594,266				4,732,824				4,586,030				36,831,544				2,615,848				59,375,865
Lease liabilities			66,842				56,355				51,392				44,714				357,620				44,575				621,498
Other financial liabilities(*)			24,614,468				194,968				35,049				47,917				1,103,857				3,849,974				29,846,233
Investment contract liabilities			3,702,780				—				—				—				—				—				3,702,780
Total			300,021,938				54,657,844				40,137,924				50,272,563				58,628,484				7,479,129				511,197,882

		December 31, 2024
		Within 3 months				4 to 6 months				7 to 9 months				10 to 12 months				1 to 5 years				Over 5 years				Total
Financial liabilities at FVTPL			74,205				—				69,534				112,944				—				—				256,683
Deposits due to customers			242,795,510				43,419,738				32,989,627				38,822,980				14,857,886				491,918				373,377,659
Borrowings			11,592,268				6,678,053				4,782,453				3,678,378				3,555,011				563,870				30,850,033
Debentures			4,635,557				5,525,191				4,442,376				3,572,533				30,967,974				2,673,592				51,817,223
Lease liabilities			60,092				50,205				46,727				41,569				322,272				50,341				571,206
Other financial liabilities(*)			19,418,010				108,690				31,315				27,708				1,116,803				4,287,489				24,990,015
Total			278,575,642				55,781,877				42,362,032				46,256,112				50,819,946				8,067,210				481,862,819

(*) Lease liabilities are not included.

3) Maturity analysis of derivative financial liabilities

Derivatives held for trading purposes are not managed in accordance with their contractual maturity, since the Group holds such financial instruments with the purpose of disposing or redemption before their maturity. As such, those derivatives are incorporated as “within 3 months” in the table below. Derivatives designated for hedging purposes are estimated by offsetting cash inflows and cash outflows.

The cash flow by the maturity of derivative financial liabilities as of December 31, 2025 and 2024 is as follows (Unit: Korean Won in millions):

				Remaining maturity
				Within 3 months				4 to 6 months				7 to 9 months				10 to 12 months				1 to 5 years				Over 5 years				Total
December 31, 2025		Cash flow risk hedge			245,304				721,902				69,178				691,883				608,819				35,265				2,372,351
		Fair value risk hedge			8,927				24,385				15,933				20,814				38,364				(10,613	)			97,810
		Trading purpose			5,129,664				—				—				—				—				—				5,129,664
December 31, 2024		Cash flow risk hedge			(219	)			193				31				62				207				—				274
		Fair value risk hedge			(6,816	)			46,231				(11,740	)			44,950				35,764				(5,834	)			102,555
		Trading purpose			9,092,008				90				—				—				—				—				9,092,098

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

4) Maturity analysis of off-balance accounts (Payment guarantees, commitments, and etc.)

A payment guarantee represents an irrevocable undertaking that the Group should meet a customer’s obligations to third parties if the customer fails to do so. The loan commitment represents the limit if the Group has promised credit to the customer. Loan commitments include commercial standby facilities and credit lines, liquidity facilities to commercial paper conduits and utilized overdraft facilities. The maximum limit to be paid by the Group in accordance with guarantees and loan commitment only applies to principal amounts. There are contractual maturities for payment guarantees, such as financial guarantees for debentures issued or loans, unused loan commitments, and other credits. However, under the terms of the guarantees and unused loan commitments, funds should be paid upon demand from the counterparty. Details of off-balance accounts as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Payment guarantees			16,070,098				16,611,262
Loan commitments			134,286,067				133,863,588
Other commitments			5,806,012				4,572,323

(4) Operational risk

The Group defines the operational risk that could cause a negative effect on capital resulting from inadequate internal process, labor work and systematic problems or external factors.

1) Operational risk management

The Group has established and operated a group operational risk management system to cope with new Basel III global regulations, which is implemented since 2023, and the management of operational risks follows the procedures for risk recognition, evaluation, measurement, monitoring and reporting, risk control and mitigation.

2) Operational risk measurement

The Group measures operational risk capital using the Basel III standardized approach. This approach calculates the required operational risk capital by multiplying the Business Indicator Component (BIC), which represents the scale of operations, with the Internal Loss Multiplier (ILM), which reflects the magnitude of actual historical internal losses relative to the scale of operations.

Operational risk limits are set with the approval of the Board of Risk Management Committee. The Group regularly calculates the operational risk capital and reports any limit breaches to the management and the Board Risk Management Committee.

Since a reduction in the size of internal loss events leads to a decrease in operational risk capital, it is important to prevent loss events in advance. Accordingly, the Group conducts operational risk management activities using tools such as Risk Control Self-Assessment (RCSA), Key Risk Indicators (KRI), and loss data. Additionally, to ensure continuity of operations in emergency situations such as disasters, the key subsidiary has established a Business Continuity Plan (BCP) and conducts annual simulation drills.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(5) Capital management

The Group complies with the standard of capital adequacy provided by financial regulatory authorities. The capital adequacy standard is based on Basel III published by Basel Committee on Banking Supervision in Bank for International Settlement and was implemented in Korea in December 2013. The capital adequacy ratio is calculated by dividing own capital by asset (weighted with a risk premium – risk weighted assets) based on the consolidated financial statements of the Group.

As of the current and prior year-end, the Group has maintained a Common Equity Tier 1 (CET1) ratio of 9.0%, a Tier 1 capital ratio of 10.5%, and a total capital ratio of at least 12.5% in accordance with the relevant standards.

Details of the Group’s capital adequacy ratio as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

Details		December 31, 2025(*)				December 31, 2024
Tier 1 capital			30,222,734				28,522,910
Other Tier 1 capital			4,556,265				4,869,567
Tier 2 capital			3,020,751				3,535,362
Total risk-adjusted capital			37,799,750				36,927,839
Risk-weighted assets for credit risk			209,094,901				210,365,462
Risk-weighted assets for market risk			3,101,409				3,125,478
Risk-weighted assets for operational risk			22,345,759				21,609,530
Total risk-weighted assets			234,542,069				235,100,470
Common Equity Tier 1 ratio			12.89	%			12.13	%
Tier 1 capital ratio			14.83	%			14.20	%
Total capital ratio			16.12	%			15.71	%

(*) The capital ratio at the end of the current period is provisional

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

5. INSURANCE RISK MANAGEMENT

(1) Insurance risk management of Tongyang Life Insurance Co., Ltd.

1) Overview of insurance risk

“Insurance risk” refers to situations in which insurance benefit payments exceed the level anticipated when premiums were set, due to unexpected events or changes in economic conditions. Tongyang Life Insurance Co., Ltd. manages insurance risk using the measure “net insurance contract liabilities – net insurance contract assets.” Under the Risk-Based Capital (RBC) framework, insurance risk is categorized into sub-risks such as death risk, longevity risk, disability/disease risk, lapse risk, operating expense risk, and catastrophe risk. The amounts for death risk, longevity risk, disability/disease risk, lapse risk, and operating expense risk are measured using shock scenario methods applied to actuarial assumptions related to each risk, while catastrophe risk is measured using a risk-factor approach. The shock scenario method calculates the change in net asset value that results when scenario-based changes are applied to the underlying assumptions used for the fair valuation of assets and liabilities. In contrast, the risk-factor method derives the risk amount by multiplying a predetermined risk factor by a specific exposure.

Accordingly, Tongyang Life Insurance Co., Ltd. manages insurance risk based on actuarial assumptions, interest rates, and other financial market indicators considered to have a significant impact on the amount, timing, and uncertainty of future cash flows related to insurance contracts.

Category		Estimates and financial index		Remark
Actuarial estimate		Risk rate estimate		Death, longevity, physical impediment and disease
		Lapse rate estimate		Lapse risk
		Operating expense rate estimate		Operating expense risk
		Other estimate		Policyholder behavior estimate and others
Financial market index		Interest rate		Interest-linked future cash flows of insurance contracts and the discount rates used for present value calculations
		Share price		Share-linked future cash flows of insurance contacts
		Exchange rate		Exchange rate-linked future cash flows of insurance contacts

2) Insurance risk management policy

In order to manage insurance risk—defined as the uncertainty of the total amount and timing of claims arising from insured events—Tongyang Life Insurance uses underwriting and reinsurance strategies.

a) Underwriting strategy

Underwriting strategy is a strategy to diversify the types of risks or the level of claims. For example, an entity can manage each mortality risk and survival risk in a balanced manner. In addition, the policyholder’s choice of a regular check-up is one of the main acquisition strategies.

b) Reinsurance strategy

Tongyang Life Insurance Co., Ltd. mitigates the concentration of insurance risk and utilizes reinsurance policy for the purpose of increasing efficiency of equity management. Reinsurance is divided into new contracts and existing contract. New contracts prioritize fixed risk products and target contracts that require empirical rates for a certain period of time. On the other hand, existing contracts target contracts with increasing insurance price risk.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Reinsurance contracts are made by the following procedures:

① For new contracts, the Product Committee decides whether to reinsurance during the decision-making process for launching new products. For existing contracts, if there is concern about a continued increase in insurance risk, the decision to reinsurance is made through consultation with the relevant department responsible for insurance risk management

② Reinsurance management team related to ① discusses and analyzes products to be reinsured, limits, coinsurance ratios, and rates of return.

3) Financial risk management policy related to insurance contracts

Insurance contracts and investment contracts with discretionary participation features are classified as insurance liabilities but may be exposed to various financial risks. The nature of these exposures and the corresponding management policies are as follows.

a) Credit risk

Credit risk refers to the risk of loss caused by the counterparty’s default in provision of funds or entering a contract agreed to exchange at a predetermined price at a certain point in the future. Tongyang Life Insurance Co., Ltd.’s reinsurance assets and reinsurance receivables are exposed to losses in case of default by the reinsurer upon collection of premiums and receivables.

b) Interest rate risk

Interest rate risk refers to the risk that occurs when the financial position of Tongyang Life Insurance Co., Ltd. is affected by the adverse interest rate movements on assets and liabilities. To minimize the effects of inconsistencies between assets and liabilities caused by interest rate movements, Tongyang Life Insurance Co., Ltd. manages matched asset-liability portfolios for each portfolio.

c) Liquidity risk

Liquidity risk refers to the risk that arises when the maturities of assets and liabilities are mismatched or when unexpected cash outflows cannot be met. Accordingly, the future cash outflows related to insurance liabilities and investment contracts with discretionary participation features, which account for most of Tongyang Life Insurance Co., Ltd’s total liabilities, determine the level of liquidity related risk for the company.

The objective of liquidity risk management is to maintain sufficient liquidity to meet repayments arising from insurance contracts under normal conditions as well as under market stress.

Tongyang Life Insurance Co., Ltd.’s main methods to manage liquidity risk are as follows:

- Regularly reviewing and managing the volume of insurance benefit payments and liquidity assets

- Maintaining and managing a portfolio composed of assets that can be relatively easily liquidated, in preparation for unexpected disruptions in funding

- Monitoring liquidity ratios through the execution of liquidity stress tests

- Establishing asset-liability management strategies that take into account the cash flows of insurance contract liabilities

d) Market risk

Market risk refers to the risk of losses being incurred when the entity’s financial position is affected by adverse price movements, such as stock prices and exchange rates. Tongyang Life Insurance Co., Ltd. engages in insurance contract transactions denominated in foreign currencies, and is, therefore, exposed to foreign exchange rate fluctuations. This exposure is managed through the use of foreign exchange forward contracts and cross-currency interest rate swaps.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

4) Concentration of insurance risk

Tongyang Life Insurance Co., Ltd. assesses the concentration of risk by considering historical experience related to the insurance contracts it has issued, and the reinsurance contracts it holds. The identified concentrations of risk are categorized based on shared characteristics relevant to the assessed exposures.

a) The fulfilment cash flows by portfolio that Tongyang Life Insurance Co., Ltd. considers significant as of December 31, 2025 are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Exposure
Insurance contract liabilities (assets)			25,686,541
Life			4,905,662
Health			3,843,337
Annuity savings and others			15,484,266
Variable			1,453,276
Reinsurance contract assets (liabilities)			437,556
Life			371,992
Health			65,564
Annuity savings and others			—

b) The fulfilment cash flows by country in which Tongyang Life Insurance Co., Ltd. provides insurance coverage as of December 31, 2025 are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Insurance contract liabilities (assets)				Reinsurance contract assets (liabilities)
Domestic			25,686,541				437,556
Overseas			—				—
Total			25,686,541				437,556

5) Insurance Risk Sensitivity

The financial impact of changes in assumptions related to the risk adjustment for non-financial risks as of December 31, 2025 are as follows (Unit: Korean Won in millions):

				December 31, 2025
				Base amount and base amount after change																Profit and impact on equity (before tax)
				Fulfillment cash flow								Contractual service margin								Profit or loss								Other comprehensive income
		Sensitivity		Before reinsurance effect				After reinsurance effect				Before reinsurance effect				After reinsurance effect				Before reinsurance effect				After reinsurance effect				Before reinsurance effect				After reinsurance effect
Base amount					25,686,541				25,248,985				1,970,517				1,865,033				—				—				—				—
Mortality rate		3.27% increase			25,709,647				25,269,234				1,948,712				1,846,048				56				47				85				132
Morbidity (fixed compensation) Morbidity (compensation for actual losses)		3.40% increase 2.62% increase			25,965,678				25,515,270				1,692,903				1,601,210				(996	)			(995	)			915				(25	)
Lapse rate (increase)		9.16% increase			25,948,241				25,512,528				1,736,367				1,628,398				(555	)			(551	)			(25,554	)			(24,915	)
Lapse rate (decrease)		9.16% decrease			25,403,268				24,963,704				2,227,356				2,124,603				193				188				27,683				26,965
Operating expense (level) Operating expense (inflation)		2.62% increase 0.26%p			25,782,608				25,345,053				1,874,668				1,769,183				(353	)			(353	)			1,577				1,577

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

6) Insurance payment progress trend

Tongyang Life Insurance Co., Ltd. regularly verifies the adequacy of reserves using the total amount estimation method. The total amount is estimated by applying statistical methods such as the Payment Progress Method (PLDM), Incurred Loss Progress Method (ILDM), Frequency/Severity Method, and Bornhuetter-Ferguson Method (Unit: Korean Won in millions).

		December 31, 2025
		Year of incurrence																				Total
		2025-4				2025-3				2025-2				2025-1				2025
Historical estimates of undiscounted insurance premiums			2,339,594				467,507				488,120				524,256				538,633				4,358,110
Year end of the incurrence			1,812,292				364,924				385,828				414,012				480,470				3,457,526
After 1 year			411,882				81,397				84,178				98,911				—				676,368
After 2 years			63,012				12,243				13,260				—				—				88,515
After 3 years			29,225				6,728				—				—				—				35,953
After 4 years			20,330				—				—				—				—				20,330
Cumulative insurance payment			2,336,741				465,292				483,266				512,923				480,470				4,278,692
Difference between insurance estimates and insurance payment			2,853				2,215				4,854				11,333				58,163				79,418
Discount effect																							(6,613	)
Liability for incurred claims expected to be paid within 1 year of incurrence																							1,580,634
Risk adjustment for non-financial risks																							2,577
Liability for incurred claims																							1,656,016

7) Credit risk arising from insurance contracts

The fulfilment cash flows by credit rating group of Tongyang Life Insurance Co., Ltd.’s reinsurers are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Reinsurance contract assets – remaining coverage				Reinsurance contract assets – incurred claims
AAA~AA-			354,143				5,904
A+~A-			77,763				(254	)
Under BBB+			—				—
Unrated			—				—
Total			431,906				5,650

8) Market risk arising from insurance contracts

a) Market risk exposure (Unit: Korean Won in millions)

		December 31, 2025
Insurance contract exposure			25,686,541
Reinsurance contract exposure			437,556
Financial assets exposure			25,461,023

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

b) Impact of market risks on profit or loss and equity (sensitivity analysis) (Unit: Korean Won in millions)

				December 31, 2025
				Insurance contract								Reinsurance contract								Financial assets
				Changes in profit or loss				Changes in other comprehensive income				Changes in profit or loss				Changes in other comprehensive income				Changes in profit or loss				Changes in other comprehensive income
Interest rate		Interest rate 100bp increase			44,466				2,623,072				—				(58,960	)			(155,298	)			(2,608,605	)
		Interest rate 100bp decrease			(75,555	)			(3,230,625	)			—				71,442				187,680				2,608,605
Share price		Share index 10% increase			(64,000	)			—				—				—				81,337				—
		Share index 10% decrease			87,169				—				—				—				(104,506	)			—
Exchange rate		Exchange rate 10% increase			—				—				—				—				17,877				—
		Exchange rate 10% decrease			—				—				—				—				(17,877	)			—

9) Liquidity risk arising from insurance contracts

a) The analysis of the present value of undiscounted net cash flows related to insurance contracts issued and remaining maturity of reinsurance contracts held by Tongyang Life Insurance Co., Ltd. as of December 31, 2025 is as follows (Unit: Korean Won in millions):

		December 31, 2025
		Maturity analysis on the present value of estimate future cash flows
		Within 1 year				1 to 2 years				2 to 3 years				3 to 4 years				4 to 5 years				Over 5 years				Over 10 years				Total
Insurance contract assets			—				—				—				—				—				—				—				—
Insurance contract liabilities			(925,682	)			(4,055,435	)			182,049				(291,500	)			(542,751	)			(5,906,147	)			(39,756,674	)			(51,296,140	)
Reinsurance contract assets (liabilities)			6,595				7,475				11,017				13,347				14,427				85,891				773,103				911,855

b) The amounts payable to policyholders upon demand and the carrying amounts of the related insurance contracts as of December 31, 2025 are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Payable upon demand				Carrying amount of insurance contract (*1)
Insurance contract assets			—				—
Insurance contract liabilities			30,166,347				27,657,058

(*1) The present value of estimated future cash flows, risk adjustment, and contractual service margin related to the amounts payable to policyholders upon demand as of December 31, 2025.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(2) Insurance risk management of ABL Life Insurance Co., Ltd.

1) Overview of insurance risk

Insurance risk” refers to situations in which insurance benefit payments exceed the level anticipated when premiums were set, due to unexpected events or changes in economic conditions. ABL Life Insurance Co., Ltd. manages insurance risk using the measure “net insurance contract liabilities – net insurance contract assets.” Under the Risk-Based Capital (RBC) framework, insurance risk is categorized into sub risks such as death risk, longevity risk, disability/disease risk, lapse risk, operating expense risk, and catastrophe risk. The amounts for death risk, longevity risk, disability/disease risk, lapse risk, and operating expense risk are measured using shock scenario methods applied to actuarial assumptions related to each risk, while catastrophe risk is measured using a risk factor approach. The shock scenario method calculates the change in net asset value that results when scenario-based changes are applied to the underlying assumptions used for the fair valuation of assets and liabilities. In contrast, the risk factor method derives the risk amount by multiplying a predetermined risk factor by a specific exposure.

Accordingly, ABL Life Insurance Co., Ltd. manages insurance risk based on actuarial assumptions, interstates, and other financial market indicators considered to have a significant impact on the amount, timing, and uncertainty of future cash flows related to insurance contracts.

Category		Estimates and financial index		Remark
Actuarial estimate		Risk rate estimate		Death, longevity, physical impediment and disease
		Lapse rate estimate		Lapse risk
		Operating expense rate estimate		Operating expense risk
		Other estimate		Policyholder behavior estimate and others
Financial market index		Interest rate		Interest-linked future cash flows of insurance contracts and the discount rates used for present value calculations
		Share price		Share-linked future cash flows of insurance contacts
		Exchange rate		Exchange rate-linked future cash flows of insurance contacts

2) Insurance risk management policy

To manage the uncertainty of the amount and timing of the claims arising due to occurrences of insured events, that is, an insurance risk, ABL Life Insurance Co., Ltd. uses an acquisition and a reinsurance strategy.

a) Underwriting strategy

Underwriting strategy is a strategy to diversify the types of risks or the level of claims. For example, an entity can manage each mortality risk and survival risk in a balanced manner. In addition, the policyholder’s choice of a regular check-up is one of the main acquisition strategies.

b) Reinsurance strategy

ABL Life Insurance Co., Ltd. mitigates the concentration of insurance risk and utilizes reinsurance policy for the purpose of increasing efficiency of equity management. Reinsurance is divided into new contract and existing contract. New contract prioritizes fixed risk products and targets contracts that require empirical rates for a certain period of time. On the other hand, existing contract targets contracts with increasing insurance price risk.

Reinsurance contracts are made by the following procedures:

① For new contracts, the Product Committee decides whether to reinsurance during the decision-making process for launching new products. For existing contracts, if there is concern about a continued increase in insurance risk, the decision to reinsurance is made through consultation with the relevant department responsible for insurance risk management.

② Reinsurance management team related to ① discusses and analyzes products to be reinsured, limit, rate of coverage and rate of return.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

3) Financial risk management policy related to insurance contracts

Insurance contracts and investment contracts with discretionary participation features are classified as insurance liabilities but may be exposed to various financial risks. The nature of these exposures and the corresponding management policies are as follows.

a) Credit risk

Credit risk refers to the risk of loss caused by the counterparty’s default in provision of funds or entering a contract agreed to exchange at a predetermined price at a certain point in the future. ABL Life Insurance Co., Ltd.’s reinsurance assets and reinsurance receivables are exposed to losses in case of default by the reinsurer upon collection of premiums and receivables.

b) Interest rate risk

Interest rate risk refers to the risk that occurs when the financial position of ABL Life Insurance Co., Ltd. is affected by the adverse interest rate movements on assets and liabilities. To minimize the effects of inconsistencies between assets and liabilities caused by interest rate movements, ABL Life Insurance Co., Ltd. manages matched asset-liability portfolios for each portfolio.

c) Liquidity risk

Liquidity risk refers to a risk caused by inconsistency in the maturity of assets and liabilities or failure to respond to unexpected capital outflows. Therefore, future cash outflows from investment contracts with insurance liability and discretionary participation features which takes the most proportion of ABL Life Insurance Co., Ltd.’s liabilities, will determine the level of risk related to the liquidity of the ABL Life Insurance Co., Ltd. The purpose of ABL Life Insurance Co., Ltd.’s liquidity risk management is to maintain sufficient liquidity to meet repayments and other cash outflows arising from insurance contracts under both normal conditions and stressed market environments.

ABL Life Insurance Co., Ltd.’s main methods to manage liquidity risk are as follows:

- Regularly reviewing and managing the volume of insurance benefit payments and liquidity assets

- Maintaining and managing a portfolio composed of assets that can be relatively easily liquidated, in preparation for unexpected disruptions in funding

- Monitoring liquidity ratios through the execution of liquidity stress tests

- Establishing asset-liability management strategies that take into account the cash flows of insurance contract liabilities

d) Market risk

Market risk refers to the risk of losses being incurred when the entity’s financial position is affected by the adverse price movements such as stock prices and exchange rates. ABL Life Insurance Co., Ltd. engages in insurance contract transactions denominated in foreign currencies and is therefore exposed to foreign exchange rate fluctuations. This exposure is managed through the use of foreign exchange forward contracts and cross-currency interest rate swaps.

4) Concentration of insurance risk

ABL Life Insurance Co., Ltd. assesses the concentration of risk by considering historical experience related to the insurance contracts it has issued and the reinsurance contracts it holds. The identified concentrations of risk are categorized based on shared characteristics relevant to the assessed exposures.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

a) The fulfilment cash flows by portfolio that ABL Life Insurance Co., Ltd. considers significant as of December 31, 2025 are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Exposure
Insurance contract liabilities (assets)			16,853,760
Life			2,217,372
Health			2,608,867
Annuity savings and others			9,615,281
Variable			2,412,240
Reinsurance contract assets (liabilities)			(97,148	)
Life			(49,082	)
Health			(54,439	)
Annuity savings and others			6,373

b) The fulfilment cash flows by country in which ABL Life Insurance Co., Ltd. provides insurance coverage as of December 31, 2025 are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Insurance contract liabilities (assets)				Reinsurance contract assets (liabilities)
Domestic			16,853,760				(97,148	)
Overseas			—				—
Total			16,853,760				(97,148	)

5) Insurance Risk Sensitivity

The financial impact of changes in assumptions related to the risk adjustment for non-financial risks as of December 31, 2025 are as follows (Unit: Korean Won in millions):

				December 31, 2025
				Base amount and base amount after change																Profit and impact on equity (before tax)
				Fulfillment cash flow								Contractual service margin								Profit or loss								Other comprehensive income
		Sensitivity		Before reinsurance effect				After reinsurance effect				Before reinsurance effect				After reinsurance effect				Before reinsurance effect				After reinsurance effect				Before reinsurance effect				After reinsurance effect
Base amount					16,853,760				16,950,908				1,063,046				1,073,523				—				—				—				—
Mortality rate		3.27% increase			16,861,397				16,954,761				1,059,387				1,073,663				890				1,005				(4,868	)			(4,999	)
Morbidity (fixed compensation) Morbidity (compensation for actual losses)		3.40% increase 2.62% increase			16,996,593				17,081,916				910,861				934,303				(1,227	)			(1,148	)			10,579				9,360
Lapse rate (increase)		9.16% increase			17,017,818				17,107,797				917,106				935,263				(2,909	)			(2,792	)			(15,208	)			(15,838	)
Lapse rate (decrease)		9.16% decrease			16,673,824				16,778,697				1,225,456				1,227,599				1,213				1,140				16,313				16,995
Operating expense (level) Operating expense (inflation)		2.62% increase 0.26%p			16,892,179				16,989,363				1,023,305				1,033,740				(989	)			(989	)			2,310				2,316

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

6) Insurance payment progress trend

ABL Life Insurance Co., Ltd. regularly verifies the adequacy of reserves using the total amount estimation method. The total amount is estimated by applying statistical methods such as the Payment Progress Method (PLDM), Incurred Loss Progress Method (ILDM), Frequency/Severity Method, and Bornhuetter-Ferguson Method (Unit: Korean Won in millions).

		December 31, 2025
		Year of incurrence
		2025-4				2025-3				2025-2				2025-1				2025				Total
Historical estimates of undiscounted insurance premiums			311,417				316,286				319,229				303,193				316,425				1,566,550
Year end of the incurrence			243,473				245,603				251,974				240,260				280,250				1,261,560
After 1 year			54,825				56,432				56,002				56,587				—				223,846
After 2 years			8,415				8,683				8,637				—				—				25,735
After 3 years			3,194				4,674				—				—				—				7,868
After 4 years			1,055				—				—				—				—				1,055
Cumulative insurance payment			310,962				315,392				316,612				296,847				280,250				1,520,063
Difference between insurance estimates and insurance payment			455				894				2,617				6,346				36,175				46,487
Discount effect																							(4,441	)
Liability for incurred claims expected to be paid within 1 year of incurrence																							571,128
Risk adjustment for non-financial risks																							1,761
Liability for incurred claims																							614,935

7) Credit risk arising from insurance contracts

The fulfilment cash flows by credit rating group of ABL Life Insurance Co., Ltd.’s reinsurers are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Reinsurance contract assets – remaining coverage				Reinsurance contract assets – incurred claims
AAA~AA-			(129,334	)			32,186
A+~A-			—				—
Under BBB+			—				—
Unrated			—				—
Total			(129,334	)			32,186

8) Market risk arising from insurance contracts

a) Market risk exposure (Unit: Korean Won in millions)

		December 31, 2025
Insurance contract exposure			16,853,760
Reinsurance contract exposure			(97,148	)
Financial assets exposure			13,632,025

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

b) Impact of market risks on profit or loss and equity (sensitivity analysis) (Unit: Korean Won in millions)

				December 31, 2025
				Insurance contract								Reinsurance contract								Financial assets
				Changes in profit or loss				Changes in other comprehensive income				Changes in profit or loss				Changes in other comprehensive income				Changes in profit or loss				Changes in other comprehensive income
Interest rate		Interest rate 100bp increase			(333	)			1,594,580				—				18,572				(57,695	)			(1,490,766	)
		Interest rate 100bp decrease			177				(1,918,176	)			—				(22,409	)			57,695				1,490,766
Share price		Share index 10% increase			(118,221	)			—				—				—				465,004				—
		Share index 10% decrease			118,221				—				—				—				(465,004	)			—
Exchange rate		Exchange rate 10% increase			(15,243	)			(11,534	)			—				—				(306	)			—
		Exchange rate 10% decrease			14,933				11,534				—				—				306				—

9) Liquidity risk arising from insurance contracts

a) The analysis of the present value of undiscounted cash flows related to insurance contracts issued and remaining maturity of reinsurance contracts held by ABL Life Insurance Co., Ltd. as of December 31, 2025 is as follows (Unit: Korean Won in millions):

		December 31, 2025
		Maturity analysis on the present value of estimate future cash flows
		Within 1 year				1 to 2 years				2 to 3 years				3 to 4 years				4 to 5 years				Over 5 years				Over 10 years				Total
Insurance contract assets			—				—				—				—				—				—				—				—
Insurance contract liabilities			(279,094	)			(1,367,315	)			(508,763	)			(629,346	)			(948,940	)			(5,442,969	)			(21,796,027	)			(30,972,454	)
Reinsurance contract assets (liabilities)			(5,147	)			(2,808	)			(2,452	)			(2,346	)			(2,195	)			(10,904	)			(118,407	)			(144,259	)

b) The amounts payable to policyholders upon demand and the carrying amounts of the related insurance contracts as of December 31, 2025 are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Payable upon demand				Carrying amount of insurance contract (*1)
Insurance contract assets			—				—
Insurance contract liabilities			18,666,324				17,916,806

(*1) The present value of estimated future cash flows, risk adjustment, and contractual service margin related to the amounts payable to policyholders upon demand as of December 31, 2025.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

6. OPERATING SEGMENTS

In evaluating the results of the Group and allocating resources, the Group’s Chief Operation Decision Maker (“CODM”) utilizes the method of disclosing the financial information of the segments based on the organization of the Group. This financial information on the segments in this note is regularly reviewed by the CODM.

(1) Segment by type of organization

The Group’s reporting segments consist of banking, insurance, credit card, capital, investment securities and other sectors, and the composition of such reporting segments was divided based on internal report data periodically reviewed by the management to evaluate the performance of the segment and make decisions on the resources to be distributed.

		Operational scope
Banking		Loans/deposits and relevant services for customers of Woori Bank
Insurance		Contracting and maintenance of insurance policies, payment of insurance benefits, provision of life insurance-related services, and accompanying business for customers of Tongyang Life Insurance Co., Ltd. and ABL Life Insurance Co., Ltd.
Credit card		Credit card, cash services, card loans and accompanying business of Woori Card Co., Ltd.
Capital		Installments, loans including lease financing, and accompanying business of Woori Financial Capital Co., Ltd.
Investment securities		Securities operation, sale of financial instruments, project financing and other related activities for investment securities of Woori Investment Securities Co., Ltd.
Others		Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Asset Management Corp., Ltd., Woori Financial F&I Co., Ltd., Woori Savings Bank., Woori Credit Information Co., Ltd., Woori Fund Services Co., Ltd., Woori Private Equity Asset Management Co., Ltd., Woori FIS Co., Ltd., Woori Finance Research Institute and Woori Venture Partners Co., Ltd.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(2) The composition of each organization’s sectors for the years ended December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		Banking (*1)				Life insurance				Credit card				Capital				Investment securities				Others (*2)				Sub-total				Other adjustments (*3)				Internal adjustments (*4)				Consolidated adjustments (*5)				Total
Net interest income			6,807,324				(105,758	)			756,173				210,502				120,077				63,915				7,852,233				145,730				1,030,834				1,972				9,030,769
Non-interest income(expense)			2,133,050				271,296				212,462				214,798				67,059				1,765,771				4,664,436				5,905				(935,248	)			(1,808,619	)			1,926,474
Impairment losses due to credit loss			(1,126,171	)			(5,833	)			(433,302	)			(120,217	)			(31,880	)			(282,653	)			(2,000,056	)			(4,692	)			(96,119	)			(1,947	)			(2,102,814	)
General and administrative expense			(4,293,462	)			(51,665	)			(321,777	)			(107,697	)			(145,038	)			(439,413	)			(5,359,052	)			(601	)			—				180,032				(5,179,621	)
Net operating income(expense)			3,520,741				108,040				213,556				197,386				10,218				1,107,620				5,157,561				146,342				(533	)			(1,628,562	)			3,674,808
Share of gain of associates			45,928				—				—				(373	)			123				43,607				89,285				1,686				—				7,689				98,660
Other non-operating income(expense)			(207,481	)			3,075				(18,316	)			(2,282	)			(50	)			(166,826	)			(391,880	)			1,888				533				706,157				316,698
Non-operating income(expense)			(161,553	)			3,075				(18,316	)			(2,655	)			73				(123,219	)			(302,595	)			3,574				533				713,846				415,358
Net income(expense) before tax			3,359,188				111,115				195,240				194,731				10,291				984,401				4,854,966				149,916				—				(914,716	)			4,090,166
Tax expense			(777,091	)			(11,521	)			(44,108	)			(46,004	)			17,153				(5,197	)			(866,768	)			—				—				4,110				(862,658	)
Net income(loss)			2,582,097				99,594				151,132				148,727				27,444				979,204				3,988,198				149,916				—				(910,606	)			3,227,508
Total assets			502,846,197				55,054,508				17,512,741				12,361,366				9,706,286				31,861,645				629,342,743				3,922,774				—				(31,808,231	)			601,457,286
Investment in associate			1,095,521				—				—				31,002				4,369				25,934,437				27,065,329				—				—				(24,985,321	)			2,080,008
Other assets			501,750,676				55,054,508				17,512,741				12,330,364				9,701,917				5,927,208				602,277,414				3,922,774				—				(6,822,910	)			599,377,278
Total liabilities			473,158,744				52,279,416				14,620,417				10,523,678				8,504,657				6,370,831				565,457,743				71,563				—				(1,931,268	)			563,598,038

(*1) The banking sector includes banks and their consolidated subsidiaries (such as overseas subsidiaries).

(*2) Other segments include gains and losses from Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Savings Bank, Woori Asset Management Corp., Woori Financial F&I Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Service Co., Ltd., Woori Private Equity Asset Management Co., Ltd., Woori FIS Co., Ltd., Woori Finance Research Institute and Woori Venture Partners Co., Ltd.

(*3) Other segments include the funds subject to Group’s consolidation not included in the reporting segment.

(*4) Internal reconciliation includes the adjustment of deposit insurance premiums of 500,480 million Won and fund contribution fees of 528,863 million Won from net interest income expenses to non-interest income expenses in order to present the profit and loss adjustment between reporting divisions in accordance with management accounting standards as profit and loss in accordance with accounting standards.

(*5) Consolidation adjustments include the elimination of 133,276 million Won of internal transactions between Woori FIS Co., Ltd., the group’s IT service agency, and affiliates, and the removal of 1,448,486 million Won of dividends received by the holding company from its subsidiaries.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		For the year ended December 31, 2024
		Banking (*1)				Credit card				Capital				Investment securities				Others (*2)				Sub-total				Other adjustments (*3)				Internal adjustments (*4)				Consolidated Adjustments (*5)				Total
Net interest income			6,542,449				706,130				231,596				106,558				129,900				7,716,633				126,600				1,042,561				542				8,886,336
Non-interest income(expense)			1,944,528				192,194				144,097				51,629				1,578,890				3,911,338				70,545				(769,593	)			(1,658,168	)			1,554,122
Impairment losses due to credit loss			(670,753	)			(403,805	)			(84,017	)			(91,351	)			(176,511	)			(1,426,437	)			(13,884	)			(273,889	)			(2,085	)			(1,716,295	)
General and administrative expense			(3,746,916	)			(302,067	)			(103,870	)			(74,191	)			(420,370	)			(4,647,414	)			(1,104	)			—				179,545				(4,468,973	)
Net operating income(expense)			4,069,308				192,452				187,806				(7,355	)			1,111,909				5,554,120				182,157				(921	)			(1,480,166	)			4,255,190
Share of gain (loss) of associates			44,067				—				(1,262	)			215				5,316				48,336				(4	)			—				27,933				76,265
Other non-operating income(expense)			(104,388	)			(4,053	)			(2,579	)			7,476				10,440				(93,104	)			8,535				921				(24,960	)			(108,608	)
Non-operating income(expense)			(60,321	)			(4,053	)			(3,841	)			7,691				15,756				(44,768	)			8,531				921				2,973				(32,343	)
Net income(expense) before tax			4,008,987				188,399				183,965				336				1,127,665				5,509,352				190,688				—				(1,477,193	)			4,222,847
Tax expense			(962,051	)			(40,349	)			(42,547	)			2,216				(17,756	)			(1,060,487	)			—				—				9,109				(1,051,378	)
Net income(loss)			3,046,936				148,050				141,418				2,552				1,109,909				4,448,865				190,688				—				(1,468,084	)			3,171,469
Total assets			485,888,941				16,613,482				12,770,681				7,186,431				30,774,925				553,234,460				3,565,728				—				(31,046,868	)			525,753,320
Investment in associate			1,067,880				—				32,207				3,297				24,475,044				25,578,428				7,347				—				(23,836,965	)			1,748,810
Other assets			484,821,061				16,613,482				12,738,474				7,183,134				6,299,881				527,656,032				3,558,381				—				(7,209,903	)			524,004,510
Total liabilities			456,944,053				13,828,816				11,045,686				6,041,109				4,919,608				492,779,272				73,587				—				(2,994,808	)			489,858,051

(*1) The banking sector includes banks and their consolidated subsidiaries (such as overseas subsidiaries).

(*2) Other segments includes Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Savings Bank, Woori Asset Management Corp., Woori Financial F&I Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Service Co., Ltd., Woori Private Equity Asset Management Co., Ltd., Woori FIS Co., Ltd., Woori Finance Research Institute and Woori Venture Partners Co., Ltd.

(*3) Other adjustments include the funds subject to Group’s consolidation not included in the reporting segment.

(*4) Internal adjustments include the adjustment of deposit insurance premiums of 509,832 million Won and fund contribution fees of 533,335 million Won from net interest income expenses to non-interest income expenses in order to present the profit and loss adjustment between reporting divisions in accordance with management accounting standards as profit and loss in accordance with accounting standards.

(*5) Consolidation adjustments include the elimination of 175,437 million Won of internal transactions between Woori FIS Co., Ltd., the group’s IT service agency, and affiliates, and the removal of 1,208,522 million Won of dividends received by the holding company from its subsidiaries.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(3) Operating profit or loss from external customers for the years ended December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		For the years ended December 31
Details		2025				2024
Domestic			3,430,352				3,767,897
Foreign			244,456				487,293
Total			3,674,808				4,255,190

(4) Major non-current assets as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

Details (*)		December 31, 2025				December 31, 2024
Domestic			7,364,083				6,068,817
Foreign			552,243				592,768
Total			7,916,326				6,661,585

(*) Major non-current assets included joint ventures and related business investments, investment properties, premises and equipment, and intangible assets.

(5) Information about major customers

The Group does not have any single customer that generates 10% or more of the Group’s total revenue for the years ended December 31, 2025 and 2024.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

7. STATEMENTS OF CASH FLOWS

(1) Details of cash and cash equivalents are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Cash			1,826,020				1,661,517
Foreign currencies			642,158				812,026
Demand deposits			35,891,982				24,634,075
Fixed deposits			139,519				173,505
Total			38,499,679				27,281,123

(2) Details of restricted cash and cash equivalents are as follows (Unit: Korean Won in millions)

Counterparty

December 31, 2025

Reason of restriction

Due from banks in local currency:

Due from BOK

BOK

16,555,802

Reserve deposits under the BOK Act

Due from banks in foreign currencies:

Due from banks

BOK and others

6,919,255

Reserve deposits, etc.

Total

23,475,057

Counterparty

December 31, 2024

Reason of restriction

Due from banks in local currency:

Due from BOK

BOK

9,712,194

Reserve deposits under the BOK Act

Due from banks in foreign currencies:

Due from banks

BOK and others

2,954,868

Reserve deposits, etc.

Total

12,667,062

(3) Significant transactions of investing activities and financing activities not involving cash inflows and outflows are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Changes in other comprehensive income related to valuation of financial assets at FVTOCI			(1,321,567	)			34,058
Changes in other comprehensive income related to valuation of assets of associate			(2,335	)			(5,367	)
Changes in other comprehensive income related to valuation profit or loss on cash flow hedge			(167,670	)			6,591
Changes in financial assets measure at FVTOCI due to debt-for-equity swap			—				18,536
Changes in the premises and equipment due to reclassification to assets held for sale			(107,479	)			(38,423	)
Changes in investment property due to reclassification to assets held for sale			(35,137	)			—
Transfer of investment properties to premises and equipment			(9,997	)			(42,344	)
Reclassification of advance payments related to acquisition of control			(154,934	)			—
Changes in account payables related to intangible assets			(5,101	)			24,134
Changes in right-of-use assets and lease liabilities			235,011				427,926
Changes in other comprehensive income related to foreign operation translation			(116,405	)			522,845

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(4) Adjustments of liabilities from financing activities in current and prior year are as follows (Unit: Korean Won in millions):

		For the year ended December 31,2025
																		Not involving cash inflows and outflows
		Beginning balance				Financing activities Cash flow				Business Combination				Settlement of derivatives designated for hedging purposes				Foreign Exchange				Variation of gain(loss) on valuation of hedged items				Others (*)				Ending balance
Borrowings			30,117,031				4,392,369				—				—				(326,602	)			—				469				34,183,267
Debentures			48,207,103				5,599,481				1,670,044				—				(133,503	)			80,760				159,507				55,583,392
Lease liabilities			527,090				(251,559	)			48,656				—				(1,564	)			—				218,949				541,572
Net derivative liabilities (for hedging purposes)			(72,376	)			17,231				20,313				(34,199	)			—				322,204				145,008				398,181
Other liabilities			26,626				(41	)			15,443				—				—				—				633				42,661
Total			78,805,474				9,757,481				1,754,456				(34,199	)			(461,669	)			402,964				524,566				90,749,073

(*) The change in lease liabilities due to the new contract includes 201,562 million Won.

		For the year ended December 31,2024
																		Not involving cash inflows and outflows
		Beginning balance				Financing activities Cash flow				Business Combination				Settlement of derivatives designated for hedging purposes				Foreign Exchange				Variation of gain(loss) on valuation of hedged items				Others (*)				Ending balance
Borrowings			30,986,746				(3,011,120	)			—				—				2,113,979				—				27,426				30,117,031
Debentures			41,239,245				5,594,220				—				—				870,846				17,417				485,375				48,207,103
Lease liabilities			334,456				(238,770	)			—				—				13,555				—				417,849				527,090
Net derivative liabilities (for hedging purposes)			126,299				(25,442	)			—				—				—				(156,422	)			(16,811	)			(72,376	)
Other liabilities			28,147				(17,690	)			—				—				—				—				16,169				26,626
Total			72,714,893				2,301,198				—				—				2,998,380				(139,005	)			930,008				78,805,474

(*) The change in lease liabilities due to the new contract includes 366,340 million Won.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

8. FINANCIAL ASSETS AT FVTPL

(1) Details of financial assets at FVTPL as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Financial assets at fair value through profit or loss measured at fair value			34,245,475				25,202,672

(2) Financial assets at fair value through profit or loss measured at fair value as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Deposits:
Gold banking asset			261,470				73,951
Securities:
Debt securities
Korean treasury and government agencies			6,044,402				5,053,592
Financial institutions			883,209				1,193,809
Corporates			1,614,666				348,929
Foreign currency bond			698,615				13,186
Securities loaned			—				12,361
Others			311,189				179,411
Equity securities			1,613,419				421,313
Capital contributions			3,085,315				2,857,698
Beneficiary certificates			12,359,483				4,563,102
Others			387,342				236,595
Sub-total			26,997,640				14,879,996
Loans			1,126,446				104,177
Derivatives assets			5,774,203				10,094,532
Other financial assets			85,716				50,016
Total			34,245,475				25,202,672

The Group does not have financial assets at fair value through profit or loss designated as upon initial recognition as of December 31, 2025 and 2024.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

9. FINANCIAL ASSETS AT FVTOCI

(1) Details of financial assets at FVTOCI as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Debt securities:
Korean treasury and government agencies			20,371,690				7,787,052
Financial institutions			32,931,685				25,339,937
Corporates			10,108,432				3,032,609
Bond denominated in foreign currencies			12,974,851				6,763,073
Securities loaned			5,674,738				—
Sub-total			82,061,396				42,922,671
Equity securities			1,427,885				875,074
Loans			10,241				—
Total			83,499,522				43,797,745

(2) Details of equity securities designated as financial assets at FVTOCI as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

Purpose of acquisition		December 31, 2025				December 31, 2024				Remarks
Investment for strategic business partnership purpose			1,324,666				766,900
Debt-equity swap			103,219				108,168
Others			—				6				Insurance for mutual aid association, etc.
Total			1,427,885				875,074

(3) Changes in the loss allowance and gross carrying amount of financial assets at FVTOCI are as follows (Unit: Korean Won in millions):

1) Loss Allowance

		For the year ended December 31, 2025
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			(29,084	)			—				—				(29,084	)
Transfer to 12-month expected credit losses			—				—				—				—
Transfer to lifetime expected credit losses			—				—				—				—
Transfer to credit-impaired financial assets			—				—				—				—
Net provision of loss allowance			(10,190	)			—				—				(10,190	)
Disposal			8,182				—				—				8,182
Others (*)			1,888				—				—				1,888
Ending balance			(29,204	)			—				—				(29,204	)

(*) Others consist of foreign currencies translation, etc.

		For the year ended December 31, 2024
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			(27,379	)			—				—				(27,379	)
Transfer to 12-month expected credit losses			—				—				—				—
Transfer to lifetime expected credit losses			—				—				—				—
Transfer to credit-impaired financial assets			—				—				—				—
Net provision of loss allowance			(8,868	)			—				—				(8,868	)
Disposal			6,788				—				—				6,788
Others (*)			375				—				—				375
Ending balance			(29,084	)			—				—				(29,084	)

(*) Others consist of foreign currencies translation, etc.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

2) Gross carrying amount

		For the year ended December 31, 2025
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			42,922,671				—				—				42,922,671
Transfer to 12-month expected credit losses			—				—				—				—
Transfer to lifetime expected credit losses			—				—				—				—
Transfer to credit-impaired financial assets			—				—				—				—
Acquisition			43,438,838				—				—				43,438,838
Disposal / Recovery			(35,030,082	)			—				—				(35,030,082	)
Gain on valuation			(1,956,928	)			—				—				(1,956,928	)
Amortization based on effective interest method			216,191				—				—				216,191
Changes due to business combinations			32,515,016				—				—				32,515,016
Others (*)			(34,069	)			—				—				(34,069	)
Ending balance			82,071,637				—				—				82,071,637

(*) Others consist of foreign currencies translation, etc.

		For the year ended December 31, 2024
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			36,694,111				—				—				36,694,111
Transfer to 12-month expected credit losses			—				—				—				—
Transfer to lifetime expected credit losses			—				—				—				—
Transfer to credit-impaired financial assets			—				—				—				—
Acquisition			31,921,268				—				—				31,921,268
Disposal / Recovery			(26,868,486	)			—				—				(26,868,486	)
Gain on valuation			224,898				—				—				224,898
Amortization based on effective interest method			134,553				—				—				134,553
Others (*)			816,327				—				—				816,327
Ending balance			42,922,671				—				—				42,922,671

(*) Others consist of foreign currencies translation, etc.

(4) During the years ended December 31, 2025 and 2024, the Group sold its equity securities designated as financial assets at FVTOCI in accordance with decision of disposal by the creditors, and the fair values at disposal dates were 10,913 million Won and 155,868 million Won, respectively, and cumulative gains and losses at disposal dates were 1,806 million Won in loss and 72,975 million Won in gain, respectively.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

10. SECURITIES AT AMORTIZED COST

(1) Details of securities at amortized cost as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Korean treasury and government agencies			9,698,695				7,646,463
Financial institutions			3,352,648				4,004,011
Corporates			4,587,881				5,997,996
Bond denominated in foreign currencies			1,079,302				1,555,470
Others			—				10,000
Allowance for credit losses			(11,067	)			(10,763	)
Total			18,707,459				19,203,177

(2) Changes in the loss allowance and gross carrying amount of securities at amortized cost are as follows (Unit: Korean Won in millions):

1) Loss allowance

		For the year ended December 31, 2025
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			(10,763	)			—				—				(10,763	)
Transfer to 12-month expected credit losses			—				—				—				—
Transfer to lifetime expected credit losses			—				—				—				—
Transfer to credit-impaired financial assets			—				—				—				—
Net reversal of loss allowance			(330	)			—				—				(330	)
Others (*)			26				—				—				26
Ending balance			(11,067	)			—				—				(11,067	)

(*) Changes due to foreign currencies translation, etc.

		For the year ended December 31, 2024
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			(13,941	)			—				—				(13,941	)
Transfer to 12-month expected credit losses			—				—				—				—
Transfer to lifetime expected credit losses			—				—				—				—
Transfer to credit-impaired financial assets			—				—				—				—
Net provision of loss allowance			3,287				—				—				3,287
Others (*)			(109	)			—				—				(109	)
Ending balance			(10,763	)			—				—				(10,763	)

(*) Changes due to foreign currencies translation, etc.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

2) Gross carrying amount

		For the year ended December 31, 2025
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			19,213,940				—				—				19,213,940
Transfer to 12-month expected credit losses			—				—				—				—
Transfer to lifetime expected credit losses			—				—				—				—
Transfer to credit-impaired financial assets			—				—				—				—
Acquisition			5,312,962				—				—				5,312,962
Disposal / Recovery			(5,900,990	)			—				—				(5,900,990	)
Amortization based on effective interest method			111,965				—				—				111,965
Others (*)			(19,351	)			—				—				(19,351	)
Ending balance			18,718,526				—				—				18,718,526

(*) Changes due to foreign currencies translation, etc.

		For the year ended December 31, 2024
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			24,010,113				—				—				24,010,113
Transfer to 12-month expected credit losses			—				—				—				—
Transfer to lifetime expected credit losses			—				—				—				—
Transfer to credit-impaired financial assets			—				—				—				—
Acquisition			2,586,171				—				—				2,586,171
Disposal / Recovery			(7,634,677	)			—				—				(7,634,677	)
Amortization based on effective interest method			93,318				—				—				93,318
Changes due to business combinations			10,000				—				—				10,000
Others (*)			149,015				—				—				149,015
Ending balance			19,213,940				—				—				19,213,940

(*) Changes due to foreign currencies translation, etc.

- 101 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

11. LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST

(1) Details of loans and other financial assets at amortized cost as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Due from banks			2,674,644				2,630,604
Loans			398,706,030				386,069,294
Other financial assets			11,115,109				9,771,918
Total			412,495,783				398,471,816

(2) Details of due from banks are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Due from banks in local currency:
Due from depository banks			531,542				200,366
Due from non-depository institutions			20,624				152
Due from the Korea Exchange			196,557				239,222
Others			407,445				72,314
Loss allowance			(408	)			(4	)
Sub-total			1,155,760				512,050
Due from banks in foreign currencies:
Due from banks on demand			149,839				177,886
Due from banks on time			276,498				193,654
Others			1,096,819				1,753,337
Loss allowance			(4,272	)			(6,323	)
Sub-total			1,518,884				2,118,554
Total			2,674,644				2,630,604

(3) Details of restricted due from banks are as follows (Unit: Korean Won in millions):

		Counterparty		December 31, 2025				Reason of restriction
Due from banks in local currency:
Others		Korea Federation of Savings Bank and others			248,704			Reserve deposits
Securities trading		Korea Exchange Co.,Ltd. and Korea Securities Finance Corporation and others			165,304			Customer deposit refund reserve and futures trading margin and others
		Sub-total			414,008
Due from banks in foreign currencies:
Due from banks on demand		National Bank of Cambodia and others			149,279			Reserve deposits and others
Due from banks on time		Toronto Dominion Bank, New York, and others			129,141			Federal Reserve Discount Window
Others		GOLDMAN SACHS INTL., LON and others			775,829			CSA collateral and others
		Sub-total			1,054,249
		Total			1,468,257

- 102 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		Counterparty		December 31, 2024				Reason of restriction
Due from banks in local currency:
Others		Korea Federation of Savings Bank and others			77,835			Reserve deposits
Securities trading		Korea Securities Finance Corporation			238,445			Customer deposit refund reserve and futures trading margin and others
Sub-total					316,280
Due from banks in foreign currencies:
Due from banks on demand		National Bank of Cambodia and others			169,064			Reserve deposits and others
Due from banks on time		National Bank of Cambodia			284			Usage deposits for fund settlement system and others
Others		BNP-PARIBAS, PAR and others			1,093,853			CSA collateral and others
		Sub-total			1,263,201
		Total			1,579,481

(4) Changes in the loss allowance and gross carrying amount of due from banks are as follows (Unit: Korean Won in millions):

1) Allowance for credit losses

		For the year ended December 31, 2025
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			(6,327	)			—				—				(6,327	)
Transfer to 12-month expected credit losses			—				—				—				—
Transfer to lifetime expected credit losses			—				—				—				—
Transfer to credit-impaired financial assets			—				—				—				—
Reversal for allowance for credit loss			1,697				—				—				1,697
Others (*)			(50	)			—				—				(50	)
Ending balance			(4,680	)			—				—				(4,680	)

(*) Changes due to foreign currencies translation, etc.

		For the year ended December 31, 2024
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			(15,846	)			—				—				(15,846	)
Transfer to 12-month expected credit losses			—				—				—				—
Transfer to lifetime expected credit losses			—				—				—				—
Transfer to credit-impaired financial assets			—				—				—				—
Provision for allowance for credit loss			9,874				—				—				9,874
Others (*)			(355	)			—				—				(355	)
Ending balance			(6,327	)			—				—				(6,327	)

(*) Changes due to foreign currencies translation, etc.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

2) Gross carrying amount

		For the year ended December 31, 2025
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			2,636,931				—				—				2,636,931
Transfer to 12-month expected credit losses			—				—				—				—
Transfer to lifetime expected credit losses			—				—				—				—
Transfer to credit-impaired financial assets			—				—				—				—
Net decrease			(758,983	)			—				—				(758,983	)
Changes due to business combinations			807,306				—				—				807,306
Others (*)			(5,930	)			—				—				(5,930	)
Ending balance			2,679,324				—				—				2,679,324

(*) Changes due to foreign currencies translation, etc.

		For the year ended December 31, 2024
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			1,966,419				—				—				1,966,419
Transfer to 12-month expected credit losses			—				—				—				—
Transfer to lifetime expected credit losses			—				—				—				—
Transfer to credit-impaired financial assets			—				—				—				—
Net decrease			390,154				—				—				390,154
Changes due to business combinations			165,476				—				—				165,476
Others (*)			114,882				—				—				114,882
Ending balance			2,636,931				—				—				2,636,931

(*) Changes due to foreign currencies translation, etc.

(5) Details of loans are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Loans in local currency			322,659,399				315,597,374
Loans in foreign currencies			32,375,735				33,166,984
Domestic banker’s usance			2,647,891				2,803,761
Credit card accounts			13,960,884				12,488,523
Bills bought in foreign currencies			4,396,122				4,328,404
Bills bought in local currency			82,657				224,835
Factoring receivables			6,315				5,994
Advances for customers on guarantees			12,602				9,814
Private placement bonds			669,431				444,900
Securitized loans			3,325,383				3,300,876
Call loans			2,430,625				1,847,376
Bonds purchased under resale agreements			14,598,594				10,551,018
Financial lease receivables			991,331				1,106,912
Installment financial bond			2,429,860				2,620,534
Securities loans			445,960				—
Others			2,257				—
Loan origination costs and fees			926,343				938,886
Discounted present value			(9,107	)			(9,272	)
Allowance for credit losses			(3,246,252	)			(3,357,625	)
Total			398,706,030				386,069,294

- 104 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(6) Changes in the loss allowance of loans are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		Consumers												Corporates
		Stage 1				Stage 2				Stage 3				Stage 1				Stage 2				Stage 3				Credit impairment model
Beginning balance			(228,330	)			(148,315	)			(280,125	)			(971,499	)			(699,646	)			(625,921	)			(7,295	)
Transfer to 12-month expected credit losses			(34,745	)			33,583				1,162				(88,031	)			80,756				7,275				—
Transfer to lifetime expected credit losses			17,032				(19,243	)			2,211				36,659				(49,487	)			12,828				—
Transfer to credit-impaired financial assets			11,444				15,959				(27,403	)			106,321				132,761				(239,082	)			—
Net provision of allowance for credit losses			22,945				(43,140	)			(374,328	)			(36,919	)			52,189				(1,096,710	)			(3,809	)
Recovery			—				—				(45,352	)			—				—				(47,208	)			—
Charge-off			—				—				277,324				—				—				899,536				—
Disposal			23				1,638				92,299				24				3,736				300,492				7,002
Interest income from impaired loans			—				—				17,062				—				—				32,817				—
Business combination-related changes			(2,536	)			(184	)			(13,979	)			(22,505	)			(26,471	)			(32,605	)			—
Others			9,578				2,239				34,898				19,332				25,461				98,717				(5,207	)
Ending balance			(204,589	)			(157,463	)			(316,231	)			(956,618	)			(480,701	)			(689,861	)			(9,309	)

		For the year ended December 31, 2025
		Credit card accounts												Total
		Stage 1				Stage 2				Stage 3				Stage 1				Stage 2				Stage 3				Credit impairment model
Beginning balance			(123,297	)			(115,030	)			(158,167	)			(1,323,126	)			(962,991	)			(1,064,213	)			(7,295	)
Transfer to 12-month expected credit losses			(33,208	)			32,833				375				(155,984	)			147,172				8,812				—
Transfer to lifetime expected credit losses			9,750				(10,683	)			933				63,441				(79,413	)			15,972				—
Transfer to credit-impaired financial assets			2,156				3,191				(5,347	)			119,921				151,911				(271,832	)			—
Net provision of allowance for credit losses			14,042				(14,140	)			(467,418	)			68				(5,091	)			(1,938,456	)			(3,809	)
Recovery			—				—				(27,170	)			—				—				(119,730	)			—
Charge-off			—				—				386,448				—				—				1,563,308				—
Disposal			—				—				73,252				47				5,374				466,043				7,002
Interest income from impaired loans			—				—				—				—				—				49,879				—
Business combination-related changes			—				—				—				(25,041	)			(26,655	)			(46,584	)			—
Others			—				—				—				28,910				27,700				133,615				(5,207	)
Ending balance			(130,557	)			(103,829	)			(197,094	)			(1,291,764	)			(741,993	)			(1,203,186	)			(9,309	)

- 105 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		For the year ended December 31, 2024
		Consumers												Corporates
		Stage 1				Stage 2				Stage 3				Stage 1				Stage 2				Stage 3				Credit impairment model
Beginning balance			(196,845	)			(134,002	)			(220,845	)			(947,688	)			(762,644	)			(363,703	)			(89	)
Transfer to 12-month expected credit losses			(27,467	)			25,983				1,484				(76,352	)			75,186				1,166				—
Transfer to lifetime expected credit losses			14,659				(17,333	)			2,674				60,633				(63,280	)			2,647				—
Transfer to credit-impaired financial assets			7,714				18,054				(25,768	)			128,228				162,162				(290,390	)			—
Net provision of allowance for credit losses			(28,741	)			(43,686	)			(378,285	)			(107,916	)			(121,901	)			(582,211	)			(7,663	)
Recovery			—				—				(61,554	)			—				—				(36,318	)			—
Charge-off			—				—				262,651				—				—				329,506				622
Disposal			1,442				2,032				75,603				23				6,675				297,533				837
Interest income from impaired loans			—				—				14,629				—				—				30,185				—
Others			908				637				49,286				(28,427	)			4,156				(14,336	)			(1,002	)
Ending balance			(228,330	)			(148,315	)			(280,125	)			(971,499	)			(699,646	)			(625,921	)			(7,295	)

		For the year ended December 31, 2024
		Credit card accounts												Total
		Stage 1				Stage 2				Stage 3				Stage 1				Stage 2				Stage 3				Credit impairment model
Beginning balance			(97,734	)			(118,112	)			(133,398	)			(1,242,267	)			(1,014,758	)			(717,946	)			(89	)
Transfer to 12-month expected credit losses			(30,968	)			30,740				228				(134,787	)			131,909				2,878				—
Transfer to lifetime expected credit losses			8,951				(9,609	)			658				84,243				(90,222	)			5,979				—
Transfer to credit-impaired financial assets			1,196				2,400				(3,596	)			137,138				182,616				(319,754	)			—
Net provision of allowance for credit losses			(4,742	)			(20,449	)			(379,984	)			(141,399	)			(186,036	)			(1,340,480	)			(7,663	)
Recovery			—				—				(24,021	)			—				—				(121,893	)			—
Charge-off			—				—				290,321				—				—				882,478				622
Disposal			—				—				91,625				1,465				8,707				464,761				837
Interest income from impaired loans			—				—				—				—				—				44,814				—
Others			—				—				—				(27,519	)			4,793				34,950				(1,002	)
Ending balance			(123,297	)			(115,030	)			(158,167	)			(1,323,126	)			(962,991	)			(1,064,213	)			(7,295	)

- 106 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(7) Changes in the gross carrying amount of loans are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		Consumers												Corporates
		Stage 1				Stage 2				Stage 3				Stage 1				Stage 2				Stage 3				Credit impairment model
Beginning balance			141,003,546				15,063,902				781,868				206,025,023				11,425,641				1,491,816				1,147,147
Transfer to 12-month expected credit losses			4,548,877				(4,532,512	)			(16,365	)			2,780,117				(2,768,089	)			(12,028	)			—
Transfer to lifetime expected credit losses			(6,379,394	)			6,407,932				(28,538	)			(4,527,298	)			4,552,830				(25,532	)			—
Transfer to credit-impaired financial assets			(304,313	)			(255,404	)			559,717				(1,038,594	)			(669,202	)			1,707,796				—
Charge-off			—				—				(277,324	)			—				—				(899,536	)			—
Disposal			(149	)			(3,986	)			(285,675	)			(199	)			(11,067	)			(974,939	)			(7,002	)
Net increase(decrease)			7,451,142				(1,505,776	)			184,053				2,706,477				(2,632,204	)			329,175				(2,495	)
Business combination-related changes			700,146				130,549				14,436				5,761,606				265,660				100,959				—
Ending balance			147,019,855				15,304,705				932,172				211,707,132				10,163,569				1,717,711				1,137,650

		For the year ended December 31, 2025
		Credit card accounts												Total
		Stage 1				Stage 2				Stage 3				Stage 1				Stage 2				Stage 3				Credit impairment model
Beginning balance			11,171,885				1,036,118				279,973				358,200,454				27,525,661				2,553,657				1,147,147
Transfer to 12-month expected credit losses			428,406				(427,845	)			(561	)			7,757,400				(7,728,446	)			(28,954	)			—
Transfer to lifetime expected credit losses			(550,026	)			551,422				(1,396	)			(11,456,718	)			11,512,184				(55,466	)			—
Transfer to credit-impaired financial assets			(89,144	)			(25,223	)			114,367				(1,432,051	)			(949,829	)			2,381,880				—
Charge-off			—				—				(386,448	)			—				—				(1,563,308	)			—
Disposal			—				—				(126,253	)			(348	)			(15,053	)			(1,386,867	)			(7,002	)
Net increase(decrease)			1,559,511				(834	)			435,535				11,717,130				(4,138,814	)			948,763				(2,495	)
Business combination-related changes			—				—				—				6,461,752				396,209				115,395				—
Ending balance			12,520,632				1,133,638				315,217				371,247,619				26,601,912				2,965,100				1,137,650

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		For the year ended December 31, 2024
		Consumers												Corporates
		Stage 1				Stage 2				Stage 3				Stage 1				Stage 2				Stage 3				Credit impairment model
Beginning balance			132,812,981				14,714,396				642,086				188,612,028				10,621,387				856,844				768,487
Transfer to 12-month expected credit losses			4,575,673				(4,560,653	)			(15,020	)			2,276,379				(2,273,396	)			(2,983	)			—
Transfer to lifetime expected credit losses			(6,411,510	)			6,439,154				(27,644	)			(5,689,553	)			5,698,302				(8,749	)			—
Transfer to credit-impaired financial assets			(301,556	)			(236,753	)			538,309				(904,171	)			(752,177	)			1,656,348				—
Charge-off			—				—				(262,651	)			—				—				(329,506	)			(622	)
Disposal			(43,168	)			(45,410	)			(329,255	)			(134	)			(72,244	)			(951,160	)			(351,530	)
Net increase(decrease)			10,371,126				(1,246,832	)			236,043				21,730,474				(1,796,231	)			271,022				730,812
Ending balance			141,003,546				15,063,902				781,868				206,025,023				11,425,641				1,491,816				1,147,147

		For the year ended December 31, 2024
		Credit card accounts												Total
		Stage 1				Stage 2				Stage 3				Stage 1				Stage 2				Stage 3				Credit impairment model
Beginning balance			11,287,068				983,611				253,351				332,712,077				26,319,394				1,752,281				768,487
Transfer to 12-month expected credit losses			336,985				(336,651	)			(334	)			7,189,037				(7,170,700	)			(18,337	)			—
Transfer to lifetime expected credit losses			(539,512	)			540,471				(959	)			(12,640,575	)			12,677,927				(37,352	)			—
Transfer to credit-impaired financial assets			(57,937	)			(21,408	)			79,345				(1,263,664	)			(1,010,338	)			2,274,002				—
Charge-off			—				—				(290,321	)			—				—				(882,478	)			(622	)
Disposal			—				—				(147,812	)			(43,302	)			(117,654	)			(1,428,227	)			(351,530	)
Net increase(decrease)			145,281				(129,905	)			386,703				32,246,881				(3,172,968	)			893,768				730,812
Ending balance			11,171,885				1,036,118				279,973				358,200,454				27,525,661				2,553,657				1,147,147

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(8) Details of other financial assets are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Cash Management Account asset (CMA asset)			115,000				120,000
Receivables			7,543,495				6,411,884
Accrued income			2,277,963				1,779,310
Telex and telephone subscription rights and refundable deposits			805,980				778,986
Domestic exchange settlement debit			273,249				441,992
Other assets			437,085				452,760
Allowance for credit losses			(337,663	)			(213,014	)
Total			11,115,109				9,771,918

(9) Changes in the allowances for credit losses on other financial assets are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			(20,934	)			(22,020	)			(170,060	)			(213,014	)
Transfer to 12-month expected credit losses			(918	)			745				173				—
Transfer to lifetime expected credit losses			232				(272	)			40				—
Transfer to credit-impaired financial assets			328				1,877				(2,205	)			—
Provision of loss allowance			(6,941	)			6,090				(140,939	)			(141,790	)
Charge-off			—				—				32,557				32,557
Disposal			—				—				1,343				1,343
Others			1,220				(63	)			215				1,372
Business combination-related changes			(242	)			(13	)			(17,876	)			(18,131	)
Ending balance			(27,255	)			(13,656	)			(296,752	)			(337,663	)

		For the year ended December 31, 2024
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			(9,019	)			(17,062	)			(130,199	)			(156,280	)
Transfer to 12-month expected credit losses			(557	)			493				64				—
Transfer to lifetime expected credit losses			372				(429	)			57				—
Transfer to credit-impaired financial assets			1,202				5,355				(6,557	)			—
Provision of loss allowance			(7,662	)			(10,372	)			(31,336	)			(49,370	)
Charge-off			1,224				—				5,275				6,499
Disposal			—				4				2,538				2,542
Others			(6,494	)			(9	)			(9,902	)			(16,405	)
Ending balance			(20,934	)			(22,020	)			(170,060	)			(213,014	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(10) Changes in the gross carrying amount of other financial assets are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			9,435,449				99,254				450,229				9,984,932
Transfer to 12-month expected credit losses			17,359				(17,181	)			(178	)			—
Transfer to lifetime expected credit losses			(24,982	)			25,043				(61	)			—
Transfer to credit-impaired financial assets			(8,048	)			(10,864	)			18,912				—
Charge-off			—				—				(32,557	)			(32,557	)
Disposal			—				—				(1,493	)			(1,493	)
Net increase (decrease)			850,003				(18,324	)			142,106				973,785
Changes due to business combinations			505,221				420				22,464				528,105
Ending balance			10,775,002				78,348				599,422				11,452,772

		For the year ended December 31, 2024
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			12,510,625				111,898				154,153				12,776,676
Transfer to 12-month expected credit losses			22,084				(19,273	)			(2,811	)			—
Transfer to lifetime expected credit losses			(38,819	)			38,881				(62	)			—
Transfer to credit-impaired financial assets			(12,265	)			(15,695	)			27,960				—
Charge-off			(1,224	)			—				(5,275	)			(6,499	)
Disposal			—				(7	)			(3,034	)			(3,041	)
Net increase (decrease)			(3,048,051	)			(16,550	)			279,298				(2,785,303	)
Changes due to business combinations			3,099				—				—				3,099
Ending balance			9,435,449				99,254				450,229				9,984,932

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

12. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

(1) The fair value hierarchy

The fair value hierarchy for financial instruments is determined by the amount of observable market data. The specific financial instruments characteristics and market condition such as the existence of the transactions among market participants and transparency are reflected to the market observable inputs. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities. The Group maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value of its financial assets and financial liabilities. Fair value is measured based on the perspective of a market participant. As such, even when market assumptions are not readily available, the Group’s own assumptions reflect those that market participants would use for measuring the assets or liabilities at the measurement date.

The fair value measurement is described in one of the following three levels used to classify fair value measurements:

• Level 1 - fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. The types of financial assets or liabilities generally included in Level 1 are publicly traded equity securities, derivatives, and debt securities issued by governmental bodies.

• Level 2 - fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices). The types of financial assets or liabilities generally included in Level 2 are debt securities not traded in active markets and derivatives traded in OTC but not required significant judgment.

• Level 3 - fair value measurements are those derived from valuation technique that include inputs for the assets or liabilities that are not based on observable market data (unobservable inputs). The types of financial assets or liabilities generally included in Level 3 are non-public securities and derivatives and debt securities of which valuation techniques require significant judgments and subjectivity.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Group’s assessment of the significance of a particular input to a fair value measurement in its entirety requires judgment and consideration of inherent factors of the asset or liability.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(2) Fair value hierarchy of financial assets and liabilities measured at fair value are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Level 1 (*)				Level 2 (*)				Level 3				Total
Financial assets:
Financial assets at FVTPL
Deposits			261,470				—				—				261,470
Debt securities			4,635,643				4,840,091				76,347				9,552,081
Equity securities			1,063,788				—				549,631				1,613,419
Capital contributions			—				12,186				3,073,129				3,085,315
Beneficiary certificates			1,118,879				4,112,983				7,127,621				12,359,483
Loans			—				901,831				224,615				1,126,446
Derivative assets			—				5,773,283				920				5,774,203
Other financial assets in foreign currency			—				1,898				83,949				85,847
Others			—				146,475				240,736				387,211
Sub-total			7,079,780				15,788,747				11,376,948				34,245,475
Financial assets at FVTOCI
Debt securities			29,820,964				52,240,432				—				82,061,396
Equity securities			363,401				—				1,064,484				1,427,885
Loans			—				—				10,241				10,241
Sub-total			30,184,365				52,240,432				1,074,725				83,499,522
Derivative assets (designated for hedging)			—				217,180				—				217,180
Total			37,264,145				68,246,359				12,451,673				117,962,177
Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers			263,251				—				—				263,251
Derivative liabilities			—				5,129,428				236				5,129,664
Securities sold			496,518				—				—				496,518
Sub-total			759,769				5,129,428				236				5,889,433
Financial instruments designated to be measured at FVTPL
Deposits due to customers			—				467,501				—				467,501
Derivative liabilities (designated for hedging)			—				615,361				—				615,361
Total			759,769				6,212,290				236				6,972,295

(*) There were no transfers between Level 1 and Level 2 of financial assets and liabilities measured at fair value. The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		December 31, 2024
		Level 1 (*)				Level 2 (*)				Level 3				Total
Financial assets:
Financial assets at FVTPL
Deposits			73,951				—				—				73,951
Debt securities			4,304,048				2,489,883				7,357				6,801,288
Equity securities			22,414				—				398,899				421,313
Capital contributions			—				4,185				2,853,513				2,857,698
Beneficiary certificates			156,898				2,301,044				2,105,160				4,563,102
Loans			—				69,401				34,776				104,177
Derivative assets			—				10,093,344				1,188				10,094,532
Other financial assets in foreign currency			—				—				48,345				48,345
Others			—				—				238,266				238,266
Sub-total			4,557,311				14,957,857				5,687,504				25,202,672
Financial assets at FVTOCI
Debt securities			14,117,592				28,805,079				—				42,922,671
Equity securities			315,640				—				559,434				875,074
Sub-total			14,433,232				28,805,079				559,434				43,797,745
Derivative assets (designated for hedging)			—				175,191				—				175,191
Total			18,990,543				43,938,127				6,246,938				69,175,608
Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers			74,205				—				—				74,205
Derivative liabilities			—				9,090,696				1,402				9,092,098
Securities sold			182,478				—				—				182,478
Sub-total			256,683				9,090,696				1,402				9,348,781
Financial instruments designated to be measured at FVTPL
Deposits due to customers			—				547,816				—				547,816
Derivative liabilities (designated for hedging)			—				102,815				—				102,815
Total			256,683				9,741,327				1,402				9,999,412

(*) There were no transfers between Level 1 and Level 2 of financial assets and liabilities measured at fair value. The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

Financial assets and liabilities at FVTPL, financial liabilities at FVTPL designated as upon initial recognition, financial assets at FVTOCI, and derivative assets and liabilities are recognized at fair value. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Financial instruments are measured at fair value using a quoted market price in active markets. If there is no active market for a financial instrument, the Group determines the fair value using valuation methods. Valuation methods and input variables for each type of financial instrument are as follows:

1) Valuation methods and input variables for each type of financial instrument classified into level 2 as of December 31, 2025 and 2024 are as follows:

		Valuation methods		Input variables
Debt securities		Fair value is measured by discounting the future cash flows of debt securities applying the risk-free market rate with credit spread, Monte-Carlo Simulation, and Hull-White model.		Risk-free market rate, credit spread, risk-free rate, credit spread, matrix method yield to maturity, effective credit grade, company-specific risk spread, weighted average expected maturity of MBS with consideration for prepayment, exchange rate, and stock price
Stocks, capital contributions and beneficiary certificates		Fair value is measured by using the net asset value method, DCF, FCFE (Free Cash Flow to Equity Mode), Comparable Company Analysis, Dividend Discount Model, Risk-adjusted Rate of Return Method, LSMC (Least-Squares Monte Carlo), and Hull-White model.		Values of underlying assets such as bond, risk-free market rate, market risk premium, corporate beta, discount rate based on credit rating, volatility of stock prices, and volatility of interest rates.
Derivatives		Fair value is measured by models such as option model, DCF model and, Implied Forward Rate calculation method etc.		Discount rate, volatility of underlying assets, exchange rate, OIS, KTB, and CDS rates.
Loans		The future cash flows of debt instruments are measured at a discount by applying the market interest rate applied to entities with similar creditworthiness to the debtor.		Risk-free market rate and credit spread
Deposits due to customers		Fair value is measured by Hull-White model.		Swaption Volume etc.

2) Valuation methods and input variables for each type of financial instrument classified into level 3 as of December 31, 2025 and 2024 are as follows:

		Valuation methods		Input variables
Loans		Fair value is measured by using the DCF model (Discounted Cash Flow Model) and risk-adjusted discount rate method (Tsiveriotis-Fernandes), LSMC (Least-Squares Monte Carlo), BDT model, and Hull-White which are generally used in the market considering the price of underlying assets and volatility.		Price of underlying assets, volatility, discount rate, volatility of stock, risk-free market rate, credit spread, interest rate, correlation coefficient
Stocks, capital contributions and beneficiary certificates		Fair value is measured using one or more valuation methodologies—such as the Discounted Cash Flow (DCF) model, Free Cash Flow to Equity (FCFE) model, comparable company analysis, dividend discount model, risk-adjusted discount rate method, net asset value method, LSMC, binomial model, market approach, Hull-White model, or recent (most recent) transaction method—selected as appropriate in consideration of the characteristics of the valuation subject.		Risk-free market return, market risk premium, company beta, stock price, underlying asset volatility, fair value of underlying assets, price of the underlying asset, recent transaction price, discount rate based on credit rating, interest rate volatility, real estate sale price volatility, price-to-book ratio (PBR), price-to-sales ratio (PSR), net asset value, paid-in capital increase amount, issuance information by instrument, matrix-based yield to maturity (YTM), company-specific risk spread, perpetual growth rate, liquidation value change rate and interest rate.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		Valuation methods		Input variables
Debt securities		Future cash flows of the debt securities are measured by discounting them using a market interest rate applicable to companies with credit ratings similar to that of the issuer		Discount rate, perpetual growth rate, and liquidation value change rate
Derivatives		Fair value is measured by models such as option model.		Correlation coefficient, stock price, volatility of underlying assets etc.
Others		The fair value of the underlying asset, after calculating the fair value using the DCF model, etc., considering the price and volatility of the calculated underlying asset, is calculated using the binomial tree, which is commonly used valuation techniques in the market.		Stock price, volatility of underlying assets etc.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Valuation methods of financial assets and liabilities measured at fair value and classified into Level 3 and significant but unobservable inputs are as follows:

						December 31, 2025
		Fair value measurement technique		Type		Significant unobservable inputs		Range		Impact of changes in significant unobservable inputs on fair value measurement
Debt securities		LSMC(Hull-White)				Volatility		23.45%~37.48%		Variation of fair value increases as volatility increases.
Loans		DCF model and others				Discount rate		0.70%~5.26%		Fair value increases as discount rate decreases.
Derivatives		Option valuation model and others		Equity related		Stock prices, Volatility of underlying asset		22.55%		Variation of fair value increases as volatility and stock price increases.
						Discount rate		16.88%		Fair value increases as discount rate decreases.
						Liquidation value		0.00%		Fair value increases as liquidation value increases.
Stocks, capital contributions, and beneficiary certificates		Binomial Tree				Volatility of stock		20.19%~31.51%		Fair value increases as volatility of stock increases
						Stock prices, Volatility of underlying asset		14.91%~34.34%		Variation of fair value increases as volatility of underlying asset and stock price increases.
		DCF model and others				Discount rate		2.77%~19.05%		Fair value increases as discount rate decreases.
						Terminal growth rate		0.00%~1.00%		Fair value increases as terminal growth rate increases.
						Liquidation value		-1.00%~12.41%		Fair value increases as liquidation value increases.
						Interest rate		2.38%~3.42%		Fair value increases as interest rate decreases.
		LMSC(Hull-White)				Volatility		0.56%		Variation of fair value increases as volatility increases.
						Discount rate		3.83% ~ 6.10%		Fair value increases as discount rate decreases.
		Market Value Approach				Stock volatility		27.86%~31.51%		Variation of fair value increases as stock volatility increases.
Others		Binomial Tree and others				Stock prices, Volatility of underlying asset		14.91%~42.44%		Variation of fair value increases as volatility of underlying asset and stock price increases.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

						December 31, 2024
		Fair value measurement technique		Type		Significant unobservable inputs		Range		Impact of changes in significant unobservable inputs on fair value measurement
Debt securities		LSMC(Hull-White)				Volatility		28.09%~88.35%		Variation of fair value increases as volatility increases.
Loans		DCF model				Discount rate		4.17%~5.98%		Fair value increases as discount rate decreases.
Derivatives		Option valuation model and others		Equity related		Correlation coefficient		0.29~0.65		Variation of fair value increases as correlation coefficient increases.
						Stock prices, Volatility of underlying asset		25.71%		Variation of fair value increases as volatility and stock price increases.
						Discount rate		3.94%~19.62%		Fair value increases as discount rate decreases.
						Terminal growth rate		0.00%		Fair value increases as terminal growth rate increases.
Stocks, capital contributions, and beneficiary certificates		Binomial Tree				Stock prices, Volatility of underlying asset		18.76%~36.37%		Variation of fair value increases as volatility of underlying asset and stock price increases.
		DCF model and others				Discount rate		4.76%~19.84%		Fair value increases as discount rate decreases.
						Terminal growth rate		0.00%~1.00%		Fair value increases as terminal growth rate increases.
						Liquidation value		-1.00%~1.00%		Fair value increases as liquidation value increases.
		LMSC(Hull-White)				Volatility of stock		29.30%		Variation of fair value increases as volatility increases.
						Discount rate		6.45%~15.56%		Fair value increases as discount rate decreases.
Others		Binomial Tree				Stock prices, Volatility of underlying asset		18.36%~36.90%		Variation of fair value increases as volatility of underlying asset and stock price increases.

Fair value of financial assets and liabilities classified into Level 3 is measured by the Group using its own valuation methods or using external specialists. Unobservable inputs used in the fair value measurements are produced by the internal system of the Group and the appropriateness of inputs is reviewed regularly.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(3) Changes in financial assets and liabilities measured at fair value classified into Level 3 are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		Beginning balance				Business combination				Net income (loss) (*1)				Other comprehensive income				Purchases/ issuances				Disposals / settlements				Transfer to or out of Level 3 (*2)				Ending balance
Financial assets:
Financial assets at FVTPL
Debt securities			7,357				—				19,786				—				56,562				(7,358	)			—				76,347
Equity securities			398,899				98,457				11,895				—				78,615				(21,274	)			(16,961	)			549,631
Capital contributions			2,853,513				55,160				45,937				—				467,100				(344,275	)			(4,306	)			3,073,129
Beneficiary certificates			2,105,160				4,844,951				50,083				—				204,980				(77,553	)			—				7,127,621
Loans			34,776				205,627				2,869				—				10,302				(28,959	)			—				224,615
Derivative assets			1,188				—				(1,473	)			—				1,349				(144	)			—				920
Other foreign currency financial assets			48,345				—				(117	)			—				35,721				—				—				83,949
Others			238,267				—				9,603				—				12,095				(19,229	)			—				240,736
Sub-total			5,687,505				5,204,195				138,583				—				866,724				(498,792	)			(21,267	)			11,376,948
Financial assets at FVTOCI
Equity securities			559,434				421,450				—				86,683				3,038				(905	)			(5,216	)			1,064,484
Loans			—				—				—				3				348,428				(338,190	)			—				10,241
Sub-total			559,434				421,450				—				86,686				351,466				(339,095	)			(5,216	)			1,074,725
Total			6,246,939				5,625,645				138,583				86,686				1,218,190				(837,887	)			(26,483	)			12,451,673
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities			1,402				—				—				—				236				(1,402	)			—				236
Total			1,402				—				—				—				236				(1,402	)			—				236

(*1) For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent gains that decrease balance. The gain amounts to 70,463 million Won for the year ended December 31, 2025, which is from financial assets and liabilities that the Group holds as at the end of the year.

(*2) The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		December 31, 2024
		Beginning balance				Net income (loss) (*1)				Other comprehensive income				Purchases/ issuances				Disposals / settlements				Transfer to or out of Level 3 (*2)				Ending balance
Financial assets:
Financial assets at FVTPL
Debt securities			4,230				727				—				5,000				(2,600	)			—				7,357
Equity securities			353,279				(3,909	)			—				72,230				(24,648	)			1,947				398,899
Capital contributions			2,459,646				89,418				—				565,396				(254,369	)			(6,578	)			2,853,513
Beneficiary certificates			1,705,965				58,640				—				403,439				(62,632	)			(252	)			2,105,160
Loans			56,002				754				—				326,516				(348,496	)			—				34,776
Derivative assets			129,138				(1,169	)			—				327				(127,108	)			—				1,188
Other foreign currency financial assets			42,408				5,937				—				—				—				—				48,345
Others			183,274				13,336				—				58,813				(17,157	)			—				238,266
Sub-total			4,933,942				163,734				—				1,431,721				(837,010	)			(4,883	)			5,687,504
Financial assets at FVTOCI
Equity securities			548,164				—				10,920				2,841				(5,954	)			3,463				559,434
Loans			—				—				—				202,916				(202,916	)			—				—
Sub-total			548,164				—				10,920				205,757				(208,870	)			3,463				559,434
Total			5,482,106				163,734				10,920				1,637,478				(1,045,880	)			(1,420	)			6,246,938
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities			1,994				1,115				—				—				(1,707	)			—				1,402
Total			1,994				1,115				—				—				(1,707	)			—				1,402

(*1) For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent gains that decrease balance. The gain amounts to 204,822 million Won for the year ended December 31, 2024, which is from financial assets and liabilities that the Group holds as at the end of the year.

(*2) The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(4) Sensitivity analysis results on reasonable fluctuation of the significant unobservable input variables for the fair value of Level 3 financial instruments are as follows.

The sensitivity analysis of the financial instruments has been performed by classifying with favorable and unfavorable changes based on how changes in unobservable assumptions would have effects on the fluctuations of financial instruments’ value. When the fair value of a financial instrument is affected by more than one unobservable assumption, the table below reflects the most favorable or the most unfavorable changes which resulted from varying the assumptions individually. The sensitivity analysis was performed for two types of level 3 financial instruments: (1) interest rate-related derivatives, currency-related derivatives, equity related derivatives, beneficiary certificates and loans of which fair value changes are recognized as net income; (2) equity securities of which fair value changes are recognized as other comprehensive income.

Meanwhile, among the financial instruments that are classified as Level 3 amounting to 12,451,909 million Won and 6,248,340 million Won as of December 31, 2025 and 2024, respectively, equity instruments of 6,234,075 million Won and 5,655,401 million Won whose carrying amount is considered to represent the reasonable approximation of fair value are excluded from the sensitivity analysis.

The sensitivity on fluctuation of input variables by financial instruments as of December 31, 2025 and 2024 is as follows (Unit: Korean Won in millions):

		December 31, 2025
		Net income (loss)								Other comprehensive income (loss)
		Favorable				Unfavorable				Favorable				Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (*1) (*4)			19				(19	)			—				—
Loans (*2)			258				(265	)			—				—
Debt securities (*3)			1,343				(1,360	)			—				—
Equity securities (*2) (*4) (*5)			23,858				(17,454	)			—				—
Beneficiary certificates (*5) (*6)			55,124				(52,986	)			—				—
Others (*4)			2,731				(2,458	)			—				—
Financial assets at FVTOCI
Equity securities (*5)			—				—				50,556				(44,137	)
Total			83,333				(74,542	)			50,556				(44,137	)

(*1) Fair value changes of equity related derivatives assets and liabilities are calculated by increasing or decreasing liquidation value or discount rate, which are major unobservable variables, by 1% each, respectively.

(*2) Fair value changes of equity securities are calculated y increasing or decreasing the correlation between the key unobservable inputs—growth rate (0–1%) and discount rate, or liquidation value (–1–1%) and discount rate.

(*3) Fair value changes of equity securities are calculated by increasing or decreasing stock price volatility, which is major unobservable variables, by 10%.

(*4) Fair value changes of equity securities are calculated by increasing or decreasing stock price (-10%p~10%p) and volatility (-10%p~10%p), which are major unobservable variables.

(*5) Fair value changes of equity securities are calculated by increasing or decreasing discount rate (-1%p~1%p) and growth rate (-1%p~1%p) and or liquidation value (-1%p~1%p), which are major unobservable variables.

(*6) Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of the real estate are calculated by increasing or decreasing liquidation value of real estate which is underlying assets and discount rate by 1%.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		December 31, 2024
		Net income (loss)								Other comprehensive income (loss)
		Favorable				Unfavorable				Favorable				Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (*1)			50				(51	)			—				—
Loans (*2)			155				(152	)			—				—
Debt securities (*3)			469				(435	)			—				—
Equity securities (*2) (*4) (*5)			19,824				(14,380	)			—				—
Beneficiary certificates (*6)			706				(705	)			—				—
Others (*4) (*6)			2,554				(2,402	)			—				—
Financial assets at FVTOCI
Equity securities (*5)(*6)(*7)			—				—				47,087				(32,879	)
Total			23,758				(18,125	)			47,087				(32,879	)
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities (*1)			—				—				—				—
Total			—				—				—				—

(*1) Fair value changes of equity-related derivatives assets and liabilities are calculated by increasing or decreasing correlation or volatility, which are major unobservable variables, by 10% each, respectively.

(*2) Fair value changes are calculated by increasing or decreasing growth rate (0%~1%) and discount rate or liquidation value (-1%~1%), which are major unobservable variables.

(*3) Fair value changes are calculated by increasing or decreasing stock price volatility by 10%, which are major unobservable variables.

(*4) Fair value changes of equity securities are calculated by increasing or decreasing stock price (-10%~10%) and volatility (-10%p~10%p), which are major unobservable variables.

(*5) Fair value changes of equity securities are calculated by increasing or decreasing growth rate (-1%p~1%p) and discount rate (-1%p~1%p) or liquidation value (-1%p~1%p), which are major unobservable variables.

(*6) Even if the sensitivity analysis of the capital contributions and beneficiary certificates among equity securities is not possible in practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of real estate are calculated by increasing or decreasing price fluctuation rate of real estate which are underlying assets and discount rate by 1%p.

(*7) Fair value changes of equity securities are calculated by increasing or decreasing correlation between growth rate and discount rate, which are unobservable variables.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(5) Fair value and carrying amount of financial assets and liabilities that are recorded at amortized cost are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Fair value																Carrying amount
		Level 1				Level 2				Level 3				Total
Financial assets:
Securities at amortized cost			6,900,333				11,750,572				—				18,650,905				18,707,459
Loans and other financial assets at amortized cost			—				9,214,407				405,939,832				415,154,239				412,495,783
Financial liabilities:
Deposits due to customers			—				376,725,914				—				376,725,914				376,580,845
Borrowings			—				33,953,026				184,609				34,137,635				34,183,267
Debentures			—				54,302,059				1,256,084				55,558,143				55,583,392
Investment contract liabilities			—				—				3,433,611				3,433,611				3,433,611
Other financial liabilities (*)			—				36,473,258				932,195				37,405,453				37,576,486

(*) Lease liabilities are excluded as of December 31, 2025.

		December 31, 2024
		Fair value																Carrying amount
		Level 1				Level 2				Level 3				Total
Financial assets:
Securities at amortized cost			3,242,384				15,894,576				9,991				19,146,951				19,203,177
Loans and other financial assets at amortized cost			—				7,149,151				393,995,021				401,144,172				398,471,816
Financial liabilities:
Deposits due to customers			—				367,128,451				—				367,128,451				366,821,156
Borrowings			—				29,622,705				432,561				30,055,266				30,117,031
Debentures			—				48,273,103				—				48,273,103				48,207,103
Other financial liabilities (*)			—				30,201,229				809,007				31,010,236				31,786,960

(*) Lease liabilities are excluded as of December 31, 2024.

The fair values of financial instruments are measured using quoted market price in active markets. In case there is no active market for financial instruments, the Group determines fair value by using valuation methods. Valuation methods and input variables for financial assets and liabilities that are measured at amortized cost are given as follows:

		Valuation methods		Input variables
Securities at amortized cost		The fair value is measured by discounting the projected cash flows of debt securities by applying risk-free market rate with credit spread.		Risk-free market rate and credit spread
Loans and other financial assets at amortized cost		The fair value is measured by discounting the projected cash flows of loan products by applying the market discount rate that has been applied to a proxy company that has similar credit rating to the debtor.		Risk-free market rate, credit spread and prepayment rate
Deposits due to customers, borrowings, debentures and other financial liabilities		The fair value is measured by discounting the projected cash flow of debt products by applying the market discount rate that is reflecting credit rating of the Group or the market discount rate used for similar in products.		Risk-free market rate, credit spread and forward rate
Investment contract liabilities		Since it is difficult to derive reliable expected cash flows, the book value of the reserves calculated in accordance with the Insurance Business Act and the Insurance Supervisory Regulations was used as a proxy for fair value.		—

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(6) Deferred day 1 profits or losses

Changes in deferred day 1 profits or losses are as follows (Unit: Korean Won in millions):

		For the year ended December 31
		2025				2024
Beginning balance			28				7,848
Amounts recognized in losses			(28	)			(7,820	)
Ending balance			—				28

In case some variables to measure fair values of financial instruments are not observable in the market, valuation techniques are utilized to evaluate such financial instruments. Those financial instruments are recorded as the transaction price at the time of acquisition, even though there are difference noted between the transaction price and the fair value. The table above presents the difference yet to be realized as profit or losses as of December 31, 2025 and 2024.

(7) Financial instruments by category

Carrying amounts of financial assets and liabilities by each category are as follows (Unit: Korean Won in millions):

		December 31, 2025
Financial assets		Financial assets at FVTPL				Financial assets at FVTOCI				Financial assets at amortized cost				Derivatives assets (designated for hedging)				Total
Deposits			261,470				—				2,674,644				—				2,936,114
Securities			26,997,640				83,489,281				18,707,459				—				129,194,380
Loans			1,126,446				10,241				398,706,030				—				399,842,717
Derivative assets			5,774,203				—				—				217,180				5,991,383
Other financial assets			85,716				—				11,115,109				—				11,200,825
Total			34,245,475				83,499,522				431,203,242				217,180				549,165,419

		December 31, 2025
Financial liabilities		Financial liabilities at FVTPL				Financial liabilities designated to be measured at FVTPL				Financial liabilities at amortized cost				Derivatives liabilities (designated for hedging)				Total
Deposits due to customers			263,251				467,501				376,580,845				—				377,311,597
Borrowings			496,518				—				34,183,267				—				34,679,785
Debentures			—				—				55,583,392				—				55,583,392
Investment contract liabilities			—				—				3,433,611				—				3,433,611
Derivative liabilities			5,129,664				—				—				615,361				5,745,025
Other financial liabilities (*)			—				—				37,576,486				—				37,576,486
Total			5,889,433				467,501				507,357,601				615,361				514,329,896

(*) Lease liabilities are excluded as of December 31, 2025.

- 123 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		December 31, 2024
Financial assets		Financial assets at FVTPL				Financial assets at FVTOCI				Financial assets at amortized cost				Derivatives assets (designated for hedging)				Total
Deposits			73,951				—				2,630,604				—				2,704,555
Securities			14,879,996				43,797,745				19,203,177				—				77,880,918
Loans			104,177				—				386,069,294				—				386,173,471
Derivative assets			10,094,532				—				—				175,191				10,269,723
Other financial assets			50,016				—				9,771,918				—				9,821,934
Total			25,202,672				43,797,745				417,674,993				175,191				486,850,601

		December 31, 2024
Financial liabilities		Financial liabilities at FVTPL				Financial liabilities designated to be measured at FVTPL				Financial liabilities at amortized cost				Derivatives liabilities (designated for hedging)				Total
Deposits due to customers			74,205				547,816				366,821,156				—				367,443,177
Borrowings			182,478				—				30,117,031				—				30,299,509
Debentures			—				—				48,207,103				—				48,207,103
Derivative liabilities			9,092,098				—				—				102,815				9,194,913
Other financial liabilities (*)			—				—				31,786,960				—				31,786,960
Total			9,348,781				547,816				476,932,250				102,815				486,931,662

(*) Lease liabilities are excluded as of December 31, 2024.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(8) Income or expense from financial instruments by category

Income or expense from financial assets and liabilities by each category during the years ended December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		Interest income (expense)				Fees and commissions income (expense)				Reversal (provision) of credit loss				Gain or loss on transactions and valuation				Dividends, etc.				Total
Financial instruments at FVTPL			303,458				(480	)			—				723,045				455,021				1,481,044
Financial instruments designated to be measured at FVTPL (*)			—				—				—				2,894				—				2,894
Financial assets at FVTOCI			1,866,114				280				(10,190	)			130,620				29,444				2,016,268
Securities at amortized cost			539,933				—				(330	)			—				—				539,603
Loans and other financial assets at amortized cost			18,470,052				44,386				(2,087,384	)			107,667				—				16,534,721
Financial liabilities at amortized cost			(11,382,195	)			1				—				—				—				(11,382,194	)
Net derivatives (designated for hedging)			—				—				—				(449,507	)			—				(449,507	)
Total			9,797,362				44,187				(2,097,904	)			514,719				484,465				8,742,829

(*) The amounts recognized in other comprehensive loss related to financial liabilities designated to be measured at FVTPL are 74 million Won during the year ended December 31, 2025.

		For the year ended December 31, 2024
		Interest income (expense)				Fees and commissions income (expense)				Reversal (provision) of credit loss				Gain or loss on transactions and valuation				Dividends, etc.				Total
Financial instruments at FVTPL			236,793				1,174				—				1,512,430				291,123				2,041,520
Financial instruments designated to be measured at FVTPL (*)			—				—				—				(19,647	)			—				(19,647	)
Financial assets at FVTOCI			1,281,642				951				(8,868	)			96,620				19,198				1,389,543
Securities at amortized cost			643,056				—				3,287				—				—				646,343
Loans and other financial assets at amortized cost			19,851,850				566,911				(1,715,074	)			286,885				—				18,990,572
Financial liabilities at amortized cost			(13,108,310	)			56				—				—				—				(13,108,254	)
Net derivatives (designated for hedging)			—				—				—				128,646				—				128,646
Total			8,905,031				569,092				(1,720,655	)			2,004,934				310,321				10,068,723

(*) The amounts recognized in other comprehensive gain related to financial liabilities designated to be measured at FVTPL are 1,831 million Won during the year ended December 31, 2024.

- 125 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

13. DERECOGNITION AND OFFSET OF FINANCIAL INSTRUMENTS

(1) Derecognition of financial instruments

Transferred financial assets that do not meet the condition of derecognition in their entirety.

1) Bonds sold under repurchase agreements

The financial instruments that were disposed but the Group agreed to repurchase at the fixed amounts at the same time, so that they did not meet the conditions of derecognition, are as follows (Unit: Korean Won in millions):

				December 31, 2025				December 31, 2024
Assets transferred		Financial assets at FVTPL			1,935,048				1,271,304
		Financial assets at FVTOCI			5,053,180				248,394
		Securities at amortized cost			12,145				41,442
		Total			7,000,373				1,561,140
Related liabilities		Bonds sold under repurchase agreements			6,678,468				1,530,767

2) Securities loaned

When the Group loans its securities to outside parties, the legal ownerships of the securities are transferred; however, they should be returned at the end of lending period. Therefore, the Group does not derecognize them from the consolidated financial statements as it owns majority of risks and benefits from the securities continuously, regardless of the transfer of legal ownership. The carrying amount of the securities loaned are as follows (Unit: Korean Won in millions):

December 31, 2025

December 31, 2024

Loaned to

Financial assets at FVTPL

Korean treasury and government bonds, etc.

—

12,361

The Korea Securities Finance Corporation

Financial assets at FVTOCI

Korean treasury and government bonds, etc.

5,573,299

—

Korea Securities Depository and others

Financial assets at FVTOCI

Foreign currency debt securities

101,439

—

Nomura Financial Investment (Korea) Co., Ltd

3) Liquidity of financial assets

As of December 31, 2025 and 2024, the consolidated structured companies issued asset-backed securities with loans and corporate bonds held by the Group as liquid assets, and the Group bear related risks through the purchase agreements or credit contributions. The transaction details of the transfer of the financial instrument are as follows:

				December 31, 2025				December 31, 2024
				Carrying amount (*)				Carrying amount (*)
Assets transferred		Loans at amortized cost			4,194,597				5,205,022
		Asset-backed borrowings			2,187,733				2,153,730
Related liabilities		Asset-backed bonds			1,212,423				1,830,672

(*) The carrying amount is the amount before the allowance for bad debts.

On the other hand, the details of transferred financial assets that have not been removed, such as bonds sold under the repurchase agreement and loan securities, are also described in Note 19. The Group does not have financial instruments that are continuously involved.

- 126 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(2) The offset of financial assets and liabilities

The Group possesses both the uncollected domestic exchange receivables and the unpaid domestic exchange payable, which satisfy offsetting criteria of K-IFRS 1032. Therefore, the total number of uncollected domestic exchange receivables has been offset with a part of unpaid domestic exchange payables, and they have been disclosed in loans at amortized cost and other financial assets and other financial liabilities of the Group’s statements of financial position, respectively.

The Group possesses the derivative assets, derivative liabilities, receivable spot exchange and payable spot exchange that do not satisfy the offsetting criteria of K-IFRS 1032 but provide the Group under the circumstances of the trading party’s default, insolvency or bankruptcy, with the right of offsetting. Items such as cash collateral cannot satisfy the offsetting criteria of K-IFRS 1032, but in accordance with the collateral arrangements and under the circumstances of the trading party’s default, insolvency or bankruptcy, the net amount of derivative assets and derivative liabilities, receivable spot exchange and payable spot exchange can be offset.

The Group has entered into a sale and repurchase agreement and accounted it as a collateralized borrowing. The Group has also entered into a purchase and resale agreement and accounted it as a secured loan. The Group under the repurchase agreements has an offsetting right only upon the counterparty’s default, insolvency or bankruptcy; thus, the repurchase agreements are applied by the TBMA/ISMA Global Master Repurchase Agreement, which does not satisfy the offsetting criteria of K-IFRS 1032. The Group disclosed bonds sold under repurchase agreements as borrowings and bonds purchased under resale agreements as loan at amortized cost and other financial assets. In securities lending transactions, offsetting agreements are similarly executed through analogous arrangements, and the amounts of borrowed securities presented in the consolidated financial statements as of December 31, 2025 and 2024, are 426,221 million Won and 182,478 million Won, respectively. These amounts may be offset against bonds provided as collateral.

As of December 31, 2025 and 2024, the financial instruments to be offset and may be covered by master netting agreements and similar agreements are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Gross amounts of recognized financial assets				Gross amounts of recognized financial assets setoff				Net amounts of consolidated financial assets presented				Related amounts not setoff in the consolidated statement of financial position								Net amounts
														Netting agreements and others				Cash collateral received and others
Financial assets:
Derivative assets (*1)			6,145,354				—				6,145,354				10,260,476				67,406				2,128,320
Receivable spot exchange (*2)			6,310,848				—				6,310,848
Bonds purchased under resale agreements (*2)			13,886,494				—				13,886,494				13,886,494				—				—
Uncollected domestic exchange settlement debits (*2) (*5)			37,879,669				37,606,420				273,249				—				—				273,249
Receivables (*6)			12,938				12,938				—				—				—				—
Total			64,235,303				37,619,358				26,615,945				24,146,970				67,406				2,401,569
Financial liabilities:
Derivative liabilities (*1)			5,806,793				—				5,806,793				10,169,723				406,310				1,545,214
Payable spot exchange (*3)			6,314,454				—				6,314,454
Bonds sold under repurchase agreements (*4)			6,678,468				—				6,678,468				6,678,468				—				—
Unpaid domestic exchange settlement credits (*3) (*5)			49,356,200				37,606,420				11,749,780				—				—				11,749,780
Securities sold (*7)			426,221				—				426,221				426,221				—				—
Accounts payable (*6)			60,443				12,938				47,505				—				—				47,505
Total			68,642,579				37,619,358				31,023,221				17,274,412				406,310				13,342,499

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(*1) The items include derivative assets and liabilities held for trading and designated for hedging.

(*2) The items are included in loan at amortized cost and other financial assets.

(*3) The items are included in other financial liabilities.

(*4) The items are included in borrowings.

(*5) Certain financial assets and liabilities are presented as net amounts.

(*6) Although receivables and payables arising from transactions with exchanges, customers, and other financial institutions were initially recognized on a gross basis, receivables and payables related to exchanges and CCP (Central Counterparty) that arise from transactions involving the same type of instruments meet the offsetting criteria under K-IFRS. Accordingly, such receivables and payables are offset and presented on a net basis in the statement of financial position.

(*7) The items are included in financial liabilities at FVTPL.

		December 31, 2024
		Gross amounts of recognized financial assets				Gross amounts of recognized financial assets setoff				Net amounts of consolidated financial assets presented				Related amounts not set off in the consolidated statement of financial position								Net amounts
														Netting agreements and others				Cash collateral received and others
Financial assets:
Derivative assets (*1)			10,333,766				—				10,333,766				12,149,475				235,654				3,533,764
Receivable spot exchange (*2)			5,585,127				—				5,585,127
Bonds purchased under resale agreements (*2)			10,098,618				—				10,098,618				10,098,618				—				—
Uncollected domestic exchange settlement debits (*2) (*5)			33,375,126				32,933,133				441,993				—				—				441,993
Total			59,392,637				32,933,133				26,459,504				22,248,093				235,654				3,975,757
Financial liabilities:
Derivative liabilities (*1)			9,256,251				—				9,256,251				11,899,555				533,052				2,408,916
Payable spot exchange (*3)			5,585,272				—				5,585,272
Bonds sold under repurchase agreements (*4)			1,530,767				—				1,530,767				1,530,767				—				—
Unpaid domestic exchange settlement credits (*3) (*5)			40,525,606				32,933,133				7,592,473				7,590,328				—				2,145
Total			56,897,896				32,933,133				23,964,763				21,020,650				533,052				2,411,061

(*1) The items include derivative assets and liabilities held for trading and designated for hedging.

(*2) The items are included in loan at amortized cost and other financial assets.

(*3) The items are included in other financial liabilities.

(*4) The items are included in borrowings.

(*5) Certain financial assets and liabilities are presented as net amounts.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

14. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES

(1) Investments in associates accounted for using the equity method of accounting are as follows:

						Percentage of ownership(%)
Joint ventures and associates		Main business				December 31, 2025				December 31, 2024				Location				Financial statements as of
Woori Bank
W Service Networks Co., Ltd. (*1) (*4)			Freight & staffing services				4.9				4.9				Korea				2025-11-30
Korea Credit Bureau Co., Ltd. (*2)			Credit information				9.9				9.9				Korea				2025-12-31
Korea Finance Security Co., Ltd. (*2) (*4)			Security service				15.0				15.0				Korea				2025-11-30
Wongwang Co., Ltd. (*3)			Wholesale and real estate				29.0				29.0				Korea				—
Sejin Construction Co., Ltd. (*3)			Construction				29.6				29.6				Korea				—
ARES-TECH Co., Ltd. (*3)			Electronic component manufacturing				23.4				23.4				Korea				—
Beomgyo.,Ltd. (*3)			Telecommunication equipment retail sales				23.1				23.1				Korea				—
NK Eng Co., Ltd. (*7)			Manufacturing				—				23.1				Korea				—
K BANK Co., Ltd. (*2) (*4)			Finance				12.0				12.0				Korea				2025-11-30
Partner One Value Up I Private Equity Fund			Other financial services				23.3				23.3				Korea				2025-12-31
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership (*3)			Other financial services				20.0				20.0				Korea				2025-12-31
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund			Other financial services				25.0				25.0				Korea				2025-12-31
LOTTE CARD Co., Ltd. (*4)			Credit card and installment financing				20.0				20.0				Korea				2025-09-30
Union Technology Finance Investment Association			Other financial services				29.7				29.7				Korea				2025-12-31
Orient Shipyard Co., Ltd. (*3) (*4)			Manufacture of sections for ships				22.7				22.7				Korea				2025-09-30
Win Mortgage Co.,Ltd. (*1) (*4)			Other financial services				4.5				4.5				Korea				2025-09-30
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs]			Other financial services				100.0				100.0				Korea				2025-12-31
BTS 2nd Private Equity Fund			Other financial services				20.0				20.0				Korea				2025-12-31
STASSETS FUND III			Other financial services				28.3				28.3				Korea				2025-12-31
SF CREDIT PARTNERS, LLC(*2)			Other financial services				10.0				10.0				United States				2025-12-31
Dongwoo C & C Co., Ltd. (*3)			Construction				23.2				23.2				Korea				—
G2 Collection Co., Ltd. (*3)			Wholesale and retail sales				28.9				28.9				Korea				—
Woori Bank (*5)
Japanese Hotel Real Estate Private Equity Fund No.2			Other financial services				19.9				19.9				Korea				2025-12-31
Woori Seoul Beltway Private Special Asset Fund No.1			Trust and collective investment				25.0				25.0				Korea				2025-12-31
Woori Smart General Private Equity Investment Trust 1(bond)			Collective investment business				28.6				28.6				Korea				2025-12-31

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Joint ventures and associates		Main business				December 31, 2025				December 31, 2024				Location				Financial statements as of
Woori Asset Global Partnership Fund No. 5			Collective investment business				57.7				57.7				Korea				2025-12-31
Woori General Private Securities Investment Trust No. 5 (bond)			Collective investment business				28.6				28.6				Korea				2025-12-31
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (bond)			Collective investment business				8.7				9.1				Korea				2025-12-31
Woori General Private Securities Investment Trust No. 6 (bond)			Collective investment business				28.6				28.6				Korea				2025-12-31
Woori General Private Securities Investment Trust No. 7 (bond) (*7)			Collective investment business				—				28.6				Korea				—
Woori General Private Securities Investment Trust No. 8 (bond) (*11)			Collective investment business				28.6				—				Korea				2025-12-31
Woori Smart General Private Equity Investment Trust No.1(bond)			Collective investment business				28.4				28.4				Korea				2025-12-31
Woori Future Energy Private Special Asset Investment Trust(General) No.1			Collective investment business				16.0				16.0				Korea				2025-12-31
Woori Financial Capital Co., Ltd.
WOORI TAERIM 1st Fund			Other financial services				25.6				25.6				Korea				2025-12-31
Portone-Cape Fund No.1 (*7)			Other financial services				—				20.0				Korea				—
Darwin Green Packaging Private Equity Fund			Other financial services				20.4				20.4				Korea				2025-12-31
Koreawide partners 2nd Private Equity Fund			Other financial services				26.7				26.7				Korea				2025-12-31
Woori Investment Securities Co., Ltd.
Lux-Mason Innovation Technology Fund#2 (*11)			Other financial services				23.1				—				Korea				2025-12-31
AIP NMC Venture Fund No.1 (*11)			Other financial services				26.8				—				Korea				2025-12-31
Woori Investment Securities Co., Ltd. (*5)
Woori FirstValue Private Real Estate Fund No.2			Real estate business				12.0				12.0				Korea				2025-12-31
Tongyang Life Insurance Co., Ltd. (*5)
Woori Global Secondary Private Placement Investment Trust No. 2 (*11)			Collective investment business				12.0				—				Korea				2025-12-31
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond) (*11)			Collective investment business				0.7				—				Korea				2025-12-31
ABL Life Insurance Co., Ltd. (*5)
Woori GS West Street Strategic Solutions General Type Private Special Asset Investment Trust No.1 (*11)			Collective investment business				25.0				—				Korea				2025-12-31
Woori PGIF4 General Type Private Special Asset Investment Trust No.1 (*11)			Collective investment business				20.0				—				Korea				2025-12-31
Woori Asset Management Co. Ltd.
Woori Together TDF 2050 (*7) (*11)			Collective investment business				—				—				Korea				—
Woori Together TDF 2045 (*7) (*11)			Collective investment business				—				—				Korea				—
Woori USD Treasury Target Return Bond FoF (*7)			Collective investment business				—				23.9				Korea				—
Woori Private Equity Asset Management Co., Ltd.
Australia Green Energy 1st PEF(*10)			Other financial services				4.0				4.0				Korea				2025-12-31

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

				Percentage of ownership(%)
Joint ventures and associates		Main business		December 31, 2025				December 31, 2024				Location				Financial statements as of
Aarden Woori Apparel 1st Private Equity Fund (*10)		Other financial services			0.5				0.5				Korea				2025-12-31
Woori Dyno 1st Private Equity Fund (*10)		Other financial services			19.6				19.6				Korea				2025-12-31
NH Woori Dino Co-Investment NO.2 Private Equity Fund (*10)		Other financial services			4.8				5.1				Korea				2025-12-31
Woori Financial F&I Co., Ltd.
KCLAVIS NPL Investment Trust NO 1-2		Collective investment business			35.9				35.9				Korea				2025-12-31
Capstone Special Restructuring Private Investment Trust No.4 (*11)		Collective investment business			46.2				—				Korea				2025-12-31
Woori Venture Partners Co., Ltd.
KTB-KORUS FUND (*8)		Asset Management			37.5				37.5				Korea				2025-12-31
KTBN Venture Fund No.8 (*8) (*9)		Asset Management			21.7				21.7				Korea				2025-12-31
KTBN Digital Contents Korea Fund No.9 (*8) (*9)		Asset Management			30.0				30.0				Korea				2025-12-31
KTBN Media Contents Fund (*8) (*9) (*10)		Asset Management			15.0				15.0				Korea				2025-12-31
KTB China Synergy Fund (*8) (*9) (*10)		Asset Management			15.1				15.1				Korea				2025-12-31
NAVER-KTB Audio Contents Fund (*7)(*10)		Asset Management			—				1.0				Korea				—
KTBN Venture Fund No.13 (*8) (*9) (*10)		Asset Management			19.6				19.6				Korea				2025-12-31
KTBN Future Contents Fund (*9) (*10)		Asset Management			13.3				13.3				Korea				2025-12-31
KTBN Venture Fund No.16 (*10)		Asset Management			10.3				10.3				Korea				2025-12-31
KTBN Venture Fund No.18 (*10)		Asset Management			10.1				10.1				Korea				2025-12-31
KB-KTB Technology Venture Fund (*10)		Asset Management			18.2				18.2				Korea				2025-12-31
Woori 2022 Scaleup Venture Fund		Asset Management			20.0				20.0				Korea				2025-12-31
Woori 2022 Start-up Venture Fund		Asset Management			30.1				30.1				Korea				2025-12-31
Woori 2025 Secondary Fund (*11)		Asset Management			20.0				—				Korea				2025-12-31
4KTBN GI Private Equity Fund (*7)		Asset Management			—				5.0				Korea				—
Chirochem		Medical material Manufacturing			28.6				28.6				Korea				2025-12-31
Japanese Hotel Real Estate Private Equity Fund 1
Godo Kaisha Oceanos 1 (*4)(*8)		Other financial services			47.8				47.8				Japan				2025-10-31
Woori ESG Infrastructure Development General Type Private Investment Trust No.1
Ulsan Yeocheon Development Co., Ltd. (*11)		Sewage and wastewater management			50.0				—				Korea				2025-12-31
Woori bank and Woori card Co., Ltd. (*5)
SJCO Co., Ltd. (*3)		Aggregate transportation and wholesale			29.8				29.8				Korea				—
KG Fashion Co., Ltd. (*3)(*4)		Manufacturing			20.8				20.8				Korea				2025-11-30
Kyesan Engineering Co., Ltd. (*3)		Construction			23.3				23.3				Korea				—
Good Software Lap Co., Ltd. (*3)		Service			29.4				29.4				Korea				—
DAEA SNC Co., Ltd. (*3)		Wholesale and retail sales			25.5				25.5				Korea				—
PREXCO Co., Ltd. (*3)		Manufacturing			28.1				28.1				Korea				—
JiWon Plating Co., Ltd. (*3)		Plating			20.8				20.8				Korea				—
Youngdong Sea Food Co., Ltd. (*3)		Processed sea food manufacturing			24.5				24.5				Korea				—
KUM HWA Co., Ltd. (*3)		Telecommunication equipment retail sales			20.1				20.1				Korea				2025-12-31

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

				Percentage of ownership(%)
Joint ventures and associates		Main business		December 31, 2025				December 31, 2024				Location				Financial statements as of
Jinmyung Plus Co., Ltd. (*3)(*4)		Manufacturing			21.3				21.3				Korea				2025-09-30
Rea Company (*3)		Manufacturing			26.1				26.1				Korea				—
ARAM CMC Co.,Ltd. (*3)		Manufacturing			20.1				20.1				Korea				—
MARKET&FARM CO.,LTD. (*3)		Wholesale and commodity brokerage			23.7				23.7				Korea				2025-12-31
SAMJI TEXTILE CO.,LTD. (*3)		Wholesale and commodity brokerage			29.8				29.8				Korea				—
TH International Co., LTD (*3)(*11)		Cosmetics wholesale and general travel services			21.5				—				Korea				—
Woori bank and Woori Financial Capital Co., Ltd. (*5)
JC Assurance No.2 Private Equity Fund(*8)		Other financial services			23.4				23.4				Korea				2025-12-31
HMS-Oriens 1st Fund (*7)		Other financial services			—				22.8				Korea				—
Woori Senior Loan Private Placement Investment Trust No.1 (*7)		Collective investment business			—				21.7				Korea				—
Genesis Eco No.1 Private Equity Fund		Other financial services			29.0				29.0				Korea				2025-12-31
Paratus Woori Material Component Equipment joint venture company		Other financial services			29.9				29.9				Korea				2025-12-31
Midas No. 8 Private Equity Joint Venture Company		Other financial services			28.5				28.5				Korea				2025-12-31
Orchestra Private Equity Fund IV		Other financial services			28.2				28.2				Korea				2025-12-31
Synaptic Green No.1 PEF		Other financial services			21.1				21.1				Korea				2025-12-31
IGEN2022No. 1 Private Equity Fund		Other financial services			24.8				24.8				Korea				2025-12-31
PCC-Woori LP Secondary Fund		Other financial services			38.8				38.9				Korea				2025-12-31
Synaptic Future Growth Private Equity Fund 1		Other financial investment			23.8				23.8				Korea				2025-12-31
Woori bank and Tongyang Life Insurance Co., Ltd. (*5)
VOGO Fund (*3) (*11)		Other financial investment			24.0				—				Korea				—
Woori Productive Financing Education Infrastructure General Private Special Asset Investment Trust No.1 (*11)		Collective investment business			14.6				—				Korea				2025-12-31
Woori Investment Securities Co., Ltd. and Woori Financial Capital Co., Ltd. (*5)
Healthcare Investmetnt Fund (*11)		Other financial investment			28.8				—				Korea				2025-12-31
Woori Asset Management Co., Ltd. and Tongyang Life Insurance Co., Ltd. (*5)
Woorinara Short-Term Bond Securities Investment Trust (Bond) (*11)		Collective investment business			6.8				—				Korea				2025-12-31
ABL Life Insurance Co., Ltd. and Woori Asset Management Co., Ltd. (*5)
Woori Together TDF 2025		Collective investment business			17.2				24.7				Korea				2025-12-31

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Joint ventures and associates		Main business		December 31, 2025				December 31, 2024				Location				Financial statements as of
Woori Together TDF 2030		Collective investment business			17.3				22.2				Korea				2025-12-31
Woori Together TDF 2035		Collective investment business			4.3				22.5				Korea				2025-12-31
Woori Together TDF 2040 (*11)		Collective investment business			20.4				—				Korea				2025-12-31
Woori Investment Securities Co., Ltd. and Woori Asset Management Co., Ltd. (*5)
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2		Collective investment business			4.4				2.3				Korea				2025-12-31
Woori Bank and Woori Private Equity Asset Management Co., Ltd. (*5)
Woori-Q Corporate Restructuring Private Equity Fund (*6)		Trust and collective investment			34.3				34.6				Korea				2025-12-31
Woori Eugene Energy Link Private Equity Fund (*11)		Other financial services			7.9				—				Korea				2025-12-31
Woori NH Co-Growth Private Equity FundI (*11)		Other financial services			20.0				—				Korea				2025-12-31
Woori Bank, ABL Life Insurance Co., Ltd. and Woori Private Equity Asset Management Co., Ltd. (*5)
Woori IMM Green Net Zero Fund (*11)		Other financial services			23.6				—				Korea				2025-12-31
Woori Financial Capital Co., Ltd., Woori Private Equity Asset Management Co., Ltd. (*5)
NH Woori New deal Co-Investment No.1 Private Equity Fund		Other financial services			19.5				19.5				Korea				2025-12-31
Woori Venture Partners Co., Ltd., ABL Life Insurance Co., Ltd. and Woori Asset Management Corp. (*5)
Woori BIG SATISFACTION SHINJONG MMF 3rd		Collective investment business			6.4				2.3				Korea				2025-12-31
Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Securities Co., Ltd. and Woori Private Equity Asset Management Co., Ltd. (*5)
Woori-Shinyoung Growth-Cap Private Equity Fund I		Other financial services			35.0				35.0				Korea				2025-12-31
NH Woori Newdeal Growth Alpha Private Equity Fund 1		Other financial services			33.0				32.9				Korea				2025-12-31
Woori Bank, Woori card Co., Ltd., Woori Investment Securities Co., Ltd. and Woori Asset Management Corp. (*5)
Woori Real Estate Investment No. 1 Limited Liability Company		Collective investment business			19.9				19.9				Korea				2025-12-31

- 133 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(*1) Most of the significant business transactions of associates are with the Group as of December 31, 2025 and 2024.

(*2) The Group can participate in decision-making body and exercise significant influence over financial policies and operational policies decision making of the associates.

(*3) There is no investment balance as of December 31, 2025 and 2024.

(*4) The equity method was applied using the most recent financial statements available from the settlement date because no financial statements were available at the end of the reporting period and the significant transactions or events that occurred between the end of the reporting period of the associate and the end of the reporting period of the subsidiary were duly reflected.

(*5) Two or more subsidiaries may invest or operate to exert significant influence on the decision-making process for activities related to the investee.

(*6) It was classified as an associate due to holding of voting rights according to the initial investment agreement ratio.

(*7) It was excluded from associates in current year.

(*8) It has been liquidating as of December 31, 2025.

(*9) In the event of liquidation, if the distribution payments made or to be made to the cooperative members are less than their contributions, an agreement has been made whereby the shortage will be covered, up to a certain amount within the investment, giving priority to specific shareholders over others.

(*10) The Group classified it as an associate because it has significant influence as a general partner of the investment association.

(*11) It was added to associates in current year.

- 134 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(2) Changes in the carrying value of investments in associates accounted for using the equity method of accounting are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		Acquisition cost				January 1, 2025				Share of profits(losses) and others				Acquisition (*2)				Disposal/ Reclassification				Dividends				Change in capital and others				December 31, 2025
W Service Networks Co., Ltd.			108				204				5				—				—				(5	)			—				204
Korea Credit Bureau Co., Ltd.			3,313				9,001				3,443				—				—				(90	)			—				12,354
Korea Finance Security Co., Ltd.			3,267				3,616				216				—				—				—				—				3,832
K BANK Co., Ltd.			224,657				262,250				11,392				—				—				—				(3,942	)			269,700
Partner One Value Up I Private Equity Fund			5,039				2,123				(113	)			—				—				—				—				2,010
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership			—				2,263				(28	)			—				—				(1,000	)			—				1,235
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund			4,630				4,532				—				98				—				—				—				4,630
LOTTE CARD Co., Ltd.			346,810				575,580				22,967				—				—				(7,743	)			(185	)			590,619
Union Technology Finance Investment Association			13,449				11,770				(2,487	)			—				—				—				—				9,283
Orient Shipyard Co., Ltd. (*1)			—				—				—				—				—				—				—				—
Win Mortgage Co.,Ltd.			23				135				(25	)			—				—				(9	)			—				101
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs]			10,000				10,847				235				—				—				—				—				11,082
BTS 2nd Private Equity Fund			8,766				7,799				(175	)			620				—				—				—				8,244
STASSETS FUND III			13,500				11,178				(239	)			1,500				—				—				—				12,439
SF CREDIT PARTNERS, LLC			15,504				16,000				938				2,445				—				—				(367	)			19,016
Ulsan Yeocheon Development Co., Ltd.			207				—				(6	)			207				—				—				—				201
Japanese Hotel Real Estate Private Equity Fund No.2			3,127				2,805				130				—				(37	)			(153	)			(49	)			2,696
Woori Seoul Beltway Private Special Asset Fund No.1			19,773				16,076				582				3,847				—				(576	)			—				19,929
Woori Smart General Private Equity Investment Trust 1(bond)			40,000				41,783				1,283				—				—				(2,541	)			—				40,525
Woori Asset Global Partnership Fund No. 5			72,366				54,977				395				22,500				(1,871	)			(855	)			—				75,146
Woori General Private Securities Investment Trust No. 5 (bond)			60,000				60,024				(11	)			—				—				—				—				60,013
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (bond)			10,000				10,493				282				—				—				(603	)			—				10,172
Woori General Private Securities Investment Trust No. 6 (bond)			40,000				42,090				1,376				—				—				(2,552	)			—				40,914
Woori General Private Securities Investment Trust No. 7 (bond)			—				41,116				610				—				(41,726	)			—				—				—
Woori General Private Securities Investment Trust No. 8 (bond)			40,000				—				(160	)			40,000				—				—				—				39,840
Woori Smart General Private Equity Investment Trust No.1(bond)			40,000				40,477				1,161				—				—				(1,935	)			—				39,703
Woori Future Energy Private Special Asset Investment Trust(General) No.1			—				—				—				—				—				—				—				—
WOORI TAERIM 1st Fund			1,100				988				—				—				—				—				—				988
Portone-Cape Fund No.1			—				160				41				—				(201	)			—				—				—
Darwin Green Packaging Private Equity Fund			4,000				3,904				(3	)			—				—				—				—				3,901
Koreawide partners 2nd Private Equity Fund			20,000				19,235				(393	)			—				—				—				—				18,842
Lux-Mason Innovation Technology Fund#2			1,500				—				(2	)			1,500				—				—				—				1,498
AIP NMC Venture Fund No.1			2,000				—				(3	)			2,000				—				—				—				1,997
Woori FirstValue Private Real Estate Fund No.2			9,000				567				(355	)			—				—				—				—				212

- 135 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		For the year ended December 31, 2025
		Acquisition cost				January 1, 2025				Share of profits(losses) and others				Acquisition (*2)				Disposal/ Reclassification				Dividends				Change in capital and others				December 31, 2025
Woori Global Secondary Private Placement Investment Trust No. 2			12,031				—				(305	)			12,015				(572	)			(127	)			—				11,011
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond)			30,000				—				(141	)			30,786				—				—				—				30,645
Woori GS West Street Strategic Solutions General Type Private Special Asset Investment Trust No.1			25,393				—				1,624				29,971				(483	)			(1,524	)			—				29,588
Woori PGIF4 General Type Private Special Asset Investment Trust No.1			21,251				—				1,664				23,370				—				(184	)			—				24,850
Woori Together TDF 2050			—				—				(139	)			—				139				—				—				—
Woori Together TDF 2045			—				—				299				—				(299	)			—				—				—
Woori USD Treasury Target Return Bond FoF			—				220				1				—				(221	)			—				—				—
Australia Green Energy 1st PEF			4,913				5,264				181				—				—				—				—				5,445
Aarden Woori Apparel 1st Private Equity Fund			100				95				(2	)			—				—				—				—				93
Woori Dyno 1st Private Equity Fund			2,000				2,849				779				—				—				—				—				3,628
NH Woori Dino Co-Investment NO.2 Private Equity Fund			2,000				1,996				39				200				(200	)			—				—				2,035
KCLAVIS NPL Investment Trust NO 1-2			15,000				15,422				1,724				—				—				—				—				17,146
Capstone Special Restructuring Private Investment Trust No.4			15,000				—				1,192				15,000				—				(1,079	)			—				15,113
KTB-KORUS FUND			—				1,789				(507	)			—				(337	)			(188	)			—				757
KTBN Venture Fund No.8			195				1,529				(500	)			—				—				—				—				1,029
KTBN Digital Contents Korea Fund No.9			7,020				5,006				(2,825	)			—				—				—				—				2,181
KTBN Media Contents Fund			—				154				50				—				—				—				—				204
KTB China Synergy Fund			11,775				18,949				906				—				(625	)			(1,191	)			—				18,039
NAVER-KTB Audio Contents Fund			—				248				—				—				(248	)			—				—				—
KTBN Venture Fund No.13			400				15,659				34,790				—				(4,000	)			(17,209	)			—				29,240
KTBN Future Contents Fund			2,356				4,193				457				—				(1,644	)			—				—				3,006
KTBN Venture Fund No.16			9,000				15,853				6,932				—				(3,200	)			—				—				19,585
KTBN Venture Fund No.18			25,650				25,506				(2,652	)			—				(1,425	)			—				—				21,429
KB-KTB Technology Venture Fund			10,000				9,350				(893	)			—				—				—				—				8,457
Woori 2022 Scaleup Venture Fund			54,824				17,809				722				33,880				—				—				—				52,411
Woori 2022 Start-up Venture Fund			13,100				12,773				(1,121	)			—				—				—				—				11,652
Woori 2025 Secondary Fund			6,188				—				(30	)			6,188				—				(1	)			—				6,157
KTBN GI Private Equity Fund			—				5				(1	)			—				—				(4	)			—				—
Chirochem			250				104				57				—				—				—				—				161
Godo Kaisha Oceanos 1			—				7,347				1,685				—				(9,692	)			(568	)			1,228				—
KG Fashion Co., Ltd. (*1)			—				—				—				—				—				—				—				—
KUM HWA Co., Ltd. (*1)			—				—				—				—				—				—				—				—
Jinmyung Plus Co., Ltd.			—				9				2				—				—				—				—				11
Rea Company (*1)			—				—				—				—				—				—				—				—
MARKET&FARM CO.,LTD. (*1)			—				—				—				—				—				—				—				—
JC Assurance No.2 Private Equity Fund (*1)			29,349				—				—				—				—				—				—				—
HMS-Oriens 1st Fund			—				14,880				—				—				(14,880	)			—				—				—
Woori Senior Loan Private Placement Investment Trust No.1			—				17,517				522				—				(17,591	)			(448	)			—				—
Genesis Eco No.1 Private Equity Fund			12,000				10,847				171				—				—				—				—				11,018
Paratus Woori Material Component Equipment joint venture company			9,335				16,714				(259	)			—				(8,365	)			—				—				8,090

- 136 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		For the year ended December 31, 2025
		Acquisition cost				January 1, 2025				Share of profits(losses) and others				Acquisition (*2)				Disposal/ Reclassification				Dividends				Change in capital and others				December 31, 2025
Midas No. 8 Private Equity Joint Venture Company			18,419				18,207				294				—				—				(530	)			—				17,971
Orchestra Private Equity Fund IV			9,700				9,610				(22	)			—				—				—				—				9,588
Synaptic Green No.1 PEF			8,000				7,499				1,548				—				—				—				—				9,047
IGEN2022No. 1 Private Equity Fund			5,297				7,972				1,891				—				(2,251	)			(1,600	)			—				6,012
PCC-Woori LP Secondary Fund			10,435				8,648				(510	)			—				—				—				—				8,138
Synaptic Future Growth Private Equity Fund 1			7,153				7,685				10				1,819				(1,425	)			—				—				8,089
Woori Productive Financing Education Infrastructure General Private Special Asset Investment Trust No.1			—				—				—				—				—				—				—				—
Healthcare Investmetnt Fund			3,000				—				(59	)			—				3,000				—				—				2,941
Woorinara Short-Term Bond Securities Investment Trust (Bond)			39,821				—				(2,731	)			45,800				(5,591	)			—				2,802				40,280
Woori Together TDF 2025			3,225				3,577				140				2,285				(2,084	)			(52	)			—				3,866
Woori Together TDF 2030			3,863				3,724				272				2,411				(1,303	)			(46	)			—				5,058
Woori Together TDF 2035			1,912				3,448				193				1,059				(2,290	)			(14	)			—				2,396
Woori Together TDF 2040			3,377				—				534				1,078				2,839				(14	)			—				4,437
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2			5,030				4,011				324				1,181				—				—				—				5,516
Woori-Q Corporate Restructuring Private Equity Fund			28,209				34,007				433				—				(1,417	)			—				—				33,023
Woori Eugene Energy Link Private Equity Fund			5,500				—				199				5,500				—				—				—				5,699
Woori NH Co-Growth Private Equity Fund I			5,280				—				909				5,280				—				—				—				6,189
Woori IMM Green Net Zero Fund			9,960				—				410				9,960				—				—				—				10,370
NH Woori New deal Co-Investment No.1 Private Equity Fund			5,000				5,204				(1,512	)			—				—				—				—				3,692
Woori BIG SATISFACTION SHINJONG MMF 3rd			127,182				41,984				68				439,478				(351,141	)			—				—				130,389
Woori-Shinyoung Growth-Cap Private Equity Fund I			10,528				29,696				13,176				—				(6,548	)			—				—				36,324
NH Woori Newdeal Growth Alpha Private Equity Fund 1			60,031				55,539				(6,805	)			15,518				(2,670	)			(180	)			—				61,402
Woori Real Estate Investment No. 1 Limited Liability Company			34,200				33,919				1,355				—				—				—				—				35,274
			1,736,391				1,748,810				95,595				757,496				(478,359	)			(43,021	)			(513	)			2,080,008

(*1) The amount for which no loss was recognized for associates due to discontinuation of the equity method was 1 million Won for Orient Shipyard Co.,Ltd., 30 million Won in KG FASHION CO., LTD., 38 million Won for Market&Farm Co.,Ltd., 6 million Won in JC Assurance No.2 Private Equity Fund and the accumulated amount is 48 million Won for Orient Shipyard Co.,Ltd., 189 million Won in KG FASHION CO., LTD., 118 million Won for Rea Company, 4 million Won for KUM HWA Co., Ltd., 38 million Won for Market&Farm Co.,Ltd., 672 million Won in JC Assurance No.2 Private Equity Fund.

(*2) During the year ended December 31, 2025, the associate company, DAOL EMP Global Asset Allocation private Securities investment trust 1 acquired through a business combination, was sold. The carrying amount at the time of acquisition was 28,521 million Won.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		For the year ended December 31, 2024
		Acquisition cost				January 1, 2024				Share of profits(losses) and others				Acquisition				Disposal/ Reclassification				Dividends				Change in capital and others				December 31, 2024
W Service Networks Co., Ltd.			108				216				(7	)			—				—				(5	)			—				204
Korea Credit Bureau Co., Ltd.			3,313				6,433				2,658				—				—				(90	)			—				9,001
Korea Finance Security Co., Ltd.			3,267				3,285				331				—				—				—				—				3,616
K BANK Co., Ltd.			224,657				260,052				13,747				—				(13,029	)			—				1,480				262,250
Partner One Value Up I Private Equity Fund			5,039				3,230				(1,107	)			—				—				—				—				2,123
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership			—				8,247				(784	)			—				(4,356	)			(844	)			—				2,263
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund			4,532				4,437				—				95				—				—				—				4,532
LOTTE CARD Co.,Ltd.			346,810				587,392				17,861				—				—				(15,591	)			(14,082	)			575,580
Union Technology Finance Investment Association			13,449				12,270				(500	)			—				—				—				—				11,770
Dicustody Co., Ltd.			—				1				—				—				(1	)			—				—				—
Orient Shipyard Co., Ltd.(*)			—				—				—				—				—				—				—				—
Joongang Network Solution Co.,Ltd.			—				88				100				—				(101	)			—				(87	)			—
Win Mortgage Co.,Ltd.			23				105				32				—				—				(2	)			—				135
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs]			10,000				10,540				307				—				—				—				—				10,847
BTS 2nd Private Equity Fund			8,146				4,838				41				2,920				—				—				—				7,799
STASSETS FUND III			12,000				8,406				(228	)			3,000				—				—				—				11,178
SF CREDIT PARTNERS, LLC			13,059				12,845				1,326				—				—				—				1,829				16,000
Japanese Hotel Real Estate Private Equity Fund No.2			3,168				2,688				226				—				(5	)			(176	)			72				2,805
Woori Seoul Beltway Private Special Asset Fund No.1			15,926				12,590				558				3,487				—				(559	)			—				16,076
Woori General Private Securities Investment Trust(Bond) No.1			—				51,686				586				—				(50,102	)			(2,170	)			—				—
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F			—				105,564				1,864				50,000				(153,226	)			(4,202	)			—				—
Woori Safe Plus General Type Private Investment Trust S-8(Bond)			—				10,330				102				—				(10,003	)			(429	)			—				—
Woori General Private Securities Investment Trust(Bond) No.2			—				30,829				370				—				(31,199	)			—				—				—
Woori Smart General Private Equity Investment Trust 1(bond)			40,000				41,135				2,443				—				—				(1,795	)			—				41,783
Woori General Private Securities Investment Trust(Bond) No.3			—				51,205				625				—				(51,830	)			—				—				—
Woori Asset Global Partnership Fund No.5			52,500				22,071				2,906				30,000				—				—				—				54,977
WOORI TAERIM 1st Fund			1,100				988				—				—				—				—				—				988
Portone-Cape Fund No.1			340				445				(285	)			—				—				—				—				160
DeepDive WOORI 2021-1 Financial Investment Fund			—				1,236				(543	)			—				(226	)			(467	)			—				—
Darwin Green Packaging Private Equity Fund			4,000				3,957				(53	)			—				—				—				—				3,904
Koreawide partners 2nd Private Equity Fund			20,000				19,235				—				—				—				—				—				19,235
Woori FirstValue Private Real Estate Fund No.2			9,000				560				7				—				—				—				—				567
Woori Real Infrastructure Blind General Type Private Placement Investment Trust			—				55				—				—				(55	)			—				—				—
Woori Together TDF 2025			3,000				—				332				—				3,245				—				—				3,577
Woori Together TDF 2030			3,000				3,324				400				—				—				—				—				3,724
Woori Together OCIO Target Return Feeder fund (Balance Bond)			—				10,376				—				—				(10,376	)			—				—				—
Woori USD Treasury Target Return Bond FoF			200				—				1				—				219				—				—				220

- 138 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		For the year ended December 31, 2024
		Acquisition cost				January 1, 2024				Share of profits(losses) and others				Acquisition				Disposal/ Reclassification				Dividends				Change in capital and others				December 31, 2024
Woori Together TDF 2035			3,000				—				42				—				3,406				—				—				3,448
Australia Green Energy 1st PEF			4,913				4,811				453				—				—				—				—				5,264
Aarden Woori Apparel 1st Private Equity Fund			100				133				(38	)			—				—				—				—				95
Woori Dyno 1st Private Equity Fund			2,000				2,358				491				—				—				—				—				2,849
NH Woori Dino Co-Investment NO.2 Private Equity Fund			2,000				—				(4	)			2,000				—				—				—				1,996
KTB-KORUS FUND			337				3,359				(1,149	)			—				—				(421	)			—				1,789
KTB China Platform Fund			—				16,059				(2,164	)			—				—				(13,895	)			—				—
KTBN Venture Fund No.7			—				16,044				(2,641	)			—				—				(13,403	)			—				—
KTBN Venture Fund No.8			195				2,511				(413	)			—				—				(569	)			—				1,529
KTBN Digital Contents Korea Fund No.9			7,020				5,597				(591	)			—				—				—				—				5,006
KTBN Media Contents Fund			—				283				(129	)			—				—				—				—				154
KTB China Synergy Fund			12,400				20,405				1,840				—				—				(3,296	)			—				18,949
NAVER-KTB Audio Contents Fund			300				288				(40	)			—				—				—				—				248
KTBN Venture Fund No.13			4,400				14,158				5,302				—				—				(3,801	)			—				15,659
KTBN Future Contents Fund			4,000				4,561				(368	)			—				—				—				—				4,193
KTBN Venture Fund No.16			12,200				18,561				1,492				—				—				(4,200	)			—				15,853
KTBN Venture Fund No.18			27,075				26,970				(39	)			—				—				(1,425	)			—				25,506
KB-KTB Technology Venture Fund			10,000				7,600				(250	)			2,000				—				—				—				9,350
WOORI 2022 Scaleup Venture Fund			20,944				13,578				(2,545	)			6,776				—				—				—				17,809
WOORI 2022 Start-up Venture Fund			13,100				2,433				(140	)			10,480				—				—				—				12,773
KTB-NHN China Private Equity Fund			—				3				(1	)			—				—				(2	)			—				—
KTBN GI Private Equity Fund			—				617				143				—				—				(718	)			(37	)			5
Chirochem			250				102				2				—				—				—				—				104
Daishin Balance No.18 Special Purpose Acquisition Company			—				—				—				—				—				—				—				—
Godo Kaisha Oceanos 1			10,800				7,978				63				—				—				(622	)			(72	)			7,347
Woori Zip 1			—				7,629				(57	)			—				(7,655	)			—				83				—
Woori Zip 2			—				10,695				(9	)			—				(10,814	)			—				128				—
KG Fashion Co., Ltd.(*)			—				—				—				—				—				—				—				—
KUM HWA Co., Ltd. (*)			—				—				—				—				—				—				—				—
Jinmyung Plus Co., Ltd.			—				14				(5	)			—				—				—				—				9
JC Assurance No.2 Private Equity Fund (*)			29,349				—				—				—				—				—				—				—
Dream Company Growth no.1 PEF			—				7,809				—				—				(7,552	)			(257	)			—				—
HMS-Oriens 1st Fund			12,000				14,030				850				—				—				—				—				14,880
Woori Senior Loan Private Placement Investment Trust No.1			17,595				75,590				1,966				—				(57,785	)			(2,254	)			—				17,517
Genesis Eco No.1 Private Equity Fund			12,000				10,942				(95	)			—				—				—				—				10,847
Paratus Woori Material Component Equipment joint venture company			17,700				16,979				(265	)			—				—				—				—				16,714
Midas No. 8 Private Equity Joint Venture Company			18,419				18,465				272				—				—				(530	)			—				18,207
Orchestra Private Equity Fund IV			9,700				9,555				55				—				—				—				—				9,610
Synaptic Green No.1 PEF			8,000				7,611				(112	)			—				—				—				—				7,499
IGEN2022No. 1 Private Equity Fund			7,422				7,983				140				—				—				(151	)			—				7,972
PCC-Woori LP Secondary Fund			10,435				10,530				(1,882	)			—				—				—				—				8,648
Synaptic Future Growth Private Equity Fund 1			6,760				7,069				4,848				2,262				(2,627	)			(3,867	)			—				7,685
Woori-Q Corporate Restructuring Private Equity Fund			29,627				20,283				1,539				12,185				—				—				—				34,007
Woori-Shinyoung Growth-Cap Private Equity Fund I			16,806				33,481				(3,589	)			—				—				(196	)			—				29,696

- 139 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		For the year ended December 31, 2024
		Acquisition cost				January 1, 2024				Share of profits(losses) and others				Acquisition				Disposal/ Reclassification				Dividends				Change in capital and others				December 31, 2024
NH Woori Newdeal Growth Alpha Private Equity Fund 1			49,289				32,987				18,151				21,636				(5,925	)			(11,310	)			—				55,539
Woori Real Estate Investment No. 1 Limited Liability Company			34,200				—				(281	)			34,200				—				—				—				33,919
Woori BIG2 Plus Securities Investment Trust (Balanced Bond)			—				2,543				(276	)			1,000				(3,197	)			(70	)			—				—
Woori Short Term Government and Special Bank Bond Active ETF			—				12,286				118				—				(12,404	)			—				—				—
Woori 25-09 Corporate Bond(AA- or higher) Active ETF			—				29,821				1,148				—				(30,969	)			—				—				—
Woori General Private Securities Investment Trust No. 5 (Bond)			60,000				—				3,099				60,000				—				(3,075	)			—				60,024
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (Bond)			10,000				—				493				10,000				—				—				—				10,493
Woori General Private Securities Investment Trust No. 6 (Bond)			40,000				—				2,090				40,000				—				—				—				42,090
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond)			—				—				2,261				500,000				(502,261	)			—				—				—
Woorinara New Growth TOP 20 Securities Investment Trust No. 1 (Stocks)			—				—				31				1,000				(1,031	)			—				—				—
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2			3,849				—				215				2,356				1,443				(3	)			—				4,011
Woorinara Short-Term Bond Securities Investment Trust (Bond)			—				—				339				50,000				(50,339	)			—				—				—
Woori General Private Securities Investment Trust No. 7 (Bond)			40,000				—				1,116				40,000				—				—				—				41,116
Woori Smart General Private Equity Investment Trust No.1(bond)			40,000				—				477				40,000				—				—				—				40,477
Woori Future Energy Private Special Asset Investment Trust(General) No.1			—				—				—				—				—				—				—				—
Woori BIG SATISFACTION SHINJONG MMF 3RD			39,002				—				317				34,083				7,584				—				—				41,984
NH Woori New deal Co-Investment No.1 Private Equity Fund			5,000				—				204				5,000				—				—				—				5,204
KCLAVIS NPL Investment Trust NO 1-2			15,000				—				422				15,000				—				—				—				15,422
			1,463,824				1,795,370				76,212				979,480				(1,001,171	)			(90,395	)			(10,686	)			1,748,810

(*) The amount for which no loss was recognized for associates due to discontinuation of the equity method was 19 million Won for Orient Shipyard Co.,Ltd., 39 million Won in KG FASHION CO., LTD., 295 million Won in JC Assurance No.2 Private Equity Fund and the accumulated amount is 4 million Won for KUM HWA Co., Ltd., 47 million Won for Orient Shipyard Co.,Ltd., 159 million Won in KG FASHION CO., LTD., 666 million Won in JC Assurance No.2 Private Equity Fund.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(3) Summary financial information relating to investments in associates accounted for using the equity method of accounting is as follows (Unit: Korean Won in millions):

		December 31, 2025
		Assets				Liabilities				Operating revenue				Net income (loss)				Other comprehensive income (loss)				Total comprehensive income (loss)
W Service Networks Co., Ltd.			7,423				3,301				15,306				754				—				754
Korea Credit Bureau Co., Ltd.			160,778				38,645				202,976				36,559				—				36,559
Korea Finance Security Co., Ltd.			40,856				15,307				44,434				1,813				—				1,813
K BANK Co., Ltd.			32,826,189				30,643,202				1,133,400				88,207				(30,073	)			58,134
Partner One Value Up I Private Equity Fund			9,420				775				(984	)			(1,070	)			—				(1,070	)
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership			6,212				38				2				(127	)			—				(127	)
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund			15,747				100				1				(388	)			—				(388	)
LOTTE CARD Co., Ltd. (*)			24,614,346				21,040,011				2,235,400				108,426				(1,957	)			106,469
Union Technology Finance Investment Association			31,762				509				2,015				1,483				—				1,483
Orient Shipyard Co., Ltd.			7,020				23,626				—				(4	)			—				(4	)
Win Mortgage Co., Ltd.			4,804				2,562				11,881				139				—				139
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs]			11,084				1				241				235				—				235
BTS 2nd Private Equity Fund			41,452				234				1				(881	)			—				(881	)
STASSETS FUND III			44,196				245				60				(842	)			—				(842	)
SF CREDIT PARTNERS, LLC			333,410				148,541				21,326				11,068				(3,670	)			7,398
Japanese Hotel Real Estate Private Equity Fund No.2			13,583				12				767				687				—				687
Woori Seoul Beltway Private Special Asset Fund No.1			79,720				3				2,408				2,329				—				2,329
Woori Smart General Private Equity Investment Trust 1(bond)			275,994				134,157				8,651				4,492				—				4,492
Woori Asset Global Partnership Fund No. 5			130,542				289				1,808				676				—				676
Woori General Private Securities Investment Trust No. 5 (bond)			572,918				362,873				14,934				6,917				—				6,917
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (bond)			187,002				69,920				4,563				3,190				—				3,190
Woori General Private Securities Investment Trust No. 6 (bond)			401,132				257,935				11,883				4,814				—				4,814
Woori General Private Securities Investment Trust No. 8 (bond)			393,187				253,745				1,628				(559	)			—				(559	)
Woori Smart General Private Equity Investment Trust No.1(bond)			329,495				189,741				8,023				4,056				—				4,056
Woori Future Energy Private Special Asset Investment Trust(General) No.1			—				—				—				—				—				—
WOORI TAERIM 1st Fund			4,045				183				—				—				—				—
Darwin Green Packaging Private Equity Fund			19,116				1				—				(12	)			—				(12	)
Koreawide partners 2nd Private Equity Fund			75,012				4,354				70				26				—				26
Lux-Mason Innovation Technology Fund#2			6,490				—				—				(10	)			—				(10	)
AIP NMC Venture Fund No.1			7,439				1				—				(12	)			—				(12	)
Woori FirstValue Private Real Estate Fund No.2			64,111				62,357				32				30				—				30
Woori Global Secondary Private Placement Investment Trust No. 2			92,123				72				(1,432	)			(1,685	)			—				(1,685	)
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond)			4,195,731				43				166,998				166,295				—				166,295
Woori GS West Street Strategic Solutions General Type Private Special Asset Investment Trust No.1			118,372				20				10,638				10,335				—				10,335
Woori PGIF4 General Type Private Special Asset Investment Trust No.1			124,356				107				11,773				11,494				—				11,494
Australia Green Energy 1st PEF			137,459				24				6,346				4,650				—				4,650

- 141 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		December 31, 2025
		Assets				Liabilities				Operating revenue				Net income (loss)				Other comprehensive income (loss)				Total comprehensive income (loss)
Aarden Woori Apparel 1st Private Equity Fund			20,049				389				—				(333	)			—				(333	)
Woori Dyno 1st Private Equity Fund			18,547				44				4,177				4,010				—				4,010
NH Woori Dino Co-Investment NO.2 Private Equity Fund			42,847				83				1,211				837				—				837
KCLAVIS NPL Investment Trust NO 1-2			47,869				89				4,803				4,803				—				4,803
Capstone Special Restructuring Private Investment Trust No.4			33,010				265				1,477				1,444				—				1,444
KTB-KORUS FUND			2,018				—				2,663				(1,352	)			—				(1,352	)
KTBN Venture Fund No.8			4,734				—				239				(2,298	)			—				(2,298	)
KTBN Digital Contents Korea Fund No.9			8,972				1,701				430				(9,416	)			—				(9,416	)
KTBN Media Contents Fund			1,361				—				331				331				—				331
KTB China Synergy Fund			119,890				110				15,997				6,022				—				6,022
KTBN Venture Fund No.13			152,276				3,150				279,837				177,428				—				177,428
KTBN Future Contents Fund			25,733				3,187				9,193				3,428				—				3,428
KTBN Venture Fund No.16			192,364				1,407				113,770				67,592				—				67,592
KTBN Venture Fund No.18			213,746				2,465				29,252				(26,148	)			—				(26,148	)
KB-KTB Technology Venture Fund			47,314				802				5,863				(4,911	)			—				(4,911	)
Woori 2022 Scaleup Venture Fund			263,756				2,040				12,281				3,606				—				3,606
Woori 2022 Start-up Venture Fund			38,724				33				1,596				(3,723	)			—				(3,723	)
Woori 2025 Secondary Fund			30,789				4				13				(151	)			—				(151	)
Chirochem			755				191				2,907				198				—				198
Godo Kaisha Oceanos 1			—				—				12,197				7,855				—				7,855
Ulsan Yeocheon Development Co., Ltd.			1,439				1,036				—				(12	)			—				(12	)
KG Fashion Co., Ltd.			2,114				2,906				377				(122	)			—				(122	)
KUM HWA Co., Ltd.			4				167				—				—				—				—
Jinmyung Plus Co., Ltd.			494				447				131				(25	)			—				(25	)
MARKET&FARM CO., LTD.			779				883				—				(160	)			—				(160	)
JC Assurance No.2 Private Equity Fund			—				—				—				(26	)			—				(26	)
Genesis Eco No.1 Private Equity Fund			38,639				626				—				(18	)			—				(18	)
Paratus Woori Material Component Equipment joint venture company			27,487				427				2				(865	)			—				(865	)
Midas No. 8 Private Equity Joint Venture Company			63,221				132				1,881				1,037				—				1,037
Orchestra Private Equity Fund IV			34,038				—				431				(75	)			—				(75	)
Synaptic Green No.1 PEF			43,321				350				8,058				7,354				—				7,354
IGEN2022No. 1 Private Equity Fund			24,307				110				15,694				7,102				—				7,102
PCC-Woori LP Secondary Fund			21,317				522				2,438				(1,473	)			—				(1,473	)
Synaptic Future Growth Private Equity Fund 1			34,217				174				1,993				1,240				—				1,240
Woori Productive Financing Education Infrastructure General Private Special Asset Investment Trust No.1			—				—				—				—				—				—
Healthcare Investmetnt Fund			10,197				—				—				(108	)			—				(108	)
Woorinara Short-Term Bond Securities Investment Trust (Bond)			740,791				143,928				37,816				33,597				—				33,597

- 142 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		December 31, 2025
		Assets				Liabilities				Operating revenue				Net income (loss)				Other comprehensive income (loss)				Total comprehensive income (loss)
Woori Together TDF 2025			22,797				274				1,479				1,407				—				1,407
Woori Together TDF 2030			29,913				707				2,276				2,206				—				2,206
Woori Together TDF 2035			56,640				1,169				4,247				4,168				—				4,168
Woori Together TDF 2040			22,168				204				1,978				1,938				—				1,938
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2			124,718				—				10,377				10,367				—				10,367
Woori-Q Corporate Restructuring Private Equity Fund			98,251				324				2,628				1,293				—				1,293
Woori Eugene Energy Link Private Equity Fund			72,784				253				5,225				2,824				—				2,824
Woori NH Co-Growth Private Equity Fund I			32,137				1,190				5,837				4,547				—				4,547
Woori IMM Green Net Zero Fund			43,987				68				2,160				1,735				—				1,735
NH Woori New deal Co-Investment No.1 Private Equity Fund			19,341				362				389				(10,146	)			—				(10,146	)
Woori BIG SATISFACTION SHINJONG MMF 3rd			2,046,389				19				88,476				88,232				—				88,232
Woori-Shinyoung Growth-Cap Private Equity Fund I			103,810				1,077				37,506				36,345				—				36,345
NH Woori Newdeal Growth Alpha Private Equity Fund 1			182,355				2,013				(10,792	)			(12,911	)			—				(12,911	)
Woori Real Estate Investment No. 1 Limited Liability Company			413,355				235,746				22,668				6,821				—				6,821

(*) The amount is after reflecting the fair value adjustment that occurred when acquiring the shares and the adjustments that occurred by difference of accounting policies with the Group.

		December 31, 2024
		Assets				Liabilities				Operating revenue				Net income (loss)				Other comprehensive income (loss)				Total comprehensive income (loss)
W Service Networks Co., Ltd.			6,621				2,475				16,788				738				—				738
Korea Credit Bureau Co., Ltd.			150,657				62,343				175,338				26,589				—				26,589
Korea Finance Security Co., Ltd.			36,797				12,692				42,640				1,695				—				1,695
K BANK Co., Ltd.			29,314,529				27,293,765				1,043,436				149,922				3,695				153,617
Partner One Value Up I Private Equity Fund			9,810				682				(4,358	)			(4,758	)			—				(4,758	)
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership			11,474				165				(3,108	)			(3,887	)			—				(3,887	)
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund			15,745				100				1				(388	)			—				(388	)
LOTTE CARD Co., Ltd. (*)			24,416,416				20,937,932				2,103,130				100,468				(20,494	)			79,974
Union Technology Finance Investment Association			40,269				641				19				(646	)			—				(646	)
Orient Shipyard Co., Ltd.			7,025				23,626				—				(76	)			—				(76	)
Win Mortgage Co., Ltd.			6,053				3,073				16,435				1,044				—				1,044
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs]			10,849				1				306				300				—				300
BTS 2nd Private Equity Fund			39,431				432				628				(468	)			—				(468	)
STASSETS FUND III			39,694				197				40				(802	)			—				(802	)
SF CREDIT PARTNERS, LLC			185,463				30,752				35,820				14,319				18,291				32,610
ARAM CMC Co.,Ltd.			541				453				717				(31	)			—				(31	)
Japanese Hotel Real Estate Private Equity Fund No.2			14,135				13				1,246				1,129				—				1,129
Woori Seoul Beltway Private Special Asset Fund No.1			64,308				3				2,298				2,233				—				2,233

- 143 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		December 31, 2024
		Assets				Liabilities				Operating revenue				Net income (loss)				Other comprehensive income (loss)				Total comprehensive income (loss)
Woori Smart General Private Equity Investment Trust 1			312,490				166,250				13,404				8,549				—				8,549
Woori Asset Global Partnership Fund No.5			95,548				254				6,479				5,038				—				5,038
WOORI TAERIM 1st Fund			4,045				183				—				—				—				—
Portone-Cape Fund No.1			1,000				200				—				(103	)			—				(103	)
Darwin Green Packaging Private Equity Fund			19,128				—				—				(262	)			—				(262	)
Koreawide partners 2nd Private Equity Fund			75,002				2,870				—				—				—				—
Woori FirstValue Private Real Estate Fund No.2			67,081				62,357				62				57				—				57
Woori Together TDF 2025			14,500				30				1,232				1,206				—				1,206
Woori Together TDF 2030			16,849				41				1,574				1,544				—				1,544
Woori USD Treasury Target Return Bond FoF			921				—				164				144				—				144
Woori Together TDF 2035			15,537				241				1,031				1,011				—				1,011
Australia Green Energy 1st PEF			132,878				24				13,121				11,424				—				11,424
Aarden Woori Apparel 1st Private Equity Fund			20,083				89				—				(8,136	)			—				(8,136	)
Woori Dyno 1st Private Equity Fund			14,575				43				2,712				2,545				—				2,545
NH Woori Dino Co-Investment NO.2 Private Equity Fund			39,368				2				6				(83	)			—				(83	)
KTB-KORUS FUND			4,772				—				691				(3,062	)			—				(3,062	)
KTBN Venture Fund No.8			7,032				—				98				(1,902	)			—				(1,902	)
KTBN Digital Contents Korea Fund No.9			18,343				1,656				937				(1,971	)			—				(1,971	)
KTBN Media Contents Fund			1,029				—				60				(858	)			—				(858	)
KTB China Synergy Fund			135,892				10,073				23,354				12,215				—				12,215
NAVER-KTB Audio Contents Fund			25,443				648				466				(3,972	)			—				(3,972	)
KTBN Venture Fund No.13			80,487				625				38,903				27,039				—				27,039
KTBN Future Contents Fund			31,882				434				725				(2,763	)			—				(2,763	)
KTBN Venture Fund No.16			156,157				1,592				31,459				14,540				—				14,540
KTBN Venture Fund No.18			254,010				2,532				31,976				(383	)			—				(383	)
KB-KTB Technology Venture Fund			52,125				701				3,802				(1,377	)			—				(1,377	)
WOORI 2022 Scaleup Venture Fund			89,006				76				926				(12,705	)			—				(12,705	)
WOORI 2022 Start-up Venture Fund			42,418				3				162				(466	)			—				(466	)
KTBN GI Private Equity Fund			104				12				3,444				2,832				(732	)			2,100
Chirochem			556				190				451				8				—				8
Godo Kaisha Oceanos 1			60,513				45,145				2,605				132				—				132
KG Fashion Co., Ltd.			2,201				2,850				544				(197	)			—				(197	)
KUM HWA Co., Ltd.			4				167				—				—				—				—
Jinmyung Plus Co., Ltd.			499				459				96				(32	)			—				(32	)
JC Assurance No.2 Private Equity Fund			121,539				989				—				(642	)			—				(642	)
HMS-Oriens 1st Fund			65,227				7				—				3,723				—				3,723
Woori Senior Loan Private Placement Investment Trust No.1			80,919				5				9,664				9,101				—				9,101
Genesis Eco No.1 Private Equity Fund			38,043				622				—				(634	)			—				(634	)
Paratus Woori Material Component Equipment joint venture company			58,285				2,380				—				(884	)			—				(884	)
Midas No. 8 Private Equity Joint Venture Company			64,156				241				1,916				963				—				963
Orchestra Private Equity Fund IV			34,113				—				700				194				—				194
Synaptic Green No.1 PEF			35,623				5				2				703				—				703
IGEN2022No. 1 Private Equity Fund			32,215				126				1,056				565				—				565
PCC-Woori LP Secondary Fund			22,863				600				2,549				(4,767	)			—				(4,767	)
Synaptic Future Growth Private Equity Fund 1			32,638				295				19,412				18,240				—				18,240
Woori-Q Corporate Restructuring Private Equity Fund			101,315				1,362				1,278				164				—				164
Woori-Shinyoung Growth-Cap Private Equity Fund I			84,775				419				4,422				(10,824	)			—				(10,824	)
NH Woori Newdeal Growth Alpha Private Equity Fund 1			164,574				762				40,639				38,093				—				38,093

- 144 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		December 31, 2024
		Assets				Liabilities				Operating revenue				Net income (loss)				Other comprehensive income (loss)				Total comprehensive income (loss)
Woori Real Estate Investment No. 1 Limited Liability Company			405,845				235,058				6				(1,412	)			—				(1,412	)
Woori General Private Securities Investment Trust No. 5			456,448				246,365				15,926				10,847				—				10,847
Woori Big Satisfaction General Private Securities Investment Trust No. 3			170,856				55,432				6,755				5,425				—				5,425
Woori General Private Securities Investment Trust No. 6			398,460				251,145				12,650				7,315				—				7,315
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2			171,980				—				8,579				8,539				—				8,539
Woori General Private Securities Investment Trust No. 7 (Bond)			424,652				280,745				6,743				3,907				—				3,907
Woori Smart General Private Equity Investment Trust No.1(bond)			244,268				101,784				3,038				2,484				—				2,484
Woori Future Energy Private Special Asset Investment Trust(General) No.1			—				—				—				—				—				—
Woori Big Satisfaction Corporation MMF No. 3			1,860,868				29				56,309				56,153				—				56,153
NH Woori New deal Co-Investment No.1 Private Equity Fund			29,382				254				3,682				3,428				—				3,428
KCLAVIS NPL Investment Trust NO 1-2			43,057				80				1,176				1,176				—				1,176
MARKET&FARM CO., LTD.			954				902				4,933				(125	)			—				(125	)

(*) The amount is after reflecting the fair value adjustment that occurred when acquiring the shares and the adjustments that occurred by difference of accounting policies with the Group.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(4) The entities that the Group has not applied equity method of accounting although the Group’s ownership interest is more than 20% as of December 31, 2025 and 2024 are as follows:

		December 31, 2025
Associate (*)		Number of shares owned				Ownership (%)
CL Tech Co., Ltd.			10,191				28.6
CT International Co., Ltd.			1,741				26.7
Happy Home Co., Ltd.			14,924				23.0

(*) Although the Group’s ownership interest of the entity is more than 20%, the Group does not have significant influence over the entity since it is going through work-out process under receivership, accordingly it is excluded from the investment in joint ventures and associates.

		December 31, 2024
Associate (*)		Number of shares owned				Ownership (%)
CL Tech Co., Ltd.			10,191				28.6
TH International Co., LTD			6,802				21.5
WORK-LIFE BALANCE CO.,LTD			209				21.3

(*) Although the Group’s ownership interest of the entity is more than 20%, the Group does not have significant influence over the entity since it is going through work-out process under receivership, accordingly it is excluded from the investment in joint ventures and associates.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(5) As of December 31, 2025 and 2024, the reconciliations from the net assets of the associates to the carrying amount of the shares of the investment in joint ventures and associates are as follows (Unit: Korean Won in millions except for ownership):

		December 31, 2025
		Total net asset				Ownership (%)				Ownership portion of net assets				Basis difference				Impairment				Intercompany transaction and others				Book value
W Service Networks Co., Ltd.			4,122				4.9				204				—				—				—				204
Korea Credit Bureau Co., Ltd.			122,133				9.9				12,107				247				—				—				12,354
Korea Finance Security Co., Ltd.			25,549				15				3,832				—				—				—				3,832
K BANK Co., Ltd. (*)			2,081,003				12				248,878				20,822				—				—				269,700
Partner One Value Up I Private Equity Fund			8,645				23.3				2,010				—				—				—				2,010
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership			6,174				20				1,235				—				—				—				1,235
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund			15,647				25				3,912				—				—				718				4,630
LOTTE CARD Co., Ltd. (*)			2,953,104				20				590,619				—				—				—				590,619
Union Technology Finance Investment Association			31,253				29.7				9,283				—				—				—				9,283
Orient Shipyard Co., Ltd.			(16,606	)			22.7				(3,774	)			—				—				3,774				—
Win Mortgage Co., Ltd.			2,242				4.5				101				—				—				—				101
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs]			11,083				100				11,082				—				—				—				11,082
BTS 2nd Private Equity Fund			41,218				20				8,244				—				—				—				8,244
STASSETS FUND III			43,951				28.3				12,439				—				—				—				12,439
SF CREDIT PARTNERS, LLC			184,869				10				18,487				529				—				—				19,016
Japanese Hotel Real Estate Private Equity Fund No. 2			13,571				19.9				2,696				—				—				—				2,696
Woori Seoul Beltway Private Special Asset Fund No. 1			79,717				25				19,929				—				—				—				19,929
Woori Smart General Private Equity Investment Trust 1 (bond)			141,837				28.6				40,525				—				—				—				40,525
Woori Asset Global Partnership Fund No. 5			130,253				57.7				75,146				—				—				—				75,146
Woori General Private Securities Investment Trust No. 5 (bond)			210,045				28.6				60,013				—				—				—				60,013
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (bond)			117,082				8.7				10,172				—				—				—				10,172
Woori General Private Securities Investment Trust No. 6 (bond)			143,197				28.6				40,914				—				—				—				40,914
Woori General Private Securities Investment Trust No. 8 (bond)			139,442				28.6				39,840				—				—				—				39,840
Woori Smart General Private Equity Investment Trust No.1 (bond)			139,754				28.4				39,703				—				—				—				39,703
Woori Future Energy Private Special Asset Investment Trust (General) No.1			—				16				—				—				—				—				—
WOORI TAERIM 1st Fund			3,862				25.6				988				—				—				—				988

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		December 31, 2025
		Total net asset				Ownership (%)				Ownership portion of net assets				Basis difference				Impairment				Intercompany transaction and others				Book value
Darwin Green Packaging Private Equity Fund			19,115				20.4				3,901				—				—				—				3,901
Koreawide partners 2nd Private Equity Fund			70,658				26.7				18,842				—				—				—				18,842
Lux-Mason Innovation Technology Fund#2			6,490				23.1				1,498				—				—				—				1,498
AIP NMC Venture Fund No. 1			7,438				26.8				1,997				—				—				—				1,997
Woori FirstValue Private Real Estate Fund No. 2			1,754				12				212				—				—				—				212
Woori Global Secondary Private Placement Investment Trust No. 2			92,051				12				11,011				—				—				—				11,011
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond)			4,195,688				0.7				30,645				—				—				—				30,645
Woori GS West Street Strategic Solutions General Type Private Special Asset Investment Trust No.1			118,352				25				29,588				—				—				—				29,588
Woori PGIF4 General Type Private Special Asset Investment Trust No. 1			124,249				20				24,850				—				—				—				24,850
Australia Green Energy 1st PEF			137,435				4				5,445				—				—				—				5,445
Aarden Woori Apparel 1st Private Equity Fund			19,660				0.5				93				—				—				—				93
Woori Dyno 1st Private Equity Fund			18,503				19.6				3,628				—				—				—				3,628
NH Woori Dino Co-Investment NO. 2 Private Equity Fund			42,764				4.8				2,035				—				—				—				2,035
KCLAVIS NPL Investment Trust NO 1-2			47,780				35.9				17,146				—				—				—				17,146
Capstone Special Restructuring Private Investment Trust No.4			32,745				46.2				15,113				—				—				—				15,113
KTB-KORUS FUND			2,018				37.5				757				—				—				—				757
KTBN Venture Fund No. 8			4,734				21.7				1,029				—				—				—				1,029
KTBN Digital Contents Korea Fund No. 9			7,271				30				2,181				—				—				—				2,181
KTBN Media Contents Fund			1,361				15				204				—				—				—				204
KTB China Synergy Fund			119,780				15.1				18,039				—				—				—				18,039
KTBN Venture Fund No. 13			149,126				19.6				29,240				—				—				—				29,240
KTBN Future Contents Fund			22,546				13.3				3,006				—				—				—				3,006
KTBN Venture Fund No. 16			190,957				10.3				19,585				—				—				—				19,585
KTBN Venture Fund No. 18			211,281				10.1				21,429				—				—				—				21,429
KB-KTB Technology Venture Fund			46,512				18.2				8,457				—				—				—				8,457
Woori 2022 Scaleup Venture Fund			261,716				20				52,411				—				—				—				52,411
Woori 2022 Start-up Venture Fund			38,691				30.1				11,652				—				—				—				11,652
Woori 2025 Secondary Fund			30,785				20				6,157				—				—				—				6,157
Chirochem			564				28.6				161				—				—				—				161
Ulsan Yeocheon Development Co., Ltd.			403				50				201				—				—				—				201
KG Fashion Co., Ltd.			(792	)			20.8				(164	)			—				—				164				—
KUM HWA Co., Ltd.			(163	)			20.1				(33	)			—				—				33				—
Jinmyung Plus Co., Ltd.			47				21.3				11				—				—				—				11
MARKET&FARM CO., LTD.			(104	)			23.7				(25	)			—				—				25				—

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		December 31, 2025
		Total net asset				Ownership (%)				Ownership portion of net assets				Basis difference				Impairment				Intercompany transaction and others				Book value
JC Assurance No.2 Private Equity Fund			120,525				23.4				28,240				—				(28,240	)			—				—
Genesis Eco No.1 Private Equity Fund			38,013				29				11,018				—				—				—				11,018
Paratus Woori Material Component Equipment joint venture company			27,060				29.9				8,090				—				—				—				8,090
Midas No. 8 Private Equity Joint Venture Company			63,089				28.5				17,971				—				—				—				17,971
Orchestra Private Equity Fund IV			34,038				28.2				9,588				—				—				—				9,588
Synaptic Green No.1 PEF			42,971				21.1				9,047				—				—				—				9,047
IGEN2022No. 1 Private Equity Fund			24,197				24.8				6,012				—				—				—				6,012
PCC-Woori LP Secondary Fund			20,795				38.8				8,068				—				—				70				8,138
Synaptic Future Growth Private Equity Fund 1			34,043				23.8				8,089				—				—				—				8,089
Woori Productive Financing Education Infrastructure General Private Special Asset Investment Trust No.1			—				14.6				—				—				—				—				—
Healthcare Investmetnt Fund			10,197				28.8				2,941				—				—				—				2,941
Woorinara Short-Term Bond Securities Investment Trust (Bond)			596,863				6.8				40,280				—				—				—				40,280
Woori Together TDF 2025			22,523				17.2				3,866				—				—				—				3,866
Woori Together TDF 2030			29,206				17.3				5,058				—				—				—				5,058
Woori Together TDF 2035			55,471				4.3				2,396				—				—				—				2,396
Woori Together TDF 2040			21,964				20.4				4,481				—				—				(44	)			4,437
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2			124,718				4.4				5,516				—				—				—				5,516
Woori-Q Corporate Restructuring Private Equity Fund			97,927				34.3				33,589				—				—				(566	)			33,023
Woori Eugene Energy Link Private Equity Fund			72,531				7.9				5,699				—				—				—				5,699
Woori NH Co-Growth Private Equity FundI			30,947				20				6,189				—				—				—				6,189
Woori IMM Green Net Zero Fund			43,919				23.6				10,370				—				—				—				10,370
NH Woori New deal Co-Investment No.1 Private Equity Fund			18,979				19.5				3,692				—				—				—				3,692
Woori BIG SATISFACTION SHINJONG MMF 3rd			2,046,370				6.4				130,389				—				—				—				130,389
Woori-Shinyoung Growth-Cap Private Equity Fund I			102,733				35				35,957				—				—				367				36,324
NH Woori Newdeal Growth Alpha Private Equity Fund 1			180,342				33				59,513				—				—				1,889				61,402
Woori Real Estate Investment No. 1 Limited Liability Company			177,609				19.9				35,274				—				—				—				35,274

(*) The net asset equity amount is after the debt-for-equity swap, non-controlling etc.

- 149 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		December 31, 2024
		Total net asset				Ownership (%)				Ownership portion of net assets				Basis difference				Impairment				Intercompany transaction and others				Book value
W Service Networks Co., Ltd.			4,146				4.9				204				—				—				—				204
Korea Credit Bureau Co., Ltd.			88,314				9.9				8,755				246				—				—				9,001
Korea Finance Security Co., Ltd.			24,105				15.0				3,616				—				—				—				3,616
K BANK Co., Ltd. (*)			2,018,704				12.0				241,429				20,821				—				—				262,250
Partner One Value Up I Private Equity Fund			9,128				23.3				2,123				—				—				—				2,123
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership			11,309				20.0				2,263				—				—				—				2,263
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund			15,645				25.0				3,911				—				—				621				4,532
LOTTE CARD Co., Ltd. (*)			2,877,907				20.0				575,580				—				—				—				575,580
Union Technology Finance Investment Association			39,628				29.7				11,770				—				—				—				11,770
Orient Shipyard Co., Ltd.			(16,601	)			22.7				(3,773	)			—				—				3,773				—
Win Mortgage Co., Ltd.			2,980				4.5				135				—				—				—				135
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs]			10,848				100.0				10,847				—				—				—				10,847
BTS 2nd Private Equity Fund			38,999				20.0				7,799				—				—				—				7,799
STASSETS FUND III			39,497				28.3				11,178				—				—				—				11,178
SF CREDIT PARTNERS, LLC			154,711				10.0				15,470				—				—				530				16,000
ARAM CMC Co., Ltd.			88				20.1				18				—				—				(18	)			—
Japanese Hotel Real Estate Private Equity Fund No.2			14,122				19.9				2,810				—				—				(5	)			2,805
Woori Seoul Beltway Private Special Asset Fund No.1			64,305				25.0				16,076				—				—				—				16,076
Woori Smart General Private Equity Investment Trust 1(bond)			146,240				28.6				41,825				—				—				(42	)			41,783
Woori Asset Global Partnership Fund No.5			95,294				57.7				54,985				—				—				(8	)			54,977
WOORI TAERIM 1st Fund			3,862				25.6				988				—				—				—				988
Portone-Cape Fund No.1			800				20.0				160				—				—				—				160
Darwin Green Packaging Private Equity Fund			19,128				20.4				3,904				—				—				—				3,904
Koreawide partners 2nd Private Equity Fund			72,132				26.7				19,235				—				—				—				19,235
Woori FirstValue Private Real Estate Fund No.2			4,724				12.0				567				—				—				—				567
Woori Together TDF 2025			14,470				24.7				3,577				—				—				—				3,577
Woori Together TDF 2030			16,808				22.2				3,724				—				—				—				3,724
Woori USD Treasury Target Return Bond FoF			921				23.9				220				—				—				—				220
Woori Together TDF 2035			15,296				22.5				3,448				—				—				—				3,448
Australia Green Energy 1st PEF			132,854				4.0				5,264				—				—				—				5,264
Aarden Woori Apparel 1st Private Equity Fund			19,994				0.5				95				—				—				—				95
Woori Dyno 1st Private Equity Fund			14,532				19.6				2,849				—				—				—				2,849
NH Woori Dino Co-Investment NO.2 Private Equity Fund			39,366				5.1				1,996				—				—				—				1,996
KTB-KORUS FUND			4,772				37.5				1,789				—				—				—				1,789
KTBN Venture Fund No.8			7,032				21.7				1,529				—				—				—				1,529

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		December 31, 2024
		Total net asset				Ownership (%)				Ownership portion of net assets				Basis difference				Impairment				Intercompany transaction and others				Book value
KTBN Digital Contents Korea Fund No.9			16,687				30.0				5,006				—				—				—				5,006
KTBN Media Contents Fund			1,029				15.0				154				—				—				—				154
KTB China Synergy Fund			125,819				15.1				18,949				—				—				—				18,949
NAVER-KTB Audio Contents Fund			24,795				1.0				248				—				—				—				248
KTBN Venture Fund No.13			79,862				19.6				15,659				—				—				—				15,659
KTBN Future Contents Fund			31,448				13.3				4,193				—				—				—				4,193
KTBN Venture Fund No.16			154,565				10.3				15,853				—				—				—				15,853
KTBN Venture Fund No.18			251,478				10.1				25,506				—				—				—				25,506
KB-KTB Technology Venture Fund			51,424				18.2				9,350				—				—				—				9,350
WOORI 2022 Scaleup Venture Fund			88,930				20.0				17,809				—				—				—				17,809
WOORI 2022 Start-up Venture Fund			42,415				30.1				12,773				—				—				—				12,773
KTBN GI Private Equity Fund			92				5.0				5				—				—				—				5
Chirochem			366				28.6				104				—				—				—				104
Godo Kaisha Oceanos 1			15,368				47.8				7,347				—				—				—				7,347
KG Fashion Co., Ltd.			(649	)			20.8				(135	)			—				—				135				—
KUM HWA Co., Ltd.			(163	)			20.1				(33	)			—				—				33				—
Jinmyung Plus Co., Ltd.			40				21.3				9				—				—				—				9
JC Assurance No.2 Private Equity Fund			120,550				23.4				28,246				—				(28,240	)			—				—
HMS-Oriens 1st Fund			65,220				22.8				14,880				—				—				—				14,880
Woori Senior Loan Private Placement Investment Trust No.1			80,914				21.7				17,517				—				—				—				17,517
Genesis Eco No.1 Private Equity Fund			37,421				29.0				10,847				—				—				—				10,847
Paratus Woori Material Component Equipment joint venture company			55,905				29.9				16,714				—				—				—				16,714
Midas No. 8 Private Equity Joint Venture Company			63,915				28.5				18,207				—				—				—				18,207
Orchestra Private Equity Fund IV			34,113				28.2				9,610				—				—				—				9,610
Synaptic Green No.1 PEF			35,618				21.1				7,499				—				—				—				7,499
IGEN2022No. 1 Private Equity Fund			32,089				24.8				7,972				—				—				—				7,972
PCC-Woori LP Secondary Fund			22,263				38.9				8,648				—				—				—				8,648
Synaptic Future Growth Private Equity Fund 1			32,343				23.8				7,685				—				—				—				7,685
Woori-Q Corporate Restructuring Private Equity Fund			99,953				34.6				34,619				—				—				(612	)			34,007
Woori-Shinyoung Growth-Cap Private Equity Fund I			84,356				35.0				29,499				—				—				197				29,696
NH Woori Newdeal Growth Alpha Private Equity Fund 1			163,812				32.9				53,948				—				—				1,591				55,539
Woori Real Estate Investment No. 1 Limited Liability Company			170,787				19.9				33,919				—				—				—				33,919
Woori General Private Securities Investment Trust No. 5			210,083				28.6				60,024				—				—				—				60,024
Woori Big Satisfaction General Private Securities Investment Trust No. 3			115,424				9.1				10,493				—				—				—				10,493

- 151 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		December 31, 2024
		Total net asset				Ownership (%)				Ownership portion of net assets				Basis difference				Impairment				Intercompany transaction and others				Book value
Woori General Private Securities Investment Trust No. 6			147,315				28.6				42,090				—				—				—				42,090
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2			171,980				2.3				4,019				—				—				(8	)			4,011
Woori General Private Securities Investment Trust No. 7 (Bond)			143,907				28.6				41,116				—				—				—				41,116
Woori Smart General Private Equity Investment Trust No.1(bond)			142,484				28.4				40,477				—				—				—				40,477
Woori Future Energy Private Special Asset Investment Trust(General) No.1			—				16.0				—				—				—				—				—
Woori Big Satisfaction Corporation MMF No. 3			1,860,839				2.3				42,038				—				—				(54	)			41,984
NH Woori New deal Co-Investment No.1 Private Equity Fund			29,128				19.5				5,680				—				—				(476	)			5,204
KCLAVIS NPL Investment Trust NO 1-2			42,977				35.9				15,422				—				—				—				15,422
MARKET&FARM CO., LTD.			52				23.7				12				—				—				(12	)			—

(*) The net asset equity amount is after the debt-for-equity swap, non-controlling etc.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

15. INVESTMENT PROPERTIES

(1) Details of investment properties are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Acquisition cost			1,050,044				497,787
Accumulated depreciation			(50,742	)			(46,913	)
Accumulated impairment losses			(448	)			(86	)
Net carrying value			998,854				450,788

(2) Changes in investment properties are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Beginning balance			450,788				472,768
Acquisition			736				—
Disposal			(4,637	)			(62,467	)
Depreciation			(8,511	)			(8,216	)
Transfer			9,997				42,344
Classification of assets held for sale			(35,137	)			—
Foreign currencies translation adjustments			5,103				6,409
Business combination			580,515				—
Others			—				(50	)
Ending balance			998,854				450,788

(3) Fair value of investment properties amounted to 1,364,950 million won and 795,216 million won as of December 31, 2025 and 2024, respectively. The fair value of investment properties has been assessed on the basis of recent similar real estate market price and officially assessed land price in the area of the investment properties, is classified as level 3 on the fair value hierarchy.

(4) Rental fee earned from investment properties is amounting to 34,888 million won and 23,307 million won for the years ended December 31, 2025 and 2024, respectively. Operating expenses directly related to the investment properties where rental fee was earned, are amounting to 8,719 million won and 8,414 million won.

(5) The lease payments expected to be received in the future under lease contracts relating to investment properties as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Lease payments:
Within a year			13,827				13,702
More than 1 year and within 2 years			18,687				9,414
More than 2 years and within 3 years			9,799				7,667
More than 3 years and within 4 years			8,303				4,362
More than 4 years and within 5 years			6,137				3,438
More than 5 years			3,793				3,441
Total			60,546				42,024

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

16. PREMISES AND EQUIPMENT

(1) Details of premises and equipment as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Land				Building				Equipment and vehicles				Leasehold improvement				Construction in progress				Structures				Total
Premises and equipment (owned)			1,983,149				708,535				377,217				75,958				45,761				213				3,190,833
Right-of-use asset			—				554,148				35,836				—				—				—				589,984
Carrying value			1,983,149				1,262,683				413,053				75,958				45,761				213				3,780,817

		December 31, 2024
		Land				Building				Equipment and vehicles				Leasehold improvement				Construction in progress				Structures				Total
Premises and equipment (owned)			1,662,448				683,221				305,581				71,952				68,440				—				2,791,642
Right-of-use asset			—				557,049				21,894				—				—				—				578,943
Carrying value			1,662,448				1,240,270				327,475				71,952				68,440				—				3,370,585

(2) Details of premises and equipment (owned) as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Land				Building				Equipment and vehicles				Leasehold improvement				Construction in progress				Structures				Total
Acquisition cost			1,983,809				1,125,471				1,465,257				514,364				45,761				331				5,134,993
Accumulated depreciation			—				(416,885	)			(1,087,440	)			(438,406	)			—				(118	)			(1,942,849	)
Accumulated impairment losses			(660	)			(51	)			(600	)			—				—				—				(1,311	)
Net carrying value			1,983,149				708,535				377,217				75,958				45,761				213				3,190,833

		December 31, 2024
		Land				Building				Equipment and vehicles				Leasehold improvement				Construction in progress				Structures				Total
Acquisition cost			1,663,108				1,087,536				1,305,020				505,417				68,440				20				4,629,541
Accumulated depreciation			—				(404,315	)			(999,439	)			(433,465	)			—				(20	)			(1,837,239	)
Accumulated impairment losses			(660	)			—				—				—				—				—				(660	)
Net carrying value			1,662,448				683,221				305,581				71,952				68,440				—				2,791,642

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(3) Details of changes in premises and equipment (owned) are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		Land				Building				Equipment and vehicles				Leasehold improvement				Construction in progress				Structures				Total
Beginning balance			1,662,448				683,221				305,581				71,952				68,440				—				2,791,642
Acquisitions			27,841				30,287				159,726				29,173				80,507				—				327,534
Disposals			(998	)			(1,262	)			(2,087	)			(1,366	)			(31,355	)			—				(37,068	)
Depreciation(*)			—				(34,865	)			(106,372	)			(25,270	)			—				(2	)			(166,509	)
Classification of assets held for sale			(78,582	)			(28,897	)			—				—				—				—				(107,479	)
Transfer			57,009				(3,612	)			7,751				1,342				(72,587	)			100				(9,997	)
Foreign currencies translation adjustments			(1,267	)			(498	)			(1,432	)			(434	)			(49	)			—				(3,680	)
Business combination			316,698				64,224				15,135				546				—				115				396,718
Others			—				(63	)			(1,085	)			15				805				—				(328	)
Ending balance			1,983,149				708,535				377,217				75,958				45,761				213				3,190,833

(*) Depreciation of premises and equipment (owned) is included in insurance service expenses and general and administrative expenses in the consolidated statement of comprehensive income.

		For the year ended December 31, 2024
		Land				Building				Equipment and vehicles				Leasehold improvement				Construction in progress				Structures				Total
Beginning balance			1,709,712				719,738				265,064				61,369				37,194				—				2,793,077
Acquisitions			215				27,919				125,793				29,714				38,215				—				221,856
Disposals			(7,602	)			—				(2,358	)			(1,556	)			—				—				(11,516	)
Depreciation			—				(33,905	)			(99,634	)			(22,304	)			—				—				(155,843	)
Classification of assets held for sale			(26,007	)			(12,416	)			—				—				—				—				(38,423	)
Transfer			(22,991	)			(19,353	)			6,440				853				(7,293	)			—				(42,344	)
Foreign currencies translation adjustments			1,876				726				4,409				3,061				333				—				10,405
Business combination			—				—				1,283				—				—				—				1,283
Others			7,245				512				4,584				815				(9	)			—				13,147
Ending balance			1,662,448				683,221				305,581				71,952				68,440				—				2,791,642

(4) Details of right-of-use assets as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Building				Equipment and vehicles				Total
Acquisition cost			1,163,535				73,344				1,236,879
Accumulated depreciation			(609,387	)			(37,508	)			(646,895	)
Net carrying value			554,148				35,836				589,984

		December 31, 2024
		Building				Equipment and vehicles				Total
Acquisition cost			1,031,511				39,113				1,070,624
Accumulated depreciation			(474,462	)			(17,219	)			(491,681	)
Net carrying value			557,049				21,894				578,943

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(5) Details of changes in right-of-use assets for the years ended December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		Building				Equipment and vehicles				Total
Beginning balance			557,049				21,894				578,943
New contracts			175,229				26,333				201,562
Changes in contract			59,921				(194	)			59,727
Termination			(24,869	)			(1,409	)			(26,278	)
Depreciation(*)			(258,847	)			(13,332	)			(272,179	)
Business combination			45,256				2,317				47,573
Others			409				227				636
Ending balance			554,148				35,836				589,984

(*) Depreciation of right-of-use assets for the current period is included in insurance service expenses and general and administrative expenses in the consolidated statement of comprehensive income.

		For the year ended December 31, 2024
		Building				Equipment and vehicles				Total
Beginning balance			362,702				20,980				383,682
New contracts			353,531				12,809				366,340
Changes in contract			80,622				78				80,700
Termination			(17,579	)			(1,535	)			(19,114	)
Depreciation			(230,345	)			(12,962	)			(243,307	)
Business combination			1,129				73				1,202
Others			6,989				2,451				9,440
Ending balance			557,049				21,894				578,943

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

17. INTANGIBLE ASSETS

(1) Details of intangible assets are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Goodwill				Industrial property rights				Development cost				Other intangible assets				Membership deposit				Construction in progress				Total
Acquisition cost			471,905				2,805				1,324,649				1,638,130				65,075				11,688				3,514,252
Accumulated amortization			—				(2,242	)			(994,840	)			(1,337,535	)			—				—				(2,334,617	)
Accumulated impairment losses			(84,911	)			—				—				(33,552	)			(4,525	)			—				(122,988	)
Net carrying value			386,994				563				329,809				267,043				60,550				11,688				1,056,647

		December 31, 2024
		Goodwill				Industrial property rights				Development cost				Other intangible assets				Membership deposit				Construction in progress				Total
Acquisition cost			482,707				2,419				965,131				1,511,286				55,444				6,598				3,023,585
Accumulated amortization			—				(1,971	)			(689,440	)			(1,204,181	)			—				—				(1,895,592	)
Accumulated impairment losses			—				—				—				(33,552	)			(3,039	)			—				(36,591	)
Net carrying value			482,707				448				275,691				273,553				52,405				6,598				1,091,402

(2) Details of changes in intangible assets are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		Goodwill				Industrial property rights				Development cost				Other intangible assets				Membership deposit				Construction in progress				Total
Beginning balance			482,707				448				275,691				273,553				52,405				6,598				1,091,402
Acquisitions			1,130				9				100,795				77,061				4,039				10,404				193,438
Disposal			—				—				—				(35	)			(3,082	)			(16	)			(3,133	)
Amortization (*)			—				(189	)			(95,192	)			(96,333	)			—				—				(191,714	)
Reversal of impairment losses			(84,912	)			—				—				—				(4	)			575				(84,341	)
Transfer			—				104				1				4,912				(74	)			(4,943	)			—
Business combination			—				191				48,514				10,132				7,268				—				66,105
Foreign currencies translation adjustments			(11,931	)			—				—				(1,786	)			(2	)			(117	)			(13,836	)
Others			—				—				—				(461	)			—				(813	)			(1,274	)
Ending balance			386,994				563				329,809				267,043				60,550				11,688				1,056,647

(*) Amortization of other intangible assets amounting to 32,495 million won is included in other operating expenses, while the remaining amortization is included in insurance service expenses and general and administrative expenses in the consolidated statement of comprehensive income.

		For the year ended December 31, 2024
		Goodwill				Industrial property rights				Development cost				Other intangible assets				Membership deposit				Construction in progress				Total
Beginning balance			445,093				509				242,091				253,156				47,851				8,142				996,842
Acquisitions			—				18				96,140				94,047				6,988				25,376				222,569
Disposal			—				—				(113	)			(1,794	)			(2,665	)			—				(4,572	)
Amortization (*)			—				(188	)			(75,417	)			(93,679	)			—				—				(169,284	)
Reversal of impairment losses(Recognition)			—				—				—				—				(296	)			(575	)			(871	)
Transfer			—				109				12,990				11,067				(77	)			(24,089	)			—
Business combination			15,139				—				—				6,117				756				—				22,012
Foreign currencies translation adjustments			22,475				—				—				4,502				345				586				27,908
Others			—				—				—				137				(497	)			(2,842	)			(3,202	)
Ending balance			482,707				448				275,691				273,553				52,405				6,598				1,091,402

(*) Amortization of other intangible assets amounting to 28,509 million won is included in other operating expenses.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(3) Goodwill

1) Details of allocated goodwill based on each cash-generating unit as of December 31, 2025 and 2024 are as follows (Unit: Korean won in million):

Cash-generating unit (*1)		December 31, 2025				December 31, 2024
Woori Asset Management Corp.			45,066				45,066
Woori Asset Trust Co., Ltd.			102,582				141,780
Woori Venture Partners Co., Ltd.			41,527				41,527
Woori Investment Securities Co., Ltd.			15,139				15,139
PT Bank Woori Saudara Indonesia 1906 Tbk (*2)			72,404				109,262
WOORI BANK (CAMBODIA) PLC (*3)			47,589				64,584
PT Woori Finance Indonesia Tbk.(*4)			54,367				57,861
Others			8,320				7,488
Total			386,994				482,707

(*1) Allocated to the cash-generating unit that will benefit from the synergy effect of the business combination, and the cash-generating unit is generally comprised of the operating segment or sub-sectors.

(*2) The Group has acquired Saudara Bank to expand retail sales in Indonesia, and recognized the goodwill as it is expected to strengthen the competitiveness by securing a local sales network in Indonesia.

(*3) The Group has acquired VisionFund Cambodia to expand retail sales in Cambodia, and recognized goodwill based on the economies of scale and acquired customer base.

(*4) The Company acquired PT Batavia Prosperindo Finance Tbk to expand its installment financing operations in Indonesia. Goodwill was recognized due to the anticipated enhancement of competitiveness through securing a network in the Indonesian used car market and strengthening existing customer relationships.

2) Impairment test (Unit: Korean won in million):

The recoverable amount of the cash-generating unit is measured at larger amount between the fair value less costs to sell and the value to use.

The net fair value is calculated by deducting costs of disposal from the amount received from the sale of the cash-generating unit in an arm’s length transaction between the parties with reasonable judgment and willingness to negotiate. In case of difficulty in measuring this amount, the sale amount of a similar cash-generating unit in the past market is calculated by reflecting the characteristics of the cash-generating unit. If reliable information related to fair value less costs to sell is not available, value in use is considered as recoverable amount. Value in use is the present value of future cash flows expected to be generated by the cash-generating unit. Future cash flows are estimated based on the latest financial budget approved by the management, with an estimated period of up to five years. The Group applied 1.0% growth rate to estimate future cash flow for the period over five years. The main assumptions used to estimate cash flows are about the size of the market and the share of the group. The appropriate discount rate for discounting future cash flows is the pre-tax discount rate, including assumptions about risk-free interest rates, market risk premium, and systemic risk of cash-generating units. The impairment test, which compares the carrying amount and recoverable amount of the cash-generating unit to which goodwill has been allocated, is conducted every year and every time an impairment sign occurs.

Category		Woori Investment Securities Co., Ltd. (*1)				Woori Asset Trust Co., Ltd. (*2)(*3)				Woori Asset Management Corp. (*1)				Woori Venture Partners Co., Ltd. (*1)				PT Bank Woori Saudara Indonesia 1906 Tbk (*2)				WOORI BANK (CAMBODIA) PLC (*2)				PT Woori Finance Indonesia Tbk (*1)
Discount rate (%).			15.15				14.82				16.19				13.23				12.96				12.83				14.48
Terminal growth rate (%)			1				1				1				1				1				1				1
Recoverable amount. (Unit: Korean won in million)			14,484				453,902				442,380				247,197				1,106,424				591,103				154,408
Carrying amount (Unit: Korean won in million)			1,208,399				381,319				221,967				231,289				1,136,686				606,555				146,840
Impairment loss			—				(39,198	)			—				—				(30,262	)			(15,452	)			—

(*1) Based on the results of the impairment test of goodwill, it has been concluded that the carrying amount of the cash-generating unit to which the goodwill is allocated does not exceed its recoverable amount.

(*2) Based on the results of the impairment test of goodwill, an impairment loss was recognized as the carrying amount of the cash-generating unit to which the goodwill is allocated exceeded its recoverable amount.

(*3) Amount recognized for the current period based on the impairment test performed upon identification of impairment indicators.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

3) Sensitivity analysis

The sensitivity of the fair value measurement to changes in significant but unobservable inputs used in measuring fair value is as follows (Unit: Korean Won in millions):

Category				Woori Investment Securities Co., Ltd.				Woori Asset Trust Co., Ltd.				Woori Asset Management Corp.				Woori Venture Partners Co., Ltd.				PT Bank Woori Saudara Indonesia 1906 Tbk				WOORI BANK (CAMBODIA) PLC				PT Woori Finance Indonesia Tbk
Discount rate		Increase by 1.0% point			(167,568	)			(30,766	)			(24,947	)			(33,705	)			(97,991	)			(52,311	)			(12,212	)
		Decrease by 1.0% point			206,668				37,046				29,634				42,300				116,379				62,246				14,235
Terminal growth rate		Increase by 1.0% point			140,527				21,975				16,999				29,384				78,719				42,278				9,220
		Decrease by 1.0% point			(116,990	)			(18,310	)			(14,378	)			(23,668	)			(66,567	)			(35,687	)			(7,946	)

18. ASSETS HELD FOR SALE

Assets held for sale are as follows (Unit: Korean Won in millions):

Assets (*)		December 31, 2025				December 31, 2024
Premises and equipment			91,480				31,266
Others			77,011				42,723
Total			168,491				73,989

(*) The Group classifies assets as held for sale that are highly likely to be sold within one year from December 31, 2025 and 2024.

The Group measured assets held for sale at the lower of their net fair value or carrying amount.

The Group has decided to sell some of the Premises and Equipment through internal consultation during the current year and classified the property as non-current assets held for sale. The assets are expected to be sold within 12 months, and those that were scheduled to be sold at the end of the prior year have been sold and removed. On the other hand, other assets that are expected to be sold as of the end of the current year are classified as assets that are expected to be sold within one year due to the possibility of being sold as buildings and land acquired through auction.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

19. ASSETS SUBJECT TO LIEN AND ASSETS ACQUIRED THROUGH FORECLOSURES

(1) Assets subjected to lien are as follows (Unit: Korean Won in millions):

				December 31, 2025
				Collateral given to		Amount				Reason for collateral
Financial assets at FVTPL		Korean treasury and government bonds, etc.		Korea Securities Depository, etc.			1,935,048			Related to bonds sold under repurchase agreements (*1)
		Korean treasury and government bonds, etc.		Korea Securities Depository, etc.			656,478			Securities borrowing collateral
		Korean treasury and government bonds, etc.		The BOK, etc.			1,814,134			Settlement risk, etc.
		Korean treasury and government bonds, etc.		SHINHAN SECURITIES CO, etc.			24,454			Future trading collateral
		Korean treasury and government bonds, etc.		NEXT SECURITIES (Futures), etc.			36,743			Collateral for derivative contracts, etc.
		Korean financial institutions’ debt securities, etc.		ING BANK, etc.			587,591			Variable margin deposit for CSA, etc.
		Korean capital contributions, etc.		Korea Software Financial Cooperative, etc.			9,279			Bid guarantee
		Due from banks in local currency		KB SECURITIES			1,024			Equity-related derivatives, etc.
Financial assets at FVTOCI		Korean treasury and government bonds, etc.		The BOK, etc.			3,974,635			Related to bonds sold under repurchase agreements (*1)
		Korean financial institutions’ debt securities, etc.		The BOK, etc.			927,890			Related to bonds sold under repurchase agreements (*1)
		Korean treasury and government bonds, etc.		The BOK, etc.			362,317			Settlement risk, etc.
		Korean financial institutions’ debt securities, etc.		The BOK, etc.			9,283,095			Settlement risk, etc.
		Korean treasury and government bonds, etc.		Korea Securities Finance Corporation			20,117			Securities borrowing collateral
		Korean treasury and government bonds, etc.		Industrial Bank of Korea etc.			1,137,895			Collateral for derivative contracts, etc.
		Foreign currency debt securities		CCIL Exchange			150,656			Related to bonds sold under repurchase agreements (*1)
		Foreign currency debt securities		SOCIETE GENERALE			386,609			Variable margin deposit for CSA, etc.
		Foreign currency debt securities		RJF			93,681			Related to the borrowing limit
Securities at amortized cost		Korean treasury and government bonds, etc.		The BOK, etc.			9,100,505			Settlement risk, etc.
		Korean financial institutions’ debt securities, etc.		The BOK, etc.			5,098,911			Settlement risk, etc.
		Foreign currency debt securities		NATIXIS			12,145			Related to bonds sold under repurchase agreements (*1)
		Foreign currency debt securities		RJF, etc.			30,441			Related to the borrowing limit

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

				December 31, 2025
				Collateral given to		Amount				Reason for collateral
Loan at amortized cost and other financial assets		Due from banks in local currency		KEB Hana Bank Co., Ltd., etc.			40,431			Collateral for difference settlement
		Due from banks in local currency		Shinhan Life Insurance Co., Ltd.			30			Related to refund liabilities for insurance contract commissions
		Other due from banks in local currency		MetLife Insurance Co., Ltd.			25			Related to refund liabilities for insurance contract commissions
		Other due from banks in local currency		Korea Exchange Co., Ltd.			3,362			Korean Won CCP margin
		Other due from banks in local currency		MSBI LIMITED Seoul			12,634			Variable margin deposit for CSA, etc
		Other due from banks in foreign currency		GOLDMAN SACHS INTL, etc.			353,030			Variable margin deposit for CSA, etc
		Mortgage loan		Public offering			2,067,313			Related to covered bonds
Premises and Equipment		Land and building		Gakorea Co., Ltd., etc.			1,808			Right to collateral and others (*2)
Investment properties		Land and building		Gakorea Co., Ltd., etc.			103,267			Right to collateral (*2)
Total							38,225,548

(*1) The Group has the agreement to repurchase the transferred assets at a predetermined price or at the selling price plus a specified rate of return, and the assets are provided as collateral as bonds for which the financial assets are not derecognized. The transferee has the right to sell or to provide as guarantee. Therefore, the Group does not derecognize the assets, but recognizes the relevant amounts as liability (bonds sold under repurchase agreements). The asset is equivalent to a mortgage-backed debt security.

(*2) The maximum pledge amount is 17,008 million Won.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

				December 31, 2024
				Collateral given to		Amount				Reason for collateral
Financial assets at FVTPL		Korean treasury and government bonds, etc.		Shinhan Bank, etc.			1,271,304			Related to bonds sold under repurchase agreements (*1)
		Korean treasury and government bonds, etc.		Korea Securities Depository			240,005			Securities borrowing collateral
		Korean treasury and government bonds, etc.		SHINHAN SECURITIES CO, etc.			11,134			Future trading collateral
		Korean financial institutions’ debt securities, etc.		DBS BANK LTD, SEL, etc.			698,231			Variable margin deposit for CSA, etc.
		Korean capital contributions, etc.		Korea Software Financial Cooperative			109			Bid guarantee, etc.
Financial assets at FVTOCI		Korean financial institutions’ debt securities, etc.		CITIBANK LONDON etc.			74,143			Related to bonds sold under repurchase agreements (*1)
		Korean treasury and government bonds		Industrial Bank of Korea			10,115			Related to bonds sold under repurchase agreements (*1)
		Korean financial institutions’ debt securities, etc.		The BOK, etc.			8,863,286			Settlement risk, etc.
		Debt securities in foreign currencies		Central Bank of Brazil, etc.			164,136			Related to bonds sold under repurchase agreements (*1)
		Debt securities in foreign currencies		RJF			110,530			Related to the borrowing limit
		Debt securities in foreign currencies		SOCIETE GENERALE, PAR, etc.			358,781			Variable margin deposit for CSA, etc.
Securities at amortized cost		Korean treasury and government bonds		The BOK, etc.			11,526,197			Settlement risk, etc.
		Debt securities in foreign currencies		NATIXIS			41,442			Related to bonds sold under repurchase agreements (*1)
		Debt securities in foreign currencies		RJF, etc.			34,508			Related to the borrowing limit
Loan at amortized cost and other financial assets		Due from banks in local currency		KEB Hana Bank Co., Ltd., etc.			6,431			Collateral for difference settlement
		Other due from banks in local currency		Korea Exchange Co., Ltd.			3			Korean Won CCP margin
		Other due from banks in foreign currency		BNP-PARIBAS, PAR, etc.			647,782			Variable margin deposit for CSA, etc.
		Mortgage loan		Public offering			1,790,810			Related to covered bonds
Premises and Equipment		Land and building		Gakorea Co., Ltd., etc.			1,808			Right to collateral and others (*2)
Investment properties		Land and building		Gakorea Co., Ltd., etc.			5,211			Right to collateral (*2)
Total							25,855,966

(*1) The Group has the agreement to repurchase the sold assets at the predetermined price or the price that includes the rate of return and to provide the guarantee on the assets. The transferee has the right to sell or to provide as guarantee. Therefore, the Group does not derecognize the assets, but recognizes the relevant amounts as liability (bonds sold under repurchase agreements). The asset is equivalent to a mortgage-backed debt security.

(*2) The maximum pledge amount is 339 million Won.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(2) Assets acquired through foreclosures are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Investment properties
Land			4,195				6,463
Building			—				23
Sub-total			4,195				6,486
Other assets
Building for non-business use (*1)			44,729				46,218
Movables for non-business use (*2)			114				110
Real estate assessment provision for non-business use			(1,794	)			(1,898	)
Sub-total			43,049				44,430
Assets held for sale
Land			369				2,215
Building			862				1,780
Sub-total			1,231				3,995
Total			48,475				54,911

(*1) The cumulative depreciation amount as of December 31, 2025 and 2024 is 3,120 million Won and 2,357 million Won, respectively.

(*2) The cumulative depreciation amount as of December 31, 2025 and 2024 is 370 million Won and 387 million Won, respectively.

(3) Securities loaned are as follows (Unit: Korean Won in millions):

				December 31, 2025				Loaned to		December 31, 2024				Loaned to
Financial assets at FVTPL		Korean treasury and government bonds, etc.			—			—			12,361			Korea Securities Finance Corporation
Financial assets at FVTOCI		Korean treasury and government bonds, etc.			5,573,299			Korea Securities Finance Corporation and others			—			—
Financial assets at FVTOCI		Foreign currency debt securities			101,439			Nomura Financial Investment (Korea) Co., Ltd.			—			—

Securities loaned are lending of specific securities to borrowers who agree to return the same amount of the same security at the end of lending period. As the Group does not derecognize these securities.

(4) Collaterals held that can be disposed and re-subjected to lien regardless of defaults of counterparties

Fair values of collaterals held that can be disposed and re-subjected to lien regardless of defaults of counterparties as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Fair values of collaterals				Fair values of collaterals were disposed or re-subjected to lien
Securities			14,673,954				—
		December 31, 2024
		Fair values of collaterals				Fair values of collaterals were disposed or re-subjected to lien
Securities			10,640,153				—

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

20. OTHER ASSETS

Details of other assets are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Lease assets			3,823,620				3,965,839
Prepaid expenses			416,230				359,638
Advance payments			75,234				194,881
Non-operational assets			43,050				44,430
Others			66,594				40,575
Total			4,424,728				4,605,363

21. FINANCIAL LIABILITIES AT FVTPL

(1) Financial liabilities at FVTPL are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Financial instruments at fair value through profit or loss			5,889,433				9,348,781
Financial liabilities designated to be measured at FVTPL			467,501				547,816
Total			6,356,934				9,896,597

(2) Financial liabilities at fair value through profit or loss measured at fair value are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Deposits
Gold banking liabilities			263,251				74,205
Borrowings
Securities sold			496,518				182,478
Derivative liabilities			5,129,664				9,092,098
Total			5,889,433				9,348,781

(3) Financial liabilities designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Deposits due to customers
Time deposits			467,501				547,816

In accordance with documented risk management or investment strategies, the group manages a portfolio of financial instruments on a fair value basis and evaluates their performance. Therefore, under K-IFRS 1109 Financial Instrument, financial liabilities are designated to be measured at FVTPL as this provides more relevant information.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(4) Changes in fair value due to change in credit risk reflected in financial liabilities designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025				For the year ended December 31, 2024
Financial liabilities designated to be measured at FVTPL at the end of each period			467,501				547,816
Changes in fair value due to change in credit risk (*)			74				(1,831	)
Accumulated change in fair value due to change in credit risk (*)			(1,757	)			(1,831	)

(*) The amounts recognized in other comprehensive loss related to financial liabilities designated to be measured at FVTPL are 74 million Won with an accumulated profit of 1,757 million Won during the year ended December 31, 2025. The amounts recognized in other comprehensive income related to financial liabilities designated to be measured at FVTPL are 1,831 million Won with an accumulated profit of 1,831 million Won during the year ended December 31, 2024.

The adjustment to reflect the Group’s credit risk is considered in measuring the fair value of deposits due to customers. The Group’s credit risk is determined by adjusting credit spread observed in credit rating of the Group.

(5) The difference between carrying amount and nominal amount at maturity of financial liabilities designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Carrying amount			467,501				547,816
Nominal amount at maturity			450,000				530,000
Difference			17,501				17,816

22. DEPOSITS DUE TO CUSTOMERS

Details of deposits due to customers by type are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Deposits in local currency:
Deposits on demand			8,195,492				7,880,603
Savings deposits with withdrawal on demand			125,367,093				115,527,487
Other savings deposits			173,435,409				175,380,553
Mutual installment			18,219				19,901
Deposits on notes payables			3,685,924				4,000,894
Deposits on CMA			112,671				120,666
Certificate of deposits			9,274,299				11,742,425
Other deposits			955,588				1,037,811
Sub-total			321,044,695				315,710,340
Deposits in foreign currencies:
Deposits in foreign currencies			55,428,606				50,988,673
Present value discount			(138,961	)			(144,359	)
Customers’ deposits for beneficiary			246,505				266,502
Total			376,580,845				366,821,156

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

23. BORROWINGS AND DEBENTURES

(1) Details of borrowings are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Lenders		Interest rate (%)				Amount
Borrowings in local currency:
Borrowings from The BOK		The BOK			1.0				1,845,239
Borrowings from government funds		Small Enterprise and Market Service and others			0.0 ~ 3.5				2,195,534
Others		The Korea Development Bank and others			0.0 ~ 4.6				8,378,570
Sub-total									12,419,343
Borrowings in foreign currencies:
Borrowings in foreign currencies		The Export-Import Bank of Korea and others			0.8 ~ 10.0				13,071,842
Bills sold		Others			0.0 ~ 2.0				1,033
Call money		Bank and others			1.7 ~ 10.0				2,013,940
Bonds sold under repurchase agreements		Other financial institutions			1.0 ~ 14.9				6,678,468
Present value discount									(1,359	)
Total									34,183,267

		December 31, 2024
		Lenders		Interest rate (%)				Amount
Borrowings in local currency:
Borrowings from The BOK		The BOK			1.5				1,981,928
Borrowings from government funds		Small Enterprise and Market Service and others			0.0 ~ 3.5				2,165,257
Others		The Korea Development Bank and others			0.0 ~ 5.6				7,955,941
Sub-total									12,103,126
Borrowings in foreign currencies:
Borrowings in foreign currencies		The Export-Import Bank of Korea and others			0.0 ~ 12.0				15,081,035
Bills sold		Others			0.0 ~ 2.7				3,690
Call money		Bank and others			1.7 ~ 4.9				1,402,780
Bonds sold under repurchase agreements		Other financial institutions			1.0 ~ 12.2				1,530,767
Present value discount									(4,367	)
Total									30,117,031

(2) Details of debentures are as follows (Unit: Korean Won in millions):

		December 31, 2025								December 31, 2024
		Interest rate (%)				Amount				Interest rate (%)				Amount
Face value of bond (*):
Ordinary bonds			0.8 ~ 7.5				47,124,232				0.8 ~ 7.5				41,665,997
Subordinated bonds			1.9 ~ 6.7				6,683,193				1.9 ~ 5.1				4,421,380
Other bonds			2.9 ~ 17.0				1,782,423				1.6 ~ 17.0				2,250,672
Sub-total							55,589,848								48,338,049
Discounts on bonds							(6,456	)							(130,946	)
Total							55,583,392								48,207,103

(*) Included debentures under fair value hedge amounting to 4,046,624 million won and 3,952,047 million won as of December 31, 2025 and 2024 respectively. Also, debentures under cash flow hedge amounting to 1,410,514 million won and 1,860,100 million won are included as of December 31, 2025 and 2024 respectively.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

24. INSURANCE CONTRACTS

(1) Details of insurance contracts assets and insurance contracts liabilities are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Life				Health				Annuity/Savings and others				Variable				Total
Insurance contracts assets			—				—				—				—				—
Insurance contracts liabilities			8,078,577				8,032,075				25,460,803				4,002,409				45,573,864
Net insurance contracts liabilities (asset)			8,078,577				8,032,075				25,460,803				4,002,409				45,573,864

(2) Assumptions for current estimates of future cash flows and basis for calculation for the year ended December 31, 2025, are as follows:

1) Tongyang Life Insurance Co., Ltd.

		Experience rate (%)		Basis
Lapse ratio		0% ~ 66.5%		The ratio of surrender value to contract insurance premiums calculated by insurance type, payment method, channels, period of premium payments and durations computed based on experience statistics from the most recent 5 years as of June 30, 2025.
Loss ratio		7.1% ~ 774.9%		The ratio of claims paid to risk premiums calculated by collateral, gender, channels and experience life table based on experience statistics from the most recent 5 years as of June 30, 2025. * For PYTREND and CHN, the most recent 5-year experience statistics are used and for Trend, the most 10-year experience statistics are used.
Operating expense ratio		—		The acquisition and operating expense ratio is calculated by channels and insurance type as a proportionate unit cost based on operating expenses spendings and experience statistics from the most recent year as of June 30, 2025. (recent 3 years for investment management cost) * Agent commission fees and sales promotion expenses are measured by policy duration based on the amounts expected to be actually incurred, in accordance with applicable regulations such as commission payment guidelines. * Depending on the characteristics of cost incurrence, cost drivers applied include converted results, the number of new and existing contracts, projected acquisition and operating expenses, insurance premiums, reserve funds and others.
Discount rate		3.53% ~ 4.20%		A total of 1,000 interest rate scenarios were applied by estimating parameters that ensure consistency with market-traded assets, based on an adjusted risk-free interest rate term structure reflecting long-term forward rates and liquidity premiums.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Confidence level of the risk adjustment for non-financial risk 75% Under the assumption that probability distribution of present value of future cash flows as at each reporting date follows normal distribution, risk adjustment is calculated as as the amount which 75th percentile exceeds the probability weighted average of present value of future cash flows.

2) ABL Life Insurance Co., Ltd.

		Experience rate (%)		Basis
Lapse ratio		0% ~ 61%		The ratio of surrender value to contract insurance premiums calculated by interest level, insurance type, payment method, channels, level of surrender value of insurance contracts, period of premium payments and durations computed based on experience statistics from the most recent 5 years as of June 30, 2025. * Lapse rates for insurance with non-surrender value or low-surrender value are determined in accordance with the Actuarial Standard of Practice on the calculation and application of actuarial assumptions.
Loss ratio		5% ~ 1,314%		The ratio of claims paid to risk premiums calculated by collateral, gender, age, channels, experience life table and others based on experience statistics from the most recent 5 years as of June 30, 2025. * Determined in accordance with the Actuarial Standard of Practice on the calculation and application of actuarial assumptions. *The claims paid are based on the statistics of the 5 years preceding the occurrence of the accident and are determined by taking into account the progress rate of the incurred but not reported losses.
Operating expense ratio		—		The acquisition and operating expense ratio is calculated as a proportionate unit cost of initial premium, converted results, the number of contracts, premium, claim payments, reserve funds, policy loans and others based on experience statistics from the most recent years and business plan, the company’s future expense cost reflected. * Statistics period: applying 1-year for contract execution expense, contract maintenance expense, claims handling cost and investment management cost, and 3-year for investment management cost of policy loans.
Discount rate		(4.57)% ~ 26.06%		By estimating the parameter that is consistent with assets traded in the market, apply 1,000 interest rate scenarios to the adjusted risk-free term structure of interest rates, which incorporates the long-term forward rate and liquidity premium.
Confidence level of the risk adjustment for non-financial risk		75%		Under the assumption that probability distribution of present value of future cash flows as at each reporting date follows normal distribution, calculate risk adjustment as the amount which 75th percentile exceeds the probability weighted average of present value of future cash flows.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(3) Changes in liabilities for remaining coverage and liabilities for claims incurred within insurance contracts liabilities for the year ended December 31, 2025, are as follows (Unit: Korean Won in millions):

		December 31, 2025
				Liability (asset) for remaining coverage								Liability (asset) for incurred claims				Total
				Excluding loss component				Loss component
Beginning balance		Insurance contracts assets			—				—				—				—
		Insurance contracts liabilities			—				—				—				—
		Net insurance contracts liabilities (asset)			—				—				—				—
Increase due to business combinations		Insurance contracts assets			—				—				—				—
		Insurance contracts liabilities			44,945,543				121				2,121,606				47,067,270
		Net insurance contracts liabilities (asset)			44,945,543				121				2,121,606				47,067,270
Insurance income		Insurance contracts under conversion			(1,005,778	)			—				—				(1,005,778	)
		Sub-total			(1,005,778	)			—				—				(1,005,778	)
Insurance service expense		Insurance expenses and insurance service expenses incurred			6,922				(288	)			689,745				696,379
		Amortization of insurance acquisition cash flows			148,980				—				—				148,980
		Changes in liability for incurred claims			—				—				23,777				23,777
		Reversal of loss components			—				32,478				—				32,478
		Sub-total			155,902				32,190				713,522				901,614
Insurance service result					(849,876	)			32,190				713,522				(104,164	)
Insurance finance interest income and other insurance finance income		Net income			1,093,463				63				38,709				1,132,235
		Other comprehensive income			(2,395,497	)			—				(379	)			(2,395,876	)
		Sub-total			(1,302,034	)			63				38,330				(1,263,641	)
Total Changes in net income, other comprehensive income and insurance service result					(2,151,910	)			32,253				751,852				(1,367,805	)
Investment components excluded from insurance service result and insurance finance income					(2,308,250	)			—				2,308,250				—
Cash flow		Premium received			3,496,221				—				—				3,496,221
		Insurance acquisition cash flow			(649,882	)			—				—				(649,882	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		Claims and other insurance service expenses paid including investment components			(60,533	)			—				(2,920,102	)			(2,980,635	)
		Sub-total			2,785,806				—				(2,920,102	)			(134,296	)
Other increase (decrease)					(738	)			88				9,345				8,695
Ending balance		Insurance contracts assets			—				—				—				—
		Insurance contracts liabilities			43,270,451				32,462				2,270,951				45,573,864
		Net insurance contracts liabilities (asset)			43,270,451				32,462				2,270,951				45,573,864

(4) Changes in the estimate of the present value of the future cash flows, risk adjustment for non-financial risk and contractual service margin for the year ended December 31, 2025, are as follows (Unit: Korean Won in millions):

		December 31, 2025
				Estimate of the present value of future cash flows				Risk adjustment for non-financial risk				Insurance contracts under conversion				Total
Beginning balance		Insurance contracts assets			—				—				—				—
		Insurance contracts liabilities			—				—				—				—
		Net insurance contracts liabilities (asset)			—				—				—				—
Increase due to business combinations		Insurance contracts assets			—				—				—				—
		Insurance contracts liabilities			42,710,666				773,337				3,583,267				47,067,270
		Net insurance contracts liabilities (asset)			42,710,666				773,337				3,583,267				47,067,270
Changes related to current service		Amortization of contractual service margin			—				—				(154,187	)			(154,187	)
		Changes in risk adjustment for non-financial risk			—				(26,471	)			—				(26,471	)
		Experience adjustments			20,234				5				—				20,239
		Sub-total			20,234				(26,466	)			(154,187	)			(160,419	)
Changes related to future service		Change in estimate adjusting contractual service margin			936,116				(30,014	)			(906,102	)			—
		Change in estimate adjusting losses (reversal) of group of onerous contracts			53,294				(28,990	)			—				24,304
		Effect of initially recognized contracts			(488,210	)			49,342				447,042				8,174
		Sub-total			501,200				(9,662	)			(459,060	)			32,478
Changes related to past service		Changes in liability for incurred claims			22,770				1,007				—				23,777
		Sub-total			22,770				1,007				—				23,777
Insurance service result					544,204				(35,121	)			(613,247	)			(104,164	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Insurance finance interest income and other insurance finance income		Net income			1,059,968				8,724				63,543				1,132,235
		Other comprehensive income			(2,397,918	)			2,042				—				(2,395,876	)
		Sub-total			(1,337,950	)			10,766				63,543				(1,263,641	)
Total Changes in net income, other comprehensive income and insurance service result					(793,746	)			(24,355	)			(549,704	)			(1,367,805	)
Cash flow		Premium received			3,496,221				—				—				3,496,221
		Insurance acquisition cash flow			(649,882	)			—				—				(649,882	)
		Claims and other insurance service expenses paid including investment components			(2,980,630	)			(5	)			—				(2,980,635	)
		Sub-total			(134,291	)			(5	)			—				(134,296	)
Other increase (decrease)					8,695				—				—				8,695
Ending balance		Insurance contracts assets			—				—				—				—
		Insurance contracts liabilities			41,791,324				748,977				3,033,563				45,573,864
		Net insurance contracts liabilities (asset)			41,791,324				748,977				3,033,563				45,573,864

(5) The effect on the consolidated statement of financial position at the time of initial recognition of new insurance contracts for the year ended December 31, 2025 is as follows (Unit: Korean Won in millions):

				December 31, 2025
				The estimates of the present value of future cash outflows								The estimates of the present value of future cash inflows				Risk adjustment for non-financial risk				Contractual Service Margin				Total				Loss at initial recognition
				Insurance acquisition cash flow				Insurance expenses and insurance
Initial recognition of new insurance contracts (*1)		Non-onerous contracts			608,795				3,444,352				(4,546,284	)			46,095				447,042				—				—
		Onerous contracts			46,026				227,758				(268,857	)			3,247				—				8,174				8,174
		Sub-total			654,821				3,672,110				(4,815,141	)			49,342				447,042				8,174				8,174
Business Combination					630,150				101,042,991				(58,962,475	)			773,337				3,583,267				47,067,270				121
		Total			1,284,971				104,715,101				(63,777,616	)			822,679				4,030,309				47,075,444				8,295

(*1) There are no insurance contracts acquired in a transfer.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(6) Expected amounts of insurance revenue to be recognized in profit or loss by the anticipated amortization period of the contractual service margin (CSM) for insurance contracts as of December 31, 2025, are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		1 year				2 years				3 years				4 years				5 years				6 years to 10 years				11 years to 20 years				21 years to 30 years				More than 30 years				Total
Life			30,628				28,920				28,431				28,613				28,616				131,482				222,769				180,182				275,902				955,543
Health			78,792				70,989				62,633				57,086				52,756				213,953				331,027				259,354				397,794				1,524,384
Annuity/Savings and others			46,266				41,112				37,263				33,865				29,973				104,470				76,944				29,301				17,550				416,744
Variable			16,368				14,377				12,600				10,898				9,375				31,108				27,175				9,890				5,101				136,892
Total			172,054				155,398				140,927				130,462				120,720				481,013				657,915				478,727				696,347				3,033,563

(7) Details and fair value of underlying assets of participating insurance contracts as of December 31, 2025, are as follows (Unit: Korean Won in millions):

		December 31, 2025
Cash and deposits			257,847
Securities			2,594,648
Other assets			75,383
Total			2,927,878

(8) Amount related to time value of money related to risk mitigation for participating insurance contracts, financial risks allocated and changes in fulfillment cash flows that are not recognized as contractual service margin as of December 31, 2025, is as follows (Unit: Korean Won in millions):

		December 31, 2025
Not recognized as contractual service margin			50,448

(9) No amounts from the valuation of financial assets at FVTOCI relate to the insurance contracts under the fair value approach or conversion of the modified retrospective approach.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

25. REINSURANCE CONTRACT

(1) Details of reinsurance contracts assets and reinsurance contracts liabilities are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Life				Health				Annuity/ Savings and others				Total
Reinsurance contracts assets			381,667				231,261				7,279				620,207
Reinsurance contracts liabilities			52,842				131,344				606				184,792
Net reinsurance contracts asset (liabilities)			328,825				99,917				6,673				435,415

(2) Changes in liabilities for remaining coverage and liabilities for incurred claims within reinsurance contracts liabilities that premium allocation approach was not applied for the year ended December 31, 2025, are as follows (Unit: Korean Won in millions):

				December 31, 2025
				Liability (asset) for remaining coverage								Asset (liability) for incurred claims				Total
				Excluding loss recovery component				Loss recovery component
Beginning balance		Reinsurance contracts assets			—				—				—				—
		Reinsurance contracts liabilities			—				—				—				—
		Net reinsurance contracts assets (liabilities)			—				—				—				—
Increase due to business combinations		Reinsurance contracts assets			582,962				—				3,484				586,446
		Reinsurance contracts liabilities			153,241				—				(16,892	)			136,349
		Net reinsurance contracts assets (liabilities)			429,721				—				20,376				450,097
Reinsurance expenses		Reinsurance contracts under conversion			(37,012	)			—				—				(37,012	)
Reinsurance income		Reinsurance expenses and reinsurance service expenses incurred			(37,012	)			—				—				(37,012	)
		Changes in asset for incurred claims			—				56				32,285				32,341
		Reversal of loss components			—				—				3,745				3,745
		Sub-total			—				633				—				633
Insurance service result					—				689				36,030				36,719
Reinsurance finance interest income and other insurance finance income		Effect of changes in credit risk of reinsurance liabilities			(37,012	)			689				36,030				(293	)
		Net income			365				—				—				365
		Other comprehensive income			6,115				278				512				6,905

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Sub-total					(20,099	)			—				(58	)			(20,157	)
Total Changes in net income, other comprehensive income and reinsurance service result					(13,619	)			278				454				(12,887	)
Reinsurance service result and investment components excluded from reinsurance finance interest income and other insurance finance income					(50,631	)			967				36,484				(13,180	)
Cash flow		Premium paid			(39,806	)			—				39,806				—
		Claims and other reinsurance service expenses paid including investment components			62,921				—				—				62,921
Sub-total					(6,662	)			—				(59,840	)			(66,502	)
Other increase (decrease)					56,259				—				(59,840	)			(3,581	)
Ending balance		Reinsurance contracts assets			—				—				2,079				2,079
		Reinsurance contracts liabilities			460,626				125,747				33,834				620,207
		Net reinsurance contracts asset (liabilities)			65,083				124,780				(5,071	)			184,792
					395,543				967				38,905				435,415

(3) Changes in the estimate of the present value of the future cash flows, risk adjustment for non-financial risk and contractual service margin for the year ended December 31, 2025, are as follows (Unit: Korean Won in millions):

				December 31, 2025
				Estimate of the present value of future cash flows				Risk adjustment for non-financial risk				Reinsurance contracts under conversion				Total
Beginning balance		Reinsurance contracts assets			—				—				—				—
		Reinsurance contracts liabilities			—				—				—				—
		Net reinsurance contracts asset (liabilities)			—				—				—				—
Increase due to business combinations		Reinsurance contracts assets			470,958				17,215				98,273				586,446
		Reinsurance contracts liabilities			289,635				(20,976	)			(132,310	)			136,349
		Net reinsurance contracts asset (liabilities)			181,323				38,191				230,583				450,097
Changes related to current service		Amortization of contractual service margin			—				—				(7,868	)			(7,868	)
		Changes in risk adjustment for non-financial risk			—				(1,024	)			—				(1,024	)
		Experience adjustments			4,221				—				—				4,221
Sub-total					4,221				(1,024	)			(7,868	)			(4,671	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Changes related to future service		Change in estimate adjusting contractual service margin			133,284				(990	)			(132,294	)			—
		Change in estimate adjusting loss recovery component			6,196				(5,715	)			—				481
		Effect of initially recognized contracts			(572	)			38				686				152
Sub-total					138,908				(6,667	)			(131,608	)			633
Changes related to past service		Changes in asset for incurred claims			3,643				102				—				3,745
Sub-total					3,643				102				—				3,745
Reinsurance service result					146,772				(7,589	)			(139,476	)			(293	)
Reinsurance finance interest income and other insurance finance income		Effect of changes in credit risk of reinsurance liabilities			365				—				—				365
		Net income			2,732				273				3,900				6,905
		Other comprehensive income			(19,685	)			(472	)			—				(20,157	)
Sub-total					(16,588	)			(199	)			3,900				(12,887	)
Total Changes in net income, other comprehensive income and reinsurance service result					130,184				(7,788	)			(135,576	)			(13,180	)
Cash flow		Premium paid			62,921				—				—				62,921
		Claims and other reinsurance service expenses paid including investment components			(66,502	)			—				—				(66,502	)
Sub-total					(3,581	)			—				—				(3,581	)
Other increase (decrease)					2,079				—				—				2,079
Ending balance		Reinsurance contracts assets			371,842				24,068				224,297				620,207
		Reinsurance contracts liabilities			61,837				(6,335	)			129,290				184,792
		Net reinsurance contracts asset (liabilities)			310,005				30,403				95,007				435,415

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(4) The effect on the consolidated statement of financial position at the time of initial recognition of new reinsurance contracts for the year ended December 31, 2025 is as follows (Unit: Korean Won in millions):

				December 31, 2025
				The estimates of the present value of future cash outflows				The estimates of the present value of future cash inflows				Risk adjustment for non-financial risk				Contractual Service Margin				Total				Loss recovery component at initial recognition
Initial recognition of new reinsurance contracts (*1)		Non-profitable group of contracts			(558	)			480				5				73				—				—
		Profitable group of contracts		(3,265)				2,771				33				613				152				152
Sub-total					(3,823	)			3,251				38				686				152				152
Business Combination					(2,665,609	)			2,846,933				38,190				230,583				450,097				—
Total					(2,669,432	)			2,850,184				38,228				231,269				450,249				152

(*1) There are no reinsurance contracts acquired in a transfer.

(5) Expected amounts of insurance revenue to be recognized in profit or loss by the anticipated amortization period of the contractual service margin (CSM) for reinsurance contracts as of December 31, 2025, are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		1 year				2 years				3 years				4 years				5 years				6 years to 10 years				11 years to 20 years				21 years to 30 years				More than 30 years				Total
Life			366				340				320				302				287				1,185				1,627				934				555				5,916
Health			(25,395	)			(23,719	)			(18,737	)			(13,295	)			(5,064	)			25,764				71,820				51,391				26,026				88,791
Annuity/Savings and others			43				38				33				29				25				78				45				9				—				300
Total			(24,986	)			(23,341	)			(18,384	)			(12,964	)			(4,752	)			27,027				73,492				52,334				26,581				95,007

26. PROVISIONS

(1) Details of provisions are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Asset retirement obligation			106,786				97,772
Provisions for guarantees (*1)			79,317				71,470
Provisions for unused loan commitments			137,081				137,562
Other provisions (*2)			467,549				304,624
Total			790,733				611,428

(*1) Provisions for guarantees include provision for financial guarantee of 52,733 million won and 48,785 million won as of December 31, 2025 and 2024, respectively.

(*2) Other provisions consist of provision for litigation, loss compensation and others.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(2) Changes in provisions for guarantees and unused loan commitments are as follows (Unit: Korean Won in millions):

1) Provisions for guarantees

		For the year ended December 31, 2025
		Stage1				Stage2				Stage3				Total
Beginning balance			57,309				2,534				11,627				71,470
Transfer to 12-month expected credit loss			536				(536	)			—				—
Transfer to expected credit loss for the entire period			(438	)			438				—				—
Transfer to credit-impaired financial assets			(809	)			(39	)			848				—
Net provision of unused amount			4,005				1,015				3,344				8,364
Others (*)			(512	)			(5	)			—				(517	)
Ending balance			60,091				3,407				15,819				79,317

(*) Recognized as a result of changes in financial guarantee liabilities.

		For the year ended December 31, 2024
		Stage1				Stage2				Stage3				Total
Beginning balance			70,678				2,800				7,225				80,703
Transfer to 12-month expected credit loss			317				(317	)			—				—
Transfer to expected credit loss for the entire period			(230	)			230				—				—
Transfer to credit-impaired financial assets			(100	)			(90	)			190				—
Net provision (reversal) of unused amount			(9,352	)			(108	)			4,211				(5,249	)
Others (*)			(4,004	)			19				1				(3,984	)
Ending balance			57,309				2,534				11,627				71,470

(*) Recognized as a result of new financial guarantee contract valued at initial fair value.

2) Provisions for unused loan commitment

		For the year ended December 31, 2025
		Stage1				Stage2				Stage3				Total
Beginning balance			108,218				24,896				4,448				137,562
Transfer to 12-month expected credit loss			9,547				(9,514	)			(33	)			—
Transfer to expected credit loss for the entire period			(3,171	)			3,179				(8	)			—
Transfer to credit-impaired financial assets			(1,477	)			(523	)			2,000				—
Net provision (reversal) of unused amount			(4,363	)			3,608				(2,701	)			(3,456	)
Changes due to business combinations			2,961				—				14				2,975
Others			(216	)			1				215				—
Ending balance			111,499				21,647				3,935				137,081

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		For the year ended December 31, 2024
		Stage1				Stage2				Stage3				Total
Beginning balance			108,775				26,328				232				135,335
Transfer to 12-month expected credit loss			9,966				(9,945	)			(21	)			—
Transfer to expected credit loss for the entire period			(3,485	)			3,491				(6	)			—
Transfer to credit-impaired financial assets			(277	)			(321	)			598				—
Net provision (reversal) of unused amount			(7,731	)			5,209				3,412				890
Others			970				134				233				1,337
Ending balance			108,218				24,896				4,448				137,562

(3) Changes in asset retirement obligation for the years ended December 31, 2025 and 2024, are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Beginning balance			97,772				95,179
Provisions provided			4,700				5,790
Provisions used			(8,447	)			(5,467	)
Reversal of provisions unused			(314	)			(957	)
Amortization			1,458				1,551
Changes due to business combinations			4,512				218
Increase in restoration costs and others			7,105				1,458
Ending balance			106,786				97,772

The amount of the asset retirement obligation is the present value of the best estimate of future expected expenditure to settle the obligation – arising from leased property as of December 31, 2025, discounted by appropriate discount rate. The restoration cost is expected to occur by the end of each property’s lease period, and the Group has used average lease period for each category of leases terminated during the past years in order to rationally estimate the lease period. In addition, the Group used average amount of actual recovery cost for the past 3 years and the inflation rate for last year in order to estimate future recovery cost.

(4) Changes in other provisions for the years ended December 31, 2025 and 2024, are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Beginning balance			304,624				494,814
Provisions provided			135,823				31,028
Provisions used			(5,185	)			(186,343	)
Reversal of provisions unused			(377	)			(9,069	)
Foreign currencies translation adjustments			82				209
Transfer			(16,283	)			(21,343	)
Changes due to business combinations			48,754				—
Others			111				(4,672	)
Ending balance			467,549				304,624

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(5) Others

1) The Group recognized the estimated amount of compensation related to incomplete sales of Derivative Linked Fund (DLF) in 2019 and provisions for fines expected to be imposed by the Financial Services Commission as the best estimate of expenditure required to fulfil its current obligations at the end of the period.

2) The Group recognized provisions for estimated compensation amounts related to the prepayment arising from the delay in the redemption of funds and other related issues and the dispute settlement as the best estimate of the expenditure amounting to 259,168 million won and 246,422 million Won as of December 31, 2025 and 2024. In addition, the Group recognized provisions of KRW 2,847 million and KRW 781 million as of December 31, 2025 and 2024, respectively, for estimated compensation related to expected losses of customers who invested in equity-linked securities, as well as for fines and penalties expected to be imposed by the Financial Services Commission.

27. NET DEFINED BENEFIT LIABILITY(ASSET)

The Group’s pension plan is based on the defined benefit retirement pension plan. Employees and directors with one or more years of service are entitled to receive payment upon termination of their employment, based on their length of service and rate of salary at the time of termination. The assets of the plans are measured at their fair value at the end of reporting date. The plan liabilities are measured using the projected unit method, which takes account of projected earnings increases, using actuarial assumptions that give the best estimate of the future cash flows that will arise under the plan liabilities.

The Group is exposed to various risks through defined benefit retirement pension plan, and the most significant risks are as follows:

Volatility of assets		The defined benefit obligation was estimated with an interest rate calculated based on the return on high quality corporate bond. A deficit may occur if the rate of return of plan assets falls short of the interest rate.
Decrease in the return on high quality corporate bond		A decrease in the return on high quality corporate bonds will be offset by some increase in the value of debt securities that the employee benefit plan owns but will bring an increase in the defined benefit obligation.
Risk of inflation		Defined benefit obligations are related to inflation rate; the higher the inflation rate is, the higher the level of liabilities. Therefore, deficit occurs in the system if an inflation rate increases.

(1) Details of net defined benefit liability(asset) are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Present value of defined benefit obligation			1,982,526				1,751,605
Fair value of plan assets (*)			(2,157,163	)			(1,892,290	)
Net defined benefit liabilities (assets) (*)			(174,637	)			(140,685	)
Intercompany transaction adjustments			269,170				—
Net defined benefit liabilities (assets) (after intercompany offsets)			94,533				(140,685	)

(*) The amount before intercompany offsets within the consolidated entity

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(2) Changes in the carrying value of defined benefit obligation are as follows (Unit: Korean Won in millions):

				For the years ended December 31
				2025				2024
Beginning balance					1,751,605				1,574,087
Current service cost					161,468				143,051
Past service cost (*)					28,060
Interest cost					76,312				70,959
Remeasurements		Financial assumption			(36,629	)			88,078
		Demographic assumptions			2,767				(264	)
		Experience adjustments			37,161				(18,547	)
Retirement benefit paid					(136,267	)			(101,008	)
Foreign currencies translation adjustments					779				401
Changes due to business combinations					101,464				—
Others					(4,194	)			(5,152	)
Ending balance					1,982,526				1,751,605

(*) This was caused by changes in the criteria for assessing ordinary wages during the year ended December 31, 2025.

(3) Changes in the plan assets are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Beginning balance			1,892,290				1,807,408
Interest income			78,326				84,981
Remeasurements			(12,240	)			(15,323	)
Employer’s contributions			261,143				115,159
Retirement benefit paid			(138,874	)			(94,940	)
Changes due to business combinations			80,980				—
Others			(4,462	)			(4,995	)
Ending balance			2,157,163				1,892,290

(4) The fair value of the plan assets by composition is as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Cash and due from banks and others			2,157,163				1,892,290

Meanwhile, among plan assets, realized returns on plan assets amount to 66,086 million won and 69,658 million won for the years ended December 31, 2025 and 2024, respectively. The contribution expected to be paid in the next accounting year amounts to 159,332 million won.

(5) Amounts related to the defined benefit plan that are recognized in the consolidated statements of comprehensive income are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Current service cost			161,468				143,051
Past service cost (*1)			28,060				—
Net interest income			(2,014	)			(14,022	)
Cost recognized in net income			187,514				129,029
Remeasurements (*2)			15,539				84,590
Cost recognized in total comprehensive income			203,053				213,619

(*1) This was caused by changes in the criteria for assessing ordinary wages during the year ended December 31, 2025.

(*2) Amount before tax

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Retirement benefits related to defined contribution plans recognized as expenses are 13,885 million won, and 5,470 million won for the years ended December 31, 2025 and 2024, respectively.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(6) Key actuarial assumptions used in net defined benefit liability(asset) measurement are as follows:

		December 31, 2025		December 31, 2024
Discount rate		3.6% ~ 5.48%		3.68% ~ 4.62%
Future wage growth rate		2.4% ~ 6.39%		2.4% ~ 6.01%
Mortality rate		Issued by Korea Insurance Development Institute		Issued by Korea Insurance Development Institute
Retirement rate		Experience rate for each employment classification		Experience rate for each employment classification

The weighted average maturity of defined benefit liability is a minimum of 4.67 to a maximum 10.64 years.

(7) The sensitivity to actuarial assumptions used in the assessment of defined benefit obligation is as follows (Unit: Korean Won in millions):

				December 31, 2025				December 31, 2024
Discount rate		Increase by 1% point			(166,963	)			(182,522	)
		Decrease by 1% point			192,449				213,568
Future wage growth rate		Increase by 1% point			193,539				214,942
		Decrease by 1% point			(170,732	)			(185,974	)

28. OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES

Other financial liabilities and other liabilities are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Other financial liabilities:
Accounts payable			8,059,195				7,250,633
Accrued expenses			4,456,143				4,694,493
Borrowings from trust accounts			7,692,762				6,769,383
Agency business revenue			594,685				733,990
Foreign exchange payables			784,357				902,564
Domestic exchange settlement credits			11,749,779				7,592,473
Lease liabilities			541,572				527,090
Other miscellaneous financial liabilities			4,250,210				3,857,393
Present value discount			(10,645	)			(13,968	)
Sub-total			38,118,058				32,314,051
Other liabilities:
Unearned income			354,792				407,525
Other miscellaneous liabilities			479,102				388,973
Sub-total			833,894				796,498
Total			38,951,952				33,110,549

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

29. DERIVATIVES

(1) Derivative assets and derivative liabilities are as follows (Unit: Korean Won in millions):

		December 31, 2025
						Assets												Liabilities
		Nominal amount				For cash flow hedge				For fair value hedge				For trading				For cash flow hedge				For fair value hedge				For trading
Interest rate:
Futures			1,028,982				—				—				—				—				—				—
Forwards			6,097,038				7,192				—				155,174				139,341				—				118,441
Swaps			134,440,759				903				37,010				136,822				—				27,050				141,569
Written options			320,000				—				—				—				—				—				8,194
Currency:
Futures			131,014				—				—				—				—				—				—
Forwards			111,686,895				2,221				1,201				2,652,148				236,677				70,989				1,190,226
Swaps			76,846,634				168,653				—				2,827,872				141,304				—				3,670,407
Purchase options			67,650				—				—				1,267				—				—				—
Written options			81,999				—				—				—				—				—				827
Equity:
Futures			476,305				—				—				—				—				—				—
Forwards			163				—				—				104				—				—				—
Purchase options			1711				—				—				816				—				—				—
Others:
Futures			8,378				—				—				—				—				—				—
Total			331,187,528				178,969				38,211				5,774,203				517,322				98,039				5,129,664

		December 31, 2024
						Assets												Liabilities
		Nominal amount				For cash flow hedge				For fair value hedge				For trading				For cash flow hedge				For fair value hedge				For trading
Interest rate:
Futures			449,127				—				—				—				—				—				—
Forwards			3,530,000				—				—				52,855				—				—				274,980
Swaps			138,816,980				—				10,102				308,333				180				102,635				199,761
Purchase options			50,000				—				—				81				—				—				—
Written options			360,000				—				—				—				—				—				10,595
Currency:
Futures			2,837				—				—				—				—				—				—
Forwards			111,927,474				—				—				5,638,032				—				—				1,805,299
Swaps			85,880,218				165,089				—				4,089,265				—				—				6,796,459
Purchase options			175,221				—				—				4,779				—				—				—
Written options			265,182				—				—				—				—				—				3,603
Equity:
Futures			—				—				—				—				—				—				—
Forwards			1,520				—				—				182				—				—				—
Swaps			7,698				—				—				—				—				—				1,401
Purchase options			1,767				—				—				1,005				—				—				—
Written options			—				—				—				—				—				—				—
Total			341,468,024				165,089				10,102				10,094,532				180				102,635				9,092,098

Derivatives held for trading are classified into financial assets at FVTPL (Note 8) and financial liabilities at FVTPL (Note 21), and derivatives designated for hedging are presented as a separate line item in the consolidated statements of financial position.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(2) Overview of the Group’s hedge accounting

1) Fair value hedge

a) Debentures

As of December 31, 2025, the Group has applied fair value hedge on fixed interest rate foreign currency denominated debentures amounting to 3,763,978 million Won, and local currency denominated debentures amounting to 282,646 million Won. The purpose of the hedging is to avoid fair value volatility risk of fixed interest rates foreign and local currency denominated debentures derived from fluctuations of market interest rate, and as such the Group entered into interest rate swap agreements designated as hedging instruments.

Pursuant to the interest rate swap agreement, by swapping the calculated difference between the fixed interest rate and floating interest rate applied to the nominal value, the fair value fluctuation risk is hedged as the foreign currency denominated debentures and local currency debentures fixed interest rate terms are converted to floating interest rate. Pursuant to the interest rate swap agreement, hedge ratio is determined by matching the nominal value of hedging instrument to the face value of the hedged item.

In this hedging relationship, only the market interest rate fluctuation, which is the most significant part of the fair value change of the hedged item, is designated as the hedged risk, and other risk factors including credit risk are not included in the hedged risk. Therefore, the ineffective portion of the hedge could arise from fluctuations in the timing of the cash flow of the hedged item, price margin set by counterparty of hedging instrument, and unilateral change in credit risk of any party of hedging instrument.

The interest rate swap agreements and the hedged items are subject to fluctuations in the underlying market rate of interest, and the Group expects the fair value of the interest rate swap contract and the value of the hedged item to generally change in the opposite direction.

The fair value of the interest rate swap at the end of the reporting period is determined by discounting future cash flows estimated by using the yield curve at the end of the reporting period and the credit risk embedded in the contract and the average interest rate is determined based on the outstanding balance at the end of the reporting period. The variable interest rate applied to the interest rate swap is Compounding SOFR or CD 3M plus spread. In accordance with the terms of each interest rate swap contract designated as a hedging instrument, the Group receives interest at a fixed interest rate and pays interest at a variable interest rate.

b) Foreign currency securities, Foreign private bonds

As of December 31, 2025, the Group has applied fair value hedging for foreign currency securities amounting to 795,677 million Won and foreign currency private bonds amounting to 76,793 million Won. The purpose of the hedging is to avoid fair value volatility risk of foreign currency securities and foreign currency private bonds derived from exchange rate changes. To achieve this purpose, the group has entered into forward currency contracts designated as hedging instruments.

The forward currency contracts are executed with the condition of selling foreign currencies on a future specific date, at a predetermined agreed amount and exchange rate. On the initiation date, the contract amount is exchanged, and on the termination date, the contracted foreign currency principal is returned. As a result, through hedging transactions, the group offsets valuation gains and losses from exchange rate fluctuations of foreign currency-denominated assets, thereby removing fair value fluctuation risk linked to foreign currency securities and bonds. The hedge ratio is determined through a method that ensures fair value changes in the hedging instruments and hedged items effectively offset each other to a similar extent.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

In this hedging relationship, only the exchange rate fluctuation, which is the most significant part of the fair value change in the hedged item, is designated as the hedged risk, excluding other risk factors such as credit risk or liquidity risk. Therefore, the ineffective portion of the hedge could arise from discrepancies between the settlement timing of the forward currency contract and the cash flow timing of foreign currency-denominated items, fluctuations in counterparties’ credit risks, or discrepancies between market exchange rates and contracted exchange rates.

The forward currency agreements and the hedged items are subject to fluctuations in the exchange rate, and the group expects the fair value of the currency forward contract and the value of the hedged item to generally change in the opposite direction.

2) Cash Flow Hedge

a. Debentures

As of December 31, 2025, the Group has applied cash flow hedge on foreign currency denominated debentures amounting to 1,350,562 million Won, and local currency denominated debentures amounting to 59,952 million Won. The Group’s hedging strategies are to ① Mitigate risks of cash flow fluctuation from variable interest rate debentures on local currency due to changes in market interest rate by entering into an interest rate swap contract and thereby designating it as hedging instrument; ② Mitigate the risks of cash flow fluctuation from principal and interest of variable interest rate debentures denominated in foreign currency due to changes in foreign exchange rates and interest rates by entering into a currency swap contract and thereby designating it as hedging instrument; ③ Mitigate the risks of cash flow fluctuation from principal and interest of fixed interest rate debentures denominated in foreign currency due to changes in foreign exchange rates and ④ Mitigate the risks of cash flow fluctuation in variable interest rate foreign currency borrowings resulting from changes in market interest rates and designate it as a hedging instrument through entering into currency swap contracts and interest rate swap contracts.

By exchanging a predetermined nominal amount as set forth in the interest rate swap contract adjusted by the differences between the fixed and variable interest rates, the variable interest rate terms of the Korean won-denominated variable rate bond are converted to fixed interest rate terms, thereby eliminating the cash flow volatility risk. In addition, this also means a payment of predetermined principal amount as set forth in the currency swap adjusted by fixed interest rate, an exchange of an amount calculated by applying variable interest rate to USD or applying fixed interest rate to USD, and an exchange of the principal denominated in KRW and principal denominated in foreign currency at maturity eliminating cash flow fluctuation risk on principal and interest. The hedge ratio is determined by matching the nominal amount of the hedging instrument to the face amount of the hedged item in accordance with interest rate swap and currency swap.

Only interest rate and foreign exchange rate fluctuation risks, which are the most significant factors in the cash flow fluctuation of the hedged item, are addressed in this hedging relationship, and other risk factors such as credit risk are not subject to hedging. Accordingly, hedge ineffectiveness may arise from price margin set by the counterparty of hedging instruments and unilateral change in credit risk of any party in the transaction.

The interest rate swap, currency swap contract and the hedged item are all affected by the changes in market interest rate and foreign exchange rates which are basic factors. The Group expects that the value of interest rate swap contracts, currency swap contracts, and value of the hedged item will generally fluctuate in opposite direction.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

b. Foreign currency securities, Foreign private bonds, Anticipated bond purchase

As of December 31, 2025, the Group has applied cash flow hedges to manage the risks associated with foreign currency securities amounting to 5,858,666 million Won, foreign currency private bonds totaling 232,211 million Won, and anticipated bond purchase transactions. The objective of these hedging measures is to mitigate the risk of changes in fair value from foreign currency securities and private bonds due to exchange rate changes. To achieve these objectives, the entity utilizes forward currency contracts as designated hedging instruments. The objective of these hedging measures is to mitigate the risk of cash flow fluctuations from foreign currency securities and private bonds due to exchange rate changes, as well as the price risk of future purchases of treasury and foreign government bonds. To achieve these objectives, the entity utilizes forward currency contracts, currency swaps, and bond forward contracts as designated hedging instruments.

Forward currency contracts are used to eliminate cash flow volatility arising from exchange rate fluctuations of anticipated transactions in foreign currency by agreeing to sell foreign currency at a pre-established rate on a future date. These contracts are designated as hedging instruments to offset cash flow variations caused by exchange rate changes on foreign currency-denominated items. The hedge ratio is determined by aligning the nominal amount of the hedging instrument with the face value of the hedged item.

Currency swap contracts are entered into to exchange interest and principal of foreign currency securities and private bonds during the contract period at predetermined notional amounts and rates, and revert the principal exchanged at inception upon maturity. This practice mitigates the cash flow volatility risk associated with the principal and interest payments of foreign currency-denominated securities and private bonds. The hedge ratio is determined by matching the nominal value of the hedging instrument to the face value of the hedged item.

Bond forward contracts are structured to purchase specific bonds at a predetermined notional amount and price on a future specified date to hedge against price risk caused by interest rate fluctuations impacting bond purchase prices. Upon contract expiration, bonds are acquired at the agreed-upon rate, thereby eliminating cash flow variability risks due to future interest rate changes. Thus, the hedging transaction removes the uncertainty surrounding the cash outflow amount related to interest rate changes at the future bond purchase date, thereby ensuring stable cash flows. The nominal amount of the hedging instrument in these bond forward contracts is aligned with the anticipated purchase amount of the hedged bonds, and the hedge ratio is calibrated to ensure that cash flow fluctuations of the hedged item and hedging instrument effectively offset each other.

3) Hedges of Net Investment in Foreign Operations

Foreign currency exposure arises from the Group’s net investments in Woori America Bank, Woori Bank (Cambodia) PLC, Woori Global Markets Asia Limited, and overseas branch which use USD as their functional currency. The risk arises from fluctuations in the spot exchange rate between USD and KRW. This may result in different net investment amounts.

The risk hedged in the net investment hedging is the fluctuation risk of KRW against USD, which may reduce the carrying amount of the Group’s net investments in Woori America Bank, Woori Bank (Cambodia) PLC, Woori Global Markets Asia Limited, and overseas branch.

A portion of the Group’s net investments in Woori America Bank, Woori Bank (Cambodia) PLC, Woori Global Markets Asia Limited, and overseas branch are hedged in USD denominated foreign currency bonds (Carrying amount as of December 31, 2025: USD 863,959,317) and mitigate foreign exchange risk arising from the net assets of subsidiaries. The debenture has been designated as a hedging instrument for the value change of net investments, which arises from fluctuation in the spot exchange rate between USD and KRW.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

To evaluate the effectiveness of the hedge, the Group determines the economic relationship between the hedging instrument and hedged item by comparing (offsetting) changes in the number of foreign investments due to spot exchange rate fluctuation and in the carrying amount of the liabilities due to spot exchange rate fluctuation. The Group’s policy is to hedge the net investment amount only within the principal range of the liabilities.

(3) The nominal amounts of the hedging instrument are as follows (Unit: USD, EUR, AUD, SEK, GBP, JPY, CAD and Korean Won in millions):

		December 31, 2025
		1 year or less				1 year to 5 years				More than 5 years				Total
Fair value hedge
Interest rate risk
Interest rate swap (USD)			550,000,000				2,100,000,000				—				2,650,000,000
Interest rate swap (KRW)			—				—				290,000				290,000
Foreign currencies translation risk
Currency forward (USD)			414,314,566				65,544,792				—				479,859,358
Currency forward (EUR)			—				72,961,301				—				72,961,301
Currency forward (AUD)			109,214,330				126,550,000				—				235,764,330
Currency forward (GBP)			15,700,000				—				—				15,700,000
Cash flow hedge
Interest rate risk
Interest rate forward (USD)			—				320,000,000				—				320,000,000
Interest rate forward (KRW)			1,630,000				380,000				—				2,010,000
Interest rate swap (KRW)			—				60,000				—				60,000
Foreign currencies translation risk and interest rate risk
Currency swap (USD)			336,333,334				470,500,000				—				806,833,334
Currency swap (EUR)			52,000,000				114,900,000				—				166,900,000
Currency swap (AUD)			80,000,000				—				—				80,000,000
Currency swap (SEK)			380,000,000				219,000,000				—				599,000,000
Currency swap (JPY)			—				—				5,000,000,000				5,000,000,000
Foreign currencies translation risk
Currency forward (USD)			998,071,601				700,378,132				—				1,698,449,733
Currency forward (EUR)			374,850,500				232,472,000				—				607,322,500
Currency forward (AUD)			99,970,000				160,000,000				—				259,970,000
Currency swap (USD)			130,000,000				527,884,000				—				657,884,000
Currency swap (EUR)			194,780,000				1,012,000,000				—				1,206,780,000
Currency swap (AUD)			15,000,000				200,000,000				—				215,000,000
Currency swap (CAD)			—				40,000,000				—				40,000,000
Currency swap (JPY)			—				21,500,000,000				43,500,000,000				65,000,000,000
Hedges of net investment in foreign operations
Exchange risk
Foreign currency bond (USD)			—				863,959,317				—				863,959,317

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		December 31, 2024
		1 year or less				1 year to 5 years				More than 5 years				Total
Fair value hedge
Interest rate risk
Interest rate swap (USD)			25,000,000				2,650,000,000				—				2,675,000,000
Interest rate swap (KRW)			—				—				155,000				155,000
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)			140,000				—				—				140,000
Foreign currencies translation risk and interest rate risk
Currency swap (USD)			—				870,000,000				—				870,000,000
Foreign currencies translation risk
Currency swap (USD)			—				100,000,000				—				100,000,000
Currency swap (EUR)			—				194,780,000				—				194,780,000
Hedges of net investment in foreign operations
Exchange risk
Foreign currency bond (USD)			191,568,880				672,390,437				—				863,959,317

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(4) The average interest rate and average currency rate of the hedging instrument as of December 31, 2025 and 2024 are as follows:

		December 31, 2025
		Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap (USD)		Fixed 3.47% receipt and (C.SOFR) + 1.06% paid
Interest rate swap (KRW)		Fixed 3.94% receipt and CD 3M + 0.01% paid
Foreign currencies translation risk
Currency forward (USD)		USD/KRW = 1,326.88 USD/KRW = 1,373.60
Currency forward (EUR)		EUR/KRW = 1,498.43
Currency forward (AUD)		AUD/KRW = 874.06 AUD/KRW = 864.44
Currency forward (GBP)		GBP/KRW = 1,854.71
Cash flow hedge
Interest rate risk
Interest forward (USD)		YTM 5.14%, YTM 5.20%, USD/KRW = 1,373.23
Interest forward (KRW)		YTM 2.91%, YTM 1.42%
Interest rate swap (KRW)		KRW CD+0.37% receipt, KRW 2.75% paid
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		USD 4.11% paid, KRW 2.54% receipt, USD 1M SOFR+0.91% receipt, KRW 3.60% paid, USD/KRW = 1,402.05, USD/KRW = 1,355.00
Currency swap (EUR)		EUR 3.03% paid, KRW 3.18% receipt, EUR/KRW = 1,619.42
Currency swap (AUD)		AUD 3.11% paid, KRW 1.55% receipt, AUD/KRW = 952.20
Currency swap (SEK)		SEK 1.88% paid, KRW 2.01% receipt, SEK/KRW = 140.55
Currency swap (JPY)		JPY 3.20% paid, KRW 4.45% receipt, JPY/KRW = 946.53
Foreign currencies translation risk
Currency forward (USD)		USD/KRW = 1,343.49
Currency forward (EUR)		EUR/KRW = 1,539.86
Currency forward (AUD)		AUD/KRW = 863.03
Currency swap (USD)		USD 1.75% receipt, KRW 1.63% paid, USD 2.50% receipt, KRW 3.76% paid, USD/KRW = 1,138.50 USD/KRW = 1,404.97
Currency swap (EUR)		EUR 1.98% receipt, KRW 3.40% paid, EUR 3.21% receipt, KRW 3.14% paid,EUR/KRW = 1,344.08 EUR/KRW = 1,644.48
Currency swap (AUD)		AUD 3.58% receipt, KRW 4.96% paid,AUD/KRW = 902.70
Currency swap (CAD)		CAD 4.46% receipt, KRW 4.60% paid, CAD/KRW = 1,062.00
Currency swap (JPY)		JPY 4.46% receipt, KRW 3.10% paid, JPY/KRW = 9.42
Hedges of net investment
Exchanging rate risk
Foreign currency denominated debentures(USD/KRW)		USD/KRW = 1,421.88

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		December 31, 2024
		Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap (USD)		Fixed 3.47% receipt and (C.SOFR) + 1.06% paid
Interest rate swap (KRW)		Fixed 4.52% receipt and CD 3M + 0.02% paid
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)		KRW CMS 5Y+0.46% receipt, 3.65% paid
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		USD 1M SOFR+0.93% receipt, KRW 3.79% paid, USD/KRW = 1,344.45
Foreign currencies translation risk
Currency swap (USD)		USD 1.75% receipt, KRW 1.63% paid, USD/KRW = 1,138.50
Currency swap (EUR)		EUR 1.98% receipt, KRW 3.40% paid, EUR/KRW = 1,344.08
Hedges of net investment
Exchanging rate risk
Foreign currency denominated debentures (USD/KRW)		USD/KRW =1,363.09

(5) The amounts related to items designated as hedging instruments are as follows (Unit: USD, EUR, AUD, SEK, GBP, JPY, CAD and Korean Won in millions):

		December 31, 2025
		Nominal amount of the hedging instrument				Carrying amount of the hedging instrument								Line item in the statement of financial position where the hedging instrument is located		Changing in fair value used for calculating hedge ineffectiveness
						Assets				Liabilities
Fair value hedge
Interest rate risk
Interest rate Swap (USD)			2,650,000,000				37,010				27,050			Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)			93,549
Interest rate Swap (KRW)			290,000
Foreign currencies translation risk
Currency forward (USD)			479,859,358				1,201				40,408			Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)			(252,432	)
Currency forward (EUR)			72,961,301				—				13,904						44,644
Currency forward (AUD)			235,764,330				—				15,575						(23,061	)
Currency forward (GBP)			15,700,000				—				1,101			Derivative liabilities (designated for hedging)			(1,408	)
Cash flow hedge
Interest rate risk
Interest rate forward (USD)			320,000,000				4,848				27			Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)			3,732
Interest rate forward (KRW)			2,010,000				2,344				139,313						(203,153	)
Interest rate swap (KRW)			60,000				903				—						1,084
Foreign currency translation risk and interest rate risk
Currency swap (USD)			806,833,334				51,040				11,984			Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)			(69,611	)
Currency swap (EUR)			166,900,000				1,012				16,086			Derivative liabilities (designated for hedging)			(9,085	)
Currency swap (AUD)			80,000,000				605				632						(5,494	)
Currency swap (SEK)			599,000,000				855				9,468						(7,678	)
Currency swap (JPY)			5,000,000,000				819				—						819

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		December 31, 2025
		Nominal amount of the hedging instrument				Carrying amount of the hedging instrument								Line item in the statement of financial position where the hedging instrument is located		Changing in fair value used for calculating hedge ineffectiveness
						Assets				Liabilities
Foreign currency translation risk
Currency forward (USD)			1,698,449,733				2,221				127,924			Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)			13,389
Currency forward (EUR)			607,322,500				—				89,586						(10,747	)
Currency forward (AUD)			259,970,000				—				19,167						(350	)
Currency swap (USD)			657,884,000				30,780				27,168						(74,613	)
Currency swap (EUR)			1,206,780,000				72,261				60,932						(16,952	)
Currency swap (AUD)			215,000,000				—				13,220						(15,574	)
Currency swap (JPY)			65,000,000,000				10,943				1,814						8,981
Currency swap (CAD)			40,000,000				339				—						334
Hedges of net investment in foreign operations Exchange rate risk
Foreign currency bond(USD)			863,959,317				—				1,239,695			Foreign currency bond			30,325

		December 31, 2024
		Nominal amounts of the hedging instrument				Carrying amount of the hedging instrument								Line item in the statement of financial position where the hedging instrument is located		Changing in fair value used for calculating hedge ineffectiveness
						Assets				Liabilities
Fair value hedge Interest rate risk Interest rate Swap (USD)			2,675,000,000				10,102				102,635			Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)			5,265
Interest rate Swap (KRW)			155,000
Cash flow hedge Interest rate risk Interest rate swap (KRW)			140,000				—				180			Derivative assets (designated for hedging)			211
Foreign currency translation risk and interest rate risk Currency swap (USD)			870,000,000				104,320				—			Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)			110,714
Foreign currency translation risk Currency swap (USD)			100,000,000				29,861				—			Derivative assets (designated for hedging)			18,623
Currency swap (EUR)			194,780,000				30,908				—			Derivative assets (designated for hedging)			22,512
Hedges of net investment in foreign operations Exchange rate risk
Foreign currency bond (USD)			863,959,317				—				1,270,020			Foreign currency denominated debentures			(156,015	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(6) Details of carrying amount to hedge and amount due to hedge accounting are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Carrying amount of the hedged item								Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item								Line item in the statement of financial position in which the hedged item is included		Changing in fair value used for calculating hedge ineffectiveness				Cash flow hedge reserve (*2)
		Assets				Liabilities				Assets				Liabilities
Fair value hedge
Interest rate risk
Debentures (*1)			—				4,046,624				—				36,892			Debentures			(80,760	)			—
Foreign currencies translation risk
Foreign currency securities			569,122				—				131,018				—			FVTOCI			169,469				—
		226,555				—				(4,121)				—				FTVPL		70,015				—
Foreign private bonds			76,793				—				(7,717	)			—			Financial assets at amortized cost			6,567				—
Cash flow hedge
Interest rate risk
Debentures			—				59,952				—				—			Debentures			(1,083	)			655
Anticipated bond purchase			—				—				—				—			—			183,177				(150,651	)
Foreign currencies translation risk and interest rate risk
Debentures			—				878,855				—				—			Debentures			53,508				(188	)
Foreign currency securities			256,487				—				—				—			FVTOCI			13,062				(1,105	)
Foreign private bonds			176,540				—				—				—			Financial assets at amortized cost			11,016				(1,722	)
		55,671				—				—				—				FTVPL		(321)				(77)
Foreign currencies translation risk
Debentures			—				471,707				—				—			Debentures			(33,199	)			(2,242	)
Foreign currency securities			4,996,548				—				—				—			FVTOCI			141,426				(26,141	)
		605,631				—				—				—				FTVPL		(13,091)				(321)
Hedges of net investment in foreign operations
Exchange rate risk
Foreign operations net asset			—				1,239,695				—				—			Foreign operations net asset			(30,325	)			(127,258	)

(*1) The accumulated profit on debentures on foreign currency amounted to 29,538 million Won, and the accumulated profit on debentures on local currency amounted to 7,354 million Won, as of December 31, 2025.

(*2) After tax amount

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		December 31, 2024
		Carrying amount of the hedged item								Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item								Line item in the statement of financial position in which the hedged item is included				Changing in fair value used for calculating hedge ineffectiveness				Cash flow hedge reserve (*2)
		Assets				Liabilities				Assets				Liabilities
Fair value hedge
Interest rate risk
Debentures (*1)			—				3,952,047				—				129,306				Debentures				(17,417	)			—
Cash flow hedge
Interest rate risk
Debentures			—				139,987				—				—				Debentures				(211	)			(133	)
Foreign currencies translation risk and interest rate risk Debentures			—				1,275,768				—				—				Debentures				(110,714	)			(7,825	)
Foreign currencies translation risk
Debentures			—				444,345				—				—				Debentures				(41,134	)			(7,479	)
Hedges of net investment in foreign operations Exchange rate risk
Foreign operations net asset			—				1,270,020				—				—				Foreign operations net asset				156,015				(149,577	)

(*1) The accumulated profit on debentures on foreign currency amounted to 124,647 million Won, and the accumulated loss on debentures on local currency amounted to 4,659 million Won, as of December 31, 2024.

(*2) After tax amount

(7) Amounts recognized in profit or loss due to the ineffective portion of fair value hedges are as follows (Unit: Korean Won in millions):

				For the year ended December 31, 2025
				Hedge ineffectiveness recognized in profit or loss				Line item in the profit or loss that includes hedge ineffectiveness
Fair value hedge		Interest rate risk			12,788			Other net operating income(expense)
		Foreign currencies translation risk			13,794			Other net operating income(expense)
				For the year ended December 31, 2024
				Hedge ineffectiveness recognized in profit or loss				Line item in the profit or loss that includes hedge ineffectiveness
Fair value hedge		Interest rate risk			(12,152	)		Other net operating income(expense)
		Foreign currencies translation risk			—			—

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(8) Reclassification of profit or loss from other comprehensive income and equity related to cash flow hedges are as follows (Unit: Korean Won in millions):

				For the year ended December 31, 2025
				Changes in the value of hedging instruments recognized in OCI				Hedge ineffective ness recognized in profit or loss				Changes in the value of foreign basis spread recognized in OCI				Line item recognized in the profit or loss		Amounts reclassified from cash flow hedge reserve to profit or loss		Line item affected in profit or loss due to reclassification
Cash flow hedge		Interest rate risk			(155,816	)			(42,521	)			—			Other net operating income (expense)		(42,755)		Other net operating income (expense)
		Foreign currencies translation risk and interest rate risk			(69,243	)			(21,806	)			(54	)		Other net operating income (expense)		70,854		Other net operating income (expense)
		Foreign currencies translation risk			(95,138	)			(394	)			(153	)		Other net operating income (expense)		66,009		Other net operating income (expense)

				For the year ended December 31, 2024
				Changes in the value of hedging instruments recognized in OCI				Hedge ineffective ness recognized in profit or loss				Changes in the value of foreign basis spread recognized in OCI				Line item recognized in the profit or loss		Amounts reclassified from cash flow hedge reserve to profit or loss		Line item affected in profit or loss due to reclassification
Cash flow hedge		Interest rate risk			211				—				—			Other net operating income (expense)		—		Other net operating income (expense)
		Foreign currencies translation risk and interest rate risk			110,714				—				3,481			Other net operating income (expense)		(113,202)		Other net operating income (expense)
		Foreign currencies translation risk			41,135				—				980			Other net operating income (expense)		(37,955)		Other net operating income (expense)

(9) The amounts recognized in profit or loss and other comprehensive income related to the hedging of net investments in foreign operations are as follows (Unit: Korean Won in millions):

For the year ended December 31, 2025

Other comprehensive income

Gain or loss on hedges recognized in other comprehensive income

Income tax effect

Total

Hedges of net investment in foreign operation

Exchange rate risk

30,325

(8,006)

22,319

						For the year ended December 31, 2025
						Profit or loss
						Hedge ineffectiveness recognized in profit or loss		Account recognized for hedge ineffectiveness
Hedges of net investment in foreign operation			Exchange rate risk			—		—

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

For the year ended December 31, 2024

Other comprehensive income

Gain or loss on hedges recognized in other comprehensive income

Income tax effect

Total

Hedges of net investment in foreign operation

Exchange rate risk

(156,015)

41,188

(114,827

)

						For the year ended December 31, 2024
						Profit or loss
						Hedge ineffectiveness recognized in profit or loss		Account recognized for hedge ineffectiveness
Hedges of net investment in foreign operation			Exchange rate risk			—		—

No amount was reclassified from reserve of hedges of net investment in foreign operations to profit or loss during the years ended December 31, 2025 and 2024.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

30. EQUITY

(1) Details of equity as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Capital
Common stock capital			3,802,676				3,802,676
Hybrid securities			3,710,498				3,810,435
Capital surplus
Paid in capital in excess of par			854,499				854,499
Others			78,937				79,601
Sub-total			933,436				934,100
Capital adjustments
Treasury stocks			(35,517	)			(35,517	)
Other adjustments (*1)			(1,646,069	)			(1,699,038	)
Sub-total			(1,681,586	)			(1,734,555	)
Accumulated other comprehensive income
Gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at FVTPL			1,274				1,348
Financial assets at FVTOCI			(1,106,650	)			60,438
Changes in capital due to equity method			(4,222	)			(1,886	)
Net financial gain(loss) on insurance contract assets(liabilities)			1,534,528				—
Net financial gain(loss) on reinsurance contract assets(liabilities)			(10,462	)			—
Gain (loss) on foreign currency translation of foreign operations			416,768				523,780
Gain (loss) on hedges of net investment in foreign operations			(127,258	)			(149,577	)
Remeasurements of defined benefit plan			(96,991	)			(86,218	)
Gain (loss) on valuation of cash flow hedge			(144,728	)			(14,215	)
Sub-total			462,259				333,670
Retained earnings (*2) (*3)			28,790,056				26,950,510
Non-controlling interest (*4) (*5)			1,841,909				1,798,433
Total			37,859,248				35,895,269

(*1) Included 178,060 million Won in capital transaction gains and losses recognized by Woori Bank and (formerly) Woori Financial Group in 2014 and 2,238,228 million Won due to the spin-off of Gyeongnam Bank and Gwangju Bank.

(*2) The regulatory reserve for credit losses in retained earnings amounted to 2,678,017 million Won and 2,392,542 million Won as of December 31, 2025 and 2024, respectively in accordance with the relevant article.

(*3) The earned surplus reserve in retained earnings amounted to 554,990 million Won and 442,650 million Won as of December 31, 2025 and 2024 in accordance with the Article 53 of the Financial Holding Company Act.

(*4) The hybrid securities issued by Woori Bank amounting to 1,406,513 million Won and 1,645,947 million Won as of December 31, 2025 and 2024, respectively, are recognized as non-controlling interests. 89,134 million Won and 76,249 million Won of dividends for the hybrid securities issued by Woori Bank are allocated to net profit and loss of the non-controlling interests for the years ended December 31, 2025 and 2024, respectively.

(*5) 10,995 million Won of dividends for the hybrid securities issued by Tongyang Life Insurance Co., Ltd. are allocated to net profit and loss of the non-controlling interests for the year ended December 31, 2025.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(2) The number of authorized shares and others of the Group are as follows:

		December 31, 2025				December 31, 2024
Shares of common stock authorized			4,000,000,000 Shares				4,000,000,000 Shares
Par value			5,000 Won				5,000 Won
Shares of common stock issued			734,076,320 Shares				742,591,501 Shares
Capital stock (*)			3,802,676 million Won				3,802,676 million Won

(*) Due to profit cancellation, the capital stock differs from the total par value of the shares issued.

(3) Hybrid securities

The bond-type hybrid securities classified as owner’s equity are as follows (Unit: Korean Won in millions):

		Issue date				Maturity				Interest rate (%)				December 31, 2025				December 31, 2024
Securities in local currency			2020-02-06				—				3.34				—				400,000
Securities in local currency			2020-06-12				—				3.23				—				300,000
Securities in local currency			2020-10-23				—				3.00				—				200,000
Securities in local currency			2021-04-08				—				3.15				200,000				200,000
Securities in local currency			2021-10-14				—				3.60				200,000				200,000
Securities in local currency			2022-02-17				—				4.10				300,000				300,000
Securities in local currency			2022-07-28				—				4.99				300,000				300,000
Securities in local currency			2022-10-25				—				5.97				220,000				220,000
Securities in local currency			2023-02-10				—				4.65				300,000				300,000
Securities in local currency			2023-09-07				—				5.04				200,000				200,000
Securities in local currency			2024-02-07				—				4.49				400,000				400,000
Securities in local currency			2024-06-19				—				4.27				400,000				400,000
Securities in local currency			2024-10-10				—				4.00				400,000				400,000
Securities in local currency			2025-05-13				—				3.45				400,000				—
Securities in local currency			2025-10-22				—				3.34				400,000				—
Issuance cost															(9,502	)			(9,565	)
Total															3,710,498				3,810,435

The hybrid securities mentioned above do not have maturity date but are redeemable after 5 years from date of issuance.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(4) Accumulated other comprehensive income

Changes in the accumulated other comprehensive income are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		Beginning balance				Increase (decrease) (*)				Reclassification adjustments				Income tax effect				Non-controlling interest adjustments				Ending balance
Net gain (loss) on valuation of financial assets at FVTOCI			60,438				(1,671,023	)			(108,699	)			459,475				153,159				(1,106,650	)
Net gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at FVTPL			1,348				(74	)			—				—				—				1,274
Changes in capital due to equity method			(1,886	)			(3,534	)			—				1,198				—				(4,222	)
Gain (loss) on foreign currency translation of foreign operations			523,780				(122,129	)			—				5,725				9,392				416,768
Gain (loss) on hedges of net investment in foreign operations			(149,577	)			30,325				—				(8,006	)			—				(127,258	)
Remeasurement gain (loss) related to defined benefit liabilities			(86,218	)			(15,458	)			—				6,778				(2,093	)			(96,991	)
Gain (loss) on valuation of cash flow hedge			(14,215	)			(320,171	)			94,108				58,393				37,157				(144,728	)
Net financial gain(loss) on insurance contract assets(liabilities)			—				2,395,876				—				(609,063	)			(252,285	)			1,534,528
Net financial gain(loss) on reinsurance contract assets(liabilities)			—				(20,157	)			—				4,525				5,170				(10,462	)
Total			333,670				273,655				(14,591	)			(80,975	)			(49,500	)			462,259

(*) The increase (decrease) of financial asset valuation profit or loss at fair value through other comprehensive income are changes due to the period evaluation, and the reclassification adjustments amounting to 1,319 million Won are due to disposal of equity securities at fair value through other comprehensive income during the period.

		For the year ended December 31, 2024
		Beginning balance				Increase (decrease) (*)				Reclassification adjustments				Income tax effect				Ending balance
Net gain (loss) on valuation of financial assets at FVTOCI			79,694				(12,498	)			(22,704	)			15,946				60,438
Net gain on credit risk fluctuation of financial liabilities designated to be measured at FVTPL			—				1,831				—				(483	)			1,348
Gain (loss) on investments accounted for using the equity method			3,471				(6,965	)			—				1,608				(1,886	)
Gain (loss) on foreign currency translation of foreign operations			15,579				529,531				—				(21,330	)			523,780
Gain (loss) on hedges of net investment in foreign operations			(34,750	)			(156,015	)			—				41,188				(149,577	)
Remeasurement gain (loss) related to defined benefit liabilities			(24,262	)			(84,590	)			—				22,634				(86,218	)
Gain (loss) on valuation of derivatives designated as cash flow hedges			(20,806	)			7,299				(461	)			(247	)			(14,215	)
Total			18,926				278,593				(23,165	)			59,316				333,670

(*) The increase(decrease) of financial asset valuation profit or loss at fair value through other comprehensive income are changes due to the period evaluation, and the reclassification adjustments amounting to 53,460 million Won and (10) million Won are due to disposal of equity securities at fair value through other comprehensive income and investments accounted for using the equity method, respectively during the period.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(5) Treasury stocks

Changes in treasury stocks for the years ended December 31, 2025 and 2024 are as follows (Unit: Shares and Korean Won in millions):

		For the year ended December 31, 2025
		Beginning balance				Acquisition				Disposal and Others				Ending balance
Number of shares			3,082,276				8,515,377				(8,515,377	)			3,082,276
Carrying amount			35,517				150,003				(150,003	)			35,517

		For the year ended December 31, 2024
		Beginning balance				Acquisition				Disposal and Others				Ending balance
Number of shares			3,427,497				9,359,819				(9,705,040	)			3,082,276
Carrying amount			39,348				136,712				(140,543	)			35,517

(6) Regulatory Reserve for Credit Loss

In accordance with Article 26 ~ 28 of the Financial holding company Supervision Regulations, the Group calculates and discloses the regulatory reserve for credit loss.

1) Balance of the regulatory reserve for credit loss

Balance of the planned regulatory reserve for credit loss is as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Beginning balance			2,668,842				2,392,542
Changes due to business combinations			9,175				—
Planned provision of regulatory reserve for credit loss			281,489				276,300
Ending balance			2,959,506				2,668,842

2) Provision of regulatory reserve for credit loss, adjusted income after the provision of regulatory reserve and others

Planned reserves provided, adjusted net income after the planned reserves provided and adjusted EPS after the planned reserves provided are as follows (Unit: Korean Won in millions, except for EPS amount):

		For the years ended December 31
		2025				2024
Net income before regulatory reserve			3,227,508				3,171,470
Provision of regulatory reserve for credit loss			281,489				276,300
Adjusted net income after the provision of regulatory reserve			2,946,019				2,895,170
Dividends to hybrid securities			(150,059	)			(158,682	)
Adjusted net income after regulatory reserve and dividends to hybrid securities			2,795,960				2,736,488
Adjusted EPS after regulatory reserve and the dividends to hybrid securities (Unit: Korean Won)			3,809				3,692

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

31. DIVIDENDS

(1) Dividends per share and the total dividends for the fiscal year ending December 31, 2024 were 660 Won and 490,075 million Won, respectively, approved at the regular general shareholders’ meeting held on March 26, 2025, and were paid in April 2025.

(2) At the Board of Directors meeting held on April 25, 2025, it was approved to pay a quarterly dividend of 200 Won per share (total dividends are 147,428 million Won) with a record date of May 10, 2025. The dividends were paid in May 2025.

(3) At the Board of Directors meeting held on July 25, 2025, it was approved to pay a quarterly dividend of 200 Won per share (total dividends are 146,804 million Won) with a record date of August 10, 2025. The dividends were paid in August 2025.

(4) At the Board of Directors meeting held on October 24, 2025, it was approved to pay a quarterly dividend of 200 Won per share (total dividends are 146,804 million Won) with a record date of November 10, 2025. The dividends were paid in November 2025.

(5) Dividends per share and the total dividends for the fiscal year ending December 31, 2025 were 760 Won and 557,431 million Won, respectively, will be proposed at the regular general shareholders’ meeting to be held on March 23, 2026. The record date for the year-end dividend of the fiscal year ending December 31, 2025, is February 27, 2026. The current financial statements do not include such outstanding dividends.

32. NET INTEREST INCOME

(1) Details of Interest income recognized are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Financial assets at FVTPL			303,458				236,793
Financial assets at FVTOCI			1,866,114				1,281,642
Financial assets at amortized cost:
Securities at amortized cost			539,932				643,056
Loans and other financial assets at amortized cost:
Interest on due from banks			570,489				624,006
Interest on loans			17,783,891				19,116,813
Interest of other receivables			115,673				111,031
Subtotal			18,470,053				19,851,850
Insurance finance interest income			9,186				—
Total			21,188,743				22,013,341

(2) Details of interest expense recognized are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Financial liabilities at amortized cost
Interest on deposits due to customers			8,050,948				9,599,529
Interest on borrowings			1,111,255				1,351,612
Interest on debentures			1,823,313				1,760,003
Other interest expense			398,088				398,694
Interest on lease liabilities			18,349				17,167
Subtotal			11,401,953				13,127,005
Insurance finance interest expense			756,021				—
Total			12,157,974				13,127,005

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

33. NET FEES AND COMMISSIONS INCOME

(1) Details of fees and commissions income recognized are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Fees and commission received for brokerage			152,479				156,534
Fees and commission received related to credit			167,350				178,136
Fees and commission received for electronic finance			128,493				128,163
Fees and commission received on foreign exchange handling			55,653				57,335
Fees and commission received on foreign exchange			111,348				115,450
Fees and commission received for guarantee			98,548				104,301
Fees and commission received on credit card			657,884				638,573
Fees and commission received on securities business			91,414				69,935
Fees and commission from trust management			274,581				252,732
Fees and commission received on credit information			10,113				10,733
Fees and commission received related to lease			961,954				892,126
Other fees			307,954				270,198
Total			3,017,771				2,874,216

(2) Details of fees and commissions expense incurred are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Fees and commissions paid			384,147				340,083
Credit card commission			430,384				426,820
Securities business commission			2,986				1,159
Others			39,850				19,984
Total			857,367				788,046

34. DIVIDEND INCOME

(1) Details of dividend income recognized are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Dividend income related to financial assets at FVTPL			455,021				291,123
Dividend income related to financial assets at FVTOCI			29,444				19,198
Total			484,465				310,321

(2) Details of dividends related to financial assets at FVTOCI are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Dividend income recognized from assets held as of the period end:
Equity securities			28,877				19,198
Dividend income recognized from assets disposed of as of the period end:
Equity securities			567				—
Total			29,444				19,198

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

35. NET INSURANCE INCOME

Details of net insurance income are as follows (Unit: Korean Won in millions):

		December 31, 2025
Insurance service result of insurance contracts			104,164
Insurance income			1,005,778
Estimated incurred claims and other insurance service expenses			664,038
Changes in risk adjustment for non-financial risk			26,471
Amortization of contractual service margin			154,187
Amortization of insurance acquisition cash flows			148,980
Changes in loss recovery component			(288	)
Other insurance income			12,390
Insurance service expenses			901,614
Actual incurred claims and other insurance service expenses			689,461
Amortization of insurance acquisition cash flows			148,980
Changes in liability for incurred claims			23,777
(Reversal of) loss component allocation amount			32,478
Other operating expenses			6,918
Insurance service result of reinsurance contracts			(293	)
Reinsurance income			36,719
Actual incurred claims and reinsurance service expenses			32,341
Changes in asset for incurred claims			3,745
(Reversal of) Loss recovery component allocation amount			633
Reinsurance service expenses			37,012
Estimated incurred claims and reinsurance service expenses			28,120
Changes in risk adjustment for non-financial risk			1,024
Amortization of contractual service margin			7,868
Net insurance income			103,871

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

36. NET INSURANCE FINANCE INCOME AND EXPENSES

Details of net insurance finance income and expenses are as follows (Unit: Korean Won in millions):

		December 31, 2025
Investment income
Interest income			641,077
Gain on financial assets			516,360
Other investment income			(27,257	)
Investment income recognized in net income			1,130,180
Investment income recognized in other comprehensive income (*)			(1,966,190	)
Sub-total			(836,010	)
Insurance finance interest income and other insurance finance income
Insurance finance interest income			(753,740	)
Effect of change in fair value of underlying assets of participating insurance contracts			(418,880	)
Effect of changes in discount rates and others			40,385
Other insurance finance income recognized in net income			(1,132,235	)
Insurance finance income recognized in other comprehensive income (*)			2,395,876
Sub-total			1,263,641
Reinsurance finance interest income and other reinsurance finance income
Reinsurance finance interest income			6,905
Effect of changes in credit risk of reinsurance liabilities			365
Effect of changes in discount rates and others			—
Other reinsurance finance income recognized in net income			7,270
Reinsurance finance income recognized in other comprehensive income (*)			(20,157	)
Sub-total			(12,887	)
			5,215
			409,529
Total			414,744

(*) The finance income recognized in other comprehensive income is the amount before deducting tax and non-controlling interests.

37. NET GAIN OR LOSS ON FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS MANDATORILY MEASURED AT FAIR VALUE

(1) Details of gains or losses related to net gain or loss on financial instruments at FVTPL are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Gain on financial instruments at FVTPL			723,045				1,512,430
Gain (loss) on financial instruments designated to be measured at FVTPL			2,894				(19,647	)
Total			725,939				1,492,783

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(2) Details of net gain or loss on financial instruments at fair value through profit or loss measured at fair value and financial instruments held for trading are as follows (Unit: Korean Won in millions):

						For the years ended December 31
						2025				2024
Financial assets at FVTPL		Securities		Gain on transactions and valuation			1,138,390				701,955
				Loss on transactions and valuation			(805,531	)			(306,311	)
				Sub-total			332,859				395,644
		Loans		Gain on transactions and valuation			19,233				16,825
				Loss on transactions and valuation			(5,978	)			(1,738	)
				Sub-total			13,255				15,087
		Other financial assets		Gain on transactions and valuation			41,385				12,715
				Loss on transactions and valuation			(37,107	)			(20,280	)
				Sub-total			4,278				(7,565	)
				Sub-total			350,392				403,166
Derivatives (Held for trading)		Interest rates derivatives		Gain on transactions and valuation			2,138,404				2,981,638
				Loss on transactions and valuation			(1,906,465	)			(2,945,172	)
				Sub-total			231,939				36,466
		Currency derivatives		Gain on transactions and valuation			9,140,527				14,841,349
				Loss on transactions and valuation			(9,015,260	)			(13,757,446	)
				Sub-total			125,267				1,083,903
		Equity derivatives		Gain on transactions and valuation			283,462				1,182,962
				Loss on transactions and valuation			(268,067	)			(1,194,068	)
				Sub-total			15,395				(11,106	)
		Other derivatives		Gain on transactions and valuation			52				27
				Loss on transactions and valuation			—				(26	)
				Sub-total			52				1
				Sub-total			372,653				1,109,264
				Net, total			723,045				1,512,430

(*) The Group holds interest rate and currency-related derivative contracts to manage the volatility of gains and losses on transactions of foreign exchange due to exchange rate risk. The foreign exchange gains and losses are described in Note 40. (2) and (3).

(3) Details of gain(loss) on financial instruments designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Net gain (loss) on deposits due to customers
Net gain (loss) on valuation of time deposits			2,894				(19,647	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

38. NET GAIN OR LOSS ON FINANCIAL ASSETS AT FVTOCI

Details of net gain or loss on financial assets at FVTOCI recognized are as follows (Unit: Korean Won in millions) :

		For the years ended December 31
		2025				2024
Gain on transactions of securities			130,644				96,620
Loss on transactions of loans			(24	)			—
Total			130,620				96,620

39. REVERSAL OF (PROVISION FOR) IMPAIRMENT LOSSES DUE TO CREDIT LOSS

Reversal of (provision for) impairment losses due to credit loss are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Provision due to credit loss on financial assets measured at FVTOCI			(10,190	)			(8,868	)
Reversal of (provision for) impairment loss due to credit loss on securities at amortized cost			(330	)			3,287
Provision for impairment loss due to credit loss on loan and other financial assets at amortized cost			(2,087,386	)			(1,715,074	)
Reversal of (provision for) guarantees			(8,364	)			5,250
Reversal of (provision for) unused loan commitment			3,456				(890	)
Total			(2,102,814	)			(1,716,295	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

40. GENERAL AND ADMINISTRATIVE EXPENSES AND OTHER NET OPERATING INCOME (EXPENSES)

(1) Details of general and administrative expenses recognized are as follows (Unit: Korean Won in millions):

						For the years ended December 31
						2025				2024
Employee benefits		Short-term employee benefits		Salaries			2,071,650				1,932,906
				Employee fringe benefits			733,487				640,924
		Share based payment					61,568				27,629
		Retirement benefit service costs					201,431				134,514
		Termination					176,387				1,533
				Sub-total			3,244,523				2,737,506
Depreciation and amortization							580,520				539,924
Other general and administrative expenses		Rent					127,293				124,041
		Taxes and public dues					197,412				202,541
		Service charges					274,880				257,113
		Computer and IT related					205,504				142,979
		Telephone and communication					80,253				93,178
		Advertising					188,960				156,795
		Printing					5,443				5,955
		Traveling					13,978				13,436
		Supplies					8,357				9,021
		Insurance premium					15,532				13,852
		Maintenance					24,582				25,035
		Water, light, and heating					20,590				19,415
		Vehicle maintenance					11,871				14,394
		Others (*)					179,923				113,788
				Sub-total			1,354,578				1,191,543
		Total					5,179,621				4,468,973

(*) In-house welfare fund contributions amounted to 50,710 million Won for the year ended December 31, 2025.

(2) Details of other operating income recognized are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Gains on transactions of foreign exchange (*1)			2,072,682				722,827
Gains related to derivatives (designated for hedging)			251,270				192,000
Gains on fair value hedge			16,141				25,469
Others (*2)			468,712				349,033
Total			2,808,805				1,289,329

(*1) The Group holds interest rate and currency-related derivative contracts to manage the volatility of gains and losses on transactions of foreign exchange due to exchange rate risk. The related gains and losses are described in Note 37. (2).

(*2) Other income includes gains on disposal of operating lease assets of 372,606 million Won and 255,943 million Won for the years ended December 31, 2025 and 2024, respectively.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(3) Details of other operating expenses recognized are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Losses on transactions of foreign exchange (*1)			1,190,288				1,754,516
KDIC deposit insurance premium			500,480				509,832
Contribution to miscellaneous funds			528,863				533,335
Losses related to derivatives (Designated for hedging)			624,781				24,252
Losses on fair value hedge			92,138				64,571
Others (*2)			1,280,617				1,121,479
Total			4,217,167				4,007,985

(*1) The Group holds interest rate and currency-related derivative contracts to manage the volatility of gains and losses on transactions of foreign exchange due to exchange rate risk. The related gains and losses are described in Note 37. (2).

(*2) Other expenses include 32,495 million Won and 28,509 million Won for intangible assets amortization cost and 629,079 million Won and 587,148 million Won for lease depreciation cost for the years ended December 31, 2025 and 2024, respectively.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(4) Share-based payment

Details of performance condition share-based payment granted to executives as of December 31, 2025 and 2024 are as follows.

1) Performance condition share-based payment

Subject to				Shares granted for the year 2021
Type of payment				Cash-settled
Vesting period				January 1, 2021 ~ December 31, 2024
Date of payment				2025-01-01
Fair value (*1)				15,831 Won
Valuation method				Black-Scholes Model
Expected dividend rate				6.48%
Expected maturity date				—
Number of shares remaining		As of December 31, 2025		56,029 shares
		As of December 31, 2024		1,105,292 shares
Number of shares granted (*2)		As of December 31, 2025		56,029 shares
		As of December 31, 2024		1,105,292 shares
Subject to				Shares granted for the year 2022
Type of payment				Cash-settled
Vesting period				January 1, 2022 ~ December 31, 2025
Date of payment				2026-01-01
Fair value (*1)				27,713 Won
Valuation method				Black-Scholes Model
Expected dividend rate				7.30%
Expected maturity year				0
Number of shares remaining		As of December 31, 2025		960,777 shares
		As of December 31, 2024		960,777 shares
Number of shares granted (*2)		As of December 31, 2025		960,777 shares
		As of December 31, 2024		960,777 shares
Subject to				Shares granted for the year 2023
Type of payment				Cash-settled
Vesting period				January 1, 2023 ~ December 31, 2026
Date of payment				2027-01-01
Fair value (*1)				25,763 Won
Valuation method				Black-Scholes Model
Expected dividend rate				7.30%
Expected maturity date				1 year
Number of shares remaining		As of December 31, 2025		916,849 shares
		As of December 31, 2024		916,849 shares
Number of shares granted (*2)		As of December 31, 2025		916,849 shares
		As of December 31, 2024		916,849 shares
Subject to				Shares granted for the year 2024
Type of payment				Cash-settled
Vesting period				January 1, 2024 ~ December 31, 2027
Date of payment				2028-01-01
Fair value (*1)				23,949 Won
Valuation method				Black-Scholes Model
Expected dividend rate				7.30%
Expected maturity date				2 years
Number of shares remaining		As of December 31, 2025		1,384,504 shares
		As of December 31, 2024		1,384,504 shares
Number of shares granted (*2)		As of December 31, 2025		1,384,504 shares
		As of December 31, 2024		1,384,504 shares

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

Subject to				Shares granted for the year 2025
Type of payment				Cash-settled
Vesting period				January 1, 2025 ~ December 31, 2028
Date of payment				2029-01-01
Fair value (*1)				22,263 Won
Valuation method				Black-Scholes Model
Expected dividend rate				7.30%
Expected maturity date				3 years
Number of shares remaining		As of December 31, 2025		1,048,842 shares
		As of December 31, 2024		—
Number of shares granted (*2)		As of December 31, 2025		1,048,842 shares
		As of December 31, 2024		—

(*1) As the amount of payment varies according to the base price (the arithmetic average of the weighted average stock price of transactions in the past one week, the past one month, and the past two months) at the date of payment, the fair value is measured according to the Black-Scholes model based on the base price at the time of each settlement and used for measuring the liability.

(*2) The number of payable stocks is granted at the initial contract date. This is a system in which the number of shares to be granted is determined based on the evaluation results of long-term performance indicators over a total of four years, including the current year, and the final cash compensation is made by reflecting the stock price at the time of payment. Long-term performance indicators include relative shareholder return, common equity ratio, return on equity, net income, selling, general and administrative expenses ratio, non-performing loan ratio, and performance of assigned duties.

2) The Group accounts for performance condition share-based payments according to the cash-settled method and the fair value of the liabilities is reflected in the compensation costs by re-measuring every closing period. As of December 31, 2025 and 2024, the carrying amount of the liabilities related to the performance condition share-based payments recognized by the Group amounts to 107,713 million Won and 62,557 million Won, respectively, including the carrying amount of liabilities related to key management of 43,823 million Won and 16,660 million Won, respectively.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

41. NON-OPERATING INCOME (EXPENSES)

(1) Details of gains or losses on valuation of investments in joint ventures and associates are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Gains on valuation of investments in joint ventures and associates			122,695				96,176
Losses on valuation of investments in joint ventures and associates			(24,035	)			(19,911	)
Total			98,660				76,265

(2) Details of other non-operating income and expenses recognized are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Other non-operating incomes			726,778				88,398
Other non-operating expenses			(410,080	)			(197,006	)
Total			316,698				(108,608	)

(3) Details of other non-operating income recognized are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Rental fee income			34,888				23,307
Gains on disposal of investments in joint ventures and associates			7,507				19,642
Gains on disposal of premises and equipment, intangible assets and other assets			45,823				7,064
Reversal of impairment losses of premises and equipment, intangible assets and other assets			971				147
Bargain purchase gain			581,010				—
Others (*)			56,579				38,238
Total			726,778				88,398

(*) Other special gains related to other provisions for the years ended December 31, 2025 and 2024 include 3 million Won and 2,517 million Won, respectively, of other special gain related to other provisions.

(4) Details of other non-operating expenses recognized are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Depreciation on investment properties			8,511				8,216
Operating expenses on investment properties			1,316				2,110
Losses on disposal of investments in joint ventures and associates			1,874				532
Losses on disposal of premises and equipment, intangible assets and other assets			3,475				2,233
Impairment losses of premises and equipment, intangible assets and other assets			86,354				3,627
Donation			166,692				118,589
Others (*)			141,858				61,699
Total			410,080				197,006

(*) Other special losses related to other provisions for the years ended December 31, 2025 and 2024 are 98,913 million Won and 31,023 million Won, respectively.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

42. INCOME TAX EXPENSE

(1) Details of income tax expenses are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Current tax expense:
Current tax expense with respect to the current period			1,178,517				615,120
Adjustments recognized in the current period in relation to the tax expense of prior periods			7,773				(35,823	)
Income tax expense directly attributable to other equity			9,362				41,188
Sub-total			1,195,652				620,485
Deferred tax expense
Change in deferred tax assets (liabilities) due to temporary differences			(258,709	)			408,941
Income tax expense(income) directly attributable to equity			(74,054	)			18,128
Others			(231	)			3,824
Sub-total			(332,994	)			430,893
Income tax expense			862,658				1,051,378

(2) Income tax expense reconciled to net income before income tax expense is as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Net income before income tax expense			4,090,167				4,222,847
Tax calculated at statutory tax rate (*)			997,720				1,014,678
Adjustments:
Effect of income that is exempt from taxation			(189,253	)			(46,946	)
Effect of expenses that are not deductible in determining taxable income			57,584				53,719
Adjustments recognized in the current period in relation to the current tax of prior periods			7,773				(36,205	)
Others			(11,166	)			66,132
Sub-total			(135,062	)			36,700
Income tax expense			862,658				1,051,378
Effective tax rate			21.09	%			24.90	%

(*) The applicable income tax rate: 9.9% up to 200 million Won in tax basis, 20.9% over 200 million Won to 20 billion Won, 23.1% over 20 billion Won to 300 billion Won and 26.4% over 300 billion Won.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(3) Changes in deferred tax assets and liabilities for the years ended December 31, 2025 and 2024, are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		Beginning balance				Business combination				Recognized as income (expense)				Recognized as other comprehensive income (expense)				Ohter				Ending Balance
Gain (loss) on financial assets			(252,454	)			417,200				41,158				459,475				—				665,379
Gain (loss) on valuation of investment stocks accounted in equity method			(17,155	)			—				(19,487	)			1,198				—				(35,444	)
Gain (loss) on valuation of derivatives			(253,552	)			1,679				123,880				58,393				—				(69,600	)
Accrued income			(116,680	)			(218,608	)			(21,577	)			—				—				(356,865	)
Provision for loan losses			82,484				—				27,327				—				—				109,811
Loan and receivables written off			8,703				—				1,012				—				—				9,715
Loan origination costs and fees			(180,192	)			(492	)			33,131				—				—				(147,553	)
Defined benefit obligation			478,393				12,301				52,063				6,714				—				549,471
Deposits with employee retirement insurance trust			(499,604	)			(52	)			(81,932	)			64				—				(581,524	)
Provision for guarantee			5,800				—				1,207				—				—				7007
Other provision			131,547				(491	)			28,563				—				—				159,619
Net financial gain (loss) on insurance contract assets (liabilities)			—				194,666				(75,169	)			(609,063	)			—				(489,566	)
Net financial gain (loss) on reinsurance contract assets (liabilities)			—				(24,384	)			33,142				4,525				—				13,283
Others (*)			(173,176	)			54,180				189,445				5,725				(1,085	)			75,089
Net deferred tax assets(liabilities)			(785,886	)			435,999				332,763				(72,969	)			(1,085	)			(91,178	)

(*) Among the deferred tax assets and liabilities classified as ‘Others,’ the deferred tax asset arising from unused tax losses amounts to 318,085 million won.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

		For the year ended December 31, 2024
		Beginning balance				Business combination				Recognized as income (expense)				Recognized as other comprehensive income (expense)				Ending Balance
Gain (loss) on financial assets			(157,394	)			—				(110,523	)			15,463				(252,454	)
Gain (loss) on valuation of investment stocks accounted in equity method			(10,372	)			—				(8,391	)			1,608				(17,155	)
Gain (loss) on valuation of derivatives			35,812				—				(289,117	)			(247	)			(253,552	)
Accrued income			(132,938	)			—				16,258				—				(116,680	)
Provision for loan losses			40,988				—				41,496				—				82,484
Loan and receivables written off			9,772				—				(1,069	)			—				8,703
Loan origination costs and fees			(173,417	)			—				(6,775	)			—				(180,192	)
Defined benefit obligation			427,265				—				29,008				22,120				478,393
Deposits with employee retirement insurance trust			(499,718	)			—				(400	)			514				(499,604	)
Provision for guarantee			8,274				—				(2,474	)			—				5,800
Other provision			179,117				—				(47,570	)			—				131,547
Others (*)			(104,334	)			(544	)			(46,968	)			(21,330	)			(173,176	)
Net deferred tax assets(liabilities)			(376,945	)			(544	)			(426,525	)			18,128				(785,886	)

(*) Among the deferred tax assets and liabilities classified as ‘Others’, the deferred tax asset arising from unused tax losses amounts to 12,507 million won.

(4) Unrealizable temporary differences are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Deductible temporary differences			510,185				332,384
Tax loss carry forward			—				62,963
Taxable temporary differences			(10,417,258	)			(10,335,041	)
Total			(9,907,073	)			(9,939,694	)

No deferred income tax asset has been recognized for the deductible temporary difference of 477,836 million Won associated with investments in subsidiaries as of December 31, 2025, because it is not probable that the temporary differences will be reversed in the foreseeable future. Also, no deferred income tax asset has been recognized for the other 32,349 million won due to the uncertainty of its feasibility in the future.

No deferred income tax liability has been recognized for the taxable temporary difference of 10,417,258 million won associated with investment in subsidiaries as of December 31, 2025, due to the following reasons:

• The Group is able to control the timing of the reversal of the temporary difference.

• It is probable that the temporary difference will not be reversed in the foreseeable future.

As of December 31, 2025, there are no tax loss carryforwards that are not recognized as deferred tax assets.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(5) Details of accumulated current and deferred tax charged directly to other equity are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Loss on valuation of financial assets at FVTOCI			430,830				(28,645	)
Loss on financial instruments designated to be measured at FVTPL			(483	)			(483	)
Gain on valuation of equity method investments			3,470				2,272
Gain (loss) on foreign currency translation of foreign operations			(5,344	)			(11,069	)
Gain on valuation of hedge accounting of the net investment in foreign operations			48,036				56,042
Remeasurements of the defined benefit plan			37,548				30,770
Gain (loss) on derivatives designated as cash flow hedge			58,386				(7	)
Net financial gain (loss) on insurance contract assets (liabilities)			(609,063	)			—
Net financial gain (loss) on reinsurance contract assets (liabilities)			4,525				—
Total			(32,095	)			48,880

(6) Current tax assets and liabilities are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Current tax assets			228,229				61,613
Current tax liabilities			723,368				127,126

(7) Impact of Pillar Two income taxes

Under the Pillar Two legislation, the consolidated entity is required to pay additional tax equal to the difference between the GloBE effective tax rate in each jurisdiction in which its constituent entities operate and the 15% minimum tax rate. Accordingly, the Pillar Two income tax expense recognized for the current period amounts to KRW 1,569 million. The exception to the recognition and disclosure requirements for deferred tax assets and liabilities related to Pillar Two has been applied.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

43. EARNINGS PER SHARE (“EPS”)

(1) Basic EPS is calculated by dividing net income attributable to common shareholders by weighted-average number of common shares outstanding (Unit: Korean Won in millions, except for EPS and number of shares):

		For the years ended December 31
		2025				2024
Net income attributable to common shareholders			3,124,346				3,085,995
Dividends to hybrid securities			(150,059	)			(158,682	)
Net income attributable to common shareholders			2,974,287				2,927,313
Weighted average number of common shares outstanding (Unit: million shares)			734				741
Basic EPS (Unit: Korean Won)			4,052				3,950

(2) The weighted average number of common shares outstanding is as follows (Unit: number of shares):

		For the year ended December 31, 2025
		Number of shares				Accumulated number of shares outstanding during period
Common shares issued at the beginning of the year			742,591,501				271,045,897,865
Treasury stocks			(3,082,276	)			(1,125,030,740	)
Acquisition and retirement of treasury stock			(8,515,377	)			(2,115,328,855	)
Disposal of treasury stock			196				31,208
Sub-total (①)							267,805,569,478
Weighted average number of common shares outstanding (②=(①/365))							733,713,889

		For the year ended December 31, 2024
		Number of shares				Accumulated number of shares outstanding during period
Common shares issued at the beginning of the year			751,949,461				275,213,502,726
Treasury stocks			(3,427,497	)			(1,254,463,902	)
Acquisition and retirement of treasury stock			(9,359,809	)			(2,742,480,364	)
Disposal of treasury stock			347,070				89,415,280
Sub-total (①)							271,305,973,740
Weighted average number of common shares outstanding (②=(①/366))							741,273,152

Diluted EPS is equal to basic EPS because there is no dilution effect for the years ended December 31, 2025 and 2024.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

44. CONTINGENT LIABILITIES AND COMMITMENTS

(1) Details of guarantees are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Confirmed guarantees
Guarantee for loans			69,961				60,571
Acceptances			495,942				617,599
Guarantees in acceptances of imported goods			66,879				75,265
Other confirmed guarantees			10,831,684				10,337,850
Sub-total			11,464,466				11,091,285
Unconfirmed guarantees
Local letters of credit			161,120				167,580
Letters of credit			2,615,813				3,213,170
Other unconfirmed guarantees			1,331,305				1,558,187
Sub-total			4,108,238				4,938,937
Commercial paper purchase commitments and others			497,394				581,040
Total (*)			16,070,098				16,611,262

(*) Includes financial guarantees of 5,032,808 million Won and 4,156,790 million Won as of December 31, 2025 and 2024, respectively.

(2) Details of loan commitments and others are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Loan commitments			134,286,067				133,863,588
Other commitments (*)			10,205,741				6,564,353

(*) As of December 31, 2025 and 2024, the amount of unsecured bills (purchase bills sales) and discounts on electronic short-term bond sales (purchase) are 4,399,729 million Won and 1,992,030 million Won, respectively.

(3) Litigation case

Litigation case that the key Group is a defendant in a lawsuit pending (excluding fraud lawsuits and those lawsuits that are filed only to extend the statute of limitation, etc.) are 1,032 cases (litigation value of 926,888 million Won) and 871 cases (litigation value of 862,669 million Won) as of December 31, 2025 and 2024 respectively, and provisions for litigations are 70,682 million Won and 23,233 million Won.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(4) Other commitments

1) The obligations related to guaranteed completion with trust business as of December 31, 2025, are as follows (Unit: Korean Won in millions):

		Responsibility for Completion		cases				Initial PF Commitment Limit				Amount of PF Loans (*3)				Amount of unused PF limit (*4)				Amount of Trust Account Limit (*4)				Amount of Trust Account
Responsible completion land trust (*1)		Our Responsibility for Completion Deadline Passed (including completed projects)			3				200,000				38,733				55,013				5,700				5,685
Redevelopment Land Trust		Our Obligation to Bear Responsibility for Completion (*2)			3				98,499				46,010				97,066				32,500				14,586
Total					6				298,499				84,743				152,079				38,200				20,271

(*1) Responsible completion land trust is a trust in which the Woori Asset Trust Co., Ltd., subsidiary, is only liable to the lending financial institution for the completion guarantee obligation in case the contractor fails to fulfill the obligation. If the subsidiary is unable to fulfill the completion guarantee obligation, it is responsible for compensating the lending financial institution for any losses incurred.

(*2) In redevelopment projects where the Korea Housing & Urban Guarantee Corporation guarantees project financing loans, the project operator is responsible for the completion guarantee obligation according to the standard project agreement terms of the Korea Housing & Urban Guarantee Corporation, but the completion guarantee period has not yet expired as of December 31, 2025.

(*3) Since, for projects where it is highly likely that our subsidiary Woori Asset Trust will bear the responsibility for completion and where the possibility and amount of loss can be reliably estimated, these impacts have been reflected in the financial statements at the end of the current period. However, for projects where the risk of Woori Asset Trust bearing the completion guarantee obligations is considered low or where the possibility and amount of loss cannot be reliably estimated, these impacts have not been reflected in the financial statements at the end of the current period.

(*4) The limit may be subject to change during the project progress due to reasons such as limit deductions.

2) As of December 31, 2025, Woori Asset Trust, a subsidiary, may lend a trust account for a part of the total project cost in relation to 29 debt-type land trust contracts including Boutique Terrace Hotel in Woo-dong, Haeundae-gu, Busan. The maximum loan amount (unused limit) is 192,027 million Won. Whether or not Woori Asset Trust lends a trust account in relation to the relevant businesses is not an unconditional payment obligation, and it is determined by considering overall matters such as the unique account and the fund balance plan of each trust business.

3) Pursuant to some contracts related to asset securitization, the Group utilizes various prerequisites, triggering events causing early redemption, limiting risks that investors bear due to change in asset quality. Breach of such triggering clause leads to an early redemption of the securitized bonds.

4) As of December 31, 2025, Tongyang Life Insurance Co., Ltd., a subsidiary, has entered into an agreement with Tongyang Leisure to amend the existing lease and transfer operating rights for the golf course, contingent upon the conversion of the golf course to public access, member consent, and court approval of the rehabilitation plan. The agreement includes clauses to pay variable compensation amount based on the sale proceeds, in consideration of the fulfillment of contractual obligations and the transfer of business rights. Member consent and the conversion to public access have been completed, and the variable compensation will be recognized when the decision to sell is made.

5) As of December 31, 2025, Tongyang Life Insurance, a subsidiary, is under investigation by the Financial Services Commission regarding potential violations of the Credit Information Use and Protection Act.

6) The administrative fine paid to the Personal Information Protection Commission in October 2025 in connection with the leakage of personal credit information of merchant representatives that occurred at the subsidiary, Woori Card, between January and April 2024 has been recognized in non-operating income and expenses. In addition, further administrative fines may be imposed by the Financial Services Commission; however, the outcome cannot be predicted at this time.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

45. RELATED PARTY TRANSACTIONS

Related parties of the Group as of December 31, 2025 and 2024, and assets and liabilities recognized, guarantees and commitments, major transactions with related parties and compensation to key management for the years ended December 31, 2025 and 2024 are as follows. Please refer to Note 14 for the details of joint ventures and associates.

(1) Assets and liabilities from transactions with related parties are as follows (Unit: Korean Won in millions):

Related parties				Account title				December 31, 2025				December 31, 2024
Associates		W Service Networks Co., Ltd.			Loans				30				51
					Deposits due to customers				3,009				3,054
					Accrued expenses				7				86
					Other liabilities				316				339
		Korea Credit Bureau Co., Ltd.			Loans				—				1
					Deposits due to customers				2,615				780
					Accrued expenses				—				13
					Other liabilities				10				—
		Korea Finance Security Co., Ltd.			Loans				3,435				3,225
					Loss allowance				(23	)			(43	)
					Deposits due to customers				2,138				1,145
					Other liabilities				1				3
		LOTTE CARD Co. Ltd.			Loans				26,880				27,913
					Account receivables				35				21
					Loss allowance				(295	)			(297	)
					Derivative assets				564				1,075
					Other assets				256				49
					Deposits due to customers				22,869				20,207
					Accrued expenses				39				—
					Derivative liabilities				807				—
					Other liabilities				289				273
		K BANK Co., Ltd.			Loans				17				18
					Account receivables				9				32
					Cash and cash equivalents				192				—
					Other assets				43				—
					Other liabilities				158,668				193,719
		Others (*)			Loans				42,903				38,819
					Loss allowance				(139	)			(273	)
					Other assets				9,116				66,088
					Deposits due to customers				2,259				3,575
					Other liabilities				541				232

(*) Others include IGEN2022No. 1 Private Equity Fund and etc., as of December 31, 2025 and 2024.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(2) Gain or loss from transactions with related parties are as follows (Unit: Korean Won in millions):

						For the years ended December 31
Related parties				Account title		2025				2024
Associates		W Service Network Co., Ltd.		Other income			37				35
				Interest expenses			30				37
				Fees expenses			280				483
				Other expenses			1,031				1,095
		Korea Credit Bureau Co., Ltd.		Interest expenses			10				—
				Fees expenses			5,228				3,986
				Other expenses			61				155
		Korea Finance Security Co., Ltd.		Interest income			152				142
				Interest expenses			2				3
				Provision (Reversal) of allowance for credit loss			(22	)			(32	)
				Other expenses			25				25
		LOTTE CARD Co., Ltd.		Interest income			1,525				1,586
				Fees income			4,103				4,019
				Gain on derivatives			248				1,075
				Loss on derivatives			1,318				457
				Interest expenses			2,593				4,127
				Fees expenses			1,382				—
				Provision (Reversal) of allowance for credit loss			15				11
		K BANK Co., Ltd.		Fees income			171				269
				Fees expenses			6				—
				Other expenses			2				—
		Others (*)		Interest income			2,233				844
				Fees income			32,348				53,562
				Dividend income			—				3,729
				Other income			7,457				2,890
				Interest expenses			14,017				18,045
				Other expenses			—				1,612
				Provision (Reversal) of allowance for credit loss			(264	)			212

(*) Others include Win Mortgage Co., Ltd. and etc., for the years ended December 31, 2025 and 2024.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(3) Major loan transactions with related parties for the years ended December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

				For the year ended December 31, 2025
Related parties				Beginning balance				Loan				Collection				Others				Ending balance (*)
Associates		W Service Network Co., Ltd.			51				403				424				—				30
		Korea Credit Bureau Co., Ltd.			1				3				4				—				—
		Korea Finance Security Co., Ltd.			3,225				2,052				1,842				—				3,435
		LOTTE CARD Co., Ltd.			27,913				12,531				13,213				(351	)			26,880
		K BANK Co., Ltd.			18				256				257				—				17
		Win Mortgage Co.,Ltd.			8				250				240				—				18
		ARAM CMC CO.LTD			41				—				41				—				—
		Godo Kaisha Oceanos 1			38,770				22,921				64,002				2,311				—
		Woori Real Estate Investment No. 1 Limited Liability Company			—				42,885				—				—				42,885

(*) Payments that occurred for business reasons among related parties are excluded and net increase or decrease was used for limited credit loan.

				For the year ended December 31, 2024
Related parties				Beginning balance				Loan				Collection				Others				Ending balance (*)
Associates		W Service Network Co., Ltd.			108				475				532				—				51
		Korea Credit Bureau Co., Ltd.			1				3				3				—				1
		Korea Finance Security Co., Ltd.			3,228				2,705				2,708				—				3,225
		LOTTE CARD Co., Ltd.			12,209				288,794				274,484				1,394				27,913
		K BANK Co., Ltd.			54				317				353				—				18
		Win Mortgage Co.,Ltd.			15				243				250				—				8
		ARAM CMC CO.LTD			41				—				—				—				41
		Godo Kaisha Oceanos 1			38,121				—				—				649				38,770
		Woori Zip 1			11,317				—				11,227				(90	)			—
		Woori Zip 2			16,063				—				15,936				(127	)			—

(*) Payments that occurred for business reasons among related parties are excluded and net increase or decrease was used for limited credit loan.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(4) Details of changes in major deposits due to customers with related parties for the years ended December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

				For the year ended December 31, 2025
Related parties				Beginning balance				Increase				Decrease				Ending balance (*)
Associates		W Service Networks Co., Ltd			1,000				—				—				1,000
		Win Mortgage Co.,Ltd.			1,387				3,529				3,564				1,352
		Korea Credit Bureau Co., Ltd.			—				1,000				—				1,000

(*) Details of payment between related parties, demand deposit due to customers and etc. are excluded.

				For the year ended December 31, 2024
Related parties				Beginning balance				Increase				Decrease				Ending balance (*)
Associates		W Service Networks Co., Ltd			1,000				2,000				2,000				1,000
		Win Mortgage Co.,Ltd.			600				2,266				1,479				1,387

(*) Details of payment between related parties, demand deposit due to customers and etc. are excluded.

(5) There are no major borrowing transactions with related parties for the years ended December 31, 2025 and 2024.

(6) Guarantees provided to the related parties are as follows (Unit: Korean Won in millions):

Warrantee		December 31, 2025				December 31, 2024				Warranty
Korea Finance Security Co., Ltd.			425				635				Unused loan commitment
Korea Credit Bureau Co., Ltd.			35				34				Unused loan commitment
W Service Network Co., Ltd.			150				129				Unused loan commitment
K BANK Co., Ltd.			283				282				Unused loan commitment
LOTTE CARD Co. Ltd.			478,300				498,400				Unused loan commitment
											Confirmed Foreign
											Currency Payment
LOTTE CARD Co. Ltd.			1,650				1,691				Guarantee
Win Mortgage Co.,Ltd.			32				42				Unused loan commitment

As of December 31, 2025 and 2024, the recognized payment guarantee provisions are 289 million won and 272 million won, respectively, in relation to the guarantees provided to the related parties above.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(7) Amount of commitments with the related parties

Warrantee		December 31, 2025				December 31, 2024				Warranty
NH Woori Newdeal Growth Alpha Private Equity Fund 1			819				15,906				Securities purchase commitment
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs]			990,000				990,000				Securities purchase commitment
BTS 2nd Private Equity Fund			1,234				1,854				Securities purchase commitment
STASSETS FUND III			1,500				3,000				Securities purchase commitment
Synaptic Future Growth Private Equity Fund 1			1,624				3,443				Securities purchase commitment
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership			4,664				4,664				Securities purchase commitment
Woori Seoul Beltway Private Special Asset Fund No.1			27,103				30,949				Securities purchase commitment
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2			255				60				Securities purchase commitment
Woori Asset Global Partnership Fund No.5			75,000				97,500				Securities purchase commitment
JC Assurance No.2 Private Equity Fund			492				1,351				Securities purchase commitment
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund			50				148				Securities purchase commitment
Woori Real Estate Investment No. 1 Limited Liability Company			7,100				7,100				Securities purchase commitment
Woori Future Energy Private Special Asset Investment Trust(General) No.1			33,600				33,600				Securities purchase commitment
LOTTE CARD Co., Ltd.			440,000				350,000				Derivative commitment
Woori IMM Greean Net Zero Fund			21,099				—				Securities purchase commitment
Woori NH Co-Growth Private Equity FundI			9,296				—				Securities purchase commitment
Woori PGIF4 General Type Private Special Asset Investment Trust No.1			3,102				—				Securities purchase commitment
Woori GS West Street Strategic Solutions General Type Private Special Asset Investment Trust No.1			15,820				—				Securities purchase commitment
Woori Global Secondary Private Placement Investment Trust No. 2			2,948				—				Securities purchase commitment
Woori Productive Financing Education Infrastructure General Private Special Asset Investment Trust No.1			20,000				—				Securities purchase commitment

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(8) Major investment and Recovery transactions

Details of major investment and recovery transactions with related parties during the years ended December 31, 2025 and 2024 are described in Note 14.(2). There are no other significant investment and recovery transactions.

(9) Compensation for key management is as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Short-term employee salaries			23,700				34,676
Retirement benefit service costs			941				1,372
Share-based compensation			20,755				11,298
Total			45,396				47,346

Key management includes executives and directors of Woori Financial Group and major subsidiaries, and also includes CEO of other subsidiaries. Outstanding assets from transactions with key management amount to 3,203 million won and 3,523 million won, as of December 31, 2025 and 2024 respectively and with respect to the assets, the Group has not recognized any allowance nor related impairment loss due to credit losses. Also, liabilities from transaction with key management amount to 11,562 million won and 69,372 million won, respectively, as of December 31, 2025 and 2024.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

46. TRUST ACCOUNTS

(1) Trust accounts of the Woori Bank are as follows (Unit: Korean Won in millions):

		Total assets								Operating income
		December 31, 2025				December 31, 2024				For the years ended December 31
										2025				2024
Trust accounts			94,330,961				85,894,740				3,043,016				2,544,969

(2) Receivables and payables between the Woori Bank and trust accounts are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Receivables:
Trust fees receivables			48,172				46,273
Payables:
Deposits due to customers			119,733				265,364
Borrowings from trust accounts			6,047,905				5,214,906
Total			6,167,638				5,480,270

(3) Significant transactions between the Woori Bank and trust accounts are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Revenue:
Trust fees			180,515				156,911
Termination fees			19,249				3,345
Total			199,764				160,256
Expense:
Interest expenses on deposits due to customers			791				955
Interest expenses on borrowings from trust accounts			126,767				148,498
Total			127,558				149,453

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(4) Principal guaranteed trusts and principal and interest guaranteed trusts are as follows;

1) The carrying amount of principal guaranteed trusts and principal and interest guaranteed trusts that Woori Bank provides are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Partial principal guaranteed trusts
Personal trust			7,456				7,823
Corporate trust			193				189
Deposit purpose			1,465				1,544
Sub-total			9,114				9,556
Principal guaranteed trusts
Old-age pension trusts			2,455				2,450
Personal pension trusts			369,257				399,860
Pension trusts			542,034				592,533
Retirement trusts			26,043				26,159
New personal pension trusts			5,579				6,084
New old-age pension trusts			753				815
Sub-total			946,121				1,027,901
Principal and interest guaranteed trusts
Development trusts			19				19
Unspecified money trusts			333				334
Sub-total			352				353
Total			955,587				1,037,810

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

47. LEASES

(1) Lessor

1) Finance lease

① The total investment in finance lease and the present value of the minimum lease payments to be recovered are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Total investment in lease				Net investment in lease
Within one year			296,640				277,976
After one year but within two years			288,032				266,930
After two years but within three years			174,700				160,310
After three years but within four years			103,904				91,402
After four years but within five years			217,393				191,328
After five years			1,173				1,053
Total			1,081,842				988,999

		December 31, 2024
		Total investment in lease				Net investment in lease
Within one year			281,087				263,105
After one year but within two years			372,273				348,055
After two years but within three years			327,294				297,093
After three years but within four years			152,027				136,499
After four years but within five years			72,648				61,267
After five years			—				—
Total			1,205,329				1,106,019

② The unrealized interest income of the finance lease is as follows. (Unit: Korean Won in millions)

		December 31, 2025				December 31, 2024
Total investment in lease			1,081,842				1,205,329
Net investment in lease			988,999				1,106,019
Present value of minimum lease payments			988,999				1,106,019
Unrealized interest income			92,843				99,310

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

2) Operating lease

① The details of prepaid lease assets and operating lease assets are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Prepaid lease assets			18,844				42,996
Operating lease assets
Acquisition cost			5,263,765				5,132,477
Accumulated depreciation			(1,458,989	)			(1,209,633	)
Net carrying value			3,804,776				3,922,844
Total			3,823,620				3,965,840

② The details of changes in operating lease assets are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Beginning balance			3,922,844				3,285,926
Acquisition			926,165				1,463,419
Disposal			(388,889	)			(262,184	)
Depreciation			(629,079	)			(587,148	)
Others			(26,265	)			22,831
Ending balance			3,804,776				3,922,844

③ The future lease payments to be received under the lease contracts are as follows (Unit: Korean Won in millions)

		December 31, 2025				December 31, 2024
Within one year			889,408				895,812
After one year but within two years			656,257				763,682
After two years but within three years			443,619				515,003
After three years but within four years			217,769				312,886
After four years but within five years			65,179				102,478
Total			2,272,232				2,589,861

④ There are no adjusted lease payments recognized as profit or loss for the years ended December 31, 2025 and 2024.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(2) Lessee

1) The future lease payments under the lease contracts are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Lease payments
Within one year			214,922				194,384
After one year but within five years			355,365				317,609
After five years			44,575				50,352
Total			614,862				562,345

2) Total cash outflows from lease are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Total cash outflows from lease			254,626				240,491

3) Details of lease payments that are not included in the measurement of lease liabilities due to the fact that they are short-term leases or leases for which the underlying asset is of low value are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2025				2024
Lease payments for short-term leases			376				273
Lease payments for which the underlying asset is of low value			2,691				1,448
Total			3,067				1,721

Variable lease payments that were not included in the measurement of lease liabilities for the years ended December 31, 2025 and 2024 were 32,711 million Won and 24,380 million Won.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

48. BUSINESS COMBINATION

(1) Tongyang Life Insurance Co., Ltd.

1) General

The Group obtained approval from the Financial Services Commission on May 2, 2025, to include a subsidiary, and acquired 77.9% of the interest (excluding treasury stocks; 75.3% including treasury stocks) of Tongyang Life Insurance Co., Ltd. (“Tongyang Life”) on July 1, 2025, thereby obtaining control. The primary purpose of this business combination is to maximize synergy effects among consolidated subsidiaries and strengthen the non-banking business portfolio.

From the acquisition date (July 1, 2025) to the end of the current reporting period, Tongyang Life’s operating income and net income reflected in the consolidated statement of comprehensive income amounted to 49,386 million Won and 43,609 million Won, respectively. Assuming that the acquisition of Tongyang Life had occurred at the beginning of the annual reporting period (January 1, 2025), Tongyang Life’s operating income and net income that would have been recognized in the consolidated statement of comprehensive income are estimated to be 149,439 million Won and 126,021 million Won, respectively.

2) Identifiable net assets:

		(Unit: Korean Won in millions) Amount
Assets
Cash and cash equivalents			286,417
Financial assets at fair value through profit or loss			5,799,449
Financial assets at fair value through other comprehensive income			21,635,551
Financial assets at amortized cost (*1)			6,544,801
Derivative assets			172,326
Investment properties			426,509
Premises and equipment			115,287
Intangible assets			29,953
Deferred tax assets			130,646
Investments in associates			28,521
Reinsurance contracts assets			578,741
Other assets			53,754
Sub-total			35,801,955
Liabilities
Insurance contract liabilities			28,743,076
Reinsurance contract liabilities			10,900
Investment contract liabilities			3,474,425
Financial liabilities at fair value through profit or loss			256
Financial liabilities at amortized cost			1,100,627
Derivative liabilities			196,317
Provisions			41,393
Other liabilities			35,503
Sub-total			33,602,497
Identifiable Net Assets Fair value (*2)			2,199,458

(*1) The financial assets measured at amortized cost that were acquired have been estimated at fair value. The contractual gross amount of Tongyang Life’s financial assets measured at amortized cost is KRW 6,547,834 million, and the contractual cash flows that are not expected to be recovered as of the acquisition date are estimated at KRW 90,923 million.

(*2) The Group measured the identifiable assets and liabilities of the acquiree at their fair values as of the acquisition date for the purpose of allocating the consideration transferred.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

If, within one year from the acquisition date, new information is obtained about facts and circumstances that existed at the acquisition date requiring adjustments to the amounts recognized at that date, or if additional provisions existing at the acquisition date need to be recognized, such adjustments will be accounted for in the business combination.

3) Bargain purchase gain

A bargain purchase gain occurred as the fair value of identifiable net assets exceeded the consideration transferred.

		(Unit: Korean Won in millions) Amount
Consideration transferred			1,281,963
Identifiable net assets fair value			2,199,458
Non-controlling interests (*1)			236,994
Hybrid securities (*2)			406,310
Bargain purchase gain (*3)			274,191

(*1) The non-controlling interests in Tongyang Life acquired during the current period were measured at the fair value based on the closing price at the acquisition date.

(*2) It is a hybrid securities issued by Tongyang Life and classified as equity, which does not grant rights to a proportionate interest of the acquiree’s identifiable net assets, and was measured at fair value using the Hull-White valuation method with discount rates based on credit ratings, interest rate volatility, and exchange rates as input variables.

(*3) Included in other non-operating income in the consolidated statement of comprehensive income.

4) Business combination costs

The Group incurred costs of 1,972 million Won related to the business combination, including legal fees and due diligence fees, which were recognized as fees and commissions expenses in the consolidated statement of comprehensive income.

5) Net cash outflows from the business combination

		(Unit: Korean Won in millions) Amount
Consideration paid in cash			1,281,963
Cash and cash equivalents acquired			286,417
Less: Total			995,546

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

(2) ABL Life Insurance Co., Ltd.

1) General

The Group obtained approval from the Financial Services Commission on May 2, 2025, to include a subsidiary, and acquired 100% of the interest of ABL Life Insurance Co., Ltd. (“ABL Life”) on July 1, 2025, thereby obtaining control. The primary purpose of this business combination is to maximize synergy effects among consolidated subsidiaries and strengthen the non-banking business portfolio.

From the acquisition date (July 1, 2025) to the end of the current reporting period, ABL Life’s operating income and net income reflected in the consolidated statement of comprehensive income amounted to 58,653 million Won and 55,984 million Won, respectively. Assuming that the acquisition of ABL Life had occurred at the beginning of the annual reporting period (January 1, 2025), ABL Life’s operating income and net income that would have been recognized in the consolidated statement of comprehensive income are estimated to be 124,104 million Won and 89,840 million Won, respectively.

2) Identifiable net assets:

		(Unit: Korean Won in millions) Amount
Assets
Cash and cash equivalents			327,090
Financial assets at fair value through profit or loss			5,724,722
Securities at fair value through other comprehensive income			11,300,915
Financial assets at amortized cost (*1)			1,647,554
Derivative assets			31,506
Investment properties			154,006
Premises and equipment			329,899
Intangible assets			36,152
Deferred tax assets			305,354
Reinsurance contracts assets			7,704
Other assets			41,402
Sub-total			19,906,304
Liabilities
Insurance contract liabilities			18,324,194
Reinsurance contract liabilities			125,450
Investment contract liabilities			930
Financial liabilities at fair value through profit or loss			8,239
Financial liabilities at amortized cost			828,081
Derivative liabilities			27,827
Provisions			14,848
Other liabilities			4,970
Sub-total			19,334,539
Identifiable Net Assets Fair value (*2)			571,765

(*1) The financial assets measured at amortized cost that were acquired have been estimated at fair value. The contractual gross amount of ABL Life’s financial assets measured at amortized cost is KRW 1,670,314 million, and the contractual cash flows that are not expected to be recovered as of the acquisition date are estimated at KRW 25,489 million.

(*2) The Group measured the identifiable assets and liabilities of the acquiree at their fair values as of the acquisition date for the purpose of allocating the consideration transferred.

If, within one year from the acquisition date, new information is obtained about facts and circumstances that existed at the acquisition date requiring adjustments to the amounts recognized at that date, or if additional provisions existing at the acquisition date need to be recognized, such adjustments will be accounted for in the business combination.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2025 AND 2024

3) Bargain purchase gain

A bargain purchase gain occurred as the fair value of identifiable net assets exceeded the consideration transferred.

(Unit: Korean Won in millions)
		Amount
Consideration transferred			264,946
Identifiable net assets fair value			571,765
Bargain purchase gain (*)			306,819

(*) Included in other non-operating income in the consolidated statement of comprehensive income.

4) Business combination costs

The Group incurred costs of 301 million Won related to the business combination, including legal fees and due diligence fees, which were recognized as fees and commissions expenses in the consolidated statement of comprehensive income.

5) Net cash inflows from the business combination

(Unit: Korean Won in millions)
		Amount
Consideration paid in cash			264,946
Cash and cash equivalents acquired			327,090
Less: Total			62,144

49. EVENTS AFTER THE REPORTING PERIOD

(1) The Parent Company resolved at the Board of Directors’ meeting held on February 6, 2026, to acquire and retire its treasury shares. The Parent Company plans to acquire treasury shares in the amount of KRW 200 billion through a trust agreement during the period from February 10, 2026 to June 10, 2026, and intends to cancel all shares acquired through this transaction thereafter.

(2) Woori Bank, a subsidiary, decided to implement a voluntary retirement program through a labor-management agreement in January 2026. As a result, the termination benefits to be recognized by the Group in the first quarter of 2026 amount to KRW 181,305 million.

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Independent Auditor’ Report on Internal Control over Financial Reporting for Consolidation Purposes

Based on a report originally issued in Korean

To the Board of Directors and Shareholders

Woori Financial Group Inc.:

Opinion on Internal Control over Financial Reporting for Consolidation Purposes

We have audited Woori Financial Group Inc. and its subsidiaries (“the Group”)’ internal control over financial reporting (“ICFR”) for consolidation purposes as of December 31, 2025 based on the criteria established in the Conceptual Framework for Designing and Operating ICFR (“ICFR Design and Operation Framework”) issued by the Operating Committee of Internal Control over Financial Reporting in the Republic of Korea (the “ICFR Committee”).

In our opinion, the Group maintained, in all material respects, effective internal control over financial reporting for consolidation purposes as of December 31, 2025, based on ICFR Design and Operation Framework.

We also have audited, in accordance with Korean Standards on Auditing (KSAs), the consolidated financial statements of the Group, which comprise the consolidated statement of financial position as of December 31, 2025, the consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising of material accounting policy information and other explanatory information, and our report dated March XX, 2026 expressed an unmodified opinion on those consolidated financial statements.

Basis for Opinion on Internal Control over Financial Reporting for Consolidation Purposes

We conducted our audit in accordance with KSAs. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of Internal Control over Financial Reporting for Consolidation Purposes section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the internal control over financial reporting for consolidation purposes in Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management and Those Charged with Governance for the Internal Control over Financial Reporting for Consolidation Purposes

The Group’s management is responsible for designing, operating and maintaining effective internal control over financial reporting for consolidation purposes and for its assessment of the effectiveness of internal control over financial reporting for consolidation purposes, included in the accompanying ‘Operating Status Report of Internal Control over Financial Reporting for Consolidation Purposes.’

Those charged with governance have the responsibilities for overseeing the Group’s internal control over financial reporting for consolidation purposes.

Auditor’s Responsibilities for the Audit of the Internal Control over Financial Reporting for Consolidation Purposes

Our responsibility is to express an opinion on the Group’s internal control over financial reporting for consolidation purposes based on our audit. We conducted our audit in accordance with KSAs. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting for consolidation purposes was maintained in all material respects.

Our audit of internal control over financial reporting for consolidation purposes included obtaining an understanding of internal control over financial reporting for consolidation purposes, assessing the risk that a

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material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

Definition and Limitations of Internal Control over Financial Reporting for Consolidation Purposes

An entity’s internal control over financial reporting for consolidation purposes is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the consolidated financial statements for external purposes in accordance with Korean International Financial Reporting Standards (“K-IFRS”). A Group’s internal control over financial reporting for consolidation purposes includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the group; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with K-IFRS, and that receipts and expenditures of the group are being made only in accordance with authorizations of management and directors of the group; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the group’s assets that could have a material effect on the consolidated financial statements.

Because of its inherent limitations, internal control over financial reporting for consolidation purposes may not prevent or detect misstatements in the consolidated financial statements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The engagement partner on the audit resulting in this independent auditor’s report is Jae-Beom Choi.

/s/ KPMG Samjong Accounting Corp.

Seoul, Korea

March 4, 2026

This report is effective as of March 4, 2026, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the internal control over financial reporting. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

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Operating Status Report of

Internal Control over Financial Reporting for Consolidation Purposes

To the Shareholders, Board of Directors and Audit Committee of Woori Financial Group Inc.

We, as the Chief Executive Officer (“CEO”) and Internal Control over Financial Reporting Officer of Woori Financial Group Inc. and its subsidiaries (collectively referred to as “the Group”), assessed operating status of the Group’s Internal Control over Financial Reporting for Consolidation Purposes (“the Group’s ICFR”) for the year ended December 31, 2025.

The Group’s management, including ourselves, is responsible for designing and operating the Group’s ICFR.

We assessed whether the Group effectively designed and operated its ICFR to prevent and detect errors or frauds which may cause a misstatement in consolidated financial statements to ensure preparation and disclosure of reliable consolidated financial information.

We used the ‘Conceptual Framework for Designing and Operating ICFR’ established by the Operating Committee of ICFR in Korea (the “ICFR Committee”) as the criteria for design and operation of the Group’s ICFR. We also assessed the design and operation of the Group’s ICFR based on the Appendix 6, ‘Standards for Evaluating and Reporting the Effectiveness of ICFR,’ of the Detailed Regulations on External Audit and Accounting, etc.

Based on our assessment, we concluded that the Group’s ICFR is designed and operated effectively as of December 31, 2025, in all material respects, in accordance with the ‘Conceptual Framework for Designing and Operating ICFR’.

As of the date of the assessment, the Group excluded TONGYANG Life Insurance Co., Ltd. (acquisition date: July 1, 2025; total assets and profit before tax as of the assessment date of KRW 35,444,959 million and KRW 53,616 million, representing 5.9% and 1.3%, respectively, of total assets and profit before tax after the acquisition) and ABL Life Insurance Co., Ltd. (acquisition date: July 1, 2025; total assets and profit before tax as of the assessment date of KRW 19,609,549 million and KRW 57,498 million, representing 3.3% and 1.4%, respectively, of total assets and profit before tax after the acquisition) from the scope of the assessment of the Group’s ICFR, as one year had not yet elapsed since the acquisition date, making the assessment not practically feasible.

We certify that this report does not contain any untrue statement of a fact, or omit to state a fact necessary to be presented herein. We also certify that this report does not contain or present any statements which might cause material misunderstandings, and we have reviewed and verified this report with sufficient care.

(Attachment)

Internal control activities performed by the Company to address the risk of fund-related fraud, including misappropriation

February 27, 2026

Jong Yong Yim, Chief Executive Officer

Seong Min Kwak, Internal Control over Financial Reporting Officer

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(Attachment) Internal control activities performed by the Company to address the risk of fund-related fraud, including misappropriation

The control activities performed by the Company as disclosed below provide an integrated overview of the Company’s key Internal Control over Financial Reporting(ICFR) control activities implemented to address risks of fund-related fraud, including misappropriation, in accordance with the “Guidelines for Evaluating and Reporting the Effectiveness of ICFR” enacted and amended by the Financial Supervisory Service.

Type		Internal Control Activities performed by the Company(*1)		Targeted Entity		Results of the Assessment of Design and Operation Effectiveness(*2) (Department in charge, timing, etc.)
Entity-level Controls		<Compliance with Code of Ethics> Management operates a system under which employees pledge to comply with the code of ethics and related obligations, and operates procedures to identify and monitor any violations of applicable laws and the Code of Ethics. (Department in charge: Compliance Monitoring ACT of Woori Financial Group Inc., Compliance Management Department of Woori Bank Co., Ltd., etc.)		Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates • Compliance Monitoring ACT, Compliance Management Department, etc. • November 2025, February 2026
		<Risk Assessment> Management identifies risks for each business activity and operates a system to evaluate risks through the Operational Risk Management System. (Department in charge: Risk Management Dept. of Woori Financial Group Inc., Risk Management Office of Woori Bank Co., Ltd.. etc.)		Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates • Risk Management Department, Risk Management Dept., etc. • November 2025, February 2026
		<Mandatory Leave Policy> Management operates the mandatory leave policy to eliminate incentives and opportunities for financial fraud. (Department in charge: Compliance Monitoring ACT of Woori Financial Group Inc., Compliance Management Department of Woori Bank Co., Ltd., etc.)		Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates • Compliance Monitoring ACT, • Compliance Management Department, etc. • November 2025, February 2026

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Type		Internal Control Activities performed by the Company(*1)		Targeted Entity		Results of the Assessment of Design and Operation Effectiveness(*2) (Department in charge, timing, etc.)
		<Job Rotation Policy> Management operates the job rotation policy to eliminate incentives and opportunities for financial fraud. (Department in charge: Human Resources Dept. of Woori Bank Co., Ltd., Compliance Support Team of Woori Card Co., Ltd., etc.)		Woori Bank Co., Ltd., Woori Card Co., Ltd., and 7 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Bank Co., Ltd., Woori Card Co., Ltd., and 7 affiliates • Human Resources Dept., Compliance Support Team, etc. • November 2025, February 2026
		<Segregation of Duties and Authority Segregation> Management segregates organizational duties and operates in accordance with policies that clearly define the roles and responsibilities associated with each function. (Department in charge: Strategy&Planning Department of Woori Financial Group Inc., Legal Affairs Office of Woori Bank Co., Ltd.. etc.)		Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates • Strategy&Planning Department, Legal Affairs Office, etc. • November 2025, February 2026
		<Whistle Blowing Policy> Management operates a compliance reporting policy and implements protective measures, including confidentiality for whistleblowers and prohibition of any retaliation. (Department in charge: Ethics Management Office of Woori Financial Group Inc., Audit Department of Woori Bank Co., Ltd., etc.)		Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates • Ethics Management Office, Audit Department, etc. • November 2025, February 2026
		<Compliance Monitoring and Internal Audit> Management addresses the fraud risk through compliance monitoring activities and internal audit functions. (Department in charge: Audit Department of Woori Financial Group Inc., Audit Department of Woori Bank Co., Ltd., etc.)		Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates • Audit Department, etc. • November 2025, February 2026

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Type		Internal Control Activities performed by the Company(*1)		Targeted Entity		Results of the Assessment of Design and Operation Effectiveness(*2) (Department in charge, timing, etc.)
Funds Controls		<Deposit Operations Management> The person in charge of deposit operations shall verify application for account opening, withdrawal slips, etc. to carry out account opening, deposits, withdrawals, and account closing transactions. The authorized approver shall review the transaction details to ensure they are consistent with the supporting documents, and for transactions exceeding a specified amount, approval is required before processing. (Department in charge: Woori Bank Branches, Woori Investment Securities Branches, etc.)		Woori Bank Co., Ltd., Woori Investment Securities Co., Ltd., and 5 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Bank Co., Ltd., Woori Investment Securities Co., Ltd., and 5 affiliates • Branches, etc. • November 2025, February 2026
		<Branch End-of-day Closing> The teller shall reconcile the cash on hand with the system records during the daily closing. The officer in charge of cash operations shall review and approve the reconciliation results. (Department in charge: Woori Bank Branches, Woori Investment Securities Branches, etc.)		Woori Bank Co., Ltd., Woori Investment Securities Co., Ltd., and 5 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Bank Co., Ltd., Woori Investment Securities Co., Ltd., and 5 affiliates • Branches, etc. • November 2025, February 2026
		<Credit Review and Approval> The person in charge of credit transactions shall verify all relevant documents, including credit agreements, and request credit review and approval. The authorized approver shall review the credit terms, such as maturity, amount, interest rate, etc. and approve the transaction. (Department in charge: Loan Service Center of Woori Bank Co., Ltd., Special Underwriting Team of Woori Card Co., Ltd., etc.)		Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates • Loan Service Center, Special Underwriting Team, etc. • November 2025, February 2026
		<Approval of Credit Transaction Execution> The person in charge of credit transactions shall verify the credit review and approval details and submit a request for credit execution. The authorized approver shall review the credit terms, including maturity, amount, interest rate, etc. and approve the transaction. (Department in charge: Loan Service Center of Woori Bank Co., Ltd., Corporate Solution Team of Woori Card Co., Ltd., etc.)		Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates • Loan Service Center, Corporate Solution Team, etc. • November 2025, February 2026

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Type		Internal Control Activities performed by the Company(*1)		Targeted Entity		Results of the Assessment of Design and Operation Effectiveness(*2) (Department in charge, timing, etc.)
		<Credit Monitoring> The person in charge of credit monitoring shall frequently or periodically review credit transactions for any irregularities and report the findings. The authorized approver shall review and approve the appropriateness of the inspection results. (Department in charge: IB/Global Credit Analysis & Approval Department of Woori Bank Co., Ltd., Risk Strategic Team of Woori Card Co., Ltd., etc)		Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates • IB/Global Credit Analysis & Approval Department, Risk Strategic Team, etc. • November 2025, February 2026
		<Credit Repayment and Management of Non-Performing Loans> Repayment of loan principal and interest is managed through the system. When non-performing loans arise due to delinquency or other reasons, the authorized approver shall review the supporting documentation for applications submitted by the person in charge of non-performing loan management, including loan receivable sales, restructuring, or write-offs, evaluate the appropriateness of the proposed actions, and approve them prior to execution. (Department in charge: Credit Management & Collection Dept. of Woori Bank Co., Ltd., Collection Strategic Team of Woori Card Co., Ltd., etc.)		Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates • Credit Management & Collection Dept., Collection Strategic Team, etc. • November 2025, February 2026
		<Approval for Acquisition and Disposal of Marketable Securities> The person in charge of the acquisition and disposal of marketable securities shall review transaction statements, contracts and request approval for the transaction. The authorized approver shall review the details of the securities transaction, including the type of security, amount, maturity, etc. and grant approval accordingly. (Department in charge: Finance & Management Department of Woori Financial Group Inc., Settlement Support Dept. of Woori Bank Co., Ltd., etc.)		Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates • Finance & Management Department, Settlement Support Dept., etc. • November 2025, February 2026
		<Verification of Interest and Dividend Receipts on Securities> The authorized approver shall review and approve the reconciliation records prepared by the person in charge of securities interest and dividend receipts, comparing system-recorded amounts, actual received amounts, dividend notices, etc. (Department in charge: Finance & Management Department of Woori Financial Group Inc., Settlement Support Dept. of Woori Bank Co., Ltd., etc.)		Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates • Finance & Management Department, Settlement Support Dept., etc. • November 2025, February 2026

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Type		Internal Control Activities performed by the Company(*1)		Targeted Entity		Results of the Assessment of Design and Operation Effectiveness(*2) (Department in charge, timing, etc.)
		<Physical Custody and Balance Management of Securities> Physical securities are stored in locations with restricted access. The authorized approver shall review and approve the results of physical inspections of securities and reconciliations with balance confirmations and other relevant documents performed by the person in charge of physical securities and balance management. (Department in charge: Finance & Management Department of Woori Financial Group Inc., Settlement Support Dept. of Woori Bank Co., Ltd., etc.)		Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates • Finance & Management Department, Settlement Support Dept., etc. • November 2025, February 2026
		<Approval of Derivative Transactions and Settlements> The person in charge of derivative transactions and settlements shall verify the transaction records and submit requests for approval and settlement. The authorized approver shall review the transaction details, including amount, maturity, etc and approve the transaction. (Department in charge: Settlement Support Dept. of Woori Bank Co., Ltd., Treasury Team of Woori Card Co., Ltd., etc.)		Woori Bank Co., Ltd., Woori Card Co., Ltd., and 2 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Bank Co., Ltd., Woori Card Co., Ltd., and 2 affiliates • Settlement Support Dept., Treasury Team, etc. • November 2025, February 2026
		<Financing Approval> The authorized approver shall approve the financing after reviewing the amounts, maturities, and interest rates, etc. requested by the person in charge of financing in accordance with the financing plan. (Department in charge: Finance & Management Department of Woori Financial Group Inc., Treasury Dept. of Woori Bank Co., Ltd., etc.)		Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates • Finance & Management Department, Treasury Dept., etc. • November 2025, February 2026
		<Financing and Principal/Interest Repayments> The person in charge of financing and principal/interest repayments shall verify the consistency between agreements and cash transaction records and report the findings, and the authorized approver shall review and approve the amounts, interest rates, repayment dates, etc. (Department in charge: Finance & Management Department of Woori Financial Group Inc., Treasury Dept. of Woori Bank Co., Ltd., etc.)		Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates • Finance & Management Department, Treasury Dept., etc. • November 2025, February 2026

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Type		Internal Control Activities performed by the Company(*1)		Targeted Entity		Results of the Assessment of Design and Operation Effectiveness(*2) (Department in charge, timing, etc.)
		<Segregation of Duties for Fund Disbursements> The person in charge and the approver shall be segregated in fund disbursement duties. (Department in charge: Management Support Department of Woori Financial Group Inc., International Trade Service Center of Woori Bank Co., Ltd., etc.)		Woori Financial Group Inc., Woori Bank Co., Ltd., and 9 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Financial Group Inc., Woori Bank Co., Ltd., and 9 affiliates • Management Support Department, International Trade Service Center, etc. • November 2025, February 2026
		<Approval of Fund Disbursements> The person in charge of fund disbursement shall verify fund transfer requests and other relevant documents, and submit a request for fund disbursement. The authorized approver shall review the appropriateness of the requested details, including the amount and purpose, and shall approve the fund disbursement prior to execution. (Department in charge: Finance & Management Department of Woori Financial Group Inc., Settlement Support Dept. of Woori Bank Co., Ltd., etc.)		Woori Financial Group Inc., Woori Bank Co., Ltd., and 9 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Financial Group Inc., Woori Bank Co., Ltd., and 9 affiliates • Finance & Management Department, Settlement Support Dept., etc. • November 2025, February 2026
		<Verification of Fund Receipts> The authorized approver reviews amount and reason of receipt and approves the consistency between the supporting documents and the deposited amount, as verified by the person in charge of fund receipts. (Department in charge: Finance & Management Department of Woori Financial Group Inc., Real Estate Finance Dept. of Woori Bank Co., Ltd., etc.)		Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates • Finance & Management Department, Real Estate Finance Dept., etc. • November 2025, February 2026
		<Cash and Deposit Balance Management> The authorized approver reviews and approves the consistency between system-recorded balances and actual balances, as verified by the person in charge of cash and deposit balance management. (Department in charge: Finance & Management Department of Woori Financial Group Inc., Settlement Support Dept. of Woori Bank Co., Ltd., etc.)		Woori Financial Group Inc., Woori Bank Co., Ltd., and 12 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Financial Group Inc., Woori Bank Co., Ltd., and 12 affiliates • Finance & Management Department, Settlement Support Dept., etc. • November 2025, February 2026

- 241 -

Type		Internal Control Activities performed by the Company(*1)		Targeted Entity		Results of the Assessment of Design and Operation Effectiveness(*2) (Department in charge, timing, etc.)
		<Management of Sensitive Physical Assets> Sensitive physical assets, such as corporate seals, bank accounts, OTP devices, etc. are stored in locations with restricted access. When a request is made to use such items, the authorized approver reviews the appropriateness of the purpose of use and grants approval accordingly. (Department in charge: Management Support Department of Woori Financial Group Inc., Deposit Service Center of Woori Bank Co., Ltd., etc.)		Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates • Management Support Department, Deposit Service Center, etc. • November 2025, February 2026
		<Opening and Closing of Accounts> The authorized approver reviews and approves the appropriateness of account opening and closing requests submitted by the person in charge, including the account details and the stated reason for the request, etc. prior to the approval. (Department in charge: Finance & Management Department of Woori Financial Group Inc., Compliance Management Department of Woori Bank Co., Ltd., etc.)		Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates • Finance & Management Department, Compliance Management Department, etc. • November 2025, February 2026
		<Client Information Management> The person in charge of client information management reviews relevant documents such as the business registration certificate, a copy of the bank account, etc. and submits requests to register or modify client information. The authorized approver reviews the registration or modification details along with the related supporting documents and grants approval. (Department in charge: Management Support Department of Woori Financial Group Inc., General Affairs Dept. of Woori Bank Co., Ltd., etc.)		Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates • Management Support Department, General Affairs Dept., etc. • November 2025, February 2026
		<Ledger Modification> The authorized approver for ledger modifications shall review the modification request submitted by the requesting department, assess the appropriateness of the reason for the change, and approve the request. (Department in charge: ICT Planning Department of Woori Financial Group Inc., IT Technology Innovation Department of Woori Bank Co., Ltd., etc.)		Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates		No material weaknesses were identified based on the results of the testing performed. • Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates • ICT Planning Department, IT Technology Innovation Department, etc. • November 2025, February 2026

(*1) The term “authorized approver” refers to a department head, team leader, or other personnel with the authority for approval in the course of their duties.

(*2) For the purpose of independent evaluation, the Company designates reviewers who are not the control performers within the department to conduct assessments of the design and operational effectiveness. In addition, the inspection results prepared by each department are further reviewed by the Company’s internal accounting department and by an external audit firm possessing a high level of independence and expertise

- 242 -

Exhibit 99.2

WOORI FINANCIAL GROUP INC.

SEPARATE FINANCIAL STATEMENTS

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2025 AND 2024

WOORI FINANCIAL GROUP INC.		Page(s)
Independent Auditors’ Report			1-3
Separate Financial Statements
Separate Statements of Financial Position			5
Separate Statements of Comprehensive Income			6
Separate Statements of Changes in Equity			7
Separate Statements of Cash Flows			8-9
Notes to the Separate Financial Statements			10-69
Report on Independent Auditor’s Audit of Internal Control over Financial Reporting			70-71
Operating Status Report of Internal Control over Financial Reporting			72-75

Independent Auditors’ Report

Based on a report originally issued in Korean

To the Board of Directors and Shareholders of

Woori Financial Group Inc.

Opinion

We have audited the separate financial statements of Woori Financial Group Inc. (“the Company”), which comprise the separate statement of financial position as of December 31, 2025 and 2024, the separate statements of comprehensive income, changes in equity and cash flows for the years then ended, and notes, comprising of material accounting policy information and other explanatory information.

In our opinion, the accompanying separate financial statements present fairly, in all material respects, the separate financial position of the Company as of December 31, 2025 and 2024, and its separate financial performance and its separate cash flows for the years then ended in accordance with Korean International Financial Reporting Standards (“K-IFRS”).

We also have audited, in accordance with Korean Standards on Auditing (“KSAs”), the Company’s Internal Control over Financial Reporting (“ICFR”) as of December 31, 2025, based on the criteria established in Conceptual Framework for Designing and Operating Internal Control over Financial Reporting issued by the Operating Committee of Internal Control over Financial Reporting in the Republic of Korea, and our report dated March 4, 2026 expressed an unmodified opinion on the effectiveness of the Company’s ICFR.

Basis for Opinion

We conducted our audits in accordance with KSAs. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Separate Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the separate financial statements in Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Key Audit Matter

We have determined that there are no key audit matters to communicate in our report.

Other Matter

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

- 1 -

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

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

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

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

Auditors’ Responsibilities for the Audit of the Separate Financial Statements

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

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

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

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

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

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

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

- 2 -

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

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

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

The engagement partner on the audit resulting in this independent auditors’ report is Jae-Beom Choi.

/s/ KPMG Samjong Accounting Corp.

Seoul, Korea

March 4, 2026

This report is effective as of March 4, 2026, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the accompanying separate financial statements and notes thereto. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

- 3 -

WOORI FINANCIAL GROUP INC.

SEPARATE FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

The accompanying separate financial statements including all footnote disclosures were

prepared by, and are the responsibility of, the management of Woori Financial Group Inc.

Jong Yong Yim

President and Chief Executive Officer

Main Office Address: (Road Name Address) 51, Sogong-ro, Jung-gu, Seoul

(Phone Number) 02-2125-2000

WOORI FINANCIAL GROUP INC.

SEPARATE STATEMENTS OF FINANCIAL POSITION

AS OF DECEMBER 31, 2025 AND 2024

		December 31, 2025				December 31, 2024
		(Korean Won in millions)
ASSETS
Cash and cash equivalents (Notes 5 and 28)			489,321				1,185,912
Financial assets at fair value through other comprehensive income (“FVTOCI”) (Notes 4, 6, 8 and 28)			558,162				553,518
Loans and other financial assets at amortized cost (Notes 4, 7, 8 and 28)			707,142				204,431
Investments in subsidiaries (Notes 9 and 28)			25,597,495				24,206,017
Premises and equipment (Notes 10 and 28)			4,763				5,304
Intangible assets (Note 11)			2,961				3,308
Net defined benefit asset (Note 15)			2,108				1,378
Current tax assets (Note 25)			26,295				33,120
Deferred tax assets (Note 25)			5,810				4,379
Other assets (Note 12)			315				155,670
Total assets			27,394,372				26,353,037
LIABILITIES
Debentures (Notes 4, 8 and 13)			2,667,525				2,037,567
Provisions (Note 14)			1,897				1,252
Current tax liabilities (Note 25)			673,217				84,701
Other financial liabilities (Notes 4, 8, 16, 28 and 29)			95,822				76,382
Other liabilities (Note 16)			5,967				404
Total liabilities			3,444,428				2,200,306
EQUITY (Note 17)
Capital stock			3,802,676				3,802,676
Hybrid securities			3,710,228				3,810,225
Capital surplus			8,120,236				11,120,236
Other equity			2,607				(1,189	)
Retained earnings			8,314,197				5,420,783
Total equity			23,949,944				24,152,731
Total liabilities and equity			27,394,372				26,353,037

The accompanying notes are part of these financial statements.

- 5 -

WOORI FINANCIAL GROUP INC.

SEPARATE STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

		2025				2024
		(Korean Won in millions)
Interest income			28,296				51,778
Interest expense			(72,822	)			(49,650	)
Net interest income (expense) (Notes 8, 19 and 28)			(44,526	)			2,128
Fees and commissions income			1,816				1,625
Fees and commissions expense			(28,695	)			(21,944	)
Net fees and commissions loss (Notes 20 and 28)			(26,879	)			(20,319	)
Dividend income (Notes 21 and 28)			1,448,486				1,208,522
Reversal (Provision) of impairment losses due to credit loss (Notes 8, 22 and 28)			56				608
General and administrative expenses (Notes 23 and 28)			(82,422	)			(67,638	)
Operating income			1,294,715				1,123,301
Non-operating expense (Note 24)			(170,511	)			(147	)
Net income before income tax expense			1,124,204				1,123,154
Income tax income (Note 25)			2,836				178
Net income			1,127,040				1,123,332
Net gain on valuation of equity securities at FVTOCI (Note 17)			3,328				10,164
Remeasurement gain (loss) related to defined benefit liabilities (Notes 15 and 17)			234				(1,026	)
Items that will not be reclassified to profit or loss:			3,562				9,138
Other comprehensive income, net of tax			3,562				9,138
Total comprehensive income			1,130,602				1,132,470
Earnings per share (Note 26)
Basic and diluted earnings per share (Unit: In Korean Won)			1,326				1,296

The accompanying notes are part of these financial statements.

- 6 -

WOORI FINANCIAL GROUP INC.

SEPARATE STATEMENTS OF CHANGES IN EQUITY

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

		Capital stock				Capital surplus				Hybrid securities				Other equity				Retained earnings				Total equity
		(Korean Won in millions)
January 01, 2024			3,802,676				11,120,236				3,610,953				(7,871	)			5,475,004				24,000,998
Total comprehensive income
Net income			—				—				—				—				1,123,332				1,123,332
Net gain on valuation of equity securities at FVTOCI			—				—				—				10,164				—				10,164
Remeasurement loss related to defined benefit liabilities			—				—				—				(1,026	)			—				(1,026	)
Transactions with owners
Dividends to common stocks			—				—				—				—				(882,183	)			(882,183	)
Issuance of hybrid securities			—				—				1,196,816				—				—				1,196,816
Dividends to hybrid securities			—				—				—				—				(158,682	)			(158,682	)
Redemption of hybrid securities			—				—				(997,544	)			(2,456	)			—				(1,000,000	)
Acquisition of treasury stock			—				—				—				(136,688	)			—				(136,688	)
Retirement of treasury stock			—				—				—				136,688				(136,688	)			—
December 31, 2024			3,802,676				11,120,236				3,810,225				(1,189	)			5,420,783				24,152,731
January 01, 2025			3,802,676				11,120,236				3,810,225				(1,189	)			5,420,783				24,152,731
Total comprehensive income
Net income			—				—				—				—				1,127,040				1,127,040
Net gain on valuation of equity securities at FVTOCI			—				—				—				3,328				—				3,328
Remeasurement loss related to defined benefit liabilities			—				—				—				234				—				234
Transactions with owners
Dividends to common stocks			—				—				—				—				(931,111	)			(931,111	)
Issuance of hybrid securities			—				—				797,781				—				—				797,781
Dividends to hybrid securities			—				—				—				—				(150,059	)			(150,059	)
Redemption of hybrid securities			—				—				(897,778	)			(2,222	)			—				(900,000	)
Transfer of redemption loss of hybrid securities to retained earnings			—				—				—				2,456				(2,456	)			—
Acquisition of treasury stock			—				—				—				(150,000	)			—				(150,000	)
Retirement of treasury stock			—				—				—				150,000				(150,000	)			—
Transfer to retained earnings			—				(3,000,000	)			—				—				3,000,000				—
December 31, 2025			3,802,676				8,120,236				3,710,228				2,607				8,314,197				23,949,944

The accompanying notes are part of these financial statements.

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WOORI FINANCIAL GROUP INC.

SEPARATE STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

		2025				2024
		(Korean Won in millions)
Cash flows from operating activities:
Net income			1,127,040				1,123,332
Adjustments to net income:
Income tax income			(2,836	)			(178	)
Interest income			(28,296	)			(51,778	)
Interest expense			72,822				49,650
Dividend income			(1,448,486	)			(1,208,522	)
			(1,406,796	)			(1,210,828	)
Adjustments for profit/loss items not involving cash flows:
Reversal of impairment losses due to credit loss			(56	)			(608	)
Retirement benefit			6,033				3,311
Depreciation and amortization			5,475				5,728
Gain on disposal of premises and equipment, intangible assets and other assets			(4	)			(7	)
Impairment loss on investments in subsidiaries			169,414				—
			180,862				8,424
Changes in operating assets and liabilities:
Loans and other financial assets at amortized cost			(17,416	)			(33,742	)
Other assets			(34	)			204
Net defined benefit liability			(6,440	)			(2,143	)
Other financial liabilities			26,631				38,028
Other liabilities			5,565				11
			8,306				2,358
Interest income received			31,288				64,991
Interest expense paid			(69,461	)			(46,054	)
Dividends received			1,448,708				1,208,517
Income tax paid			(2,187	)			(2,145	)
			1,408,348				1,225,309
Net cash inflow from operating activities			1,317,760				1,148,595
Cash flows from investing activities:
Net decrease on other investment assets			100,000				974,000
Acquisition of investments in subsidiaries			(1,405,504	)			(535,541	)
Increase in advance payments related to investments in subsidiaries			—				(155,388	)
Acquisition of financial assets at FVTOCI			(150,000	)			—
Disposal of financial assets at FVTOCI			150,000				—
Acquisition of premises and equipment			(248	)			(258	)
Acquisition of intangible assets			(410	)			(303	)
Net decrease on guarantee deposits for leases			—				37
Net cash inflow (outflow) from investing activities			(1,306,162	)			282,547

(Continued)

- 8 -

WOORI FINANCIAL GROUP INC.

SEPARATE STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

		2025				2024
		(Korean Won in millions)
Cash flows from financing activities:
Issuance of debentures			938,401				599,000
Redemption of debentures			(310,000	)			(150,000	)
Issuance of hybrid securities			797,781				1,196,816
Redemption of hybrid securities			(900,000	)			(1,000,000	)
Acquisition of treasury stock			(150,000	)			(136,688	)
Redemption of lease liabilities			(3,201	)			(3,000	)
Dividends paid to hybrid securities			(150,059	)			(158,682	)
Dividends paid			(931,111	)			(882,183	)
Net cash outflow from financing activities			(708,189	)			(534,737	)
Net increase (decrease) in cash and cash equivalents			(696,591	)			896,405
Cash and cash equivalents, beginning of the period			1,185,912				289,507
Cash and cash equivalents, end of the period (Note 5)			489,321				1,185,912

The accompanying notes are part of these financial statements.

- 9 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

1. GENERAL

(1) Summary of the parent company

Woori Financial Group, Inc. (hereinafter referred to the “Company”) is primarily aimed at controlling subsidiaries that operate in the financial industry or those that are closely related to the financial industry through the ownership of shares and was established on January 11, 2019 under the Financial Holding Company Act through the comprehensive transfer with shareholders of Woori Bank, Woori FIS Co., Ltd., Woori Finance Research Institute Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Services Co., Ltd. and Woori Private Equity Asset Management Co. Ltd. The headquarters of the Company is located at 51, Sogong-ro, Jung-gu, Seoul, Korea, and the capital is 3,802,676 million Won. The Company’s stocks were listed on the Korea Exchange on February 13, 2019, and its American Depository Shares (“ADS”) are also being traded as the underlying common stock on the New York Stock Exchange since the same date.

The details of stock transfer from the Company and subsidiaries as of incorporation are as follows (Unit: Number of shares):

Stock transfer company		Total number of issued shares				Exchange ratio per share				Number of Parent company’s stocks
Woori Bank			676,000,000				1.0000000				676,000,000
Woori FIS Co., Ltd.			4,900,000				0.2999708				1,469,857
Woori Finance Research Institute Co., Ltd.			600,000				0.1888165				113,289
Woori Credit Information Co., Ltd.			1,008,000				1.1037292				1,112,559
Woori Fund Service Co., Ltd.			2,000,000				0.4709031				941,806
Woori Private Equity Asset Management Co., Ltd.			6,000,000				0.0877992				526,795

As of August 1, 2019, the Company acquired a 73% interest in Tongyang Asset Management Co., Ltd. and changed the name to Woori Asset Management Corp. Also, as of August 1, 2019, the Company gained 100% control of ABL Global Asset Management Co., Ltd., added it as a consolidated subsidiary and changed the name to Woori Global Asset Management Co., Ltd. on December 6, 2019.

The Company paid 598,391 million Won in cash and 42,103,377 new shares of the Company to acquire 100% interest of Woori Card Co., Ltd. from its subsidiary Woori Bank on September 10, 2019. On the same date, the Company also acquired 59.8% interest of Woori Investment Bank Co., Ltd. from Woori Bank with 392,795 million Won in cash.

As of December 30, 2019, the Company acquired 67.2% interests (excluding treasury stock, 51.0% when including treasury stock) in Woori Asset Trust Co. (formerly Kukje Asset Trust Co.) In addition, as of March 31, 2023, the Company acquired an additional 28.1% interests in Woori Asset Trust Co. (excluding treasury stock, 21.3% when including treasury stock).

As of December 10, 2020, the Company acquired 76.8% interests (excluding treasury stock, 74.0% when including treasury stock) in Woori Financial Capital Co., Ltd. (formerly Aju Capital Co., Ltd.). In addition, as of April 15, 2021, the Company acquired an additional 13.3% interests in Woori Financial Capital Co., Ltd. (excluding treasury stock, 12.9% in the case of including treasury stock), and as of May 24, 2021, the Company additionally acquired treasury stock(3.6%) which Woori Financial Capital possessed.

As of March 12, 2021, the Company paid 113,238 million Won in cash to acquire 100% interests on Woori Savings Bank from Woori Financial Capital Co., Ltd., our subsidiary.

As of August 10, 2021, the Company paid 5,792,866 new shares of the Company to the shareholders of Woori Financial Capital Co., Ltd. (excluding the Company) through comprehensive stock exchange and acquired residual interest (9.5%) of Woori Financial Capital Co., Ltd., to make it a wholly owned subsidiary.

As of January 7, 2022, Woori Financial F&I Co., Ltd., an investment company for non-performing loans and restructuring companies, was established (100% stock, 200 billion Won in stock payments) and incorporated as a subsidiary.

- 10 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

As of March 23, 2023, the Company acquired a 53.9% interests in Woori Venture Partners Co., Ltd. (formerly Daol Investment Co., Ltd.) (excluding treasury stock, 52.0% in the case of including treasury stock). In addition, as of May 30, 2023, the Company additionally acquired treasury stock held by Woori Venture Partners Co., Ltd. (3.5%).

As of August 8, 2023, the Company paid 22,541,465 new shares of the Company to the shareholders of Woori Investment Bank Co., Ltd. (excluding the Company) through comprehensive stock exchange and acquired residual interest (41.3%) of Woori Investment Bank Co., Ltd., to make it a wholly owned subsidiary. In addition, on the same day, the Company paid 9,933,246 new shares of the Company to the shareholders of Woori Venture Partners Co., Ltd. (excluding the Company) through comprehensive stock exchange and acquired residual interest (44.5%) of Woori Venture Partners Co., Ltd., to make it a wholly owned subsidiary.

As of January 29, 2024, the Company owned interest (77.5%) of Woori Asset Management Corp, as a result of merger with Woori Asset Management Corp (surviving company) and Woori Global Asset Management Co., Ltd. (dissolution company), which was liquidated. As of March 29, 2024, the Company acquired residual interest(22.5%) of Woori Asset Management Corp, to make it a wholly owned subsidiary.

On March 25, 2024, the Company participated in the capital increase and acquired the 1,062,045 shares (96.7% after acquiring shares, 79.4% including treasury shares) of Woori Asset Trust Co., Ltd.. Additionally, on March 29, 2025, Woori Asset Trust Co., Ltd. conducted a complete retirement of its 738,000 treasury shares. In addition, as of April 8, 2024, the Company additionally acquired minority interests (2.0%) of Woori Asset Trust Co., Ltd.. Afterward, the Company additionally acquired minority interests (0.9%) of Woori Asset Trust Co., Ltd. as of November 19, 2024.

On August 1, 2024, The Company owned 97.1% interest in merged securities firm as a result of merger between Korea Foss Securities (the surviving company) and Woori Investment Bank Co., Ltd. (dissolution company), and acquired an additional 2.3% out of the remaining interest. The merged securities company also changed its name to Woori Investment Securities Co., Ltd.

On July 1, 2025, the Company acquired 77.9% of the shares (excluding treasury shares, 75.3% including treasury shares) of Tongyang Life Insurance Co., Ltd. and 100% of the shares of ABL Life Insurance Co., Ltd. and included them as subsidiaries.

On July 31, 2025, the Company acquired the residual interest (0.4%) of Woori Asset Trust Co., Ltd., to make it a wholly owned subsidiary.

On November 28, 2025, the Company acquired minority interests (0.2%) of Woori Investment Securities Co., Ltd. As of December 19, 2025, the Company additionally acquired treasury stock (0.1%) and minority interests (0.2%) which Woori Investment Securities Co., Ltd. possessed.

2. BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES

(1) Basis of presentation

The Company’s separate financial statements are prepared in accordance with Korean International Financial Reporting Standards (“K-IFRS”). Material accounting policies applied in the preparation of the financial statements are described below.

The Company is preparing its financial statements in accordance with the K-IFRS, and the separate financial statements are prepared in accordance with K-IFRS 1027 ‘Separate Financial Statements’. The financial statements of the parent, associate or joint venture represent the investment assets in a manner that is based on direct equity investments, not based on the reported performance and net assets of the investee.

The financial statements are prepared at the end of each reporting period on the historical cost basis, except for certain non-current assets and financial assets that are either revalued or measured in fair value. Historical cost is generally measured at the fair value of consideration given to acquire assets.

- 11 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

Meanwhile, the financial statements of the Company were initially approved by the Board of Directors on February 6, 2026, and were revised and approved on February 27, 2026, and the final approval will be made in the annual general shareholders’ meeting on March 23, 2026.

1) The new standards and interpretations introduced from the current term and the resulting changes in accounting policies are as follows:

1.1 Amendments to K-IFRS 1021 ‘The Effects of Changes in Foreign Exchange Rates’ and 1101 ‘First-time Adoption of International Financial Reporting Standards’ – Lack of Exchangeability

When an entity estimates a spot exchange rate because exchangeability between two currencies is lacking, the entity shall disclose related information. The amendments do not have a significant impact on the financial statements.

2) The details of K-IFRS that have been issued and published as of December 31, 2025 but have not yet reached the effective date, and have not been early adopted by the Company are as follows:

2.1 Amendments to K-IFRS 1109 ‘Financial Instruments’, K-IFRS 1107 ‘Financial Instruments: Disclosures’

K-IFRS 1109 ‘Financial Instruments’ and K-IFRS 1107 ‘Financial Instruments: Disclosures’ have been amended to respond to recent questions arising in practice, and to include new requirements. The amendments should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. The Company does not expect the amendments to have a significant impact on the financial statements.

• clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;

• clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;

• add new disclosures of impact on the entity and the extent to which the entity is exposed for each type of financial instruments if the timing or amount of contractual cash flow changes due to amendment of contract term; and

• update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).

2.2 Annual Improvements to K-IFRS

Annual Improvements to K-IFRS should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. The Company does not expect the amendments to have a significant impact on the financial statements.

• K-IFRS 1101 ‘First-time Adoption of International Financial Reporting Standards’: Hedge accounting by a first-time adopter

• K-IFRS 1107 ‘Financial Instruments: Disclosures’: Gain or loss on derecognition, and implementation guidance

• K-IFRS 1109 ‘Financial Instruments’: Derecognition of lease liabilities and definition of transaction price

• K-IFRS 1110 ‘Consolidated Financial Statements’: Determination of a ‘de facto agent’

• K-IFRS 1007 ‘Statement of Cash Flows’: Cost method

The above enacted or amended standards will not have a significant impact on the Company.

2.3 Amendments to K-IFRS 1109 Financial Instruments and K-IFRS 1107 Financial Instruments: Disclosures—Contracts Referencing Nature-dependent Electricity

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WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

Contracts referencing nature-dependent electricity are defined contracts that expose an entity to variability in the underlying amount of electricity because the source of electricity generation depends on uncontrollable natural conditions (for example, the weather). The amendments clarify that ‘contracts to buy or sell such electricity’ are assessed for eligibility under the own-use exemption. In addition, the amendments modify hedge accounting requirements by allowing an entity to designate as the hedged item a variable nominal amount of forecast electricity transactions that reflect the nature-dependent variability of electricity and introduce additional disclosure requirements. The amendments should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. The amendments do not have a significant impact on the financial statements.

2.4 Amendments to K-IFRS 1118 ‘Presentation and Disclosure in Financial Statements’

K-IFRS 1118 ‘Presentation and Disclosure in Financial Statements’ replaces K-IFRS 1001 ‘Presentation of Financial Statements.’ The new presentation requirements introduced by K-IFRS 1118 are expected to enhance comparability of financial performance between similar entities, particularly with respect to the definition of operating profit. In addition, the disclosure requirements for management-defined performance measures will improve transparency. The standard applies to annual periods beginning on or after January 1, 2027, with early adoption permitted. In accordance with the retrospective application requirements of the standard, comparative information for the financial year ending December 31, 2026, will be restated in accordance with K-IFRS 1118.

The Company has not yet adopted K-IFRS 1118 and is in the process of preparing a transition plan. It is on track to report its first interim financial statements under K-IFRS 1118 for the period ending March 31, 2027, and its annual financial statements for the year ending December 31, 2027, as scheduled.

The management is currently reviewing the impact of the application of the new standard on the financial statements. While the adoption of the standard is not expected to affect the net income, it is anticipated to affect the calculation and reporting of operating profit, as revenues and expenses in the income statement will be reclassified into new categories.

The amendments are not expected to have a significant impact on the Company.

(2) Investments in subsidiaries and associates in separate financial statements

The Company selects and processes the cost method in accordance with K-IFRS 1027 for investments in subsidiaries, associates and jointly controlled entities, except for those classified as held for sale in accordance with K-IFRS 1105 ‘Non-current Assets Held for Sale and Discontinued Operations’. Dividends received from subsidiaries, associates and jointly controlled entities are recognized in profit or loss as dividend income when the right to receive dividends is established.

(3) Revenue recognition

K-IFRS 1115 requires the recognition of revenues based on transaction price allocated to the performance obligation when or as the Company performs the obligation to the customer. Revenues other than those from contracts with customers, such as interest revenue, are measured through the effective interest rate method.

1) Revenues from contracts with customers

The Company recognizes revenue when the Company satisfies a performance obligation by transferring a promised good or service to a customer. When a performance obligation is satisfied, the Company shall recognize as a revenue the amount of the transaction price that is allocated to that performance obligation. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties. The revenue recognized by these standards is fees and commissions income.

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WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

2) Revenues from sources other than contracts with customers

Interest income on financial assets measured at FVTOCI and financial assets at amortized costs is measured using the effective interest method.

The effective interest method is a method of calculating the amortized cost of debt securities (or group of financial assets) and of allocating the interest income over the expected life of the asset. The effective interest rate is the rate that exactly discounts estimated future cash flows to the instrument’s initial total carrying amount over the expected period, or shorter if appropriate. Future cash flows include commissions and cost of reward points (limited to the primary component of effective interest rate) and other premiums or discounts that are paid or received between the contractual parties, and future cash flows exclude expected credit loss when calculating the effective interest rate. All contractual terms of a financial instrument are considered when estimating future cash flows.

For purchased or originated credit-impaired financial assets, interest revenue is recognized by applying the credit-adjusted effective interest rate to the amortized cost of the financial asset from initial recognition. Even if the financial asset is no longer impaired in the subsequent periods due to credit improvement, the basis of interest revenue calculation is not changed from amortized cost to unamortized cost of the financial assets.

3) Dividend income

Dividend income is recognized when the right to receive dividends as a shareholder is confirmed. Dividend income is recognized as an appropriate item of profit or loss in the statement of comprehensive income according to the classification of financial instruments.

(4) Accounting for foreign currencies

The Company’s separate financial statements are presented in Korean Won, which is the functional currency of the Company. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at its prevailing exchange rates at the date.

(5) Cash and cash equivalents

The Company is classifying cash on hand, demand deposits, interest-earning deposits with original maturities of up to three months on acquisition date, and highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value as cash and cash equivalents.

(6) Financial assets and financial liabilities

1) Financial assets

A regular way purchase or sale of financial assets is recognized or derecognized on the trade or settlement date. A regular way purchase or sale is a purchase or sale of a financial asset under a contract whose term requires delivery of the asset within the time frame established generally by regulation or convention in the marketplace concerned.

On initial recognition, financial assets are classified into financial assets at FVTPL, financial assets at FVTOCI, and financial assets at amortized cost.

a) Business model

The Company evaluates the way business is being managed, and the purpose of the business model for managing a financial asset best reflects the way information is provided to the management at its portfolio level. Such information considers the following:

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WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

• The accounting policies and purpose specified for the portfolio, and the actual operation of such policies. This includes strategy of the management focusing on the receipt of contractual interest revenue, maintaining a certain level of interest income, matching the duration of financial assets and the duration of corresponding liabilities to obtain the asset, and outflow or realization of expected cash flows from disposal of assets.

• The way the performance of a financial asset held under the business model is evaluated, and the way such evaluation is being reported to the management

• The risk affecting the performance of the business model (and financial assets held under the business model), and the way such risk is being managed

• The compensation plan for the management (e.g. whether the management is being compensated based on the fair value of assets or based on contractual cash flows received)

• Frequency, amount, timing and reason for sale of financial assets in the past and forecast of future sale activities

b) Contractual cash flows

The principal is defined to be the fair value of a financial asset at initial recognition. Interest is not only composed of consideration for the time value of money, consideration for the credit risk related to remaining principal at a certain period of time, and consideration for other cost (e.g. liquidity risk and cost of operation) and fundamental risk associated with lending, but also profit.

When evaluating whether contractual cash flows are solely payments of principal and interests, the Company considers the contractual terms of the financial instrument. When a financial asset contains contractual conditions that modify the timing and amount of contractual cash flows, it is required to determine whether contractual cash flows that arise during the remaining life of the financial instrument due to such contractual condition are solely payments of principal and interest. The Company considers the following elements when evaluating the above:

• Conditions that lead to modification of timing or amount of cash flows

• Contractual terms that adjust contractual nominal interest, including floating rate features

• Early payment features and maturity extension features

• Contractual terms that limit the Company’s claim on cash flows arising from certain assets

1.1 Financial assets at FVTPL

The Company is classifying those financial assets that are not classified as either financial assets at amortized cost or financial assets at FVTOCI, and those designated to be measured at FVTPL, as financial assets at FVTPL. Financial assets at FVTPL are measured at fair value, and related profit or loss is recognized in net income. Transaction costs related to acquisition at initial recognition is recognized in net income immediately upon its occurrence.

It is possible to designate a financial asset as financial asset at FVTPL if at initial recognition: (a) it is possible to remove or significantly reduce recognition or measurement mismatch that may otherwise have occurred if not for its designation as financial asset at FVTPL (b) the financial asset forms part of the Company’s financial instrument group (A group composed of a combination of financial asset or liability), is measured at fair value and is being evaluated for its performance, and such information is provided internally and (c) the financial asset is part of a contract that contains one or more of embedded derivatives, and is a hybrid contract in which designation as financial asset at FVTPL is allowed under K-IFRS 1109 ‘Financial Instruments’. However, the designation is irrevocable.

1.2 Financial assets at FVTOCI

When financial assets are held under a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and when contractual cash flows from such financial assets are solely payments of principal and interest, the financial assets are classified as financial assets at FVTOCI. Also, for investments in equity instruments that are not held for short-term trade, an irrevocable election is available at initial recognition to present subsequent changes in fair value as other comprehensive income.

- 15 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

At initial recognition, financial assets at FVTOCI is measured at its fair value plus any direct transaction cost and is subsequently measured in fair value. However, for equity instruments that do not have a quotation in an active market and in which fair value cannot be measured reliably, they are measured at cost. The changes in fair value except for profit or loss items such as impairment losses (reversals), interest revenue calculated by using effective interest method, and foreign exchange gain or loss, and related income tax effects are recognized as other comprehensive income until the asset’s disposal. Upon derecognition, the accumulated other comprehensive income is reclassified from equity to net income for FVTOCI (debt instrument), and reclassified within the equity for FVTOCI (equity instruments).

1.3 Financial assets at amortized cost

When financial assets are held under a business model whose objective is to hold financial assets in order to collect contractual cash flows, and when contractual cash flows from such financial assets are solely payments of principal and interest, the financial assets are classified as financial assets at amortized cost. At initial recognition, financial assets at amortized cost are recognized at fair value plus any direct transaction cost. Financial assets at amortized cost is presented at amortized cost using effective interest method, less any loss allowance.

2) Financial liabilities

At initial recognition, financial liabilities are classified into either financial liabilities at FVTPL or financial liabilities at amortized cost.

Financial liabilities are usually classified as financial liabilities at FVTPL when they are acquired with a purpose to repurchase them within a short period of time, when they are part of a certain financial instrument portfolio that is actually and recently being managed with a purpose of short-term profit and joint management by the Company at initial recognition, and when they are derivatives that do not qualify as hedging instruments. Financial liabilities at FVTPL are measured at fair value, with any direct transaction cost recognized in profit or loss, and are subsequently measured at fair value. Profit or loss arising from financial liabilities at FVTPL is recognized in net income when occurred.

It is possible to designate a financial liability as financial liability at FVTPL if at initial recognition: (a) it is possible to remove or significantly reduce recognition or measurement mismatch that may otherwise have occurred if not for its designation as financial liability at FVTPL (b) the financial liability forms part of the Company’s financial instrument group (a group composed of a combination of financial asset or liability) according to the Company’s documented risk management or investment strategy, is measured at fair value and is being evaluated for its performance, and such information is provided internally and (c) the financial liability is part of a contract that contains one or more of embedded derivatives, and is a hybrid contract in which designation as financial liability at FVTPL is allowed under K-IFRS 1109 ‘Financial Instruments’.

Financial liabilities designated as at FVTPL are initially recognized at fair value, with any direct transaction cost recognized in profit or loss, and are subsequently measured at fair value. Any profit or loss from financial liabilities at FVTPL are recognized in profit or loss.

Financial liabilities not classified as financial liabilities at FVTPL are measured at amortized cost. The Company is classifying liabilities such as borrowings etc. as financial liabilities at amortized cost.

- 16 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

3) Reclassification

Financial assets are not reclassified after initial recognition unless the Company modifies the business model used to manage financial assets. When the Company modifies the business model used to manage financial assets, all affected financial assets are reclassified on the first day of the first reporting period after the modification.

4) Derecognition

Financial assets are derecognized when contractual rights to cash flows from the financial assets are expired, or when substantially all of risk and reward for holding financial assets is transferred to another entity as a result of a sale of financial assets. If the Company does not have and does not transfer substantially all of the risk and reward of holding financial assets with control of the transferred financial assets retained, the Company recognizes financial assets to the extent of its continuing involvement. If the Company holds substantially all the risk and reward of holding a financial asset, it continues to recognize that asset and proceeds are accounted for as collateralized borrowings.

When a financial asset is fully derecognized, the difference between the book value and the sum of proceeds and accumulated other comprehensive income is recognized in profit or loss in case of debt instruments and recognized in retained earnings in case of equity instruments.

In cases when a financial asset is not fully derecognized, the Company allocates the book value into amounts retained in the books and removed from the books, based on the relative fair value of each portion at the date of sale, and based on the degree of continuing involvement. For the derecognized portion of the financial assets, the difference between its book value and the sum of proceeds and the portion of accumulated other comprehensive income attributable to that portion will be recognized in profit or loss in case of debt instruments and recognized in retained earnings in case of equity instruments. The accumulated other comprehensive income is distributed to the portion of book value retained in the books, and to the portion of book value removed from the books.

The Company derecognizes financial liabilities only when, the Company’s obligations are discharged, canceled or have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.

When the Company exchanges with the existing lender one debt instrument into another one with the substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, the Company accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate is at least 10 percent different from the discounted present value of the remaining cash flows of the original financial liability.

- 17 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

5) Fair value of financial instruments

Financial assets at FVTPL and financial assets at FVTOCI are measured and presented in financial statements at their fair values, and all derivatives are also subject to fair value measurement.

Fair value is defined as the price that would be received to exchange an asset or paid to transfer a liability in a recent transaction between independent parties that are reasonable and willing. Fair value is the transaction price of identical financial assets or financial liabilities generated in an active market. An active market is a market where trade volume is sufficient and objective price information is available due to the fact that bid and ask price differences are small.

When trade volume of a financial instrument is low, when transaction prices within the market show large differences among them, or when it cannot be concluded that a financial instrument is being traded within an active market due to disclosures being extremely limited, fair value is measured using valuation techniques based on alternative market information or using internal valuation techniques based on general and observable information obtained from objective sources. Market information includes maturity and characteristics, duration, similar yield curve, and variability measurement of financial instruments of similar nature. Fair value amount contains unique assumptions on each entity (the Company concluded that it is using assumptions applied in valuing financial instruments in the market, or risk-adjusted assumptions in case marketability does not exist).

The market approach and income approach, which are valuation techniques used to estimate the fair value of financial instruments, both require significant judgment. Market approach measures fair value using either a recent transaction price that includes the financial instrument, or observable information on comparable firm or assets. Income approach measures fair value through discounting future cash flows with a discount rate reflecting market expectations, and revenue, operating income, depreciation, capital expenditures, income tax, working capital and estimated residual value of financial investments are being considered when deriving future cash flows. Valuation techniques such as the above include estimates based on the financial instruments’ complexity and usefulness of observable information in the market.

The valuation techniques used in the evaluation of financial instruments are explained below.

Derivatives and equity securities without marketability are generally recognized at an amount computed by an independent appraiser. The Company uses the amount determined by the independent appraiser. The Company verifies the prices obtained from appraisers in various ways, including the evaluation of independent appraisers’ competency, indirect verification through comparison between appraisers’ price and other available market information, and reperformed by employees who have knowledge of valuation models and assumptions that appraisers used.

6) Expected credit losses on financial assets

The Company recognizes loss allowance on expected credit losses for the following assets:

• Financial assets at amortized cost

• Debt instruments measured at FVTOCI

• Contract assets as defined by K-IFRS 1115

Expected credit losses are weighted-average value of a range of possible results, considering the time value of money, and are measured by incorporating information on past events, current conditions and forecasts of future economic conditions that are available without undue cost or effort at the reporting date.

- 18 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

The methods to measure expected credit losses are classified into following three categories in accordance with K-IFRS:

• General approach: Financial assets that does not belong to below two models and unused loan commitments

• Simplified approach: When financial assets are either trade receivables, contract assets or lease receivables

• Credit impairment model: Purchased or originated credit-impaired financial assets

The measurement of loss allowance under general approach is differentiated depending on whether the credit risk has increased significantly after initial recognition. That is, loss allowance is measured based on 12-month expected credit loss when the credit risk has not increased significantly after initial recognition, while loss allowance is measured at lifetime expected credit loss when credit risk has increased significantly. Lifetime is the expected remaining life of the financial instrument up to the maturity date of the contract.

The measurement of loss allowance under simplified approach is always based on lifetime expected credit loss, and loss allowance under credit impairment model is measured as the cumulative change in lifetime expected credit loss since initial recognition.

a) Measurement of expected credit losses on financial asset at amortized cost

The expected credit losses on financial assets at amortized cost is measured by the difference between the contractual cash flows during the period and the present value of expected cash flows. Expected cash inflows are computed for individually significant financial assets in order to calculate expected credit losses.

When financial assets that are not individually significant, they are included in a group of financial assets with similar credit risk characteristics and expected credit losses of the Company are calculated collectively.

Expected credit losses are deducted through loss allowance account, and when the financial asset is determined to be uncollectible, the loss allowance is written off from the books along with the related financial asset.

b) Measurement of expected credit losses on financial asset at FVTOCI

The measurement method of expected credit loss is identical to financial asset at amortized cost, but changes in the allowance is recognized in other comprehensive income. When financial assets at FVTOCI is disposed or repaid, the related allowance is reclassified from accumulated other comprehensive income to net income.

(7) Offsetting financial instruments

Financial assets and liabilities are presented as a net amount in the statements of financial position when the Company has an enforceable legal right and an intention to settle on a net basis or to realize an asset and settle the liability simultaneously.

(8) Premises and equipment

Premises and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. The cost of an item of Premises and equipment is expenditures directly attributable to their purchase or construction, which includes any cost directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. It also includes the initial estimate of costs of dismantling and removing the item and restoring the site on which it is located.

Subsequent costs are recognized in the carrying amount of an asset or as a separate asset (if appropriate) if it is probable that future economic benefit associated with the assets will flow into the Company and the cost of an asset can be measured reliably. Routine maintenance and repairs are expensed as incurred.

- 19 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

While land is not depreciated, for all other Premises and equipment, depreciation is charged to net income on a straight-line basis by applying the following estimated economic useful lives on the amount of cost or revalued amount less residual value.

		Useful life
Leasehold Improvement			5 years
Equipment and Vehicles			5 years

The Company reassesses the depreciation method, the estimated useful lives and residual values of Premises and equipment at the end of each reporting period. If changes in the estimates are deemed appropriate, the changes are accounted for as a change in an accounting estimate. When there is an indicator of impairment and the carrying amount of a Premises and equipment item exceeds the estimated recoverable amount, the carrying amount of such asset is reduced to the recoverable amount.

(9) Intangible assets and goodwill

The Company is recognizing intangible assets measured at the manufacturing cost or acquisition cost plus additional incidental expenses less accumulated amortization and accumulated impairment losses. The Company’s intangible asset are amortized over the following economic lives using the straight-line method. However, for some intangible assets, the period of time that is expected to be available is not predictable, so the useful life of some intangible assets is assessed as indefinite and not depreciated.

The estimated useful life and amortization method of intangible assets with a finite useful life are reviewed at the end of each reporting period. If changes in the estimates are deemed appropriate, the changes are accounted for as a change in an accounting estimate.

		Useful life
Software			1~5 years
Development cost			5 years

In addition, when an indicator that intangible assets are impaired is noted, and the carrying amount of the asset exceeds the estimated recoverable amount of the asset, the carrying amount of the asset is reduced to its recoverable amount immediately.

(10) Impairment of non-monetary assets

Intangible assets with indefinite useful lives or intangible assets that are not yet available for use are tested for impairment annually, regardless of whether or not there is any indication of impairment. All other assets are tested for impairment by estimating the recoverable amount when there is an objective indication that the carrying amount may not be recoverable. Recoverable amount is the higher of value in use or net fair value, less costs to sell. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and such impairment loss is recognized immediately in net income.

(11) Derivative instruments

Derivative instruments are classified as forwards, futures, options, and swaps depending on the types of transactions, and are classified as either trading or hedging at the point of transaction based on its purpose.

Derivatives are initially recognized at the fair value of the contract date and are subsequently measured at the fair value of the end of each reporting period. The resulting gain or loss is recognized in net income immediately unless the derivative is designated and effective as a hedging instrument. If derivatives have been designated as hedging instruments and it is effective, the recognition point of gain or loss depends on the characteristics of the hedging relationship.

Derivatives with a positive fair value(+) are recognized as financial assets, and derivatives with a negative fair value(-) are recognized as financial liabilities. Derivatives in financial statements are not offset unless they have a legally enforceable right to set-off or intend to set-off.

- 20 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(12) Provisions

The Company recognizes provision if it has present or contractual obligations as a result of the past event, it is probable that an outflow of resources will be required to settle the obligation and the amount of the obligation is reliably estimated. Provision is not recognized for the future operating losses.

The Company recognizes the expenses incurred in recovering the leased asset to its original state, under the terms of the lease, as a provision at the commencement date of lease or at a specific period of time when the asset is liable as a result of its use. The provision is measured as the best estimate of the expenditure required to recover the asset and is regularly reviewed and adapted to the new circumstances.

Where there are a number of similar obligations, the probability that an outflow will be required in settlement is determined by considering the obligations as a whole. Although the likelihood of outflow for any one item may be small, if it is probable that some outflow of resources will be needed to settle the obligations as a whole, a provision is recognized.

The balance of provisions is reviewed at the end of each reporting period and adjusted to reflect the best estimate as of the end of the reporting period.

(13) Equity instruments issued by the Company

1) Capital and compound financial instruments

The Company classifies a financial instrument that it issues as a financial liability or an equity instrument in accordance with the substance of the contractual arrangement. A financial liability is a contractual obligation to deliver cash or another financial asset to another entity. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. The compound financial instruments issued by the Company are financial instruments which are neither a financial liability nor an equity instrument as they were designed to contain both equity and debt elements.

If the Company reacquires its own equity instruments, the consideration paid including the direct transaction costs (net of income tax expense) are presented as a deduction from total equity until such instruments are retired or reissued. When these instruments are reissued, the consideration received (net of direct transaction costs) is included in the shareholder’s equity.

2) Hybrid securities

In case of hybrid securities that have the unconditional right to avoid contractual obligations, such as to deliver cash or other financial assets related to financial instruments, they are classifies as equity instruments and presented as part of equity.

(14) Employee benefits and pensions

The Company recognizes the undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by the employees. Also, the Company recognizes expenses and liabilities in the case of accumulating compensated absences when the employees render services that entitle their right to future compensated absences. Similarly, the Company recognizes expenses and liabilities for customary profit distribution or bonuses when the employees render services, even though the Company does not have legal obligation to do so because it can be construed as constructive obligation.

The Company is operating defined benefit plans. For defined benefit plans, the defined benefit liability is calculated through an actuarial assessment using the projected unit credit method every end of the reporting period, conducted by professional actuaries. Remeasurement, comprising actuarial gains and losses, the return on plan assets (excluding interest), and the effect of the changes to the asset ceiling (if applicable) is reflected immediately in the separate statement of financial position with a charge or credit recognized in other comprehensive income in the period in which they occur.

- 21 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

Remeasurement recognized in the statement of comprehensive income is not reclassified to profit or loss in the subsequent periods. Past service cost is recognized in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are composed of service cost (including current service cost and past service cost, as well as gains and losses on curtailments and settlements), net interest expense (income) and remeasurement.

The Company presents the service cost and net interest expense (income) components in profit or loss, and the remeasurement component in other comprehensive income. Curtailment gains and losses are accounted for as past service costs.

The retirement benefit obligation recognized in the separate statement of financial position represents the actual deficit or surplus in the Company’s defined benefit plans. Any surplus resulting from this calculation is recognized as an asset limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.

Liabilities for termination benefits are recognized at the earlier of either 1) the date when the Company is no longer able to cancel its proposal for termination benefits or 2) the date when the Company has recognized the cost of restructuring that accompanies the payment of termination benefits.

(15) Income taxes

Income tax expense is composed of current tax and deferred tax. That is, income tax expense is composed of taxes payable or refundable during the period and deferred taxes calculated by applying asset-liability method to taxable and deductible temporary differences arising from operating loss and tax credit carryforwards. Temporary differences are the differences between the carrying values of assets and liabilities for financial reporting purposes and their tax bases. Deferred income tax benefit or expense is recognized for the change in deferred tax assets or liabilities. Deferred tax assets and liabilities are measured as of the reporting date using the enacted or substantively enacted tax rates expected to apply in the period in which the liability is settled or asset realized. Deferred tax assets, including the carryforwards of unused tax losses, are recognized to the extent it is probable that the deferred tax assets will be realized.

The Company, as a consolidation group for its wholly-owned subsidiaries applies consolidated tax return approach, in which the Company and its subsidiaries are consolidated into a single tax base and tax amount. The Company determined whether temporary differences are realizable by considering the Company and each subsidiary’s future taxable income. For the changes in deferred income tax asset (liability), the Company recognized income tax expense (benefit), excluding the amounts that are directly adjusted from equity. Also, as the Company became the consolidation entity for tax filings and tax returns, it recognized the total amount of income tax payables as liabilities and individual tax amounts to be received from each of its wholly-owned subsidiaries as receivables.

Deferred income tax assets and liabilities are offset if, and only if, the Company has a legally enforceable right to offset current tax assets against current tax liabilities, and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority or when the entity intends to settle current tax liabilities and assets on a net basis with different taxable entities.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets or liabilities are not recognized if they arise from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit (tax loss) nor the accounting profit.

Current and deferred taxes are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity or when it arises from business combination.

- 22 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

The tax uncertainty arises from the compensation claim filed by the Company, and refund litigation for the amount of tax levied by the tax authority due to differences in tax law analysis. In response, the Company paid taxes in accordance with K-IFRS 2123 due to the tax authority’s claim, but recognized as a corporate tax asset if it is highly probable of a refund in the future. In addition, the Company appropriately estimates and reflects the amount of corporate tax liabilities based on the analysis of corporate tax laws and the evaluation of many factors, including past experiences.

(16) Earnings per share (“EPS”)

Basic EPS is a calculation of net income per each common stock. It is calculated by dividing net income attributable to ordinary shareholders by the weighted-average number of common shares outstanding. Diluted EPS is calculated by adjusting the earnings and number of shares for the effects of all dilutive potential common shares.

(17) Share-based payments

For cash-settled share-based payment transactions that provide cash in return for the goods or services received, the Company measures the goods or services received, and the corresponding liability at the fair value and recognizes as employee benefit expenses and liabilities during the vesting period.

The fair value of the liability is remeasured at the end of each reporting period and the settlement date until the liability is settled, and changes in fair value are recognized as employee benefits.

(18) Leases

1) The Company determines whether the contract is, or contains, a lease at the date of initial application. A contract is or contains a lease if the right to control the use of an identified asset is transferred in exchange for the consideration received for a period of time. In determining whether a contract transfers control of the use of the identified asset, the Company uses the definition of lease in K-IFRS 1116.

2) Lessee

At the commencement date, the Company recognizes a right-of-use asset and a lease liability. The right-of-use asset is initially measured at cost, which comprises the amount of the initial measurement of the lease liability, lease payments made at or before the commencement date (less any lease incentives received), initial direct costs, and an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located.

The right-of-use asset is subsequently depreciated on a straight-line basis from the commencement date to the end of the lease term. However, if the lease transfers ownership of the underlying asset to the lessee by the end of the lease term or if the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, the lessee depreciates the right-of-use asset same as a fixed asset from the commencement date to the end of the useful life of the underlying asset. The right-of-use asset may be reduced by an impairment of the underlying asset or adjusted by remeasurement of the lease liability.

At the commencement date, a lease liability is measured at the present value of the lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the lease, if the rate can be readily determined. If the rate cannot be readily determined, the Company’s incremental borrowing rate can be used. Generally, the Company uses incremental borrowing rate as a discount rate.

The Company makes adjustments to reflect the terms of the lease and the characteristics of the lease asset in interest rates obtained from external financial information, and calculates the incremental borrowing rate.

The company calculates the lease term by including the relevant period when it is quite certain that the lessee will exercise the extension option or the termination option. The company calculates the enforceable period in consideration of the economic disadvantages of terminating the contract if the lessee and the lessor have the right to terminate it without the consent of the other parties.

- 23 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

The lease payments included in the measurement of the lease liability comprise the following:

• Fixed payments (including in-substance fixed payments)

• Variable lease payments that depend on an index (or a rate), initially measured using the index or rate as at the commencement date

• Amounts expected to be payable by the lessee under residual value guarantees

• The exercise price of a purchase option if the lessee is reasonably certain to exercise that option, lease payments of the extended period if the lessee is reasonably certain to exercise extension option, and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease

A lease liability is subsequently measured by increasing the carrying amount to reflect interest rate on the lease liability and reducing the carrying amount to reflect the lease payments made. A lease liability is remeasured when future lease payments change, depending on the changes in an index or a rate, change in amounts expected to be payable due to residual value guarantees, assessment of whether the Company is reasonably certain to exercise the purchase option and extension option, the Company is not reasonably certain to exercise the termination options.

When lease liability is remeasured, the related right-of-use asset is adjusted and if the carrying amount of the right-of-use asset decreases to zero, the remeasurement amount is recognized in profit or loss.

The company consider all relevant facts and circumstances that lead to economic incentives not to exercise the extension option or not exercising the termination option. The period of the extension option (or the period of the termination option) is included in the lease period only when it is reasonably certain that the lessee will exercise the extension option (or will not).

The Company reevaluates the lease term when the option is exercised (or not exercised) or the Company is liable to exercise (or not exercise) the option. Company will change its judgment only when significant events occur that affect the lessee’s control and the determination of the lease term, or there is a significant change in the circumstances.

In the statement of financial position, the Company classified the right-of-use assets that do not meet the definition of investment property as ‘Premises and equipment’ and the lease liabilities as ‘other financial liabilities.’

The Company has chosen a practical expedient that does not recognize the right-of-use asset and lease liabilities for short-term leases with a lease term less than 12 months and leases for which the underlying asset is of low value. The Company recognizes the lease payments associated with those leases as an expense on a straight-line basis over the lease term.

- 24 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

3. MATERIAL ACCOUNTING ESTIMATES AND ASSUMPTIONS

The material accounting estimates and assumptions are continuously being evaluated based on numerous factors including historical experiences and expectations of future events considered to be reasonably possible. Actual results can differ from those estimates based on such definitions. The accounting estimates and assumptions that contain significant risk of materially changing current book values of assets and liabilities in the next accounting periods are as follows:

(1) Income taxes

The Company has recognized current and deferred taxes based on best estimates of expected future income tax effect arising from the Company’s operations until the end of the current reporting period. However, actual tax payment may not be identical to the related assets and/or liabilities already recognized, and these differences may affect current taxes and deferred tax assets/liabilities at the time when income tax effects are finalized. Deferred tax assets relating to tax losses carried forward and deductible temporary differences are recognized only to the extent that it is probable that future taxable profit will be available against which the tax losses carried forward and the deductible temporary differences can be utilized. In this case the Company’s evaluation considers various factors such as estimated future taxable profit based on forecasted operating results, which are based on historical financial performance. The Company is reviewing the book value of deferred tax assets every end of the reporting period and in the event that the possibility of earning future taxable income changes, the deferred tax assets are adjusted up to taxable income sufficient to use deductible temporary differences.

(2) Valuation of financial instruments

Financial assets at FVTPL and FVTOCI are recognized in the separate financial statements at fair value. All derivatives are measured at fair value. Valuation techniques are required in order to determine fair values of financial instruments where observable market prices do not exist. Financial instruments that are not actively traded and have low price transparency will have less objective fair value and require broad judgment in liquidity, concentration, uncertainty in market factors and assumption in price determination and other risks.

As described in Note 2, (6) 5), ‘Fair value of financial instruments’, when valuation techniques are used to determine the fair value of a financial instrument, various general techniques are used, and various types of assumptions and variables are incorporated during the process.

(3) Impairment of financial instruments

K-IFRS 1109 requires entities to measure loss allowance equal to 12-month expected credit losses or lifetime expected credit losses after classifying financial assets into one of the three stages, which depends on the degree of increase in credit risk after their initial recognition.

		Stage 1		Stage 2		Stage 3
		Credit risk has not significantly increased since initial recognition(*)		Credit risk has significantly increased since initial recognition		Credit has been impaired
Allowance for expected credit losses		Expected 12-month credit losses: Expected credit losses due to possible defaults on financial instruments within a 12-month period from the end of reporting period.		Expected lifetime credit losses: Expected credit losses from all possible defaults during the expected lifetime of the financial instruments.

(*) Credit risk may be considered to not have been significantly increased when credit risk is low at the end of reporting period.

The Company has estimated the allowance for credit losses based on reasonable and supportable information that was available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions.

- 25 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(4) Defined benefit plan

The Company operates a defined benefit pension plan. Defined benefit obligation is calculated at every end of the reporting period by performing actuarial valuation, and estimation of assumptions such as discount rate, expected wage growth rate and mortality rate is required to perform such actuarial valuation. The defined benefit plan, due to its long-term nature, contains significant uncertainties in its estimates.

- 26 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

4. RISK MANAGEMENT

The Company is exposed to various risks that may arise from its operating activities and credit risk, market risk and liquidity risk are the main types of risks. In order to manage such risks, the Risk Management Department analyzes, assesses, and establishes risk management standards, including policies, guidelines, management systems and decision-making to ensure sound management of the Company.

The Risk Management Committee, Chief Risk Officer (“CRO”) and the Risk Management Department are operated as risk management organizations. The board of directors operates the Risk Management Committee, composed of nonexecutive directors for professional risk management. The Risk Management Committee performs as the top decision-making body for risk management by establishing fundamental risk management policies that are consistent with the Company’s management strategy and by determining the Company’s acceptable level of risk.

CRO assists the Risk Management Committee and operates the Company Risk Management Council, which is composed of the risk management managers of the subsidiaries, to periodically check and improve the external environment and the Company’s risk burden. The Risk Management Department which is independently structured, controls the risk management matter of the Company and reports key risks and assists decision-making.

(1) Credit risk

Credit risk represents the possibility of financial losses incurred due to the refusal of the transaction or when the counterparty fails to fulfill its contractual obligations. The goal of credit risk management is to maintain the Company’s credit risk exposure to a permissible degree and to optimize its rate of return considering such credit risk.

1) Credit risk management

The Company measures expected loss on assets subject to credit risk management and uses it as a management indicator.

2) Maximum exposure

The maximum exposure to credit risk is as follows (Unit: Korean Won in millions):

				December 31, 2025				December 31, 2024
Loans and other financial assets at amortized cost (*)		Government			—				1
		Banks			649,783				165,144
		Corporates			57,359				39,286
Total					707,142				204,431

(*) Cash and cash equivalents are not included.

- 27 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

a) Credit risk exposure by geographical areas

The following tables analyze credit risk exposure by geographical areas (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
		Korea				Korea
Loans and other financial assets at amortized cost			707,142				204,431

b) Credit risk exposure by industries

The following tables analyze credit risk exposure by industries, which are finance and insurance, and others in accordance with the Korea Standard Industrial Classification Code as of December 31, 2025 and 2024 (Unit: Korean Won in millions):

December 31, 2025

Finance and insurance

Others

Total

Loans and other financial assets at amortized cost

706,348

794

707,142

December 31, 2024

Finance and insurance

Others

Total

Loans and other financial assets at amortized cost

203,262

1,169

204,431

- 28 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

3) Credit risk exposure

The maximum exposure to credit risk by asset quality, except for financial assets at FVTPL as of December 31, 2025 and 2024 is as follows (Unit: Korean Won in millions):

		December 31, 2025
		Stage 1								Stage 2								Stage 3				Total				Loss allowance				Total, net
Financial assets		Above appropriate credit rating (*1)				Less than a limited credit rating (*2)				Above appropriate credit rating (*1)				Less than a limited credit rating (*2)
Loans and other financial assets at amortized cost			707,142				—				—				—				—				707,142				—				707,142
Banks			649,783				—				—				—				—				649,783				—				649,783
Corporates			57,359				—				—				—				—				57,359				—				57,359
General business			57,359				—				—				—				—				57,359				—				57,359
Total			707,142				—				—				—				—				707,142				—				707,142

(*1) Credit grade of corporates are AAA ~ BBB.

(*2) Credit grade of corporates are BBB- ~ C.

		December 31, 2024
		Stage 1								Stage 2								Stage 3				Total				Loss allowance				Total, net
Financial assets		Above appropriate credit rating (*1)				Less than a limited credit rating (*2)				Above appropriate credit rating (*1)				Less than a limited credit rating (*2)
Loans and other financial assets at amortized cost			204,487				—				—				—				—				204,487				(56	)			204,431
Government			1				—				—				—				—				1				—				1
Banks			165,200				—				—				—				—				165,200				(56	)			165,144
Corporates			39,286				—				—				—				—				39,286				—				39,286
General business			39,286				—				—				—				—				39,286				—				39,286
Total			204,487				—				—				—				—				204,487				(56	)			204,431

(*1) Credit grade of corporates are AAA ~ BBB.

(*2) Credit grade of corporates are BBB- ~ C.

- 29 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(2) Market risk

Market risk is the possible risk of loss arising from trading position and non-trading position as a result of the volatility of market factors such as interest rates, stock prices and foreign exchange rates, and the Company’s main market risk is interest rate risk.

The Company estimates and manages risks related to changes in interest rate due to the difference in the maturities of interest-bearing assets and liabilities and discrepancies in the terms of interest rates. Cash flows (both principal and interest), interest bearing assets and liabilities, presented by each re-pricing date, are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Within 3 months (*1)				4 to 6 months				7 to 9 months				10 to 12 months				1 to 5 years				Over 5 years				Total
Asset:
Loans and other financial assets at amortized cost (*1)			491,418				—				—				—				—				—				491,418
Financial assets at FVTOCI (*2)			—				—				—				—				—				558,162				558,162
Sub-total			491,418				—				—				—				—				558,162				1,049,580
Liability:
Debentures			98,273				177,479				324,852				273,257				1,883,466				60,703				2,818,030

		December 31, 2024
		Within 3 months (*1)				4 to 6 months				7 to 9 months				10 to 12 months				1 to 5 years				Over 5 years				Total
Asset:
Loans and other financial assets at amortized cost (*1)			1,293,729				—				—				—				—				—				1,293,729
Financial assets at FVTOCI (*2)			—				—				—				—				—				553,518				553,518
Sub-total			1,293,729				—				—				—				—				553,518				1,847,247
Liability:
Debentures			14,965				114,700				222,634				12,083				1,770,174				62,019				2,196,575

(*1) The principal and interest cash flows of cash and cash equivalents are included in the cash flows within three months, with 491,418 million Won and 1,192,702 million Won as of December 31, 2025 and 2024, respectively.

(*2) Due to the uncertain timing of the sale, it is included in the section for over 5 years in accordance with the expiration of the remaining contract.

- 30 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(3) Liquidity risk

Liquidity risk refers to the risk that the Company may encounter difficulties in meeting obligations from its financial liabilities.

1) Liquidity risk management

Liquidity risk management is to prevent damages from potential liquidity shortages with effective risk management that could arise from mismatching the maturity of assets and liabilities or unexpected cash outflows. The financial liabilities in the statement of financial position that are relevant to liquidity risk are incorporated within the scope of risk management.

The Company manages liquidity risk through various cash flows analysis (i.e. based on remaining maturity and contract period, etc.).

2) Maturity analysis of non-derivative financial liabilities

a) Cash flows of principals and interests by remaining contractual maturities of non-derivative financial liabilities are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Within 3 months				4 to 6 months				7 to 9 months				10 to 12 months				1 to 5 years				Over 5 years				Total
Debentures			98,273				177,479				324,852				273,257				1,883,466				60,703				2,818,030
Lease liabilities			810				793				786				788				338				—				3,515
Other financial liabilities (*)			21,255				52,318				1,760				268				16,722				—				92,323
Total			120,338				230,590				327,398				274,313				1,900,526				60,703				2,913,868

		December 31, 2024
		Within 3 months				4 to 6 months				7 to 9 months				10 to 12 months				1 to 5 years				Over 5 years				Total
Debentures			14,965				114,700				222,634				12,083				1,770,174				62,019				2,196,575
Lease liabilities			778				776				772				769				328				—				3,423
Other financial liabilities (*)			19,176				—				8,768				281				44,798				—				73,023
Total			34,919				115,476				232,174				13,133				1,815,300				62,019				2,273,021

(*) It does not include lease liabilities.

b) Cash flows of principals and interests by expected maturities of non-derivative financial liabilities are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Within 3 months				4 to 6 months				7 to 9 months				10 to 12 months				1 to 5 years				Over 5 years				Total
Debentures			98,273				177,479				324,852				273,257				1,883,466				60,703				2,818,030
Lease liabilities			810				793				786				788				338				—				3,515
Other financial liabilities (*)			21,255				52,318				1,760				268				16,722				—				92,323
Total			120,338				230,590				327,398				274,313				1,900,526				60,703				2,913,868

- 31 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

		December 31, 2024
		Within 3 months				4 to 6 months				7 to 9 months				10 to 12 months				1 to 5 years				Over 5 years				Total
Debentures			14,965				114,700				222,634				12,083				1,770,174				62,019				2,196,575
Lease liabilities			778				776				772				769				328				—				3,423
Other financial liabilities (*)			19,176				—				8,768				281				44,798				—				73,023
Total			34,919				115,476				232,174				13,133				1,815,300				62,019				2,273,021

(*) It does not include lease liabilities.

3) Maturity analysis of derivative financial liabilities

There are no derivative financial liabilities measured at fair value through profit or loss as of December 31, 2025 and 2024.

(4) Capital management

The Company complies with the standard of capital adequacy provided by financial regulatory authorities. The capital adequacy standard is based on Basel III published by Basel Committee on Banking Supervision in Bank for International Settlement and was implemented in Korea in December 2013. The capital adequacy ratio is calculated by dividing own capital by asset (weighted with a risk premium – risk weighted assets) based on the consolidated financial statements of the Company.

According to the above regulations, the Company is in compliance with the following minimum requirements, maintaining a Common Equity Tier 1 capital ratio of 9.0%, a Tier 1 capital ratio of 10.5%, and a Total capital ratio of 12.5%, respectively.

Details of the Company’s capital adequacy ratio calculated based on the consolidated financial statements are as follows (Unit: Korean Won in millions):

Details		December 31, 2025(*)				December 31, 2024
Tier 1 capital			30,222,734				28,522,910
Other Tier 1 capital			4,556,265				4,869,567
Tier 2 capital			3,020,751				3,535,362
Total risk-adjusted capital			37,799,750				36,927,839
Risk-weighted assets for credit risk			209,094,901				210,365,462
Risk-weighted assets for market risk			3,101,409				3,125,478
Risk-weighted assets for operational risk			22,345,759				21,609,530
Total risk-weighted assets			234,542,069				235,100,470
Common Equity Tier 1 ratio			12.89	%			12.13	%
Tier 1 capital ratio			14.83	%			14.20	%
Total capital ratio			16.12	%			15.71	%

(*) The capital ratio at the end of the current period is provisional.

- 32 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

5. CASH AND CASH EQUIVALENTS

(1) Details of cash and cash equivalents are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Demand deposits			24,321				11,912
Fixed deposits			465,000				1,174,000
Total			489,321				1,185,912

(2) Significant transactions of investing activities and financing activities not involving cash inflows and outflows are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025				For the year ended December 31, 2024
Changes in other comprehensive income related to valuation of financial assets at FVTOCI			3,328				10,164
Changes in right-of-use assets due to new contract			3,951				3,192
Changes in lease liabilities due to new contract			3,887				3,126
Change in bond discount issuance differences due to bond issuance			1,599				1,000

(3) Adjustments of liabilities from financing activities for the years ended December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		Beginning				Cash flow				Not involving cash inflows and outflows								Ending
										Amortization				Others (*)
Debentures			2,037,567				628,401				1,557				—				2,667,525
Lease liabilities			3,359				(3,201	)			68				3,273				3,499
Total			2,040,926				625,200				1,625				3,273				2,671,024

(*) Changes in lease liabilities due to new contracts include 3,887 million Won.

		For the year ended December 31, 2024
		Beginning				Cash flow				Not involving cash inflows and outflows								Ending
										Amortization				Others (*)
Debentures			1,587,659				449,000				908				—				2,037,567
Lease liabilities			3,203				(3,000	)			88				3,068				3,359
Total			1,590,862				446,000				996				3,068				2,040,926

(*) Changes in lease liabilities due to new contracts include 3,126 million Won.

- 33 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

6. FINANCIAL ASSETS AT FVTOCI

(1) Details of financial assets at FVTOCI as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		Issuer		December 31, 2025				December 31, 2024
Hybrid securities		Woori Card Co., Ltd.			359,023				357,093
		Woori Financial Capital Co., Ltd.			199,139				196,425
		Total			558,162				553,518

(2) Details of equity securities designated as financial assets at FVTOCI as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		Issuer		December 31, 2025				December 31, 2024
Investment for political purpose		Woori Card Co., Ltd.			359,023				357,093
		Woori Financial Capital Co., Ltd.			199,139				196,425
		Total			558,162				553,518

7. LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST

(1) Details of loans and other financial assets at amortized cost as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Due from banks			—				99,944
Other financial assets			707,142				104,487
Total			707,142				204,431

(2) Details of due from banks are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Due from banks in local currency:
Due from depository banks			—				100,000
Loss allowance			—				(56	)
Total			—				99,944

- 34 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(3) Changes in the allowance for credit losses and gross carrying amount of due from banks are as follows (Unit: Korean Won in millions):

1) Allowance for credit losses

		For the year ended December 31, 2025
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			(56	)			—				—				(56	)
Reversal of provision of allowance for credit loss			56				—				—				56
Ending balance			—				—				—				—

		For the year ended December 31, 2024
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			(654	)			—				—				(654	)
Reversal of provision of allowance for credit loss			598				—				—				598
Ending balance			(56	)			—				—				(56	)

2) Gross carrying amount

		For the year ended December 31, 2025
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			100,000				—				—				100,000
Net decrease			(100,000	)			—				—				(100,000	)
Ending balance			—				—				—				—

		For the year ended December 31, 2024
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			1,074,000				—				—				1,074,000
Net decrease			(974,000	)			—				—				(974,000	)
Ending balance			100,000				—				—				100,000

(4) Details of other financial assets are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Receivables			701,643				95,857
Accrued income			3,387				6,520
Lease deposits			2,112				2,109
Other assets			—				1
Loss allowance			—				—
Total			707,142				104,487

- 35 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(5) Changes in the allowances for credit losses and gross carrying amount of other financial assets are as follows (Unit: Korean Won in millions):

1) Allowance for credit losses

For the year ended December 31, 2025

Stage 1

Stage 2

Stage 3

Total

Beginning balance

—

—

—

—

Reversal of allowance for credit loss

—

—

—

—

Ending balance

—

—

—

—

		For the year ended December 31, 2024
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			(9	)			—				—				(9	)
Reversal of allowance for credit loss			9				—				—				9
Ending balance			—				—				—				—

2) Gross carrying amount

		For the year ended December 31, 2025
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			104,487				—				—				104,487
Net increase			602,655				—				—				602,655
Ending balance			707,142				—				—				707,142

		For the year ended December 31, 2024
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			31,478				—				—				31,478
Net increase			73,009				—				—				73,009
Ending balance			104,487				—				—				104,487

- 36 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

8. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

(1) The fair value hierarchy

The fair value hierarchy is determined by the levels of judgment involved in estimating fair values of financial assets and liabilities. The specific financial instruments characteristics and market condition such as volume of transactions and transparency are reflected to the market observable inputs. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value of its financial assets and financial liabilities. Fair value is measured based on the perspective of a market participant. As such, even when market assumptions are not readily available, the Company’s own assumptions reflect those that market participants would use for measuring the assets or liabilities at the measurement date.

The fair value measurement is described in the one of the following three levels used to classify fair value measurements:

• Level 1—fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. The types of financial assets or liabilities generally included in Level 1 are publicly traded equity securities, derivatives, and debt securities issued by governmental bodies.

• Level 2— fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices). The types of financial assets or liabilities generally included in Level 2 are debt securities not traded in active markets and derivatives traded in OTC but not required significant judgment.

• Level 3— fair value measurements are those derived from valuation technique that include inputs for the assets or liabilities that are not based on observable market data (unobservable inputs). The types of financial assets or liabilities generally included in Level 3 are non-public securities and derivatives and debt securities of which valuation techniques require significant judgments and subjectivity.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to a fair value measurement in its entirety requires judgment and consideration of inherent factors of the asset or liability.

(2) Fair value hierarchy of financial assets and liabilities measured at fair value are as follows (Unit: Korean Won in millions):

December 31, 2025

Level 1

Level 2

Level 3

Total

Financial assets:

Financial assets at FVTOCI

Hybrid securities

—

—

558,162

558,162

December 31, 2024

Level 1

Level 2

Level 3

Total

Financial assets:

Financial assets at FVTOCI

Hybrid securities

—

—

553,518

553,518

Financial assets measured at FVTPL and financial assets measured at FVTOCI are recognized at fair value. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.

Financial instruments are measured at fair value using a quoted market price in active markets. If there is no active market for a financial instrument, the Company determines the fair value using valuation methods. Valuation methods and input variables for each type of financial instruments are as follows:

- 37 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

		Valuation methods		Input variables
Hybrid securities		The fair value is measured using the Hull and White model and the Monte Carlo Simulations.		YTM Matrix, Additive spread by grade, Risk spread by entity, Effective Credit rating, Issuing information by item, Interest rate volatility estimate

Valuation methods of financial assets and liabilities measured at fair value and classified into Level 3 and significant but unobservable inputs are as follows:

		Fair value measurement technique		Type		Significant unobservable inputs		Range		Impact of changes in significant unobservable inputs on fair value measurement
Hybrid securities		Hull and White, Monte Carlo Simulation		Hybrid securities related		Interest rate volatility estimate, Discount rate		Interest rate volatility estimate 0.50% Discount rate 3. 32% ~ 6.59%		Variation of fair value increases as variation of interest rate volatility estimate increases.

The fair value of financial assets classified as level 3 uses external valuation figures.

(3) Changes in financial assets and liabilities measured at fair value classified into Level 3 are as follows. (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		Beginning balance				Net Income				Other comprehensive income				Purchases/ issuances				Disposals/ settlements				Transfer to or out of Level 3				Ending balance
Financial assets:
Financial assets at FVTOCI
Hybrid securities			553,518				—				4,644				150,000				(150,000	)			—				558,162

For the year ended December 31, 2024

Beginning balance

Net Income

Other comprehensive income

Purchases/ issuances

Disposals/ settlements

Transfer to or out of Level 3

Ending balance

Financial assets:

Financial assets at FVTOCI

Hybrid securities

539,709

—

13,809

—

—

—

553,518

(4) Sensitivity analysis results on reasonable fluctuation of the significant unobservable input variables for the fair value of Level 3 financial instruments are as follows.

The sensitivity analysis on financial instruments shows how changes in unobservable inputs affect changes in fair value of the instruments through favorable and unfavorable changes. When the fair value of a financial instrument is affected by more than one unobservable assumption, the below table reflects the most favorable or the most unfavorable changes which resulted from varying the assumptions individually. The sensitivity analysis was performed for hybrid securities of which fair value changes are recognized as other comprehensive income among level 3 financial instruments.

- 38 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

The following table presents the sensitivity analysis to disclose the effect of reasonably possible volatility.(Unit: Korean Won in millions):

December 31, 2025

Net income

Other comprehensive income (loss)

Favorable

Unfavorable

Favorable

Unfavorable

Financial assets:

Financial assets at FVTOCI

Hybrid securities (*)

—

—

13,482

(13,065

)

(*) Fair value changes of hybrid securities are calculated by increasing or decreasing discount rate, which is the major unobservable variable, by 1%, respectively.

December 31, 2024

Net income

Other comprehensive income (loss)

Favorable

Unfavorable

Favorable

Unfavorable

Financial assets:

Financial assets at FVTOCI

Hybrid securities (*)

—

—

11,910

(11,567

)

(*) Fair value changes of hybrid securities are calculated by increasing or decreasing discount rate, which is the major unobservable variable, by 1%, respectively.

- 39 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(5) Fair value and carrying amount of financial assets and liabilities that are recorded at amortized cost are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Fair value																Carrying amount
		Level 1				Level 2				Level 3				Total
Financial assets:
Loans and other financial assets at amortized cost (*1)			—				—				707,142				707,142				707,142
Financial liabilities:
Debentures			—				2,636,297				—				2,636,297				2,667,525
Other financial liabilities (*1) (*2)			—				—				92,323				92,323				92,323

(*1) The carrying amount is disclosed at fair value considering the carrying amount as an approximation of fair value.

(*2) It does not include lease liabilities.

		December 31, 2024
		Fair value																Carrying amount
		Level 1				Level 2				Level 3				Total
Financial assets:
Loans and other financial assets at amortized cost (*1)			—				—				204,431				204,431				204,431
Financial liabilities:
Debentures			—				2,010,571				—				2,010,571				2,037,567
Other financial liabilities (*1) (*2)			—				—				73,023				73,023				73,023

(*1) The carrying amount is disclosed at fair value considering the carrying amount as an approximation of fair value.

(*2) It does not include lease liabilities.

The fair values of financial instruments are measured using quoted market price in active markets. In case there is no active market for financial instruments, the Company determines the fair value using valuation methods. For the disclosed items in which book value is considered to be the approximate value of fair value, valuation techniques and input variables are not disclosed. Valuation techniques and input variables for the fair value of financial liabilities that are recorded at amortized cost are as follows:

		Valuation methods		Input variables
Debentures		The fair value is measured by discounting the projected cash flows of debt products by applying the market discount rate that is reflecting credit rating of the Company.		Risk-free market rate, etc.

(6) Financial instruments by category

Carrying amounts of financial assets and liabilities by each category are as follows (Unit: Korean Won in millions):

1) Financial assets

		December 31, 2025
Financial assets		Financial assets at FVTPL				Financial assets at FVTOCI				Financial assets at amortized cost				Total
Due from banks			—				—				—				—
Hybrid securities			—				558,162				—				558,162
Other financial assets			—				—				707,142				707,142
Total			—				558,162				707,142				1,265,304

- 40 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

		December 31, 2024
Financial assets		Financial assets at FVTPL				Financial assets at FVTOCI				Financial assets at amortized cost				Total
Due from banks			—				—				99,944				99,944
Hybrid securities			—				553,518				—				553,518
Other financial assets			—				—				104,487				104,487
Total			—				553,518				204,431				757,949

2) Financial liabilities

		December 31, 2025								December 31, 2024
Financial liabilities		Financial liabilities at FVTPL				Financial liabilities at amortized cost				Financial liabilities at FVTPL				Financial liabilities at amortized cost
Debentures			—				2,667,525				—				2,037,567
Other financial liabilities (*)			—				92,323				—				73,023
Total			—				2,759,848				—				2,110,590

(*) It does not include lease liabilities.

(7) Income or expense from financial instruments by category

Income or expense from financial assets and liabilities by each category for the years ended December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		Interest income (expense)				Reversal of credit loss				Gain on transactions and valuation				Dividends				Total
Financial assets at FVTPL			—				—				—				—				—
Financial assets at FVTOCI			—				—				—				25,588				25,588
Loans and other financial assets at amortized cost (*)			28,296				56				—				—				28,352
Financial liabilities at amortized cost			(72,699	)			—				—				—				(72,699	)
Total			(44,403	)			56				—				25,588				(18,759	)

(*) 21,925 million Won interest income of cash and cash equivalents are included.

		For the year ended December 31, 2024
		Interest income (expense)				Reversal of credit loss				Gain on transactions and valuation				Dividends				Total
Financial assets at FVTPL			—				—				—				—				—
Financial assets at FVTOCI			—				—				—				25,545				25,545
Loans and other financial assets at amortized cost (*)			51,778				608				—				—				52,386
Financial liabilities at amortized cost			(49,515	)			—				—				—				(49,515	)
Total			2,263				608				—				25,545				28,416

(*) 7,201 million Won interest income of cash and cash equivalents are included.

- 41 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

9. INVESTMENTS IN SUBSIDIARIES

(1) Details of Investments in subsidiaries are as follows (Unit: Korean Won in millions and number of shares):

Subsidiaries (*1)		Location		Capital stock				Main business
Woori Bank		Korea			3,581,400			Bank
Tongyang Life Insurance Co., Ltd.		Korea			806,800			Insurance
Woori Card Co., Ltd.		Korea			896,300			Finance
Woori Financial Capital Co., Ltd.		Korea			373,800			Finance
Woori Investment Securities Co., Ltd.		Korea			242,900			Investment Brokerage
ABL Life Insurance Co., Ltd.		Korea			15,500			Insurance
Woori Asset Trust Co., Ltd.		Korea			16,900			Real estate trust
Woori Savings Bank		Korea			187,400			Mutual saving bank
Woori Asset Management Corp		Korea			24,000			Finance
Woori Venture Partners Co., Ltd.		Korea			50,000			Other financial services
Woori Private Equity Asset Management Co., Ltd.		Korea			80,000			Finance
Woori F&I Co., Ltd.		Korea			31,500			Finance
Woori Credit Information Co., Ltd.		Korea			5,000			Credit information
Woori Fund Service Co., Ltd.		Korea			10,000			Financial support service business
Woori FIS Co., Ltd.		Korea			24,500			System software development & maintenance
Woori Finance Research Institute Co., Ltd.		Korea			3,000			Other service business

		December 31, 2025										December 31, 2024
Subsidiaries (*1)		Number of shares				Percentage of ownership (%) (*2)				Financial statements date of use		Number of shares				Percentage of ownership (%) (*2)				Financial statements date of use
Woori Bank			716,000,000				100.0			December 31, 2025			716,000,000				100.0			December 31, 2024
Tongyang Life Insurance Co., Ltd.			121,565,627				77.9			December 31, 2025			—				—			—
Woori Card Co., Ltd.			179,266,200				100.0			December 31, 2025			179,266,200				100.0			December 31, 2024
Woori Financial Capital Co., Ltd.			74,757,594				100.0			December 31, 2025			74,757,594				100.0			December 31, 2024
Woori Investment Securities Co., Ltd.			485,329,227				99.9			December 31, 2025			483,141,111				99.5			December 31, 2024
ABL Life Insurance Co., Ltd.			3,106,736				100.0			December 31, 2025			—				—			—
Woori Asset Trust Co., Ltd.			3,382,645				100.0			December 31, 2025			3,368,645				99.6			December 31, 2024
Woori Savings Bank			37,476,895				100.0			December 31, 2025			37,476,895				100.0			December 31, 2024
Woori Asset Management Corp			4,797,154				100.0			December 31, 2025			4,797,154				100.0			December 31, 2024
Woori Venture Partners Co., Ltd.			100,000,000				100.0			December 31, 2025			100,000,000				100.0			December 31, 2024
Woori Private Equity Asset Management Co., Ltd.			16,000,000				100.0			December 31, 2025			16,000,000				100.0			December 31, 2024
Woori F&I Co., Ltd.			6,298,895				100.0			December 31, 2025			6,298,895				100.0			December 31, 2024
Woori Credit Information Co., Ltd.			1,008,000				100.0			December 31, 2025			1,008,000				100.0			December 31, 2024
Woori Fund Service Co., Ltd.			2,000,000				100.0			December 31, 2025			2,000,000				100.0			December 31, 2024
Woori FIS Co., Ltd.			4,900,000				100.0			December 31, 2025			4,900,000				100.0			December 31, 2024
Woori Finance Research Institute Co., Ltd.			600,000				100.0			December 31, 2025			600,000				100.0			December 31, 2024

(*1) Only subsidiaries invested directly by the Company are included.

(*2) The percentage is based on the effective shareholding rate relative to the number of stocks outstanding.

- 42 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(2) Changes in the carrying value of investments in subsidiaries are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		Beginning balance				Acquisition				Impairment losses				Ending balance
Woori Bank			18,921,151				—				—				18,921,151
Tongyang Life Insurance Co., Ltd. (*1)			—				1,283,935				—				1,283,935
Woori Card Co., Ltd.			1,118,367				—				—				1,118,367
Woori Financial Capital Co., Ltd.			1,003,206				—				—				1,003,206
Woori Investment Securities Co., Ltd. (*2)			1,263,436				6,361				—				1,269,797
ABL Life Insurance Co., Ltd. (*1)			—				269,002				—				269,002
Woori Asset Trust Co., Ltd. (*3) (*4)			621,722				1,594				169,414				453,902
Woori Savings Bank			313,238				—				—				313,238
Woori F&I Co., Ltd.			320,000				—				—				320,000
Woori Asset Management Corp			196,825				—				—				196,825
Woori Venture Partners Co., Ltd.			336,439				—				—				336,439
Woori Private Equity Asset Management Co., Ltd.			57,797				—				—				57,797
Woori Credit Information Co., Ltd.			16,466				—				—				16,466
Woori Fund Service Co., Ltd.			13,939				—				—				13,939
Woori FIS Co., Ltd.			21,754				—				—				21,754
Woori Finance Research Institute Co., Ltd.			1,677				—				—				1,677
Total			24,206,017				1,560,892				169,414				25,597,495

(*1) On July 1, 2025, the Company acquired 77.9% interest in Tongyang Life Insurance Co., Ltd. (excluding treasury stock, 75.3% in the case of including treasury stock) and 100% interest in ABL Life Insurance Co., Ltd., and incorporated them as consolidated subsidiaries.

(*2) The Company acquired minority interests (0.2%) of Woori Investment Securities Co., Ltd. in November 2025 and additionally acquired treasury stock (0.1%) which Woori Investment Securities Co., Ltd. possessed and minority interests (0.2%) in December 2025.

(*3) The Company acquired the residual interest (0.4%) of Woori Asset Trust Co., Ltd., to make it a wholly owned subsidiary in July 2025.

(*4) An indicators for impairment was identified during the year ended December 31, 2025, and the recoverable amount was assessed accordingly. As a result, an impairment loss of 169,414 million Won was recognized, representing the difference between the recoverable amount and the carrying amount.

- 43 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

		For the year ended December 31, 2024
		Beginning balance				Acquisition				Disposal				Ending balance
Woori Bank			18,921,151				—				—				18,921,151
Woori Card Co., Ltd.			1,118,367				—				—				1,118,367
Woori Financial Capital Co., Ltd.			1,003,206				—				—				1,003,206
Woori Investment Securities Co., Ltd. (*1)			1,207,351				56,085				—				1,263,436
Woori Asset Trust Co., Ltd. (*2)			403,642				218,080				—				621,722
Woori Savings Bank (*3)			213,238				100,000				—				313,238
Woori F&I Co., Ltd. (*4)			200,000				120,000				—				320,000
Woori Asset Management Corp (*5)			122,449				74,376				—				196,825
Woori Venture Partners Co., Ltd.			336,439				—				—				336,439
Woori Private Equity Asset Management Co., Ltd.			57,797				—				—				57,797
Woori Credit Information Co., Ltd.			16,466				—				—				16,466
Woori Fund Service Co., Ltd.			13,939				—				—				13,939
Woori FIS Co., Ltd.			21,754				—				—				21,754
Woori Finance Research Institute Co., Ltd.			1,677				—				—				1,677
Woori Global Asset Management Co., Ltd. (*6)			33,000				—				33,000				—
Total			23,670,476				568,541				33,000				24,206,017

(*1) On August 1, 2024, after merging with Korea Foss Securities Co., Ltd., the Company changed its name to Woori Investment Securities Co., Ltd., and the Company additionally acquired 2.3% interests of THE KOREA SECURITIES FINANCE CORPORATION and Fount co., Ltd.

(*2) The capital increase amount of 200,000 million Won was made in March 2024, and the Company additionally acquired minority interests of 1.95% in April 2024. Afterward, the Company additionally acquired minority interests of 0.89% in November 2024.

(*3) The Capital increase amount of 100,000 million Won was made in June 2024.

(*4) The Capital increase amount of 120,000 million Won was made in May 2024.

(*5) On January 29, 2024, Woori Asset Management Corp merged with Woori Global Asset Management Co., Ltd. and the Company acquired residual interest (22.5%) of Woori Asset Management Corp, to make it wholly subordinated on March 29, 2024.

(*6) On January 29, 2024, it was merged into Woori Asset Management Corp and excluded from our subsidiaries.

- 44 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

10. PREMISES AND EQUIPMENT

(1) Details of premises and equipment as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Building				Equipment and Vehicles				Leasehold improvements				Total
Premises and equipment (owned)			—				483				839				1,322
Right-of-use asset			2,895				546				—				3,441
Total			2,895				1,029				839				4,763

		December 31, 2024
		Building				Equipment and Vehicles				Leasehold improvements				Total
Premises and equipment (owned)			—				605				1,380				1,985
Right-of-use asset			2,799				520				—				3,319
Total			2,799				1,125				1,380				5,304

(2) Details of premises and equipment (owned) as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Equipment and Vehicles				Leasehold improvements				Total
Acquisition cost			6,549				6,598				13,147
Accumulated depreciation			(6,066	)			(5,759	)			(11,825	)
Net carrying amount			483				839				1,322

		December 31, 2024
		Equipment and Vehicles				Leasehold improvements				Total
Acquisition cost			6,403				6,497				12,900
Accumulated depreciation			(5,798	)			(5,117	)			(10,915	)
Net carrying amount			605				1,380				1,985

(3) Details of changes in premises and equipment (owned) are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		Equipment and Vehicles				Leasehold improvements				Total
Beginning balance			605				1,380				1,985
Acquisitions			147				101				248
Depreciation			(269	)			(642	)			(911	)
Ending balance			483				839				1,322

		For the year ended December 31, 2024
		Equipment and Vehicles				Leasehold improvements				Total
Beginning balance			1,078				2,053				3,131
Acquisitions			33				225				258
Depreciation			(506	)			(898	)			(1,404	)
Ending balance			605				1,380				1,985

- 45 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(4) Details of right-of-use assets as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Building				Equipment and Vehicles				Total
Acquisition cost			6,560				1,239				7,799
Accumulated depreciation			(3,665	)			(693	)			(4,358	)
Net carrying amount			2,895				546				3,441

		December 31, 2024
		Building				Equipment and Vehicles				Total
Acquisition cost			7,828				1,167				8,995
Accumulated depreciation			(5,029	)			(647	)			(5,676	)
Net carrying amount			2,799				520				3,319

(5) Details of changes in right-of-use assets for the years ended December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		Building				Equipment and Vehicles				Total
Beginning balance			2,799				520				3,319
New contracts			3,485				466				3,951
Termination			—				(21	)			(21	)
Depreciation			(3,389	)			(419	)			(3,808	)
Ending balance			2,895				546				3,441

		For the year ended December 31, 2024
		Building				Equipment and Vehicles				Total
Beginning balance			2,970				508				3,478
New contracts			2,799				393				3,192
Modification			(38	)			—				(38	)
Termination			—				(36	)			(36	)
Depreciation			(2,932	)			(345	)			(3,277	)
Ending balance			2,799				520				3,319

- 46 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

11. INTANGIBLE ASSETS

(1) Details of intangible assets are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Software				Development cost				Membership deposit				Total
Acquisition cost			5,041				3,622				2,371				11,034
Accumulated amortization			(4,781	)			(3,292	)			—				(8,073	)
Net carrying amount			260				330				2,371				2,961

		December 31, 2024
		Software				Development cost				Membership deposit				Total
Acquisition cost			4,631				3,622				2,371				10,624
Accumulated amortization			(4,339	)			(2,977	)			—				(7,316	)
Net carrying amount			292				645				2,371				3,308

(2) Details of changes in intangible assets are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		Software				Development cost				Membership deposit				Total
Beginning balance			292				645				2,371				3,308
Acquisitions			410				—				—				410
Amortization			(442	)			(315	)			—				(757	)
Ending balance			260				330				2,371				2,961

		For the year ended December 31, 2024
		Software				Development cost				Membership deposit				Total
Beginning balance			487				1,194				2,371				4,052
Acquisitions			303				—				—				303
Amortization			(498	)			(549	)			—				(1,047	)
Ending balance			292				645				2,371				3,308

12. OTHER ASSETS

Details of other assets are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Prepaid expenses			315				281
Advance payments			—				155,389
			315				155,670

- 47 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

13. DEBENTURES

Details of debentures are as follows (Unit: Korean Won in millions):

		December 31, 2025								December 31, 2024
		Interest rate (%)				Amount				Interest rate (%)				Amount
Face value of bonds:
General bonds			2.19~4.25				1,720,000				2.19~4.25				1,090,000
Subordinated bonds			2.13~2.55				950,000				2.13~2.55				950,000
Sub-total							2,670,000								2,040,000
Discounts on bonds							(2,475	)							(2,433	)
Total							2,667,525								2,037,567

14. PROVISIONS

(1) Details of provisions are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Asset retirement obligation			1,897				1,252

(2) Changes in asset retirement obligation are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025				For the year ended December 31, 2024
Beginning balance			1,252				1,227
Amortization			55				46
Reversal due to modification			590				(21	)
Ending balance			1,897				1,252

The amount of the asset retirement obligation is the present value of the best estimate of future expected expenditure to settle the obligation – arising from leased assets used as offices as of December 31, 2025, discounted by appropriate discount rate. The restoration cost is expected to occur by the end of the lease period of each office, and the Company used the average amount of the major subsidiaries’ actual recovery cost and the inflation rate for the past 3 years in order to estimate future recovery cost.

- 48 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

15. NET DEFINED BENEFIT ASSET

The retirement benefit of the Company is based on the defined benefit retirement pension plan.

Employees and directors with one or more years of service are entitled to receive a payment upon termination of their employment, based on their length of service and rate of salary at the time of termination. The assets of the plans are measured at their fair value at the end of the reporting date. The plan liabilities are measured using the projected unit method, which takes account of projected earnings increases, using actuarial assumptions that give the best estimate of the future cash flows that will arise under the plan liabilities.

The Company is exposed to various risks through defined benefit retirement pension plan, and the most significant risks are as follows:

Volatility of asset		The defined benefit obligation was estimated with a discount rate calculated based on the return on high quality corporate bond. A deficit may occur if the rate of return of plan assets falls short of the discount rate.
Decrease in profitability of high quality bonds		A decrease in profitability of high quality bonds will be offset by some increase in the value of debt securities that the employee benefit plan owns but will bring an increase in the defined benefit obligation.
Risk of inflation		Defined benefit obligations are related to inflation rate; the higher the inflation rate is, the higher the level of liabilities. Therefore, deficit occurs in the system if an inflation rate increases.

(1) Details of net defined benefit asset are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Present value of defined benefit obligation			(16,255	)			(14,313	)
Fair value of plan assets			18,363				15,691
Net defined benefit asset			2,108				1,378

(2) Changes in the carrying value of defined benefit obligation are as follows (Unit: Korean Won in millions):

				For the year ended December 31, 2025				For the year ended December 31, 2024
Beginning balance					14,313				13,280
Transfer-in / out					(1,060	)			(412	)
Current service cost					4,570				3,519
Past service cost					1,502				—
Interest cost					584				586
Remeasurements		Financial assumption			323				700
		Demographic assumptions			—				(25	)
		Experience adjustment			(762	)			473
Retirement benefit paid					(29	)			(1,559	)
Others					(3,186	)			(2,249	)
Ending balance					16,255				14,313

- 49 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(3) Changes in the plan assets are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025				For the year ended December 31, 2024
Beginning balance			15,691				17,221
Transfer-in / out			(743	)			(2,517	)
Interest income			623				794
Remeasurements			(116	)			(247	)
Employer’s contributions			3,400				1,800
Retirement benefit paid			(492	)			(1,360	)
Ending balance			18,363				15,691

(4) The fair value of plan assets as of December 31, 2025 and 2024 is as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Cash and due from banks			18,363				15,691

Meanwhile, among plan assets, realized returns on plan assets amount to 507 million Won and 547 million Won for the years ended December 31, 2025 and 2024, respectively. The contribution expected to be paid in the fiscal year beginning after the reporting period is 1,370 million Won.

(5) The amounts recognized in net income and total comprehensive income in relation to defined benefit plans are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025				For the year ended December 31, 2024
Current service cost			4,570				3,519
Past service cost			1,502				—
Net interest expense			(39	)			(208	)
Cost recognized in net income			6,033				3,311
Remeasurements (*)			(323	)			1,395
Cost recognized in total comprehensive income			5,710				4,706

(*) Amount before tax

(6) Key actuarial assumptions used in defined benefit liability(asset) measurement are as follows:

		December 31, 2025		December 31, 2024
Discount rate		4.36%		3.98%
Future wage growth rate		6.39%		5.75%
Mortality rate		Issued by Korea Insurance Development Institute		Issued by Korea Insurance Development Institute
Retirement rate		Issued by Korea Insurance Development Institute		Issued by Korea Insurance Development Institute

The weighted average maturity of the defined benefit obligation is 8.89 years.

- 50 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(7) The sensitivity to actuarial assumptions used in the assessment of defined benefit obligation is as follows (Unit: Korean Won in millions):

				December 31, 2025				December 31, 2024
Discount rate		Increase by 1% point			(1,255	)			(1,163	)
		Decrease by 1% point			1,425				1,325
Future wage growth rate		Increase by 1% point			1,384				1,290
		Decrease by 1% point			(1,245	)			(1,157	)

16. OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES

Other financial liabilities and other liabilities are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Other financial liabilities:
Accounts payable			57,333				48,323
Accrued expenses			34,990				24,700
Lease liabilities			3,499				3,359
Sub-total			95,822				76,382
Other liabilities:
Other miscellaneous liabilities			5,967				404
Total			101,789				76,786

17. EQUITY

(1) Details of equity as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Capital			3,802,676				3,802,676
Hybrid securities			3,710,228				3,810,225
Capital surplus			8,120,236				11,120,236
Other equity
Treasury stocks			(628	)			(628	)
Accumulated other comprehensive income			5,457				1,895
Other adjustments (*3)			(2,222	)			(2,456	)
Sub-total			2,607				(1,189	)
Retained earnings (*1)(*2)			8,314,197				5,420,783
Total			23,949,944				24,152,731

(*1) The regulatory reserve for credit loss in retained earnings amounted to 1,289 million Won and 137 million Won as of December 31, 2025 and 2024 in accordance with the relevant regulation.

(*2) The earned surplus reserve in retained earnings amounted to 554,990 million Won and 442,650 million Won as of December 31, 205 and 2024 in accordance with the Article 53 of the Financial Holding Company Act.

(*3) Other adjustments represent the difference between the book value of hybrid securities and the redemption amount.

- 51 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(2) The number of authorized shares and others of the Company are as follows:

		December 31, 2025				December 31, 2024
Shares of common stock authorized			4,000,000,000 Shares				4,000,000,000 Shares
Par value per share			5,000 Won				5,000 Won
Shares of common stock issued			734,076,320 Shares				742,591,501 Shares
Capital stock (*)			3,802,676 million Won				3,802,676 million Won

(*) The capital stock is not equal to the total face value of issued shares due to the retirement of earnings.

(3) Hybrid securities

The bond-type hybrid securities classified as owner’s equity are as follows (Unit: Korean Won in millions):

		Issue date				Maturity				Interest rate (%)				December 31, 2025				December 31, 2024
Securities in local currency			2020-02-06				—				3.34				—				400,000
Securities in local currency			2020-06-12				—				3.23				—				300,000
Securities in local currency			2020-10-23				—				3.00				—				200,000
Securities in local currency			2021-04-08				—				3.15				200,000				200,000
Securities in local currency			2021-10-14				—				3.60				200,000				200,000
Securities in local currency			2022-02-17				—				4.10				300,000				300,000
Securities in local currency			2022-07-28				—				4.99				300,000				300,000
Securities in local currency			2022-10-25				—				5.97				220,000				220,000
Securities in local currency			2023-02-10				—				4.65				300,000				300,000
Securities in local currency			2023-09-07				—				5.04				200,000				200,000
Securities in local currency			2024-02-07				—				4.49				400,000				400,000
Securities in local currency			2024-06-19				—				4.27				400,000				400,000
Securities in local currency			2024-10-10				—				4.00				400,000				400,000
Securities in local currency			2025-05-13				—				3.45				400,000				—
Securities in local currency			2025-10-22				—				3.34				400,000				—
Issuance cost															(9,772	)			(9,775	)
Total															3,710,228				3,810,225

The hybrid securities mentioned above do not have maturity date but are redeemable after 5 years from the date of issuance.

- 52 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(4) Accumulated other comprehensive income

Changes in the accumulated other comprehensive income are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		Beginning balance				Increase (decrease)				Income tax effect				Ending balance
Net gain (loss) on valuation of financial assets at FVTOCI			2,590				4,644				(1,316	)			5,918
Remeasurement gain (loss) related to defined benefit liabilities			(695	)			323				(89	)			(461	)
Total			1,895				4,967				(1,405	)			5,457

		For the year ended December 31, 2024
		Beginning balance				Increase (decrease)				Income tax effect				Ending balance
Net gain (loss) on valuation of financial assets at FVTOCI			(7,575	)			13,810				(3,645	)			2,590
Remeasurement gain (loss) related to defined benefit liabilities			332				(1,395	)			368				(695	)
Total			(7,243	)			12,415				(3,277	)			1,895

(5) Regulatory Reserve for Credit Loss

In accordance with Article 26 ~ 28 of the Financial Holding Company Supervision Regulations, the Company calculates and discloses the regulatory reserve for credit loss.

1) Balance of the regulatory reserve for credit loss

Balance of the planned regulatory reserve for credit loss is as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Beginning balance			1,289				137
Planned provision for regulatory reserve for credit loss			2,236				1,152
Ending balance			3,525				1,289

2) Provision of regulatory reserve for credit loss, adjusted net income after the provision of regulatory reserve and others

Planned reserves provided, adjusted net income after the planned reserves provided and adjusted EPS after the planned reserves provided are as follows (Unit: Korean Won in millions, except for EPS amount):

		For the year ended December 31, 2025				For the year ended December 31, 2024
Net income before regulatory reserve			1,127,040				1,123,332
Provision for regulatory reserve for credit loss			2,236				1,152
Adjusted net income after the provision of regulatory reserve			1,124,804				1,122,180
Dividends to hybrid securities			(150,059	)			(158,682	)
Adjusted net income after regulatory reserve and dividends to hybrid securities			974,745				963,498
Adjusted EPS after regulatory reserve and dividends to hybrid securities (Unit: Korean Won)			1,323				1,294

- 53 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(6) Statements of appropriations of retained earnings are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025 (Expected date of disposal March 23, 2026)				For the year ended December 31, 2024 (Confirmed date of disposal March 26, 2025)
Unappropriated retained earnings:
Unappropriated retained earnings carried over from prior years			4,371,972				4,551,003
Transfer to capital surplus			3,000,000				—
Interim dividend (dividend per share (%)) (2025: 600 Won (12.0 %)) (2024: 540 Won (10.8 %))			(441,036	)			(400,970	)
Dividend to hybrid equity securities			(150,059	)			(158,682	)
Retirement of treasury stock			(150,000	)			(136,688	)
Net income			1,127,040				1,123,332
			7,757,917				4,977,995
Appropriation of retained earnings:
Earned profit reserves			112,710				112,340
Regulatory reserve for credit loss			2,236				1,152
Amortization of redemption loss on hybrid securities			2,222				2,456
Cash dividend (dividend per share (%)) (2025: 760 Won (15.2 %)) (2024: 660 Won (13.2 %))			557,431				490,075
			674,599				606,023
Unappropriated retained earnings to be carried forward			7,083,318				4,371,972

(7) Details of changes in treasury stock are as follows (Unit: Korean Won in millions and number of shares):

		December 31, 2025
		Beginning balance				Acquisition				Retirement				Ending balance
Number of shares			53,945				8,515,181				(8,515,181	)			53,945
Book value			628				150,000				(150,000	)			628

		December 31, 2024
		Beginning balance				Acquisition				Retirement				Ending balance
Number of shares			53,945				9,357,960				(9,357,960	)			53,945
Book value			628				136,688				(136,688	)			628

- 54 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

18. DIVIDENDS

(1) Dividends per share and the total dividends for the fiscal year ending December 31, 2024 were 660 Won and 490,075 million Won, respectively, approved at the regular general shareholders’ meeting held on March 26, 2025, and were paid in April 2025.

(2) On April 25, 2025, the Board of Directors has declared a quarterly dividend of 200 Won per share (147,428 million Won in total) and fixed record date as May 10, 2025. Dividends were paid in May 2025.

(3) On July 25, 2025, the Board of Directors has declared a quarterly dividend of 200 Won per share (146,804 million Won in total) and fixed record date as August 10, 2025. Dividends were paid in August 2025.

(4) On October 24, 2025, the Board of Directors has declared a quarterly dividend of 200 Won per share (146,804 million Won in total) and fixed record date as November 10, 2025. Dividends were paid in November 2025.

(5) Dividends per share and the total dividends for the fiscal year ending December 31, 2025 were 760 Won and 557,431 million Won, respectively, will be proposed at the regular general shareholders’ meeting to be held on March 23, 2026. The record date for the year-end dividend of the fiscal year ending December 31, 2025, is February 27, 2026. The current financial statements do not include such outstanding dividends.

19. NET INTEREST INCOME

(1) Details of interest income recognized are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025				For the year ended December 31, 2024
Interest on due from banks			28,229				51,677
Interest of other receivables			67				101
Total			28,296				51,778

(2) Details of interest expense recognized are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025				For the year ended December 31, 2024
Interest on debentures			72,699				49,515
Other interest expense			55				47
Interest on lease liabilities			68				88
Total			72,822				49,650

20. NET FEES AND COMMISSIONS INCOME (EXPENSE)

(1) Details of fees and commissions income recognized are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025				For the year ended December 31, 2024
Fees and commissions income			1,816				1,625

- 55 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(2) Details of fees and commissions expense incurred are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025				For the year ended December 31, 2024
Fees and commissions paid			15,694				10,256
Others			13,001				11,688
Total			28,695				21,944

21. DIVIDEND INCOME

(1) Details of dividend income recognized are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025				For the year ended December 31, 2024
Dividend income recognized from investments in subsidiaries			1,422,898				1,182,977
Dividend income recognized from FVTOCI			25,588				25,545
Total			1,448,486				1,208,522

22. IMPAIRMENT LOSSES DUE TO CREDIT LOSS

Impairment losses due to credit loss are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025				For the year ended December 31, 2024
Reversal of impairment loss due to credit loss on loan and other financial assets at amortized cost			56				608

- 56 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

23. GENERAL AND ADMINISTRATIVE EXPENSES

(1) Details of general and administrative expenses recognized are as follows (Unit: Korean Won in millions):

						For the year ended December 31, 2025				For the year ended December 31, 2024
Employee benefits		Short-term employee benefits		Salaries			35,203				30,443
				Employee fringe benefits			10,298				8,834
		Retirement benefit service costs					6,033				3,311
		Termination					—				206
		Share based payment					10,635				4,368
		Sub-total					62,169				47,162
Depreciation and amortization							5,475				5,728
Other general and administrative expenses		Rent					1,648				1,630
		Taxes and public dues					457				482
		Service charges					1,859				1,517
		Computer and IT related					6,604				6,593
		Telephone and communication					664				871
		Advertising					191				90
		Printing					45				54
		Traveling					339				329
		Supplies					108				107
		Insurance premium					218				203
		Reimbursement					863				1,258
		Maintenance					—				3
		Vehicle maintenance					240				206
		Others					1,542				1,405
				Sub-total			14,778				14,748
		Total					82,422				67,638

- 57 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(2) Share-based payment

Details of performance condition share-based payment granted to executives as of December 31, 2025 and 2024 are as follows.

1) Performance condition share-based payment

Subject to				Shares granted for the year 2021
Type of payment				Cash-settled
Vesting period				January 1, 2021 ~ December 31, 2024
Date of payment				2025-01-01
Fair value (*1)				15,831 Won
Valuation method				Black-Scholes Model
Expected dividend rate				6.48%
Expected maturity date				—
Number of shares remaining		As of December 31, 2025		56,029 shares
		As of December 31, 2024		239,798 shares
Number of shares granted (*2)		As of December 31, 2025		56,029 shares
		As of December 31, 2024		239,798 shares
Subject to				Shares granted for the year 2022
Type of payment				Cash-settled
Vesting period				January 1, 2022 ~ December 31, 2025
Date of payment				2026-01-01
Fair value (*1)				27,713 Won
Valuation method				Black-Scholes Model
Expected dividend rate				7.30%
Expected maturity date				—
Number of shares remaining		As of December 31, 2025		223,176 shares
		As of December 31, 2024		223,176 shares
Number of shares granted (*2)		As of December 31, 2025		223,176 shares
		As of December 31, 2024		223,176 shares
Subject to				Shares granted for the year 2023
Type of payment				Cash-settled
Vesting period				January 1, 2023 ~ December 31, 2026
Date of payment				2027-01-01
Fair value (*1)				25,763 Won
Valuation method				Black-Scholes Model
Expected dividend rate				7.30%
Expected maturity date				1 year
Number of shares remaining		As of December 31, 2025		160,929 shares
		As of December 31, 2024		160,929 shares
Number of shares granted (*2)		As of December 31, 2025		160,929 shares
		As of December 31, 2024		160,929 shares
Subject to				Shares granted for the year 2024
Type of payment				Cash-settled
Vesting period				January 1, 2024 ~ December 31, 2027
Date of payment				2028-01-01
Fair value (*1)				23,949 Won
Valuation method				Black-Scholes Model
Expected dividend rate				7.30%
Expected maturity date				2 years
Number of shares remaining		As of December 31, 2025		194,569 shares
		As of December 31, 2024		194,569 shares
Number of shares granted (*2)		As of December 31, 2025		194,569 shares
		As of December 31, 2024		194,569 shares

- 58 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

Subject to				Shares granted for the year 2025
Type of payment				Cash-settled
Vesting period				January 1, 2025 ~ December 31, 2028
Date of payment				2029-01-01
Fair value (*1)				22,263 Won
Valuation method				Black-Scholes Model
Expected dividend rate				7.30%
Expected maturity date				3 years
Number of shares remaining		As of December 31, 2025		173,273 shares
		As of December 31, 2024		—
Number of shares granted (*2)		As of December 31, 2025		173,273 shares
		As of December 31, 2024		—

(*1) As the amount of payment varies according to the base price (the arithmetic average of the weighted average stock price of transactions in the past one week, the past one month, and the past two months) at the date of payment, the fair value is calculated to measure the liability according to the Black Scholes model based on the base price at the time of each settlement.

(*2) The number of payable stocks is granted at the initial contract date. This is a system in which the number of shares to be granted is determined based on the evaluation results of long-term performance indicators over a total of four years, including the current year, and the final cash compensation is made by reflecting the stock price at the time of payment. Performance is evaluated as long-term performance indication including relative shareholder return, common equity tier 1(CET1) ratio, return on equity (ROE), net income, C/I ratio, non-performing loan ratio and job performance.

2) The Company accounts for performance condition share-based payments according to the cash-settled method and the fair value of the liabilities is reflected in the compensation costs by re-measuring every closing period. As of December 31, 2025 and 2024 the book value of the liabilities related to the performance condition share-based payments recognized by the Company is 19,807 million Won and 11,883 million Won.

24. NON-OPERATING INCOME (EXPENSES)

(1) Details of non-operating income and expenses recognized are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025				For the year ended December 31, 2024
Other non-operating income			82				194
Other non-operating expense			(170,593	)			(341	)
Total			(170,511	)			(147	)

(2) Details of other non-operating income recognized are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025				For the year ended December 31, 2024
Lease change cancellation income			3				7
Others			79				187
Total			82				194

(3) Details of other non-operating expenses recognized are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025				For the year ended December 31, 2024
Donations			1,179				335
Lease change cancellation loss			169,414				—
Others			—				6
Total			170,593				341

- 59 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

25. INCOME TAX ICOME AND DEFERRED TAX

(1) Details of income tax income are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025				For the year ended December 31, 2024
Current tax expense:
Current tax expense with respect to the current period			—				—
Sub-total			—				—
Deferred tax expense income
Change in deferred tax liabilities(assets) due to temporary differences			(1,431	)			3,100
Income tax income directly attributable to equity			(1,405	)			(3,278	)
Sub-total			(2,836	)			(178	)
Income tax income			(2,836	)			(178	)

(2) The relationship between income before income tax expense deduction and income tax expense in the current and prior comprehensive income statement is as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025				For the year ended December 31, 2024
Net income before income tax expense			1,124,204				1,123,154
Tax calculated at statutory tax rate (*1)			286,428				286,150
Adjustments:
Effects of income that is exempt from taxation			(372,395	)			(315,282	)
Effect of expenses that are not deductible in determining taxable profit			682				467
Effect of corporate tax due to consolidate tax plans			40,210				29,037
Others			42,239				(550	)
Sub-total			(289,264	)			(286,328	)
Income tax income			(2,836	)			(178	)
Effective tax rate (*2)			—				—

(*1) In 2025 and 2024, the corporate tax rate is 9.9% up to 200 million Won in tax basis, 20.9% over 200 million Won to 20 billion Won, 23.1% over 20 billion Won to 300 billion Won and 26.4% over 300 billion Won.

(*2) It is tax income for the years ended December 31, 2025 and 2024, so the annual effective tax rate was not calculated.

- 60 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(3) Details of changes in deferred income tax assets and liabilities are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025
		Beginning balance				Recognized as income (expense)				Recognized as other comprehensive income (expense)				Ending Balance
Gain (loss) related to securities			(929	)			—				(1,316	)			(2,245	)
Provision for loan losses			15				(15	)			—				—
Defined benefit liability			2,223				1,039				(121	)			3,141
Deposits with employee retirement insurance trust			(2,223	)			(950	)			32				(3,141	)
Provisions			331				191				—				522
Share based payment			3,137				2,310				—				5,447
Others			1,825				261				—				2,086
Net deferred tax assets(liabilities) in total			4,379				2,836				(1,405	)			5,810
		For the year ended December 31, 2024
		Beginning balance				Recognized as income (expense)				Recognized as other comprehensive income (expense)				Ending Balance
Gain (loss) related to securities			2,717				—				(3,646	)			(929	)
Provision for loan losses			173				(158	)			—				15
Defined benefit liability			1,841				79				303				2,223
Deposits with employee retirement insurance trust			(1,841	)			(447	)			65				(2,223	)
Provisions			324				7				—				331
Share based payment			2,533				604				—				3,137
Others			1,731				94				—				1,825
Net deferred tax assets(liabilities) in total			7,478				179				(3,278	)			4,379

- 61 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(4) Unrealizable temporary differences are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025				For the year ended December 31, 2024
Deductible temporary differences			178,516				7,915
Taxable temporary differences			(7,920,330	)			(7,920,330	)
Total			(7,741,814	)			(7,912,415	)

No deferred income tax asset has been recognized for the deductible temporary difference of 178,516 million Won associated with investments in subsidiaries as of December 31, 2025, because it is not probable that the temporary differences will be reversed in the foreseeable future.

No deferred income tax liability has been recognized for the taxable temporary difference of 7,920,330 million Won associated with investment in subsidiaries as of December 31, 2025, due to the following reasons:

• The Company is able to control the temporary difference of extinguishment.

• It is probable that the temporary difference will not be reversed in the foreseeable future.

(5) Details of accumulated deferred tax charged directly to other equity are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Net loss on valuation of financial assets at FVTOCI			(2,245	)			(929	)
Remeasurements of defined benefit plan			180				269
Total			(2,065	)			(660	)

(6) Current tax assets and liabilities are as follows (Unit: Korean Won in millions)

		December 31, 2025				December 31, 2024
Current tax assets			26,295				33,120
Current tax liabilities			673,217				84,701

(7) The Company has reviewed an impact analysis on corporate taxes in relation to Pillar Two Model Rules. The Company concluded that there will be no significant impact on the current corporate tax expense of the Company as of December 31, 2025.

- 62 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

26. EARNINGS PER SHARE (“EPS”)

(1) Basic EPS is calculated by dividing net income attributable to common shareholders by weighted-average number of common shares outstanding (Unit: Korean Won in millions, except for EPS and number of shares):

		For the year ended December 31, 2025				For the year ended December 31, 2024
Net profit attributable to owners			1,127,040				1,123,332
Dividends to hybrid securities			(150,059	)			(158,682	)
Net income attributable to common shareholders			976,981				964,650
Weighted average number of common shares outstanding (Unit: million shares)			737				744
Basic EPS (Unit: Korean Won)			1,326				1,296

(2) The weighted average number of common shares outstanding is as follows: (Unit: number of shares)

		For the year ended December 31, 2025
		Number of shares				Accumulated number of shares outstanding during period
Common shares issued at the beginning of the year			742,591,501				271,045,897,865
Treasury stocks			(53,945	)			(19,689,925	)
Acquisition and retirement of treasury stock			(8,515,181	)			(2,115,297,451	)
Sub-total (①)							268,910,910,489
Weighted average number of common shares outstanding (②=(①/365))							736,742,221

		For the year ended December 31, 2024
		Number of shares				Accumulated number of shares outstanding during period
Common shares issued at the beginning of the year			751,949,461				275,213,502,726
Treasury stocks			(53,945	)			(19,743,870	)
Acquisition and retirement of treasury stock			(9,357,960	)			(2,741,882,280	)
Sub-total (①)							272,451,876,576
Weighted average number of common shares outstanding (②=(①/366))							744,404,034

Diluted EPS is equal to basic EPS because there is no dilution effect for the years ended December 31, 2025 and 2024.

- 63 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

27. CONTINGENT LIABILITIES AND COMMITMENTS

(1) Litigation case

As of December 31, 2025, the Company currently has one lawsuit as a defendant related to Woori Asset Trust Co., Ltd. stock trading payments. The lawsuit is in the second trial stage after winning the first trial, with a claim amount of 13,305 million Won. It is not possible to reasonably estimate the potential impact on the Company’s financial statements as of December 31, 2025.

(2) Details of loan commitments with financial institutions are as follows (Unit: Korean Won in millions):

December 31, 2025

December 31, 2024

Financial institutions

Line of credit

Loan balance

Line of credit

Loan balance

Loans

Standard Chartered Bank Korea Ltd.

100,000

—

100,000

—

- 64 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

28. RELATED PARTY TRANSACTIONS

Related parties of the Company as of December 31, 2025 and 2024, and assets and liabilities recognized, guarantees and commitments, major transactions with related parties and compensation to key management for the years ended December 31, 2025 and 2024 are as follows:

(1) Assets and liabilities from transactions with related parties are as follows (Unit: Korean Won in millions):

Related parties		Title of account		December 31, 2025				December 31, 2024
Subsidiaries Woori Bank		Cash and cash equivalents			489,321				1,185,912
		Other financial assets			649,783				163,893
		Allowance for credit losses			—				(56	)
		Other financial liabilities			30,271				36,427
Woori Card Co., Ltd.		Other financial assets			17,367				26,229
		Other financial liabilities			292				280
Woori Financial Capital Co., Ltd.		Other financial assets			31,633				12,850
		Other financial liabilities			435				282
Woori Investment Securities Co., Ltd.		Other financial liabilities			23,285				—
Woori Asset Trust Co., Ltd.		Other financial liabilities			—				1,130
Woori Savings Bank		Other financial assets			2,702				—
		Other financial liabilities			—				1,014
Woori Asset Management Corp		Other financial assets			4,156				—
Woori Venture Partners Co., Ltd.		Other financial assets			707				—
		Other financial liabilities			—				3,179
Woori Private Equity Asset Management Co. Ltd.		Other financial assets			1				346
		Other financial liabilities			59				—
Woori Financial F&I Co., Ltd.		Other financial liabilities			2,410				3,440
Woori Credit Information Co., Ltd.		Other financial assets			5				303
Woori Fund Service Co., Ltd.		Other financial assets			638				711
Woori FIS Co., Ltd.		Other financial assets			50				1
		Other financial liabilities			448				581
Woori Finance Research Institute Co., Ltd.		Other financial assets			100				155
		Other financial liabilities			3,395				2,620
Associates of subsidiaries W Service Networks Co., Ltd.		Other financial liabilities			—				22

- 65 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(2) Major gain or loss from transactions with related parties are as follows (Unit: Korean Won in millions):

Related party		Title of account		For the year ended December 31, 2025				For the year ended December 31, 2024
Subsidiaries Woori Bank		Interest income			27,356				51,778
		Fees and commissions income			1,815				1,625
		Dividend income			1,352,524				1,131,996
		Interest expenses (*2)			44				67
		Fees and commissions expense			19				19
		Provision(reversal) of impairment loss due to credit loss			(56	)			(607	)
		General and administrative expenses (*2)			4,961				4,496
Woori Card Co., Ltd.		Dividend income			46,068				38,675
Woori Financial Capital Co., Ltd.		Dividend income			37,178				34,487
		Interest expenses (*2)			17				8
		General and administrative expenses (*2)			254				104
Woori Investment Securities Co., Ltd.(*1)		Fees and commissions expenses			—				163
Woori Asset Management Corp		Dividend income			3,540				—
Woori Venture Partners Co., Ltd.		Dividend income			7,300				800
Woori Credit Information Co., Ltd.		Dividend income			484				1,504
Woori Fund Service Co., Ltd.		Dividend income			1,392				1,060
Woori FIS Co., Ltd.		General and administrative expenses			5,935				5,987
Woori Finance Research Institute Co., Ltd.		Fees and commissions income			2				—
		Fees and commissions expenses			9,890				8,920
Associates of subsidiaries W Service Networks Co., Ltd.		General and administrative expenses			157				327

(*1) The Company has issued non-guarantee debenture amount of 940,000 million Won during the year ended December 31, 2025 and Woori Investment Securities Co., Ltd purchased 60,000 million Won out of 940,000 million Won issued. The underwriting fee amount of 60 million Won is included in the issuance cost. The Company has issued hybrid capital securities amount of 800,000 million Won during the year ended December 31, 2025 and Woori Investment Securities Co., Ltd purchased 40,000 million Won out of 800,000 million Won issued. The underwriting fee amount of 60 million Won is included in the issuance cost. The Company has issued hybrid capital securities amount of 1,200,000 million Won during the year ended December 31, 2024 and Woori Investment Securities Co., Ltd purchased 20,000 million Won out of 1,200,000 million Won issued. The underwriting fee amount of 34 million Won is included in the issuance cost. In addition, the Company has issued non-guarantee debenture amount of 600,000 million Won during the year ended December 31, 2024 and Woori Investment Securities Co., Ltd purchased 20,000 million Won out of 600,000 million Won issued. The underwriting fee amount of 10 million Won is included in the discount on debentures issued.

(*2) The depreciation of right-of-use assets and interest expense of lease liabilities arising from lease transactions during the current term and prior term are included.

- 66 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(3) The details of the right-of-use assets and lease liabilities due to lease transactions with related parties as of December 31, 2025 and 2024 are as follows (Unit: Korea Won in millions):

Related parties				Title of account		December 31, 2025				December 31, 2024
Subsidiary		Woori Bank		Right-of-use assets			2,895				2,799
				Lease liabilities (*)			2,906				2,795
		Woori Financial Capital Co., Ltd.		Right-of-use assets			405				266
				Lease liabilities (*)			435				282

(*) Cash outflows of lease liabilities redemption for the years ended December 31, 2025 and 2024 are 3,018 million Won and 2,751 million Won, respectively.

(4) Major loan transactions with related parties for the years ended December 31, 2025 and 2024 are as follows (Unit: Korea Won in millions):

For the year ended December 31, 2025

Related parties (*1)

Title of account

Beginning balance

Increase

Decrease

Ending balance

Subsidiary

Woori Bank

Deposit (*2)

1,274,000

6,245,000

7,054,000

465,000

(*1) For the 800,000 million Won of hybrid securities issued during the current period, 40,000 million Won was purchased by Woori Investment Securities Co., Ltd. and the entire amount was sold to the market on the date of issuance. In addition, of the 940,000 million Won of debentures issued during the current period, 60,000 million Won was acquired by Woori Investment Securities Co., Ltd. and the entire amount was sold to the market on the date of issuance.

(*2) Excludes due from banks without withdrawal limitations.

For the year ended December 31, 2024

Related parties (*1)

Title of account

Beginning balance

Increase

Decrease

Ending balance

Subsidiary

Woori Bank

Deposit (*2)

1,354,000

4,553,000

4,633,000

1,274,000

(*1) For the 1,200,000 million Won of hybrid securities issued during the prior period, 20,000 million Won was purchased by Woori Investment Securities Co., Ltd. and the entire amount was sold to the market on the date of issuance. In addition, of the 600,000 million Won of debentures issued during the prior period, 20,000 million Won was acquired by Woori Investment Securities Co., Ltd. and the entire amount was sold to the market on the date of issuance.

(*2) Excludes due from banks without withdrawal limitations.

- 67 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(5) The details of equity-related transactions with related parties are as follows (Unit: Korean Won in million)

				For the year ended December 31, 2025
Related parties				Acquisition of interests (*2)				Acquisition of Hybrid securities (*2)				Disposal of Hybrid securities (*2)
Subsidiary		Woori Card Co., Ltd.(*1)			—				150,000				150,000
Subsidiary		Tongyang Life Insurance Co., Ltd.			1,283,935				—				—
Subsidiary		Woori Investment Securities Co., Ltd.			6,361				—				—
Subsidiary		ABL Life Insurance Co., Ltd.			269,002				—				—
Subsidiary		Woori Asset Trust Co Ltd			1,594				—				—

(*1) For the year ended December 31, 2025, Woori Card Co., Ltd. early redeemed hybrid securities amounting to 150,000 million Won through the exercise of a call option and acquired newly issued hybrid securities of 150,000 million Won from Woori Card Co., Ltd.

(*2) The book value related to equity can be referred to in Note 6 and Note 9.

				For the year ended December 31, 2024
Related parties				Acquisition of interests and contribution (*6)
Subsidiary		Woori Investment Securities Co., Ltd. (*1)			56,085
Subsidiary		Woori Asset Trust Co Ltd (*2)			218,080
Subsidiary		Woori Asset Management Corp (*3)			41,376
Subsidiary		Woori Savings Bank (*4)			100,000
Subsidiary		Woori Financial F&I Co., Ltd. (*5)			120,000

(*1) During the prior period, the Company acquired majority interests of 2.3%.

(*2) During the prior period, the capital increase amount of 200,000 million Won was made. Afterward, the Company additionally acquired minority interests of 2.84%.

(*3) The Company acquired 22.5% interest of Woori Asset Management Corp to make it wholly owned subsidiary.

(*4) During the prior period, the capital increase amount of 100,000 million Won was made.

(*5) During the prior period, the capital increase amount of 120,000 million Won was made.

(*6) The book value related to equity can be referred to in Note 6 and Note 9.

(6) There are no guarantees provided to the related party. The unused commitments and payment guarantees provided from the related party are as follows (Unit: Korean Won in millions):

Related parties

December 31, 2025

December 31, 2024

Warranty

Subsidiary

Woori Card Co., Ltd.

647

665

Unused loan commitment

(7) Compensation for key management is as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025				For the year ended December 31, 2024
									Short-term employee salaries			5,621				5,502
Retirement benefit service costs			149				162
Share-based compensation			8,613				3,729
Total			14,383				9,393

Key management includes registered executives and non-registered executives. The Company has not recognized any outstanding assets, allowance and related impairment loss due to credit losses from transaction with key management as of December 31, 2025 and 2024. Liabilities related to key management compensation are 20,063 million Won and 12,850 million Won as of December 31, 2025 and 2024, respectively.

- 68 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

29. LEASES

(1) The future lease payments under the lease contracts are as follows (Unit: Korean Won in millions):

		December 31, 2025				December 31, 2024
Lease payments:
Within one year			3,177				3,095
After one year but within five years			338				328
Total			3,515				3,423

(2) Total cash outflows from lease are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025				For the year ended December 31, 2024
									Total cash outflows from lease			3,343				3,123

(3) Details of lease payments that are not included in the measurement of lease liabilities due to the fact that they are short-term leases or leases for which the underlying asset is of low value are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2025				For the year ended December 31, 2024
Lease payments for short-term leases			—				2
Lease payments for which the underlying asset is of low value			142				121

30. EVENTS AFTER THE REPORTING PERIOD

At the Board of Directors meeting held on February 6, 2026, the Company declared to acquire and retire treasury stocks, it is expected to acquire 200 billion Won through trust contracts from February 10, 2026 to June 10, 2026, and all of the stocks acquired through this case will be retired afterwards.

- 69 -

Independent Auditors’ Report on Internal Control over Financial Reporting

Based on a report originally issued in Korean

To the Board of Directors and Shareholders of

Woori Financial Group Inc.:

Opinion on Internal Control over Financial Reporting

We have audited Woori Financial Group Inc. (“the Company”)’s internal control over financial reporting (“ICFR”) as of December 31, 2025 based on the criteria established in the Conceptual Framework for Designing and Operating ICFR (“ICFR Design and Operation Framework”) issued by the Operating Committee of Internal Control over Financial Reporting in the Republic of Korea (the “ICFR Committee”).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on ICFR Design and Operation Framework.

We also have audited, in accordance with Korean Standards on Auditing (“KSAs”), the separate financial statements of the Company, which comprise the separate statement of financial position as of December 31, 2025, the separate statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising of material accounting policy information and other explanatory information, and our report dated March 4, 2026 expressed an unmodified opinion on those separate financial statements.

Basis for Opinion on Internal Control over Financial Reporting

We conducted our audit in accordance with KSAs. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Internal Control over Financial Reporting section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the internal control over financial reporting in Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management and Those Charged with Governance for the Internal Control over Financial Reporting

The Company’s management is responsible for designing, operating and maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying ‘Operating Status Report of Internal Control over Financial Reporting’.

Those charged with governance are responsible for overseeing the Company’s internal control over financial reporting.

Auditors’ Responsibilities for the Audit of the Internal Control over Financial Reporting

Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We conducted the audit in accordance with KSAs. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

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Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with Korean International Financial Reporting Standards (“K-IFRS”). A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with K-IFRS, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect material misstatements in the financial statements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The engagement partner on the audit resulting in this independent auditors’ report is Jae-Beom Choi.

/s/ KPMG Samjong Accounting Corp.

Seoul, Korea

March 4, 2026

This report is effective as of March 4, 2026, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the internal control over financial reporting. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

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Operating Status Report of

Internal Control over Financial Reporting

To the Shareholders, Board of Directors and Audit Committee of

Woori Financial Group Inc.

We, as the Chief Executive Officer (“CEO”) and Internal Control over Financial Reporting (“ICFR”) Officer of Woori Financial Group Inc. (the “Company”), assessed operating status of the Company’s Internal Control over Financial Reporting for the year ended December 31, 2025.

The Company’s management, including ourselves, is responsible for designing and operating ICFR.

We assessed whether the Company effectively designed and operated its ICFR to prevent and detect errors or frauds which may cause a misstatement in financial statements to ensure preparation and disclosure of reliable financial information.

We used the ‘Conceptual Framework for Designing and Operating ICFR’ established by the Operating Committee of ICFR in Korea (the “ICFR Committee”) as the criteria for design and operation of the Company’s ICFR. We also assessed the design and operation of ICFR based on the Appendix 6, ‘Standards for Evaluating and Reporting the Effectiveness of ICFR,’ of the Detailed Regulations on External Audit and Accounting, etc.

Based on our assessment, we concluded that the Company’s ICFR is designed and operated effectively as of December 31, 2025, in all material respects, in accordance with the ‘Conceptual Framework for Designing and Operating ICFR’.

We certify that this report does not contain any untrue statement of a fact, or omit to state a fact necessary to be presented herein. We also certify that this report does not contain or present any statements which might cause material misunderstandings, and we have reviewed and verified this report with sufficient care.

(Attachment)

Internal control activities performed by the Company to address the risk of fund-related fraud, including misappropriation

February 27, 2026

Jong Yong Yim, Chief Executive Officer

Seong Min Kwak, Internal Control over Financial Reporting Officer

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(Attachment) Internal control activities performed by the Company to address the risk of fund-related fraud, including misappropriation

The control activities performed by the Company as disclosed below provide an integrated overview of the Company’s key Internal Control over Financial Reporting (ICFR) control activities implemented to address risks of fund-related fraud, including misappropriation, in accordance with the “Guidelines for Evaluating and Reporting the Effectiveness of ICFR” enacted and amended by the Financial Supervisory Service.

Type		Internal Control Activities performed by the Company(*1)		Results of the Assessment of Design and Operation Effectiveness(*2) (Department in charge, timing, etc.)
Entity-level Controls		<Compliance with Code of Ethics> Management operates a system under which employees pledge to comply with the code of ethics and related obligations, and operates procedures to identify and monitor any violations of applicable laws and the Code of Ethics. (Department in charge: Compliance Monitoring ACT, Ethics Management Office)		No material weaknesses were identified based on the results of the testing performed. • Compliance Monitoring ACT, Ethics Management Office • November 2025, February 2026
		<Risk Assessment> Management identifies risks for each business activity and operates a system to evaluate risks through the Operational Risk Management System. (Department in charge: Risk Management Department)		No material weaknesses were identified based on the results of the testing performed. • Risk Management Department • November 2025, February 2026
		<Mandatory Leave Policy> Management operates the mandatory leave policy to eliminate incentives and opportunities for financial fraud. (Department in charge: Compliance Monitoring ACT)		No material weaknesses were identified based on the results of the testing performed. • Compliance Monitoring ACT • November 2025, February 2026
		<Segregation of Duties and Authority Segregation> Management segregates organizational duties and operates in accordance with policies that clearly define the roles and responsibilities associated with each function. (Department in charge: Strategy & Planning Department, Compliance Department)		No material weaknesses were identified based on the results of the testing performed. • Strategy & Planning Department, Compliance Department • November 2025, February 2026
		<Whistle Blowing Policy> Management operates a compliance reporting policy and implements protective measures, including confidentiality for whistleblowers and prohibition of any retaliation. (Department in charge: Compliance Monitoring ACT)		No material weaknesses were identified based on the results of the testing performed. • Ethics Management Office • November 2025, February 2026
		<Compliance Monitoring and Internal Audit> Management addresses the fraud risk through compliance monitoring activities and internal audit functions. (Department in charge: Audit Department, Compliance Monitoring ACT)		No material weaknesses were identified based on the results of the testing performed. • Audit Department, Compliance Monitoring ACT • November 2025, February 2026
Funds Controls		<Approval for Acquisition and Disposal of Marketable Securities> The person in charge of the acquisition and disposal of marketable securities shall review transaction statements, contracts and request approval for the transaction. The authorized approver shall review the details of the securities transaction, including the type of security, amount, maturity, etc and grant approval accordingly. (Department in charge: Finance & Management Department, Business Growth Department)		No material weaknesses were identified based on the results of the testing performed. • Finance & Management Department, Business Growth Department • November 2025, February 2026

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Type		Internal Control Activities performed by the Company(*1)		Results of the Assessment of Design and Operation Effectiveness(*2) (Department in charge, timing, etc.)
		<Verification of Interest and Dividend Receipts on Securities> The authorized approver shall review and approve the reconciliation records prepared by the person in charge of securities interest and dividend receipts, comparing system-recorded amounts, actual received amounts, dividend notices, etc. (Department in charge: Finance & Management Department)		No material weaknesses were identified based on the results of the testing performed. • Finance & Management Department • November 2025, February 2026
		<Physical Custody and Balance Management of Securities> Physical securities are stored in locations with restricted access. The authorized approver shall review and approve the results of physical inspections of securities and reconciliations with balance confirmations and other relevant documents performed by the person in charge of physical securities and balance management. (Department in charge: Finance & Management Department)		No material weaknesses were identified based on the results of the testing performed. • Finance & Management Department • November 2025, February 2026
		<Financing Approval> The authorized approver shall approve the financing after reviewing the amounts, maturities, and interest rates, etc requested by the person in charge of financing in accordance with the financing plan. (Department in charge: Finance & Management Department)		No material weaknesses were identified based on the results of the testing performed. • Finance & Management Department • November 2025, February 2026
		<Financing and Principal/Interest Repayments> The person in charge of financing and principal/interest repayments shall verify the consistency between agreements and cash transaction records and report the findings, and the authorized approver shall review and approve the amounts, interest rates, repayment dates, etc. (Department in charge: Finance & Management Department)		No material weaknesses were identified based on the results of the testing performed. • Finance & Management Department • November 2025, February 2026
		<Segregation of Duties for Fund Disbursements> The person in charge and the approver shall be segregated in fund disbursement duties. (Department in charge: Management Support Department, Finance&Management Department, etc.)		No material weaknesses were identified based on the results of the testing performed. • Management Support Department, Finance & Management Department, etc. • November 2025, February 2026
		<Approval of Fund Disbursements> The person in charge of fund disbursement shall verify fund transfer requests and other relevant documents, and submit a request for fund disbursement. The authorized approver shall review the appropriateness of the requested details, including the amount and purpose, and shall approve the fund disbursement prior to execution. (Department in charge: Finance & Management Department, Management Support Department, etc.)		No material weaknesses were identified based on the results of the testing performed. • Finance & Management Department, Management Support Department, etc. • November 2025, February 2026
		<Verification of Fund Receipts> The authorized approver reviews amount and reason of receipt and approves the consistency between the supporting documents and the deposited amount, as verified by the person in charge of fund receipts. (Department in charge: Finance & Management Department)		No material weaknesses were identified based on the results of the testing performed. • Finance & Management Department • November 2025, February 2026

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Type		Internal Control Activities performed by the Company(*1)		Results of the Assessment of Design and Operation Effectiveness(*2) (Department in charge, timing, etc.)
		<Cash and Deposit Balance Management> The authorized approver reviews and approves the consistency between system-recorded balances and actual balances, as verified by the person in charge of cash and deposit balance management. (Department in charge: Finance&Management Department, Accounting Department, etc.)		No material weaknesses were identified based on the results of the testing performed. • Finance & Management Department, Accouting Department, etc. • November 2025, February 2026
		<Management of Sensitive Physical Assets> Sensitive physical assets, such as corporate seals, bank accounts, OTP devices, etc are stored in locations with restricted access. When a request is made to use such items, the authorized approver reviews the appropriateness of the purpose of use and grants approval accordingly. (Department in charge: Management Support Department, Finance&Management Department, etc.)		No material weaknesses were identified based on the results of the testing performed. • Management Support Department, Finance & Management Department, etc. • November 2025, February 2026
		<Opening and Closing of Accounts> The authorized approver reviews and approves the appropriateness of account opening and closing requests submitted by the person in charge, including the account details and the stated reason for the request, etc prior to the approval. (Department in charge: Finance&Management Department, Management Support Department, etc.)		No material weaknesses were identified based on the results of the testing performed. • Finance&Management Department, Management Support Department, etc. • November 2025, February 2026
		<Client Information Management> The person in charge of client information management reviews relevant documents such as the business registration certificate, a copy of the bank account, etc and submits requests to register or modify client information. The authorized approver reviews the registration or modification details along with the related supporting documents and grants approval. (Department in charge: Management Support Department)		No material weaknesses were identified based on the results of the testing performed. • Management Support Department • November 2025, February 2026
		<Ledger Modification> The authorized approver for ledger modifications shall review the modification request submitted by the requesting department, assess the appropriateness of the reason for the change, and approve the request. (Department in charge: ICT Planning Department)		No material weaknesses were identified based on the results of the testing performed. • ICT Planning Department • November 2025, February 2026

(*1) The term “authorized approver” refers to a department head, general manager, or other personnel with the authority for approval in the course of their duties.

(*2) For the purpose of independent evaluation, the Company designates reviewers who are not the control performers within the department to conduct assessments of the design and operational effectiveness. In addition, the inspection results prepared by each department are further reviewed by the Company’s internal accounting department and by an external audit firm possessing a high level of independence and expertise

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FAQ

How did Woori Financial Group Inc. (WF) perform financially in 2025?

Woori Financial Group generated 2025 net income of KRW 3,227,508 million, slightly above 2024’s KRW 3,171,469 million. Total assets rose to KRW 601,457,286 million from KRW 525,753,320 million, driven by growth in loans, securities, and newly consolidated insurance subsidiaries.

What happened to Woori Financial Group’s operating income between 2024 and 2025?

Operating income decreased to KRW 3,674,808 million in 2025 from KRW 4,255,190 million in 2024. The decline reflects higher credit-loss impairments of KRW 2,102,814 million and increased general and administrative expenses, partly offsetting steady net interest and fee income.

What are Woori Financial Group’s 2025 earnings per share (EPS)?

For 2025, Woori Financial Group reported basic and diluted EPS of KRW 4,052, compared with KRW 3,950 in 2024. This EPS improvement comes despite lower operating income, supported by stable bottom-line profitability and changes in share-based capital components and hybrid securities.

Did Woori Financial Group receive an unmodified audit opinion for 2025?

Yes, the independent auditor issued an unmodified opinion on Woori Financial Group’s 2025 and 2024 consolidated financial statements under K-IFRS. The auditor also expressed an unmodified opinion on the effectiveness of internal control over financial reporting for consolidation purposes as of December 31, 2025.

How did Woori Financial Group’s balance sheet change in 2025?

Woori Financial Group’s total assets increased to KRW 601,457,286 million in 2025 from KRW 525,753,320 million in 2024. Growth came from larger loan portfolios, higher FVTOCI holdings, and consolidation of Tongyang Life Insurance and ABL Life Insurance, alongside expanded insurance contract liabilities.

What major acquisitions affected Woori Financial Group’s 2025 results?

In 2025, Woori Financial Group acquired 77.9% of Tongyang Life Insurance and 100% of ABL Life Insurance, consolidating both from July 1, 2025. These deals significantly increased insurance assets and liabilities and added insurance income and finance components to the group’s consolidated financial statements.

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 5.9 MB
• EX-99.2 EX-99.2 1.3 MB