# EDGAR Filing Document

**Accession Number:** 0001015650
**File Stem:** 0001193125-25-316772
**Filing Date:** 2025-12
**Character Count:** 516389
**Document Hash:** 45f7797e65ad97604fb1234110a80c1e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-316772.hdr.sgml**: 20251212

**ACCESSION NUMBER**: 0001193125-25-316772

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251212

**FILED AS OF DATE**: 20251212

**DATE AS OF CHANGE**: 20251212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SK TELECOM CO LTD
- **CENTRAL INDEX KEY:** 0001015650
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO TELEPHONE COMMUNICATIONS [4812]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 999999999
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-04906
- **FILM NUMBER:** 251566490

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 11, EULJIRO2-GA
- **STREET 2:** JUNG-GU
- **CITY:** SEOUL
- **PROVINCE COUNTRY:** M5
- **BUSINESS PHONE:** 82-2-6100-1639

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 11, EULJIRO2-GA
- **STREET 2:** JUNG-GU
- **CITY:** SEOUL
- **PROVINCE COUNTRY:** M5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KOREA MOBILE TELECOMMUNICATIONS CORP
- **DATE OF NAME CHANGE:** 19960530

##### [**Table of Contents**](#toc)
**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Form 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER** 

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

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**FOR THE MONTH OF December 2025** 

**COMMISSION FILE NUMBER: 333-04906** 

## SK Telecom Co., Ltd.
**(Translation of registrant's name into English)** 

**65, Eulji-ro, Jung-gu** 

**Seoul 04539, Korea** 

**(Address of principal executive office)** 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

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##### [**Table of Contents**](#toc)
QUARTERLY BUSINESS REPORT

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

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

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

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

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

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##### [**Table of Contents**](#toc)
**I.** **COMPANY OVERVIEW** 

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

**II.** **BUSINESS** 

**1. Business Overview** 

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

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

---

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

---

**[Wireless Business]** 

**A.** **Overview** 

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

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

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

**B.** **Industry Characteristics** 

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

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

**C.** **Growth Potential** 

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

(Unit: in 1,000 persons)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **As of September 30,<br>2025** | **As of December 31,** | **As of December 31,** |
| **Classification** | **Classification** | **As of September 30,<br>2025** | **2024** | **2023** |
|  **Number of subscribers** | **SK Telecom** | 31048 | 31786 | 31276 |
|  **Number of subscribers** | **Others (KT, LG U+)** | 40302 | 38360 | 35643 |
|  **Number of subscribers** | **MVNO** | 19417 | 17825 | 15851 |
|  **Number of subscribers** | **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82770 |

---

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

**D.** **Domestic and Overseas Market Conditions** 

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

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##### [**Table of Contents**](#toc)
In the wireless business, industry players compete on the basis of the following three main competitive elements:

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

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

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

(Unit: in percentages)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **As of September 30,<br>2025** | **As of September 30,<br>2025** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| **Classification** | **As of September 30,<br>2025** | **As of September 30,<br>2025** | **2024** | **2024** | **2023** | **2023** |
|  Mobile communication services |  | 43.5 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.3 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.7 |

---

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

**[Fixed-line Business]** 

**A.** **Overview** 

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

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

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

**B.** **Industry Characteristics** 

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

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

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

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

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

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

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

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

**C.** **Growth Potential** 

(Unit: in persons)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Classification** | **Classification** | **As of September 30,<br>2025\*\*** | **As of December 31,** | **As of December 31,** |
| **Classification** | **Classification** | **As of September 30,<br>2025\*\*** | **2024** | **2023** |
|  **Fixed-line Subscribers\*** | **High-speed Internet** | 25080218 | 24721782 | 24098164 |
|  **Fixed-line Subscribers\*** | **Fixed-line telephone** | 9902068 | 10325245 | 10973838 |
|  **Fixed-line Subscribers\*** | **IPTV** | 21310250 | 21190908 | 20870152 |
|  **Fixed-line Subscribers\*** | **Cable TV** | 12273098 | 12342797 | 12586391 |

---

\* Source: MSIT website.

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

**D.** **Cyclical Nature and Seasonality** 

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

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##### [**Table of Contents**](#toc)
**E.** **Domestic and Overseas Market Conditions** 

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

(Unit: in percentages)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **As of September 30,<br>2025\*\*\*** | | **As of December 31,** | **As of December 31,** | **As of December 31,** |  |
| **Classification** | **As of September 30,<br>2025\*\*\*** |  | **2024** |  | **2023** |  |
|  High-speed Internet (including resales)**\*** | 28.6 |  | 28.9 |  | 28.7 |  |
|  Fixed-line telephone (including Voice over Internet Protocol ("VoIP"))**\*** | 18.5 | **\*\*** | 18.3 | **\*\*** | 18.0 | **\*\*** |
|  IPTV**\*** | 31.8 |  | 32.0 |  | 31.8 |  |
|  Cable TV**\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.9 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.8 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4 |  |

---

**\*** Source: MSIT website. 

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

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

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

**[Other Businesses]** 

**A.** **Other businesses** 

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

**2. Key Financial Data by Business Line** 

**A.** **Assets** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) |
| **Classification** | **As of September 30,** <br>**2025** | **As of September 30,** <br>**2025** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| **Classification** | **As of September 30,** <br>**2025** | **As of September 30,** <br>**2025** | **2024** | **2024** | **2023** | **2023** |
| **Classification** | Amount | Ratio | Amount | Ratio | Amount | Ratio |
|  Wireless | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24734156 | 74% | 25154898 | 75% | 25608563 | 77% |
|  Fixed-line | 7292491 | 22% | 7174920 | 21% | 6825342 | 20% |
|  Other | 1219797 | 4% | 1276546 | 4% | 910020 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Subtotal** | 33246444 | 100% | 33606364 | 100% | 33343925 | 100% |
|  Consolidation Adjustment | (4351097) |  | (3091111) |  | (3224698) |  |
|  **Total** | 28895347 |  | 30515254 |  | 30119227 |  |

---

**B.** **Revenue** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) |
| **Classification** | **For the nine months ended<br>September 30,<br>2025** | **For the nine months ended<br>September 30,<br>2025** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
| **Classification** | **For the nine months ended<br>September 30,<br>2025** | **For the nine months ended<br>September 30,<br>2025** | **2024** | **2024** | **2023** | **2023** |
| **Classification** | Amount | Ratio | Amount | Ratio | Amount | Ratio |
|  Wireless | 9360142 | 73% | 13318213 | 74% | 13123166 | 75% |
|  Fixed-line | 3136013 | 25% | 4075412 | 23% | 3928020 | 22% |
|  Other | 274386 | 2% | 546984 | 3% | 557325 | 3% |
|  **Total** | 12770541 | 100% | 17940609 | 100% | 17608511 | 100% |

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##### [**Table of Contents**](#toc)
**C.** **Operating Profit** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) |
| **Classification** | **For the nine months ended<br>September 30,<br>2025** | **For the nine months ended<br>September 30,<br>2025** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
| **Classification** | **For the nine months ended<br>September 30,<br>2025** | **For the nine months ended<br>September 30,<br>2025** | **2024** | **2024** | **2023** | **2023** |
| **Classification** | Amount | Ratio | Amount | Ratio | Amount | Ratio |
|  Wireless | 701435 | 71% | 1529971 | 84% | 1463934 | 84% |
|  Fixed-line | 302023 | 31% | 366517 | 20% | 329072 | 19% |
|  Other | (15102) | (2)% | (64929) | (4)% | (42771) | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Subtotal** | 988356 | 100% | 1831559 | 100% | 1750235 | 100% |
|  Consolidation Adjustment | (34274) |  | (8150) |  | 2969 |  |
|  **Total** | 954082 |  | 1823409 |  | 1753204 |  |

---

**3. Updates on Major Products and Services** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) |
| **Business** | **Major Companies** | **Items** | **Major<br>Trademarks** | **For the nine months<br>ended September 30,<br>2025** | **For the nine months<br>ended September 30,<br>2025** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
| **Business** | **Major Companies** | **Items** | **Major<br>Trademarks** | **For the nine months<br>ended September 30,<br>2025** | **For the nine months<br>ended September 30,<br>2025** | **2024** | **2024** | **2023** | **2023** |
| **Business** | **Major Companies** | **Items** | **Major<br>Trademarks** | **Consolidated<br>Sales<br>Amount** | **Ratio** | **Consolidated<br>Sales<br>Amount** | **Ratio** | **Consolidated<br>Sales<br>Amount** | **Ratio** |
|  **Wireless** | SK Telecom Co., Ltd., PS&Marketing Co., Ltd.,<br> Service Ace Co., Ltd.,<br> SK O&S Co., Ltd., etc. | Mobile communications service,<br>wireless data service,<br>ICT service and others | T, 5GX, T Plan and others | 9360142 | 73% | 13318213 | 74% | 13123166 | 75% |
|  **Fixed-line** | SK Broadband Co., Ltd.,<br> Home & Service Co., Ltd.,<br> SK Telink Co., Ltd., etc. | Fixed-line phone,<br>high-speed Internet,<br>data and network lease service and others | B tv, 00700 international call, 7mobile and others | 3136013 | 25% | 4075412 | 23% | 3928020 | 22% |
|  **Other** | SK stoa Co., Ltd., etc. | Commercial retail data broadcasting channel service and others | Stoa ON | 274386 | 2% | 546984 | 3% | 557325 | 3% |
|  Total | Total | Total | Total | 12770541 | 100% | 17940609 | 100% | 17608511 | 100% |

---

**4. Price Trends for Major Products** 

**[Wireless Business]** 

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

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##### [**Table of Contents**](#toc)
**[Fixed-line Business]** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

------

##### [**Table of Contents**](#toc)
**5. Investment Status** 

**[Wireless Business]** 

**A.** **Investment in Progress and Future Investment Plan** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Unit: in billions of Won) | (Unit: in billions of Won) | (Unit: in billions of Won) | (Unit: in billions of Won) | (Unit: in billions of Won) | (Unit: in billions of Won) |
| **Purpose of**<br> **investment** | **Subject of<br>investment** | **Investment**<br> **period** | **Expected<br>investment amount** | **Amount**<br>**already<br>invested** | **Investment effect** |
|  Upgrade/ New installation | Network, systems and others | Nine months ended September 30, 2025 | To be determined | 689 | Upgrades to the existing services and<br>expanded provision of network<br>services including 5G |

---

**[Fixed-line Business]** 

**A.** **Investment in Progress and Future Investment Plan** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | |  | (Unit: in billions of Won) |
| **Purpose of**<br> **investment** | **Subject of**<br> **investment** | **Investment**<br> **period** | **Amount**<br>**already<br>invested\*** | **Future<br>investment** | **Investment effect** |
|  Coverage expansion, upgrade of media platform | Network, systems, Internet data center and others | Nine months ended September 30, 2025 | 509 | To be determined | Securing subscriber network<br>and equipment; quality and<br>system improvement |

---

**\*** Represents investments by SK Broadband on a separate basis. 

**6. Revenues** 

(Unit: in millions of Won)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Business** | **Sales type** | **Item** | **Item** | **For the nine months ended<br>September 30, 2025** | **For the year ended<br>December 31, 2024** | **For the year ended<br>December 31, 2023** |
|  **Wireless** | Services | Mobile communication, wireless data, information communication | Export | 149285 | 212235 | 169885 |
|  **Wireless** | Services | Mobile communication, wireless data, information communication | Domestic | 9210857 | 13105978 | 12953281 |
|  **Wireless** | Services | Mobile communication, wireless data, information communication | Subtotal | 9360142 | 13318213 | 13123166 |
|  **Fixed-line** | Services | Fixed-line, high-speed Internet, data, lease line service | Export | 153478 | 213815 | 178824 |
|  **Fixed-line** | Services | Fixed-line, high-speed Internet, data, lease line service | Domestic | 2982535 | 3861597 | 3749196 |
|  **Fixed-line** | Services | Fixed-line, high-speed Internet, data, lease line service | Subtotal | 3136013 | 4075412 | 3928020 |
|  **Other** | Services | Commercial retail data broadcasting channel services | Export |  |  |  |
|  **Other** | Services | Commercial retail data broadcasting channel services | Domestic | 274386 | 546984 | 557325 |
|  **Other** | Services | Commercial retail data broadcasting channel services | Subtotal | 274386 | 546984 | 557325 |
|  Total | Total | Total | Export | 302763 | 426050 | 348709 |
|  Total | Total | Total | Domestic | 12467778 | 17514559 | 17259802 |
|  Total | Total | Total | Total | 12770541 | 17940609 | 17608511 |

---

(Unit: in millions of Won)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For the nine months ended**<br> **September 30, 2025** | **Wireless** | **Fixed-line** | **Other** | **Sub total** | **Consolidation<br>adjustment** | **After<br>consolidation** |
|  **Total sales** | 10555487 | 4047569 | 302199 | 14905255 | (2134714) | 12770541 |
|  **Internal sales** | 1195345 | 911556 | 27813 | 2134714 | (2134714) |  |
|  **External sales** | 9360142 | 3136013 | 274386 | 12770541 |  | 12770541 |
|  **Depreciation and amortization** | 1908388 | 744932 | 14797 | 2668117 | (66967) | 2601150 |
|  **Operating profit (loss)** | 701435 | 302023 | (15102) | 988356 | (34274) | 954082 |
|  **Finance profit (loss)** | **Finance profit (loss)** | **Finance profit (loss)** | **Finance profit (loss)** | **Finance profit (loss)** | **Finance profit (loss)** | (238664) |
|  **Gain (loss) from investments in associates and joint ventures** | **Gain (loss) from investments in associates and joint ventures** | **Gain (loss) from investments in associates and joint ventures** | **Gain (loss) from investments in associates and joint ventures** | **Gain (loss) from investments in associates and joint ventures** | **Gain (loss) from investments in associates and joint ventures** | (19956) |
|  **Other non-operating profit (loss)** | **Other non-operating profit (loss)** | **Other non-operating profit (loss)** | **Other non-operating profit (loss)** | **Other non-operating profit (loss)** | **Other non-operating profit (loss)** | (111044) |
|  **Profit before income tax** | **Profit before income tax** | **Profit before income tax** | **Profit before income tax** | **Profit before income tax** | **Profit before income tax** | 584418 |

---

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##### [**Table of Contents**](#toc)
**7. Derivative Transactions** 

**A.** **Current Swap Contract Applying Cash Flow Risk Hedge Accounting** 

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

**[SK Telecom]** 

---

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

---

**[SK Broadband]** 

---

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

---

**8. Major Contracts** 

None.

**9. R&D Investments** 

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

(Unit: in millions of Won except percentages)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | **Category** | **For the nine**<br>**months ended**<br>**September 30,<br>2025** | **For the year ended<br>December 31, 2024** | **For the year ended<br>December 31, 2023** | **Remarks** |
|  Raw material | Raw material | 19 | 492 | 48 |  |
|  Labor | Labor | 107720 | 134508 | 140790 |  |
|  Depreciation | Depreciation | 88514 | 134989 | 137264 |  |
|  Commissioned service | Commissioned service | 27149 | 61588 | 51749 |  |
|  Others | Others | 50131 | 61267 | 61992 |  |
|  Total R&D costs | Total R&D costs | 273532 | 392844 | 391843 |  |
|  Government Subsidies | Government Subsidies |  |  |  |  |
|  Accounting | Sales and administrative expenses | 268201 | 378079 | 369507 |  |
|  Accounting | Development costs (Intangible assets) | 5331 | 14765 | 22334 |  |
|  R&D cost / sales amount ratio (Total R&D costs / Current sales amount×100) | R&D cost / sales amount ratio (Total R&D costs / Current sales amount×100) | 2.14% | 2.19% | 2.23% |  |

---

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##### [**Table of Contents**](#toc)
**10. Other Information Relating to Investment Decisions** 

**A.** **Brand Management Policies** 

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

**B.** **Business-related Intellectual Property** 

**[SK Telecom]** 

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

**[SK Broadband]** 

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

**C.** **Business-related Pollutants and Environmental Protection** 

**[SK Telecom]** 

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

**[SK Broadband]** 

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

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

------

##### [**Table of Contents**](#toc)
**III.** **FINANCIAL INFORMATION** 

**1. Summary Financial Information (Consolidated and Separate)** 

**A.** **Summary Financial Information (Consolidated)** 

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

---

| | | | |
|:---|:---|:---|:---|
| (Unit: in millions of Won except number of companies) | (Unit: in millions of Won except number of companies) | (Unit: in millions of Won except number of companies) | (Unit: in millions of Won except number of companies) |
|  | **As of**<br>**September 30, 2025** | **As of**<br>**December 31, 2024** | **As of**<br>**December 31, 2023** |
|  **Assets** |  |  |  |
|  Current Assets | 6929368 | 7476682 | 6585602 |
| &nbsp;&nbsp;&nbsp;&nbsp; • Cash and Cash Equivalents<br>| 1384723 | 2023721 | 1454978 |
| &nbsp;&nbsp;&nbsp;&nbsp; • Accounts Receivable – Trade, net<br>| 2022578 | 1989306 | 1978532 |
| &nbsp;&nbsp;&nbsp;&nbsp; • Accounts Receivable – Other, net<br>| 516528 | 369192 | 344350 |
| &nbsp;&nbsp;&nbsp;&nbsp; • Others<br>| 4906790 | 3094463 | 2807742 |
|  Non-Current Assets | 21965979 | 23038573 | 23533625 |
| &nbsp;&nbsp;&nbsp;&nbsp; • Long-Term Investment Securities<br>| 1777840 | 1877922 | 1679384 |
| &nbsp;&nbsp;&nbsp;&nbsp; • Investments in Associates and Joint Ventures<br>| 2348743 | 2341827 | 1915012 |
| &nbsp;&nbsp;&nbsp;&nbsp; • Property and Equipment, net<br>| 11918934 | 12617394 | 13006196 |
| &nbsp;&nbsp;&nbsp;&nbsp; • Goodwill<br>| 2072493 | 2072493 | 2075009 |
| &nbsp;&nbsp;&nbsp;&nbsp; • Intangible Assets, net<br>| 1768374 | 2194871 | 2861137 |
| &nbsp;&nbsp;&nbsp;&nbsp; • Others<br>| 2079595 | 1934066 | 1996887 |
|  Total Assets | 28895347 | 30515255 | 30119227 |
|  **Liabilities** |  |  |  |
|  Current Liabilities | 6492244 | 9224278 | 6993980 |
|  Non-Current Liabilities | 10594159 | 9463343 | 10896848 |
|  Total Liabilities | 17086403 | 18687621 | 17890828 |
|  **Equity** |  |  |  |
|  Equity Attributable to Owners of the Parent Company | 11702177 | 11698627 | 11389046 |
|  Share Capital | 30493 | 30493 | 30493 |
|  Capital Surplus (Deficit) and Other Capital Adjustments | (12139152) | (11954936) | (11828644) |
|  Retained Earnings | 22815616 | 22976127 | 22799981 |
|  Reserves | 995220 | 646943 | 387216 |
|  Non-controlling Interests | 106767 | 129007 | 839353 |
|  Total Equity | 11808944 | 11827634 | 12228399 |
|  Total Liabilities and Equity | 28895347 | 30515255 | 30119227 |
| (Unit: in millions of Won except per share data and number of consolidated subsidiaries) | (Unit: in millions of Won except per share data and number of consolidated subsidiaries) | (Unit: in millions of Won except per share data and number of consolidated subsidiaries) | (Unit: in millions of Won except per share data and number of consolidated subsidiaries) |
|  | **For the nine months**<br>**ended September 30,<br>2025** | **For the year ended**<br>**December 31, 2024** | **For the year ended**<br>**December 31, 2023** |
|  Operating Revenue | 12770541 | 17940609 | 17608511 |
|  Operating Profit | 954082 | 1823409 | 1753204 |
|  Profit Before Income Tax | 584418 | 1761765 | 1488179 |
|  Profit for the Period | 278091 | 1387095 | 1145937 |
|  Profit for the Period Attributable to Owners of the Parent Company | 295862 | 1250155 | 1093611 |
|  Profit for the Period Attributable to Non-controlling Interests | (17771) | 136940 | 52326 |
|  Basic Earnings Per Share (Won) | 1320 | 5780 | 4954 |
|  Diluted Earnings Per Share (Won) | 1318 | 5765 | 4950 |
|  Total Number of Consolidated Subsidiaries | 19 | 21 | 25 |

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##### [**Table of Contents**](#toc)
**B.** **Summary Financial Information (Separate)** 

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

(Unit: in millions of Won)

---

| | | | |
|:---|:---|:---|:---|
|  | **As of<br>September 30, 2025** | **As of<br>December 31, 2024** | **As of<br>December 31, 2023** |
|  **Assets** |  |  |  |
|  Current Assets | 4863625 | 5242405 | 4703844 |
| &nbsp;&nbsp;&nbsp;&nbsp; • Cash and Cash Equivalents<br>| 457271 | 1165158 | 631066 |
| &nbsp;&nbsp;&nbsp;&nbsp; • Accounts Receivable – Trade, net<br>| 1546311 | 1508893 | 1495617 |
| &nbsp;&nbsp;&nbsp;&nbsp; • Accounts Receivable – Other, net<br>| 598328 | 390243 | 343036 |
| &nbsp;&nbsp;&nbsp;&nbsp; • Others<br>| 2261715 | 2178111 | 2234125 |
|  Non-Current Assets | 19166316 | 19343221 | 20292088 |
| &nbsp;&nbsp;&nbsp;&nbsp; • Long-Term Investment Securities<br>| 1197946 | 1418465 | 1426290 |
| &nbsp;&nbsp;&nbsp;&nbsp; • Investments in Subsidiaries and Associates<br>| 5956994 | 4899558 | 4670568 |
| &nbsp;&nbsp;&nbsp;&nbsp; • Property and Equipment, net<br>| 7768101 | 8515225 | 9076459 |
| &nbsp;&nbsp;&nbsp;&nbsp; • Goodwill<br>| 1306236 | 1306236 | 1306236 |
| &nbsp;&nbsp;&nbsp;&nbsp; • Intangible Assets, net<br>| 1286354 | 1683018 | 2250829 |
| &nbsp;&nbsp;&nbsp;&nbsp; • Others<br>| 1650685 | 1520719 | 1561706 |
|  Total Assets | 24029941 | 24585626 | 24995932 |
|  **Liabilities** |  |  |  |
|  Current Liabilities | 4987886 | 6240886 | 5505470 |
|  Non-Current Liabilities | 8047414 | 7383886 | 9054369 |
|  Total Liabilities | 13035300 | 13624772 | 14559839 |
|  **Equity** |  |  |  |
|  Share Capital | 30493 | 30493 | 30493 |
|  Capital Surplus (Deficit) and Other Capital Adjustments | (4547688) | (4551820) | (4766147) |
|  Retained Earnings | 15116780 | 15273451 | 15032473 |
|  Reserves | 395056 | 208730 | 139274 |
|  Total Equity | 10994641 | 10960854 | 10436093 |
|  Total Liabilities and Equity | 24029941 | 24585626 | 24995932 |

---

(Unit: in millions of Won)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the nine months**<br>**ended September 30,**<br>**2025** | **For the year ended**<br>**December 31, 2024** | **For the year ended**<br>**December 31, 2023** |
|  Operating Revenue | 8967323 | 12774060 | 12589220 |
|  Operating Profit | 681084 | 1523175 | 1455870 |
|  Profit Before Income Tax | 565539 | 1477084 | 1354939 |
|  Profit for the Period | 511475 | 1280484 | 1059750 |
|  Basic Earnings Per Share (Won) | 1362 | 5923 | 4798 |
|  Diluted Earnings Per Share (Won) | 1360 | 5907 | 4794 |

---

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##### [**Table of Contents**](#toc)
**2. Dividends and Others** 

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

**3. Use of Direct Financing** 

**A.** **Use of Proceeds from Public Offerings** 

**[SK Telecom]** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (As of September 30, 2025) | (As of September 30, 2025) |  |  |  | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Category** | **Bond Series** | **Payment Date** | **Planned Use of Proceeds** | **Planned Use of Proceeds** | **Actual Use of Proceeds** | **Actual Use of Proceeds** | **Reasons for<br>Difference** |
| **Category** | **Bond Series** | **Payment Date** | **Use** | **Amount** | **Use** | **Amount** | **Reasons for<br>Difference** |
|  Corporate bond | Series 85-1,2 | February 17, 2023 | Repayment of debt | 300000 | Repayment of debt | 300000 |  |
|  Corporate bond | Series 86-1,2,3 | April 12, 2023 | Repayment of debt | 350000 | Repayment of debt | 350000 |  |
|  Hybrid securities | Series 3 | June 5, 2023 | Repayment of debt | 400000 | Repayment of debt | 400000 |  |
|  Corporate bond | Series 87-1,2,3,4 | October 18, 2023 | Repayment of debt | 295000 | Repayment of debt | 295000 |  |
|  Corporate bond | Series 88-1,2,3 | February 22, 2024 | Repayment of debt | 400000 | Repayment of debt | 400000 |  |
|  Corporate bond | Series 89-1,2,3 | December 11, 2024 | Repayment of debt | 300000 | Repayment of debt | 300000 |  |
|  Corporate bond | Series 90-1,2,3 | February 21, 2025 | Repayment of debt | 400000 | Repayment of debt | 400000 |  |

---

**[SK Broadband]** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (As of September 30, 2025) | (As of September 30, 2025) |  |  |  | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Category** | **Bond Series** | **Payment Date** | **Planned Use of Proceeds** | **Planned Use of Proceeds** | **Actual Use of Proceeds** | **Actual Use of Proceeds** | **Reasons for<br>Difference** |
| **Category** | **Bond Series** | **Payment Date** | **Use** | **Amount** | **Use** | **Amount** | **Reasons for<br>Difference** |
|  Corporate bond | Series 53-1 | March 2, 2023 | Operation fund | 5000 | Operation fund | 5000 |  |
|  Corporate bond | Series 53-1 | March 2, 2023 | Repayment of debt | 45000 | Repayment of debt | 45000 |  |
|  Corporate bond | Series 53-2 | March 2, 2023 | Operation fund | 55000 | Operation fund | 55000 |  |
|  Corporate bond | Series 53-2 | March 2, 2023 | Repayment of debt | 45000 | Repayment of debt | 45000 |  |
|  Corporate bond | Series 53-3 | March 2, 2023 | Operation fund | 46900 | Operation fund | 46900 |  |
|  Corporate bond | Series 53-3 | March 2, 2023 | Repayment of debt | 43100 | Repayment of debt | 43100 |  |
|  Corporate bond | Series 54-1 | October 30, 2023 | Facility fund | 100000 | Facility fund | 100000 |  |
|  Corporate bond | Series 54-2 | October 30, 2023 | Facility fund | 60000 | Facility fund | 60000 |  |
|  Corporate bond | Series 55-1 | January 22, 2024 | Repayment of debt | 170000 | Repayment of debt | 170000 |  |
|  Corporate bond | Series 55-2 | January 22, 2024 | Repayment of debt | 60000 | Repayment of debt | 60000 |  |
|  Corporate bond | Series 56-1 | December 4, 2024 | Repayment of debt | 100000 | Repayment of debt | 100000 |  |
|  Corporate bond | Series 56-1 | December 4, 2024 | Facility fund | 30000 | Facility fund | 30000 |  |
|  Corporate bond | Series 56-2 | December 4, 2024 | Repayment of debt | 50000 | Repayment of debt | 50000 |  |
|  Corporate bond | Series 56-2 | December 4, 2024 | Facility fund | 65000 | Facility fund | 65000 |  |
|  Corporate bond | Series 56-3 | December 4, 2024 | Repayment of debt | 30000 | Repayment of debt | 30000 |  |
|  Corporate bond | Series 56-3 | December 4, 2024 | Facility fund | 20000 | Facility fund | 20000 |  |
|  Corporate bond | Series 57-1 | April 29, 2025 | Repayment of debt | 50000 | Repayment of debt | 50000 |  |
|  Corporate bond | Series 57-2 | April 29, 2025 | Repayment of debt | 120000 | Repayment of debt | 120000 |  |
|  Corporate bond | Series 57-3 | April 29, 2025 | Repayment of debt | 30000 | Repayment of debt | 30000 |  |
|  Corporate bond | Series 58-1 | June 19, 2025 | Acquisition of business | 480000 | Acquisition of business | 480000 |  |
|  Corporate bond | Series 58-2 | June 19, 2025 | Acquisition of business | 50000 | Acquisition of business | 50000 |  |

---

------

##### [**Table of Contents**](#toc)
**4. Other Matters Related to Financial Information** 

**A.** **Restatement of the Financial Statements** 

Not applicable.

**B.** **Loss Allowance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Loss Allowance of Trade and Other Receivables

---

| | | | |
|:---|:---|:---|:---|
|  | (Unit: in millions of Won, except percentages) | (Unit: in millions of Won, except percentages) | (Unit: in millions of Won, except percentages) |
|  | **For the nine months ended September 30, 2025** | **For the nine months ended September 30, 2025** | **For the nine months ended September 30, 2025** |
|  | **Gross amount** | **Loss Allowance** | **Percentage** |
|  Accounts receivable – trade | 2307313 | 276167 | 12.0% |
|  Loans | 173057 | 42243 | 24.4% |
|  Accounts receivable – other | 703636 | 23527 | 3.3% |
|  Accrued income | 3066 |  |  |
|  Guarantee deposits | 254999 |  |  |
|  **Total** | 3442071 | 341937 | 9.9% |
|  | (Unit: in millions of Won, except percentages) | (Unit: in millions of Won, except percentages) | (Unit: in millions of Won, except percentages) |
|  | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Gross amount** | **Loss Allowance** | **Percentage** |
|  Accounts receivable – trade | 2258412 | 258030 | 11.4% |
|  Loans | 141609 | 41958 | 29.6% |
|  Accounts receivable – other | 568072 | 25628 | 4.5% |
|  Accrued income | 4242 |  |  |
|  Guarantee deposits | 275450 |  |  |
|  **Total** | 3247785 | 325616 | 10.0% |
|  | (Unit: in millions of Won, except percentages) | (Unit: in millions of Won, except percentages) | (Unit: in millions of Won, except percentages) |
|  | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** |
|  | **Gross amount** | **Loss Allowance** | **Percentage** |
|  Accounts receivable – trade | 2233586 | 242737 | 10.9% |
|  Loans | 150671 | 42087 | 27.9% |
|  Accounts receivable – other | 690157 | 33276 | 4.8% |
|  Accrued income | 4295 |  |  |
|  Guarantee deposits | 286520 | 300 | 0.1% |
|  **Total** | 3365229 | 318400 | 9.5% |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
|  | **For the nine months ended<br>September 30, 2025** | **For the year ended**<br>**December 31, 2024** | **For the year ended**<br>**December 31, 2023** |
|  **Beginning balance** | 325616 | 318401 | 325003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of change in accounting policy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase of loss allowance | 35486 | 54703 | 43162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of loss allowance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write-offs | (19165) | (44556) | (49764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | (2933) |  |
|  **Ending balance** | 341937 | 325615 | 318400 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Policies for Loss Allowance

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

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Aging of Accounts Receivable

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | (Unit: in millions of Won, except percentages) | (Unit: in millions of Won, except percentages) | (Unit: in millions of Won, except percentages) |
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| | **Six months or<br>less** | **From six<br>months to one<br>year** | **From one year<br>to three years** | **More than<br>three years** | **Total** |
|  Accounts receivable – general | 2046106 | 58649 | 158069 | 44491 | 2307315 |
|  Percentage | 88.68% | 2.54% | 6.85% | 1.93% | 100.0% |

---

**C.** **Inventories** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Detailed Categories of Inventories

---

| | | | |
|:---|:---|:---|:---|
|  | (Unit: in millions of Won, except percentages) | (Unit: in millions of Won, except percentages) | (Unit: in millions of Won, except percentages) |
| **Account Category** | **For the nine months ended<br>September 30, 2025** | **For the year ended<br>December 31, 2024** | **For the year ended<br>December 31, 2023** |
|  Merchandise | 208332 | 183202 | 166614 |
|  Goods in transit |  |  |  |
|  Other inventories | 16781 | 26581 | 13195 |
|  **Total** | 225113 | 209783 | 179809 |
|  Percentage of inventories to total assets<br> [Inventories / Total assets] | 0.78% | 0.69% | 0.60% |
|  Inventory turnover<br> [Cost of sales / { (Beginning balance of inventories<br>+ Ending balance of inventories) / 2}] | 5.88 | 6.73 | 7.32 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Reporting of Inventories

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

**D.** **Fair Value Measurement** 

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

**E.** **Key Terms of Debt Securities** 

**[SK Telecom]** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal<br>Agency Agreement** | **Fiscal Agent** |
|  Unsecured Bond – Series 62-3 | Aug. 28, 2012 | Aug. 28, 2032 |  | 90000 | Aug. 22, 2012 | Meritz Securities Co., Ltd. |

---

---

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

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal<br>Agency Agreement** | **Fiscal Agent** |
|  Unsecured Bond – Series 63-2 | Apr. 23, 2013 | Apr. 23, 2033 | 130000 | Apr. 17, 2013 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 66-3 | Feb. 26, 2015 | Feb. 26, 2030 | 50000 | Feb. 11, 2015 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 67-3 | July 17, 2015 | July 17, 2030 | 90000 | July 9, 2015 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 68-2 | Nov. 30, 2015 | Nov. 30, 2025 | 100000 | Nov. 18, 2015 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 68-3 | Nov. 30, 2015 | Nov. 30, 2035 | 70000 | Nov. 18, 2015 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 69-3 | Mar. 4, 2016 | Mar. 4, 2026 | 90000 | Feb. 22, 2016 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 69-4 | Mar. 4, 2016 | Mar. 4, 2036 | 80000 | Feb. 22, 2016 | Korea Securities Finance Corp. |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal<br>Agency Agreement** | **Fiscal Agent** |
|  Unsecured Bond – Series 70-3 | June 3, 2016 | June 3, 2026 | 120000 | May 24, 2016 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 70-4 | June 3, 2016 | June 3, 2031 | 50000 | May 24, 2016 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 71-3 | Apr. 25, 2017 | Apr. 25, 2027 | 100000 | Apr. 13, 2017 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 71-4 | Apr. 25, 2017 | Apr. 25, 2032 | 90000 | Apr. 13, 2017 | Korea Securities Finance Corp. |

---

---

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

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal<br>Agency Agreement** | **Fiscal Agent** |
|  Unsecured Bond – Series 72-3 | Nov. 10, 2017 | Nov. 10, 2027 | 100000 | Oct. 31, 2017 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 73-3 | Feb. 20, 2018 | Feb. 20, 2028 | 200000 | Feb. 6. 2018 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 73-4 | Feb. 20, 2018 | Feb. 20, 2038 | 90000 | Feb. 6. 2018 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 74-3 | Sept. 17, 2018 | Sept. 17, 2038 | 50000 | Sept. 5, 2018 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 75-3 | Mar. 6, 2019 | Mar. 6, 2029 | 50000 | Feb. 21, 2019 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 75-4 | Mar. 6, 2019 | Mar. 6, 2039 | 50000 | Feb. 21, 2019 | Korea Securities Finance Corp. |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal<br>Agency Agreement** | **Fiscal Agent** |
|  Unsecured Bond – Series 76-3 | July 29, 2019 | July 29, 2029 | 120000 | July 17, 2019 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 76-4 | July 29, 2019 | July 29, 2039 | 50000 | July 17, 2019 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 76-5 | July 29, 2019 | July 29, 2049 | 50000 | July 17, 2019 | Korea Securities Finance Corp. |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal<br>Agency Agreement** | **Fiscal Agent** |
|  Unsecured Bond – Series 77-3 | Oct. 22, 2019 | Oct. 22, 2029 | 40000 | Oct. 10, 2019 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 77-4 | Oct. 22, 2019 | Oct. 22, 2039 | 60000 | Oct. 10, 2019 | Korea Securities Finance Corp. |

---

---

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

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal<br>Agency Agreement** | **Fiscal Agent** |
|  Unsecured Bond – Series 78-3 | Jan. 14, 2020 | Jan. 14, 2030 | 50000 | Dec. 31, 2019 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 78-4 | Jan. 14, 2020 | Jan. 14, 2040 | 70000 | Dec. 31, 2019 | Korea Securities Finance Corp. |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal<br>Agency Agreement** | **Fiscal Agent** |
|  Unsecured Bond – Series 79-1 | Oct. 19, 2020 | Oct. 19, 2025 | 140000 | Oct. 6, 2020 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 79-2 | Oct. 19, 2020 | Oct. 19, 2030 | 40000 | Oct. 6, 2020 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 79-3 | Oct. 19, 2020 | Oct. 19, 2040 | 110000 | Oct. 6, 2020 | Korea Securities Finance Corp. |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal<br>Agency Agreement** | **Fiscal Agent** |
|  Unsecured Bond – Series 80-2 | Jan. 15, 2021 | Jan. 15, 2026 | 80000 | Jan. 5, 2021 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 80-3 | Jan. 15, 2021 | Jan. 15, 2031 | 50000 | Jan. 5, 2021 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 80-4 | Jan. 15, 2021 | Jan. 15, 2041 | 100000 | Jan. 5, 2021 | Korea Securities Finance Corp. |

---

---

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

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal<br>Agency Agreement** | **Fiscal Agent** |
|  Unsecured Bond – Series 81-2 | Oct. 28, 2021 | Oct. 28, 2026 | 70000 | Oct. 18, 2021 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 81-3 | Oct. 28, 2021 | Oct. 28, 2041 | 40000 | Oct. 18, 2021 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 82-2 | Apr. 12, 2022 | Apr. 12, 2027 | 70000 | Mar. 31, 2022 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 82-3 | Apr. 12, 2022 | Apr. 12, 2042 | 40000 | Mar. 31, 2022 | Korea Securities Finance Corp. |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal<br>Agency Agreement** | **Fiscal Agent** |
|  Unsecured Bond – Series 83-2 | Aug. 10, 2022 | Aug. 10, 2027 | 95000 | July 29, 2022 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 84-2 | Dec. 14, 2022 | Dec. 12, 2025 | 110000 | Dec. 2, 2022 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 84-3 | Dec. 14, 2022 | Dec. 14, 2027 | 60000 | Dec. 2, 2022 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 84-4 | Dec. 14, 2022 | Dec. 14, 2032 | 40000 | Dec. 2, 2022 | Korea Securities Finance Corp. |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal<br>Agency Agreement** | **Fiscal Agent** |
|  Unsecured Bond – Series 85-1 | Feb. 17, 2023 | Feb. 17, 2026 | 110000 | Feb. 7, 2023 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 85-2 | Feb. 17, 2023 | Feb. 17, 2028 | 190000 | Feb. 7, 2023 | Korea Securities Finance Corp. |

---

------

##### [**Table of Contents**](#toc)

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal<br>Agency Agreement** | **Fiscal Agent** |
|  Unsecured Bond – Series 86-1 | Apr. 12, 2023 | Apr. 10, 2026 | 80000 | Mar. 31, 2023 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 86-2 | Apr. 12, 2023 | Apr. 12, 2028 | 200000 | Mar. 31, 2023 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 86-3 | Apr. 12, 2023 | Apr. 12, 2030 | 70000 | Mar. 31, 2023 | Korea Securities Finance Corp. |

---

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal<br>Agency Agreement** | **Fiscal Agent** |
|  Hybrid Securities Series 3 | June 5, 2023 | June 5, 2083 |  | 400000 | May 23, 2023 | Eugene Investment & Securities<br>Co., Ltd. |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal<br>Agency Agreement** | **Fiscal Agent** |
|  Unsecured Bond – Series 87-1 | Oct. 18, 2023 | Oct. 16, 2026 | 115000 | Oct. 5, 2023 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 87-2 | Oct. 18, 2023 | Oct. 18, 2028 | 100000 | Oct. 5, 2023 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 87-3 | Oct. 18, 2023 | Oct. 18, 2030 | 50000 | Oct. 5, 2023 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 87-4 | Oct. 18, 2023 | Oct. 18, 2033 | 30000 | Oct. 5, 2023 | Korea Securities Finance Corp. |

---

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##### [**Table of Contents**](#toc)

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal<br>Agency Agreement** | **Fiscal Agent** |
|  Unsecured Bond – Series 88-1 | Feb. 22, 2024 | Feb. 22, 2027 | 180000 | Feb 8, 2024 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 88-2 | Feb. 22, 2024 | Feb. 22, 2029 | 110000 | Feb. 8, 2024 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 88-3 | Feb. 22, 2024 | Feb. 22, 2034 | 110000 | Feb. 8, 2024 | Korea Securities Finance Corp. |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal<br>Agency Agreement** | **Fiscal Agent** |
|  Unsecured Bond – Series 89-1 | Dec. 11, 2024 | Dec. 10, 2027 | 170000 | Nov. 29, 2024 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 89-2 | Dec. 11, 2024 | Dec. 11, 2029 | 90000 | Nov. 29, 2024 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 89-3 | Dec. 11, 2024 | Dec. 11, 2034 | 40000 | Nov. 29, 2024 | Korea Securities Finance Corp. |

---

---

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

---

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##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal<br>Agency Agreement** | **Fiscal Agent** |
|  Unsecured Bond – Series 90-1 | Feb. 21, 2025 | Feb. 21, 2028 | 190000 | Feb. 11, 2025 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 90-2 | Feb. 21, 2025 | Feb. 21, 2030 | 70000 | Feb. 11, 2025 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 90-3 | Feb. 21, 2025 | Feb. 21, 2035 | 140000 | Feb. 11, 2025 | Korea Securities Finance Corp. |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal<br>Agency Agreement** | **Fiscal Agent** |
|  Unsecured Bond – Series 91-1 | Sept. 11, 2025 | Sept. 11, 2028 | 80000 | Sept. 1, 2025 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 91-2 | Sept. 11, 2025 | Sept. 10, 2030 | 190000 | Sept. 1, 2025 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 91-3 | Sept. 11, 2025 | Sept. 11, 2035 | 40000 | Sept. 1, 2025 | Korea Securities Finance Corp. |

---

---

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

---

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##### [**Table of Contents**](#toc)
**[SK Broadband]** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal<br>Agency Agreement** | **Fiscal Agent** |
|  Unsecured Bond –Series 48-3 | Sept. 24, 2019 | Sept. 23, 2026 | 50000 | Sept. 10, 2019 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 52-2 | Jan. 25, 2022 | Jan. 25, 2032 | 50000 | Jan. 13, 2022 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 53-2 | Mar. 2, 2023 | Feb. 27, 2026 | 100000 | Feb. 17, 2023 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 53-3 | Mar. 2, 2023 | Mar. 2, 2028 | 90000 | Feb. 17, 2023 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 54-1 | Oct. 30, 2023 | Oct. 30, 2026 | 100000 | Oct. 18, 2023 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 54-2 | Oct. 30, 2023 | Oct. 30, 2028 | 60000 | Oct. 18, 2023 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 55-1 | Jan. 22, 2024 | Jan. 22, 2027 | 170000 | Jan. 10, 2024 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 55-2 | Jan. 22, 2024 | Jan. 22, 2029 | 60000 | Jan. 10, 2024 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 56-1 | Dec. 4, 2024 | Dec. 3, 2027 | 130000 | Nov. 22, 2024 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 56-2 | Dec. 4, 2024 | Dec. 4, 2029 | 115000 | Nov. 22, 2024 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 56-3 | Dec. 4, 2024 | Dec. 4, 2031 | 50000 | Nov. 22, 2024 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 57-1 | Apr. 29, 2025 | Apr. 28, 2028 | 50000 | Apr. 17, 2025 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 57-2 | Apr. 29, 2025 | Apr. 29, 2030 | 120000 | Apr. 17, 2025 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 57-3 | Apr. 29, 2025 | Apr. 29, 2035 | 30000 | Apr. 17, 2025 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 58-1 | Jun. 19, 2025 | Jun. 19, 2030 | 480000 | Jun. 9, 2025 | Korea Securities Finance Corp. |
|  Unsecured Bond – Series 58-2 | Jun. 19, 2025 | Jun. 19, 2035 | 50000 | Jun. 9, 2025 | Korea Securities Finance Corp. |

---

---

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

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##### [**Table of Contents**](#toc)
**IV.** **MANAGEMENT'S DISCUSSION AND ANALYSIS** 

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

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##### [**Table of Contents**](#toc)
**V.** **AUDITOR'S OPINION** 

**1. Independent Auditors and Audit Opinions** 

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

---

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

---

**B.** **Audit Services Contracts with Independent Auditors** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Unit: in millions of Won except number of hours) | (Unit: in millions of Won except number of hours) | (Unit: in millions of Won except number of hours) | (Unit: in millions of Won except number of hours) | (Unit: in millions of Won except number of hours) | (Unit: in millions of Won except number of hours) | (Unit: in millions of Won except number of hours) |
| **Period** | **Auditors** | **Contents** | **Audit Contract** | **Audit Contract** | **Actual<br>Performance** | **Actual<br>Performance** |
| **Period** | **Auditors** | **Contents** | **Fee** | **Total<br>number<br>of hours** | **Fee** | **Total<br>number<br>of hours** |
|  Nine months ended September 30, 2025 | KPMG Samjong | Quarterly and semi-annual review | 2597 | 24500 | 1321 | 12463 |
|  Nine months ended September 30, 2025 | KPMG Samjong | Separate financial statements audit | 2597 | 24500 | 1321 | 12463 |
|  Nine months ended September 30, 2025 | KPMG Samjong | Consolidated financial statements audit | 2597 | 24500 | 1321 | 12463 |
|  Nine months ended September 30, 2025 | KPMG Samjong | English financial statements review and other audit task | 2597 | 24500 | 1321 | 12463 |
|  Nine months ended September 30, 2025 | KPMG Samjong | Internal accounting system audit | 2597 | 24500 | 1321 | 12463 |
|  Year ended December 31, 2024 | Ernst & Young Han Young | Quarterly and semi-annual review | 2880 | 25000 | 2880 | 25000 |
|  Year ended December 31, 2024 | Ernst & Young Han Young | Separate financial statements audit | 2880 | 25000 | 2880 | 25000 |
|  Year ended December 31, 2024 | Ernst & Young Han Young | Consolidated financial statements audit | 2880 | 25000 | 2880 | 25000 |
|  Year ended December 31, 2024 | Ernst & Young Han Young | English financial statements review and other audit task | 2880 | 25000 | 2880 | 25000 |
|  Year ended December 31, 2024 | Ernst & Young Han Young | Internal accounting system audit | 2880 | 25000 | 2880 | 25000 |
|  Year ended December 31, 2023 | Ernst & Young Han Young | Quarterly and semi-annual review | 2780 | 24800 | 2780 | 24800 |
|  Year ended December 31, 2023 | Ernst & Young Han Young | Separate financial statements audit | 2780 | 24800 | 2780 | 24800 |
|  Year ended December 31, 2023 | Ernst & Young Han Young | Consolidated financial statements audit | 2780 | 24800 | 2780 | 24800 |
|  Year ended December 31, 2023 | Ernst & Young Han Young | English financial statements review and other audit task | 2780 | 24800 | 2780 | 24800 |
|  Year ended December 31, 2023 | Ernst & Young Han Young | Internal accounting system audit | 2780 | 24800 | 2780 | 24800 |

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##### [**Table of Contents**](#toc)
**C.** **Non-Audit Services Contracts with Independent Auditors** 

---

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

---

**D.** **Discussions between Audit Committee and Independent Auditors** 

---

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

---

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##### [**Table of Contents**](#toc)
**VI.** **CORPORATE ORGANIZATION INCLUDING BOARD OF DIRECTORS** 

**1. Board of Directors** 

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

**2. Audit System** 

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

**3. Shareholders' Exercise of Voting Rights** 

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

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##### [**Table of Contents**](#toc)
**VII.** **SHAREHOLDERS** 

**1. Shareholdings of the Largest Shareholder and Related Persons** 

**A.** **Shareholdings of the Largest Shareholder and Related Persons** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (As of September 30, 2025) | (As of September 30, 2025) | (As of September 30, 2025) | (Unit: in shares and percentages) | (Unit: in shares and percentages) | (Unit: in shares and percentages) | (Unit: in shares and percentages) |
| **Name** | **Relationship** | **Type of share** | **Number of shares owned and ownership ratio** | **Number of shares owned and ownership ratio** | **Number of shares owned and ownership ratio** | **Number of shares owned and ownership ratio** |
| **Name** | **Relationship** | **Type of share** | **Beginning of Period** | **Beginning of Period** | **End of Period** | **End of Period** |
| **Name** | **Relationship** | **Type of share** | **Number of<br>shares** | **Ownership<br>ratio** | **Number of<br>shares** | **Ownership<br>ratio** |
|  SK Inc. | Largest shareholder | Common share | 65668397 | 30.57 | 65668397 | 30.57 |
|  Tae Won Chey | Officer of affiliated company | Common share | 303 | 0.00 | 303 | 0.00 |
|  Dong Hyun Jang | Officer of affiliated company | Common share | 762 | 0.00 | 762 | 0.00 |
|  Young Sang Ryu | Officer of the Company | Common share | 20309 | 0.01 | 20309 | 0.01 |
|  Yong-Hak Kim | Officer of the Company | Common share | 4923 | 0.00 | 6311 | 0.00 |
|  Junmo Kim | Officer of the Company | Common share | 3763 | 0.00 | 4631 | 0.00 |
|  Haeyun Oh | Officer of the Company | Common share | 2316 | 0.00 | 3184 | 0.00 |
|  Mi Kyung Noh | Officer of the Company | Common share | 978 | 0.00 | 1846 | 0.00 |
|  Chang Bo Kim | Officer of the Company | Common share | 0 | 0.00 | 868 | 0.00 |
|  Poong Young Yoon | Related person | Common share | 2733 | 0.00 | 2733 | 0.00 |
|  Total | Total | Common share | 65717070 | 30.60 | 65709344 | 30.59 |

---

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

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

**B.** **Overview of the Largest Shareholder** 

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

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

Changes in shareholdings of the largest shareholder are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (As of September 30, 2025) | (As of September 30, 2025) | (As of September 30, 2025) | (As of September 30, 2025) | (Unit: in shares and percentages) |
| **Largest<br>Shareholder** | **Date of the change**  | **Shares Held\*** | **Holding<br>Ratio** | **Remarks** |
|  SK Inc. | February 27, 2023 | 65719411 | 30.03 | Young Sang Ryu, representative director of the Company, and Jong Ryeol Kang, executive director of the Company, acquired 4,634 and 2,274 shares, respectively. |
|  SK Inc. | March 28, 2023 | 65717964 | 30.03 | Retirement of Jung Ho Ahn, independent director of the Company (1,447 shares) |
|  SK Inc. | April 21, 2023 | 65724963 | 30.03 | Four independent directors, Youngmin Yoon, Haeyun Oh, Junmo Kim and Seok-dong Kim each acquired 1,338 shares. Yong-Hak Kim, independent director of the Company, acquired 1,647 shares. |

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##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| (As of September 30, 2025) | (As of September 30, 2025) | (As of September 30, 2025) | (As of September 30, 2025) | (Unit: in shares and percentages) |
| **Largest<br>Shareholder** | **Date of the change** | **Shares Held\*** | **Holding<br>Ratio** | **Remarks** |
|  | January 29, 2024 | 65736363 | 30.04 | Young Sang Ryu, representative director of the Company, and Jong Ryeol Kang, executive director of the Company, acquired 8,335 and 3,065 shares, respectively. |
|  | March 26, 2024 | 65733123 | 30.60 | Retirement of Youngmin Yoon, independent director of the Company (2,785 shares) and Kyu-nam Choi, non-executive director of the company (455 shares) |
|  | April 29, 2024 | 65738600 | 30.61 | Four independent directors of the Company, Seok-Dong Kim, Junmo Kim, Mi Kyung Noh, Haeyun Oh, each acquired 978 shares. Yong-Hak Kim, another independent director of the Company, acquired 1,565 shares. |
|  | September 22, 2024 | 65717070 | 30.60 | Elimination of former related person Jung Ho Park's related party relationship (21,530 shares). |
|  | March 26, 2025 | 65704484 | 30.59 | Retirement of Jong Ryeol Kang, executive director of the Company (8,823 shares) and Seok-Dong Kim, independent director of the Company (3,763 shares). |
|  | April 30, 2025 | 65709344 | 30.59 | Four independent directors of the Company, Junmo Kim, Haeyun Oh, Mi Kyung Noh and Chang Bo Kim, each acquired 868 shares. Yong-Hak Kim, another independent director of the Company, acquired 1,388 shares. |

---

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

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

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

**VIII.** **EMPLOYEES AND DIRECTORS** 

**1. Officers and Employees** 

**A.** **Registered Directors** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (As of September 30, 2025) | (As of September 30, 2025) | (As of September 30, 2025) | (As of September 30, 2025) | (As of September 30, 2025) | (As of September 30, 2025) | (As of September 30, 2025) |
| **Name** | **Gender** | **Date of Birth** | **Position** | **Professional Background** | **Duration of<br>Term** | **End of<br>Current<br>Term** |
|  Young Sang Ryu | Male | May 1970 | Chief Executive Officer; Representative Director | Former Head, SK Telecom MNO business | 7 years and 7 months |  |
|  Yang Seob Kim | Male | Feb. 1966 | Head of Corporate<br> Planning Center and Chief Financial Officer | Former Head of Finance Division and Chief Financial Officer, SK Innovation | 1 year and 7 months |  |
|  Dong Soo Kang | Male | June 1969 | Non-executive Director | Head of PM Division, SK Inc.; Former Head of Portfolio Division, SK Innovation | 7 months |  |
|  Yong-Hak Kim | Male | Jan. 1953 | Independent Director | Former President (Professor Emeritus), Yonsei University | 5 years and 7 months |  |
|  Junmo Kim | Male | Sep. 1976 | Independent Director | Professor, Department of Electrical Engineering at Korea Advanced Institute of Science and Technology | 5 years and 7 months |  |
|  Haeyun Oh | Female | Nov. 1974 | Independent Director | Director of MARS Artificial Intelligence Integrated Research Center, Korea Advanced Institute of Science and Technology; Professor, Department of Computer Science at Korea Advanced Institute of Science and Technology | 2 years and 7 months |  |

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##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (As of September 30, 2025) | (As of September 30, 2025) | (As of September 30, 2025) | (As of September 30, 2025) | (As of September 30, 2025) | (As of September 30, 2025) | (As of September 30, 2025) |
| **Name** | **Gender** | **Date of Birth** | **Position** | **Professional Background** | **Duration of<br>Term** | **End of<br>Current<br>Term** |
|  Mi Kyung Noh | Female | Aug. 1965 | Independent Director | Former Regional Head of Credit Risk Review and Asia Pacific Risk, HSBC Hong Kong | 1 year and 7 months |  |
|  Chang Bo Kim | Male | July 1959 | Independent Director | Attorney, DR & AJU LLC; Former Chief Judge, Seoul High Court | 7 months |  |

---

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

**2. Compensation of Directors and Officers** 

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

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##### [**Table of Contents**](#toc)
**IX.** **RELATED PARTY TRANSACTIONS** 

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

None.

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

None.

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

**3. Transactions with the Largest Shareholder and Related Parties** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (As of September 30, 2025) | (As of September 30, 2025) | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Name (Corporate name)** | **Relationship** | **Transaction Type** | **Transaction Period** | **Transaction Details** | **Transaction Amount** |
|  PS&Marketing | Affiliate | Sales and purchases, etc. | January 1, 2025 – September 30, 2025 | Marketing fees, etc. | 1007574 |

---

**4. Related Party Transactions** 

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (As of September 30, 2025) | (As of September 30, 2025) | (As of September 30, 2025) | (As of September 30, 2025) | (As of September 30, 2025) | (As of September 30, 2025) |  |  |  |  |
| **Program Name** | **Grantee** | **Relationship** | **Grant Date** | **Issuance Date<br>(Cancellation Date)** | **Shares Granted** | **Shares Granted** | **Shares Issued** | **Shares Issued** | **Unissued** |
| **Program Name** | **Grantee** | **Relationship** | **Grant Date** | **Issuance Date<br>(Cancellation Date)** | **New** | **Cumulative** | **Current<br>Period** | **Cumulative** | **Unissued<br>at End of<br>Period** |
|  Performance Stock Unit ("PSU") | Young Sang<br>Ryu | Representative<br>Director | March 28,<br>2023 | Within one month<br>of the Board of<br>Directors' 2026<br>resolution on the<br>disposal of treasury<br>shares | 25380 | 25380 |  |  | 25380 |
|  Performance Stock Unit ("PSU") | Young Sang<br>Ryu | Representative<br>Director | March 26,<br>2024 | Within one month<br>of the Board of<br>Directors' 2027<br>resolution on the<br>disposal of treasury<br>shares | 26555 | 26555 |  |  | 26555 |
|  Performance Stock Unit ("PSU") | Yang Seob<br>Kim | Executive<br>Director | March 26,<br>2024 | Within one month<br>of the Board of<br>Directors' 2027<br>resolution on the<br>disposal of treasury<br>shares | 2360 | 2360 |  |  | 2360 |
|  Stock Grant | Yong-Hak<br>Kim | Independent<br>Director | April 24,<br>2025 | April 28, 2025 | 1388 | 1388 | 1388 | 1388 |  |
|  Stock Grant | Junmo Kim | Independent<br>Director | April 24,<br>2025 | April 28, 2025 | 868 | 868 | 868 | 868 |  |
|  Stock Grant | Chang Bo<br>Kim | Independent<br>Director | April 24,<br>2025 | April 28, 2025 | 868 | 868 | 868 | 868 |  |
|  Stock Grant | Mi Kyung<br>Noh | Independent<br>Director | April 24,<br>2025 | April 28, 2025 | 868 | 868 | 868 | 868 |  |
|  Stock Grant | Haeyun Oh | Independent<br>Director | April 24,<br>2025 | April 28, 2025 | 868 | 868 | 868 | 868 |  |

---

------

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

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

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (As of September 30, 2025) | (As of September 30, 2025) | (As of September 30, 2025) | (As of September 30, 2025) | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Name (Corporate name)** | **Relationship** | **Account category** | **Change details** | **Change details** | **Change details** | **Change details** | **Accrued<br>interest** | **Remarks** |
| **Name (Corporate name)** | **Relationship** | **Account category** | **Beginning** | **Increase** | **Decrease** | **Ending** | **Accrued<br>interest** | **Remarks** |
|  Baekmajang and others | Agency | Long-term and short-<br>term loans | 56633 | 85649 | 57027 | 85255 |  |  |
|  Daehan Kanggun BCN Inc. | Investee | Long-term loans | 22148 |  |  | 22148 |  |  |

---

**B.** **Other transactions** 

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

**X.** **OTHER INFORMATION RELATING TO THE PROTECTION OF INVESTORS** 

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

None.

**2. Contingent Liabilities** 

**A.** **Legal Proceedings** 

**[SK Telecom]** 

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

**[SK Broadband]** 

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

**B.** **Other Contingent Liabilities and Guarantees for Payment** 

**[SK Telecom]** 

None.

------

##### [**Table of Contents**](#toc)
**[SK Broadband]** 

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Guarantor** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Guarantee Details**  | **Guaranteed Amount** |
|  Seoul Guarantee Insurance Company | Contract and defect performance guarantee | 27318 |
|  Korea Content Financial Cooperative | Contract performance guarantee | 59397 |

---

**[PS&Marketing]** 

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

---

| | | |
|:---|:---|:---|
| (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Guarantor** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Guarantee Details**  | **Guaranteed Amount** |
|  Seoul Guarantee Insurance Company | Performance guarantee | 1243 |

---

**[SK Telink]** 

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

---

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

---

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

---

| | | | |
|:---|:---|:---|:---|
| (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Guarantor** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Guarantee Details**  | **Guaranteed Amount** | **Guaranteed Amount** |
|  Seoul Guarantee Insurance Company | Contract guarantee |  | 836 |

---

**[Home&Service]** 

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

---

| | | | |
|:---|:---|:---|:---|
| (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Guarantor** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Guarantee Details**  | **Guaranteed Amount** | **Guaranteed Amount** |
|  Seoul Guarantee Insurance Company | Payment guarantees |  | 37 |

---

------

##### [**Table of Contents**](#toc)
As of September 30, 2025, Home&Service has entered into the following credit facilities with financial institutions.

---

| | | | |
|:---|:---|:---|:---|
| (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Financial Institution** | **Credit Limit** | **Details** | **Details** |
|  Shinhan Bank | 6000 |  | Revolving credit |

---

**[SK O&S]** 

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

---

| | | |
|:---|:---|:---|
| (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Guarantor** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Guarantee Details**  | **Guaranteed Amount** |
|  Seoul Guarantee Insurance Company | Contract performance guarantee | 50000 |

---

**[SK Stoa]** 

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

---

| | | | |
|:---|:---|:---|:---|
| (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Guarantor** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Guarantee Details**  | **Guaranteed Amount** | **Guaranteed Amount** |
|  Kookmin Bank | Performance guarantee |  | 1240 |

---

**3. Status of Sanctions, etc.** 

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

**4. Material Events Subsequent to the Reporting Period** 

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

------

##### [**Table of Contents**](#toc)
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| |
|:---|
|  **SK Telecom Co., Ltd.** |
| (Registrant) |
| By: /s/ Taehee Kim |
| (Signature) |

---

---

| | |
|:---|:---|
|  Name:  | Taehee Kim |
|  Title: | Vice President |

---

Date: December 12, 2025

------

##### [**Table of Contents**](#toc)
**SK TELECOM CO., LTD. AND ITS SUBSIDIARIES** 

Condensed Consolidated Interim Financial Statements

**For the nine-month period ended September 30, 2025** 

(with the Independent Auditor's Review report)

------

##### [**Table of Contents**](#toc)
Contents

---

| | |
|:---|:---|
|  **[Independent Auditors' Review Report](#tx25441_1)** |  |
|  | **Page** |
|  **[Condensed Consolidated Interim Financial Statements](#tx25441_200)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Interim Statements of Financial Position](#tx25441_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Interim Statements of Income (Loss)](#tx25441_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Interim Statements of Comprehensive Income](#tx25441_4) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Interim Statements of Changes in Equity](#tx25441_5) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Interim Statements of Cash Flows](#tx25441_6) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to the Condensed Consolidated Interim Financial Statements](#tx25441_7) | 8 |

---

------

##### [**Table of Contents**](#toc)
**Independent Auditors' Review Report** 

<u>Based on a report originally issued in Korean</u>

To the Board of Directors and Shareholders

SK Telecom Co., Ltd.

**Reviewed financial statements** 

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

**Management's responsibility** 

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

**Auditors' review responsibility** 

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

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

**Conclusion** 

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

------

##### [**Table of Contents**](#toc)
**Other matters** 

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

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

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

KPMG Samjong Accounting Corp.

Seoul, Korea

November 13, 2025

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

------

##### [**Table of Contents**](#toc)
**SK TELECOM CO., LTD. AND ITS SUBSIDIARIES** 

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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

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

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

---

| |
|:---|
| **Ryu, Young-Sang** |
| **Chief Executive Officer** |
| **SK TELECOM CO., LTD.** |

---

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Financial Position

As of September 30, 2025 and December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | ***Note*** | ***Note*** |  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  **Assets** |  |  |  |  |  |  |
|  **Current Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | | *2829* | | W | 1384723 | 2023721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term financial instruments | | *2829* | |  | 280938 | 323890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investment securities | | *92829* | |  | 20105 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – trade, net | | *5282930* | |  | 2022578 | 1989306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term loans, net | | *52829* | |  | 94341 | 65205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – other, net | | *528293031* | |  | 516528 | 369192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract assets | | *729* | |  | 116564 | 90385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | | *6* | |  | 2133342 | 1945610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid income taxes | | *26* | |  | 450 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial assets | | *2829* | |  | 1567 | 119500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories, net | | *8* | |  | 225113 | 209783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held for sale | | *34* | |  | 746 | 174839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced payments and others | | *5282930* | |  | 132373 | 165230 |
|  |  |  |  |  | **6929368** | **7476682** |
|  **Non-Current Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term financial instruments | | *2829* | |  | 373 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term investment securities | | *92829* | |  | 1777840 | 1877922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in associates and joint ventures | | *10* | |  | 2348743 | 2341827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment property, net | | *12* | |  | 46990 | 26611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net | | *11133031* | |  | 11918934 | 12617394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill |  |  |  |  | 2072493 | 2072493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets, net | | *14* | |  | 1768374 | 2194871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term contract assets | | *729* | |  | 65073 | 46352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term loans, net | | *5282930* | |  | 36473 | 34446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term accounts receivable – other, net | | *528293031* | |  | 163581 | 173252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term prepaid expenses | | *6* | |  | 1265811 | 1108406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee deposits, net | | *5282930* | |  | 160168 | 155875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term derivative financial assets | | *2829* | |  | 219386 | 221608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defined benefit assets | | *18* | |  | 111465 | 154329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current assets | | *52829* | |  | 10275 | 12814 |
|  |  |  |  |  | **21965979** | **23038573** |
|  **Total Assets** |  |  |  | **W** | **28895347** | **30515255** |

---

*(Continued)* 

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Financial Position, Continued

As of September 30, 2025 and December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | ***Note*** | ***Note*** |  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  **Liabilities and Shareholders' Equity** |  |  |  |  |  |  |
|  **Current Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable – trade | | *282930* | | W | 192507 | 126508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable – other | | *282930* | |  | 1259179 | 2798978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholdings | | *282930* | |  | 977927 | 928679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract liabilities | | *7* | |  | 218108 | 168194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | | *2829* | |  | 1666458 | 1522750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax payable | | *26* | |  | 96820 | 243564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial liabilities | | *2829* | |  | 12698 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions | | *1733* | |  | 37833 | 50016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term borrowings | | *152829* | |  | 200000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt, net | | *152829* | |  | 1056902 | 2460109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term payables – other | | *162829* | |  | 367358 | 367765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities | | *282930* | |  | 406454 | 351363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities held for sale | | *34* | |  |  | 106352 |
|  |  |  |  |  | **6492244** | **9224278** |
|  **Non-Current Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures, excluding current portion, net | | *152829* | |  | 7544912 | 6363646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term borrowings, excluding current portion, net | | *152829* | |  | 500000 | 203125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term payables – other | | *162829* | |  | 178778 | 539955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term lease liabilities | | *282930* | |  | 1123019 | 1286588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term contract liabilities | | *7* | |  | 144085 | 61512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defined benefit liabilities | | *18* | |  | 18242 | 2086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term derivative financial liabilities | | *2829* | |  | 4029 | 3437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term provisions | | *17* | |  | 79217 | 70044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities | | *26* | |  | 910576 | 851200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current liabilities | | *282930* | |  | 91301 | 81750 |
|  |  |  |  |  | **10594159** | **9463343** |
|  **Total Liabilities** |  |  |  |  | **17086403** | **18687621** |
|  **Shareholders' Equity:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share capital | | *119* | |  | 30493 | 30493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital surplus and others | | *1920* | |  | (12139152) | (11954936) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | | *21* | |  | 22815616 | 22976127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserves | | *22* | |  | 995220 | 646943 |
|  **Equity attributable to owners of the Parent Company** |  |  |  |  | 11702177 | 11698627 |
|  **Non-controlling interests** |  |  |  |  | 106767 | 129007 |
|  **Total Shareholders' Equity** |  |  |  |  | **11808944** | **11827634** |
|  **Total Liabilities and Shareholders' Equity** |  |  |  | **W** | **28895347** | **30515255** |

---

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Income (Loss)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won, except for earnings per share)* | ***Note*** | ***Note*** |  | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | ***Note*** | ***Note*** |  | **Three-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  **Operating revenue:** | | *430* | |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue |  |  |  | W | 3978064 | 12770541 | 4532118 | 13429088 |
|  **Operating expenses:** | | *30* | |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Labor |  |  |  |  | 605345 | 1871160 | 639370 | 1923989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commission | | *6* | |  | 1367066 | 4089754 | 1370080 | 4116835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | | *4* | |  | 868715 | 2601150 | 887260 | 2668248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Network interconnection |  |  |  |  | 143627 | 469579 | 175161 | 521511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leased lines |  |  |  |  | 66348 | 202479 | 66056 | 197760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advertising |  |  |  |  | 41339 | 109811 | 46685 | 117748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rent |  |  |  |  | 27398 | 98730 | 36591 | 100626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of goods sold | | *8* | |  | 362437 | 959755 | 363710 | 982524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | | *23* | |  | 447351 | 1414041 | 413942 | 1230587 |
|  |  |  |  |  | 3929626 | 11816459 | 3998855 | 11859828 |
|  **Operating profit** | | *4* | |  | **48438** | **954082** | **533263** | **1569260** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance income | | *425* | |  | 36969 | 121873 | 28876 | 123666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs | | *425* | |  | (107574) | (360537) | (207275) | (442756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) relating to investments in associates and joint ventures, net | | *410* | |  | (14669) | (19956) | 9260 | 24685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating income | | *424* | |  | 14417 | 50662 | 8410 | 31982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating expenses | | *424* | |  | (141434) | (161706) | (7805) | (23201) |
|  **Profit (loss) before income tax** | | *4* | |  | **(163853)** | **584418** | **364729** | **1283636** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | | *26* | |  | 2878 | 306327 | 84553 | 291346 |
|  **Profit (loss) for the period** |  |  |  | **W** | **(166731)** | **278091** | **280176** | **992290** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attributable to: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the Parent Company |  |  |  | W | (158198) | 295862 | 268905 | 959297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  |  |  |  | (8533) | (17771) | 11271 | 32993 |
|  **Earnings (loss) per share:** | | *27* | |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic earnings (loss) per share (in won) |  |  |  | W | (766) | 1320 | 1240 | 4437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted earnings (loss) per share (in won) |  |  |  |  | (766) | 1318 | 1236 | 4425 |

---

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Comprehensive Income

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |  | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | ***Note*** | ***Note*** |  | **Three-month**<br>**period ended**<br>**September 30** | **Three-month**<br>**period ended**<br>**September 30** | **Nine-month**<br>**period ended**<br>**September 30** | **Three-month**<br>**period ended**<br>**September 30** | **Nine-month**<br>**period ended**<br>**September 30** |
|  **Profit (loss) for the period** |  |  |  | **W** | **(166731)** | **278091** | **280176** | **992290** |
|  **Other comprehensive income (loss):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Items that will not be reclassified subsequently to profit or loss, net of taxes:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in other comprehensive income of investments in associates and joint ventures | | *1022* | |  | 99216 | 113746 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of defined benefit liabilities and assets | | *18* | |  | 15341 | (12643) | 9939 | 11314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation gain (loss) on financial assets at fair value through other comprehensive income | | *22* | |  | 189644 | 432856 | (59659) | (74812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Items that are or may be reclassified subsequently to profit or loss, net of taxes:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in other comprehensive income (loss) of investments in associates and joint ventures | | *1022* | |  | 38859 | (33465) | (66846) | 22797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized fair value of derivatives | | *22* | |  | 2717 | 9584 | (28) | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation differences for foreign operations | | *22* | |  | 33525 | (26308) | (10865) | 9175 |
|  **Other comprehensive income (loss) for the period, net of taxes** |  |  |  |  | **379302** | **483770** | **(127459)** | **(30618)** |
|  **Total comprehensive income** |  |  |  | **W** | **212571** | **761861** | **152717** | **961672** |
|  **Total comprehensive income (loss) attributable to:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the Parent Company |  |  |  | W | 223829 | 779698 | 139604 | 929214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  |  |  |  | (11258) | (17837) | 13113 | 32458 |

---

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  | **Attributable to owners of the Parent Company** | **Attributable to owners of the Parent Company** | **Attributable to owners of the Parent Company** | **Attributable to owners of the Parent Company** | **Attributable to owners of the Parent Company** | **Attributable to owners of the Parent Company** | **Non-**<br>**controlling**<br>**interests** | **Total**<br>**Equity** |
|  | ***Note*** | ***Note*** |  | **Share capital** | **Share capital** | **Capital surplus**<br>**and others** | **Retained**<br>**earnings** | **Reserves** | **Sub-total** | **Non-**<br>**controlling**<br>**interests** | **Total**<br>**Equity** |
|  **Balance as of January 1, 2024** |  |  |  | **W** | **30493** | **(11828644)** | **22799981** | **387216** | **11389046** | **839353** | **12228399** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  |  |  |  |  | 959297 |  | 959297 | 32993 | 992290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) | | *101822* | |  |  |  | (46803) | 16720 | (30083) | (535) | (30618) |
|  |  |  |  |  |  |  | 912494 | 16720 | 929214 | 32458 | 961672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transactions with owners: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual dividends |  |  |  |  |  |  | (223335) |  | (223335) | (50927) | (274262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividends |  |  |  |  |  |  | (353387) |  | (353387) |  | (353387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share option | | *20* | |  |  | 3942 |  |  | 3942 | 392 | 4334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on hybrid bonds |  |  |  |  |  |  | (14850) |  | (14850) |  | (14850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and disposal of treasury shares | | *1920* | |  |  | 9154 |  |  | 9154 |  | 9154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement of treasury shares | | *19* | |  |  | 200000 | (200000) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in ownership in subsidiaries, etc. |  |  |  |  |  | 3039 |  |  | 3039 | (2695) | 344 |
|  |  |  |  |  |  | 216135 | (791572) |  | (575437) | (53230) | (628667) |
|  **Balance as of September 30, 2024** |  |  |  | **W** | **30493** | **(11612509)** | **22920903** | **403936** | **11742823** | **818581** | **12561404** |
|  **Balance as of January 1, 2025** |  |  |  | **W** | **30493** | **(11954936)** | **22976127** | **646943** | **11698627** | **129007** | **11827634** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit (loss) for the period |  |  |  |  |  |  | 295862 |  | 295862 | (17771) | 278091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) | | *101822* | |  |  |  | 135559 | 348277 | 483836 | (66) | 483770 |
|  |  |  |  |  |  |  | 431421 | 348277 | 779698 | (17837) | 761861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transactions with owners: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual dividends |  |  |  |  |  |  | (223531) |  | (223531) | (1533) | (225064) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividends |  |  |  |  |  |  | (353551) |  | (353551) |  | (353551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share option | | *20* | |  |  | (1184) |  |  | (1184) |  | (1184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on hybrid bonds |  |  |  |  |  |  | (14850) |  | (14850) |  | (14850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal of treasury shares | | *1920* | |  |  | 5316 |  |  | 5316 |  | 5316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in ownership in subsidiaries, etc. |  |  |  |  |  | (188348) |  |  | (188348) | (2870) | (191218) |
|  |  |  |  |  |  | (184216) | (591932) |  | (776148) | (4403) | (780551) |
|  **Balance as of September 30, 2025** |  |  |  | **W** | **30493** | **(12139152)** | **22815616** | **995220** | **11702177** | **106767** | **11808944** |

---

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Cash Flows

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | ***Note*** | ***Note*** |  | **2025** | **2025** | **2024** |
|  **Cash flows from operating activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash generated from operating activities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  |  | W | 278091 | 992290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments for income and expenses | | *32* | |  | 3385982 | 3512172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities related to operating activities | | *32* | |  | (218180) | (219653) |
|  |  |  |  |  | 3445893 | 4284809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest received |  |  |  |  | 42034 | 53241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends received |  |  |  |  | 57155 | 33363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid |  |  |  |  | (287327) | (286097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax paid |  |  |  |  | (434969) | (268920) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by operating activities** |  |  |  |  | 2822786 | 3816396 |
|  **Cash flows from investing activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash inflows from investing activities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in short-term financial instruments, net |  |  |  |  | 42952 | 26161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collection of short-term loans |  |  |  |  | 64520 | 100058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of short-term investment securities |  |  |  |  | 70528 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of long-term investment securities |  |  |  |  | 650758 | 48414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of investments in associates and joint ventures |  |  |  |  | 14042 | 15130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of property and equipment |  |  |  |  | 11437 | 15130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of intangible assets |  |  |  |  | 9447 | 9135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of assets held for sale |  |  |  |  | 25944 | 13031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collection of long-term loans |  |  |  |  | 1911 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in deposits |  |  |  |  | 9176 | 4877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from settlement of derivatives |  |  |  |  | 3181 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of subsidiaries, net of cash transferred |  |  |  |  | 40423 |  |
|  |  |  |  |  | 944319 | 233800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash outflows for investing activities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in short-term loans |  |  |  |  | (88230) | (94656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in long-term loans |  |  |  |  | (9739) | (11448) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of short-term investment securities |  |  |  |  | (90000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of long-term investment securities |  |  |  |  | (18699) | (45834) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of investments in associates and joint ventures |  |  |  |  | (11602) | (6311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of property and equipment |  |  |  |  | (1466837) | (1587094) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of intangible assets |  |  |  |  | (60032) | (32625) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in deposits |  |  |  |  | (17055) | (15102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash outflow from acquisitions of business |  |  |  |  | (506844) |  |
|  |  |  |  |  | (2269038) | (1793070) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in investing activities** |  |  |  | **W** | **(1324719)** | **(1559270)** |

---

*(Continued)* 

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Cash Flows, Continued

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | ***Note*** | **2025** | **2025** | **2024** |
|  **Cash flows from financing activities:** | **Cash flows from financing activities:** | **Cash flows from financing activities:** | **Cash flows from financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash inflows from financing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from short-term borrowings |  | W | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from long-term borrowings |  |  | 300000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of debentures |  |  | 1875300 | 627405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash inflows from settlement of derivatives |  |  | 52859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transactions with non-controlling shareholders |  |  | 124 |  |
|  |  |  | 2328283 | 727405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash outflows for financing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of long-term borrowings |  |  | (259375) | (389375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of long-term payables – other |  |  | (369150) | (369150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of debentures |  |  | (1771760) | (770000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of dividends |  |  | (628367) | (627230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of interest on hybrid bonds |  |  | (14850) | (14850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of lease liabilities |  |  | (267965) | (287604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of treasury shares |  |  |  | (15788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash outflow from transactions with the non-controlling shareholders |  |  | (1145870) | (2271) |
|  |  |  | **(4457337)** | **(2476268)** |
|  **Net cash used in financing activities** |  |  | **(2129054)** | **(1748863)** |
|  **Net increase (decrease) in cash and cash equivalents** |  |  | **(630987)** | **508263** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents at beginning of the period |  |  | 2023721 | 1454978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effects of exchange rate changes on cash and cash equivalents |  |  | (8011) | 3092 |
|  **Cash and cash equivalents at end of the period** |  | **W** | **1384723** | **1966333** |

---

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**1.** **Reporting Entity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) General

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

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

---

| | | |
|:---|:---|:---|
|  | **Number of shares** | **Percentage of<br>total shares issued (%)** |
|  SK Inc. | 65668397 | 30.57 |
|  National Pension Service | 15370553 | 7.16 |
|  Institutional investors and other shareholders | 128096838 | 59.64 |
|  Kakao Investment Co., Ltd. | 3846487 | 1.79 |
|  Treasury shares | 1807778 | 0.84 |
|  | 214790053 | 100.00 |

---

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**1. Reporting Entity, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) List of consolidated subsidiaries

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | | | **Ownership (%)(\*1)** | **Ownership (%)(\*1)** |
| **Subsidiary** | **Subsidiary** | <br>**Location** | <br>**Primary business** | **Sep. 30,**<br>**2025** | **Dec. 31,<br>2024** |
|  Subsidiaries owned by the Parent Company | SK Telink Co., Ltd. | Korea | International telecommunication and<br>Mobile Virtual Network Operator<br>service | 100.0 | 100.0 |
|  | NATE Communications Corporation (Formerly, SK Communications Co., Ltd.)(\*2) | Korea | Internet website services | —  | 100.0 |
|  | SK Broadband Co., Ltd. | Korea | Fixed-line telecommunication<br>services | 99.1 | 99.1 |
|  | PS&Marketing Corporation | Korea | Communications device retail<br>business | 100.0 | 100.0 |
|  | SERVICE ACE Co., Ltd. | Korea | Call center management service | 100.0 | 100.0 |
|  | SERVICE TOP Co., Ltd. | Korea | Call center management service | 100.0 | 100.0 |
|  | SK O&S Co., Ltd. | Korea | Base station maintenance service | 100.0 | 100.0 |
|  | SK Telecom China Holdings Co., Ltd. | China | Investment (Holdings company) | 100.0 | 100.0 |
|  | YTK Investment Ltd. | Cayman Islands | Investment | 100.0 | 100.0 |
|  | Atlas Investment | Cayman Islands | Investment | 100.0 | 100.0 |
|  | SK Telecom Americas, Inc. | USA | Information gathering and<br>consulting | 100.0 | 100.0 |
|  | Happy Hanool Co., Ltd. | Korea | Service | 100.0 | 100.0 |
|  | SK stoa Co., Ltd. | Korea | Other telecommunication retail<br>business | 100.0 | 100.0 |
|  | SAPEON Inc. | USA | Investment (Holdings company) | 62.5 | 62.5 |
|  | Astra AI Infra LLC | USA | Investment | 100.0 | 100.0 |
|  Subsidiaries owned by SK Broadband Co., Ltd. | Home & Service Co., Ltd. | Korea | Operation of information and<br>communication facility | 100.0 | 100.0 |
|  | Media S Co., Ltd. | Korea | Production and supply services of<br>broadcasting programs | 100.0 | 100.0 |
|  Subsidiary owned by PS&Marketing Corporation | SK m&service Co., Ltd.(\*2) | Korea | Database and Internet website<br>service | —  | 100.0 |
|  Subsidiary owned by SK Telecom Americas, Inc. | Global AI Platform Corporation | USA | Software development and supply<br>business | 100.0 | 100.0 |
|  Subsidiary owned by Global AI Platform Corporation | Global AI Platform Corporation Korea | Korea | Software development and supply<br>business | 100.0 | 100.0 |
|  Other(\*3) | SK Telecom Innovation Fund, L.P. | USA | Investment | 100.0 | 100.0 |

---

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

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

---

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

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**1. Reporting Entity, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Condensed financial information of subsidiaries

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |  |  |
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **For the nine-month period**<br>**ended September 30, 2025** | **For the nine-month period**<br>**ended September 30, 2025** |
| **Subsidiary** | **Total assets** | **Total assets** | **Total liabilities** | **Total equity** | **Revenue** | **Profit (loss)** |
|  SK Telink Co., Ltd. | W | 208750 | 58062 | 150688 | 267613 | 15355 |
|  SK Broadband Co., Ltd. |  | 6900965 | 4121622 | 2779343 | 3380845 | 179484 |
|  PS&Marketing Corporation |  | 530534 | 287303 | 243231 | 1074483 | 13475 |
|  SERVICE ACE Co., Ltd. |  | 92864 | 65931 | 26933 | 139650 | 2436 |
|  SERVICE TOP Co., Ltd. |  | 70613 | 46199 | 24414 | 118258 | 3194 |
|  SK O&S Co., Ltd. |  | 119620 | 87316 | 32304 | 255773 | 1202 |
|  Home & Service Co., Ltd. |  | 157851 | 120178 | 37673 | 385566 | 2333 |
|  SK stoa Co., Ltd. |  | 117388 | 44757 | 72631 | 232938 | 12017 |
|  SK m&service Co., Ltd.(\*) |  |  |  |  | 46240 | (4407) |

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |  |  |
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **For the nine-month period**<br>**ended September 30, 2024** | **For the nine-month period**<br>**ended September 30, 2024** |
| **Subsidiary** | **Total assets** | **Total assets** | **Total liabilities** | **Total equity** | **Revenue** | **Profit** |
|  SK Telink Co., Ltd. | W | 210962 | 63558 | 147404 | 252928 | 11818 |
|  SK Broadband Co., Ltd. |  | 6806280 | 3760426 | 3045854 | 3292954 | 176562 |
|  PS&Marketing Corporation |  | 448887 | 218885 | 230002 | 1039333 | 2367 |
|  SERVICE ACE Co., Ltd. |  | 74676 | 49818 | 24858 | 144509 | 3127 |
|  SERVICE TOP Co., Ltd. |  | 60073 | 42479 | 17594 | 125206 | 1032 |
|  SK O&S Co., Ltd. |  | 130618 | 94807 | 35811 | 224825 | 2067 |
|  Home & Service Co., Ltd. |  | 139664 | 107379 | 32285 | 370425 | 4305 |
|  SK stoa Co., Ltd. |  | 116785 | 56192 | 60593 | 220654 | 5123 |
|  SK m&service Co., Ltd. |  | 164772 | 100230 | 64542 | 181392 | 1945 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**1.** **Reporting Entity, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Changes in subsidiaries

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

---

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

---

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

**2.** **Basis of Preparation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Statement of compliance

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Use of estimates and judgments

1) Critical judgments, assumptions and estimation uncertainties

The preparation of the condensed consolidated interim financial statements in conformity with KIFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**2.** **Basis of Preparation, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Use of estimates and judgments, Continued

2) Fair value measurement

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

The Group regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the Group assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of KIFRS, including the level in the fair value hierarchy in which such valuations should be classified.

When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

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

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

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

If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

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

**3.** **Material Accounting Policies** 

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

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

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**4.** **Operating Segments** 

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** |
|  | **Cellular**<br>**services** | **Cellular**<br>**services** | **Fixed-line**<br>**telecommunication**<br>**services** | **Others** | **Sub-total** | **Adjustments** | **Total** |
|  Total revenue | W | 10555487 | 4047569 | 302199 | 14905255 | (2134714) | 12770541 |
|  Inter-segment revenue |  | 1195345 | 911556 | 27813 | 2134714 | (2134714) |  |
|  External revenue |  | 9360142 | 3136013 | 274386 | 12770541 |  | 12770541 |
|  Depreciation and amortization |  | 1908388 | 744932 | 14797 | 2668117 | (66967) | 2601150 |
|  Operating profit (loss) |  | 701435 | 302023 | (15102) | 988356 | (34274) | 954082 |
|  Finance income and costs, net | Finance income and costs, net | Finance income and costs, net | Finance income and costs, net | Finance income and costs, net | Finance income and costs, net | Finance income and costs, net | (238664) |
|  Loss relating to investments in subsidiaries, associates and joint ventures, net | Loss relating to investments in subsidiaries, associates and joint ventures, net | Loss relating to investments in subsidiaries, associates and joint ventures, net | Loss relating to investments in subsidiaries, associates and joint ventures, net | Loss relating to investments in subsidiaries, associates and joint ventures, net | Loss relating to investments in subsidiaries, associates and joint ventures, net | Loss relating to investments in subsidiaries, associates and joint ventures, net | (19956) |
|  Other non-operating income and expense, net | Other non-operating income and expense, net | Other non-operating income and expense, net | Other non-operating income and expense, net | Other non-operating income and expense, net | Other non-operating income and expense, net | Other non-operating income and expense, net | (111044) |
|  Profit before income tax | Profit before income tax | Profit before income tax | Profit before income tax | Profit before income tax | Profit before income tax | Profit before income tax | 584418 |
|  *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** |
|  | **Cellular**<br>**services** | **Cellular**<br>**services** | **Fixed-line**<br>**telecommunication**<br>**services** | **Others** | **Sub-total** | **Adjustments** | **Total** |
|  Total revenue | W | 11117310 | 3930183 | 448648 | 15496141 | (2067053) | 13429088 |
|  Inter-segment revenue |  | 1130631 | 889103 | 47319 | 2067053 | (2067053) |  |
|  External revenue |  | 9986679 | 3041080 | 401329 | 13429088 |  | 13429088 |
|  Depreciation and amortization |  | 2015182 | 726338 | 19573 | 2761093 | (92845) | 2668248 |
|  Operating profit (loss) |  | 1355093 | 262241 | (40247) | 1577087 | (7827) | 1569260 |
|  Finance income and costs, net | Finance income and costs, net | Finance income and costs, net | Finance income and costs, net | Finance income and costs, net | Finance income and costs, net | Finance income and costs, net | (319090) |
|  Gain relating to investments in subsidiaries, associates and joint ventures, net | Gain relating to investments in subsidiaries, associates and joint ventures, net | Gain relating to investments in subsidiaries, associates and joint ventures, net | Gain relating to investments in subsidiaries, associates and joint ventures, net | Gain relating to investments in subsidiaries, associates and joint ventures, net | Gain relating to investments in subsidiaries, associates and joint ventures, net | Gain relating to investments in subsidiaries, associates and joint ventures, net | 24685 |
|  Other non-operating income and expense, net | Other non-operating income and expense, net | Other non-operating income and expense, net | Other non-operating income and expense, net | Other non-operating income and expense, net | Other non-operating income and expense, net | Other non-operating income and expense, net | 8781 |
|  Profit before income tax | Profit before income tax | Profit before income tax | Profit before income tax | Profit before income tax | Profit before income tax | Profit before income tax | 1283636 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**4.** **Operating Segments, Continued** 

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** |
|  Goods and Services transferred at a point in time: | Goods and Services transferred at a point in time: | Goods and Services transferred at a point in time: | Goods and Services transferred at a point in time: | Goods and Services transferred at a point in time: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cellular revenue | Goods and others(\*1) | W | 789054 | 806197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed-line telecommunication revenue | Goods and others |  | 58262 | 52739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenue | Others(\*2) |  | 245345 | 343025 |
|  |  |  | 1092661 | 1201961 |
|  Goods and Services transferred over time: | Goods and Services transferred over time: | Goods and Services transferred over time: | Goods and Services transferred over time: | Goods and Services transferred over time: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cellular revenue | Wireless service(\*3) |  | 7237220 | 7807324 |
|  | Cellular interconnection |  | 277944 | 317299 |
|  | Other(\*4) |  | 1055924 | 1055859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed-line telecommunication revenue | Fixed-line service |  | 110502 | 118938 |
|  | Cellular interconnection |  | 9851 | 11454 |
|  | Internet Protocol Television(\*5) |  | 1360052 | 1372256 |
|  | International calls |  | 157174 | 159562 |
|  | Internet service and miscellaneous(\*6) |  | 1440172 | 1326131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenue | Miscellaneous |  | 29041 | 58304 |
|  |  |  | 11677880 | 12227127 |
|  |  | W | 12770541 | 13429088 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**4.** **Operating Segments, Continued** 

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

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

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

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

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

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

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**5.** **Trade and Other Receivables** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Gross<br>amount** | **Gross<br>amount** | **Loss<br>allowance** | **Carrying<br>amount** |
|  Current assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – trade | W | 2298744 | (276166) | 2022578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term loans |  | 95189 | (848) | 94341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – other(\*) |  | 540055 | (23527) | 516528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 3066 |  | 3066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee deposits (Other current assets) |  | 94831 |  | 94831 |
|  |  | 3031885 | (300541) | 2731344 |
|  Non-current assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term loans |  | 77868 | (41395) | 36473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term accounts receivable – other(\*) |  | 163581 |  | 163581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee deposits |  | 160168 |  | 160168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term accounts receivable – trade (Other non-current assets) |  | 8569 | (1) | 8568 |
|  |  | 410186 | (41396) | 368790 |
|  | W | 3442071 | (341937) | 3100134 |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Gross<br>amount** | **Gross<br>amount** | **Loss<br>allowance** | **Carrying<br>amount** |
|  Current assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – trade | W | 2247334 | (258028) | 1989306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term loans |  | 65767 | (562) | 65205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – other(\*) |  | 394820 | (25628) | 369192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 4242 |  | 4242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee deposits (Other current assets) |  | 119575 |  | 119575 |
|  |  | 2831738 | (284218) | 2547520 |
|  Non-current assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term loans |  | 75842 | (41396) | 34446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term accounts receivable – other(\*) |  | 173252 |  | 173252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee deposits |  | 155875 |  | 155875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term accounts receivable – trade (Other non-current assets) |  | 11078 | (2) | 11076 |
|  |  | 416047 | (41398) | 374649 |
|  | W | 3247785 | (325616) | 2922169 |

---

---

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

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**5.** **Trade and Other Receivables, Continued** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |  |  |
|  | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Impairment** | **Write-offs(\*)** | **Collection of<br>receivables<br>previously<br>written-off** | **Ending<br>balance** |
|  Accounts receivable – trade | W | 258030 | 32672 | (20896) | 6361 | 276167 |
|  Accounts receivable – other, etc. |  | 67586 | 2814 | (4984) | 354 | 65770 |
|  | W | 325616 | 35486 | (25880) | 6715 | 341937 |
| *(In millions of won)* |  |  |  |  |  |  |
|  | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Impairment** | **Write-offs(\*)** | **Collection of<br>receivables<br>previously<br>written-off** | **Ending<br>balance** |
|  Accounts receivable – trade | W | 242737 | 33658 | (24487) | 6469 | 258377 |
|  Accounts receivable – other, etc. |  | 75663 | 2913 | (8447) | 967 | 71096 |
|  | W | 318400 | 36571 | (32934) | 7436 | 329473 |

---

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

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

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

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**6.** **Prepaid Expenses** 

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Current assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental costs of obtaining contracts | W | 2035415 | 1881608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 97927 | 64002 |
|  | W | 2133342 | 1945610 |
|  Non-current assets: | Non-current assets: | Non-current assets: | Non-current assets: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental costs of obtaining contracts | W | 1206073 | 1038170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 59738 | 70236 |
|  | W | 1265811 | 1108406 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Incremental costs of obtaining contracts

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended**<br>**September 30** | **Three-month<br>period ended**<br>**September 30** | **Nine-month**<br>**period ended<br>September 30** | **Three-month**<br>**period ended**<br>**September 30** | **Nine-month**<br>**period ended<br>September 30** |
|  Amortization recognized | W | 635401 | 1929931 | 622333 | 1860285 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**7.** **Contract Assets and Liabilities** 

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Contract assets: | W | 181637 | 136737 |
|  Contract liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless service contracts |  | 19600 | 20275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer loyalty programs |  | 5709 | 5694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed-line service contracts |  | 230658 | 151427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 106226 | 52310 |
|  | W | 362193 | 229706 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Amounts of revenue recognized for the nine-month periods ended September 30, 2025 and 2024 related to the
contract liabilities carried forward from the prior periods are W 112,037 million and W 94,886 million, respectively.

**8.** **Inventories** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Acquisition<br>cost** | **Acquisition<br>cost** | **Valuation<br>allowance** | **Carrying<br>amount** | **Acquisition<br>cost** | **Valuation<br>allowance** | **Carrying<br>amount** |
|  Merchandise | W | 215439 | (7107) | 208332 | 191323 | (8121) | 183202 |
|  Supplies |  | 16781 |  | 16781 | 26581 |  | 26581 |
|  | W | 232220 | (7107) | 225113 | 217904 | (8121) | 209783 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Inventories recognized as operating expenses for the nine-month periods ended September 30, 2025 and 2024
are W 958,028 million and W 980,840 million, respectively, which are included in cost of goods sold. In addition, reversal of valuation losses on inventories and valuation
losses on inventories which are included in the cost of goods sold and other operating expenses amount to W 824 million and W 163 million for the nine-month periods ended
September 30, 2025 and 2024, respectively. Write-offs included in other operating expenses for the nine-month periods ended September 30, 2025 and 2024 are W 24 million and W 34 million, respectively.

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**9.** **Investment Securities** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | | | | |
|  | **Category** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  Beneficiary certificates | FVTPL | W | &nbsp;&nbsp;&nbsp;&nbsp;20,105 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | | | | |
|  | **Category** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  Equity instruments | FVOCI(\*) | W | 1641857 |  | 1739133 |
|  Debt instruments | FVTPL |  | 135983 |  | 138789 |
|  |  | W | 1777840 |  | 1877922 |

---

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**10.** **Investments in Associates and Joint Ventures** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Country** | **Ownership**<br>**(%)** | **Carrying<br>amount** | **Carrying<br>amount** | **Ownership<br>(%)** | **Carrying<br>amount** | **Carrying<br>amount** |
|  **Investments in associates:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK China Company Ltd. | China | 27.3 | W | 1073133 | 27.3 | W | 975443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea IT Fund(\*1) | Korea | 63.3 |  | 362154 | 63.3 |  | 363138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniSK | China | 49.0 |  | 25703 | 49.0 |  | 26031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Technology Innovation Company | Cayman Islands | 49.0 |  | 31989 | 49.0 |  | 34516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK MENA Investment B.V.(\*2) | Netherlands | 32.1 |  | 6459 | 32.1 |  | 17273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Latin America Investment S.A. | Spain | 32.1 |  | 1676 | 32.1 |  | 1357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK South East Asia Investment Pte. Ltd. | Singapore | 20.0 |  | 362679 | 20.0 |  | 391572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel Pacific Telecom Holdings, LLC(\*3) | USA | 15.0 |  | 53329 | 15 |  | 51780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Culture & Contents Co., Ltd. | Korea | 22.8 |  | 35151 | 22.8 |  | 39567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nam Incheon Broadcasting Co., Ltd. | Korea | 27.3 |  | 15791 | 27.3 |  | 15635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Choice Corp.(\*3) | Korea | 17.8 |  | 2824 | 17.8 |  | 3238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Konan Technology Inc. | Korea | 20.6 |  | 1168 | 20.6 |  | 3575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMES Inc.(\*3) | Korea | 6.6 |  | 7215 | 6.6 |  | 4772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK telecom Japan Inc. | Japan | 24.9 |  | 3606 | 24.9 |  | 3703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rebellions Inc. (Formerly, SAPEON Korea Inc.) | Korea | 22.8 |  | 255848 | 26.1 |  | 298327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK m&service Co., Ltd.(\*4) | Korea | 30.0 |  | 23950 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Start-up Win-Win Fund and others(\*3,5,6) |  |  |  | 77972 |  |  | 102702 |
|  |  |  | W | 2340647 |  | W | 2332629 |
|  **Investments in joint ventures:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UTC Kakao-SK Telecom ESG Fund(\*7) | Korea | 48.2 |  | 8096 | 48.2 |  | 9198 |
|  |  |  | W | 2348743 |  | W | 2341827 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**10.** **Investments in Associates and Joint Ventures, Continued** 

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

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

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

---

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

---

---

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

---

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Market price<br>per share**<br>**(in won)** | **Market price<br>per share**<br>**(in won)** | **Number of<br>shares** | **Market<br>value** | **Market price**<br>**per share**<br>**(in won)** | **Number of<br>shares** | **Market<br>value** |
|  SM Culture & Contents Co., Ltd. | W | 1295 | 22033898 | 28534 | 1400 | 22033898 | 30847 |
|  Konan Technology Inc. |  | 25200 | 2359160 | 59451 | 19470 | 2359160 | 45933 |
|  CMES Inc. |  | 26600 | 763968 | 20322 | 24000 | 763968 | 18335 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**10.** **Investments in Associates and Joint Ventures, Continued** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Korea IT**<br>**Fund** | **Korea IT**<br>**Fund** | **SK China**<br>**Company Ltd.** | **SK South East Asia<br>Investment Pte. Ltd.** | **Rebellions Inc.**<br>**(Formerly, SAPEON<br>Korea Inc.)(\*)** |
|  Current assets | W | 166078 | 1770950 | 1079954 | 283021 |
|  Non-current assets |  | 405744 | 2197312 | 874916 | 266995 |
|  Current liabilities |  |  | 37862 | 77617 | 675914 |
|  Non-current liabilities |  |  | 360775 | 4133 | 2742 |
|  | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** |
|  Revenue | W | 13116 | 48614 | 68484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10562 |
|  Profit (loss) for the period |  | 2547 | 36725 | 13208 | (88678) |
|  Other comprehensive income |  | 9879 | 447193 | 12468 |  |
|  Total comprehensive income (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25676 | (88678) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Korea IT**<br>**Fund** | **Korea IT**<br>**Fund** | **SK China**<br>**Company Ltd.** | **SK South East Asia<br>Investment Pte. Ltd.** |
|  Current assets | W | 164128 | 1755237 | 1724220 |
|  Non-current assets |  | 409248 | 1898657 | 1328952 |
|  Current liabilities |  |  | 48662 | 342671 |
|  Non-current liabilities |  |  | 328485 | 18430 |
|  | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** |
|  Revenue | W | 14515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53550 |
|  Profit (loss) for the period |  | 1850 | 35400 | (166) |
|  Other comprehensive income (loss) |  | 10930 | (30054) | 5848 |
|  Total comprehensive income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12780 | 5346 | 5682 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**10.** **Investments in Associates and Joint Ventures, Continued** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |  |  |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Net assets** | **Net assets** | **Ownership<br>interests (%)** | **Net assets<br>attributable to<br>the ownership<br>interests** | **Cost-book value<br>differentials** | **Carrying amount** |
|  Korea IT Fund | W | 571822 | 63.3 | 362154 |  | 362154 |
|  SK China Company Ltd. |  | 3569625 | 27.3 | 973480 | 99653 | 1073133 |
| SK South East Asia<br>Investment Pte. Ltd.(\*1) |  | 1813395 | 20.0 | 362679 |  | 362679 |
|  Rebellions Inc.<br> (Formerly, SAPEON Korea Inc.)(\*2,3) |  | (358293) | 22.8 | (142601) | 398449 | 255848 |

---

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

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

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |  |  |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Net assets** | **Net assets** | **Ownership<br>interests (%)** | **Net assets<br>attributable to<br>the ownership<br>interests** | **Cost-book value<br>differentials** | **Carrying amount** |
|  Korea IT Fund | W | 573376 | 63.3 | 363138 |  | 363138 |
|  SK China Company Ltd. |  | 3276747 | 27.3 | 893609 | 81834 | &nbsp;&nbsp;&nbsp;&nbsp;975443 |
|  SK South East Asia<br> Investment Pte. Ltd.(\*) |  | 1957860 | 20.0 | 391572 |  | 391572 |

---

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**10.** **Investments in Associates and Joint Ventures, Continued** 

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** |  |  |  |  |  |  |
|  | **Beginning**<br>**balance** | **Beginning**<br>**balance** | **Acquisition**<br>**and disposal** | **Share of**<br>**profit**<br>**(loss)** | **Other**<br>**compre-<br>hensive**<br>**income (loss)** | **Other**<br>**changes** | **Ending**<br>**balance** |  |  |  |  |  |  |
|  | **Beginning**<br>**balance** | **Beginning**<br>**balance** | **Acquisition**<br>**and disposal** | **Share of**<br>**profit**<br>**(loss)** | **Other**<br>**compre-<br>hensive**<br>**income (loss)** | **Other**<br>**changes** | **Ending**<br>**balance** | **Investments in associates:** |  |  |  |  |  |
|  | **Beginning**<br>**balance** | **Beginning**<br>**balance** | **Acquisition**<br>**and disposal** | **Share of**<br>**profit**<br>**(loss)** | **Other**<br>**compre-<br>hensive**<br>**income (loss)** | **Other**<br>**changes** | **Ending**<br>**balance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK China Company Ltd. | W | 975443.0 | 7050.0 | 90640.0 | 1073133.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea IT Fund(\*1) |  | 363138 |  | 1615 | 6257 | (8856) | 362154 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniSK |  | 26031 |  | 246 | (574) |  | 25703 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Technology Innovation Company |  | 34516 |  | 463 | (1627) | (1363) | 31989 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK MENA Investment B.V. |  | 17273 |  | 386 | (159) | (11041) | 6459 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Latin America Investment S.A. |  | 1357 |  | 191 | 128 |  | 1676 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK South East Asia Investment Pte. Ltd. |  | 391572 |  | 583 | (29476) |  | 362679 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel Pacific Telecom Holdings, LLC(\*1) |  | 51780 |  | (381) | 3368 | (1438) | 53329 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Culture & Contents Co., Ltd. |  | 39567 |  | (4262) | (154) |  | 35151 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nam Incheon Broadcasting Co., Ltd.(\*1) |  | 15635 |  | 293 |  | (137) | 15791 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Choice Corp. |  | 3238 |  | (414) |  |  | 2824 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Konan Technology Inc. |  | 3575 |  | (2407) |  |  | 1168 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMES Inc. |  | 4772 | 3374 | (980) | 49 |  | 7215 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK telecom Japan Inc. |  | 3703 |  | (126) | 29 |  | 3606 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rebellions Inc. (Formerly, SAPEON Korea Inc.) |  | 298327 | (4629) | (38102) | 252 |  | 255848 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK m&service Co., Ltd(\*2) |  |  |  | 736 | (352) | 23566 | 23950 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Start-up Win-Win Fund and others (\*1,3,4) |  | 102702 | 11252 | 930 | 359 | (37271) | 77972 |  |  |  |  |  |  |
|  |  | 2332629 | 9997 | (34179) | 68740 | (36540) | 2340647 |  |  |  |  |  |  |
|  **Investments in joint ventures:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UTC Kakao-SK Telecom ESG Fund |  | 9198 |  | (1102) |  |  | 8096 |  |  |  |  |  |  |
|  | W | 2341827 | 9997 | (35281) | 68740 | (36540) | 2348743 |  |  |  |  |  |  |

---

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**10.** **Investments in Associates and Joint Ventures, Continued** 

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

---

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

---

---

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

---

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

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**10.** **Investments in Associates and Joint Ventures, Continued** 

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** |  |  |  |  |  |  |
|  | **Beginning**<br>**balance** | **Beginning**<br>**balance** | **Acquisition**<br>**and disposal** | **Share of**<br>**profit**<br>**(loss)** | **Other**<br>**compre-<br>hensive**<br>**income** | **Other**<br>**changes** | **Ending**<br>**balance** |  |  |  |  |  |  |
|  | **Beginning**<br>**balance** | **Beginning**<br>**balance** | **Acquisition**<br>**and disposal** | **Share of**<br>**profit**<br>**(loss)** | **Other**<br>**compre-<br>hensive**<br>**income** | **Other**<br>**changes** | **Ending**<br>**balance** | **Investments in associates:** |  |  |  |  |  |
|  | **Beginning**<br>**balance** | **Beginning**<br>**balance** | **Acquisition**<br>**and disposal** | **Share of**<br>**profit**<br>**(loss)** | **Other**<br>**compre-<br>hensive**<br>**income** | **Other**<br>**changes** | **Ending**<br>**balance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK China Company Ltd. | W | 896990.0 | 4812.0 | 7472.0 | 909274.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea IT Fund(\*1) |  | 336404 |  | 1172 | 6922 | (5055) | 339443 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniSK |  | 22285 |  | (242) | 1195 |  | 23238 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Technology Innovation Company |  | 70409 |  | 5945 | 1504 |  | 77858 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK MENA Investment B.V. |  | 14872 |  | 921 | 320 |  | 16113 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Latin America Investment S.A. |  | 14607 |  | (206) | 476 |  | 14877 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK South East Asia Investment Pte. Ltd. |  | 355282 |  | 2146 | 2708 |  | 360136 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel Pacific Telecom Holdings, LLC |  | 45901 |  | (31) | 2741 |  | 48611 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Culture & Contents Co., Ltd. |  | 41578 | (3) | (1577) | (129) |  | 39869 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nam Incheon Broadcasting Co., Ltd.(\*1) |  | 14344 |  | 865 |  | (135) | 15074 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Choice Corp. |  | 3215 |  | (86) |  |  | 3129 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Konan Technology Inc. |  | 6349 |  | (3357) |  |  | 2992 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMES Inc. |  | 900 | (4396) | (810) | 55 | 8984 | 4733 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK telecom Japan Inc. |  | 1239 |  |  |  |  | 1239 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12CM JAPAN and others(\*1,2) |  | 81142 | 5963 | 1653 | 49 | (590) | 88217 |  |  |  |  |  |  |
|  |  | 1905517 | 1564 | 11205 | 23313 | 3204 | 1944803 |  |  |  |  |  |  |
|  **Investments in joint ventures:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UTC Kakao-SK Telecom ESG Fund |  | 9495 |  | (155) |  |  | 9340 |  |  |  |  |  |  |
|  | W | 1915012 | 1564 | 11050 | 23313 | 3204 | 1954143 |  |  |  |  |  |  |

---

---

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

---

---

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

---

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**10.** **Investments in Associates and Joint Ventures, Continued** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **Unrecognized loss** | **Unrecognized loss** | **Unrecognized loss** | **Unrecognized change in equity** | **Unrecognized change in equity** |
|  | **For the nine-month<br>period ended**<br>**September 30, 2025** | **For the nine-month<br>period ended**<br>**September 30, 2025** | **Cumulative<br>loss** | **For the nine-month<br>period ended**<br>**September 30, 2025** | **Cumulative<br>loss** |
|  Invites Genomics Co., Ltd. | W | 6526 | 28704 | (726) | 560 |
|  Daehan Kanggun BcN Co., Ltd. and others |  |  | 5187 |  | (124) |
|  | W | 6526 | 33891 | (726) | 436 |

---

**11.** **Property and Equipment** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |  |  |
|  | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Transfer** | **Depreciation** | **Impairment** | **Other<br>Changes(\*)** | **Ending**<br>**balance** |
|  Land | W | 1260712 | 10217 | (282) | &nbsp;&nbsp;&nbsp;&nbsp;29309 |  |  | 41574 | 1341530 |
|  Buildings |  | 765818 | 10299 | (239) | 50519 | (43749) |  | 150222 | 932870 |
|  Structures |  | 210987 | 683 | (5) | 5414 | (26237) |  |  | 190842 |
|  Machinery |  | 7722566 | 269845 | (4338) | 793502 | (1646540) | (359) | 48503 | 7183179 |
|  Other |  | 369007 | 93185 | (3411) | (140041) | (52573) |  | 4 | 266171 |
|  Right-of-use assets |  | 1608219 | 194968 | (58050) | (2913) | (318393) |  |  | 1423831 |
|  Construction in progress |  | 680085 | 775110 | (182) | (874502) |  |  |  | 580511 |
|  | W | 12617394 | 1354307 | (66507) | (138712) | (2087492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359) | &nbsp;&nbsp;&nbsp;&nbsp;240303 | 11918934 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Transfer** | **Depreciation** | **Ending**<br>**balance** |
|  Land | W | 1248200 | 11 | (322) | 18714 |  | 1266603 |
|  Buildings |  | 773392 | 1045 | (272) | 42122 | (42344) | 773943 |
|  Structures |  | 234879 | 1129 | (78) | 5989 | (29276) | 212643 |
|  Machinery |  | 7890654 | 266842 | (2958) | 1026239 | (1701797) | 7478980 |
|  Other |  | 485157 | 270213 | (11277) | (293198) | (63723) | 387172 |
|  Right-of-use assets |  | 1611951 | 246155 | (45963) | (21702) | (299457) | 1490984 |
|  Construction in progress |  | 761963 | 638608 | (1316) | (892615) |  | 506640 |
|  | W | 13006196 | 1424003 | &nbsp;&nbsp;&nbsp;&nbsp;(62186) | (114451) | (2136597) | 12116965 |

---

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**12.** **Investment Property** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |  |  |  |  |
|  | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** |  |  |  |  |
|  | **Beginning balance** | **Beginning balance** | **Transfer** | **Depreciation** | **Ending balance** |  |  |  |  |
|  | **Beginning balance** | **Beginning balance** | **Transfer** | **Depreciation** | **Ending balance** Land | W | 9787.0 | 11189.0 | 20976.0 |
|  Buildings |  | 8029 | 9488 | (922) | 16595 |  |  |  |  |
|  Right-of-use assets |  | 8795 | 2669 | (2045) | 9419 |  |  |  |  |
|  | W | 26611 | 23346 | (2967) | 46990 |  |  |  |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  (In millions of won) | (In millions of won) | (In millions of won) | (In millions of won) | (In millions of won) | (In millions of won) |  |  |  |  |
|  | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** |  |  |  |  |
|  | **Beginning balance** | **Beginning balance** | **Transfer** | **Depreciation** | **Ending balance** |  |  |  |  |
|  | **Beginning balance** | **Beginning balance** | **Transfer** | **Depreciation** | **Ending balance** Land | W | 14199.0 | (1278) | 12921.0 |
|  Buildings |  | 10242 | (194) | (651) | 9397 |  |  |  |  |
|  Right-of-use assets |  | 10371 | 134 | (1191) | 9314 |  |  |  |  |
|  | W | 34812 | (1338) | (1842) | 31632 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Group recognized lease income of W 5,743 million and W 4,743 million from investment property for the nine-month periods ended September 30, 2025 and 2024, respectively.

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**13.** **Leases** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | | | | |
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  Right-of-use assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land, buildings and structures | W | 1208626 |  | 1379422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 215205 |  | 228797 |
|  | W | 1423831 |  | 1608219 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** |
|  Depreciation of right-of-use assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land, buildings and structures | W | 270160 | 250843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*) |  | 48233 | 48614 |
|  | W | 318393 | 299457 |
|  Interest expense on lease liabilities | W | 36320 | 34364 |

---

---

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

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The total cash outflows for lease payments for the nine-month periods ended September 30, 2025 and 2024
amounted to W 316,608 million and W 344,967 million, respectively.

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**14.** **Intangible Assets** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Transfer** | **Amortization** | **Impairment** | **Other<br>Changes(\*)** | **Ending**<br>**balance** |
|  Frequency usage rights | W | 1135546 |  |  |  | (353295) |  |  | 782251 |
|  Land usage rights |  | 309 | 84 |  |  | (130) |  |  | 263 |
|  Industrial rights |  | 20173 | 3804 |  |  | (3451) |  |  | 20526 |
|  Development costs |  | 27 |  |  |  | (14) |  |  | 13 |
|  Facility usage rights |  | 13314 | 421 | (2) | 219 | (2149) |  |  | 11803 |
|  Customer relations |  | 246119 |  |  |  | (20270) |  |  | 225849 |
|  Club memberships(\*1) |  | 78618 | 6264 | (3535) |  |  | (153) |  | 81194 |
|  Other(\*2) |  | 700765 | 48721 | (414) | 117296 | (219895) |  | 2 | 646475 |
|  | W | 2194871 | 59294 | (3951) | 117515 | (599204) | (153) | 2 | 1768374 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Transfer** | **Amortization** | **Impairment** | **Ending<br>balance** |
|  Frequency usage rights | W | 1606606 |  |  |  | (353295) |  | 1253311 |
|  Land usage rights |  | 587 | 70 | (5) |  | (291) |  | 361 |
|  Industrial rights |  | 46154 | 4814 | (240) |  | (3690) |  | 47038 |
|  Development costs |  | 49 |  |  |  | (17) |  | 32 |
|  Facility usage rights |  | 14313 | 1050 | (1) | 496 | (2330) |  | 13528 |
|  Customer relations |  | 273150 |  |  |  | (20273) |  | 252877 |
|  Club memberships(\*1) |  | 97186 | 3596 | (6735) |  |  |  | 94047 |
|  Other(\*2) |  | 823092 | 23899 | (1483) | 94703 | (253551) | (2) | 686658 |
|  | W | 2861137 | 33429 | (8464) | 95199 | (633447) | (2) | 2347852 |

---

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

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**14.** **Intangible Assets, Continued** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **Amount** | **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amortization methods**  | **Commencement<br>of amortization** | **Completion of<br>amortization** |
|  800 MHz license | W | 32936 | Straight-line basis | Jul. 2021 | Jun. 2026 |
| 1.8 GHz license |  | 123413 | Straight-line basis | Dec. 2021 | Dec. 2026 |
| 2.6 GHz license |  | 151765 | Straight-line basis | Sept. 2016 | Dec. 2026 |
| 2.1 GHz license |  | 92752 | Straight-line basis | Dec. 2021 | Dec. 2026 |
| 3.5 GHz license |  | 381385 | Straight-line basis | Apr. 2019 | Nov. 2028 |
|  | W | 782251 |  |  |  |

---

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**15.** **Borrowings and Debentures** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
| **Lender** | **Annual<br>interest rate (%)** | **Maturity** | **September 30,**<br>**2025** | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
|  iM SECURITIES CO., LTD. | 2.71 | Oct. 16, 2025 | W | 40000 |  |
|  KB SECURITIES CO., LTD. | 2.71 | Oct. 16, 2025 |  | 60000 |  |
|  SK Securities Co., Ltd. | 3.62 | Oct. 2, 2025 |  | 50000 | 50000 |
|  Shinhan Securities Co., Ltd. | 3.62 | Oct. 2, 2025 |  | 50000 | 50000 |
|  |  |  | W | 200000 | 100000 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  *(In millions of won)* |  |  |  |  |  |
|  | **Lender** | **Annual**<br>**interest rate (%)** | **Maturity** | **Book value** | **Book value** |
|  Current |  |  |  | W | 312475 |
|  Non-current |  |  |  |  | 203125 |
|  As of January 1, 2025 |  |  |  |  | 515600 |
|  New long-term borrowings: |  |  |  |  |  |
|  | Industrial and Commercial Bank of China Ltd. | 2.70 | Sept. 13, 2027 |  | 100000 |
|  | Mizuho Bank, Ltd. | 2.75 | Sept. 22, 2027 |  | 200000 |
|  |  |  |  |  | 300000 |
|  Repayments of long-term borrowings: |  |  |  |  |  |
|  | DBS Bank Ltd. | 2.63 | Mar. 10, 2025 |  | (200000) |
|  | Korea Development Bank(\*1) | 1.87 | Feb. 10, 2026 |  | (9375) |
|  | Mizuho Bank, Ltd. | 4.80 | Jul. 25, 2025 |  | (50000) |
|  |  |  |  |  | (259375) |
|  Other changes(\*2) |  |  |  |  | 25 |
|  Current(\*3) |  |  |  |  | 56250 |
|  Non-current(\*3) |  |  |  |  | 500000 |
|  As of September 30, 2025 |  |  |  | W | 556250 |

---

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

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

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**15.** **Borrowings and Debentures, Continued** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* |  |  |  |  |  |
|  | **Purpose** | **Annual interest<br>rate (%)** | **Maturity** | **Face value** | **Face value** | **Book value** |
|  Current |  |  |  | W | 2148762 | 2147634 |
|  Non-current |  |  |  |  | 6384000 | 6363646 |
|  As of January 1, 2025 |  |  |  |  | 8532762 | 8511280 |
|  Debentures newly issued: | Debentures newly issued: | Debentures newly issued: | Debentures newly issued: | Debentures newly issued: | Debentures newly issued: | Debentures newly issued: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds | Refinancing fund | 2.98 | Feb. 21, 2028 |  | 190000 | 189193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds | Refinancing fund | 3.05 | Feb. 21, 2030 |  | 70000 | 69692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds | Refinancing fund | 3.17 | Feb. 21, 2035 |  | 140000 | 139418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds | Refinancing fund | 2.67 | Sep. 11, 2028 |  | 80000 | 79696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds | Refinancing fund | 2.82 | Sep. 10, 2030 |  | 190000 | 189284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds | Refinancing fund | 3.06 | Sep. 11, 2035 |  | 40000 | 39821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds(\*1) | Refinancing fund | 2.76 | Apr. 28, 2028 |  | 50000 | 49763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds(\*1) | Refinancing fund | 2.87 | Apr. 29, 2030 |  | 120000 | 119504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds(\*1) | Refinancing fund | 2.97 | Apr. 29, 2035 |  | 30000 | 29838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds(\*1) | Business acquisition fund | 3.09 | Jun. 19, 2030 |  | 480000 | 478168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds(\*1) | Business acquisition fund | 3.38 | Jun. 19, 2035 |  | 50000 | 49760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered unsecured private exchangeable bond | Refinancing fund |  | Nov. 28, 2027 |  | 32000 | 19021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating rate notes(\*2) | Operating fund | SOFR rate<br> + 0.59 | May. 26, 2028 |  | 410,490<br> USD 300,000 | 409,163<br> USD 300,000 |
|  |  |  |  |  | 1882490 | 1862321 |
|  Debentures repaid: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds | Operating and Refinancing fund | 2.49 | Feb. 26, 2025 |  | (150000) | (150000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds | Operating fund | 2.66 | Jul. 17, 2025 |  | (70000) | (70000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds | Operating fund | 1.75 | Jan. 14, 2025 |  | (130000) | (130000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds | Refinancing fund | 3.80 | Apr. 12, 2025 |  | (240000) | (240000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds | Refinancing fund | 4.00 | Aug. 8, 2025 |  | (300000) | (300000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds(\*1) | Operating and Refinancing fund | 1.64 | Jun. 11, 2025 |  | (100000) | (100000) |

---

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**15.** **Borrowings and Debentures, Continued** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* |  |  |  |  |  |
|  | **Purpose** | **Annual interest<br>rate (%)** | **Maturity** | **Face value** | **Face value** | **Book value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds(\*1) | Refinancing fund | 1.41 | Sep. 25, 2025 |  | (160000) | (160000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds(\*1) | Refinancing fund | 2.58 | Jan. 24, 2025 |  | (100000) | (100000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds(\*1) | Operating and Refinancing fund | 4.21 | Feb. 28, 2025 |  | (50000) | (50000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating rate notes | Operating fund | SOFR rate<br> + 1.17 | Jun. 4, 2025 |  | (414,420<br> (USD 300,000 | (414,420<br> (USD 300,000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible bonds(\*3) | Operating fund |  | Mar. 21, 2028 |  | (4,341<br> (USD 3,000 | (4,978<br> (USD 3,440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible bonds(\*3) | Operating fund |  | Jun. 12, 2028 |  | (23,371<br> (USD 16,150 | (26,337<br> (USD 18,200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible bonds(\*3) | Operating fund |  | Jun. 23, 2028 |  | (11,215<br> (USD 7,750 | (12,609<br> (USD 8,713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible bonds(\*3) | Operating fund |  | Jul. 21, 2028 |  | (11,577<br> (USD 8,000 | (12,938<br> (USD 8,941 |
|  |  |  |  |  | (1764924) | (1771282) |
|  Other changes(\*4) |  |  |  |  | (71822) | (56755) |
|  Current(\*5) |  |  |  |  | 1011306 | 1000652 |
|  Non-current(\*5) |  |  |  |  | 7567200 | 7544912 |
|  As of September 30, 2025 |  |  |  | W | 8578506 | 8545564 |

---

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

---

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

---

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

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

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**16.** **Long-term Payables – other** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **September 30,<br>2025** | **September 30,<br>2025** | **December 31,<br>2024** |
|  Long-term payables – other | W | 551925 | 921075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Present value discount on long-term payables – other |  | (5789) | (13355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term payables – other |  | (367358) | (367765) |
|  Carrying amount at period end | W | 178778 | 539955 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The sum of portions repaid among the principal of long-term payables – other for the nine-month periods
ended September 30, 2025 and 2024 amounts to W 369,150 million and W 369,150 million, respectively. The repayment schedule of the principal amount of long-term payables – other as of
September 30, 2025 is as follows:

---

| | | |
|:---|:---|:---|
| *(In millions of won)* | | |
|  | **Amount** | **Amount** |
|  Less than 1 year | W | 369150 |
|  1~3 years |  | 182775 |
|  | W | 551925 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**17.** **Provisions** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase** | **Utilization** | **Reversal** | **Other** | **Ending<br>balance** | **Current** | **Non-current** |
|  Provision for restoration | W | 119623 | 3616 | (5575) | (951) | (1) | 116712 | 37613 | 79099 |
|  Emission allowance |  | 437 | 1111 | (266) | (1062) |  | 220 | 220 |  |
|  Other provisions |  |  | 118 |  |  |  | 118 |  | 118 |
|  | W | 120060 | 4845 | (5841) | (2013) | (1) | 117050 | 37833 | 79217 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **As of September 30, 2024** | **As of September 30, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase** | **Utilization** | **Reversal** | **Other** | **Ending<br>balance** | **Current** | **Non-current** |
|  Provision for restoration | W | 120024 | 4445 | (2118) | (628) | 3 | 121726 | 41823 | 79903 |
|  Emission allowance |  | 1182 | 994 | (130) | (2024) |  | 22 | 22 |  |
|  Other provisions |  | 218 |  |  | (218) |  |  |  |  |
|  | W | 121424 | 5439 | (2248) | (2870) | 3 | 121748 | 41845 | 79903 |

---

**18.** **Defined Benefit Liabilities (Assets)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Present value of defined benefit obligations | W | 1134697 | 1142324 |
|  Fair value of plan assets |  | (1227920) | (1294567) |
|  Defined benefit assets(\*) |  | (111465) | (154329) |
|  Defined benefit liabilities |  | 18242 | 2086 |

---

---

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

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**18.** **Defined Benefit Liabilities (Assets), Continued** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** |
|  Beginning balance | W | &nbsp;&nbsp;&nbsp;&nbsp;1142324 | &nbsp;&nbsp;&nbsp;&nbsp;1121679 |
|  Current service cost |  | 95226 | 98070 |
|  Interest cost |  | 32343 | 35456 |
|  Remeasurement |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Demographic assumption |  | 221 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Financial assumption |  | (1587) | 3449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Adjustment based on experience |  | 23337 | (17683) |
|  Benefit paid |  | (170851) | (90685) |
|  Others |  | 13684 | 11254 |
|  Ending balance | W | 1134697 | 1161540 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** |
|  Beginning balance | W | &nbsp;&nbsp;&nbsp;&nbsp;1294567 | &nbsp;&nbsp;&nbsp;&nbsp;1292416 |
|  Interest income |  | 35748 | 40660 |
|  Remeasurement |  | 3770 | 2583 |
|  Contributions |  | 93273 | 41200 |
|  Benefit paid |  | (210424) | (104016) |
|  Others |  | 10986 | 4257 |
|  Ending balance | W | 1227920 | 1277100 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** |
|  Current service cost | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98070 |
|  Net interest income |  | (3405) | (5204) |
|  | W | 91821 | 92866 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**19.** **Share Capital and Capital Surplus and Others** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Parent Company's outstanding share capital consists of shares with a par value of W 100. The number of authorized and issued common shares and the details of share capital and capital surplus and others as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won, except for share data)* |  |  |  |
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Number of authorized shares |  | 670000000 | 670000000 |
|  Number of issued shares |  | 214790053 | 214790053 |
|  Share capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares(\*1) | W | 30493 | 30493 |
|  Capital surplus and others: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in surplus |  | 1771000 | 1771000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury shares |  | (88533) | (92962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hybrid bonds(\*2) |  | 398509 | 398509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share option(Note 20) |  | 14511 | 14498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*3) |  | (14234639) | (14045981) |
|  | W | (12139152) | (11954936) |

---

---

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

---

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

---

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

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**19.** **Share Capital and Capital Surplus and Others, Continued** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In shares)* | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
|  | **Issued**<br>**shares** | **Treasury<br>shares** | **Outstanding<br>shares** | **Issued**<br>**shares** | **Treasury<br>shares** | **Outstanding<br>shares** |
|  Shares outstanding | 214790053 | 1807778 | 212982275 | 214790053 | 1903711 | 212886342 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won, except for share data)* | | | | |
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  Number of shares(\*) |  | 1807778 |  | 1903711 |
|  Acquisition cost | W | 88533 |  | 92962 |

---

---

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

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**20.** **Share-based payment arrangement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 Share-based payment arrangement of the Parent Company

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

1) Share-based payment arrangement with cash alternatives

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Series** | **Series** | **Series** | **Series** |
|  | **5(\*)** | **6** | **7-1(\*)** | **7-2** |
|  Grant date | March 26, 2020 | March 25, 2021 | March 25, 2022 | March 25, 2022 |
|  Types of shares to be issued | Registered common shares of the Parent Company | Registered common shares of the Parent Company | Registered common shares of the Parent Company | Registered common shares of the Parent Company |
|  Grant method | Reissue of treasury shares, Cash settlement | Reissue of treasury shares, Cash settlement | Reissue of treasury shares, Cash settlement | Reissue of treasury shares, Cash settlement |
|  Number of shares (in share) | 32947 | 71726 | 98425 | 96820 |
|  Exercise price (in won) | 38452 | 50276 | 56860 | 56860 |
|  Exercise period | Mar. 27, 2023<br>~<br>Mar. 26, 2027 | Mar. 26, 2023<br>~<br>Mar. 25, 2026 | Mar. 26, 2025<br>~<br>Mar. 25, 2029 | Mar. 26, 2024<br>~<br>Mar. 25, 2027 |
|  Vesting conditions | 3 years'<br> service from the<br>grant date | 2 years'<br> service from the<br>grant date | 2 years'<br> service from the<br>grant date | 2 years'<br> service from the<br>grant date |

---

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

2) Cash-settled share-based payment arrangement

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**20.** **Share-based payment arrangement, Continued** 

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

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

3) Equity-settled share-based payment arrangement

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

---

| | | |
|:---|:---|:---|
|  | **PSU of SK Telecom Co., Ltd.** | **PSU of SK Telecom Co., Ltd.** |
|  Grant date | March 28, 2023 | March 26, 2024 |
|  Types of shares to be issued | Registered common shares of the Parent Company | Registered common shares of the Parent Company |
|  Grant method | Reissue of treasury shares | Reissue of treasury shares |
|  Number of shares(\*) | Fluctuates according to the share price on the expiration date and the cumulative increase rate of KOSPI200 | Fluctuates according to the share price on the expiration date and the cumulative increase rate of KOSPI200 |
|  Reference share price (in won) | 47280 | 52720 |
|  Reference index (KOSPI200) | 315 | 362 |
|  Maturity (exercise date) | The day in which the annual general meeting of shareholders is held after 3 years from the grant date | The day in which the annual general meeting of shareholders is held after 3 years from the grant date |
|  Vesting conditions | Full service in the year in which the grant date is included | Full service in the year in which the grant date is included |

---

---

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

---

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

---

| | | |
|:---|:---|:---|
| *(In millions of won)* |  |  |
|  | **Share compensation expense** | **Share compensation expense** |
|  As of December 31, 2024 | W | 158596 |
|  For the nine-month period ended September 30, 2025 |  | (194) |
|  | W | 158402 |

---

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

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**20.** **Share-based payment arrangement, Continued** 

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

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

1) Share-based payment arrangement with cash alternatives

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) SK Telecom Co., Ltd.

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In won)* | **Series** | **Series** | **Series** | **Series** |
|  | **5** | **6** | **7-1** | **7-2** |
|  Risk-free interest rate | 2.47% | 2.30% | 2.65% | 2.47% |
|  Estimated option's life | 7 years | 5 years | 7 years | 5 years |
|  Share price on the remeasurement date | 54300 | 54300 | 54300 | 54300 |
|  Expected volatility | 17.20% | 17.20% | 17.20% | 17.20% |
|  Expected dividends yield | 6.52% | 6.52% | 6.52% | 6.52% |
|  Exercise price | 38452 | 50276 | 56860 | 56860 |
|  Per-share fair value of the option | 15848 | 4475 | 3401 | 2370 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) SK Square Co., Ltd.

---

| | | |
|:---|:---|:---|
| *(In won)* | **Series** | **Series** |
|  | **5** | **6** |
|  Risk-free interest rate | 1.52% | 1.55% |
|  Estimated option's life | 7 years | 5 years |
|  Share price<br>(Closing price on the preceding day) | 34900 | 49800 |
|  Expected volatility | 8.10% | 25.70% |
|  Expected dividends yield | 5.70% | 4.00% |
|  Exercise price | 38452 | 50276 |
|  Per-share fair value of the option | 192 | 8142 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**20.** **Share-based payment arrangement, Continued** 

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

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

2) Equity-settled share-based payment arrangement

---

| | | |
|:---|:---|:---|
| *(In won)* | **Granted in 2023<br>PSU of SK Telecom Co., Ltd.** | **Granted in 2024<br>PSU of SK Telecom Co., Ltd.** |
|  Risk-free interest rate | 3.26% | 3.30% |
|  Estimated option's life | 3 years | 3 years |
|  Share price on the grant date | 48500 | 54100 |
|  Expected volatility | 18.67% | 15.90% |
|  Expected dividends yield | 4.90% | 5.40% |
|  Per-share fair value of the option | 27525 | 25920 |

---

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

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**21.** **Retained Earnings** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Appropriated: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal reserve | W | 22320 | 22320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for business expansion |  | 10131138 | 9981138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for technology development |  | 4865300 | 4715300 |
|  |  | 14996438 | 14696438 |
|  Unappropriated |  | 7796858 | 8257369 |
|  | W | 22815616 | 22976127 |

---

**22.** **Reserves** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Valuation gain on FVOCI | W | 547130 | 262657 |
|  Other comprehensive income of investments in associates and joint ventures |  | 396196 | 315283 |
|  Valuation gain (loss) on derivatives |  | 1490 | (8044) |
|  Foreign currency translation differences for foreign operations |  | 50404 | 77047 |
|  | W | 995220 | 646943 |

---

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Valuation gain<br>(loss) on financial<br>assets at FVOCI** | **Valuation gain<br>(loss) on financial<br>assets at FVOCI** | **Other<br>comprehensive<br>income of<br>investments in<br>associates and**<br>**joint ventures** | **Valuation gain<br>(loss) on<br>derivatives** | **Foreign currency**<br>**translation<br>differences for<br>foreign operations** | **Total** |  |  |  |  |  |  |  |
|  | **Valuation gain<br>(loss) on financial<br>assets at FVOCI** | **Valuation gain<br>(loss) on financial<br>assets at FVOCI** | **Other<br>comprehensive<br>income of<br>investments in<br>associates and**<br>**joint ventures** | **Valuation gain<br>(loss) on<br>derivatives** | **Foreign currency**<br>**translation<br>differences for<br>foreign operations** | **Total** | Balance as of January 1, 2024 | W | 176208.0 | 182702.0 | (1488) | 29794.0 | 387216.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes, net of taxes |  | (15620) | 22797 | (289) | 9832 | 16720 |  |  |  |  |  |  |  |
|  Balance as of September 30, 2024 | W | 160588 | 205499 | (1777) | 39626 | 403936 |  |  |  |  |  |  |  |
|  Balance as of January 1, 2025 | W | 262657 | 315283 | (8044) | 77047 | 646943 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes, net of taxes |  | 284473 | 80913 | 9534 | (26643) | 348277 |  |  |  |  |  |  |  |
|  Balance as of September 30, 2025 | W | 547130 | 396196 | 1490 | 50404 | 995220 |  |  |  |  |  |  |  |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**23.** **Other Operating Expenses** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  Communication | W | 8286 | 24005 | 8428 | 25135 |
|  Utilities |  | 163935 | 429897 | 147357 | 407858 |
|  Taxes and dues |  | 4372 | 42636 | 4419 | 37357 |
|  Repair |  | 101138 | 305214 | 103512 | 320805 |
|  Research and development |  | 98244 | 268201 | 102404 | 288814 |
|  Training |  | 8143 | 19912 | 7715 | 21233 |
|  Bad debt for accounts receivable – trade |  | 12789 | 32672 | 9130 | 33658 |
|  Travel |  | 3103 | 11376 | 3925 | 14566 |
|  Supplies and others |  | 47341 | 280128 | 27052 | 81161 |
|  | W | 447351 | 1414041 | 413942 | 1230587 |

---

**24.** **Other Non-Operating Income and Expenses** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  **Other Non-operating Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of property and equipment and intangible assets | W | 7274 | 18684 | 3065 | 11245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 7143 | 31978 | 5345 | 20737 |
|  | W | 14417 | 50662 | 8410 | 31982 |
|  **Other Non-operating Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of property and equipment and intangible assets | W | 2512 | 6474 | 4497 | 8721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on property and equipment and intangible assets |  | 153 | 512 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations |  | 3762 | 12731 | 1594 | 9898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bad debt (reversal) for accounts receivable – other |  | (498) | 2814 | 583 | 2913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 135505 | 139175 | 1131 | 1667 |
|  | W | 141434 | &nbsp;&nbsp;&nbsp;&nbsp;161706 | &nbsp;&nbsp;&nbsp;&nbsp;7805 | &nbsp;&nbsp;&nbsp;&nbsp;23201 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**25.** **Finance Income and Costs** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  **Finance Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | W | 17672 | 56135 | 20382 | 59835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends |  | 12136 | 44587 | 5294 | 27982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign currency transactions |  | 6387 | 15484 | 4525 | 14822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign currency translations |  | 522 | 4998 | (2316) | 1791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain relating to financial instruments at FVTPL |  | 252 | 669 | 991 | 19236 |
|  | W | 36969 | 121873 | 28876 | 123666 |
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  **Finance Costs:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expenses | W | 97374 | 290020 | 97470 | 301584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on sale of accounts receivable – other |  | 4449 | 13217 | 7382 | 28426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency transactions |  | 8550 | 22344 | 7110 | 14467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency translations |  | (2773) | 3757 | (40) | 2860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss relating to financial instruments at FVTPL |  | (21) | 80 | 95353 | 95419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on settlement of derivatives |  |  | 7298 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on repayment of debentures |  | (5) | 465 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other finance costs |  |  | 23356 |  |  |
|  | W | 107574 | 360537 | 207275 | 442756 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  Interest income on cash equivalents and financial instruments | W | 10319 | 37404 | 13602 | 39878 |
|  Interest income on loans and others |  | 7353 | 18731 | 6780 | 19957 |
|  | W | 17672 | 56135 | 20382 | 59835 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**25.** **Finance Income and Costs, Continued** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  Interest expense on borrowings | W | 5831 | 21216 | 7072 | 24029 |
|  Interest expense on debentures |  | 71350 | 207643 | 67848 | 206077 |
|  Others |  | 20193 | 61161 | 22550 | 71478 |
|  | W | 97374 | 290020 | 97470 | 301584 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  Accounts receivable – trade | W | 12789 | 32672 | 9130 | 33658 |
|  Other receivables |  | (498) | 2814 | 583 | 2913 |
|  | W | 12291 | 35486 | &nbsp;&nbsp;&nbsp;&nbsp;9713 | 36571 |

---

**26.** **Income Tax Expense** 

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**27.** **Earnings (loss) per Share** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Basic earnings (loss) per share

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won, except for share data and basic earnings per share)* | *(In millions of won, except for share data and basic earnings per share)* | *(In millions of won, except for share data and basic earnings per share)* | *(In millions of won, except for share data and basic earnings per share)* | *(In millions of won, except for share data and basic earnings per share)* | *(In millions of won, except for share data and basic earnings per share)* |
|  | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  **Basic earnings (loss) per share attributable to owners of the Parent Company:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit (loss) attributable to owners of the Parent Company | W | (158198) | 295862 | 268905 | 959297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on hybrid bonds |  | (4950) | (14850) | (4950) | (14850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit (loss) attributable to owners of the Parent Company on common shares |  | (163148) | 281012 | 263955 | 944447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average number of common shares outstanding |  | 212982275 | 212943216 | 212886342 | 212835311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic earnings (loss) per share (in won) | W | (766) | 1320 | 1240 | 4437 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *(In shares)* | **Number of**<br>**common shares** | **Weighted average number of**<br>**common shares** | **Weighted average number of**<br>**common shares** |
|  | **Number of**<br>**common shares** | **Three-month period<br>ended September 30** | **Nine-month period<br>ended September 30** |
|  Issued shares as of January 1, 2025 | 214790053 | 214790053 | 214790053 |
|  Treasury shares as of January 1, 2025 | (1903711) | (1903711) | (1903711) |
|  Disposal of treasury shares | 95933 | 95933 | 56874 |
|  | 212982275 | 212982275 | 212943216 |

---

---

| | | | |
|:---|:---|:---|:---|
| *(In shares)* | **Number of**<br>**common shares** | **Weighted average number of**<br>**common shares** | **Weighted average number of**<br>**common shares** |
|  | **Number of**<br>**common shares** | **Three-month period<br>ended September 30** | **Nine-month period<br>ended September 30** |
|  Issued shares as of January 1, 2024 | 218833144 | 218833144 | 218833144 |
|  Treasury shares as of January 1, 2024 | (6133414) | (6133414) | (6133414) |
|  Acquisition of treasury shares | (317000) | (317000) | (314748) |
|  Disposal of treasury shares | 503612 | 503612 | 450329 |
|  | 212886342 | 212886342 | 212835311 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**27.** **Earnings (loss) per Share, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Diluted earnings (loss) per share

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won, except for share data and diluted earnings per share)* | *(In millions of won, except for share data and diluted earnings per share)* | *(In millions of won, except for share data and diluted earnings per share)* | *(In millions of won, except for share data and diluted earnings per share)* | *(In millions of won, except for share data and diluted earnings per share)* | *(In millions of won, except for share data and diluted earnings per share)* |
|  | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  Profit (loss) attributable to owners of the Parent Company on common shares | W | (163148) | 281012 | 263955 | 944447 |
|  Adjusted weighted average number of common shares outstanding |  | 212982275 | 213193075 | 213479404 | 213414191 |
|  Diluted earnings (loss) per share (in won) | W | (766) | 1318 | 1236 | 4425 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In shares)* | *(In shares)* | *(In shares)* | *(In shares)* | *(In shares)* |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  Outstanding shares as of January 1 | 212886342 | 212886342 | 212699730 | 212699730 |
|  Effect of treasury shares | 95933 | 56874 | 186612 | 135581 |
|  Effect of share option(\*) |  | 249859 | 593062 | 578880 |
|  Adjusted weighted average number of common shares outstanding | 212982275 | 213193075 | 213479404 | 213414191 |

---

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**28.** **Categories of Financial Instruments** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Financial<br>assets at**<br>**FVTPL** | **Financial<br>assets at**<br>**FVTPL** | **Equity<br>instruments<br>at FVOCI** | **Financial assets at<br>amortized cost** | **Derivatives<br>hedging<br>instrument** | **Total** |
|  Cash and cash equivalents | W | 570587 |  | 814136 |  | 1384723 |
|  Short-term investment securities |  | 20105 |  |  |  | 20105 |
|  Financial instruments |  | 15000 |  | 266311 |  | 281311 |
|  Long-term investment securities(\*) |  | 135983 | 1641857 |  |  | 1777840 |
|  Accounts receivable – trade |  |  |  | 2031146 |  | 2031146 |
|  Loans and other receivables |  | 296829 |  | 767231 |  | 1064060 |
|  Derivative financial assets |  | 67217 |  |  | 153736 | 220953 |
|  | W | 1105721 | 1641857 | 3878824 | 153736 | 6780138 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Financial<br>assets at**<br>**FVTPL** | **Financial<br>assets at**<br>**FVTPL** | **Equity<br>instruments<br>at FVOCI** | **Financial assets at<br>amortized cost** | **Derivatives<br>hedging<br>instrument** | **Total** |
|  Cash and cash equivalents(\*1) | W | 310721 |  | 1713000 |  | 2023721 |
|  Financial instruments(\*1) |  | 5000 |  | 319263 |  | 324263 |
|  Long-term investment securities(\*2) |  | 138789 | 1739133 |  |  | 1877922 |
|  Accounts receivable – trade(\*1) |  |  |  | 2000382 |  | 2000382 |
|  Loans and other receivables(\*1) |  | 223761 |  | 697216 |  | 920977 |
|  Derivative financial assets |  | 70311 |  |  | 270797 | 341108 |
|  | W | 748582 | 1739133 | 4729861 | 270797 | 7488373 |

---

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

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**28.** **Categories of Financial Instruments, Continued** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Financial liabilities<br>at FVTPL** | **Financial liabilities<br>at FVTPL** | **Financial liabilities**<br>**at amortized cost** | **Derivatives hedging<br>instrument** | **Total** |
|  Accounts payable – trade | W |  | 192507 |  | 192507 |
|  Derivative financial liabilities |  | 15387 |  | 1340 | 16727 |
|  Borrowings |  |  | 756250 |  | 756250 |
|  Debentures |  |  | 8545564 |  | 8545564 |
|  Lease liabilities(\*) |  |  | 1529473 |  | 1529473 |
|  Accounts payable - other and others |  |  | 3395855 |  | 3395855 |
|  | W | 15387 | 14419649 | 1340 | 14436376 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Financial liabilities<br>at FVTPL** | **Financial liabilities<br>at FVTPL** | **Financial liabilities**<br>**at amortized cost** | **Derivatives hedging<br>instrument** | **Total** |
|  Accounts payable – trade | W |  | 126508 |  | 126508 |
|  Derivative financial liabilities |  | 2689 |  | 748 | 3437 |
|  Borrowings |  |  | 615600 |  | 615600 |
|  Debentures |  |  | 8511280 |  | 8511280 |
|  Lease liabilities(\*1,2) |  |  | 1637951 |  | 1637951 |
|  Accounts payable - other and others(\*2) |  |  | 5018850 |  | 5018850 |
|  | W | 2689 | 15910189 | 748 | 15913626 |

---

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

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**29.** **Financial Risk Management** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Financial risk management

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

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

1) Market risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Currency risk

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* |
|  | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** |
|  | **Foreign currencies** | **Won equivalent** | **Won equivalent** | **Foreign currencies** | **Won equivalent** | **Won equivalent** |
|  USD | 156344 | W | 219227 | 1034339 | W | 1450350 |
|  EUR | 12481 |  | 20526 | 8 |  | 14 |
|  Others |  |  | 564 |  |  | 1583 |
|  |  | W | 240317 |  | W | 1451947 |

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **Profit before income tax** | **Profit before income tax** | **Profit before income tax** | **Equity** | **Equity** | **Equity** |
|  | **If increased by 10%** | **If increased by 10%** | **If decreased by 10%** | **If increased by 10%** | **If increased by 10%** | **If decreased by 10%** |
|  USD | W | 16492 | (16492) | W | 12308 | (12308) |
|  EUR |  | 2052 | (2052) |  | 1531 | (1531) |
|  Others |  | (102) | 102 |  | (76) | 76 |
|  | W | 18442 | (18442) | W | 13763 | (13763) |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**29.** **Financial Risk Management, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Financial risk management, Continued

1) Market risk, Continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Interest rate risk

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
| **Profit before income tax** | **Profit before income tax** | **Profit before income tax** | **Equity** | **Equity** | **Equity** |
| **If increased by 1%p** | **If increased by 1%p** | **If decreased by 1%p** | **If increased by 1%p** | **If increased by 1%p** | **If decreased by 1%p** |
| W | (4139) | 4139 | W | (3089) | 3089 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Price fluctuations risk

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
| **Profit before income tax** | **Profit before income tax** | **Equity** | **Equity** | **Equity** |
| **If increased by 10%** | **If decreased by 10%** | **If increased by 10%** | **If increased by 10%** | **If decreased by 10%** |
| W |  | W | 70406 | (70406) |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**29.** **Financial Risk Management, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Financial risk management, Continued

2) Credit risk

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Cash and cash equivalents | W | 1384533 | 2023543 |
|  Financial instruments |  | 281311 | 324263 |
|  Long-term investment securities |  | 2603 | 2205 |
|  Accounts receivable – trade |  | 2031146 | 2000382 |
|  Contract assets |  | 181637 | 136737 |
|  Loans and other receivables |  | 1064060 | 920977 |
|  Derivative financial assets |  | 220953 | 341108 |
|  | W | 5166243 | 5749215 |

---

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

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

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**29.** **Financial Risk Management, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Financial risk management, Continued

3) Liquidity risk

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **Carrying**<br>**amount** | **Carrying**<br>**amount** | **Contractual<br>cash flows** | **Less than**<br>**1 year** | **1 – 5 years** | **More than**<br>**5 years** |
|  Accounts payable – trade | W | 192507 | 192507 | 192507 |  |  |
|  Borrowings(\*) |  | 756250 | 766817 | 263733 | 503084 |  |
|  Debentures(\*) |  | 8545564 | 9741396 | 1294944 | 6237933 | 2208519 |
|  Lease liabilities |  | 1529473 | 1769662 | 412401 | 985746 | 371515 |
|  Accounts payable – other and others(\*) |  | 3395855 | 3416217 | 3215154 | 201063 |  |
|  | W | 14419649 | 15886599 | 5378739 | 7927826 | 2580034 |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |  |
|  | **Carrying**<br>**amount** | **Carrying**<br>**amount** | **Contractual**<br>**cash flows** | **Less than**<br>**1 year** | **1 - 5 years** |
|  Assets | W | &nbsp;&nbsp;&nbsp;&nbsp;153736 | &nbsp;&nbsp;&nbsp;&nbsp;158511 | &nbsp;&nbsp;&nbsp;&nbsp;20583 | &nbsp;&nbsp;&nbsp;&nbsp;137928 |
|  Liabilities |  | (1340) | (1359) | (1058) | (301) |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**29.** **Financial Risk Management, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Capital management

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Total liabilities | W | 17086403 | 18687621 |
|  Total equity |  | 11808944 | 11827634 |
|  Debt-equity ratios |  | 144.69% | 158.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Fair value

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Carrying<br>amount** | **Carrying<br>amount** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets that are measured at fair value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVTPL | W | 1105721 |  | 902521 | 203200 | 1105721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative hedging instruments |  | 153736 |  | 153736 |  | 153736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVOCI |  | 1641857 | 943423 | 224640 | 473794 | 1641857 |
|  | W | 2901314 | 943423 | 1280897 | 676994 | 2901314 |
|  **Financial liabilities that are measured at fair value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVTPL | W | 15387 |  |  | 15387 | 15387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative hedging instruments |  | 1340 |  | 1340 |  | 1340 |
|  | W | 16727 |  | 1340 | 15387 | 16727 |
|  **Financial liabilities that are not measured at fair value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings | W | 756250 |  | 758981 |  | 758981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures |  | 8545564 |  | 8655481 |  | 8655481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term payables – other |  | 546136 |  | 551765 |  | 551765 |
|  | W | 9847950 |  | 9966227 |  | 9966227 |

---

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**29.** **Financial Risk Management, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Fair value, Continued

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |  |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |  |
|  | **Carrying<br>amount** | **Carrying<br>amount** | **Level 1** | **Level 2** | **Level 3** | **Total** |  |
|  **Financial assets that are measured at fair value:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVTPL | W | 748582 |  | 539481 | 209101 | 748582 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative hedging instruments |  | 270797 |  | 270797 |  | 270797 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVOCI |  | 1739133 | 1088578 | 171967 | 478588 | 1739133 |  |
|  | W | 2758512 | 1088578 | 982245 | 687689 | 2758512 |  |
|  **Financial liabilities that are measured at fair value:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVTPL | W | 2689 |  |  | 2689 | 2689 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative hedging instruments |  | 748 |  | 748 |  | 748 |  |
|  | W | 3437 |  | 748 | 2689 | 3437 |  |
|  **Financial liabilities that are not measured at fair value:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings | W | 615600 |  | 619325 |  | 619325 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures |  | 8511280 |  | 8582255 |  | 8582255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term payables – other |  | 907720 |  | 930604 |  | 930604 |  |
|  | W | 10034600 |  | 10132184 |  | 10132184 |  |

---

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

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

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

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

---

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

---

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**29.** **Financial Risk Management, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Fair value, Continued

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **Balance as of**<br>**January 1, 2025** | **Balance as of**<br>**January 1, 2025** | **Gain** | **OCI** | **Acquisition** | **Disposal** | **Transfer** | **Balance as of**<br>**September 30, 2025** |
|  **Financial assets** | **Financial assets** | **Financial assets** | **Financial assets** | **Financial assets** | **Financial assets** | **Financial assets** | **Financial assets** | **Financial assets** |
|  FVTPL | W | 209101 | 17 | (2735) | 6582 | (14861) | 5096 | 203200 |
|  FVOCI |  | 478588 |  | (3171) | 1437 | (3060) |  | 473794 |
|  | W | 687689 | 17 | (5906) | 8019 | (17921) | 5096 | 676994 |
|  **Financial liabilities** |  |  |  |  |  |  |  |  |
|  FVTPL | W | (2689) |  | 581 | (13279) |  |  | (15387) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Enforceable master netting agreement or similar agreement

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Gross financial<br>instruments<br>recognized** | **Gross financial<br>instruments<br>recognized** | **Amount offset** | **Net financial instruments<br>presented on the<br>condensed consolidated<br>interim statement of<br>financial position** |
|  **Financial assets:** |  |  |  |  |
|  Accounts receivable – trade and others | W | 203133 | (188905) | 14228 |
|  **Financial liabilities:** |  |  |  |  |
|  Accounts payable – other and others | W | 193447 | (188905) | 4542 |
| *(In millions of won)* | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Gross financial<br>instruments<br>recognized** | **Gross financial<br>instruments<br>recognized** | **Amount offset** | **Net financial instruments<br>presented on the<br>consolidated statement of<br>financial position** |
|  **Financial assets:** |  |  |  |  |
|  Accounts receivable – trade and others | W | 186284 | (174372) | 11912 |
|  **Financial liabilities:** |  |  |  |  |
|  Accounts payable – other and others | W | 180323 | (174372) | 5951 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**30.** **Transactions with Related Parties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) List of related parties

---

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

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Compensation for the key management

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  Salaries | W | 894 | 5833 | 768 | 4906 |
|  Defined benefits plan expenses |  | 159 | 680 | 204 | 1159 |
|  Share option |  | (201) | (69) | 1169 | 882 |
|  | W | 852 | 6444 | 2141 | 6947 |

---

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**30.** **Transactions with Related Parties, Continued** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |  |  |  |  |
|  |  | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** |
|  |  | **Operating revenue and<br>others** | **Operating revenue and<br>others** | **Operating revenue and<br>others** | **Operating expenses and<br>others(\*1)** | **Operating expenses and<br>others(\*1)** | **Acquisition of property<br>and equipment and<br>others** | **Acquisition of property<br>and equipment and<br>others** |
| **Scope** | **Company** | **Three-<br>month** | **Three-<br>month** | **Nine-<br>month** | **Three-<br>month** | **Nine-<br>month** | **Three-<br>month** | **Nine-<br>month** |
|  Ultimate controlling entity | SK Inc.(\*2) | W | 11290 | 21104 | 148567 | 484779 | 74554 | 138805 |
|  Associates | SK m&service Co., Ltd. |  | 599 | 2838 | 10521 | 22024 | 237 | 843 |
|  | Others(\*3,4) |  | 3743 | 13435 | 2081 | 19268 | 69012 | 69012 |
|  |  |  | 4342 | 16273 | 12602 | 41292 | 69249 | 69855 |
|  Others | SK Innovation Co., Ltd. |  | 1800 | 5498 | 5033 | 14432 |  | 2050 |
|  | SK Energy Co., Ltd. |  | 398 | 1201 | 6 | 69 |  |  |
|  | SK Geo Centric Co., Ltd. |  | 154 | 522 |  | 13 |  |  |
|  | SK Networks Co., Ltd.(\*5) |  | 3552 | 9159 | 338914 | 779461 |  |  |
|  | SK Networks Service Co., Ltd. |  | 1314 | 3950 | 14993 | 45285 | 652 | 1021 |
|  | SK Ecoplant Co., Ltd. |  | 947 | 2165 | 143 | 143 |  |  |
|  | SK hynix Inc. |  | 16920 | 49523 | 511 | 779 |  |  |
|  | SK Shieldus Co., Ltd. |  | 14370 | 42296 | 43143 | 118094 | 3629 | 12560 |
|  | Content Wavve Corp. |  | 748 | 8360 | 16 | 33052 |  |  |
|  | Eleven Street Co., Ltd. |  | 20571 | 54275 | 7655 | 21868 |  |  |
|  | SK Planet Co., Ltd. |  | 1754 | 6469 | 17541 | 54770 | 1041 | 1151 |
|  | SK intellix Co.,Ltd. (Formerly, SK Magic Co., Ltd.) |  | 287 | 1000 | 272 | 882 |  |  |
|  | Tmap Mobility Co., Ltd. |  | 2181 | 10713 | 1406 | 4001 |  |  |
|  | One Store Co., Ltd. |  | 2928 | 9451 | 8 | 29 |  |  |
|  | Dreamus Company |  | 578 | 3417 | 11763 | 38842 |  |  |
|  | UNA Engineering Inc. |  | 24 | 69 | 13910 | 40918 | 9502 | 21088 |
|  | Happy Narae Co., Ltd. |  | 84 | 625 | 2768 | 12118 | 9002 | 14916 |
|  | Others |  | 9941 | 29183 | 10983 | 41723 |  | 19803 |
|  |  |  | 78551 | 237876 | 469065 | 1206479 | 23826 | 72589 |
|  |  | W | 94183 | 275253 | 630234 | 1732550 | 167629 | 281249 |

---

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

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

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

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

---

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

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**30. Transactions with Related Parties, Continued** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |  |  |  |  |
|  |  | **For the period ended September 30, 2024** | **For the period ended September 30, 2024** | **For the period ended September 30, 2024** | **For the period ended September 30, 2024** | **For the period ended September 30, 2024** | **For the period ended September 30, 2024** | **For the period ended September 30, 2024** |
|  |  | **Operating revenue and<br>others** | **Operating revenue and<br>others** | **Operating revenue and<br>others** | **Operating expenses and<br>others(\*1)** | **Operating expenses and<br>others(\*1)** | **Acquisition of property<br>and equipment and<br>others** | **Acquisition of property<br>and equipment and<br>others** |
| **Scope** | **Company** | **Three-<br>month** | **Three-<br>month** | **Nine-<br>month** | **Three-<br>month** | **Nine-<br>month** | **Three-<br>month** | **Nine-<br>month** |
|  Ultimate controlling entity | SK Inc.(\*2) | W | 4714 | 13908 | 157323 | 486441 | 28759 | 44034 |
|  Associates | F&U Credit information Co., Ltd. |  | 863 | 2427 | 12131 | 36774 |  | 203 |
|  | Daehan Kanggun BcN Co., Ltd. |  | 3565 | 9227 |  |  |  |  |
|  | Others(\*3) |  | 1270 | 8033 | 2406 | 9742 |  |  |
|  |  |  | 5698 | 19687 | 14537 | 46516 |  | 203 |
|  Others | SK Innovation Co., Ltd. |  | 4520 | 12170 | 4988 | 12656 |  |  |
|  | SK Energy Co., Ltd. |  | 713 | 2401 | (20) | 166 |  |  |
|  | SK Geo Centric Co., Ltd. |  | 177 | 584 | 1 | 2 |  |  |
|  | SK Networks Co., Ltd.(\*4) |  | 1216 | 4106 | 293767 | 740061 |  |  |
|  | SK Networks Service Co., Ltd. |  | 1281 | 3884 | 17457 | 49296 | 1205 | 1983 |
|  | SK Ecoplant Co., Ltd. |  | 775 | 1863 |  |  |  |  |
|  | SK hynix Inc. |  | 13926 | 36465 | 39 | 189 |  |  |
|  | SK Shieldus Co., Ltd. |  | 16583 | 45950 | 37026 | 112787 | 2327 | 5388 |
|  | Content Wavve Corp. |  | 3992 | 9151 | 22903 | 63245 |  |  |
|  | Eleven Street Co., Ltd. |  | 17065 | 51403 | 8198 | 22565 |  |  |
|  | SK Planet Co., Ltd. |  | 4818 | 12039 | 21996 | 62296 | 719 | 9355 |
|  | SK RENT A CAR Co., Ltd.(\*5) |  | 2069 | 8336 | 3607 | 14462 |  | 169 |
|  | SK intellix Co.,Ltd.<br> (Formerly, SK Magic Co., Ltd.) |  | 358 | 1162 | 144 | 484 |  |  |
|  | Tmap Mobility Co., Ltd. |  | 5802 | 18419 | 1525 | 4748 |  |  |
|  | One Store Co., Ltd. |  | 3357 | 11629 | 428 | 1175 |  |  |
|  | Dreamus Company |  | 1389 | 4175 | 16620 | 49980 | 265 | 265 |
|  | UNA Engineering Inc. |  | 21 | 67 | 13807 | 39741 | 9275 | 17583 |
|  | Happy Narae Co., Ltd. |  | 361 | 975 | 3630 | 9977 | 20777 | 44899 |
|  | Others |  | 11399 | 35146 | 4491 | 14175 | 678 | 17400 |
|  |  |  | 89822 | 259925 | 450607 | 1198005 | 35246 | 97042 |
|  |  | W | 100234 | 293520 | 622467 | 1730962 | 64005 | 141279 |

---

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

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

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

---

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

---

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**30.** **Transactions with Related Parties, Continued** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Receivables** | **Receivables** | **Receivables** | **Payables** |
| **Scope** | **Company** | **Loans** | **Loans** | **Accounts<br>receivable –<br>trade, etc.** | **Accounts<br>payable – other,<br>etc.** |
|  Ultimate controlling entity | SK Inc. | W |  | 4746 | 121155 |
|  Associates | Daehan Kanggun BcN Co., Ltd.(\*) |  | 22147 |  |  |
|  | SK m&service Co., Ltd. |  |  | 630 | 47660 |
|  | Others |  |  | 1212 | 4089 |
|  |  |  | 22147 | 1842 | 51749 |
|  Others | SK Innovation Co., Ltd. |  |  | 3256 | 22181 |
|  | SK Networks Co., Ltd. |  |  | 862 | 208252 |
|  | Mintit Co., Ltd. |  |  | 2554 | 14 |
|  | SK hynix Inc. |  |  | 16052 | 117 |
|  | Happy Narae Co., Ltd. |  |  | 86 | 5334 |
|  | SK Shieldus Co., Ltd. |  |  | 13821 | 21897 |
|  | Content Wavve Corp. |  |  | 57 | 9 |
|  | Incross Co., Ltd. |  |  | 1411 | 5927 |
|  | Eleven Street Co., Ltd. |  |  | 31299 | 3903 |
|  | SK Planet Co., Ltd. |  |  | 273 | 5980 |
|  | UNA Engineering Inc. |  |  |  | 12464 |
|  | Others |  |  | 8175 | 25144 |
|  |  |  |  | 77846 | 311222 |
|  |  | W | 22147 | 84434 | 484126 |

---

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**30.** **Transactions with Related Parties, Continued** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | **Receivables** | **Receivables** | **Receivables** | **Payables** |
| **Scope** | **Company** | **Loans** | **Loans** | **Accounts<br>receivable –<br>trade, etc.** | **Accounts<br>payable – other,<br>etc.** |
|  Ultimate controlling entity | SK Inc. | W |  | 1668 | 76471 |
|  Associates | F&U Credit information Co., Ltd. |  |  | 54 | 4610 |
|  | Daehan Kanggun BcN Co., Ltd.(\*) |  | 22147 |  |  |
|  | Others |  |  | 5158 | 7001 |
|  |  |  | 22147 | 5212 | 11611 |
|  Others | SK Innovation Co., Ltd. |  |  | 6531 | 28326 |
|  | SK Networks Co., Ltd. |  |  | 372 | 140120 |
|  | Mintit Co., Ltd. |  |  | 4 |  |
|  | SK hynix Inc. |  |  | 12680 | 206 |
|  | Happy Narae Co., Ltd. |  |  | 52 | 17833 |
|  | SK Shieldus Co., Ltd. |  |  | 12582 | 20515 |
|  | Content Wavve Corp. |  |  | 1564 | 7 |
|  | Incross Co., Ltd. |  |  | 1946 | 20353 |
|  | Eleven Street Co., Ltd. |  |  | 16637 | 4750 |
|  | SK Planet Co., Ltd. |  |  | 980 | 15491 |
|  | UNA Engineering Inc. |  |  |  | 25498 |
|  | Others |  |  | 12703 | 27981 |
|  |  |  |  | 66051 | 301080 |
|  |  | W | 22147 | 72931 | 389162 |

---

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

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

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**31.** **Commitments and Contingencies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Collateral assets and commitments

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Legal claims and litigations

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Accounts receivable from sale of handsets

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Obligation relating to spin-off

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**31.** **Commitments and Contingencies, Continued** 

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

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**32.** **Statements of Cash Flows** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** |
|  Interest income | W | (56135) | (59835) |
|  Dividends |  | (44587) | (27982) |
|  Gain on foreign currency translations |  | (4998) | (1791) |
|  Gain (loss) relating to investments in subsidiaries, associates and joint ventures, net |  | 19956 | (24685) |
|  Gain on disposal of property and equipment and intangible assets |  | (18684) | (11245) |
|  Gain relating to financial instruments at FVTPL |  | (669) | (19236) |
|  Other finance costs |  | 23356 |  |
|  Interest expenses |  | 290020 | 301584 |
|  Loss on foreign currency translations |  | 3757 | 2860 |
|  Loss on repayment of debentures |  | 465 |  |
|  Loss on sale of accounts receivable – other |  | 13217 | 28426 |
|  Income tax expense |  | 306327 | 291346 |
|  Expense related to defined benefit plan |  | 91821 | 92866 |
|  Share option expenses (reversal) |  | (499) | 5460 |
|  Bonus paid by treasury shares |  | 262 | 24988 |
|  Depreciation and amortization |  | 2689663 | 2771886 |
|  Bad debt for accounts receivable – trade |  | 32672 | 33658 |
|  Impairment loss on property and equipment and intangible assets |  | 512 | 2 |
|  Loss on disposal of property and equipment and intangible assets |  | 6474 | 8721 |
|  Bad debt for accounts receivable – other |  | 2814 | 2913 |
|  Loss relating to financial instruments at FVTPL |  | 80 | 95419 |
|  Loss on settlement of derivatives |  | 7298 |  |
|  Other income (expenses) |  | 22860 | (3183) |
|  | W | 3385982 | 3512172 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**32.** **Statements of Cash Flows, Continued** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** |
|  Accounts receivable – trade | W | (39147) | (189225) |
|  Accounts receivable – other |  | (190572) | (40419) |
|  Advanced payments |  | 9746 | (17757) |
|  Prepaid expenses |  | (343662) | (35026) |
|  Inventories |  | (15958) | (43607) |
|  Long-term accounts receivable – other |  | 30567 | (43303) |
|  Contract assets |  | (48742) | (7891) |
|  Guarantee deposits |  | 22895 | 2780 |
|  Accounts payable – trade |  | 66335 | 25357 |
|  Accounts payable – other |  | (44042) | (160901) |
|  Withholdings |  | 58665 | 235215 |
|  Contract liabilities |  | 133496 | 14494 |
|  Deposits received |  | 7929 | 438 |
|  Accrued expenses |  | 192537 | 71138 |
|  Provisions |  | (383) | (23) |
|  Long-term provisions |  | (709) | (246) |
|  Plan assets |  | 117151 | 62816 |
|  Retirement benefits payment |  | (170851) | (90685) |
|  Others |  | (3435) | (2808) |
|  | W | (218180) | (219653) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** |
|  Decrease in accounts payable – other relating to the acquisition of property and equipment and intangible assets | W | (308236) | (408442) |
|  Increase of right-of-use assets |  | &nbsp;&nbsp;&nbsp;&nbsp;194968 | &nbsp;&nbsp;&nbsp;&nbsp;246155 |
|  Transfer from property and equipment to investment property |  | 23346 | (1338) |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**33.** **Emissions Liabilities** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* |
|  | **Quantities**<br>**allocated**<br>**in 2021** | **Quantities<br>allocated**<br>**in 2022** | **Quantities<br>allocated**<br>**in 2023** | **Quantities<br>allocated**<br>**in 2024** | **Quantities<br>allocated**<br>**in 2025** | **Total** |
|  Emissions rights allocated free of charge(\*) | 1385433 | 1602751 | 1736918 | 1766850 | 1597964 | 8089916 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* |
|  | **Quantities**<br>**allocated in 2023** | **Quantities<br>allocated in 2024** | **Quantities allocated<br>in the nine-month**<br>**period ended<br>September 30, 2025** | **Total** |
|  Beginning | 306575 | 414356 | 517280 | 1238211 |
|  Allocation at no cost | 1736918 | 1766850 | 1597964 | 5101732 |
|  Sale | (56266) | (41446) | (250738) | (348450) |
|  Surrender or shall be surrendered | (1572871) | (1622480) | (1864506) | (5059857) |
|  Ending | 414356 | 517280 |  | 931636 |

---

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**34.** **Assets and Liabilities Held for Sale** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |
|  |  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Disposal Groups(\*1) | Cash and cash equivalents | W |  | 22986 |
|  | Accounts receivable – trade and other, net |  |  | 71401 |
|  | Prepaid expenses |  |  | 1127 |
|  | Inventories, net |  |  | 3740 |
|  | Property and equipment, net |  |  | 17412 |
|  | Investment property, net |  |  | 1719 |
|  | Intangible assets, net |  |  | 5655 |
|  | Goodwill |  |  | 2516 |
|  | Financial instrument |  |  | 10 |
|  | Defined benefit assets |  |  | 7601 |
|  | Advanced payments and others |  |  | 17559 |
|  Investments in associates | F&U Credit information Co., Ltd.(\*2) |  |  | 11138 |
|  | Daekyo Wipoongdangdang Contents Korea Fund |  | 746 | 746 |
|  Long-term investment securities | Digital Content Korea Fund |  |  | 3395 |
|  | Central Fusion Content Fund |  |  | 883 |
|  | P&I Cultural Innovation Fund |  |  | 818 |
|  Property and equipment |  |  |  | 6133 |
|  |  | W | 746 | 174839 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  Disposal Groups(\*1) | Accounts payable – other | W |  | 82206 |
|  | Withholdings |  |  | 16161 |
|  | Lease liabilities |  |  | 2745 |
|  | Contract liabilities |  |  | 1261 |
|  | Provisions |  |  | 1924 |
|  | Other current liabilities |  |  | 1904 |
|  | Deferred tax liabilities |  |  | 151 |
|  |  | W |  | 106352 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**34.** **Assets and Liabilities Held for Sale, Continued** 

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

---

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

---

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

**35.** **Business Combinations Under Common Control** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) General Information

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

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

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

---

| | | |
|:---|:---|:---|
| *(In millions of won)* |  |  |
|  | **Amounts** | **Amounts** |
| **I. Consideration transferred:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | W | 506844 |
| **II. Identifiable assets acquired and liabilities assumed:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – trade and other, net |  | 19085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net |  | 240303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets, net |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable – trade and other |  | (3992) |
|  |  | 255398 |
| **III. Capital surplus and others(I - II)** | W | 251446 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

**36.** **Subsequent Events** 

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

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##### [**Table of Contents**](#toc)
**SK TELECOM CO., LTD.** 

Condensed Separate Interim Financial Statements

**For the nine-month period ended September 30, 2025** 

(With the Independent Auditor's Review report)

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##### [**Table of Contents**](#toc)
Contents

---

| | |
|:---|:---|
|  | **Page** |
|  **[Independent Auditors' Review Report](#tx25441_101)** |  |
|  **[Condensed Separate Interim Financial Statements](#tx25441_102)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Separate Interim Statements of Financial Position](#tx25441_103) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Separate Interim Statements of Income (Loss)](#tx25441_104) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Separate Interim Statements of Comprehensive Income (Loss)](#tx25441_105) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Separate Interim Statements of Changes in Equity](#tx25441_106) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Separate Interim Statements of Cash Flows](#tx25441_107) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to the Condensed Separate Interim Financial Statements](#tx25441_108) | 8 |

---

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##### [**Table of Contents**](#toc)
**Independent Auditors' Review Report** 

<u>Based on a report originally issued in Korean</u> 

To the Board of Directors and Shareholders

SK Telecom Co., Ltd.

**Reviewed financial statements** 

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

**Management's responsibility** 

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

**Auditors' review responsibility** 

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

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

**Conclusion** 

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

------

##### [**Table of Contents**](#toc)
**Other matters** 

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

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

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

KPMG Samjong Accounting Corp.

Seoul, Korea

November 13, 2025

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

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##### [**Table of Contents**](#toc)
**SK TELECOM CO., LTD.** 

CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

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

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

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

---

| |
|:---|
| **Ryu, Young-Sang** |
| **Chief Executive Officer** |
| **SK TELECOM CO., LTD.** |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Financial Position

As of September 30, 2025 and December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | ***Note*** | ***Note*** |  | **September 30,**<br>**2025** | **September 30,**<br>**2025** | **December 31,<br>2024** |
|  **Assets** |  |  |  |  |  |  |
|  **Current Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | | *2728* | | W | 457271 | 1165158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term financial instruments | | *2728* | |  | 79000 | 79000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – trade, net | | *4272829* | |  | 1546311 | 1508893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term loans, net | | *42728* | |  | 83942 | 55577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – other, net | | *427282930* | |  | 598328 | 390243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract assets | | *628* | |  | 5913 | 5275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | | *5* | |  | 1990013 | 1802742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee deposits | | *4272829* | |  | 53580 | 67521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial assets | | *2728* | |  |  | 80650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories, net |  |  |  |  | 29118 | 38982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current assets held for sale | | *33* | |  |  | 11568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced payments and others | | *42728* | |  | 20149 | 36796 |
|  |  |  |  |  | **4863625** | **5242405** |
|  **Non-Current Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term financial instruments | | *2728* | |  | 354 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term investment securities | | *72728* | |  | 1197946 | 1418465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in subsidiaries, associates and joint ventures | | *8* | |  | 5956994 | 4899558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net | | *91129* | |  | 7768101 | 8515225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment property, net | | *10* | |  | 51092 | 35462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill |  |  |  |  | 1306236 | 1306236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets, net | | *12* | |  | 1286354 | 1683018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term loans, net | | *4272829* | |  | 460 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term accounts receivable – other, net | | *4272830* | |  | 237575 | 239008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term contract assets | | *628* | |  | 12635 | 13301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term prepaid expenses | | *5* | |  | 1070516 | 894226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee deposits, net | | *4272829* | |  | 80564 | 85939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term derivative financial assets | | *2728* | |  | 123120 | 148172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defined benefit assets | | *16* | |  | 74120 | 103518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current assets |  |  |  |  | 249 | 249 |
|  |  |  |  |  | **19166316** | **19343221** |
|  **Total Assets** |  |  |  | **W** | **24029941** | **24585626** |

---

*(Continued)* 

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Financial Position, Continued

As of September 30, 2025 and December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | ***Note*** | ***Note*** |  | **September 30,<br>2025** | **September 30,<br>2025** | **December 31,<br>2024** |
|  **Liabilities and Shareholders' Equity** |  |  |  |  |  |  |
|  **Current Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term borrowings | | *132728* | | W | 100000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable – other | | *272829* | |  | 1182385 | 1543989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract liabilities | | *6* | |  | 128195 | 76682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholdings | | *2728* | |  | 748263 | 717547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | | *2728* | |  | 1129002 | 996204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax payable | | *25* | |  | 63845 | 172008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions | | *1532* | |  | 31033 | 40710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt, net | | *132728* | |  | 879708 | 1930070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities | | *272829* | |  | 345994 | 308141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term payables – other | | *142728* | |  | 367358 | 367765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial liabilities | | *2728* | |  |  | 78467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | | *2728* | |  | 12103 | 9303 |
|  |  |  |  |  | **4987886** | **6240886** |
|  **Non-Current Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures, excluding current portion, net | | *132728* | |  | 5577613 | 4955124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term borrowings, excluding current portion, net | | *132728* | |  | 500000 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term payables – other | | *142728* | |  | 178778 | 539955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term contract liabilities | | *6* | |  | 1642 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term derivative financial liabilities | | *2728* | |  | 4029 | 3437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term lease liabilities | | *272829* | |  | 781900 | 850311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term provisions | | *15* | |  | 67753 | 60395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities | | *25* | |  | 876012 | 717278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current liabilities | | *2728* | |  | 59687 | 55858 |
|  |  |  |  |  | **8047414** | **7383886** |
|  **Total Liabilities** |  |  |  |  | **13035300** | **13624772** |
|  **Shareholders' Equity:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share capital | | *117* | |  | 30493 | 30493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital surplus and others | | *1718* | |  | (4547688) | (4551820) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | | *19* | |  | 15116780 | 15273451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserves | | *20* | |  | 395056 | 208730 |
|  **Total Shareholders' Equity** |  |  |  |  | **10994641** | **10960854** |
|  **Total Liabilities and Shareholders' Equity** |  |  |  | **W** | **24029941** | **24585626** |

---

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Income (Loss)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won, except for earnings per share)* | *(In millions of won, except for earnings per share)* | *(In millions of won, except for earnings per share)* |  | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | ***Note*** | ***Note*** |  | **Three-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  **Operating revenue:** | | *2129* | |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue |  |  |  | W | 2664748 | 8967323 | 3203229 | 9583437 |
|  **Operating expenses:** | | *29* | |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Labor |  |  |  |  | 237434 | 740386 | 243367 | 747366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commission | | *5* | |  | 1196537 | 3560906 | 1169848 | 3521480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization |  |  |  |  | 623235 | 1877730 | 659441 | 1983120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Network interconnection |  |  |  |  | 86270 | 298984 | 116303 | 357350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leased lines |  |  |  |  | 48038 | 145028 | 48925 | 144124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advertising |  |  |  |  | 24023 | 67396 | 36333 | 82499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rent |  |  |  |  | 31552 | 95897 | 31158 | 88563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of goods sold |  |  |  |  | 147509 | 436904 | 148467 | 447549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | | *22* | |  | 322330 | 1063008 | 292397 | 867554 |
|  |  |  |  |  | 2716928 | 8286239 | 2746239 | 8239605 |
|  **Operating profit (loss)** |  |  |  |  | **(52180)** | **681084** | **456990** | **1343832** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance income | | *24* | |  | 28265 | 267696 | 16136 | 258753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs | | *24* | |  | (80581) | (277544) | (180314) | (366323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating income | | *23* | |  | 12382 | 37349 | 5644 | 17943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating expenses | | *23* | |  | (139810) | (157814) | (6499) | (21215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) relating to investments in subsidiaries, associates and joint ventures, net | | *8* | |  | 1416 | 14768 | (150) | 11329 |
|  **Profit (loss) before income tax** |  |  |  |  | **(230508)** | **565539** | **291807** | **1244319** |
|  Income tax expense (benefit) | | *25* | |  | (23877) | 260695 | 69450 | 249524 |
|  **Profit (loss) for the period** |  |  |  | **W** | **(206631)** | **304844** | **222357** | **994795** |
|  **Earnings (loss) per share:** | | *26* | |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic earnings (loss) per share (in won) |  |  |  | W | (993) | 1362 | 1021 | 4604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted earnings (loss) per share (in won) |  |  |  |  | (993) | 1360 | 1018 | 4592 |

---

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Comprehensive Income (Loss)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |  | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | ***Note*** | ***Note*** |  | **Three-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month**<br>**period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  **Profit (loss) for the period** |  |  |  | **W** | **(206631)** | **304844** | **222357** | **994795** |
|  **Other comprehensive income (loss):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Items that will not be reclassified subsequently to profit or loss, net of taxes:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of defined benefit assets | | *16* | |  | 7490 | (17804) | 12718 | 20262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation gain (loss) on financial assets at fair value through other comprehensive income | | *20* | |  | 113716 | 331749 | (54412) | (71221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Items that are or may be reclassified subsequently to profit or loss, net of taxes:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized fair value<br> of derivatives | | *20* | |  | (1257) | 2798 | (5606) | (3769) |
|  **Other comprehensive income (loss) for period, net of taxes** |  |  |  |  | **119949** | **316743** | **(47300)** | **(54728)** |
|  **Total comprehensive income (loss)** |  |  |  | **W** | **(86682)** | **621587** | **175057** | **940067** |

---

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Changes in Equity

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |  |  |  | **Capital surplus and others** | **Capital surplus and others** | **Capital surplus and others** | **Capital surplus and others** | **Capital surplus and others** | **Capital surplus and others** |  |  |  |
|  | **Note** | **Note** |  | **Share<br>capital** | **Share<br>capital** | **Paid-in surplus** | **Treasury shares** | **Hybrid bonds** | **Share option** | **Other** | **Sub-total** | **Retained**<br>**earnings** | **Reserves** | **Total<br>equity** |
|  **Balance as of January 1, 2024** |  |  |  | **W** | **30493** | **1771000** | **(301981)** | **398509** | **9818** | **(6643493)** | **(4766147)** | **15032473** | **139274** | **10436093** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  |  |  |  |  |  |  |  |  |  | 994795 |  | 994795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive loss | | *1620* | |  |  |  |  |  |  |  |  | (27558) | (27170) | (54728) |
|  |  |  |  |  |  |  |  |  |  |  |  | 967237 | (27170) | 940067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transactions with owners: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual dividends |  |  |  |  |  |  |  |  |  |  |  | (223335) |  | (223335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividends |  |  |  |  |  |  |  |  |  |  |  | (353387) |  | (353387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share option | | *18* | |  |  |  |  |  | 3864 | 78 | 3942 |  |  | 3942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on hybrid bonds |  |  |  |  |  |  |  |  |  |  |  | (14850) |  | (14850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and disposal of treasury shares | | *1718* | |  |  |  | 9019 |  |  | 135 | 9154 |  |  | 9154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement of treasury shares | | *1718* | |  |  |  | 200000 |  |  |  | 200000 | (200000) |  |  |
|  |  |  |  |  |  |  | 209019 |  | 3864 | 213 | 213096 | (791572) |  | (578476) |
|  **Balance as of September 30, 2024** |  |  |  | **W** | **30493** | **1771000** | **(92962)** | **398509** | **13682** | **(6643280)** | **(4553051)** | **15208138** | **112104** | **10797684** |
|  **Balance as of January 1, 2025** |  |  |  | **W** | **30493** | **1771000** | **(92962)** | **398509** | **14498** | **(6642865)** | **(4551820)** | **15273451** | **208730** | **10960854** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  |  |  |  |  |  |  |  |  |  | 304844 |  | 304844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income | | *1620* | |  |  |  |  |  |  |  |  | 130417 | 186326 | 316743 |
|  |  |  |  |  |  |  |  |  |  |  |  | 435261 | 186326 | 621587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transactions with owners: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual dividends |  |  |  |  |  |  |  |  |  |  |  | (223531) |  | (223531) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividends |  |  |  |  |  |  |  |  |  |  |  | (353551) |  | (353551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share option | | *18* | |  |  |  |  |  | 13 | (1197) | (1184) |  |  | (1184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on hybrid bonds |  |  |  |  |  |  |  |  |  |  |  | (14850) |  | (14850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal of treasury shares | | *1718* | |  |  |  | 4429 |  |  | 887 | 5316 |  |  | 5316 |
|  |  |  |  |  |  |  | 4429 |  | 13 | (310) | 4132 | (591932) |  | (587800) |
|  **Balance as of September 30, 2025** |  |  |  | **W** | **30493** | **1771000** | **(88533)** | **398509** | **14511** | **(6643175)** | **(4547688)** | **15116780** | **395056** | **10994641** |

---

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Cash Flows

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | ***Note*** | ***Note*** |  | **2025** | **2025** | **2024** |
|  **Cash flows from operating activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash generated from operating activities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  |  | W | 304844 | 994795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments for income and expenses | | *31* | |  | 2276621 | 2514620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities related to operating activities | | *31* | |  | (470270) | (225790) |
|  |  |  |  |  | 2111195 | 3283625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest received |  |  |  |  | 22857 | 26153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends received |  |  |  |  | 222080 | 207112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid |  |  |  |  | (223588) | (236091) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax paid |  |  |  |  | (318184) | (247792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by operating activities** |  |  |  |  | **1814360** | **3033007** |
|  **Cash flows from investing activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash inflows from investing activities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in short-term financial instruments, net |  |  |  |  |  | 80024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collection of short-term loans |  |  |  |  | 56997 | 92314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of long-term investment securities |  |  |  |  | 642598 | 34089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of investments in subsidiaries, associates and joint ventures |  |  |  |  | 15817 | 17222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of non-current assets held for sale |  |  |  |  | 24234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of property and equipment |  |  |  |  | 8818 | 11993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of intangible assets |  |  |  |  | 6552 | 4176 |
|  |  |  |  |  | 755016 | 239818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash outflows for investing activities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in short-term loans |  |  |  |  | (85619) | (92481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of long-term investment securities |  |  |  |  | (500) | (1145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash outflows from settlement of derivatives |  |  |  |  | (78467) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of investments in subsidiaries, associates and joint ventures |  |  |  |  | (1081986) | (48883) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of property and equipment |  |  |  |  | (865114) | (1089631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of intangible assets |  |  |  |  | (40282) | (9147) |
|  |  |  |  |  | (2151968) | (1241287) |
|  **Net cash used in investing activities** |  |  |  | **W** | **(1396952)** | **(1001469)** |

---

*(Continued)* 

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Cash Flows, Continued

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | ***Note*** | **2025** | **2025** | **2024** |
|  **Cash flows from financing activities:** | **Cash flows from financing activities:** | **Cash flows from financing activities:** | **Cash flows from financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash inflows from financing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from short-term borrowings, net |  | W | 100000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from long-term borrowings |  |  | 300000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of debentures |  |  | 1116267 | 398306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash inflows from settlement of derivatives |  |  | 52859 |  |
|  |  |  | 1569126 | 398306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash outflows for financing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of long-term borrowings |  |  | (200000) | (380000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of long-term payables – other |  |  | (369150) | (369150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of debentures |  |  | (1304420) | (410000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of dividends |  |  | (577062) | (576703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of treasury shares |  |  |  | (15788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of interest on hybrid bonds |  |  | (14850) | (14850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of lease liabilities |  |  | (229405) | (249981) |
|  |  |  | (2694887) | (2016472) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in financing activities** |  |  | **(1125761)** | **(1618166)** |
|  **Net increase (decrease) in cash and cash equivalents** |  |  | **(708353)** | **413372** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents at beginning of the period |  |  | 1165158 | 631066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effects of exchange rate changes on cash and cash equivalents |  |  | 466 | 147 |
|  **Cash and cash equivalents at end of the period** |  | **W** | **457271** | **1044585** |

---

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**1.** **Reporting Entity** 

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

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

---

| | | |
|:---|:---|:---|
|  | **Number of shares** | **Percentage of<br>total shares issued (%)** |
|  SK Inc. | 65668397 | 30.57 |
|  National Pension Service | 15370553 | 7.16 |
|  Institutional investors and other shareholders | 128096838 | 59.64 |
|  Kakao Investment Co., Ltd. | 3846487 | 1.79 |
|  Treasury shares | 1807778 | 0.84 |
|  | 214790053 | 100.00 |

---

**2.** **Basis of Preparation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Statement of compliance

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

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**2.** **Basis of Preparation, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Use of estimates and judgments

1) Critical judgments, assumptions and estimation uncertainties

The preparation of the condensed separate interim financial statements in conformity with KIFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

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

2) Fair value measurement

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

The Company regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the Company assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of KIFRS, including the level in the fair value hierarchy in which such valuations should be classified.

When measuring the fair value of an asset or a liability, the Company uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

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

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

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

If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**3.** **Material Accounting Policies** 

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

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

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**4.** **Trade and Other Receivables** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Gross<br>amount** | **Gross<br>amount** | **Loss<br>allowance** | **Carrying<br>amount** |
|  Current assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – trade | W | 1667920 | (121609) | 1546311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term loans |  | 84790 | (848) | 83942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – other(\*) |  | 618601 | (20273) | 598328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee deposits |  | 53580 |  | 53580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 641 |  | 641 |
|  |  | 2425532 | (142730) | 2282802 |
|  Non-current assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term loans |  | 41500 | (41040) | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term accounts receivable – other(\*) |  | 237575 |  | 237575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee deposits |  | 80564 |  | 80564 |
|  |  | 359639 | (41040) | 318599 |
|  | W | 2785171 | (183770) | 2601401 |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Gross amount** | **Gross amount** | **Loss<br>allowance** | **Carrying<br>amount** |
|  Current assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – trade | W | 1611947 | (103054) | 1508893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term loans |  | 56138 | (561) | 55577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – other(\*) |  | 412310 | (22067) | 390243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee deposits |  | 67521 |  | 67521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 2243 |  | 2243 |
|  |  | 2150159 | (125682) | 2024477 |
|  Non-current assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term loans |  | 41530 | (41040) | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term accounts receivable – other(\*) |  | 239008 |  | 239008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee deposits |  | 85939 |  | 85939 |
|  |  | 366477 | (41040) | 325437 |
|  | W | 2516636 | (166722) | 2349914 |

---

---

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

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**4.** **Trade and Other Receivables, Continued** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |  |  |
|  | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** |
|  | **Beginning balance** | **Beginning balance** | **Impairment** | **Write-offs(\*)** | **Collection of<br>receivables<br>previously<br>written-off** | **Ending balance** |
|  Accounts receivable – trade | W | 103054 | 29038 | (15612) | 5129 | 121609 |
|  Accounts receivable – other, etc. |  | 63668 | 2849 | (4671) | 315 | 62161 |
|  | W | 166722 | 31887 | (20283) | 5444 | 183770 |
| *(In millions of won)* |  |  |  |  |  |  |
|  | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** |
|  | **Beginning balance** | **Beginning balance** | **Impairment** | **Write-offs(\*)** | **Collection of<br>receivables<br>previously<br>written-off** | **Ending balance** |
|  Accounts receivable – trade | W | 94245 | 21890 | (15758) | 5492 | 105869 |
|  Accounts receivable – other, etc. |  | 69555 | 3108 | (8447) | 876 | 65092 |
|  | W | 163800 | 24998 | (24205) | 6368 | 170961 |

---

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

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

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

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

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**5.** **Prepaid Expenses** 

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Current assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental costs of obtaining contracts | W | 1928426 | 1773253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 61587 | 29489 |
|  | W | 1990013 | 1802742 |
|  Non-current assets: | Non-current assets: | Non-current assets: | Non-current assets: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental costs of obtaining contracts | W | 1040219 | 856138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 30297 | 38088 |
|  | W | 1070516 | 894226 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Incremental costs of obtaining contracts

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  Amortization recognized | W | 611691 | 1773625 | 584358 | 1755659 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**6.** **Contract Assets and Liabilities** 

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Contract assets: | W | 18548 | 18576 |
|  Contract liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless service contracts |  | 19600 | 20275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer loyalty programs |  | 5709 | 5694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 104528 | 52241 |
|  | W | 129837 | 78210 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Amounts of revenue recognized for the nine-month periods ended September 30, 2025 and 2024 related to the
contract liabilities carried forward from the prior periods are W 54,245 million and W 37,526 million, respectively.

**7.** **Long-term Investment Securities** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | | | | |
|  | **Category** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  Equity instruments | FVOCI(\*) | W | 1125333 |  | 1342902 |
|  Debt instruments | FVTPL |  | 72613 |  | 75563 |
|  |  | W | 1197946 |  | 1418465 |

---

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

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SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | | | | |
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  Investments in subsidiaries | W | 4585869 |  | 3519072 |
|  Investments in associates and joint ventures |  | 1371125 |  | 1380486 |
|  | W | 5956994 |  | 4899558 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  | **Number of<br>shares** | **Ownership**<br>**(%)** | **Carrying**<br>**amount** | **Carrying**<br>**amount** | **Carrying**<br>**amount** |
|  SK Telink Co., Ltd. | 1432627 | 100.0 | W | 244040 | 244040 |
|  SK Broadband Co., Ltd.(\*) | 398595779 | 99.1 |  | 3285853 | 2218450 |
|  PS&Marketing Corporation | 66000000 | 100.0 |  | 314038 | 314038 |
|  SERVICE ACE Co., Ltd. | 4385400 | 100.0 |  | 21963 | 21963 |
|  SK Telecom China Holdings Co., Ltd. |  | 100.0 |  | 48096 | 48096 |
|  SK Telecom Americas, Inc. | 122 | 100.0 |  | 129803 | 128916 |
|  Atlas Investment |  | 100.0 |  | 240640 | 238675 |
|  SK stoa Co., Ltd. | 3631355 | 100.0 |  | 40081 | 40081 |
|  SAPEON Inc. | 400000 | 62.5 |  | 48456 | 48456 |
|  Astra AI Infra LLC |  | 100.0 |  | 182733 | 182805 |
|  SK O&S Co., Ltd. and others |  |  |  | 30166 | 33552 |
|  |  |  | W | 4585869 | 3519072 |

---

---

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

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  | **Number of<br>shares** | **Ownership**<br>**(%)** | **Carrying**<br>**amount** | **Carrying**<br>**amount** | **Carrying**<br>**amount** |
|  **Investments in associates:** |  |  |  |  |  |
|  SK China Company Ltd. | 10928921 | 27.3 | W | 601192 | 601192 |
|  Korea IT Fund(\*1) | 190 | 63.3 |  | 220957 | 220957 |
|  SK Technology Innovation Company | 7644 | 49.0 |  | 23699 | 24308 |
|  SM Culture & Contents Co., Ltd. | 22033898 | 22.8 |  | 41578 | 41578 |
|  SK South East Asia Investment Pte. Ltd. | 300000000 | 20.0 |  | 344240 | 344240 |
|  Citadel Pacific Telecom Holdings, LLC(\*2) | 1734109 | 15.0 |  | 36487 | 36487 |
|  CMES Inc.(\*2) | 763968 | 6.6 |  | 5488 | 5488 |
|  Konan Technology Inc. | 2359160 | 20.6 |  | 22413 | 22413 |
|  12CM JAPAN and others(\*2,3) |  |  |  | 65071 | 73823 |
|  |  |  |  | 1361125 | 1370486 |
|  **Investments in joint ventures:** |  |  |  |  |  |
|  UTC Kakao-SK Telecom ESG Fund(\*4) | 10000 | 48.2 |  | 10000 | 10000 |
|  |  |  | W | 1371125 | 1380486 |

---

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

---

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

---

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

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Market price**<br>**per share<br>(in won)** | **Market price**<br>**per share<br>(in won)** | **Number of<br>shares** | **Market<br>value** | **Market price**<br>**per share<br>(in won)** | **Number of<br>shares** | **Market<br>value** |
|  SM Culture & Contents Co., Ltd. | W | 1295 | 22033898 | 28534 | 1400 | 22033898 | 30847 |
|  Konan Technology Inc. |  | 25200 | 2359160 | 59451 | 19470 | 2359160 | 45933 |
|  CMES Inc. |  | 26600 | 763968 | 20322 | 24000 | 763968 | 18335 |

---

**9.** **Property and Equipment** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Transfer** | **Depreciation** | **Impairment** | **Ending**<br>**balance** |
|  Land | W | 739856 |  | (282) | 21645 |  |  | 761219 |
|  Buildings |  | 577375 | 118 | (210) | 5961 | (31963) |  | 551281 |
|  Structures |  | 210029 | 503 | (5) | 4590 | (26196) |  | 188921 |
|  Machinery |  | 5130188 | 42218 | (1850) | 494006 | (1107964) | (359) | 4556239 |
|  Right-of-use assets |  | 1082984 | 246432 | (43203) | (29396) | (264262) |  | 992555 |
|  Other |  | 332094 | 84549 | (2917) | (141645) | (39455) |  | 232626 |
|  Construction in progress |  | 442699 | 503821 | (182) | (461078) |  |  | 485260 |
|  | W | 8515225 | 877641 | (48649) | (105917) | (1469840) | (359) | 7768101 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Transfer** | **Depreciation** | **Ending**<br>**balance** |
|  Land | W | 723069 | 11 | (322) | 18002 |  | 740760 |
|  Buildings |  | 568270 | 515 | (252) | 39770 | (32279) | 576024 |
|  Structures |  | 233450 | 546 | (75) | 5989 | (29077) | 210833 |
|  Machinery |  | 5230866 | 46592 | (169) | 919022 | (1182863) | 5013448 |
|  Right-of-use assets |  | 1226875 | 153800 | (29619) | 3371 | (265779) | 1088648 |
|  Other |  | 436854 | 261232 | (11048) | (295130) | (47628) | 344280 |
|  Construction in progress |  | 657075 | 406897 | (1316) | (743408) |  | 319248 |
|  | W | 9076459 | 869593 | (42801) | (52384) | (1557626) | 8293241 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**10.** **Investment Property** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Transfer** | **Depreciation** | **Ending<br>balance** |
|  Land | W | 15069 | 7639 |  | 22708 |
|  Buildings |  | 18334 | 8128 | (1667) | 24795 |
|  Right-of-use assets |  | 2059 | 1942 | (412) | 3589 |
|  | W | 35462 | 17709 | (2079) | 51092 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Transfer** | **Depreciation** | **Ending<br>balance** |
|  Land | W | 16288 | (564) |  | 15724 |
|  Buildings |  | 18284 | 2159 | (1451) | 18992 |
|  Right-of-use assets |  | 11508 | (3074) | (3001) | 5433 |
|  | W | 46080 | (1479) | (4452) | 40149 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company recognized lease income of W 10,431 million and W 14,404 million from investment property for the nine-month periods ended September 30, 2025 and 2024, respectively.

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**11.** **Leases** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | | |
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  Right-of-use assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land, buildings and structures | W | 725894 |  | 853393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 266661 |  | 229591 |
|  | W | 992555 |  | 1082984 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** |
|  Depreciation of right-of-use assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land, buildings and structures | W | 207262 | 207660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*) |  | 57000 | 58119 |
|  | W | &nbsp;&nbsp;&nbsp;&nbsp;264262 | 265 ,779 |
|  Interest expense on lease liabilities | W | 22012 | 23390 |

---

---

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

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The total cash outflows for lease payments for the nine-month periods ended September 30, 2025 and 2024
amounted to W 251,944 million and W 273,610 million, respectively.

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**12.** **Intangible Assets** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Transfer** | **Amortization** | **Ending**<br>**balance** |
|  Frequency usage rights | W | 1135546 |  |  |  | (353295) | 782251 |
|  Land usage rights |  | 269 | 63 |  |  | (118) | 214 |
|  Industrial rights |  | 20169 | 3806 |  |  | (3450) | 20525 |
|  Facility usage rights |  | 12855 | 418 | (2) | 219 | (1906) | 11584 |
|  Club memberships(\*1) |  | 45202 | 4029 | (2704) |  |  | 46527 |
|  Other(\*2) |  | 468977 | 31966 | (411) | 60277 | (135556) | 425253 |
|  | W | 1683018 | 40282 | (3117) | 60496 | (494325) | 1286354 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Transfer** | **Amortization** | **Ending**<br>**balance** |
|  Frequency usage rights | W | 1606606 |  |  |  | (353295) | 1253311 |
|  Land usage rights |  | 542 | 60 | (5) |  | (280) | 317 |
|  Industrial rights |  | 18790 | 4810 | (240) |  | (3682) | 19678 |
|  Facility usage rights |  | 13435 | 1050 | (1) | 497 | (2010) | 12971 |
|  Club memberships(\*1) |  | 59001 | 617 | (2111) |  |  | 57507 |
|  Other(\*2) |  | 552455 | 2610 | (1482) | 52715 | (161212) | 445086 |
|  | W | 2250829 | 9147 | (3839) | 53212 | (520479) | 1788870 |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **Amount** | **Amount** | **Amortization<br>methods** | **Commencement<br>of amortization** | **Completion of<br>amortization** |
|  800 MHz license | W | 32936 |  | Jul. 2021 | Jun. 2026 |
| 1.8 GHz license |  | 123413 |  | Dec. 2021 | Dec. 2026 |
| 2.6 GHz license |  | 151765 | Straight-line basis | Sept. 2016 | Dec. 2026 |
| 2.1 GHz license |  | 92752 |  | Dec. 2021 | Dec. 2026 |
| 3.5 GHz license |  | 381385 |  | Apr. 2019 | Nov. 2028 |
|  | W | 782251 |  |  |  |

---

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**13.** **Borrowings and Debentures** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
| **Lender** | **Annual**<br>**interest rate (%)** | **Maturity** | **September 30, 2025** | **September 30, 2025** |
|  iM SECURITIES CO., LTD. | 2.71 | Oct. 16, 2025 | W | 40000 |
|  KB SECURITIES CO., LTD. | 2.71 | Oct. 16, 2025 |  | 60000 |
|  |  |  | W | 100000 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  *(In millions of won)* |  |  |  |  |  |
|  | **Lender** | **Annual**<br>**interest rate (%)** | **Maturity** | **Book value** | **Book value** |
|  Current |  |  |  | W | 250000 |
|  Non-current |  |  |  |  | 200000 |
|  As of January 1, 2025 |  |  |  |  | 450000 |
|  New long-term borrowings: |  |  |  |  |  |
|  | Industrial and Commercial Bank of China Ltd. | 2.70 | Sep. 13, 2027 |  | 100000 |
|  | Mizuho Bank, Ltd. | 2.75 | Sep. 22, 2027 |  | 200000 |
|  |  |  |  |  | 300000 |
|  Repayments of long-term borrowing: |  |  |  |  |  |
|  | DBS Bank Ltd. | 2.63 | Mar. 10, 2025 |  | (200000) |
|  |  |  |  |  | (200000) |
|  Current |  |  |  |  | 50000 |
|  Non-current |  |  |  |  | 500000 |
|  As of September 30, 2025 | As of September 30, 2025 |  |  | W | 550000 |

---

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**13.** **Borrowings and Debentures, Continued** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* |
|  | **Purpose** | **Annual interest<br>rate (%)** | **Maturity** | **Face value** | **Face value** | **Book value** | **Book value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current |  |  |  | W | 1681000 |  | 1680070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current |  |  |  |  | 4968000 |  | 4955124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of January 1, 2025 |  |  |  |  | 6649000 |  | 6635194 |
|  Debentures newly issued: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds | Refinancing fund | 2.98 | Feb. 21, 2028 |  | 190000 |  | 189193 |
|  | Refinancing fund | 3.05 | Feb. 21, 2030 |  | 70000 |  | 69692 |
|  | Refinancing fund | 3.17 | Feb. 21, 2035 |  | 140000 |  | 139418 |
|  | Refinancing fund | 2.67 | Sep. 11, 2028 |  | 80000 |  | 79696 |
|  | Refinancing fund | 2.82 | Sep. 10, 2030 |  | 190000 |  | 189284 |
|  | Refinancing fund | 3.06 | Sep. 11, 2035 |  | 40000 |  | 39821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating rate notes(\*1) | Operating fund | SOFR rate<br> + 0.59 | May. 26, 2028 | <br> USD | 410490<br> 300000 | <br> USD | 409163<br> 300000 |
|  |  |  |  |  | 1120490 |  | 1116267 |
|  Debentures repaid: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds | Operating and<br> Refinancing fund | 2.49 | Feb. 26, 2025 |  | (150000) |  | (150000) |
|  | Operating fund | 2.66 | Jul. 17, 2025 |  | (70000) |  | (70000) |
|  | Operating fund | 1.75 | Jan. 14, 2025 |  | (130000) |  | (130000) |
|  | Refinancing fund | 3.80 | Apr.12, 2025 |  | (240000) |  | (240000) |
|  | Refinancing fund | 4.00 | Aug. 8, 2025 |  | (300000) |  | (300000) |
|  Floating rate notes | Operating fund | SOFR rate<br> + 1.17 | Jun. 4, 2025 | <br> (USD | (414420<br> 300000 | <br> (USD | (414420<br> 300000 |
|  |  |  |  |  | (1304420) |  | (1304420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other changes(\*2) |  |  |  |  | (43530) |  | (39720) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current(\*3) |  |  |  |  | 830000 |  | 829708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current(\*3) |  |  |  |  | 5591540 |  | 5577613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of September 30, 2025 |  |  |  | W | 6421540 |  | 6407321 |

---

---

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

---

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

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**14.** **Long-Term Payables – Other** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Long-term payables – other | W | 551925 | 921075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Present value discount on long-term payables – other |  | (5789) | (13355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term payables – other |  | (367358) | (367765) |
|  Carrying amount at period end | W | 178778 | 539955 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The sum of portions repaid among the principal of long-term payables – other for the nine-month periods
ended September 30, 2025 and 2024 amounts to W 369,150 million and W 369,150 million, respectively. The repayment schedule of the principal amount of long-term payables – other as of
September 30, 2025 is as follows:

---

| | | |
|:---|:---|:---|
| *(In millions of won)* | | |
|  | **Amount** | **Amount** |
|  Less than 1 year | W | 369150 |
|  1 ~ 3 years |  | 182775 |
|  | W | 551925 |

---

**15.** **Provisions** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **For the nine-month period ended September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase** | **Utilization** | **Reversal** | **Ending<br>balance** | **Current** | **Non-current** |
|  Provision for restoration | W | 101077 | 2954 | (4659) | (586) | 98786 | 31033 | 67753 |
|  Emission allowance |  | 28 | 1034 |  | (1062) |  |  |  |
|  | W | 101105 | 3988 | (4659) | (1648) | 98786 | 31033 | 67753 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **For the nine-month period ended September 30, 2024** | **As of September 30, 2024** | **As of September 30, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase** | **Utilization** | **Reversal** | **Ending<br>balance** | **Current** | **Non-current** |
|  Provision for restoration | W | 100282 | 3416 | (1922) | (620) | 101156 | 31716 | 69440 |
|  Emission allowance |  | 822 | 994 |  | (1794) | 22 | 22 |  |
|  | W | 101104 | 4410 | (1922) | (2414) | 101178 | 31738 | 69440 |

---

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**16.** **Defined Benefit Assets** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Present value of defined benefit obligations | W | 479840 | 504857 |
|  Fair value of plan assets |  | (553960) | (608375) |
|  | W | (74120) | (103518) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** |
|  Beginning balance | W | &nbsp;&nbsp;&nbsp;&nbsp;504857 | &nbsp;&nbsp;&nbsp;&nbsp;493541 |
|  Current service cost |  | 38421 | 37671 |
|  Interest cost |  | 13998 | 15110 |
|  Remeasurement |  |  |  |
|  - Adjustment based on experience |  | 27425 | (24240) |
|  Benefit paid |  | (113001) | (28930) |
|  Others |  | 8140 | 9159 |
|  Ending balance | W | 479840 | 502311 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** |
|  Beginning balance | W | &nbsp;&nbsp;&nbsp;&nbsp;608375 | &nbsp;&nbsp;&nbsp;&nbsp;578685 |
|  Interest income |  | 16392 | 18073 |
|  Remeasurement |  | 3343 | 2753 |
|  Contribution |  | 67000 | 35000 |
|  Benefit paid |  | (145139) | (36368) |
|  Others |  | 3989 | 2937 |
|  Ending balance | W | 553960 | 601080 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** |
|  Current service cost | W | 38421 | 37671 |
|  Net interest income |  | (2394) | (2963) |
|  | W | &nbsp;&nbsp;&nbsp;&nbsp;36027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34708 |

---

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**17.** **Share Capital and Capital Surplus and Others** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company's outstanding share capital consists entirely of common shares with a par value of W 100. The number of authorized and issued common shares and the details of share capital and capital surplus and others as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  *(In millions of won, except for share data)* |  |  |  |
|  | **September 30,<br>2025** | **September 30,<br>2025** | **December 31, 2024** |
|  Number of authorized shares |  | 670000000 | 670000000 |
|  Number of issued shares |  | 214790053 | 214790053 |
|  Share capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares(\*1) | W | 30493 | 30493 |
|  Capital surplus and others: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in surplus |  | 1771000 | 1771000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury shares |  | (88533) | (92962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hybrid bonds(\*2) |  | 398509 | 398509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share option(Note 18) |  | 14511 | 14498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | (6643175) | (6642865) |
|  | W | (4547688) | (4551820) |

---

---

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

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In shares)* |  |  |  |  |  |  |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
|  | **Issued**<br>**shares** | **Treasury<br>shares** | **Outstanding<br>shares** | **Issued shares** | **Treasury<br>shares** | **Outstanding<br>shares** |
|  Shares outstanding | 214790053 | 1807778 | 212982275 | 214790053 | 1903711 | 212886342 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won, except for share data)* | | | | |
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  Number of shares(\*) |  | 1807778 |  | 1903711 |
|  Acquisition cost | W | 88533 |  | 92962 |

---

---

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

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**18.** **Share-Based Payment Arrangement** 

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

1) Share-based payment arrangement with cash alternatives

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Series** | **Series** | **Series** | **Series** |
|  | **5(\*)** | **6** | **7-1** | **7-2** |
|  Grant date | March 26, 2020 | March 25, 2021 | March 25, 2022 |  |
|  Types of shares to be issued | Registered common shares | Registered common shares | Registered common shares | Registered common shares |
|  Grant method | Reissue of treasury shares,<br> Cash settlement | Reissue of treasury shares,<br> Cash settlement | Reissue of treasury shares,<br> Cash settlement | Reissue of treasury shares,<br> Cash settlement |
|  Number of shares (in share) | 32947 | 71726 | 98425 | 96820 |
|  Exercise price (in won) | 38452 | 50276 | 56860 | 56860 |
|  Exercise period | Mar. 27, 2023 | Mar. 26, 2023 | Mar. 26, 2025 | Mar. 26, 2024 |
|  | ~ | ~ | ~ | ~ |
|  | Mar. 26, 2027 | Mar. 25, 2026 | Mar. 25, 2029 | Mar. 25, 2027 |
|  Vesting conditions | 3 years'<br> service from<br> the grant date | 2 years'<br> service from<br> the grant date | 2 years'<br> service from<br> the grant date | 2 years'<br> service from<br> the grant date |

---

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

2) Cash-settled share-based payment arrangement

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**18.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Share-Based Payment Arrangement, Continued** 

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

3) Equity-settled share-based payment arrangement

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

---

| | | |
|:---|:---|:---|
|  | **PSU of SK Telecom Co., Ltd.** | **PSU of SK Telecom Co., Ltd.** |
|  Grant date | March 28, 2023 | March 26, 2024 |
|  Types of shares to be issued | Registered common shares | Registered common shares |
|  Grant method | Reissue of treasury shares | Reissue of treasury shares |
|  Number of shares(\*) | Fluctuates according to the share price on the expiration date and<br>the cumulative increase rate of KOSPI200 | Fluctuates according to the share price on the expiration date and<br>the cumulative increase rate of KOSPI200 |
|  Reference share price (in won) | 47280 | 52720 |
|  Reference index (KOSPI200) | 315 | 362 |
|  Maturity (exercise date) | The day in which the annual general meeting of shareholders is held after 3 years from the grant date | The day in which the annual general meeting of shareholders is held after 3 years from the grant date |
|  Vesting conditions | Full service in the year in which the grant date is included | Full service in the year in which the grant date is included |

---

---

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

---

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

---

| | | |
|:---|:---|:---|
| *(In millions of won)* |  |  |
|  | **Share compensation expense** | **Share compensation expense** |
|  As of December 31, 2024 | W | 158596 |
|  For the nine-month period ended September 30, 2025 |  | (194) |
|  | W | 158402 |

---

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

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**18.** **Share-Based Payment Arrangement, Continued** 

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

1) Share-based payment arrangement with cash alternatives

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) SK Telecom Co., Ltd.

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In won)* | **Series** | **Series** | **Series** | **Series** |
|  | **5** | **6** | **7-1** | **7-2** |
|  Risk-free interest rate | 2.47% | 2.30% | 2.65% | 2.47% |
|  Estimated option's life | 7 years | 5 years | 7 years | 5 years |
|  Share price on the remeasurement date | 54300 | 54300 | 54300 | 54300 |
|  Expected volatility | 17.20% | 17.20% | 17.20% | 17.20% |
|  Expected dividends yield | 6.52% | 6.52% | 6.52% | 6.52% |
|  Exercise price | 38452 | 50276 | 56860 | 56860 |
|  Per-share fair value of the option | 15848 | 4475 | 3401 | 2370 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) SK Square Co., Ltd.

---

| | | |
|:---|:---|:---|
| *(In won)* | **Series** | **Series** |
|  | **5** | **6** |
|  Risk-free interest rate | 1.52% | 1.55% |
|  Estimated option's life | 7 years | 5 years |
|  Share price<br>(Closing price on the preceding day) | 34900 | 49800 |
|  Expected volatility | 8.10% | 25.70% |
|  Expected dividends yield | 5.70% | 4.00% |
|  Exercise price | 38452 | 50276 |
|  Per-share fair value of the option | 192 | 8142 |

---

2) Equity-settled share-based payment arrangement

---

| | | |
|:---|:---|:---|
| *(In won)* | **Granted in 2023<br>PSU of SK Telecom Co., Ltd.** | **Granted in 2024<br>PSU of SK Telecom Co., Ltd.** |
|  Risk-free interest rate | 3.26% | 3.30% |
|  Estimated option's life | 3 years | 3 years |
|  Share price on the grant date | 48500 | 54100 |
|  Expected volatility | 18.67% | 15.90% |
|  Expected dividends yield | 4.90% | 5.40% |
|  Per-share fair value of the option | 27525 | 25920 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**19.** **Retained Earnings** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Appropriated: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal reserve | W | 22320 | 22320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for business expansion |  | 10131138 | 9981138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for technology development |  | 4865300 | 4715300 |
|  |  | 14996438 | 14696438 |
|  Unappropriated |  | 98022 | 554693 |
|  | W | 15116780 | 15273451 |

---

**20.** **Reserves** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Valuation gain on FVOCI | W | 397253 | 213725 |
|  Valuation loss on derivatives |  | (2197) | (4995) |
|  | W | 395056 | 208730 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |
|  | **Valuation gain (loss) on<br>financial assets at FVOCI** | **Valuation gain (loss) on<br>financial assets at FVOCI** | **Valuation gain (loss)<br>on derivatives** | **Total** |
|  Balance at January 1, 2024 | W | 139548 | (274) | 139274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes, net of taxes |  | (23401) | (3769) | (27170) |
|  Balance at September 30, 2024 | W | 116147 | (4043) | 112104 |
|  Balance at January 1, 2025 | W | 213725 | (4995) | 208730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes, net of taxes |  | 183528 | 2798 | 186326 |
|  Balance at September 30, 2025 | W | 397253 | (2197) | 395056 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**21.** **Operating Revenue** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended**<br>**September 30** | **Three-month<br>period ended**<br>**September 30** | **Nine-month<br>period ended<br>September 30** | **Three-month<br>period ended**<br>**September 30** | **Nine-month**<br>**period ended**<br>**September 30** |
|  Products transferred at a point in time: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product sales | W | 45115 | 120916 | 41780 | 123471 |
|  Services transferred over time: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless service revenue(\*1) |  | 2124226 | 7408630 | 2672066 | 8010165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cellular interconnection revenue |  | 94625 | 285712 | 106202 | 327488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*2) |  | 400782 | 1152065 | 383181 | 1122313 |
|  |  | 2619633 | 8846407 | 3161449 | 9459966 |
|  | W | 2664748 | 8967323 | 3203229 | 9583437 |

---

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

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

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

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**22.** **Other Operating Expenses** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month**<br>**period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month**<br>**period ended<br>September 30** |
|  Communication | W | 7113 | 20396 | 6611 | 20153 |
|  Utilities |  | 105920 | 292886 | 106953 | 297385 |
|  Taxes and dues |  | 2347 | 29186 | 2128 | 24182 |
|  Repair |  | 64472 | 185220 | 61907 | 191239 |
|  Research and development |  | 85867 | 251501 | 96066 | 266334 |
|  Training |  | 5921 | 14317 | 5395 | 15116 |
|  Bad debt for accounts receivable – trade |  | 10130 | 29038 | 6547 | 21890 |
|  Supplies and others |  | 40560 | 240464 | 6790 | 31255 |
|  | W | 322330 | 1063008 | 292397 | 867554 |

---

**23.** **Other Non-Operating Income and Expenses** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended**<br>**September 30** | **Three-month<br>period ended**<br>**September 30** | **Nine-month**<br>**period ended<br>September 30** | **Three-month<br>period ended**<br>**September 30** | **Nine-month**<br>**period ended**<br>**September 30** |
|  **Other Non-operating Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of property and equipment and intangible assets | W | 6085 | 14619 | 2697 | 9845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 6297 | 22730 | 2947 | 8098 |
|  | W | 12382 | 37349 | 5644 | 17943 |
|  **Other Non-operating Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of property and equipment and intangible assets | W | 1882 | 5047 | 3997 | 7637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on property and equipment and intangible assets |  |  | 359 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations |  | 3256 | 11778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bad debt (reversal) for accounts receivable – other |  | (477) | 2849 | 588 | 3108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | &nbsp;&nbsp;&nbsp;&nbsp;135149 | &nbsp;&nbsp;&nbsp;&nbsp;137781 | 618 | 1246 |
|  | W | 139810 | 157814 | 6499 | 21215 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**24.** **Finance Income and Costs** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  **Finance Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | W | 9359 | 32831 | 9252 | 27947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends |  | 14097 | 222080 | 5483 | 207112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign currency transactions |  | 4559 | 11173 | 1697 | 4920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign currency translations |  | 247 | 1602 | (816) | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain relating to financial instruments at FVTPL |  | 3 | 10 | 520 | 18103 |
|  | W | 28265 | 267696 | 16136 | 258753 |
|  **Finance Costs:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expenses | W | 71095 | 219023 | 75687 | 237062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on sale of accounts receivable – other |  | 4449 | 13217 | 7382 | 28426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency transactions |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5939 | &nbsp;&nbsp;&nbsp;&nbsp;13977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency translations |  | (879) | 595 | 72 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss relating to financial instruments at FVTPL |  | (23) | 78 | 95353 | 95419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on settlement of derivatives |  |  | 7298 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other finance costs |  |  | 23356 |  |  |
|  | W | 80581 | 277544 | 180314 | 366323 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended**<br>**September 30** | **Three-month<br>period ended**<br>**September 30** | **Nine-month**<br>**period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  Interest income on cash equivalents and short-term financial instruments | W | 4020 | 17898 | 4748 | 15035 |
|  Interest income on loans and others |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5339 | &nbsp;&nbsp;&nbsp;&nbsp;14933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4504 | &nbsp;&nbsp;&nbsp;&nbsp;12912 |
|  | W | 9359 | 32831 | 9252 | 27947 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month**<br>**period ended<br>September 30** |
|  Interest expense on borrowings | W | 4218 | 12843 | 2716 | 12817 |
|  Interest expense on debentures |  | &nbsp;&nbsp;&nbsp;&nbsp;51506 | &nbsp;&nbsp;&nbsp;&nbsp;156551 | &nbsp;&nbsp;&nbsp;&nbsp;53912 | &nbsp;&nbsp;&nbsp;&nbsp;163120 |
|  Others |  | 15371 | 49629 | 19059 | 61125 |
|  | W | 71095 | 219023 | 75687 | 237062 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**24.** **Finance Income and Costs, Continued** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month**<br>**period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month**<br>**period ended<br>September 30** |
|  Accounts receivable – trade | W | 10130 | 29038 | 6547 | 21890 |
|  Other receivables |  | (477) | 2849 | 588 | 3108 |
|  | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9653 | &nbsp;&nbsp;&nbsp;&nbsp;31887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7135 | &nbsp;&nbsp;&nbsp;&nbsp;24998 |

---

**25.** **Income Tax Expense** 

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**26.** **Earnings (loss) per Share** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Basic earnings (loss) per share

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won, except for share data and basic earnings per share)* | *(In millions of won, except for share data and basic earnings per share)* | *(In millions of won, except for share data and basic earnings per share)* | *(In millions of won, except for share data and basic earnings per share)* | *(In millions of won, except for share data and basic earnings per share)* | *(In millions of won, except for share data and basic earnings per share)* |
|  | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month**<br>**period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  Profit (loss) for the period | W | (206631) | 304844 | 222357 | 994795 |
|  Interest on hybrid bonds |  | (4950) | (14850) | (4950) | (14850) |
|  Profit (loss) for the period on common shares |  | (211581) | 289994 | 217407 | 979945 |
|  Weighted average number of common shares outstanding |  | 212982275 | 212943216 | 212886342 | 212835311 |
|  Basic earnings (loss) per share (in won) | W | (993) | 1362 | 1021 | 4604 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *(In shares)* |  | **Weighted average number of<br>common shares** | **Weighted average number of<br>common shares** |
|  | **Number of**<br>**common shares** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  Issued shares as of January 1, 2025 | 214790053 | 214790053 | 214790053 |
|  Treasury shares as of January 1, 2025 | (1903711) | (1903711) | (1903711) |
|  Disposal of treasury shares | 95933 | 95933 | 56874 |
|  | 212982275 | 212982275 | 212943216 |

---

---

| | | | |
|:---|:---|:---|:---|
| *(In shares)* |  | **Weighted average number of<br>common shares** | **Weighted average number of<br>common shares** |
|  | **Number of**<br>**common shares** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  Issued shares as of January 1, 2024 | 218833144 | 218833144 | 218833144 |
|  Treasury shares as of January 1, 2024 | (6133414) | (6133414) | (6133414) |
|  Acquisition of treasury shares | (317000) | (317000) | (314748) |
|  Disposal of treasury shares | 503612 | 503612 | 450329 |
|  | 212886342 | 212886342 | 212835311 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**26.** **Earnings (loss) per Share, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Diluted earnings (loss) per share

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won, except for share data and diluted earnings per share)* | *(In millions of won, except for share data and diluted earnings per share)* | *(In millions of won, except for share data and diluted earnings per share)* | *(In millions of won, except for share data and diluted earnings per share)* | *(In millions of won, except for share data and diluted earnings per share)* | *(In millions of won, except for share data and diluted earnings per share)* |
|  | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month**<br>**period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  Profit (loss) for the period on common shares | W | (211581) | 289994 | 217407 | 979945 |
|  Adjusted weighted average number of common shares outstanding |  | 212982275 | 213193075 | 213479404 | 213414191 |
|  Diluted earnings (loss) per share (in won) | W | (993) | 1360 | 1018 | 4592 |

---

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

---

| | | |
|:---|:---|:---|
| *(In shares)* | **2025** | **2025** |
|  | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  Outstanding shares as of January 1, 2025 | 212886342 | 212886342 |
|  Effect of treasury shares | 95933 | 56874 |
|  Effect of share option(\*) |  | 249859 |
|  Adjusted weighted average number of common shares outstanding | 212982275 | 213193075 |
|  Adjusted weighted average number of common shares outstanding | 212982275 | 213193075 |

---

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

---

| | | |
|:---|:---|:---|
| *(In shares)* | **2024** | **2024** |
|  | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  Outstanding shares as of January 1, 2024 | 212699730 | 212699730 |
|  Effect of treasury shares | 186612 | 135581 |
|  Effect of share option | 593062 | 578880 |
|  Adjusted weighted average number of common shares outstanding | 213479404 | 213414191 |
|  Adjusted weighted average number of common shares outstanding | 213479404 | 213414191 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**27.** **Categories of Financial Instruments** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |  |  |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Financial<br>assets at<br>FVTPL** | **Financial<br>assets at<br>FVTPL** | **Equity<br>instruments at<br>FVOCI** | **Financial**<br>**assets at<br>amortized cost** | **Derivatives<br>hedging<br>instrument** | **Total** |
|  Cash and cash equivalents | W | 130000 |  | 327271 |  | 457271 |
|  Financial instruments |  |  |  | 79354 |  | 79354 |
|  Long-term investment securities(\*) |  | 72613 | 1125333 |  |  | 1197946 |
|  Accounts receivable – trade |  |  |  | 1546311 |  | 1546311 |
|  Loans and other receivables |  | 296829 |  | 753420 |  | 1050249 |
|  Derivative financial assets |  |  |  |  | 123120 | 123120 |
|  | W | 499442 | 1125333 | 2706356 | 123120 | 4454251 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |  |  |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Financial<br>assets at<br>FVTPL** | **Financial<br>assets at<br>FVTPL** | **Equity<br>instruments at<br>FVOCI** | **Financial**<br>**assets at<br>amortized cost** | **Derivatives<br>hedging<br>instrument** | **Total** |
|  Cash and cash equivalents | W |  |  | 1165158 |  | 1165158 |
|  Financial instruments |  |  |  | 79354 |  | 79354 |
|  Long-term investment securities(\*) |  | 75563 | 1342902 |  |  | 1418465 |
|  Accounts receivable – trade |  |  |  | 1508893 |  | 1508893 |
|  Loans and other receivables |  | 223761 |  | 616521 |  | 840282 |
|  Derivative financial assets |  |  |  |  | 228822 | 228822 |
|  | W | 299324 | 1342902 | 3369926 | 228822 | 5240974 |

---

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**27.** **Categories of Financial Instruments, Continued** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |  |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Financial<br>liabilities at<br>FVTPL** | **Financial<br>liabilities at<br>FVTPL** | **Financial<br>liabilities at<br>amortized cost** | **Derivatives<br>hedging<br>instrument** | **Total** |
|  Derivative financial liabilities | W | 2689 |  | 1340 | 4029 |
|  Borrowings |  |  | 650000 |  | 650000 |
|  Debentures |  |  | 6407321 |  | 6407321 |
|  Lease liabilities(\*) |  |  | 1127894 |  | 1127894 |
|  Accounts payable – other and others |  |  | 3076837 |  | 3076837 |
|  | W | 2689 | 11262052 | 1340 | 11266081 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |  |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Financial<br>liabilities at<br>FVTPL** | **Financial<br>liabilities at<br>FVTPL** | **Financial<br>liabilities at<br>amortized cost** | **Derivatives<br>hedging<br>instrument** | **Total** |
|  Derivative financial liabilities | W | 81156 |  | 748 | 81904 |
|  Borrowings |  |  | 450000 |  | 450000 |
|  Debentures |  |  | 6635194 |  | 6635194 |
|  Lease liabilities(\*) |  |  | 1158452 |  | 1158452 |
|  Accounts payable – other and others |  |  | 3489056 |  | 3489056 |
|  | W | 81156 | 11732702 | 748 | 11814606 |

---

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**28.** **Financial Risk Management** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Financial risk management

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

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

1) Market risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Currency risk

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* |
|  | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** |
|  | **Foreign currencies** | **Won equivalent** | **Won equivalent** | **Foreign currencies** | **Won equivalent** | **Won equivalent** |
|  USD | 104923 | W | 147124 | 709740 | W | 995197 |
|  EUR | 8804 |  | 14479 | 8 |  | 13 |
|  Others |  |  | 564 |  |  | 1583 |
|  |  | W | 162167 |  | W | 996793 |

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **Profit before income tax** | **Profit before income tax** | **Profit before income tax** | **Equity** | **Equity** | **Equity** |
|  | **If increased by 10%** | **If increased by 10%** | **If decreased by 10%** | **If increased by 10%** | **If increased by 10%** | **If decreased by 10%** |
|  USD | W | 13070 | (13070) | W | 9754 | (9754) |
|  EUR |  | 1447 | (1447) |  | 1080 | (1080) |
|  Others |  | (102) | 102 |  | (76) | 76 |
|  | W | 14415 | (14415) | W | 10758 | (10758) |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**28.** **Financial Risk Management, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Financial risk management, Continued

1) Market risk, Continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Interest rate risk

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
| **Profit before income tax** | **Profit before income tax** | **Equity** | **Equity** |
| **If increased by 1%p** | **If decreased by 1%p** | **If increased by 1%p** | **If decreased by 1%p** |
|  W(4139)  | 4139 | W(3089) | 3089 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Price fluctuations risk

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
| **Profit before income tax** | **Profit before income tax** | **Equity** | **Equity** |
| **If increased by 10%** | **If decreased by 10%** | **If increased by 10%** | **If decreased by 10%** |
|  W—  |  | W65,002 | (65002) |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**28.** **Financial Risk Management, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Financial risk management, Continued

2) Credit risk

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **September 30,<br>2025** | **September 30,<br>2025** | **December 31,<br>2024** |
|  Cash and cash equivalents | W | 457228 | 1165121 |
|  Financial instruments |  | 79354 | 79354 |
|  Long-term financial instruments |  | 500 |  |
|  Accounts receivable – trade |  | 1546311 | 1508893 |
|  Contract assets |  | 18548 | 18576 |
|  Loans and other receivables |  | 1050249 | 840282 |
|  Derivative financial assets |  | 123120 | 228822 |
|  | W | 3275310 | 3841048 |

---

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

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

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**28.** **Financial Risk Management, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Financial risk management, Continued

3) Liquidity risk

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **Carrying<br>amount** | **Carrying<br>amount** | **Contractual<br>cash flows** | **Less than**<br>**1 year** | **1 – 5**<br>**years** | **More than**<br>**5 years** |
|  Borrowings(\*) | W | 650000 | 660523 | 157439 | 503084 |  |
|  Debentures(\*) |  | 6407321 | 7317204 | 1036595 | 4268483 | 2012126 |
|  Lease liabilities |  | 1127894 | 1224666 | 349919 | 781565 | 93182 |
|  Accounts payable - other and others(\*) |  | 3076837 | 3096669 | 2885862 | 210807 |  |
|  | W | 11262052 | 12299062 | 4429815 | 5763939 | 2105308 |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |  |
|  | **Carrying<br>amount** | **Carrying<br>amount** | **Contractual<br>cash flows** | **Less than**<br>**1 year** | **1 – 5**<br>**years** |
|  Assets | W | 123120 | 127895 | 15908 | 111987 |
|  Liabilities |  | (1340) | (1359) | (1058) | (301) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Capital management

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Total liabilities | W | 13035300 | 13624772 |
|  Total equity |  | 10994641 | 10960854 |
|  Debt-equity ratios |  | 118.56% | 124.30% |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**28.** **Financial Risk Management, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Fair value

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Carrying<br>amount** | **Carrying<br>amount** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets that are measured at fair value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVTPL | W | 499442 |  | 426829 | 72613 | 499442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative hedging instruments |  | 123120 |  | 123120 |  | 123120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVOCI |  | 1125333 | 871008 |  | 254325 | 1125333 |
|  | W | 1747895 | 871008 | 549949 | 326938 | 1747895 |
|  **Financial liabilities that are measured at fair value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial liabilities | W | 4029 |  | 1340 | 2689 | 4029 |
|  **Financial liabilities that are not measured at fair value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings | W | 650000 |  | 652731 |  | 652731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures |  | 6407321 |  | 6435426 |  | 6435426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term payables – other |  | 546136 |  | 551765 |  | 551765 |
|  | W | 7603457 |  | 7639922 |  | 7639922 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Carrying<br>amount** | **Carrying<br>amount** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets that are measured at fair value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVTPL | W | 299324 |  | 223761 | 75563 | 299324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative hedging instruments |  | 228822 |  | 228822 |  | 228822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVOCI |  | 1342902 | 1088578 |  | 254324 | 1342902 |
|  | W | 1871048 | 1088578 | 452583 | 329887 | 1871048 |
|  **Financial liabilities that are measured at fair value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial liabilities | W | 81904 |  | 748 | 81156 | 81904 |
|  **Financial liabilities that are not measured at fair value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings | W | 450000 |  | 453965 |  | 453965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures |  | 6635194 |  | 6637948 |  | 6637948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term payables – other |  | 907720 |  | 930604 |  | 930604 |
|  | W | 7992914 |  | 8022517 |  | 8022517 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**28.** **Financial Risk Management, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Fair value, Continued

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

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

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

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

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

---

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

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **Balance as of**<br>**January 1, 2025** | **Balance as of**<br>**January 1, 2025** | **Loss** | **OCI** | **Acquisition** | **Disposal** | **Balance as of**<br>**September 30, 2025** |
|  **Financial assets:** | **Financial assets:** | **Financial assets:** | **Financial assets:** | **Financial assets:** | **Financial assets:** | **Financial assets:** | **Financial assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVTPL | W | 75563 | (69) |  | 500 | (3381) | 72613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVOCI |  | 254324 |  | 3060 | 1 | (3060) | 254325 |
|  | W | 329887 | (69) | 3060 | 501 | (6441) | 326938 |
|  **Financial liabilities:** | **Financial liabilities:** | **Financial liabilities:** | **Financial liabilities:** | **Financial liabilities:** | **Financial liabilities:** | **Financial liabilities:** | **Financial liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVTPL | W | (81156) |  |  |  | 78467 | (2689) |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**28.** **Financial Risk Management, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Enforceable master netting agreement or similar agreement

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Gross financial<br>instruments recognized** | **Gross financial<br>instruments recognized** | **Amount offset** | **Net financial instruments<br>presented on the condensed<br>separate interim statement<br>of financial position** |
|  **Financial assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – trade and others | W | 62325 | (62325) |  |
|  **Financial liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable – other and others | W | 64796 | (62325) | 2471 |
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Gross financial<br>instruments recognized** | **Gross financial<br>instruments recognized** | **Amount offset** | **Net financial instruments<br>presented on the**<br>**separate statement of<br>financial position** |
|  **Financial assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – trade and others | W | 72747 | (72747) |  |
|  **Financial liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable – other and others | W | 74658 | (72747) | 1911 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**29.** **Transactions with Related Parties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) List of the related parties

---

| | |
|:---|:---|
| **Relationship** | **Company** |
|  Ultimate controlling entity | SK Inc. |
|  Subsidiaries | SK Broadband Co., Ltd. and 18 others(\*) |
|  Joint venture | UTC Kakao-SK Telecom ESG Fund |
|  Associates | SK China Company Ltd. and 44 others |
|  Others | The ultimate controlling entity's subsidiaries, associates and others |

---

(\*) As of September 30, 2025, subsidiaries of the Company are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Subsidiary** | **Subsidiary** | **Ownership<br>percentage(%)(\*1)** | **Primary business** |
|  Subsidiaries owned by the Company | SK Telink Co., Ltd. | 100.0 | International telecommunication and<br> Mobile Virtual Network Operator service |
|  | SK Broadband Co., Ltd. | 99.1 | Fixed-line telecommunication services |
|  | PS&Marketing Corporation | 100.0 | Communications device retail business |
|  | SERVICE ACE Co., Ltd. | 100.0 | Call center management service |
|  | SERVICE TOP Co., Ltd. | 100.0 | Call center management service |
|  | SK O&S Co., Ltd. | 100.0 | Base station maintenance service |
|  | SK Telecom China Holdings Co., Ltd. | 100.0 | Investment (Holdings company) |
|  | YTK Investment Ltd. | 100.0 | Investment |
|  | Atlas Investment | 100.0 | Investment |
|  | SK Telecom Americas, Inc. | 100.0 | Information gathering and consulting |
|  | Happy Hanool Co., Ltd. | 100.0 | Service |
|  | SK stoa Co., Ltd. | 100.0 | Other telecommunication retail business |
|  | SAPEON Inc. | 62.5 | Investment (Holdings company) |
|  | Astra AI Infra LLC | 100.0 | Investment |
|  Subsidiaries owned by SK Broadband Co., Ltd. | Home & Service Co., Ltd. | 100.0 | Operation of information and communication facility |
|  | Media S Co., Ltd. | 100.0 | Production and supply services of broadcasting programs |
|  Subsidiary owned by SK Telecom Americas, Inc. | Global AI Platform Corporation | 100.0 | Software development and supply services |
|  Subsidiary owned by Global AI Platform Corporation | Global AI Platform Corporation Korea | 100.0 | Software development and supply services |
|  Other(\*2) | SK Telecom Innovation Fund, L.P. | 100.0 | Investment |

---

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

---

| | |
|:---|:---|
| (\*2) | Other is owned by Atlas Investment and another subsidiary of the Company.  |

---

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

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**29.** **Transactions with Related Parties, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Compensation for the key management

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |  |
|  | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month**<br>**period ended<br>September 30** | **Three-month<br>period ended<br>September 30** | **Nine-month<br>period ended<br>September 30** |
|  Salaries | W | 894 | 5833 | 768 | 4906 |
|  Defined benefit plan expenses |  | 159 | 680 | 204 | 1159 |
|  Share option |  | (201) | (69) | 1169 | 882 |
|  | W | 852 | 6444 | 2141 | 6947 |

---

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**29.** **Transactions with Related Parties, Continued** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** |
|  |  | **Operating revenue**<br>**and others** | **Operating revenue**<br>**and others** | **Operating revenue**<br>**and others** | **Operating expenses**<br>**and others(\*1)** | **Operating expenses**<br>**and others(\*1)** | **Acquisition of<br>property<br>and equipment and<br>others** | **Acquisition of<br>property<br>and equipment and<br>others** |
| **Scope** | **Company** | **Three-<br>month** | **Three-<br>month** | **Nine-**<br>**month** | **Three-<br>month** | **Nine-**<br>**month** | **Three-<br>month** | **Nine-**<br>**month** |
|  Ultimate controlling entity | SK Inc.(\*2) | W | 7204 | 11819 | 144512 | 438117 | 46180 | 97495 |
|  Subsidiaries | SK Broadband Co., Ltd.(\*3) |  | 45328 | 277473 | 153788 | 458675 | 40 | 214 |
|  | PS&Marketing Corporation(\*4) |  | 1517 | 4961 | 413693 | 1002584 | 4 | 29 |
|  | SK O&S Co., Ltd.(\*5) |  | 1038 | 6836 | 71594 | 207251 | 17644 | 35209 |
|  | SK Telink Co., Ltd.(\*6) |  | 21333 | 90451 | 4552 | 13092 |  |  |
|  | SERVICE ACE Co., Ltd. |  | 635 | 4473 | 27504 | 90015 |  |  |
|  | SERVICE TOP Co., Ltd. |  | 1509 | 4574 | 25942 | 84039 |  |  |
|  | Others(\*7) |  | 4603 | 14400 | 4093 | 17398 |  |  |
|  |  |  | 75963 | 403168 | 701166 | 1873054 | 17688 | 35452 |
|  Associates | SK m&service Co., Ltd.(\*8) |  | 149 | 1995 | 6493 | 13742 | 237 | 816 |
|  | Others(\*9,10) |  | 2375 | 10944 | 2069 | 17093 | 68882 | 68882 |
|  |  |  | 2524 | 12939 | 8562 | 30835 | 69119 | 69698 |
|  Others | SK Innovation Co., Ltd. |  | 1781 | 5438 | 4024 | 9806 |  |  |
|  | SK Networks Co., Ltd. |  | 200 | 736 | 2718 | 7930 |  |  |
|  | SK Networks Service Co., Ltd. |  | 129 | 416 | 8440 | 25816 | 247 | 602 |
|  | SK Energy Co., Ltd. |  | 393 | 1185 | 6 | 69 |  |  |
|  | Content Wavve Corp. |  | 748 | 8360 | 5 | 33014 |  |  |
|  | Happy Narae Co., Ltd. |  | 32 | 113 | 7681 | 14097 | 8041 | 12519 |
|  | SK Shieldus Co., Ltd. |  | 13395 | 37842 | 28793 | 73915 | 2570 | 10875 |
|  | Eleven Street Co., Ltd. |  | 867 | 4488 | 6840 | 18677 |  |  |
|  | SK Planet Co., Ltd. |  | 487 | 2783 | 16633 | 51932 | 1041 | 1151 |
|  | SK hynix Inc. |  | 14602 | 40493 | 139 | 401 |  |  |
|  | Tmap Mobility Co., Ltd. |  | 1771 | 9696 | 1094 | 3232 |  |  |
|  | Dreamus Company |  | 334 | 2528 | 11759 | 38823 |  |  |
|  | One Store Co., Ltd. |  | 2863 | 9238 | 8 | 29 |  |  |
|  | UNA Engineering Inc. |  |  |  | 2215 | 5058 | 2297 | 7067 |
|  | Others |  | 8151 | 20519 | 7496 | 39688 |  | 96 |
|  |  |  | 45753 | 143835 | 97851 | 322487 | 14196 | 32310 |
|  |  | W | 131444 | 571761 | 952091 | 2664493 | 147183 | 234955 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**29.** **Transactions with Related Parties, Continued** 

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

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

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

(\*3) Operating revenue and others include W149,526 million of dividend income received.

(\*4) Operating expenses and others include W471,215 million paid to PS&Marketing Corporation relating to purchase of accounts receivable resulting from sale of handsets.

(\*5) Operating revenue and others include W4,000 million of dividend income received.

(\*6) Operating revenue and others include W11,991 million of dividend income received.

(\*7) Operating revenue and others include W11,024 million of dividend received from Astra AI Infra LLC.

(\*8) Transactions with SK m&service Co., Ltd. prior to the disposal of shares were classified as transactions with a subsidiary, and the transactions subsequent to the disposal were classified as transactions with an associate.

(\*9) The disposal of the shares in F&U Credit Information Co., Ltd. held by the Company was completed on April 4, 2025, and the transactions subsequent to the disposal have not been included.

(\*10) Operating revenue and others include W8,855 million of dividend received from Korea IT Fund, W1,438 million of dividend received from Citadel Pacific Telecom Holdings, LLC and W460 million of dividend received from Start-up Win-Win Fund.

------

##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**29.** **Transactions with Related Parties, Continued** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | **For the period ended September 30, 2024** | **For the period ended September 30, 2024** | **For the period ended September 30, 2024** | **For the period ended September 30, 2024** | **For the period ended September 30, 2024** | **For the period ended September 30, 2024** | **For the period ended September 30, 2024** |
|  |  | **Operating revenue**<br>**and others** | **Operating revenue**<br>**and others** | **Operating revenue**<br>**and others** | **Operating expenses**<br>**and others(\*1)** | **Operating expenses**<br>**and others(\*1)** | **Acquisition of<br>property and<br>equipment and others** | **Acquisition of<br>property and<br>equipment and others** |
| **Scope** | **Company** | **Three-<br>month** | **Three-<br>month** | **Nine-**<br>**month** | **Three-<br>month** | **Nine-**<br>**month** | **Three-<br>month** | **Nine-**<br>**month** |
|  Ultimate controlling entity | SK Inc.(\*2) | W | 2575 | 7575 | 136671 | 423154 | 18465 | 25318 |
|  Subsidiaries | SK Broadband Co., Ltd.(\*3) |  | 37890 | 265806 | 151017 | 451550 | 759 | 840 |
|  | PS&Marketing Corporation(\*4) |  | 1458 | 4481 | 343452 | 945663 | 300 | 524 |
|  | SK O&S Co., Ltd. |  | 733 | 2382 | 64449 | 194018 | 8416 | 14814 |
|  | SK Telink Co., Ltd.(\*5) |  | 28398 | 102762 | 4202 | 11950 |  |  |
|  | SERVICE ACE Co., Ltd.(\*6) |  | 2653 | 11755 | 30039 | 92231 |  |  |
|  | SERVICE TOP Co., Ltd.(\*7) |  | 1817 | 11200 | 28577 | 88339 |  |  |
|  | NATE Communications Corporation (Formerly, SK Communications Co., Ltd.) |  | 383 | 1087 | 1021 | 1848 | 179 | 636 |
|  | Others |  | 2229 | 7261 | 11155 | 29600 | 187 | 197 |
|  |  |  | 75561 | 406734 | 633912 | 1815199 | 9841 | 17011 |
|  Associates | F&U Credit information Co., Ltd. |  | 190 | 568 | 11076 | 33668 |  | 203 |
|  | Daehan Kanggun BcN Co., Ltd. |  | 3565 | 9227 |  |  |  |  |
|  | Others(\*8) |  | 191 | 5645 | 2319 | 9619 |  |  |
|  |  |  | 3946 | 15440 | 13395 | 43287 |  | 203 |
|  Others | SK Innovation Co., Ltd. |  | 1108 | 4588 | 3669 | 9431 |  |  |
|  | SK Networks Co., Ltd. |  | 265 | 835 | 2892 | 8293 |  |  |
|  | SK Networks Service Co., Ltd. |  | 117 | 367 | 11055 | 29867 | 551 | 1285 |
|  | SK Energy Co., Ltd. |  | 346 | 1147 | 13 | 158 |  |  |
|  | Content Wavve Corp. |  | 3992 | 9151 | 22890 | 63214 |  |  |
|  | Happy Narae Co., Ltd. |  | 38 | 117 | 2268 | 7194 | 19215 | 41406 |
|  | SK Shieldus Co., Ltd. |  | 14087 | 38230 | 20370 | 67593 | 1677 | 2707 |
|  | Eleven Street Co., Ltd. |  | 1498 | 5499 | 7313 | 20545 |  |  |
|  | SK Planet Co., Ltd. |  | 1284 | 3866 | 19190 | 54286 | 546 | 1158 |
|  | SK hynix Inc. |  | 11484 | 29066 | 31 | 175 |  |  |
|  | Tmap Mobility Co., Ltd. |  | 3402 | 11817 | 1351 | 4221 |  |  |
|  | Dreamus Company |  | 1073 | 3272 | 16447 | 49488 | 265 | 265 |
|  | One Store Co., Ltd. |  | 3246 | 11251 | 14 | 52 |  |  |
|  | UNA Engineering Inc. |  |  |  | 2603 | 5748 | 1772 | 5080 |
|  | Others(\*9) |  | 8586 | 26562 | 4908 | 17443 | 677 | 17400 |
|  |  |  | 50526 | 145768 | 115014 | 337708 | 24703 | 69301 |
|  |  | W | 132608 | 575517 | 898992 | 2619348 | 53009 | 111833 |

---

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**29.** **Transactions with Related Parties, Continued** 

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

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

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

(\*3) Operating revenue and others include W149,526 million of dividend income received.

(\*4) Operating expenses and others include W500,475 million paid to PS&Marketing Corporation relating to purchase of accounts receivable resulting from sale of handsets.

(\*5) Operating revenue and others include W14,971 million of dividend income received.

(\*6) Operating revenue and others include W3,302 million of dividend income received.

(\*7) Operating revenue and others include W5,700 million of dividend income received.

(\*8) Operating revenue and others include W590 million of dividend received from Start-up Win-Win Fund and W5,054 million of dividend received from Korea IT Fund.

(\*9) SK RENT A CAR Co., Ltd. was excluded from the related parties for the nine-month period ended September 30, 2024, and the transactions above occurred before the related party relationship terminated.

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**29.** **Transactions with Related Parties, Continued** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Receivables** | **Receivables** | **Receivables** | **Payables** |
| **Scope** | **Company** | **Loans** | **Loans** | **Accounts receivable<br>– trade, etc.** | **Accounts payable**<br>**– other, etc.** |
|  Ultimate controlling entity | SK Inc. | W |  | 4354 | 110017 |
|  Subsidiaries | SK Broadband Co., Ltd. |  |  | 203998 | 236511 |
|  | PS&Marketing Corporation |  |  | 1344 | 73677 |
|  | SK O&S Co., Ltd. |  |  | 16 | 10181 |
|  | SK Telink Co., Ltd. |  |  | 20768 | 5927 |
|  | SERVICE ACE Co., Ltd. |  |  | 543 | 10315 |
|  | SERVICE TOP Co., Ltd. |  |  | 1492 | 12345 |
|  | Others |  |  | 217 | 2914 |
|  |  |  |  | 228378 | 351870 |
|  Associates | Daehan Kanggun BcN Co., Ltd.(\*) |  | 22147 |  |  |
|  | SK m&service Co., Ltd. |  |  | 459 | 44926 |
|  | Others |  |  |  | 366 |
|  |  |  | 22147 | 459 | 45292 |
|  Others | SK hynix Inc. |  |  | 16052 | 106 |
|  | SK Planet Co., Ltd. |  |  | 152 | 1599 |
|  | Eleven Street Co., Ltd. |  |  | 15091 | 3582 |
|  | One Store Co., Ltd. |  |  | 535 | 10361 |
|  | SK Shieldus Co., Ltd. |  |  | 13403 | 14424 |
|  | SK Innovation Co., Ltd. |  |  | 3246 | 21813 |
|  | SK Networks Co., Ltd. |  |  | 82 | 27354 |
|  | SK Networks Service Co., Ltd. |  |  |  | 5820 |
|  | Incross Co., Ltd. |  |  | 1228 | 5832 |
|  | UNA Engineering Inc. |  |  |  | 243 |
|  | Happy Narae Co., Ltd. |  |  | 10 | 4650 |
|  | Content Wavve Corp. |  |  | 57 | 1 |
|  | Dreamus Company |  |  | 386 | 2033 |
|  | Others |  |  | 8354 | 4214 |
|  |  |  |  | 58596 | 102032 |
|  |  | W | 22147 | 291787 | 609211 |

---

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**29.** **Transactions with Related Parties, Continued** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | **Receivables** | **Receivables** | **Receivables** | **Payables** |
| **Scope** | **Company** | **Loans** | **Loans** | **Accounts receivable<br>– trade, etc.** | **Accounts payable**<br>**– other, etc.** |
|  Ultimate controlling entity | SK Inc. | W |  | 1166 | 71672 |
|  Subsidiaries | SK Broadband Co., Ltd. |  |  | 128050 | 186030 |
|  | PS&Marketing Corporation |  |  | 1152 | 56531 |
|  | SK O&S Co., Ltd. |  |  | 57 | 63748 |
|  | SK Telink Co., Ltd. |  |  | 23625 | 11705 |
|  | SERVICE ACE Co., Ltd. |  |  | 412 | 25150 |
|  | SERVICE TOP Co., Ltd. |  |  | 24 | 22578 |
|  | NATE Communications Corporation (Formerly, SK Communications Co., Ltd.) |  |  | 2 | 7489 |
|  | SK m&service Co., Ltd. |  |  | 1219 | 25705 |
|  | Others |  |  | 361 | 5708 |
|  |  |  |  | 154902 | 404644 |
|  Associates | F&U Credit information Co., Ltd. |  |  |  | 4000 |
|  | Daehan Kanggun BcN Co., Ltd.(\*) |  | 22147 |  |  |
|  | Konan Technology Inc. |  |  |  | 63 |
|  | Others |  |  | 353 | 2715 |
|  |  |  | 22147 | 353 | 6778 |
|  Others | SK hynix Inc. |  |  | 11948 | 206 |
|  | SK Planet Co., Ltd. |  |  | 241 | 2386 |
|  | Eleven Street Co., Ltd. |  |  | 10425 | 1565 |
|  | One Store Co., Ltd. |  |  | 474 | 9883 |
|  | SK Shieldus Co., Ltd. |  |  | 11233 | 11742 |
|  | SK Innovation Co., Ltd. |  |  | 5259 | 28159 |
|  | SK Networks Co., Ltd. |  |  | 262 | 26319 |
|  | SK Networks Service Co., Ltd. |  |  |  | 5204 |
|  | Incross Co., Ltd. |  |  | 1650 | 20215 |
|  | UNA Engineering Inc. |  |  |  | 3320 |
|  | Happy Narae Co., Ltd. |  |  | 8 | 14781 |
|  | Content Wavve Corp. |  |  | 1564 | 2 |
|  | Dreamus Company |  |  | 313 | 2055 |
|  | Others |  |  | 8106 | 9861 |
|  |  |  |  | 51483 | 135698 |
|  |  | W | 22147 | 207904 | 618792 |

---

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

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**29.** **Transactions with Related Parties, Continued** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The details of additional investments and disposal of subsidiaries and associates for the nine-month period
ended September 30, 2025 are as presented in note 8.

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**30.** **Commitments and Contingencies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Accounts receivable from sale of handsets

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Legal claims and litigations

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Obligation relating to spin-off

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) According to the covenant for bond issuance and borrowings, the Company is required to maintain specific
financial ratios, such as the debt ratio, at certain levels. The funds obtained must be used for specified purposes only, and regular reporting to lenders is mandated. Additionally, the contracts include clauses that restrict both provision of
additional collateral of assets held by the Company and disposal of certain assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Company entered into a contract with SK Inc. for the use of Amazon Web Services ("AWS"). In
accordance with the contract, the Company is entitled to receive AWS services for a ten-year period beginning in July 2025, with a total contract value of USD 800,000,000.

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**31.** **Statements of Cash Flows** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** |
|  Gain on foreign currency translations | W | (1602) | (671) |
|  Interest income |  | (32831) | (27947) |
|  Dividends |  | (222080) | (207112) |
|  Gain relating to investments in subsidiaries, associates and joint ventures, net |  | (17685) | (11329) |
|  Gain relating to financial instruments at FVTPL |  | (10) | (18103) |
|  Gain on disposal of property and equipment and intangible assets |  | (14619) | (9845) |
|  Other income |  | (4675) | (1934) |
|  Loss on foreign currency translations |  | 595 | 742 |
|  Bad debt for accounts receivable – trade |  | 29038 | 21890 |
|  Bad debt for accounts receivable – other |  | 2849 | 3108 |
|  Loss relating to financial instruments at FVTPL |  | 78 | 95419 |
|  Loss on settlement of derivatives |  | 7298 |  |
|  Other finance costs |  | 23356 |  |
|  Loss relating to investments in subsidiaries, associates and joint ventures, net |  | 2917 |  |
|  Depreciation and amortization |  | 1966244 | 2082557 |
|  Loss on disposal of property and equipment and intangible assets |  | 5047 | 7637 |
|  Impairment loss on property and equipment and intangible assets |  | 359 |  |
|  Loss on sale of accounts receivable – other |  | 13217 | 28426 |
|  Interest expense |  | 219023 | 237062 |
|  Expense related to defined benefit plan |  | 36027 | 34708 |
|  Bonus paid by treasury shares |  | 262 | 24988 |
|  Share option expenses (reversal) |  | (499) | 3872 |
|  Income tax expense |  | 260695 | 249524 |
|  Other expenses |  | 3617 | 1628 |
|  | W | 2276621 | 2514620 |

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**31.** **Statements of Cash Flows, Continued** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** |
|  Accounts receivable – trade | W | (60025) | (177893) |
|  Accounts receivable – other |  | (205589) | (82822) |
|  Advanced payments |  | 15305 | 1251 |
|  Prepaid expenses |  | (362974) | (4763) |
|  Inventories |  | 9864 | (23483) |
|  Long-term accounts receivable – other |  | 12938 | (40835) |
|  Guarantee deposits |  | 22481 | 2100 |
|  Contract assets |  | 28 | 1487 |
|  Accounts payable – other |  | (116478) | (119501) |
|  Withholdings |  | 30716 | &nbsp;&nbsp;&nbsp;&nbsp;179344 |
|  Deposits received |  | 5081 | 184 |
|  Accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;163786 | 53659 |
|  Plan assets |  | 78139 | 1368 |
|  Retirement benefits payment |  | (113001) | (28930) |
|  Contract liabilities |  | 51627 | 15189 |
|  Others |  | (2168) | (2145) |
|  | W | (470270) | (225790) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** |
|  Decrease in accounts payable – other relating to the acquisition of property and equipment and intangible assets | W | (233905) | (373825) |
|  Increase of right-of-use assets |  | 246432 | 153800 |
|  Transfer from property and equipment to investment property |  | 17709 | (1479) |

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**32.** **Emissions Liabilities** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* |  |  |
|  | **Quantities**<br>**allocated**<br>**in 2021** | **Quantities**<br>**allocated**<br>**in 2022** | **Quantities<br>allocated**<br>**in 2023** | **Quantities<br>allocated**<br>**in 2024** | **Quantities<br>allocated**<br>**in 2025** | **Total** |
|  Emissions rights allocated free of charge(\*) | 1031526 | 1223008 | 1327809 | 1332500 | 1021864 | 5936707 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* |  |  |  |  |
|  | **Quantities**<br>**allocated in<br>2023** | **Quantities**<br>**allocated in<br>2024** | **Quantities**<br>**allocated in the**<br>**nine-month period ended<br>September 30, 2025** | **Total** | **Total** |  |  |  |  |
|  | **Quantities**<br>**allocated in<br>2023** | **Quantities**<br>**allocated in<br>2024** | **Quantities**<br>**allocated in the**<br>**nine-month period ended<br>September 30, 2025** | **Total** | **Total** Beginning | 306575.0 | 414356.0 | 517280.0 | 1238211.0 |
|  Allocation at no cost | 1327809 | 1332500 | 1021864 |  | 3682173 |  |  |  |  |
|  Sale | (70789) | (63058) | (293002) |  | (426849) |  |  |  |  |
|  Surrender or shall be surrendered | (1149239) | (1166518) | (1246142) |  | (3561899) |  |  |  |  |
|  Ending | 414356 | 517280 |  |  | 931636 |  |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) As of September 30, 2025, the estimated annual greenhouse gas emissions quantities of the Company are
1,246,142 tCO2-eQ.

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##### [**Table of Contents**](#toc)
SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

**33.** **Non-current Assets Held for Sale** 

Non-current assets held for sale as of December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  | | |
|  |  | **December 31, 2024** | **December 31, 2024** |
|  Investments in subsidiaries | NATE Communications Corporation<br>(Formerly, SK Communications Co., Ltd.)(\*1) | W | 7035 |
|  Investments in associates | F&U Credit information Co., Ltd.(\*2) |  | 4533 |
|  |  | W | 11568 |

---

(\*1) The Company disposed of the shares in NATE Communications Corporation (formerly, SK Communications Co., Ltd.), resulting in a loss of W1,306 million relating to investments in subsidiaries for the nine-month period ended September 30, 2025.

(\*2) The Company disposed of the shares in F&U Credit information Co., Ltd., resulting in a gain of W13,971 million relating to investments in associates for the nine-month period ended September 30, 2025.

**34.** **Subsequent Events** 

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