# EDGAR Filing Document

**Accession Number:** 0001263043
**File Stem:** 0001193125-25-281277
**Filing Date:** 2025-11
**Character Count:** 690156
**Document Hash:** 01721d2cd982acd21f3641d08ba4a5f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-281277.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001193125-25-281277

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251114

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SHINHAN FINANCIAL GROUP CO LTD
- **CENTRAL INDEX KEY:** 0001263043
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31798
- **FILM NUMBER:** 251480849

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 120 2-GA TAEPYUNG RO JUNG GU
- **CITY:** SEOUL100-102
- **PROVINCE COUNTRY:** M5
- **ZIP:** 00000
- **BUSINESS PHONE:** 82263603000

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 120 2-GA TAEPYUNG RO JUNG GU
- **STREET 2:** SEOUL 100-102
- **CITY:** SEOUL
- **PROVINCE COUNTRY:** M5
- **ZIP:** 00000

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 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 November 2025**

**Commission File Number: 001-31798**

——————————

**SHINHAN FINANCIAL GROUP CO., LTD.**

**(Translation of registrant's name into English)**

——————————

**20, Sejong-daero 9-gil, Jung-gu, Seoul 04513, Korea <br>(Address of principal executive offices)**

——————————

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

Form 20-F  Form 40-F 

------

**INDEX**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;1.<br>2. | &nbsp;&nbsp;Summary of 3Q 2025 Business Report<br>Exhibit 99.1 Shinhan Financial Group Review Report for the 3Q 2025 (Separate) |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Exhibit 99.2 Shinhan Financial Group Review Report for the 3Q 2025 (Consolidated) |

---

------

**Summary of 3Q 2025 Business Report**

On November 14, 2025, Shinhan Financial Group ("SFG") filed its 3Q 2025 Business Report (the "Business Report") with the Financial Services Commission of Korea and the Korea Exchange pursuant to the Financial Investment Services and Capital Market Act of Korea. This is the summary of the Business Report translated into English. Non-material or previously disclosed information are omitted or abridged.

The financial information in this report has been prepared in accordance with Korean International Financial Reporting Standards.

**Table of Contents**

1. Introduction of the Group

2. Business Results

3. Other Financial Information

4. Independent Auditor

5. Corporate Governance

6. Major Shareholders and Market Price Information of our Common Shares and ADRs

7. Directors, Executive Officers and Employees

8. Related Party Transactions

9. Internal Control

10. Contingencies

11. Material Information after the reporting period

------

**1. Introduction of the Group**

***Business Objective***

Shinhan Financial Group is a financial holding company that was established in September 1, 2001, through a stock transfer from the Shinhan Bank, Shinhan Securities Co., Ltd., Shinhan Capital Co., Ltd., and Shinhan BNP Paribas Asset Management Co., Ltd. The primary business objectives of the company includes the control and management of financial business, as well as financial support for its subsidiaries.

On September 10, 2001, the company was listed on the Korea Stock Exchange and on September 16, 2003, the company was registered with the U.S. Securities and Exchange Commission(SEC), where its American Depositary Shares(ADSs) were listed on the New York Stock Exchange(NYSE).

***Company History*** 

Not required to be disclosed in quarterly reports. Please refer to the business report for FY2024 submitted on March 18, 2025 and 1H 2025 submitted on August 14, 2025 for your references.

***Overview of the Business Group***

Not required to be disclosed in quarterly reports. Please refer to the business report for FY2024 submitted on March 18, 2025 and 1H 2025 submitted on August 14, 2025 for your references.

***Credit Ratings***

Not required to be disclosed in quarterly reports. Please refer to the business report for FY2024 submitted on March 18, 2025 and 1H 2025 submitted on August 14, 2025 for your references.

------

***Capital Structure***

**Number of Shares (as of *Sept 30*, 2025)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Types of Shares** | &nbsp;&nbsp;**Number of Shares** |
| &nbsp;&nbsp;Number of shares authorized<br>for issuance | &nbsp;&nbsp;1000000000 |
| &nbsp;&nbsp;Number of common shares issued <sup>(1)(3)</sup> | &nbsp;&nbsp;485494934 |
| &nbsp;&nbsp;Number of preferred shares issued | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Total outstanding shares** | &nbsp;&nbsp;**481594934** |
| &nbsp;&nbsp;Treasury stocks <sup>(2)</sup>  | &nbsp;&nbsp;3900001 |
| &nbsp;&nbsp;**Total outstanding shares <br>with voting rights** | &nbsp;&nbsp;**485494933** |
| &nbsp;&nbsp;Treasury stocks per <br>total outstanding shares ratio | &nbsp;&nbsp;0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1) SFG issued 8,232,906 shares of common stock in relation to a comprehensive stock exchange between SFG and Orange Life Insurance on January 28, 2020. On September 29, 2020, SFG had a paid-in capital increase and issued 39,130,000 common shares (third-party allocation). On December 30, 2020, SFG issued 72,719 shares of common stock in relation to a small-scale stock exchange between SFG and Neoplux.<br>2) SFG acquired treasury shares through the acquisition of 1 fractional shares as a result of a share exchange, acquisition of 3,900,000 treasury shares through trust agreement signed July 25, 2025.<br>3) SFG canceled treasury shares of 5,035,658 on June 01, 2020, 3,665,423 on April 25, 2022, 4,149,262 on November 23, 2022, 3,676,470 on March 28, 2023, 4,243,281 on June 16, 2023, 2,842,929 on August 31, 2023, 2,744,718 on December 27, 2023, 3,366,257 on March 22, 2024, 5,947,889 on October 28, 2024, 7,603,260 on April 29, 2025, and 10,347,131 on June 26, 2025 after completion of share repurchase program. Capital does not change due to the cancellation of acquired stocks within the range of dividend payable income. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1) SFG issued 8,232,906 shares of common stock in relation to a comprehensive stock exchange between SFG and Orange Life Insurance on January 28, 2020. On September 29, 2020, SFG had a paid-in capital increase and issued 39,130,000 common shares (third-party allocation). On December 30, 2020, SFG issued 72,719 shares of common stock in relation to a small-scale stock exchange between SFG and Neoplux.<br>2) SFG acquired treasury shares through the acquisition of 1 fractional shares as a result of a share exchange, acquisition of 3,900,000 treasury shares through trust agreement signed July 25, 2025.<br>3) SFG canceled treasury shares of 5,035,658 on June 01, 2020, 3,665,423 on April 25, 2022, 4,149,262 on November 23, 2022, 3,676,470 on March 28, 2023, 4,243,281 on June 16, 2023, 2,842,929 on August 31, 2023, 2,744,718 on December 27, 2023, 3,366,257 on March 22, 2024, 5,947,889 on October 28, 2024, 7,603,260 on April 29, 2025, and 10,347,131 on June 26, 2025 after completion of share repurchase program. Capital does not change due to the cancellation of acquired stocks within the range of dividend payable income. |

---

***Dividends***

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;(KRW million) | &nbsp;&nbsp;(KRW million) |
| &nbsp;&nbsp;**Items** | &nbsp;&nbsp;**3Q FY2025**<br>**(Jan. 1 ~ Sept. 30)** | &nbsp;&nbsp;**FY2024**<br>**(Jan. 1 ~ Dec. 31)** | &nbsp;&nbsp;**FY 2023**<br>**(Jan. 1 ~ Dec. 31)** |
| &nbsp;&nbsp;Par value per share (Won) | &nbsp;&nbsp;5000 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;5000 |
| &nbsp;&nbsp;(Consolidated) Net Income | &nbsp;&nbsp;4460943 | &nbsp;&nbsp;4450177 | &nbsp;&nbsp;4368035 |
| &nbsp;&nbsp;(Separate) Net Income | &nbsp;&nbsp; 2430160  | &nbsp;&nbsp;1619867 | &nbsp;&nbsp;1671011 |
| &nbsp;&nbsp;(Consolidated Earnings per share (Won) | &nbsp;&nbsp; 8829  | &nbsp;&nbsp;8441 | &nbsp;&nbsp;8048 |
| &nbsp;&nbsp;Total Cash dividends | &nbsp;&nbsp; 828228  | &nbsp;&nbsp;1088042 | &nbsp;&nbsp;1085819 |
| &nbsp;&nbsp;Total stock dividends | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;(Consolidated) Cash dividend payout ratio (%) | &nbsp;&nbsp; 18.57  | &nbsp;&nbsp;24.45 | &nbsp;&nbsp;24.87 |
| &nbsp;&nbsp;Cash dividend yield (%) – common shares | &nbsp;&nbsp;2.32  | &nbsp;&nbsp;4.26 | &nbsp;&nbsp;4.87 |
| &nbsp;&nbsp;Cash dividend yield (%) – preferred shares | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Stock dividend yield (%) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Cash dividend per share (Won) | &nbsp;&nbsp;1710 | &nbsp;&nbsp;2160 | &nbsp;&nbsp;2100 |
| &nbsp;&nbsp;Stock dividend per share | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

---

------

**2. Business Results**

***Operating Results*** 

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) |
|  | &nbsp;&nbsp;**3Q FY 2025**<br>**(Jan. 1 ~ Sept. 30)** | &nbsp;&nbsp;**FY 2024**<br>**(Jan. 1 ~ Dec. 31)** | &nbsp;&nbsp;**FY 2023**<br>**(Jan. 1 ~ Dec. 31)** |
| &nbsp;&nbsp;Net interest income | &nbsp;&nbsp;8666  | &nbsp;&nbsp; 11402  | &nbsp;&nbsp; 10818  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;20938  | &nbsp;&nbsp; 29209  | &nbsp;&nbsp; 27579  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;12271  | &nbsp;&nbsp; 17807  | &nbsp;&nbsp; 16761  |
| &nbsp;&nbsp;Net fees and commission income | &nbsp;&nbsp;2208  | &nbsp;&nbsp; 2715  | &nbsp;&nbsp; 2647  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income | &nbsp;&nbsp;3395  | &nbsp;&nbsp; 4295  | &nbsp;&nbsp; 4175  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission expense | &nbsp;&nbsp;1187  | &nbsp;&nbsp; 1581  | &nbsp;&nbsp; 1528  |
| &nbsp;&nbsp;Net insurance income | &nbsp;&nbsp;39  | &nbsp;&nbsp; 884  | &nbsp;&nbsp; 598  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance income | &nbsp;&nbsp;2673  | &nbsp;&nbsp; 3393  | &nbsp;&nbsp; 3088  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | &nbsp;&nbsp;2634  | &nbsp;&nbsp; 2509  | &nbsp;&nbsp; 2490  |
| &nbsp;&nbsp;Net gain(loss) on securities and FX trading/derivatives | &nbsp;&nbsp;2504  | &nbsp;&nbsp; 2038  | &nbsp;&nbsp; 2485  |
| &nbsp;&nbsp;Provision for credit loss and impairment loss | &nbsp;&nbsp;-1504  | &nbsp;&nbsp;-2104  | &nbsp;&nbsp;-2251  |
| &nbsp;&nbsp;Net other operating income(expense) | &nbsp;&nbsp;-1581  | &nbsp;&nbsp;-2360  | &nbsp;&nbsp;-2300  |
| &nbsp;&nbsp;General and administrative expenses | &nbsp;&nbsp;4418  | &nbsp;&nbsp; 6116  | &nbsp;&nbsp; 5895  |
| &nbsp;&nbsp;**Net operating income** | &nbsp;&nbsp;**5913**  | &nbsp;&nbsp; **6459**  | &nbsp;&nbsp; **6101**  |
| &nbsp;&nbsp;Equity method income | &nbsp;&nbsp;136  | &nbsp;&nbsp;-24  | &nbsp;&nbsp; 125  |
| &nbsp;&nbsp;Other non-operating income(expense), net | &nbsp;&nbsp;-21  | &nbsp;&nbsp;-406  | &nbsp;&nbsp;-261  |
| &nbsp;&nbsp;**Profit before income taxes** | &nbsp;&nbsp;**6028**  | &nbsp;&nbsp; **6029**  | &nbsp;&nbsp; **5965**  |
| &nbsp;&nbsp;Income tax expense | &nbsp;&nbsp;1482  | &nbsp;&nbsp; 1471  | &nbsp;&nbsp; 1487  |
| &nbsp;&nbsp;**Consolidated net profit** | &nbsp;&nbsp;**4547**  | &nbsp;&nbsp; **4558**  | &nbsp;&nbsp; **4478**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net profit attributable to equity holders of the Group | &nbsp;&nbsp;4461  | &nbsp;&nbsp; 4450  | &nbsp;&nbsp; 4368  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net profit attributable to non-controlling interest | &nbsp;&nbsp;86  | &nbsp;&nbsp; 108  | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;1) Some of the totals may not sum due to rounding numbers. | &nbsp;&nbsp;1) Some of the totals may not sum due to rounding numbers. | &nbsp;&nbsp;1) Some of the totals may not sum due to rounding numbers. | &nbsp;&nbsp;1) Some of the totals may not sum due to rounding numbers. |

---

------

***Source and Use of Funds***

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Consolidated Basis**<br>**(KRW billion, %)** | &nbsp;&nbsp;**Consolidated Basis**<br>**(KRW billion, %)** | &nbsp;&nbsp;**3Q 2025** | &nbsp;&nbsp;**3Q 2025** | &nbsp;&nbsp;**3Q 2025** | &nbsp;&nbsp;**3Q 2025** | &nbsp;&nbsp;**FY 2024** | &nbsp;&nbsp;**FY 2024** | &nbsp;&nbsp;**FY 2024** | &nbsp;&nbsp;**FY 2024** | &nbsp;&nbsp;**FY 2023** | &nbsp;&nbsp;**FY 2023** | &nbsp;&nbsp;**FY 2023** | &nbsp;&nbsp;**FY 2023** |
| &nbsp;&nbsp;**Consolidated Basis**<br>**(KRW billion, %)** | &nbsp;&nbsp;**Consolidated Basis**<br>**(KRW billion, %)** | &nbsp;&nbsp;**Jan. 01 ~ Sept. 30** | &nbsp;&nbsp;**Jan. 01 ~ Sept. 30** | &nbsp;&nbsp;**Jan. 01 ~ Sept. 30** | &nbsp;&nbsp;**Jan. 01 ~ Sept. 30** | &nbsp;&nbsp;**Jan. 01 ~ Dec. 31** | &nbsp;&nbsp;**Jan. 01 ~ Dec. 31** | &nbsp;&nbsp;**Jan. 01 ~ Dec. 31** | &nbsp;&nbsp;**Jan. 01 ~ Dec. 31** | &nbsp;&nbsp;**Jan. 01 ~ Dec. 31** | &nbsp;&nbsp;**Jan. 01 ~ Dec. 31** | &nbsp;&nbsp;**Jan. 01 ~ Dec. 31** | &nbsp;&nbsp;**Jan. 01 ~ Dec. 31** |
| &nbsp;&nbsp;**Consolidated Basis**<br>**(KRW billion, %)** | &nbsp;&nbsp;**Consolidated Basis**<br>**(KRW billion, %)** | &nbsp;&nbsp;**Average**<br>**Balance**<sup>1)</sup> | &nbsp;&nbsp;**Propor-tions**<br>**(%)** | &nbsp;&nbsp;**Interest**<br>**Paid** | &nbsp;&nbsp;**Interest**<br>**Rate**<br>**(%)** | &nbsp;&nbsp;**Average**<br>**Balance**<sup>1)</sup> | &nbsp;&nbsp;**Propor-tions**<br>**(%)** | &nbsp;&nbsp;**Interest**<br>**Paid** | &nbsp;&nbsp;**Interest**<br>**Rate**<br>**(%)** | &nbsp;&nbsp;**Average**<br>**Balance**<sup>1)</sup> | &nbsp;&nbsp;**Propor-tions**<br>**(%)** | &nbsp;&nbsp;**Interest**<br>**Paid** | &nbsp;&nbsp;**Interest**<br>**Rate**<br>**(%)** |
| &nbsp;&nbsp;Source | &nbsp;&nbsp;Deposits | &nbsp;&nbsp;426128.3  | &nbsp;&nbsp;56.4  | &nbsp;&nbsp;6954.4  | &nbsp;&nbsp;2.18  | &nbsp;&nbsp;403986.6  | &nbsp;&nbsp;55.9  | &nbsp;&nbsp;10220.8  | &nbsp;&nbsp;2.53  | &nbsp;&nbsp;383064.0 | &nbsp;&nbsp;56.3 | &nbsp;&nbsp;9790.8 | &nbsp;&nbsp;2.56 |
| &nbsp;&nbsp;Source | &nbsp;&nbsp;Borrowings | &nbsp;&nbsp;51711.2  | &nbsp;&nbsp;6.9  | &nbsp;&nbsp;1151.8  | &nbsp;&nbsp;2.98  | &nbsp;&nbsp;54754.3  | &nbsp;&nbsp;7.6  | &nbsp;&nbsp;1862.4  | &nbsp;&nbsp;3.40  | &nbsp;&nbsp;53259.8 | &nbsp;&nbsp;7.8 | &nbsp;&nbsp;1895.9 | &nbsp;&nbsp;3.56 |
| &nbsp;&nbsp;Source | &nbsp;&nbsp;Debt Securities Issued | &nbsp;&nbsp;91370.5  | &nbsp;&nbsp;12.1  | &nbsp;&nbsp;2513.5  | &nbsp;&nbsp;3.68  | &nbsp;&nbsp;87474.4  | &nbsp;&nbsp;12.1  | &nbsp;&nbsp;3422.0  | &nbsp;&nbsp;3.91  | &nbsp;&nbsp;76797.0 | &nbsp;&nbsp;11.3 | &nbsp;&nbsp;2735.4 | &nbsp;&nbsp;3.56 |
| &nbsp;&nbsp;Source | &nbsp;&nbsp;Other Liabilities | &nbsp;&nbsp;126459.1  | &nbsp;&nbsp;16.7  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp;119008.3  | &nbsp;&nbsp;16.5  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;111158.7 | &nbsp;&nbsp;16.4 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Source | &nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;695669.1  | &nbsp;&nbsp;92.1  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp;665223.6  | &nbsp;&nbsp;92.0  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;624279.5 | &nbsp;&nbsp;91.8 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Source | &nbsp;&nbsp;Total Stockholder's Equity | &nbsp;&nbsp;59735.5  | &nbsp;&nbsp;7.9  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp;57655.6  | &nbsp;&nbsp;8.0  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;55597.4 | &nbsp;&nbsp;8.2 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Source | &nbsp;&nbsp;Total Liabilities & SE | &nbsp;&nbsp;755404.6  | &nbsp;&nbsp;100.0  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp;722879.2  | &nbsp;&nbsp;100.0  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;679876.9 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Use | &nbsp;&nbsp;Cash & Due from Banks | &nbsp;&nbsp;43106.7  | &nbsp;&nbsp;5.7  | &nbsp;&nbsp;573.5  | &nbsp;&nbsp;1.78  | &nbsp;&nbsp;38020.3  | &nbsp;&nbsp;5.3  | &nbsp;&nbsp;780.2  | &nbsp;&nbsp;2.05  | &nbsp;&nbsp;34892.3 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;590.8 | &nbsp;&nbsp;1. |

---

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;69 |
| &nbsp;&nbsp;Loans | &nbsp;&nbsp;453027.1  | &nbsp;&nbsp;60.0  | &nbsp;&nbsp;16054.1  | &nbsp;&nbsp;4.74  | &nbsp;&nbsp;434102.2  | &nbsp;&nbsp;60.1  | &nbsp;&nbsp;22542.6  | &nbsp;&nbsp;5.19  | &nbsp;&nbsp;410463.6 | &nbsp;&nbsp;60.4 | &nbsp;&nbsp;21823.8 | &nbsp;&nbsp;5.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans in KRW | &nbsp;&nbsp;354000.7  | &nbsp;&nbsp;46.9  | &nbsp;&nbsp;11578.7  | &nbsp;&nbsp;4.37  | &nbsp;&nbsp;339139.5  | &nbsp;&nbsp;46.9  | &nbsp;&nbsp;16520.0  | &nbsp;&nbsp;4.87  | &nbsp;&nbsp;317950.0 | &nbsp;&nbsp;46.8 | &nbsp;&nbsp;16093.6 | &nbsp;&nbsp;5.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans in Foreign Currency | &nbsp;&nbsp;49038.9  | &nbsp;&nbsp;6.5  | &nbsp;&nbsp;1827.2  | &nbsp;&nbsp;4.98  | &nbsp;&nbsp;44188.9  | &nbsp;&nbsp;6.1  | &nbsp;&nbsp;2402.3  | &nbsp;&nbsp;5.44  | &nbsp;&nbsp;40341.7 | &nbsp;&nbsp;5.9 | &nbsp;&nbsp;2160.6 | &nbsp;&nbsp;5.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Card Accounts | &nbsp;&nbsp;28497.5  | &nbsp;&nbsp;3.8  | &nbsp;&nbsp;1742.9  | &nbsp;&nbsp;8.18  | &nbsp;&nbsp;27982.2  | &nbsp;&nbsp;3.9  | &nbsp;&nbsp;2256.0  | &nbsp;&nbsp;8.06  | &nbsp;&nbsp;27965.4 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;2162.1 | &nbsp;&nbsp;7.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | &nbsp;&nbsp;21490.0  | &nbsp;&nbsp;2.9  | &nbsp;&nbsp;905.3  | &nbsp;&nbsp;5.63  | &nbsp;&nbsp;22791.6  | &nbsp;&nbsp;3.2  | &nbsp;&nbsp;1364.3  | &nbsp;&nbsp;5.99  | &nbsp;&nbsp;24206.5 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;1407.5 | &nbsp;&nbsp;5.81 |
| &nbsp;&nbsp;FVPL Financial Assets | &nbsp;&nbsp;44617.3  | &nbsp;&nbsp;5.9  | &nbsp;&nbsp;1126.5  | &nbsp;&nbsp;3.38  | &nbsp;&nbsp;44711.6  | &nbsp;&nbsp;6.2  | &nbsp;&nbsp;1693.1  | &nbsp;&nbsp;3.79  | &nbsp;&nbsp;38184.2  | &nbsp;&nbsp;5.6  | &nbsp;&nbsp;1396.4  | &nbsp;&nbsp;3.66  |
| &nbsp;&nbsp;FVOCI Financial Assets | &nbsp;&nbsp;94099.3  | &nbsp;&nbsp;12.5  | &nbsp;&nbsp;2133.1  | &nbsp;&nbsp;3.03  | &nbsp;&nbsp;88378.8  | &nbsp;&nbsp;12.2  | &nbsp;&nbsp;2744.1  | &nbsp;&nbsp;3.10  | &nbsp;&nbsp;84680.8 | &nbsp;&nbsp;12.5 | &nbsp;&nbsp;2357.1 | &nbsp;&nbsp;2.78 |
| &nbsp;&nbsp;AC Financial Assets | &nbsp;&nbsp;32589.9  | &nbsp;&nbsp;4.3  | &nbsp;&nbsp;790.9  | &nbsp;&nbsp;3.24  | &nbsp;&nbsp;35015.5  | &nbsp;&nbsp;4.8  | &nbsp;&nbsp;1101.7  | &nbsp;&nbsp;3.15  | &nbsp;&nbsp;34708.0 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;1062.1 | &nbsp;&nbsp;3.06 |
| &nbsp;&nbsp;Other Assets | &nbsp;&nbsp;87964.3  | &nbsp;&nbsp;11.6  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp;82650.8  | &nbsp;&nbsp;11.4  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;76948.0 | &nbsp;&nbsp;11.3 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Total Assets | &nbsp;&nbsp;755404.6  | &nbsp;&nbsp;100.0  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp;722879.2  | &nbsp;&nbsp;100.0  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;679876.9 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

---

Notes :

1)Consolidated basis

------

2)The "Average Balance" is the arithmetric mean of the ending balance of each quarter

.

------

**3. Other Financial Information**

**1) Capital Adequacy**

***Consolidated BIS Ratio (Shinhan Financial Group)***

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;(KRW billion) |
|  | &nbsp;&nbsp;**Sept. 30, 2025** | &nbsp;&nbsp;**Dec. 31, 2024** | &nbsp;&nbsp;**Dec. 31, 2023** |
| &nbsp;&nbsp;Aggregate Amount of Equity Capital (A) | &nbsp;&nbsp;55180.0  | &nbsp;&nbsp;53904.9  | &nbsp;&nbsp;50192.5  |
| &nbsp;&nbsp;Risk-Weighted Assets (B) | &nbsp;&nbsp;340595.0  | &nbsp;&nbsp;342375.3  | &nbsp;&nbsp;314180.7  |
| &nbsp;&nbsp;BIS Ratio (A/B) | &nbsp;&nbsp;16.10% | &nbsp;&nbsp;15.74% | &nbsp;&nbsp;15.98% |
| &nbsp;&nbsp;Note:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Calculated in accordance with Basel III<br>&nbsp;&nbsp;&nbsp;&nbsp;▪The figures as of Sept 30, 2025 are preliminary |  |  |  |

---

***Capital Adequacy Ratios (Subsidiaries)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;(%) |
| &nbsp;&nbsp;**Subsidiary** | &nbsp;&nbsp;**Capital Adequacy Ratio** | &nbsp;&nbsp;**Sept. 30, 2025** | &nbsp;&nbsp;**Dec. 31, 2024** | &nbsp;&nbsp;**Dec. 31, 2023** |
| &nbsp;&nbsp;Shinhan Bank | &nbsp;&nbsp;BIS Capital Adequacy Ratio | &nbsp;&nbsp;18.3  | &nbsp;&nbsp;17.6  | &nbsp;&nbsp;18.1  |
| &nbsp;&nbsp;Shinhan Card | &nbsp;&nbsp;Adjusted Equity Capital Ratio | &nbsp;&nbsp;20.0  | &nbsp;&nbsp;20.0  | &nbsp;&nbsp;19.7  |
| &nbsp;&nbsp;Shinhan Securities | &nbsp;&nbsp;Net Capital Ratio | &nbsp;&nbsp;1965.8 | &nbsp;&nbsp;1345.0  | &nbsp;&nbsp;926.6  |
| &nbsp;&nbsp;Shinhan Life Insurance | &nbsp;&nbsp;Risk Based Capital Ratio(K-ICS) | &nbsp;&nbsp;190.0  | &nbsp;&nbsp;205.7  | &nbsp;&nbsp;250.8  |
| &nbsp;&nbsp;Shinhan Capital | &nbsp;&nbsp;Adjusted Equity Capital Ratio | &nbsp;&nbsp;19.6  | &nbsp;&nbsp;19.3  | &nbsp;&nbsp;19.0  |
| &nbsp;&nbsp;Shinhan Asset Management | &nbsp;&nbsp;Equity Capital (KRW billion) | &nbsp;&nbsp;270.5  | &nbsp;&nbsp;316.6  | &nbsp;&nbsp;233.2  |
| &nbsp;&nbsp;Shinhan Asset Management | &nbsp;&nbsp;Minimum Capital Requirement (KRW billion) | &nbsp;&nbsp;54.1  | &nbsp;&nbsp;50.1  | &nbsp;&nbsp;49.1  |
| &nbsp;&nbsp;Jeju Bank | &nbsp;&nbsp;BIS Capital Adequacy Ratio | &nbsp;&nbsp;17.1  | &nbsp;&nbsp;17.6  | &nbsp;&nbsp;17.5  |
| &nbsp;&nbsp;Shinhan Savings Bank | &nbsp;&nbsp;BIS Capital Adequacy Ratio | &nbsp;&nbsp;20.5  | &nbsp;&nbsp;20.1  | &nbsp;&nbsp;17.6  |
| &nbsp;&nbsp;Shinhan Asset Trust | &nbsp;&nbsp;Net Capital Ratio | &nbsp;&nbsp;854.9  | &nbsp;&nbsp;519.1  | &nbsp;&nbsp;926.8  |
| &nbsp;&nbsp;Shinhan EZ Gen. Insurance | &nbsp;&nbsp;Risk Based Capital Ratio(K-ICS) | &nbsp;&nbsp;281.4  | &nbsp;&nbsp;159.2  | &nbsp;&nbsp;469.4  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes : <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Basel III was applied in calculating Shinhan Bank and Jeju Bank's BIS Capital Adequacy Ratio.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Basel I was applied in calculating Shinhan Savings Bank's BIS Capital Adequacy Ratio.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪The figures as of Sept 30, 2025 are preliminary<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life and Shinhan EZ General Insurance upgraded its insurance risk measurement system in anticipation of a new regulatory solvency regime for insurance companies, the Korean-Insurance Capital Standard (the "K-ICS"). As of the date of submission of the 3Q Report in 2025, the above payment capacity ratio is preliminary calculated, and the finally confirmed ratio will be amended and disclosed in Shinhan Life's 3Q 2025 business report and Shinhan EZ General Insurance's 3Q 2025 management disclosure. | &nbsp;&nbsp;&nbsp;&nbsp;Notes : <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Basel III was applied in calculating Shinhan Bank and Jeju Bank's BIS Capital Adequacy Ratio.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Basel I was applied in calculating Shinhan Savings Bank's BIS Capital Adequacy Ratio.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪The figures as of Sept 30, 2025 are preliminary<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life and Shinhan EZ General Insurance upgraded its insurance risk measurement system in anticipation of a new regulatory solvency regime for insurance companies, the Korean-Insurance Capital Standard (the "K-ICS"). As of the date of submission of the 3Q Report in 2025, the above payment capacity ratio is preliminary calculated, and the finally confirmed ratio will be amended and disclosed in Shinhan Life's 3Q 2025 business report and Shinhan EZ General Insurance's 3Q 2025 management disclosure. | &nbsp;&nbsp;&nbsp;&nbsp;Notes : <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Basel III was applied in calculating Shinhan Bank and Jeju Bank's BIS Capital Adequacy Ratio.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Basel I was applied in calculating Shinhan Savings Bank's BIS Capital Adequacy Ratio.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪The figures as of Sept 30, 2025 are preliminary<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life and Shinhan EZ General Insurance upgraded its insurance risk measurement system in anticipation of a new regulatory solvency regime for insurance companies, the Korean-Insurance Capital Standard (the "K-ICS"). As of the date of submission of the 3Q Report in 2025, the above payment capacity ratio is preliminary calculated, and the finally confirmed ratio will be amended and disclosed in Shinhan Life's 3Q 2025 business report and Shinhan EZ General Insurance's 3Q 2025 management disclosure. | &nbsp;&nbsp;&nbsp;&nbsp;Notes : <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Basel III was applied in calculating Shinhan Bank and Jeju Bank's BIS Capital Adequacy Ratio.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Basel I was applied in calculating Shinhan Savings Bank's BIS Capital Adequacy Ratio.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪The figures as of Sept 30, 2025 are preliminary<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life and Shinhan EZ General Insurance upgraded its insurance risk measurement system in anticipation of a new regulatory solvency regime for insurance companies, the Korean-Insurance Capital Standard (the "K-ICS"). As of the date of submission of the 3Q Report in 2025, the above payment capacity ratio is preliminary calculated, and the finally confirmed ratio will be amended and disclosed in Shinhan Life's 3Q 2025 business report and Shinhan EZ General Insurance's 3Q 2025 management disclosure. | &nbsp;&nbsp;&nbsp;&nbsp;Notes : <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Basel III was applied in calculating Shinhan Bank and Jeju Bank's BIS Capital Adequacy Ratio.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Basel I was applied in calculating Shinhan Savings Bank's BIS Capital Adequacy Ratio.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪The figures as of Sept 30, 2025 are preliminary<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life and Shinhan EZ General Insurance upgraded its insurance risk measurement system in anticipation of a new regulatory solvency regime for insurance companies, the Korean-Insurance Capital Standard (the "K-ICS"). As of the date of submission of the 3Q Report in 2025, the above payment capacity ratio is preliminary calculated, and the finally confirmed ratio will be amended and disclosed in Shinhan Life's 3Q 2025 business report and Shinhan EZ General Insurance's 3Q 2025 management disclosure. |

---

&nbsp;&nbsp;&nbsp;&nbsp;▪ ------

**2) Liquidity**

***Won Liquidity Ratio***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | &nbsp;&nbsp;(KRW billion, %) | &nbsp;&nbsp;(KRW billion, %) | &nbsp;&nbsp;(KRW billion, %) |
| &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Sept. 30, 2025** | &nbsp;&nbsp;**Sept. 30, 2025** | &nbsp;&nbsp;**Sept. 30, 2025** | &nbsp;&nbsp;**Dec. 31, 2024** | &nbsp;&nbsp;**Dec. 31, 2024** | &nbsp;&nbsp;**Dec. 31, 2024** | &nbsp;&nbsp;**Dec. 31, 2023** | &nbsp;&nbsp;**Dec. 31, 2023** | &nbsp;&nbsp;**Dec. 31, 2023** |
| &nbsp;&nbsp;**Company** | **Won Assets** | **Won Liabilities** | **Won Liquidity Ratio(%)** | **Won Assets** | **Won Liabilities** | **Won Liquidity Ratio(%)** | **Won Liabilities** | **Won Liabilities** | **Won Liquidity Ratio(%)** |
| &nbsp;&nbsp;Shinhan Financial Group | &nbsp;&nbsp;1559.1  | &nbsp;&nbsp;382.0  | &nbsp;&nbsp;408.1  | &nbsp;&nbsp;1051.7  | &nbsp;&nbsp;56.4  | &nbsp;&nbsp;1865.9  | &nbsp;&nbsp;721.2  | &nbsp;&nbsp;235.9  | &nbsp;&nbsp;305.8  |
| &nbsp;&nbsp;Shinhan Card | &nbsp;&nbsp;22243.1  | &nbsp;&nbsp;7175.8  | &nbsp;&nbsp;310.0  | &nbsp;&nbsp;21546.6  | &nbsp;&nbsp;6077.3  | &nbsp;&nbsp;354.5  | &nbsp;&nbsp;21732.0  | &nbsp;&nbsp;5970.0  | &nbsp;&nbsp;364.0  |
| &nbsp;&nbsp;Shinhan Securities | &nbsp;&nbsp;23911.6  | &nbsp;&nbsp;20131.6  | &nbsp;&nbsp;118.8  | &nbsp;&nbsp;23664.4  | &nbsp;&nbsp;18128.1  | &nbsp;&nbsp;130.5  | &nbsp;&nbsp;25804.2  | &nbsp;&nbsp;21888.6  | &nbsp;&nbsp;117.9  |
| &nbsp;&nbsp;Shinhan Life Insurance | &nbsp;&nbsp;5606.9  | &nbsp;&nbsp;1343.7  | &nbsp;&nbsp;417.3  | &nbsp;&nbsp;5635.7  | &nbsp;&nbsp;1359.9  | &nbsp;&nbsp;414.4  | &nbsp;&nbsp;21863.8  | &nbsp;&nbsp;1479.1  | &nbsp;&nbsp;1478.2  |
| &nbsp;&nbsp;Shinhan Capital | &nbsp;&nbsp;1766.1  | &nbsp;&nbsp;967.0  | &nbsp;&nbsp;182.6  | &nbsp;&nbsp;2143.6  | &nbsp;&nbsp;1084.1  | &nbsp;&nbsp;197.7  | &nbsp;&nbsp;2760.2  | &nbsp;&nbsp;1064.9  | &nbsp;&nbsp;259.2  |
| &nbsp;&nbsp;Shinhan Savings Bank | &nbsp;&nbsp;641.5  | &nbsp;&nbsp;586.7  | &nbsp;&nbsp;109.3  | &nbsp;&nbsp;608.4  | &nbsp;&nbsp;480.2  | &nbsp;&nbsp;126.7  | &nbsp;&nbsp;721.7  | &nbsp;&nbsp;602.2  | &nbsp;&nbsp;119.8  |
| &nbsp;&nbsp;Shinhan Asset Trust | &nbsp;&nbsp;140.0  | &nbsp;&nbsp;10.9  | &nbsp;&nbsp;1288.5  | &nbsp;&nbsp;186.3  | &nbsp;&nbsp;11.0  | &nbsp;&nbsp;1686.2  | &nbsp;&nbsp;185.2  | &nbsp;&nbsp;21.2  | &nbsp;&nbsp;872.0  |
| &nbsp;&nbsp;Shinhan EZ General Insurance | &nbsp;&nbsp;148.8  | &nbsp;&nbsp;15.9  | &nbsp;&nbsp;933.1  | &nbsp;&nbsp;73.1  | &nbsp;&nbsp;9.9  | &nbsp;&nbsp;736.3  | &nbsp;&nbsp;135.3  | &nbsp;&nbsp;2.0  | &nbsp;&nbsp;6286.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes: <br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Financial Group: Due within 1 month<br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Life Insurance and EZ General Insurance: (Won assets due within 3 months /3 months average of Claim payments)\*100<br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Card, Shinhan Securities, Shinhan Capital, Shinhan Savings Bank and Shinhan Asset Trust : Due within 3 months<br>&nbsp;&nbsp;&nbsp;&nbsp;•Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015 <br>to reflect the recent amendments to detailed regulations on supervision of banking business. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes: <br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Financial Group: Due within 1 month<br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Life Insurance and EZ General Insurance: (Won assets due within 3 months /3 months average of Claim payments)\*100<br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Card, Shinhan Securities, Shinhan Capital, Shinhan Savings Bank and Shinhan Asset Trust : Due within 3 months<br>&nbsp;&nbsp;&nbsp;&nbsp;•Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015 <br>to reflect the recent amendments to detailed regulations on supervision of banking business. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes: <br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Financial Group: Due within 1 month<br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Life Insurance and EZ General Insurance: (Won assets due within 3 months /3 months average of Claim payments)\*100<br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Card, Shinhan Securities, Shinhan Capital, Shinhan Savings Bank and Shinhan Asset Trust : Due within 3 months<br>&nbsp;&nbsp;&nbsp;&nbsp;•Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015 <br>to reflect the recent amendments to detailed regulations on supervision of banking business. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes: <br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Financial Group: Due within 1 month<br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Life Insurance and EZ General Insurance: (Won assets due within 3 months /3 months average of Claim payments)\*100<br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Card, Shinhan Securities, Shinhan Capital, Shinhan Savings Bank and Shinhan Asset Trust : Due within 3 months<br>&nbsp;&nbsp;&nbsp;&nbsp;•Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015 <br>to reflect the recent amendments to detailed regulations on supervision of banking business. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes: <br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Financial Group: Due within 1 month<br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Life Insurance and EZ General Insurance: (Won assets due within 3 months /3 months average of Claim payments)\*100<br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Card, Shinhan Securities, Shinhan Capital, Shinhan Savings Bank and Shinhan Asset Trust : Due within 3 months<br>&nbsp;&nbsp;&nbsp;&nbsp;•Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015 <br>to reflect the recent amendments to detailed regulations on supervision of banking business. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes: <br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Financial Group: Due within 1 month<br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Life Insurance and EZ General Insurance: (Won assets due within 3 months /3 months average of Claim payments)\*100<br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Card, Shinhan Securities, Shinhan Capital, Shinhan Savings Bank and Shinhan Asset Trust : Due within 3 months<br>&nbsp;&nbsp;&nbsp;&nbsp;•Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015 <br>to reflect the recent amendments to detailed regulations on supervision of banking business. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes: <br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Financial Group: Due within 1 month<br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Life Insurance and EZ General Insurance: (Won assets due within 3 months /3 months average of Claim payments)\*100<br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Card, Shinhan Securities, Shinhan Capital, Shinhan Savings Bank and Shinhan Asset Trust : Due within 3 months<br>&nbsp;&nbsp;&nbsp;&nbsp;•Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015 <br>to reflect the recent amendments to detailed regulations on supervision of banking business. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes: <br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Financial Group: Due within 1 month<br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Life Insurance and EZ General Insurance: (Won assets due within 3 months /3 months average of Claim payments)\*100<br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Card, Shinhan Securities, Shinhan Capital, Shinhan Savings Bank and Shinhan Asset Trust : Due within 3 months<br>&nbsp;&nbsp;&nbsp;&nbsp;•Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015 <br>to reflect the recent amendments to detailed regulations on supervision of banking business. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes: <br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Financial Group: Due within 1 month<br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Life Insurance and EZ General Insurance: (Won assets due within 3 months /3 months average of Claim payments)\*100<br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Card, Shinhan Securities, Shinhan Capital, Shinhan Savings Bank and Shinhan Asset Trust : Due within 3 months<br>&nbsp;&nbsp;&nbsp;&nbsp;•Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015 <br>to reflect the recent amendments to detailed regulations on supervision of banking business. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes: <br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Financial Group: Due within 1 month<br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Life Insurance and EZ General Insurance: (Won assets due within 3 months /3 months average of Claim payments)\*100<br>&nbsp;&nbsp;&nbsp;&nbsp;•Shinhan Card, Shinhan Securities, Shinhan Capital, Shinhan Savings Bank and Shinhan Asset Trust : Due within 3 months<br>&nbsp;&nbsp;&nbsp;&nbsp;•Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015 <br>to reflect the recent amendments to detailed regulations on supervision of banking business. |

---

***Liquidity Coverage Ratio***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | &nbsp;&nbsp;(KRW billion, %) | &nbsp;&nbsp;(KRW billion, %) | &nbsp;&nbsp;(KRW billion, %) |
| &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Sept. 30, 2025** | &nbsp;&nbsp;**Sept. 30, 2025** | &nbsp;&nbsp;**Sept. 30, 2025** | &nbsp;&nbsp;**Dec. 31, 2024** | &nbsp;&nbsp;**Dec. 31, 2024** | &nbsp;&nbsp;**Dec. 31, 2024** | &nbsp;&nbsp;**Dec. 31, 2023** | &nbsp;&nbsp;**Dec. 31, 2023** | &nbsp;&nbsp;**Dec. 31, 2023** |
| &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**High Quality Liquid Assets** | &nbsp;&nbsp;**Net Cash Outflows** | &nbsp;&nbsp;**Liquidity Coverage Ratio(%)\*** | &nbsp;&nbsp;**High Quality Liquid Assets** | &nbsp;&nbsp;**Net Cash Outflows** | &nbsp;&nbsp;**Liquidity Coverage Ratio(%)** | &nbsp;&nbsp;**High Quality Liquid Assets** | &nbsp;&nbsp;**Net Cash Outflows** | &nbsp;&nbsp;**Liquidity Coverage Ratio(%)** |
| &nbsp;&nbsp;Shinhan Bank | &nbsp;&nbsp;94136.9  | &nbsp;&nbsp;90016.6  | &nbsp;&nbsp;104.6  | &nbsp;&nbsp;90658.4  | &nbsp;&nbsp;87753.4  | &nbsp;&nbsp;103.3  | &nbsp;&nbsp;85172.4  | &nbsp;&nbsp;85155.4  | &nbsp;&nbsp;100.0  |
| &nbsp;&nbsp;Jeju Bank | &nbsp;&nbsp;1061.0  | &nbsp;&nbsp;684.3  | &nbsp;&nbsp;156.9  | &nbsp;&nbsp;939.4  | &nbsp;&nbsp;770.1  | &nbsp;&nbsp;122.7  | &nbsp;&nbsp;1020.7  | &nbsp;&nbsp;813.0  | &nbsp;&nbsp;125.6  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Coverage Ratios are the arithmetic mean of daily LCRs.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June 2022 to 90.0% by end of September 2022, to 92.5% by end of June, 2023, to 95.0% by end of December 2023, to 97.5% by end of December 2024. From 2025 onwards, the regulatory minimum is back to 100% after normalized process.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Coverage Ratios are the arithmetic mean of daily LCRs.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June 2022 to 90.0% by end of September 2022, to 92.5% by end of June, 2023, to 95.0% by end of December 2023, to 97.5% by end of December 2024. From 2025 onwards, the regulatory minimum is back to 100% after normalized process.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Coverage Ratios are the arithmetic mean of daily LCRs.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June 2022 to 90.0% by end of September 2022, to 92.5% by end of June, 2023, to 95.0% by end of December 2023, to 97.5% by end of December 2024. From 2025 onwards, the regulatory minimum is back to 100% after normalized process.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Coverage Ratios are the arithmetic mean of daily LCRs.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June 2022 to 90.0% by end of September 2022, to 92.5% by end of June, 2023, to 95.0% by end of December 2023, to 97.5% by end of December 2024. From 2025 onwards, the regulatory minimum is back to 100% after normalized process.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Coverage Ratios are the arithmetic mean of daily LCRs.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June 2022 to 90.0% by end of September 2022, to 92.5% by end of June, 2023, to 95.0% by end of December 2023, to 97.5% by end of December 2024. From 2025 onwards, the regulatory minimum is back to 100% after normalized process.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Coverage Ratios are the arithmetic mean of daily LCRs.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June 2022 to 90.0% by end of September 2022, to 92.5% by end of June, 2023, to 95.0% by end of December 2023, to 97.5% by end of December 2024. From 2025 onwards, the regulatory minimum is back to 100% after normalized process.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Coverage Ratios are the arithmetic mean of daily LCRs.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June 2022 to 90.0% by end of September 2022, to 92.5% by end of June, 2023, to 95.0% by end of December 2023, to 97.5% by end of December 2024. From 2025 onwards, the regulatory minimum is back to 100% after normalized process.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Coverage Ratios are the arithmetic mean of daily LCRs.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June 2022 to 90.0% by end of September 2022, to 92.5% by end of June, 2023, to 95.0% by end of December 2023, to 97.5% by end of December 2024. From 2025 onwards, the regulatory minimum is back to 100% after normalized process.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Coverage Ratios are the arithmetic mean of daily LCRs.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June 2022 to 90.0% by end of September 2022, to 92.5% by end of June, 2023, to 95.0% by end of December 2023, to 97.5% by end of December 2024. From 2025 onwards, the regulatory minimum is back to 100% after normalized process.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Coverage Ratios are the arithmetic mean of daily LCRs.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June 2022 to 90.0% by end of September 2022, to 92.5% by end of June, 2023, to 95.0% by end of December 2023, to 97.5% by end of December 2024. From 2025 onwards, the regulatory minimum is back to 100% after normalized process.  |

---

------

***Foreign Currency (FC) Liquidity Ratio***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | (USD millions, %) | (USD millions, %) | (USD millions, %) |
| **Company** | **Sept. 30, 2025** | **Sept. 30, 2025** | **Sept. 30, 2025** | **Dec. 31, 2024** | **Dec. 31, 2024** | **Dec. 31, 2024** | **Dec. 31, 2023** | **Dec. 31, 2023** | **Dec. 31, 2023** |
| **Company** | **FC**<br>**Assets** | **FC Liabilities** | **FC Liquidity Ratio(%)** | **FC**<br>**Assets** | **FC Liabilities** | **FC Liquidity Ratio(%)** | **FC**<br>**Assets** | **FC**<br>**Liabilities** | **FC Liquidity Ratio(%)** |
| Shinhan Financial Group | 530.8  | - | NA | 531.4  | 519.2  | 102.4  | 33.3  | 20.8  | 160.2  |
| Shinhan Bank | 77457.7  | 71833.3  | 107.8  | 63127.9  | 56347.0  | 112.0  | 67956.7  | 63159.8  | 107.6  |
| Shinhan Life Insurance | 2658.7  | 192.9  | 1378.2  | 2074.0  | 163.0  | 1272.3  | 2598.7  | 174.4  | 1490.1  |
| Shinhan Securities | 11412.8  | 9741.5  | 117.2  | 11083.7  | 9616.5  | 115.3  | 10318.0  | 9117.0  | 113.2  |
| Shinhan Capital | 66.7  | 1.3  | 5141.0  | 79.7  | 0.6  | 13743.7  | 55.6  | 0.4  | 13556.1  |
| Jeju Bank | 9.3  | 4.4  | 210.7  | 10.1  | 0.8  | 1295.2  | 13.4  | 2.2  | 605.7  |
| &nbsp;&nbsp;&nbsp;Notes :<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Jeju Bank's foreign currency liquidity ratio is based on the application of the liquidity weight. | &nbsp;&nbsp;&nbsp;Notes :<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Jeju Bank's foreign currency liquidity ratio is based on the application of the liquidity weight. | &nbsp;&nbsp;&nbsp;Notes :<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Jeju Bank's foreign currency liquidity ratio is based on the application of the liquidity weight. | &nbsp;&nbsp;&nbsp;Notes :<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Jeju Bank's foreign currency liquidity ratio is based on the application of the liquidity weight. | &nbsp;&nbsp;&nbsp;Notes :<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Jeju Bank's foreign currency liquidity ratio is based on the application of the liquidity weight. | &nbsp;&nbsp;&nbsp;Notes :<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Jeju Bank's foreign currency liquidity ratio is based on the application of the liquidity weight. | &nbsp;&nbsp;&nbsp;Notes :<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Jeju Bank's foreign currency liquidity ratio is based on the application of the liquidity weight. | &nbsp;&nbsp;&nbsp;Notes :<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Jeju Bank's foreign currency liquidity ratio is based on the application of the liquidity weight. | &nbsp;&nbsp;&nbsp;Notes :<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Jeju Bank's foreign currency liquidity ratio is based on the application of the liquidity weight. | &nbsp;&nbsp;&nbsp;Notes :<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Jeju Bank's foreign currency liquidity ratio is based on the application of the liquidity weight. |

---

***Foreign Currency (FC) Liquidity Coverage Ratio***

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;(%) |
| &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**3Q 2025**  | &nbsp;&nbsp;**FY 2024**  | &nbsp;&nbsp;**FY 2023**  |
| &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Jan. 1 ~ Sept. 30** | &nbsp;&nbsp;**Jan. 1 ~ Dec. 31** | &nbsp;&nbsp;**Jan. 1 ~ Dec. 31** |
| &nbsp;&nbsp;Shinhan Bank | &nbsp;&nbsp;157.6 | &nbsp;&nbsp;148.8  | &nbsp;&nbsp;157.8  |

---

Notes :

&nbsp;&nbsp;&nbsp;&nbsp;▪Financial Services Commission temporarily eased the regulatory minimum from 80% to 70% by end of June 2022, in order to support the capacity of banks to provide funding to businesses affected by COVID-19. Starting from September 2022, the regulation will be reinstated to 80.0%.

&nbsp;&nbsp;&nbsp;&nbsp;▪Foreign Currency Liquidity Coverage Ratio started from January 2017, and is calculated by quarterly average.

&nbsp;&nbsp;&nbsp;&nbsp;▪ ------

**3) Asset Quality**

 ***SFG Consolidated Basis***

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) |
|  | &nbsp;&nbsp;**Sept. 30, 2025** | &nbsp;&nbsp;**Dec. 31, 2024** | &nbsp;&nbsp;**Dec. 31, 2023** |
| &nbsp;&nbsp;Total Loans | &nbsp;&nbsp;470855.6  | &nbsp;&nbsp;452826.9  | &nbsp;&nbsp;413664.8  |
| &nbsp;&nbsp;Substandard & Below | &nbsp;&nbsp;3631.0  | &nbsp;&nbsp;3562.4  | &nbsp;&nbsp;2668.4  |
| &nbsp;&nbsp;Substandard & Below Ratio | &nbsp;&nbsp;0.77% | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;Non-Performing Loans | &nbsp;&nbsp;3123.0  | &nbsp;&nbsp;2974.7  | &nbsp;&nbsp;2176.6  |
| &nbsp;&nbsp;NPL Ratio | &nbsp;&nbsp;0.66% | &nbsp;&nbsp;0.66% | &nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;Substandard & Below Coverage Ratio | &nbsp;&nbsp;123.61% | &nbsp;&nbsp;132.48% | &nbsp;&nbsp;165.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan Loss Allowance  | &nbsp;&nbsp;4488.3  | &nbsp;&nbsp;4719.3  | &nbsp;&nbsp;4419.1  |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard & Below Loans | &nbsp;&nbsp;3631.0  | &nbsp;&nbsp;3562.4  | &nbsp;&nbsp;2668.4  |

---

***Separate Basis*** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (%) | **Sept. 30 2025** | **Sept. 30 2025** | **Sept. 30 2025** | **Dec. 31 2024** | **Dec. 31 2024** | **Dec. 31 2024** | **Dec. 31 2023** | **Dec. 31 2023** | **Dec. 31 2023** |
| (%) | **Substandard & Below Ratio** | **NPL Ratio** | **Substandard & Below Coverage Ratio** | **Substandard & Below Ratio** | **NPL Ratio** | **Substandard & Below Coverage Ratio** | **Substandard & Below Ratio** | **NPL Ratio** | **Substandard & Below Coverage Ratio** <sup>1)</sup> |
| Shinhan Financial Group | - | - | - | - | - | - | - | - | - |
| Shinhan Bank | 0.3 | 0.26 | 164 | 0.24 | 0.18 | 202 | 0.24 | 0.19 | 233 |
| Shinhan Card | 1.26 | 0.75 | 219 | 1.32 | 0.80 | 243 | 1.31 | 0.70 | 248 |
| Shinhan Securites | 10.85 | 10.85 | 79 | 18.30 | 18.30 | 70 | 12.86 | 12.86 | 62 |
| Shinhan Life Insurance | 0.59 | 0.43 | 215 | 0.32 | 0.32 | 393 | 0.21 | 0.21 | 510 |
| Shinhan Capital | 2.76 | 2.40 | 101 | 3.98 | 2.35 | 75 | 1.74 | 0.74 | 193 |
| Jeju Bank | 1.61 | 1.55 | 85 | 1.32 | 1.22 | 114 | 0.98 | 0.87 | 120 |
| Shinhan Savings Bank | 6.84 | 12.10 | 81 | 7.90 | 13.16 | 72 | 4.38 | 9.10 | 93 |
| Shinhan Asset Trust | 80.47 | 57.27 | 40 | 75.15 | 52.31 | 43 | 64.66 | 9.04 | 15 |

---

------

**4) Debt to Equity Ratios**

***Shinhan Financial Group (Separate Basis)*** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) |
|  | &nbsp;&nbsp;**Sept. 30, 2025** | &nbsp;&nbsp;**Dec. 31, 2024** | &nbsp;&nbsp;**Dec. 31, 2023** |
| &nbsp;&nbsp;Debt | &nbsp;&nbsp;11378.9  | &nbsp;&nbsp;11324.1  | &nbsp;&nbsp;11190.4  |
| &nbsp;&nbsp;Equity | &nbsp;&nbsp;27044.1  | &nbsp;&nbsp;26348.2  | &nbsp;&nbsp;26099.1  |
| &nbsp;&nbsp;Debt to Equity Ratio | &nbsp;&nbsp;42.08% | &nbsp;&nbsp;42.98% | &nbsp;&nbsp;42.88% |

---

***Twenty Largest Exposures by Borrower***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) |
| &nbsp;&nbsp;**As of Sept 30, 2025**<br>**Consolidated basis** | &nbsp;&nbsp;**Loans in Won** | &nbsp;&nbsp;**Loans in Foreign Currency** | &nbsp;&nbsp;**Securities** | &nbsp;&nbsp;**Guarantees and Acceptances** | &nbsp;&nbsp;**Others** | &nbsp;&nbsp;**Total Exposures** |
| &nbsp;&nbsp;Woori Bank | &nbsp;&nbsp;1620.5  | &nbsp;&nbsp;17.5  | &nbsp;&nbsp;1291.0  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;2929.0  |
| &nbsp;&nbsp;Korea Electric Power Corporation | &nbsp;&nbsp;0.3  | &nbsp;&nbsp;85.7  | &nbsp;&nbsp;2703.9  | &nbsp;&nbsp;80.0  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;2869.8  |
| &nbsp;&nbsp;KEB Hana Bank | &nbsp;&nbsp;1333.5  | &nbsp;&nbsp;82.5  | &nbsp;&nbsp;1390.1  | &nbsp;&nbsp;38.4  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;2844.4  |
| &nbsp;&nbsp;Samsung Electronics | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;2224.6  | &nbsp;&nbsp;2.4  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;2227.0  |
| &nbsp;&nbsp;KB Bank | &nbsp;&nbsp;831.3  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;1014.2  | &nbsp;&nbsp;15.0  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;1860.4  |
| &nbsp;&nbsp;Nong Hyup Bank | &nbsp;&nbsp;371.1  | &nbsp;&nbsp;3.7  | &nbsp;&nbsp;1294.8  | &nbsp;&nbsp;48.0  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;1717.6  |
| &nbsp;&nbsp;LG Display | &nbsp;&nbsp;908.0  | &nbsp;&nbsp;616.9  | &nbsp;&nbsp;49.9  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;1574.9  |
| &nbsp;&nbsp;Lotte Hotel | &nbsp;&nbsp;100.6  | &nbsp;&nbsp;603.3  | &nbsp;&nbsp;90.7  | &nbsp;&nbsp;684.4  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;1478.9  |
| &nbsp;&nbsp;Samsung Asset Management | &nbsp;&nbsp;170.5  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;1158.6  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;1329.1  |
| &nbsp;&nbsp;S-Oil | &nbsp;&nbsp;531.7  | &nbsp;&nbsp;364.5  | &nbsp;&nbsp;368.8  | &nbsp;&nbsp;13.4  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;1278.4  |
| &nbsp;&nbsp;KT | &nbsp;&nbsp;153.0  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;1048.6  | &nbsp;&nbsp;48.0  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;1249.5  |
| &nbsp;&nbsp;Lotte Chemical Corporation | &nbsp;&nbsp;290.0  | &nbsp;&nbsp;168.8  | &nbsp;&nbsp;79.8  | &nbsp;&nbsp;625.0  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;1163.5  |
| &nbsp;&nbsp;Korea Hydro & Nuclear Power | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;567.6  | &nbsp;&nbsp;567.5  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;1135.1  |
| &nbsp;&nbsp;Hanwha Corporation | &nbsp;&nbsp;650.7  | &nbsp;&nbsp;181.0  | &nbsp;&nbsp;220.6  | &nbsp;&nbsp;63.7  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;1116.1  |
| &nbsp;&nbsp;LIG NEX1 Co.,Ltd | &nbsp;&nbsp;3.0  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;20.0  | &nbsp;&nbsp;1053.8  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;1076.8  |
| &nbsp;&nbsp;Mirae Asset Securities | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;1055.3  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;1055.3  |
| &nbsp;&nbsp;National Agricultural Cooperative Federation | &nbsp;&nbsp;76.5  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;977.4  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;1053.9  |
| &nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;425.3  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;573.9  | &nbsp;&nbsp;35.4  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;1034.6  |
| &nbsp;&nbsp;HD Hyundai Heavy Industries Co.,Ltd | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;0.6  | &nbsp;&nbsp;972.1  | &nbsp;&nbsp;0.4  | &nbsp;&nbsp;973.1  |
| &nbsp;&nbsp;IBK Asset Management | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;939.0  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;939.0  |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**7466.0**  | &nbsp;&nbsp;**4348.5**  | &nbsp;&nbsp;**14847.1**  | &nbsp;&nbsp;**4244.7**  | &nbsp;&nbsp;**0.4**  | &nbsp;&nbsp;**30906.7**  |
| &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding |

---

------

***Exposure to ten Main Debtor Groups***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) |
| &nbsp;&nbsp;**As of Sept. 30, 2025**<br>**Consolidated basis** | &nbsp;&nbsp;**Loans in Won** | &nbsp;&nbsp;**Loans in Foreign Currency** | &nbsp;&nbsp;**Securities** | &nbsp;&nbsp;**Guarantees and Acceptances** | &nbsp;&nbsp;**Others** | &nbsp;&nbsp;**Total**<br>**Exposures** |
| &nbsp;&nbsp;Samsung | &nbsp;&nbsp;442.8  | &nbsp;&nbsp;3479.4  | &nbsp;&nbsp;1712.1  | &nbsp;&nbsp;1680.7  | &nbsp;&nbsp;0.1  | &nbsp;&nbsp;7315.0  |
| &nbsp;&nbsp;Lotte | &nbsp;&nbsp;2565.0  | &nbsp;&nbsp;1211.1  | &nbsp;&nbsp;881.3  | &nbsp;&nbsp;1664.8  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;6322.2  |
| &nbsp;&nbsp;SK | &nbsp;&nbsp;1833.5  | &nbsp;&nbsp;854.4  | &nbsp;&nbsp;2254.6  | &nbsp;&nbsp;453.4  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;5395.9  |
| &nbsp;&nbsp;Hyundai Motor Company | &nbsp;&nbsp;1044.0  | &nbsp;&nbsp;1179.6  | &nbsp;&nbsp;1405.3  | &nbsp;&nbsp;517.8  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;4146.7  |
| &nbsp;&nbsp;Hanwha | &nbsp;&nbsp;1478.2  | &nbsp;&nbsp;612.2  | &nbsp;&nbsp;1229.7  | &nbsp;&nbsp;737.7  | &nbsp;&nbsp; 0.0  | &nbsp;&nbsp;4057.8  |
| &nbsp;&nbsp;LG | &nbsp;&nbsp;1169.3  | &nbsp;&nbsp;861.7  | &nbsp;&nbsp;931.9  | &nbsp;&nbsp;239.4  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;3202.3  |
| &nbsp;&nbsp;Hyundai Heavy Industries | &nbsp;&nbsp;486.4  | &nbsp;&nbsp;44.2  | &nbsp;&nbsp;205.1  | &nbsp;&nbsp;2250.0  | &nbsp;&nbsp; 0.4  | &nbsp;&nbsp;2986.1  |
| &nbsp;&nbsp;LS | &nbsp;&nbsp;233.9  | &nbsp;&nbsp;1211.0  | &nbsp;&nbsp;189.0  | &nbsp;&nbsp;1103.0  | &nbsp;&nbsp;0.0  | &nbsp;&nbsp;2736.9  |
| &nbsp;&nbsp;KT | &nbsp;&nbsp;213.8  | &nbsp;&nbsp;90.8  | &nbsp;&nbsp;1219.6  | &nbsp;&nbsp;139.5  | &nbsp;&nbsp; 0.0  | &nbsp;&nbsp;1663.7  |
| &nbsp;&nbsp;POSCO | &nbsp;&nbsp;821.5  | &nbsp;&nbsp;486.9  | &nbsp;&nbsp;292.8  | &nbsp;&nbsp;57.2  | &nbsp;&nbsp; 0.0  | &nbsp;&nbsp;1658.5  |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**10288.4**  | &nbsp;&nbsp;**10031.1**  | &nbsp;&nbsp;**10321.5**  | &nbsp;&nbsp;**8843.5**  | &nbsp;&nbsp;**0.5**  | &nbsp;&nbsp;**39485.1**  |
| &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding |

---

------

***Top Twenty Non-Performing Loans***

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Gross Principal Outstanding** | &nbsp;&nbsp;**Substandard & Below** | &nbsp;&nbsp;**Allowance for Loan Losses** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;Other financial service activities n.e.c. | &nbsp;&nbsp;151.8  | &nbsp;&nbsp;151.8  | &nbsp;&nbsp;51.2  |
| &nbsp;&nbsp;B | &nbsp;&nbsp;Cable boradcasting | &nbsp;&nbsp;64.9  | &nbsp;&nbsp;64.9  | &nbsp;&nbsp;64.9  |
| &nbsp;&nbsp;C | &nbsp;&nbsp;Development and subdividing of other real estate  | &nbsp;&nbsp;56.5  | &nbsp;&nbsp;56.5  | &nbsp;&nbsp;56.5  |
| &nbsp;&nbsp;D | &nbsp;&nbsp;Development and subdividing of non-residential building | &nbsp;&nbsp;49.4  | &nbsp;&nbsp;47.4  | &nbsp;&nbsp;37.0  |
| &nbsp;&nbsp;E | &nbsp;&nbsp;Other financial service activities n.e.c. | &nbsp;&nbsp;47.1  | &nbsp;&nbsp;47.1  | &nbsp;&nbsp;47.1  |
| &nbsp;&nbsp;F | &nbsp;&nbsp;Electronic commerce via internet | &nbsp;&nbsp;31.5  | &nbsp;&nbsp;31.5  | &nbsp;&nbsp;61.9  |
| &nbsp;&nbsp;G | &nbsp;&nbsp;Development and subdividing of non-residential building | &nbsp;&nbsp;30.4  | &nbsp;&nbsp;30.4  | &nbsp;&nbsp;0.4  |
| &nbsp;&nbsp;H | &nbsp;&nbsp;Other financial service activities n.e.c. | &nbsp;&nbsp;20.3  | &nbsp;&nbsp;20.3  | &nbsp;&nbsp;20.3  |
| &nbsp;&nbsp;I | &nbsp;&nbsp;Development and subdividing of non-residential building | &nbsp;&nbsp;49.0  | &nbsp;&nbsp;20.0  | &nbsp;&nbsp;29.0  |
| &nbsp;&nbsp;J | &nbsp;&nbsp;Museum activities | &nbsp;&nbsp;20.0  | &nbsp;&nbsp;20.0  | &nbsp;&nbsp;0.0  |
| &nbsp;&nbsp;K | &nbsp;&nbsp;Other financial service activities n.e.c. | &nbsp;&nbsp;19.0  | &nbsp;&nbsp;19.0  | &nbsp;&nbsp;19.0  |
| &nbsp;&nbsp;L | &nbsp;&nbsp;Development and subdividing of non-residential building | &nbsp;&nbsp;19.0  | &nbsp;&nbsp;19.0  | &nbsp;&nbsp;0.0  |
| &nbsp;&nbsp;M | &nbsp;&nbsp;Trust and collective investment businesses | &nbsp;&nbsp;17.3  | &nbsp;&nbsp;17.3  | &nbsp;&nbsp;6.3  |
| &nbsp;&nbsp;N | &nbsp;&nbsp;Other financial service activities n.e.c. | &nbsp;&nbsp;15.5  | &nbsp;&nbsp;15.5  | &nbsp;&nbsp;2.7  |
| &nbsp;&nbsp;O | &nbsp;&nbsp;Development and subdividing of other real estate  | &nbsp;&nbsp;30.0  | &nbsp;&nbsp;15.0  | &nbsp;&nbsp;15.1  |
| &nbsp;&nbsp;P | &nbsp;&nbsp;Trust and collective investment businesses | &nbsp;&nbsp;15.0  | &nbsp;&nbsp;15.0  | &nbsp;&nbsp;5.4  |
| &nbsp;&nbsp;Q | &nbsp;&nbsp;Development and subdividing of non-residential building | &nbsp;&nbsp;14.0  | &nbsp;&nbsp;14.0  | &nbsp;&nbsp;14.0  |
| &nbsp;&nbsp;R | &nbsp;&nbsp;Development and subdividing of residential buildings | &nbsp;&nbsp;13.7  | &nbsp;&nbsp;13.7  | &nbsp;&nbsp;13.6  |
| &nbsp;&nbsp;S | &nbsp;&nbsp;Other financial service activities n.e.c. | &nbsp;&nbsp;13.0  | &nbsp;&nbsp;13.0  | &nbsp;&nbsp;11.6  |
| &nbsp;&nbsp;T | &nbsp;&nbsp;Research and experimental development on physics, chemistry and biology | &nbsp;&nbsp;12.7  | &nbsp;&nbsp;12.7  | &nbsp;&nbsp;6.5  |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**690.0** | &nbsp;&nbsp;**644.0** | &nbsp;&nbsp;**462.5** |
| &nbsp;&nbsp;Notes : <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Consolidated basis as of Sept. 30, 2025<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Some of the totals may not sum due to rounding. | &nbsp;&nbsp;Notes : <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Consolidated basis as of Sept. 30, 2025<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Some of the totals may not sum due to rounding. | &nbsp;&nbsp;Notes : <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Consolidated basis as of Sept. 30, 2025<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Some of the totals may not sum due to rounding. | &nbsp;&nbsp;Notes : <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Consolidated basis as of Sept. 30, 2025<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Some of the totals may not sum due to rounding. | &nbsp;&nbsp;Notes : <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Consolidated basis as of Sept. 30, 2025<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Some of the totals may not sum due to rounding. |

---

------

**4. Independent Auditor**

***Audit Opinion for the last 3 years***

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**3Q 2025** | &nbsp;&nbsp;**FY 2024** | &nbsp;&nbsp;**FY 2023** |
| &nbsp;&nbsp;Independent Auditor | &nbsp;&nbsp;KPMG Samjong<br>Accounting Corp. | &nbsp;&nbsp;KPMG Samjong<br>Accounting Corp. | &nbsp;&nbsp;KPMG Samjong<br>Accounting Corp. |
| &nbsp;&nbsp;Audit Opinion | &nbsp;&nbsp;- | &nbsp;&nbsp;Unqualified | &nbsp;&nbsp;Unqualified |
| &nbsp;&nbsp;Note) The review of the 3<sup>rd</sup> quarter of 2025 by the external auditor did not identify any matters that would cause the interim financial statements, prepared in accordance with K-IFRS, to be considered not fairly presented in all material respects. | &nbsp;&nbsp;Note) The review of the 3<sup>rd</sup> quarter of 2025 by the external auditor did not identify any matters that would cause the interim financial statements, prepared in accordance with K-IFRS, to be considered not fairly presented in all material respects. | &nbsp;&nbsp;Note) The review of the 3<sup>rd</sup> quarter of 2025 by the external auditor did not identify any matters that would cause the interim financial statements, prepared in accordance with K-IFRS, to be considered not fairly presented in all material respects. | &nbsp;&nbsp;Note) The review of the 3<sup>rd</sup> quarter of 2025 by the external auditor did not identify any matters that would cause the interim financial statements, prepared in accordance with K-IFRS, to be considered not fairly presented in all material respects. |

---

***Compensation to the Independent Auditor for Audit and Review Services***

The following is a description of the fees for audit and review services performed by our independent auditor for the last three years in connection with our financial statements preparation.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Auditor** | **Payment** <sup>1)</sup> **<br>(KRW mil.)** | **Details** | **Working hours** |
| 3Q 2025 | KPMG Samjong<br>Accounting Corp. | 1,025<br>(annualized basis) | Review/Audit of Financial Statements | 5,255<br>Hours |
| 3Q 2025 | KPMG Samjong<br>Accounting Corp. | 135<br>(annualized basis) | K-IFRS Report Package Audit for Shinhan Savings Bank | 512<br>Hours |
| FY 2024 | KPMG Samjong<br>Accounting Corp. | 1,025<br>(annualized basis) | Review/Audit of Financial Statements | 9,071<br>Hours |
| FY 2024 | KPMG Samjong<br>Accounting Corp. | 135<br>(annualized basis) | K-IFRS Report Package Audit for Shinhan Savings Bank | 1,144<br>Hours |
| FY 2023 | KPMG Samjong<br>Accounting Corp. | 1,187<br>(annualized basis) | Review/Audit of Financial Statements | 11,311<br>Hours |
| FY 2023 | KPMG Samjong<br>Accounting Corp. | 133<br>(annualized basis) | K-IFRS Report Package Audit for Shinhan Savings Bank | 1,207<br>Hours |
| &nbsp;&nbsp;1) Excluding value-added taxes. | &nbsp;&nbsp;1) Excluding value-added taxes. | &nbsp;&nbsp;1) Excluding value-added taxes. | &nbsp;&nbsp;1) Excluding value-added taxes. | &nbsp;&nbsp;1) Excluding value-added taxes. |

---

------

***Change of External Auditor***

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial<br>Year** | **Changed Company** | **Previous Auditor** | **Changed Auditor** | **Detail** |
| FY2023 | Shinhan Financial Group Co., Ltd. | PWC Samil <br>Accounting Corp. | KPMG Samjong<br>Accounting Corp. | Expiration of the audit contract term |

---

Note) Pursuant to the Act on External Audit of Stock Companies, etc. and its enforcement decree, the audit contract term of PWC Samil, designated as the external auditor for Shinhan Financial Group for the 20<sup>th</sup> to 22<sup>nd</sup> fiscal year has expired. Accordingly, the external auditor for the 23<sup>rd</sup> fiscal year of Shinhan Financial Group and its subsidiaries has been changed from PWC Samil to KPMG Samjong.

------

**5. Corporate Governance**

***Board of Directors and committees of the Board of Directors***

Not required to be disclosed in quarterly reports. Please refer to the business report for 1H FY2025 submitted on August 14<sup>th</sup>, 2025 for your reference.

------

**6. Major Shareholder and Market Price Information of our Common Shares and ADRs** 

***Major Shareholders of Shinhan Financial Group (as of Sept. 30, 2025)***

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**No. of Common Shares owned**<sup>2)</sup> | &nbsp;&nbsp;**Ownership%**<sup>1)</sup> |
| &nbsp;&nbsp;National Pension Service | &nbsp;&nbsp;44311470 | &nbsp;&nbsp;9.13% |
| &nbsp;&nbsp;1) Ownership% is based on rounding numbers of third decimal place <br>2) The number of common shares owned and ownership is based on shareholder registry as of end of September 2025<br>Note) As of the record date for the 3Q 2025 dividend (November 12, 2025), the National Pension Service's shareholding has been updated to 44,159,384 shares, representing a 9.10% ownership based on the shareholder registry. | &nbsp;&nbsp;1) Ownership% is based on rounding numbers of third decimal place <br>2) The number of common shares owned and ownership is based on shareholder registry as of end of September 2025<br>Note) As of the record date for the 3Q 2025 dividend (November 12, 2025), the National Pension Service's shareholding has been updated to 44,159,384 shares, representing a 9.10% ownership based on the shareholder registry. | &nbsp;&nbsp;1) Ownership% is based on rounding numbers of third decimal place <br>2) The number of common shares owned and ownership is based on shareholder registry as of end of September 2025<br>Note) As of the record date for the 3Q 2025 dividend (November 12, 2025), the National Pension Service's shareholding has been updated to 44,159,384 shares, representing a 9.10% ownership based on the shareholder registry. |

---

***Common Shares Traded on the Korea Exchange***

Not required to be disclosed in quarterly reports. Please refer to the business report for FY2024 submitted on March 18, 2025 and 1H FY2025 submitted on August 14<sup>th</sup>, 2025 for your reference.

***American Depositary Receipts traded on the New York Stock Exchange*** 

Not required to be disclosed in quarterly reports. Please refer to the business report for FY2024 submitted on March 18, 2025 and 1H FY2025 submitted on August 14<sup>th</sup>, 2025 for your reference.

------

**7. Directors, Executive Officers and Employees**

***Directors and Executive Officers*** 

1) Executive Director

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Date of Birth** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Executive**<br>**Director Since** | &nbsp;&nbsp;**Date Term Ends**<sup>(1)</sup> |
| *Jin Okdong* | Feb. 21, 1961 | Chief Executive Officer | March 23, 2023 | March 2026 |

---

*Note*: The date on which the term will end will be the date of the general shareholders' meeting in the relevant year.

*Jin Okdong* is our Chief Executive Officer. Prior to being elected to his current position on March 23, 2023, Mr. Jin served as the chief executive officer of Shinhan Bank from 2019 to 2023. Mr. Jin served as the deputy president of Shinhan Financial Group from 2017 to 2018, the deputy president of Shinhan Bank in 2017 and the chief executive officer of Shinhan Bank Japan from 2015 to 2016. Mr. Jin received a master's degree in business administration from Chung Ang University.

2) Non-Executive and Outside Directors

Non-executive directors are directors who are not our employees and do not hold executive officer positions with us. Outside directors are non-executive directors who also satisfy the requirements set forth under the Financial Investment Services and Capital Markets Act to be independent of our major shareholders, affiliates and management. Our non-executive directors and outside directors are selected based on the candidates' talents and skills in diverse areas, such as law, finance, economics, management and accounting. Currently, 1 non-executive director and 9 outside directors are in office, all of whom were nominated by our board of directors and approved at a general meeting of shareholders.

Our non-executive and outside directors are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Date of Birth** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Director Since** | &nbsp;&nbsp;**Date Term Ends**<sup>(1)</sup> |
| *Yoon Jaewon* | Aug. 29, 1970 | Outside Director<br>(Chair of BOD) | March 26, 2020 | March 2026 |
| *Bae Hoon* | Mar. 30, 1953 | Outside Director | March 25, 2021 | March 2026 |
| *Lee Yong Guk* | May 11, 1964 | Outside Director | March 25, 2021 | March 2026 |
| *Kim Jo Seol* | Dec. 5, 1957 | Outside Director | March 24, 2022 | March 2026 |
| *Kwak Su Keun* | Aug. 16, 1953 | Outside Director | March 25, 2021 | March 2026 |
| *Song Seongjoo* | Mar. 26, 1971 | Outside Director | March 26, 2024 | March 2026 |
| *Choi Young-Gwon* | Jul. 16, 1964 | Outside Director | March 26, 2024 | March 2026 |
| *Yang In Jip* | Jul. 16, 1957 | Outside Director | March 26, 2025 | March 2027 |
| *Chun Myo Sang* | May 20, 1980 | Outside Director | March 26, 2025 | March 2027 |
| *Jung Sang Hyuk* | Nov. 26, 1964 | Non-Executive Director | March 23, 2023 | March 2027 |

---

*Note:* The date on which each term will end will be the date of the general shareholders' meeting in the relevant year.

*Yoon Jaewon* has been our outside director since March 26, 2020. Ms. Yoon is currently a professor at Hongik University College of Business Administration and member of the committee for National Tax Service as well as the committee on national accounting policy of the Ministry of Economy and Finance and Korea Custom Service. Ms. Yoon previously served as a non-executive judge at the Tax Tribunal from 2013 to 2019. Ms. Yoon received a Ph.D. in accounting from Korea University.

------

*Bae Hoon* has been our outside director since March 25, 2021. Mr. Bae is a lawyer and Certified Public Accountant in Japan and currently serves as a representative attorney at Orbis Legal Profession Corporation. Mr. Bae received a master's degree in business administration from Kobe University.

*Lee Yong Guk* has been our outside director since March 25, 2021. Mr. Lee is a clinical professor at Seoul National University, School of Law. Mr. Lee currently serves as Senior Counsel at Cleary Gottlieb Steen & Hamilton LLP. Mr. Lee received a J.D. from Harvard University Law School.

*Kim Jo Seol* has been our outside director since March 24, 2022. Ms. Kim is a professor who teaches economics at Osaka University of Commerce and economist with a high awareness of Northeast Asian economics. Ms. Kim received a Ph.D. in economics from Osaka City University.

*Kwak Su Keun* has been our outside director since March 25, 2021. Mr. Kwak currently serves as an honorary professor of accounting at Seoul National University, Business School and chair of Corporate Governance Advisory Board at Korea Listed Companies Association. Mr. Kwak received a Ph.D. in business administration from University of North Carolina Chapel Hill.

*Song Seongjoo* has been newly appointed as our outside director since March 26, 2024. Ms. Song currently serves as a professor of statistics at Korea University since 2012 and Director of the Korea Risk Management Society. Ms. Song was previously an Advisory Professor, Economic Statistics Division, Bank of Korea. Ms. Song received a Ph. D in Statistics from University of Chicago.

*Choi Young-Gwon* has been newly appointed as our outside director since March 26, 2024. Mr. Choi currently serves as an Adjunct Professor, Graduate School of Business Administration, Sogang University and Adjunct Professor, College of Business Administration, Soongsil University. Mr. Choi was previously served the chief executive officer of Woori Asset Management in 2019-2023. Mr. Choi received a Ph.D. in Financial Management from Soongsil University.

*Yang In Jip* has been newly appointed as our outside director since March 26, 2025. Mr. Yang currently serves as a CEO of ONYCOME Co., Ltd. Mr. Yang was previously served Head of Global Business at HITEJINRO Co., Ltd. And CEO at Ssangyong Fire & Marine Insurance Co., Ltd. Mr. Yang received a Ph.D from Waseda University School of Commerce and MBA from University of Southern California.

*Chun Myo Sang* has been newly appointed as our outside director since March 26, 2025. Ms. Chun currently serves as a Head of Planning & Administration of SmartNews, Inc. Ms. Chun was previously a researcher and accounting advisor at Development Bank of Japan Inc. and Manager at KPMG. Ms. Chun received MBA from University of Southern California and BA from Kyoto University School of Economics.

*Jung Sang Hyuk* has been our non-executive director since March 23, 2023. Mr. Jung was the chief executive officer of Shinhan Bank and previously served as the deputy president of Shinhan Bank from 2020 to 2023 Mr. Jung received a bachelor's degree in economics from Seoul National University.

Any director wishing to enter into a transaction with Shinhan Financial Group or any of its subsidiaries in his or her personal capacity is required to obtain the prior approval of our board of directors. The director having an interest in the transaction may not vote at the meeting of our board of directors at which the relevant transaction is subject to vote for approval.

3) Executive Officers

In addition to the executive directors who are also our executive officers, we currently have the following executive officers.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Date of Birth** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Position** |
| Koh Seogheon | Sept. 27, 1968 | Sept. 27, 1968 | Deputy President and Chief Strategy Officer |
| Chun Sang Yung | Jul. 25, 1969 | Jul. 25, 1969 | Deputy President and Chief Financial Officer |
| Lee Een-kyoon | Apr. 1, 1967 | Apr. 1, 1967 | Deputy President and Chief Operation Officer |

---

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Date of Birth** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Position** |
| Park Hyun Joo | Apr. 22, 1965 | Apr. 22, 1965 | Deputy President and Chief Customer Protection Part |
| Lee Young Ho | Oct. 17, 1970 | Oct. 17, 1970 | Executive Director and Chief Compliance Officer |
| Bang Dong-kwon | Feb. 10, 1966 | Feb. 10, 1966 | Deputy President and Chief Risk Officer |
| Kim Jion | May. 12, 1968 | May. 12, 1968 | Executive Director and Chief Audit Officer |
| Kim Junhwan | Jun. 23, 1972 | Jun. 23, 1972 | Executive Director and Chief Digital Officer |

---

None of the executive officers have any significant activities outside Shinhan Financial Group.

*Koh Seogheon* has been our executive director and chief strategy officer since January 1, 2022. Mr. Koh previously served as the head of business management division and strategic planning team of Shinhan Financial Group. Mr. Koh received a bachelor's degree in economics from Seoul National University.

*Chun Sang Yung* has been our deputy president and chief finance officer since January 1, 2024. Mr. Chun previously served as the head of group synergy division and business management division of Shinhan Financial Group. Mr. Chun received a bachelor's degree in business management from Yonsei University.

*Lee Een-kyoon* has been our deputy president and chief operation officer since January 1, 2019. Mr. Lee previously served as the head of management support team and the head of secretary's office of Shinhan Bank. Mr. Lee received a bachelor's degree in English literature from Hanyang University.

*Park Hyun Joo*, has been our deputy president and chief consumer protection part since July 1, 2023. Ms. Park previously served as the head of Consumer Protection Division at Shinhan Bank. Ms. Park graduated from Seoul Girl's Commercial High School.

*Lee Young Ho,* has been our executive director and Chief Compliance Officer since January 1, 2025. Mr. Lee previously served as Chief Compliance Officer at Shinhan Bank. Mr. Lee received a bachelor's degree in law from Sogang University.

*Kim Jion* has been our executive director and chief audit officer since January 1, 2024. Ms. Kim previously served as the head of PRM marketing team at Shinhan Bank. Ms. Kim received a bachelor's degree in economics from Yonsei University.

*Bang Dong-kwon* has been our chief risk officer since January 1, 2020. Mr. Bang previously served as the head of risk management department of Shinhan Bank. Mr. Bang received a bachelor's degree in English language and literature from Sung Kyun Kwan University.

*Kim Junhwan* has been our executive director and head of digital part since January 1, 2024. Mr. Kim previously served as the head of digital innovation team at Shinhan Bank. Mr. Kim received a master's degree in computer application design studies from Korea Advanced Institute of Science & Technology.

There are no family relationships among our directors and/or executive officers.

***Compensation to Directors***

Not required to be disclosed in quarterly reports. Please refer to the business report for FY2024 submitted on March 18, 2025 and 3Q FY2025 submitted on August 14<sup>th</sup>, 2025 for your reference.

***Compensation to Non-registered directors***

Not required to be disclosed in quarterly reports. Please refer to the business report for FY2024 submitted on March 18, 2025 and 3Q FY2025 submitted on August 14<sup>th</sup>, 2025 for your reference.

***Stock Options***

------

Not required to be disclosed in quarterly reports. Please refer to the business report for FY2024 submitted on March 18, 2025 and 3Q FY2025 submitted on August 14<sup>th</sup>, 2025 for your reference.

***Employees***

Not required to be disclosed in quarterly reports. Please refer to the business report for FY2024 submitted on March 18, 2025 and 3Q FY2025 submitted on August 14<sup>th</sup>, 2025 for your reference.

------

**8. Related Party Transactions**

***Loans to Subsidiaries***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (KRW billion) | (KRW billion) | (KRW billion) | (KRW billion) | (KRW billion) | (KRW billion) | (KRW billion) | (KRW billion) | (KRW billion) | (KRW billion) |
| Loans to Subsidiaries<br>(in KRW bil.) | Type | Origination<br>Date | Maturity<br>Date | Lending<br>Rate | Beginning Balance<br>(Jan. 1, 2025) | Decrease | Increase | Others | Ending Balance<br>(Sept. 30, 2025) |
| Shinhan Card | Loan | 2019-04-18 | 2026-04-18 | 2.09% | 100 | - | - | - | 100 |
| Shinhan Card | Loan | 2019-10-22 | 2026-10-22 | 1.81% | 60 | - | - | - | 60 |
| Shinhan Card | Loan | 2020-09-17 | 2025-09-17 | 1.48% | 200 | 200 | - | - | - |
| Shinhan Card | Loan | 2020-10-29 | 2025-10-29 | 1.46% | 150 | - | - | - | 150 |
| Shinhan Card | Loan | 2021-02-18 | 2026-02-18 | 1.54% | 150 | - | - | - | 150 |
| Shinhan Card | Loan | 2021-02-24 | 2026-02-24 | 1.62% | 150 | - | - | - | 150 |
| Shinhan Card | Loan | 2021-11-11 | 2026-11-11 | 2.55% | 10 | - | - | - | 10 |
| Shinhan Card | Loan | 2022-04-20 | 2025-06-20 | 3.71% | 100 | 100 | - | - | - |
| Shinhan Card | Loan | 2022-07-18 | 2025-07-18 | 4.21% | 100 | 100 | - | - | - |
| Shinhan Card | Loan | 2022-07-18 | 2027-07-18 | 4.25% | 100 | - | - | - | 100 |
| Shinhan Card | Loan | 2023-04-21 | 2028-04-21 | 4.21% | 100 | - | - | - | 100 |
| Shinhan Card | Loan | 2025-03-25 | 2028-03-25 | 2.97% | - | - | 100 | - | 100 |
| Shinhan Card | Loan | 2025-03-25 | 2030-03-25 | 3.02% | - | - | 100 | - | 100 |
| Shinhan Card | Loan | 2025-07-18 | 2028-07-18 | 2.73% | - | - | 100 | - | 100 |
| Shinhan Card | Loan | 2025-07-18 | 2030-07-18 | 2.92% | - | - | 70 | - | 70 |
| Shinhan Card | Loan | 2025-09-17 | 2028-09-17 | 2.76% | - | - | 100 | - | 100 |
| Shinhan Card | Loan | 2025-09-17 | 2030-09-17 | 2.90% | - | - | 50 | - | 50 |
| Shinhan Card | Loan | 2019-11-19 | 2025-02-04 | 2.79% | 588 | 588 | - | - | - |
| Shinhan Card | Loan | 2021-05-26 | 2026-05-12 | 1.53% | 44 | - | - | -2 | 42 |
| Shinhan Card | Financial assets at FVPL | 2022-03-17 | 2052-03-17 | 4.01% | 404 | - | - | 2 | 406 |
| Shinhan Card | Financial assets at FVPL | 2023-02-14 | 2053-02-14 | 5.28% | 314 | - | - | - | 314 |
| Shinhan Securities | Loan | 2019-11-19 | 2025-02-04 | 2.79% | 132 | 132 | - | - | - |
| Shinhan Securities | Loan | 2020-08-20 | 2025-08-20 | 2.55% | 731 | 731 | - | - | - |
| Shinhan Securities | Loan | 2025-07-29 | 2030-07-29 | 5.13% | - | - | 676 | 11 | 687 |
| Shinhan Securities | Financial assets at FVPL | 2021-06-14 | Perpetual Bond | 2.93% | 368 | - | - | - | 368 |
| Shinhan<br>Capital | Loan | 2020-04-10 | 2025-04-10 | 1.75% | 200 | 200 | - | - | - |
| Shinhan<br>Capital | Loan | 2020-12-23 | 2025-12-23 | 1.57% | 160 | - | - | - | 160 |
| Shinhan<br>Capital | Loan | 2021-03-16 | 2026-03-16 | 1.83% | 150 | - | - | - | 150 |
| Shinhan<br>Capital | Loan | 2025-04-22 | 2028-04-22 | 2.77% | - | - | 100 | - | 100 |
| Shinhan<br>Capital | Loan | 2021-05-13 | 2026-05-12 | 1.53% | 294 | - | - | -14 | 280 |
| Shinhan<br>Capital | Financial assets at FVPL | 2020-04-22 | 2050-04-22 | 3.56% | 99 | 99 | - | - | - |
| Shinhan<br>Capital | Financial assets at FVPL | 2021-07-28 | 2051-07-28 | 3.38% | 147 | - | - | 2 | 149 |
| Shinhan<br>Capital | Financial assets at FVPL | 2025-04-22 | 2055-04-22 | 3.78% | - | - | 100 | - | 100 |
| Shinhan Savings Bank | Loan | 2020-05-28 | 2025-05-28 | 1.52% | 50 | 50 | - | - | - |
| Shinhan Savings Bank | Loan | 2021-04-26 | 2026-04-26 | 1.85% | 50 | - | - | - | 50 |
| Shinhan Savings Bank | Loan | 2021-05-28 | 2026-05-28 | 1.99% | 50 | - | - | - | 50 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Shinhan DS | Loan | 2024-02-01 | 2025-01-30 | 3.78% | 10 | 10 | - | - | - |
| Shinhan DS | Loan | 2025-01-31 | 2026-01-30 | 3.08% | - | - | 10 | - | 10 |
| Shinhan Venture | Loan | 2024-02-26 | 2025-02-26 | 3.84% | 50 | 50 | - | - | - |
| Shinhan Venture | Loan | 2024-10-11 | 2025-02-26 | 3.60% | 10 | 10 | - | - | - |
| Shinhan Venture | Loan | 2025-02-26 | 2026-02-26 | 3.02% | - | - | 60 | - | 60 |
| Shinhan Asset Trust | Loan | 2024-03-25 | 2027-03-25 | 3.76% | 100 | - | - | - | 100 |
| Shinhan Asset Trust | Financial assets at FVPL | 2024-05-23 | 2054-05-23 | 4.71% | 100 | - | - | -3 | 97 |
| Shinhan Asset Trust | Financial assets at FVPL | 2024-10-29 | 2054-10-29 | 4.10% | 51 | - | - | - | 51 |
| **Total** | **Total** | **Total** | **Total** | **Total** | **5322** | **2270** | **1466** | **-4** | **4514** |

---

------

**9. Internal Control**

Not required to be disclosed in quarterly reports. Please refer to the business report for FY2024 submitted on March 18, 2025 and 1H FY2025 submitted on August 14<sup>th</sup>, 2025 for your reference.

------

**10. Contingencies**

Please refer to attached Exhibit 99.2 Shinhan Financial Group Review Report for the 3Q 2025(Consolidated), note 29. commitments and contingencies.

------

**11. Material Information after the reporting period**

***1) Shinhan Financial Group resolved to pay quarterly cash dividends***

On October 28, 2025, the Board of Directors of Shinhan Financial Group made a resolution to pay quarterly cash dividends.

- Dividend Amount : KRW 570 per share

- Record date : November 4, 2025

- Expected payment date : November 28, 2025

Please refer to Form 6-K submitted to Edgar system on October 28, 2025.

------

**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.

---

| | | |
|:---|:---|:---|
|  | Shinhan Financial Group Co., Ltd. | Shinhan Financial Group Co., Ltd. |
|  | (Registrant) | (Registrant) |
| &nbsp;&nbsp;&nbsp;&nbsp;Date: November 14, 2025 | By: | /s/ CHUN Sang Yung |
|  | Name: CHUN Sang Yung | Name: CHUN Sang Yung |
|  | Title: Chief Financial Officer | Title: Chief Financial Officer |

---

------

## Exhibit 99.1

**SHINHAN FINANCIAL GROUP CO., LTD.** 

Condensed Separate Interim Financial Statements

September 30, 2025 and 2024

&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;(Unaudited)

------

Contents

---

| | |
|:---|:---|
|  | **Page** |
| Independent Auditors' Review Report | 1 |
| Condensed Separate Interim Statements of Financial Position | 3 |
| Condensed Separate Interim Statements of Comprehensive Income | 4 |
| Condensed Separate Interim Statements of Changes in Equity | 5 |
| Condensed Separate Interim Statements of Cash Flows | 7 |
| Notes to the Condensed Separate Interim Financial Statements | 9 |

---

------

**<u>Independent Auditors' Review Report</u>**

Based on a report originally issued in Korean

The Board of Directors and Stockholders

Shinhan Financial Group Co., Ltd.:

**Reviewed Financial Statements** 

We have reviewed the accompanying separate interim financial statements of Shinhan Financial Group 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 comprehensive income for the three-month and nine-month periods ended September 30, 2025 and 2024, the condensed separate interim statements of changes in equity and cash flows for the nine-month period ended September 30, 2025 and 2024, and notes, comprising a summary of material accounting policy information 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 control as management determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

**Auditor's 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 are not prepared, in all material respects, in accordance with K-IFRS No. 1034 *Interim Financial Reporting*.

**Other Matters**

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.

The separate statement of financial position of the Company as of December 31, 2024, and the related separate statements of comprehensive income, changes in equity and cash flows for the year then ended (not presented herein) were audited by us in accordance with Korean Standards on Auditing and their report thereon, dated March 4, 2025, expressed an unqualified opinion. The accompanying separate statement of financial position of the Company as of December 31, 2024, presented for comparative purposes, is consistent, in all material respects, with the audited separate statement of financial position from which it has been derived.

------

KPMG Samjong Accounting Corp.

November 14, 2025

Seoul, Korea

This report is effective as of November 14, 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 there is a possibility that the above review report may have to be revised to reflect the impact of such subsequent events or circumstances, if any.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Condensed Separate Interim Statements of Financial Position**

As of September 30, 2025 and December 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | **Notes** |  | **September 30,** <br>**2025 (Unaudited)** | **December 31,** <br>**2024** |
| &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;**Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and due from banks at amortized cost | 4, 5, 24 | W | 337663 | 151143 |
| &nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss | 4, 6, 24 |  | 3506010 | 2552750 |
| &nbsp;&nbsp;&nbsp;Loans at amortized cost | 4, 7, 24 |  | 3028215 | 3837298 |
| &nbsp;&nbsp;&nbsp;Property and equipment | 24 |  | 5431 | 6509 |
| &nbsp;&nbsp;&nbsp;Intangible assets |  |  | 7240 | 6488 |
| &nbsp;&nbsp;&nbsp;Investments in subsidiaries | 8 |  | 30723705 | 30623651 |
| &nbsp;&nbsp;&nbsp;Net defined benefit assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |  | - | 5622 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets |  |  | 6813 | - |
| &nbsp;&nbsp;&nbsp;Other assets | 4, 7, 24 |  | 807900 | 488842 |
| **Total assets** |  | W | 38422977 | 37672303 |
| &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;**Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings | 4, 9 |  | 9899 | 19914 |
| &nbsp;&nbsp;&nbsp;Debt securities issued | 4, 10, 24 |  | 10517579 | 10731336 |
| &nbsp;&nbsp;&nbsp;Net defined benefit liabilities | 11 |  | 2377 | - |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities |  |  | - | 20518 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 4, 24 |  | 849040 | 552360 |
| **Total liabilities** |  |  | 11378895 | 11324128 |
| &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;**Equity** | 12 |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital stock |  |  | 2969641  | 2969641 |
| &nbsp;&nbsp;&nbsp;Hybrid bonds |  |  | 4749837  | 4600121 |
| &nbsp;&nbsp;&nbsp;Capital surplus |  |  | 11350744  | 11350744 |
| &nbsp;&nbsp;&nbsp;Capital adjustments |  |  | (311285) | (296024) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss |  |  | (11375) | (9307) |
| &nbsp;&nbsp;&nbsp;Retained earnings  |  |  | 8296520  | 7733000 |
| **Total equity** |  |  | 27044082 | 26348175 |
| **Total liabilities and equity**  |  | W | 38422977 | <br>37672303 |

---

*See accompanying notes to the condensed separate interim financial statements.*

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Condensed Separate Interim Statements of Comprehensive Income**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won, except earnings per share data)* | **Notes** |  | **September 30, 2025**<br>**(Unaudited)** | **September 30, 2025**<br>**(Unaudited)** | **September 30, 2024**<br>**(Unaudited)** | **September 30, 2024**<br>**(Unaudited)** |
|  |  |  | **Three-month** | **Nine-**<br>**month** | **Three-**<br>**month** | **Nine-**<br>**month** |
| Interest income | 21, 24 | W | 23731  | 64957 | 23845 | 74667 |
| Interest expense | 24 |  | (84985) | (248339) | (84169) | (248998) |
| **Net interest expense** | 13 |  | (61254) | (183382) | (60324) | (174331) |
| Fees and commission income | 21, 24 |  | 17760 | 53279 | 17763 | 53291 |
| Fees and commission expense | 24 |  | (118) | (698) | (337) | (530) |
| **Net fees and commission income**  | 14 |  | 17642 | 52581 | 17426 | 52761 |
| Dividend income | 15, 21, 24 |  | 14638 | 2589309 | 14018 | 1861460 |
| &nbsp;&nbsp;Net gain on financial instruments at fair value through profit or loss  | 21 |  | 21817 | 57657 | 28458 | 72064 |
| Net foreign currency transaction gain (loss) | 21 |  | 73 | (510) | 52 | (1025) |
| Reversal of (provision for) credit loss allowance | 16, 21 |  | (236) | 132 | 29 | (6) |
| &nbsp;&nbsp;General and administrative expense | 17, 24 |  | (39395) | (107447) | (37658) | (105991) |
| **Operating income (expenses)** |  |  | (46715) | 2408340 | (37999) | 1704932 |
| **Non-operating expenses** |  |  | (360) | (3833) | (95318) | (98589) |
| **Profit (loss) before income taxes** |  |  | (47075) | 2404507 | (133317) | 1606343  |
| Income tax expense (benefit) | 19 |  | (25665) | (25653) | 5583 | 8362 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Profit (loss) for the period** |  |  | (21410) | 2430160 | (138900) | 1597981 |
| &nbsp;&nbsp;&nbsp;**Other comprehensive income (loss) for the period, net of income tax**<br>Items that will not be reclassified to profit or loss: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Remeasurements of the net defined benefit liabilities (assets)* |  |  | - | (2068) | - | (1537) |
| &nbsp;&nbsp;**Total comprehensive income (loss) for the period** |  | W | (21410) | 2428092 | (138900) | 1596444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted earnings (loss) per share in won | 20 | W | (136) | 4676 | (352) | 2901 |

---

*See accompanying notes to the condensed separate interim financial statements.* 

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Condensed Separate Interim Statements of Changes in Equity**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;*(In millions of won)* |  | **Capital**<br>**stock** | **Hybrid**<br>**Bonds** | **Capital**<br>**surplus** | **Capital adjust-ments** | **Accumulated other**<br>**comprehe-nsive loss** | **Retained earnings** | **Total** |
| &nbsp;&nbsp;**Balance at January 1, 2024** | W | 2969641 | 4001731 | 11350744 | (148464) | (6642) | 7932131 | 26099141 |
| &nbsp;&nbsp;**Total comprehensive income for the period:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Profit for the period |  | - | - | - | - | - | 1597981 | 1597981 |
| &nbsp;&nbsp;Other comprehensive loss |  | - | - | - | - | (1537) | - | (1537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurements of the net defined benefit liabilities (assets) |  | - | - | - | - | (1537) | - | (1537) |
|  |  | - | - | - | - | (1537) | 1597981 | 1596444 |
| &nbsp;&nbsp;**Transactions with owners:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Annual dividends |  | -  | -  | -  | -  | -  | (268697) | (268697) |
| &nbsp;&nbsp;Quarterly dividends |  | -  | -  | -  | -  | -  | (548427) | (548427) |
| &nbsp;&nbsp;Dividends to hybrid bonds |  | -  | -  | -  | -  | -  | (124397) | (124397) |
| &nbsp;&nbsp;Redemption of hybrid bonds |  | -  | (199476) | -  | (524) | -  | -  | (200000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer to retained earnings of redemption loss of hybrid bonds |  | -  | -  | -  | 102667  | -  | (102667) | -  |
| &nbsp;&nbsp;Issuance of hybrid bonds |  | -  | 797866  | -  | -  | -  | -  | 797866  |
| &nbsp;&nbsp;Acquisition of treasury stock |  | -  | -  | -  | (450426) | -  | -  | (450426) |
| &nbsp;&nbsp;Disposal of treasury stock |  | -  | -  | -  | 296  | -  | -  | 296  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retirement of treasury stock |  | -  | -  | -  | 150300  | -  | (150356) | (56) |
|  |  | -  | 598390  | -  | (197687) | -  | (1194544) | (793841) |
| &nbsp;&nbsp;**Balance at September 30, 2024 (Unaudited)** | W | 2969641  | 4600121  | 11350744  | (346151) | (8179) | 8335568  | 26901744  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Condensed Separate Interim Statements of Changes in Equity (Continued)**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;*(In millions of won)* |  | **Capital**<br>**stock** | **Hybrid**<br>**Bonds** | **Capital**<br>**surplus** | **Capital adjust-ments** | **Accumulated other**<br>**comprehe-nsive loss** | **Retained earnings** | **Total** |
| &nbsp;&nbsp;**Balance at January 1, 2025** | W | 2969641  | 4600121  | 11350744  | (296024) | (9307) | 7733000  | 26348175  |
| &nbsp;&nbsp;**Total comprehensive income for the period:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Profit for the period |  | - | - | - | - | - | 2430160  | 2430160  |
| &nbsp;&nbsp;Other comprehensive loss |  | - | - | - | - | (2068) | - | (2068) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurements of the net defined benefit liabilities (assets) |  | - | - | - | - | (2068) | - | (2068) |
|  |  |  |  |  |  | (2068) | 2430160 | 2428092 |
| &nbsp;&nbsp;**Transactions with owners:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Annual dividends |  | - | - | - | - | - | (267755) | (267755) |
| &nbsp;&nbsp;Quarterly dividends |  | - | - | - | - | - | (554859) | (554859) |
| &nbsp;&nbsp;Dividend to hybrid bonds |  | - | - | - | - | - | (143433) | (143433) |
| &nbsp;&nbsp;Redemption of hybrid bonds |  | - | (648154) | - | (1846) | - | - | (650000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer to retained earnings of redemption loss of hybrid bonds  |  | - | - | - | 524  | - | (524) | - |
| &nbsp;&nbsp;Issuance of hybrid bonds |  | - | 797870  | - | - | - | - | 797870  |
| &nbsp;&nbsp;Acquisition of treasury stock |  | - | - | - | (913939) | - | - | (913939) |
| &nbsp;&nbsp;Retirement of treasury stock |  | - | - | - | 900000  | - | (900069) | (69) |
|  |  | - | 149716  | - | (15261) | - | (1866640) | (1732185) |
| &nbsp;&nbsp;**Balance at September 30, 2025 (Unaudited)** | W | 2969641  | 4749837  | 11350744  | (311285) | (11375) | 8296520  | 27044082  |

---

*See accompanying notes to the condensed separate interim financial statements.*

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Condensed Separate Interim Statements of Cash Flows**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Nine-month periods**<br>**ended September 30** | &nbsp;&nbsp;&nbsp;&nbsp;**Nine-month periods**<br>**ended September 30** |
| *(In millions of Won)* | **Notes** |  | **2025 (Unaudited)** | **2024 (Unaudited)** |
| **Cash flows from operating activities** |  |  |  |  |
| Profit for the period |  | W | 2430160 | 1597981 |
| Adjustments for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 13, 21 |  | (64957) | (74667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 13 |  | 248339  | 248998  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 15, 21 |  | (2589309) | (1861460) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 19 |  | (25653) | 8362  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on financial instruments at fair value through profit or loss |  |  | (24192) | (32189) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for (reversal of) credit loss allowance | 16, 21 |  | (132) | 6  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee benefits |  |  | 9533  | 7867  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 17 |  | 3202  | 3817  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net foreign currency translation loss (gain) |  |  | (37631) | 2722  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-operating expense, net |  |  | 2265  | 98223  |
|  |  |  | (2478535) | (1598321) |
| Changes in assets and liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial instruments at fair value through profit or loss |  |  | (941248) | (913025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets |  |  | 1670  | 668  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net defined benefit assets |  |  | (1042) | (997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities |  |  | (7987) | (10328) |
|  |  |  | (948607) | (923682) |
| Interest received |  |  | 72426  | 80887  |
| Interest paid |  |  | (261906) | (258703) |
| Dividends received |  |  | 2586361 | 1858400  |
| Income tax paid |  |  | 496 | 1608 |
| **Net cash inflow from operating activities** |  |  | 1400395 | 758170 |
| **Cash flows from investing activities** |  |  |  |  |
| Acquisition of financial assets at fair value through profit or loss |  |  | (100000) | (100000) |
| Decrease in financial assets at fair value through profit or loss |  |  | 100000  | - |
| Lending of loans at amortized cost |  |  | (1365697) | (169440) |
| Collection of loans at amortized cost |  |  | 2170890  | 395000  |
| Acquisition of property and equipment |  |  | (120) | (2097) |
| Disposal of property and equipment |  |  | - | (10) |
| Acquisition of intangible assets |  |  | (1506) | (1133) |
| Disposal of intangible assets |  |  | - | 2300  |
| Increase in other assets |  |  | (8225) | (619) |
| Decrease in other assets |  |  | - | 71  |
| Acquisition of investments in subsidiaries |  |  | (100054) | -  |
| Disposal of investments in subsidiaries |  |  | - | 32794  |
| **Net cash inflow from investing activities** |  | W | 695288 | 156866 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Condensed Separate Interim Statements of Cash Flows (Continued)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Nine-month periods**<br>**ended September 30** | **Nine-month periods**<br>**ended September 30** |
| *(In millions of won)* | **Note** |  | **2025 (Unaudited)** | **2024 (Unaudited)** |
| **Cash flows from financing activities** |  |  |  |  |
| Issuance of hybrid bonds |  | W | 797869  | 797866  |
| Redemption of hybrid bonds |  |  | (650000) | (200000) |
| Issuance of debt securities |  |  | 2278962  | 1537440  |
| Redemption of debt securities issued |  |  | (2445000) | (1450000) |
| Increase in borrowings |  |  | 109700  | 19450  |
| Decrease in borrowings |  |  | (120000) | (225000) |
| Dividends paid |  |  | (966071) | (941075) |
| Acquisition of treasury stock |  |  | (913938) | (450427) |
| Disposal of treasury stock |  |  | - | 296 |
| Costs for retirement of treasury stock |  |  | (69) | (56) |
| Repayments of leased liabilities |  |  | (538) | (1202) |
| **Net cash outflow from financing activities** |  |  | (1909085) | (912708) |
| **Net increase in cash and cash equivalents** |  |  | 186598 | 2328 |
| **Cash and cash equivalents at the beginning of the period** | 23 |  | 151203 | 19 |
| **Cash and cash equivalents at the end of the period** | 23 | W | 337801 | 2347 |

---

*See accompanying notes to the condensed separate interim financial statements.* 

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

**<u>1. Reporting entity</u>**

Shinhan Financial Group Co., Ltd. (hereinafter referred to as "the Company") was established on September 1, 2001 for the main business purposes such as control and management of companies operating in the financial industry, and financial support for subsidiaries. In addition, the stocks were listed on the Korea Exchange on September 10, 2001, and the Company was registered with the Securities and Exchange Commission (SEC) on September 16, 2003, and on the same date, ADS (American Depositary Shares) was listed on the New York Stock Exchange (NYSE).

**<u>2. Basis of preparation</u>**

(a)**Statement of compliance**

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

The condensed separate interim financial statements have been prepared in accordance with Korean International Financial Reporting Standards ("K-IFRS"), as prescribed in *the Act on External Audit of Stock Companies* of the Republic of Korea. These condensed separate interim financial statements were prepared in accordance with K-IFRS No.1034, *'Interim Financial Reporting'* as part of the period covered by the Company's K-IFRS annual financial statements and contain less information than required in the annual separate 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 the last annual financial statements as of and for the year ended December 31, 2024.

The condensed separate interim financial statements of the Company are separate financial statements prepared in accordance with K-IFRS No. 1027 'Separate Financial Statements', in which presented on the basis of direct equity investments, not on that the controlling company, equity interests in associates and joint ventures does not base the investment on the investee's reported performance and net assets.

**(b) Use of estimates and judgments**

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

Estimates and underlying assumptions about estimates are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Income tax expense in the interim period is measured by applying the expected annual income tax rate, i.e. the estimated average annual effective income tax rate.

In preparing the 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 except for the method of estimation used to determine the income tax expense for the interim period.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

**<u>3. Significant accounting policies</u>**

(a) The Company applies the same accounting policies applied as when preparing the annual separate financial statements for the year ended December 31, 2024, except for the following amendments that have been applied for the first time since January 1, 2025 and as described in Note 2(b).

*i) Amendment to K-IFRS No. 1021 'Effects of Changes in Foreign Exchange Rates' and No. 1101 'First-time adoption of K-IFRS' – Lack of Exchangeability* 

These amendments define scenarios where exchanges with other currencies are considered possible for accounting purposes, clarify the assessment of exchangeability with other currencies, and specify requirements for estimating and disclosing the spot exchange rate in cases where no exchangeability exists. If exchange with other currencies is not possible, the spot exchange rate must be estimated on the measurement date using observable exchange rates without adjustment or employing alternative estimation techniques. There is no significant impact on the separate financial statements from these amendments.

(b)As of September 30, 2025, the newly enacted and disclosed but not yet effective new K-IFRS are as follows:

*i) K-IFRS No. 1109 'Financial Instruments and K-IFRS No. 1107 Financial Instruments: Disclosures' – Classification and measurement requirements of financial instruments*

The amendments clarify the conditions related to the discharge of a financial liability before the settlement date when settling such financial liabilities using an electronic payment system. They further specify an interest feature, a contingent feature, financial assets with non-recourse features and contractually linked instruments which should be considered in assessing whether contractual cash flows of a financial asset are consistent with a basic lending arrangement. Furthermore, the amendments include additional disclosure requirements for investments in equity instruments designated at fair value through other comprehensive income and contractual terms that could change the timing or amount of contractual cash flows. The amendments are applied retrospectively for annual reporting periods beginning on or after 1 January 2026 with earlier application permitted. The Company is currently assessing the impacts of these amendments on the separate financial statements.

*ii) Annual Improvements to Korean International Financial Reporting Standards (K-IFRS)*

The amendments are applied for annual reporting periods beginning on or after 1 January 2026 with earlier application permitted. The Company expects there is no significant impact on the separate financial statements from these amendments.

- K-IFRS No. 1109 'Financial Instruments' – derecognition of lease liabilities and transaction price

- K-IFRS No. 1110 'Consolidated Financial Statements' – determination of 'de facto agent'

- K-IFRS No. 1101 'First-time adoption of Korean International Financial Reporting Standards' – hedge accounting adoption

- K-IFRS No. 1107 'Financial Instruments: Disclosures' – Gain or loss on derecognition

- K-IFRS No. 1007 'Statement of Cash Flows' – Cost method

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

**<u>4. Financial risk management</u>**

**(a) Overview**

Shinhan Financial Group Co., Ltd. (hereinafter referred to as the "Group") manages various risks that may arise within business sector and the major risks to which the Group is exposed include credit risk, market risk, interest rate risk, and liquidity risk. These risks are recognized, measured, controlled, and reported in accordance with risk management guidelines established at the controlling company level and at the subsidiary level.

*i) Risk management principles* 

The risk management principles of the Group are as follows:

- All business activities take into account the balance of risks and profits within a predetermined risk appetite.

- The controlling company shall present the Group Risk Management Model Standards, supervise their compliance and have responsibility and authority for group-level monitoring.

- Operate a risk-related decision-making system that enhances management's involvement.

- Organize and operate risk management organizations independent of the business sector.

- Operate a performance management system that clearly considers risks when making business decisions.

- Aim for preemptive and practical risk management functions.

- Share a cautious view to prepare for possible deterioration of the situation.

*ii) Risk management organization*

The basic policies are established by the Board of Directors of the controlling company, while the Group's risk management strategies are formulated by the Risk Management Committee (hereinafter referred to as the "Group Risk Management Committee") under the Board of Directors. The Group's Chief Risk Officer (CRO) assists the Group Risk Management Committee and consults the risk management policies and strategies of the group and each subsidiary through the Group Risk Council, which includes the Chief Risk Management Officer of each subsidiary. The subsidiary implements the risk management policies and strategies of the Group through each company's risk management committee, risk-related committee, and risk management organization, and consistently establishes and implements the detailed risk management policies and strategies of the subsidiary. The risk management team of the controlling company assists the Group's Chief Risk Management Officer for risk management and supervision.

Shinhan Financial Group has a hierarchical limit system to manage the risks of the Group to an appropriate level. The Group Risk Management Committee sets the risk limits that can be affordable by the Group and each subsidiary, while the Risk Management Committee and the Committee of each subsidiary set and manage detailed risk limits by risk, department, desk, and product types.

*ii-1) Group Risk Management Committee* 

The Group has established the risk management system for the controlling company and its subsidiaries, and comprehensively manages group-wide risk-related matters, including the establishment of risk management policies and strategies, and the approval of limits. The Committee consists of directors of the controlling company.

The resolution of the Committee is as follows:

-Establish risk management basic policy in line with management strategy

-Determine the level of risk that can be assumed by the Group and each subsidiary

-Approve appropriate investment limit or loss allowance limit

-Enact and amend the Group Risk Management Regulations and the Group Risk Council Regulations

-Matters concerning risk management organization structure and division of duties

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

**<u>4. Financial risk management (continued)</u>**

**(a) Overview (continued)**

*ii-1) Group Risk Management Committee(continued)*

-Matters concerning the operation of the risk management system

-Matters concerning the establishment of various limits and approval of limits

-Make decisions on approval of the FSS's internal rating based approach for non-retail and retail credit rating systems

-Matters concerning risk disclosure policy

-Analysis of crisis situation, related capital management plan and financing plan

-Matters deemed necessary by the board of directors

-Matters required by external regulations such as the Financial Services Commission and other regulations and guidelines

-Matters deemed necessary by the Chairperson

*ii-2) Group Risk Management Council*

In order to maintain the Group's risk management policies and strategies consistently, the Group resolves matters necessary to discuss overall risk-related issues and to implement the policies set by the Group Risk Management Committee. The members are chaired by the Group's chief risk management officer and shall be consist of the chief risk officers of major subsidiaries.

*iii) Group Risk Management System* 

*iii-1) Management of the Risk Capital*

Risk capital refers to the capital required to compensate for the potential loss (risk) if it is actually realized. Risk capital management refers to the management of the risk assets considering its risk appetite, which is a datum point on the level of risk burden compared to available capital, so as to maintain the risk capital at an appropriate level. The controlling company and its subsidiaries establish and operate a risk planning process to reflect the risk plan in advance when establishing financial and business plans for risk capital management and establish a risk limit management system to control risk to an appropriate level.

*iii-2) Risk monitoring*

In order to proactively manage risks by periodically identifying risk factors that can affect the Group's business environment, the Group has established a multi-dimensional risk monitoring system. Each subsidiary is required to report to the Group on key issues that affect risk management at the Group level. The Company prepares weekly, monthly and occasional monitoring reports to report to Group management including the CRO.

In addition, the Risk Dashboard is operated to derive abnormal symptoms through three-dimensional monitoring of major portfolios, increased risks, and external environmental changes of assets for each subsidiary. If necessary, the Company takes preemptive risk management to establish and implement countermeasures.

*iii-3) Risk review*

When conducting new product, new business and major policy changes, risk factors are reviewed by using a pre-defined checklist to prevent indiscriminate promotion of business that is not easy to judge risk and to support rational decision making. The subsidiary's risk management department conducts a preliminary review and post-monitoring process on products, services, and projects to be pursued in the business division. In case of matters that are linked or jointly promoted with other subsidiaries, the risk reviews are carried out after prior-consultation with the risk management department of the Group.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

**<u>4. Financial risk management (continued)</u>**

**(a) Overview (continued)**

*iii-4) Crisis management*

The Group maintains a group-wide risk management system to detect the signals of any risk crisis and, in the event of a crisis actually happening, to respond on a timely, efficient and flexible basis so as to ensure the Group's survival as a going concern. Each subsidiary maintains crisis planning for four levels of contingencies, namely, "cautious', "alert", "imminent crisis" and "crisis", determination of which is made based on quantitative and qualitative monitoring and consequence analysis, and upon the happening of any such contingency, is required to respond according to a prescribed contingency plan. At the controlling company level, the Company maintains and installs crisis detection and response system which is applied consistently group-wide, and upon the happening of any contingency at two or more subsidiary levels, the Company directly takes charge of the situation so that the Company manages it on a concerted group wide basis.

**(b) Credit risk** 

 *i) Credit risk management*

Credit risk is the risk of potential economic loss that may be caused if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and is the largest risk which the Company faces. The Company's credit risk management encompasses all areas of credit that may result in potential economic loss, including not just transactions that are recorded on the balance sheet, but also off-balance-sheet transactions such as guarantees, loan commitments and derivative transactions.

< Techniques, assumptions and input variables used to measure impairment>

*i-1) Determining significant increases in credit risk since initial recognition*

At the end of each reporting period, the Company assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Company uses the change in the risk of a default occurring over the expected life of the financial instrument instead of the change in the amount of expected credit losses.

To make the assessment, the Company compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and consider reasonable and supportable information, that is available without undue cost or effort and is indicative of significant increases in credit risk since initial recognition. Information includes the default experience data held by the Company and analysis by an internal credit rating expert.

① Measuring the risk of default

The Company assigns an internal credit risk rating to each individual exposure based on observable data and historical experiences that have been found to have a reasonable correlation with the risk of default. The internal credit risk rating is determined by considering both qualitative and quantitative factors that indicate the risk of default, which may vary depending on the nature of the exposure and the type of borrower.

② Measuring term structure of probability of default

Internal credit rating is a key input variable for determining term structure of probability of default. The Company accumulates information after analyzing the information regarding exposure to credit risk and default information by the type of product and borrower and results of internal credit risk assessment. For some portfolios, the Company uses information obtained from external credit rating agencies when performing these analyses. The Company applies statistical techniques to estimate the probability of

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

**<u>4. Financial risk management (continued)</u>**

**(b)** **Credit risk (continued)**

 *i) Credit risk management(continued)*

default for the remaining life of the exposure from the accumulated data and to estimate changes in the estimated probability of default over time.

③ Significant increases in credit risk

The Company uses the indicators defined as per portfolio to determine the significant increase in credit risk, and such indicators generally consist of changes in the risk of default estimated from changes in the internal credit risk rating, qualitative factors, days of delinquency, and others.

*i-2) Risk of default*

The Company considers a financial asset to be in default if it meets one or more of the following conditions:

- if a borrower is overdue by 90 days or more from the contractual payment date

- if the Company judges that it is not possible to recover principal and interest without enforcing the collateral on a financial asset

The Company uses the following indicators when determining whether a borrower is in default:

- Qualitative factors (e.g. breach of contract terms)

- Quantitative factors (e.g.if the same borrower does not perform more than one payment obligations to the Company, the number of days past due per payment obligation. However, in the case of a specific portfolio, the Company uses the number of days past due for each financial instrument)

- Internal data and external data

The definition of default applied by the Company generally conforms to the definition of default defined for regulatory capital management purposes; however, depending on the situations, the information used to determine whether a default has incurred, and the extent thereof may vary.

*i-3) Reflection of forward-looking information*

The Company reflects forward-looking information presented by a group of internal experts based on various information when measuring expected credit losses. The Company utilizes economic forecasts disclosed by domestic and foreign research institutes, governments, and public institutions to predict forward-looking information.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

**<u>4. Financial risk management (continued)</u>**

**(b)** **Credit risk (continued)**

 *i) Credit risk management(continued)*

The Company analyzed data from its past experienced, derived correlations between major macroeconomic variables and credit risks required for predicting credit risk and credit loss for each portfolio, and then reflected forward-looking information through a regression estimation.

---

| | |
|:---|:---|
| **Key macroeconomic variables** | **Correlation with credit risk** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GDP growth rate  | (-) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private consumption index growth rate  | (-) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index of equipment investment growth rate  | (-) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer price index growth rate  | (+) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance on current account | (-) |

---

The predicted correlations between the macroeconomic variables and the risk of default used by the Company are derived based on long-term data over the past ten years.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

**<u>4. Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

 *i) Credit risk management (continued)*

*i-4) Measurement of expected credit losses*

Key variables used in measuring expected credit losses are as follows:

- Probability of default ("PD")

- Loss given default ("LGD")

- Exposure at default ("EAD")

These variables have been estimated from historical experience data and the statistical techniques developed internally and have been adjusted to reflect forward-looking information.

Estimates of PD over a specified period are estimated by reflecting characteristics of counterparties and their exposure, based on a statistical model at a specific point of time. The Company uses its own information to develop a statistical credit assessment model used for the estimation, and additional information observed in the market is considered for some portfolios such as a group of large corporates. When a counterparty or exposure is concentrated in specific grades, the method of measuring PD for those grades would be adjusted, and the PD by grade is estimated by considering contract expiration of the exposure.

LGD refers to the expected loss if a borrower defaults. The Company calculates LGD based on the experience recovery rate measured from past default exposures. The model for measuring LGD is developed to reflect type of collateral, seniority of collateral, type of borrower, and cost of recovery. In particular, LGD for retail loan products uses loan to value (LTV) as a key variable. The recovery rate reflected in the LGD calculation is based on the present value of recovery amount, discounted at the effective interest rate.

EAD refers to the expected exposure at the time of default. The Company derives EAD reflecting a rate at which the current exposure is expected to be used additionally up to the point of default within the contractual limit. EAD of financial assets is equal to the total carrying amount of the asset, and EAD of loan commitments or financial guarantee contracts is calculated as the sum of the amount expected to be used in the future.

In measuring expected credit losses on financial assets, the Company uses the contractual maturity as the period subject to expected credit loss measurement. The contractual maturity is computed by considering the extension right held by the borrower.

Risk factors of PD, LGD and EAD are collectively estimated according to the following criteria:

- Type of products

- Internal credit risk rating

- Type of collateral

- Loan to value ("LTV")

- Industry that the borrower belongs to

- Location of the borrower or collateral

- Days of delinquency

The criteria classifying groups is periodically reviewed to maintain the homogeneity of the group and adjusted if necessary. The Company uses external benchmark information to supplement internal information for a particular portfolio that did not have sufficient internal data accumulated from past experience.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>4. Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

 *i) Credit risk management (continued)*

*i-5) Write-off of financial assets*

The Company writes off a portion of or entire loan or debt security for which the Company does not expect to receive its principal and interest. In general, the Company writes off the balance when it is deemed that the borrower has no sufficient resources or income to repay the principal and interest. The decision to write off follows the internal regulations of the Company and, if necessary, is carried out after obtaining approval from external institutions. Apart from write-off, the Company may continue to exercise its right of collection under its own recovery policy even after the write-off of financial assets.

*ii) Maximum exposure to credit risk*

*The Company's maximum exposure to credit risk for financial instruments, excluding equity securities, as of September 30, 2025 and December 31, 2024, is as follows:*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **September 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from banks and loans at amortized cost (\*1): | &nbsp;&nbsp;Banks | W | 337663  | 151143  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from banks and loans at amortized cost (\*1): | &nbsp;&nbsp;Corporations |  | 3028215  | 3837298  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from banks and loans at amortized cost (\*1): |  |  | 3365878  | 3988441  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss |  | 2021893 | 1069628  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial assets at amortized cost (\*1), (\*2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial assets at amortized cost (\*1), (\*2) |  | 807757 | 488756  |
|  |  | W | 6195528 | 5546825  |

---

(\*1) The maximum exposure amounts for due from banks, loans and other financial assets are measured as net of allowances.

(\*2) It is comprised of accounts receivable, accrued income, and guarantee deposits.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>4. Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*iii) Impairment information of financial assets by credit risk* 

Detailed information of financial assets at amortized costs on impairment as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12-months**<br>**ECL** | **Lifetime**<br>**ECL** | **Gross**<br>**amount** | **Allowance** | **Total, net** |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from banks and loans at amortized cost (\*): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | &nbsp;&nbsp;W | 337804  | - | 337804  | (141) | 337663  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporations |  | 3029481  | - | 3029481  | (1266) | 3028215  |
|  |  | 3367285  | - | 3367285  | (1407) | 3365878  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets at amortized cost |  | 808084  | - | 808084  | (327) | 807757  |
|  | &nbsp;&nbsp;W | 4175369  | - | 4175369  | (1734) | 4173635  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12-months**<br>**ECL** | **Lifetime**<br>**ECL** | **Gross**<br>**amount** | **Allowance** | **Total, net** |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from banks and loans at amortized cost (\*): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks | &nbsp;&nbsp;W | 151206  | - | 151206  | (63) | 151143  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporations |  | 3838903 | - | 3838903 | (1605) | 3837298  |
|  |  | 3990109  | - | 3990109  | (1668) | 3988441  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets at amortized cost |  | 488954 | - | 488954 | (198) | 488756 |
|  | &nbsp;&nbsp;W | 4479063 | - | 4479063 | (1866) | 4477197 |

---

(\*) Credit quality of due from banks and loans is divided into Prime and Normal. Credit quality of due from banks and loans as of September 30, 2025, and December 31, 2024 is classified as Prime. The distinction between Prime grade and normal grade is as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Type of Borrower | Corporations and banks |
| &nbsp;&nbsp;Grade: 1. Prime | Internal credit rating of BBB+ or above |
| &nbsp;&nbsp;Grade: 2. Normal | Internal credit rating of below BBB+ |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>4. Financial risk management (continued)</u>**

 **(c) Liquidity risk**

Liquidity risk refers to the risk of unexpected losses (such as the disposal of assets abnormal pricing, the procurement of high interest rates, etc.) or insolvency due to inconsistency in funding periods between assets and liabilities or a sudden outflow of funds.

According to the Financial Holding Companies Act, the Company manages liquidity so that the total amount of assets with a residual maturity of less than one month in financial statements exceeds the total amount of liabilities with a residual maturity of less than one month as of the end of each month.

Contractual maturities for non-derivative financial liabilities as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | <br>**September 30, 2025** | <br>**September 30, 2025** | <br>**September 30, 2025** | <br>**September 30, 2025** | <br>**September 30, 2025** | <br>**September 30, 2025** | <br>**September 30, 2025** |
|  |  | **Less than 1 month** | **1 ~ 3** <br>**months** | **3 ~ 6**<br>**months** | **6 months** <br>**~ 1 year** | **1 ~ 5**<br>**years** | **More than** <br>**5 years** | **Total** |
| &nbsp;&nbsp;&nbsp;**Non-derivative**<br> **financial liabilities (\*)** |  |  |  |  |  |  |  |  |
| Borrowings | W | - | - | 10000  | - | - | - | 10000  |
| &nbsp;&nbsp;&nbsp;Debt securities issued |  | 252462  | 384369  | 1451209  | 1216422  | 7981840  | 149883  | 11436185  |
| &nbsp;&nbsp;&nbsp;Other financial liabilities |  | 86714  | 131  | 4815  | 155471  | 135932  | - | 383063  |
|  | W | 339176  | 384500  | 1466024  | 1371893  | 8117772  | 149883  | 11829248  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | **Less than 1 month** | **1 ~ 3 months** | **3 ~ 6**<br>**months** | **6 months** <br>**~ 1 year** | **1 ~ 5**<br>**years** | **More than** <br>**5 years** | **Total** |
| &nbsp;&nbsp;&nbsp;**Non-derivative**<br> **financial liabilities (\*)** |  |  |  |  |  |  |  |  |
| Borrowings | W | 10000 | 10000 | - | - | - | - | 20000 |
| &nbsp;&nbsp;&nbsp;Debt securities issued |  | 47194 | 1341073 | 824623 | 1108604 | 8046442 | 214183 | 11582119 |
| &nbsp;&nbsp;&nbsp;Other financial liabilities |  | 26469 | 7221 | 198009 | 16128  | 105779  | - | 353606 |
|  | W | 83663 | 1358294 | 1022632 | 1124732 | 8152221 | 214183 | 11955725 |

---

(\*) The amounts include both principal and interest cash flows of financial liabilities.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>4. Financial risk management (continued)</u>** 

**(d) Measurement for the fair value of financial instruments**

The fair values of financial instruments being traded in an active market are determined by the published market prices of each period end. The published market prices of financial instruments being held by the Company are based on the trading agencies' notifications. If the market for a financial instrument is not active, such as OTC (Over-The-Counter market) derivatives, fair value is determined either by using a valuation technique or independent third-party valuation service. The Company uses a variety of evaluation methods and makes rational assumptions based on market conditions existing at the end of each reporting period.

The fair value of financial instruments is determined using valuation techniques; such as, a method of using recent transactions between independent parties with reasonable judgement and willingness to trade, a method of referring to the current fair value of other financial instruments that are substantially identical, discounted cash flow model and option pricing models.

The Company classifies and discloses fair value of financial instruments into the following three-level hierarchy:

 Level 1: Financial instruments measured at quoted prices from active markets are classified as fair value level 1.

 Level 2: Financial instruments measured using valuation techniques where all significant inputs are observable market data are classified as level 2.

 Level 3: Financial instruments measured using valuation techniques where one or more significant inputs are not based on observable market data are classified as level 3.

*i) Financial instruments measured at fair value* 

*i-1) The fair value hierarchy of financial assets which are presented at their fair value in the statements of financial position as of September 30, 2025 and December 31, 2024 are as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Level 1** | **Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss | W | - | 2021893  | 1484117  | 3506010  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | **Level 1** | **Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss | W | - | 1069628 | 1483122 | 2552750 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>4. Financial risk management (continued)</u>** 

**(d) Measurement for the fair value of financial instruments (continued)**

*i) Financial instruments measured at fair value (continued)*

*i-2) Changes in level 3 of the fair value hierarchy*

- Changes in level 3 of the fair value hierarchy for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
|  |  | &nbsp;&nbsp;&nbsp;**Financial assets** |
|  |  | &nbsp;&nbsp;&nbsp;**at FVTPL** |
| &nbsp;&nbsp;Beginning balance | W | 1483122  |
| Recognized in profit or loss  |  | 995  |
| &nbsp;&nbsp;Purchases |  | 100000  |
| &nbsp;&nbsp;Settlement |  | (100000) |
| &nbsp;&nbsp;Ending balance | W | 1484117  |

---

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;**December 31, 2024** |
|  |  | &nbsp;&nbsp;&nbsp;**Financial assets** |
|  |  | &nbsp;&nbsp;&nbsp;**at FVTPL** |
| &nbsp;&nbsp;Beginning balance | W | 1,250,605 |
| Recognized in profit or loss  |  | 82,517 |
| &nbsp;&nbsp;Purchases |  | 150,000 |
| &nbsp;&nbsp;Ending balance | W | 1,483,122 |

---

*i-3) Valuation techniques and input variables unobservable in markets* 

*i-3-1) The valuation techniques and the fair value measurement input variables of financial instruments classified as level 2 as of September 30, 2025 and December 31, 2024 are as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Valuation techniques** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Book Value** | &nbsp;&nbsp;**Inputs** |
| &nbsp;&nbsp;**2025** | &nbsp;&nbsp;Financial assets at FVTPL  | &nbsp;&nbsp;Net asset valuation approach  | &nbsp;&nbsp;Beneficiary certificates  | &nbsp;&nbsp;2021893 | &nbsp;&nbsp;Prices of underlying assets such as bonds |
| &nbsp;&nbsp;**2024** | &nbsp;&nbsp;Financial assets at FVTPL  | &nbsp;&nbsp;Net asset valuation approach  | &nbsp;&nbsp;Beneficiary certificates  | &nbsp;&nbsp;1069628 | &nbsp;&nbsp;&nbsp;Prices of underlying assets such as bonds |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>4. Financial risk management (continued)</u>** 

**(d) Measurement for the fair value of financial instruments (continued)**

*i-3-2) Information about valuation techniques and significant unobservable inputs in measuring financial instruments categorized as level 3 as of September 30, 2025 and December 31, 2024 are as follows:*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | &nbsp;&nbsp;**Valuation**<br>**technique** | &nbsp;&nbsp;**Type of financial instrument** |  | &nbsp;&nbsp;**Book value** | &nbsp;&nbsp;**Significant**<br>**unobservable**<br>**input** | **Range of estimates for unobservable input** |
|  | &nbsp;&nbsp;**Valuation**<br>**technique** | &nbsp;&nbsp;**Type of financial instrument** |  | &nbsp;&nbsp;**Book value** | &nbsp;&nbsp;**Significant**<br>**unobservable**<br>**input** | **Range of estimates for unobservable input** |
|  | &nbsp;&nbsp;**Valuation**<br>**technique** | &nbsp;&nbsp;**Type of financial instrument** |  | &nbsp;&nbsp;**Book value** | &nbsp;&nbsp;**Significant**<br>**unobservable**<br>**input** | **Range of estimates for unobservable input** |
| **Financial assets** | **Financial assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial assets<br>at FVTPL | Option model (\*) | &nbsp;&nbsp;Hybrid bonds | &nbsp;&nbsp;W | 1484117 | &nbsp;&nbsp;Volatility of<br>interest rate | &nbsp;&nbsp;0.45%~0.88% |

---

(\*) It is calculated by applying the Hull-White model method.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | &nbsp;&nbsp;**Valuation**<br>**technique** | &nbsp;&nbsp;**Type of financial instrument** |  | &nbsp;&nbsp;**Book value** | &nbsp;&nbsp;**Significant**<br>**unobservable**<br>**input** | **Range of estimates for unobservable input** |
|  | &nbsp;&nbsp;**Valuation**<br>**technique** | &nbsp;&nbsp;**Type of financial instrument** |  | &nbsp;&nbsp;**Book value** | &nbsp;&nbsp;**Significant**<br>**unobservable**<br>**input** | **Range of estimates for unobservable input** |
|  | &nbsp;&nbsp;**Valuation**<br>**technique** | &nbsp;&nbsp;**Type of financial instrument** |  | &nbsp;&nbsp;**Book value** | &nbsp;&nbsp;**Significant**<br>**unobservable**<br>**input** | **Range of estimates for unobservable input** |
| **Financial assets** | **Financial assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial assets<br>at FVTPL | Option model (\*) | &nbsp;&nbsp;Hybrid bonds | &nbsp;&nbsp;W | 1483122 | &nbsp;&nbsp;Volatility of<br>interest rate | &nbsp;&nbsp;0.47%~1.13% |

---

(\*) It is calculated by applying the Hull-White model method.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>4. Financial risk management (continued)</u>**

**(d) Measurement for the fair value of financial instruments (continued)**

*i) Financial instruments measured at fair value (continued)*

*i-4) Sensitivity to changes in unobservable inputs*

- For level 3 fair value measurement, changing one or more of the unobservable inputs used to reasonably possible alternative assumptions would have the following effect on profit (loss), and other comprehensive income (loss) as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** |
| **Type of financial instrument** | **Type of financial instrument** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Profit (loss) for the year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Profit (loss) for the year** |
| **Type of financial instrument** | **Type of financial instrument** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Favorable**<br>**change** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Unfavorable**<br>**change** |
| &nbsp;&nbsp;Financial assets at FVTPL (\*)  | Financial assets<br>at FVTPL | W | 262 | (284) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** |
| **Type of financial instrument** | **Type of financial instrument** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Profit (loss) for the year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Profit (loss) for the year** |
| **Type of financial instrument** | **Type of financial instrument** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Favorable**<br>**change** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Unfavorable**<br>**change** |
| &nbsp;&nbsp;&nbsp;Financial assets at FVTPL (\*)  | Financial assets<br>at FVTPL | W | 493  | (524) |

---

(\*) A sensitivity analysis was performed by increasing or decreasing the volatility of interest rates, which is a major unobservable input, by 10% in the fair value measurement.

*ii) The financial instruments measured at amortized cost*

*ii-1) The methods of measuring the fair value of financial instruments measured at amortized cost are as follows:*

---

| | |
|:---|:---|
| **Type** | **Measurement methods of fair value** |
| Due from banks | The carrying amount and the fair value for cash are identical and most deposits are either floating interest rate deposits or next-day deposits of short-term instruments. For this reason, the carrying value approximates fair value. |
| Loans | The fair value of the loans is measured by discounting the expected cash flow at the market interest rate and credit risk of the borrower, etc. |
| &nbsp;&nbsp;Borrowings and debt securities issued | The fair value of borrowings and debt securities issued is based on the published price quotations in an active market. In case there is no data for an active market price, it is measured by discounting the contractual cash flow at the market interest rate that reflects the residual risk. |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>4. Financial risk management (continued)</u>**

**(d) Measurement for the fair value of financial instruments (continued)**

*ii) The financial instruments measured at amortized cost (continued)*

*ii-2) The carrying value and fair value of the financial instruments measured at amortized cost as of September 30, 2025 and December 31, 2024 are as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying value** | **Fair value** | **Carrying value** | **Fair value** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;Due from banks at amortized cost | W | 337663  | 337663  | 151143 | 151143 |
| &nbsp;&nbsp;Loans at amortized cost |  | 3028215  | 3200625  | 3837298 | 3814558 |
| &nbsp;&nbsp;Other financial assets at amortized cost |  | 807757  | 807757  | 488756 | 488756 |
|  | W | 4173635  | 4346045  | 4477197 | 4454457 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;Borrowings | W | 9899  | 9914  | 19914 | 19922 |
| &nbsp;&nbsp;Debt securities issued |  | 10517579  | 10625840  | 10731336 | 10761924 |
| &nbsp;&nbsp;Other financial liabilities |  | 429494  | 429494  | 418727 | 418727 |
|  | W | 10956972  | 11065248  | 11169977 | 11200573 |

---

*ii-3) The fair value hierarchy of financial assets and liabilities which are not measured at their fair values in the statements of financial position but disclosed with their fair values as of September 30, 2025 and December 31, 2024 are as follows:* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Level 1** | **Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | **Total** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from banks at amortized cost | W | 337660  | 3  | - | 337663  |
| &nbsp;&nbsp;Loans at amortized cost |  | - | - | 3200625  | 3200625  |
| &nbsp;&nbsp;Other financial assets at amortized cost |  | - | - | 807757  | 807757  |
|  | W | 337660  | 3  | 4008382  | 4346045  |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;Borrowings | W | - | 9914  | - | 9914  |
| &nbsp;&nbsp;Debt securities issued |  | - | 10625840  | - | 10625840  |
| &nbsp;&nbsp;Other financial liabilities |  | - | - | 429494  | 429494  |
|  | W | - | 10635754  | 429494  | 11065248  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | **Level 1** | **Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | **Total** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from banks at amortized cost | W | 151140 | 3  | - | 151143 |
| &nbsp;&nbsp;Loans at amortized cost |  | - | - | 3814558 | 3814558 |
| &nbsp;&nbsp;Other financial assets |  | - | - | 488756 | 488756 |
|  | W | 151140 | 3  | 4303314 | 4454457 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;Borrowings | W | - | 19922 | - | 19922 |
| &nbsp;&nbsp;Debt securities issued |  | - | 10761924 | - | 10761924 |
| &nbsp;&nbsp;Other financial liabilities |  | - | - | 418727 | 418727 |
|  | W | - | 10781846 | 418727 | 11200573 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>4. Financial risk management (continued)</u>**

**(d) Measurement for the fair value of financial instruments (continued)**

*ii) The financial instruments measured at amortized cost (continued)*

*ii-4) Information on valuation technique and inputs used as of September 30, 2025 and December 31, 2024 in measuring financial instruments not measured at fair value classified as level 2 or 3 is as follows:*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Valuation technique** |  | **Fair value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Inputs** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from banks at amortized cost | - | W | 3  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans at amortized cost | DCF |  | 3200625  | Discount rate |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets at amortized cost | DCF |  | 807757  | Discount rate |
|  |  | W | 4008385  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings | DCF | W | 9914  | Discount rate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued | DCF |  | 10625840  | Discount rate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities | DCF |  | 429494  | Discount rate |
|  |  | W | 11065248  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Valuation technique** |  | **Fair value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Inputs** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from banks at amortized cost | - | W | 3  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans at amortized cost | DCF |  | 3814558 | Discount rate |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | DCF |  | 488756 | Discount rate |
|  |  | W | 4303317 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings | DCF | W | 19922 | Discount rate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued | DCF |  | 10761924 | Discount rate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities | DCF |  | 418727 | Discount rate |
|  |  | W | 11200573 |  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>4. Financial risk management (continued)</u>**

**(e) Classification by categories of financial instruments**

Financial assets and liabilities are measured at fair value or amortized cost. The carrying amounts of each category of financial assets and financial liabilities as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Financial assets at fair value through profit or loss** | **Financial assets**<br>**at amortized cost** | **Financial liabilities** <br>**at amortized cost** |
| &nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks at amortized cost | W | - | 337663  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss |  | 3506010  | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans at amortized cost |  | - | 3028215  | - |
| &nbsp;&nbsp;Other financial assets |  | - | 807757  | - |
|  | W | 3506010  | 4173635  | - |
| &nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings | W | - | - | 9899  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued |  | - | - | 10517579  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities |  | - | - | 429494  |
|  | W | - | - | 10956972  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | **Financial assets at fair value through profit or loss** | **Financial assets at amortized cost** | **Financial liabilities at amortized cost** |
| &nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks at amortized cost | W | - | 151143  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss |  | 2552750 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans at amortized cost |  | - | 3837298 | - |
| &nbsp;&nbsp;Other financial assets |  | - | 488756 | - |
|  | W | 2552750 | 4477197 | - |
| &nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings | W | - | - | 19914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued |  | - | - | 10731336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities |  | - | - | 418727 |
|  | W | - | - | 11169977 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>5. Restricted due from banks</u>**

Guaranteed deposits on bank accounts that are subject to restriction according to the Banking Act and other related enforcement decree as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **December 31, 2024** |
| Margin deposit for current account | W | 3 | 3 |

---

**<u>6. Financial assets at fair value through profit or loss</u>**

Financial assets at fair value through profit or loss as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30,** <br>**2025** | **December 31, 2024** |
| Beneficiary certificates |  |  |  |
| Beneficiary certificates in Korean won | W | 1282712  | 1023281 |
| Beneficiary certificates in foreign currency |  | 739181  | 46347 |
|  |  | 2021893  | 1069628 |
| Hybrid Bonds |  |  |  |
| &nbsp;&nbsp;Hybrid Bonds in Korean won |  | 1115869  | 1114676 |
| &nbsp;&nbsp;Hybrid Bonds in foreign currency |  | 368248  | 368446 |
|  |  | 1484117  | 1483122 |
|  | W | 3506010  | 2552750 |

---

**<u>7. Loans at amortized cost</u>** 

(a) Loans at amortized cost as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **December 31, 2024** |
| Corporate loans | W | 3029481  | 3838903 |
| Less: allowance |  | (1266) | (1605) |
|  | W | 3028215  | 3837298 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>7. Loans at amortized cost (continued)</u>**

(b) Changes in financial assets at amortized cost and other assets for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Loans at amortized cost** | **Loans at amortized cost** | **Loans at amortized cost** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** |  |
|  |  | **12-month expected credit losses** | **Lifetime expected credit losses** | **Impaired financial asset** | **12-month expected credit losses** | **Lifetime expected credit losses** | **Impaired financial asset** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;W | 3838903  | - | - | 640160  | - | - | 4479063  |
| &nbsp;&nbsp;&nbsp;Transfer to 12-month expected credit losses |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer to lifetime expected credit losses |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer to impaired financial asset |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Origination |  | 1366004  | - | - | - | - | - | 1366004  |
| &nbsp;&nbsp;&nbsp;Collection |  | (2170890) | - | - | - | - | - | (2170890) |
| &nbsp;&nbsp;&nbsp;Others (\*) |  | (4536) | - | - | 505728  | - | - | 501192  |
| &nbsp;&nbsp;&nbsp;Ending balance | W | 3029481  | - | - | 1145888  | - | - | 4175369  |

---

(\*) Other changes are due to dividends receivables from subsidiaries, consolidation tax receivables, accrued income, changes in foreign exchange rate, etc.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | **Loans at amortized cost** | **Loans at amortized cost** | **Loans at amortized cost** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** |  |
|  |  | **12-month**<br> **expected credit**<br> **losses** | **Lifetime expected credit losses** | **Impaired financial asset** | **12-month expected credit losses** | **Lifetime expected credit losses** | **Impaired financial asset** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;W | 4052900 | - | - | 507378 | - | - | 4560278 |
| &nbsp;&nbsp;&nbsp;Transfer to 12-month expected credit losses |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer to lifetime expected credit losses |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer to impaired financial asset |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Origination |  | 180000 | - | - | - | - | - | 180000 |
| &nbsp;&nbsp;&nbsp;Collection |  | (615000) | - | - | - | - | - | (615000) |
| &nbsp;&nbsp;&nbsp;Others (\*) |  | 221003 | - | - | 132782 | - | - | 353785 |
| &nbsp;&nbsp;&nbsp;Ending balance | W | 3838903 | - | - | 640160 | - | - | 4479063 |

---

(\*) Other changes are due to dividends receivables from subsidiaries, consolidation tax receivables, accrued income, changes in foreign exchange rate, etc.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>7. Loans at amortized cost (continued)</u>**

(c) Changes in credit loss allowance of financial assets at amortized cost and other assets for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** |  |
|  |  | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected credit losses** | &nbsp;&nbsp;**Impaired financial asset** | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected credit losses** | **Impaired financial asset** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning allowance | &nbsp;&nbsp;&nbsp;&nbsp;W | 1605  | - | - | 261  | - | - | 1866  |
| &nbsp;&nbsp;&nbsp;Transfer to 12-month expected credit losses |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer to lifetime expected credit losses |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer to impaired financial asset |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Provision (reversal) |  | (339) | - | - | 207  | - | - | (132) |
| &nbsp;&nbsp;&nbsp;Ending allowance | W | 1266  | - | - | 468  | - | - | 1734  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** |  |
|  |  | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected credit losses** | &nbsp;&nbsp;**Impaired financial asset** | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected credit losses** | **Impaired financial asset** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning allowance | &nbsp;&nbsp;&nbsp;&nbsp;W | 1896 | - | - | 185  | - | - | 2081 |
| &nbsp;&nbsp;&nbsp;Transfer to 12-month expected credit losses |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer to lifetime expected credit losses |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer to impaired financial asset |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Provision (reversal) |  | (291) | - | - | 76 | - | - | (215) |
| &nbsp;&nbsp;&nbsp;Ending allowance | W | 1605 | - | - | 261 | - | - | 1866 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>8. Investments in subsidiaries</u>**

Investments in subsidiaries as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Investees** | &nbsp;&nbsp;**Ownership**<br>**percentage**<br>**(%)** |  | **Carrying**<br> **value** | &nbsp;&nbsp;**Ownership**<br>**percentage**<br>**(%)** |  | **Carrying** <br>**value**  |
| Shinhan Bank | 100.0  |  | 13617579  | 100.0  |  | 13617579  |
| Shinhan Card Co., Ltd. | 100.0  |  | 7919672  | 100.0  |  | 7919672  |
| Shinhan Securities Co., Ltd. | 100.0  |  | 3001420  | 100.0  |  | 3001420  |
| Shinhan Life Insurance Co., Ltd.  | 100.0  |  | 4204526  | 100.0  |  | 4204533  |
| &nbsp;&nbsp;&nbsp;Shinhan Capital Co., Ltd. | 100.0  |  | 558921  | 100.0  |  | 558921  |
| Shinhan Asset Management Co., Ltd. | 100.0  |  | 326206  | 100.0  |  | 326206  |
| &nbsp;&nbsp;&nbsp;Jeju Bank (\*1) | 64.0  |  | 179643  | 75.3  |  | 179643  |
| &nbsp;&nbsp;&nbsp;Shinhan Savings Bank | 100.0  |  | 157065  | 100.0  |  | 157065  |
| Shinhan Asset Trust Co., Ltd. | 100.0  |  | 364789  | 100.0  |  | 364789  |
| Shinhan DS | 100.0  |  | 23026  | 100.0  |  | 23026  |
| Shinhan Fund Partners Co., Ltd. | 99.8  |  | 50092  | 99.8  |  | 50092  |
| &nbsp;&nbsp;Shinhan REITs Management Co., Ltd. | 100.0  |  | 30000  | 100.0  |  | 30000  |
| &nbsp;&nbsp;Shinhan Venture Investment Co., Ltd. | 100.0  |  | 75840  | 100.0  |  | 75840  |
| &nbsp;&nbsp;Shinhan EZ General Insurance Co., Ltd. (\*2) | 91.7  |  | 206271  | 85.1  |  | 106210  |
| &nbsp;&nbsp;SHC Management Co., Ltd. | 100.0  |  | 8655  | 100.0  |  | 8655  |
|  |  | W | 30723705 |  | W | 30623651 |

---

(\*1) The decrease in ownership interest during the current interim period was due to a third-party share issuance amounting to W 57,010 million (5,669,783 shares), in which the Company did not participate.

(\*2) The Company participated in a common share issuance amounting to W 100,000 million (16,983,695 shares) during the current interim period.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>9. Borrowings</u>**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lender** | **Period** | **Interest**<br>**rate (%)** | **Amount** | **Interest**<br>**rate (%)** |  | **Amount** |
| Borrowings<br>in Korean won | &nbsp;&nbsp;DB Financial Investment Co., LTD. | &nbsp;&nbsp;&nbsp;2024.02.01<br>~2025.01.30 | 3.71 | - | 3.71 |  | 9969  |
| Borrowings<br>in Korean won |  | &nbsp;&nbsp;&nbsp;2025.01.31<br>~2026.01.30 | 3.01 | 9899 | - |  | - |
| Borrowings<br>in Korean won | &nbsp;&nbsp;Kyobo Securities Co., Ltd | 2024.10.11<br>~2025.02.26 | 3.54 | - | 3.54 |  | 9945  |
|  |  |  |  | 9899 |  | W | 19914 |

---

**<u>10. Debt securities issued</u>**

Debt securities issued as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Interest**<br>**rate (%)** |  | **Amount** | **Interest**<br>**rate (%)** |  | **Amount** |
| Debt securities issued in Korean won: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued | 1.40 ~ 6.17 | W | 8430000  | 1.40 ~ 6.17 | W | 8540000  |
| &nbsp;&nbsp;&nbsp;&nbsp;Discount |  |  | (6740) |  |  | (6551) |
|  |  |  | 8423260  |  |  | 8533449  |
| Debt securities issued in foreign currency: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued | 1.37 ~ 5.06 |  | 2103300  | 1.37 ~ 5.06 |  | 1470000  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debt securities issued | - |  | - | 3.34 |  | 735000  |
| &nbsp;&nbsp;&nbsp;&nbsp;Discount |  |  | (8981) |  |  | (7113) |
|  |  |  | 2094319  |  |  | 2197887  |
|  |  | W | 10517579  |  | W | 10731336  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>11. Defined benefit assets and liabilities</u>**

(a) Defined benefit obligations and plan assets as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **December 31, 2024** |
| Present value of defined benefit obligations | W | 30600  | 23895 |
| Fair value of plan assets |  | (28223) | (29517) |
| Recognized liabilities (assets) for defined benefit obligations | W | 2377  | (5622) |

---

(b) Net income relating to defined benefit liabilities (assets) for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  |  | **Three-**<br>**month** | **Nine-**<br>**month** | **Three-**<br>**month** | **Nine-**<br>**month** |
| Current service costs | W | 521  | 1565  | 442  | 1326  |
| Net interest income (expense)  |  | (60) | (181) | (88) | (265) |
|  | W | 461  | 1384  | 354  | 1061  |

---

(\*) Profit or loss arising from defined benefit plans is included in general and administrative expenses.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won, except per share data)

**<u>12. Equity</u>**

(a) Equity as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **December 31, 2024** |
| Capital stock (\*1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | W | 2695586  | 2695586  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock |  | 274055  | 274055  |
|  |  | 2969641  | 2969641  |
| Hybrid bonds |  | 4749837 | 4600121 |
| Capital surplus |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share premium |  | 11350744 | 11350744  |
| Capital adjustments |  | (311285) | (296024) |
| Accumulated other comprehensive loss |  | (11375) | (9307) |
| Retained earnings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal reserve (\*2) |  | 2969641  | 2865461  |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory reserve for loan losses |  | 20462  | 20656  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other legal reserves |  | 2000  | 2000  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unappropriated retained earnings |  | 5304417  | 4844883  |
|  |  | 8296520  | 7733000  |
|  | W | 27044082  | 26348175  |

---

(\*1) Due to the retirement of earned surplus reserve, the capital is different from the total face value of the issued stock.

(\*2) Legal reserve is restricted for the dividend to stockholders by law or legislation. According to the article 53 of the Financial Holding Companies Act, the Company is required to appropriate a legal reserve in an amount equal to at least 10% of cash dividends for each accounting period until the reserve equals 100% of stated capital. The legal reserve may only be used to reduce a deficit or to transfer capital.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won, except per share data)

**<u>12. Equity (continued)</u>**

(b) Hybrid bonds

Hybrid bonds classified as other equity instruments as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issue date** | **Issue date** | **Maturity date** | **Interest rate (%)** |  | &nbsp;&nbsp;&nbsp;**September 30, 2025** | **December 31, 2024** |
| Hybrid bonds in KRW | June 25, 2015 | June 25, 2045 | 4.38 |  | - | 199455  |
| Hybrid bonds in KRW | September 15, 2017 | Perpetual bond | 4.25 |  | 89783  | 89783  |
| Hybrid bonds in KRW | April 13, 2018 | Perpetual bond | 4.56 |  | 14955  | 14955  |
| Hybrid bonds in KRW | September 17, 2020 | Perpetual bond | 3.12 |  | - | 448699  |
| Hybrid bonds in KRW | March 16, 2021 | Perpetual bond | 2.94 |  | 429009  | 429009  |
| Hybrid bonds in KRW | March 16, 2021 | Perpetual bond | 3.30 |  | 169581  | 169581  |
| Hybrid bonds in KRW | January 25, 2022 | Perpetual bond | 3.90 |  | 560438  | 560438  |
| Hybrid bonds in KRW | January 25, 2022 | Perpetual bond | 4.00 |  | 37853  | 37853  |
| Hybrid bonds in KRW | August 26, 2022 | Perpetual bond | 4.93 |  | 343026  | 343026  |
| Hybrid bonds in KRW | August 26, 2022 | Perpetual bond | 5.15 |  | 55803  | 55803  |
| Hybrid bonds in KRW | January 30, 2023 | Perpetual bond | 5.14 |  | 398831  | 398831  |
| Hybrid bonds in KRW | July 13, 2023 | Perpetual bond | 5.40 |  | 498815  | 498815  |
| Hybrid bonds in KRW | January 31, 2024 | Perpetual bond | 4.49 |  | 398833  | 398833 |
| Hybrid bonds in KRW | September 12, 2024 | Perpetual bond | 4.00 |  | 399033  | 399033 |
| Hybrid bonds in KRW | February 13, 2025 | Perpetual bond | 3.90 |  | 398835  | - |
| Hybrid bonds in KRW | September 9, 2025 | Perpetual bond | 3.26 |  | 399035  | - |
| Hybrid bonds in USD | May 12, 2021 | Perpetual bond | 2.88 |  | 556007  | 556007 |
|  |  |  |  | W | 4749837  | 4600121 |

---

(\*) For the nine-month period ended September 30, 2025, the deduction for capital related to hybrid bond issued is W 2,131 million.

The Company can make early redemption for the above bonds, after 5 or 10 years from the issue date; and has the rights to extend the maturity under the same condition.

(c) Capital adjustments

*i) Changes in accumulated capital adjustments for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:*

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won, except per share data)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | (296024) | (148464) |
| &nbsp;&nbsp;Disposal of retained earnings |  | 524  | 102667 |
| &nbsp;&nbsp;Redemption of hybrid bonds |  | (1846) | (524) |
| &nbsp;&nbsp;Acquisition of treasury stock |  | (913939) | &nbsp;&nbsp;&nbsp;(700300) |
| &nbsp;&nbsp;Disposal of treasury stock |  | - | &nbsp;&nbsp;&nbsp;297 |
| &nbsp;&nbsp;Retirement of treasury stock |  | 900000  | 450300 |
| &nbsp;&nbsp;Ending balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | (311285) | (296024)  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won, except per share data)

**<u>12. Equity (continued)</u>**

(c) Capital adjustments (continued)

*ii) Changes in treasury stocks for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | &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;**September 30, 2025** | &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;**September 30, 2025** | &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;**September 30, 2025** | &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;**September 30, 2025** |
|  |  | **Beginning balance** | **Acquisition** | **Disposal** | **Retirement (\*)** | **Ending balance** |
| The number of shares |  | 4585561  | 17264831  | - | (17950391) | 3900001  |
| Book value | W | 250000  | 913939  | - | (900000) | 263939  |

---

(\*) For the nine-month period ended September 30, 2025, the Company acquired treasury stocks for retirement and completed the retirement of 7,603,260 shares and 10,347,131 shares on April 29, 2025 and June 26, 2025, respectively.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | &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;**December 31, 2024** | &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;**December 31, 2024** | &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;**December 31, 2024** | &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;**December 31, 2024** |
|  |  | **Beginning balance** | **Acquisition** | **Disposal** | **Retirement** (\*) | **Ending balance** |
| The number of shares |  | 6352 | 13899708 | (6353) | (9314146) | 4585561 |
| Book value | W | 227 | 700300 | (227) | (450300) | 250000 |

---

(\*) For the year ended December 31, 2024, the Company acquired treasury stocks for retirement and completed the retirement of 3,366,257 shares and 5,947,889 shares on March 22, 2024 and November 1, 2024, respectively.

(d) Changes in accumulated other comprehensive loss for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **December 31, 2024** |
| Beginning balance | W | (9307) | (6642) |
| Remeasurement of the defined benefit liabilities (assets) |  | (2810) | (3621) |
| Tax effect |  | 742 | 956 |
| Ending balance | W | (11375) | (9307) |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won, except per share data)

**<u>12. Equity (continued)</u>**

(e) Regulatory reserve for loan losses

In accordance with Supervisory Regulations on Financial Holding Companies (the "Regulations"), the Company reserves the difference between allowance for credit losses under K-IFRS and that as required by the Regulations at the account of regulatory reserve for loan losses.

*i) Changes in regulatory reserve for loan losses as of September 30, 2025 and December 31, 2024 are as follows*

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **December 31, 2024** |
| Beginning balance | W | 20462  | 20656  |
| Planned regulatory reserve for loan losses |  | (1427) | (194) |
| Ending balance | W | 19035 | 20462  |

---

*ii) Profit for the period and earnings per share after adjusted for regulatory reserve for the nine-month periods ended September 30, 2025 and 2024 are as follows:*

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2024** |
| Profit for the period | W | 2430160  | 1597981  |
| Provision for regulatory reserve for loan losses |  | 1427  | 281  |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit for the period adjusted for regulatory reserve | W | 2431587  | 1598262  |
| &nbsp;&nbsp;Basic and diluted earnings per share in won factoring in regulatory reserve (\*) | W | 4679 | 2902  |

---

(\*) Dividends for hybrid bonds are deducted.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>13. Net interest expense</u>**

Net interest expense for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  |  | **Three-**<br>**month** | **Nine-**<br>**month** | **Three-**<br>**month** | **Nine-**<br>**month** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks at amortized cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 1791  | 4660  | 455  | 1986  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans at amortized cost |  | 21784  | 59840  | 23278  | 71911  |
| &nbsp;&nbsp;&nbsp;&nbsp;Others |  | 156  | 457  | 112  | 770  |
|  |  | 23731  | 64957  | 23845  | 74667  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings  |  | (76) | (376) | (184) | (3260) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued  |  | (84901) | (247938) | (83971) | (245685) |
| &nbsp;&nbsp;&nbsp;&nbsp;Others |  | (8) | (25) | (14) | (53) |
|  |  | (84985) | (248339) | (84169) | (248998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest expense | W | (61254) | (183382) | (60324) | (174331) |

---

**<u>14. Net fees and commission income</u>**

Net fees and commission income for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  |  | **Three-**<br>**month** | **Nine-**<br>**month** | **Three-**<br>**month** | **Nine-**<br>**month** |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 17759  | 53278  | 17760  | 53279  |
| &nbsp;&nbsp;&nbsp;&nbsp;Others |  | 1  | 1  | 3  | 12  |
|  |  | 17760  | 53279  | 17763  | 53291  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Others |  | (118) | (698) | (337) | (530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Fees and commission income: | W | 17642  | 52581  | 17426  | 52761  |

---

**<u>15. Dividend income</u>**

Dividends income for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  |  | **Three-**<br>**month** | **Nine-**<br>**month** | **Three-**<br>**month** | **Nine-**<br>**month** |
| Dividends from subsidiaries | W | - | 2545456  | -  | 1821424  |
| Dividends from hybrid bonds |  | 14638  | 43853  | 14018  | 40036  |
|  | W | 14638  | 2589309  | 14018  | 1861460  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>16. Provision for (reversal of) credit loss allowance</u>**

Provision for (reversal of) credit loss allowance for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  |  | **Three-**<br>**month** | **Nine-**<br>**month** | **Three-**<br>**month** | **Nine-**<br>**month** |
| Provision for (reversal of) credit loss allowance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 236 | (132) | (29) | 6 |

---

**<u>17. General and administrative expenses</u>**

General and administrative expenses for the nine-month periods ended September 30, 2025 and 202 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  |  | **Three-month**  | **Nine-month** | **Three-month**  | **Nine-month** |
| Salaries: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salary expenses and bonuses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 14568  | 40623  | 13398  | 35820  |
| &nbsp;&nbsp;&nbsp;Severance benefits |  | 461  | 1384  | 354  | 1061  |
| Rent |  | 387  | 1493  | 511  | 1445  |
| Lease |  | 998  | 1061  | 407  | 531  |
| Entertainment |  | 488  | 1328  | 465  | 1371  |
| Depreciation |  | 828  | 2494  | 1127  | 3374  |
| Amortization |  | 264  | 708  | 167  | 443  |
| Taxes and dues |  | 170  | 707  | 142  | 618  |
| Advertising |  | 15138  | 37081  | 13551  | 40746  |
| Others |  | 6093  | 20568  | 7536  | 20582  |
|  | W | 39395  | 107447  | 37658  | 105991  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won, except per share data)

**<u>18. Share-based payments</u>**

(a) Performance shares granted as of September 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Expired** | **Not expired** |
| Type | Cash-settled share-based payment | Cash-settled share-based payment |
| Performance conditions  | Relative stock price linked (20.0%), management index (80.0%) | Relative stock price linked (20.0%), management index (80.0%) |
| Exercising period | 4 years from the commencement date of the year to which the grant date belongs | 4 years from the commencement date of the year to which the grant date belongs |
| Estimated number of shares vested at September 30, 2025 | 193735 | 2599317 |
| Fair value per share in Korean won (\*)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W 33,122, W 37,387, <br>W 37,081, W 38,156 and<br>W 50,444 for the expiration of the exercising period from 2020 to 2024 | W 70,800 |

---

(\*) Based on performance-based stock compensation, the reference stock price (the arithmetic average of the weighted average share price of transaction volume for the past two months, the previous one month, and the past one week) of four years after the commencement of the grant year is paid in cash, and the fair value of the reference stock to be paid in the future is assessed as the closing price of the settlement.

(b) Share-based compensation costs

Based on the share-based payment arrangements held by the Company, the share-based compensation costs for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Employees of** | **Employees of** |  |
|  |  | **Shinhan Financial**<br>**Group** | **Subsidiaries** | **Total** |
| Performance shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 8149 | 69470 | 77619 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
|  |  | **Employees of** | **Employees of** |  |
|  |  | **Shinhan Financial**<br>**Group** | **Subsidiaries** | **Total** |
| Performance shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 6807 | 55655 | 62462 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won, except per share data)

**<u>18. Share-based payments (continued)</u>**

(c) Share-based compensation payable

In accordance with the share-based compensation agreements by the Company, the share-based compensation payable as of September 30, 2025 and December 31, 2024 are as follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Accrued expense**  | **Accrued expense**  |  |
|  |  | **Shinhan Financial**<br>**Group** | **Subsidiaries (\*)** | **Total** |
| Performance shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 19707 | 171825 | 191532 |

---

(\*) As of September 30, 2025, the Company recognizes W 171,825 million to be preserved from the subsidiary as the amount to be paid to the executives and employees of the subsidiary.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | **Accrued expense** | **Accrued expense** |  |
|  |  | **Shinhan Financial**<br>**Group** | **Subsidiaries (\*)** | **Total** |
| Performance shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 16396 | 135356 | 151752 |

---

(\*) As of December 31, 2024, the Company recognizes W 135,356 million to be preserved from the subsidiary as the amount to be paid to the executives and employees of the subsidiary.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won, except per share data)

**<u>19. Income taxes</u>**

Income tax expense for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  |  | **Three-**<br>**month** | **Nine-**<br>**month**  | **Three-**<br>**month**  | **Nine-**<br>**month** |
| &nbsp;&nbsp;&nbsp;Current income tax expense (\*) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | - | 936  | 3 | - |
| &nbsp;&nbsp;&nbsp;Temporary differences (\*) |  | (25665) | (27331) | 5580 | 7811 |
| &nbsp;&nbsp;&nbsp;Income tax recognized directly in equity |  | - | 742  | - | 551 |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | (25665) | (25653) | 5583 | 8362 |

---

(\*) Due to the application of the Global Minimum Corporate Tax, the income tax expense recognized for the current interim period is W 936 million. The Company does not recognize deferred tax assets and liabilities associated with the Global Minimum Corporate Tax Act by applying the temporary exception to deferred tax in K-IFRS No. 1012.

**<u>20. Earnings per share</u>**

Basic and diluted earnings per share for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  |  | **Three-**<br>**month** | **Nine-**<br>**month**  | **Three-**<br>**month**  | **Nine-**<br>**month** |
| &nbsp;&nbsp;&nbsp;Net profit (loss) for the period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | (21410) | 2430160  | (138900) | 1597981  |
| &nbsp;&nbsp;&nbsp;Less:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends to hybrid bonds |  | (44300) | (143433) | (38591) | (124397) |
| &nbsp;&nbsp;&nbsp;Net profit (loss) available for common stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | (65710) | 2286727  | (177491) | 1473584  |
| &nbsp;&nbsp;&nbsp;Weighted average number of common stocks outstanding (\*1), (\*2) |  | 484176455 | 489018087 | 503986567 | 507942592 |
| &nbsp;&nbsp;&nbsp;Basic and diluted earnings (loss) per share in Korean won | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | (136) | 4676 | (352) | 2901 |

---

(\*1) The number of common shares issued by the Company is 485,494,934 shares as of the end of September 30, 2025. The above weighted average number of outstanding common shares is calculated by including treasury stocks that are acquired and retired during the current and previous interim periods.

(\*2) The redeemable convertible preferred shares previously issued by the Company were fully redeemed with profits during the prior period. As a result, while preferred share capital remains, there are no outstanding preferred shares as of the end of the period.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>21. Operating income</u>**

Operating income for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  |  | **Three-**<br>**month** | **Nine-**<br>**month** | **Three-**<br>**month** | **Nine-**<br>**month**  |
| &nbsp;&nbsp;&nbsp;Dividend income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 14638  | 2589309  | 14018  | 1861460  |
| &nbsp;&nbsp;&nbsp;Fees and commission income |  | 17760  | 53279  | 17763  | 53291  |
| &nbsp;&nbsp;&nbsp;Interest income |  | 23731  | 64957  | 23845  | 74667  |
| &nbsp;&nbsp;&nbsp;Gain on financial instruments at FVTPL |  | 26139  | 62361  | 27881  | 72064  |
| &nbsp;&nbsp;&nbsp;Gain on foreign currency transaction |  | (25398) | 89673  | (102798) | 46817  |
| &nbsp;&nbsp;&nbsp;Reversal of (provision for) credit loss allowance |  | (236) | 132  | -  | -  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 56634  | 2859711  | (19291) | 2108299  |

---

**<u>22. Commitments and contingencies</u>**

(a) The commitments with financial institutions as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial institutions |  | **Borrowing Limit** | **Balance after Execution** | **Borrowing Limit** | **Balance after Execution** |
| &nbsp;&nbsp;Borrowing agreement <br>in Korean won | &nbsp;&nbsp;Korea Development Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 100000 | - | 100000  | - |
| &nbsp;&nbsp;Borrowing agreement <br>in Korean won | &nbsp;&nbsp;Kookmin Bank |  | 200000 | - | 200000  | - |
| &nbsp;&nbsp;Borrowing agreement <br>in Korean won | &nbsp;&nbsp;Hana Bank |  | 200000 | - | 200000  | - |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 500000  | - | 500000  | - |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>23. Statement of cash flows</u>**

(a) Cash and cash equivalents in the separate statements of cash flows as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;Due from financial institutions with a maturity less than three months from date of acquisition | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 337,801 | 151,203 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Borrowings** | **Debentures** | **Lease liabilities** | **Total** |
| &nbsp;&nbsp;**Balance at January 1, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 19914  | 10731336  | 843  | 10752093  |
| &nbsp;&nbsp;&nbsp;Changes from cash flows |  | (10300) | (166038) | (538) | (176876) |
| &nbsp;&nbsp;&nbsp;Changes from non-cash flows: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of discount on debentures |  | 285  | 4999  | 25  | 5309  |
| &nbsp;&nbsp;&nbsp;Foreign currency difference |  | - | (54991) | - | (54991) |
| Other changes |  | - | 2273  | 650  | 2923  |
| &nbsp;&nbsp;**Balance at September 30, 2025** | W | 9899  | 10517579  | 980  | 10528458  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
|  |  | **Borrowings** | **Debentures** | **Lease liabilities** | **Total** |
| &nbsp;&nbsp;**Balance at January 1, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 223722 | 10389276 | 1933 | 10614931 |
| &nbsp;&nbsp;&nbsp;Changes from cash flows |  | (205550) | 87440 | (1202) | (119312) |
| &nbsp;&nbsp;&nbsp;Changes from non-cash flows: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of discount on debentures |  | 1693 | 3910 | 53 | 5656 |
| &nbsp;&nbsp;&nbsp;Foreign currency difference |  | - | 45043 | - | 45043 |
| Other changes: |  | - | - | 476 | 476 |
| &nbsp;&nbsp;**Balance at September 30, 2024** | W | 19865 | 10525669 | 1260 | 10546794 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>24. Related party transactions</u>**

The Company defines subsidiaries, key managements, and their families as a range of related parties in accordance with K-IFRS No. 1024, and discloses the amount of transactions between the Company and related parties and the balance of receivables and payables. For details of subsidiaries, refer to 'Note 8'.

(a) Significant transactions with the related parties for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Related party** | &nbsp;&nbsp;**Account** |  | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2024** |
| &nbsp;&nbsp;***Revenue:*** |  |  |  |  |
| &nbsp;&nbsp;Shinhan Bank | &nbsp;&nbsp;Interest income | &nbsp;&nbsp;W | &nbsp;&nbsp;457  | &nbsp;&nbsp;312 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;34831  | &nbsp;&nbsp;34831 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Dividend income |  | &nbsp;&nbsp;1662952  | &nbsp;&nbsp;1196396 |
| &nbsp;&nbsp;Shinhan Card Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | &nbsp;&nbsp;26474  | &nbsp;&nbsp;40552 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;10005  | &nbsp;&nbsp;10005 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Dividend income |  | &nbsp;&nbsp;309955  | &nbsp;&nbsp;334284 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Reversal of credit losses  |  | &nbsp;&nbsp;192  | &nbsp;&nbsp;102 |
| &nbsp;&nbsp;Shinhan Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | &nbsp;&nbsp;18163  | &nbsp;&nbsp;15793 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;2643  | &nbsp;&nbsp;2643 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Dividend income |  | &nbsp;&nbsp;97933  | &nbsp;&nbsp;48365 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Reversal of credit losses  |  | &nbsp;&nbsp;60  | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Shinhan Life Insurance Co., Ltd. | &nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;3659  | &nbsp;&nbsp;3659 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Dividend income |  | &nbsp;&nbsp;378307  | &nbsp;&nbsp;165338 |
| &nbsp;&nbsp;Shinhan Capital Co., Ltd. | &nbsp;&nbsp;Interest income |  | &nbsp;&nbsp;9352  | &nbsp;&nbsp;9899 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;1495  | &nbsp;&nbsp;1495 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  | &nbsp;&nbsp;35806  | &nbsp;&nbsp;82498 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Reversal of credit losses  |  | &nbsp;&nbsp;44  | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;Jeju Bank | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;30  | &nbsp;&nbsp;30 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  | &nbsp;&nbsp;2420  | &nbsp;&nbsp;2420 |
| &nbsp;&nbsp;Shinhan Asset Management Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;123  | &nbsp;&nbsp;123 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  | &nbsp;&nbsp;79200  | &nbsp;&nbsp;24400 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Reversal of credit losses  |  | &nbsp;&nbsp;1  | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Shinhan DS | &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | &nbsp;&nbsp;235  | &nbsp;&nbsp;302 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;12  | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Reversal of credit losses  |  | &nbsp;&nbsp;- | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Shinhan Fund Partners Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;78  | &nbsp;&nbsp;78 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  | &nbsp;&nbsp;7669  | &nbsp;&nbsp;6083 |
| &nbsp;&nbsp;Shinhan Savings Bank | &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | &nbsp;&nbsp;1749  | &nbsp;&nbsp;2009 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;242  | &nbsp;&nbsp;250 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  | &nbsp;&nbsp;10000  | &nbsp;&nbsp;- |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Reversal of credit losses |  | &nbsp;&nbsp;22  | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Shinhan REITS management | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;57  | &nbsp;&nbsp;57 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Reversal of credit losses |  | &nbsp;&nbsp;1  | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Shinhan Asset Trust | &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | &nbsp;&nbsp;2810  | &nbsp;&nbsp;1942 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;72  | &nbsp;&nbsp;72 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  | &nbsp;&nbsp;5068  | &nbsp;&nbsp;1676 |
| &nbsp;&nbsp;Shinhan Venture Investment Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | &nbsp;&nbsp;1432  | &nbsp;&nbsp;1793 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;31 | &nbsp;&nbsp;31 |
|  |  | &nbsp;&nbsp;W | &nbsp;&nbsp;2703580 | &nbsp;&nbsp;1987484 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>24. Related party transactions (continued)</u>**

(a) Significant transactions with the related parties for the nine-month periods ended September 30, 2025 and 2024 are as follows (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2024** |
| &nbsp;&nbsp;***Expense:*** |  |  |  |  |
| &nbsp;&nbsp;Shinhan Bank | &nbsp;&nbsp;Interest expenses | &nbsp;&nbsp;W | &nbsp;&nbsp;- | &nbsp;&nbsp;23 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses |  | &nbsp;&nbsp;981  | &nbsp;&nbsp;1805 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Provision for credit losses |  | &nbsp;&nbsp;110  | &nbsp;&nbsp;71 |
| &nbsp;&nbsp;Shinhan Card Co., Ltd. | &nbsp;&nbsp;Interest expenses  |  | &nbsp;&nbsp;2  | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;General and administrative expenses |  | &nbsp;&nbsp;42  | &nbsp;&nbsp;47 |
| &nbsp;&nbsp;Shinhan Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Interest expenses |  | &nbsp;&nbsp;130  | &nbsp;&nbsp;114 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Fees and commission expense (\*1) |  | &nbsp;&nbsp;150  | &nbsp;&nbsp;584 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;General and administrative expenses |  | &nbsp;&nbsp;3  | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Provision for credit losses |  | &nbsp;&nbsp;- | &nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;Shinhan Life Insurance Co., Ltd. | &nbsp;&nbsp;Interest expenses |  | &nbsp;&nbsp;31  | &nbsp;&nbsp;655 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses |  | &nbsp;&nbsp;- | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Shinhan Asset Management Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses |  | &nbsp;&nbsp;- | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;Shinhan DS | &nbsp;&nbsp;General and administrative expenses |  | &nbsp;&nbsp;1712  | &nbsp;&nbsp;1451 |
| &nbsp;&nbsp;Shinhan Fund Partners Co., Ltd. | &nbsp;&nbsp;Provision for credit losses |  | &nbsp;&nbsp;- | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Shinhan Savings Bank | &nbsp;&nbsp;Provision for credit losses |  | &nbsp;&nbsp;- | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Shinhan Asset Trust Co. Ltd. | &nbsp;&nbsp;Provision for credit losses |  | &nbsp;&nbsp;- | &nbsp;&nbsp;44 |
| &nbsp;&nbsp;Shinhan REITs Management Co., Ltd. | &nbsp;&nbsp;Provision for credit losses |  | &nbsp;&nbsp;- | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Shinhan Venture Investment Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses |  | &nbsp;&nbsp;- | &nbsp;&nbsp;1 |
|  |  | &nbsp;&nbsp;W | &nbsp;&nbsp;3161  | &nbsp;&nbsp;4824 |

---

(\*) It consists of commissions paid for acquisitions of hybrid bonds, and was directly deducted from the equity.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>24. Related party transactions (continued)</u>**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Creditor** | **Debtor** | **Account** |  | **September 30,** <br>**2025** | **December 31,** <br>**2024** |
| &nbsp;&nbsp;&nbsp;***Assets:*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Financial Group Co., Ltd. | &nbsp;&nbsp;&nbsp;Shinhan Bank | &nbsp;&nbsp;&nbsp;Cash and due from banks | W | 17  | 12  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Property and equipment |  | 153  | -  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other assets |  | 543013  | 270791 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Card Co., Ltd. | <br>Financial assets at fair value through profit or loss (\*1) |  | 720604  | 718491 |
|  | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Loans |  | 1382066  | 1852100 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Reserve for loan losses |  | (578) | (774) |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Property and equipment |  | 58  | 101  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other assets |  | 115258  | 105040  |
| &nbsp;&nbsp;&nbsp;〃 | Shinhan Securities Co., Ltd | <br>Financial assets at fair value through profit or loss (\*2) |  | 368248  | 368446 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Loans |  | 687078  | 862890 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Reserve for loan losses |  | (287) | (361) |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other assets |  | 60285  | 27406 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Life Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;Other assets |  | 17112  | 16704 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Capital Co., Ltd. | <br>Financial assets at fair value through profit or loss (\*3) |  | 248922  | 245460 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Loans |  | 690440  | 804000 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Reserve for loan losses |  | (289) | (336) |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | Other assets |  | 28087  | 20470 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Asset Management <br>Co., Ltd. | &nbsp;&nbsp;&nbsp;Other assets |  | 13650  | 15400 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Jeju Bank | &nbsp;&nbsp;&nbsp;Other assets |  | 3311  | 3421 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan DS | &nbsp;&nbsp;&nbsp;Loans |  | 9897  | 9969 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Reserve for loan losses |  | (4) | (4) |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Property and equipment |  | 150  | 235  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Intangible assets |  | 131  | 112  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other assets |  | 2517  | 3296  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Fund Partners Co., Ltd. | &nbsp;&nbsp;&nbsp;Other assets |  | 4370  | 4293 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>24. Related party transactions (continued)</u>**

(b) Significant balances with the related parties September 30, 2025, and December 31, 2024, are as follows (continued):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Creditor** | &nbsp;&nbsp;&nbsp;**Debtor** | &nbsp;&nbsp;&nbsp;**Account** |  | **September 30,** <br>**2025** | **December 31,** <br>**2024** |
| &nbsp;&nbsp;&nbsp;***Assets:*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co., Ltd. | &nbsp;&nbsp;&nbsp;Shinhan Savings Bank | &nbsp;&nbsp;&nbsp;Loans |  | 100000  | 150000  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Reserve for loan losses |  | (42) | (63) |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other assets |  | 8515  | 11826 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Asset Trust Co., Ltd. | &nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss (\*4) |  | 146343  | 150725 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Loans |  | 100000  | 100000  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Reserve for loan losses |  | (42) | (42) |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other assets |  | 3857  | 3160 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan REITS management | &nbsp;&nbsp;&nbsp;Other assets |  | 835  | 2531 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Venture Investment <br>Co., Ltd. | &nbsp;&nbsp;&nbsp;Loans |  | 60000  | 59944 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Reserve for loan losses |  | (25) | (25) |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other assets |  | 1722  | 2410 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan EZ General Insurance Ltd | &nbsp;&nbsp;&nbsp;Other assets |  | 300  | 167 |
|  |  |  | W | 5315672  | 5807795 |
| &nbsp;&nbsp;&nbsp;***Liabilities:*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shinhan Bank. | &nbsp;&nbsp;&nbsp;Shinhan Financial Group<br>Co., Ltd. | &nbsp;&nbsp;&nbsp; <br>Other liabilities | W | 1679  | 1103 |
| &nbsp;&nbsp;&nbsp;Shinhan Card Co., Ltd. | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other liabilities  |  | 477  | 643 |
| &nbsp;&nbsp;&nbsp;Shinhan Securities Co., Ltd | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other liabilities |  | 37979  | 91463 |
| Shinhan Life<br> Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Debt security issued in won |  | - | 30000  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other liabilities |  | 127304  | 82649 |
| Shinhan Capital Co., Ltd. | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other liabilities |  | 25  | 14  |
| Shinhan Asset Management <br>Co., Ltd | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other liabilities |  | 4347  | - |
| Shinhan DS | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other liabilities |  | 49  | 43 |
| Shinhan Savings Bank | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other liabilities |  | 5  | - |
| Shinhan REITs Management <br>Co., Ltd | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other liabilities |  | 302  | - |
| Shinhan Venture Investment <br>Co., Ltd. | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other liabilities |  | 681  | - |
|  |  |  | W | 172848  | 205915 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>24. Related party transactions (continued)</u>**

(b) Significant balances with the related parties September 30, 2025, and December 31, 2024, are as follows (continued):

(\*1) The amount represents the book value of the hybrid bonds purchased and includes gains of W 2,113 million and W 18,704 million on financial assets at fair value through profit or loss, recognized for the period ended September 30, 2025, and the year ended December 31, 2024, respectively.

(\*2) The amount represents the book value of the hybrid bonds purchased and includes gains of W 16,796 million and W 8,541 million on financial assets at fair value through profit or loss, recognized for the period ended September 30, 2025, and the year ended December 31, 2024, respectively.

(\*3) The amount represents the book value of the hybrid bonds purchased and includes gains of W 3,086 million and W 10,330 million on financial assets at fair value through profit or loss, recognized for the period ended September 30, 2025, and the year ended December 31, 2024, respectively.

(\*4) The amount represents the book value of the hybrid bonds purchased and includes gains of W 4,382 million and W 725 million on financial assets at fair value through profit or loss, recognized for the period ended September 30, 2025, and the year ended December 31, 2024, respectively.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>24. Related party transactions (continued)</u>**

(c) Right-of-use assets and lease liabilities recognize through lease transactions with related parties as of September 30, 2025, and December 31, 2024, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Related parties** |  | **September 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;**Right-of-use assets** |  |  |  |
| &nbsp;&nbsp;&nbsp; Shinhan Bank | W | 153 | -  |
| &nbsp;&nbsp;Shinhan Card Co., Ltd.  |  | 58 | 101  |
|  | W | 211 | 101  |
| &nbsp;&nbsp;&nbsp;**Lease liabilities** |  |  |  |
| &nbsp;&nbsp;Shinhan Card Co., Ltd. |  | 64 | 109  |
|  | W | 64 | 109  |

---

(d) Financing transaction ****

<br> Major financing transactions with related parties for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Beginning balance** | **Lending** | **Acquisition (\*1)** | **Collection** | **Others (\*2)** | **Ending balance** |
| Shinhan Card Co., Ltd. | W | 2570590  | 520000  | - | (988000) | 79  | 2102669  |
| Shinhan Securities Co., Ltd. |  | 1231335  | 676004  | - | (862890) | 10876  | 1055325  |
| Shinhan Capital Co., Ltd. |  | 1049461  | 100000  | 100000  | (300000) | (10098) | 939363  |
| Shinhan Asset Trust Co., Ltd. |  | 250725  | - | - | - | (4382) | 246343  |
| Shinhan Savings Bank  |  | 150000  | - | - | (50000) | - | 100000  |
| Shinhan DS |  | 9970  | 10000  | - | (10000) | (71) | 9899  |
| Shinhan Venture Investment Co., Ltd. |  | 59944  | 60000  | - | (60000) | 56  | 60000  |
|  | W | 5322025  | 1366004  | 100000  | (2270890) | (3540) | 4513599  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | **Beginning balance** | **Lending** | **Acquisition (\*1)** | **Collection** | **Others (\*2)** | **Ending balance** |
| Shinhan Card Co., Ltd. | W | 2933452 | - | - | (460000) | 97138  | 2570590  |
| Shinhan Securities Co., Ltd. |  | 1072565 | - | - | - | 158770  | 1231335  |
| Shinhan Capital Co., Ltd. |  | 1073011 | - | - | (70000) | 46450  | 1049461  |
| Shinhan Asset Trust Co., Ltd. |  | - | 100000 | 150000 | - | 725  | 250725  |
| Shinhan Savings Bank  |  | 150000 | - | - | - | - | 150000  |
| Shinhan DS |  | 14949 | 10000 | - | (15000) | 21  | 9970  |
| Shinhan Venture Investment Co., Ltd. |  | 59528 | 70000  | - | (70000) | 416 | 59944  |
|  | W | 5303505 | 180000 | 150000  | (615000) | 303520 | 5322025 |

---

(\*1) The purchase amount of hybrid bonds issued by subsidiaries.

(\*2) Other transactions are the amount due to financial asset evaluation and foreign currency conversion.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

(In millions of won)

**<u>24. Related party transactions (continued)</u>**

(e) Management Compensation

Compensation for key management executives for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2024** |
| Short-term employee benefits | W | 3,330  | 3,488  |
| Severance benefits |  | 95  | 96  |
| Share-based payment expenses (\*) |  | 4,191  | 3,439  |
|  | W | 7,616  | 7,023  |

---

(\*) Expenses recognized during the vesting period under the agreement on share-based payments.

(f) Shinhan Securities Co., Ltd., a subsidiary, acquired debt securities and hybrid bonds of W 270 billion and W 231 billion issued by the Company for the nine-month periods ended September 30, 2025 and 2024, respectively.

(g) As of the nine-month periods ended September 30, 2025, the deposit of credit card use provided by Shinhan Card Co., Ltd., a subsidiary company, is W 4,000 million.

**<u>25. Events after the reporting period</u>** 

(a) Quarterly dividend resolution

The Company resolved to pay a quarterly dividend of W 570 per common share by a resolution of the Board of Directors on October 28, 2025. The total amount of dividends is W 273,369 million, and the record date is November 4, 2025.

------

## Exhibit 99.2

**SHINHAN FINANCIAL GROUP CO., LTD.** 

**AND SUBSIDIARIES**

Condensed Consolidated Interim Financial Statements

September 30, 2025 and 2024

&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;(Unaudited)

------

Contents

---

| | |
|:---|:---|
|  | **Page** |
| Independent Auditors' Review Report | 1 |
| Condensed Consolidated Interim Statements of Financial Position | 3 |
| Condensed Consolidated Interim Statements of Comprehensive Income | 4 |
| Condensed Consolidated Interim Statements of Changes in Equity | 6 |
| Condensed Consolidated Interim Statements of Cash Flows | 8 |
| Notes to the Condensed Consolidated Interim Financial Statements | 10 |

---

------

**<u>Independent Auditors' Review Report</u>**

Based on a report originally issued in Korean

The Board of Directors and Stockholders

Shinhan Financial Group Co., Ltd.:

**Reviewed Financial Statements**

We have reviewed the accompanying condensed consolidated interim financial statements of Shinhan Financial Group Co., Ltd. and its subsidiaries (hereinafter referred to as the "Group"), which comprise the condensed consolidated interim statement of financial position as of September 30, 2025, the condensed consolidated interim statements of comprehensive income for the three-month and nine-month periods ended September 30, 2025 and 2024, the condensed consolidated interim statements of changes in equity and cash flows for the nine-month periods ended September 30, 2025 and 2024, and notes, comprising a summary of material accounting policy information 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 control as management determines is necessary to enable the preparation of the 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 reviews.

We conducted our reviews 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 reviews, 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*.

**Other Matters**

The consolidated statement of financial position of the Group as of December 31, 2024, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, which are not accompanying this report, were audited by us in accordance with Korean Standards on Auditing and our report thereon, dated March 4, 2025, expressed an unqualified 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 us 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 14, 2025

&nbsp;&nbsp;This report is effective as of November 14, 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.<br>

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Condensed Consolidated Interim Statements of Financial Position**

As of September 30, 2025 and December 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;*(In millions of won)* | &nbsp;&nbsp;**Note** |  | &nbsp;&nbsp;**September 30, 2025**<br> **(Unaudited)** | &nbsp;&nbsp;**December 31, 2024**<br>|
| &nbsp;&nbsp;&nbsp;**Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks at amortized cost | &nbsp;&nbsp;4, 7 | &nbsp;&nbsp;W | &nbsp;&nbsp;47218057 | &nbsp;&nbsp;40525712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss  | &nbsp;&nbsp;4, 8 |  | &nbsp;&nbsp;77445145 | &nbsp;&nbsp;72146845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets | &nbsp;&nbsp;4, 9 |  | &nbsp;&nbsp;5804621 | &nbsp;&nbsp;10279257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at fair value through other comprehensive income | &nbsp;&nbsp;4, 10 |  | &nbsp;&nbsp;99788930 | &nbsp;&nbsp;93805369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at amortized cost  | &nbsp;&nbsp;4, 10 |  | &nbsp;&nbsp;31672897 | &nbsp;&nbsp;33315999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans at amortized cost  | &nbsp;&nbsp;4, 11 |  | &nbsp;&nbsp;458895705 | &nbsp;&nbsp;449295238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment |  |  | &nbsp;&nbsp;3979390 | &nbsp;&nbsp;4157592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets |  |  | &nbsp;&nbsp;5906408 | &nbsp;&nbsp;6120133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;12 |  | &nbsp;&nbsp;2620818 | &nbsp;&nbsp;2752980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current tax assets |  |  | &nbsp;&nbsp;37063 | &nbsp;&nbsp;54658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets |  |  | &nbsp;&nbsp;207991 | &nbsp;&nbsp;205506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment property |  |  | &nbsp;&nbsp;436939 | &nbsp;&nbsp;327696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net defined benefit assets | &nbsp;&nbsp;16 |  | &nbsp;&nbsp;297394 | &nbsp;&nbsp;155697  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance contract assets | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;2327 | &nbsp;&nbsp;5639  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance contract assets | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;736510 | &nbsp;&nbsp;184754  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;4, 11 |  | &nbsp;&nbsp;47822733 | &nbsp;&nbsp;26401598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale |  |  | &nbsp;&nbsp;67385 | &nbsp;&nbsp;29583 |
| &nbsp;&nbsp;&nbsp;**Total assets** |  | &nbsp;&nbsp;W | &nbsp;&nbsp;782940313 | &nbsp;&nbsp;739764256 |
| &nbsp;&nbsp;&nbsp;**Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | &nbsp;&nbsp;4  | &nbsp;&nbsp;W | &nbsp;&nbsp;437880353 | &nbsp;&nbsp;422781045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities at fair value through profit or loss | &nbsp;&nbsp;4, 13 |  | &nbsp;&nbsp;1785737 | &nbsp;&nbsp;954899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities designated at fair value through profit or loss | &nbsp;&nbsp;4, 14 |  | &nbsp;&nbsp;6798410 | &nbsp;&nbsp;8220475  |
| &nbsp;&nbsp;&nbsp;Derivative liabilities | &nbsp;&nbsp;4, 9 |  | &nbsp;&nbsp;5301247 | &nbsp;&nbsp;10058532  |
| &nbsp;&nbsp;&nbsp;Borrowings | &nbsp;&nbsp;4 |  | &nbsp;&nbsp;51964046 | &nbsp;&nbsp;49920373  |
| &nbsp;&nbsp;&nbsp;Debt securities issued | &nbsp;&nbsp;4, 15 |  | &nbsp;&nbsp;91686182 | &nbsp;&nbsp;93765854  |
| &nbsp;&nbsp;&nbsp;Net defined benefit liabilities | &nbsp;&nbsp;16 |  | &nbsp;&nbsp;111477 | &nbsp;&nbsp;38974  |
| &nbsp;&nbsp;&nbsp;Provisions | &nbsp;&nbsp;17 |  | &nbsp;&nbsp;1143063 | &nbsp;&nbsp;1308896  |
| &nbsp;&nbsp;&nbsp;Current tax liabilities |  |  | &nbsp;&nbsp;514163 | &nbsp;&nbsp;203131  |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities |  |  | &nbsp;&nbsp;600170 | &nbsp;&nbsp;423821  |
| &nbsp;&nbsp;&nbsp;Insurance contract liabilities | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;52396931 | &nbsp;&nbsp;51124629  |
| &nbsp;&nbsp;&nbsp;Reinsurance contract liabilities | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;107019 | &nbsp;&nbsp;98063  |
| &nbsp;&nbsp;&nbsp;Investment contract liabilities | &nbsp;&nbsp;4 |  | &nbsp;&nbsp;772528 | &nbsp;&nbsp;1165022  |
| &nbsp;&nbsp;&nbsp;Other liabilities | &nbsp;&nbsp;4 |  | &nbsp;&nbsp;71301370 | &nbsp;&nbsp;40879509 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** |  |  | &nbsp;&nbsp;722362696 | &nbsp;&nbsp;680943223 |
| &nbsp;&nbsp;&nbsp;**Equity** | &nbsp;&nbsp;20 |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital stock |  |  | &nbsp;&nbsp;2969641  | &nbsp;&nbsp;2969641  |
| &nbsp;&nbsp;&nbsp;Hybrid bonds |  |  | &nbsp;&nbsp;4749837  | &nbsp;&nbsp;4600121  |
| &nbsp;&nbsp;&nbsp;Capital surplus |  |  | &nbsp;&nbsp;12102048  | &nbsp;&nbsp;12094968  |
| &nbsp;&nbsp;&nbsp;Capital adjustments |  |  | &nbsp;&nbsp;(843306) | &nbsp;&nbsp;(807114) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss |  |  | &nbsp;&nbsp;(2723342) | &nbsp;&nbsp;(1824440) |
| &nbsp;&nbsp;&nbsp;Retained earnings  |  |  | &nbsp;&nbsp;41615684  | &nbsp;&nbsp;39020580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity attributable to equity holders of Shinhan Financial Group Co., Ltd. |  |  | &nbsp;&nbsp;57870562 | &nbsp;&nbsp;56053756 |
| &nbsp;&nbsp;&nbsp;Non-controlling interests |  |  | &nbsp;&nbsp;2707055  | &nbsp;&nbsp;2767277 |
| &nbsp;&nbsp;&nbsp;**Total equity** |  |  | &nbsp;&nbsp;60577617  | &nbsp;&nbsp;58821033 |
| &nbsp;&nbsp;&nbsp;**Total liabilities and equity** |  | &nbsp;&nbsp;W | &nbsp;&nbsp;782940313 | &nbsp;&nbsp;739764256 |

---

*See accompanying notes to the condensed consolidated interim financial statements.*

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Condensed Consolidated Interim Statements of Comprehensive Income**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;**September 30, 2025**<br>**(Unaudited)** | &nbsp;&nbsp;**September 30, 2025**<br>**(Unaudited)** | &nbsp;&nbsp;**September 30, 2024**<br>**(Unaudited)** | &nbsp;&nbsp;**September 30, 2024**<br>**(Unaudited)** |
| &nbsp;&nbsp;*(In millions of won)* | &nbsp;&nbsp;**Notes** |  | &nbsp;&nbsp;**Three-month** | &nbsp;&nbsp;**Nine-**<br>**month** | &nbsp;&nbsp;**Three-month** | &nbsp;&nbsp;&nbsp;&nbsp;**Nine-**<br>**month** |
| &nbsp;&nbsp;Interest income  |  | &nbsp;&nbsp;W | &nbsp;&nbsp;6902736  | &nbsp;&nbsp;20937846  | &nbsp;&nbsp;7402644  | &nbsp;&nbsp;21838101  |
| &nbsp;&nbsp;Interest expense |  |  | &nbsp;&nbsp;(3955183) | &nbsp;&nbsp;(12271453) | &nbsp;&nbsp;(4547657) | &nbsp;&nbsp;(13345401) |
| &nbsp;&nbsp;**Net interest income** | &nbsp;&nbsp;22 |  | &nbsp;&nbsp;2947553  | &nbsp;&nbsp;8666393  | &nbsp;&nbsp;2854987  | &nbsp;&nbsp;8492700  |
| &nbsp;&nbsp;Fees and commission income |  |  | &nbsp;&nbsp;1194707  | &nbsp;&nbsp;3395250  | &nbsp;&nbsp;1081702  | &nbsp;&nbsp;3267780  |
| &nbsp;&nbsp;Fees and commission expense |  |  | &nbsp;&nbsp;(426647) | &nbsp;&nbsp;(1187069) | &nbsp;&nbsp;(391135) | &nbsp;&nbsp;(1157904) |
| &nbsp;&nbsp;**Net fees and commission income** | &nbsp;&nbsp;23 |  | &nbsp;&nbsp;768060  | &nbsp;&nbsp;2208181  | &nbsp;&nbsp;690567  | &nbsp;&nbsp;2109876  |
| &nbsp;&nbsp;Insurance income |  |  | &nbsp;&nbsp;848209  | &nbsp;&nbsp;2487883  | &nbsp;&nbsp;794618  | &nbsp;&nbsp;2338542  |
| &nbsp;&nbsp;Reinsurance income |  |  | &nbsp;&nbsp;60035  | &nbsp;&nbsp;142401  | &nbsp;&nbsp;15538  | &nbsp;&nbsp;38497  |
| &nbsp;&nbsp;Insurance service expenses |  |  | &nbsp;&nbsp;(596104) | &nbsp;&nbsp;(1706846) | &nbsp;&nbsp;(531813) | &nbsp;&nbsp;(1499275) |
| &nbsp;&nbsp;Reinsurance service expenses |  |  | &nbsp;&nbsp;(52838) | &nbsp;&nbsp;(144205) | &nbsp;&nbsp;(11506) | &nbsp;&nbsp;(50212) |
| &nbsp;&nbsp;**Net insurance income** | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;259302  | &nbsp;&nbsp;779233  | &nbsp;&nbsp;266837  | &nbsp;&nbsp;827552  |
| &nbsp;&nbsp;Insurance finance income |  |  | &nbsp;&nbsp;1650  | &nbsp;&nbsp;42879  | &nbsp;&nbsp;112769  | &nbsp;&nbsp;129519  |
| &nbsp;&nbsp;Insurance finance expense |  |  | &nbsp;&nbsp;(324564) | &nbsp;&nbsp;(783170) | &nbsp;&nbsp;4715  | &nbsp;&nbsp;(271826) |
| &nbsp;&nbsp;**Net insurance finance expense** | &nbsp;&nbsp;19 |  | &nbsp;&nbsp;(322914) | &nbsp;&nbsp;(740291) | &nbsp;&nbsp;117484  | &nbsp;&nbsp;(142307) |
| &nbsp;&nbsp;Dividend income |  |  | &nbsp;&nbsp;40236  | &nbsp;&nbsp;173779  | &nbsp;&nbsp;41257  | &nbsp;&nbsp;194811  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on financial instruments at fair value through profit or loss  |  |  | &nbsp;&nbsp;687274  | &nbsp;&nbsp;2053836  | &nbsp;&nbsp;479504  | &nbsp;&nbsp;1513587  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on financial instruments designated at fair value through profit or loss  |  |  | &nbsp;&nbsp;(135892) | &nbsp;&nbsp;(356868) | &nbsp;&nbsp;(42497) | &nbsp;&nbsp;(273750) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) on foreign currency transaction |  |  | &nbsp;&nbsp;121381  | &nbsp;&nbsp;515556  | &nbsp;&nbsp;(140470) | &nbsp;&nbsp;201276  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on disposal of financial securities at fair value through other comprehensive income  | &nbsp;&nbsp;10 |  | &nbsp;&nbsp;59596  | &nbsp;&nbsp;205602  | &nbsp;&nbsp;38793  | &nbsp;&nbsp;66073  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on disposal of securities at amortized cost | &nbsp;&nbsp;10 |  | &nbsp;&nbsp;(6) | &nbsp;&nbsp;(44) | &nbsp;&nbsp;(23133) | &nbsp;&nbsp;(23137) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit loss allowance  | &nbsp;&nbsp;24 |  | &nbsp;&nbsp;(430899) | &nbsp;&nbsp;(1488103) | &nbsp;&nbsp;(422259) | &nbsp;&nbsp;(1399739) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | &nbsp;&nbsp;25 |  | &nbsp;&nbsp;(1518222) | &nbsp;&nbsp;(4418280) | &nbsp;&nbsp;(1489244) | &nbsp;&nbsp;(4333095) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses, net |  |  | &nbsp;&nbsp;(520846) | &nbsp;&nbsp;(1685900) | &nbsp;&nbsp;(501929) | &nbsp;&nbsp;(1443171) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income** |  |  | &nbsp;&nbsp;1954623  | &nbsp;&nbsp;5913094  | &nbsp;&nbsp;1869897  | &nbsp;&nbsp;5790676  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity method income (expense) | &nbsp;&nbsp;12 |  | &nbsp;&nbsp;21652  | &nbsp;&nbsp;136330  | &nbsp;&nbsp;(7841) | &nbsp;&nbsp;(22799) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-operating expenses, net |  |  | &nbsp;&nbsp;(25652) | &nbsp;&nbsp;(21119) | &nbsp;&nbsp;(96688) | &nbsp;&nbsp;(340565) |
| &nbsp;&nbsp;**Profit before income taxes** |  |  | &nbsp;&nbsp;1950623  | &nbsp;&nbsp;6028305  | &nbsp;&nbsp;1765368  | &nbsp;&nbsp;5427312  |
| &nbsp;&nbsp;Income tax expense | &nbsp;&nbsp;27 |  | &nbsp;&nbsp;498433  | &nbsp;&nbsp;1481835  | &nbsp;&nbsp;439919  | &nbsp;&nbsp;1303048  |
| &nbsp;&nbsp;**Profit for the period** |  | &nbsp;&nbsp;W | &nbsp;&nbsp;1452190  | &nbsp;&nbsp;4546470  | &nbsp;&nbsp;1325449  | &nbsp;&nbsp;4124264  |

---

*See accompanying notes to the condensed consolidated interim financial statements.*

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Condensed Consolidated Interim Statements of Comprehensive Income (Continued)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won, except earnings per share data)* |  |  | **September 30, 2025**<br>**(Unaudited)** | **September 30, 2025**<br>**(Unaudited)** | **September 30, 2024**<br>**(Unaudited)** | **September 30, 2024**<br>**(Unaudited)** |
|  | **Notes** |  | **Three-**<br>**month** | **Nine-**<br>**month** | **Three-**<br>**month** | &nbsp;&nbsp;**Nine-**<br>**month** |
| &nbsp;&nbsp;&nbsp;**Other comprehensive income (loss) for the period, net of income tax** | 20 |  |  |  |  |  |
| Items that are or may be reclassified to profit or loss: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valuation gain (loss) on securities at fair value through other comprehensive income |  | W | (404569) | 3319  | 1233192  | 1147554  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in other comprehensive income (loss) of associates |  |  | (7824) | (12831) | 255  | 218  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments for foreign operations |  |  | 123660  | (310897) | (58023) | 55220  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized fair value of cash flow hedges |  |  | (20794) | (42944) | 25986  | 4473  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net finance income (expense) on insurance contract assets (liabilities) |  |  | 272179  | (520658) | (1221725) | (2233942) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net finance expense on reinsurance contract assets (liabilities) |  |  | (35325) | (60947) | (7052) | (7547) |
|  |  |  | (72673) | (944958) | (27367) | (1034024) |
| Items that will never be reclassified to profit or loss: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurements of the net defined benefit liabilities (assets) |  |  | (452) | (56058) | 450  | 61513  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valuation gain (loss) on securities at fair value through other comprehensive income  |  |  | (35986) | 96888  | (44390) | 9164  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of securities at fair value through other comprehensive income  |  |  | 2432  | 4572  | 3245  | 737  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in own credit risk on financial liabilities designated at fair value through profit or loss |  |  | (311) | (1854) | (1494) | (4793) |
|  |  |  | (34317) | 43548  | (42189) | 66621  |
| Total other comprehensive loss, net of income tax |  |  | (106990) | (901410) | (69556) | (967403) |
| **Total comprehensive income for the period** |  | W | 1345200  | 3645060  | 1255893  | 3156861  |
| **Profit attributable to:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity holders of Shinhan Financial Group Co., Ltd. |  | W | 1423544  | 4460943  | 1297068  | 4044079  |
| &nbsp;&nbsp;&nbsp;Non-controlling interests |  |  | 28646  | 85527  | 28381  | 80185  |
|  |  | W | 1452190  | 4546470  | 1325449  | 4124264  |
| &nbsp;&nbsp;&nbsp;**Total comprehensive income attributable to:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity holders of Shinhan Financial Group Co., Ltd. |  | W | 1317119  | 3563515  | 1227475  | 3076239  |
| &nbsp;&nbsp;&nbsp;Non-controlling interests |  |  | 28081  | 81545  | 28418  | 80622  |
|  |  | W | 1345200  | 3645060  | 1255893  | 3156861  |
| **Earnings per share:** | 28 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted earnings per share in won |  | W | 2849 | 8829 | 2497 | 7717 |

---

*See accompanying notes to the condensed consolidated interim financial statements.*

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Consolidated Interim Statements of Changes in Equity (Continued)**

For the Nine-month period ended September 30, 2024444

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
|  |  | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** |  |  |
|  |  | **Capital** <br>**stock** | **Hybrid** <br>**bonds** | &nbsp;&nbsp;**Capital**<br>**surplus** | **Capital**<br>**adjustments** | **Accumulated** <br>**other compre-hensive income (loss)** | **Retained earnings** | **Sub-total** | **Non-controlling interests** | **Total** |
| **Balance at January 1, 2024** | W | 2969641  | 4001731  | 12094968  | (658664) | (1074453) | 36387314  | 53720537  | 2601328  | 56321865  |
| **Total comprehensive income**  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Profit for the period |  | - | - | - | - | - | 4044079  | 4044079  | 80185  | 4124264  |
| **Other comprehensive income (loss), net of income tax:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on valuation and disposal of securities at fair value through other comprehensive income |  | - | - | - | - | 1156578  | - | 1156578  | 877  | 1157455  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in other comprehensive income of associates |  | - | - | - | - | 218  | - | 218  | - | 218  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments for foreign operations |  | - | - | - | - | 55843  | - | 55843  | (623) | 55220  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized fair value of cash flow hedges |  | - | - | - | - | 4473  | - | 4473  | - | 4473  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net finance expense on insurance contract assets (liabilities) |  | - | - | - | - | (2233942) | - | (2233942) | - | (2233942) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net finance expense on reinsurance contract assets (liabilities) |  | - | - | - | - | (7547) | - | (7547) | - | (7547) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurements of the net defined benefit liabilities (assets) |  | - | - | - | - | 61330  | - | 61330  | 183  | 61513  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in own credit risk on financial liabilities designated at fair value through profit or loss |  | - | - | - | - | (4793) | - | (4793) | - | (4793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive income (loss) |  | - | - | - | - | (967840) | - | (967840) | 437  | (967403) |
| **Total comprehensive income (loss)** |  | - | - | - | - | (967840) | 4044079  | 3076239  | 80622  | 3156861  |
| **Other changes in equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual dividends |  | - | - | - | - | - | (268697) | (268697) | - | (268697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly dividends |  | - | - | - | - | - | (548427) | (548427) | - | (548427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends to hybrid bonds |  | - | - | - | - | - | (124397) | (124397) | - | (124397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of hybrid bonds |  | - | 797866  | - | - | - | - | 797866  | - | 797866  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of hybrid bonds |  | - | (199476) | - | (524) | - | - | (200000) | - | (200000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer to retained earnings of redemption loss of hybrid bonds |  | - | - | - | 102667  | - | (102667) | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of treasury stock (Note 20) |  | - | - | - | (450126) | - | - | (450126) | - | (450126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposal of treasury stock (Note 20) |  | - | - | - | 296  | - | - | 296  | - | 296  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement of treasury stock (Note 20) |  | - | - | - | 150000  | - | (150056) | (56) | - | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in other capital adjustments |  | - | - | - | (864) | - | (886) | (1750) | - | (1750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in other non-controlling interests |  | - | - | - | - | - | - | - | 83604  | 83604  |
|  |  | - | 598390  | - | (198551) | - | (1195130) | (795291) | 83604  | (711687) |
| **Reclassification between OCI and retained earnings** |  | - | - | - | - | 3156  | (3156) | - | - | - |
| **Balance at September 30, 2024 (Unaudited)** | W | 2969641  | 4600121  | 12094968  | (857215) | (2039137) | 39233107  | 56001485  | 2765554  | 58767039  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Consolidated Interim Statements of Changes in Equity (Continued)**

For the Nine-month period ended September 30, 2024444

*See accompanying notes to the condensed consolidated interim financial statements.*

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Condensed Consolidated Interim Statements of Changes in Equity (Continued)**

For the Nine-month period ended September 30, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** |  |  |
|  |  | **Capital** <br>**stock** | **Hybrid** <br>**bonds** | &nbsp;&nbsp;**Capital**<br>**surplus** | **Capital**<br>**adjustments** | **Accumulated** <br>**other compre-hensive income (loss)** | **Retained earnings** | **Sub-total** | **Non-controlling interests** | **Total** |
| **Balance at January 1, 2025** | W | 2969641  | 4600121  | 12094968  | (807114) | (1824440) | 39020580  | 56053756  | 2767277  | 58821033  |
| **Total comprehensive income**  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Profit for the period |  | - | - | - | - | - | 4460943  | 4460943  | 85527  | 4546470  |
| **Other comprehensive income (loss), net of income tax:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on valuation and disposal of securities at fair value through other comprehensive income  |  | - | - | - | - | 105215  | - | 105215  | (436) | 104779  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in other comprehensive loss of associates |  | - | - | - | - | (12831) | - | (12831) | - | (12831) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments for foreign operations |  | - | - | - | - | (307640) | - | (307640) | (3257) | (310897) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized fair value of cash flow hedges |  | - | - | - | - | (42944) | - | (42944) | - | (42944) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net finance expense on insurance contract assets (liabilities) |  | - | - | - | - | (520658) | - | (520658) | - | (520658) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net finance expense on reinsurance contract assets (liabilities) |  | - | - | - | - | (60947) | - | (60947) | - | (60947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurements of the net defined benefit liabilities (assets) |  | - | - | - | - | (55769) | - | (55769) | (289) | (56058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in own credit risk on financial liabilities designated at fair value through profit or loss |  | - | - | - | - | (1854) | - | (1854) | - | (1854) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive loss |  | - | - | - | - | (897428) | - | (897428) | (3982) | (901410) |
| **Total comprehensive income (loss)** |  | - | - | - | - | (897428) | 4460943  | 3563515  | 81545  | 3645060  |
| **Other changes in equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual dividends |  | - | - | - | - | - | (267755) | (267755) | - | (267755) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly dividends |  | - | - | - | - | - | (554859) | (554859) | - | (554859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends to hybrid bonds |  | - | - | - | - | - | (143433) | (143433) | - | (143433) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of hybrid bonds |  | - | 797870  | - | - | - | - | 797870  | - | 797870  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of hybrid bonds |  | - | (648154) | - | (1846) | - | - | (650000) | - | (650000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer to retained earnings of redemption loss of hybrid bonds |  | - | - | - | 524  | - | (524) | -  | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of treasury stock (Note 20) |  | - | - | - | (913939) | - | - | (913939) | - | (913939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement of treasury stock (Note 20) |  | - | - | - | 900000  | - | (900069) | (69) | - | (69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in other capital adjustments |  | - | - | 7080  | (20931) | - | (673) | (14524) | - | (14524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in other non-controlling interests |  | - | - | - | - | - | - | -  | (141767) | (141767) |
|  |  | - | 149716  | 7080  | (36192) | - | (1867313) | (1746709) | (141767) | (1888476) |
| **Reclassification between OCI and retained earnings** |  | - | - | - | - | (1474) | 1474  | - | - | - |
| **Balance at September 30, 2025 (Unaudited)** | W | 2969641  | 4749837  | 12102048  | (843306) | (2723342) | 41615684  | 57870562  | 2707055  | 60577617  |

---

*See accompanying notes to the condensed consolidated interim financial statements.*

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Condensed Consolidated Interim Statements of Cash Flows**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Nine-month periods ended September 30** | **Nine-month periods ended September 30** |
| *(In millions of won)* | **Notes** |  | **2025 (Unaudited)** | **2024 (Unaudited)** |
| **Cash flows from operating activities** |  |  |  |  |
| Profit for the interim period |  | W | 4546470 | 4124264  |
| Adjustments for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 22 |  | (20937846) | (21838101) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 22 |  | 12271453  | 13345401  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  |  | (173779) | (194811) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense |  |  | 1481835  | 1303048  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net fees and commission expense |  |  | 281709  | 231028  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net insurance income |  |  | (779233) | (827552) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net insurance finance expense |  |  | 740291  | 142307  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on financial instruments at fair value through profit or loss |  |  | (913591) | (672810) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on derivatives |  |  | (540159) | (242321) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on foreign currency translation |  |  | (141841) | (13025) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on financial instruments designated at fair value through profit or loss |  |  | 55378  | 67310  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on disposal of securities at fair value through other comprehensive income | 10 |  | (205602) | (66073) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on disposal of securities at amortized cost | 10 |  | 44  | 23137  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit loss allowance | 24 |  | 1488103  | 1399739  |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee benefits |  |  | 178123  | 155356  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and other amortization | 25 |  | 970862  | 947392  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expense, net |  |  | 556449  | 490641  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity method expense (income) | 12 |  | (136330) | 22799  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-operating expense, net |  |  | 54917  | 287682  |
|  |  |  | (5749217) | (5438853) |
| Changes in assets and liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from banks at amortized cost |  |  | 831261  | (624944) |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at fair value through profit or loss |  |  | (2678672) | (4381191) |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from banks at fair value through profit or loss |  |  | 2033  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans at fair value through profit or loss |  |  | 21112  | (471852) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial instruments designated at fair value through profit or loss |  |  | (1530092) | 1046951  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments |  |  | 266184  | (234416) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans at amortized cost  |  |  | (11401831) | (31015319) |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance contract assets |  |  | 3312  | 2116  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance contract assets |  |  | (551756) | (63964) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets |  |  | (22103525) | (7554358) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits |  |  | 14819991  | 34024780  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net defined benefit liabilities (assets) |  |  | (268786) | (40672) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisions |  |  | (154560) | (451633) |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance contract liabilities |  |  | (462600) | (618063) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance contract liabilities |  |  | (66662) | 1122  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment contract liabilities |  |  | (422571) | (256830) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities |  |  | 30437270  | 6026064  |
|  |  |  | 6740108 | (4612209) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid |  |  | (770849) | (692345) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest received |  |  | 20376236  | 21529146  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid |  |  | (10645585) | (10979150) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends received |  |  | 167122  | 186758  |
| **Net cash inflow from operating activities** |  | W | 14664285 | 4117611  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Condensed Consolidated Interim Statements of Cash Flows (Continued)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Nine-month periods ended September 30** | **Nine-month periods ended September 30** |
| *(In millions of won)* | **Notes** |  | **2025 (Unaudited)** | **2024 (Unaudited)** |
| **Cash flows from investing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in financial instruments at fair value through profit or loss |  | W | 3336867  | 3336040  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of financial instruments at fair value through profit or loss |  |  | (3516515) | (4373233) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in financial securities at fair value through other comprehensive income  |  |  | 40238343  | 33221502  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of securities at fair value through other comprehensive income  |  |  | (45881639) | (31689749) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of securities at amortized cost |  |  | 5882331  | 5380769  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of securities at amortized cost |  |  | (4137061) | (4076830) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of property and equipment |  |  | 6893  | 5962  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of property and equipment |  |  | (158278) | (164171) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of intangible assets |  |  | 9091  | 5814  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of intangible assets |  |  | (299565) | (414886) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of investments in associates |  |  | 426294  | 241996  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of investments in associates |  |  | (203683) | (560192) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash inflow from loss of control |  |  | 94727  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash outflow from acquisition of control |  |  | (851919) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of investment property |  |  | - | 5281  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of investment property |  |  | (3257) | (2291) |
| &nbsp;&nbsp;&nbsp;&nbsp;Disposal of assets held-for-sale |  |  | 43278  | -  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in other assets |  |  | (481) | 40074  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in other liabilities |  |  | (68) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from settlement of hedging derivative financial<br> instruments  |  |  | 46134  | 30526  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of settlement of hedging derivative financial instruments |  |  | (128471) | (101693) |
| **Net cash inflow (outflow) from investing activities** |  | W | (5096979) | 884919  |
| **Cash flows from financing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of hybrid bonds |  | W | 797870  | 797866  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of hybrid bonds |  |  | (650000) | (200000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in borrowings |  |  | 2175230  | (2096338) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from debt securities issued |  |  | 31697674  | 33388400  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of debt securities issued |  |  | (33333633) | (26235357) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in financial liabilities designated at fair value through profit or loss  |  |  | 99985  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in financial liabilities designated at fair value through profit or loss |  |  | (50000) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in other liabilities |  |  | (53159) | (56703) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid |  |  | (966071) | (941075) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from settlement of hedging derivative financial instruments  |  |  | 1902404  | 2201235  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of settlement of hedging derivative financial instruments  |  |  | (1851733) | (2154056) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of treasury stock |  |  | (913939) | (450126) |
| &nbsp;&nbsp;&nbsp;&nbsp;Disposal of treasury stock |  |  | - | 296  |
| &nbsp;&nbsp;&nbsp;&nbsp;Costs for retirement of treasury stock |  |  | (69) | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in non-controlling interests |  |  | (221042) | 82007  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of lease liabilities |  |  | (203132) | (207206) |
| **Net cash inflow (outflow) from financing activities** |  |  | (1569615) | 4128887  |
| &nbsp;&nbsp;**Effect of exchange rate changes on cash and cash equivalents held** |  |  | (45495) | 25804  |
| **Increase in cash and cash equivalents**  |  |  | 7952196 | 9157221  |
| **Cash and cash equivalents at the beginning of the period** | 30  |  | 35247543 | 30416884  |
| **Cash and cash equivalents at the end of the period** | 30  | W | 43199739 | 39574105  |

---

*See accompanying notes to the condensed consolidated interim financial statements.*

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

**1. <u>Reporting entity</u>**

Shinhan Financial Group Co., Ltd., the controlling company, and its subsidiaries included in consolidation (Hereinafter referred to as the "Group") are summarized as follows:

(a) Controlling company

Shinhan Financial Group Co., Ltd. (the "Shinhan Financial Group" or the "Company"), the controlling company, is incorporated on September 1, 2001 for the main purposes of controlling, managing and funding Shinhan Bank, Shinhan Securities Co., Ltd., Shinhan Capital Co., Ltd. and Shinhan Asset Management Co., Ltd. by way of share transfers. The total capital stock amounted to W1,461,721 million. Also, Shinhan Financial Group's shares have been listed on the Korea Exchange since September 10, 2001 and Shinhan Financial Group's American Depositary Shares have been registered with the Securities and Exchange Commission (SEC) and listed on the New York Stock Exchange since September 16, 2003.

(b) Ownership of Shinhan Financial Group and its major consolidated subsidiaries as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Date of financial information** | **Ownership (%)** | **Ownership (%)** |
| **Investor** | **Investee (\*1)** | **Location** | **Date of financial information** | **September 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co., Ltd. | &nbsp;&nbsp;&nbsp;Shinhan Bank | Korea | September 30 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Card Co., Ltd. | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Securities Co., Ltd.  | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Life Insurance Co., Ltd. | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Capital Co., Ltd. | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Jeju Bank (\*2) | 〃 | 〃 | 64.0 | 75.3 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Asset Management Co., Ltd.  | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;SHC Management Co., Ltd. | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan DS | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Savings Bank | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Asset Trust Co. Ltd. | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Fund Partners Co., Ltd. | 〃 | 〃 | 99.8 | 99.8 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan REITs Management Co., Ltd. | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Venture Investment Co., Ltd. | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan EZ General Insurance Co., Ltd. (\*3)  | 〃 | 〃 | 91.7 | 85.1 |
| &nbsp;&nbsp;&nbsp;Shinhan Bank | &nbsp;&nbsp;&nbsp;Shinhan Bank America | USA | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Bank Europe GmbH | Germany | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Bank Cambodia | Cambodia | 〃 | 97.5 | 97.5 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Bank Kazakhstan Limited | Kazakhstan | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Bank Canada | Canada | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Bank (China) Limited | China | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Bank Japan | Japan | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Bank Vietnam Ltd. | Vietnam | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Banco Shinhan de Mexico | Mexico | 〃 | 99.9 | 99.9 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;PT Bank Shinhan Indonesia | Indonesia | 〃 | 99.0 | 99.0 |
| &nbsp;&nbsp;&nbsp;Shinhan Bank Japan | &nbsp;&nbsp;&nbsp;SBJDNX  | Japan | 〃 | 100.0 | 100.0 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

**1. <u>Reporting entity (continued)</u>**

(b) Ownership of Shinhan Financial Group and its major consolidated subsidiaries as of September 30, 2025 and December 31, 2024 are as follows (continued):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Date of financial information** | **Ownership (%)** | **Ownership (%)** |
| **Investor** | **Investee (\*1)** | **Location** | **Date of financial information** | **September 30,**<br>**2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Shinhan Card Co., Ltd. | &nbsp;&nbsp;&nbsp;Shinhan Credit Information Co., Ltd. | Korea | September 30 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;LLP MFO Shinhan Finance (\*4) | Kazakhstan | 〃 | 72.1 | 75.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;PT. Shinhan Indo Finance | Indonesia | 〃 | 76.3 | 76.3 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Microfinance Co., Ltd. | Myanmar | 〃 | 100.0 | 100.0 |
| 〃 | &nbsp;&nbsp;&nbsp;Shinhan Vietnam Finance Co., Ltd. | Vietnam | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;Shinhan Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;Shinhan Securities America Inc. | USA | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Securities Asia Ltd. | Hong Kong | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;SHINHAN SECURITIES VIETNAM CO., LTD. | Vietnam | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;PT. Shinhan Sekuritas Indonesia | Indonesia | 〃 | 99.0 | 99.0 |
| &nbsp;&nbsp;&nbsp;Shinhan Life Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;Shinhan Financial Plus Co., Ltd. | Korea  | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan LifeCare Co., Ltd. | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Life Insurance Vietnam Co., Ltd. | Vietnam | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;Shinhan DS | &nbsp;&nbsp;&nbsp;SHINHAN DS VIETNAM CO., LTD. | Vietnam | 〃 | 100.0 | 100.0 |

---

(\*1) Subsidiaries such as trust, beneficiary certificate, special purpose company, partnerships and private equity fund which are not actually operating their own business are excluded.

(\*2) During the current interim period, a third-party share issuance resulted in a decrease in the Group's ownership interest from 75.3% to 64.0%.

(\*3) During the current interim period, the Group participated in a capital increase of W 100.0 billion conducted by Shinhan EZ General Insurance Co., Ltd., resulting in an increase in its ownership interest from 85.1% to 91.7%.

(\*4) During the current interim period, a third-party share issuance resulted in a decrease in the Group's ownership interest from 75.0% to 72.1%.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

**1. <u>Reporting entity (continued)</u>**

(c) Consolidated structured entities

Consolidated structured entities are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Category** | &nbsp;&nbsp;&nbsp;**Consolidated structured entities** | **Description** |
| &nbsp;&nbsp;&nbsp;Trust | &nbsp;&nbsp;&nbsp;Shinhan Bank (including development trust) and 17 others  | A trust is consolidated when the Group as a trustee is exposed to significant variable returns, if principle or interest amounts of the entrusted properties falls below guaranteed amount, the Group should compensate it, and the Group has the ability to affect those returns. |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securitization<br>| &nbsp;&nbsp;&nbsp;Tiger Eyes 3 Co., Ltd. and 157 others | An entity for asset backed securitization is consolidated when the Group has sole decision-making authority to dispose assets or change the conditions of the assets, and the Group is substantially exposed to, or has rights to significant variable returns by providing credit enhancement and purchases of subordinated securities. |
| &nbsp;&nbsp;&nbsp;Structured Financing | &nbsp;&nbsp;&nbsp;- | An entity established for structured financing relating to real estate, shipping, or mergers and acquisitions is consolidated, when the Group has the greatest credit to the entity, has sole decision-making authority of these Entities due to the entities default, and is substantially exposed to, or has rights to significant variable returns. |
| &nbsp;&nbsp;&nbsp;Investment Fund | &nbsp;&nbsp;&nbsp;One Shinhan Future's Fund and 183 others | An investment fund is consolidated, when the Group manages or invests assets of the investment funds on behalf of other investors as a collective investor or a business executive, or has the ability to dismiss the manager of the investment funds, and is substantially exposed to, or has rights to, the significant variable returns. |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**1. <u>Reporting entity (continued)</u>**

(d) Summarized financial information of the subsidiaries

*i) The summarized financial information of the controlling company and the Group's major consolidated subsidiaries as of September 30, 2025 and December 31, 2024 is as follows:*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Investees (\*1), (\*2)** |  | &nbsp;&nbsp;**Total** <br>**Assets** | &nbsp;&nbsp;**Total** <br>**Liabilities** | &nbsp;&nbsp;**Total** <br>**Equity** | &nbsp;&nbsp;**Total** <br>**Assets** | &nbsp;&nbsp;**Total** <br>**Liabilities** | &nbsp;&nbsp;**Total** <br>**Equity** |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group (separate) | W  | 38422977  | 11378895  | 27044082  | 37672303  | 11324128  | 26348175  |
| &nbsp;&nbsp;&nbsp;Shinhan Bank |  | 594517315  | 556153695  | 38363620  | 556691161  | 519926426  | 36764735  |
| &nbsp;&nbsp;&nbsp;Shinhan Card Co., Ltd. |  | 44201489  | 35863617  | 8337872  | 44137094  | 35860198  | 8276896  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities Co., Ltd. |  | 51773770  | 46038162  | 5735608  | 49026790  | 43532326  | 5494464  |
| &nbsp;&nbsp;&nbsp;Shinhan Life Insurance Co., Ltd. |  | 60379334  | 54260845  | 6118489  | 59843268  | 52802301  | 7040967  |
| &nbsp;&nbsp;&nbsp;Shinhan Capital Co., Ltd. |  | 12422507  | 10121465  | 2301042  | 12512659  | 10259146  | 2253513  |
| &nbsp;&nbsp;&nbsp;Jeju Bank |  | 7724004  | 7074075  | 649929  | 7444771  | 6854663  | 590108  |
| &nbsp;&nbsp;&nbsp;Shinhan Asset Management Co., Ltd. |  | 436583  | 162991  | 273592  | 503319  | 186991  | 316328  |
| &nbsp;&nbsp;&nbsp;SHC Management Co., Ltd. |  | 10479  | - | 10479  | 10325  | - | 10325  |
| &nbsp;&nbsp;&nbsp;Shinhan DS |  | 133263  | 67559  | 65704  | 139322  | 76603  | 62719  |
| &nbsp;&nbsp;&nbsp;Shinhan Savings Bank |  | 3041931  | 2667351  | 374580  | 2879145  | 2512348  | 366797  |
| &nbsp;&nbsp;&nbsp;Shinhan Asset Trust Co., Ltd.  |  | 824212  | 505995  | 318217  | 775844  | 471890  | 303954  |
| &nbsp;&nbsp;&nbsp;Shinhan Fund Partners |  | 126136  | 21265  | 104871  | 122507  | 22580  | 99927  |
| &nbsp;&nbsp;&nbsp;Shinhan REITs Management Co., Ltd. |  | 82162  | 6879  | 75283  | 82781  | 12640  | 70141  |
| &nbsp;&nbsp;&nbsp;Shinhan Venture Investment Co., Ltd. |  | 187323  | 102516  | 84807  | 176165  | 90967  | 85198  |
| &nbsp;&nbsp;&nbsp;Shinhan EZ General Insurance Co., Ltd. |  | 369058  | 185855  | 183203  | 289867  | 178573  | 111294  |

---

(\*1) The summarized financial statements of the consolidated subsidiaries are based on consolidated financial statements, if applicable.

(\*2) Subsidiaries such as trust, beneficiary certificate, special purpose company, partnerships and private equity fund which are not actually operating their own business are excluded.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**1. <u>Reporting entity (continued)</u>**

*ii) the nine-month periods ended September 30, 2025 and 2024 are as follows:*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
| **Investees (\*1), (\*2)** |  | **Operating**<br>**income** | **Net**<br>**income**<br>**(loss) (\*3)** | **Com-**<br>**prehensive**<br>**income** <br>**(loss) (\*3)** | **Operating**<br>**income** | **Net**<br>**income (loss)**<br> **(\*3)** | **Com-**<br>**prehensive**<br>**income** <br>**(loss) (\*3)** |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group<br>&nbsp;&nbsp;&nbsp;&nbsp;(separate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 2859711  | 2430160  | 2428092  | 2108299  | 1597981  | 1596444  |
| &nbsp;&nbsp;&nbsp;Shinhan Bank |  | 29835564  | 3356650  | 3167854  | 29792206  | 3103237  | 3527706  |
| &nbsp;&nbsp;&nbsp;Shinhan Card Co., Ltd. |  | 4532472  | 383389  | 369344  | 4322578  | 555085  | 529256  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities Co., Ltd. |  | 7214817  | 359357  | 338844  | 8490525  | 248838  | 245546  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Life Insurance <br>Co., Ltd. |  | 5696594  | 514515  | (237531) | 5010639  | 467107  | (1010904) |
| &nbsp;&nbsp;&nbsp;Shinhan Capital Co., Ltd. |  | 827024  | 91972  | 87385  | 916880  | 152626  | 149139  |
| &nbsp;&nbsp;&nbsp;Jeju Bank  |  | 278457  | 12271  | 10536  | 287747  | 9378  | 13793  |
| &nbsp;&nbsp;&nbsp;Shinhan Asset Management Co., Ltd. |  | 143764  | 36463  | 36463  | 196619  | 54638  | 54643  |
| &nbsp;&nbsp;&nbsp;SHC Management Co., Ltd. |  | - | 155  | 155  | - | 206  | 206  |
| &nbsp;&nbsp;&nbsp;Shinhan DS |  | 239707  | 5731  | 2977  | 231993  | 6267  | 7829  |
| &nbsp;&nbsp;&nbsp;Shinhan Savings Bank |  | 185098  | 17882  | 17757  | 194930  | 21761  | 22348  |
| &nbsp;&nbsp;&nbsp;Shinhan Asset Trust Co., Ltd.  |  | 157404  | 19402  | 19330  | 80151  | (178507) | (178760) |
| &nbsp;&nbsp;&nbsp;Shinhan Fund Partners |  | 53649  | 12630  | 12630  | 50656  | 11420  | 11420  |
| &nbsp;&nbsp;&nbsp;Shinhan REITs Management<br>Co., Ltd. |  | 15134  | 5144  | 5142  | 23328  | 10518  | 10515  |
| &nbsp;&nbsp;&nbsp;Shinhan AI Co., Ltd. (\*4) |  | - | - | - | - | (1927) | (1928) |
| &nbsp;&nbsp;&nbsp;Shinhan Venture Investment Co, Ltd. |  | 25528  | (190) | (391) | 40889  | 9116  | 9241  |
| &nbsp;&nbsp;&nbsp;Shinhan EZ General Insurance Co., Ltd. |  | 111934  | (27221) | (27660) | 66074  | (13990) | (14282) |

---

(\*1) The summarized financial statements of the consolidated subsidiaries are based on consolidated financial statements, if applicable.

(\*2) Subsidiaries such as trust, beneficiary certificate, special purpose company, partnerships and private equity fund which are not actually operating their own business are excluded.

(\*3) It includes non-controlling interest.

(\*4) Shinhan AI Co., Ltd. was liquidated for the period ended December 31, 2024, and the amount as of September 30, 2024 reflects figures incurred before the liquidation.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

**2. <u>Basis of preparation</u>**

**(a) Statement of compliance**

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

The condensed consolidated interim financial statements of the Group are prepared in accordance with Korean International Financial Reporting Standards ("K-IFRS"). These condensed consolidated interim financial statements are prepared under K-IFRS No.1034, '*Interim Financial Reporting'* and contains less information than required in the annual consolidated 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 the last annual consolidated financial statements as of and for the year ended December 31, 2024.

**(b) Use of estimates and judgments**

The preparation of the condensed consolidated interim financial statements in conformity with K-IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, incomes, and expenses. If the estimates and assumptions based on management's best judgment as of the end of the interim reporting period are different from the actual environment, these estimates and actual results may be different.

Estimates and underlying assumptions about estimates are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Income tax expense in the interim period is measured by applying the expected annual income tax rate, i.e. the estimated average annual effective income tax rate.

In preparing the 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 except for the method of estimation used to determine the income tax expense for the interim period.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

**3. <u>Material accounting policies</u>**

(a) The Group applies the same accounting policies as those applied in the preparation of the annual consolidated financial statements for the year ended December 31, 2024, except for the following amendments first applied from January 1, 2025, as described in Note 2(b).

*i) Amendment to K-IFRS No. 1021 'Effects of Changes in Foreign Exchange Rates' and No. 1101 'First-time adoption of K-IFRS' – Lack of Exchangeability* 

These amendments define scenarios where exchanges with other currencies are considered possible for accounting purposes, clarify the assessment of exchangeability with other currencies, and specify requirements for estimating and disclosing the spot exchange rate in cases where no exchangeability exists. If exchange with other currencies is not possible, the spot exchange rate must be estimated on the measurement date using observable exchange rates without adjustment or employing alternative estimation techniques. There is no significant impact on the consolidated financial statements from these amendments.

(b) As of September 30, 2025, the newly enacted and disclosed but not yet effective new K-IFRS are as follows:

*i) K-IFRS No. 1109 'Financial Instruments and K-IFRS No. 1107 Financial Instruments: Disclosures' – Classification and measurement requirements of financial instruments*

The amendments clarify the conditions related to the discharge of a financial liability before the settlement date when settling such financial liabilities using an electronic payment system. They further specify an interest feature, a contingent feature, financial assets with non-recourse features and contractually linked instruments which should be considered in assessing whether contractual cash flows of a financial asset are consistent with a basic lending arrangement. Furthermore, the amendments include additional disclosure requirements for investments in equity instruments designated at fair value through other comprehensive income and contractual terms that could change the timing or amount of contractual cash flows. The amendments are applied retrospectively for annual reporting periods beginning on or after 1 January 2026 with earlier application permitted. The Group is assessing the impact of the amendment on the consolidated financial statements.

*ii) Annual Improvements to Korean International Financial Reporting Standards (K-IFRS)*

*K-IFRS annual improvements are applied for annual reporting periods beginning on or after 1 January 2026 with earlier application permitted. The Group believes that there will be no material impact on the consolidated financial statement.*

- K-IFRS No. 1109 'Financial Instruments' – derecognition of lease liabilities and transaction price

- K-IFRS No. 1110 'Consolidated Financial Statements' – determination of 'de facto agent'

- K-IFRS No. 1101 'First-time adoption of Korean International Financial Reporting Standards' – hedge accounting adoption

- K-IFRS No. 1107 'Financial Instruments: Disclosures' – Gain or loss on derecognition

- K-IFRS No. 1007 'Statement of Cash Flows' – Cost method

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

**4. <u>Financial risk management</u>**

**(a) Overview**

Shinhan Financial Group Co., Ltd. (hereinafter referred to as the "Group") manages various risks that may arise within business sector and the major risks to which the Group is exposed include credit risk, market risk, interest rate risk, and liquidity risk. These risks are recognized, measured, controlled, and reported in accordance with risk management guidelines established at the controlling company level and at the subsidiary level.

*i) Risk management principles* 

The risk management principles of the Group are as follows:

- All business activities take into account the balance of risks and profits within a predetermined risk appetite.

- The controlling company shall present the Group Risk Management Model Standards, supervise their compliance and have responsibility and authority for group-level monitoring.

- Operate a risk-related decision-making system that enhances management's involvement.

- Organize and operate risk management organizations independent of the business sector.

- Operate a performance management system that clearly considers risks when making business decisions.

- Aim for preemptive and practical risk management functions.

- Share a cautious view to prepare for possible deterioration of the situation.

*ii) Risk management organization*

The basic policies are established by the Board of Directors of the controlling company, while the Group's risk management strategies are formulated by the Risk Management Committee (hereinafter referred to as the "Group Risk Management Committee") under the Board of Directors. The Group's Chief Risk Officer (CRO) assists the Group Risk Management Committee and consults the risk management policies and strategies of the Group and each subsidiary through the Group Risk Council, which includes the Chief Risk Management Officer of each subsidiary. The subsidiary implements the risk management policies and strategies of the Group through each company's risk management committee, risk-related committee, and risk management organization, and consistently establishes and implements the detailed risk management policies and strategies of the subsidiary. The risk management team of the controlling company assists the Group's Chief Risk Management Officer for risk management and supervision.

The Group has a hierarchical limit system to manage the risks of the Group to an appropriate level. The Group Risk Management Committee sets the risk limits that can be affordable by the Group and each subsidiary, while the Risk Management Committee and the Committee of each subsidiary set and manage detailed risk limits by risk, department, desk, and product types.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

**4. <u>Financial risk management (continued)</u>**

**(a) Overview (continued)**

*ii) Risk management organization (continued)*

*ii-1) Group risk management committee*

The Group has established the risk management system for the controlling company and each of its subsidiaries, and comprehensively manages group-wide risk-related matters, including the establishment of risk management policies and strategies, and the approval of limits. The Committee consists of directors of the controlling company.

The resolution of the Committee is as follows:

-Establish risk management basic policy in line with management strategy

-Determine the level of risk that can be assumed by the Group and each subsidiary

-Approve appropriate investment limit or loss allowance limit

-Enact and amend the Group Risk Management Regulations and the Group Risk Council Regulations

-Matters concerning risk management organization structure and division of duties

-Matters concerning the operation of the risk management system

-Matters concerning the establishment of various limits and approval of limits

-Make decisions on approval of the FSS's internal rating based approach for non-retail and retail credit rating systems

-Matters concerning risk disclosure policy

-Analysis of crisis situation, related capital management plan and financing plan

-Matters deemed necessary by the board of directors

-Matters required by external regulations such as the Financial Services Commission and other regulations and guidelines

-Matters deemed necessary by the Chairman

The resolution of the Group Risk Management Committee is reported to the Board of Directors.

*ii-2) Group risk management council*

<br>In order to maintain the Group's risk management policies and strategies consistently, the Group resolves matters necessary to discuss overall risk-related issues and to implement the policies set by the Group Risk Management Committee. The members are chaired by the Group's chief risk management officer and shall be consist of the chief risk officers of major subsidiaries.

*iii) Group risk management system* 

*iii-1) Management of the risk capital* 

Risk capital refers to the capital required to compensate for the potential loss (risk) if it is actually realized. Risk capital management refers to the management of the risk assets considering its risk appetite, which is a datum point on the level of risk burden compared to available capital, so as to maintain the risk capital at an appropriate level. The controlling company and its subsidiaries establish and operate a risk planning process to reflect the risk plan in advance when establishing financial and business plans for risk capital management and establish a risk limit management system to control risk to an appropriate level.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

**4. <u>Financial risk management (continued)</u>**

**(a) Overview (continued)**

*iii) Group risk management system (continued)* 

*iii-2) Risk monitoring*

In order to proactively manage risks by periodically identifying risk factors that can affect the Group's business environment, the Group has established a multi-dimensional risk monitoring system. Each subsidiary is required to report to the Group on key issues that affect risk management at the Group level. The Group prepares weekly, monthly and occasional monitoring reports to report to Group management including the CRO.

In addition, the Risk Dashboard is operated to derive abnormal symptoms through three-dimensional monitoring of major portfolios, increased risks, and external environmental changes of assets for each subsidiary. If necessary, the Group takes preemptive risk management to establish and implement countermeasures.

*iii-3) Risk reviewing*

When conducting new product, new business and major policy changes, risk factors are reviewed by using a pre-defined checklist to prevent indiscriminate promotion of business that is not easy to judge risk and to support rational decision making. The subsidiary's risk management department conducts a preliminary review and post-monitoring process on products, services, and projects to be pursued in the business division. In case of matters that are linked or jointly promoted with other subsidiaries, the risk reviews are carried out after prior-consultation with the risk management department of the Group.

*iii-4) Crisis management*

The Group maintains a group wide risk management system to detect the signals of any risk crisis and, in the event of a crisis actually happening, to respond on a timely, efficient and flexible basis so as to ensure the Group's survival as a going concern. Each subsidiary maintains crisis planning for four levels of contingencies, namely, "cautious', "alert", "imminent crisis" and "crisis", determination of which is made based on quantitative and qualitative monitoring and consequence analysis, and upon the happening of any such contingency, is required to respond according to a prescribed contingency plan. At the controlling company level, the Group maintains and installs crisis detection and response system which is applied consistently group-wide, and upon the happening of any contingency at two or more subsidiaries level, the Group directly takes charge of the situation so that the Company manages it on a concerted group wide basis.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk**

Credit risk is the risk of potential economic loss that may be caused if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and is the largest risk which the Group faces. The Group's credit risk management encompasses all areas of credit that may result in potential economic loss, including not just transactions that are recorded on the balance sheet, but also off-balance-sheet transactions such as guarantees, loan commitments and derivative transactions.

Shinhan Bank's basic policy on credit risk management is determined by the Risk Policy Committee. The Risk Policy Committee consists of the chairman of the Chief Risk Officer (CRO), Chief Credit Officer (CCO), the head of the business group, and the head of the risk management department. The Risk Policy Committee decides the credit risk management plan and the direction of the loan policy for the entire bank. Apart from the Risk Policy Committee, the Credit Review Committee is established to separate credit monitoring, such as large loans and limit approval, and is composed of chairman, the CCO, CRO and the head of the group in charge of the credit-related business group, the head of the credit planning department, and the senior examination team to enhance the credit quality of the loan and profitability of operation.

Shinhan Bank's credit risk management includes processes such as credit evaluation, credit monitoring and supervision, credit risk measurement of counterparties and limit management processes and credit risk measurements for portfolios. All loan customers of Shinhan Bank are evaluated and managed with credit ratings. Retail customers are evaluated by summing up customer information from the bank's internal information and external credit information, and the corporate customers are evaluated by considering financial and non-financial items such as industrial risk, operating risk, and management risk. The evaluated credit rating is used for credit approval, limit management, pricing, credit loss provisioning, etc., and is the basis for credit risk management. The credit evaluation system is divided into an evaluation system for retail customers, a small office home office (SOHO) evaluation system, and an evaluation system for corporate customers. It is subdivided and refined by each model to reflect the Basel III requirements. The corporate credit decision is based on a collective decision-making system, making objective and prudent decisions. In the case of a general credit of loans, the credit is approved based on the consultation between branch RM's (Relationship Manager) and loan officers of each business division's headquarters. In the case of a large or important credit, the credit is approved by the review council. In particular, the Credit Deliberation Committee, the highest decision-making body for loan approvals, reviews for important loans such as large loans. Credits for retail customers are monitored by an automated credit scoring system (CSS) based on objective statistical methods and bank credit policies.

Shinhan Bank operates a regular monitoring system for the regular management of individual loans. The loan officers and RM's evaluate the adequacy of the result of the loan review by automatically searching for anticipated insolvent companies among business loan partners, and if necessary, the credit rating of the corporate is adjusted. In accordance with these procedures, corporate customers are classified either as an early warning company, an observation company, or a normal company, and then managed differently according to management guidelines for each risk classification, thereby mitigating the risk of insolvency of the loan at an early stage. The financial analysis support system affiliated with a professional credit rating agency supports credit screening and management, and the credit planning department calculates and manages industrial grades and analyzes and provides industry trends and company information. In order to control the credit risk for the credit portfolio to an appropriate level, credit VaR limits are set and managed for each business and business sector, and to prepare for the credit risk caused by biased exposure to specific sectors, the Group sets and manages exposure limits for each sector by party, industry, country, etc.

Shinhan Card's basic policy on credit risk is determined by the Risk Management Committee. The Risk Management Committee (RMC) consists of the Chief Risk Officer (CRO) as the chairperson, and is composed of the heads of each business group and supporting group and the heads of related departments. Apart from the RMC, a credit committee in charge of monitoring corporate credits and other important credits over a certain amount, has been established to separate credit policy decisions from credit monitoring.

Shinhan Card's credit rating system is divided into ASS (Application Scoring System) and BSS (Behavior Scoring System). Unless a customer falls under "rejection due to policy" (such circumstances include delinquency of other credit card companies) and his/her credit rating is above a certain rate, an application of ASS is approved. There is a separate screening criterion for credit card customers, who have maintained a long-term relationship with the Group and have a good credit history. In addition,

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

the elements of credit ratings are used as the basis for setting limits when issuing cards. The BSS, which is recalculated monthly, predicts the delinquency probability of cardholders, and is utilized it to monitor member and portfolio risk.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk**

*i) Techniques, assumptions, and input variables used to measure impairment*

*i-1) Determining significant increases in credit risk since initial recognition*

At the end of each reporting period, the Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Group uses the change in the risk of default occurring over the expected life of the financial instrument instead of the change in the amount of expected credit losses.

To make the assessment, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable information, that is available without undue cost or effort and is indicative of significant increases in credit risk since initial recognition. Information includes the default experience data held by the Group and analysis by an internal credit rating expert.

1Measuring the risk of default

The Group assigns an internal credit risk rating to each individual exposure based on observable data and historical experiences that have been found to have a reasonable correlation with the risk of default. The internal credit risk rating is determined by considering both qualitative and quantitative factors that indicate the risk of default, which may vary depending on the nature of the exposure and the type of borrower.

2Measuring term structure of probability of default

Internal credit rating is a key input variable for determining term structure of probability of default. The Group accumulates information after analyzing the information regarding exposure to credit risk and default information by the type of product and borrower and results of internal credit risk assessment. For some portfolios, the Group uses information obtained from external credit rating agencies when performing these analyses.

The Group applies statistical techniques to estimate the probability of default for the remaining life of the exposure from the accumulated data and to estimate changes in the estimated probability of default over time.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*i) Techniques, assumptions, and input variables used to measure impairment (continued)*

3Significant increases in credit risk

The Group uses the indicators defined as per portfolio to determine the significant increase in credit risk and such indicators generally consist of changes in the risk of default estimated from changes in the internal credit risk rating, qualitative factors, days of delinquency, and others. The method used to determine whether credit risk of financial instruments has significantly increased after the initial recognitions is summarized as follows:

---

| | | |
|:---|:---|:---|
| **Corporate exposures** | **Retail exposures** | **Card exposures** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant change in credit ratings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant change in credit ratings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant change in credit ratings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continued past due more than 30 days | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continued past due more than 30 days | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continued past due more than 7 days (personal card) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan classification of precautionary or below | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan classification of precautionary or below | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan classification precautionary or below |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower with early warning signals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower with early warning signals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specific delinquent pool segment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Negative net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specific pool segment |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adverse audit opinion or disclaimer of opinion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collective loans for housing for which the constructors are insolvent |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest coverage ratio below 1 for a consecutive period of three years or negative cash flows from operating activities for a consecutive period of two years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans with identified indicators for significant increases in other credit risk |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest coverage ratio below 1 for a consecutive period of three years or negative cash flows from operating activities for a consecutive period of two years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans with identified indicators for significant increases in other credit risk |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans with identified indicators for significant increases in other credit risk |  |  |

---

The Group assumes that the credit risk of the financial instrument has been increased significantly since initial recognition if a specific exposure is past due more than 30 days (except, for card exposures if it is past due more than 7 days). The Group counts the number of days past due from the earliest date on which the Group fails to fully receive the contractual payments from the borrower, and does not take into account any grace period granted to the borrower.

The Group regularly reviews the criteria for determining if there has been a significant increase in credit risk from the following perspective:

- A significant increase in credit risk shall be identified prior to the occurrence of default.

- The criteria established to judge the significant increase in credit risk shall have a more predictive power than the criteria for days of delinquency.

- As a result of applying the judgment criteria, management would not expect frequent movement between the 12-month expected credit loss accumulation target and the entire period expected credit loss accumulation target.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*i) Techniques, assumptions, and input variables used to measure impairment (continued)*

*i-2) Modified financial assets*

If the contractual cash flows on a financial asset have been modified through renegotiation and the financial asset is not derecognized, the Group assesses whether there has been a significant increase in the credit risk of the financial instrument by comparing the risk of a default occurring at initial recognition based on the original, unmodified contractual terms and the risk of a default occurring at the reporting date based on the modified contractual terms.

The Group may adjust the contractual cash flows of loans to customers who are in financial difficulties in order to manage the risk of default and enhance the collectability (hereinafter referred to as 'debt restructuring'). These adjustments generally involve extension of maturity, changes in interest payment schedule, and changes in other contractual terms.

Debt restructuring is a qualitative indicator of a significant increase in credit risk, and the Group recognizes lifetime expected credit losses for the exposure expected to be the subject of such adjustments. If a borrower faithfully makes payments of contractual cash flows that are modified in accordance with the debt restructuring or if the borrower's internal credit rating has recovered to the level prior to the recognition of the lifetime expected credit losses, the Group recognizes the 12-month expected credit losses for that exposure again.

*i-3) Risk of default*

The Group considers a financial asset to be in default if it meets one or more of the following conditions:

- If a borrower is overdue 90 days or more from the contractual payment date

- If the Group judges that it is not possible to recover principal and interest without enforcing the collateral on a financial asset

The Group uses the following indicators when determining whether a borrower is in default:

- Qualitative factors (e.g. breach of contractual terms)

- Quantitative factors (e.g. if the same borrower does not perform more than one payment obligations to the Group, the number of days past due per payment obligation. However, in the case of a specific portfolio, the Group uses the number of days past due for each financial instrument)

- Internal observation data and external data

The definition of default applied by the Group generally conforms to the definition of default defined for regulatory capital management purposes; however, depending on the situations, the information used to determine whether a default has occurred, and the extent thereof may vary.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*i) Techniques, assumptions and input variables used to measure impairment (continued)*

*i-4) Reflection of forward-looking information*

The Group reflects future forward-looking information presented by a group of internal experts based on various information when measuring expected credit losses. The Group utilizes economic forecasts disclosed by domestic and foreign research institutes, governments, and public institutions to predict forward-looking information.

The Group reflects future macroeconomic conditions anticipated from a neutral standpoint that is free from bias in measuring expected credit losses. Expected credit losses in this respect reflect conditions that are most likely to occur and are based on the same assumptions that the Group used in its business plan and management strategy.

The Group analyzed data from its past experienced, derived correlations between major macroeconomic variables and credit risks required for predicting credit risk and credit loss for each portfolio and then reflected forward-looking information through a regression estimation. To reflect external and internal economic uncertainties, the Group has incorporated the forward-looking information by reviewing an additional worst-case scenario along with the three existing scenarios of upside, central and downside.

---

| | |
|:---|:---|
| **Major macroeconomic variables** | **Correlation between credit risks** |
| GDP growth rate | (-) |
| Private consumption index growth rate | (-) |
| Index of equipment investment growth rate | (-) |
| Consumer price index growth rate | (+) |
| Balance on current account | (-) |

---

The predicted correlations between the macroeconomic variables and the risk of default, used by the Group, are derived based on long-term data over the past ten years.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*i) Techniques, assumptions, and input variables used to measure impairment (continued)*

*i-5) Measurement of expected credit losses*

Key variables used in measuring expected credit losses are as follows:

- Probability of default ("PD")

- Loss given default ("LGD")

- Exposure at default ("EAD")

These variables have been estimated from historical experience data by using the statistical techniques developed internally by the Group and have been adjusted to reflect forward-looking information.

Estimates of PD over a specified period are estimated by reflecting characteristics of counterparties and their exposure, based on a statistical model at a specific point of time. The Group uses its own information to develop a statistical credit assessment model used for the estimation, and additional information observed in the market is considered for some portfolios such as a group of large corporates. When a counterparty or exposure is concentrated in specific grades, the method of measuring PD for those grades is adjusted, and the PD for each rating grade is estimated by taking into account the contractual maturity of the exposure.

LGD refers to the expected loss in the event of a default. The Group calculates LGD based on the experience recovery rate measured from past default exposures. The model for measuring LGD is developed to reflect type of collateral, seniority of collateral, type of borrower, and cost of recovery. In particular, LGD for retail loan products uses loan to value (LTV) as a key variable. The recovery rate reflected in the LGD calculation is based on the present value of recovery amount, discounted at the effective interest rate.

EAD refers to the expected exposure at the time of default. The Group derives EAD reflecting a rate at which the current exposure is expected to be used additionally up to the point of default within the contractual limit. EAD of financial assets is equal to the total carrying value of the asset, and EAD of loan commitments or financial guarantee contracts is calculated as the sum of the amount expected to be used in the future.

In measuring expected credit losses on financial assets, the Group uses the contractual maturity as the period subject to expected credit loss measurement. The contractual maturity is computed by considering the extension right held by the borrower.

Risk factors of PD, LGD and EAD are collectively estimated according to the following criteria:

- Type of products

- Internal credit risk rating

- Type of collateral

- Loan to value ("LTV")

- Industry that the borrower belongs to

- Location of the borrower or collateral

- Days of delinquency

The criteria for classifying groups are periodically reviewed to maintain homogeneity of the group and adjusted if necessary. The Group uses external benchmark information to supplement internal information for a particular portfolio that did not have sufficient internal data accumulated from the past experience.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*i) Techniques, assumptions and input variables used to measure impairment (continued)*

*i-6) Write-off of financial assets*

The Group writes off a portion of or entire loan or debt security that is not expected to receive its principal and interest. In general, the Group conducts write-off when it deems that the borrower has no sufficient resources or income to repay the principal and interest. The decision to write off follows the internal regulations of the Group and, if necessary, is carried out after obtaining approval from external institutions. Apart from write-off, the Group may continue to exercise its right of collection under its own recovery policy even after the write-off of financial assets.

*ii) Maximum exposure to credit risk*

Exposure to credit risk is related to due from banks, loans, investments in debt securities, derivative transactions, off-balance sheet items such as loan commitment. The exposures of due from banks and loans are classified into government, bank, corporation or retail based on the exposure classification criteria of Basel III credit risk weights, and the net carrying amount, excluding deductible items such as provisions, is presented as the maximum amount that can be exposed by credit risk.

The details of the maximum exposure to credit risk for financial instruments held as of September 30, 2025 and December 31, 2024 periods are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from banks and loans at amortized cost (\*1), (\*3): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks | W | 14499349  | 14058051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail |  | 207602185  | 199809576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government/Public sector/Central bank |  | 33767119  | 27228308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporations |  | 220256521  | 218713457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Card receivables |  | 27288151  | 27714596 |
|  |  | 503413325 | 487523988 |
| Due from banks and loans at FVTPL (\*3): |  |  |  |
| Banks |  | 138530  | 134609 |
| Corporations |  | 1748441  | 1780787 |
|  |  | 1886971 | 1915396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at FVTPL |  | 71311385  | 67134121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at FVOCI |  | 97954134  | 92016210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at amortized cost (\*1) |  | 31672897  | 33315999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative assets |  | 5804621  | 10279257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial assets (\*1), (\*2) |  | 44587090  | 23116960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantee contracts |  | 22802122  | 22509195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan commitments and other credit liabilities |  | 219662948  | 218980794 |
|  | W | 999095493 | 956791920 |

---

(\*1) The maximum exposure amounts for due from banks, loans, securities at amortized cost and other financial assets at amortized cost are the net carrying amount after deducting the allowance for credit losses.

(\*2) Other financial assets mainly comprise of accounts receivable, accrued income, deposits, domestic exchange settlement debit and suspense payments.

(\*3) Classified as similar credit risk group based on calculation of the BIS ratio under new Basel Capital Accord (Basel III).

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*iii) Impairment information by credit risk of financial assets*

Details of impaired financial assets due to credit risk as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **12-month expected credit losses** | **12-month expected credit losses** | &nbsp;&nbsp;**Lifetime expected credit losses** | &nbsp;&nbsp;**Lifetime expected credit losses** | &nbsp;&nbsp;**Lifetime expected credit losses** | **Total** | **Allowances** | **Net** | **Mitigation of credit risk**<br>**due to collateral** |
|  |  | &nbsp;&nbsp;**Grade 1 (\*)** | **Grade 2 (\*)** | &nbsp;&nbsp;**Grade 1 (\*)** | &nbsp;&nbsp;**Grade 2 (\*)** | &nbsp;&nbsp;**Impaired** | **Total** | **Allowances** | **Net** | **Mitigation of credit risk**<br>**due to collateral** |
| &nbsp;&nbsp;&nbsp;Due from banks and loans at amortized cost: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp;W | 12103497 | 2238980 | 171763 | 285 | - | 14514525 | (15176) | 14499349 | 16271 |
| &nbsp;&nbsp;&nbsp; Retail |  | 187480484 | 7009027 | 8503020 | 4377481 | 1283071 | 208653083 | (1050898) | 207602185 | 161696955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Government/Public sector/<br>Central bank |  | 31548093 | 1936725 | 292718 | 4 | - | 33777540 | (10421) | 33767119 | 2621 |
| &nbsp;&nbsp;&nbsp; Corporations |  | 114975109 | 54596535 | 23064609 | 27828442 | 2153041 | 222617736 | (2361215) | 220256521 | 124333760 |
| &nbsp;&nbsp;&nbsp; Card receivable |  | 19889378 | 4503832 | 1057864 | 2281118 | 496424 | 28228616 | (940465) | 27288151 | 17700 |
|  |  | 365996561 | 70285099 | 33089974 | 34487330 | 3932536 | 507791500 | (4378175) | 503413325 | 286067307 |
| &nbsp;&nbsp;&nbsp;Securities at FVOCI (\*) |  | 88769026 | 9153037 | - | 32071 | - | 97954134 | - | 97954134 | - |
| &nbsp;&nbsp;&nbsp;Securities at amortized cost |  | 29898820 | 1783462 | - | - | - | 31682282 | (9385) | 31672897 | - |
|  | W | 484664407 | 81221598 | 33089974 | 34519401 | 3932536 | 637427916 | (4387560) | 633040356 | 286067307 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*iii) Impairment information by credit risk of financial assets (continued)*

Details of impaired financial assets due to credit risk as of September 30, 2025 and December 31, 2024 are as follows (continued):

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | **12-month expected credit losses** | **12-month expected credit losses** | &nbsp;&nbsp;**Lifetime expected credit losses** | &nbsp;&nbsp;**Lifetime expected credit losses** | &nbsp;&nbsp;**Lifetime expected credit losses** | **Total** | **Allowances** | **Net** | **Mitigation of credit risk**<br>**due to collateral** |
|  |  | &nbsp;&nbsp;**Grade 1 (\*)** | **Grade 2 (\*)** | &nbsp;&nbsp;**Grade 1 (\*)** | &nbsp;&nbsp;**Grade 2 (\*)** | &nbsp;&nbsp;**Impaired** | **Total** | **Allowances** | **Net** | **Mitigation of credit risk**<br>**due to collateral** |
| &nbsp;&nbsp;&nbsp;Due from banks and loans at amortized cost: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp;W | 11740875 | 2027427 | 254625 | 60114 | - | 14083041 | (24990) | 14058051  | 27874  |
| &nbsp;&nbsp;&nbsp; Retail |  | 177166099 | 6397386 | 11714193 | 4387929 | 1198594 | 200864201 | (1054625) | 199809576  | 151610129  |
| &nbsp;&nbsp;&nbsp;&nbsp; Government/Public sector/<br>Central bank |  | 25118226 | 2030126 | 83783 | 49 | - | 27232184 | (3876) | 27228308  | 2500  |
| &nbsp;&nbsp;&nbsp; Corporations |  | 117893181 | 55345067 | 20324015 | 25633821 | 1880868 | 221076952 | (2363495) | 218713457  | 117575757  |
| &nbsp;&nbsp;&nbsp; Card receivable |  | 21631071 | 2974287 | 1170078 | 2436456 | 642991 | 28854883 | (1140287) | 27714596  | 18881  |
|  |  | 353549452 | 68774293 | 33546694 | 32518369 | 3722453 | 492111261 | (4587273) | 487523988  | 269235141  |
| &nbsp;&nbsp;&nbsp;Securities at FVOCI (\*) |  | 83218889 | 8736563 | 10034 | 50724 | - | 92016210 | - | 92016210 | - |
| &nbsp;&nbsp;&nbsp;Securities at amortized cost |  | 31103200 | 2219343 | - | 3644 | - | 33326187 | (10188) | 33315999  | - |
|  | W | 467871541 | 79730199 | 33556728 | 32572737 | 3722453 | 617453658 | (4597461) | 612856197  | 269235141 |

---

(\*) Credit loss allowance recognized as other comprehensive income of securities at fair value through other comprehensive income amounted to W 40,557 million and W 38,346 million as of September 30, 2025 and December 31, 2024.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*iv) Credit risk exposures per credit grade of off-balance sheet items*

The credit risk exposure for off-balance sheet items such as guarantees, loan commitments, and other credit-related liabilities as

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Grade 1** | **Grade 2** | **Impaired** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial guarantee: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12-month expected credit losses | W | 18250353  | 3387984  | - | 21638337  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifetime expected credit losses |  | 957140  | 195448  | - | 1152588  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impaired |  | - | - | 11197  | 11197  |
|  |  | 19207493  | 3583432  | 11197  | 22802122  |
| &nbsp;&nbsp;Loan commitment and <br>other credit line |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12-month expected credit losses |  | 186048506  | 22850593  | - | 208899099  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifetime expected credit losses |  | 7865315  | 2829741  | - | 10695056  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impaired  |  | - | - | 68793  | 68793  |
|  |  | 193913821  | 25680334  | 68793  | 219662948 |
|  | W | 213121314  | 29263766  | 79990  | 242465070  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | **Grade 1** | **Grade 2** | **Impaired** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial guarantee: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12-month expected credit losses | W | 19212434  | 2786804  | - | 21999238  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifetime expected credit losses |  | 361440  | 127153  | - | 488593  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impaired |  | - | - | 21364  | 21364  |
|  |  | 19573874  | 2913957  | 21364  | 22509195  |
| &nbsp;&nbsp;Loan commitment and <br>other credit line |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12-month expected credit losses |  | 183928715  | 21687932  | - | 205616647  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifetime expected credit losses |  | 10370570  | 2988286  | - | 13358856  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impaired  |  | - | - | 5291  | 5291  |
|  |  | 194299285  | 24676218  | 5291  | 218980794  |
|  | W | 213873159  | 27590175  | 26655  | 241489989  |

---

*v) Credit qualities are classified based on the internal credit rating as follows:*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type of Borrower** | &nbsp;&nbsp;&nbsp;**Grade 1** | &nbsp;&nbsp;&nbsp;**Grade 2** |
| &nbsp;&nbsp;&nbsp;Individuals | Probability of default below 2.25% for each pool | Probability of default 2.25% or above for each pool |
| &nbsp;&nbsp;&nbsp;Government/Public sector/Central bank | OECD sovereign credit rating of 6 or above  | OECD sovereign credit rating of below 6  |
| &nbsp;&nbsp;&nbsp;Banks and Corporations<br>(including credit card bond) | Internal credit rating of BBB+ or above | Internal credit rating of below BBB+ |
| &nbsp;&nbsp;&nbsp;Card receivables (individuals)<br>| Behavior scoring system of 7 grade or above | Behavior scoring system of below 7 grade  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*vi) Concentration by industry sector*

An analysis of concentration by industry sector of financial instrument, net of allowance, as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Classification (\*)** |  | **Finance and insurance** | &nbsp;&nbsp;&nbsp;**Manu**<br>**-facturing** | &nbsp;&nbsp;&nbsp;**Retail and wholesale** | **Real estate and business** | **Construction service** | &nbsp;&nbsp;&nbsp;**Lodging and Restaurant** | &nbsp;&nbsp;&nbsp;**Other** | **Retail**<br>**customers** | &nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;Due from banks and loans at amortized cost: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;14219497  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;279852  | &nbsp;&nbsp;- | &nbsp;&nbsp;14499349  |
| &nbsp;&nbsp;&nbsp; Retail |  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;-  | &nbsp;&nbsp;207602185  | &nbsp;&nbsp;207602185  |
| &nbsp;&nbsp;&nbsp; Government/Public sector/Central bank |  | &nbsp;&nbsp;33683461  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;83658  | &nbsp;&nbsp;- | &nbsp;&nbsp;33767119  |
| &nbsp;&nbsp;&nbsp; Corporations |  | &nbsp;&nbsp;20411865  | &nbsp;&nbsp;61644731  | &nbsp;&nbsp;23907475  | &nbsp;&nbsp;47500302  | &nbsp;&nbsp;5240730  | &nbsp;&nbsp;7231247  | &nbsp;&nbsp;54320171  | &nbsp;&nbsp;- | &nbsp;&nbsp;220256521  |
| &nbsp;&nbsp;&nbsp; Card receivable |  | &nbsp;&nbsp;88613  | &nbsp;&nbsp;356896  | &nbsp;&nbsp;272025  | &nbsp;&nbsp;75423  | &nbsp;&nbsp;52149  | &nbsp;&nbsp;27338  | &nbsp;&nbsp;1335403  | &nbsp;&nbsp;25080304  | &nbsp;&nbsp;27288151  |
|  |  | &nbsp;&nbsp;68403436  | &nbsp;&nbsp;62001627  | &nbsp;&nbsp;24179500  | &nbsp;&nbsp;47575725  | &nbsp;&nbsp;5292879  | &nbsp;&nbsp;7258585  | &nbsp;&nbsp;56019084  | &nbsp;&nbsp;232682489  | &nbsp;&nbsp;503413325  |
| &nbsp;&nbsp;&nbsp;Due from banks and loans at FVTPL |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Banks |  | &nbsp;&nbsp;39196  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;99334  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;138530  |
| &nbsp;&nbsp;&nbsp; Corporations |  | &nbsp;&nbsp;938298  | &nbsp;&nbsp;501876  | &nbsp;&nbsp;53015  | &nbsp;&nbsp;157616  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;97636  | &nbsp;&nbsp;- | &nbsp;&nbsp;1748441  |
|  |  | &nbsp;&nbsp;977494  | &nbsp;&nbsp;501876  | &nbsp;&nbsp;53015  | &nbsp;&nbsp;157616  | &nbsp;&nbsp;99334  | &nbsp;&nbsp;- | &nbsp;&nbsp;97636  | &nbsp;&nbsp;- | &nbsp;&nbsp;1886971  |
| &nbsp;&nbsp;&nbsp;Securities at FVTPL |  | &nbsp;&nbsp;33029397  | &nbsp;&nbsp;4145464  | &nbsp;&nbsp;1279205  | &nbsp;&nbsp;2952259  | &nbsp;&nbsp;273337  | &nbsp;&nbsp;86602  | &nbsp;&nbsp;29545121  | &nbsp;&nbsp;- | &nbsp;&nbsp;71311385  |
| &nbsp;&nbsp;&nbsp;Securities at FVOCI |  | &nbsp;&nbsp;42762355  | &nbsp;&nbsp;2385179  | &nbsp;&nbsp;516325  | &nbsp;&nbsp;1773153  | &nbsp;&nbsp;861622  | &nbsp;&nbsp;22036  | &nbsp;&nbsp;49633464  | &nbsp;&nbsp;- | &nbsp;&nbsp;97954134  |
| &nbsp;&nbsp;&nbsp;Securities at amortized cost |  | &nbsp;&nbsp;7043852  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;715631  | &nbsp;&nbsp;290817  | &nbsp;&nbsp;- | &nbsp;&nbsp;23622597  | &nbsp;&nbsp;- | &nbsp;&nbsp;31672897  |
|  |  | &nbsp;&nbsp;152216534 | &nbsp;&nbsp;69034146 | &nbsp;&nbsp;26028045 | &nbsp;&nbsp;53174384 | &nbsp;&nbsp;6817989 | &nbsp;&nbsp;7367223 | &nbsp;&nbsp;158917902 | &nbsp;&nbsp;232682489 | &nbsp;&nbsp;706238712 |
| &nbsp;&nbsp;&nbsp;Off-balance sheet items |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantees |  | &nbsp;&nbsp;4860518  | &nbsp;&nbsp;10433819  | &nbsp;&nbsp;3554667  | &nbsp;&nbsp;293027  | &nbsp;&nbsp;246260  | &nbsp;&nbsp;71162  | &nbsp;&nbsp;3340303  | &nbsp;&nbsp;2366  | &nbsp;&nbsp;22802122  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan commitments and other liabilities related to credit |  | &nbsp;&nbsp;18142804  | &nbsp;&nbsp;32248304  | &nbsp;&nbsp;10160107  | &nbsp;&nbsp;6014596  | &nbsp;&nbsp;2126215  | &nbsp;&nbsp;447980  | &nbsp;&nbsp;19606295  | &nbsp;&nbsp;130916647  | &nbsp;&nbsp;219662948  |
|  | W | &nbsp;&nbsp;23003322  | &nbsp;&nbsp;42682123  | &nbsp;&nbsp;13714774  | &nbsp;&nbsp;6307623  | &nbsp;&nbsp;2372475  | &nbsp;&nbsp;519142  | &nbsp;&nbsp;22946598  | &nbsp;&nbsp;130919013  | &nbsp;&nbsp;242465070  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*vi) Concentration by industry sector (continued)*

An analysis of concentration by industry sector of financial instrument, net of allowance, as of September 30, 2025 and December 31, 2024 are as follows (continued):

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;**December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Classification (\*)** |  | **Finance and insurance** | &nbsp;&nbsp;&nbsp;**Manu**<br>**-facturing** | &nbsp;&nbsp;&nbsp;**Retail and wholesale** | **Real estate and business** | **Construction service** | &nbsp;&nbsp;&nbsp;**Lodging and Restaurant** | &nbsp;&nbsp;&nbsp;**Other** | **Retail**<br>**customers** | &nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;Due from banks and loans at amortized cost: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;13495577 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;562474 | &nbsp;&nbsp;- | &nbsp;&nbsp;14058051 |
| &nbsp;&nbsp;&nbsp; Retail |  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;199809576 | &nbsp;&nbsp;199809576 |
| &nbsp;&nbsp;&nbsp; Government/Public sector/Central bank |  | &nbsp;&nbsp;27042097 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;186211 | &nbsp;&nbsp;- | &nbsp;&nbsp;27228308 |
| &nbsp;&nbsp;&nbsp; Corporations |  | &nbsp;&nbsp;22485184  | &nbsp;&nbsp;62200259  | &nbsp;&nbsp;23447863  | &nbsp;&nbsp;47109684  | &nbsp;&nbsp;5409739  | &nbsp;&nbsp;6735852  | &nbsp;&nbsp;51324876  | &nbsp;&nbsp;- | &nbsp;&nbsp;218713457  |
| &nbsp;&nbsp;&nbsp; Card receivable |  | &nbsp;&nbsp;81613  | &nbsp;&nbsp;323992  | &nbsp;&nbsp;288452  | &nbsp;&nbsp;65256  | &nbsp;&nbsp;51107  | &nbsp;&nbsp;20277  | &nbsp;&nbsp;1189255  | &nbsp;&nbsp;25694644  | &nbsp;&nbsp;27714596  |
|  |  | &nbsp;&nbsp;63104471  | &nbsp;&nbsp;62524251  | &nbsp;&nbsp;23736315  | &nbsp;&nbsp;47174940  | &nbsp;&nbsp;5460846  | &nbsp;&nbsp;6756129  | &nbsp;&nbsp;53262816  | &nbsp;&nbsp;225504220  | &nbsp;&nbsp;487523988  |
| &nbsp;&nbsp;&nbsp;Due from banks and loans at FVTPL |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Banks |  | &nbsp;&nbsp;35450 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;99159  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;134609  |
| &nbsp;&nbsp;&nbsp; Corporations |  | &nbsp;&nbsp;859295  | &nbsp;&nbsp;391667  | &nbsp;&nbsp;301658  | &nbsp;&nbsp;149652  | &nbsp;&nbsp;10000  | &nbsp;&nbsp;- | &nbsp;&nbsp;68515  | &nbsp;&nbsp;- | &nbsp;&nbsp;1780787  |
|  |  | &nbsp;&nbsp;894745  | &nbsp;&nbsp;391667  | &nbsp;&nbsp;301658  | &nbsp;&nbsp;149652  | &nbsp;&nbsp;109159  | &nbsp;&nbsp;- | &nbsp;&nbsp;68515  | &nbsp;&nbsp;- | &nbsp;&nbsp;1915396  |
| &nbsp;&nbsp;&nbsp;Securities at FVTPL |  | &nbsp;&nbsp;34194979 | &nbsp;&nbsp;3634273 | &nbsp;&nbsp;1286997 | &nbsp;&nbsp;2149229  | &nbsp;&nbsp;304020  | &nbsp;&nbsp;136364  | &nbsp;&nbsp;25428259  | &nbsp;&nbsp;- | &nbsp;&nbsp;67134121  |
| &nbsp;&nbsp;&nbsp;Securities at FVOCI |  | &nbsp;&nbsp;35854914 | &nbsp;&nbsp;2636678 | &nbsp;&nbsp;712936 | &nbsp;&nbsp;1790042  | &nbsp;&nbsp;1056603  | &nbsp;&nbsp;12160  | &nbsp;&nbsp;49952877  | &nbsp;&nbsp;- | &nbsp;&nbsp;92016210  |
| &nbsp;&nbsp;&nbsp;Securities at amortized cost |  | &nbsp;&nbsp;9761249 | &nbsp;&nbsp;19984 | &nbsp;&nbsp;- | &nbsp;&nbsp;539416 | &nbsp;&nbsp;260379 | &nbsp;&nbsp;- | &nbsp;&nbsp;22734971 | &nbsp;&nbsp;- | &nbsp;&nbsp;33315999 |
|  |  | &nbsp;&nbsp;143810358 | &nbsp;&nbsp;69206853 | &nbsp;&nbsp;26037906 | &nbsp;&nbsp;51803279 | &nbsp;&nbsp;7191007 | &nbsp;&nbsp;6904653 | &nbsp;&nbsp;151447438 | &nbsp;&nbsp;225504220 | &nbsp;&nbsp;681905714 |
| &nbsp;&nbsp;&nbsp;Off-balance sheet items |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantees |  | &nbsp;&nbsp;3733957 | &nbsp;&nbsp;11712348 | &nbsp;&nbsp;3548909 | &nbsp;&nbsp;92172 | &nbsp;&nbsp;179255 | &nbsp;&nbsp;115827 | &nbsp;&nbsp;3113748 | &nbsp;&nbsp;12979 | &nbsp;&nbsp;22509195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan commitments and other liabilities related to credit |  | &nbsp;&nbsp;18218204 | &nbsp;&nbsp;34199306 | &nbsp;&nbsp;10324128 | &nbsp;&nbsp;4325044 | &nbsp;&nbsp;2408759 | &nbsp;&nbsp;531832 | &nbsp;&nbsp;20644317 | &nbsp;&nbsp;128329204 | &nbsp;&nbsp;218980794 |
|  | W | &nbsp;&nbsp;21952161 | &nbsp;&nbsp;45911654 | &nbsp;&nbsp;13873037 | &nbsp;&nbsp;4417216 | &nbsp;&nbsp;2588014 | &nbsp;&nbsp;647659 | &nbsp;&nbsp;23758065 | &nbsp;&nbsp;128342183 | &nbsp;&nbsp;241489989 |

---

(\*) The amounts by industry sector are presented as the net carrying amount after deducting allowances for loan losses.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(c) Market risk** 

*i) Market risk management from trading positions*

*i-1) Concept of market risk*

Market risk is defined as the risk of loss of trading account position of financial institutions due to changes on market price, such as interest rates, exchange rates and stock prices, etc. and is divided into general market risks and individual risks. A general market risk refers to a loss from price variability caused by events affecting the market as a whole, such as interest rates, exchange rates and stock prices; and an individual risk refers to a loss from price variability related to individual events of securities issuer, such as bonds and stocks. A structural foreign exchange position refers to a foreign exchange position that foreign currency investments such as capital contributions and long-term equity investments in overseas branches is excluded from the calculation of market risk regulatory capital, with the approval of the supervisory authority.

*i-2) Market risk management method*

The basic principle of market risk management in the trading sector is to maintain the maximum possible loss due to market risk within a certain level. To this end, the Group sets and operates VaR limits, investment limits, position limits, sensitivity limits, and loss limits from the portfolio to individual desks. These limits are managed daily by the department in charge of risk management, independent from the operating department.

Trading positions refer to all transactions holding for short-term resale, arbitrage through short-term price changes, risk-free arbitrage, and risk hedging. Securities, foreign exchange position, and derivatives are included mainly as trading position. As a method of measuring market risk, VaR (Value at Risk) is typical, and it is a statistical measurement of the potential maximum loss that can occur due to changes in market conditions. VaR calculates the standard method market risk using the Group Market Risk Measurement System, and Shinhan Bank calculates the standard method market risk using its own model market risk calculation system. The Group and Shinhan Bank exclude structural foreign exchange positions approved by the supervisory authority when calculating standard method market risk. Shinhan Securities Co., Ltd. uses its own market risk calculation system to calculate historical simulation VaR and the Group market risk system to calculate standard method market risk.

Stress tests are conducted to supplement risk measurement by statistical methods and to manage losses that may arise from rapid changes in the economic environment.

Shinhan Bank measures the risk of trading account products by applying market risk standard methods. The trading account calculates market risk if it is for holding purposes such as short-term resale, profit seeking through short-term price fluctuations, risk-free arbitrage, and risk hedging. The standard approach is a risk calculation method proposed by Basel Board of Banking Supervisors (BCBS) of Bank for International Settlements (BIS), Korea has reflected the Basel III standards of market risk sector to the detailed regulations on supervision of bank business from FY23 and followed these regulations. The standard approach of the Basel III standards calculates and aggregates sensitivity risk, default risk, and residual risk. Sensitivity risk measures coverage of general interest rates, credit spreads, stocks, commodity, and delta and vega of foreign exchange. Delta refers to the change in product value due to changes in the price of the underlying asset, and vega refers to the change in product value due to changes in the volatility of the underlying asset. Curvature is defined as a loss that exceeds the delta risk in the event of an upward or downward shock to the underlying asset. Sensitivity risk is designed to measure both linear and non-linear risks of factors affecting value fluctuations regardless of the characteristics of the product. Default risk measures the discrete default risk of the underlying asset that cannot be captured in sensitivity risk. Complete offsetting between purchase and sale exposures of the same borrower is possible. Residual risk is a concept that calculates additional risk because sensitivity risk and default risk are not accurately measured when there is a special profit/loss structure or the underlying asset is special.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(c) Market risk (continued)**

*i) Market risk management from trading positions (continued)*

*i-2) Market risk management method (continued)*

Trading position data is automatically interfaced into management system, and the system conducts VaR measurement and manages the limit. In addition, Shinhan Bank sets loss limit, sensitivity limit, investment limit, stress limit, etc. for Trading Department and desks, and monitors daily.

Shinhan Securities Co., Ltd. measures daily market risk by applying historical simulation VaR method of 99.9% confidence level-based VaR. It also measures market risk standard methods to ensure consistent market risk management at the Group level. Historical simulation VaR method does not require assumption on a particular distribution since the method derives scenarios directly from historical market data, and measures non-linear products, such as options, in details. In addition to the VaR limit, Shinhan Securities Co., Ltd. sets and manages issuance and transaction limit, and stop-loss limit for each department.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(c) Market risk (continued)**

*ii) Interest rate risk management from non-trading positions*

*ii-1) Principle*

Interest rate risk refers to the possibility of a decrease in net interest income or in net asset value that occurs when interest rates fluctuate unfavorably from the Group's financial position. The Group manages net interest income or changes in net asset value that occur due to changes in interest rates by early predicting the factors of interest rate risk fluctuation related to the Group's net interest income and net asset value through the interest rate risk management.

*ii-2) Managements* 

The Group's major financial subsidiaries manage interest rate risks independently by the risk management organization and the treasury department, and have internal regulations on interest rate risk management strategies, procedures, organization, measurement, and major assumptions.

One of the key indicators of managing interest rate risk is the Earnings at Risk (EaR) from an earning perspective and the Value at Risk (VaR) from an economic value perspective. Interest rate VaR represents the maximum anticipated loss in a net present value calculation, whereas interest rate EaR represents the maximum anticipated loss in a net interest income calculation for the immediately following one-year period, in each case, as a result of negative movements in interest rates.

Each subsidiary's interest rate risk measurement method varies depending on industry-specific regulations. However, interest rate VaR and interest rate EaR are measured using internal methodologies or IRRBB (Interest Rate Risk in the Banking Book). Interest rate risk limits are set based on interest rate VaR and monitored accordingly. In accordance with the amendments in Regulations for Supervision of Financial Holding Companies, the Group measures the interest rate risk using the standardized approach of IRRBB under Basel III, which measures the interest rate risk more precisely than the existing BIS standard framework by segmenting maturities of interest rates, reflecting customer behavior models and diversifying interest rate shocks. The interest rate VaR scenario based IRRBB measures ① parallel up shock ② parallel down shock ③ steepener shock ④ flattener shock ⑤ short rate up shock ⑥ short rate down shock. By the parallel up shock and parallel down shock, the interest rate EaR scenario measures the scenario value with the largest loss as interest rate risk. Under the existing BIS standard framework, ± 200bp parallel shock scenario is applied to all currency. However, as the shock width is set differently by currency and period, interest rate risk is measured significantly by the IRRBB (e.g. (KRW) Parallel ± 300bp, Short Term ± 400bp, Long Term ± 200bp, (USD) Parallel ± 200bp, Short Term ± 300bp, Long Term ± 150bp). In the IRRBB method, the existing interest rate VaR and the interest rate EaR are expressed as △ EVE (Economic Value of Equity) and △ NII (Net Interest Income), respectively.

Since impacts of each subsidiary on changes of interest rates are differentiated by portfolios, the Group is preparing to respond proactively while monitoring the financial market and regulatory environment and making efforts to hedge or reduce interest rate risk. In addition, the subsidiaries conduct the crisis analysis on changes in market interest rates and report it to management and the Group.

In particular, through its ALM (Asset and Liability Management) system, Shinhan Bank measures and manages its interest rate risk based on various analytical measures such as interest rate gap, duration gap and NPV (Net Present Value) and NII (Net Interest Income) simulations, and monitors on a monthly basis its interest rate VaR limits, interest rate EaR (Earnings at Risk) limits and interest rate gap ratio limits.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(c) Market risk (continued)**

*iii) Foreign exchange risk*

Exposure to foreign exchange risk can be defined as the difference (net position) between assets and liabilities presented in foreign currency, including derivative financial instruments linked to foreign exchange rate. Foreign exchange risk is a factor that causes market risk of the trading position and is managed by the Group under the market risk management system.

The management of Shinhan Bank's foreign exchange position is centralized at the S&T Center. The desks and dealers of this department manage the overall position of spot foreign exchange or foreign exchange derivatives within the established market risk and foreign exchange position limits. Shinhan Bank sets a limit for net open positions by currency and the limits for currencies other than the U.S. dollars (USD), Japanese yen (JPY), Euros (EUR) and Chinese yuan (CNY) are set in order to minimize exposures from the other foreign exchange trading.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(d) Liquidity risk**

Liquidity risk refers to the risk of unexpected losses (such as the disposal of assets at abnormal prices, high interest-rate financing, etc.) or insolvency due to inconsistency in funding periods between assets and liabilities or a sudden outflow of funds.

Each subsidiary seeks to minimize liquidity risk through early detection of risk factors related to the sourcing and managing of funding that may cause volatility in liquidity by ensuring that it maintains an appropriate level of liquidity through systematic management. At the Group level, the Group manages liquidity risk by conducting monthly stress tests that compare liquidity requirements under normal situations against those under three types of stress situations, namely, the inherent crisis, crisis in the external market and a combination of internal and external crisis. Therefore, the Group is monitoring for any anomalies in terms of liquidity in preparation for potential crisis situations during normal times.

In particular, after the bankruptcy of Silicon Valley Bank, the Group has been strengthening its capability to respond to liquidity crises by conducting crisis situation analysis applying bank run scenarios to the banks and savings bank subsidiaries. The Group has established and reviewed emergency funding plans, accordingly.

In addition, in order to pre-emptively and comprehensively manage liquidity risk, the Group measures and monitors liquidity risk management using various indices, including the 'limit management index', 'early warning index' and 'monitoring index'.

Shinhan Bank applies the following basic principles for liquidity risk management:

- Raise funding in sufficient amounts, at the optimal time at reasonable costs;

- Maintain risk at appropriate levels and pre-emptively manage them through a prescribed risk limit system and an early warning signal detection system;

- Secure stable sources of revenue and minimize actual losses by implementing an effective asset-liability management system based on diversified sources of funding with varying maturities;

- Monitor and manage daily and intra-daily liquidity positions and risk exposures for timely payment and settlement of financial obligations due under both normal and crisis situations;

- Conduct periodic contingency analysis to prepare for any potential liquidity crisis and establish and implement emergency plans in the event of a crisis; and

- Consider liquidity-related costs, benefits and risks in determining the pricing of the Group's products and services, employee performance evaluations and approval of launching of new products and services.

Shinhan Card sets and operates a level that can withstand a 3-month credit crunch for end-of-month liquidity. The Group defines and manages the level of 'cautious', 'alert', 'imminent crisis', and 'crisis' and risk for the real liquidity gap ratio, liquidity buffer ratio, and ratio of ABS (asset backed securities) to borrowings which are major indicators related to liquidity risk. A contingency plan has been established to prepare for a crisis.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(d) Liquidity risk (continued)**

The details of the composition of non-derivative financial liabilities and derivative financial instruments by remaining period as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| &nbsp;&nbsp;**Classifications (\*1)** |  | **Less than** <br>**1 month (\*3)** | **1~3**<br>**months** | **3~6** <br>**months** | **6 months**<br>**~ 1 year** | **1~5** <br>**years** | **More than 5 years** | **Total** |
| &nbsp;&nbsp;&nbsp;**Non-derivative financial liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits (\*2) | W | 228921777  | 66909904  | 53735496  | 62739273  | 32534693  | 2022756 | 446863899 |
| &nbsp;&nbsp;&nbsp; Financial liabilities at FVTPL |  | 1785737  | - | - | - | - | - | 1785737  |
| &nbsp;&nbsp;&nbsp; Borrowings |  | 14914263 | 5604148  | 5174909  | 9338382  | 12035481  | 5828648  | 52895831 |
| &nbsp;&nbsp;&nbsp; Debt securities issued |  | 4986531  | 9242560  | 9070343  | 15796036  | 55234260  | 3591068  | 97920798  |
| &nbsp;&nbsp;&nbsp; Financial liabilities designated at FVTPL |  | 611737  | 2257791  | 842713  | 581495  | 953309  | 1580256  | 6827301  |
| &nbsp;&nbsp;&nbsp;Investment contract liabilities |  | 40438  | 278683  | 163212  | 96018  | 194177  | - | 772528  |
| &nbsp;&nbsp;&nbsp; Other financial liabilities |  | 55793206 | 123418  | 76534  | 585573  | 1431600  | 6643622  | 64653953 |
|  | W | 307053689 | 84416504  | 69063207  | 89136777  | 102383520  | 19666350 | 671720047 |
| &nbsp;&nbsp;&nbsp;Off-balance sheet items (\*3): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantee contracts  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 22802122  | - | - | - | - | - | 22802122  |
| &nbsp;&nbsp;&nbsp;Other liabilities related to loan commitments  |  | 219662948 | - | - | - | - | - | 219662948 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 242465070 | - | - | - | - | - | 242465070 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Derivatives:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives | W | 860045  | (26853) | (986116) | (79569) | (2789884) | (108700) | (3131077) |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(d) Liquidity risk (continued)**

The details of the composition of non-derivative financial liabilities and derivative financial instruments by remaining period as of September 30, 2025 and December 31, 2024 are as follows (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| &nbsp;&nbsp;**Classifications (\*1)** |  | **Less than** <br>**1 month (\*3)** | **1~3**<br>**months** | **3~6** <br>**months** | **6 months**<br>**~ 1 year** | **1~5** <br>**years** | **More than 5 years** | **Total** |
| &nbsp;&nbsp;&nbsp;**Non-derivative financial liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits (\*2) | W | 217170450 | 49309656 | 56540309 | 77227315 | 30221968 | 1261816 | 431731514 |
| &nbsp;&nbsp;&nbsp; Financial liabilities at FVTPL |  | 954899 | - | - | - | - | - | 954899 |
| &nbsp;&nbsp;&nbsp; Borrowings |  | 12862532  | 4757090  | 6901957  | 9990468  | 11464431  | 4896426  | 50872904  |
| &nbsp;&nbsp;&nbsp; Debt securities issued |  | 4859511  | 8927081  | 9122810  | 17273392  | 56429636  | 4046575  | 100659005  |
| &nbsp;&nbsp;&nbsp; Financial liabilities designated at FVTPL |  | 439367 | 861277 | 991871 | 1963789 | 2473275 | 1513662 | 8243241 |
| &nbsp;&nbsp;&nbsp;Investment contract liabilities |  | 106106  | 105788  | 248954  | 375300  | 328874  | - | 1165022  |
| &nbsp;&nbsp;&nbsp; Other financial liabilities |  | 32314670  | 174388  | 257115  | 587834  | 1351145  | 140254  | 34825406  |
|  | W | 268707535  | 64135280  | 74063016  | 107418098  | 102269329  | 11858733  | 628451991  |
| &nbsp;&nbsp;&nbsp;Off-balance sheet items (\*3): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantee contracts  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 22509195 | - | - | - | - | - | 22509195 |
| &nbsp;&nbsp;&nbsp;Other liabilities related to loan commitments  |  | 218980794 | - | - | - | - | - | 218980794 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 241489989 | - | - | - | - | - | 241489989 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Derivatives:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives | W | 453751 | (12670) | (68634) | 6511 | (1847862) | (165170) | (1634074)  |

---

(\*1) These amounts include cash flows of principal and interest on financial liabilities.

(\*2) Demand deposits amounting to W 168,318,205 million and W 160,031,759 million as of September 30, 2025 and December 31, 2024 are included in the 'Less than 1 month' category, respectively.

(\*3) Although the Group's guarantees, loan commitments, and other credit facilities have contractual maturities, the Group is required to fulfill its obligations immediately upon request by the counterparty. Accordingly, these exposures are classified into the earliest time band in which they could be drawn.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(e) Capital risk management**

The Group must comply with the capital adequacy criteria of 8.0%. In addition, the minimum regulatory BIS capital ratio, which should be maintained additionally to increase the capability to absorb losses, has been raised up to 14% as the capital regulation based on the Basel III standard has been in effect since 2016. This is based on the addition of capital conservation capital (2.5%p) and domestic system-critical banks (D-SIB) capital (1.0%p) and economic response capital (2.5%p) to the existing minimum common equity capital ratio. The countercyclical capital buffer can be charged up to 2.5%p during credit expansion and required level of the capital in Korea was increased from 0% to 1%, as of May 1, 2024. As of September 30, 2025, the minimum regulatory BIS capital ratio is 12.5%, which is the standard for applying capital conservation buffer (2.5%p), D-SIB capital (1.0%p), and countercyclical capital buffer (1.0%p).

Basel III capital ratio is the concept of 'International Agreement on the Measurement and Standards of Equity Capital' of the Basel Bank Supervisory Commission of BIS (International Settlement Bank). It is calculated as '(common stock capital (after deduction of deductions) + other basic capital + supplementary capital) ÷ risk weighted assets'.

The capital of common stock can be the first to make up for the loss of the financial holding company. The capital of common stock consists of capital stock, capital reserve, retained earnings and others, which will not be redeemed until the liquidation and will be redeemed at the last during the liquidation. Other basic capital consists of capital securities of a permanent nature that meet certain requirements. Complementary capital is capital that can compensate for losses of financial holding companies during liquidation, and consists of capital securities, etc. that meet certain requirements. The deduction items are those held by the Group as assets or capital items, but do not contribute to the ability to absorb losses. Unless otherwise noted, it will be deducted from common stock capital.

As of September 30, 2025, the Group maintains an adequate capital ratio in accordance with the BIS capital adequacy requirements.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value**

The fair values of financial instruments being traded in an active market are determined by the published market prices of each period end. The published market prices of financial instruments being held by the Group are based on the trading agencies' notifications.

If the market for a financial instrument is not active, such as OTC (Over-The-Counter market) derivatives, fair value is determined either by using a valuation technique or independent third-party valuation service. The Group uses its judgment to select a variety of methods and make rational assumptions that are mainly based on market conditions existing at the end of each reporting period.

The fair value of financial instruments is determined by using valuation techniques; a method of using recent transactions between independent parties with reasonable judgment and willingness to trade, a method of referring to the current fair value of other financial instruments that are substantially identical, discounted cash flow model and option pricing models. For example, the fair value of an interest rate swap is calculated as the present value of the expected future cash flows, and the fair value of foreign exchange forwarding contract is calculated by applying the public forward exchange rate at the end of the reporting period.

The Group classifies and discloses fair value of financial instruments into the following three-level hierarchy:

Level 1: Financial instruments measured at quoted prices from active markets are classified as fair value level 1.

Level 2: Financial instruments measured using valuation techniques where all significant inputs are observable market data are classified as level 2.

Level 3: Financial instruments measured using valuation techniques where one or more significant inputs are not based on observable market data are classified as level 3.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*i) Financial instruments measured at fair value*

*i-1) The fair value hierarchy of financial instruments presented at their fair values in the statements of financial position as of September 30, 2025 and December 31, 2024 are as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Level 1** | **Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | **Total** |
| **Financial assets:** |  |  |  |  |  |
| &nbsp;&nbsp;Due from banks measured at FVTPL | W | - | 39196  | - | 39196  |
| &nbsp;&nbsp;Loans at FVTPL |  | - | 883572  | 964203  | 1847775  |
| &nbsp;&nbsp;Securities at FVTPL: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities |  | 13601447  | 39684962  | 17054967  | 70341376  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities |  | 2406949  | 352159  | 1487681  | 4246789  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold/silver deposits |  | 970009  | - | - | 970009  |
|  |  | 16978405  | 40037121  | 18542648  | 75558174  |
| &nbsp;&nbsp;Derivative assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading |  | 40646  | 4566983  | 656567  | 5264196  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedging |  | - | 540425  | - | 540425  |
|  |  | 40646  | 5107408  | 656567  | 5804621  |
| &nbsp;&nbsp;Securities measured at FVOCI: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities |  | 35782137  | 62162857  | 9140  | 97954134  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities |  | 963231  | - | 871565  | 1834796  |
|  |  | 36745368  | 62162857  | 880705  | 99788930  |
|  | W | 53764419  | 108230154  | 21044123  | 183038696  |
| **Financial liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial liabilities measured at FVTPL: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities | W | 702618  | - | - | 702618  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold/silver deposits |  | 1083119  | - | - | 1083119  |
|  |  | 1785737  | - | - | 1785737  |
| &nbsp;&nbsp;&nbsp;Financial liabilities designated at FVTPL |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives-linked securities sold |  | - | 267525  | 6229589  | 6497114  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued |  | - | 301296  | - | 301296  |
|  |  | - | 568821  | 6229589  | 6798410  |
| &nbsp;&nbsp;Derivative liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading |  | 27086  | 4214131  | 269913  | 4511130  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedging |  | - | 655150  | 134967  | 790117  |
|  |  | 27086  | 4869281  | 404880  | 5301247  |
|  | W | 1812823  | 5438102  | 6634469  | 13885394  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*i) Financial instruments measured at fair value (continued)*

*i-1) The fair value hierarchy of financial instruments presented at their fair values in the statements of financial position as of September 30, 2025 and December 31, 2024 are as follows (continued):*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | **Level 1** | **Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | **Total** |
| **Financial assets:** |  |  |  |  |  |
| &nbsp;&nbsp;Due from banks measured at FVTPL | W | - | 35450 | - | 35450 |
| &nbsp;&nbsp;Loans at FVTPL |  | - | 745412 | 1134534 | 1879946 |
| &nbsp;&nbsp;Securities at FVTPL: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities |  | 11870768  | 39052189  | 16082867  | 67005824  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities |  | 1618125  | 64277  | 1414926  | 3097328  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold/silver deposits |  | 128297  | - | - | 128297  |
|  |  | 13617190  | 39116466  | 17497793  | 70231449  |
| &nbsp;&nbsp;Derivative assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading |  | 85439  | 8772280  | 719177  | 9576896  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedging |  | - | 702361  | - | 702361  |
|  |  | 85439  | 9474641  | 719177  | 10279257  |
| &nbsp;&nbsp;Securities measured at FVOCI: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities |  | 35984894 | 56031316 | - | 92016210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities |  | 866968 | - | 922191 | 1789159 |
|  |  | 36851862 | 56031316 | 922191 | 93805369 |
|  | W | 50554491 | 105403285 | 20273695 | 176231471 |
| **Financial liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial liabilities measured at FVTPL: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities | W | 357841 | - | - | 357841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold/silver deposits |  | 597058 | - | - | 597058 |
|  |  | 954899 | - | - | 954899 |
| &nbsp;&nbsp;&nbsp;Financial liabilities designated at FVTPL |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives-linked securities sold |  | - | 819919 | 7139257 | 7959176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued |  | - | 261299 | - | 261299 |
|  |  | - | 1081218 | 7139257 | 8220475 |
| &nbsp;&nbsp;Derivative liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading |  | 22721 | 8476885 | 536855 | 9036461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedging |  | - | 814374 | 207697 | 1022071 |
|  |  | 22721 | 9291259 | 744552 | 10058532 |
|  | W | 977620 | 10372477 | 7883809 | 19233906 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

(f) Measurement of fair value (continued)

*i) Financial instruments measured at fair value (continued)*

i-2) Classification of financial instruments as fair value level 3

The Group uses the value provided by external, independent, and qualified appraisers or the value from internal valuation models to determine the fair value of the Group's assets at the end of each reporting period. Changes in carrying amounts of financial instruments classified as Level 3 for the nine-month period ended September 30, 2025 and the year ended December 31, 2024 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | Financial<br>asset<br>at FVTPL | Securities<br>at FVOCI | Financial liabilities designated at FVTPL | Held for trading | Held for trading | Held for hedging | Held for hedging |
|  |  | Financial<br>asset<br>at FVTPL | Securities<br>at FVOCI | Financial liabilities designated at FVTPL | Derivative assets | Derivative liabilities | Derivative assets | Derivative liabilities |
| &nbsp;&nbsp;&nbsp;Beginning balance | W | 18632327  | 922191  | (7139257) | 719177  | (536855) | - | (207697) |
| &nbsp;&nbsp;&nbsp;Recognized in total comprehensive income for the year: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recognized in profit (loss) for the period (\*1) |  | (100391) | - | (190059) | 104519  | 176614  | - | 54857  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recognized in other comprehensive income (loss) for the year |  | (295) | 11127  | (2525) | - | - | - | - |
|  |  | (100686) | 11127  | (192584) | 104519  | 176614  | - | 54857  |
| &nbsp;&nbsp;&nbsp;Purchase |  | 4131536  | 139  | - | 84850  | (23955) | - | (13580) |
| &nbsp;&nbsp;&nbsp;Issue |  | - | - | (4026873) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Settlement |  | (3158085) | (61892) | 5129125  | (251994) | 114283  | - | 31453  |
| &nbsp;&nbsp;&nbsp;Transfer to level3 (\*2) |  | 62201  | 9140  | - | 17  | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer out of level3 (\*2) |  | (60442) | - | - | (2) | - | - | - |
| &nbsp;&nbsp;&nbsp;Ending balance | W | 19506851  | 880705  | (6229589) | 656567  | (269913) | - | (134967) |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

(f) Measurement of fair value (continued)

*i) Financial instruments measured at fair value (continued)*

i-2) Classification of financial instruments as fair value level 3 (continued)

The Group uses the value provided by external, independent, and qualified appraisers or the value from internal valuation models to determine the fair value of the Group's assets at the end of each reporting period. Changes in carrying amounts of financial instruments classified as Level 3 for the nine-month period ended September 30, 2025 and the year ended December 31, 2024 are as follows (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | Financial<br>asset<br>at FVTPL | Securities<br>at FVOCI | Financial liabilities designated at FVTPL | Held for trading | Held for trading | Held for hedging | Held for hedging |
|  |  | Financial<br>asset<br>at FVTPL | Securities<br>at FVOCI | Financial liabilities designated at FVTPL | Derivative assets | Derivative liabilities | Derivative assets | Derivative liabilities |
| &nbsp;&nbsp;&nbsp;Beginning balance | W | 17327888  | 949183  | (6725252) | 632213  | (783587) | - | (224195) |
| &nbsp;&nbsp;&nbsp;Recognized in total comprehensive income for the year: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recognized in profit (loss) for the period (\*1) |  | 355895 | - | (74680) | 64091  | (307946) | - | 16498  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recognized in other comprehensive income (loss) for the year |  | 3287  | (77241) | (8614) | - | - | - | - |
|  |  | 359182  | (77241) | (83294) | 64091  | (307946) | - | 16498  |
| &nbsp;&nbsp;&nbsp;Purchase |  | 7120860  | 55431  | - | 1318715  | (11529) | - | - |
| &nbsp;&nbsp;&nbsp;Issue |  | - | - | (7993276) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Settlement |  | (5798938) | (5153) | 7662565  | (1299773) | 566207  | - | - |
| &nbsp;&nbsp;&nbsp;Transfer to level3 (\*2) |  | 17407  | - | - | 3931  | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer out of level3 (\*2) |  | (394072) | (29) | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Ending balance | W | 18632327  | 922191  | (7139257) | 719177  | (536855) | - | (207697) |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

(f) Measurement of fair value (continued)

*i) Financial instruments measured at fair value (continued)*

i-2) Classification of financial instruments as fair value level 3 (continued)

(\*1) Recognized profit or loss of the changes in carrying amount of financial instruments classified as Level 3 for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are included in the accounts of the consolidated statements of comprehensive income, of which the amounts and the related accounts are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** |
|  |  | Amounts recognized in profit or loss | Recognized profit or loss from the financial instruments held as of <br>September 30 |
| &nbsp;&nbsp;&nbsp;Net gain on financial assets at FVTPL | W | 180742  | 216840  |
| &nbsp;&nbsp;&nbsp;Net loss on financial liabilities designated at FVTPL |  | (190059) | (83140) |
| &nbsp;&nbsp;&nbsp;Net other operating income |  | 54857  | 62712  |
|  | W | 45540  | 196412  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** |
|  |  | Amounts recognized in profit or loss | Recognized profit or loss from the financial instruments held as of December 31 |
| &nbsp;&nbsp;&nbsp;Net loss on financial assets at FVTPL | W | 112040 | 443935 |
| &nbsp;&nbsp;&nbsp;Net gain on financial liabilities designated at FVTPL |  | (74680) | 102961  |
| &nbsp;&nbsp;&nbsp;Net other operating expenses |  | 16498 | 16497 |
|  | W | 53858 | 563393 |

---

(\*2) A transfer between levels occurred due to a change in the availability of observable market data for the financial instrument. The Group recognizes transfers between levels at the end of the reporting period in which the event or change in circumstances that caused the transfer occurred.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*i) Financial instruments measured at fair value (continued)*

*i-3) Valuation techniques and significant inputs not observable in markets* 

1Valuation techniques and inputs used in measuring the fair value of financial instruments classified as level 2 as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| &nbsp;&nbsp;**Type of financial instrument** | **Valuation technique** |  | &nbsp;&nbsp;&nbsp;**Carrying**<br>**value** | **Significant inputs** |
| &nbsp;&nbsp;**Assets** |  |  |  |  |
| &nbsp;&nbsp;Financial assets at FVTPL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities | DCF, NAV,<br>Option model (\*) | W | 40607730 | &nbsp;&nbsp;Discount rate, interest rate, stock price, etc. |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | NAV,<br>Option model (\*) |  | 352159 | &nbsp;&nbsp;Price of underlying assets such as stocks, bonds, etc. |
|  |  |  | 40959889 |  |
| &nbsp;&nbsp;Derivative assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading | Option model (\*), Implied forward interest rate,<br>DCF |  | 4566983 | &nbsp;&nbsp;Discount rate, foreign exchange rate, volatility, stock price and commodity index, etc. |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedging | Option model (\*), Implied forward interest rate,<br>DCF |  | 540425 | &nbsp;&nbsp;Discount rate, foreign exchange rate, volatility, stock price and commodity index, etc. |
|  |  |  | 5107408 |  |
| &nbsp;&nbsp;Securities at FVTPL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities | DCF, <br>Option model (\*) |  | 62162857 | &nbsp;&nbsp;Discount rate, interest rate, etc. |
|  |  | W | 108230154 |  |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |
| &nbsp;&nbsp;Financial liabilities designated at FVTPL  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative-linked securities sold | Option model (\*), NAV |  | 267525 | Underlying asset price |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued  | Option model (\*), NAV | W | 301296 | Discount rate, volatility |
|  |  |  | 568821 |  |
| &nbsp;&nbsp;Derivative liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading | Option model (\*),<br>Implied forward interest rate,<br>DCF |  | 4214131 | &nbsp;&nbsp;Discount rate, foreign exchange rate, volatility, stock price and commodity index, etc. |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedging | Option model (\*),<br>Implied forward interest rate,<br>DCF |  | 655150 | &nbsp;&nbsp;Discount rate, foreign exchange rate, volatility, stock price and commodity index, etc. |
|  |  |  | 4869281 |  |
|  |  | W | 5438102 |  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*i) Financial instruments measured at fair value (continued)*

*i-3) Valuation techniques and significant inputs not observable in markets (continued)*

1Valuation techniques and inputs used in measuring the fair value of financial instruments classified as level 2 as of September 30, 2025 and December 31, 2024 are as follows (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| &nbsp;&nbsp;**Type of financial instrument** | **Valuation technique** |  | &nbsp;&nbsp;&nbsp;**Carrying**<br>**value** | **Significant inputs** |
| &nbsp;&nbsp;**Assets** |  |  |  |  |
| &nbsp;&nbsp;Financial assets at FVTPL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities | DCF, NAV,<br>Option model (\*) | W | 39833051 | &nbsp;&nbsp;Discount rate, interest rate, stock price and etc. |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | NAV |  | 64277 | &nbsp;&nbsp;Price of underlying assets such as stocks, bonds, etc. |
|  |  |  | 39897328 |  |
| &nbsp;&nbsp;Derivative assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading | Option model (\*), Implied forward interest rate,<br>DCF |  | 8772280 | &nbsp;&nbsp;Discount rate, foreign exchange rate, volatility, stock price and commodity index, etc. |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedging | Option model (\*), Implied forward interest rate,<br>DCF |  | 702361  | &nbsp;&nbsp;Discount rate, foreign exchange rate, volatility, stock price and commodity index, etc. |
|  |  |  | 9474641  |  |
| &nbsp;&nbsp;Securities at FVTPL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities | DCF, <br>Option model (\*) |  | 56031316 | &nbsp;&nbsp;Discount rate, interest rate, etc. |
|  |  | W | 105403285  |  |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |
| &nbsp;&nbsp;Financial liabilities designated at FVTPL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative-linked securities sold | Option model (\*), NAV |  | 819919 | Underlying asset price |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued  | Option model (\*), NAV | W | 261299 | Discount rate, volatility |
|  |  |  | 1081218  |  |
| &nbsp;&nbsp;Derivative liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading | Option model (\*),<br>Implied forward interest rate,<br>DCF |  | 8476885 | &nbsp;&nbsp;Discount rate, foreign exchange rate, volatility, stock price and commodity index, etc. |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedging | Option model (\*),<br>Implied forward interest rate,<br>DCF |  | 814374  | &nbsp;&nbsp;Discount rate, foreign exchange rate, volatility, stock price and commodity index, etc. |
|  |  |  | 9291259  |  |
|  |  | W | 10372477  |  |

---

(\*) Option models applied to measure fair value include the Black-Scholes model and Hull-White model, and methods such as Monte Carlo simulation are applied to some products depending on the product type.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*i) Financial instruments measured at fair value (continued)*

*i-3) Valuation techniques and significant inputs not observable in markets (continued)*

2Valuation techniques and significant inputs, but not observable, used in measuring the fair value of financial instruments classified as level 3 as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Type of financial instrument** | **Valuation technique** |  | &nbsp;&nbsp;&nbsp;**Carrying**<br>**value (\*2)** | **Significant unobservable inputs** | **Range** |
| &nbsp;&nbsp;**Financial assets** |  |  |  |  |  |
| &nbsp;&nbsp;Financial assets at FVTPL |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Debt securities | DCF, NAV, Option model (\*1), Income approach<br>| W | 18019170 | The volatility of the underlying asset,<br>Discount rate,<br>Correlations,<br>Growth rate,<br>Interest rate volatility,<br>Liquidation value | 0.48~68.19%<br>3.87~12.98%<br>31.11~69.16%<br>0.00%<br>0.45~0.59%<br>0.00 |
| &nbsp;&nbsp;&nbsp;Equity securities | DCF, NAV, Option model (\*1),<br>Comparable company analysis, Comparable Transaction Price,<br>DDM, Cost method |  | 1487681 | The volatility of the underlying asset,<br>Discount rate,<br>Growth rate,<br>Interest rate volatility,<br>Liquidation value | 28.23~39.93%<br>2.53~45.00%<br>0.00%<br>0.45~0.59%<br>0.00 |
|  |  |  | 19506851 |  |  |
| Derivative assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity and foreign exchange related | Option model (\*1) |  | <br>78624 <br>| The volatility of the underlying asset and<br>Correlations | 13.26~31.64%<br>30.33~73.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rates related | Option model (\*1) |  | 79617 | The volatility of the underlying asset and<br>Correlations | 0.48~1.57%<br> -70.00~61.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit and commodity related | Option model (\*1) |  | 498326 | The volatility of the underlying asset, Correlations<br>and Hazard Rate | 31.68~32.11%<br>99.47~99.77%<br>0.04~9.51% |
|  |  |  | 656567 |  |  |
| &nbsp;&nbsp;Securities at FVOCI |  |  |  |  |  |
| &nbsp;&nbsp;Debt securities | Option model (\*1) |  | 9140 | Discount rate, and<br>Interest rate volatility | 6.23%<br>7.92% |
| &nbsp;&nbsp;&nbsp;Equity securities  | DCF, NAV, Option model (\*1),<br>Comparable company analysis |  | 871565 | The volatility of the underlying asset, Discount rate,<br>Growth rate,<br>Interest rate volatility,<br>Liquidation value | 24.72%<br>4.23~16.50%<br>-1.00~1.00%<br>0.45~0.59%<br>0.00 |
| &nbsp;&nbsp;&nbsp;Equity securities  | DCF, NAV, Option model (\*1),<br>Comparable company analysis |  | 871565 | The volatility of the underlying asset, Discount rate,<br>Growth rate,<br>Interest rate volatility,<br>Liquidation value | 24.72%<br>4.23~16.50%<br>-1.00~1.00%<br>0.45~0.59%<br>0.00 |
|  |  |  | 880705 |  |  |
|  |  | W | 21044123 |  |  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*i) Financial instruments measured at fair value (continued)*

*i-3) Valuation techniques and significant inputs not observable in markets (continued*)

2Valuation techniques and significant inputs, but not observable, used in measuring the fair value of financial instruments classified as level 3 as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Type of financial instrument** | **Valuation technique** |  | &nbsp;&nbsp;&nbsp;**Carrying**<br>**value (\*2)** | **Significant unobservable inputs** | **Range (%)** |
| **Financial liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;Financial liabilities designated at FVTPL |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity related | Option model (\*1) | W | 6229589 | The volatility of the underlying asset and<br>Correlations | 0.48~61.32%<br>-70.00~82.07% |
| Derivative liabilities  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity and foreign <br>&nbsp;&nbsp;&nbsp;&nbsp;exchange related | Option model (\*1) |  | 36426 | The volatility of the underlying asset and<br>Correlations | 8.20~61.32%<br>17.07~82.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rates related | Option model (\*1) |  | 286903 | The volatility of the underlying asset,<br>Regression coefficient and<br>Correlations | 0.48~1.57%<br>0.29~1.82%<br>-70.00~90.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit and commodity <br> related | Option model (\*1) |  | 81551 | The volatility of the underlying asset, Correlations<br>and Hazard Rate | 0.67~32.11%<br>-70.00~99.77%<br> 0.11~9.51% |
|  |  |  | 404880 |  |  |
|  |  | W | 6634469 |  |  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*i) Financial instruments measured at fair value (continued)*

*i-3) Valuation techniques and significant inputs not observable in markets (continued)*

2Valuation techniques and significant inputs, but not observable, used in measuring the fair value of financial instruments classified as level 3 as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;**December 31, 2024** |
| **Type of financial instrument** | **Valuation technique** |  | &nbsp;&nbsp;&nbsp;**Carrying**<br>**Value (\*2)** | **Significant unobservable inputs** | **Range** |
| &nbsp;&nbsp;**Financial assets** |  |  |  |  |  |
| &nbsp;&nbsp;Financial assets at FVTPL |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Debt securities, loans | DCF, NAV, Option model (\*1), Income approach | W | 17217401 | The volatility of the underlying asset,<br>Discount rate,<br>Correlations<br>Growth rate,<br>and Liquidation Value | 0.56~81.72%<br>2.74~11.07%<br>4.74~82.57%<br>0.00%<br>0.00% |
| &nbsp;&nbsp;&nbsp;Equity securities | DCF, NAV, Option model (\*1),<br>Comparable company analysis, Comparable Transaction Price, Dividend discount model (DDM),<br>Cost method |  | 1414926 | The volatility of the underlying asset,<br>Discount rate,<br>Growth rate<br>And Interest rate volatility | <br>25.58~53.67%<br>3.60~15.44%<br>0.00%<br>0.46~0.73% |
|  |  |  | 18632327 |  |  |
| Derivative assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity and foreign exchange related | Option model (\*1) |  | 125445 | The volatility of the underlying asset and<br>Correlations | 10.35~41.28%<br>41.60~73.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rates related | Option model (\*1) |  | 85141 | The volatility of the underlying asset and<br>Correlations | 0.46~0.66%<br>-38.28~69.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit and commodity related | Option model (\*1) |  | 508591 | The volatility of the underlying asset, Correlations<br>and Hazard Rate | 30.92~31.36%<br>99.88~99.96%<br>0.16~8.90% |
|  |  |  | 719177 |  |  |
| &nbsp;&nbsp;Securities at FVOCI |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity securities | DCF, NAV, Option model (\*1),<br>Comparable company analysis |  | 922191 | The volatility of the underlying asset, Discount rate,<br>Growth rate and<br>Interest rate volatility | 22.95%<br>4.75~14.03%<br>-1.00~1.00%<br>0.41~67.91% |
| &nbsp;&nbsp;&nbsp;Equity securities | DCF, NAV, Option model (\*1),<br>Comparable company analysis |  | 922191 | The volatility of the underlying asset, Discount rate,<br>Growth rate and<br>Interest rate volatility | 22.95%<br>4.75~14.03%<br>-1.00~1.00%<br>0.41~67.91% |
|  |  | W | 20273695 |  |  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*i) Financial instruments measured at fair value (continued)*

*i-3) Valuation techniques and significant inputs not observable in markets (continued)*

2Valuation techniques and significant inputs, but not observable, used in measuring the fair value of financial instruments classified as level 3 as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Type of financial instrument** | **Valuation technique** |  | &nbsp;&nbsp;&nbsp;**Carrying**<br>**Value (\*2)** | **Significant unobservable inputs** | **Range** |
| **Financial liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;Financial liabilities designated at FVTPL |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity related | Option model (\*1) | W | 7139257 | The volatility of the underlying asset and<br>Correlations | 0.46~57.68%<br>-46.56~83.10% |
| Derivative liabilities  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity and foreign <br>&nbsp;&nbsp;&nbsp;&nbsp;exchange related | Option model (\*1) |  | 181858 | The volatility of the underlying asset and<br>Correlations | 7.86~57.68%<br>-46.56~83.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rates related | Option model (\*1) |  | 428049 | The volatility of the underlying asset,<br>Regression coefficient and<br>Correlations | 0.46~1.09%<br>0.00~2.32%<br>-38.28~90.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit and commodity <br> related | Option model (\*1) |  | 134645 | The volatility of the underlying asset, Correlations<br>and Hazard Rate | 6.98%<br>0.00%<br>0.29~6.05% |
|  |  |  | 744552 |  |  |
|  |  | W | 7883809 |  |  |

---

(\*1) The option pricing models used by the Group for valuation purposes include the Black-Scholes model, the Hull-White model, and Monte Carlo simulation, among others.

(\*2) Valuation techniques and input variables are not disclosed for items whose carrying amounts are considered to approximate fair value

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*i) Financial instruments measured at fair value (continued)*

*i-4) Sensitivity for changing in unobservable inputs*

For level 3 fair value measurement, changing one or more of the unobservable inputs used to reasonably possible alternative assumptions would have the following effects on profit or loss, or other comprehensive income as of September 30, 2025 and December 31, 2024.

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** |
|  |  | **Favorable** <br>**changes** | **Unfavorable**<br>**changes** |
| **Financial assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Effects on profit or loss for the period (\*1), (\*2): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at FVTPL | W | 42253  | (38776) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets |  | 13972  | (13207) |
| &nbsp;&nbsp;Securities at FVOCI (\*2) |  | 62930  | (39388) |
|  | W | 119155  | (91371) |
| **Financial liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Effects on profit or loss for the period (\*1): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities designated at FVTPL | W | 14793  | (15163) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities |  | 10629  | (10951) |
|  | W | 25422  | (26114) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** |
|  |  | **Favorable** <br>**changes** | **Unfavorable**<br>**changes** |
| **Financial assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Effects on profit or loss for the period (\*1), (\*2): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at FVTPL | W | 38489  | (33351) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets |  | 14813  | (14777) |
| &nbsp;&nbsp;Securities at FVOCI (\*2) |  | 74482  | (49291) |
|  | W | 127784  | (97419) |
| **Financial liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Effects on profit or loss for the period (\*1): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities designated at FVTPL | W | 19782  | (20339) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities |  | 25420  | (21955) |
|  | W | 45202  | (42294) |

---

(\*1) Fair value changes are calculated by increasing or decreasing the volatility of the underlying asset (-10~10%p) or correlations (-10~10%p), a significant unobservable input.

(\*2) Fair value changes are calculated by increasing or decreasing the growth rate and discount rate, which are a significant unobservable inputs, from -1%p to 1%p.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*ii) Financial instruments measured at amortized cost*

*ii-1) The method of calculating the fair value of financial instruments measured at amortized cost is as follows:*

---

| | |
|:---|:---|
| **Type** | **Measurement methods of fair value** |
| Cash and <br>due from banks | The carrying amount and the fair value for cash are identical and most of deposits are floating interest rate deposits or overnight deposits of a short-term instrument. For this reason, the book value is used as a proxy for fair value. |
| Loans | The fair value of the loans is measured by discounting the expected cash flow using a discount rate that reflects the market interest rate and the credit risk of the borrower. |
| Securities  | An external professional evaluation agency is used to calculate the valuation amount using the market information. The agency calculates the fair value based on active market prices, and DCF model is used to calculate the fair value if there is no quoted price. |
| Deposits and borrowings<br>| The carrying amount and the fair value for demand deposits, cash management account deposits, call money as short-term instrument are identical. The remaining liabilities and borrowings were calculated as fair value by discounting contractual cash flows at the market interest rate that reflects the residual risk. |
| Debt securities issued | Where available, the fair value of deposits and borrowings is based on the published price quotations in an active market. In case there is no data for an active market price, it is measured by discounting the contractual cash flow at the market interest rate that reflects the residual risk. |
| Investment contract liabilities | The book value of retirement pension contract reserves as prescribed by the Insurance Business Act and Insurance Business Supervision Regulations was used as a proxy for fair value because of the difficulty of calculating reliable expected cash flows. |
| Other financial assets and<br> other financial liabilities | The carrying amount is measured at fair value for short-term and suspense accounts, such as spot exchange, inter-bank fund transfer, and domestic exchange of payments, and for the remaining financial instruments, the present value is calculated by discounting the contractual cash flows at the market interest rate that reflects the residual risk. |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*ii) Financial instruments measured at amortized cost (continued)*

*ii-2) The carrying amount and the fair value of financial instruments measured at amortized cost as of September 30, 2025 and December 31, 2024 are as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** |  | **December 31, 2024** | **December 31, 2024** |
|  |  | **Carrying amount**  | **Fair value**  | **Carrying amount**  | **Fair value**  |
| Assets: |  |  |  |  |  |
| Deposits measured at amortized cost (\*) | W | 44517620  | 44470188  | 38228750 | 38159135 |
| Loans measured at amortized cost |  | 458895705  | 462406567  | 449295238 | 452724752 |
| Securities measured at amortized cost: |  |  |  |  |  |
| &nbsp;&nbsp;Government bonds |  | 22626604  | 22531714  | 21808057  | 21625666  |
| &nbsp;&nbsp;Financial institution bonds |  | 2170303  | 2193127  | 3787661  | 3828599  |
| &nbsp;&nbsp;Corporation bonds |  | 6875990  | 6885499  | 7720281  | 7694086  |
|  |  | 31672897  | 31610340  | 33315999  | 33148351  |
| Other financial assets |  | 44587090  | 44940600  | 23116960  | 23469322  |
|  | W | 579673312  | 583427695  | 543956947  | 547501560  |
| Liabilities: |  |  |  |  |  |
| Deposit liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Demand deposits | W | 168318205  | 168318205  | 160031759  | 160031759  |
| &nbsp;&nbsp;&nbsp;Time deposits |  | 237268228  | 237576719  | 236527490  | 236878216  |
| &nbsp;&nbsp;&nbsp;Certificate of deposits |  | 13148812  | 13158437  | 10409701  | 10481318  |
| &nbsp;&nbsp;&nbsp;Issued bill deposits |  | 8746396  | 8745634  | 7624787  | 7624245  |
| &nbsp;&nbsp;&nbsp;CMA deposits |  | 5345327  | 5345327  | 4451561  | 4451561  |
| &nbsp;&nbsp;&nbsp;Others |  | 5053385  | 5053449  | 3735747  | 3735726  |
|  |  | 437880353  | 438197771  | 422781045  | 423202825  |
| Borrowing debts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Call-money |  | 1392431  | 1392431  | 1197823  | 1197823  |
| &nbsp;&nbsp;&nbsp;Bills sold |  | 11039  | 10984  | 8872  | 8831  |
| &nbsp;&nbsp;&nbsp;Bonds sold under repurchase agreements |  | 12759946  | 12759946  | 11542956  | 11542956  |
| &nbsp;&nbsp;&nbsp;Borrowings |  | 37800630  | 37879463  | 37170722  | 37236104  |
|  |  | 51964046  | 52042824  | 49920373  | 49985714  |
| Debt securities issued: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings in Korean won |  | 73555435  | 73829002  | 75106885  | 75610971  |
| &nbsp;&nbsp;&nbsp;Borrowings in foreign currency |  | 18130747  | 18318417  | 18658969  | 18759433  |
|  |  | 91686182  | 92147419  | 93765854  | 94370404  |
| Investment contract liabilities |  | 772528  | 772528  | 1165022 | 1165022 |
| Other financial liabilities |  | 70027234  | 69986071  | 39472400  | 39429575  |
|  | W | 652330343  | 653146613  | 607104694  | 608153540  |

---

(\*) Cash is not included.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*ii) Financial instruments measured at amortized cost (continued)*

*ii-3) The fair value hierarchy of financial assets and liabilities which are not measured at their fair values in the statements of financial position but disclosed with their fair value as of September 30, 2025 and December 31, 2024 are as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Assets: |  |  |  |  |  |
| Deposits measured at amortized cost (\*) | W | 597006  | 43873182  | - | 44470188  |
| Loans measured at amortized cost |  | - | 1049341  | 461357226  | 462406567  |
| Securities measured at amortized cost: |  |  |  |  |  |
| &nbsp;&nbsp;Government bonds |  | 11034050  | 11497664  | - | 22531714  |
| &nbsp;&nbsp;Financial institution bonds |  | 80697  | 2112430  | - | 2193127  |
| &nbsp;&nbsp;Corporation bonds |  | - | 6885499  | - | 6885499  |
|  |  | 11114747  | 20495593  | - | 31610340 |
| Other financial assets |  | - | 31848986  | 13091614  | 44940600  |
|  | W | 11711753  | 97267102  | 474448840  | 583427695  |
| Liabilities: |  |  |  |  |  |
| Deposit liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Demand deposits | W | - | 168318205  | - | 168318205  |
| &nbsp;&nbsp;&nbsp;Time deposits |  | - | - | 237576719  | 237576719  |
| &nbsp;&nbsp;&nbsp;Certificate of deposit |  | - | - | 13158437  | 13158437  |
| &nbsp;&nbsp;&nbsp;Issued bill deposit |  | - | - | 8745634  | 8745634  |
| &nbsp;&nbsp;&nbsp;CMA deposits |  | - | 5345327  | - | 5345327  |
| &nbsp;&nbsp;&nbsp;Other |  | - | 4980318  | 73131  | 5053449  |
|  |  | - | 178643850  | 259553921  | 438197771  |
| Borrowing debts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Call-money |  | - | 1392431 | -  | 1392431  |
| &nbsp;&nbsp;&nbsp;Bills sold |  | - | - | 10984  | 10984  |
| &nbsp;&nbsp;&nbsp;Bonds sold under repurchase agreements |  | - | - | 12759946  | 12759946  |
| &nbsp;&nbsp;&nbsp;Borrowings |  | - | 9914  | 37869549  | 37879463  |
|  |  | - | 1402345 | 50640479 | 52042824  |
| Debt securities issued: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings in won |  | - | 40321655  | 33507347  | 73829002  |
| &nbsp;&nbsp;&nbsp;Borrowings in foreign currency |  | - | 12070539  | 6247878  | 18318417  |
|  |  | - | 52392194  | 39755225  | 92147419  |
| Investment contract liabilities |  | - | - | 772528  | 772528  |
| Other financial liabilities |  | - | 35348611  | 34637460  | 69986071  |
|  | W | - | 267787000 | 385359613 | 653146613  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*ii) Financial instruments measured at amortized cost (continued)*

*ii-3) The fair value hierarchy of financial assets and liabilities which are not measured at their fair values in the statements of financial position but disclosed with their fair value as of September 30, 2025 and December 31, 2024 are as follows (continued):*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Assets: |  |  |  |  |  |
| Deposits measured at amortized cost (\*) | W | 537760 | 37621375 | - | 38159135 |
| Loans measured at amortized cost |  | - | 965455 | 451759297 | 452724752 |
| Securities measured at amortized cost: |  |  |  |  |  |
| &nbsp;&nbsp;Government bonds |  | 11292066  | 10333600  | - | 21625666  |
| &nbsp;&nbsp;Financial institution bonds |  | 331421  | 3497178  | - | 3828599  |
| &nbsp;&nbsp;Corporation bonds |  | - | 7694086  | - | 7694086  |
|  |  | 11623487  | 21524864  | - | 33148351  |
| Other financial assets |  | - | 13474763 | 9994559 | 23469322 |
|  | W | 12161247 | 73586457 | 461753856 | 547501560 |
| Liabilities: |  |  |  |  |  |
| Deposit liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Demand deposits | W | - | 160031759  | - | 160031759  |
| &nbsp;&nbsp;&nbsp;Time deposits |  | - | - | 236878216  | 236878216  |
| &nbsp;&nbsp;&nbsp;Certificate of deposit |  | - | - | 10481318  | 10481318  |
| &nbsp;&nbsp;&nbsp;Issued bill deposit |  | - | - | 7624245  | 7624245  |
| &nbsp;&nbsp;&nbsp;CMA deposits |  | - | 4451561  | - | 4451561  |
| &nbsp;&nbsp;&nbsp;Other |  | - | 3694921  | 40805  | 3735726  |
|  |  | - | 168178241  | 255024584  | 423202825  |
| Borrowing debts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Call-money |  | - | 1197823  | - | 1197823  |
| &nbsp;&nbsp;&nbsp;Bills sold |  | - | - | 8831  | 8831  |
| &nbsp;&nbsp;&nbsp;Bonds sold under repurchase agreements |  | - | - | 11542956  | 11542956  |
| &nbsp;&nbsp;&nbsp;Borrowings |  | - | 19922  | 37216182  | 37236104  |
|  |  | - | 1217745  | 48767969  | 49985714  |
| Debt securities issued: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings in won |  | - | 43460315  | 32150656  | 75610971  |
| &nbsp;&nbsp;&nbsp;Borrowings in foreign currency |  | - | 12899498  | 5859935  | 18759433  |
|  |  | - | 56359813  | 38010591  | 94370404  |
| Investment contract liabilities |  | - | - | 1165022 | 1165022 |
| Other financial liabilities |  | - | 10428026  | 29001549  | 39429575  |
|  | W | - | 236183825  | 371969715  | 608153540  |

---

(\*) Cash is not included.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(g) Classification by categories of financial instruments**

Financial assets and liabilities are measured at fair value or amortized cost. The financial instruments measured at fair value or amortized costs are measured in accordance with the Group's valuation methodologies, which are described in Note 4(f) Measurement of fair value.

The carrying amounts of each category of financial assets and financial liabilities as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Financial assets at FVTPL** | **Financial assets at FVOCI** | **Financial assets at amortized cost** | **Derivatives held for hedging** | **Total** |
| Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks at amortized cost | W | - | - | 47218057  | - | 47218057  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from banks at FVTPL |  | 39196  | - | - | - | 39196  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at FVTPL |  | 75558174  | - | - | - | 75558174  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives assets |  | 5264196  | - | - | 540425  | 5804621  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans at FVTPL |  | 1847775  | - | - | - | 1847775  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans at amortized cost |  | - | - | 458895705  | - | 458895705  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at FVOCI |  | - | 99788930  | - | - | 99788930  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at amortized cost |  | - | - | 31672897  | - | 31672897  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  | - | - | 44587090  | - | 44587090  |
|  | W | 82709341  | 99788930  | 582373749  | 540425  | 765412445  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(g) Classification by categories of financial instruments (continued)**

The carrying amounts of each category of financial assets and financial liabilities as of September 30, 2025 and December 31, 2024 are as follows (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Financial liabilities**<br>**at FVTPL** | **Financial liabilities designated at FVTPL** | **Financial liabilities at amortized cost** | **Derivatives held for hedging** | **Total** |
| &nbsp;&nbsp;Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits  | W | - | - | 437880353  | - | 437880353  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities at FVTPL |  | 1785737  | - | - | - | 1785737  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities designated at FVTPL |  | - | 6798410  | - | - | 6798410  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives liabilities |  | 4511131  | - | - | 790116  | 5301247  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings |  | - | - | 51964046  | - | 51964046  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued |  | - | - | 91686182  | - | 91686182  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment contract liabilities |  | - | - | 772528  | - | 772528  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  | - | - | 70027234  | - | 70027234  |
|  | W | 6296868  | 6798410  | 652330343  | 790116  | 666215737  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(g) Classification by categories of financial instruments (continued)**

The carrying amounts of each category of financial assets and financial liabilities as of September 30, 2025 and December 31, 2024 are as follows (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | **Financial assets at FVTPL** | **Financial assets at FVOCI** | **Financial assets at amortized cost** | **Derivatives held for hedging** | **Total** |
| Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks at amortized cost | W | - | - | 40525712 | - | 40525712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from banks at FVTPL |  | 35450 | - | - | - | 35450  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at FVTPL |  | 70231449  | - | - | - | 70231449  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives assets |  | 9576896  | - | - | 702361  | 10279257  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans at FVTPL |  | 1879946  | - | - | - | 1879946  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans at amortized cost |  | - | - | 449295238  | - | 449295238  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at FVOCI |  | - | 93805369  | - | - | 93805369  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at amortized cost |  | - | - | 33315999  | - | 33315999  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  | - | - | 23116960 | - | 23116960 |
|  | W | 81723741 | 93805369 | 546253909 | 702361 | 722485380 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(g) Classification by categories of financial instruments (continued)**

The carrying amounts of each category of financial assets and financial liabilities as of September 30, 2025 and December 31, 2024 are as follows (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | **Financial liabilities**<br>**at FVTPL** | **Financial liabilities designated at FVTPL** | **Financial liabilities at amortized cost** | **Derivatives held for hedging** | **Total** |
| &nbsp;&nbsp;Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits  | W | - | - | 422781045 | - | 422781045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities at FVTPL |  | 954899  | - | - | - | 954899  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities designated at FVTPL |  | - | 8220475  | - | - | 8220475  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives liabilities |  | 9036461  | - | - | 1022071  | 10058532  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings |  | - | - | 49920373  | - | 49920373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued |  | - | - | 93765854  | - | 93765854  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment contract liabilities |  | - | - | 1165022  | - | 1165022  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  | - | - | 39472400 | - | 39472400 |
|  | W | 9991360 | 8220475 | 607104694 | 1022071 | 626338600 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**5. <u>Changes in subsidiaries</u>**

(a) There are no major subsidiaries included in or excluded from the consolidated financial statements during the nine-month period ended September 30, 2025.

(b) The major subsidiaries that were excluded from the consolidated financial statements during the year ended December 31, 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;Excluded | &nbsp;&nbsp;Shinhan AI Co., Ltd. | &nbsp;&nbsp;Liquidation |
| &nbsp;&nbsp;Excluded | &nbsp;&nbsp;PT Shinhan Asset Management Indonesia | &nbsp;&nbsp;Disposal |
| &nbsp;&nbsp;Excluded | &nbsp;&nbsp;SHINHAN ASSET MGT HK, LIMITED | &nbsp;&nbsp;Liquidation |

---

(\*) Subsidiaries such as trust, beneficiary certificate, corporate restructuring fund and private equity fund which are not actually operating their own business are excluded.

**6. <u>Operating segments</u>**

(a) Segment information

The general descriptions by operating segments as of September 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Segment** | **Description** |
| Banking<br>| Credit to customers, lending to and receiving deposits from customers, and its accompanying work |
| Credit card | Sales of credit cards, short-term and long-term card loan services, installment financing, lease and accompanying work  |
| Securities | Securities trading, consignment trading, underwriting and its accompanying work  |
| Insurance | Life insurance business, decapitalize insurance business and its accompanying work |
| Credit | Facility rental, new technology business financing, others and its accompanying work |
| Others | Business segments that do not belong to the above segments, such as real estate trust, investment advisory services, venture business investment and other remaining businesses |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**6. <u>Operating segments (continued)</u>**

(b) The operating profit and net income for the nine-month periods ended September 30, 2025 and 2024, by operating segment, are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Banking** | **Credit card** | **Securities** | **Insurance** | **Credit** | **Others** | **Consolidation adjustment** | **Total** |
| &nbsp;&nbsp;&nbsp;Net interest income (expense) | W | 6894788  | 1457627  | 425394  | (106919) | 76892  | 60028  | (141417) | 8666393  |
| &nbsp;&nbsp;&nbsp;Net fees and commission income (expense) |  | 821759  | 591355  | 483915  | (5108) | 18023  | 277529  | 20708  | 2208181  |
| &nbsp;&nbsp;&nbsp;Provision for credit loss allowance  |  | (547992) | (669580) | (74462) | (1100) | (136189) | (57877) | (903) | (1488103) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses |  | (2851995) | (662365) | (579537) | (138142) | (48124) | (318261) | 180144  | (4418280) |
| &nbsp;&nbsp;&nbsp;Other operating income (expense) |  | (20104) | (119885) | 207314  | 925090  | 156817  | 153104  | (357433) | 944903  |
| &nbsp;&nbsp;&nbsp;Operating income (expense) |  | 4296456  | 597152  | 462624  | 673821  | 67419  | 114523  | (298901) | 5913094  |
| &nbsp;&nbsp;&nbsp;Equity method income (expense) |  | (97) | (2835) | 40864  | (1715) | 50644  | 676  | 48793  | 136330  |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) |  | 1034308  | 142975  | 120151  | 172796  | 24852  | (1776) | (11471) | 1481835  |
| &nbsp;&nbsp;&nbsp;Profit (loss) for the period | W | 3288389  | 463921  | 359357  | 487294  | 91972  | 118669  | (263132) | 4546470  |
| &nbsp;&nbsp;&nbsp;Controlling interest | W | 3287795  | 460935  | 359364  | 487294  | 91972  | 118669  | (345086) | 4460943  |
| &nbsp;&nbsp;&nbsp;Non-controlling interests |  | 594  | 2986  | (7) | - | - | - | 81954  | 85527  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
|  |  | **Banking** | **Credit card** | **Securities** | **Insurance** | **Credit** | **Others** | **Consolidation adjustment** | **Total** |
| &nbsp;&nbsp;&nbsp;Net interest income (expense) | W | 6718577  | 1440420  | 415663  | (107278) | 115616  | 69889  | (160187) | 8492700  |
| &nbsp;&nbsp;&nbsp;Net fees and commission income (expense) |  | 666694  | 736181  | 417337  | (2759) | 15373  | 257926  | 19124  | 2109876  |
| &nbsp;&nbsp;&nbsp;Provision for credit loss allowance  |  | (346522) | (618291) | (53837) | (5522) | (81740) | (293579) | (248) | (1399739) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses |  | (2770152) | (618989) | (578742) | (146838) | (45866) | (328732) | 156224  | (4333095) |
| &nbsp;&nbsp;&nbsp;Other operating income (expense) |  | (108779) | (135946) | 174165  | 892679  | 161038  | 373831  | (436054) | 920934  |
| &nbsp;&nbsp;&nbsp;Operating income (expense) |  | 4159818  | 803375  | 374586  | 630282  | 164421  | 79335  | (421141) | 5790676  |
| &nbsp;&nbsp;&nbsp;Equity method income (expense) |  | 11322  | (4072) | (8529) | (180) | 29834  | 2332  | (53506) | (22799) |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) |  | 873949  | 188780  | 73199  | 172626  | 39431  | 20988  | (65925) | 1303048  |
| &nbsp;&nbsp;&nbsp;Profit (loss) for the period | W | 3039218  | 628482  | 248838  | 453117  | 152626  | (39126) | (358891) | 4124264  |
| &nbsp;&nbsp;&nbsp;Controlling interest | W | 3038758  | 626129  | 248833  | 453117  | 152626  | (39126) | (436258) | 4044079  |
| &nbsp;&nbsp;&nbsp;Non-controlling interests |  | 460  | 2353  | 5  | -  | -  | -  | 77367  | 80185  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**6. <u>Operating segments (continued)</u>**

(c) Interest gains and losses from external customers by segment and cross-sector interest gains and losses for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Banking** | **Credit card** | **Securities** | **Insurance** | **Credit** | **Others** | **Consolidation adjustment (\*)** | **Total** |
| &nbsp;&nbsp;&nbsp;Net interest income <br>from: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;External customers (\*) | W | 6893808  | 1496300  | 440502  | (102549) | 90289  | 3882  | (155839) | 8666393  |
| &nbsp;&nbsp;&nbsp;Internal transactions |  | 980  | (38673) | (15108) | (4370) | (13397) | 56146  | 14422  | - |
|  | W | 6894788  | 1457627  | 425394  | (106919) | 76892  | 60028  | (141417) | 8666393  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
|  |  | **Banking** | **Credit card** | **Securities** | **Insurance** | **Credit** | **Others** | **Consolidation adjustment (\*)** | **Total** |
| &nbsp;&nbsp;&nbsp;Net interest income <br>from: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;External customers (\*) | W | 6718504  | 1487536  | 429019  | (108503) | 136012  | 885  | (170753) | 8492700  |
| &nbsp;&nbsp;&nbsp;Internal transactions |  | 73  | (47116) | (13356) | 1225  | (20396) | 69004  | 10566  | -  |
|  | W | 6718577  | 1440420  | 415663  | (107278) | 115616  | 69889  | (160187) | 8492700  |

---

(\*) Consolidated adjustment to net interest income(expense) from external customers is from the securities and others which were measured at fair values as a part of business combination accounting.

(d) The following tables provide information of net fees and commission income (expense) of each operating segment for the nine-month periods ended September 30, 2025 and 2024.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Banking** | **Credit card** | **Securities** | **Insurance** | **Credit** | **Others** | **Consolidation adjustment** | **Total** |
| &nbsp;&nbsp;&nbsp;Net fees and <br>commission <br>income (loss) from: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;External customers  | W | 852888  | 630969  | 488632  | 2263  | 17391  | 216038  | - | 2208181  |
| &nbsp;&nbsp;&nbsp;Internal transactions |  | (31129) | (39614) | (4717) | (7371) | 632  | 61491  | 20708  | - |
|  | W | 821759  | 591355  | 483915  | (5108) | 18023  | 277529  | 20708  | 2208181  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
|  |  | **Banking** | **Credit card** | **Securities** | **Insurance** | **Credit** | **Others** | **Consolidation adjustment** | **Total** |
| &nbsp;&nbsp;&nbsp;Net fees and <br>commission <br>income (loss) from: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;External customers  | W | 698506  | 774610  | 421635  | 2905  | 14189  | 198031  | -  | 2109876  |
| &nbsp;&nbsp;&nbsp;Internal transactions |  | (31812) | (38429) | (4298) | (5664) | 1184  | 59895  | 19124  | -  |
|  | W | 666694  | 736181  | 417337  | (2759) | 15373  | 257926  | 19124  | 2109876  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**7. <u>Cash and due from banks at amortized cost</u>**

(a) Restricted due from banks in accordance with Related Regulations or Acts as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **December 31, 2024** | **Related Regulations or Acts** |
| Deposits denominated in Korean won: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserve deposits | W | 20590753  | 11594266 | Article 55 of the Bank of Korea Act |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | 1429091  | 1978415 | Article 74 of the Capital Markets and Financial Investment Business Act, etc. |
|  |  | 22019844  | 13572681 |  |
| Deposits denominated in foreign currency |  | 4107859  | 11046189 | Articles of the Bank of Korea Act,<br>New York State Banking Act, derivatives related, etc. |
|  | W | 26127703  | 24618870 |  |

---

(b) The details of early redemptions of due from banks at amortized cost for the nine-month period ended September 30, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** |
|  |  | Carrying amount (\*1) | Gain (loss) on redemption (\*2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Installment savings deposits | W | 137975 | 1639 |

---

(\*1) The carrying amount includes accrued interest of W 62,550 million.

(\*2) The installment savings deposits were redeemed early upon the issuer's request.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**8. <u>Financial assets at fair value through profit or loss</u>**

Financial assets at fair value through profit or loss as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **December 31, 2024** |
| Debt instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Governments  | W | 9671179  | 8983699  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial institutions |  | 8952290  | 11127785  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporations |  | 14217149  | 12579941  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stocks with put option |  | 634990  | 691684  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity investment with put option |  | 5712515  | 5483075  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beneficiary certificates |  | 16421757  | 14414681  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial papers |  | 7671068  | 9270928  |
| &nbsp;&nbsp;&nbsp;&nbsp;CMA |  | 3727049  | 1613961  |
| &nbsp;&nbsp;&nbsp;&nbsp;Others (\*) |  | 3333379  | 2840070  |
|  |  | 70341376  | 67005824  |
| Equity instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stocks |  | 3833417  | 2954653  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity investment |  | 4791  | 6680  |
| &nbsp;&nbsp;&nbsp;&nbsp;Others |  | 408581  | 135995  |
|  |  | 4246789  | 3097328  |
| Gold/silver deposits |  | 970009  | 128297 |
|  | W | 75558174  | 70231449 |
| Other: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans at FVTPL | W | 1847775  | 1879946  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from banks at FVTPL |  | 39196  | 35450  |
|  | W | 77445145  | 72146845  |

---

(\*) As of September 30, 2025 and December 31, 2024, restricted reserve for claims of customers' deposits (trusts) are W 2,717,945 million and W 1,731,224 million, respectively.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**9. <u>Derivatives</u>**

(a) The notional amounts of derivatives outstanding as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **December 31, 2024** |
| **Foreign currency related:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency forwards | W | 185340361 | 167805176  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 64288420 | 59641567  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency options |  | 2648021 | 2182530  |
|  |  | 252276802 | 229629273  |
| &nbsp;&nbsp;&nbsp;Exchange traded: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency futures |  | 1857041 | 1534764  |
|  |  | 254133843 | 231164037  |
| **Interest rates related:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate forwards and swaps |  | 61645819 | 57169341  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate options |  | 926000 | 825057  |
|  |  | 62571819 | 57994398  |
| &nbsp;&nbsp;&nbsp;Exchange traded: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate futures |  | 5227804 | 4875687  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps (\*) |  | 155158957 | 142194805  |
|  |  | 160386761 | 147070492  |
|  |  | 222958580 | 205064890 |
| **Credit related:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit swaps |  | 4685822 | 4231106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total return swaps |  | 785189 | 809987 |
|  |  | 5471011 | 5041093 |
| **Equity related:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity swaps and forwards |  | 3873003 | 5975657  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity options |  | 1748033 | 2923962  |
|  |  | 5621036 | 8899619  |
| &nbsp;&nbsp;&nbsp;Exchange traded: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity futures |  | 1167806 | 1600342  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity options |  | 539121 | 452322  |
|  |  | 1706927 | 2052664  |
|  |  | 7327963 | 10952283  |
| **Commodity related:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity swaps and forwards |  | 2375174 | 2121686  |
| &nbsp;&nbsp;&nbsp;Exchange traded: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity futures and options |  | 136612 | 172899  |
|  |  | 2511786 | 2294585  |
| **Hedge:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency forwards |  | 2262539 | 4345149  |
| &nbsp;&nbsp;&nbsp;Currency swaps |  | 8896165 | 7993851  |
| &nbsp;&nbsp;&nbsp;Interest rate forwards and swaps |  | 13138717 | 13219417  |
| &nbsp;&nbsp;&nbsp;Equity options |  | 11750 | 18750  |
|  |  | 24309171 | 25577167  |
|  | W | 516712354 | 480094055  |

---

(\*) The notional amounts of derivatives outstanding to be settled in the 'Central Counter Party (CCP)' system.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**9. <u>Derivatives (continued)</u>**

(b) Fair values of derivative instruments as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  |  | **Assets** | **Liabilities** | **Assets** | **Liabilities** |
| **Foreign currency related:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency forwards | W | 2593525 | 1776091 | 5731971  | 3887398  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 1392995 | 1801739 | 2299084  | 3823249  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency options |  | 3162 | 8010 | 24230  | 25700  |
|  |  | 3989682 | 3585840 | 8055285  | 7736347  |
| &nbsp;&nbsp;&nbsp;Exchange traded: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency futures |  | 368 | 268 | 1527  | 828  |
|  |  | 3990050 | 3586108 | 8056812  | 7737175  |
| **Interest rates related:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate forwards and swaps |  | 637915 | 721737 | 734284  | 859402  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate options |  | - | 30159 | 1157  | 28907  |
|  |  | 637915 | 751896 | 735441  | 888309  |
| &nbsp;&nbsp;&nbsp;Exchange traded: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate futures |  | 1178 | 1215 | 2929  | 675  |
|  |  | 639093 | 753111 | 738370  | 888984  |
| **Credit related:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit swaps |  | 34827 | 6968 | 40325 | 5208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return swaps |  | 460663 | 6902 | 467352 | 4556 |
|  |  | 495490 | 13870 | 507677 | 9764 |
| **Equity related:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity swap and forwards |  | 92104 | 47678 | 96841  | 137399  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity options |  | 4243 | 17077 | 95173  | 112088  |
|  |  | 96347 | 64755 | 192014  | 249487  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity futures |  | 4366 | 11004 | 1228  | 13302  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity options |  | 28548 | 12909 | 66177  | 4274  |
|  |  | 32914 | 23913 | 67405  | 17576  |
|  |  | 129261 | 88668 | 259419 | 267063 |
| **Commodity related:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity swaps and forwards |  | 4117 | 67682 | 914 | 129833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity futures and options |  | 6185 | 1691 | 13704 | 3642 |
|  |  | 10302 | 69373 | 14618 | 133475 |
| **Hedge:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency forwards |  | 5061 | 117517 | 12100  | 213015  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 396851 | 227553 | 539015  | 181413  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate forwards and swaps |  | 138513 | 443813 | 151246  | 623702  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity options |  | - | 1234 | - | 3941  |
|  |  | 540425 | 790117 | 702361  | 1022071  |
|  | W | 5804621 | 5301247 | 10279257 | 10058532 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**9. <u>Derivatives (continued)</u>**

(c) Gain or loss on valuation of derivatives for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  |  | &nbsp;&nbsp;**Three-**<br>**month** | &nbsp;&nbsp;**Nine-**<br>**month** | &nbsp;&nbsp;**Three-**<br>**month** | &nbsp;&nbsp;**Nine-**<br>**month** |
| &nbsp;&nbsp;&nbsp;**Foreign currency related:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency forwards | W | 814544  | (226448) | (591632) | 249713  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | (809992) | 535866  | 734798  | (72587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency options |  | 6398  | 4695  | 64  | 2478  |
|  |  | 10950  | 314113  | 143230  | 179604  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange traded: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency futures |  | (4368) | 100  | 270  | 323  |
|  |  | 6582  | 314213  | 143500  | 179927  |
| &nbsp;&nbsp;&nbsp;**Interest rates related:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate forwards and swaps |  | 9847  | 63658  | (34994) | 48801  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate options |  | 4738  | 1890  | 436  | 473  |
|  |  | 14585  | 65548  | (34558) | 49274  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange traded: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate futures, etc. |  | (359) | (605) | 324  | (2249) |
|  |  | 14226  | 64943  | (34234) | 47025  |
| &nbsp;&nbsp;&nbsp;**Credit related:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit swaps |  | 714  | (9341) | (2352) | (358) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return swaps |  | (9428) | 9182  | 23108  | 31655  |
|  |  | (8714) | (159) | 20756  | 31297  |
| &nbsp;&nbsp;&nbsp;**Equity related:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity swap and forwards |  | (74704) | 107166  | (45559) | (3143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity options |  | 640  | 1110  | (97488) | (61050) |
|  |  | (74064) | 108276  | (143047) | (64193) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity futures |  | (9489) | (6441) | 25887  | 3487  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity options |  | (8006) | (5480) | (4185) | (655) |
|  |  | (17495) | (11921) | 21702  | 2832  |
|  |  | (91559) | 96355  | (121345) | (61361) |
| &nbsp;&nbsp;&nbsp;**Commodity related:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity swaps and forwards |  | 26187  | 60313  | 37609  | 28045  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity futures and options |  | 9088  | 4494  | 26893  | 17388  |
|  |  | 35275  | 64807  | 64502  | 45433  |
| &nbsp;&nbsp;&nbsp;**Hedge:** |  | (26391) | (25089) | 235194  | 144279  |
|  | W | (70581) | 515070  | 308373  | 386600  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**9. <u>Derivatives (continued)</u>**

(d) The notional amounts and the average hedge ratios for hedging instruments as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Less than**<br>**1 year** | **1~2**<br>**years** | **2~3**<br>**years** | **3~4**<br>**years** | **4~5** <br>**years** | **More than 5 years** | **Total** |
| &nbsp;&nbsp;&nbsp;**Interest risk:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Nominal values: | W | 1641581  | 2887162  | 2492646  | 1137281 | 847924 | 4132124  | 13138718  |
| &nbsp;&nbsp;&nbsp; Average price condition (\*1): |  | 2.85% | 4.08% | 4.43% | 4.33% | 3.40% | 3.36% | 3.74% |
| &nbsp;&nbsp;&nbsp; Average hedge ratio: |  | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| &nbsp;&nbsp;&nbsp;**Exchange risk (\*2):** |  |  |  |  |  |  |  |  |
| Nominal values: |  | 2498130  | 3619267  | 2202266  | 3108799  | 903937  | 693757  | 13026156  |
| &nbsp;&nbsp;Average hedge ratio: |  | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| &nbsp;&nbsp;&nbsp;**Other price risk (\*3):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Nominal values: |  | - | 11750  | - | - | - | - | 11750  |
| &nbsp;&nbsp;Average hedge ratio: |  | - | 100% | - | - | - | - | 100% |

---

(\*1) Interest rate swaps consist of 3M CD, USD SOFR, 3M USD LIBOR, 3M Euribor, 3M AUD Bond, and 3M JPY Term TONAR.

(\*2) The average exchange rates of net investment hedge instruments are USD/KRW 1,309.18, JPY/KRW 9.05, EUR/KRW 1,488.87, GBP/KRW 1,571.63, AUD/KRW 896.37, CAD/KRW 999.37, and SEK/KRW 131.64.

(\*3) The equity option, which has an exercise price of W 324,027

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**9. <u>Derivatives (continued)</u>**

(d) The notional amounts and the average hedge ratios for hedging instruments as of September 30, 2025 and December 31, 2024 are as follows (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | **Less than**<br>**1 year** | **1~2**<br>**years** | **2~3**<br>**years** | **3~4**<br>**years** | **4~5** <br>**years** | **More than 5 years** | **Total** |
| &nbsp;&nbsp;&nbsp;**Interest risk:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Nominal values: | W | 910440  | 2621365  | 1943818  | 2350027  | 1161927  | 4231840  | 13219417  |
| &nbsp;&nbsp;&nbsp; Average price condition (\*1): |  | 3.43% | 3.07% | 4.08% | 4.82% | 4.17% | 3.60% | 3.82% |
| &nbsp;&nbsp;&nbsp; Average hedge ratio: |  | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| &nbsp;&nbsp;&nbsp;**Exchange risk (\*2):** |  |  |  |  |  |  |  |  |
| Nominal values: |  | 4319632  | 2421806  | 3072483  | 2870442  | 1059147  | 447703  | 14191213  |
| &nbsp;&nbsp;Average hedge ratio: |  | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| &nbsp;&nbsp;&nbsp;**Other price risk (\*3):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Nominal values: |  | - | - | 18750  | - | - | - | 18750  |
| &nbsp;&nbsp;Average hedge ratio: |  | - | - | 100% | - | - | - | 100% |

---

(\*1) Interest rate swaps consist of 3M CD, USD SOFR, 3M Euribor, and 3M AUD Bond.

(\*2) The average exchange rates of net investment hedge instruments are USD/KRW 1,280.52, JPY/KRW 9.25, EUR/KRW 1,402.37, GBP/KRW 1,561.57, AUD/KRW 892.94, CAD/KRW 991.06, CNY/KRW 189.50, and SEK/KRW 127.54.

(\*3) The equity option, which has an exercise price of W 324,027.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**10. <u>Securities at fair value through other comprehensive income and securities at amortized cost</u>**

(a) Details of securities at FVOCI and securities at amortized cost as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;**Securities at FVOCI:** |  |  |  |
| Debt securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government bonds | W | 42528389  | 42463118  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial institutions bonds |  | 32759189  | 25983405  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds and others |  | 22666556  | 23569687  |
|  |  | 97954134  | 92016210  |
| Equity securities (\*): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stocks |  | 1719301  | 1594019  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity investments |  | 750  | 4367  |
| &nbsp;&nbsp;&nbsp;&nbsp;Others |  | 114745  | 190773  |
|  |  | 1834796  | 1789159  |
|  |  | 99788930  | 93805369  |
| &nbsp;&nbsp;**Securities at amortized cost:** |  |  |  |
| Debt securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government bonds |  | 22626604  | 21808057  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial institutions bonds |  | 2170303  | 3787661  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds and others |  | 6875990  | 7720281  |
|  |  | 31672897  | 33315999  |
|  | W | 131461827  | 127121368  |

---

(\*) The equity securities are designated as FVOCI since the Group exercised FVOCI option for these securities required to possess in accordance with certain regulations.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**10. <u>Securities at fair value through other comprehensive income and securities at amortized cost (continued)</u>**

(b) Changes in carrying value of debt securities at fair value through other comprehensive income and securities at amortized cost for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | &nbsp;&nbsp;**Debt securities at FVOCI** | &nbsp;&nbsp;**Debt securities at FVOCI** | &nbsp;&nbsp;**Debt securities at FVOCI** | **Debt securities at amortized cost** | **Debt securities at amortized cost** | **Debt securities at amortized cost** |
|  |  | **12-month expected**<br> **credit losses** | **Lifetime expected**<br> **credit losses** | **Total** | &nbsp;&nbsp;**12-month expected** <br>**credit losses** | **Lifetime expected** <br>**credit losses** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning balance | W | 91955452  | 60758  | 92016210  | 33322543  | 3644  | 33326187  |
| &nbsp;&nbsp;&nbsp;Transfer (from) to 12-month expected credit losses |  | 5276  | (5276) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | (7310) | 7310  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net increase and decrease (\*) |  | 5968645  | (30721) | 5937924  | (1640261) | (3644) | (1643905) |
| Ending balance | W | 97922063  | 32071  | 97954134  | 31682282  | - | 31682282  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | &nbsp;&nbsp;**Debt securities at FVOCI** | &nbsp;&nbsp;**Debt securities at FVOCI** | &nbsp;&nbsp;**Debt securities at FVOCI** | **Debt securities at amortized cost** | **Debt securities at amortized cost** | **Debt securities at amortized cost** |
|  |  | **12-month expected**<br> **credit losses** | **Lifetime expected**<br> **credit losses** | **Total** | &nbsp;&nbsp;**12-month expected** <br>**credit losses** | **Lifetime expected** <br>**credit losses** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning balance | W | 88545051 | 91949 | 88637000 | 35690387 | 7523 | 35697910 |
| &nbsp;&nbsp;&nbsp;Transfer (from) to 12-month expected credit losses |  | 3798 | (3798) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net increase and decrease (\*) |  | 3406603 | (27393) | 3379210 | (2367844) | (3879) | (2371723) |
| Ending balance | W | 91955452 | 60758 | 92016210 | 33322543 | 3644 | 33326187 |

---

(\*) Included the effects from changes in purchase, disposal, repayment, valuation, changes in foreign exchange rate and amortization of fair value adjustments recognized through business combination accountings and the others.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**10. <u>Securities at fair value through other comprehensive income and securities at amortized cost (continued)</u>**

(c) Changes in allowance for credit loss of debt securities at fair value through other comprehensive income and debt securities at amortized cost for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Debt securities at FVOCI** | **Debt securities at FVOCI** | **Debt securities at FVOCI** | **Debt securities at amortized cost** | **Debt securities at amortized cost** | **Debt securities at amortized cost** |
|  |  | **12-months expected credit losses** | **Lifetime expected credit losses** | **Total** | **12-months expected credit losses** | **Lifetime expected credit losses** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning balance | W | 38250  | 96  | 38346  | 10137  | 51  | 10188  |
| &nbsp;&nbsp;&nbsp;Transfer (from)to 12-month expected credit losses |  | 17  | (17) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer (from)to lifetime expected credit losses |  | (8) | 8  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Provision (Reversal) |  | 5918  | 74  | 5992  | (345) | (47) | (392) |
| &nbsp;&nbsp;&nbsp;Disposal and others (\*) |  | (3779) | (2) | (3781) | (407) | (4) | (411) |
| Ending balance | W | 40398  | 159  | 40557  | 9385  | - | 9385  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | **Debt securities at FVOCI** | **Debt securities at FVOCI** | **Debt securities at FVOCI** | **Debt securities at amortized cost** | **Debt securities at amortized cost** | **Debt securities at amortized cost** |
|  |  | **12-months expected credit losses** | **Lifetime expected credit losses** | **Total** | **12-months expected credit losses** | **Lifetime expected credit losses** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning balance | W | 41568 | 909 | 42477 | 11283 | 140 | 11423 |
| &nbsp;&nbsp;&nbsp;Transfer (from) to 12-month expected credit losses |  | 14 | (14) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Provision (Reversal) |  | (2279) | (420) | (2699) | (1515) | (97) | (1612) |
| &nbsp;&nbsp;&nbsp;Disposal and others (\*) |  | (1053) | (379) | (1432) | 369  | 8  | 377  |
| Ending balance | W | 38250  | 96  | 38346  | 10137  | 51  | 10188  |

---

(\*) Included the effects from changes in debt restructuring, debt-to-equity swaps, foreign exchange rate and the others.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**10. <u>Securities at fair value through other comprehensive income and securities at amortized cost (continued)</u>**

(d) Gain or loss on disposal of securities at fair value through other comprehensive income and securities at amortized cost for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  |  | **Three-month** | **Nine-month** | **Three-month** | **Nine-month** |
| &nbsp;&nbsp;&nbsp;Gain on disposal of securities at FVOCI | W | 80814  | 268108  | 94543  | 167161  |
| &nbsp;&nbsp;&nbsp;Loss on disposal of securities at FVOCI |  | (21218) | (62506) | (55750) | (101088) |
| &nbsp;&nbsp;&nbsp;Gain on disposal of securities at amortized cost (\*) |  | 1  | 2  | -  | -  |
| &nbsp;&nbsp;&nbsp;Loss on disposal of securities at amortized cost (\*) |  | (7) | (46) | (23133) | (23137) |
|  | W | 59590  | 205558  | 15660  | 42936  |

---

(\*) The reason for the disposal of securities at amortized cost is the exercise of the issuers' exercise of early redemption options and others.

(e) Income or loss on equity securities at fair value through other comprehensive income

The Group recognized dividends, amounting to W 61,415 million and W 76,400 million, related to equity securities designated at fair value through other comprehensive income for the nine-month periods ended September 30, 2025 and 2024, respectively.

The details of disposal of equity securities designated at fair value through other comprehensive income for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Fair value at the date of disposal** | **Fair value at the date of disposal** | **Cumulative net gain (loss) at the time of disposal** | **Cumulative net gain (loss) at the time of disposal** |
|  |  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| &nbsp;&nbsp;&nbsp;Stocks (\*) | W | 145039  | 81207 | 6736  | 473 |
| &nbsp;&nbsp;&nbsp;Contingent convertible bonds  |  | 1687  | - | 11  | - |
|  | W | 146726  | 81207 | 6747  | 473 |

---

(\*) The reason for the disposal of stocks at fair value through other comprehensive income is the disposal of stocks acquired through debt-to-equity swaps, among others.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**11. <u>Loans at amortized cost, etc.</u>**

(a) The composition of loans at amortized cost by customer as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail loans | &nbsp;&nbsp;W | &nbsp;&nbsp;173447585  | &nbsp;&nbsp;166140123  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate loans (\*) |  | &nbsp;&nbsp;253758421  | &nbsp;&nbsp;251011516  |
| &nbsp;&nbsp;&nbsp;&nbsp;Public and other loans |  | &nbsp;&nbsp;4628833  | &nbsp;&nbsp;5253071  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans between banks |  | &nbsp;&nbsp;2453025  | &nbsp;&nbsp;1946442  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | &nbsp;&nbsp;28265728  | &nbsp;&nbsp;28894371  |
|  |  | &nbsp;&nbsp;462553592  | &nbsp;&nbsp;453245523  |
| &nbsp;&nbsp;&nbsp;&nbsp;Discount |  | &nbsp;&nbsp;(27584) | &nbsp;&nbsp;(29923) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred loan origination costs |  | &nbsp;&nbsp;728322  | &nbsp;&nbsp;645569  |
|  |  | &nbsp;&nbsp;463254330  | &nbsp;&nbsp;453861169  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Allowance for credit loss |  | &nbsp;&nbsp;(4358625) | &nbsp;&nbsp;(4565931) |
|  | &nbsp;&nbsp;W | &nbsp;&nbsp;458895705  | &nbsp;&nbsp;449295238  |

---

(\*) Includes SOHO loans.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**11. <u>Loans at amortized cost, etc. (continued)</u>**

(b) Changes in carrying value of loans at amortized cost, etc. for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** | **Total** |
|  |  | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected credit losses** | &nbsp;&nbsp;**Impaired financial asset** | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected credit losses** | **Impaired financial asset** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;W | 384078752  | 66060111  | 3722306  | 61488945  | 235252  | 217158  | 515802524  |
| &nbsp;&nbsp;&nbsp;Transfer (from) to 12-months expected credit losses |  | 17468007  | (17330834) | (137173) | 34400  | (33001) | (1399) | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | (23226239) | 23362906  | (136667) | (51957) | 52541  | (584) | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to credit- impaired financial assets |  | (1116725) | (1389081) | 2505806  | (3789) | (13843) | 17632  | - |
| &nbsp;&nbsp;&nbsp;Net increase and decrease (\*1) |  | 14553958  | (3098576) | 665310  | 27798329  | (22475) | 28261  | 39924807  |
| &nbsp;&nbsp;&nbsp;Charge-off (\*2) |  | - | - | (1409029) | - | - | (73906) | (1482935) |
| &nbsp;&nbsp;&nbsp;Disposal  |  | (10000) | (30433) | (1278069) | - | (984) | (3736) | (1323222) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending balance | W | 391747753  | 67574093  | 3932484  | 89265928  | 217490  | 183426  | 552921174  |

---

(\*1) The amount is due to executions, collections and restructuring of debts, debt-to-equity swaps, changes in exchange rate, etc.

(\*2) The contractual uncollected amount (principal and interest) of loans that have been written off but are still subject to recovery activities as of September 30, 2025 is W 10,876,212 million.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**11. <u>Loans at amortized cost, etc. (continued)</u>**

(b) Changes in carrying value of loans at amortized cost, etc. for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** | **Total** |
|  |  | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected credit losses** | &nbsp;&nbsp;**Impaired financial asset** | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected credit losses** | **Impaired financial asset** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;W | 356983353  | 56073735  | 3012944  | 59409121  | 245916  | 167788  | 475892857  |
| &nbsp;&nbsp;&nbsp;Transfer (from) to 12-months expected credit losses |  | 11871293  | (11791179) | (80114) | 34752  | (34626) | (126) | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | (21881980) | 21982522  | (100542) | (62021) | 62091  | (70) | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to credit- impaired financial assets |  | (922912) | (915624) | 1838536  | (8949) | (21143) | 30092  | - |
| &nbsp;&nbsp;&nbsp;Net increase and decrease (\*1) |  | 38062146  | 903773  | 1925720  | 2116517  | (10556) | 205387  | 43202987  |
| &nbsp;&nbsp;&nbsp;Charge-off (\*2) |  | - | - | (1536101) | - | - | (61157) | (1597258) |
| &nbsp;&nbsp;&nbsp;Disposal  |  | (33148) | (193116) | (1338137) | (475) | (6430) | (124756) | (1696062) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending balance | W | 384078752 | 66060111 | 3722306 | 61488945 | 235252 | 217158 | 515802524 |

---

(\*1) The amount is due to executions, collections and restructuring of debts, debt-to-equity swaps, changes in exchange rate, etc.

(\*2) The contractual uncollected amount (principal and interest) of loans that have been written off but are still subject to recovery activities as of December 31, 2024 is W 10,268,898 million.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**11. <u>Loans at amortized cost, etc. (continued)</u>**

(c) Changes in allowances for credit loss

Changes in allowance for credit loss of loans at amortized cost, etc. for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** | **Total** |
|  |  | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected credit losses** | &nbsp;&nbsp;**Impaired financial asset** | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected credit losses** | **Impaired financial asset** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;W | 1270300  | 1531751  | 1763880  | 394484  | 14752  | 186410  | 5161577  |
| &nbsp;&nbsp;&nbsp;Transfer (from) to 12-months expected credit losses |  | 304104  | (275699) | (28405) | 937  | (890) | (47) | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | (132724) | 169807  | (37083) | (831) | 873 | (42) | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to credit- impaired financial assets |  | (191077) | (383654) | 574731  | (203) | (3874) | 4077  | - |
| &nbsp;&nbsp;&nbsp;Provision (reversal)  |  | (73127) | 444000  | 1140181  | 7172  | (735) | 49628  | 1567119  |
| &nbsp;&nbsp;&nbsp;Charge-off |  | - | - | (1409029) | - | - | (73906) | (1482935) |
| &nbsp;&nbsp;&nbsp;Amortization of discount |  | - | - | (29734) | - | - | - | (29734) |
| &nbsp;&nbsp;&nbsp;Disposal |  | - | (1519) | (487881) | - | (37) | (3366) | (492803) |
| &nbsp;&nbsp;&nbsp;Recovery of written-off loans  |  | - | - | 244392  | - | - | 1960  | 246352  |
| &nbsp;&nbsp;&nbsp;Others (\*) |  | (15151) | (12415) | (7023) | (1052) | (9) | (13160) | (48810) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending balance | W | 1162325  | 1472271  | 1724029  | 400507  | 10080 | 151554  | 4920766  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**11. <u>Loans at amortized cost, etc. (continued)</u>**

(c) Changes in allowance for credit loss of loans at amortized cost, etc. for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** | **Total** |
|  |  | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected credit losses** | &nbsp;&nbsp;**Impaired financial asset** | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected credit losses** | **Impaired financial asset** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;W | 1275974  | 1672926  | 1381570  | 332951  | 15650  | 137968  | 4817039  |
| &nbsp;&nbsp;&nbsp;Transfer (from) to 12-months expected credit losses |  | 206803  | (201876) | (4927) | 1262  | (1229) | (33) | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | (124779) | 158247  | (33468) | (5414) | 5441  | (27) | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to credit- impaired financial assets |  | (24287) | (110430) | 134717  | (178) | (5715) | 5893  | - |
| &nbsp;&nbsp;&nbsp;Provision (reversal)  |  | (70604) | 22354  | 1910263  | 175  | 629  | 112858  | 1975675  |
| &nbsp;&nbsp;&nbsp;Charge-off |  | - | - | (1536101) | - | - | (61157) | (1597258) |
| &nbsp;&nbsp;&nbsp;Amortization of discount |  | - | - | (35031) | - | - | - | (35031) |
| &nbsp;&nbsp;&nbsp;Disposal |  | (2946) | (19609) | (402283) | (1) | (38) | (15028) | (439905) |
| &nbsp;&nbsp;&nbsp;Recovery of written-off loans |  | - | - | 361038  | - | - | 3292  | 364330  |
| &nbsp;&nbsp;&nbsp;Others (\*) |  | 10139  | 10139  | (11898) | 65689  | 14  | 2644  | 76727  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending balance | W | 1270300  | 1531751  | 1763880  | 394484  | 14752  | 186410  | 5161577  |

---

(\*) Other changes are due to debt restructuring, debt-to-equity swaps and changes in foreign exchange rate, etc.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**12. <u>Investments in associates</u>**

(a) Investments in associates as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investees** | **Country** | &nbsp;&nbsp;&nbsp;&nbsp;**Reporting**<br>**Date** | **Ownership (%)** | **Ownership (%)** |
| **Investees** | **Country** | &nbsp;&nbsp;&nbsp;&nbsp;**Reporting**<br>**Date** | **September 30,**<br>**2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;BNP Paribas Cardif Life Insurance (\*1), (\*7) | Korea | June 30, 2025 | &nbsp;&nbsp;&nbsp;14.99 | &nbsp;&nbsp;&nbsp;14.99  |
| &nbsp;&nbsp;&nbsp;Shinhan-Neoplux Energy Newbiz Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;31.66 | &nbsp;&nbsp;&nbsp;31.66  |
| &nbsp;&nbsp;&nbsp;Shinhan-Albatross tech investment Fund (\*1) | Korea | August 31, 2025 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00  |
| &nbsp;&nbsp;&nbsp;VOGO Debt Strategy Qualified IV Private | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;20.00 | &nbsp;&nbsp;&nbsp;20.00  |
| &nbsp;&nbsp;&nbsp;Shinhan-Midas Donga Secondary Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00  |
| &nbsp;&nbsp;&nbsp;ShinHan – Soo Young Entrepreneur Investment Fund No.1 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;24.00 | &nbsp;&nbsp;&nbsp;24.00  |
| &nbsp;&nbsp;&nbsp;Shinhan Praxis K-Growth Global Private Equity Fund (\*7) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;14.15 | &nbsp;&nbsp;&nbsp;14.15  |
| &nbsp;&nbsp;&nbsp;Kiwoom Milestone Professional Private Real Estate Trust 19 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00  |
| &nbsp;&nbsp;&nbsp;Shinhan Global Healthcare Fund 1 (\*7) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;3.13  |
| &nbsp;&nbsp;&nbsp;KB NA Hickory Private Special Asset Fund (\*5) | Korea | - | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;37.50  |
| &nbsp;&nbsp;&nbsp;Koramco Europe Core Private Placement Real Estate Fund No.2-2 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;44.02 | &nbsp;&nbsp;&nbsp;44.02  |
| &nbsp;&nbsp;&nbsp;KTB Aircraft Specialized Private Investment Trust No. 16 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;33.44 | &nbsp;&nbsp;&nbsp;33.44  |
| &nbsp;&nbsp;&nbsp;Shinhan-Nvestor Liquidity Solution Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;24.92 | &nbsp;&nbsp;&nbsp;24.92  |
| &nbsp;&nbsp;&nbsp;Shinhan AIM FoF Fund 1-A | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;25.00 | &nbsp;&nbsp;&nbsp;25.00  |
| &nbsp;&nbsp;&nbsp;IGIS Global Credit Fund 150-1 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;25.00 | &nbsp;&nbsp;&nbsp;25.00  |
| &nbsp;&nbsp;&nbsp;Genesis North America Power Company No.1 PEF | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;43.84 | &nbsp;&nbsp;&nbsp;43.84  |
| &nbsp;&nbsp;&nbsp;SH MAIN Professional Investment Type Private Mixed Asset Investment Trust No.3 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;23.33 | &nbsp;&nbsp;&nbsp;23.33  |
| &nbsp;&nbsp;&nbsp;KOREA FINANCE SECURITY CO., LTD. (\*1), (\*7) | Korea | June 30, 2025 | &nbsp;&nbsp;&nbsp;14.91 | &nbsp;&nbsp;&nbsp;14.91  |
| &nbsp;&nbsp;&nbsp;MIEL CO., LTD. (\*2) | Korea | December 31, 2024 | &nbsp;&nbsp;&nbsp;28.77 | &nbsp;&nbsp;&nbsp;28.77  |
| &nbsp;&nbsp;&nbsp;AIP Transportation Specialized Privately Placed Fund Trust #1 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;35.73 | &nbsp;&nbsp;&nbsp;35.73  |
| &nbsp;&nbsp;&nbsp;Kiwoom-Shinhan Innovation Fund I | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00  |
| &nbsp;&nbsp;&nbsp;Samchully Midstream Private Placement Special Asset Fund 5-4 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;41.67 | &nbsp;&nbsp;&nbsp;41.67  |
| &nbsp;&nbsp;&nbsp;MK Ventures-K Clavis Growth Capital Venture Fund 1 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;26.67 | &nbsp;&nbsp;&nbsp;26.67 |
| &nbsp;&nbsp;&nbsp;Vestas Qualified Investors Private Real Estate Fund Investment Trust No.37 (\*4) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;60.00 | &nbsp;&nbsp;&nbsp;60.00  |
| &nbsp;&nbsp;&nbsp;Milestone Private Real Estate Fund 3  | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;32.06 | &nbsp;&nbsp;&nbsp;32.06  |
| &nbsp;&nbsp;&nbsp;Rifa Private Real Estate Investment Trust 31  | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;31.31 | &nbsp;&nbsp;&nbsp;31.31  |
| &nbsp;&nbsp;&nbsp;FuturePlay-Shinhan TechInnovation Fund 1 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00  |
| &nbsp;&nbsp;&nbsp;Stonebridge Corporate 1st Fund (\*5) | Korea | - | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;44.12  |
| &nbsp;&nbsp;&nbsp;Vogo Realty Partners Private Real Estate Fund V | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;21.64 | &nbsp;&nbsp;&nbsp;21.64  |
| &nbsp;&nbsp;&nbsp;Korea Credit Bureau (\*1), (\*7) | Korea | June 30, 2025 | &nbsp;&nbsp;&nbsp;9.00 | &nbsp;&nbsp;&nbsp;9.00  |
| &nbsp;&nbsp;&nbsp;Goduck Gangil1 PFV Co., Ltd. (\*1), (\*7) | Korea | June 30, 2025 | &nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;1.04  |
| &nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. (\*1), (\*7), (\*8) | Korea | June 30, 2025 | &nbsp;&nbsp;&nbsp;25.00 | &nbsp;&nbsp;&nbsp;25.00  |
| &nbsp;&nbsp;&nbsp;NH-amundi global infra private fund 16 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;49.75 | &nbsp;&nbsp;&nbsp;50.00  |
| &nbsp;&nbsp;&nbsp;SH BNCT Professional Investment Type Private Special Asset Investment Trust (\*9) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;72.50 | &nbsp;&nbsp;&nbsp;72.50  |
| &nbsp;&nbsp;&nbsp;IGIS Real-estate Private Investment Trust No.33 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;24.18 | &nbsp;&nbsp;&nbsp;40.86 |
| &nbsp;&nbsp;&nbsp;Goduck Gangil10 PFV Co., Ltd. (\*1), (\*7) | Korea | June 30, 2025 | &nbsp;&nbsp;&nbsp;19.90 | &nbsp;&nbsp;&nbsp;19.90  |
| &nbsp;&nbsp;&nbsp;Fidelis Global Private Real Estate Trust No.2 (\*6) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;79.63 | &nbsp;&nbsp;&nbsp;79.63 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(a) Investments in associates as of September 30, 2025 and December 31, 2024 are as follows (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investees** | **Country** | &nbsp;&nbsp;&nbsp;&nbsp;**Reporting**<br>**Date** | **Ownership (%)** | **Ownership (%)** |
| **Investees** | **Country** | &nbsp;&nbsp;&nbsp;&nbsp;**Reporting**<br>**Date** | **September 30,**<br>**2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;AIP EURO PRIVATE REAL ESTATE TRUST No. 12 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;28.70 | &nbsp;&nbsp;&nbsp;28.70 |
| &nbsp;&nbsp;&nbsp;Shinhan Global Healthcare Fund 2 (\*7) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;13.68 | &nbsp;&nbsp;&nbsp;13.68 |
| &nbsp;&nbsp;&nbsp;Shinhan AIM Real Estate Fund No.1 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;21.01 | &nbsp;&nbsp;&nbsp;21.01 |
| &nbsp;&nbsp;&nbsp;SH Daegu Green Power Cogeneration System Professional Investment Type Private Special Asset Investment Trust  | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;22.02 | &nbsp;&nbsp;&nbsp;22.02  |
| &nbsp;&nbsp;&nbsp;SH Sangju YC Expressway Professional Investment Type Private Special Asset Investment Trust | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;29.19 | &nbsp;&nbsp;&nbsp;29.19  |
| &nbsp;&nbsp;&nbsp;SH Global Infrastructure Professional Investment Type Private Special Asset Investment Trust No.7-2 (\*6) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;71.43 | &nbsp;&nbsp;&nbsp;71.43  |
| &nbsp;&nbsp;&nbsp;Korea Omega-Shinhan Project Fund I | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00  |
| &nbsp;&nbsp;&nbsp;Samsung SRA Real Estate Professional Private 45 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;25.00 | &nbsp;&nbsp;&nbsp;25.00  |
| &nbsp;&nbsp;&nbsp;IBK Global New Renewable Energy Special Asset Professional Private2 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;28.98 | &nbsp;&nbsp;&nbsp;28.98  |
| &nbsp;&nbsp;&nbsp;VS Cornerstone Fund (\*5) | Korea | - | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;41.18  |
| &nbsp;&nbsp;&nbsp;Kakao-Shinhan 1st TNYT Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;48.62 | &nbsp;&nbsp;&nbsp;48.62  |
| &nbsp;&nbsp;&nbsp;Pacific Private Placement Real Estate Fund No.40 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;24.73 | &nbsp;&nbsp;&nbsp;24.73  |
| &nbsp;&nbsp;&nbsp;LB Scotland Amazon Fulfillment Center Fund 29 (\*4) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;65.01 | &nbsp;&nbsp;&nbsp;65.00 |
| &nbsp;&nbsp;&nbsp;JR AMC Hungary Budapest Office Fund 16 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;32.57 | &nbsp;&nbsp;&nbsp;32.57  |
| &nbsp;&nbsp;&nbsp;EDNCENTRAL Co., Ltd. (\*5) | Korea | - | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;13.47  |
| &nbsp;&nbsp;&nbsp;Gyeonggi-Neoplux Superman Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;21.76 | &nbsp;&nbsp;&nbsp;21.76  |
| &nbsp;&nbsp;&nbsp;NewWave 6th Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;30.00 | &nbsp;&nbsp;&nbsp;30.00  |
| &nbsp;&nbsp;&nbsp;Neoplux No.3 Private Equity Fund (\*3), (\*7) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;10.00  |
| &nbsp;&nbsp;&nbsp;PCC Amberstone Private Equity Fund I | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;21.67 | &nbsp;&nbsp;&nbsp;21.67  |
| &nbsp;&nbsp;&nbsp;KIAMCO POWERLOAN TRUST 4<sup>TH</sup> | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;47.37 | &nbsp;&nbsp;&nbsp;47.37  |
| &nbsp;&nbsp;&nbsp;Mastern Opportunity Seeking Real Estate Fund II | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;20.00 | &nbsp;&nbsp;&nbsp;22.22  |
| &nbsp;&nbsp;&nbsp;Neoplux Market-Frontier Secondary Fund (\*3), (\*7) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;19.74 | &nbsp;&nbsp;&nbsp;19.74  |
| &nbsp;&nbsp;&nbsp;Synergy Green New Deal 1st New Technology Business Investment Fund (\*5) | Korea | - | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;28.17  |
| &nbsp;&nbsp;&nbsp;KIAMCO Vietnam Solar Special Asset Private Investment Trust | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00  |
| &nbsp;&nbsp;&nbsp;SHINHAN-NEO Core Industrial Technology Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;49.75 | &nbsp;&nbsp;&nbsp;49.75  |
| &nbsp;&nbsp;&nbsp;SHBNPP Green New Deal Energy Professional Investment Type Private Special Asset Investment Trust No.2 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;30.00 | &nbsp;&nbsp;&nbsp;30.00  |
| &nbsp;&nbsp;&nbsp;Eum Private Equity Fund No.7 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;21.00 | &nbsp;&nbsp;&nbsp;21.00  |
| &nbsp;&nbsp;&nbsp;Kiwoom Hero No.4 Private Equity Fund (\*5) | Korea | - | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;21.05  |
| &nbsp;&nbsp;&nbsp;AJ-KOSNET Semicon One Venture Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;22.22 | &nbsp;&nbsp;&nbsp;22.22 |
| &nbsp;&nbsp;&nbsp;Shinhan Smilegate Global PEF I (\*5) | Korea | - | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;14.21  |
| &nbsp;&nbsp;&nbsp;Genesis Eco No.1 PEF | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;29.00 | &nbsp;&nbsp;&nbsp;29.00  |
| &nbsp;&nbsp;&nbsp;SHINHAN-NEO Market-Frontier 2nd Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;42.70 | &nbsp;&nbsp;&nbsp;42.70  |
| &nbsp;&nbsp;&nbsp;J& Moorim Jade Investment Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;24.89 | &nbsp;&nbsp;&nbsp;24.89 |
| &nbsp;&nbsp;&nbsp;Ulmus SHC innovation investment fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;24.04 | &nbsp;&nbsp;&nbsp;24.04 |
| &nbsp;&nbsp;&nbsp;TI First Property Private Investment Trust 1 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;40.00 | &nbsp;&nbsp;&nbsp;40.00 |
| &nbsp;&nbsp;&nbsp;Kiwoom-Shinhan Innovation Fund 2 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;42.86 | &nbsp;&nbsp;&nbsp;42.86 |
| &nbsp;&nbsp;&nbsp;ETRI Holdings-Shinhan 1st Unicorn Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00  |
| &nbsp;&nbsp;&nbsp;SJ ESG Innovative Growth Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;28.57 | &nbsp;&nbsp;&nbsp;28.57  |
| &nbsp;&nbsp;&nbsp;AVES 1st Corporate Recovery Private Equity Fund (\*4) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;76.19 | &nbsp;&nbsp;&nbsp;76.19 |
| &nbsp;&nbsp;&nbsp;Reverent-Shinhan Vista Fund (\*3) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;13.41 | &nbsp;&nbsp;&nbsp;13.41 |
| &nbsp;&nbsp;&nbsp;JS Shinhan Private Equity Fund (\*3) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;3.85  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(a) Investments in associates as of September 30, 2025 and December 31, 2024 are as follows (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investees** | **Country** | &nbsp;&nbsp;&nbsp;&nbsp;**Reporting**<br>**Date** | **Ownership (%)** | **Ownership (%)** |
| **Investees** | **Country** | &nbsp;&nbsp;&nbsp;&nbsp;**Reporting**<br>**Date** | **September 30,**<br>**2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;META TB ESG PRIVATE EQUITY FUND I | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;27.40 | &nbsp;&nbsp;&nbsp;27.40 |
| &nbsp;&nbsp;&nbsp;Shinhan VC tomorrow venture fund 1 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;39.62 | &nbsp;&nbsp;&nbsp;39.62 |
| &nbsp;&nbsp;&nbsp;H-IOTA Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;24.81 | &nbsp;&nbsp;&nbsp;24.81  |
| &nbsp;&nbsp;&nbsp;Stonebridge-Shinhan Unicorn Secondary Fund  | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;26.02 | &nbsp;&nbsp;&nbsp;26.01  |
| &nbsp;&nbsp;&nbsp;Tres-Yujin Trust  | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00  |
| &nbsp;&nbsp;&nbsp;Shinhan-Time mezzanine blind Fund (\*5) | Korea | - | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;50.00  |
| &nbsp;&nbsp;&nbsp;Capstone REITs No.26 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00  |
| &nbsp;&nbsp;&nbsp;JB Incheon-Bucheon REITS No.54 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;39.31 | &nbsp;&nbsp;&nbsp;39.31  |
| &nbsp;&nbsp;&nbsp;Hankook Smart Real Asset Investment Trust No.3 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;33.33 | &nbsp;&nbsp;&nbsp;33.33  |
| &nbsp;&nbsp;&nbsp;JB Hwaseong-Hadong REITs No.53 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;31.03 | &nbsp;&nbsp;&nbsp;31.03  |
| &nbsp;&nbsp;&nbsp;KB Oaktree Trust No.3 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;33.33 | &nbsp;&nbsp;&nbsp;33.33  |
| &nbsp;&nbsp;&nbsp;KAI-The Square New Technology No. 1 (E8 RCPS) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;47.96 | &nbsp;&nbsp;&nbsp;47.96 |
| &nbsp;&nbsp;&nbsp;SH Real Estate Loan Investment Type Private Real Estate Investment Trust No.2 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;29.73 | &nbsp;&nbsp;&nbsp;29.73 |
| &nbsp;&nbsp;&nbsp;Shinhan JigaeNamsan Road Private Special Asset Investment Trust | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;24.85 | &nbsp;&nbsp;&nbsp;24.85 |
| &nbsp;&nbsp;&nbsp;KB Distribution Private Real Estate 3-1 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;37.50 | &nbsp;&nbsp;&nbsp;37.50 |
| &nbsp;&nbsp;&nbsp;Pacific Private Investment Trust No.49-1 (\*6) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;79.28 | &nbsp;&nbsp;&nbsp;79.28 |
| &nbsp;&nbsp;&nbsp;KIWOOM Real estate private placement fund for normal investors No. 31 (\*6) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;60.00 | &nbsp;&nbsp;&nbsp;60.00 |
| &nbsp;&nbsp;&nbsp;RIFA Real estate private placement fund for normal investors No. 51  | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;40.00 | &nbsp;&nbsp;&nbsp;40.00  |
| &nbsp;&nbsp;&nbsp;Shinhan-Kunicorn first Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;38.31 | &nbsp;&nbsp;&nbsp;38.31 |
| &nbsp;&nbsp;&nbsp;Shinhan-Quantum Startup Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;49.18 | &nbsp;&nbsp;&nbsp;49.18 |
| &nbsp;&nbsp;&nbsp;Shinhan Simone FundⅠ | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;38.46 | &nbsp;&nbsp;&nbsp;38.46  |
| &nbsp;&nbsp;&nbsp;Korea Investment develop seed Trust No.1 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;40.00 | &nbsp;&nbsp;&nbsp;40.00  |
| &nbsp;&nbsp;&nbsp;Tiger Green alpha Trust No.29 (\*5) | Korea | - | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;95.24  |
| &nbsp;&nbsp;&nbsp;STIC ALT Global II Private Equity Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;21.74 | &nbsp;&nbsp;&nbsp;21.74  |
| &nbsp;&nbsp;&nbsp;DDI LVC Master Real Estate Investment Trust Co., Ltd. (\*1), (\*7) | Korea | June 30, 2025 | &nbsp;&nbsp;&nbsp;15.00 | &nbsp;&nbsp;&nbsp;15.00  |
| &nbsp;&nbsp;&nbsp;Reverent Frontier Private Equity Fund IV Specializing in Start-up Venture Business | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;23.89 | &nbsp;&nbsp;&nbsp;23.89 |
| &nbsp;&nbsp;&nbsp;Find-Green New Deal 2nd Equity Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;22.57 | &nbsp;&nbsp;&nbsp;22.57  |
| &nbsp;&nbsp;&nbsp;ShinhanFitrin 1st Technology Business Investment Association (\*3) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;16.17 | &nbsp;&nbsp;&nbsp;16.17  |
| &nbsp;&nbsp;&nbsp;Koramco Private Real Estate Fund 143 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;30.30 | &nbsp;&nbsp;&nbsp;30.30  |
| &nbsp;&nbsp;&nbsp;Korea Investment Top Mezzanine Private Real Estate Trust No.1 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;22.22 | &nbsp;&nbsp;&nbsp;22.22  |
| &nbsp;&nbsp;&nbsp;LB YoungNam Logistics Private Trust No.40 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;25.00 | &nbsp;&nbsp;&nbsp;25.00  |
| &nbsp;&nbsp;&nbsp;Shinhan-Cognitive Start-up Fund L.P. | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;32.77 | &nbsp;&nbsp;&nbsp;32.77  |
| &nbsp;&nbsp;&nbsp;Cornerstone J&M Fund I (\*5) | Korea | - | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;26.67  |
| &nbsp;&nbsp;&nbsp;Logisvalley Shinhan REIT Co., Ltd. (\*1) | Korea | June 30, 2025 | &nbsp;&nbsp;&nbsp;20.27 | &nbsp;&nbsp;&nbsp;20.27  |
| &nbsp;&nbsp;&nbsp;Shinhan-Ji and Tec Smart Innovation Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00  |
| &nbsp;&nbsp;&nbsp;Shinhan-Gene and New Normal First Mover Venture Investment Equity Fund 1st | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(a) Investments in associates as of September 30, 2025 and December 31, 2024 are as follows (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investees** | **Country** | &nbsp;&nbsp;&nbsp;&nbsp;**Reporting**<br>**Date** | **Ownership (%)** | **Ownership (%)** |
| **Investees** | **Country** | &nbsp;&nbsp;&nbsp;&nbsp;**Reporting**<br>**Date** | **September 30,**<br>**2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Korea Investment Green Newdeal Infra Trust No.1 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;27.97 | &nbsp;&nbsp;&nbsp;27.97  |
| &nbsp;&nbsp;&nbsp;BTS 2nd Private Equity Fund (\*1) | Korea | August 31, 2025 | &nbsp;&nbsp;&nbsp;26.00 | &nbsp;&nbsp;&nbsp;26.00  |
| &nbsp;&nbsp;&nbsp;NH-J&-IBKC Label Technology Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;27.81 | &nbsp;&nbsp;&nbsp;27.81  |
| &nbsp;&nbsp;&nbsp;Shinhan-Sneak Peek Bio&Healthcare Bounce Back Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00  |
| &nbsp;&nbsp;&nbsp;Shinhan-isquare Venture PEF 1 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;40.00 | &nbsp;&nbsp;&nbsp;40.00  |
| &nbsp;&nbsp;&nbsp;Aurum Goldrush ESG Private Fund No. 1 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;28.33 | &nbsp;&nbsp;&nbsp;28.33  |
| &nbsp;&nbsp;&nbsp;Capstone Develop Frontier Trust (\*5) | Korea | - | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;21.43  |
| &nbsp;&nbsp;&nbsp;Nextrade Co., Ltd. (\*7) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;8.00 | &nbsp;&nbsp;&nbsp;8.00  |
| &nbsp;&nbsp;&nbsp;IBKC-Behigh Fund 1st | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;29.73 | &nbsp;&nbsp;&nbsp;29.73  |
| &nbsp;&nbsp;&nbsp;ON No.1 Private Equity Fund (\*5) | Korea | - | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;28.57  |
| &nbsp;&nbsp;&nbsp;Digital New Deal Kappa Private Equity Fund (\*5) | Korea | - | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;24.75  |
| &nbsp;&nbsp;&nbsp;IBKC-JS 1st Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;29.41 | &nbsp;&nbsp;&nbsp;29.41 |
| &nbsp;&nbsp;&nbsp;DS-Shinhan-JBWoori New Media New Technology Investment Fund No.1 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;20.84 | &nbsp;&nbsp;&nbsp;20.83  |
| &nbsp;&nbsp;&nbsp;VOGO Debt Strategy General Private Real Estate Investment Trust No. 18 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;28.57 | &nbsp;&nbsp;&nbsp;28.57  |
| &nbsp;&nbsp;&nbsp;Koramco IPO REITS Mezzanine General Private Investment Trust No. 38 (\*4) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;75.00 | &nbsp;&nbsp;&nbsp;75.00  |
| &nbsp;&nbsp;&nbsp;TogetherKorea Private Investment Trust No. 6 (\*6) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;99.98 | &nbsp;&nbsp;&nbsp;99.98  |
| &nbsp;&nbsp;&nbsp;TogetherKorea Private Investment Trust No. 7 (\*6) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;99.98 | &nbsp;&nbsp;&nbsp;99.98  |
| &nbsp;&nbsp;&nbsp;Kiwoom Core Industrial Technology Investment Fund No.3 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;34.75 | &nbsp;&nbsp;&nbsp;34.75  |
| &nbsp;&nbsp;&nbsp;Penture K-Content Investment Fund (\*7) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;19.78 | &nbsp;&nbsp;&nbsp;19.78  |
| &nbsp;&nbsp;&nbsp;2023 Shinhan-JB Woori-Daeshin Listed Companies New Technology Fund  | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;30.00 | &nbsp;&nbsp;&nbsp;30.00  |
| &nbsp;&nbsp;&nbsp;Hana Alternative Investment Kosmes PCBO General PEF No. 1 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;37.04 | &nbsp;&nbsp;&nbsp;37.04  |
| &nbsp;&nbsp;&nbsp;Shinhan-timefolio Bio Development Investment Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;48.39 | &nbsp;&nbsp;&nbsp;48.39  |
| &nbsp;&nbsp;&nbsp;Shinhan M&A-ESG Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;23.33 | &nbsp;&nbsp;&nbsp;23.33  |
| &nbsp;&nbsp;&nbsp;SHINHAN Mid and SMALL-SIZED OFFICE VALUE-ADDED MO REIT Co., Ltd. | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;28.43 | &nbsp;&nbsp;&nbsp;28.43  |
| &nbsp;&nbsp;&nbsp;KDBC meta-enter New Technology investment fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;27.89 | &nbsp;&nbsp;&nbsp;27.89  |
| &nbsp;&nbsp;&nbsp;Shinhan Time Secondary Blind Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;47.50 | &nbsp;&nbsp;&nbsp;47.50  |
| &nbsp;&nbsp;&nbsp;Shinhan DS Secondary Investment Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;49.83 | &nbsp;&nbsp;&nbsp;49.83 |
| &nbsp;&nbsp;&nbsp;Shinhan-OpenWater Pre-IPO Fund-1 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00  |
| &nbsp;&nbsp;&nbsp;Shinhan-CJ TechInnovation Fund 1st | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;40.00 | &nbsp;&nbsp;&nbsp;40.00 |
| &nbsp;&nbsp;&nbsp;Shinhan-Eco Venture Fund 2nd | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;40.00 | &nbsp;&nbsp;&nbsp;40.00  |
| &nbsp;&nbsp;&nbsp;Heungkuk-Shinhan The First Visionary Fund No.1 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;40.00 | &nbsp;&nbsp;&nbsp;40.00  |
| &nbsp;&nbsp;&nbsp;Koreainvestment-Shinhan-LEP K beauty | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;22.96 | &nbsp;&nbsp;&nbsp;22.96  |
| &nbsp;&nbsp;&nbsp;Shinhan HB Wellness 1st Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;48.54 | &nbsp;&nbsp;&nbsp;48.54  |
| &nbsp;&nbsp;&nbsp;Korea real Asset Fund No.3 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;28.57 | &nbsp;&nbsp;&nbsp;28.57  |
| &nbsp;&nbsp;&nbsp;Timefolio Tech New Technology Investment Trust No.1 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;21.18 | &nbsp;&nbsp;&nbsp;21.18 |
| &nbsp;&nbsp;&nbsp;PineStreet Global Corporate FoF XIII-2 (NC XI) (\*6) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;100.00  |
| &nbsp;&nbsp;&nbsp;Igis Yongsan Office General PE Real Estate Inv. Trust No. 518 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;26.22 | &nbsp;&nbsp;&nbsp;26.22  |
| &nbsp;&nbsp;&nbsp;Samsung-Dunamu Innovation IT Fund No.1 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;22.99 | &nbsp;&nbsp;&nbsp;22.99  |
| &nbsp;&nbsp;&nbsp;Time Robotics fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;29.86 | &nbsp;&nbsp;&nbsp;29.86  |
| &nbsp;&nbsp;&nbsp;Ascent-Welcome Fund2 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;27.65 | &nbsp;&nbsp;&nbsp;27.65  |
| &nbsp;&nbsp;&nbsp;Newmain I funds (\*5) | Korea | - | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;36.36  |
| &nbsp;&nbsp;&nbsp;Igis General PE Real Estate Investment Trust 517-1 (\*6) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;96.78 | &nbsp;&nbsp;&nbsp;96.78  |
| &nbsp;&nbsp;&nbsp;SH Ulmus M.P.E. Innovative Venture Fund 7 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;28.57 | &nbsp;&nbsp;&nbsp;28.57  |
| &nbsp;&nbsp;&nbsp;Consus Osansegyo No.2 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00  |
| &nbsp;&nbsp;&nbsp;Shinhan AIM Private Fund of Fund 9-B | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;25.00 | &nbsp;&nbsp;&nbsp;25.00  |
| &nbsp;&nbsp;&nbsp;Shinhan General Private Real Estate Investment Trust No.3 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;20.75 | &nbsp;&nbsp;&nbsp;20.75  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(a) Investments in associates as of September 30, 2025 and December 31, 2024 are as follows (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investees** | **Country** | &nbsp;&nbsp;&nbsp;&nbsp;**Reporting**<br>**Date** | **Ownership (%)** | **Ownership (%)** |
| **Investees** | **Country** | &nbsp;&nbsp;&nbsp;&nbsp;**Reporting**<br>**Date** | **September 30,**<br>**2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Paros Kosdaq Venture General Private Investment Trust No. 5 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;29.45 | &nbsp;&nbsp;&nbsp;28.56  |
| &nbsp;&nbsp;&nbsp;Shinhan-soo secondary Fund (\*6) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;77.61 | &nbsp;&nbsp;&nbsp;77.61  |
| &nbsp;&nbsp;&nbsp;TECHFIN RATINGS Co., Ltd. (\*1) | Korea | June 30, 2025 | &nbsp;&nbsp;&nbsp;45.00 | &nbsp;&nbsp;&nbsp;45.00  |
| &nbsp;&nbsp;&nbsp;SONGPA BIZ CLUSTER PFV CO., LTD. (\*1), (\*7), (\*10) | Korea | June 30, 2025 | &nbsp;&nbsp;&nbsp;27.40 | &nbsp;&nbsp;&nbsp;27.40  |
| &nbsp;&nbsp;&nbsp;Planeta PTE LTD | Singapore | September 30, 2025 | &nbsp;&nbsp;&nbsp;33.33 | &nbsp;&nbsp;&nbsp;33.33  |
| &nbsp;&nbsp;&nbsp;The E&Shinhan New Growth Up Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00  |
| &nbsp;&nbsp;&nbsp;HHR Special Situation Real Estate Private Investment Trust No. 13 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;20.00 | &nbsp;&nbsp;&nbsp;20.00 |
| &nbsp;&nbsp;&nbsp;Shinhan-GB FutureFlow Fund L.P. | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;58.18  |
| &nbsp;&nbsp;&nbsp;Credila Financial Services (\*1), (\*7) | India | June 30, 2025 | &nbsp;&nbsp;&nbsp;10.06 | &nbsp;&nbsp;&nbsp;10.93  |
| &nbsp;&nbsp;&nbsp;Shinhan-DS Mezzanine Fund 1(\*7) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;15.09 | &nbsp;&nbsp;&nbsp;15.09 |
| &nbsp;&nbsp;&nbsp;Shinhan Time BM sobujang Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;29.41 | &nbsp;&nbsp;&nbsp;29.41 |
| &nbsp;&nbsp;&nbsp;Shinhan Market-Frontier Fund Ⅲ | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;44.02 | &nbsp;&nbsp;&nbsp;44.02 |
| &nbsp;&nbsp;&nbsp;DB IPO HighYield Fund 1 (\*5) | Korea | - | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;28.57  |
| &nbsp;&nbsp;&nbsp;Exponential SQUARE Private Investment Trust No.1 (\*5) | Korea | - | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;50.99  |
| &nbsp;&nbsp;&nbsp;Fine North America Credit Private Mixed Asset Investment Trust 22 (\*6) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;58.82 | &nbsp;&nbsp;&nbsp;58.82  |
| &nbsp;&nbsp;&nbsp;IGIS Private Real Estate Investment No.454 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;24.04 | &nbsp;&nbsp;&nbsp;24.04  |
| &nbsp;&nbsp;&nbsp;IGIS Private Real Estate Investment No.462 (\*6) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;69.20 | &nbsp;&nbsp;&nbsp;69.20  |
| &nbsp;&nbsp;&nbsp;BNW Recharge Private Equity Fund | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;21.13 | &nbsp;&nbsp;&nbsp;21.13  |
| &nbsp;&nbsp;&nbsp;United Partners Realasset Fund No.14 | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;33.33 | &nbsp;&nbsp;&nbsp;33.33  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.12 (\*5) | Korea | - | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;5.00  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.13 (\*5) | Korea | - | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;5.00  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.14 (\*7) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;7.67 | &nbsp;&nbsp;&nbsp;5.00  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.15 (\*7) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;7.79 | &nbsp;&nbsp;&nbsp;5.00  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.16 (\*7) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;7.67 | &nbsp;&nbsp;&nbsp;5.00  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.17 (\*7) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;5.00  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.18 (\*7) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;5.00  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.19 (\*7) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;5.00  |
| &nbsp;&nbsp;&nbsp;SH US Buyback&High Dividend Security Feeder Investment Trust(H)[Equity] (\*7) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;19.91 | &nbsp;&nbsp;&nbsp;22.37  |
| &nbsp;&nbsp;&nbsp;SH Prestige High Dividend Security Feeder No.1[Equity] | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;23.92 | &nbsp;&nbsp;&nbsp;21.55 |
| &nbsp;&nbsp;&nbsp;IGIS Real Estate General Private Feeder Investment Company No.562 (\*6) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;88.46 | &nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.21(\*7) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.22(\*7) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.23(\*7) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Finflow (\*7) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;15.00 | &nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;MW M·C·E New Technology Investment Fund 2nd | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;23.31 | &nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Fireant Media and Digital Service Joint Stock Company (\*7) | Korea | September 30, 2025 | &nbsp;&nbsp;&nbsp;17.66 | &nbsp;&nbsp;&nbsp;- |

---

(\*1) Since the financial statements as of September 30, 2025 could not be obtained, the most recent financial statements available after the reporting date were used to apply the equity method. Significant trades and events occurred within the period are properly reflected.

(\*2) Shares were acquired through a debt-to-equity swap during the rehabilitation process. Although voting rights could not be exercised during the rehabilitation process, normal voting rights became exercisable as the rehabilitation process ended before September 30, 2025. Therefore, it has been reclassified from financial assets measured at fair value through profit or loss (FVTPL) to investments in associates.

(\*3) As a managing partner, the Group has a significant influence over the investees.

(\*4) As a limited partner, the Group does not have an ability to participate in policy-making processes to obtain economic benefit from the investees that would allow the Group to control the entity.

(\*5) Excluded from the investments in associates due to full or partial disposal of shares, or loss of significant influence.

(\*6) Although the ownership percentages are more than 50%, the Group applies the equity method accounting as the Group does not have an ability to participate in the financial and operating policy-making process.

(\*7) Although the ownership percentages are less than 20%, the Group applies the equity method accounting since it participates in policy-making processes and therefore can exercise significant influence on investees.

(\*8) The rate of Group's voting rights is 4.65%.

(\*9) Although the Group has a significant influence with ownership percentage more than 50%, the contribution was classified as investments in associates as the Group is not exposed to variable returns due to the payment guarantee for the entire investment amount.

(\*10) The rate of Group's voting rights is 19.86%.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(b) Changes in investments in associates for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** |
| **Investees** |  | **Beginning**<br>**balance** | <br>**Investment**<br>**and**<br>**dividend** | **Equity**<br>**method**<br>**income**<br>**(loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;BNP Paribas Cardif Life Insurance | W | 36440  | - | (1591) | 1780  | - | 36629  |
| &nbsp;&nbsp;&nbsp;Shinhan-Neoplux Energy Newbiz Fund |  | 14612  | - | (1471) | - | - | 13141  |
| &nbsp;&nbsp;&nbsp;Shinhan-Albatross tech investment Fund  |  | 8672  | (917) | (1731) | - | - | 6024  |
| &nbsp;&nbsp;&nbsp;VOGO Debt Strategy Qualified IV Private |  | 3713  | (271) | (85) | - | - | 3357  |
| &nbsp;&nbsp;&nbsp;Shinhan-Midas Dong-A Secondary Fund |  | 3152  | (915) | (588) | - | - | 1649  |
| &nbsp;&nbsp;&nbsp;ShinHan – Soo Young Entrepreneur Investment Fund No.1 |  | 3381  | - | (394) | - | - | 2987  |
| &nbsp;&nbsp;&nbsp;Shinhan Praxis K-Growth Global Private Equity Fund |  | 3690  | - | (1) | - | - | 3689  |
| &nbsp;&nbsp;&nbsp;Kiwoom Milestone Professional Private Real Estate Trust 19 (\*) |  | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Shinhan Global Healthcare Fund 1 (\*) |  | - |  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;KB NA Hickory Private Special Asset Fund |  | 17493  | (17628) | 135  | - | - | - |
| &nbsp;&nbsp;&nbsp;Koramco Europe Core Private Placement Real Estate Fund No.2-2 (\*) |  | 6815  | - | 47  | - | (771) | 6091  |
| &nbsp;&nbsp;&nbsp;KTB Aircraft Specialized Private Investment Trust No. 16 |  | 2954  | (293) | 600  | - | - | 3261  |
| &nbsp;&nbsp;&nbsp;Shinhan-Nvestor Liquidity Solution Fund |  | 5126  | (1250) | (153) | - | - | 3723  |
| &nbsp;&nbsp;&nbsp;Shinhan AIM FoF Fund 1-A |  | 9804  | (9756) | (7) | - | - | 41  |
| &nbsp;&nbsp;&nbsp;IGIS Global Credit Fund 150-1 |  | 4989  | (2979) | (1132) | - | - | 878  |
| &nbsp;&nbsp;&nbsp;Genesis North America Power Company No.1 PEF |  | 6802  | (1254) | 399  | - | - | 5947  |
| &nbsp;&nbsp;&nbsp;SH MAIN Professional Investment Type Private Mixed Asset Investment Trust No.3 |  | 9402  | (9178) | 1833  | - | - | 2057  |
| &nbsp;&nbsp;&nbsp;KOREA FINANCE SECURITY CO., LTD. |  | 3542  | - | 197  | - | - | 3739  |
| MIEL CO., LTD. (\*) |  | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;AIP Transportation Specialized Privately Placed Fund Trust #1 |  | 58807  | - | 2404  | - | - | 61211  |
| &nbsp;&nbsp;&nbsp;Kiwoom-Shinhan Innovation Fund I |  | 7979  | - | (153) | - | - | 7826  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(b) Changes in investments in associates for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** |
| **Investees** |  | **Beginning**<br>**balance** | <br>**Investment**<br>**and**<br>**dividend** | **Equity**<br>**method**<br>**income**<br>**(loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;Samchully Midstream Private Placement Special Asset Fund 5-4 | W | 39484  | - | (2908) | - | - | 36576  |
| MK Ventures-K Clavis Growth Capital Venture Fund 1 (\*) |  | 3  | - | (1) | - | - | 2  |
| &nbsp;&nbsp;&nbsp;Vestas Qualified Investors Private Real Estate Fund Investment Trust No.37  |  | 35413  | 3947  | (1863) | - | - | 37497  |
| &nbsp;&nbsp;&nbsp;Milestone Private Real Estate Fund 3  |  | 19120  | 1789  | 425  | - | - | 21334  |
| &nbsp;&nbsp;&nbsp;Rifa Private Real Estate Investment Trust 31  |  | 6343  | (98) | (141) | - | - | 6104  |
| &nbsp;&nbsp;&nbsp;FuturePlay-Shinhan TechInnovation Fund 1 |  | 5785  | - | 624  | - | - | 6409  |
| &nbsp;&nbsp;&nbsp;Stonebridge Corporate 1st Fund |  | 3977  | (3367) | (610) | - | - | - |
| &nbsp;&nbsp;&nbsp;Vogo Realty Partners Private Real Estate Fund V |  | 10662  | (225) | 490  | - | - | 10927  |
| &nbsp;&nbsp;&nbsp;Korea Credit Bureau |  | 7574  | (90) | 1858  | - | - | 9342  |
| &nbsp;&nbsp;&nbsp;Goduck Gangil1 PFV Co., Ltd. (\*1) |  | 96  | (25) | (6) | - | - | 65  |
| &nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. |  | 37616  | - | (1104) | - | - | 36512  |
| &nbsp;&nbsp;&nbsp;NH-amundi global infra private fund 16 |  | 32968  | 5062  | (9385) | - | - | 28645  |
| &nbsp;&nbsp;&nbsp;SH BNCT Professional Investment Type Private Special Asset Investment Trust  |  | 225708  | (22614) | 7582  | - | - | 210676  |
| &nbsp;&nbsp;&nbsp;IGIS Real-estate Private Investment Trust No.33 |  | 15632  | (9746) | 787  | - | - | 6673  |
| &nbsp;&nbsp;&nbsp;Goduck Gangil10 PFV Co., Ltd. |  | 6165  | (1030) | (865) | - | - | 4270  |
| &nbsp;&nbsp;&nbsp;Fidelis Global Private Real Estate Trust No.2 (\*) |  | 551  | - | - | - | - | 551  |
| &nbsp;&nbsp;&nbsp;AIP EURO PRIVATE REAL ESTATE TRUST No. 12 (\*) |  | 24644  | - | - | - | (6806) | 17838  |
| &nbsp;&nbsp;&nbsp;Shinhan Global Healthcare Fund 2 (\*) |  | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Shinhan AIM Real Estate Fund No.1 |  | 2884  | - | 3523  | - | - | 6407  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(b) Changes in investments in associates for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** |
| **Investees** |  | **Beginning**<br>**Balance** | <br>**Investment**<br>**and**<br>**dividend** | **Equity**<br>**method**<br>**income**<br>**(loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;SH Daegu Green Power Cogeneration System Professional Investment Type Private Special Asset Investment Trust  | W | 39491  | (685) | 1261  | - | - | 40067  |
| &nbsp;&nbsp;&nbsp;SH Sangju YC Expressway Professional Investment Type Private Special Asset Investment Trust |  | 21947  | 5  | (782) | - | - | 21170  |
| &nbsp;&nbsp;&nbsp;SH Global Infrastructure Professional Investment Type Private Special Asset Investment Trust No.7-2  |  | 15770  | (509) | 254  | - | - | 15515  |
| &nbsp;&nbsp;&nbsp;Korea Omega-Shinhan Project Fund I |  | 19473  | (23623) | 20684  | - | - | 16534  |
| &nbsp;&nbsp;&nbsp;Samsung SRA Real Estate Professional Private 45 |  | 30276  | 183  | 1040  | - | - | 31499  |
| &nbsp;&nbsp;&nbsp;IBK Global New Renewable Energy Special Asset Professional Private2 |  | 33098  | (5805) | 115  | - | - | 27408  |
| &nbsp;&nbsp;&nbsp;VS Cornerstone Fund |  | 3225  | (3618) | 393  | - | - | - |
| &nbsp;&nbsp;&nbsp;Kakao-Shinhan 1st TNYT Fund |  | 23678  | - | 589  | - | - | 24267  |
| &nbsp;&nbsp;&nbsp;Pacific Private Placement Real Estate Fund No.40 |  | 11623  | (370) | 7988  | - | - | 19241  |
| &nbsp;&nbsp;&nbsp;LB Scotland Amazon Fulfillment Center Fund 29 |  | 18848  | 5877  | (1382) | - | - | 23343  |
| &nbsp;&nbsp;&nbsp;JR AMC Hungary Budapest Office Fund 16 |  | 13187  | 1127  | 1083  | - | - | 15397  |
| &nbsp;&nbsp;&nbsp;EDNCENTRAL Co., Ltd. (\*) |  | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Gyeonggi-Neoplux Superman Fund |  | 4138  | - | (502) | - | - | 3636  |
| &nbsp;&nbsp;&nbsp;NewWave 6th Fund |  | 10708  | - | (394) | - | - | 10314  |
| &nbsp;&nbsp;&nbsp;Neoplux No.3 Private Equity Fund |  | 12152  | (20) | (150) | - | - | 11982  |
| &nbsp;&nbsp;&nbsp;PCC Amberstone Private Equity Fund I |  | 14540  | (4728) | 190  | - | - | 10002  |
| &nbsp;&nbsp;&nbsp;KIAMCO POWERLOAN TRUST 4TH |  | 48703  | (1877) | 1853  | - | - | 48679  |
| &nbsp;&nbsp;&nbsp;Mastern Opportunity Seeking Real Estate Fund II |  | 5272  | (4873) | 750  | - | - | 1149  |
| &nbsp;&nbsp;&nbsp;Neoplux Market-Frontier Secondary Fund |  | 8175  | - | (2124) | - | - | 6051  |
| Synergy Green New Deal 1st New Technology Business Investment Fund |  | 10857  | (10841) | (16) | - | - | - |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(b) Changes in investments in associates for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** |
| **Investees** |  | **Beginning**<br>**balance** | <br>**Investment**<br>**and**<br>**dividend** | **Equity**<br>**method**<br>**income**<br>**(loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;KIAMCO Vietnam Solar Special Asset Private Investment Trust  | W | 7103  | - | (352) | - | - | 6751  |
| &nbsp;&nbsp;&nbsp;SHINHAN-NEO Core Industrial Technology Fund |  | 8111  | - | (22) | - | - | 8089  |
| &nbsp;&nbsp;&nbsp;SHBNPP Green New Deal Energy Professional Investment Type Private Special Asset Investment Trust No.2 |  | 21710  | (1797) | 659  | - | - | 20572  |
| &nbsp;&nbsp;&nbsp;Eum Private Equity Fund No.7 |  | 9156  | (405) | 662  | - | - | 9413  |
| &nbsp;&nbsp;&nbsp;Kiwoom Hero No.4 Private Equity Fund |  | 4197  | (9523) | 5326  | - | - | - |
| AJ-KOSNET Semicon One Venture Fund |  | 3212  | - | (39) | - | - | 3173  |
| Shinhan Smilegate Global PEF I |  | 3882  | (3882) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Genesis Eco No.1 PEF |  | 11077  | - | (50) | - | - | 11027  |
| &nbsp;&nbsp;&nbsp;SHINHAN-NEO Market-Frontier 2nd Fund |  | 27499  | - | (972) | - | - | 26527  |
| &nbsp;&nbsp;&nbsp;J& Moorim Jade Investment Fund |  | 5353  | (1815) | 824  | - | - | 4362  |
| &nbsp;&nbsp;&nbsp;Ulmus SHC innovation investment fund |  | 4305  | - | 1018  | - | - | 5323  |
| &nbsp;&nbsp;&nbsp;TI First Property Private Investment Trust 1 |  | 3102  | (203) | 152  | - | - | 3051  |
| &nbsp;&nbsp;&nbsp;Kiwoom-Shinhan Innovation Fund 2 |  | 10227  | (540) | 10  | - | - | 9697  |
| &nbsp;&nbsp;&nbsp;ETRI Holdings-Shinhan 1st Unicorn Fund  |  | 4696  | (500) | (55) | - | - | 4141  |
| &nbsp;&nbsp;&nbsp;SJ ESG Innovative Growth Fund |  | 3115  | (1269) | (412) | - | - | 1434  |
| &nbsp;&nbsp;&nbsp;AVES 1st Corporate Recovery Private Equity Fund  |  | 4523  | - | 93  | - | - | 4616  |
| &nbsp;&nbsp;&nbsp;Reverent-Shinhan Vista Fund |  | 3409  | 27  | 244  | - | - | 3680  |
| &nbsp;&nbsp;&nbsp;JS Shinhan Private Equity Fund |  | 6381  | - | 15  | - | - | 6396  |
| &nbsp;&nbsp;&nbsp;META TB ESG PRIVATE EQUITY FUND I |  | 5683  | - | (91) | - | - | 5592  |
| &nbsp;&nbsp;&nbsp;Shinhan VC tomorrow venture fund 1 |  | 70633  | 3399  | 9745  | - | - | 83777  |
| &nbsp;&nbsp;&nbsp;H-IOTA Fund |  | 9377  | (4879) | (256) | - | - | 4242  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

 **12. <u>Investments in associates (continued)</u>**

(b) Changes in investments in associates for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** |
| **Investees** |  | **Beginning**<br>**balance** | <br>**Investment**<br>**and**<br>**dividend** | **Equity**<br>**method**<br>**income**<br>**(loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;Stonebridge-Shinhan Unicorn Secondary Fund | W | 13587  | (2002) | 1552  | - | - | 13137  |
| &nbsp;&nbsp;&nbsp;Tres-Yujin Trust |  | 13031  | - | 47  | - | - | 13078  |
| &nbsp;&nbsp;&nbsp;Shinhan-Time mezzanine blind Fund |  | 16426  | (16504) | 78  | - | - | - |
| &nbsp;&nbsp;&nbsp;Capstone REITs No.26 |  | 5369  | - | (284) | - | - | 5085  |
| &nbsp;&nbsp;&nbsp;JB Incheon-Bucheon REITS No.54 |  | 4967  | - | 751  | - | - | 5718  |
| &nbsp;&nbsp;&nbsp;Hankook Smart Real Asset Investment Trust No.3 |  | 6006  | (1515) | (2428) | - | - | 2063  |
| &nbsp;&nbsp;&nbsp;JB Hwaseong-Hadong REITs No.53 |  | 4974  | - | (7) | - | - | 4967  |
| &nbsp;&nbsp;&nbsp;KB Oaktree Trust No.3 |  | 9888  | (692) | 488  | - | - | 9684  |
| &nbsp;&nbsp;&nbsp;KAI-The Square New Technology No. 1 (E8 RCPS) (\*) |  | 125  | - | 61  | - | (144) | 42  |
| &nbsp;&nbsp;&nbsp;SH Real Estate Loan Investment Type Private Real Estate Investment Trust No.2 |  | 52797  | (23973) | 2547  | - | - | 31371  |
| &nbsp;&nbsp;&nbsp;Shinhan JigaeNamsan Road Private Special Asset Investment Trust |  | 39645  | (673) | 1130  | - | - | 40102  |
| &nbsp;&nbsp;&nbsp;KB Distribution Private Real Estate 3-1 (\*) |  | 24079  | - | (939) | - | (23140) | - |
| Pacific Private Investment Trust No.49-1 |  | 28000  | - | 8113  | - | - | 36113  |
| &nbsp;&nbsp;&nbsp;KIWOOM Real estate private placement fund for normal investors No. 31 (\*) |  | 8032  | - | 14  | - | (8046) | - |
| &nbsp;&nbsp;&nbsp;RIFA Real estate private placement fund for normal investors No. 51 (\*) |  | 5371  | - | 9  | - | (5380) | - |
| &nbsp;&nbsp;&nbsp;Shinhan-Kunicorn first Fund |  | 9424  | - | (1637) | - | - | 7787  |
| &nbsp;&nbsp;&nbsp;Shinhan-Quantum Startup Fund  |  | 5665  | - | (87) | - | - | 5578  |
| &nbsp;&nbsp;&nbsp;Shinhan Simone Fund Ⅰ |  | 3422  | - | (14) | - | - | 3408  |
| &nbsp;&nbsp;&nbsp;Korea Investment develop seed Trust No.1 |  | 10145  | (527) | 667  | - | - | 10285  |
| &nbsp;&nbsp;&nbsp;Tiger Green alpha Trust No.29 |  | 29992  | (31100) | 1108  | - | - | - |
| &nbsp;&nbsp;&nbsp;STIC ALT Global II Private Equity Fund |  | 9841  | (217) | 154  | - | - | 9778  |
| &nbsp;&nbsp;&nbsp;DDI LVC Master Real Estate Investment Trust Co., Ltd. |  | 5800  | - | (560) | - | - | 5240  |
| &nbsp;&nbsp;&nbsp;Reverent Frontier Private Equity Fund IV Specializing in Start-up Venture Business |  | 2074  | - | 957  | - | - | 3031  |
| &nbsp;&nbsp;&nbsp;Find-Green New Deal 2nd Equity Fund |  | 4324  | - | 407  | - | - | 4731  |
| &nbsp;&nbsp;&nbsp;ShinhanFitrin 1st Technology Business Investment Association  |  | 4232  | - | (272) | - | - | 3960  |
| &nbsp;&nbsp;&nbsp;Koramco Private Real Estate Fund 143 |  | 6669  | - | 1416  | - | - | 8085  |
| &nbsp;&nbsp;&nbsp;Korea Investment Top Mezzanine Private Real Estate Trust No.1 |  | 9876  | (5508) | 442  | - | - | 4810  |
| &nbsp;&nbsp;&nbsp;LB YoungNam Logistics Private Trust No.40 |  | 9625  | (299) | 427  | - | - | 9753  |
| &nbsp;&nbsp;&nbsp;Shinhan-Cognitive Start-up Fund L.P. |  | 4209  | - | (62) | - | - | 4147  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(b) Changes in investments in associates for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** |
| **Investees** |  | **Beginning**<br>**balance** | <br>**Investment**<br>**and**<br>**dividend** | **Equity**<br>**method**<br>**income**<br>**(loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;Cornerstone J&M Fund I | W | 3414  | (4109) | 695  | - | - | - |
| &nbsp;&nbsp;&nbsp;Logisvalley Shinhan REIT Co., Ltd. |  | 3389  | - | (94) | - | - | 3295  |
| &nbsp;&nbsp;&nbsp;Shinhan-Ji and Tec Smart Innovation Fund |  | 13004  | (4160) | 2577  | - | - | 11421  |
| &nbsp;&nbsp;&nbsp;Shinhan-Gene and New Normal First Mover Venture Investment Equity Fund 1st |  | 6758  | 1800  | (158) | - | - | 8400  |
| &nbsp;&nbsp;&nbsp;Korea Investment Green Newdeal Infra Trust No.1 |  | 16096  | 2573  | (58) | - | - | 18611  |
| &nbsp;&nbsp;&nbsp;BTS 2nd Private Equity Fund |  | 10159  | - | 4  | - | - | 10163  |
| &nbsp;&nbsp;&nbsp;NH-J&-IBKC Label Technology Fund |  | 9646  | - | 3800  | - | - | 13446  |
| &nbsp;&nbsp;&nbsp;Shinhan-Sneak Peek Biohealthcare Bounceback Fund |  | 3916  | 1500  | 1086  | - | - | 6502  |
| &nbsp;&nbsp;&nbsp;Shinhan-isquare Venture PEF 1st |  | 4237  | (874) | (29) | - | - | 3334  |
| &nbsp;&nbsp;&nbsp;Aurum Goldrush ESG Private Fund No. 1 |  | 3007  | - | (273) | - | - | 2734  |
| &nbsp;&nbsp;&nbsp;Capstone Develop Frontier Trust |  | 8049  | (7607) | (442) | - | - | - |
| &nbsp;&nbsp;&nbsp;Nextrade Co., Ltd. |  | 9700  | - | - | - | - | 9700  |
| &nbsp;&nbsp;&nbsp;IBKC-Behigh Fund 1st |  | 3160  | - | (47) | - | - | 3113  |
| &nbsp;&nbsp;&nbsp;ON No.1 Private Equity Fund |  | 5712  | (6020) | 308  | - | - | - |
| &nbsp;&nbsp;&nbsp;Digital New Deal Kappa Private Equity Fund |  | 4747  | (5534) | 787  | - | - | - |
| &nbsp;&nbsp;&nbsp;IBKC-JS 1st Fund |  | 2618  | - | 1037  | - | - | 3655  |
| &nbsp;&nbsp;&nbsp;DS-Shinhan-JBWoori New Media New Technology Investment Fund No.1 |  | 9646  | (4304) | 1586  | - | - | 6928  |
| &nbsp;&nbsp;&nbsp;VOGO Debt Strategy General Private Real Estate Investment Trust No. 18 |  | 11324  | (1643) | 512  | - | - | 10193  |
| &nbsp;&nbsp;&nbsp;Koramco IPO REITS Mezzanine General Private Investment Trust No. 38  |  | 3278  | (87) | 53  | - | - | 3244  |
| &nbsp;&nbsp;&nbsp;TogetherKorea Private Investment Trust No. 6 |  | 5423  | - | 89  | - | - | 5512  |
| &nbsp;&nbsp;&nbsp;TogetherKorea Private Investment Trust No. 7 |  | 5423  | - | 89  | - | - | 5512  |
| &nbsp;&nbsp;&nbsp;Kiwoom Material Part Equipment New Technology Investment Fund No.3 |  | 4219  | - | (33) | - | - | 4186  |
| &nbsp;&nbsp;&nbsp;Penture K-Content Investment Fund |  | 11319  | - | (2476) | - | - | 8843  |
| &nbsp;&nbsp;&nbsp;2023 Shinhan-JB Woori-Daeshin Listed Companies New Technology Fund  |  | 13468  | - | 2203  | - | - | 15671  |
| &nbsp;&nbsp;&nbsp;Hana Alternative Investment Kosmes PCBO General PEF No. 1 |  | 5125  | (396) | 416  | - | - | 5145  |
| &nbsp;&nbsp;&nbsp;Shinhan-timefolio Bio Development Investment Fund |  | 11707  | - | 2317  | - | - | 14024  |
| &nbsp;&nbsp;&nbsp;Shinhan M&A-ESG Investment Fund |  | 6454  | 546  | 154  | - | - | 7154  |
| &nbsp;&nbsp;&nbsp;Shinhan SM Office Value Add – Outsource Management Real Estate Investment Co., Ltd. |  | 18804  | (472) | 823  | - | - | 19155  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(b) Changes in investments in associates for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** |
| **Investees** |  | **Beginning**<br>**balance** | <br>**Investment**<br>**and**<br>**dividend** | **Equity**<br>**method**<br>**income**<br>**(loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;KDBC meta-enter New Technology investment fund | W | 6797  | - | 392  | - | - | 7189  |
| &nbsp;&nbsp;&nbsp;Shinhan Time Secondary Blind New Technology Investment Trust |  | 4637  | 2375  | 1618  | - | - | 8630  |
| &nbsp;&nbsp;&nbsp;Shinhan DS Secondary Investment Fund |  | 2439  | 6272  | 2690  | - | - | 11401  |
| Shinhan-OpenWater Pre-IPO Fund-1 |  | 5666  | (1000) | 1041  | - | - | 5707  |
| Shinhan-CJ Technology Innovation Fund No. 1 |  | 4595  | - | (134) | - | - | 4461  |
| &nbsp;&nbsp;&nbsp;Shinhan-Eco Venture Fund 2nd |  | 3957  | (146) | (70) | - | - | 3741  |
| &nbsp;&nbsp;&nbsp;Heungkuk-Shinhan The First Visionary Fund No.1 |  | 6497  | 1600  | 323  | - | - | 8420  |
| &nbsp;&nbsp;&nbsp;Koreainvestment-Shinhan-LEP K beauty |  | 10264  | (2938) | (241) | - | - | 7085  |
| &nbsp;&nbsp;&nbsp;Shinhan HB Wellness 1st Fund |  | 5326  | - | 127  | - | - | 5453  |
| &nbsp;&nbsp;&nbsp;Korea real Asset Fund No.3 |  | 16552  | 1046  | 729  | - | - | 18327  |
| &nbsp;&nbsp;&nbsp;Timefolio Tech New Technology Investment Trust No.1 |  | 2990  | - | 53  | - | - | 3043  |
| &nbsp;&nbsp;&nbsp;PineStreet Global Corporate FoF XIII-2 |  | 3743  | 2011  | 902  | - | - | 6656  |
| &nbsp;&nbsp;&nbsp;Igis Yongsan Office General PE Real Estate Inv. Trust No. 518 |  | 17144  | (726) | (1886) | - | - | 14532  |
| Samsung-Dunamu Innovation IT Fund No.1 |  | 3750  | - | 200  | - | - | 3950  |
| &nbsp;&nbsp;&nbsp;Time Robotics New Technology Investment Trust |  | 3778  | (72) | (290) | - | - | 3416  |
| Ascent-Welcome Fund2 |  | 8460  | (1659) | 539  | - | - | 7340  |
| &nbsp;&nbsp;&nbsp;Newmain I funds |  | 9364  | (9254) | (110) | - | - | - |
| &nbsp;&nbsp;&nbsp;Igis General PE Real Estate Investment Trust 517-1 |  | 54902  | - | (2238) | - | - | 52664  |
| &nbsp;&nbsp;&nbsp;SH Ulmus M.P.E. Innovative Venture Fund 7 |  | 3032  | - | (43) | - | - | 2989  |
| &nbsp;&nbsp;&nbsp;Consus Osansegyo No.2 |  | 8009  | - | - | - | - | 8009  |
| &nbsp;&nbsp;&nbsp;Shinhan AIM Private Fund of Fund 9-B |  | 36741  | 1899  | 1844  | - | - | 40484  |
| &nbsp;&nbsp;&nbsp;Shinhan General Private Real Estate Investment Trust No.3 |  | 26706  | 1809  | 1288  | - | - | 29803  |
| &nbsp;&nbsp;&nbsp;Paros Kosdaq Venture General Private Investment Trust No. 5 |  | 6590  | (3062) | (37) | - | - | 3491  |
| &nbsp;&nbsp;&nbsp;Shinhan-soo secondary Fund |  | 16737  | - | 781  | - | - | 17518  |
| &nbsp;&nbsp;&nbsp;TECHFIN RATINGS Co., Ltd. |  | 25610  | - | (1651) | - | - | 23959  |
| &nbsp;&nbsp;&nbsp;SONGPA BIZ CLUSTER PFV CO., LTD. |  | 13364  | - | (330) | - | - | 13034  |
| &nbsp;&nbsp;&nbsp;Planeta PTE LTD |  | 11341  | - | 619  | - | - | 11960  |
| &nbsp;&nbsp;&nbsp;The E&Shinhan New Growth Up Fund |  | 3518  | 2080  | 668  | - | - | 6266  |
| &nbsp;&nbsp;&nbsp;HHR Special Situation Real Estate Private Investment Trust No. 13 |  | 2749  | (224) | 645  | - | - | 3170  |
| &nbsp;&nbsp;&nbsp;Shinhan-GB FutureFlow Fund L.P. |  | 5150  | 2996  | (283) | 481  | - | 8344  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(b) Changes in investments in associates for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** |
| **Investees** |  | **Beginning**<br>**balance** | <br>**Investment**<br>**and**<br>**dividend** | **Equity**<br>**method**<br>**income**<br>**(loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;Credila Financial Services | W | 263116  | 3240  | 14607  | (19695) | - | 261268  |
| &nbsp;&nbsp;&nbsp;Shinhan-DS Mezzanine Fund 1 |  | 2869  | - | 727  | - | - | 3596  |
| &nbsp;&nbsp;&nbsp;Shinhan Time BM sobujang Fund |  | 1405  | 1750  | (80) | - | - | 3075  |
| Shinhan Market-Frontier Investment Association No. 3 |  | 12791  | 8804  | (89) | - | - | 21506  |
| &nbsp;&nbsp;&nbsp;DB IPO HighYield Fund 1 |  | 4278  | (4342) | 64  | - | - | - |
| &nbsp;&nbsp;&nbsp;Exponential SQUARE Private Investment Trust No.1 |  | 5208  | (5668) | 460  | - | - | - |
| &nbsp;&nbsp;&nbsp;Fine North America Credit Private Mixed Asset Investment Trust 22 |  | 4613  | 925  | 388  | - | - | 5926  |
| &nbsp;&nbsp;&nbsp;IGIS Private Real Estate Investment No.454 |  | 3368  | - | (4) | - | - | 3364  |
| &nbsp;&nbsp;&nbsp;IGIS Private Real Estate Investment No.462 |  | 4433  | - | (42) | - | - | 4391  |
| &nbsp;&nbsp;&nbsp;BNW Recharge Private Equity Fund |  | 7138  | - | (1570) | - | - | 5568  |
| &nbsp;&nbsp;&nbsp;United Partners Realasset Fund No.14 |  | 9998  | (65) | 61  | - | - | 9994  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.12 |  | 17977  | (17977) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.13 |  | 12035  | (12035) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.14 |  | 13711  | - | 4150  | - | - | 17861  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.15 |  | 13738  | - | 3845  | - | - | 17583  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.16 |  | 13290  | - | 4134  | - | - | 17424  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.17 |  | 5378  | - | 2871  | - | - | 8249  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.18 |  | 10925  | - | 5392  | - | - | 16317  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.19 |  | 5052  | - | 3050  | - | - | 8102  |
| &nbsp;&nbsp;&nbsp;SH US Buyback&High Dividend Security Feeder Investment Trust(H)[Equity] |  | 4197  | (326) | 370  | - | - | 4241  |
| &nbsp;&nbsp;&nbsp;SH Prestige High Dividend Security Feeder No.1[Equity] |  | 2579  | - | 1238  | - | - | 3817  |
| &nbsp;&nbsp;&nbsp;IGIS Real Estate General Private Feeder Investment Company No.562 |  | - | 23000  | (1091) | - | - | 21909  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.21 |  | - | 15700  | 3128  | - | - | 18828  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.22 |  | - | 15700  | 3894  | - | - | 19594  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.23 |  | - | 15700  | 2668  | - | - | 18368  |
| &nbsp;&nbsp;&nbsp;Finflow |  | - | 7058  | (11) | - | - | 7047  |
| &nbsp;&nbsp;&nbsp;MW M·C·E New Technology Investment Fund 2nd |  | - | 2000  | 1198  | - | - | 3198  |
| &nbsp;&nbsp;&nbsp;Fireant Media and Digital Service Joint Stock Company |  | - | 4925  | (204) | - | - | 4721  |
| &nbsp;&nbsp;&nbsp;Others |  | 189166  | (14386) | 6962  | - | (2) | 181740  |
| &nbsp;&nbsp;&nbsp;Total | W | 2752980  | (206769) | 136330  | (17434) | (44289) | 2620818  |

---

(\*) Due to cumulative unrealized losses incurred since initial acquisition, this item was recognized as an impairment loss.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(b) Changes in investments in associates for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** |
| **Investees** |  | **Beginning**<br>**balance** | <br>**Investment**<br>**and**<br>**dividend** | **Equity**<br>**method**<br>**income**<br>**(loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;BNP Paribas Cardif Life Insurance | W | 39272 | - | (3423) | 587  | - | 36436  |
| &nbsp;&nbsp;&nbsp;Shinhan-Neoplux Energy Newbiz Fund |  | 22358 | (9196) | 1450  | - | - | 14612  |
| &nbsp;&nbsp;&nbsp;Shinhan-Albatross tech investment Fund |  | 15499 | (8312) | 1485  | - | - | 8672  |
| &nbsp;&nbsp;&nbsp;KCGI-SingA330-A Private Special Asset Investment Trust |  | 4609 | (4876) | 267  | - | - | - |
| &nbsp;&nbsp;&nbsp;VOGO Debt Strategy Qualified IV Private |  | 6532 | (3465) | 646  | - | - | 3713  |
| &nbsp;&nbsp;&nbsp;Shinhan-Midas Donga Secondary Fund |  | 4301 | (750) | (399) | - | - | 3152  |
| &nbsp;&nbsp;&nbsp;ShinHan – Soo Young Entrepreneur Investment Fund No.1 |  | 4862 | (5760) | 4279  | - | - | 3381  |
| &nbsp;&nbsp;&nbsp;Shinhan Praxis K-Growth Global Private Equity Fund |  | 3692 | - | (2) | - | - | 3690  |
| &nbsp;&nbsp;Kiwoom Milestone Professional Private Real Estate Trust 19 (\*) |  | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Shinhan Global Healthcare Fund 1 (\*) |  | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;KB NA Hickory Private Special Asset Fund |  | 24096 | (7321) | 718  | - | - | 17493  |
| &nbsp;&nbsp;&nbsp;Koramco Europe Core Private Placement Real Estate Fund No.2-2 |  | 18799 | 1058  | 370  | - | (13412) | 6815  |
| &nbsp;&nbsp;&nbsp;KDBC-Midas Dong-A Global contents Fund |  | 4288 | - | (1648) | - | - | 2640  |
| &nbsp;&nbsp;&nbsp;Shinhan-Nvestor Liquidity Solution Fund |  | 6088 | (1270) | 308  | - | - | 5126  |
| &nbsp;&nbsp;&nbsp;Shinhan AIM FoF Fund 1-A |  | 9635 | (1169) | 1338  | - | - | 9804  |
| &nbsp;&nbsp;&nbsp;IGIS Global Credit Fund 150-1 |  | 4286 | (549) | 1252  | - | - | 4989  |
| &nbsp;&nbsp;&nbsp;Korea Omega Project Fund III |  | 3696 | (2274) | (1422) | - | - | - |
| &nbsp;&nbsp;&nbsp;Genesis North America Power Company No.1 PEF |  | 6358 | (3143) | 3587  | - | - | 6802  |
| &nbsp;&nbsp;&nbsp;SH MAIN Professional Investment Type Private Mixed Asset Investment Trust No.3 |  | 40764 | (37990) | 6628  | - | - | 9402  |
| &nbsp;&nbsp;&nbsp;KOREA FINANCE SECURITY CO., LTD. |  | 3245 | - | 297  | - | - | 3542  |
| &nbsp;&nbsp;&nbsp;MIEL CO., LTD. (\*) |  | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;AIP Transportation Specialized Privately Placed Fund Trust #1 |  | 46372 | 3460  | 8975  | - | - | 58807  |
| &nbsp;&nbsp;&nbsp;Kiwoom-Shinhan Innovation Fund I |  | 7854 | - | 125  | - | - | 7979  |
| &nbsp;&nbsp;Midas Asset Global CRE Debt Private Fund No.6  |  | 54881 | (57919) | 3038  | - | - | - |
| &nbsp;&nbsp;&nbsp;Samchully Midstream Private Placement Special Asset Fund 5-4 |  | 33163 | 2416  | 3905  | - | - | 39484  |
| &nbsp;&nbsp;&nbsp;SH Senior Loan Professional Investment Type Private Mixed Asset Investment Trust No.3 |  | 7254 | (7664) | 410  | - | - | - |
| &nbsp;&nbsp;&nbsp;MK Ventures-K Clavis Growth Capital Venture Fund 1 (\*) |  | - | (183) | 3  | - | 183  | 3  |
| &nbsp;&nbsp;&nbsp;NH-Amundi Global Infrastructure Trust 14 |  | 18728 | (20589) | 1861  | - | - | - |
| &nbsp;&nbsp;&nbsp;Vestas Qualified Investors Private Real Estate Fund Investment Trust No.37 |  | 35265 | (1591) | 1739  | - | - | 35413  |
| &nbsp;&nbsp;&nbsp;Milestone Private Real Estate Fund 3  |  | 17615 | 1619  | (114) | - | - | 19120  |
| &nbsp;&nbsp;&nbsp;Nomura-Rifa Private Real Estate Investment Trust 31  |  | 6889 | - | (546) | - | - | 6343  |
| &nbsp;&nbsp;&nbsp;SH Senior Loan Professional Investment Type Private Mixed Asset Investment Trust No.2  |  | 3138 | (889) | 269  | - | - | 2518  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(b) Changes in investments in associates for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** |
| **Investees** |  | **Beginning**<br>**balance** | <br>**Investment**<br>**and**<br>**dividend** | **Equity**<br>**method**<br>**income**<br>**(loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;FuturePlay-Shinhan TechInnovation Fund 1 | W | 7847  | (1238) | (824) | - | - | 5785  |
| &nbsp;&nbsp;&nbsp;Stonebridge Corporate 1st Fund |  | 4142  | - | (165) | - | - | 3977  |
| &nbsp;&nbsp;&nbsp;Vogo Realty Partners Private Real Estate Fund V |  | 10792  | 1379  | (1509) | - | - | 10662  |
| &nbsp;&nbsp;&nbsp;Korea Credit Bureau  |  | 6738  | (45) | 881  | - | - | 7574  |
| &nbsp;&nbsp;&nbsp;Goduck Gangil1 PFV Co., Ltd. |  | 180  | (148) | 64  | - | - | 96  |
| &nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. |  | 30774  | 8750  | (1908) | - | - | 37616  |
| &nbsp;&nbsp;&nbsp;NH-amundi global infra private fund 16 |  | 50652  | 4293  | (21977) | - | - | 32968  |
| &nbsp;&nbsp;&nbsp;SH BNCT Professional Investment Type Private Special Asset Investment Trust |  | 244772  | (31676) | 12612  | - | - | 225708  |
| &nbsp;&nbsp;&nbsp;Deutsche Global Professional Investment Type Private Real Estate Investment Trust No. 24  |  | 18110  | (19646) | 1536  | - | - | - |
| &nbsp;&nbsp;&nbsp;Sparklabs-Shinhan Opportunity Fund 1 |  | 3914  | - | (1189) | - | - | 2725  |
| &nbsp;&nbsp;&nbsp;IGIS Real-estate Private Investment Trust No.33 |  | 15271  | (809) | 1170  | - | - | 15632  |
| &nbsp;&nbsp;&nbsp;Goduck Gangil10 PFV Co., Ltd. |  | 5081  | (212) | 1296  | - | - | 6165  |
| &nbsp;&nbsp;&nbsp;Fidelis Global Private Real Estate Trust No.2 |  | 551  | - | - | - | - | 551  |
| &nbsp;&nbsp;&nbsp;AIP EURO PRIVATE REAL ESTATE TRUST No. 12 |  | 48619  | 2955  | 2919  | - | (29849) | 24644  |
| &nbsp;&nbsp;&nbsp;Shinhan Global Healthcare Fund 2 (\*) |  | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Shinhan AIM Real Estate Fund No.2 |  | 26678  | 1760  | (26884) | - | - | 1554  |
| &nbsp;&nbsp;&nbsp;Shinhan AIM Real Estate Fund No.1 |  | 51873  | 2613  | (51602) | - | - | 2884  |
| &nbsp;&nbsp;&nbsp;SH Daegu Green Power Cogeneration System Professional Investment Type Private Special Asset Investment Trust  |  | 34781  | (856) | 5566  | - | - | 39491  |
| &nbsp;&nbsp;&nbsp;SH Sangju YC Expressway Professional Investment Type Private Special Asset Investment Trust |  | 20053  | - | 1894  | - | - | 21947  |
| &nbsp;&nbsp;&nbsp;SH Global Infrastructure Professional Investment Type Private Special Asset Investment Trust No.7-2  |  | 17516  | (3377) | 1631  | - | - | 15770  |
| &nbsp;&nbsp;&nbsp;Korea Omega-Shinhan Project Fund I |  | 11630  | (1957) | 9800  | - | - | 19473  |
| &nbsp;&nbsp;&nbsp;Samsung SRA Real Estate Professional Private 45 |  | 31432  | (3954) | 2798  | - | - | 30276  |
| &nbsp;&nbsp;&nbsp;IBK Global New Renewable Energy Special Asset Professional Private2 |  | 32296  | (1266) | 2068  | - | - | 33098  |
| &nbsp;&nbsp;&nbsp;VS Cornerstone Fund |  | 3280  | - | (55) | - | - | 3225  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(b) Changes in investments in associates for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** |
| **Investees** |  | **Beginning**<br>**balance** | <br>**Investment**<br>**and**<br>**dividend** | **Equity**<br>**method**<br>**income**<br>**(loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;NH-Amundi US Infrastructure Private Fund2 | W | 29725  | (30845) | 1664  | - | - | 544  |
| &nbsp;&nbsp;&nbsp;Kakao-Shinhan 1st TNYT Fund |  | 19866  | - | 3812  | - | - | 23678  |
| &nbsp;&nbsp;&nbsp;Pacific Private Placement Real Estate Fund No.40 |  | 11624  | (748) | 747  | - | - | 11623  |
| &nbsp;&nbsp;&nbsp;Mastern Private Real Estate Loan Fund No.2 |  | 3040  | (1908) | 198  | - | - | 1330  |
| &nbsp;&nbsp;&nbsp;LB Scotland Amazon Fulfillment Center Fund 29 |  | 30928  | 3780  | (15860) | - | - | 18848  |
| &nbsp;&nbsp;&nbsp;JR AMC Hungary Budapest Office Fund 16 |  | 12687  | 221  | 279  | - | - | 13187  |
| &nbsp;&nbsp;&nbsp;EDNCENTRAL Co., Ltd. (\*) |  | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Gyeonggi-Neoplux Superman Fund |  | 5056  | - | (918) | - | - | 4138  |
| &nbsp;&nbsp;&nbsp;NewWave 6th Fund |  | 13716  | (1425) | (1583) | - | - | 10708  |
| &nbsp;&nbsp;&nbsp;Neoplux No.3 Private Equity Fund |  | 18981  | (404) | (6425) | - | - | 12152  |
| &nbsp;&nbsp;&nbsp;PCC Amberstone Private Equity Fund I |  | 17258  | (5513) | 2795  | - | - | 14540  |
| &nbsp;&nbsp;&nbsp;KIAMCO POWERLOAN TRUST 4TH |  | 45099  | (2331) | 5935 | - | - | 48703  |
| &nbsp;&nbsp;&nbsp;Mastern Opportunity Seeking Real Estate Fund II |  | 13135  | (4868) | (2995) | - | - | 5272  |
| &nbsp;&nbsp;&nbsp;Neoplux Market-Frontier Secondary Fund  |  | 10427  | (4006) | 1754  | - | - | 8175  |
| &nbsp;&nbsp;&nbsp;Synergy Green New Deal 1st New Technology Business Investment Fund |  | 10315  | (72) | 614  | - | - | 10857  |
| &nbsp;&nbsp;&nbsp;KIAMCO Vietnam Solar Special Asset Private Investment Trust |  | 6836  | (580) | 847  | - | - | 7103  |
| &nbsp;&nbsp;&nbsp;SHINHAN-NEO Core Industrial Technology Fund |  | 13616  | (9247) | 3742  | - | - | 8111  |
| &nbsp;&nbsp;&nbsp;SHBNPP Green New Deal Energy Professional Investment Type Private Special Asset Investment Trust No.2 |  | 23356  | (2538) | 892  | - | - | 21710  |
| &nbsp;&nbsp;&nbsp;Eum Private Equity Fund No.7 |  | 9166  | (400) | 390  | - | - | 9156  |
| &nbsp;&nbsp;&nbsp;Kiwoom Hero No.4 Private Equity Fund |  | 3442  | (96) | 851  | - | - | 4197  |
| &nbsp;&nbsp;&nbsp;Vogo Canister Professional Trust Private Fund I |  | 45871  | (47321) | 1450  | - | - | - |
| &nbsp;&nbsp;&nbsp;AJ-KOSNET Semicon One Venture Fund |  | 2854  | - | 358  | - | - | 3212  |
| &nbsp;&nbsp;&nbsp;Timefolio The Venture-V second |  | 5801  | (4444) | 8  | - | - | 1365  |
| &nbsp;&nbsp;&nbsp;Shinhan Smilegate Global PEF I |  | 3801  | (4326) | 4407  | - | - | 3882  |
| &nbsp;&nbsp;&nbsp;Genesis Eco No.1 PEF |  | 11219  | - | (142) | - | - | 11077  |
| &nbsp;&nbsp;&nbsp;SHINHAN-NEO Market-Frontier 2nd Fund |  | 32670  | (5466) | 295  | - | - | 27499  |
| &nbsp;&nbsp;&nbsp;NH-Synergy Core Industrial New Technology Fund |  | 6439  | (6175) | (264) | - | - | - |
| &nbsp;&nbsp;&nbsp;J& Moorim Jade Investment Fund |  | 4920  | - | 433  | - | - | 5353  |
| &nbsp;&nbsp;&nbsp;Ulmus SHC innovation investment fund |  | 5543  | (1150) | (88) | - | - | 4305  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(b) Changes in investments in associates for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** |
| **Investees** |  | **Beginning**<br>**balance** | <br>**Investment**<br>**and**<br>**dividend** | **Equity**<br>**method**<br>**income**<br>**(loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;T Core Industrial Technology 1st Venture PEF | W | 4254  | (378) | (881) | - | - | 2995  |
| &nbsp;&nbsp;&nbsp;Fine Value POST IPO No.5 Private Equity Fund  |  | 3766  | (3565) | (201) | - | - | - |
| &nbsp;&nbsp;&nbsp;TI First Property Private Investment Trust 1 |  | 3102  | (203) | 203  | - | - | 3102  |
| &nbsp;&nbsp;&nbsp;IBKC Global Contents Investment Fund  |  | 4701  | (4764) | 63  | - | - | - |
| &nbsp;&nbsp;&nbsp;Kiwoom-Shinhan Innovation Fund 2 |  | 9165  | 1148  | (86) | - | - | 10227  |
| &nbsp;&nbsp;&nbsp;ETRI Holdings-Shinhan 1st Unicorn Fund |  | 3295  | 1500  | (99) | - | - | 4696  |
| &nbsp;&nbsp;&nbsp;SJ ESG Innovative Growth Fund |  | 4198  | - | (1083) | - | - | 3115  |
| &nbsp;&nbsp;&nbsp;AVES 1st Corporate Recovery Private Equity Fund |  | 4768  | - | (245) | - | - | 4523  |
| &nbsp;&nbsp;&nbsp;Reverent-Shinhan Vista Fund  |  | 2600  | 54  | 755  | - | - | 3409  |
| &nbsp;&nbsp;&nbsp;JS Shinhan Private Equity Fund  |  | 4933  | - | 1448  | - | - | 6381  |
| &nbsp;&nbsp;&nbsp;Daishin Newgen New Technology Investment Fund 1<sup>st</sup>  |  | 6082  | (5742) | (340) | - | - | - |
| &nbsp;&nbsp;&nbsp;META TB ESG PRIVATE EQUITY FUND I |  | 5771  | - | (88) | - | - | 5683  |
| &nbsp;&nbsp;&nbsp;Shinhan VC tomorrow venture fund 1 |  | 45210  | 25608  | (185) | - | - | 70633  |
| &nbsp;&nbsp;&nbsp;H-IOTA Fund |  | 9524  | (2639) | 2492  | - | - | 9377  |
| &nbsp;&nbsp;&nbsp;Stonebridge-Shinhan Unicorn Secondary Fund  |  | 7427  | 6160  | - | - | - | 13587  |
| &nbsp;&nbsp;&nbsp;Tres-Yujin Trust  |  | 10359  | - | 2672  | - | - | 13031  |
| &nbsp;&nbsp;&nbsp;Shinhan-Time mezzanine blind Fund |  | 14121  | - | 2305  | - | - | 16426  |
| &nbsp;&nbsp;&nbsp;Capstone REITs No.26 |  | 5750  | - | (381) | - | - | 5369  |
| &nbsp;&nbsp;&nbsp;JB Incheon-Bucheon REITS No.54 |  | 4978  | - | (11) | - | - | 4967  |
| &nbsp;&nbsp;&nbsp;Hankook Smart Real Asset Investment Trust No.3 |  | 7668  | - | (1662) | - | - | 6006  |
| &nbsp;&nbsp;&nbsp;JB Hwaseong-Hadong REITs No.53 |  | 4983  | - | (9) | - | - | 4974  |
| &nbsp;&nbsp;&nbsp;KB Oaktree Trust No.3 |  | 8668  | 304  | 916  | - | - | 9888  |
| &nbsp;&nbsp;&nbsp;Daehan No.36 Office Asset Management Company |  | 22482  | (25394) | 2912  | - | - | - |
| &nbsp;&nbsp;&nbsp;Rhinos Premier Mezzanine Private Investment Fund No.1 |  | 3056  | (3048) | (8) | - | - | - |
| &nbsp;&nbsp;&nbsp;SH Real Estate Loan Investment Type Private Real Estate Investment Trust No.2 |  | 62769  | (12710) | 2738  | - | - | 52797  |
| &nbsp;&nbsp;&nbsp;Shinhan JigaeNamsan Road Private Special Asset Investment Trust |  | 41434  | (1142) | (647) | - | - | 39645  |
| &nbsp;&nbsp;&nbsp;SKS-Yozma Fund No.1 |  | 3455  | (2931) | (524) | - | - | - |
| &nbsp;&nbsp;&nbsp;KB Distribution Private Real Estate 3-1 |  | 25976  | - | (1897) | - | - | 24079  |
| &nbsp;&nbsp;&nbsp;Pacific Private Investment Trust No.49-1  |  | 27377  | - | 623  | - | - | 28000  |
| &nbsp;&nbsp;&nbsp;KIWOOM Real estate private placement fund for normal investors No. 31 |  | 8558  | (435) | (91) | - | - | 8032  |
| RIFA Real estate private placement fund for normal investors No. 51  |  | 5731  | (294) | (66) | - | - | 5371  |
| &nbsp;&nbsp;&nbsp;Fivetree general private equity fund No.15 |  | 12572  | (12572) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Shinhan-Kunicorn first Fund |  | 9626  | - | (202) | - | - | 9424  |
| &nbsp;&nbsp;&nbsp;Shinhan-Quantum Startup Fund |  | 3986  | 1800  | (121) | - | - | 5665  |
| &nbsp;&nbsp;&nbsp;Shinhan Simone FundⅠ |  | 4837  | (991) | (424) | - | - | 3422  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

 **12. <u>Investments in associates (continued)</u>**

(b) Changes in investments in associates for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** |
| **Investees** | **Beginning**<br>**balance** | <br>**Investment**<br>**and**<br>**dividend** | **Equity**<br>**method**<br>**income**<br>**(loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;Korea Investment develop seed Trust No.1 | 9532  | (939) | 1552  | - | - | 10145  |
| &nbsp;&nbsp;&nbsp;Tiger Green alpha Trust No.29 | 28573  | (664) | 2083  | - | - | 29992  |
| &nbsp;&nbsp;&nbsp;STIC ALT Global II Private Equity Fund | 9504  | (217) | 554  | - | - | 9841  |
| &nbsp;&nbsp;&nbsp;NH-Brain EV Fund | 11125  | (12999) | 1874  | - | - | - |
| &nbsp;&nbsp;&nbsp;DDI LVC Master Real Estate Investment Trust Co., Ltd. | 6583  | - | (783) | - | - | 5800  |
| &nbsp;&nbsp;&nbsp;Reverent Frontier Private Equity Fund IV Specializing in Start-up Venture Business | 3294  | - | (1220) | - | - | 2074  |
| &nbsp;&nbsp;&nbsp;Find-Green New Deal 2nd Equity Fund | 4465  | - | (141) | - | - | 4324  |
| &nbsp;&nbsp;&nbsp;ShinhanFitrin 1st Technology Business Investment Association | 4519  | - | (287) | - | - | 4232  |
| &nbsp;&nbsp;&nbsp;Koramco Private Real Estate Fund 143 | 6667  | - | 2  | - | - | 6669  |
| &nbsp;&nbsp;&nbsp;Korea Investment Top Mezzanine Private Real Estate Trust No.1 | 10016  | (994) | 854  | - | - | 9876  |
| &nbsp;&nbsp;&nbsp;LB YoungNam Logistics Private Trust No.40 | 9782  | (600) | 443  | - | - | 9625  |
| &nbsp;&nbsp;&nbsp;Shinhan-Cognitive Start-up Fund L.P. | 5329  | - | (1120) | - | - | 4209  |
| &nbsp;&nbsp;&nbsp;Cornerstone J&M Fund I | 3488  | - | (74) | - | - | 3414  |
| &nbsp;&nbsp;&nbsp;Logisvalley Shinhan REIT Co., Ltd. | 3598  | - | (209) | - | - | 3389  |
| &nbsp;&nbsp;&nbsp;DA Value-Honest New Technology Investment Fund 1 | 4099  | (2754) | (1345) | - | - | - |
| &nbsp;&nbsp;&nbsp;Shinhan-Ji and Tec Smart Innovation Fund | 9977  | 2535  | 492  | - | - | 13004  |
| &nbsp;&nbsp;&nbsp;Shinhan-Gene and New Normal First Mover Venture Investment Equity Fund 1st | 6968  | - | (210) | - | - | 6758  |
| &nbsp;&nbsp;&nbsp;Korea Investment Green Newdeal Infra Trust No.1 | 10257  | 5962  | (123) | - | - | 16096  |
| &nbsp;&nbsp;&nbsp;BTS 2nd Private Equity Fund | 6342  | 3796  | 21  | - | - | 10159  |
| &nbsp;&nbsp;&nbsp;NH-J&-IBKC Label Technology Fund | 9747  | - | (101) | - | - | 9646  |
| &nbsp;&nbsp;&nbsp;Hanyang Time Mezzanine Fund | 3012  | (300) | (201) | - | - | 2511  |
| &nbsp;&nbsp;&nbsp;Shinhan-Sneak Peek Bio&Healthcare Bounce Back Fund | 2261  | 1250  | 405  | - | - | 3916  |
| &nbsp;&nbsp;&nbsp;Shinhan-isquare Venture PEF 1 | 4286  | 100  | (149) | - | - | 4237  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

 **12. <u>Investments in associates (continued)</u>**

(b) Changes in investments in associates for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** |
| **Investees** |  | **Beginning**<br>**balance** | <br>**Investment**<br>**and**<br>**dividend** | **Equity**<br>**method**<br>**income**<br>**(loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;Aurum Goldrush ESG Private Fund No. 1 | W | 2917  | - | 90  | - | - | 3007  |
| &nbsp;&nbsp;&nbsp;Capstone Develop Frontier Trust |  | 7547  | (549) | 1051  | - | - | 8049  |
| &nbsp;&nbsp;&nbsp;Nextrade Co., Ltd. |  | 9700  | - | - | - | - | 9700  |
| &nbsp;&nbsp;&nbsp;SH 1.5years Maturity Investment Type Security Investment Trust No.2 |  | 4835  | (4835) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Eventus-IBKC LIB Fund |  | 6632  | (7064) | 432  | - | - | - |
| &nbsp;&nbsp;&nbsp;IBKC-Behigh Fund 1st |  | 3219  | - | (59) | - | - | 3160  |
| &nbsp;&nbsp;&nbsp;ON No.1 Private Equity Fund |  | 5321  | - | 391  | - | - | 5712  |
| &nbsp;&nbsp;&nbsp;Digital New Deal Kappa Private Equity Fund |  | 4845  | - | (98) | - | - | 4747  |
| &nbsp;&nbsp;&nbsp;IBKCJS New Technology Fund No.1 |  | 6130  | (2418) | (1094) | - | - | 2618  |
| &nbsp;&nbsp;&nbsp;DS-Shinhan-JBWoori New Media New Technology Investment Fund No.1 |  | 9803  | - | (157) | - | - | 9646  |
| &nbsp;&nbsp;&nbsp;VOGO Debt Strategy General Private Real Estate Investment Trust No. 18 |  | 12013  | (2170) | 1481  | - | - | 11324  |
| &nbsp;&nbsp;&nbsp;Koramco IPO REITS Mezzanine General Private Investment Trust No. 38  |  | 3171  | (61) | 168  | - | - | 3278  |
| &nbsp;&nbsp;&nbsp;TogetherKorea Private Investment Trust No. 6  |  | 5270  | - | 153  | - | - | 5423  |
| &nbsp;&nbsp;&nbsp;TogetherKorea Private Investment Trust No. 7  |  | 5270  | - | 153  | - | - | 5423  |
| &nbsp;&nbsp;&nbsp;Kiwoom Core Industrial Technology Investment Fund No.3 |  | 4180  | - | 39  | - | - | 4219  |
| &nbsp;&nbsp;&nbsp;Penture K-Content Investment Fund |  | 5622  | 6000  | (303) | - | - | 11319  |
| &nbsp;&nbsp;&nbsp;2023 Shinhan-JB Woori-Daeshin Listed Companies New Technology Fund  |  | 7969  | 6413  | (914) | - | - | 13468  |
| &nbsp;&nbsp;&nbsp;Hana Alternative Investment Kosmes PCBO General PEF No. 1 |  | 5107  | (526) | 544  | - | - | 5125  |
| &nbsp;&nbsp;&nbsp;Shinhan-timefolio Bio Development Investment Fund |  | 5927  | 6000  | (220) | - | - | 11707  |
| &nbsp;&nbsp;&nbsp;Shinhan M&A-ESG Fund |  | 4169  | 2576  | (291) | - | - | 6454  |
| &nbsp;&nbsp;&nbsp;Shinhan SM Office Value Add – Outsource Management Real Estate Investment Co., Ltd. |  | 10574  | 6609  | 1621  | - | - | 18804  |
| &nbsp;&nbsp;&nbsp;KDBC meta-enter New Technology investment fund |  | 6940  | - | (143) | - | - | 6797  |
| &nbsp;&nbsp;&nbsp;Shinhan Time Secondary Blind Fund |  | 4754  | - | (117) | - | - | 4637  |
| &nbsp;&nbsp;&nbsp;Shinhan DS Secondary Investment Fund |  | 7477  | (1408) | (3630) | - | - | 2439  |
| Shinhan-OpenWater Pre-IPO Fund-1 |  | 4973  | - | 693  | - | - | 5666  |
| &nbsp;&nbsp;&nbsp;Shinhan-CJ TechInnovation Fund 1st |  | 2364  | 2400  | (169) | - | - | 4595  |
| &nbsp;&nbsp;&nbsp;Shinhan-Eco Venture Fund 2nd |  | 3610  | 450  | (103) | - | - | 3957  |
| &nbsp;&nbsp;&nbsp;Heungkuk-Shinhan The First Visionary Fund No.1 |  | 3154  | 3200  | 143  | - | - | 6497  |
| &nbsp;&nbsp;&nbsp;Koreainvestment-Shinhan-LEP K beauty |  | 9969  | - | 295  | - | - | 10264  |
| &nbsp;&nbsp;&nbsp;Shinhan HB Wellness 1st Fund |  | 4992  | - | 334  | - | - | 5326  |
| &nbsp;&nbsp;&nbsp;Korea real Asset Fund No.3 |  | 9315  | 7865  | (628) | - | - | 16552  |
| &nbsp;&nbsp;&nbsp;PineStreet Global Corporate FoF XIII-2 (NC XI)  |  | 721  | 3087  | (65) | - | - | 3743  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(b) Changes in investments in associates for the nine-month period ended September 30, 2025 and for the year ended December

31, 2024 are as follows (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** |
| **Investees** |  | **Beginning**<br>**balance** | <br>**Investment**<br>**and**<br>**dividend** | **Equity**<br>**method**<br>**income**<br>**(loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;Igis Yongsan Office General PE Real Estate Inv. Trust No. 518 | W | 23131  | (5596) | (391) | - | - | 17144  |
| &nbsp;&nbsp;&nbsp;Samsung-Dunamu Innovation IT Fund No.1 |  | 4536  | - | (786) | - | - | 3750  |
| &nbsp;&nbsp;&nbsp;Time Robotics fund |  | 3966  | (200) | 12  | - | - | 3778  |
| &nbsp;&nbsp;&nbsp;Ascent-Welcome Fund2 |  | 8771  | - | (311) | - | - | 8460  |
| &nbsp;&nbsp;&nbsp;Newmain I funds |  | 1991  | - | 7373  | - | - | 9364  |
| &nbsp;&nbsp;&nbsp;Igis General PE Real Estate Investment Trust 517-1 |  | 51736  | 5000  | (1834) | - | - | 54902  |
| &nbsp;&nbsp;&nbsp;SH Ulmus M.P.E. Innovative Venture Fund 7 |  | 3000  | - | 32  | - | - | 3032  |
| &nbsp;&nbsp;&nbsp;Consus Osansegyo No.2 |  | 8104  | - | (95) | - | - | 8009  |
| &nbsp;&nbsp;&nbsp;Mastern General Private Real Estate Investment Trust No.189(Type 1 Beneficiary Securities) |  | 7822  | (7502) | (320) | - | - | - |
| &nbsp;&nbsp;&nbsp;Shinhan AIM Private Fund of Fund 9-B |  | 24018  | 9751  | 2972  | - | - | 36741  |
| &nbsp;&nbsp;&nbsp;Shinhan General Private Real Estate Investment Trust No.3 |  | 7838  | 18970  | (102)  | - | - | 26706  |
| &nbsp;&nbsp;&nbsp;NH Absolute Project L General Private Investment Trust  |  | 4893  | (5264) | 371  | - | - | - |
| &nbsp;&nbsp;&nbsp;Paros Kosdaq Venture General Private Investment Trust No. 5  |  | 5994  | - | 596  | - | - | 6590  |
| &nbsp;&nbsp;&nbsp;Happy Pet Life Care New Technology Investment Association No.2 |  | 3456  | - | (457) | - | - | 2999  |
| &nbsp;&nbsp;&nbsp;Shinhan-soo secondary Fund |  | 5249  | 12250  | (762) | - | - | 16737  |
| &nbsp;&nbsp;&nbsp;TECHFIN RATINGS Co., Ltd. |  | - | 27000  | (1390) | - | - | 25610  |
| &nbsp;&nbsp;&nbsp;SONGPA BIZ CLUSTER PFV CO., LTD. |  | - | 13700  | (336) | - | - | 13364  |
| &nbsp;&nbsp;&nbsp;Planeta PTE LTD |  | - | 11341  | - | - | - | 11341  |
| &nbsp;&nbsp;&nbsp;The E&Shinhan New Growth Up Fund |  | - | 3600  | (82) | - | - | 3518  |
| &nbsp;&nbsp;&nbsp;Shinhan-GB FutureFlow Fund L.P. |  | - | 5855  | (352) | (353) | - | 5150  |
| &nbsp;&nbsp;&nbsp;Credila Financial Services |  | - | 250270  | 4017  | 8829  | - | 263116  |
| &nbsp;&nbsp;&nbsp;Shinhan Market-Frontier Fund Ⅲ |  | - | 13205  | (414) | - | - | 12791  |
| &nbsp;&nbsp;&nbsp;DB IPO HighYield Fund 1 |  | - | 4000  | 278  | - | - | 4278  |
| &nbsp;&nbsp;&nbsp;Exponential SQUARE Private Investment Trust No.1 |  | - | 6146  | (938) | - | - | 5208  |
| &nbsp;&nbsp;&nbsp;Fine North America Credit Private Mixed Asset Investment Trust 22 |  | - | 4549  | 64  | - | - | 4613  |
| &nbsp;&nbsp;&nbsp;IGIS Private Real Estate Investment No.454 |  | - | 3393  | (25) | - | - | 3368  |
| &nbsp;&nbsp;&nbsp;IGIS Private Real Estate Investment No.462 |  | - | 4607  | (174) | - | - | 4433  |
| &nbsp;&nbsp;&nbsp;BNW Recharge Private Equity Fund |  | - | 6767  | 371  | - | - | 7138  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(b) Changes in investments in associates for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** |
| **Investees** |  | **Beginning**<br>**balance** | <br>**Investment**<br>**and**<br>**dividend** | **Equity**<br>**method**<br>**income**<br>**(loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;United Partners Realasset Fund No.14 | W  | - | 10000  | (2) | - | - | 9998  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.12 |  | - | 17929  | 48  | - | - | 17977  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.13 |  | - | 11996  | 39  | - | - | 12035  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.14 |  | - | 13953  | (242) | - | - | 13711  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.15 |  | - | 13955  | (217) | - | - | 13738  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.16 |  | - | 13837  | (547) | - | - | 13290  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.17 |  | - | 5270  | 108  | - | - | 5378  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.18 |  | - | 10530  | 395  | - | - | 10925  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.19 |  | - | 5270  | (218) | - | - | 5052  |
| &nbsp;&nbsp;&nbsp;SH US Buyback&High Dividend Security Feeder Investment Trust(H)[Equity] |  | - | 4124  | 73  | - | - | 4197  |
| &nbsp;&nbsp;&nbsp;Others |  | 210518  | (9778) | (17080) | - | - | 183660  |
| &nbsp;&nbsp;&nbsp;Total | W | 2692031 | 118786 | (23822) | 9063 | (43078) | 2752980 |

---

(\*) Due to cumulative unrealized losses incurred since initial acquisition, this item was recognized as an impairment loss.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**13. <u>Financial liabilities at fair value through profit or loss</u>**

Financial liabilities at fair value through profit or loss as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **December 31, 2024** |
| Securities sold:  |  |  |  |
| Stocks | W | 17,929  | 640 |
| &nbsp;&nbsp;Bonds |  | 684,689  | 354,084 |
| Others |  | - | 3,117 |
|  |  | 702,618  | 357,841 |
| Gold/silver deposits |  | 1,083,119  | 597,058 |
|  | W | 1,785,737  | 954,899 |

---

**14. <u>Financial liabilities designated at fair value through profit or loss</u>**

(a) Financial liabilities designated at fair value through profit or loss as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **December 31, 2024** | **Reason for designation** |
| &nbsp;&nbsp;Derivatives-linked securities sold | W | 6497114  | 7959176 | Combined financial instrument |
| &nbsp;&nbsp;Debt securities issued  |  | 301296  | 261299 | Fair value measurement<br>and management |
|  | W | 6798410  | 8220475 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(\*) The Group designated the financial liabilities at the initial recognition (or subsequently) in accordance with paragraph 6.7.1 of K-IFRS No. 1109 as financial liabilities at fair value through profit or loss.

Maximum credit risk exposure of the financial liabilities designated at fair value through profit or loss amounts to W 6,798,410 million as of September 30, 2025. Decrease in values of the liability due to credit risk changes is W 2,522 million for the nine-month period ended September 30, 2025 and the accumulated changes in values are W (-) 5,876 million as of September 30, 2025.

(b) The difference between the carrying value of financial liabilities designated at fair value through profit or loss and the amount required to be paid at contractual maturity as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **December 31, 2024** |
| Expiration payment | W | 6553004 | 8001931 |
| Carrying amount |  | 6798410 | 8220475 |
| Difference from carrying amount | W | (245406) | (218544) |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**15. <u>Debt securities issued</u>**

Debt securities issued as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Interest<br>rate (%)** |  | **Amount** | **Interest<br>rate (%)** |  | **Amount** |
| Debt securities issued in Korean won: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued | 1.00~9.50 | &nbsp;&nbsp;W | 70770968  | 1.00~9.50 | &nbsp;&nbsp;W | 72561043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debt securities issued | 2.20~5.20 |  | 3020105  | 2.20~5.20 |  | 2820105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on fair value hedges | &nbsp;&nbsp;- |  | (148798) | &nbsp;&nbsp;- |  | (188774) |
| &nbsp;&nbsp;&nbsp;&nbsp;Discount on debt securities issued | &nbsp;&nbsp;- |  | (86840) | &nbsp;&nbsp;- |  | (85489) |
|  |  |  | 73555435  |  |  | 75106885 |
| Debt securities issued in foreign <br> currencies: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued | 0.98~5.54 |  | 14195867  | 0.98~6.60 |  | 13979805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debt securities issued | 3.75~5.75 |  | 4084778  | 3.34~5.75 |  | 4995972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on fair value hedges | &nbsp;&nbsp;- |  | (92404) | &nbsp;&nbsp;- |  | (250628) |
| &nbsp;&nbsp;&nbsp;&nbsp;Discount on debt securities issued | &nbsp;&nbsp;- |  | (57494) | &nbsp;&nbsp;- |  | (66180) |
|  |  |  | 18130747  |  |  | 18658969 |
|  |  | &nbsp;&nbsp;W | 91686182  |  | &nbsp;&nbsp;W | 93765854 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**16. <u>Defined benefit plans</u>**

The Group has operated a defined benefit plan and calculates defined benefit obligations based on the employee's pension compensation benefits and service period.

(a) Defined benefit obligations and plan assets as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **December 31, 2024** |
| Present value of defined benefit obligations | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2421602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345148 |
| Fair value of plan assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2607519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2461871) |
| &nbsp;&nbsp;Recognized liability (asset) for defined benefit obligations (\*) | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116723) |

---

(\*) The asset for defined benefit obligation of W 185,917 million as of September 30, 2025 is the net defined benefit assets of W 297,394 million less the net defined liabilities of W 111,477 million. In addition, the asset for defined benefit obligation of W 116,723 million as of December 31, 2024 is the net defined benefit assets of W 155,697 million less the net defined liabilities of W 38,974 million.

(b) Net income relating to defined benefit liabilities for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  |  | **Three-month** | **Nine-month** | **Three-month** | **Nine-month** |
| Current service cost | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41175  | 124006  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122934 |
| Net interest expense (income) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4581) | (13517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11045) |
| Past service cost |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 8624  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 |
| Settlement |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 4  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1975) |
|  | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36594  | 119117  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110179 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**17. <u>Provisions</u>**

(a) Provisions as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **December 31, 2024** |
| Asset retirement obligations | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99306 |
| Expected loss related to litigation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114750 |
| Unused credit commitments |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411275 |
| Guarantee contracts issued: |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104451 |
| Financial guarantee contracts issued: |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87088 |
| Non-financial guarantee contracts issued: |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17363 |
| Others (\*1), (\*2), (\*3)  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579114 |
|  | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308896 |

---

(\*1) As of September 30, 2025 and December 31, 2024, the Group recognizes a provision of W 311,515 million and W 317,857 million, respectively, an estimated amount which is highly probable to be paid for customer losses expected due to delays in redemption of Lime CI funds, etc.

(\*2) As of September 30, 2025 and December 31, 2024, the Group recognizes a provision of W 333 million and W 25,856 million for vulnerable groups such as self-employed people, small business owners and institutions supporting vulnerable groups, etc. in accordance with the "Banking financial support plan for people's livelihood."

(\*3) As of September 30, 2025 and December 31, 2024, the Group recognizes a provision of W 10,327 million and W 19,086 million for the estimated customer compensation amount related to equity-linked products based on the Hong Kong H-Index (Hang Seng China Enterprises Index).

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**17. <u>Provisions (continued)</u>**

(b) Changes in provision for unused credit commitments and financial guarantee contracts issued for the nine-month period ended September 30, 2025 and the year ended December 31, 2024 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | &nbsp;&nbsp;**Unused credit commitments** | &nbsp;&nbsp;**Unused credit commitments** | &nbsp;&nbsp;**Unused credit commitments** | **Financial guaranteed contracts issued** | **Financial guaranteed contracts issued** | **Financial guaranteed contracts issued** | **Total** |
|  |  | &nbsp;&nbsp;**12-months expected<br>credit losses** | **Lifetime expected<br>credit losses** | &nbsp;&nbsp;**Impaired** <br>**financial asset** | **12-months expected credit losses** | **Lifetime expected<br>credit losses** | **Impaired financial asset** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;W | 229415 | 88843 | 93017 | 80780 | 6296 | 12 | 498363 |
| &nbsp;&nbsp;&nbsp;Transfer (from) to 12 months expected credit losses |  | 46391 | (46289) | (102) | 1581 | (1581) | - | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | (14880) | 14942 | (62) | (3583) | 3583  | - | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to impaired financial asset |  | (850) | (1029) | 1879 | (416) | - | 416 | - |
| &nbsp;&nbsp;&nbsp;Provided (reversed) |  | (45019) | 41749 | (76909) | (3842) | (598) | 3 | (84616) |
| &nbsp;&nbsp;&nbsp;Change in foreign exchange rate |  | (4544) | (625) | - | (1047) | (209) | 1 | (6424) |
| Others (\*) |  | (295) | - | - | 6476 | 6391 | (423) | 12149 |
| &nbsp;&nbsp;&nbsp;Ending balance | W | 210218 | 97591 | 17823 | 79949 | 13882 | 9 | 419472 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**17. <u>Provisions (continued)</u>**

(b) Changes in provision for unused credit commitments and financial guarantee contracts issued for the nine-month period ended September 30, 2025 and the year ended December 31, 2024 are as follows (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | &nbsp;&nbsp;**Unused credit commitments** | &nbsp;&nbsp;**Unused credit commitments** | &nbsp;&nbsp;**Unused credit commitments** | **Financial guarantee contracts issued** | **Financial guarantee contracts issued** | **Financial guarantee contracts issued** | **Total** |
|  |  | &nbsp;&nbsp;**12-months expected<br>credit losses** | **Lifetime expected<br>credit losses** | &nbsp;&nbsp;**Impaired** <br>**financial asset** | **12-months expected credit losses** | **Lifetime expected<br>credit losses** | **Impaired financial asset** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;W | 206687  | 129182  | 19722  | 32002  | 7590  | 406  | 395589  |
| &nbsp;&nbsp;&nbsp;Transfer (from) to 12 months expected credit losses |  | 68071 | (67931) | (140) | 4968  | (4968) | - | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | (11698) | 11723  | (25) | (366) | 366  | - | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to impaired financial asset |  | (806) | (1561) | 2367  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Provided (reversed) |  | (40306) | 16043  | 71093  | (3783) | (1139) | 2  | 41910  |
| &nbsp;&nbsp;&nbsp;Change in foreign exchange rate |  | 5340 | 1347  | - | 2316  | 791  | 1  | 9795  |
| Others (\*) |  | 2127 | 40 | - | 45643 | 3656 | (397) | 51069 |
| &nbsp;&nbsp;&nbsp;Ending balance | W | 229415 | 88843 | 93017 | 80780 | 6296 | 12 | 498363 |

---

(\*) Others include effects of the provision from the new financial guaranteed contracts measured at fair value, and the expired contracts, the change of discount rate and others.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**18. <u>Insurance contracts liabilities and others</u>**

(a) Insurance contract liabilities and others as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **December 31, 2024** |
| Insurance contract assets | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5639) |
| Insurance contract liabilities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52396931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51124991 |
| Net insurance contract liabilities | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52394604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51119352 |
| Reinsurance contract assets | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184754 |
| Reinsurance contract liabilities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98063) |
| Net reinsurance contract assets | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86691 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**18. <u>Insurance contracts liabilities and others (continued)</u>**

(b) Details of insurance profits and losses for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  |  | **Nine-month** | **Nine-month** | **Nine-month** | **Nine-month** |
|  |  |  | **Retroactive modification method** | **Fair value method** | **Etc.** | **Total** |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | &nbsp;&nbsp;&nbsp;&nbsp;Expected insurance premiums and other expected insurance service expenses | W | 567272  | 494019  | 240330  | 1301621  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Risk-adjusted change amount |  | 43925  | 31703  | 60401  | 136029  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Contractual service margin amortization |  | 270295  | 189951  | 222635  | 682881  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Recovery of insurance acquisition cash flows |  | 70128  | 248  | 235494  | 305870  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Etc. (\*) |  | (8480) | 128  | (5324) | (13676) |
|  |  |  | 943140 | 716049 | 753536 | 2412725 |
| Premium allocation approach | Premium allocation approach |  | 74404  | - | 754  | 75158  |
| **Insurance revenue subtotal** | **Insurance revenue subtotal** |  | 1017544  | 716049  | 754290  | 2487883  |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | &nbsp;&nbsp;&nbsp;&nbsp;Accrued insurance premiums and other incurred insurance service expenses |  | 569216  | 444575  | 275563  | 1289354  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Changes in incident fulfillment cash flow |  | 825  | 16420  | 15915  | 33160  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Costs related to loss-bearing contracts |  | (10071) | (15127) | 43862  | 18664  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Amortization of insurance acquisition cash flows |  | 70366  | 248  | 235255  | 305869  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Etc. (\*) |  | (7542) | 1156  | (22239) | (28625) |
|  |  |  | 622794  | 447272  | 548356  | 1618422  |
| Premium allocation approach | Premium allocation approach |  | 86809  | - | 1615  | 88424  |
| **Insurance service expense subtotal** | **Insurance service expense subtotal** | W | 709603  | 447272  | 549971  | 1706846  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**18. <u>Insurance contracts liabilities (continued)</u>**

(b) Details of insurance profits and losses for the nine-month periods ended September 30, 2025 and 2024 are as follows (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  |  | **Nine-month** | **Nine-month** | **Nine-month** | **Nine-month** |
|  |  |  | **Retroactive modification method** | **Fair value method** | **Etc.** | **Total** |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | Accrued reinsurance amount | W | 279  | 89726  | 46168  | 136173  |
|  | Changes in incident fulfillment cash flow |  | 113  | (22869) | 2991  | (19765) |
|  | Etc. (\*) |  | 10  | (98) | (156) | (244) |
|  |  |  | 402  | 66759  | 49003  | 116164  |
| Premium allocation approach | Premium allocation approach |  | 26237  | - | - | 26237  |
| **Reinsurance revenue subtotal** | **Reinsurance revenue subtotal** |  | 26639  | 66759  | 49003  | 142401  |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | &nbsp;&nbsp;&nbsp;&nbsp;Expected reinsurance amount |  | - | 27941  | 27409  | 55350  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Risk-adjusted change amount |  | - | 2719  | 2127  | 4846  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Contractual service margin amortization |  | - | 8537  | 14476  | 23013  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Etc. (\*) |  | - | 17030  | 15864  | 32894  |
|  |  |  | - | 56227  | 59876  | 116103  |
| Premium allocation approach | Premium allocation approach |  | 28102  | - | - | 28102  |
| **Reinsurance service expense subtotal** | **Reinsurance service expense subtotal** |  | 28102  | 56227  | 59876  | 144205  |
|  |  | W | 306478  | 279309  | 193446  | 779233  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**18. <u>Insurance contracts liabilities (continued)</u>**

(b) Details of insurance profits and losses for the nine-month periods ended September 30, 2025 and 2024 are as follows (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  |  | **Three-month** | **Three-month** | **Three-month** | **Three-month** |
|  |  |  | **Retroactive modification method** | **Fair value method** | **Etc.** | **Total** |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | &nbsp;&nbsp;&nbsp;&nbsp;Expected insurance premiums and<br>other expected insurance service<br>expenses | W | 188817 | 164918  | 91366  | 445101  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Risk-adjusted change amount |  | 14018 | 10170  | 23345  | 47533  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Contractual service margin<br>amortization |  | 87848 | 62105  | 78781  | 228734  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Recovery of insurance acquisition cash<br>flows |  | 22443  | 78  | 83388  | 105909  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Etc. (\*) |  | (2657) | 98  | (1675) | (4234) |
|  |  |  | 310469  | 237369  | 275205  | 823043  |
| Premium allocation approach | Premium allocation approach |  | 24719  | - | 447  | 25166  |
| **Insurance revenue subtotal** | **Insurance revenue subtotal** |  | 335188  | 237369  | 275652  | 848209  |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | &nbsp;&nbsp;&nbsp;&nbsp;Accrued insurance premiums and other<br>incurred insurance service expenses |  | 196150  | 194977  | 118014  | 509141  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Changes in incident fulfillment cash<br>flow |  | (5331) | (36401) | (7150) | (48882) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Costs related to loss-bearing contracts |  | (5245) | 8933  | 12206  | 15894  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Amortization of insurance acquisition<br>cash flows |  | 22530  | 78  | 83300  | 105908  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Etc. (\*) |  | (2351) | 511  | (16590) | (18430) |
|  |  |  | 205753  | 168098  | 189780  | 563631  |
| Premium allocation approach | Premium allocation approach |  | 31840  | - | 633  | 32473  |
| **Insurance service expense subtotal** | **Insurance service expense subtotal** | W | 237593  | 168098  | 190413  | 596104  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**18. <u>Insurance contracts liabilities (continued)</u>**

(b) Details of insurance profits and losses for the nine-month periods ended September 30, 2025 and 2024 are as follows (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  |  | **Three-month** | **Three-month** | **Three-month** | **Three-month** |
|  |  |  | **Retroactive modification method** | **Fair value method** | **Etc.** | **Total** |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | Accrued reinsurance amount | W | 203  | 24637  | 31200  | 56040  |
|  | Changes in incident fulfillment cash flow |  | 64  | (9030) | 2054  | (6912) |
|  | Etc. (\*) |  | 16  | (146) | 78  | (52) |
|  |  |  | 283  | 15461  | 33332  | 49076  |
| Premium allocation approach | Premium allocation approach |  | 10959  | - | - | 10959  |
| **Reinsurance revenue subtotal** | **Reinsurance revenue subtotal** |  | 11242  | 15461  | 33332  | 60035  |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | &nbsp;&nbsp;&nbsp;&nbsp;Expected reinsurance amount |  | - | 9295  | 10033  | 19328  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Risk-adjusted change amount |  | - | 868  | 789  | 1657  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Contractual service margin<br>amortization |  | - | 2896  | 6046  | 8942  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Etc. (\*) |  | - | 2174  | 10404  | 12578  |
|  |  |  | - | 15233  | 27272  | 42505  |
| Premium allocation approach | Premium allocation approach |  | 10333  | - | - | 10333  |
| **Reinsurance service expense subtotal** | **Reinsurance service expense subtotal** |  | 10333  | 15233  | 27272  | 52838  |
|  |  | W | 98504  | 69499  | 91299  | 259302  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**18. <u>Insurance contracts liabilities (continued)</u>**

(b) Details of insurance profits and losses for the nine-month periods ended September 30, 2025 and 2024 are as follows (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
|  |  |  | **Nine-month** | **Nine-month** | **Nine-month** | **Nine-month** |
|  |  |  | **Retroactive modification method** | **Fair value method** | **Etc.** | **Total** |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | &nbsp;&nbsp;&nbsp;&nbsp;Expected insurance premiums and<br>other expected insurance service<br>expenses | W | 577919  | 517703  | 136744  | 1232366  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Risk-adjusted change amount |  | 36618  | 26886  | 33577  | 97081  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Contractual service margin<br>amortization |  | 343147  | 182814  | 182963  | 708924  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Recovery of insurance acquisition cash<br>flows |  | 91685  | 313  | 169666  | 261664  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Etc. (\*) |  | (11000) | (136) | 4607  | (6529) |
|  |  |  | 1038369  | 727580  | 527557  | 2293506  |
| Premium allocation approach | Premium allocation approach |  | 44725  | -  | 311  | 45036  |
| **Insurance revenue subtotal** | **Insurance revenue subtotal** |  | 1083094  | 727580  | 527868  | 2338542  |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | &nbsp;&nbsp;&nbsp;&nbsp;Accrued insurance premiums and other<br>incurred insurance service expenses |  | 565113  | 440001  | 132454  | 1137568  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Changes in incident fulfillment cash<br>flow |  | 4278  | 58050  | 8169  | 70497  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Costs related to loss-bearing contracts |  | 8011  | 5201  | 5407  | 18619  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Amortization of insurance acquisition<br>cash flows |  | 91807  | 313  | 169544  | 261664  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Etc. (\*) |  | (9136) | 471  | (37771) | (46436) |
|  |  |  | 660073 | 504036 | 277803 | 1441912 |
| Premium allocation approach | Premium allocation approach |  | 56417 | - | 946 | 57363 |
| **Insurance service expense subtotal** | **Insurance service expense subtotal** | W | 716490 | 504036 | 278749 | 1499275 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**18. <u>Insurance contracts liabilities (continued)</u>**

(b) Details of insurance profits and losses for the nine-month periods ended September 30, 2025 and 2024 are as follows (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
|  |  |  | **Nine-month** | **Nine-month** | **Nine-month** | **Nine-month** |
|  |  |  | **Retroactive modification method** | **Fair value method** | **Etc.** | **Total** |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | Accrued reinsurance amount | W | 35  | 47705  | 6054  | 53794  |
|  | Changes in incident fulfillment cash flow |  | 52  | (19274) | (1113) | (20335) |
|  | Etc. (\*) |  | 19  | (6148) | (3059) | (9188) |
|  |  |  | 106  | 22283  | 1882  | 24271  |
| Premium allocation approach | Premium allocation approach |  | 14226 | - | - | 14226 |
| **Reinsurance revenue subtotal** | **Reinsurance revenue subtotal** |  | 14332 | 22283 | 1882 | 38497 |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | &nbsp;&nbsp;&nbsp;&nbsp;Expected reinsurance amount |  | -  | 29708  | 8422  | 38130  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Risk-adjusted change amount |  | -  | 2169  | 700  | 2869  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Contractual service margin<br>amortization |  | -  | (8031) | 7712  | (319) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Etc. (\*) |  | -  | (2810) | 39  | (2771) |
|  |  |  | -  | 21036  | 16873  | 37909  |
| Premium allocation approach | Premium allocation approach |  | 12303  | -  | -  | 12303  |
| **Reinsurance service expense subtotal** | **Reinsurance service expense subtotal** |  | 12303 | 21036 | 16873 | 50212 |
|  |  | W | 368633 | 224791 | 234128 | 827552 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**18. <u>Insurance contracts liabilities (continued)</u>**

(b) Details of insurance profits and losses for the nine-month periods ended September 30, 2025 and 2024 are as follows (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
|  |  |  | **Three-month** | **Three-month** | **Three-month** | **Three-month** |
|  |  |  | **Retroactive modification method** | **Fair value method** | **Etc.** | **Total** |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | &nbsp;&nbsp;&nbsp;&nbsp;Expected insurance premiums and<br>other expected insurance service<br>expenses | W | 191814  | 169001  | 52621  | 413436  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Risk-adjusted change amount |  | 11794  | 8816  | 12175  | 32785  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Contractual service margin<br>amortization |  | 109229  | 57190  | 69757  | 236176  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Recovery of insurance acquisition cash<br>flows |  | 30144  | 105  | 65040  | 95289  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Etc. (\*) |  | (3278) | (175) | 1509  | (1944) |
|  |  |  | 339703  | 234937  | 201102  | 775742  |
| Premium allocation approach | Premium allocation approach |  | 18686  | -  | 190  | 18876  |
| **Insurance revenue subtotal** | **Insurance revenue subtotal** |  | 358389 | 234937 | 201292 | 794618 |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | &nbsp;&nbsp;&nbsp;&nbsp;Accrued insurance premiums and other<br>incurred insurance service expenses |  | 193293  | 186435  | 59512  | 439240  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Changes in incident fulfillment cash<br>flow |  | (6287) | (25689) | (1957) | (33933) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Costs related to loss-bearing contracts |  | 7626  | 299  | 6522  | 14447  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Amortization of insurance acquisition<br>cash flows |  | 30189  | 105  | 64996  | 95290  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Etc. (\*) |  | (2522) | 45  | (4447) | (6924) |
|  |  |  | 222299  | 161195  | 124626  | 508120  |
| Premium allocation approach | Premium allocation approach |  | 22181  | -  | 1512  | 23693  |
| **Insurance service expense subtotal** | **Insurance service expense subtotal** | W | 244480 | 161195 | 126138 | 531813 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**18. <u>Insurance contracts liabilities (continued)</u>**

(b) Details of insurance profits and losses for the nine-month periods ended September 30, 2025 and 2024 are as follows (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
|  |  |  | **Three-month** | **Three-month** | **Three-month** | **Three-month** |
|  |  |  | **Retroactive modification method** | **Fair value method** | **Etc.** | **Total** |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | Accrued reinsurance amount | W | 21  | 17455  | 2162  | 19638  |
|  | Changes in incident fulfillment cash flow |  | 7  | (8214) | (786) | (8993) |
|  | Etc. (\*) |  | 12  | (1105) | 114  | (979) |
|  |  |  | 40 | 8136 | 1490 | 9666 |
| Premium allocation approach | Premium allocation approach |  | 5872 | - | - | 5872 |
| **Reinsurance revenue subtotal** | **Reinsurance revenue subtotal** |  | 5912 | 8136 | 1490 | 15538 |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | &nbsp;&nbsp;&nbsp;&nbsp;Expected reinsurance amount |  | -  | 9749  | 2778  | 12527  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Risk-adjusted change amount |  | -  | 741  | 284  | 1025  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Contractual service margin mortization |  | -  | (10773) | 2796  | (7977) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Etc. (\*) |  | -  | (31) | 408  | 377  |
|  |  |  | - | (314) | 6266 | 5952 |
| Premium allocation approach | Premium allocation approach |  | 5554 | - | - | 5554 |
| **Reinsurance service expense subtotal** | **Reinsurance service expense subtotal** |  | 5554 | (314) | 6266 | 11506 |
|  |  | W | 114267 | 82192 | 70378 | 266837 |

---

(\*) Others include allocation of loss components, etc.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**19. <u>Insurance finance income and expense</u>** 

Insurance finance income or expense for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2024** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Three-month** | &nbsp;&nbsp;&nbsp;&nbsp;**Nine-**<br>**month** | &nbsp;&nbsp;&nbsp;&nbsp;**Three-month** | &nbsp;&nbsp;&nbsp;&nbsp;**Nine-**<br>**month** |
| Insurance finance income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance contract |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange rate change effects | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20104  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13268  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13580  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22546  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99510  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115974  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42650  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112778  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129554  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance contract |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The change in non-performance risk by<br>&nbsp;&nbsp;&nbsp;&nbsp;reinsurer |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112769  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129519  |
| Insurance finance expense |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance contract |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange rate change effects |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8866  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8562  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20099  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315673  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774583  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251727  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324539  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783145  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271826  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance contract |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The change in non-performance risk by <br> reinsurer |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271826 |
| **Insurance finance income (expense)** | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(322914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(740291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117484  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142307) |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**20. <u>Equity</u>**

(a) Equity as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** |
| Capital stock (\*): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock  | W | 2695586  | 2695586  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock  |  | 274055  | 274055  |
|  |  | 2969641 | 2969641 |
| Hybrid bond |  | 4749837 | 4600121 |
| Capital surplus: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share premium |  | 11352744  | 11352744  |
| &nbsp;&nbsp;&nbsp;&nbsp;Others  |  | 749304  | 742224  |
|  |  | 12102048 | 12094968  |
| Capital adjustments |  | (843306) | (807114) |
| Accumulated other comprehensive income, net of tax: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on financial assets at FVOCI |  | (2213875) | (2314518) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in other comprehensive loss of associates |  | (7130) | 5701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments for foreign operations |  | (11151) | 296489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss from cash flow hedges |  | (39538) | 3406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurement of defined benefit obligation |  | (409856) | (354087) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in own credit risk on financial liabilities designated under fair value option |  | (4325) | (5569) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net finance gain on insurance contract assets (liabilities) |  | 11730  | 532388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net finance gain on reinsurance contract assets (liabilities) |  | (49197) | 11750 |
|  |  | (2723342) | (1824440) |
| Retained earnings |  | 41615684 | 39020580 |
| Non-controlling interest |  | 2707055  | 2767277 |
|  | W | 60577617  | 58821033 |

---

(\*) Due to profit retirement, the capital is different from the total face value of issued stocks.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**20. <u>Equity (continued)</u>**

(b) Hybrid bonds

Hybrid bonds classified as other equity instruments as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Issue date** | **Maturity date** | **Interest rate (%)** |  | &nbsp;&nbsp;&nbsp;**September 30, 2025** | **December 31, 2024** |
| Hybrid bonds in Korean won | June 25, 2015 | June 25, 2045 | 4.38 | W | - | 199455  |
| Hybrid bonds in Korean won | September 15, 2017 | Perpetual bond | 4.25 |  | 89783  | 89783  |
| Hybrid bonds in Korean won | April 13, 2018 | Perpetual bond | 4.56 |  | 14955  | 14955  |
| Hybrid bonds in Korean won | September 17, 2020 | Perpetual bond | 3.12 |  | - | 448699  |
| Hybrid bonds in Korean won | March 16, 2021 | Perpetual bond | 2.94 |  | 429009  | 429009  |
| Hybrid bonds in Korean won | March 16, 2021 | Perpetual bond | 3.30 |  | 169581  | 169581  |
| Hybrid bonds in Korean won | January 25, 2022 | Perpetual bond | 3.90 |  | 560438  | 560438  |
| Hybrid bonds in Korean won | January 25, 2022 | Perpetual bond | 4.00 |  | 37853  | 37853  |
| Hybrid bonds in Korean won | August 26, 2022 | Perpetual bond | 4.93 |  | 343026  | 343026  |
| Hybrid bonds in Korean won | August 26, 2022 | Perpetual bond | 5.15 |  | 55803  | 55803  |
| Hybrid bonds in Korean won | January 30, 2023 | Perpetual bond | 5.14 |  | 398831  | 398831  |
| Hybrid bonds in Korean won | July 13, 2023 | Perpetual bond | 5.40 |  | 498815  | 498815  |
| Hybrid bonds in Korean won | January 31, 2024 | Perpetual bond | 4.49 |  | 398833  | 398833  |
| Hybrid bonds in Korean won | September 12, 2024 | Perpetual bond | 4.00 |  | 399033  | 399033 |
| Hybrid bonds in Korean won | February 13, 2025 | Perpetual bond | 3.90 |  | 398835  | - |
| Hybrid bonds in Korean won | September 9, 2025 | Perpetual bond | 3.26 |  | 399035  | - |
| Hybrid bonds in foreign currency | May 12, 2021 | Perpetual bond | 2.88 |  | 556007  | 556007 |
|  |  |  |  | W | 4749837  | 4600121 |

---

(\*) For the nine-month period ended September 30, 2025, the deduction for capital related to hybrid bonds issued is W 2,131 million.

The hybrid bonds above can be repaid early after 5 or 10 years from the date of issuance, and the controlling company has an unconditional right to extend the maturity under the same condition or change them to perpetual bonds.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**20. <u>Equity (continued)</u>**

(c) Treasury stock

Changes in treasury stock for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **The number of shares** |  | **Carrying value** | **The number of shares** |  | **Carrying value** |
| Beginning balance | 4585561  | W | 250000  | 6352 | W | 227 |
| Acquisition | 17264831  |  | 913939  | 13899708 |  | 700000 |
| Disposal | - |  | - | (6353) |  | (227) |
| Retirement (\*) | (17950391)  |  | (900000) | (9314146) |  | (450000) |
| Ending balance | 3900001  | W | 263939  | 4585561 | W | 250000 |

---

(\*) For the nine-month period ended September 30, 2025, the Group acquired treasury stocks for retirement and completed the retirement of 7,603,260 shares and 10,347,131 shares on April 29, 2025 and June 26, 2025, respectively. For the year ended December 31, 2024, the Group acquired treasury stocks for retirement and completed the retirement of 3,366,257 shares and 5,947,889 shares on March 22, 2024 and November 1, 2024, respectively.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**20. <u>Equity (continued)</u>**

(d) Accumulated other comprehensive income

Changes in accumulated other comprehensive income for the nine-month period ended September 30, 2025 and the year ended December 31, 2024 are as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** |
|  |  | **Items that are or may be reclassified to profit or loss** | **Items that are or may be reclassified to profit or loss** | **Items that are or may be reclassified to profit or loss** | **Items that are or may be reclassified to profit or loss** | **Items that are or may be reclassified to profit or loss** | **Items that are or may be reclassified to profit or loss** | **Items that will never be reclassified to profit or loss** | **Items that will never be reclassified to profit or loss** | **Items that will never be reclassified to profit or loss** | **Items that will never be reclassified to profit or loss** | Total |
|  |  | Gain (loss) on securities at FVOCI | Equity in other comprehens-<br>ive income (loss) of<br>associates  | Foreign currency translation<br>adjustments<br>for foreign<br>operations | Net gain (loss) from cash flow hedges | Net finance gain on insurance contract assets<br>(liabilities) | Net finance <br>gain on <br>reinsurance<br> contract assets<br>(liabilities) | Remeasure<br>-ments of<br>the defined benefit<br>plans | Equity in other comprehensi-<br>ve income (expense) of<br>associates | Gain (loss) on securities at <br>FVOCI | Gain (loss) on financial <br>liabilities <br>designated at<br>FVTPL<br>attributable to<br>changes in<br>credit risk | Total |
| &nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;W | (2482668) | 5692  | 296489  | 3406  | 532388  | 11750  | (354087) | 9  | 168150  | (5569) | (1824440) |
| &nbsp;&nbsp;&nbsp;Change due to fair value  |  | 80224  | (20119) | - | - | (707624) | (82804) | - | - | 141194  | (2522) | (591651) |
| Reclassification: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change due to impairment or disposal |  | (48967) | 662  | - | - | - | - | - | - | - | - | (48305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of hedge accounting |  | - | - | - | 121286  | - | - | - | - | - | - | 121286  |
| &nbsp;&nbsp;Hedging |  | (27247) | - | 67560  | (179479) | - | - | - | - | - | - | (139166) |
| &nbsp;&nbsp;&nbsp;Effects from changes in foreign exchange rate |  | - | 2023  | (381765) | - | - | - | - | - | (3374) | - | (383116) |
| &nbsp;&nbsp;&nbsp;Remeasurements of the net defined benefit plans |  | - | - | - | - | - | - | (75996) | - | - | - | (75996) |
| &nbsp;&nbsp;&nbsp;Deferred income taxes |  | (691) | 4603  | 3308  | 15249  | 186966  | 21857  | 19938  | - | (36360) | 668  | 215538  |
| &nbsp;&nbsp;&nbsp;Transfer to other account |  | - | - | - | - | - | - | - | - | (4572) | 3098  | (1474) |
| &nbsp;&nbsp;&nbsp;Non-controlling interests |  | 436  | - | 3257  | - | - | - | 289  | - | - | - | 3982  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending balance | &nbsp;&nbsp;&nbsp;&nbsp;W | (2478913) | (7139) | (11151) | (39538) | 11730  | (49197) | (409856) | 9  | 265038  | (4325) | (2723342) |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**20. <u>Equity (continued)</u>**

(d) Accumulated other comprehensive income (continued)

Changes in accumulated other comprehensive income for the nine-month period ended September 30, 2025 and the year ended December 31, 2024 are as follows (continued):

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2024** |
|  |  | **Items that are or may be reclassified to profit or loss** | **Items that are or may be reclassified to profit or loss** | **Items that are or may be reclassified to profit or loss** | **Items that are or may be reclassified to profit or loss** | **Items that are or may be reclassified to profit or loss** | **Items that are or may be reclassified to profit or loss** | **Items that will never be reclassified to profit or loss** | **Items that will never be reclassified to profit or loss** | **Items that will never be reclassified to profit or loss** | **Items that will never be reclassified to profit or loss** | Total |
|  |  | Gain (loss) on securities at FVOCI | Equity in other comprehensi-<br>ve income (expense) of<br>associates | Foreign currency translation<br>adjustments<br>for foreign<br>operations | Net gain (loss)<br>from cash<br>flow<br>hedges | Net finance <br>Income (expense) on insuran-ce contract <br>assets <br>(liabilities) | Net finance <br>Income (expense) on reinsurance contract assets <br>(liabilities) | Remeasure<br>-ments of<br>the defined benefit<br>plans | Equity in other comprehensi-<br>ve income (expense) of<br>associates | Gain (loss) on securities at <br>FVOCI | Gain (loss) on <br>financial <br>liabilities <br>designated at<br>FVTPL<br>attributable to<br>changes in<br>credit risk | Total |
| &nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;W | (3628434) | (979) | (118517) | (35108) | 2866623  | 13273 | (292328) | 9 | 124892 | (3884) | (1074453) |
| &nbsp;&nbsp;&nbsp;Change due to fair value  |  | 1465249 | 16732 | - | - | (3171476) | (2077) | - | - | 55179 | (8616) | (1645009) |
| Reclassification: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change due to impairment or disposal |  | 119594 | - | (593) | - | - | - | - | - | - | - | 119001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of hedge accounting |  | - | - | - | (582424) | - | - | - | - | - | - | (582424) |
| &nbsp;&nbsp;Hedging |  | (30371) | - | (221221) | 634645 | - | - | - | - | - | - | 383053 |
| &nbsp;&nbsp;&nbsp;Effects from changes in foreign exchange rate |  | - | (7668) | 624565 | - | - | - | - | - | 13017 | - | 629914 |
| &nbsp;&nbsp;&nbsp;Remeasurements of the net defined benefit plans |  | - | - | - | - | - | - | (83937) | - | - | - | (83937) |
| &nbsp;&nbsp;&nbsp;Deferred income taxes |  | (407849) | (2393) | 13431 | (13707) | 837241 | 554 | 21794 | - | (17609) | 2275 | 433737 |
| &nbsp;&nbsp;&nbsp;Transfer to other account |  | - | - | - | - | - | - | - | - | (7329) | 4656 | (2673) |
| &nbsp;&nbsp;&nbsp;Non-controlling interests |  | (857) | - | (1176) | - | - | - | 384 | - | - | - | (1649) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending balance | &nbsp;&nbsp;&nbsp;&nbsp;W | (2482668) | 5692 | 296489 | 3406 | 532388 | 11750 | (354087) | 9 | 168150 | (5569) | (1824440) |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**20. <u>Equity (continued)</u>**

(e) Regulatory reserve for loan losses

In accordance with Regulations for the Supervision of Financial Institutions, the Group reserves the difference between allowance for credit losses by K-IFRS and that as required by the Regulations at the account of regulatory reserve for loan losses in retained earnings.

*i) Changes in regulatory reserve for loan losses including non-controlling interests as of September 30, 2025 and December 31, 2024 are as follows:*

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **December 31, 2024** |
| Beginning balance | W | 3,969,339  | 3,456,487 |
| Expected regulatory reserve for loan losses |  | 230,571  | 512,852 |
| Ending balance | W | 4,199,910  | 3,969,339 |

---

*ii) Profit attributable to equity holders of Shinhan Financial Group and earnings per share after factoring in regulatory reserve for loan losses for the nine-month periods ended September 30, 2025 and 2024 are as follows:* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  |  | &nbsp;&nbsp;**Three-**<br>**month** | &nbsp;&nbsp;**Nine-**<br>**month** | &nbsp;&nbsp;**Three-month** | &nbsp;&nbsp;**Nine-**<br>**month** |
| &nbsp;&nbsp;&nbsp;Profit attributable to equity holders of Shinhan Financial Group | W | 1423544  | 4460943  | 1297068  | 4044079  |
| &nbsp;&nbsp;&nbsp;Provision for regulatory reserve for loan losses |  | (172578) | (223255) | (93338) | (610445) |
| &nbsp;&nbsp;&nbsp;Profit attributable to equity holders of Shinhan Financial Group adjusted for regulatory reserve | W | 1250966  | 4237688  | 1203730  | 3433634  |
| &nbsp;&nbsp;&nbsp;Basic and diluted earnings per share adjusted for regulatory reserve in Korean won (\*) | W | 2295 | 8372 | 2195 | 6400 |

---

(\*) Dividends for hybrid bonds are deducted.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**20. <u>Equity (continued)</u>**

(f) Dividends

*i*) Quarterly dividends paid by the controlling company for the nine-month period ended September 30, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Record date** |  | **Total dividends**  |
| Common stock (W 570 per share) | March 31, 2025 (1Q) | W | 278127 |
| Common stock (W 570 per share) | June 30, 2025 (2Q) |  | 276732  |
|  |  | W | 554859  |

---

*ii*) By resolutions of the 24th general meeting of stockholders, the annual dividends declared to be paid by the controlling company to the shareholders of the Company in respect of the year ended December 31, 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  |  | **Total dividends**  |
| Common stock (W540 per share) | W | 267755 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**21. <u>Operating income</u>**

Operating income for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  |  | **Three-**<br>**month** | &nbsp;&nbsp;**Nine-**<br>**month** | **Three-**<br>**month** | &nbsp;&nbsp;**Nine-**<br>**month** |
| Operating income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 6902736  | 20937846  | 7402644  | 21838101  |
| &nbsp;&nbsp;&nbsp;Fees and commission income |  | 1194707  | 3395250  | 1081702  | 3267780  |
| &nbsp;&nbsp;&nbsp;Insurance income |  | 848209  | 2487883  | 794618  | 2338542  |
| &nbsp;&nbsp;&nbsp;Reinsurance income |  | 60035  | 142401  | 15538  | 38497  |
| &nbsp;&nbsp;&nbsp;Insurance finance income |  | 1650  | 42879  | 112769  | 129519  |
| &nbsp;&nbsp;&nbsp;Dividend income |  | 40236  | 173779  | 41257  | 194811  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on financial instruments at fair value through profit or loss |  | 1052093  | 3255359  | 793476  | 3347418  |
| &nbsp;&nbsp;&nbsp;Income from derivatives held for trading |  | 358454  | 12777765  | 2244642  | 13760907  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on financial instruments designated at fair value through profit or loss |  | 3024  | 188579  | 85754  | 201263  |
| &nbsp;&nbsp;&nbsp;Gain (loss) on foreign currency transaction |  | (1314684) | 3777770  | (1281834) | 3294972  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of financial securities at fair value through other comprehensive income  |  | 80814  | 268108  | 94543  | 167161  |
| &nbsp;&nbsp;&nbsp;Gain on disposal of securities at amortized cost |  | 1  | 2  | -  | -  |
| &nbsp;&nbsp;&nbsp;Reversal of allowance for credit loss |  | 51606  | 85008  | (9677) | 1743  |
| &nbsp;&nbsp;&nbsp;Gain (loss) on hedging instruments |  | (42311) | 569288  | (16988) | 389777  |
| &nbsp;&nbsp;&nbsp;Other operating income |  | 278260  | 752969  | 263602  | 745681  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 9514830  | 48854886  | 11622046  | 49716172  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**22. <u>Net interest income</u>**

Net interest income for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  |  | **Three-**<br>**month** | &nbsp;&nbsp;**Nine-**<br>**month** | **Three-**<br>**month** | &nbsp;&nbsp;**Nine-**<br>**month** |
| Interest income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and due from banks at amortized cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 192465  | 572595  | 201845  | 583940  |
| &nbsp;&nbsp;&nbsp;Deposit at FVTPL |  | 383  | 901  | 84  | 84  |
| &nbsp;&nbsp;&nbsp;Securities at FVTPL |  | 362470  | 1126505  | 437400  | 1250058  |
| &nbsp;&nbsp;&nbsp;Securities at FVOCI |  | 723252  | 2133085  | 692328  | 2035113  |
| &nbsp;&nbsp;&nbsp;Securities at amortized cost |  | 259328  | 790914  | 281784  | 833530  |
| &nbsp;&nbsp;&nbsp;Loans at amortized cost |  | 5253364  | 15966222  | 5674164  | 16779668  |
| &nbsp;&nbsp;&nbsp;Loans at FVTPL |  | 14184  | 73581  | 21453  | 68950  |
| &nbsp;&nbsp;&nbsp;Insurance finance interest income |  | 62709  | 167773  | 53051  | 166421  |
| &nbsp;&nbsp;&nbsp;Others |  | 34581  | 106270  | 40535  | 120337  |
|  |  | 6902736  | 20937846  | 7402644  | 21838101  |
| Interest expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits |  | 2222969  | 6954358  | 2615228  | 7624792  |
| &nbsp;&nbsp;&nbsp;Interests on financial liabilities designated at FVTPL |  | 3975  | 10809  | 3345  | 9935  |
| &nbsp;&nbsp;&nbsp;Borrowings |  | 361570  | 1151803  | 484870  | 1469070  |
| &nbsp;&nbsp;&nbsp;Debt securities issued |  | 830188  | 2502726  | 867056  | 2504992  |
| &nbsp;&nbsp;&nbsp;Insurance finance interest expenses |  | 458837  | 1405114  | 475186  | 1433804  |
| &nbsp;&nbsp;&nbsp;Others |  | 77644  | 246643  | 101972  | 302808  |
|  |  | 3955183  | 12271453  | 4547657  | 13345401  |
| Net interest income | W | 2947553  | 8666393  | 2854987  | 8492700  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**23. <u>Net fees and commission income</u>**

Net fees and commission income for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  |  | &nbsp;&nbsp;**Three-month** | &nbsp;&nbsp;**Nine-**<br>**month** | &nbsp;&nbsp;**Three-month** | &nbsp;&nbsp;**Nine-**<br>**month** |
| Fees and commission income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit placement fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 17894  | 50563  | 19846  | 60277  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commission received as electronic charge receipt |  | 37940  | 112197  | 36787  | 110940  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokerage fees |  | 145916  | 351687  | 96775  | 309468  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commission received as agency  |  | 46343  | 136807  | 40359  | 119192  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment banking fees |  | 112031  | 257429  | 83680  | 176675  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commission received in foreign exchange activities |  | 126792  | 328367  | 92107  | 265947  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trust management fees |  | 66161  | 187159  | 62576  | 188914  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card fees |  | 279692  | 882173  | 323062  | 1008630  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease fees |  | 162383  | 495277  | 162459  | 487771  |
| &nbsp;&nbsp;&nbsp;&nbsp;Others |  | 199555  | 593591  | 164051  | 539966  |
|  |  | 1194707  | 3395250  | 1081702  | 3267780  |
| Fees and commission expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit-related fee |  | 11930  | 33844  | 15149  | 39819  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card fees |  | 262011  | 748824  | 244878  | 711992  |
| &nbsp;&nbsp;&nbsp;&nbsp;Others |  | 152706  | 404401  | 131108  | 406093  |
|  |  | 426647  | 1187069  | 391135  | 1157904  |
| Net fees and commission income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 768060  | 2208181  | 690567  | 2109876  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**24. <u>Reversal</u> <u>of (provision for) credit loss allowance</u>**

Reversal of (provision for) credit loss allowance on financial assets for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  |  | **Three-month** | **Nine-month** | **Three-month** | **Nine-month** |
| Allowance provided: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans at amortized cost | W | (463236) | (1511054) | (451175) | (1295632) |
| &nbsp;&nbsp;&nbsp;Other financial assets at amortized cost |  | (17246) | (56065) | (12711) | (48423) |
| &nbsp;&nbsp;&nbsp;Securities at FVOCI |  | (2023) | (5992) | (1832) | (1832) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unused credit commitments and financial guarantee |  | - | - | 53136  | (55595) |
|  |  | (482505) | (1573111) | (412582) | (1401482) |
| Allowance reversed: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities at FVOCI |  | - | - | (9973) | -  |
| &nbsp;&nbsp;&nbsp;Securities at amortized cost |  | 333  | 392  | 296  | 1743  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unused credit commitments and financial guarantee |  | 51273  | 84616  | - | - |
|  |  | 51606  | 85008  | (9677) | 1743  |
|  | W | (430899) | (1488103) | (422259) | (1399739) |

---

**25. <u>General and administrative expenses</u>**

General and administrative expenses for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  |  | &nbsp;&nbsp;**Three-month** | &nbsp;&nbsp;**Nine-month** | &nbsp;&nbsp;**Three-month** | &nbsp;&nbsp;**Nine-month** |
| Employee benefits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and bonuses  | W | 852114  | 2506385  | 847659  | 2463285  |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance benefits: |  | 43524  | 138085  | 43537  | 128802  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defined contribution |  | 10423  | 30877  | 9681  | 28725  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defined benefit |  | 33101  | 107208  | 33856  | 100077  |
| &nbsp;&nbsp;&nbsp;&nbsp;Termination benefits |  | 40990  | 45172  | 978  | 7002  |
|  |  | 936628  | 2689642  | 892174  | 2599089  |
| Entertainment |  | 9664  | 29253  | 10381  | 30724  |
| Depreciation |  | 128821  | 403093  | 138636  | 398707  |
| Amortization |  | 75170  | 227954  | 76730  | 200725  |
| Taxes and utility bills |  | 106286  | 244202  | 58184  | 208910  |
| Advertising |  | 79652  | 196597  | 75277  | 191112  |
| Research |  | 6787  | 20563  | 5774  | 17338  |
| Others |  | 175214  | 606976  | 232088  | 686490  |
|  | W | 1518222  | 4418280  | 1489244  | 4333095  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**26. <u>Share-based payments</u>**

(a) Performance shares granted as of September 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Expired** | **Not expired** |
| Type | Cash-settled share-based payment | Cash-settled share-based payment |
| Performance conditions | Relative stock price linked (20.0%), management index (80.0%) | Relative stock price linked (20.0%), management index (80.0%) |
| Exercising period | 4 years from the commencement date of the year to which the grant date belongs | 4 years from the commencement date of the year to which the grant date belongs |
| Estimated number of shares vested as of September 30, 2025 | 193735 | 2599317 |
| Fair value per share in Korean won | W 33,122, W 37,387 <br>W 37,081, W 38,156, and W 50,444 for the expiration of exercising period from 2020 to 2024 | W 70,800 |

---

(\*) Based on performance-based stock compensation, the reference stock price (the arithmetic average of the weighted average share price of transaction volume for the past two months, the past one month, and the past one week from the day before the base date) of four years after the commencement of the grant year is paid in cash, and the fair value of the reference stock price to be paid in the future is assessed as the closing price of the settlement.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**26. <u>Share-based payments (continued)</u>**

(b) Share-based compensation costs for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Employees of** | **Employees of** |  |
|  |  | **The controlling company** | **The subsidiaries** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 8149 | 69470 | 77619 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
|  |  | **Employees of** | **Employees of** |  |
|  |  | **The controlling company** | **The subsidiaries** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 6807  | 55655  | 62462  |

---

(c) Accrued expenses recognized related to share-based payment transactions as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | **Accrued expenses** | **Accrued expenses** | **Accrued expenses** |
|  |  | **The controlling company** | **The subsidiaries** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 19707 | 171825 | 191532 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | **Accrued expenses** | **Accrued expenses** | **Accrued expenses** |
|  |  | **The controlling company** | **The subsidiaries** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 16396 | 135356 | 151752 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**27. <u>Income tax expense</u>**

Income tax expense for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  |  | &nbsp;&nbsp;**Three-month** | &nbsp;&nbsp;**Nine-**<br>**month** | &nbsp;&nbsp;**Three-month** | &nbsp;&nbsp;**Nine-**<br>**month** |
| Current income tax expense | W | 459538 | 1094113 | 406986  | 974274  |
| Deferred income tax expense (benefit) arising from the origination and reversal of temporary differences (\*) |  | (53160) | 171328 | (4109) | (58214) |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) recognized outside profit or loss (\*) |  | 92055 | 216394 | 37042  | 386988  |
| Income tax expense | W | 498433 | 1481835 | 439919  | 1303048  |
| Effective tax rate | % | 25.55 | 24.58 | 24.92 | 24.01 |

---

(\*) Due to the implementation of the global minimum tax law, the current income tax expense as of September 30, 2025, is W 936 million. The Group does not recognize deferred tax assets and liabilities related to global minimum tax laws by applying the temporary exception provision for deferred tax in K-IFRS No. 1012.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**28. <u>Earnings per share</u>**

Basic and diluted earnings per share for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  |  | &nbsp;&nbsp;**Three-**<br>**month** | &nbsp;&nbsp;**Nine-**<br>**month** | &nbsp;&nbsp;**Three-month** | &nbsp;&nbsp;**Nine-**<br>**month** |
| &nbsp;&nbsp;Profit attributable to equity holders of Shinhan Financial Group | W | 1423544  | 4460943  | 1297068  | 4044079  |
| Less:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends to hybrid bonds |  | (44300) | (143433) | (38591) | (124397) |
| Profit available for common stock | W | 1379244  | 4317510  | 1258477  | 3919682  |
| &nbsp;&nbsp;&nbsp;Weighted average number of common shares outstanding (\*) |  | 484176455 | 489018087 | 503986567 | 507942592 |
| Basic and diluted earnings per share in Korean won | W | 2849 | 8829 | 2497 | 7717 |

---

(\*) As of September 30, 2025, the number of common shares issued by the Group is 485,494,934 shares, and the weighted average number of outstanding shares reflects changes such as the acquisition and retirement of treasury stock for the nine-month periods ended September 30, 2025 and 2024.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**29. <u>Commitments and contingencies</u>**

(a) Guarantees, acceptances and credit commitments as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantees and purchase agreements: |  |  |  |
| &nbsp;&nbsp;&nbsp;Outstanding guarantees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 16180272  | 15315381 |
| &nbsp;&nbsp;&nbsp;Contingent guarantees  |  | 4271639  | 5068782 |
| &nbsp;&nbsp;&nbsp;ABS and ABCP purchase agreements |  | 2338585  | 2123665 |
|  |  | 22790496  | 22507828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitments to extend credit: |  |  |  |
| &nbsp;&nbsp;&nbsp;Loan commitments in won |  | 93286383  | 93064772 |
| &nbsp;&nbsp;&nbsp;Loan commitments in foreign currency  |  | 26787289  | 28613692 |
| &nbsp;&nbsp;&nbsp;Unused credit commitments |  | 93055273  | 90700766 |
| &nbsp;&nbsp;&nbsp;Other agreements |  | 6534003  | 6601564 |
|  |  | 219662948  | 218980794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endorsed bills: |  |  |  |
| &nbsp;&nbsp;&nbsp;Secured endorsed bills |  | 11626  | 1367 |
| &nbsp;&nbsp;&nbsp;Unsecured endorsed bills |  | 11465946  | 11937894 |
|  |  | 11477572  | 11939261 |
|  | W | 253931016  | 253427883 |

---

(b) Legal contingencies

As of September 30, 2025, the Group is involved with 1,322 pending lawsuits as a defendant with total litigation fee of W 1,494,841 million.

As of September 30, 2025, the Group has recorded W 135,445 million and W 5,298 million, respectively, as other provisions and insurance contract liabilities for litigations, etc., which have been decided to lose at the first trial. The outcome of the remaining litigations other than those accounted for provisions, etc. are not expected to have a material impact on the consolidated financial statements, but additional losses may result from future litigation.

(c) As a Prime Brokerage Service (PBS) provider, Shinhan Securities Co., Ltd. entered into a total return swap (TRS) agreement, derivatives that exchange profits and losses from underlying assets such as stocks, bonds, and funds, with a fund managed by Lime Asset Management (the "Lime Fund"). Through the TRS agreement with Shinhan Securities Co., Ltd., the Lime Fund invested approximately USD 200 million in the IIG Global Trade Finance Fund, IIG Trade Finance Fund, and IIG Trade Finance Fund–FX Hedge (hereinafter referred to as the "IIG Fund") between May and September 2017. In 2019, under the management instructions of Lime Asset Management, Shinhan Securities Co., Ltd. made an in-kind investment of the IIG Fund into LAM Enhanced Finance III L.P. (the "LAM III Fund") and acquired beneficiary certificates of the LAM III Fund. The recoverable value of the LAM III Fund's beneficiary certificates is dependent on the recoverable value of the IIG Fund previously invested in kind. In November 2019, the IIG Fund was subject to a registration cancellation and asset freeze by the U.S. Securities and Exchange Commission (SEC).

In its interim inspection report issued in February 2020, the Financial Supervisory Service (FSS) stated that Shinhan Securities Co., Ltd. was involved in concealing losses and committing fraud in connection with the Lime Fund while operating TRS agreements, and a related prosecution investigation has since been ongoing. On November 12, 2021, the Financial Services Commission (FSC) finalized institutional sanctions against Shinhan Securities Co., Ltd., including a six-month ban on the sale of new private equity funds.

In addition, the former director of Prime Brokerage Services at Shinhan Securities Co., Ltd. was arrested and indicted on charges of fraud and violation of the Financial Investment Services and Capital Markets Act. The director was subsequently found guilty.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**29. <u>Commitments and contingencies (continued)</u>**

On January 22, 2021, the prosecution indicted Shinhan Securities Co., Ltd. and the former director of its Prime Brokerage Services department for violating the Financial Investment Services and Capital Markets Act. On March 15, 2023, Shinhan Securities Co., Ltd. was sentenced to a fine of W 50 million for negligence in its duty of supervision. Meanwhile, Shinhan Securities Co., Ltd. remains involved in civil litigation with Woori Bank, Mirae Asset Securities, Hana Bank, and Shin Young Securities in connection with the criminal case. On February 14, 2025, the company partially lost the first-instance trial against Woori Bank and Mirae Asset Securities and paid approximately W 63.2 billion in damages. In consideration of the first trial verdict, Shinhan Securities Co., Ltd. recognized a litigation provision of approximately W 38.4 billion as of September 30, 2025.

Taking into consideration the resolutions of the board of directors and the results of the dispute settlement committee of the Financial Supervisory Service, Shinhan Securities Co., Ltd. has completed, or plans to carry out, compensation and liquidity support for certain products, including the Lime Trade Finance Fund.

(d) From May 2014 to November 2019, Shinhan Securities Co., Ltd. sold trust instruments related to the Gen2 project. As of September 30, 2025, redemptions for the entire outstanding balance of approximately W 420 billion have been suspended, and repayments have been delayed. In accordance with a resolution of the Board of Directors dated September 28, 2021, Shinhan Securities Co., Ltd. decided to compensate customers who agreed to the suspension of redemption by paying 40% of their invested principal, with the remaining balance to be settled upon recovery of the underlying investments. On August 29, 2023, the Board of Directors resolved to proceed with a private settlement under a post-settlement arrangement. Furthermore, on December 8, 2023, the Board resolved to proceed with private settlements under a post-settlement arrangement for the NH-UK Peterborough Power Plant Trust product, and on September 2, 2025, the Complaints Review Committee resolved to apply the same approach to the Lime M360 Fund and other related trust products.

(e) Shinhan Asset Trust Co., Ltd. is engaged in completion-guaranteed land trust projects, under which the company assumes responsibility for ensuring project completion in the event the contractor fails to do so. If Shinhan Asset Trust Co., Ltd. fails to fulfill this obligation, it is liable to compensate financial institutions for any losses incurred. For the period ended September 30, 2025, Shinhan Asset Trust Co., Ltd. had entered into agreements for a total of 19 projects (including those already completed), such as a studio apartment development in Sincheon-dong, Siheung-si, Gyeonggi Province, under a management-type land trust with a guaranteed completion clause. As of September 30, 2025, the total project financing (PF) commitment amount from financial institutions related to these projects was W 1,307,630 million, and the outstanding PF loan balance amounted to W 1,210,511 million.

As of September 30, 2025, the guaranteed completion deadlines for 9 project sites (including completed ones) have passed. The total project financing (PF) loan commitment limits for these sites amount to W 349,930 million, with loan balances of W 323,506 million.

Shinhan Asset Trust Co., Ltd. continuously assesses the impact of off-balance sheet commitments to ensure that they are appropriately reflected in the financial statements, if necessary.

(f) As of September 30, 2025, Shinhan Asset Trust Co., Ltd. may lend a portion of the total project cost to the trust account in relation to loan-type land trust agreements, etc., and the maximum commitment amount of PF loans (unused limit) is W 292,154 million. Regarding the project, Shinhan Asset Trust Co., Ltd. is not unconditionally obligated to provide trust account loans. Instead, such decisions are made after comprehensively considering factors such as the proprietary account and the cash flow plans of each trust project.

(g) As of September 30, 2025, Shinhan Bank and Shinhan Securities Co., Ltd. are under investigation by the Korea Fair Trade Commission regarding alleged unfair collusion among financial institutions*.* In addition, Shinhan Life Insurance is expected to receive inspection results and corrective action requirements for certain matters identified during the regular examination conducted by the Financial Supervisory Service in 2023. The outcomes of these matters cannot be reasonably estimated at this time.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**30. <u>Statement of cash flows</u>**

Cash and cash equivalents in the consolidated statements of cash flows as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **December 31, 2024** |
| Cash and due from banks at amortized cost | W | 47237607  | 40547054 |
| &nbsp;&nbsp;Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from financial institutions with a maturity over<br>&nbsp;&nbsp;&nbsp;&nbsp;three months from date of acquisition |  | (1141539) | (1655932) |
| &nbsp;&nbsp;&nbsp;Restricted due from banks |  | (2896329) | (3643579) |
|  |  | (4037868) | (5299511) |
|  | W | 43199739  | 35247543 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**31. <u>Related parties</u>**

Intra-group balances, and income and expenses arising from intra-group transactions are eliminated in preparing the consolidated financial statements. In accordance with K-IFRS No. 1024, the Group defines the retirement benefit plans of the associates, key management and their families, the consolidation Group and related parties as the scope of related parties. The amount of profit and loss, receivable balance and payable balance between the Group and the related parties are disclosed. For details of the associates and joint ventures, refer to 'Note 12'

(a) Balances with the related parties as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Related party** | **Account** |  | **September 30, 2025** | **December 31, 2024** |
| **Investments in associates:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas Cardif Life Insurance | Credit card loans | W | 180  | 154  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | ACL |  | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Accrued income | W | 15  | 23  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Deposits |  | 4951  | 5559  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Allowance for unused credit commitments |  | 1  | 1  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incorporated association Finance Saving<br>Information Center | Credit card loans |  | 1  | 2  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 〃 | Deposits |  | 5  | 3  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura-Rifa Private Real Estate Investment<br>Trust No.19 | Loans |  | 11400  | 11700  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 〃 | ACL |  | (544) | (247) |
| SH MAIN Professional Investment Type <br> Private Mixed Asset Investment Trust No.3 | Accrued income |  | 60  | 71  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea Finance Security | Deposits |  | 130  | 131  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Credit card loans |  | 7  | 6  |
| &nbsp;&nbsp;&nbsp;&nbsp;Korea Credit Bureau | Deposits |  | 1000  | 24  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Credit card loans |  | 918  | 616  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | ACL |  | - | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Goduck Gangil1 PFV Co., Ltd | Deposits |  | - | 4  |
| &nbsp;&nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. | Loans |  | 497800  | 984600  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | ACL |  | (3890) | (1345) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Accrued income |  | 46  | 89  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Allowance for unused credit commitments |  | 793  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Deposits |  | 3  | 105  |
| &nbsp;&nbsp;&nbsp;&nbsp;Goduck Gangil10 PFV Co., Ltd. | Deposits |  | 348  | 11899  |
| &nbsp;&nbsp;&nbsp;&nbsp;EDNCENTRAL Co., Ltd.  | Loans |  | - | 25400  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | ACL |  | - | (74) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Accrued income |  | - | 64  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Deposits |  | - | 1170  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Provisions |  | - | 156  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Global Healthcare Investment Fund 2 | Deposits |  | 1  | 1  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future-Creation Neoplux Venture Capital Fund | Account receivables |  | 3600  | 3600  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gyeonggi-Neoplux Superman Fund | Account receivables |  | - | 1696  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Neoplux Energy Newbiz Fund | Account receivables |  | - | 721  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**31. <u>Related parties(continued)</u>**

(a) Balances with the related parties as of September 30, 2025 and December 31, 2024 are as follows (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Related party** | **Account** |  | **September 30, 2025** | **December 31, 2024** |
| **Investments in associates (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SHINHAN-NEO Core Industrial Technology Fund | Account receivables | W | - | 399  |
| &nbsp;&nbsp;&nbsp;&nbsp;Neoplux No.3 Private Equity Fund | Account receivables |  | - | 7532  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wave Technology | Deposits |  | 189  | 115  |
| &nbsp;&nbsp;&nbsp;&nbsp;SHINHAN-NEO Market-Frontier 2nd Fund | Account receivables |  | - | 1402  |
| &nbsp;&nbsp;&nbsp;&nbsp;iPIXEL Co., Ltd. | Credit card loans |  | 15  | 14  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | ACL |  | - | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Deposits |  | 36  | 717  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Allowance for unused credit commitments |  | - | 1  |
| &nbsp;&nbsp;&nbsp;&nbsp;NewWave 6th Fund | Account receivables |  | - | 877  |
| &nbsp;&nbsp;&nbsp;&nbsp;DDI LVC Master Real Estate Investment Trust Co.,Ltd. | Deposits |  | 802  | 852  |
| &nbsp;&nbsp;&nbsp;&nbsp;Logisvalley Shinhan REIT Co., Ltd. | Loans |  | 33000  | 33000  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | ACL |  | (30) | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Accrued income |  | 38  | 75  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Deposits |  | 1656  | 1340  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Albatross tech investment Fund | Deposits |  | 1595  | 4339  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan VC tomorrow venture fund 1 | Account receivables |  | - | 2474  |
| &nbsp;&nbsp;&nbsp;&nbsp;JS Shinhan Private Equity Fund | Accrued income |  | 138  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Time 1st Investment fund | Deposits |  | - | 64  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NH-J&-IBKC Label Technology Fund | Deposits |  | 4  | 59  |
| &nbsp;&nbsp;&nbsp;&nbsp;SH K REITs Infra Real Estate Investment Trust | Accrued income |  | 4  | 5  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-CJ TechInnovation Fund 1st | Deposits |  | 5000  | 3100  |
| &nbsp;&nbsp;&nbsp;&nbsp;SH US Buyback&High Dividend Security Feeder<br>Investment Trust(H)[Equity] | Accrued income |  | 13  | 12  |
| &nbsp;&nbsp;&nbsp;&nbsp;SH Prestige High Dividend Security Feeder No.1[Equity] | Accrued income |  | 18  | 14  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan General Private Real Estate Investment Trust No.3 | Accrued income |  | 50  | 44  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capstone REITs No.26 | Loans |  | 20000  | 20000  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | ACL |  | (21) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Accrued income |  | 90  | 90  |
| &nbsp;&nbsp;&nbsp;&nbsp;SHINHAN Mid and SMALL-SIZED OFFICE VALUE-ADDED MO REIT Co., Ltd. | Accrued income |  | 227  | 145  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**31. <u>Related parties(continued)</u>**

(a) Balances with the related parties as of September 30, 2025 and December 31, 2024 are as follows (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Related party** | **Account** |  | **September 30, 2025** | **December 31, 2024** |
| **Investments in associates (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-GB FutureFlow L.P. | Account receivables | W | - | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;〃 | Unearned revenue |  | 159  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;LB Scotland Amazon Fulfillment Center Fund 29 | Derivative assets |  | 57  | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan AIM FoF Fund 1-A | Derivative assets |  | - | 3511 |
| &nbsp;&nbsp;&nbsp;&nbsp;PineStreet Global Corporate FoF XIII-2 (NCXI) | Derivative assets |  | 352  | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;CASCADETECH INC | Deposits |  | 1  | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;SONGPA BIZ CLUSTER PFV CO LTD | Loans |  | 44848  | 22424 |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | ACL |  | (242) | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Accrued income |  | 46  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Allowance for unused credit commitments |  | 48 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Deposits |  | 1423  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;STIC ALT Global II Private Equity Fund | Deposits |  | 805  | 2207 |
| &nbsp;&nbsp;&nbsp;&nbsp;TECHFIN RATINGS Co., Ltd. | Credit card loans |  | 24  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | ACL |  | - | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Deposits |  | 15211  | 21611 |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Allowance for unused credit commitments |  | 1  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura-Rifa Private Real Estate Investment Trust 31 | Loans |  | 13860  | 14000 |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | ACL |  | (179) | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;Pacific Private Placement Real Estate Fund No.40 | Loans |  | 14000  | 14000 |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | ACL |  | (76) | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Accrued income |  | 152  | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-DS Mezzanine Fund 1 | Unearned revenue |  | 154  | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Csquared Mezzanine Fund 1 | Unearned revenue |  | 29  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;KR Seocho Co., Ltd. | Loans |  | 11871  | 11871 |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | ACL |  | (227) | (213) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Accrued income |  | 1409  | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;KB Distribution Private Real Estate 3-1 | Loans |  | 2000  | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | ACL |  | - | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Accrued income |  | - | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Dev Healthcare Investment Fund 1 | Unearned revenue |  | 26  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Credila Financial Services | Loans |  | 22134  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | ACL |  | (88) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Deposits |  | 2372  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Rio Green Private Equity Fund | Deposits |  | 1800  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;D2U 12th Fund | Deposits |  | 500  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Finflow | Deposits |  | 25  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Fireant Media and Digital Service Joint Stock Company | Deposits |  | 5  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;META TB ESG PRIVATE EQUITY FUND I | Deposits |  | 300  | - |
| **Key management personnel** <br>**and their immediate relatives:** | Loans |  | 4059  | 3402 |
|  | Assets |  | 677134  | 1165274 |
|  | Liabilities | W | 39373  | 53707 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**31. <u>Related parties (continued)</u>**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Related party** | **Account** |  | **September 30, 2025** | **September 30, 2024** |
| **Investments in associates:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas Cardif Life Insurance | Fees and commission income | W | 765  | 940  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Interest expense |  | (8) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Albatross Technology Investment Fund | Fees and commission income |  | 274  | 1047  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Interest expense |  | (5) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Nvestor Liquidity Solution Fund | Fees and commission income |  | 174  | 192  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-PS Investment Fund No.1 | Fees and commission income |  | 8  | 15  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura-Rifa Private Real Estate Investment Trust No.19 | Interest income |  | 430  | 441  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Provision for credit loss |  | (297) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;SH MAIN Professional Investment Type Private Mixed Asset Investment Trust No.3 | Fees and commission income |  | 176  | 814  |
| &nbsp;&nbsp;&nbsp;&nbsp;KOREA FINANCE SECURITY CO., LTD. | Fees and commission income |  | 3  | 3  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Other administrative expense |  | (108) | (108) |
| &nbsp;&nbsp;&nbsp;&nbsp;ShinHan – Soo Young Entrepreneur Investment Fund No.1 | Fees and commission income |  | 77  | 3122  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kiwoom-Shinhan Innovation Fund I  | Fees and commission income |  | 28  | 148  |
| &nbsp;&nbsp;&nbsp;&nbsp;FuturePlay-Shinhan TechInnovation Fund 1 | Fees and commission income |  | 179  | 158  |
| &nbsp;&nbsp;&nbsp;&nbsp;Korea Credit Bureau | Fees and commission income |  | 2503  | 1262  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Fees and commission expense |  | (3625) | (3443) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Other administrative expense |  | (472) | (52) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Reversal of credit loss |  | 1  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Interest expense |  | (3) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. | Fees and commission income |  | 29145  | 7839  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Interest income |  | 36470  | 21502  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Interest expense |  | - | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Provision for credit loss |  | (2546) | (793) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Provision for unused commitments |  | (793) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Goduck Gangil10 PFV Co., Ltd. | Interest income |  | - | 30  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Interest expense |  | (78) | (236) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Reversal of credit loss |  | - | 17  |
| &nbsp;&nbsp;&nbsp;&nbsp;Korea Omega Project Fund I | Fees and commission income |  | 2280  | 110  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sparklabs-Shinhan Opportunity Fund 1 | Fees and commission income |  | 1  | 15  |
| &nbsp;&nbsp;&nbsp;&nbsp;EDNCENTRAL Co., Ltd. | Interest income |  | 587  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Fees and commission income |  | 18  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Interest expense |  | (22) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Provision for credit loss |  | (43) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Provision for unused commitments |  | (33) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Kakao-Shinhan 1st TNYT Fund | Fees and commission income |  | 210  | 270  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future-Creation Neoplux Venture Capital Fund | Interest income |  | 380 | 58  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gyeonggi-Neoplux Superman Fund | Fees and commission income |  | 315  | 403  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Neoplux Energy Newbiz Fund  | Fees and commission income |  | 508  | 537  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**31. <u>Related parties (continued)</u>**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Related party** | **Account** |  | **September 30, 2025** | **September 30, 2024** |
| **Investments in associates (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NewWave 6th Fund | &nbsp;&nbsp;&nbsp;Fees and commission income | &nbsp;&nbsp;W | 605  | 698  |
| &nbsp;&nbsp;&nbsp;&nbsp;SHINHAN-NEO Core Industrial Technology Fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 225  | 332  |
| &nbsp;&nbsp;&nbsp;&nbsp;Neoplux No.3 Private Equity Fund | Fees and commission income |  | 1340  | 1942  |
| &nbsp;&nbsp;&nbsp;&nbsp;SHINHAN-NEO Market-Frontier 2nd Fund | Fees and commission income |  | 1146  | 1140  |
| &nbsp;&nbsp;&nbsp;&nbsp;SWK-Shinhan New Technology Investment Fund 1st | Fees and commission income |  | 46  | 46  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ulmus SHC innovation investment fund | Fees and commission income |  | 50  | 52  |
| &nbsp;&nbsp;&nbsp;&nbsp;iPIXEL Co., Ltd. | Reversal of credit loss |  | 1  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Reversal of provisions for unused commitments |  | 1  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;CJL No.1 Private Equity Fund | Interest expense |  | - | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reverent-Shinhan Vista Fund | Fees and commission income |  | 40  | 40  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kiwoom-Shinhan Innovation Fund 2 | Fees and commission income |  | 96  | 120  |
| &nbsp;&nbsp;&nbsp;&nbsp;ETRI Holdings-Shinhan 1st Unicorn Fund | Fees and commission income |  | 58  | 74  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Time mezzanine blind Fund (\*2) | Fees and commission income |  | - | 225  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan VC tomorrow venture fund 1 | Fees and commission income |  | 2180  | 1812  |
| &nbsp;&nbsp;&nbsp;&nbsp;JS Shinhan Private Equity Fund | Fees and commission income |  | 449  | 449  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stonebridge-Shinhan Unicorn Secondary Fund | Fees and commission income |  | 14  | 592  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Kunicorn first Fund | Fees and commission income |  | 261  | 261  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Quantum Startup Fund | Fees and commission income |  | 93  | 114  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Simone Fund Ⅰ | Fees and commission income |  | 10  | 78  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Whitrin New Tech Fund | Fees and commission income |  | 58  | 62  |
| &nbsp;&nbsp;&nbsp;&nbsp;DDI LVC Master Real Estate Investment Trust Co., Ltd. | Interest expense |  | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Logisvalley Shinhan REIT Co., Ltd. | Interest income |  | 1243  | 1275  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Fees and commission income |  | 113  | 93  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Interest expense |  | (2) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Dev Healthcare Investment Fund 1 | Fees and commission income |  | 49  | 82  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Cognitive Start-up Fund L.P. | Fees and commission income |  | 120  | 222  |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Commerce New Technology Investment Fund | Fees and commission income |  | 22  | 30  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-HGI Entities with social responsibility Investment Fund | Fees and commission income |  | 47  | 47  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan WWG Energy Fund New Technology Investment Fund | Fees and commission income |  | 34  | 34  |
| &nbsp;&nbsp;&nbsp;&nbsp;IGIS-Shinhan New Technology Fund 1 | Fees and commission income |  | 36 | 36  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Ji and Tec Smart Innovation Fund | Fees and commission income |  | 195  | 130  |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Net Zero Solution Security Investment Trust (\*1) | Fees and commission income |  | - | 17  |
| &nbsp;&nbsp;&nbsp;&nbsp;SH 1.5years Maturity Investment Type Security Investment Trust No.2 (\*1), (\*3) | Fees and commission income |  | - | 4  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**31. <u>Related parties (continued)</u>**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Related party** | **Account** |  | **September 30, 2025** | **September 30, 2024** |
| **Investments in associates (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Global Active REIT Co., Ltd. (\*1), (\*3) | &nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;W | - | 3982  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Fees and commission income |  | - | 2449  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Derivative-related income |  | - | 8220  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Interest expense |  | - | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Reversal of credit loss |  | - | 218  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Time 1st Investment fund | Fees and commission income |  | 26  | 26  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan SGC ESG Investment Fund 1st | Fees and commission income |  | 86  | 86  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-iSquare Venture PEF 1st | Fees and commission income |  | 75  | 75  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Gene and New Normal First Mover Venture Investment Equity Fund 1st | Fees and commission income |  | 207  | 207  |
| &nbsp;&nbsp;&nbsp;&nbsp;DS-Shinhan-JBWoori New Media New Technology Investment Fund No.1 | Fees and commission income |  | 216  | 216  |
| &nbsp;&nbsp;&nbsp;&nbsp;NH-J&-IBKC Label Technology Fund | Interest expense |  | - | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonanza-Shinhan GIB Innovative Semiconductor Investment Fund | Fees and commission income |  | 55  | 55  |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 Shinhan-JB Woori-Daeshin Listed Companies New Technology Fund | Fees and commission income |  | 146  | 160  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan M&A-ESG Investment Fund | Fees and commission income |  | 804  | 855  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-JW Mezzanin New Technology Fund 1<sup>st</sup> (\*1) | Fees and commission income |  | - | 7  |
| &nbsp;&nbsp;&nbsp;&nbsp;MAN Global Strategy Fund(H) | Fees and commission income |  | - | 5  |
| &nbsp;&nbsp;&nbsp;&nbsp;SH US Buyback&High Dividend Security Feeder Investment Trust(H)[Equity] | Fees and commission income |  | 55  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;SH Prestige High Dividend Security Feeder No.1[Equity] | Fees and commission income |  | 63  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Time Secondary Blind New Technology Investment Association | Fees and commission income |  | 139  | 150  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-OpenWater Pre-IPO Fund-1 | Fees and commission income |  | 100  | 100  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-CJ Technology Innovation Fund No. 1 | Fees and commission income |  | 150  | 150  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Interest expense |  | (47) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Eco Venture Fund 2nd | Fees and commission income |  | 75  | 75  |
| &nbsp;&nbsp;&nbsp;&nbsp;Heungkuk-Shinhan The First Visionary Fund No.1 | Fees and commission income |  | 200  | 200  |
| &nbsp;&nbsp;&nbsp;&nbsp;Koreainvestment-Shinhan-LEP K beauty | Fees and commission income |  | 95  | 190  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan HB Wellness 1st Fund | Fees and commission income |  | 58  | 58  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan J&Wave New Technology Business Investment Association | Fees and commission income |  | 11  | 14  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan General Private Real Estate Investment Trust No.3 | Fees and commission income |  | 154  | 86  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**31. <u>Related parties (continued)</u>**

(b) Transactions with the related parties for the nie-month periods ended September 30, 2025 and 2024 are as follows (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Related party** | **Account** |  | **September 30, 2025** | **September 30, 2024** |
| **Investments in associates (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan DS Secondary Investment Fund | &nbsp;&nbsp;&nbsp;Fees and commission income | &nbsp;&nbsp;W | 150  | 151  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortress-Shinhan Air Cargo No. 1 New Technology Investment Association | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 4  | 76  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Ulmus Small Manager Innovative Enterprise Investment Association No. 7 | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 71  | 71  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan SM Office Value Add – Outsource Management Real Estate Investment Co., Ltd. | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 62  | 62  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-GB FutureFlow Fund L.P. | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 222  | 177  |
| &nbsp;&nbsp;&nbsp;&nbsp;LB Scotland Amazon Fulfillment Center Fund 29 | Derivative-related income |  | 57  | 253  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Other expense |  | - | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan AIM FoF Fund 1-A | Derivative-related income |  | - | 937  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Derivative-related expense |  | - | (232) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Other income |  | - | 22  |
| &nbsp;&nbsp;&nbsp;&nbsp;PineStreet Global Corporate FoF XIII-2 (NC XI) | Derivative-related income |  | 248  | 18  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Other income |  | - | 1  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Regent New Technology Business Investment Association No. 1 | Fees and commission income |  | 84  | 23  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-soo secondary Fund | Fees and commission income |  | 169  | 134  |
| &nbsp;&nbsp;&nbsp;&nbsp;E&Shinhan New Growth-Up Fund | Fees and commission income |  | 121  | 177  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cascade Tech Co., Ltd. | Reversal of credit loss |  | - | 6  |
| &nbsp;&nbsp;&nbsp;&nbsp;TECHFIN RATINGS Co., Ltd. (\*4) | Fees and commission income |  | 3  | 2  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Interest expense |  | (425) | (524) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Fees and commission expense |  | (1) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Reversal of credit loss |  | 2  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Reversal of provisions for unused commitments |  | 6  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;SONGPA BIZ CLUSTER PFV CO., LTD. | Interest income |  | 1716  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Fees and commission income |  | - | 9178  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Interest expense |  | - | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Provision for credit loss |  | (123) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Reversal of provisions for unused commitments |  | 47  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;STIC ALT Global II Private Equity Fund | Interest expense |  | (1) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rifa Private Real Estate Investment Trust 31 | Interest income |  | 567  | 553  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Provision for credit loss |  | (152) | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;Pacific Private Placement Real Estate Fund No.40 | Interest income |  | 589  | 771  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Provision for credit loss |  | (1) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-DS Mezzanine New Technology Investment Association No. 1 | Fees and commission income |  | 203  | 106  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Csquared Mezzanine Fund 1 | Fees and commission income |  | 30  | 10  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Time BM Sub-Director New Technology Association | Fees and commission income |  | 55  | 110  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**31. <u>Related parties (continued)</u>**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Related party** | **Account** |  | **September 30, 2025** | **September 30, 2024** |
| **Investments in associates (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;KR Seocho Co., Ltd. | &nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;W | 1050  | 1005  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Provision for credit loss |  | (14) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Market-Frontier Investment Association No. 3 | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 1173  | 635  |
| &nbsp;&nbsp;&nbsp;&nbsp;K-REITs Infrastructure Real Estate Fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 48  | 33  |
| &nbsp;&nbsp;&nbsp;&nbsp;KB Distribution Private Real Estate 3-1 | &nbsp;&nbsp;&nbsp;Interest income |  | 62  | 77  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Reversal of (provision for) credit loss |  | 4  | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capstone REITs No.26 | Interest income |  | 748  | 337  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Provision for credit loss |  | - | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;Wave Technology | Fees and commission expense |  | (300) | (300) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credila Financial Services | Interest income |  | 1499  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Fees and commission income |  | 9  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Provision for credit loss |  | (88) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Interest expense |  | (42) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Rio Green Private Equity Fund | Fees and commission income |  | 52  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Interest expense |  | (28) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Startup Korea Vision 2024 Fund | Fees and commission income |  | 587  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-soo Investment Green Wiz Fund | Fees and commission income |  | 412  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Time Premier Fund | Fees and commission income |  | 120  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Finflow (\*4) | Other non-operating income |  | 2652  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;D2U 12th Fund | Interest expense |  | (4) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Fireant Media and Digital Service Joint Stock Company | Interest expense |  | (1) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Fees and commission income |  | 4  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;META TB ESG PRIVATE EQUITY FUND I | Interest expense |  | (9) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Reverent-Shinhan Root Fund | Fees and commission income |  | 88 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Key management personnel and their close family members** | Interest income |  | 180 | 99 |
|  |  | &nbsp;&nbsp;&nbsp;W | 89601 | 75697 |

---

(\*1) Excluded from the associates due to disposal and liquidation for the year ended December 31, 2024.

(\*2) Excluded from the associates due to disposal and liquidation for the nine-month period ended September 30, 2025.

(\*3) Transactions with the subsidiaries of associates were included for the year ended December 31, 2024.

(\*4) During the current interim period, the Company acquired shares of Finflow through a contribution in kind and recognized the related gain on disposal, amounting to W 2,652 million, as other non-operating income.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**31. <u>Related parties (continued)</u>** 

(c) Key management personnel compensation

Key management personnel compensation for the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Three-**<br>**month** | &nbsp;&nbsp;&nbsp;&nbsp;**Nine-**<br>**month** | &nbsp;&nbsp;&nbsp;&nbsp;**Three-month** | &nbsp;&nbsp;&nbsp;&nbsp;**Nine-**<br>**month** |
| Short-term employee benefits | W | 4487  | 15916  | 5257 | 16784  |
| Severance benefits |  | 139  | 514  | 195 | 621  |
| Share-based payments (\*) |  | 8364  | 17991  | 7211 | 14703  |
|  | W | 12990  | 34421  | 12663  | 32108  |

---

(\*) The above share-based compensation expenses are costs related to share-based compensation arrangements that are still within the vesting period.

(d) The guarantees and purchase agreement provided between the related parties as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Amount of guarantees** | **Amount of guarantees** |  |
| **Guarantor** | **Guaranteed Parties** |  | **September 30,** <br>**2025** | **December 31, 2024** | **Account** |
| Shinhan Bank | &nbsp;&nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. |  | 1243800  | 65400 | Unused loan commitments |
| 〃 | &nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel |  | 826  | 2801 | Unused loan commitments |
| Shinhan Life Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. |  | 174200  | - | Unused loan commitments |
| Shinhan Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. |  | 4100 | - | Unused loan commitments |
| Shinhan Capital Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. |  | 62200  | - | Unused loan commitments |
| 〃 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SONGPA BIZ CLUSTER PFV CO., LTD. |  | 22424  | - | Unused loan commitments |
| Shinhan Card Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas Cardif Life Insurance |  | 820  | 846 | Unused credit card limits |
| The Group | &nbsp;&nbsp;&nbsp;&nbsp;Structured entities |  | 116790  | 204035 | Purchase agreement |
| 〃 | &nbsp;&nbsp;&nbsp;&nbsp;〃 |  | 22502  | 31440 | Derivative agreement |
|  |  | W | 1647662  | 304522 |  |

---

(e) Details of collaterals provided by the related parties as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Amount of assets pledged** | **Amount of assets pledged** |
| **Provided to** | **Provided by** | **Pledged assets** |  | **September 30, 2025** | **December 31, 2024** |
| Shinhan Bank | Logisvalley Shinhan REIT Co., Ltd. | Collateral trust |  | 39600  | 39600 |
| Shinhan Bank | Nomura-Rifa Private Real Estate Investment Trust No.31. | Collateral trust |  | 16632  | 16800 |
| Shinhan Bank | SBC PFV Co., Ltd. | Collateral trust |  | 1440000  | 960000 |
| Shinhan Bank | 〃 | Stocks |  | 7529  | - |
| Shinhan Bank |  |  |  | 1447529  | 960000 |
| Shinhan Bank | Key Management Personnel | Properties |  | 8745  | 6799 |
| Shinhan Bank | 〃 | Deposits and etc. |  | 1228  | 1466 |
| Shinhan Bank | 〃 | Guarantee |  | 995  | 2132 |
| Shinhan Bank |  |  |  | 10968  | 10397 |
|  |  |  | W | 1514729  | 1026797 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**31. <u>Related parties (continued)</u>**

(f) Significant loans and financing transactions with related parties

*i) Details of significant loan and collection transactions with related parties for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** |
| &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Company** |  | &nbsp;&nbsp;**Beginning** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**Collection** | &nbsp;&nbsp;**Others (\*1)** | &nbsp;&nbsp;**Ending** |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;Nomura-Rifa Private Real Estate Investment Trust No.19 | &nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;11700  | &nbsp;&nbsp;- | &nbsp;&nbsp;(300) | &nbsp;&nbsp;- | &nbsp;&nbsp;11400  |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. |  | &nbsp;&nbsp;984600  | &nbsp;&nbsp;1248300  | &nbsp;&nbsp;(1735100) | &nbsp;&nbsp;- | &nbsp;&nbsp;497800  |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;Logisvalley Shinhan REIT Co., Ltd. |  | &nbsp;&nbsp;33000  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;33000  |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;Rifa Private Real Estate Investment Trust 31 |  | &nbsp;&nbsp;14000  | &nbsp;&nbsp;- | &nbsp;&nbsp;(140) | &nbsp;&nbsp;- | &nbsp;&nbsp;13860  |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;Pacific Private Placement Real Estate Fund No.40 |  | &nbsp;&nbsp;14000  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;14000  |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;KR Seocho Co., Ltd. |  | &nbsp;&nbsp;11871  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;11871  |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;SONGPA BIZ CLUSTER PFV CO., LTD. |  | &nbsp;&nbsp;22424  | &nbsp;&nbsp;22424  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;44848  |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;KB Distribution Private Real Estate 3-1 |  | &nbsp;&nbsp;2000  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;2000  |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;Capstone REITs No.26 |  | &nbsp;&nbsp;20000  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;20000  |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;EDNCENTRAL Co., Ltd. (\*2) |  | &nbsp;&nbsp;25400 | &nbsp;&nbsp;7930 | &nbsp;&nbsp;- | &nbsp;&nbsp;(33330) | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;Credila Financial Services |  | &nbsp;&nbsp;- | &nbsp;&nbsp;26567  | &nbsp;&nbsp;(4433) | &nbsp;&nbsp;- | &nbsp;&nbsp;22134  |
| &nbsp;&nbsp;Key Management Personnel | &nbsp;&nbsp;Key Management Personnel |  | &nbsp;&nbsp;3403  | &nbsp;&nbsp;2963  | &nbsp;&nbsp;(2305) | &nbsp;&nbsp;- | &nbsp;&nbsp;4061  |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;1142398 | &nbsp;&nbsp;1308184 | &nbsp;&nbsp;(1742278) | &nbsp;&nbsp;(33330) | &nbsp;&nbsp;674974 |

---

(\*1) The effect of changes in the allowance for credit losses is included.

(\*2) It was excluded from associates due to the loss of significant influence during the nine-month period ended September 30, 2025, and the year-end balance has been reclassified under 'Others'

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2024** |
| &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Company** |  | &nbsp;&nbsp;**Beginning** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**Collection** | &nbsp;&nbsp;**Others (\*1)** | &nbsp;&nbsp;**Ending** |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;Nomura-Rifa Private Real Estate Investment Trust No.19 | &nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;11529  | &nbsp;&nbsp;- | &nbsp;&nbsp;(300) | &nbsp;&nbsp;471  | &nbsp;&nbsp;11700 |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Global Active REIT Co., Ltd. (\*2) |  | &nbsp;&nbsp;- | &nbsp;&nbsp;165400  | &nbsp;&nbsp;(125700) | &nbsp;&nbsp;(39700) | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. |  | &nbsp;&nbsp;- | &nbsp;&nbsp;1169700  | &nbsp;&nbsp;(185100) | &nbsp;&nbsp;- | &nbsp;&nbsp;984600 |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;Goduck Gangil10 PFV Co., Ltd. |  | &nbsp;&nbsp;1100  | &nbsp;&nbsp;- | &nbsp;&nbsp;(1100) | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;Logisvalley Shinhan REIT Co., Ltd. |  | &nbsp;&nbsp;33000  | &nbsp;&nbsp;34175  | &nbsp;&nbsp;(34175) | &nbsp;&nbsp;- | &nbsp;&nbsp;33000 |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;CASCADETECH INC |  | &nbsp;&nbsp;- | &nbsp;&nbsp;66  | &nbsp;&nbsp;(66) | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;Nomura-Rifa Private Real Estate Investment Trust No.31. |  | &nbsp;&nbsp;- | &nbsp;&nbsp;28000  | &nbsp;&nbsp;(14000) | &nbsp;&nbsp;- | &nbsp;&nbsp;14000 |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;Pacific Private Placement Real Estate Fund No.40 |  | &nbsp;&nbsp;- | &nbsp;&nbsp;14000  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;14000 |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;KR Seocho Co., Ltd. |  | &nbsp;&nbsp;- | &nbsp;&nbsp;11871  | &nbsp;&nbsp;(7000) | &nbsp;&nbsp;7000  | &nbsp;&nbsp;11871 |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;SONGPA BIZ CLUSTER PFV CO., LTD. |  | &nbsp;&nbsp;- | &nbsp;&nbsp;22424  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;22424 |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;KB Distribution Private Real Estate 3-1 |  | &nbsp;&nbsp;- | &nbsp;&nbsp;2000  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;2000 |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;Capstone REITs No.26 |  | &nbsp;&nbsp;- | &nbsp;&nbsp;20000  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;20000 |
| &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;EDNCENTRAL Co., Ltd. |  | &nbsp;&nbsp;- | &nbsp;&nbsp;25400  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;25400 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Key Management Personnel |  | &nbsp;&nbsp;5005 | &nbsp;&nbsp;1493  | &nbsp;&nbsp;(3095) | &nbsp;&nbsp;- | &nbsp;&nbsp;3403 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;50634 | &nbsp;&nbsp;1494529  | &nbsp;&nbsp;(370536) | &nbsp;&nbsp;(32229) | &nbsp;&nbsp;1142398 |

---

(\*1) The effect of changes in the allowance for credit losses is included.

(\*2) It was excluded from associates due to the loss of significant influence during the year ended December 31, 2024, and the year-end balance has been reclassified under 'Others'

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

September 30, 2025 and 2024(Unaudited), and December 31, 2024

(In millions of won)

**31. <u>Related parties (continued)</u>**

(f) Significant loans and financing transactions with related parties (continued)

*ii) Details of significant borrowing and repayment transactions with related parties for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** |
| &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Company** |  | &nbsp;&nbsp;**Beginning** | &nbsp;&nbsp;**Borrowing** | &nbsp;&nbsp;**Repayment** | &nbsp;&nbsp;**Ending** |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;NH-J&-IBKC Label Technology Fund | &nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;59  | &nbsp;&nbsp;- | &nbsp;&nbsp;(59) | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;Shinhan Rio Green Private Equity Fund |  | &nbsp;&nbsp;- | &nbsp;&nbsp;4600  | &nbsp;&nbsp;(2800) | &nbsp;&nbsp;1800  |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;TECHFIN RATINGS Co., Ltd. |  | &nbsp;&nbsp;18000  | &nbsp;&nbsp;23000  | &nbsp;&nbsp;(26000) | &nbsp;&nbsp;15000  |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;Shinhan-CJ TechInnovation Fund 1st |  | &nbsp;&nbsp;3100  | &nbsp;&nbsp;11000  | &nbsp;&nbsp;(9100) | &nbsp;&nbsp;5000  |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;D2U 12th Fund |  | &nbsp;&nbsp;- | &nbsp;&nbsp;500  | &nbsp;&nbsp;- | &nbsp;&nbsp;500  |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;META TB ESG PRIVATE EQUITY FUND I |  | &nbsp;&nbsp;- | &nbsp;&nbsp;300  | &nbsp;&nbsp;- | &nbsp;&nbsp;300  |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;Korea Credit Bureau |  | &nbsp;&nbsp;- | &nbsp;&nbsp;1000  | &nbsp;&nbsp;- | &nbsp;&nbsp;1000  |
|  | &nbsp;&nbsp;Total | &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;21159 | &nbsp;&nbsp;40400 | &nbsp;&nbsp;(37959) | &nbsp;&nbsp;23600 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2024** |
| &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Company** |  | &nbsp;&nbsp;**Beginning** | &nbsp;&nbsp;**Borrowing** | &nbsp;&nbsp;**Repayment** | &nbsp;&nbsp;**Ending** |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;NH-J&-IBKC Label Technology Fund | &nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;248  | &nbsp;&nbsp;522  | &nbsp;&nbsp;(711) | &nbsp;&nbsp;59  |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;TECHFIN RATINGS Co., Ltd. |  | &nbsp;&nbsp;- | &nbsp;&nbsp;46000  | &nbsp;&nbsp;(28000) | &nbsp;&nbsp;18000  |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;CJL No.1 Private Equity Fund |  | &nbsp;&nbsp;265  | &nbsp;&nbsp;282  | &nbsp;&nbsp;(547) | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;Shinhan-CJ TechInnovation Fund 1st |  | &nbsp;&nbsp;- | &nbsp;&nbsp;3100  | &nbsp;&nbsp;- | &nbsp;&nbsp;3100  |
|  | &nbsp;&nbsp;Total | &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;513 | &nbsp;&nbsp;49904 | &nbsp;&nbsp;(29258) | &nbsp;&nbsp;21159 |

---

(\*) Settlement balances between related parties and payable deposits with frequent movements are excluded.

**32. <u>Events after the reporting period</u>**

The Company resolved to pay a quarterly dividend of W 570 per common share by a resolution of the Board of Directors on October 28, 2025. The total amount of dividends is W 273,369 million, and the record date is November 4, 2025.

------