# EDGAR Filing Document

**Accession Number:** 0001263043
**File Stem:** 0001193125-26-086950
**Filing Date:** 2026-3
**Character Count:** 407781
**Document Hash:** 2f3e0ad493b61841cddfd95c87969a39
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-086950.hdr.sgml**: 20260303

**ACCESSION NUMBER**: 0001193125-26-086950

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20260303

**FILED AS OF DATE**: 20260303

**DATE AS OF CHANGE**: 20260303

**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:** 26711353

**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 March 2026**

**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 

------

**<u>Submission of Audit Report (Shinhan Card)</u>**

On March 3, 2026, Shinhan Financial Group disclosed audit reports of Shinhan Card, its wholly-owned subsidiary, for the fiscal year 2025 based on the International Financial Reporting Standards as adopted by the Republic of Korea.

The financial statements with external auditor's report are not yet approved by stockholder's meeting approval process, thus contents are subjected to be changed in the due course of the approval process

Please refer to Exhibit 99.1 and 99.2 for Independent Auditor's Reports on consolidated and separate financial statements.

Exhibit 99.1 : Independent Consolidated Auditor's Report of Shinhan Card as of December 31, 2025

Exhibit 99.2 : Independent Separate Auditor's Report of Shinhan Card as of December 31, 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.

---

| | | |
|:---|:---|:---|
|  | <u>Shinhan Financial Group Co., Ltd</u>. | <u>Shinhan Financial Group Co., Ltd</u>. |
|  | (Registrant) | (Registrant) |
| &nbsp;&nbsp;&nbsp;&nbsp;Date: March 03, 2026 | By: | /s/ JANG Jeong Hoon |
|  | Name: JANG Jeong Hoon | Name: JANG Jeong Hoon |
|  | Title: Chief Financial Officer | Title: Chief Financial Officer |

---

------

## Exhibit 99.1

**SHINHAN CARD CO., LTD. AND SUBSIDIARIES**

Consolidated Financial Statements

**December 31, 2025 and 2024** 

(With Independent Auditors' Report Thereon)

------

Contents

---

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

---

------

**Independent Auditors' Report**

Based on a report originally issued in Korean

To the Board of Directors and Shareholder of

Shinhan Card Co., Ltd.:

***Opinion***

We have audited the consolidated financial statements of Shinhan Card Co., Ltd. and its subsidiaries (the "Group"), which comprise the consolidated statements of financial position as of December 31, 2025 and 2024, the consolidated statements of comprehensive income, changes in equity and cash flows for the years then ended, and notes, comprising of material accounting policy information and other explanatory information.

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

***Basis for Opinion***

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

***Other Matter***

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

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

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

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

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

------

***Auditors' Responsibilities for the Audit of the Consolidated Financial Statements***

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

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

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

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.

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

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

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

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

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

KPMG Samjong Accounting Corp.

Seoul, Korea

March 3, 2026

------

This report is effective as of March 3, 2026, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the accompanying consolidated financial statements and notes thereto. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.<br>

------

SHINHAN CARD CO., LTD. AND SUBSIDIARIES

**Consolidated Statements of Financial Position**

**As of December 31, 2025 and 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | ***Note*** |  | **2025** | **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** |  |  |  |  |
| Cash and due from banks | *1040* | W | 550151 | 864692 |
| Financial assets at fair value through profit or loss | *11* |  | 684773 | 606717 |
| Derivative assets | *12* |  | 567126 | 670186 |
| Credit card receivables at amortized cost and others | *13* |  | 36758882 | 37267649 |
| Lease assets | *14* |  | 1907243 | 2133859 |
| &nbsp;&nbsp;Financial assets at fair value through other<br>comprehensive income | *16* |  | 353044 | 378530 |
| Property and equipment, net | *1517* |  | 626229 | 645716 |
| Intangible assets | *18* |  | 213329 | 228428 |
| Investments in associates | *19* |  | 124995 | 101903 |
| Current tax assets | *39* |  | 34 | 4 |
| Deferred tax assets | *39* |  | 132913 | 131277 |
| Investment property | *20* |  | 44451 | 45642 |
| Defined benefit assets | *24* |  | 11524 | 5011 |
| Other assets | *21* |  | 912839 | 1057480 |
| Assets of a disposal group classified as held for sale | *45* |  | 299199 | - |
| **Total assets** |  | W | 43186732 | 44137094 |
| &nbsp;&nbsp;&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** |  |  |  |  |
| Derivative liabilities | *12* | W | 880 | 6100 |
| Borrowings | *22* |  | 4401105 | 6550378 |
| Debentures, net | *23* |  | 25514667 | 24409874 |
| Defined benefit obligations | *24* |  | - | 173 |
| Current tax liabilities | *39* |  | 77722 | 69112 |
| Provisions | *25* |  | 245715 | 220948 |
| Other liabilities | *1526* |  | 4196359 | 4603613 |
| Liabilities of a disposal group classified as held for sale | *45* |  | 250402 | - |
| **Total liabilities** |  | W | 34686850 | 35860198 |
| &nbsp;&nbsp;&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** |  |  |  |  |
| Common stock | *27* | W | 626847 | 626847 |
| Hybrid bonds | *27* |  | 699822 | 699822 |
| Capital surplus | *27* |  | 860729 | 860729 |
| Capital adjustments | *27* |  | (2765) | (2354) |
| Accumulated other comprehensive loss | *27* |  | (20029) | (79023) |
| Retained earnings | *2728* |  | 6306502 | 6147734 |
| &nbsp;&nbsp;&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 attributable to owner of the Company** |  |  | 8471106 | 8253755 |
| **Non-controlling interests**  | *27* |  | 28776 | 23141 |
| **Total equity** |  | W | 8499882 | 8276896 |
| **Total liabilities and equity** |  | W | 43186732 | 44137094 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won, except earnings per share)* | ***Note*** |  | **2025** | **2024** |
| Interest income |  | W | 3067760 | 2984234 |
| Interest expense |  |  | (1120263) | (1053063) |
| Net interest income | *32* |  | 1947497 | 1931171 |
| Fee and commission income |  |  | 1956931 | 2073548 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fee and commission expense |  |  | (1370820) | (1305206) |
| Net fee and commission income | *33* |  | 586111 | 768342 |
| Dividend income | *34* |  | 939 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on financial assets at fair value through profit or <br>loss | *11* |  | 4323 | 24795 |
| Net gain (loss) on derivatives | *12* |  | 31658 | 577817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) on foreign currency transactions | *7* |  | 21825 | (534736) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit loss allowance | *35* |  | (911600) | (917238) |
| General administrative expenses | *36* |  | (854058) | (819733) |
| Other operating expense, net | *37* |  | (216675) | (273650) |
| **Operating income** |  |  | 610020 | 757441 |
| Non-operating income, net | *38* |  | (3126) | 12081 |
| Share of gain (loss) of associates |  |  | 12794 | (4053) |
| **Profit before income tax** |  |  | 619688 | 765469 |
| Income tax expense | *39* |  | (139483) | (190208) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Profit for the year** |  | W | 480205 | 575261 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other comprehensive income (loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Items that will never be reclassified subsequently to profit or loss** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Remeasurement of the net defined benefit obligations | 2427 | W | (950) | (11669) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net changes in the unrealized fair value of financial assets at fair value through other comprehensive income | 727 |  | (1650) | (12788) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Items that are or may be reclassified subsequently to profit or loss**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) on financial assets at fair value through other comprehensive income |  |  | (3446) | 4469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net changes in the unrealized fair value of cash flow hedges | 1227 |  | 72634 | (18379) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments for foreign operations | 27 |  | (7419) | 16380 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other comprehensive income (loss) for the year, net of tax** |  |  | 59169 | (21987) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total comprehensive income for the year** |  | W | 539374 | 553274 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHINHAN CARD CO., LTD. AND SUBSIDIARIES<br>**Consolidated Statements of Comprehensive Income** <br>**For the years ended December 31, 2025 and 2024**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Note*** |  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Profit attributable to:**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity holders of Shinhan Card Co., Ltd. | *30* | W | 476745 | 572147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests  |  |  | 3460 | 3114 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Profit for the year** |  | W  | 480205 | 575261 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total comprehensive income (loss) attributable to:**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity holders of Shinhan Card Co., Ltd |  | W | 535739 | 550576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests  |  |  | 3635 | 2698 |
| **Total comprehensive income** |  | W | 539374 | 553274 |
| **Earnings per share**<br>Basic and diluted earnings per share (in won) | *30* | W | 3548 | 4309 |

---

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

------

SHINHAN CARD CO., LTD. AND SUBSIDIARIES

**Consolidated Statements of Changes in Equity** 

**For the year ended December 31, 2025**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
| &nbsp;&nbsp;&nbsp;*(In millions of won)* |  | **Common**<br>**stock** | **Hybrid**<br>**bonds** | **Capital**<br>**surplus** | **Capital**<br>**adjustments** | **Accumulated other**<br>**comprehensive income (loss)** | **Retained earnings** | **Sub total** | **Non-controlling interests** | **Total**<br>**equity** |
| **Balance at January 1, 2025** | W | 626847 | 699822 | 860729 | (2354) | (79023) | 6147734 | 8253755 | 23141 | 8276896 |
| &nbsp;&nbsp;**Transactions with owner** |  |  |  |  |  |  |  |  |  |  |
| Dividends |  | - | - | - | - | - | (286093) | (286093) | - | (286093) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based payment transactions |  | - | - | - | (1) | - | - | (1) | - | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend on hybrid bonds |  | - | - | - | - | - | (31884) | (31884) | - | (31884) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in non-controlling interests |  | - | - | - | (410) | - | - | (410) | 2000 | 1590 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total comprehensive income for the year:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit for the year |  | - | - | - | - | - | 476745 | 476745 | 3460 | 480205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Remeasurement of the net defined benefit obligations |  | - | - | - | - | (950) | - | (950) | - | (950) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net changes in the unrealized fair value of financial assets at fair value through other comprehensive income  |  | - | - | - | - | (5096) | - | (5096) | - | (5096) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net changes in the unrealized fair value of cash flow hedges |  | - | - | - | - | 72634 | - | 72634 | - | 72634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments for foreign operations |  | - | - | - | - | (7594) | - | (7594) | 175 | (7419) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Balance at December 31, 2025**  | W | 626847 | 699822 | 860729 | (2765) | (20029) | 6306502 | 8471106 | 28776 | 8499882 |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
| &nbsp;&nbsp;&nbsp;*(In millions of won)* |  | **Common**<br>**stock** | **Hybrid** <br>**bonds** | **Capital**<br>**surplus** | **Capital**<br>**adjustments** | **Accumulated other**<br>**comprehensive income (loss)** | **Retained earnings** | **Sub total** | **Non-controlling interests** | **Total**<br>**equity** |
| **Balance at January 1, 2024** | W | 626847 | 699822 | 860729 | (1548) | (55952) | 5916393 | 8046291 | 8696 | 8054987 |
| &nbsp;&nbsp;**Transactions with owner** |  |  |  |  |  |  |  |  |  |  |
| Dividends |  | - | - | - | - | - | (310415) | (310415) | - | (310415) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend on hybrid bonds |  | - | - | - | - | - | (31891) | (31891) | - | (31891) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in non-controlling interests |  | - | - | - | (806) | - | - | (806) | 11746 | 10940 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total comprehensive income for the year:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit for the year |  | - | - | - | - | - | 572147 | 572147 | 3114 | 575261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Remeasurement of the net defined benefit obligations |  | - | - | - | - | (11669) | - | (11669) | - | (11669) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net changes in the unrealized fair value of financial assets at fair value through other comprehensive income  |  | - | - | - | - | (9819) | 1500 | (8319) | - | (8319) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net changes in the unrealized fair value of cash flow hedges |  | - | - | - | - | (18379) | - | (18379) | - | (18379) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments for foreign operations |  | - | - | - | - | 16796 | - | 16796 | (415) | 16381 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Balance at December 31, 2024**  | W | 626847 | 699822 | 860729 | (2354) | (79023) | 6147734 | 8253755 | 23141 | 8276896 |

---

------

SHINHAN CARD CO., LTD. AND SUBSIDIARIES

**Consolidated Statements of Cash Flows** 

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |  |
| Profit for the year | W | 480205 | 575261 |
| Adjustments for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | (3067760) | (2984234) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | 1120263 | 1053063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  | (939) | (673) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense |  | 139483 | 190208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee and commission income |  | 41822 | 43450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee and commission expense |  | 983 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains on disposals of financial assets at fair value through profit or loss |  | (1833) | (2110) |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses on disposals of financial assets at fair value through profit or loss |  | 14 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains on valuation of financial assets at fair value through profit or loss |  | (1982) | (4674) |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses on valuation of financial assets at fair value through profit or loss |  | 8273 | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains on derivatives |  | (149207) | (595761) |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses on derivatives |  | 117549 | 17943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net losses on foreign currency transactions |  | 28893 | 574961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit loss allowance |  | 911600 | 917238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee-related expenses |  | 43922 | 25729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expenses |  | 88491 | 85542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for restoration |  | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses |  | 445200 | 465837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating income |  | (1039) | (634) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating expenses |  | 15823 | 2957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share of profit or loss of associates |  | (12794) | 4053 |
|  |  | (273220) | (204411) |
| Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted due from banks |  | (70642) | (10339) |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from banks at amortized cost |  | 198470 | (150300) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss |  | (28291) | 360365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables at amortized cost and other |  | (377218) | (1238419) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease assets |  | (218688) | (517046) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets |  | 35553 | 276872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net defined benefit obligations |  | (39663) | (37027) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisions |  | (42499) | (39105) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities |  | (362717) | (794114) |
|  |  | (905695) | (2149113) |
| Income taxes paid |  | (156047) | (172687) |
| Interest received |  | 2880061 | 2817178 |
| Interest paid |  | (978718) | (872258) |
| Dividend received |  | 939 | 673 |
| **Net cash inflow(outflow) from operating activities**  | W | 1047525 | (5357) |

---

**For the years ended December 31, 2025 and 2024**

------

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  | **2025** | **2024** |
| **Cash flows from investing activities**  |  |  |  |
| &nbsp;&nbsp;Proceeds from disposal of financial assets at fair value through profit or loss | W | 14446 | 7988 |
| Acquisition of financial assets at fair value through profit or loss |  | (68684) | (18865) |
| &nbsp;&nbsp;Proceeds from disposal of financial assets at fair value through other comprehensive income |  | 25492 | 20907 |
| &nbsp;&nbsp;Acquisition of financial assets at fair value through other comprehensive income |  | (5455) | (16300) |
| Acquisition of investments in associates |  | (14250) | (13500) |
| Proceeds from disposal of investments in associates |  | 4583 | - |
| Proceeds from disposal of property and equipment |  | 2479 | 1429 |
| Acquisition of property and equipment |  | (18935) | (32975) |
| Proceeds from disposal of intangible assets |  | 4821 | 1446 |
| Acquisition of intangible assets  |  | (33337) | (27845) |
| Decrease in security deposits paid |  | 13116 | 8041 |
| Increase in security deposits paid |  | (5475) | (2914) |
| **Net cash outflow from investing activities** | W | (81199) | (72588) |
| <br> **Cash flows from financing activities** |  |  |  |
| Proceeds from borrowings | W | 2804603 | 1421207 |
| Repayment of borrowings |  | (4855813) | (3073789) |
| Proceeds from debentures |  | 6626555 | 9544871 |
| Repayment of debentures |  | (5533912) | (7314347) |
| Cash inflows from cash flow hedges |  | 2674668 | 2773828 |
| Cash outflows from cash flow hedges |  | (2446187) | (2748915) |
| Repayment of lease liabilities |  | (15815) | (15256) |
| Dividends paid |  | (286093) | (310415) |
| Increase in security deposits paid |  | (84855) | (53259) |
| Payment of dividend on hybrid bonds |  | (31884) | (31884) |
| Decrease in other financial liabilities |  | - | (10640) |
| Issuance of common stocks |  | 1586 | 10940 |
| **Net cash inflow (outflow) from financing activities**  |  | (1147147) | 192341 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Effect of exchange rate fluctuations on**<br>**cash and cash equivalents**  |  | (1366) | 2134 |
| **Net increase (decrease) in cash and cash equivalents** |  | (182187) | 116530 |
| **Cash and cash equivalents included in assets held for sale** |  | (4526) | - |
| **Cash and cash equivalents at the beginning of the year** |  | 599793 | 483263 |
| &nbsp;&nbsp;&nbsp;**Cash and cash equivalents at the end of the year (Note 40)** | W | 413080 | 599793 |

---

------

SHINHAN CARD CO., LTD. AND SUBSIDIARIES

**Notes to the Consolidated Financial Statements** 

**For the years ended December 31, 2025 and 2024** 

(In millions of won)

Please refer to attached Courtesy PDF from page 10 to 124

------

## Exhibit 99.2

**SHINHAN CARD CO., LTD.**

Separate Financial Statements

**December 31, 2025 and 2024**

(With Independent Auditors' Report Thereon)

------

Contents

---

| | |
|:---|:---|
|  | **Page** |
| Independent Auditors' Report | 1 |
| Separate Statements of Financial Position  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate Statements of Comprehensive Income  | 4 |
| Separate Statements of Changes in Equity  | 5 |
| Separate Statements of Cash Flows | 6 |
| Notes to the Separate Financial Statements | 8 |
| Independent Auditors' Review Report on Internal Control over Financial Reporting<br>| 123 |
| ICFR Operating Status Report by CEO and IAM | 124 |

---

------

**Independent Auditors' Report**

Based on a report originally issued in Korean

To the Board of Directors and Shareholder of

Shinhan Card Co., Ltd.:

***Opinion***

We have audited the separate financial statements of Shinhan Card Co., Ltd.(the "Company"), which comprise the separate statements of financial position as of December 31, 2025 and 2024, the separate statements of comprehensive income, changes in equity and cash flows for the years then ended, and notes, comprising of material accounting policy information and other explanatory information.

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

***Basis for Opinion***

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

***Other Matter***

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

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

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

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

Those charged with governance are responsible for overseeing the Company's financial reporting process.

------

***Auditors' Responsibilities for the Audit of the Separate Financial Statements***

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

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

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

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

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

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

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

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

KPMG Samjong Accounting Corp.

Seoul, Korea

March 3, 2026

This report is effective as of March 3, 2026, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the accompanying separate financial statements and notes thereto. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.<br>

------

SHINHAN CARD CO., LTD.

**Separate Statements of Financial Position**

**As of December 31, 2025 and 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | ***Note*** |  | **2025** | **2024** |
| **Assets** |  |  |  |  |
| Cash and due from banks | *1040* | W | 323689 | 765406 |
| Financial assets at fair value through profit or loss | *11*  |  | 1469374 | 1086138 |
| Derivative assets | *12*  |  | 282834 | 460365 |
| Credit card receivables at amortized cost and other | *13*  |  | 35129236 | 35885321 |
| Lease assets | *14*  |  | 1907346 | 2133970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at fair value through other comprehensive income | *16* |  | 353044 | 378530 |
| Property and equipment, net | *1517* |  | 599930 | 616369 |
| Intangible assets | *18*  |  | 85879 | 95414 |
| Investments in subsidiaries and others | *1944*  |  | 339853 | 352644 |
| Current tax assets | *39*  |  | 34 | 4 |
| Deferred tax assets | *39*  |  | 130488 | 120046 |
| Investment properties | *20*  |  | 44451 | 45642 |
| Defined benefit assets | *24*  |  | 10690 | 4791 |
| Other assets | *21*  |  | 1016607 | 1070685 |
| Assets held for sale | *44* |  | 23090 | - |
| **Total assets** |  | W | 41716545 | 43015325 |
| **Liabilities** |  |  |  |  |
| Derivative liabilities | *12*  | W | 878 | 6099 |
| Borrowings | *22*  |  | 6582344 | 9146092 |
| Debentures, net | *23*  |  | 22335536 | 20858700 |
| Current tax liabilities | *39*  |  | 79770 | 71066 |
| Provisions | *25*  |  | 243931 | 220830 |
| Other liabilities | *1526* |  | 4144631 | 4550400 |
| **Total liabilities** |  | W | 33387090 | 34853187 |
| **Equity** |  |  |  |  |
| Common stock | *27*  | W | 626847 | 626847 |
| Hybrid bonds | *27* |  | 699822 | 699822 |
| Capital surplus | *27*  |  | 860592 | 860592 |
| Capital adjustments | *27*  |  | 1893 | 1895 |
| Accumulated other comprehensive loss | *27*  |  | (45889) | (90513) |
| Retained earnings | *2728* |  | 6186190 | 6063495 |
| **Total equity** |  | W | 8329455 | 8162138 |
| **Total liabilities and equity**  |  | W | 41716545 | 43015325 |

---

*See accompanying notes to the separate financial statements.*

------

SHINHAN CARD CO., LTD.

**Separate Statements of Comprehensive Income**

**For the years ended December 31, 2025 and 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won, except earnings per share)* | ***Note*** |  | **2025** | **2024** |
| Interest income |  | W | 2836003 | 2772751 |
| Interest expense |  |  | (1031336) | (988584) |
| Net interest income | *32* |  | 1804667 | 1784167 |
| Fee and commission income |  |  | 1922705 | 2042575 |
| Fee and commission expense |  |  | (1371790) | (1307632) |
| Net fee and commission income | *33* |  | 550915 | 734943 |
| Dividend income | *34* |  | 553 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on financial assets at fair value through profit or loss | *11* |  | 26545 | 54229 |
| Net gain(loss) on derivatives | *12* |  | (30399) | 320735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain(loss) on foreign currency transactions | *7* |  | 80140 | (278945) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit loss allowance | *35* |  | (867159) | (852319) |
| General administrative expenses | *36* |  | (777952) | (752826) |
| Other operating expense, net | *37* |  | (216777) | (273790) |
| **Operating income** |  |  | 570533 | 736509 |
| Non-operating income, net | *38* |  | (2853) | 11970 |
| **Profit before income tax** |  |  | 567680 | 748479 |
| Income tax expense | *39* |  | (127008) | (186298) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Profit for the year** |  | W | 440672 | 562181 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other comprehensive income (loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Items that will never be reclassified subsequently to profit or loss** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Remeasurement of the net defined benefit obligations | *2427* | W | (645) | (11728) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net changes in the unrealized fair value of financial assets at fair value through other comprehensive income | *727* |  | (1650) | (12788)  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Items that are or may be reclassified subsequently to profit or loss**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) on financial assets at fair value through other comprehensive income | *727* |  | (3446) | 4469  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net changes in the unrealized fair value of cash flow hedges | *1227* |  | 50365 | (8808) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other comprehensive income (loss) for the year, net of tax** |  |  | 44624 | (28855) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total comprehensive income for the year** |  | W | 485296 | 533326 |
| **Earnings per share**<br>Basic and diluted earnings per share (in won) | *30* |  | 3261 | 4230 |

---

*See accompanying notes to the separate financial statements.*

------

SHINHAN CARD CO., LTD.

**Separate Statements of Changes in Equity** 

**For the years ended December 31, 2025 and 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;*(In millions of won)* |  | **Common**<br>**stock** | <br>**Hybrid**<br>**bonds** | **Capital**<br>**surplus** | **Capital adjustments** | **Accumulated other**<br>**comprehensive income (loss)** | **Retained earnings** | **Total** |
| &nbsp;&nbsp;**Balance at January 1, 2024** | W | 626847 | 699822 | 860592 | 1895 | (60158) | 5842119 | 7971117 |
| &nbsp;&nbsp;**Transactions with the owner of the Company:** |  |  |  |  |  |  |  |  |
| Dividends |  | - | - | - | - | - | (310415) | (310415) |
| Dividend on hybrid bonds  |  | - | - | - | - | - | (31890) | (31890) |
| **Total comprehensive income for the year:** |  |  |  |  |  |  |  |  |
| Profit for the year |  | - | - | - | - | - | 562181 | 562181 |
| &nbsp;&nbsp;Remeasurement of the net defined benefit obligations |  | - | - | - | - | (11728) | - | (11728) |
| &nbsp;&nbsp;Net changes in the unrealized fair value of financial assets at fair value through other comprehensive income |  | - | - | - | - | (9819) | 1500 | (8319) |
| &nbsp;&nbsp;Net changes in the unrealized fair value of cash flow hedges |  | - | - | - | - | (8808) | - | (8808) |
| &nbsp;&nbsp;**Balance at December 31, 2024** | W | 626847 | 699822 | 860592 | 1895 | (90513) | 6063495 | 8162138 |
| &nbsp;&nbsp;**Balance at January 1, 2025** | W | 626847 | 699822 | 860592 | 1895 | (90513) | 6063495 | 8162138 |
| &nbsp;&nbsp;**Transactions with the owner of the Company:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dividends |  | - | - | - | - | - | (286093) | (286093) |
| &nbsp;&nbsp;Share-based payment transactions |  | - | - | - | (2) | - | - | (2) |
| Dividend on hybrid bonds  |  | - | - | - | - | - | (31884) | (31884) |
| **Total comprehensive income for the year:** |  |  |  |  |  |  |  |  |
| Profit for the year |  | - | - | - | - | - | 440672 | 440672 |
| &nbsp;&nbsp;Remeasurement of the net defined benefit obligations |  | - | - | - | - | (645) | - | (645) |
| &nbsp;&nbsp;Net changes in the unrealized fair value of financial assets at fair value through other comprehensive income |  | - | - | - | - | (5096) | - | (5096) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net changes in the unrealized fair value of<br>cash flow hedges |  | - | - | - | - | 50365 | - | 50365 |
| **Balance at December 31, 2025** | W | 626847  | 699822  | 860592  | 1893 | (45889) | 6186190 | 8329455 |

---

*See accompanying notes to the separate financial statements.*

------

SHINHAN CARD CO., LTD.

**Separate Statements of Cash Flows**

**For the years ended December 31, 2025 and 2024**

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |  |
| Profit for the year | W | 440672 | 562182 |
| Adjustments for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | (2836003) | (2772751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | 1031336 | 988584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  | (553) | (315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense |  | 127008 | 186298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee and commission income |  | 41822 | 43450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee and commission expense |  | 983 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on disposals of financial assets at fair value through profit or loss |  | (1833) | (2110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on valuation of financial assets at fair value through profit or loss |  | (1987) | (4314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses on valuation of financial assets at fair value through profit or loss |  | 8105 | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on derivatives |  | (35646) | (328023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses on derivatives |  | 66046 | 7288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net losses (gains) on foreign currency transactions  |  | (28737) | 319954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit loss allowance |  | 867159 | 852319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee-related expenses |  | 42995 | 24911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expenses |  | 76531 | 74435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for restoration |  | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses |  | 445424 | 466068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-operating income |  | (1009) | (554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-operating expenses |  | 14999 | 2160 |
|  |  | (183342) | (139907) |
| Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from banks at amortized cost |  | 200000 | (150000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss |  | (333291) | 440365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables at amortized cost and other |  | 140660 | (1169186) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease assets |  | (218613) | (517034) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets |  | (31149) | 254556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net defined benefit obligations |  | (37878) | (35959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions |  | (41427) | (38968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities |  | (364848) | (802211) |
|  |  | (686546) | (2018437) |
| Income taxes paid |  | (143838) | (174406) |
| Interest received |  | 2647215 | 2607552 |
| Interest paid |  | (888910) | (807260) |
| Dividend received |  | 553 | 315 |
| **Net cash inflow from operating activities** | W | 1185804 | 30039 |

---

------

SHINHAN CARD CO., LTD.

**Separate Statements of Cash Flows (continued)**

**For the years ended December 31, 2025 and 2024**

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  | **2025** | **2024** |
| **Cash flows from investing activities**  |  |  |  |
| &nbsp;&nbsp;Proceeds from disposal of financial assets at fair value through profit or loss | W | 12846 | 7791 |
| Acquisition of financial assets at fair value through profit or loss |  | (67077) | (16266) |
| &nbsp;&nbsp;Proceeds from disposal of financial assets at fair value through other comprehensive income |  | 25492 | 20907 |
| &nbsp;&nbsp;Acquisition of financial assets at fair value through other comprehensive income |  | (5455) | (16300) |
| Proceeds from disposal of investments in associates and others |  | 4583 | - |
| Acquisition of investments in associates and others |  | (14250) | (20968) |
| Proceeds from disposal of property and equipment |  | 2236 | 1287 |
| Acquisition of property and equipment |  | (17999) | (31853) |
| Proceeds from disposal of intangible assets |  | 4779 | 1407 |
| Acquisition of intangible assets  |  | (28476) | (26203) |
| Decrease in security deposits paid |  | 12452 | 7691 |
| Increase in security deposits paid |  | (5245) | (2565) |
| Investments in subsidiaries |  | (9811) | - |
| **Net cash outflow from investing activities** | W | (85925) | (75072) |
| **Cash flows from financing activities** |  |  |  |
| Proceeds from borrowings | W | 2094073 | 1558607 |
| Repayment of borrowings |  | (4751255) | (2360000) |
| Proceeds from debentures |  | 6070253 | 8217527 |
| Repayment of debentures |  | (4551800) | (6910000) |
| Cash inflows from cash flow hedges |  | 1453654 | 945714 |
| Cash outflows from cash flow hedges |  | (1243100) | (943750) |
| Repayment of lease liabilities |  | (10584) | (10197) |
| Dividends paid |  | (286093) | (310415) |
| Increase in security deposits paid |  | (84860) | 11780 |
| Payment of dividend on hybrid bonds |  | (31884) | (31884) |
| **Net cash inflow (outflow) from financing activities** |  | (1341596) | 167382  |
| **Net increase (decrease) in cash and cash equivalents** |  | (241717) | 122349 |
| **Cash and cash equivalents at the beginning of the year** |  | 565370 | 443021 |
| **Cash and cash equivalents at the end of the year (Note 40)** | W | 323653 | 565370 |

---

*See accompanying notes to the separate financial statements.*

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements**

**As of and for the years ended December 31, 2025 and 2024**

**1. Reporting Entity**

Shinhan Card Co., Ltd. (the "Company") was incorporated on December 17, 1985. The address of the Company's registered office is Eulji-Ro 100, Building A, Jung-Gu, Seoul (Pine Avenue Eulji-Ro 2 Ga). The Company provides credit card services, factoring, installment financing and lease financing under the Specialized Credit Financial Business Act.

As of December 31, 2025, the Company has approximately 20.42 million (actual member criteria) personal credit card holders, 1.97 million merchants in its network and 42 branch offices (including head office). The Company is a wholly owned subsidiary of Shinhan Financial Group Co., Ltd. ("Shinhan Financial Group").

**2. Basis of Preparation**

The Company prepares its financial statements in accordance with Korean International Financial Reporting Standards ("K-IFRS"), which are accounting standards adopted and promulgated by the International Accounting Standards Board as prescribed in Article 5-1-1 of the Act on External Audit of Stock Companies.

These financial statements are separate financial statements prepared in accordance with K-IFRS No. 1027, 'Separate Financial Statements' presented by a parent, an investor in an associate or a venture in a jointly controlled entity, in which the investments are accounted for on the basis of the direct equity interest rather than on the basis of the reported results and net assets of the investees.

The separate financial statements were authorized for issue by the Board of Directors on February 4, 2026, which will be submitted for approval to the shareholder's meeting to be held on March 25, 2026.

(a) Basis of measurement

The separate financial statements have been prepared on the historical cost basis, except for the following material items in the statements of financial position:

- Derivative financial instruments are measured at fair value;

- Financial instruments at fair value through profit or loss are measured at fair value;

- Financial instruments at fair value through other comprehensive income are measured at fair value;

- Liabilities recognized for cash-settled share-based payment; and

- Present value of liabilities recognized for defined benefit plans, net of the fair value of plan assets.

(b) Functional and presentation currency

These separate financial statements are presented in Korean won, which is the Company's functional currency and the currency of the primary economic environment in which the Company operates.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

**2. Basis of Preparation (continued)**

(c) Use of estimates and judgements

The preparation of the separate 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. If the estimates and assumptions based on management's best judgment as of December 31, 2025 are different from the actual environment, these estimates and actual results may be different.

Estimates and underlying assumptions 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.

Information about critical judgements in applying accounting policies that have a significant effect on the amounts recognized in the separate financial statements and information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year are described in Note 5.

(d) Changes in accounting policies

Except for the following new accounting standards enacted or amended for the first time for their annual reporting period commencing January 1, 2025, the accounting policies applied by the Company in these separate financial statements are the same as those applied by the Company in its separate financial statements as of and for the year ended December 31, 2024. There are other new standards applied from January 1, 2025, which does not have a significant impact on the Company's financial statements.

*(i) New and amended standards and interpretations adopted by the Company*

The Company has applied the following new and amended accounting standards and new interpretations issued that are effective for the accounting periods beginning on or after January 1, 2025.

*1) Amendments to K-IFRS No. 1021, 'The Effects of Changes in Foreign Exchange Rates' and K-IFRS No. 1101, 'First-time adoption of Korean International Financial Reporting Standards ' – Lack of exchangeability* 

The amendments require to assess whether a currency is exchangeable and, if exchange with other currencies is not possible, to estimate the spot exchange rate and disclose related information. The adoption of the amendments did not have a material impact on the Company's separate financial statements.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

**2. Basis of Preparation (continued)**

(d) Changes in accounting policies (continued)

*(ii) New and amended standards and interpretations not yet adopted by the Company* 

The following are new and amended standards and interpretations that have been issued or published but are not yet effective and have not been applied.

*1) Amendments to K-IFRS No. 1109, 'Financial Instruments' and K-IFRS No. 1107, 'Financial Instruments: Disclosures'*

In response to questions raised in practice and to incorporate new requirements, K-IFRS No. 1109, '*Financial Instruments*' and K-IFRS No. 1107, '*Financial Instruments: Disclosures*' were amended. These amendments are effective for annual reporting periods beginning on or after January 1, 2026, with early application permitted. The principal amendments are as follows. The Company is currently assessing the impact of these amendments on its financial statements.

- Permits, subject to specified criteria, a financial liability to be considered settled (derecognized) before the settlement date when it is settled through an electronic payment system

- Clarifies and adds guidance for assessing whether a financial asset meets the criterion of consisting solely of payments of principal and interest

- Requires disclosures, by class of financial instrument, of the effect on the entity of contractual terms that change the timing or amount of contractual cash flows and the extent of the entity's exposure

- Introduces additional disclosures for equity instruments designated at fair value through other comprehensive income

*2) K-IFRS Annual Improvements Volume 11*

K-IFRS annual improvements Volume 11 are applied for annual reporting periods beginning on or after 1 January 2026 with earlier application permitted. There will be no material impact on the financial statements from these amendments.

- K-IFRS No. 1101, '*First-time adoption of Korean International Financial Reporting Standards*' – Hedging accounting by a first-time adopter

- K-IFRS No. 1107, '*Financial Instruments: Disclosures*' – Gain or loss on derecognition, practical application guidance

- 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. 1007, '*Statement of Cash Flows*' – Cost method

- K-IFRS 1109 Financial Instruments and K-IFRS 1107 Financial Instruments: Disclosures – Contracts referencing nature-dependent electricity

*3) K-IFRS No. 1118 'Presentation and Disclosure in Financial Statements'*

K-IFRS No. 1118 'Presentation and Disclosure in Financial Statements' replaces K-IFRS No. 1001 '*Presentation of Financial Statements*'. K-IFRS No. 1118 carries forward many of the requirements of K-IFRS No. 1001 without significant changes and introduces new requirements. Certain paragraphs of K-IFRS No. 1001 have been relocated to K-IFRS No. 1008 and K-IFRS No. 1107, and K-IFRS No. 1007 and K-IFRS No. 1033 have been amended.

- Presentation of specified categories and defined subtotals in the statement of profit or loss

- Disclosure of management-defined performance measures (MPMs) within the notes to the financial statements

- Improvements to aggregation and disaggregation requirements

K-IFRS No. 1118 is effective for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted. The amendments to K-IFRS No. 1007 and K-IFRS No. 1033, as well as the revised K-IFRS No. 1008 and K-IFRS No. 1107, will be effective upon the application of K-IFRS No. 1118. The Company is currently assessing the impact of these amendments on separate financial statements.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

**3. Material Accounting Policies**

Material Accounting Policies applied by the Company in preparation of its separate financial statements are described below. The Company has consistently applied the following accounting policies to all periods presented in these separate financial statements, except if mentioned otherwise in Note 2 (d).

(a) Investments in associates and subsidiaries in the separate financial statements

The separate financial statements are prepared and presented in accordance with K-IFRS No. 1027, 'Separate Financial Statements'. The Company applied the cost method in accordance with K-IFRS No. 1027 and methods in accordance with K-IFRS No. 1109, 'Financial Instruments' to investments in associates and subsidiaries. Dividend from investments in associates and subsidiaries is recognized in profit or loss when the right to receive the dividend is finalized.

(b) Cash and cash equivalents

They are short-term investment assets with high liquidity, such as cash balances, foreign currencies, and demand deposits, and short-term investment assets with a slight risk of value fluctuations are classified as cash and cash equivalents.

(c) Non-derivative financial assets

*(i) Recognition and initial measurement*

Issued debentures are initially recognized at the time of issue. Other financial instruments and financial liabilities are recognized only when the Company becomes a party to the contract for the financial instrument.

*(ii) Classification and subsequent measurement*

*1) Financial asset: Business model*

The Company assesses the objective of the business model held at the portfolio level of financial assets because it best reflects the way the business is managed, and information is provided to management. Such information takes into account for the following:

- The accounting policies and objectives specified for the portfolio and the actual operation of these policies. These include management's strategy focused on obtaining contractual interest revenue, maintaining the level of interest revenue, and financing the debt financing and matching the duration of the financial asset's duration and on the outflow or realization of expected cash flows through the sale of the asset;

- Assessment of the performance of financial assets held in a business model and reporting the assessment to key management personnel;

- The risks affecting the performance of the business model (and the financial assets held in the business model) and how they are managed;

- Compensation for management (e.g., compensation based on the fair value of the managed asset or on the contractual cash flows received); and

- The frequency, amount, timing, reasons and expectations of future sales activities of financial assets in prior periods.

For this purpose, transfers of financial assets from transactions that do not meet the derecognition requirements to third parties are not considered as sales.

A portfolio of financial assets that meets the definition of trading or whose performance measured at fair value through profit or loss.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

**3. Material Accounting Policies (continued)**

(c) Non-derivative financial assets (continued)

*(ii) Classification and subsequent measurement (continued)*

*2) Financial asset: Contractual cash flows are solely payments of principal and interest on the principal amount outstanding*

Principal amount is defined as the fair value on initial recognition of the financial asset. Interest consists of profit as well as consideration for the time value of money, consideration for the credit risk associated with the principal balance in a particular period, and consideration for other basic loan risks and costs (such as liquidity risk and operating costs).

In assessing whether contractual cash flows consist solely of principal and interest payments, the Company considers the terms and conditions of the instrument. If a financial asset contains a contractual term that changes the timing or amount of contractual cash flows, the entity must determine whether the contractual cash flows that may arise over the life of the financial instrument are solely payments of principal and interest.

To make an assessment, the Company considers the following:

- Contractual terms that change the timing or amount of contractual cash flows;

- Terms that adjust the contractual interest rate, including variable interest rate features;

- Prepayment features and extension features;

- Terms and conditions that limit the Company's claims on cash flows arising from specific assets. (e.g., non-recourse features)

*(iii) Offsetting*

Financial assets and liabilities are offset only when the Company has a legally enforceable right to offset the recognized amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.

(d) Derivative financial assets

*(i) Derivatives and Hedge Accounting* 

The Company holds derivative financial instruments to hedge foreign exchange and interest rate exposures. If the host contract is not a financial asset and meets certain requirements, the embedded derivative is accounted for separately and separated from the host contract.

The Company designates specific derivatives and non-derivative financial liabilities as hedging instruments to hedge the variability of cash flows associated with future forecast transactions that are likely to arise from changes in exchange rates and interest rates, as the purpose of hedging exchange risk against net investments in foreign operations.

At the inception of the hedge, the Company documents the purpose and strategy of risk management to perform the hedge. The Company documents the economic relationship between the hedged item and the hedging instrument, including whether changes in the cash flows of the hedged item and the hedging instrument are expected to offset each other.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

**3. Material Accounting Policies (continued)**

(d) Derivative financial assets (continued)

*(ii) Cash flow hedge*

The Company designates part of derivatives as hedging instruments in a cash flow hedging relationship. Part of derivatives are recognized as hedging costs in other comprehensive income and accumulate as separate items in equity.

(e) Fair value of financial instruments

Fair value is the amount for which an asset could be exchanged, or a liability settled, could be exchanged, between knowledgeable, willing parties in an arm's length transaction.

For financial instruments traded in active markets, the fair value of financial instruments is measured at quoted prices. A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available, and those prices represent actual and regularly occurring market transactions on an arm's length basis.

If the market for a financial instrument is not active, the Company establishes fair value by using a valuation technique. Valuation techniques include using recent arm's length transactions between knowledgeable, willing parties, if available, reference to the current fair value of other instruments that are substantially the same. Fair value is estimated on the basis of the results of a valuation technique that makes maximum use of market inputs and relies as little as possible on entity-specific inputs. Periodically, the Company calibrates the valuation technique and tests it for validity using prices from any observable current market transactions in the same instrument or based on any available and observable market data.

The fair value of a financial instrument on initial recognition is normally the transaction price – i.e. the fair value of the consideration given or received. However, if part of the consideration given or received is for something other than the financial instrument, the fair value of the financial instrument is estimated, using a valuation technique. Any additional amount lent is an expense or a reduction of income unless it qualifies for recognition as some other type of asset.

The fair value of interest-free installment purchases (which is offered for marketing purpose to expand credit sales) is measured by using the discount rate considering the credit rating of the Company and the credit risk of customers. As the source of the yield and the purpose of customers using interest-free installment purchases are different from those of installment purchases with interest, the discount rate is calculated in that way.

(f) Impairment of financial assets

The Company recognizes a loss allowance for expected credit losses on the following assets:

- Financial assets measured at amortized cost

- Debt securities measured at FVOCI

The Company measures loss allowances at an amount equal to the lifetime expected credit losses "ECLs", except for the following, which are measured as twelve-month ECLs:

- Financial instrument that are determined to have low credit risk at the reporting date; and

- Financial instrument for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition.

The Company assumes that the credit risk on a financial asset has increased significantly when:

- Asset credit quality is cautionary or less

- Significant changes in credit rating occur; or

- Specified overdue pool segment (personal card receivables past due over seven days, etc.) incurs

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

**3. Material Accounting Policies (continued)**

(f) Impairment of financial assets (continued)

The Company considers a financial asset to be in default when:

- The financial asset is more than 90 days past due.

*(i) Credit-impaired financial assets*

At each reporting date, the Company assesses whether financial assets carried at amortized cost are credit- impaired. A financial asset is 'credit-impaired' when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

Evidence that financial assets are impaired includes the following observable information.

- Significant financial difficulty of the borrower or issuer

- Default or delinquency in interest or principal payments

- Restructuring of a loan or a concession granted by the Company, which the Company would not otherwise consider

- Indications that a borrower or issuer will enter bankruptcy or other financial reorganization

- The disappearance of an active market for a security

- Observable data that there is a measurable decrease in the estimated future cash flows from a group of financial assets, since the initial recognition of those assets, although individual cash flows cannot be discriminated

*(ii) Presentation of impairment loss*

Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.

Debt securities that are measured at FVOCI are included in Current Profit and Loss, and also recognized in Other Comprehensive Income.

*(iii) Write-off*

The gross carrying amount of a financial asset is written off when the Company has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. The Company evaluates whether there is a reasonable expectation of recovering a financial asset based on historical experience of recoveries of similar assets. The Company expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Company's procedures for recovery of amounts due.

(g) Property and equipment

Among the items in property and equipment, land is not depreciated, and items of other property and equipment are depreciated using the straight-line method over their estimated useful lives described below, which most closely reflect the expected pattern of consumption of the future economic benefits implicated in the assets.

The estimated useful lives and depreciation methods of property and equipment are as follows:

---

| | | |
|:---|:---|:---|
| Descriptions | Useful lives | Depreciation method |
| Buildings | 40 years | Straight-line method |
| Vehicles | 5 years | Straight-line method |
| Other tangible assets | 5 years | Straight-line method |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

**3. Material Accounting Policies (continued)**

(h) Intangible assets

Intangible assets are measured initially at cost and after initial recognition are carried at cost less accumulated amortization and any accumulated impairment losses.

Amortization of intangible assets except for goodwill is calculated on a straight-line method over the estimated useful lives of intangible assets from the date that they are available for use. The residual value of intangible assets is zero. However, as there are no foreseeable limits to the periods over which club memberships are expected to be available for use, this intangible asset is determined as having indefinite useful lives and not amortized.

---

| | |
|:---|:---|
| Descriptions | Useful lives |
| Membership | Indefinite |
| Development cost  | 5 years |
| Software | 5 years |
| Other intangible assets | 5 years |

---

(i) Leases

*(i) Lessor*

Where the Company is a lease provider, it classifies each lease as an operating lease and a financial lease. Lease income from operating leases where the Company is a lessor is recognized in income on a straight-line basis over the lease term. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognized as expense over the lease term on the same basis as lease income. The respective leased assets are included in the statement of financial position based on their nature. In the case of financial leases, assets held under financial leases are recognized in the statement of financial position at the commencement of the lease, the assets are presented as receivables of the same amount as net lease investment, and financial returns are recognized over the lease period.

*(ii) Lessee*

Contracts may contain both lease and non-lease components. The Company allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. However, for leases of real estate for which the Company is lessee, the Company applies the practical expedient which has elected not to separate lease and non-lease components and instead accounts for these as a single lease component.

Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes.

The Company determines the lease term as the non-cancellable period of a lease, together with both (a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and (b) periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. When the lessee and the lessor each has the right to terminate the lease without permission from the other party, the Company should consider a termination penalty in determining the period for which the contract is enforceable.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

**3. Material Accounting Policies (continued)**

(i) Leases (continued)

*(ii) Lessee (continued)*

The lease payments shall be discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the lessee shall use the lessee's incremental borrowing rate, the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.

To determine the incremental borrowing rate, the Company:

- Where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received

- Using a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by a subsidiary of the Company, which does not have recent third-party financing

- Making adjustments specific to the lease, such as country, currency, guarantee and warranty.

If a readily observable amortizing loan rate is available to the individual lessee (through recent financing or market data) which has a similar payment profile to the lease, then the Company uses that rate as a starting point to determine the incremental borrowing rate.

The Company is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.

Each lease payment is allocated between the liability and finance cost. The finance cost is recognized to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Company is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset's useful life. The Company did not choose to apply that revaluation model to buildings held by the Company that are presented in the right-of-use assets.

Payments associated with short-term leases of equipment and vehicles and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Low-value assets comprise IT-equipment and small items of office furniture.

(j) Investment property

A property held for rental income or investment gains is classified as investment property. Investment property is measured at cost at initial recognition, and after initial recognition, it is presented as the accumulated depreciation and the accumulated impairment losses are deducted from the cost. Among properties, an investment property excluding land is depreciated with a straight-line method for 40 years of useful life.

(k) Non-derivative financial liabilities

The Company classifies financial liabilities based on the substance of the contractual agreement and the definition of a financial liability into financial liabilities at fair value through profit or loss and other financial liabilities and recognize them on the Company financial statements when the Company becomes the party to the contractual agreement.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

**3. Material Accounting Policies (continued)**

(l) Employee benefits

*(i) Post-employment benefit plan*

The Company has introduced and manages both a defined benefit pension plan and a defined contribution pension plan. Employees have a right to choose one of the pension plans.

Defined contribution plans are calculated annually by an independent accountant using the projected unit credit method.

*(ii) Termination benefits* 

Termination benefits are expensed when the Company is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancy are expensed if the Company has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months following the reporting period, then they are discounted at present value.

(m) Provisions

The Company recognizes provisions related to litigations and unused credit commitments from credit card sales and cash services. Provisions for unused credit commitments from credit card sales and cash service are estimated using a valuation model that takes credit conversion factor, probability of default, and loss given default into account. In addition, when the Company bears the responsibility for restoration following the expiration of a rental contract, the Company recognizes the present value of the estimated restoration costs as a provision.

(n) Foreign currencies

Transactions denominated in currencies other than the functional currency are recorded at the exchange rates prevailing on the transaction dates. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the closing exchange rates at the reporting date. Non-monetary items measured at fair value are translated using the exchange rates at the dates when the fair values were determined, and non-monetary items measured at historical cost are translated using the exchange rates at the transaction dates.

(o) Share-based payment transactions

Shinhan Financial Group, which is the parent company, has granted shares or share options to the Company's employees. In accordance with a repayment arrangement with Shinhan Financial Group, the Company is required to pay Shinhan Financial Group for the provision of the share-based payments. The Company recognizes the costs as expenses and accrued expenses in liabilities for the service period. When vesting conditions are not satisfied because of death, retirement or dismissal of employees during the specified service period, no amount is recognized for goods or services received on a cumulative basis. Share-based payment agreements granted by Shinhan Financial Group to employees are accounted for as equity-settled share-based payment transactions, and share-based payment agreements granted by the Company to employees are accounted for as cash-settled share-based payment transactions, regardless of the repayment arrangement with Shinhan Financial Group.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

**3. Material Accounting Policies (continued)**

(p) Revenue from contracts with customers (continued)

The Company recognizes fee income from cardholders and merchants on an accrual basis applying the following five steps: (1) Identify the contracts with the customers, (2) Identify the separate performance obligations, (3) Determine the transaction price of the contract, (4) Allocate the transaction price to each of the separate performance obligations, and (5) Recognize the revenue as each performance obligation is satisfied. However, the Company recognizes fee income related to delinquent receivables, whose probability of future economic benefits is low, on a cash basis.

The fair value of the consideration received or receivable in respect of an initial sale is allocated to reward points ("points") and other components of fee and commission income. The Company provides rewards in various forms including discounts on credit settlements and gifts. The amount allocated to points is estimated at the amount expected to be paid on points rewarded to cardholders in consideration of the expected redemption rate and is recognized as a deduction from the fee and commission income.

(q) Finance income and finance costs

The Company's finance income and finance costs consist of:

- Interest income;

- Interest expense;

- Dividend income;

- Net income or loss on financial assets measured at fair value through profit or loss;

- Foreign currency gain or loss on financial assets and financial liabilities;

- Net impairment losses or reversals of impairment losses on financial assets measured at amortized cost;

- Remeasurement gains on acquirer's previously held equity interest in the acquiree at its acquisition-date fair value;

- Loss of changes in fair value of contingent consideration classified as a financial liability;

- Hedge ineffectiveness recognized in profit or loss; and

- Net gains or losses reclassified from other comprehensive income that were previously recognized in relation to cash flow hedge accounting for interest rate risk and foreign exchange risk on borrowings

Interest income or expense is recognized using the effective interest method. Dividend income is recognized in profit or loss on the date on which the Company's right to receive payment is established. In addition, handling fee income and incidental expenses related to loans are deferred and presented as a deduction from loan receivables. They are depreciated using the effective interest method during the loan period and recognized in income and expense.

When calculating interest income or interest expense, the effective interest rate is applied to the gross carrying amount of the asset (if the asset is not credit-impaired) or to the amortized cost of the liability. However, for financial assets that subsequently have been credit-impaired since initial recognition, interest revenue is calculated by applying an effective interest rate to the amortised cost of the financial asset. The Company calculates the interest revenue by applying the effective interest rate to the gross carrying amount if the financial asset is no longer credit impaired.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

**3. Material Accounting Policies (continued)**

(r) Income taxes

Shinhan Financial Group, which is the parent company, files with the Korean tax authorities its national income tax return under the consolidated corporate tax system, which allows it to make national income tax payments based on the consolidated profits or losses of the Shinhan Financial Group and its domestic subsidiaries in which it holds 90% or more ownership including the Company. The Company recognizes a deferred tax liability for all taxable temporary differences associated with investments in subsidiaries and associates, except to the extent that the Company is able to control the timing of the reversal of the temporary difference; and it is probable that the temporary difference will not reverse in the foreseeable future. The Company recognizes a deferred tax asset for all deductible temporary differences arising from investments in subsidiaries and associates, to the extent that, and only to the extent that it is probable that the temporary difference will reverse in the foreseeable future; and taxable profit will be available against which the temporary difference can be utilized.

Tax uncertainty arises from the Company's claims for correction due to the complexity of transactions or differences in tax law interpretation, and refund lawsuits and tax investigations by tax authorities. Where the Company has paid tax according to K-IFRS 2123, and there is a highly probable of having a tax refund in the future, it will be recognized as corporate tax assets, and the amount expected to be paid as a result of tax audits will be recognized as corporate tax liabilities.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

**4. Financial Risk Management**

(a) General information of risk management

The Company has exposure to the following risks from its use of financial instruments:

- Credit risk, Liquidity risk, Market risk

This note presents information about the Company's exposure to each of the above risks, the Company's objectives, policies, and processes for measuring and managing risk, and the Company's management of capital. Further quantitative disclosures are included throughout these financial statements.

*(i) Organization for risk management*

Major decisions relating to risk management are made by the Risk Management Committee under the Board of Directors. To effectively implement the Risk Management Committee's determination and deliberation, the Company runs the Risk Management Council chaired by the Chief Risk Officer (CRO) and composed of all group heads, key division heads, and the head of the risk management department. In addition, to assist these two bodies, the Company has established a risk executive department that independently oversees and performs risk management functions.

Furthermore, the Company established a Credit Review Committee separately from the Risk Management Council to conduct credit evaluations of corporate customers with outstanding loans over a certain amount and other significant credit matters. The Credit Review Committee is chaired by the head of the Management Support Group and consists of relevant group heads, the CRO and the head of the corporate credit management department.

*(ii) Risk management process*

The Company measures credit risk, liquidity risk, market risk, and interest rate risk. The Company presents an acceptable level of risks before the establishment of an annual financial plan, and sets the upper growth limit as a guideline, which

considers available capital and risk capital. On the basis of organized financial plans in accordance with established guidelines, the Company organizes risk plans and sets risk limits, which encompass the Company's entire risk appetite.

Risk limits are set on the basis of the risk capital in principle or set by the regulatory capital in case of absence of a risk capital calculation system. The Company manages total risk limits, risk limits for each type of risk and risk limits by product. If total risk exceeds 95% of its limit, the Company immediately reports the risk limits to the CRO of Shinhan Financial Group and to the Company Risk Management Committee. In case of risk limits for each type of risk, after consultation with the Shinhan Financial Group, it is adjustable by resolution of the Risk Management Committee within the range of total risk limits. In case of risk limits by product, after prepared countermeasures, it is adjustable by resolution of the Risk Management Council.

*(iii) Risk monitoring*

Risk Monitoring is performed by Shinhan Financial Group's risk dashboard for early detection of risk, regular risk measurement and monitoring systems the Risk Management Council and Risk Management Committee, and the Enterprise Risk Management System. The Company performs weekly monitoring on short-term credit quality indicators and leading economic indicators.

*1) Risk dashboard*

The risk dashboard is a risk monitoring system to provide early detection and proactive response to portfolio risks and abnormal symptoms, and key monitoring targets of portfolios by business line and credit quality of members (credit ratings). It performs the pre-detection function on the risk factors such as increases in assets, and risks by each monitoring target. Regarding quantitative indicators such as increases in assets and increases in risks, the Company defines the determination level of risk detection by the statistical significance level. By regular monitoring, the risk management team together with relevant teams analyses the cause and prepares and implements a countermeasure.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

**4. Financial Risk Management (continued)**

(a) General information of risk management (continued)

*(iii) Risk monitoring (continued)*

*2) Risk measurement and monitoring reporting*

The Company regularly reports the overall results of risk measurement and monitoring to the Risk Management Council and Risk Management Committee. Regular monitoring items consist of operational status of risk limits (total / type / product), portfolio guidelines, levels of enterprise crisis, economic / market trends, detailed indicators of credit quality, and financing and liquidity risks.

*(iv) Enterprise crisis management system* 

The Enterprise crisis management system consists of a series of response procedures by crisis level, including quantitative identification of crises through monitoring of crisis indicators, determination of enterprise-wide crisis levels based on quantitative assessments and impact analysis, establishment of action plans for each crisis level, and subsequent follow-up and review.

Internal and external crisis indicators for each of credit risk and liquidity risk are divided into core indicators, and leading indicators and the stage of crisis is determined quantitatively. Risk management working-level committee performs analysis of qualitative information and risk management council, consisting heads of departments decides whether to perform entity-wide impact analysis.

The enterprise crisis levels are determined by classifying internal and external assessment indicators into four categories – Stable, Caution, Alert, and Risk – and defining trigger points for each crisis level. Based on the comprehensive scoring of internal and external indicators, the Group-wide crisis stages are classified into six levels: Normal 1, Normal 2, Cautionary 1, Cautionary 2, Crisis Impending and Crisis.

Based on the assessment of crisis stage, appropriate action items for each crisis stage are set up and implemented. For the purpose of efficient operation of the Enterprise Crisis Management System, detailed roles and responsibilities for each organization are predefined. Crisis management organizations consist of a Risk management working-level committee which performs daily monitoring, risk management council, consisting heads of departments which is convened when the crisis stage is assessed as above the Cautionary 2 two times in succession. In addition, the Company has Risk Management Council and Crisis Management Council headed by the CEO, and Group Crisis Management Council headed by the CEO of the Shinhan Financial Group. These organizations and their detailed roles and responsibilities enable the Company to cope with crisis systematically.

*(v) Evaluation process*

The Company sets and operates the standards on credit card issuance pursuant to the standard of review for payment ability prescribed by the Regulation on Supervision of Specialized Credit Finance Business. If the basic qualification standards are not met, credit card issuance is prohibited. When standards are met, credit card issuance is possible only if the AS (Application Score) credit rating is above a certain degree, which is based on the Company's internal information, external information from Credit Bureaus, and personal information in the application form. The Company prohibits higher-risk customers from being issued a credit card by using supplementary information such as overdue history and Credit Bureaus' credit ratings.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

**4. Financial Risk Management (continued)** 

(a) General information of risk management (continued)

*(v) Evaluation process (continued)*

The Company utilizes customer transaction records with Shinhan Financial Group's subsidiaries, internal or external credit information, and characteristics of each customer group to improve its assessment functions on credit card issuance for new customers. The Company performs various kinds of simulations to cope with the changes in surroundings such as market conditions and economic trends so that the Company is able to predict the potential risk of certain customer groups and establish the management policy for higher-risk groups.

The Company determines an optimized credit limit for new credit card holders according to their payment ability by considering occupation, income, property, debt, and transaction records with Shinhan Financial Group's subsidiaries. The Company operates a management system which enables the Company to monitor the changes in risk and prevent high-risk groups from being credit card holders by monitoring monthly indicators.

*(vi) Credit Scoring System*

The Company's Credit Scoring System consists of ASS (Application Scoring System) and BSS (Behavioural Scoring System). BS (Behavioural Score) evaluates the credit card holder's credit quality regularly. Credit card AS (Application Score) evaluates potential credit card holder's credit quality when they apply for credit card issuance. Card loan AS and installment AS evaluate potential customers' credit quality. The Company utilizes the Credit Scoring System in order to monitor its customers' and portfolios' risk exposures.

AS is mainly based on the application form information, and BS is based on history information such as card use and payment after issuing a card. Common use information is calculated by using internal information such as payment ability, assets, period of use of our company, financial institution transaction details of applicants, external information such as credit rating agencies (NICE, KCB), and banking association.

AS application work is approved if the applicant's credit rating is above a certain score and does not correspond to the policy refusal reason such as delinquency of other card companies. Additionally, for applicants who are long-term customers of Shinhan Financial Group and have excellent creditworthiness, separate screening criteria are applied. In addition, the Company uses the elements of credit rating as the basis for setting the limit when issuing cards. The monthly recalculated BS predicts the delinquency probability of card members, and the Company uses it to monitor members and monitor portfolio risk exposures.

(b) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company's receivables from customers and investment securities. The Company complies with credit risk management procedures pursuant to internal guidelines and regulations and continually monitors and improves these guidelines and regulations. Application of credit risk management includes not only all the transactions in these financial statements but also off balance items such as guarantees, loan agreements and derivatives transactions that could possibly generate economic loss. The Company assesses credit risks of those transactions and sets a limit on expected credit risks in advance.

The Company estimates credit risks of financial instruments using PD (Probability of Default), LGD (Loss Given Default), and EAD (Exposure at Default) utilizing the risk estimation methodology of Basel. The Company applies the Basel basis conservatively to reflect the credit card crisis of 2003 and the nature of the credit card business. Credit risks of derivatives, due from banks and securities are assessed using the modified standard methodology of Basel. Credit risks are divided into respective business segments and merchandise segments, and the Company sets limits for each segment, which are monitored by the risk control process, and established an action plan in case that credit risks get close to, or exceed limits.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**4. Financial Risk Management (continued)**

(b) Credit risk (continued)

*(i) Exposure to credit risk* 

The carrying amount of financial instruments represents the Company's maximum exposure to credit risk. Exposure to credit risk of the Company as of December 31, 2025 and 2024 are as follows. Cash held by the Company is excluded.

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Due from banks and credit card receivables at amortized cost and other (\*) |  |  |  |
| &nbsp;&nbsp;Banks | W | 323807 | 765525 |
| &nbsp;&nbsp;Retail  |  | 4613122 | 5408405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Government/Public institutions/Central bank |  | 648 | 1135 |
| &nbsp;&nbsp;Corporations |  | 3106590 | 3093000 |
| &nbsp;&nbsp;Credit card receivables |  | 27408756 | 27382660 |
|  |  | 35452923 | 36650725 |
| Financial assets at FVTPL |  |  |  |
| &nbsp;&nbsp;Debt securities |  | 22137 | 20633 |
| &nbsp;&nbsp;Beneficiary certificates |  | 1434347 | 1051308 |
|  |  | 1456484 | 1071941 |
| Financial assets at FVOCI |  |  |  |
| &nbsp;&nbsp; Debt securities |  | 293910 | 322836 |
| Derivative financial assets |  | 282834 | 460365 |
| Other assets (\*) |  |  |  |
| &nbsp;&nbsp;Other financial assets |  | 824033 | 835219 |
|  | W | 38310184 | 39341086 |

---

(\*) The maximum exposure to credit risk is measured as net of allowance for credit loss, deferred loan origination costs (fees), and present value discount amount.

As of December 31, 2025 and 2024, the maximum exposure to credit risk caused by unused credit commitments amounted to W93,605,685 million, and W91,240,054 million, respectively. As of December 31, 2025 and 2024, the balance of the borrowing guarantee we provided to the subsidiary are W947,103 million and W809,772 million. As of December 31, 2025 and 2024, the securities purchase agreement signed by the Company are W79,620 million and W77,945 million, respectively.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**4. Financial Risk Management (continued)**

(b) Credit risk (continued)

*(ii) Credit risk exposure by measurement method* 

Details of the financial instruments based on measurement method of loss allowance by internal credit rating as of December 31, 2025 and 2024 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |  | **12-month ECLs measurement**  | **12-month ECLs measurement**  | **Lifetime ECLs**<br>**measurement**  | **Lifetime ECLs**<br>**measurement**  | **Impaired**<br>**assets** | **Subtotal** | **Allowance for credit loss** | **Total**  |
|  |  | **Prime** | **Normal** | **Prime** | **Normal** | **Impaired** | **Subtotal** | **Allowance for credit loss** | **Total**  |
| Due from banks and credit card receivables at amortized cost, etc. | Due from banks and credit card receivables at amortized cost, etc. | Due from banks and credit card receivables at amortized cost, etc. | Due from banks and credit card receivables at amortized cost, etc. | Due from banks and credit card receivables at amortized cost, etc. | Due from banks and credit card receivables at amortized cost, etc. | Due from banks and credit card receivables at amortized cost, etc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks | W | 323807  | -  | -  | -  | -  | 323807  | -  | 323807  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail  |  | 3512663  | 748574  | 127936  | 236735  | 67340  | 4693248  | (80126) | 4613122  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government<br>/public institutions<br>/central bank |  | 595 | - | 54 | - | - | 649 | (1) | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporations |  | 2288352  | 694195  | 108336  | 45890  | 10333  | 3147106  | (40516) | 3106590  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Card receivable |  | 20630044  | 4192004  | 1059622  | 1963154  | 473311  | 28318135  | (909379) | 27408756  |
|  |  | 26755461  | 5634773  | 1295948  | 2245779  | 550984  | 36482945  | (1030022) | 35452923  |
| &nbsp;&nbsp;&nbsp;Financial assets at FVOCI<br>Debt securities (\*) |  | 293910 | -  | -  | -  | -  | 293910 | -  | 293910 |
|  | W | 27049371  | 5634773  | 1295948  | 2245779  | 550984  | 36776855  | (1030022) | 35746833  |

---

(\*) As of December 31, 2025, the allowance for expected credit loss of debt securities at fair value through other comprehensive income is W98 million.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**4. Financial Risk Management (continued)**

(b) Credit risk (continued)

*(ii) Credit risk exposure by measurement method* 

Under the measurement method of loss allowance, the amounts of due from banks and credit card receivables at amortized cost and other by internal credit rating as of December 31, 2025 and 2024 are as follows (continued):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  | **12-month ECLs measurement**  | **12-month ECLs measurement**  | **Lifetime ECLs**<br>**measurement**  | **Lifetime ECLs**<br>**measurement**  | **Impaired**<br>**assets** | **Subtotal** | **Allowance for credit loss** | **Total**  |
|  |  | **Prime** | **Normal** | **Prime** | **Normal** | **Impaired** | **Subtotal** | **Allowance for credit loss** | **Total**  |
| Due from banks and credit card receivables at amortized cost, etc. | Due from banks and credit card receivables at amortized cost, etc. | Due from banks and credit card receivables at amortized cost, etc. | Due from banks and credit card receivables at amortized cost, etc. | Due from banks and credit card receivables at amortized cost, etc. | Due from banks and credit card receivables at amortized cost, etc. | Due from banks and credit card receivables at amortized cost, etc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks | W | 765525 | - | - | - | - | 765525 | - | 765525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail |  | 4187296 | 784526 | 231179 | 228660 | 68194 | 5499855 | (91450) | 5408405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Government<br>/public institutions<br>/central bank |  | 462 | 633 | - | 46 | - | 1141 | (6) | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporations |  | 1151838 | 1818063 | 13581 | 139934 | 25006 | 3148422 | (55422) | 3093000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Card receivable |  | 21605862 | 2679451 | 1169176 | 2420585 | 628249 | 28503323 | (1120662) | 27382661 |
|  |  | 27710983 | 5282673 | 1413936 | 2789225 | 721449 | 37918266 | (1267540) | 36650726 |
| &nbsp;&nbsp;&nbsp;Financial assets at FVOCI<br>Debt securities (\*) |  | 322836 | -  | -  | -  | -  | 322836 | -  | 322836 |
|  | W | 28033819 | 5282673 | 1413936 | 2789225 | 721449 | 38241102 | (1267540) | 36973562 |

---

(\*) As of December 31, 2024, the allowance for expected credit loss of debt securities at fair value through other comprehensive income is W285 million.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**4. Financial Risk Management (continued)**

(b) Credit risk (continued)

*(ii) Credit risk exposure by measurement method (continued)*

Details of the off-balance sheet item based on measurement method of loss allowance by internal credit rating as of December 31, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** |
|  |  | **Prime** | **Normal** | **Impaired** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial guarantee** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12-month expected credit loss | W | 947103 | - | - | 947103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loan commitments and<br>other credit related liabilities**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12-month expected credit loss |  | 87378294 | 5043711 | - | 92422005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifetime expected credit loss |  | 441353 | 816278 | - | 1257631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impaired financial asset |  | - | - | 5669 | 5669 |
|  |  | 87819647  | 5859989  | 5669  | 93685305  |
|  | W | 88766750  | 5859989  | 5669  | 94632408  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** |
|  |  | **Prime** | **Normal** | **Impaired** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial guarantee** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12-month expected credit loss | W | 809772 | - | - | 809772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loan commitments and <br>other credit related liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12-month expected credit loss |  | 87712722 | 2525436 | - | 90238158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifetime expected credit loss |  | 381105 | 693696 | - | 1074801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impaired financial asset |  | - | - | 5040 | 5040 |
|  |  | 88093827 | 3219132 | 5040 | 91317999 |
|  | W | 88903599 | 3219132 | 5040 | 92127771 |

---

In case of individual members, based on the internal credit rating, the Company manages the members with lower credit loss ratio compared to the profit ratio before impairment with prime, while others are classified as normal. In case of corporate members, AAA ~ BBB+ rating and non-rating of government/public institutions/central bank are classified as prime, while others are classified as normal.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**4. Financial Risk Management (continued)**

(b) Credit risk (continued)

*(iii) Concentration by geographic location*

An analysis of concentration by geographic location for financial instrument, net of allowance, as of December 31, 2025 and 2024 are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |  | **Korea** | **USA** | **UK** | **Japan** | **Germany** | **Vietnam** | **China** | **Other** | **Total** |
| &nbsp;&nbsp;&nbsp;Due from banks and credit card receivables at amortized cost, etc.  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Banks | W | 323807 | - | - | - | - | - | - | - | 323807 |
| &nbsp;&nbsp;&nbsp;Retail |  | 4602112  | 689  | -  | 160  | 3  | 135  | 8470  | 1553  | 4613122  |
| &nbsp;&nbsp;&nbsp;Government/<br>Public institutions/<br>Central bank |  | 648 | - | - | - | - | - | - | - | 648 |
| &nbsp;&nbsp;&nbsp;Corporations |  | 3063567  | -  | -  | -  | -  | 43023  | -  | -  | 3106590  |
| &nbsp;&nbsp;Card receivable |  | 27313284  | 12605  | 409  | 3240  | 290  | 3048  | 50295  | 25585  | 27408756  |
|  |  | 35303418  | 13294  | 409  | 3400  | 293  | 46206  | 58765  | 27138  | 35452923  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at fair value through profit or loss |  | 1456484 | - | - | - | - | - | - | - | 1456484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at fair value through other<br> comprehensive income |  | 293910 | - | - | - | - | - | - | - | 293910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets |  | 282834 | - | - | - | - | - | - | - | 282834 |
|  |  | 37336646  | 13294  | 409  | 3400  | 293  | 46206  | 58765  | 27138  | 37486151  |
| &nbsp;&nbsp;&nbsp;Off-balance sheet accounts |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantees |  | -  | -  | -  | -  | -  | 292221  | -  | 654882  | 947103  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan commitments and other credit-related liabilities |  | 93395704 | 43950 | 1523 | 13953 | 1088 | 9155 | 148912 | 71020 | 93685305 |
|  | W | 93395704  | 43950  | 1523  | 13953  | 1088  | 301376 | 148912  | 725902 | 94632408  |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**4. Financial Risk Management (continued)**

(b) Credit risk (continued)

*(iii) Concentration by geographic location (continued)*

An analysis of concentration by geographic location for financial instrument, net of allowance, as of December 31, 2025 and 2024 are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  | **Korea** | **USA** | **UK** | **Japan** | **Germany** | **Vietnam** | **China** | **Other** | **Total** |
| &nbsp;&nbsp;&nbsp;Due from banks and credit card receivables at amortized cost, etc.  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Banks | W | 765525 | - | - | - | - | - | - | - | 765525 |
| &nbsp;&nbsp;&nbsp;Retail |  | 5397644 | 674 | 41 | 136 | 12 | 150 | 8228 | 1520 | 5408405 |
| &nbsp;&nbsp;&nbsp;Government/<br>Public institutions/<br>Central bank |  | 1135 | - | - | - | - | - | - | - | 1135 |
| &nbsp;&nbsp;&nbsp;Corporations |  | 2931300 | - | - | - | - | 161700 | - | - | 3093000 |
| &nbsp;&nbsp;Card receivable |  | 27302378 | 11154 | 416 | 2930 | 294 | 2607 | 42130 | 20751 | 27382660 |
|  |  | 36397982 | 11828 | 457 | 3066 | 306 | 164457 | 50358 | 22271 | 36650725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at fair value through profit or loss |  | 1071941 | - | - | - | - | - | - | - | 1071941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at fair value through other<br> comprehensive income |  | 322836 | - | - | - | - | - | - | - | 322836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets |  | 460365 | - | - | - | - | - | - | - | 460365 |
|  |  | 38253124 | 11828 | 457 | 3066 | 306 | 164457 | 50358 | 22271 | 38505867 |
| &nbsp;&nbsp;&nbsp;Off-balance sheet accounts |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantees |  | - | - | - | - | - | 124055 | - | 685717 | 809772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan commitments and other credit-related liabilities |  | 91079369 | 38741 | 1312 | 13048 | 987 | 6843 | 120202 | 57497 | 91317999 |
|  | W | 91079369 | 38741 | 1312 | 13048 | 987 | 130898 | 120202 | 743214 | 92127771 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**4. Financial Risk Management (continued)**

(b) Credit risk (continued)

*(iv) Concentration by industry sector*

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2025** |
|  |  | **Finance and insurance** | &nbsp;&nbsp;**Manu**<br>**-facturing** | &nbsp;&nbsp;**Retail and wholesale** | **Real estate and business** | **Construction service** | &nbsp;&nbsp;**Lodging and restaurant** | &nbsp;&nbsp;**Others** | **Retail**<br>**customers** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;Due from banks and credit card receivables at amortized cost: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;323807  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;323807  |
| &nbsp;&nbsp;&nbsp; Retail |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;4613122  | &nbsp;&nbsp;4613122  |
| &nbsp;&nbsp;&nbsp; Government/<br>Public institutions/<br>Central bank |  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;648 | &nbsp;&nbsp;- | &nbsp;&nbsp;648 |
| &nbsp;&nbsp;&nbsp; Corporations |  | &nbsp;&nbsp;450014  | &nbsp;&nbsp;156242  | &nbsp;&nbsp;271239  | &nbsp;&nbsp;797710  | &nbsp;&nbsp;114813  | &nbsp;&nbsp;4699  | &nbsp;&nbsp;1311873  | &nbsp;&nbsp;-  | &nbsp;&nbsp;3106590  |
| &nbsp;&nbsp;&nbsp; Card receivable |  | &nbsp;&nbsp;96934  | &nbsp;&nbsp;328995  | &nbsp;&nbsp;269276  | &nbsp;&nbsp;75354  | &nbsp;&nbsp;45127  | &nbsp;&nbsp;21213  | &nbsp;&nbsp;1319149  | &nbsp;&nbsp;25252708  | &nbsp;&nbsp;27408756  |
|  |  | &nbsp;&nbsp;870755  | &nbsp;&nbsp;485237  | &nbsp;&nbsp;540515  | &nbsp;&nbsp;873064  | &nbsp;&nbsp;159940  | &nbsp;&nbsp;25912  | &nbsp;&nbsp;2631670  | &nbsp;&nbsp;29865830  | &nbsp;&nbsp;35452923  |
| &nbsp;&nbsp;&nbsp;Securities at FVTPL |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;1456484  | &nbsp;&nbsp;-  | &nbsp;&nbsp;1456484  |
| &nbsp;&nbsp;&nbsp;Securities at FVOCI |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;293910  | &nbsp;&nbsp;-  | &nbsp;&nbsp;293910  |
| &nbsp;&nbsp;&nbsp;Derivative assets |  | &nbsp;&nbsp;282834 | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;282834 |
|  |  | &nbsp;&nbsp;1153589 | &nbsp;&nbsp;485237  | &nbsp;&nbsp;540515  | &nbsp;&nbsp;873064  | &nbsp;&nbsp;159940  | &nbsp;&nbsp;25912  | &nbsp;&nbsp;4382064  | &nbsp;&nbsp;29865830  | &nbsp;&nbsp;37486151 |
| &nbsp;&nbsp;&nbsp;Off-balance sheet accounts |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantees |  | &nbsp;&nbsp;947103  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;947103  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan commitments and other credit-related liabilities |  | &nbsp;&nbsp;282722  | &nbsp;&nbsp;793530  | &nbsp;&nbsp;614137  | &nbsp;&nbsp;312969  | &nbsp;&nbsp;283467  | &nbsp;&nbsp;101894  | &nbsp;&nbsp;2399921  | &nbsp;&nbsp;88896665  | &nbsp;&nbsp;93685305  |
|  | W | &nbsp;&nbsp;1229825  | &nbsp;&nbsp;793530  | &nbsp;&nbsp;614137  | &nbsp;&nbsp;312969  | &nbsp;&nbsp;283467  | &nbsp;&nbsp;101894  | &nbsp;&nbsp;2399921  | &nbsp;&nbsp;88896665  | &nbsp;&nbsp;94632408  |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**4. Financial Risk Management (continued)**

(b) Credit risk (continued)

*(iv) Concentration by industry sector (continued)*

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2024** |
|  |  | **Finance and insurance** | &nbsp;&nbsp;**Manu**<br>**-facturing** | &nbsp;&nbsp;**Retail and wholesale** | **Real estate and business** | **Construction service** | &nbsp;&nbsp;**Lodging and restaurant** | &nbsp;&nbsp;**Others** | **Retail**<br>**customers** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;Due from banks and credit card receivables at amortized cost: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;765525 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;765525 |
| &nbsp;&nbsp;&nbsp; Retail |  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;5408405 | &nbsp;&nbsp;5408405 |
| &nbsp;&nbsp;&nbsp; Government/<br>Public institutions/<br>Central bank |  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;1135 | &nbsp;&nbsp;- | &nbsp;&nbsp;1135 |
| &nbsp;&nbsp;&nbsp; Corporations |  | &nbsp;&nbsp;459401 | &nbsp;&nbsp;218733 | &nbsp;&nbsp;355798 | &nbsp;&nbsp;402276 | &nbsp;&nbsp;137443 | &nbsp;&nbsp;7258 | &nbsp;&nbsp;1512091 | &nbsp;&nbsp;- | &nbsp;&nbsp;3093000 |
| &nbsp;&nbsp;&nbsp; Card receivable |  | &nbsp;&nbsp;100658 | &nbsp;&nbsp;322026 | &nbsp;&nbsp;282591 | &nbsp;&nbsp;64804 | &nbsp;&nbsp;47162 | &nbsp;&nbsp;12834 | &nbsp;&nbsp;1177195 | &nbsp;&nbsp;25375390 | &nbsp;&nbsp;27382660 |
|  |  | &nbsp;&nbsp;1325584 | &nbsp;&nbsp;540759 | &nbsp;&nbsp;638389 | &nbsp;&nbsp;467080 | &nbsp;&nbsp;184605 | &nbsp;&nbsp;20092 | &nbsp;&nbsp;2690421 | &nbsp;&nbsp;30783795 | &nbsp;&nbsp;36650725 |
| &nbsp;&nbsp;&nbsp;Securities at FVTPL |  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;1071941 | &nbsp;&nbsp;- | &nbsp;&nbsp;1071941 |
| &nbsp;&nbsp;&nbsp;Securities at FVOCI |  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;322836 | &nbsp;&nbsp;- | &nbsp;&nbsp;322836 |
| &nbsp;&nbsp;&nbsp;Derivative assets |  | &nbsp;&nbsp;460365 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;460365 |
|  |  | &nbsp;&nbsp;1785949 | &nbsp;&nbsp;540759 | &nbsp;&nbsp;638389 | &nbsp;&nbsp;467080 | &nbsp;&nbsp;184605 | &nbsp;&nbsp;20092 | &nbsp;&nbsp;4085198 | &nbsp;&nbsp;30783795 | &nbsp;&nbsp;38505867 |
| &nbsp;&nbsp;&nbsp;Off-balance sheet accounts |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantees |  | &nbsp;&nbsp;809772 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;809772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan commitments and other credit-related liabilities |  | &nbsp;&nbsp;271850 | &nbsp;&nbsp;760450 | &nbsp;&nbsp;548123 | &nbsp;&nbsp;305088 | &nbsp;&nbsp;186125 | &nbsp;&nbsp;74703 | &nbsp;&nbsp;2393832 | &nbsp;&nbsp;86777828 | &nbsp;&nbsp;91317999 |
|  | W | &nbsp;&nbsp;1081622 | &nbsp;&nbsp;760450 | &nbsp;&nbsp;548123 | &nbsp;&nbsp;305088 | &nbsp;&nbsp;186125 | &nbsp;&nbsp;74703 | &nbsp;&nbsp;2393832 | &nbsp;&nbsp;86777828 | &nbsp;&nbsp;92127771 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**4. Financial Risk Management (continued)**

(b) Credit risk (continued)

*(v) Reflection of forward-looking information*

The Company reflects the forward-looking information presented by the internal expert group based on various information when measuring expected credit losses. For the purpose of forecasting this forward-looking information, the Company utilizes the economic prospects disclosed by domestic and overseas research institutes or government and public institutions.

The Company reflects the future macroeconomic situation reflecting the weights calculated by the Company in the measurement of expected loss. The expected loss in this respect reflects the most likely outcome and is based on the same assumptions as the Company estimates based on its business plan and management strategy.

The Company analysed data from the past to derive correlations between major macroeconomic variables and credit risk necessary for predicting credit risk and credit loss for each portfolio, and then reflected forward-looking information through regression equation estimation. To reflect the uncertain economic situation, the Company reviewed three scenarios: upside, central and downside, and reflected the final forward-looking information.

---

| | |
|:---|:---|
| **Major macroeconomic variables (\*)** | **Correlation between credit risks** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GDP | Negative correlation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government consumption | Negative correlation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facility investment | Negative correlation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apartment sales transaction price index (Seoul) | Negative correlation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government bond 3y yields (%) | Negative correlation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government bond 10y yields (%) | Negative correlation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KRW/USD exchange rate | Positive correlation |

---

(\*) In addition to the above table, the forecast for the composite stock index was additionally selected.

The predicted correlation between the macroeconomic variables used by the Company and the risk of default is derived based on long-term data over the past 10 years.

When estimating the default rate considering future economic prospects, the recent actual default rate is an important reference. Although various economic indicators deteriorated, the actual measurement default rate of the Company is being maintained stably.

The Company has considered multiple economic scenarios in applying forward-looking information for measuring expected credit loss. If the weight of the upside, central, and downside scenarios is assumed to be 100% with all other assumptions held constant the sensitivity analysis according to the impact on the Company's expected credit loss provision is as follows.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Scenarios** |  | &nbsp;&nbsp;**100% Assumption** | &nbsp;&nbsp;**Difference to book amount** |
| &nbsp;&nbsp;Upside | &nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;1129446 | &nbsp;&nbsp;&nbsp;(124355) |
| &nbsp;&nbsp;Central |  | &nbsp;&nbsp;&nbsp;1200425 | &nbsp;&nbsp;&nbsp;(53376) |
| &nbsp;&nbsp;Downside |  | &nbsp;&nbsp;&nbsp;1335151 | &nbsp;&nbsp;&nbsp;81350 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**4. Financial Risk Management (continued)**

(c) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. Liquidity risk could be caused by maturity mismatch of financial assets and liabilities, or temporary insolvency by unexpected cash outflows. It includes economic losses that the Company will incur in the process of financing high interest rates or disposing of invested assets in order to meet its obligations. The Company manages liquidity risk by considering all liquidity variation factors that can cause cash inflows and outflows.

The Company sets the goal of "month-end liquidity" as the liquidity level at which the Company could pay its obligations in the next three months. Real liquidity gap ratio of maturity of financial assets and liabilities, liquidity buffer ratio, and ABS to borrowings ratio are major indices of liquidity risks monitored by the Company, defined as cautious, apprehensive, and risky. The Company has prepared contingency plans for various liquidity crises.

*(i) Maturity analysis of non-derivative financial instruments*

The maturity analysis for non-derivative financial assets and liabilities as of December 31, 2025 and 2024 are as follows: Such undiscounted contractual cash flows differ from the discounted amount included in the separate statements of financial position, as they include estimated interest payments.

The Company expects that there would be no significant changes in the timing of cash flows.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |  | **Less than** <br>**1 month** | **1~3 months** | **3~6 months** | **6 months ~ 1 year** | **1~5**<br>**years** | **Over**<br>**5 years** | **Total** |
| **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks  | W | 323653 | - | - | - | 36 | - | 323689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables at amortized cost and other |  | 12244233 | 6727514 | 3983012 | 4924476 | 9327206 | 1611893 | 38818334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at FVTPL |  | 1348038 | - | - | - | 52612 | 68724 | 1469374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at FVOCI |  | 293910 | - | - | - | - | 59134 | 353044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets |  | 797807 | 6963 | 6202 | 11713 | 33676 | - | 856361 |
|  | W | 15007641 | 6734477 | 3989214 | 4936189 | 9413530 | 1739751 | 41820802 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | W | 86242  | 734972  | 812996  | 1249543  | 4007432  | -  | 6891185  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debentures |  | 1682933  | 1069587  | 1377288  | 1551280  | 18163738  | 203452  | 24048278  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities |  | 2645543  | 7300  | -  | -  | 802718  | 968  | 3456529  |
|  | W | 4414718  | 1811859  | 2190284  | 2800823  | 22973888  | 204420  | 34395992  |
| **Off-balance sheet items**: **(\*)** |  |  |  |  |  |  |  |  |
| Guarantees | W | 947103  | -  | -  | -  | -  | -  | 947103  |
| Securities purchase agreement |  | 79620  | -  | -  | -  | -  | -  | 79620  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unused credit commitments |  | 93605685  | -  | -  | -  | -  | -  | 93605685  |
|  | W | 94632408  | -  | -  | -  | -  | -  | 94632408  |

---

(\*) Guarantee and unused credit commitments are classified into the earliest possible period because the payment must be executed immediately if the counterparty requests payment.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**4. Financial Risk Management (continued)**

(c) Liquidity risk (continued)

*(i) Maturity analysis of non-derivative financial instruments (continued)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  | **Less than** <br>**1 month** | **1~3 months** | **3~6 months** | **6 months ~ 1 year** | **1~5**<br>**years** | **Over**<br>**5 years** | **Total** |
| **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks  | W | 765370  | -  | -  | -  | -  | -  | 765370  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables at amortized cost and other |  | 12075381  | 6910450  | 4372135  | 4972976  | 9715544  | 1875668  | 39922154  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at FVTPL |  | 1014436  | -  | -  | -  | 30499  | 41203  | 1086138  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at FVOCI |  | 322836  | -  | -  | -  | -  | 55694  | 378530  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets |  | 798547  | 10478  | 6349  | 16696  | 33988  | -  | 866058  |
|  | W | 14976570  | 6920928  | 4378484  | 4989672  | 9780031  | 1972565  | 43018250  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | W | 11276  | 727419  | 556418  | 3633874  | 4584867  | -  | 9513854  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debentures |  | 901640  | 1254052  | 1046253  | 2274284  | 16808658  | 374878  | 22659765  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities |  | 2941971  | 4877  | -  | -  | 881676  | 969  | 3829493  |
|  | W | 3854887  | 1986348  | 1602671  | 5908158  | 22275201  | 375847  | 36003112  |
| **Off-balance sheet items**: (\*) |  |  |  |  |  |  |  |  |
| Guarantees | W | 809772  | -  | -  | -  | -  | -  | 809772  |
| Securities purchase agreement |  | 77945  | -  | -  | -  | -  | -  | 77945  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unused credit commitments |  | 91240054  | -  | -  | -  | -  | -  | 91240054  |
|  | W | 92127771  | -  | -  | -  | -  | -  | 92127771  |

---

(\*) Guarantee and unused credit commitments are classified into the earliest possible period because the payment must be executed immediately if the counterparty requests payment.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**4. Financial Risk Management (continued)**

(c) Liquidity risk (continued)

*(ii) Maturity analysis of derivative financial instruments*

A maturity analysis including the remaining contractual maturities for the derivatives as of December 31, 2025 and 2024 are as follows.

The amounts shown in the table were calculated based on the information below.

- Gross settlement derivatives: gross amount of cash received or paid.

- Net settlement derivatives: net amount of cash received or paid.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |  | **Less than** <br>**1 month** | **1~3 months** | **3~6 months** | **6 months ~ 1 year** | **1~5**<br>**years** | **Over**<br>**5 years** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net settlement <br>cash outflow | <br>W | (78) | 313  | 441  | 919  | 7574  | -  | 9169  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross settlement cash inflow |  | 10756  | -  | 453371  | 29342  | 1652040  | -  | 2145509  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross settlement cash outflow |  | (7956) | -  | (350233) | (20469) | (1487991) | -  | (1866649) |
|  | W | 2722  | 313  | 103579  | 9792  | 171623  | -  | 288029  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  | **Less than** <br>**1 month** | **1~3 months** | **3~6 months** | **6 months ~ 1 year** | **1~5**<br>**years** | **Over**<br>**5 years** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net settlement <br>cash outflow | <br>W | 333 | 353 | 427 | 26 | 2248 | - | 3387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross settlement cash inflow |  | 11451 | 476981 | 17810 | 616841 | 1678958 | - | 2802041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross settlement cash outflow |  | (7908) | (376725) | (11801) | (478741) | (1414805) | - | (2289980) |
|  | W | 3876 | 100609 | 6436 | 138126 | 266401 | - | 515448 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**4. Financial Risk Management (continued)**

(d) Market risk

Market risk from trading positions is the risk that changes in market prices, such as foreign exchange rates, interest rates, and equity prices will affect the Company's income or the value of its holdings of financial instruments. The Company is exposed to interest rate risk of financial assets and liabilities in the case of non-trading assets and interest rate risk of MMF (Money Market Fund) in the case of trading assets and only foreign exchange rate risk of foreign currency deposits because the Company hedges 100% cash flows of foreign currency liabilities with currency rate swaps. Stock price risk is exposed only to equity securities denominated in KRW among equity securities.

The Company assesses risks of expected transactions and sets up limits to control market risks to the extent that the Company can handle. The Company assessed market risks on the basis of the Basel standard methodology and the Historical VaR (Value at Risk) method, established risk limits respectively, monitored, and established an action plan in case that market risks get close to, or exceed limits.

*(i) Market risk management from trading positions*

The Company assessed market risk from trading positions using the standard methodology of Financial Supervisory Service. At the end of the current and prior periods, assets exposed to market risk are classified as financial assets measured at fair value through profit or loss (FVPTL). Market risk is measured by calculating the valuation amount of these assets and applying the required regulatory capital weighting. The following represents the Company's assessment of its potential loss in financial assets at fair value through profit or loss as of December 31, 2025 and 2024 that are exposed to the respective risks:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** |
|  |  | **Average** | **High** | **Low** | **December 31** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;W | &nbsp;&nbsp;7,197  | &nbsp;&nbsp;10,552  | &nbsp;&nbsp;5,350  | &nbsp;&nbsp;6,676  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** |
|  |  | **Average** | **High** | **Low** | **December 31** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;W | &nbsp;&nbsp;6,952 | &nbsp;&nbsp;11,377 | &nbsp;&nbsp;4,076 | &nbsp;&nbsp;5,001 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**4. Financial Risk Management (continued)**

(d) Market risk (continued)

*(ii) VaR and EaR management from non-trading positions*

*1) Interest rate risk from non-trading positions*

The principal market risk from non-trading activities of the Company is interest rate risk. The Company makes an effort to minimize variations of net assets and profit by assessing and controlling interest rate risk of non-trading positions. Interest rate VaR and EaR, to which real interest rate variations of assets and liabilities are applied, are used to assess interest rate risk.

Interest rate VaR estimates, at a 99.9% confidence level, the expected maximum loss assuming a one-year holding period. The Company calculates the Interest rate VaR using an internal model which has been designed to apply historical interest rate scenarios provided by accompanying net asset value simulations due to interest rate changes.

Interest rate EaR (Earning at Risk) is the maximum expected loss of net interest income within the next year due to negative variations of interest rates. Interest rate EaR is computed using interest rate repricing gap, differences between expected interest rate variation timing and target period (one year) and expected interest rate variation, and also applied interest rate variation timing for each maturity level and interest rate shock (200bp) were suggested by Basel. However, interest rate shock was not applied for financial assets with low sensitivity from a conservative point of view.

Interest rate VaR and EaR of non-trading positions as of December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate VaR | &nbsp;&nbsp;W | &nbsp;&nbsp;819,386  | &nbsp;&nbsp;990,898  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate EaR |  | &nbsp;&nbsp;584,052  | &nbsp;&nbsp;598,588  |

---

*2) Equity price risk and foreign exchange rate risk from non-trading positions*

The Company assessed equity price risk and foreign exchange rate risk from foreign currency equity securities of non-trading positions using the Historical VaR method. Assuming that asset returns are possible in case of crisis, historical VaR of the equity price and foreign currency rate is calculated at bottom 99% of 10 day holding period volatility for one year (250 trading days) in reporting date. Total VaR is calculated assuming that equity price risk and foreign exchange rate risk occur at the same time. Variance effect is calculated based on the difference between the total VaR and the sum of price risk and foreign exchange rate risk.

The Company does not have any non-trading positions that are exposed to equity risk and foreign exchange rate risk.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**4. Financial Risk Management (continued)**

(d) Market risk (continued)

*(iii) Foreign exchange risk* 

The Company has been exposed to foreign exchange risk of financial assets and financial liabilities denominated in foreign currencies other than the functional currency, Korean won. Cash outflows of liabilities denominated by foreign currency were hedged by currency rate swap. Exposures to foreign exchange risk of foreign currency denominated assets and liabilities as of December 31, 2025 and 2024 are as follows:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* |
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |  | **USD** | **USD** | **AUD** | **AUD** | **KZT** | **KZT** | **IDR** | **IDR** | **MMK** | **MMK** | **VND** | **VND** | **Total KRW equivalent** |
|  |  | **Foreign currency** | **KRW equivalent** | **Foreign currency** | **KRW equivalent** | **Foreign currency** | **KRW equivalent** | **Foreign currency** | **KRW equivalent** | **Foreign currency** | **KRW equivalent** | **Foreign currency** | **KRW equivalent** | **Total KRW equivalent** |
| **Assets** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Cash | W | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  |
| &nbsp;&nbsp;Due from banks |  | -  | 12  | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | 12  |
| &nbsp;&nbsp;Loans |  | 30  | 43047  | - | - | - | - | - | - | - | - | -  | - | 43047  |
| &nbsp;&nbsp;Securities at FVTPL |  | 26  | 37224  | -  | -  | -  | -  | -  | -  | -  | -  | - | -  | 37224  |
| &nbsp;&nbsp;Securities at FVOCI |  | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | - |
| &nbsp;&nbsp;Other financial assets  |  | 4  | 5900  | - | - | - | - | - | - | - | - | -  | - | 5900  |
|  |  | 60  | 86183  | -  | -  | -  | -  | -  | -  | -  | -  | - | -  | 86183  |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Debentures |  | (1401) | (2010186) | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | (2010186) |
| &nbsp;&nbsp;Borrowings |  | (330) | (473517) | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | (473517) |
| &nbsp;&nbsp;Other financial liabilities |  | -  | (31) | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | (31) |
|  |  | (1731) | (2483734) | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | (2483734) |
| &nbsp;&nbsp;On-balance sheet, net foreign currency exposure |  | (1671) | (2397551) | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | (2397551) |
| &nbsp;&nbsp;**Off- balance sheet** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Derivative |  | 1500  | 2152350  | 300 | 288306  | -  | -  | -  | -  | -  | -  | -  | -  | 2440656  |
| &nbsp;&nbsp;Financial guarantee |  | (354) | (508098) | - | -  | (49190) | (140683) | (2450000) | (209720) | (17000) | (11616) | (1410000) | (76986) | (947103) |
| &nbsp;&nbsp;Off-balance sheet, net foreign currency exposure |  | 1146  | 1644252  | 300 | 288306  | (49190) | (140683) | (2450000) | (209720) | (17000) | (11616) | (1410000) | (76986) | 1493553  |
| **Net position** | W | (525) | (753299) | 300 | 288306  | (49190) | (140683) | (2450000) | (209720) | (17000) | (11616) | (1410000) | (76986) | (903998) |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**4. Financial Risk Management (continued)**

(d) Market risk (continued)

*(iii) Foreign exchange risk (continued)*

The Company has been exposed to foreign exchange risk of financial assets and financial liabilities denominated in foreign currencies other than the functional currency, Korean won. Cash outflows of liabilities denominated by foreign currency were hedged by currency rate swap. Exposures to foreign exchange risk of foreign currency denominated assets and liabilities as of December 31, 2025 and 2024 are as follows:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* | *(In millions of USD, AUD, KZT, IDR, MMK, VND, and Won)* |
|  |  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  | **USD** | **USD** | **AUD** | **AUD** | **KZT** | **KZT** | **IDR** | **IDR** | **MMK** | **MMK** | **VND** | **VND** | **Total KRW equivalent** |
|  |  | **Foreign currency** | **KRW equivalent** | **Foreign currency** | **KRW equivalent** | **Foreign currency** | **KRW equivalent** | **Foreign currency** | **KRW equivalent** | **Foreign currency** | **KRW equivalent** | **Foreign currency** | **KRW equivalent** | **Total KRW equivalent** |
| **Assets** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Cash | W | - | 2 | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | 2 |
| &nbsp;&nbsp;Due from banks |  | - | 14 | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | 14 |
| &nbsp;&nbsp;Loans |  | 110 | 161700 |  |  |  |  |  |  |  |  |  |  | 161700 |
| &nbsp;&nbsp;Securities at FVTPL |  | 23 | 33413 |  | -  | -  | -  | -  | -  | -  | -  | -  | -  | 33413 |
| &nbsp;&nbsp;Securities at FVOCI |  | 3 | 4563 | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | 4563 |
| &nbsp;&nbsp;Other financial assets  |  | 1 | 1442 |  |  |  |  |  |  |  |  |  |  | 1442 |
|  |  | 137 | 201134 | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | 201134 |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Debentures |  | (1786) | (2626104) | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | (2626104) |
| &nbsp;&nbsp;Borrowings |  | (430) | (632100) | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | (632100) |
| &nbsp;&nbsp;Other financial liabilities |  | (1) | (802) | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | (802) |
|  |  | (2217) | (3259006) | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | (3259006) |
| &nbsp;&nbsp;On-balance sheet, net foreign currency exposure |  | (2080) | (3057872) | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | (3057872) |
| &nbsp;&nbsp;**Off- balance sheet** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Derivative |  | 1920  | 2822400 | 300 | 274104 | - | - | - | - | - | - | - | - | 3096504 |
| &nbsp;&nbsp;Financial guarantee |  | (266) | (391167) | - | - | (38190) | (106932) | (1925000) | (175368) | (17500) | (12250) | (2150000) | (124055) | (809772) |
| &nbsp;&nbsp;Off-balance sheet, net foreign currency exposure |  | 1654  | 2431233  | 300 | 274104 | (38190) | (106932) | (1925000) | (175368) | (17500) | (12250) | (2150000) | (124055) | 2286732 |
| **Net position** | W | (426) | (626639) | 300 | 274104 | (38190) | (106932) | (1925000) | (175368) | (17500) | (12250) | (2150000) | (124055) | (771140) |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

**4. Financial Risk Management (continued)**

(e) Capital risk management

The Company has exposure to credit risk, liquidity risk and market risk. By maintaining an optimal capital structure, the Company's objective is to control its financial risks, enhance its safety and soundness, stabilize the financial system, and advance the Company's credit standing.

The Company operates the credit card business under the Specialized Credit Finance Business Act. Accordingly, the Company should obey the Regulations on Supervision of Specialized Credit Finance Business. The regulations require the Company to maintain an adjusted equity capital ratio of more than 8%. Adjusted total assets and adjusted equity capital for the ratio are based on the separate statements of financial position and adjusted by the regulation that considered standards of the Bank for International Settlements and the nature of credit card business. The Company observes ratios of adjusted equity capital requirements regulated by the Specialized Credit Finance Business and the Company complied with the regulatory requirement for the adjusted equity capital ratio.

**5. Significant Estimates and Judgments**

The preparation of financial statements requires the application of certain critical estimates and judgments relative to the future. These critical estimates and judgments are assessed continually based on the elements like historical experiences and reasonably predictable future events under current conditions. Management's estimated outcomes may differ from actual outcomes.

Information about judgments on accounting assumptions and estimates, including significant risk that may result in a material adjustment in the reported amounts of assets and liabilities within the financial year are included in the following notes.

(a) Valuation of financial instruments

The fair values of financial instruments which are not actively traded in the market are determined by using valuation techniques. The Company determines valuation methods and assumptions based on significant market conditions at the end of each reporting period. Diverse valuation techniques are used to determine the fair value of financial instruments, from generally accepted valuation models in the market to internally developed valuation model that incorporates various types of assumptions and variables.

(b) Allowance for credit losses

*(i) Individually assessed loan allowance*

In assessing individual impairment, it is based on the best estimation of the Company's management about the present value of estimated future cash flows of secured financial assets. The present value is calculated by including cash flows from collateral after deducting costs to acquire and sell the collateral, regardless of probability of realization of such collateral.

*(ii) Collectively assessed loan allowance*

Collective loss allowances are measured using estimation models based on historical loss experience in order to assess the expected credit losses embedded in portfolios. These models consider various factors, including product and borrower types, credit ratings, outstanding balances by maturity, whether there has been a significant deterioration in credit quality, expected remaining life, and recovery periods, and apply probabilities of default (PD) and loss given default (LGD) for each asset (or group of assets). In addition, certain assumptions are applied to model inherent losses and to determine input variables based on past experience and current conditions. The methodologies and assumptions underlying these models are reviewed regularly to reduce differences between estimated loss allowances and actual losses.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

**5. Significant Estimates and Judgments (continued)**

(c) Qualifying hedge relationships

In designating financial instruments in qualifying hedge relationships, the Company has determined that it expects the hedges to be highly effective over the period of the hedging relationship. In accounting for derivatives as cash flow hedges, the Company has determined that the hedged cash flow exposure relates to highly probable future cash flows.

(d) Net defined benefit obligations

The present value of a defined benefit obligation that is measured by actuarial valuation methods uses various assumptions which can change according to various elements. These assumptions, including the discount rate, are integral to determining the net cost (or gain) of pension benefits. Changes in these assumptions can significantly affect the carrying amount of the defined benefit obligation.

The Company determines an appropriate discount rate at the end of each year. This discount rate represents the interest rate to be used in determining the present value of estimated future cash outflows expected to arise from the settlement of defined benefit obligations. The Company determines the discount rate by reference to the yields on high-quality corporate bonds denominated in the currency in which the benefits are to be paid and with maturities consistent with the term of the related defined benefit obligations.

(e) Income taxes

Within the normal business process, there are various types of transactions and different accounting methods that may add uncertainties to the realizability of tax assets. The Company has recognized current and deferred taxes that reflect tax consequences that would follow from the manner in which the entity expects, at the end of the reporting year, to recover or settle the carrying amount of its assets and liabilities. However, actual income tax in the future may not be identical to the recognized deferred tax assets and liabilities, and this difference can affect current and deferred taxes at the year when the final tax effect is conformed.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

**6. Fair Value Measurement of Financial Instruments**

The Company primarily uses the published price quotations in an active market for measurement of the fair value of financial instruments. If the market for a financial instrument is not active, fair value is established either by using a valuation technique or an independent third-party valuation service.

The Company uses diverse valuation techniques under reasonable assumptions which are based on the observable inputs in markets at the end of each reporting period.

Valuation techniques include using the recent arm's length market transactions between knowledgeable, willing parties, if available, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis and option pricing models.

The Company measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements:

- Quoted market price (unadjusted) in an active market for an identical instrument (Level 1)

- Valuation techniques based on observable inputs, either directly or indirectly (Level 2)

- Valuation techniques using significant unobservable inputs (Level 3)

The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustments based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

**6. Fair Value Measurement of Financial Instruments (continued)**

(a) Financial instruments measured at fair value

*(i) Fair value measurement methods of financial instruments that are measured at fair value are as follows:*

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fair value measurement methods** |
| Financial assets at FVTPL | In case that the market of a financial instrument is active, fair value is established at the closing quoted price as of the last day for the reporting period. Fair value of debt securities which are not quoted in an active market are determined at the amount which is present value of the future cash flow estimated reasonably discounted by the rate considering the counterparty's credit risk. Equity instruments that do not have a quoted market price in an active market and whose fair value are not reliably measurable are measured at cost as an estimate of fair value. |
| Derivative assets | In case that the market of a financial instrument is active, fair value is established at the closing quoted price as of the last day for the reporting period. If the market is not active, fair value is determined at the amount which is present value of the future cash flow reasonably estimated considering the counterparty's credit risk and discounted by the appropriate rate such as a risk-free rate. If observable market data for the valuation is not available enough, the valuation result of the qualified external institutes is used as fair value. |
| Financial assets at FVOCI | In case that the market of a financial instrument is active, fair value is established at the closing quoted price at the last day for the reporting period. Fair value of equity securities which are not quoted in an active market are measured by the valuation model of independent and professional institutes using reliable data. Equity instruments that do not have a quoted market price in an active market and whose fair values are not reliably measurable are measured at cost as an estimate of fair value. |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**6. Fair Value Measurement of Financial Instruments (continued)**

(a) Financial instruments measured at fair value (continued)

*(ii) The fair value measurements classified by fair value hierarchy as of December 31, 2025 and 2024 are summarized as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*10* |  | **2025** | **2025** | **2025** | **2025** |
|  |  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficiary certificates at FVTPL | W | &nbsp;&nbsp;-  | &nbsp;&nbsp;1335146  | &nbsp;&nbsp;99201  | &nbsp;&nbsp;1434347  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities at FVTPL |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;22137  | &nbsp;&nbsp;22137  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities at FVTPL |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;12890  | &nbsp;&nbsp;12890  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative financial assets for hedging |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;282834  | &nbsp;&nbsp;-  | &nbsp;&nbsp;282834  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities at FVOCI |  | &nbsp;&nbsp;5280  | &nbsp;&nbsp;-  | &nbsp;&nbsp;53854  | &nbsp;&nbsp;59134  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities at FVOCI |  | &nbsp;&nbsp;284771  | &nbsp;&nbsp;-  | &nbsp;&nbsp;9139  | &nbsp;&nbsp;293910  |
|  | W | &nbsp;&nbsp;290051  | &nbsp;&nbsp;1617980  | &nbsp;&nbsp;197221  | &nbsp;&nbsp;2105252  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative financial liabilities for hedging |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;878  | &nbsp;&nbsp;-  | &nbsp;&nbsp;878  |
|  | W | &nbsp;&nbsp;-  | &nbsp;&nbsp;878  | &nbsp;&nbsp;-  | &nbsp;&nbsp;878  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*10* |  | **2024** | **2024** | **2024** | **2024** |
|  |  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficiary certificates at FVTPL | W | &nbsp;&nbsp;-  | &nbsp;&nbsp;1000238  | &nbsp;&nbsp;51070  | &nbsp;&nbsp;1051308  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities at FVTPL |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;20633  | &nbsp;&nbsp;20633  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities at FVTPL |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;14197  | &nbsp;&nbsp;14197  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative financial assets for hedging |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;460365  | &nbsp;&nbsp;-  | &nbsp;&nbsp;460365  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities at FVOCI |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;55694  | &nbsp;&nbsp;55694  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities at FVOCI |  | &nbsp;&nbsp;288108  | &nbsp;&nbsp;34728  | &nbsp;&nbsp;-  | &nbsp;&nbsp;322836  |
|  | W | &nbsp;&nbsp;288108  | &nbsp;&nbsp;1495331  | &nbsp;&nbsp;141594  | &nbsp;&nbsp;1925033  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative financial liabilities for hedging |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;6099  | &nbsp;&nbsp;-  | &nbsp;&nbsp;6099  |
|  | W | &nbsp;&nbsp;-  | &nbsp;&nbsp;6099  | &nbsp;&nbsp;-  | &nbsp;&nbsp;6099  |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**6. Fair Value Measurement of Financial Instruments (continued)**

(a) Financial instruments measured at fair value (continued)

*(iii) Changes in Level 3 of the fair value hierarchy*

Changes of fair value measurement in Level 3 for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |  | **Beneficiary certificates at FVTPL** | **Debt securities at FVTPL** | **Equity securities at FVTPL** | **Debt securities at FVOCI** | **Equity securities at FVOCI** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Balance at January 1, 2025** | W | 51070 | 20633 | 14197 | - | 55694 | 141594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts recognized in profit or loss (\*1) |  | (1042) | (3062) | (1798) | - | - | (5902) |
| &nbsp;&nbsp;Amounts recognized in other comprehensive income |  | - | - | - | (1) | (1840) | (1841) |
| &nbsp;&nbsp;Acquisition |  | 60186 | 6392 | 499 | - | - | 67077 |
| &nbsp;&nbsp;Disposal | (11013) | (11013) | (1826) | (8) | - | - | (12847) |
| &nbsp;&nbsp;Transfer to Level 3 (\*2) |  | - | - | - | 9140 | - | 9140 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Balance at December 31, 2025** | W | 99201 | 22137 | 12890 | 9139 | 53854 | 197221 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  | **Beneficiary certificates at FVTPL** | **Debt securities at FVTPL** | **Equity securities at FVTPL** | **Equity securities at FVOCI** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Balance at January 1, 2024** | W | 43443 | 15099 | 14135 | 75407 | 148084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts recognized in profit or loss (\*1) |  | 3985 | (910) | (426) | - | 2649 |
| &nbsp;&nbsp;Amounts recognized in other comprehensive income |  | - | - | - | (17913) | (17913) |
| &nbsp;&nbsp;Acquisition |  | 9202 | 6564 | 500 | 200 | 16466 |
| &nbsp;&nbsp;Disposal |  | (5560) | (120) | (12) | (2000) | (7692) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Balance at December 31, 2024** | W | 51070 | 20633 | 14197 | 55694 | 141594 |

---

(\*1) The amounts recognized in profit or loss during the years ended December 31, 2025 and 2024 in relation to movements in financial instruments classified as Level 3 in the fair value hierarchy, as well as the amounts recognized in profit or loss related to financial instruments held as of December 31, 2025 and 2024, are presented as the following separate line items in the separate statement of comprehensive income:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2024** | **2024** |
|  |  | **Amounts recognized in profit or loss** | **Amounts recognized in profit or loss related to financial instruments held as of December 31** | **Amounts recognized in profit or loss** | **Amounts recognized in profit or loss related to financial instruments held as of December 31** |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) on financial assets at FVTPL | W | (5902) | (7735) | 2649 | 2637 |

---

(\*2) Transfers between levels occurred as a result of changes in the availability of observable market data for the relevant financial instruments. The Company recognizes transfers between levels at the end of the reporting period in which the event or change in circumstances that gave rise to the transfer occurred.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**6. Fair Value Measurement of Financial Instruments (continued)**

(a) Financial instruments measured at fair value (continued)

*(iv) Valuation techniques and inputs related to Level 2*

Information about valuation techniques and inputs in measuring financial instruments categorized as Level 2 as of December 31, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2025** |
|  | **Valuation**<br>**techniques** | **Type of financial instruments** |  | **Carrying amount** | **Input variables** |
| Financial assets at FVTPL: | Net asset value | &nbsp;&nbsp;Beneficiary<br>certificates | W | &nbsp;&nbsp;&nbsp;&nbsp;1335146 | &nbsp;&nbsp;Interest rate |
| Derivative financial assets: | &nbsp;&nbsp;&nbsp;&nbsp;Discounted cash flow | &nbsp;&nbsp;Interest rate swap,<br>Currency swap |  | &nbsp;&nbsp;&nbsp;&nbsp;282834 | &nbsp;&nbsp;Discount rate,<br>Interest rate,<br>Exchange rate, etc. |
|  |  |  | W | &nbsp;&nbsp;&nbsp;&nbsp;1617980 |  |
| &nbsp;&nbsp;&nbsp;Derivative financial liabilities: | &nbsp;&nbsp;&nbsp;&nbsp;Discounted cash flow | &nbsp;&nbsp;Interest rate swap,<br>Currency swap | W | &nbsp;&nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;Discount rate,<br>Interest rate,<br>Exchange rate, etc. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Valuation**<br>**Techniques** | **Type of financial instruments** |  | **Carrying amount** | **Input variables** |
| Financial assets at FVTPL: | &nbsp;&nbsp;&nbsp;&nbsp;Net asset value | &nbsp;&nbsp;Beneficiary<br>certificates | W | &nbsp;&nbsp;&nbsp;&nbsp;1000238 | &nbsp;&nbsp;&nbsp;&nbsp;Interest rate |
| Derivative financial assets: | &nbsp;&nbsp;&nbsp;&nbsp;Discounted<br>cash flow | &nbsp;&nbsp;Interest rate swap,<br>Currency swap |  | &nbsp;&nbsp;&nbsp;&nbsp;460365 | &nbsp;&nbsp;&nbsp;&nbsp;Discount rate, Interest rate, Exchange rate, etc. |
| Financial assets at FVOCI: | &nbsp;&nbsp;&nbsp;&nbsp;Option model | &nbsp;&nbsp;Debt securities |  | &nbsp;&nbsp;&nbsp;&nbsp;34728 | &nbsp;&nbsp;&nbsp;&nbsp;Discount rate, Interest rate, etc. |
|  |  |  | W | &nbsp;&nbsp;&nbsp;&nbsp;1495331 |  |
| &nbsp;&nbsp;&nbsp;Derivative financial liabilities: | &nbsp;&nbsp;Discounted<br>cash flow | &nbsp;&nbsp;Interest rate swap,<br>Currency swap | &nbsp;&nbsp;W | 6099 | &nbsp;&nbsp;Discount rate, Interest rate, Exchange rate, etc. |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**6. Fair Value Measurement of Financial Instruments (continued)**

(a) Financial instruments measured at fair value (continued)

*(v) Valuation techniques and inputs related to Level 3*

Information about valuation techniques and inputs in measuring financial instruments categorized as Level 3 as of December 31, 2025 and 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **Valuation**<br>**techniques** | **Type of financial instruments** |  | **Carrying**<br>**amount** | **Significant**<br>**unobservable**<br>**inputs** | **Range of estimates for unobservable inputs** |
|  | **Valuation**<br>**techniques** | **Type of financial instruments** |  | **Carrying**<br>**amount** | **Significant**<br>**unobservable**<br>**inputs** | **Range of estimates for unobservable inputs** |
|  | **Valuation**<br>**techniques** | **Type of financial instruments** |  | **Carrying**<br>**amount** | **Significant**<br>**unobservable**<br>**inputs** | **Range of estimates for unobservable inputs** |
| &nbsp;&nbsp;Financial assets at FVTPL | &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, etc. | &nbsp;&nbsp;Beneficiary<br>certificates | W | &nbsp;&nbsp;&nbsp;&nbsp;99201 | &nbsp;&nbsp;Discount rate,<br>Growth rate,<br>The volatility of an underlying asset | &nbsp;&nbsp;7.06~9.74%,<br>0%,<br>38.85% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, etc. | &nbsp;&nbsp;Debt securities |  | &nbsp;&nbsp;&nbsp;&nbsp;22137 | &nbsp;&nbsp;Discount rate,<br>Growth rate,<br>The volatility of an underlying asset | &nbsp;&nbsp;7.06~9.74%,<br>0%,<br>38.85% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, etc. | &nbsp;&nbsp;Equity securities |  | &nbsp;&nbsp;&nbsp;&nbsp;12890 | &nbsp;&nbsp;Discount rate,<br>Growth rate,<br>The volatility of an underlying asset |  |
| &nbsp;&nbsp;Financial assets at FVOCI | &nbsp;&nbsp;&nbsp;&nbsp;Option model | &nbsp;&nbsp;Debt securities |  | &nbsp;&nbsp;&nbsp;&nbsp;9139 | &nbsp;&nbsp;Discount rate,<br>The volatility of an interest rate  | &nbsp;&nbsp;6.23%,<br>7.92% |
| &nbsp;&nbsp;Financial assets at FVOCI | &nbsp;&nbsp;&nbsp;&nbsp;Discounted cash flow, etc. | &nbsp;&nbsp;Equity securities |  | &nbsp;&nbsp;&nbsp;&nbsp;53854 | &nbsp;&nbsp;Discount rate,<br>Growth rate | &nbsp;&nbsp;8.30%~16.33%, <br>0% |
|  |  |  | W | &nbsp;&nbsp;&nbsp;&nbsp;197221 |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Valuation**<br>**techniques** | **Type of financial instruments** |  | **Carrying**<br>**amount** | **Significant**<br>**unobservable**<br>**inputs** | **Range of estimates for unobservable inputs** |
|  | **Valuation**<br>**techniques** | **Type of financial instruments** |  | **Carrying**<br>**amount** | **Significant**<br>**unobservable**<br>**inputs** | **Range of estimates for unobservable inputs** |
|  | **Valuation**<br>**techniques** | **Type of financial instruments** |  | **Carrying**<br>**amount** | **Significant**<br>**unobservable**<br>**inputs** | **Range of estimates for unobservable inputs** |
| &nbsp;&nbsp;Financial assets at FVTPL | &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, etc. | &nbsp;&nbsp;Beneficiary<br>certificates | W | &nbsp;&nbsp;&nbsp;&nbsp;51070 | &nbsp;&nbsp;Discount rate,<br>Growth rate | &nbsp;&nbsp;6.54 ~9.10%, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, etc. | &nbsp;&nbsp;Debt securities |  | &nbsp;&nbsp;&nbsp;&nbsp;20633 | &nbsp;&nbsp;Discount rate,<br>Growth rate | &nbsp;&nbsp;0% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, etc. | &nbsp;&nbsp;Equity securities |  | &nbsp;&nbsp;&nbsp;&nbsp;14197 | &nbsp;&nbsp;Discount rate,<br>Growth rate |  |
| &nbsp;&nbsp;Financial assets at FVOCI | &nbsp;&nbsp;&nbsp;&nbsp;Discounted cash flow, etc. | &nbsp;&nbsp;Equity securities |  | &nbsp;&nbsp;&nbsp;&nbsp;55694 | &nbsp;&nbsp;Discount rate,<br>Growth rate | &nbsp;&nbsp;7.31%~14.30%,<br>0% |
|  |  |  | W | &nbsp;&nbsp;&nbsp;&nbsp;141594 |  |  |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**6. Fair Value Measurement of Financial Instruments (continued)**

(a) Financial instruments measured at fair value (continued)

(vi) Sensitivity to changes on unobservable inputs

For financial instruments classified as Level 3 as of December 31, 2025, for which it is practicable to calculate sensitivity to changes in inputs, effects of changes that would be recognized in profit or loss or other comprehensive income if unobservable inputs were changed are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** |
| **Type of financial instrument (\*1)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Favorable change** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Unfavorable change** |
| &nbsp;&nbsp;Financial assets at FVTPL (\*2) (\*3)  | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;(121) |
| &nbsp;&nbsp;Financial assets at FVOCI (\*2) |  | &nbsp;&nbsp;&nbsp;&nbsp;8543 | &nbsp;&nbsp;&nbsp;&nbsp;(5597) |

---

(\*1) Of the financial instruments classified as Level 3, W132,417 million were excluded from the sensitivity analysis disclosures, as it was not practicable to calculate sensitivity to changes in inputs. <br>(\*2) Changes in fair value are calculated by increasing or decreasing the unobservable inputs such as the growth rate (-1% ~ 1%) and the discount rate (-1% ~ 1%).

(\*3) Changes in fair value are calculated by increasing or decreasing the unobservable inputs such as the volatility of the underlying assets or correlation coefficients, by 10%.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

**6. Fair Value Measurement of Financial Instruments (continued)**

(b) Financial instruments measured at amortized cost

*(i) The methods of measuring the fair value of financial instruments measured at amortized cost are as follows:*

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fair value measurement methods** |
| Cash and due from banks | Carrying amount of cash is the same as fair value. Carrying amount (matured within three months at acquisition date) is used as approximation of fair value for cash equivalents. Fair value of other due from banks is present value of expected cash flows discounted by the rate considering market interest rate and spread. |
| Credit card receivables at amortized<br> cost and other | Fair value of credit card receivables measured at amortized cost and other is present value of expected cash flows discounted by the rate considering market interest rate and counterparty's credit ratings. However, carrying amount is used as approximation of fair value for credit card receivables for lump-sum purchase and cash advances which contractual credit period granted is less than three months. |
| Other financial assets | Fair value of other financial assets is present value of expected cash flows discounted by the rate considering market interest rate and counterparty's credit ratings. However, carrying amount is used as approximation of fair value for other financial assets when reliable expected cash flow is not available. |
| Borrowings | Fair value of borrowings is the present value of expected cash flows discounted by the rate considering market interest rate and the Company's credit ratings. |
| Debentures | Where the market of a financial instrument is active, fair value is established at the quoted price. Fair value of debentures which quoted market price is not available is determined to be the present value of contractual cash flows discounted by the rate considering market interest rate and the Company's credit ratings. |
| Other financial liabilities | Fair value of other financial liabilities is determined to be the present value of contractual cash flows discounted by the rate considering market interest rate and the Company's credit ratings. Carrying amount is used as approximation of fair value of liabilities when reliable expected cash flows are not available. |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**6. Fair Value Measurement of Financial Instruments (continued)**

(b) Financial instruments measured at amortized cost (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |  | **Carrying amount** | **Carrying amount** | **Carrying amount** | **Carrying amount** | **Fair value** |
|  |  | **Balance** | **Deferred loan origination costs and others** | **Allowance**<br>**for credit loss** | **Total** | **Fair value** |
| **Financial assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | W | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  |
| &nbsp;&nbsp;Due from banks |  | &nbsp;&nbsp;323689  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;323689  | &nbsp;&nbsp;323689  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | &nbsp;&nbsp;28354895  | &nbsp;&nbsp;(36759) | &nbsp;&nbsp;(909379) | &nbsp;&nbsp;27408757  | &nbsp;&nbsp;27866346  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans |  | &nbsp;&nbsp;2810894  | &nbsp;&nbsp;967  | &nbsp;&nbsp;(49004) | &nbsp;&nbsp;2762857  | &nbsp;&nbsp;2794662  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Installment receivables |  | &nbsp;&nbsp;3174571  | &nbsp;&nbsp;15370  | &nbsp;&nbsp;(51775) | &nbsp;&nbsp;3138166  | &nbsp;&nbsp;3155879  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial lease receivables |  | &nbsp;&nbsp;1839921  | &nbsp;&nbsp;(601) | &nbsp;&nbsp;(19864) | &nbsp;&nbsp;1819456  | &nbsp;&nbsp;1815356  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets |  | &nbsp;&nbsp;856361  | &nbsp;&nbsp;(2264) | &nbsp;&nbsp;(30064) | &nbsp;&nbsp;824033  | &nbsp;&nbsp;824027  |
|  | W | &nbsp;&nbsp;37360331  | &nbsp;&nbsp;(23287) | &nbsp;&nbsp;(1060086) | &nbsp;&nbsp;36276958  | &nbsp;&nbsp;36779959  |
| **Financial liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;Borrowings  | W | &nbsp;&nbsp;6627617  | &nbsp;&nbsp;(45273) | &nbsp;&nbsp;-  | &nbsp;&nbsp;6582344  | &nbsp;&nbsp;6575585  |
| &nbsp;&nbsp;Debentures in won |  | &nbsp;&nbsp;20345000  | &nbsp;&nbsp;(14230) |  | &nbsp;&nbsp;20330770  | &nbsp;&nbsp;20402857  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debentures in foreign currency |  | &nbsp;&nbsp;2010186  | &nbsp;&nbsp;(5420) |  | &nbsp;&nbsp;2004766  | &nbsp;&nbsp;2018744  |
| &nbsp;&nbsp;Other liabilities |  | &nbsp;&nbsp;3456530 | &nbsp;&nbsp;(53860) | &nbsp;&nbsp;-  | &nbsp;&nbsp;3402670  | &nbsp;&nbsp;3399474  |
|  | W | &nbsp;&nbsp;32439333  | &nbsp;&nbsp;(118783) | &nbsp;&nbsp;-  | &nbsp;&nbsp;32320550  | &nbsp;&nbsp;32396660  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  | **Carrying amount** | **Carrying amount** | **Carrying amount** | **Carrying amount** | **Fair value** |
|  |  | **Balance** | **Deferred loan origination costs and others** | **Allowance**<br>**for credit loss** | **Total** | **Fair value** |
| **Financial assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | W | &nbsp;&nbsp;2 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Due from banks |  | &nbsp;&nbsp;765404 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;765404 | &nbsp;&nbsp;765403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | &nbsp;&nbsp;28542800 | &nbsp;&nbsp;(39478) | &nbsp;&nbsp;(1120662) | &nbsp;&nbsp;27382660 | &nbsp;&nbsp;27855870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans |  | &nbsp;&nbsp;3315205 | &nbsp;&nbsp;572 | &nbsp;&nbsp;(64432) | &nbsp;&nbsp;3251345 | &nbsp;&nbsp;3296193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Installment receivables |  | &nbsp;&nbsp;3524066 | &nbsp;&nbsp;20204 | &nbsp;&nbsp;(50694) | &nbsp;&nbsp;3493576 | &nbsp;&nbsp;3517740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial lease receivables |  | &nbsp;&nbsp;1790546 | &nbsp;&nbsp;(1052) | &nbsp;&nbsp;(31754) | &nbsp;&nbsp;1757740 | &nbsp;&nbsp;1766596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets |  | &nbsp;&nbsp;866058 | &nbsp;&nbsp;(2789) | &nbsp;&nbsp;(28050) | &nbsp;&nbsp;835219 | &nbsp;&nbsp;835294 |
|  | W | &nbsp;&nbsp;38804081 | &nbsp;&nbsp;(22543) | &nbsp;&nbsp;(1295592) | &nbsp;&nbsp;37485946 | &nbsp;&nbsp;38037098 |
| **Financial liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;Borrowings  | W | &nbsp;&nbsp;9262712 | &nbsp;&nbsp;(116620) | &nbsp;&nbsp;- | &nbsp;&nbsp;9146092 | &nbsp;&nbsp;9123403 |
| &nbsp;&nbsp;Debentures in won |  | &nbsp;&nbsp;18254000 | &nbsp;&nbsp;(12027) | &nbsp;&nbsp;- | &nbsp;&nbsp;18241973 | &nbsp;&nbsp;18451489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debentures in foreign currency |  | &nbsp;&nbsp;2626104 | &nbsp;&nbsp;(9377) | &nbsp;&nbsp;- | &nbsp;&nbsp;2616727 | &nbsp;&nbsp;2610316 |
| &nbsp;&nbsp;Other liabilities |  | &nbsp;&nbsp;3829493 | &nbsp;&nbsp;(72717) | &nbsp;&nbsp;- | &nbsp;&nbsp;3756776 | &nbsp;&nbsp;3757472 |
|  | W | &nbsp;&nbsp;33972309 | &nbsp;&nbsp;(210741) | &nbsp;&nbsp;- | &nbsp;&nbsp;33761568 | &nbsp;&nbsp;33942680 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**6. Fair Value Measurement of Financial Instruments (continued)**

(b) Financial instruments measured at amortized cost (continued)

*(iii) The fair value hierarchy of financial instruments which are measured at amortized cost in the separate statements of financial position as of December 31, 2025 and 2024 are as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** |
|  |  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;**Financial assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;W | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from banks |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;323689  | &nbsp;&nbsp;-  | &nbsp;&nbsp;323689  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;27866346  | &nbsp;&nbsp;27866346  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;2794662  | &nbsp;&nbsp;2794662  |
| &nbsp;&nbsp;&nbsp;&nbsp;Installment receivables |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;3155879  | &nbsp;&nbsp;3155879  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial lease receivables |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;1815356  | &nbsp;&nbsp;1815356  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;824027  | &nbsp;&nbsp;824027  |
|  | W | &nbsp;&nbsp;-  | &nbsp;&nbsp;323689  | &nbsp;&nbsp;36456270  | &nbsp;&nbsp;36779959  |
| &nbsp;&nbsp;**Financial liabilities**: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | &nbsp;&nbsp;W | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;6575585  | &nbsp;&nbsp;6575585  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debentures in won |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;20402857  | &nbsp;&nbsp;20402857  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debentures in foreign currency |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;2018744  | &nbsp;&nbsp;2018744  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;3399474  | &nbsp;&nbsp;3399474  |
|  | W | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;32396660  | &nbsp;&nbsp;32396660  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** |
|  |  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;**Financial assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;W | &nbsp;&nbsp;2  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;2  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from banks |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;765403 | &nbsp;&nbsp;-  | &nbsp;&nbsp;765403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;27855870 | &nbsp;&nbsp;27855870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;3296193 | &nbsp;&nbsp;3296193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Installment receivables |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;3517740 | &nbsp;&nbsp;3517740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial lease receivables |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;1766596 | &nbsp;&nbsp;1766596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;835294 | &nbsp;&nbsp;835294 |
|  | W | &nbsp;&nbsp;2  | &nbsp;&nbsp;765403 | &nbsp;&nbsp;37271693 | &nbsp;&nbsp;38037098 |
| &nbsp;&nbsp;**Financial liabilities**: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | &nbsp;&nbsp;W | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;9123403 | &nbsp;&nbsp;9123403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debentures in won |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;18451489 | &nbsp;&nbsp;18451489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debentures in foreign currency |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;2610316 | &nbsp;&nbsp;2610316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;3757472 | &nbsp;&nbsp;3757472 |
|  | W | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;33942680 | &nbsp;&nbsp;33942680 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**7. Categories of Financial Instruments**

(a) The carrying amounts of the categories of financial assets as of December 31, 2025 and 2024 are summarized as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |  | **Financial assets at FVTPL** | **Financial assets at amortized cost** | **Financial assets at FVOCI** | **Derivative for hedge** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | W | &nbsp;&nbsp;-  | &nbsp;&nbsp;323689  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;323689  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at FVTPL |  | &nbsp;&nbsp;1469374  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;1469374  |
| &nbsp;&nbsp;Derivative assets |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;282834  | &nbsp;&nbsp;282834  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables at amortized cost and other (\*) |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;35129236  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;35129236  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at FVOCI |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;353044  | &nbsp;&nbsp;-  | &nbsp;&nbsp;353044  |
| &nbsp;&nbsp;Other financial assets |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;824033  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;824033  |
|  | W | &nbsp;&nbsp;1469374  | &nbsp;&nbsp;36276958  | &nbsp;&nbsp;353044  | &nbsp;&nbsp;282834  | &nbsp;&nbsp;38382210  |

---

(\*) It includes W1,819,456 million of financial lease receivables recognized in accordance with K-IFRS No. 1116.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  | **Financial assets at FVTPL** | **Financial assets at amortized cost** | **Financial assets at FVOCI** | **Derivative for hedge** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | W | &nbsp;&nbsp;-  | &nbsp;&nbsp;765406 | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;765406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at FVTPL |  | &nbsp;&nbsp;1086138 | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;1086138 |
| &nbsp;&nbsp;Derivative assets |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;460365 | &nbsp;&nbsp;460365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables at amortized cost and other (\*) |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;35885321 | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;35885321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at FVOCI |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;378530 | &nbsp;&nbsp;-  | &nbsp;&nbsp;378530 |
| &nbsp;&nbsp;Other financial assets |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;835219 | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;835219 |
|  | W | &nbsp;&nbsp;1086138 | &nbsp;&nbsp;37485946 | &nbsp;&nbsp;378530 | &nbsp;&nbsp;460365 | &nbsp;&nbsp;39410979 |

---

(\*) It includes W1,757,740 million of financial lease receivables recognized in accordance with K-IFRS No. 1116.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**7. Categories of Financial Instruments (continued)**

(b) The carrying amounts of the categories of financial liabilities as of December 31, 2025 and 2024 are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** |
|  |  | **Financial liabilities measured at** <br>**amortized cost** | **Derivative for hedge** | **Total** |
| &nbsp;&nbsp;Derivative liabilities  | W | -  | 878  | 878  |
| &nbsp;&nbsp;Borrowings |  | 6582344  | -  | 6582344  |
| &nbsp;&nbsp;Debentures |  | 22335536  | -  | 22335536  |
| &nbsp;&nbsp;Other financial liabilities (\*) |  | 3402670  | -  | 3402670  |
|  | W | 32320550  | 878  | 32321428  |

---

(\*) It includes W15,072 million of lease liabilities recognized in accordance with K-IFRS No. 1116.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** |
|  |  | **Financial liabilities measured at** <br>**amortized cost** | **Derivative for hedge** | **Total** |
| Derivative financial liabilities | W | -  | 6099  | 6099  |
| &nbsp;&nbsp;Borrowings |  | &nbsp;&nbsp;9146092  | &nbsp;&nbsp;-  | &nbsp;&nbsp;9146092  |
| &nbsp;&nbsp;Debentures |  | &nbsp;&nbsp;20858700  | &nbsp;&nbsp;-  | &nbsp;&nbsp;20858700  |
| &nbsp;&nbsp;Other financial liabilities (\*) |  | &nbsp;&nbsp;3756776  | &nbsp;&nbsp;-  | &nbsp;&nbsp;3756776  |
|  | W | &nbsp;&nbsp;33761568  | &nbsp;&nbsp;6099  | &nbsp;&nbsp;33767667  |

---

(\*) It includes W15,999 million of lease liabilities recognized in accordance with K-IFRS No. 1116.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**7. Categories of Financial Instruments (continued)**

(c) Gains (losses) on financial instruments by category for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |  | **Interest income** | **Interest expense** | **Fee and commission income** | **Fee and commission expense** | **Dividend income** | **Reversal of (provision for) credit loss allowance** | **Other operating income, net** | **Net income (loss)** | **Other comprehensive income (loss)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial assets:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at FVTPL | <br>W | -  | -  | -  | -  | 60  | -  | 26545  | 26605  | -  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at amortized cost (\*) |  | 2826932  | -  | 1922705  | (1371790) | -  | (856356)  | 210664  | 2732155 | -  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at FVOCI |  | 9071  | -  | -  | -  | 493  | 188  | -  | 9752  | (5096) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative for hedge |  | -  | -  | -  | -  | -  | -  | (30399) | (30399) | 50365  |
|  |  | 2836003  | -  | 1922705  | (1371790) | 553  | (856168)  | 206810  | 2738113  | 45269  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial liabilities:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities at amortized cost (\*) |  | -  | (1031336) | -  | -  | -  | -  | -  | (1031336) | -  |
|  | W | 2836003  | (1031336) | 1922705  | (1371790) | 553  | (856168)  | 206810  | 1706777  | 45269  |

---

(\*) It includes finance income and costs occurred as a result of finance lease receivables and lease liability in accordance with K-IFRS No. 1116 '*Leases*'.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  | **Interest income** | **Interest expense** | **Fee and commission income** | **Fee and commission expense** | **Dividend income** | **Provision for credit loss allowance** | **Other operating income, net** | **Net income (loss)** | **Other comprehensive income (loss)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial assets:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at FVTPL | <br>W | - | - | - | - | 75 | - | 54229 | 54304 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at amortized cost (\*) |  | 2762712 | - | 2042575 | (1307632) | - | (872018) | 173838 | 2799475 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at FVOCI |  | 10039 | - | - | - | 240 | (153) | - | 10126 | (8319) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative for hedge |  | - | - | - | - | - | - | 320735 | 320735 | (8808) |
|  |  | 2772751 | - | 2042575 | (1307632) | 315 | (872171) | 548802 | 3184640 | (17127) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial liabilities:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities at amortized cost (\*) |  | - | (988584) | - | - | - | - | - | (988584) | - |
|  | W | 2772751 | (988584) | 2042575 | (1307632) | 315 | (872171) | 548802 | 2196056 | (17127) |

---

(\*) It includes finance income and costs occurred as a result of finance lease receivables and lease liability in accordance with K-IFRS No. 1116 '*Leases*'.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**7. Categories of Financial Instruments (continued)**

(d) The amounts of foreign exchange differences recognized in profit or loss for each category of financial instruments for the years ended December 31, 2025 and 2024 are summarized as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  |  | **Gain on foreign currency transaction** | **Loss on foreign currency transaction** | **Net amount** | **Gain on foreign currency transaction** | **Loss on foreign currency transaction** | **Net amount** |
| &nbsp;&nbsp;Financial assets at amortized cost  | W | 109777  | (34998) | 74779  | 86254 | (24350) | 61904 |
| &nbsp;&nbsp;Financial liabilities at amortized cost |  | 43227  | (37866) | 5361  | 876 | (341725) | (340849) |
|  | W | 153004  | (72864) | 80140  | 87130 | (366075) | (278945) |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**8. Offsetting Financial Assets and Financial Liabilities**

Financial assets and financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements as of December 31, 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |  | **Gross amounts recognized**  | **Gross amounts recognized for offsetting** | **Net amounts of financial instruments**  | **Amounts not subject to offsetting** | **Amounts not subject to offsetting** | **Net amount** |
|  |  | **Gross amounts recognized**  | **Gross amounts recognized for offsetting** | **Net amounts of financial instruments**  | **Financial instruments** | **Cash collateral received** | **Net amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives | W | 282834  | -  | 282834  | 878  | -  | 281956  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial liabilities:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives |  | 878  | -  | 878  | 878  | -  | -  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  | **Gross amounts recognized**  | **Gross amounts recognized for offsetting** | **Net amounts of financial instruments**  | **Amounts not subject to offsetting** | **Amounts not subject to offsetting** | **Net amount** |
|  |  | **Gross amounts recognized**  | **Gross amounts recognized for offsetting** | **Net amounts of financial instruments**  | **Financial instruments** | **Cash collateral received** | **Net amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives | W | 460365 | -  | 460365 | 6099 | -  | 454266 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial liabilities:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives |  | 6099 | -  | 6099  | 6099  | -  | -  |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**9. Operating Segments**

The Company has a single reportable segment.

(a) Details of revenues by financial service type for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |  | **Credit card** | **Installment finance** | **Lease (\*)** | **Others** | **Total** |
| Operating income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | W | 2309702  | 170041  | 106692  | 249568  | 2836003  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee and commission income |  | 1214992  | 8114  | 648782  | 50816  | 1922704  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating income |  | 208022  | 218  | 227  | 537273  | 745740  |
|  | W | 3732716  | 178373  | 755701  | 837657  | 5504447  |

---

(\*) It includes finance income and costs occurred from finance lease receivables and lease liabilities recognized in accordance with K-IFRS No. 1116.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  | **Credit card** | **Installment finance** | **Lease (\*)** | **Others** | **Total** |
| Operating income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | W | 2230100 | 170012 | 96981 | 275658 | 2772751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee and commission income |  | 1334673 | 10297 | 649965 | 47640 | 2042575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating income |  | 171348 | 159 | 241 | 721653 | 893401 |
|  | W | 3736121 | 180468 | 747187 | 1044951 | 5708727 |

---

It includes finance income and costs occurred from finance lease receivables and lease liabilities recognized in accordance with K-IFRS No. 1116.

(b) Revenues from external customers for the years ended December 31, 2025 and 2024 are all attributed to the Republic of Korea, where the Company is domiciled.

(c) There is no single external customer with revenues amount to 10 percent or more of the Company's revenues for the years ended December 31, 2025 and 2024.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**10. Cash and Due from Banks**

(a) Details of cash and due from banks as of December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| Cash | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Deposits in won: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits on demand |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323460  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current deposits |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency deposits |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time deposits |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposit for checking accounts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
|  | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765406 |

---

(b) Restricted due from banks as of December 31, 2025 and 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2025** | **2024** | **Restrictions** |
| Time deposits |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Bank | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | Pledged as collateral for cash advances |
| Other deposits |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Woori Bank and others |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | Deposit for checking accounts |
|  | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |  |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**11. Financial Assets at FVTPL**

(a) Details of financial assets at FVTPL as of December 31, 2025 and 2024 are as follows and no financial assets are designated as at FVTPL.

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| Beneficiary certificates | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051307 |
| Debt securities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20633 |
| Equity securities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14198 |
|  | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086138 |

---

(b) Details of gain or loss on financial assets at FVTPL for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| Gain on valuation | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4314 |
| Loss on valuation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1604) |
| Gain on disposal |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45270 |
| Other income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6249 |
|  | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54229 |

---

(c) Details of dividend income on financial assets at FVTPL for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| Dividend income on assets held at December 31, | Dividend income on assets held at December 31, |  |  |
| &nbsp;&nbsp; Equity securities | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**12. Derivatives**

(a) Derivative assets and liabilities

The notional amounts and fair values of derivative assets and liabilities as of December 31, 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  |  | **Notional amounts** | **Fair value** | **Fair value** | **Notional amounts** | **Fair value** | **Fair value** |
|  |  | **Notional amounts** | **Assets** | **Liabilities** | **Notional amounts** | **Assets** | **Liabilities** |
| **Cash flow hedges:** | **Cash flow hedges:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Currency swap  | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173 |
| &nbsp;&nbsp;Interest rate swap  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4926 |
|  | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3086356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3742204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6099 |

---

(b) Gain or loss on derivatives

Gain or loss on derivatives recognized in profit or loss for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2024** | **2024** |
|  |  | **Gain (loss) on valuation** | **Gain (loss) on sale** | **Gain (loss) on valuation** | **Gain (loss) on sale** |
| **Cash flow hedges:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220) |
|  | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744 |

---

(c) Gain or Losses on Hedge accounting

The amounts and line items recognized in profit or loss and other comprehensive income for the year ended December 31, 2025 and 2024 as a result of the ineffective portion of cash flow hedges are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** |
|  |  | **Hedging gains (losses) recognized in other comprehensive income** | **Ineffective portion of hedging recognized in profit or loss** | **Amount reclassified from the cash flow hedge reserve to profit or loss** |
| &nbsp;&nbsp;**Fair value hedges:** |  |  |  |  |
| &nbsp;&nbsp;Interest rate risk | W | 6840 | 282 | - |
| &nbsp;&nbsp;Foreign exchange risk |  | 61805 | 967 | (31648) |
|  | W | 68645 | 1249 | (31648) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** |
|  |  | **Hedging gains (losses) recognized in other comprehensive income** | **Ineffective portion of hedging recognized in profit or loss** | **Amount reclassified from the cash flow hedge reserve to profit or loss** |
| &nbsp;&nbsp;**Fair value hedges:** |  |  |  |  |
| &nbsp;&nbsp;Interest rate risk | W | (11501) | (347) | (220) |
| &nbsp;&nbsp;Foreign exchange risk |  | (467) | (504) | 321806 |
|  | W | (11968) | (851) | 321586 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**12. Derivatives (continued)**

(d) Hedging

*(i) Purpose of hedging and strategies*

The Company is trading derivatives to avoid interest rate risk and exchange risk arising from the assets and liabilities. The Company applies cash flow hedge accounting using interest rate swaps and currency swaps to avoid the risk of fluctuations in cash flows of borrowing liabilities and bonds in won, and bonds in foreign currency due to market interest rates and exchange rate fluctuations.

*(ii) The nominal amount and the average hedge ratio of hedging instruments over time as of December 31, 2025 and 2024 are as follows.* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |  | **Less than**<br>**1 year** | **1~2**<br>**years** | **2~3**<br>**years** | **3~4**<br>**years** | **4~5**<br>**years** | **More than**<br>**5 years** | **Total** |
| &nbsp;&nbsp;&nbsp;**Cash flow hedge:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency swap (\*) | W | 430470  | 1149246  | -  | 430470  | &nbsp;&nbsp;&nbsp;&nbsp;430470  | -  | 2440656  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap |  | 25700  | -  | 320000  | 300000  | &nbsp;&nbsp;&nbsp;&nbsp;-  | -  | 645700  |
|  | W | 456170  | 1149246  | 320000  | 730470  | &nbsp;&nbsp;&nbsp;&nbsp;430470  | -  | 3086356  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average hedge ratio |  | 100% | 100% | 100% | 100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | - | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;Average price condition-interest rate  |  | 3.57% | -  | 2.94% | 2.01% | &nbsp;&nbsp;&nbsp;&nbsp;-  | -  | 2.53% |

---

(\*) The average exchange rate for currency swap is USD/KRW 1,266.75 and AUD/KRW 914.88.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**12. Derivatives (continued)**

(d) Hedging (continued)

*(ii) The nominal amount and the average hedge ratio of hedging instruments over time as of December 31, 2025 and 2024 are as follows.* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  | **Less than**<br>**1 year** | **1~2**<br>**years** | **2~3**<br>**years** | **3~4**<br>**years** | **4~5**<br>**years** | **More than**<br>**5 years** | **Total** |
| &nbsp;&nbsp;&nbsp;**Cash flow hedge:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency swap (\*) | W | 1058400 | 441000 | 1156104 | - | &nbsp;&nbsp;&nbsp;&nbsp;441000 | - | 3096504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap |  | - | 25700 | - | 320000 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | - | 645700 |
|  | W | 1058400 | 466700 | 1156104 | 320000 | &nbsp;&nbsp;&nbsp;&nbsp;741000 | - | 3742204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average hedge ratio |  | 100% | 100% | 100% | 100% | &nbsp;&nbsp;&nbsp;&nbsp;100% | - | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;Average price condition-interest rate  |  | - | 3.57% | - | 2.94% | &nbsp;&nbsp;&nbsp;&nbsp;2.47%  | - | 2.75% |

---

(\*) The average exchange rate for currency swap is USD/KRW 1,206.61.

*(iii) The effect that hedge accounting has had on the separate statement of financial position and separate statement of comprehensive income*

1) The effect that hedge instruments have had on the separate statement of financial position and separate statement of comprehensive income as of and for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** |
|  |  | **Nominal amount** | **Carrying amount of asset** | **Carrying amount of liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**Changes in fair value in the period** |
| **Cash flow hedge** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap | W | 2440656  | 273983  | -  | (178759) |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency swap |  | 645700  | 8851  | 878  | 7121 |
|  | W | 3086356  | 282834  | 878  | (171638) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
|  |  | **Nominal amount** | **Carrying amount of asset** | **Carrying amount of liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**Changes in fair value in the period** |
| **Cash flow hedge** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap | W | 3096504 | 454587 | 1173 | 322823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency swap |  | 645700 | 5778 | 4926 | (7335) |
|  | W | 3742204 | 460365 | 6099 | 315488 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**12. Derivatives (continued)**

(d) Hedging (continued)

*(iii) The effect that hedge accounting has had on the separate statement of financial position and separate statement of comprehensive income (continued)*

2) The effect that hedged items have had on the separate statement of financial position and separate statement of comprehensive income as of and for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** |
|  |  | **Carrying amount of liabilities** | **Changes in fair value** | **Cash flow**<br>**hedge reserve** |
| &nbsp;&nbsp;**Cash flow hedge** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings and debentures in won | W | 645577 | 6779 | 7731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings and debentures in foreign currency |  | 2435236 | (181719) | 6605 |
|  | W | 3080813 | (174940) | 14336 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** |
|  |  | **Carrying amount of liabilities** | **Changes in fair value** | **Cash flow**<br>**hedge reserve** |
| &nbsp;&nbsp;**Cash flow hedge** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings and debentures in won | W | 645478 | (7660) | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings and debentures in foreign currency |  | 3087127 | 322823 | (40627) |
|  | W | 3732605 | 315163 | (39736) |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**12. Derivatives (continued)**

(d) Hedging (continued)

*(iv) Cash flow hedge*

For cash flow hedges, the amount that was recognized in other comprehensive income and the amount that was reclassified from equity to profit or loss for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| Recognized in other comprehensive income | W | 36997  | 309618 |
| Reclassified from equity to profit or loss |  | 31648  | (321586) |
| Deferred tax effect |  | (18280) | 3160 |
| Changes in accumulated other comprehensive income, net | W | 50365  | (8808) |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**13. Credit Card Receivables at Amortized Cost and Others**

(a) Details of credit card receivables at amortized cost and others as of December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lump-sum purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9355316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8784103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Installment purchases |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7152023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7318858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash advances |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving cash advances |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving purchases |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2373623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Card loans |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7876381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8081786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured loans |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Allowance for credit losses |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(909379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1120662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Present value discount |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17760) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred loan origination costs |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18656) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27408757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27382660 |
| Loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General loans |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2671640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015664 |
| &nbsp;&nbsp;&nbsp;Factoring receivables |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137562 |
| &nbsp;&nbsp;&nbsp;Others |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161979 |
| &nbsp;&nbsp;&nbsp;Less: Allowance for credit losses |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Present value discount  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Add: Deferred loan origination costs |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3251345 |
| Installment financing assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Installment for cars |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3161292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3499447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Installment for others |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Allowance for credit losses |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51775) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Present value discount |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Deferred loan origination costs |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20206 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3138166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3493576 |
| Finance lease receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General finance lease receivables |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790291 |
| &nbsp;&nbsp;Cancelled finance lease receivables |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 |
| &nbsp;&nbsp;Less: Allowance for credit losses |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31754) |
| &nbsp;&nbsp;Add: Present value premium |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;Less: Deferred loan origination costs |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1071) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757740 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35129236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35885321 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**13. Credit Card Receivables at Amortized Cost and Others (continued)**

(b) Changes in the gross carrying amount of credit card receivables at amortized cost and others for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** |
|  |  | **12 month expected credit losses** | **Lifetime**<br>**expected credit**<br>**losses** | **Credit-impaired**<br>**financial assets** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32228253  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4203162  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721448  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37152863  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassified to 12 month expected credit losses  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232470  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1231477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassified to lifetime expected credit losses  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1419937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421908  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1971) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassified to credit-impaired financial assets  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(436888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(408611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| Executed (collected) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414004  |
| Write-offs  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(854198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(854198) |
| Disposal (\*) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(553411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(553411) |
| Ending balance |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32066546  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3541729  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550983  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36159258  |
| Allowance for credit losses |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262647) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(413520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1030022) |
| Net carrying amount | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31803899  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3128209  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197128  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35129236  |

---

(\*) The contractual amounts outstanding on credit card receivables at amortized cost and other that have been written off but for which recovery activities continue as of December 31, 2025 were W3,230,732 million.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** |
|  |  | **12 month expected credit losses** | **Lifetime**<br>**expected credit**<br>**losses** | **Credit-impaired**<br>**financial assets** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31254418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4685252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36627228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassified to 12 month expected credit losses  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(563155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassified to lifetime expected credit losses  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1357081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1767) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassified to credit-impaired financial assets  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Executed (collected) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1216164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661581 |
| Write-offs  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(751753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(751753) |
| Disposal (\*) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384193) |
| Ending balance |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32228253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4203162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37152863 |
| Allowance for credit losses |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(455896) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(498443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1267542) |
| Net carrying amount | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31915050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3747266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35885321 |

---

(\*) The contractual amounts outstanding on credit card receivables at amortized cost and other that have been written off but for which recovery activities continue as of December 31, 2024 were W3,337,783 million.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**13. Credit Card Receivables at Amortized Cost and Others (continued)**

(c) Changes in allowance for credit card receivables at amortized cost and others for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** |
|  |  | **12 month expected credit losses** | **Lifetime**<br>**expected credit**<br>**losses** | **Credit-impaired**<br>**financial assets** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 313203 | 455896 | 498443 | 1267542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassified to 12 month expected credit losses  |  | 91839 | (91439) | (400) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassified to lifetime expected credit losses  |  | (27917) | 28915 | (998) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassified to credit-impaired financial assets  |  | (12752) | (122723) | 135475 | -  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for (reversal of) credit <br>loss allowance (\*) |  | (101158) | 143765 | 769621 | 812228 |
| Write-offs |  | - | - | (854198) | (854198) |
| Disposals |  | - | - | (385277) | (385277) |
| Others |  | (568) | (894) | 191189 | 189727 |
| Ending balance | W | 262647 | 413520 | 353855 | 1030022 |

---

(\*) The amount includes additional provisions for expected credit losses recognized in response to changes in future economic outlook. Based on a reassessment of forward-looking probability of default reflecting updated forward-looking information as of December 31, 2025, the Company recognized additional credit loss allowances of W29,034 million.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** |
|  |  | **12 month expected credit losses** | **Lifetime**<br>**expected credit**<br>**losses** | **Credit-impaired**<br>**financial assets** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 288371 | 492499 | 483449 | 1264319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassified to 12 month expected credit losses  |  | 30244 | (30033) | (211) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassified to lifetime expected credit losses  |  | (24308) | 25139 | (831) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassified to credit-impaired financial assets  |  | (2766) | (5300) | 8066 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for (reversal of) credit <br>loss allowance (\*) |  | 21662 | (26409) | 1030228 | 1025481 |
| Write-offs |  | - | - | (751752) | (751752) |
| Disposals |  | - | - | (276688) | (276688) |
| Others |  | - | - | 6182 | 6182 |
| Ending balance | W | 313203 | 455896 | 498443 | 1267542 |

---

(\*) The amount includes additional provisions for expected credit losses recognized in response to changes in future economic outlook. Based on a reassessment of forward-looking probability of default reflecting updated forward-looking information as of December 31, 2024, the Company recognized additional credit loss allowances of W53,318 million.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**13. Credit Card Receivables at Amortized Cost and Other (continued)**

(d) Financing lease assets

Total investments in financing leases and the present value of minimum lease payments for each of the following periods as of December 31, 2025 and 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** |
|  |  | **Total investment** | **Unrealized interest income** | **Present value of minimum lease payment** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less than one year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 554618 | 101684 | 452934 |
| One year to two years |  | 535236 | 66095 | 469141 |
| Two years to three years |  | 399233 | 38784 | 360449 |
| Three years to four years |  | 340059 | 15761 | 324298 |
| Four years to five years |  | 239635 | 9459 | 230176 |
| More than five years |  | 2939 | 9 | 2930 |
|  | W | 2071720 | 231792 | 1839928 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** |
|  |  | **Total investment** | **Unrealized interest income** | **Present value of minimum lease payment** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less than one year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 516346 | 98605 | 417741 |
| One year to two years |  | 496047 | 67495 | 428552 |
| Two years to three years |  | 481831 | 34384 | 447447 |
| Three years to four years |  | 300774 | 13035 | 287739 |
| Four years to five years |  | 216018 | 10311 | 205707 |
| More than five years |  | 3389 | 11 | 3378 |
|  | W | 2014405 | 223841 | 1790564 |

---

(e) Changes in deferred loan origination costs (fees)

Changes in deferred loan origination costs (fees) for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| Beginning balance | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4304 |
| &nbsp;&nbsp;&nbsp;&nbsp;New occurrence of deferred loan origination fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24860) |
| Amortization |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21607 |
| Ending balance | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**14. Lease Assets** 

(a) Details of lease assets as of December 31, 2025 and 2024 are as follows:

**2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating lease assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cancelled financing lease assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Prepaid lease assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Acquisition cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2823308 |
| &nbsp;&nbsp;Accumulated depreciation  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(915837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(915962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrying amount |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1889689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907346 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating lease assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cancelled financing lease assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Prepaid lease assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Acquisition cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3038555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3048843 |
| &nbsp;&nbsp;Accumulated depreciation  |  | (914738) | (135) | - | (914873) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrying amount |  | 2123817 | 1757 | 8396 | 2133970 |

---

(b) Future minimum lease payments as lessor under lease assets as of December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less than one year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 530149 | 584170 |
| One year to two years |  | 393885 | 453784 |
| Two years to three years |  | 250217 | 312353 |
| Three years to four years |  | 118318 | 168182 |
| Four years to five years |  | 29081 | 52539 |
| More than five years |  | 260 | 329 |
|  | W | 1321910 | 1571357 |

---

(c) Changes in operating lease assets for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning balance  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 2123817 | 2077272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition  |  | 504346 | 740820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposal |  | (293237) | (228400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation  |  | (445237) | (465875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending balance | W | 1889689 | 2123817 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**15. Right-of-use Assets and Lease Liabilities**

(a) Changes in right-of-use assets included in property and equipment for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Buildings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Buildings** |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning balance  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 17357 | 14913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition |  | 14025 | 25222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Disposal |  | (2036) | (9710) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation |  | (12721) | (13068) |
| Ending balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 16625 | 17357 |

---

(b) Changes in lease liabilities included in other liabilities for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Buildings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Buildings** |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 16000  | 13266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition |  | 10998  | 21824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments |  | (11103) | (10859) |
| &nbsp;&nbsp;&nbsp;&nbsp;Termination |  | (1357) | (8956) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | 535  | 725 |
| Ending balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 15073  | 16000 |

---

(c) Details of maturity of lease liabilities as of December 31, 2025 and 2024 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |  | **Less than** <br>**1 month** | **1~3 months** | **3~6 months** | **6 months**<br>**~ 1 year** | **1~5**<br>**years** | **Over**<br>**5 years** | **Total** |
| Buildings (\*) | W | 778 | 1449 | 1922 | 3327 | 7937 | - | 15413 |

---

(\*) The amounts are before deduction of present value discounts.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  | **Less than** <br>**1 month** | **1~3 months** | **3~6 months** | **6 months**<br>**~ 1 year** | **1~5**<br>**years** | **Over**<br>**5 years** | **Total** |
| Buildings (\*) | W | 1135 | 1523 | 1992 | 3287 | 8589 | - | 16526 |

---

(\*) The amounts are before deduction of present value discounts.

(d) The amount of payments for leases of low-value assets are W314 million and W423 million for the years ended December 31, 2025 and 2024, respectively. There are no short-term leases for the years ended December 31, 2025 and 2024.

(e) Total cash outflows for leases recognized on the separate statements of cash flows are W11,417 million and W11,282 million and the amounts recognized as interest expenses were W535 million and W725 million for the years ended December 31, 2025 and 2024, respectively.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**16. Financial assets at FVOCI**

(a) Financial assets at FVOCI as of December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| Financial assets at FVOCI | W | 353,044 | 378,530 |

---

(b) Fair value of financial assets at FVOCI as of December 31, 2025 and 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Classification** | **Classification** |  | **2025** | **2024** |
| Debt securities | Government | W | 284,771 | 288,108 |
|  | Corporate and others |  | 9,139 | 34,728 |
|  |  |  | 293,910 | 322,836 |
| Equity securities (\*) | Stocks |  | 59,134 | 55,694 |
|  |  | W | 353,044 | 378,530 |

---

(\*) The equity securities were exercised at the FVOCI option for the purpose of holding long term for the Company strategic purposes.

(c) Dividend income from financial assets at FVOCI for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| &nbsp;&nbsp;Dividend income recognized in assets held at the end of the reporting period: |  |  |  |
| &nbsp;&nbsp;Equity securities | W | 493 | 240 |

---

(d) Changes of financial assets at FVOCI for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2024** | **2024** |
|  |  | **Debt** <br>**securities** | **Equity securities** | **Debt**<br>**securities** | **Equity securities** |
| &nbsp;&nbsp;Beginning balance  | W | 322836  | 55694  | 318572  | 75407  |
| &nbsp;&nbsp;Acquisition |  | -  | 5455  | 16100  | 200  |
| &nbsp;&nbsp;Disposal |  | (25492) | -  | (18908) | (2000) |
| &nbsp;&nbsp;Changes in fair value (other<br> comprehensive income) |  | (4807) | (2015) | 6073  | (17913) |
| &nbsp;&nbsp;Changes in fair value (profit or loss) |  | 1373  | -  | 999  | -  |
| &nbsp;&nbsp;Ending balance | W | 293910  | 59134  | 322836  | 55694  |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**16. Financial Assets at FVOCI (continued)**

(e) Changes in carrying amount of debt securities at fair value through other comprehensive income for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12 months**<br>**expected** <br>**credit loss** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lifetime** <br>**expected** <br>**credit loss** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Beginning balance  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322836  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322836  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassified to 12 months expected credit loss |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| &nbsp;&nbsp;&nbsp;Reclassified to lifetime expected credit loss |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| &nbsp;&nbsp;&nbsp;Reclassified to credit-impaired financial assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| &nbsp;&nbsp;&nbsp;Acquisition |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| &nbsp;&nbsp;&nbsp;Disposal |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25492) |
| &nbsp;&nbsp;&nbsp;Others (\*) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3434) |
| &nbsp;&nbsp;&nbsp;Ending balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293910  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293910  |

---

(\*) Included the effects from amortization and fair value adjustments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12 months**<br>**expected** <br>**credit loss** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lifetime** <br>**expected** <br>**credit loss** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Beginning balance  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassified to 12 months expected credit loss |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Reclassified to lifetime expected credit loss |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Reclassified to credit-impaired financial assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Acquisition |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16100 |
| &nbsp;&nbsp;&nbsp;Disposal |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18908) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18908) |
| &nbsp;&nbsp;&nbsp;Others (\*) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7072 |
| &nbsp;&nbsp;&nbsp;Ending balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322836 |

---

(\*) Included the effects from amortization and fair value adjustments.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**16. Financial Assets at FVOCI (continued)**

(f) Changes in allowance for credit loss of debt securities at fair value through other comprehensive income for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12 months**<br>**expected** <br>**credit loss** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lifetime** <br>**expected** <br>**credit loss** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Beginning balance  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassified to 12 months expected credit loss |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Reclassified to lifetime expected credit loss |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Reclassified to credit-impaired financial assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Reversal |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187) |
| &nbsp;&nbsp;&nbsp;Ending balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12 months**<br>**expected** <br>**credit loss** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lifetime** <br>**expected** <br>**credit loss** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Beginning balance  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassified to 12 months expected credit loss |  | -  | -  | -  |
| &nbsp;&nbsp;&nbsp;Reclassified to lifetime expected credit loss |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| &nbsp;&nbsp;&nbsp;Reclassified to credit-impaired financial assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| &nbsp;&nbsp;&nbsp;Provision |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 |
| &nbsp;&nbsp;&nbsp;Ending balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**17. Property and Equipment**

(a) Details of property and equipment as of December 31, 2025 and 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |  | **Land** | **Buildings** | **Others** | **Right-of-use<br>assets** | **Total** |
| Acquisition cost | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973198 |
| Accumulated depreciation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(319343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(373268) |
| Ending balance | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599930 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  | **Land** | **Buildings** | **Others** | **Right-of-use<br>assets** | **Total** |
| Acquisition cost | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954265 |
| Accumulated depreciation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(337896) |
| Ending balance | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616369 |

---

(b) Changes in property and equipment for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right-of use assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposal |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49705) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599930 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right-of use assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposal |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616369 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**17. Property and Equipment (continued)**

(c) Details of insured assets as of December 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Type of insurance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Assets covered** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance company** |  | **Amount covered** |
| Property all risks<br>policy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings, etc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB Insurance Co., Ltd. | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119467 |
| Business interruption policy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings, etc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB Insurance Co., Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33746 |
| Property all risks<br>policy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings, etc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Fire & Marine<br>Insurance Co., Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63761 |

---

In addition, the Company maintains transportation theft insurance and custody theft insurance for cash and securities and liability insurance and full insurance for vehicles.

**18. Intangible Assets**

(a) Details of intangible assets as of December 31, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** |
|  |  | **Memberships** | **Development cost** | **Others** | **Total** |
| Acquisition cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 12507 | 201861 | 34355 | 248723 |
| Accumulated amortization |  | - | (132407) | (29459) | (161866) |
| Impairment losses |  | (642) | (336) | - | (978) |
| Ending balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 11865 | 69118 | 4896 | 85879 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** |
|  |  | **Memberships** | **Development cost** | **Others** | **Total** |
| Acquisition cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 16282 | 181999 | 33597 | 231878 |
| Accumulated amortization |  | - | (107807) | (27429) | (135236) |
| Impairment losses |  | (892) | (336) | - | (1228) |
| Ending balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 15390 | 73856 | 6168 | 95414 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**18. Intangible Assets (continued)**

(b) Changes in intangible assets for the years ended December 31, 2025 and 2024 are as follows, and amortization is included in general administrative expenses.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** |
|  |  | **Memberships** | **Development**<br>**cost** | **Others** | **Total** |
| Beginning balance | W | 15390 | 73856 | 6168 | 95414 |
| Acquisition |  | 1978 | 25928 | 570 | 28476 |
| Disposal |  | (5685) | - | - | (5685) |
| Reclassification |  | - | (5870) | 188 | (5682) |
| Amortization |  | - | (24796) | (2030) | (26826) |
| Impairment losses |  | (68) | - | - | (68) |
| Reversal of impairment losses |  | 250 | - | - | 250 |
| Ending balance | W | 11865 | 69118 | 4896 | 85879 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** |
|  |  | **Memberships** | **Development**<br>**cost** | **Others** | **Total** |
| Beginning balance | W | 16738 | 76409 | 5360 | 98507 |
| Acquisition |  | 1096 | 23551 | 1556 | 26203 |
| Disposal |  | (1444) | - | - | (1444) |
| Reclassification |  | (1000) | (2585) | 1055 | (2530) |
| Amortization |  | - | (23519) | (1803) | (25322) |
| Ending balance | W | 15390 | 73856 | 6168 | 95414 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**19. Investments in Subsidiaries and Others** 

(a) Details of investments in subsidiaries as of December 31, 2025 and 2024 are as follows and measured at acquisition cost:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Name of subsidiary** | **Location** | **Closing month** | **Ownership** |  | **Carrying amount** | **Ownership** |  | **Carrying amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Card SPC 2021-1 (\*1)(\*2) | &nbsp;&nbsp;Korea | &nbsp;&nbsp;December | - |  | - | 0.5% |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Card SPC 2021-2 (\*1)(\*2) | &nbsp;&nbsp;Korea | &nbsp;&nbsp;December | 0.5% |  | - | 0.5% |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Card SPC 2022-1 (\*1)(\*2) | &nbsp;&nbsp;Korea | &nbsp;&nbsp;December | 0.5% |  | - | 0.5% |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Card SPC 2022-2 (\*1)(\*2) | &nbsp;&nbsp;Korea | &nbsp;&nbsp;December | 0.5% |  | - | 0.5% |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Card SPC 2022-3 (\*1)(\*2) | &nbsp;&nbsp;Korea | &nbsp;&nbsp;December | 0.5% |  | - | 0.5% |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Card SPC 2023-1 (\*1)(\*2) | &nbsp;&nbsp;Korea | &nbsp;&nbsp;December | 0.5% |  | - | 0.5% |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Card SPC 2024-1 (\*1)(\*2) | &nbsp;&nbsp;Korea | &nbsp;&nbsp;December | 0.5% |  | - | 0.5% |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Card SPC 2024-2 (\*1)(\*2) | &nbsp;&nbsp;Korea | &nbsp;&nbsp;December | 0.5% |  | - | 0.5% |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Card SPC 2025-1 (\*1)(\*2) | &nbsp;&nbsp;Korea | &nbsp;&nbsp;December | 0.5% |  | - | - |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Specified money in trusts (\*1)(\*3) <br>(As of December 31, 2025: 6 cases,<br>as of December 31, 2024: 3 cases) | &nbsp;&nbsp;Korea | &nbsp;&nbsp;December | 100% |  | - | 100% |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Credit Information Co., Ltd.  | &nbsp;&nbsp;Korea | &nbsp;&nbsp;December | 100% |  | 20354 | 100% |  | 20354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Finance LLC (\*4) | &nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;December | 72.09% |  | 16599 | 75% |  | 16599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Indo Finance (\*5) | &nbsp;&nbsp;Indonesia | &nbsp;&nbsp;December | 76.33% |  | 12160 | 76.33% |  | 35248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Microfinance Co., Ltd. | &nbsp;&nbsp;Myanmar | &nbsp;&nbsp;September | 100% |  | - | 100% |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Vietnam Finance Co., Ltd. | &nbsp;&nbsp;Vietnam | &nbsp;&nbsp;December | 100% |  | 177661 | 100% |  | 177661 |
|  |  |  |  | &nbsp;&nbsp;W | 226774 |  | &nbsp;&nbsp;W | 249862 |

---

(\*1) The above subsidiaries have been designed so that voting or similar rights are not the dominant factor in determining control, and therefore it qualifies as a structured entity.

(\*2) Although the Controlling Company's ownership percentage of shares for structured entities is less than 50%, structured entities are operated in accordance with the necessity of the Controlling Company's specific business, and the Company holds the majority of the benefits in the structured entities' operations. On the other hand, the Company elect additional trusts to avoid early redemption of securitization bonds resulting from a breach of the early redemption trigger clause in the asset securitization.

(\*3) Specified money in trusts is presented and recognized as financial assets at fair value through profit or loss in accordance with K-IFRS No. 1109 "Financial instruments".

(\*4) During the current period, the Company ownership interest decreased from 75% to 72.09% due to a third-party allocation of shares in a capital increase.

(\*5) The Company decided to partially dispose of its equity interest in Shinhan Indo Finance and, accordingly, classified the carrying amount of the shares in the subsidiary corresponding to the portion to be disposed of as assets held for sale.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**19. Investments in Subsidiaries and Others (continued)**

(b) Change in investment in subsidiaries for the year ended December 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Status of change** |  | **Name of the subsidiary** | **Name of the subsidiary** | **Reason** |
| Addition | Shinhan Card SPC 2025-1 | Shinhan Card SPC 2025-1 | New Investment | New Investment |
| Exclusion | Shinhan Card SPC 2021-1 | Shinhan Card SPC 2021-1 | Liquidation | Liquidation |

---

(c) Condensed financial statements of subsidiaries as of and for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** |
| **Name of subsidiary** |  | &nbsp;&nbsp;**Total**<br>**assets** | &nbsp;&nbsp; **Total**<br>**liabilities** | &nbsp;&nbsp; **Total**<br>**equity** | **Profit** <br>**(loss) for** <br>**the period** | **Total**<br>**comprehensive**<br>**income (loss)** |
| &nbsp;&nbsp;Shinhan Card SPC 2021-2 | W | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  |
| &nbsp;&nbsp;Shinhan Card SPC 2022-1 |  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  | &nbsp;&nbsp;-  |
| &nbsp;&nbsp;Shinhan Card SPC 2022-2 |  | &nbsp;&nbsp;574600  | &nbsp;&nbsp;574220  | &nbsp;&nbsp;380  | &nbsp;&nbsp;-  | &nbsp;&nbsp;1024  |
| &nbsp;&nbsp;Shinhan Card SPC 2022-3 |  | &nbsp;&nbsp;179372  | &nbsp;&nbsp;179515  | &nbsp;&nbsp;(143) | &nbsp;&nbsp;-  | &nbsp;&nbsp;1986  |
| &nbsp;&nbsp;Shinhan Card SPC 2023-1 |  | &nbsp;&nbsp;385012  | &nbsp;&nbsp;390504  | &nbsp;&nbsp;(5492) | &nbsp;&nbsp;-  | &nbsp;&nbsp;6094  |
| &nbsp;&nbsp;Shinhan Card SPC 2024-1 |  | &nbsp;&nbsp;889004  | &nbsp;&nbsp;847308  | &nbsp;&nbsp;41696  | &nbsp;&nbsp;-  | &nbsp;&nbsp;57695  |
| &nbsp;&nbsp;Shinhan Card SPC 2024-2 |  | &nbsp;&nbsp;576260  | &nbsp;&nbsp;574260  | &nbsp;&nbsp;2000  | &nbsp;&nbsp;-  | &nbsp;&nbsp;5767  |
| &nbsp;&nbsp;Shinhan Card SPC 2025-1 |  | &nbsp;&nbsp;584076  | &nbsp;&nbsp;573976  | &nbsp;&nbsp;10100  | &nbsp;&nbsp;-  | &nbsp;&nbsp;10100  |
| &nbsp;&nbsp;&nbsp;Shinhan Credit Information Co., Ltd. |  | &nbsp;&nbsp;38290  | &nbsp;&nbsp;12979  | &nbsp;&nbsp;25311  | &nbsp;&nbsp;856 | &nbsp;&nbsp;638 |
| &nbsp;&nbsp;Shinhan Finance LLC |  | &nbsp;&nbsp;396240  | &nbsp;&nbsp;334597  | &nbsp;&nbsp;61643  | &nbsp;&nbsp;13682  | &nbsp;&nbsp;1498  |
| &nbsp;&nbsp;Shinhan Indo Finance |  | &nbsp;&nbsp;299199  | &nbsp;&nbsp;250402  | &nbsp;&nbsp;48797  | &nbsp;&nbsp;4630  | &nbsp;&nbsp;3359  |
| &nbsp;&nbsp;Shinhan Microfinance Co., Ltd. |  | &nbsp;&nbsp;22985  | &nbsp;&nbsp;16125  | &nbsp;&nbsp;6860  | &nbsp;&nbsp;(1532) | &nbsp;&nbsp;(1967) |
| &nbsp;&nbsp;Shinhan Vietnam Finance Co., Ltd. |  | &nbsp;&nbsp;618490  | &nbsp;&nbsp;458807  | &nbsp;&nbsp;159683  | &nbsp;&nbsp;12524  | &nbsp;&nbsp;7254  |
| &nbsp;&nbsp;Specified money in trusts |  | &nbsp;&nbsp;795000  | &nbsp;&nbsp;-  | &nbsp;&nbsp;795000  | &nbsp;&nbsp;21985  | &nbsp;&nbsp;21985  |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**19. Investments in Subsidiaries and Others (continued)**

(c) Condensed financial statements of subsidiaries as of and for the years ended December 31, 2025 and 2024 are as follows: (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** | **2024** |
| **Name of subsidiary** |  | &nbsp;&nbsp;**Total**<br>**assets** | &nbsp;&nbsp; **Total**<br>**liabilities** | &nbsp;&nbsp; **Total**<br>**equity** | **Profit** <br>**(loss) for** <br>**the period** | **Total**<br>**comprehensive**<br>**income (loss)** |
| &nbsp;&nbsp;Shinhan Card SPC 2021-1 | W | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Shinhan Card SPC 2021-2 |  | &nbsp;&nbsp;400123 | &nbsp;&nbsp;400123 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Shinhan Card SPC 2022-1 |  | &nbsp;&nbsp;400291 | &nbsp;&nbsp;400291 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Shinhan Card SPC 2022-2 |  | &nbsp;&nbsp;587553 | &nbsp;&nbsp;588196 | &nbsp;&nbsp;(643) | &nbsp;&nbsp;- | &nbsp;&nbsp;409 |
| &nbsp;&nbsp;Shinhan Card SPC 2022-3 |  | &nbsp;&nbsp;365598 | &nbsp;&nbsp;367727 | &nbsp;&nbsp;(2129) | &nbsp;&nbsp;- | &nbsp;&nbsp;2879 |
| &nbsp;&nbsp;Shinhan Card SPC 2023-1 |  | &nbsp;&nbsp;342567 | &nbsp;&nbsp;354153 | &nbsp;&nbsp;(11586) | &nbsp;&nbsp;- | &nbsp;&nbsp;1732 |
| &nbsp;&nbsp;Shinhan Card SPC 2024-1 |  | &nbsp;&nbsp;804198 | &nbsp;&nbsp;827481 | &nbsp;&nbsp;(23283) | &nbsp;&nbsp;- | &nbsp;&nbsp;(23284) |
| &nbsp;&nbsp;Shinhan Card SPC 2024-2 |  | &nbsp;&nbsp;584533 | &nbsp;&nbsp;588300 | &nbsp;&nbsp;(3767) | &nbsp;&nbsp;- | &nbsp;&nbsp;(3767) |
| &nbsp;&nbsp;&nbsp;Shinhan Credit Information Co., Ltd. |  | &nbsp;&nbsp;35676 | &nbsp;&nbsp;11003 | &nbsp;&nbsp;24673 | &nbsp;&nbsp;1765 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Shinhan Finance LLC |  | &nbsp;&nbsp;218824 | &nbsp;&nbsp;172156 | &nbsp;&nbsp;46668 | &nbsp;&nbsp;4897 | &nbsp;&nbsp;5333 |
| &nbsp;&nbsp;Shinhan Indo Finance |  | &nbsp;&nbsp;221235 | &nbsp;&nbsp;178391 | &nbsp;&nbsp;42844 | &nbsp;&nbsp;3783 | &nbsp;&nbsp;2947 |
| &nbsp;&nbsp;Shinhan Microfinance Co., Ltd. |  | &nbsp;&nbsp;12748 | &nbsp;&nbsp;14532 | &nbsp;&nbsp;(1784) | &nbsp;&nbsp;264 | &nbsp;&nbsp;(667) |
| &nbsp;&nbsp;Shinhan Vietnam Finance Co., Ltd. |  | &nbsp;&nbsp;592100 | &nbsp;&nbsp;445198 | &nbsp;&nbsp;146902 | &nbsp;&nbsp;(2689) | &nbsp;&nbsp;108 |
| &nbsp;&nbsp;Specified money in trusts |  | &nbsp;&nbsp;490000 | &nbsp;&nbsp;- | &nbsp;&nbsp;490000 | &nbsp;&nbsp;29629 | &nbsp;&nbsp;29629 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**19. Investments in Subsidiaries and Others (continued)**

(d)Changes in investments in associates for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **2025** | **2025** | **2025** | **2025** |
| **Investee** |  |  | **Beginning** <br>**balance** | **Acquisition** | **Impairment loss** | **Reclassifi**<br>**-cation(\*1)** | **Ending**<br>**Balance (\*2)** |
| Shinhan Finance LLC | Shinhan Finance LLC | W | 16599 | - | -  | - | 16599 |
| Shinhan Indo Finance | Shinhan Indo Finance |  | 35248 | - | -  | (23088) | 12160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Microfinance<br>Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Microfinance<br>Co., Ltd. |  | - | - | -  | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Vietnam Finance <br>Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Vietnam Finance <br>Co., Ltd. |  | 177661 | - | -  | - | 177661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Credit Information Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Credit Information Co., Ltd. |  | 20354 | - | -  | - | 20354 |
|  | W | W | 249862 | - | -  | (23088) | 226774 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** |
| **Investee** |  | **Beginning** <br>**balance** | **Acquisition** | **Impairment loss** | **Ending**<br>**Balance (\*2)** |
| Shinhan Finance LLC | W | 16599  | - | -  | 16599 |
| Shinhan Indo Finance |  | 35248  | - | -  | 35248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Microfinance<br>Co., Ltd. |  | -  | - | -  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Vietnam Finance <br>Co., Ltd. |  | 170194  | 7467 | -  | 177661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Credit Information Co., Ltd. |  | 20354  | - | -  | 20354 |
|  | W | 242395  | 7467 | -  | 249862 |

---

(\*1) The Company reclassified a portion of its investment in the subsidiary, Shinhan Indo Finance, as assets held for sale.

(\*2) Investments in subsidiaries is accounted for using the cost method on the separate financial statements.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**19. Investments in Subsidiaries and Others (continued)** 

(e) Details of investments in associates as of December 31, 2025 and 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of associates** | &nbsp;&nbsp;**Location** | **End of period** | **Ownership** | **Ownership** |
| **Name of associates** | &nbsp;&nbsp;**Location** | **End of period** | **December 31,** <br>**2025** | **December 31,** <br>**2024** |
| Wave Technology | &nbsp;&nbsp;Korea | &nbsp;&nbsp;December | &nbsp;&nbsp;49.00% | &nbsp;&nbsp;49.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;One Shinhan Connect Fund 1 | &nbsp;&nbsp;Korea | &nbsp;&nbsp;December | &nbsp;&nbsp;30.00% | &nbsp;&nbsp;30.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;One Shinhan Connect Fund 2 | &nbsp;&nbsp;Korea | &nbsp;&nbsp;December | &nbsp;&nbsp;25.00% | &nbsp;&nbsp;25.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Hyper connect venture fund Ι | &nbsp;&nbsp;Korea | &nbsp;&nbsp;December | &nbsp;&nbsp;25.00% | &nbsp;&nbsp;25.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Finflow (\*) | &nbsp;&nbsp;Korea | &nbsp;&nbsp;December | &nbsp;&nbsp;1.34% | &nbsp;&nbsp;- |

---

(\*) Shares were acquired through invested in kind. The Company applies the equity method accounting since it participates in policy-making processes and therefore can exercise significant influence on investees.

(f) Changes in investments in associates for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name of associates** |  | &nbsp;&nbsp;**Acquisition**<br>**cost** | **Beginning balance** | **Acquisition** | **Disposal** | &nbsp;&nbsp;**Reclassifi-**<br>**cation (\*1)** | &nbsp;&nbsp;**Ending**<br>**Balance (\*2)** |
| &nbsp;&nbsp;&nbsp;Wave Technology | W | &nbsp;&nbsp;500 | &nbsp;&nbsp;500 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;500 |
| &nbsp;&nbsp;&nbsp;One Shinhan Connect Fund 1 |  | &nbsp;&nbsp;67729 | &nbsp;&nbsp;70729 | &nbsp;&nbsp;600 | &nbsp;&nbsp;(3600) | &nbsp;&nbsp;- | &nbsp;&nbsp;67729 |
| &nbsp;&nbsp;&nbsp;One Shinhan Connect Fund 2 |  | &nbsp;&nbsp;6803 | &nbsp;&nbsp;6653 | &nbsp;&nbsp;150 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;6803 |
| &nbsp;&nbsp;&nbsp;Shinhan hyper connect venture fund Ι  |  | &nbsp;&nbsp;37418 | &nbsp;&nbsp;24900 | &nbsp;&nbsp;13500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(983) | &nbsp;&nbsp;- | &nbsp;&nbsp;37417 |
| &nbsp;&nbsp;&nbsp;Finflow |  | &nbsp;&nbsp;630 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;630 | &nbsp;&nbsp;630 |
|  | W | &nbsp;&nbsp;113080 | &nbsp;&nbsp;102782 | &nbsp;&nbsp;14250 | &nbsp;&nbsp;(4583) | &nbsp;&nbsp;630 | &nbsp;&nbsp;113079 |

---

(\*1) Shares were acquired through invested in kind for intangible assets. A gain of W 93 million from the disposal of assets is included in other non-operating income.

(\*2) Investments in associates are measured at acquisition cost.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** | **2024** |
| &nbsp;&nbsp;**Name of associates** |  | &nbsp;&nbsp;**Acquisition**<br>**cost** | &nbsp;&nbsp;**Beginning balance** | &nbsp;&nbsp;**Acquisition** | &nbsp;&nbsp;**Disposal** | &nbsp;&nbsp;**Ending**<br>**Balance (\*)** |
| &nbsp;&nbsp;&nbsp;Wave Technology | W | &nbsp;&nbsp;500 | &nbsp;&nbsp;500 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;500 |
| &nbsp;&nbsp;&nbsp;One Shinhan Connect Fund 1 |  | &nbsp;&nbsp;70729 | &nbsp;&nbsp;70729 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;70729 |
| &nbsp;&nbsp;&nbsp;One Shinhan Connect Fund 2 |  | &nbsp;&nbsp;6653 | &nbsp;&nbsp;6653 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;6653 |
| &nbsp;&nbsp;&nbsp;Shinhan hyper connect venture fund Ι  |  | &nbsp;&nbsp;24900 | &nbsp;&nbsp;11400 | &nbsp;&nbsp;13500 | &nbsp;&nbsp;- | &nbsp;&nbsp;24900 |
|  | W | &nbsp;&nbsp;102782 | &nbsp;&nbsp;89282 | &nbsp;&nbsp;13500 | &nbsp;&nbsp;- | &nbsp;&nbsp;102782 |

---

(\*) Investments in associates are measured at acquisition cost.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**19. Investments in Subsidiaries and Others (continued)**

(g) Condensed financial statements of associates as of and for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** |
| **Name of associates** |  | &nbsp;&nbsp;**Total**<br>**assets** | &nbsp;&nbsp;**Total**<br>**liabilities** | **Net**<br>**assets** | **Profit (loss) for the period** | **Total**<br>**comprehensive**<br>**income (loss)** |
| &nbsp;&nbsp;Wave Technology | W | &nbsp;&nbsp;534 | &nbsp;&nbsp;27 | &nbsp;&nbsp;507 | &nbsp;&nbsp;(22) | &nbsp;&nbsp;(22) |
| &nbsp;&nbsp;One Shinhan Connect Fund 1 |  | &nbsp;&nbsp;271158 | &nbsp;&nbsp;13 | &nbsp;&nbsp;271145 | &nbsp;&nbsp;36338 | &nbsp;&nbsp;36338 |
| &nbsp;&nbsp;One Shinhan Connect Fund 2 |  | &nbsp;&nbsp;22042 | &nbsp;&nbsp;3 | &nbsp;&nbsp;22039 | &nbsp;&nbsp;5458 | &nbsp;&nbsp;5458 |
| &nbsp;&nbsp;Shinhan hyper connect venture fund Ι  |  | &nbsp;&nbsp;148093 | &nbsp;&nbsp;- | &nbsp;&nbsp;148093 | &nbsp;&nbsp;2258 | &nbsp;&nbsp;2258 |
| &nbsp;&nbsp;Finflow |  | &nbsp;&nbsp;10280 | &nbsp;&nbsp;3444 | &nbsp;&nbsp;6836 | &nbsp;&nbsp;(858) | &nbsp;&nbsp;(858) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** | **2024** |
| **Name of associates** |  | &nbsp;&nbsp;**Total**<br>**assets** | &nbsp;&nbsp;**Total**<br>**liabilities** | **Net**<br>**assets** | **Profit (loss) for the year** | **Total**<br>**comprehensive**<br>**income (loss)** |
| &nbsp;&nbsp;Wave Technology | W | &nbsp;&nbsp;550 | &nbsp;&nbsp;2 | &nbsp;&nbsp;548 | &nbsp;&nbsp;85 | &nbsp;&nbsp;85 |
| &nbsp;&nbsp;One Shinhan Connect Fund 1 |  | &nbsp;&nbsp;244820 | &nbsp;&nbsp;13 | &nbsp;&nbsp;244807 | &nbsp;&nbsp;(5374) | &nbsp;&nbsp;(5374) |
| &nbsp;&nbsp;One Shinhan Connect Fund 2 |  | &nbsp;&nbsp;15984 | &nbsp;&nbsp;3 | &nbsp;&nbsp;15981 | &nbsp;&nbsp;(7441) | &nbsp;&nbsp;(7441) |
| &nbsp;&nbsp;Shinhan hyper connect venture fund Ι  |  | &nbsp;&nbsp;95767 | &nbsp;&nbsp;1 | &nbsp;&nbsp;95766 | &nbsp;&nbsp;(2491) | &nbsp;&nbsp;(2491) |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**20. Investment Properties**

(a) Investment properties as of December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| **Buildings:** |  |  |  |
| Acquisition cost | W | &nbsp;&nbsp;51225 | &nbsp;&nbsp;51225 |
| Accumulated depreciation |  | &nbsp;&nbsp;(6774) | &nbsp;&nbsp;(5583) |
| Ending balance | W | &nbsp;&nbsp;44451 | &nbsp;&nbsp;45642 |

---

(b) Changes in investment properties for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| **Buildings:** |  |  |  |
| Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;45642 | &nbsp;&nbsp;46943 |
| Amortization |  | &nbsp;&nbsp;(1191) | &nbsp;&nbsp;(1301) |
| Ending balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;44451 | &nbsp;&nbsp;45642 |

---

(c) For the years ended December 31, 2025 and 2024, rental revenue from operating leases arising from investment properties amounted to W13,337 million and W16,466 million, respectively, and management expenses directly related to investment properties (including maintenance costs) were W4,817 million and W4,670 million, respectively.

(d) As of December 31, 2025 and 2024, the fair value measurements of investment properties are classified within Level 3 in the fair value hierarchy, as they reflect recent market transaction prices under arm's length conditions and incorporate significant unobservable inputs.

The fair values and key inputs of investment properties as of December 31, 2025 and 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2025** | **2024** | **Input variable** |
| &nbsp;&nbsp;&nbsp;Market approach | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61,462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61,230 | Comparable market transactions |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**21. Other Assets** 

(a) Other assets as of December 31, 2025 and 2024 are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| Security deposits paid | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75362 |
| Present value discount account |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2789) |
| Accounts receivable |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447160 |
| Allowance for credit losses |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12259) |
| Accrued income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339918 |
| Allowance for credit losses |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15791) |
| Advanced payments |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148262 |
| Prepaid expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63700 |
| Others (\*) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27122 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070685 |

---

(\*) Includes reinsurance asset of W4,661 million and W2,470 million as of December 31, 2025 and 2024, which are classified in accordance with K-IFRS No. 1117.

(b) Changes in allowance for other assets for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| Beginning balance  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27135 |
| Provision for credit loss allowance |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42444 |
| Write-offs |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41529) |
| Ending balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28050 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**22. Borrowings** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest rate**<br>**(%)** |  | **2025** | **Interest rate**<br>**(%)** |  | **2024** |
| Borrowings in won: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Others | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54~5.22 | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6154100 | 1.40~5.22 | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8630612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Present value discounts  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42993) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116620) |
| Borrowings in foreign currency: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Others | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53~2.83 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473517 | 1.53~2.79 |  | 632100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Present value discounts  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2280) |  |  | - |
|  |  | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6582344 |  | W | 9146092 |

---

**23. Debentures** 

Debentures as of December 31, 2025 and 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest rate**<br>**(%)** |  | **2025** | **Interest rate**<br>**(%)** |  | **2024** |
| Debentures in won | 1.56~6.54 | W | 20345000 | 1.38~6.54 | W | 18254000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: discount on issuance |  |  | (14230) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12027) |
|  |  |  | 20330770 |  |  | 18241973 |
| Debentures in foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38~4.22 |  | 2010186 | 1.11~4.22 |  | 2626104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: discount on issuance |  |  | (5420) |  |  | (9377) |
|  |  |  | 2004766 |  |  | 2616727 |
|  |  | W | 22335536 |  | W | 20858700 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**24. Defined Benefit Obligations**

The Company operates defined benefit pension plans. The level of benefits provided depends on employees' length of service and their salary in the final years leading up to retirement. The pension is fully funded and operated by an external trust company.

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Present value of defined benefit obligations | W | 297027 | 337898 |
| Fair value of plan assets (\*1) |  | (307717) | (342689) |
| Defined benefit liabilities (assets)(\*2) | W | (10690) | (4791) |

---

(\*1) The fair value of plan assets as of December 31, 2025 and 2024 includes the existing contribution to National Pension Plan of W130 million and W244 million, respectively

(\*2) There are no liabilities in defined benefit plans and net defined benefit assets are W10,690 and W4,791 million as of December 31, 2025, and December 31, 2024, respectively.

(b) Changes in net defined benefit liabilities (assets) for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Defined benefit**<br> **obligation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Plan assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net defined**<br>**benefit liabilities (assets)** |
| Beginning balance | W | 337898  | (342689) | (4791) |
| Recognized in profit or loss as incurred: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current service cost |  | 20616  | -  | 20616  |
| &nbsp;&nbsp;&nbsp;&nbsp;Past service cost |  | 8484  | -  | 8484  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense (income) |  | 13907  | (13167) | 740  |
|  |  | 43007  | (13167) | 29840  |
| &nbsp;&nbsp;&nbsp;&nbsp;Recognized in other <br>comprehensive income: |  |  |  |  |
| &nbsp;&nbsp;Remeasurement loss |  |  |  |  |
| &nbsp;&nbsp;-Actuarial losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demographic assumptions |  | 54  | -  | 54  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial assumptions |  | (3236) | -  | (3236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experience adjustments. |  | 2274  | -  | 2274  |
| - Return on plan assets |  | -  | 3047  | 3047  |
|  |  | (908) | 3047  | 2139  |
| Others: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions paid into the plan |  | -  | (45000)  | (45000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefits paid by the plan |  | (83939) | 90092 | 6153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Others (\*) |  | 969  | -  | 969  |
|  |  | (82970) | 45092  | (37878) |
| Ending balance | W | 297027  | (307717) | (10690) |

---

(\*) Transfer from/to related parties.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**24. Defined Benefit Obligations (continued)**

(b) Changes in net defined benefit liabilities (assets) for the years ended December 31, 2025 and 2024 are as follows: (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Defined benefit**<br> **obligation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Plan assets** | **Net defined**<br>**benefit liabilities (assets)** |
| Beginning balance | W | 318038 | (321518) | (3480) |
| Recognized in profit or loss as incurred: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current service cost |  | 18864 | - | 18864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense (income) |  | 14599 | (14749) | (150) |
|  |  | 33463 | (14749) | 18714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recognized in other <br>comprehensive income: |  |  |  |  |
| &nbsp;&nbsp;Remeasurement loss |  |  |  |  |
| &nbsp;&nbsp;-Actuarial losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demographic assumptions |  | (96) | - | (96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial assumptions |  | 14046 | - | 14046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experience adjustments. |  | (125) | - | (125) |
| - Return on plan assets |  | - | 2106 | 2106 |
|  |  | 13828 | 2106 | 15934 |
| Others: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions paid into the plan |  | - | (58964) | (58964) |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefits paid by the plan |  | (28064) | 50436 | 22372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Others (\*) |  | 633 | - | 633 |
|  |  | (27431) | (8528) | (35959) |
| Ending balance | W | 337898 | (342689) | (4791) |

---

(\*) Transfer from/to related parties.

(c) Details of the amounts included in the fair value of plan assets for each category of financial instruments as of

December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| Due from banks | W | 307,587  | 342,445 |
| Others |  | 130  | 244 |
| Fair value of plan assets | W | 307,717  | 342,689 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**24. Defined Benefit Obligations (continued)**

(d) Key actuarial assumptions as of December 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Discount rate (AA0) | 4.35% | 4.09% |
| Future salary growth rate | 2.96% + promotion rate | 2.88% + promotion rate |
| Weighted average maturity | 6.40 years | 7.20 years |

---

(e)Sensitivity analysis

Effects on the defined benefit obligation that would result from reasonably possible changes in each significant actuarial assumption as of December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2025** |
|  |  | **Defined benefit obligation** | **Defined benefit obligation** |
|  |  | **Increase** | **Decrease** |
| Discount rate (1%p movement) | W | (16658) | 18425  |
| Future salary increase rate (1%p movement) |  | 19120  | (17597) |

---

Sensitivity analyses do not consider the variance of all cash flows expected to occur in the plan but provide approximation of the sensitivity to the assumptions

(f) Effects of defined benefit plans on future cash flows

The Company reviews the level of accumulation of funds every year, and has a policy to compensate for any loss in funds. The estimated contribution for the year ended December 31, 2026 (the next annual reporting period) is W 17,000 million.

The weighted average maturity of the defined benefit obligation as of December 31, 2025 and 2024 are 6.40 years and 7.20 years, respectively. The maturity analysis of undiscounted benefits paid by the plan as of December 31, 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |  | **Less than** <br>**1 year** | **1~2 years** | **2~5 years** | **5 ~ 10 years** | **More than**<br>**10 years** | **Total** |
| Benefits paid by the plan | W | 14014  | 24783  | 95100  | 166121  | 93940  | 393958  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  | **Less than** <br>**1 year** | **1~2 years** | **2~5 years** | **5 ~ 10 years** | **More than**<br>**10 years** | **Total** |
| Benefits paid by the plan | W | 12020 | 28226 | 96019 | 176726 | 101459 | 414450 |

---

(g) The amounts recognized as expenses for defined contribution plans are W6,284 million and W5,312 million for the years ended December 31, 2025 and 2024, respectively.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**25. Provisions**

(a) Changes of provisions for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |  | **Provision for litigation** | **Provision for unused credit commitments** | **Provision for restoration** | **Others** | **Total** |
| Beginning balance | W | 53  | 182724  | 2819  | 35234  | 220830  |
| Provision |  | (2) | 10991  | 322  | 53199  | 64510  |
| Payment |  | (24) | -  | (462) | (40941) | (41427) |
| Others (\*) |  | -  | -  | 18  | -  | 18  |
| Ending balance | W | 27  | 193715  | 2697  | 47492  | 243931  |

---

(\*) The amount represents the increase during the year ended December 31, 2025 resulting from the unwinding of the discount on provisions measured at present value.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  | **Provision for litigation** | **Provision for unused credit commitments** | **Provision for restoration** | **Others** | **Total** |
| Beginning balance | W | 36 | 202576 | 3572 | 25921 | 232105 |
| Provision |  | 371 | (19852) | 52 | 47107 | 27678 |
| Payment |  | (354) | - | (823) | (37794) | (38971) |
| Others (\*) |  | - | - | 18 | - | 18 |
| Ending balance | W | 53 | 182724 | 2819 | 35234 | 220830 |

---

(\*) The amount represents the increase during the year ended December 31, 2024 resulting from the unwinding of the discount on provisions measured at present value.

(b) Unused credit commitments and provision for unused credit commitments as of December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| Unused credit commitments | W | 93605685  | 91240054 |
| Provision for unused credit commitments |  | 193715  | 182724 |
| Ratio (%) |  | 0.21 | 0.20 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**25. Provisions (continued)**

(c) Changes in provision for unused credit commitments for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** |
|  |  | **12 month expected credit losses** | **Lifetime expected credit losses** | **Credit-impaired financial assets** | **Total** |
| &nbsp;&nbsp;Beginning balance  | W | &nbsp;&nbsp;126019  | &nbsp;&nbsp;54519  | &nbsp;&nbsp;2186  | &nbsp;&nbsp;182724  |
| &nbsp;&nbsp;&nbsp;12 month expected credit losses substitution |  | &nbsp;&nbsp;36757  | &nbsp;&nbsp;(36637) | &nbsp;&nbsp;(120) | &nbsp;&nbsp;-  |
| &nbsp;&nbsp;&nbsp;Lifetime expected credit losses substitution |  | &nbsp;&nbsp;(8505) | &nbsp;&nbsp;8558  | &nbsp;&nbsp;(53) | &nbsp;&nbsp;-  |
| &nbsp;&nbsp;&nbsp;Credit-impaired financial assets substitution |  | &nbsp;&nbsp;(685) | &nbsp;&nbsp;(669) | &nbsp;&nbsp;1354  | &nbsp;&nbsp;-  |
| &nbsp;&nbsp;Provision (reversal) (\*) |  | &nbsp;&nbsp;(31535) | &nbsp;&nbsp;43095  | &nbsp;&nbsp;(569) | &nbsp;&nbsp;10991  |
| &nbsp;&nbsp;Ending balance | W | &nbsp;&nbsp;122051  | &nbsp;&nbsp;68866  | &nbsp;&nbsp;2798  | &nbsp;&nbsp;193715  |

---

(\*) The amount includes additional provisions for unused credit commitments recognized in response to changes in the future economic outlook. Based on a reassessment of forward-looking probabilities of default reflecting updated forward-looking information as of December 31, 2025, the Company recognized additional provisions for unused credit commitments of W11,520 million.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** |
|  |  | **12 month expected credit losses** | **Lifetime expected credit losses** | **Credit-impaired financial assets** | **Total** |
| &nbsp;&nbsp;Beginning balance  | W | &nbsp;&nbsp;104517 | &nbsp;&nbsp;96359 | &nbsp;&nbsp;1700 | 202576 |
| &nbsp;&nbsp;&nbsp;12 month expected credit losses substitution |  | &nbsp;&nbsp;61003 | &nbsp;&nbsp;(60863) | &nbsp;&nbsp;(140) | - |
| &nbsp;&nbsp;&nbsp;Lifetime expected credit losses substitution |  | &nbsp;&nbsp;(7224) | &nbsp;&nbsp;7246 | &nbsp;&nbsp;(22) | - |
| &nbsp;&nbsp;&nbsp;Credit-impaired financial assets substitution |  | &nbsp;&nbsp;(651) | &nbsp;&nbsp;(1369) | &nbsp;&nbsp;2020 | - |
| &nbsp;&nbsp;Provision (reversal) (\*) |  | &nbsp;&nbsp;(31626) | &nbsp;&nbsp;13146 | &nbsp;&nbsp;(1372) | &nbsp;&nbsp;(19852) |
| &nbsp;&nbsp;Ending balance | W | &nbsp;&nbsp;126019 | &nbsp;&nbsp;54519 | &nbsp;&nbsp;2186 | &nbsp;&nbsp;182724 |

---

(\*) The amount includes additional provisions for unused credit commitments recognized in response to changes in the future economic outlook. Based on a reassessment of forward-looking probabilities of default reflecting updated forward-looking information as of December 31, 2024, the Company recognized additional provisions for unused credit commitments of W13,557 million.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**26. Other Liabilities**

(a) Details of other liabilities as of December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| Accounts payable | W | 1973390 | 2129825 |
| Accrued expenses |  | 322552 | 307537 |
| Advances from customers |  | 156881 | 171916 |
| Unearned revenue |  | 174662 | 186761 |
| Deposits |  | 500988 | 684030 |
| Security deposits received |  | 732240 | 817100 |
| Present value discount account |  | (53519) | (72191) |
| Lease liabilities |  | 15413 | 16526 |
| Present value discount on lease liabilities |  | (340) | (526) |
| Others (\*) |  | 322364 | 309422 |
|  | W | 4144631 | 4550400 |

---

(\*) Includes point liabilities of W291,807 million and W284,394 million recognized in accordance with K-IFRS No. 1115 as of December 31, 2025 and 2024, respectively, and includes insurance liabilities of W4,661 and W2,471 million recognized in accordance with K-IFRS No. 1117 as of December 31, 2025 and 2024, respectively.

(b) Insurance liabilities

*i) Details of insurance liabilities and reinsurance assets as of December 31, 2025 and 2024 are as follows:*

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2025** |
|  |  | **Insurance contract liabilities** | **Reinsurance contract assets** |
| Debt waiver and deferral products | W | 4,661 | 4,661 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Insurance contract liabilities** | **Insurance contract liabilities** |
|  |  | **Insurance contract liabilities** | **Reinsurance contract assets** |
| Debt waiver and deferral products | W | 2,471 | 2,471 |

---

*ii) The income and expenses related to insurance contracts for the years ended December 31, 2025 and 2024 are as follows:*

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| Insurance revenue | W | 25,812 | 24,718 |
| Insurance service expenses |  | 9,248 | 6,178 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**27. Equity**

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012 | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 626847 | 626847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hybrid bond |  | 699822 | 699822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital surplus |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on capital reduction |  | 852646 | 852646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on sale of treasury stock |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other additional capital surplus |  | 7944 | 7944 |
|  |  | 860592 | 860592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital adjustments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock options |  | 1893 | 1895 |
| Accumulated other comprehensive loss |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on valuation of financial assets at FVOCI |  | 4978 | 10075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective portion of valuation gain on cash flow hedges |  | 10393 | (39972) |
| &nbsp;&nbsp;&nbsp;&nbsp;Remeasurements of the net defined benefit obligations |  | (61260) | (60616) |
|  |  | (45889) | (90513) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal reserve |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserve for credit losses (refer to Note 28) (\*) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voluntary reserve |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unappropriated retained earnings (\*) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4958242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4873970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6186190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6063495 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8329455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8162138 |

---

(\*) Of the unappropriated retained earnings for the year ended December 31, 2025, W32,811 million is expected to be appropriated to the reserve for credit losses, and W38,423 million of the unappropriated retained earnings for the year ended December 31, 2024 was appropriated to the reserve for credit losses.

(b) Capital and capital surplus

As of December 31, 2025 and 2024, par value of common stock is W5,000, the total number of authorized shares is 2,000,000,000 and total number of issued shares is 125,369,403.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**27. Equity (continued)**

(c) Hybrid bonds

Hybrid bonds classified as equity as of December 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issue date** | **Currency** | **Maturity date** | **Interest rate (%)** | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| March 17, 2022 | KRW | March 17, 2052 | 4.01 | 399901 |
| February 14, 2023 | KRW | February 14, 2053 | 5.28 | 299921 |
|  |  |  |  | 699822 |

---

The hybrid bonds above can be repaid early after 5 years from the date of issuance, and the Company has an unconditional right to extend the maturity under the same condition.

(d) Accumulated other comprehensive income

Changes in accumulated other comprehensive income for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |  | **Items that are or may**<br>**be reclassified subsequently to profit or loss** | **Items that are or may**<br>**be reclassified subsequently to profit or loss** | **Items that will never** <br>**be reclassified subsequently to profit or loss** | **Items that will never** <br>**be reclassified subsequently to profit or loss** | **Total** |
|  |  | **Unrealized net changes in fair value of financial assets at FVOCI** | **Unrealized net changes in fair value of cash flow hedges** | **Remeasurements of the defined benefit plan** | **Unrealized net changes in fair value of financial assets at FVOCI** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning balance | W | (2560) | (39972) | (60616) | 12635 | (90513) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains (Losses) for the current period: |  | (4807) | - | - | (2015) | (6822) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change due to fair value measurement, etc. |  | (4807) | - | - | (2015) | (6822) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of gains included in profit: |  | - | 31648 | - | - | 31648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification to the initial book value of the hedged item |  | - | 31648 | - | - | 31648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of hedge accounting |  | - | 36997 | - | - | 36997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Remeasurements of defined benefit plans |  | - | - | (2139) | - | (2139) |
| &nbsp;&nbsp;Income tax effects |  | 1361 | (18280) | 1495 | 365 | (15059) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending balance | W | (6006) | 10393 | (61260) | 10985 | (45888) |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**27. Equity (continued)**

(d) Accumulated other comprehensive income (continued)

Changes in accumulated other comprehensive income for the years ended December 31, 2025 and 2024 are as follows (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  | **Items that are or may**<br>**be reclassified subsequently to profit or loss** | **Items that are or may**<br>**be reclassified subsequently to profit or loss** | **Items that will never** <br>**be reclassified subsequently to profit or loss** | **Items that will never** <br>**be reclassified subsequently to profit or loss** | **Total** |
|  |  | **Unrealized net changes in fair value of financial assets at FVOCI** | **Unrealized net changes in fair value of cash flow hedges** | **Remeasurements of the defined benefit plan** | **Unrealized net changes in fair value of financial assets at FVOCI** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning balance | W | (7029) | (31164) | (48888) | 26923 | (60158) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains (Losses) for the current period: |  | 6073 | - | - | (17913) | (11840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change due to fair value measurement, etc. |  | 6073 | -  | -  | (17913) | (11840) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of gains included in profit: |  | - | (321586) | - | - | (321586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification to the initial book value of the hedged item |  | -  | (321586) | -  | -  | (321586) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of hedge accounting |  | -  | 309618 | -  | -  | 309618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Remeasurements of defined benefit plans |  | -  | -  | (15934) | -  | (15934) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification to retained earnings |  | - | - | - | (1500) | (1500) |
| &nbsp;&nbsp;Income tax effects |  | (1604) | 3160 | 4206 | 5125 | 10887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending balance | W | (2560) | (39972) | (60616) | 12635 | (90513) |

---

(e) Earned surplus reserves

The Korean Commercial Act requires the Company to accumulate, as it earned surplus reserve, at least 10% of cash dividend in each period for the settlement of accounts until its reserve reaches half of the Company's capital. No reserve shall be disposed of, except in recovery from deficit in capital or capitalizing its reserve as approved in the shareholder's meeting.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won, except per share data)

**27. Equity (continued)**

(f) Voluntary reserve

The Company elected to measure an item of land and buildings at the date of transition to K-IFRS at its fair value and use that fair value as its deemed cost at that date. Revaluation surplus as a result of revaluation was classified as dividend restriction by the Board of Directors. Also, in accordance with amended Credit Information Use and Protection Act, the Company is liable to compensate the owners of credit information for inflicted damage and reserved voluntary reserve for fulfillment by the Act.

Details of discretionary reserve as of December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| Revaluation surplus of property and equipment | W | 10,216  | 10,216  |
| Claim reserves for on-line transactions |  | 2,000  | 2,000  |
|  | W | 12,216  | 12,216  |

---

(g) Statements of appropriation of retained earnings for the years ended December 31, 2025 and 2024 based on separate financial statements of the Company are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| **Expected/actual date of appropriation:** |  | **2026-03-25** | **2025-03-25** |
| **Unappropriated retained earnings**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at the beginning of year | W | 4549454 | 4342179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer from other comprehensive income as a result of the disposal of equity securities at FVOCI |  | - | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend on hybrid bond |  | (31884) | (31891) |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit for the year  |  | 440672 | 562182 |
|  |  | 4958242 | 4873970 |
| **Balance at the end of year before appropriation** |  | 4958242 | 4873970 |
| **Appropriation of retained earnings** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer to reserve for credit losses |  | 32811 | 38423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividends |  | 238453 | 286093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends per share (dividend as a percentage of par value): <br>W1,902 (54.11%) for 2025<br>W2,282 (50.89%) for 2024 |  |  |  |
|  |  | 271264 | 324516 |
| &nbsp;&nbsp;&nbsp;**Unappropriated retained earnings to be carried over to subsequent year** | W | 4686978 | 4549454 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won, except per share data)

**28. Reserve for Credit Losses**

In accordance with Regulations on Supervision of Specialized Credit Finance Business, the Company reserves the difference between allowance for credit losses recognized under K-IFRS and Regulations on Supervision of Specialized Credit Finance Business Article 11 in the account of reserve for legal reserve for credit losses.

(a) Reserve for credit losses as of December 31, 2025 and 2024 are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| Accumulated provision for credit losses | W | 902308 | 863885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserve for credit losses, scheduled  |  | 32811 | 38423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Changes in 2025 and 2024 |  | 32811 | 38423 |
| Ending balance of provision for credit losses | W | 935119 | 902308 |

---

(b) Details of profit for the year after adjusting for reserve of credit losses scheduled and provision for credit losses for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| &nbsp;&nbsp;Profit for the year | W | 440672 | 562181 |
| Reserve for credit losses, scheduled |  | (32811) | (38423) |
| &nbsp;&nbsp;Profit for the year attributable to owner of the Company after adjusting for reserve for credit losses | W | 407861 | 523758 |
| Earnings per share after adjusting credit losses (in won) (\*) | W | 2999 | 3923 |

---

(\*) Dividend on hybrid bonds is excluded.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**29. Operating Revenue and Contract Liabilities**

(a) Details of operating revenues for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| **Revenue from contracts with customers** |  |  |  |
| &nbsp;&nbsp;Fee and commission income | W | 1214993 | 1334673 |
| **Revenue from others** |  |  |  |
| &nbsp;&nbsp;Interest income |  | 2836003 | 2772751 |
| &nbsp;&nbsp;Fee and commission income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans |  | 1854 | 3575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Installment loans |  | 8114 | 10297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leases |  | 648782 | 649965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | 48962 | 44066 |
| &nbsp;&nbsp;Dividend income |  | 553 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income on financial assets at FVTPL |  | 34649 | 55832 |
| &nbsp;&nbsp;Gains on derivatives instruments |  | 35646 | 328023 |
| &nbsp;&nbsp;Gains on foreign currency transactions |  | 153004 | 87130 |
| &nbsp;&nbsp;Other operating income |  | 521886 | 422100 |
|  | W | 5504446 | 5708727 |

---

(b) Classification of revenue from contracts with customers for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| **Revenue from contracts with customers** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit sales commission, etc. | W | 968792 | 1045602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance agency fee |  | 100803 | 93477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Others |  | 145398 | 195594 |
|  |  | 1214993 | 1334673 |
| **Timing of revenue recognition** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transferred at a point in time |  | 952170 | 1083051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transferred over time |  | 262823 | 251622 |
|  | W | 1214993 | 1334673 |

---

(c) The contract liabilities recognized by the Company in relation to revenue from contracts with customers are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| Point liabilities (\*) | W | 291,807 | 284,394 |
| Unearned revenue of annual fee |  | 118,212 | 110,497 |
|  | W | 410,019 | 394,891 |

---

(\*) Recognized as other liabilities in the separate financial statements of financial position.

(d) Of the revenue recognized during the years ended December 31, 2025 and 2024, W110,497 million and W108,437 million that related to the contract liabilities carried forward from the prior period, respectively.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won, except per share data)

**30. Earnings per Share**

Earnings per share for the years ended December 31, 2025 and 2024 are as follows:

*(In millions of won, except shares outstanding and earnings per share)*

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| Profit for the period | W | 440672 | 562181 |
| Dividend on hybrid bonds |  | (31884) | (31891) |
| Profit for the year attributable to common stocks |  | 408788 | 530290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average number of common stocks outstanding |  | 125369403 | 125369403 |
| Earnings per share (in won) | W | 3261 | 4230 |

---

The Company has no dilutive potential ordinary shares in the calculation of diluted earnings per share for the reporting periods. Accordingly, diluted earnings per share equals basic earnings per share for the years ended December 31, 2025 and 2024.

**31. Share-Based Payment**

Share-based payment as of December 31, 2025 is summarized as follows:

(a)Performance-based share-based payment

*(i) Details of performance-based share-based payment as of December 31, 2025 are as follows:*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Granted in 2016** | **Granted in** <br>**2017** | **Granted in 2018** | **Granted in 2019** | **Granted in 2020** | **Granted in 2021** | **Granted in 2022** | **Granted in 2023** | **Granted in 2024** | **Granted in 2025** |
| Type | Equity-settled type (\*) | Equity-settled type (\*) | Equity-settled type (\*) | Equity-settled type (\*) | Cash-settled type | Cash-settled type | Cash-settled type | Cash-settled type | Cash-settled type | Cash-settled type |
| Vesting period | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Performance condition | Relative share price performance (20.0%) and <br>achievement of management performance indicators over four years (80.0%) | Relative share price performance (20.0%) and <br>achievement of management performance indicators over four years (80.0%) | Relative share price performance (20.0%) and <br>achievement of management performance indicators over four years (80.0%) | Relative share price performance (20.0%) and <br>achievement of management performance indicators over four years (80.0%) | Relative share price performance (20.0%) and <br>achievement of management performance indicators over four years (80.0%) | Relative share price performance (20.0%) and <br>achievement of management performance indicators over four years (80.0%) | Relative share price performance (20.0%) and <br>achievement of management performance indicators over four years (80.0%) | Relative share price performance (20.0%) and <br>achievement of management performance indicators over four years (80.0%) | Relative share price performance (20.0%) and <br>achievement of management performance indicators over four years (80.0%) | Relative share price performance (20.0%) and <br>achievement of management performance indicators over four years (80.0%) |
| Performance condition | Relative share price performance (20.0%) and <br>achievement of management performance indicators over four years (80.0%) | Relative share price performance (20.0%) and <br>achievement of management performance indicators over four years (80.0%) | Relative share price performance (20.0%) and <br>achievement of management performance indicators over four years (80.0%) | Relative share price performance (20.0%) and <br>achievement of management performance indicators over four years (80.0%) | Relative share price performance (20.0%) and <br>achievement of management performance indicators over four years (80.0%) | Relative share price performance (20.0%) and <br>achievement of management performance indicators over four years (80.0%) | Relative share price performance (20.0%) and <br>achievement of management performance indicators over four years (80.0%) | Relative share price performance (20.0%) and <br>achievement of management performance indicators over four years (80.0%) | Relative share price performance (20.0%) and <br>achievement of management performance indicators over four years (80.0%) | Relative share price performance (20.0%) and <br>achievement of management performance indicators over four years (80.0%) |
| Estimated number of shares granted | 67660 | 68377 | 60378 | 84357 | 74921 | 95359 | 93877 | <br>94682 | <br>85495 | 68015 |
| Number of shares granted | 51560 | 62011 | 58878 | 81771 | 74921 | 95359 | - | - | - | - |
| Remaining number of shares granted | 16100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6366 | 1500 | 2586 | - | - | 93877 | 94682 | <br>85495 | 68015 |

---

(\*) Shares of Shinhan Financial Group are granted, and, in accordance with the settlement arrangement, the amount payable by the Company to Shinhan Financial Group is recognized as a liability. Any difference between this amount and the compensation expense recognized under equity-settled share-based payment arrangements is recognized in equity.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won, except per share data)

**31. Share-Based Payment (continued)**

(a)Performance-based share-based payment (continued)

*(ii) Granted shares and the fair value at the grant date are as follows:*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Grant date** | **Grant shares** |  | **Fair value**<br>**(in won) (\*1)** | **Estimated shares (\*2)** | **Paid shares** | **Remained shares** |
| January 1, 2016 | 74200  | W  | 39000 | 50300  | 34200  | 16100  |
| February 4, 2016 | 15400  |  | 38150 | 13204  | 13204  | -  |
| June 3, 2016 | 5200  |  | 38800 | 2901  | 2901  | -  |
| August 1, 2016 | 1900  |  | 40650 | 742  | 742  | -  |
| October 31, 2016 | 3100  |  | 43850 | 513  | 513  | -  |
| January 1, 2017 | 70200  |  | 45300 | 59879  | 53513  | 6366  |
| March 7, 2017 | 10600  |  | 46950 | 8498  | 8498  | -  |
| January 1, 2018 | 59900  |  | 49400 | 60378  | 58878  | 1500  |
| January 1, 2019 | 84266  |  | 39400 | 84357  | 81771  | 2586  |
| January 1, 2020 | 80216  |  | 32050 | 74921  | 74921  | -  |
| January 1, 2021 | 109986  |  | 36800 | 95359  | 95359  | -  |
| January 1, 2022 | 110355  |  | 35200 | 93877  | -  | 93877  |
| January 1, 2023 | 109001  |  | 40150 | 94682  | -  | 94682  |
| January 1, 2024 | 88321  |  | 47650 | 85495  | -  | 85495  |
| January 1, 2025 | 67930  |  | 76900 | 68015  | -  | 68015  |
|  | 890575  |  |  | 793121  | 424500  | 368621  |

---

(\*1) The fair value per share was evaluated based on the closing price of Shinhan Financial Group at each grant date.

(\*2) Grant shares at grant date were adjusted pursuant to relative increase ratio of stock price and achievement of management index based on standard quantity applicable to the days of service among specified period of service, which allows for the determination of acquired quantity at the end of the operation period.

(b) Share-based compensation expense for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance-based share-based payment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 13,156 | 6,198 |

---

(c) Details of accrued expenses and the intrinsic value as of December 31, 2025 are as follows:

As of December 31, 2025, total carrying amount of liabilities recognized in relation to share-based payment transactions and total intrinsic value of liabilities recognized in respect of rights that have vested by the end of the reporting period are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Accrued expenses** | &nbsp;&nbsp;&nbsp;&nbsp;**Intrinsic values (\*1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance-based share-based payment (\*2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 27,354 | 27,354 |

---

(\*1) The fair value of performance-based share-based payment is considered as intrinsic value.

(\*2) In accordance with the settlement arrangement, the amount payable to Shinhan Financial Group is measured based on the closing market price as of the reporting date and recognized as a liability.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**32. Net Interest Income**

Details of net interest income for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| **Interest income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | W | 3603 | 4262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | 2309702 | 2230100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans |  | 234139 | 258222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Installment loans |  | 170041 | 170012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing leases (\*) |  | 106692 | 96981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Others |  | 11826 | 13174 |
|  |  | 2836003 | 2772751 |
| **Interest expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings |  | (261237) | (288849) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debentures |  | (743226) | (672916) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities (\*) |  | (535) | (725) |
| &nbsp;&nbsp;&nbsp;&nbsp;Others |  | (26338) | (26094) |
|  |  | (1031336) | (988584) |
| **Net interest income** | W | 1804667 | 1784167 |

---

(\*) It includes finance income and costs in financial lease receivables and lease liabilities in accordance with K-IFRS No. 1116.

Interest income on impaired financial assets for the years ended December 31, 2025 and 2024 are W14,793 million and W14,209 million, respectively.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**33. Net Fee and Commission Income** 

Details of net fee and commission income for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| **Fee and commission income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables | W | 1214993 | 1334673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans |  | 1854 | 3575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Installment loans |  | 8114 | 10297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leases |  | 648782 | 649965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Others (\*) |  | 48962 | 44065 |
|  |  | 1922705 | 2042575 |
| **Fee and commission expense** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | (1237106) | (1172305) |
| &nbsp;&nbsp;&nbsp;&nbsp;Installment loans |  | (24274) | (22584) |
| &nbsp;&nbsp;&nbsp;&nbsp;Leases |  | (1040) | (1776) |
| &nbsp;&nbsp;&nbsp;&nbsp;Others (\*) |  | (109370) | (110967) |
|  |  | (1371790) | (1307632) |
| **Net fee and commission income** | W | 550915 | 734943 |

---

(\*) Other fee and commission income or expense includes profit or loss associated with Shinhan Credit Service (debt waiver and deferral service) given to credit card members. For the years ended December 31, 2025 and 2024, the amount of income related to debt waiver and deferral service are W23,623 million and W25,441 million, respectively, and the amount of expense are W7,293 million and W7,099 million, respectively.

**34. Dividend Income**

Details of dividend income for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at FVTPL in Korean Won | W | 60 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at FVOCI in Korean Won |  | 493 | 240 |
|  | W | 553 | 315 |

---

**35. Provision for Credit Loss Allowance**

Details of provision for credit loss allowance for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in credit card receivables at amortized cost and other | W | (812228) | (831656) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets |  | (44128) | (40362) |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for unused loan commitments |  | (10991) | 19852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial instruments at FVOCI |  | 188  | (153) |
|  | W | (867159) | (852319) |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**36. General Administrative Expenses**

Details of general administrative expenses for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| **Relate to employees** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and wages | W | 207156 | 206257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus |  | 51781 | 57157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive of results |  | 71 | 22423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense |  | 13156 | 6198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee benefits |  | 126033 | 102257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel |  | 5010 | 5875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Defined benefit |  | 29840 | 18713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Defined contribution |  | 6284 | 5312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Honorary retirement allowance |  | 39699 | 22581 |
|  |  | 479030 | 446773 |
| **Depreciation and amortization** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation  |  | 49705 | 49113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization |  | 26826 | 25322 |
|  |  | 76531 | 74435 |
| **Other general administrative expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication  |  | 28991 | 33114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility |  | 20839 | 20031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vehicle maintenance  |  | 2769 | 3009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplies |  | 5782 | 6417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent  |  | 314 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance |  | 38380 | 41390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repairs  |  | 63 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Entertainment |  | 1936 | 1862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising  |  | 24178 | 31184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales promotion |  | 29324 | 26225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Training |  | 1942 | 3076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Publication |  | 526 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freight  |  | 764 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for asset retirement obligation |  | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes and dues |  | 66565 | 63594 |
|  |  | 222391 | 231618 |
|  | W | 777952 | 752826 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**37. Other Operating Income and Expenses**

Other operating income and expenses for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Other operating income** |  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains on recovery of bad debt (\*) | W | 8483  | 8746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Others |  | 513402  | 413353 |
|  |  | 521885  | 422099 |
| **Other operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of lease assets |  | (445237) | (465876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  | (293425) | (230013) |
|  |  | (738662) | (695889) |
|  | W | (216777) | (273790) |

---

(\*) Gains on recovery of bad debt is the amount of interest received from the bad debt.

**38. Non-operating Income and Expenses**

Non-operating income and expenses for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Non-operating income** |  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on donation of assets | W | 1666 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains on disposal of property and equipment |  | 663 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in provision for litigation |  | 2 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous income |  | 7301 | 4688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Others |  | 15094 | 18261 |
|  |  | 24726 | 23368 |
| **Non-operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Donations |  | (23733) | (8928) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in provision for litigation |  | - | (369) |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses on disposal of property and equipment |  | (202) | (216) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment loss on intangible assets, and property and equipment |  | (68) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous losses |  | (1181) | (255) |
| &nbsp;&nbsp;&nbsp;&nbsp;Others |  | (2395) | (1629) |
|  |  | (27579) | (11397) |
|  | W | (2853) | 11971 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**39. Income Taxes**

(a) The components of income tax expense for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Current income taxes payable | W | 151861 | 172864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to the income tax expense for prior period  |  | (1170) | 21145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in deferred tax due to changes in temporary differences (\*) |  | (10442) | (4298) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) relating to items recognized outside profit or loss |  | (15062) | 10888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Others (e.g., tax effects of the consolidated tax return) |  | 1821 | (14301) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | W | 127008 | 186298 |
| (\*) The Company applies the temporary exception to the recognition of deferred tax under K-IFRS No. 1012 and, accordingly, does not recognize deferred tax assets and liabilities related to the Global Anti-Base Erosion (GloBE) rules. | (\*) The Company applies the temporary exception to the recognition of deferred tax under K-IFRS No. 1012 and, accordingly, does not recognize deferred tax assets and liabilities related to the Global Anti-Base Erosion (GloBE) rules. | (\*) The Company applies the temporary exception to the recognition of deferred tax under K-IFRS No. 1012 and, accordingly, does not recognize deferred tax assets and liabilities related to the Global Anti-Base Erosion (GloBE) rules. | (\*) The Company applies the temporary exception to the recognition of deferred tax under K-IFRS No. 1012 and, accordingly, does not recognize deferred tax assets and liabilities related to the Global Anti-Base Erosion (GloBE) rules. |

---

(b) The relationship between income tax expense and profit before income taxes for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| Profit before income taxes (A) | W | 567680 | 748480 |
| Income taxes at applicable tax rate |  | 149868 | 197599 |
| Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-taxable income |  | 7677 | (8434) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-deductible expense |  | (622) | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax deductions |  | (1318) | (1484) |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated tax return effect and others |  | (28597) | (2409) |
| Income tax expense (B) | W | 127008 | 186298 |
| Effective tax rate (B/A) |  | 22.37% | 24.89% |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**39. Income Taxes (continued)**

(c) Changes in deferred tax assets (liabilities) for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** |
|  |  | **Beginning**<br>**deferred**<br>**tax assets**<br>**(liabilities)** | **Changes in**<br>**profit or loss** | **Change in other comprehensive**<br>**income** | **Ending**<br>**deferred**<br>**tax assets**<br>**(liabilities)** |
| &nbsp;&nbsp;&nbsp;Accounts receivable | W | 76  | 3  | -  | 79  |
| &nbsp;&nbsp;&nbsp;Financial assets at FVOCI |  | (1681) | 1924  | -  | 243  |
| &nbsp;&nbsp;&nbsp;Valuation on financial assets at FVOCI |  | (3614) | -  | 1726  | (1888) |
| &nbsp;&nbsp;&nbsp;Valuation on property and equipment, depreciation and others |  | (2893) | (104) | -  | (2997) |
| &nbsp;&nbsp;&nbsp;Deferred loan origination costs |  | (13703) | 1689  | -  | (12014) |
| &nbsp;&nbsp;&nbsp;Derivative assets |  | 14338  | -  | (18280) | (3942) |
| &nbsp;&nbsp;&nbsp;Accrued expenses |  | 17594  | 2350  | -  | 19944  |
| &nbsp;&nbsp;&nbsp;Defined benefit liabilities |  | 77393  | 3715  | 210  | 81318  |
| &nbsp;&nbsp;&nbsp;Plan assets |  | (73739) | (12131) | 1284  | (84586) |
| &nbsp;&nbsp;&nbsp;Other provisions |  | 137637  | 17906 | - | 155543 |
| &nbsp;&nbsp;&nbsp;Others |  | (31362) | 10150 | - | (21212) |
|  | W | 120046  | 25502 | (15060) | 130488 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** |
|  |  | **Beginning**<br>**deferred**<br>**tax assets**<br>**(liabilities)** | **Changes in**<br>**profit or loss** | **Change in other comprehensive**<br>**income** | **Ending**<br>**deferred**<br>**tax assets**<br>**(liabilities)** |
| &nbsp;&nbsp;&nbsp;Accounts receivable | W | 76 | - | - | 76 |
| &nbsp;&nbsp;&nbsp;Financial assets at FVOCI |  | (1011) | (670) | - | (1681) |
| &nbsp;&nbsp;&nbsp;Valuation on financial assets at FVOCI |  | (7136) | - | 3522 | (3614) |
| &nbsp;&nbsp;&nbsp;Valuation on property and equipment, depreciation and others |  | (2814) | (79) | - | (2893) |
| &nbsp;&nbsp;&nbsp;Deferred loan origination costs |  | (13467) | (236) | - | (13703) |
| &nbsp;&nbsp;&nbsp;Derivative assets |  | 11178 | - | 3160 | 14338 |
| &nbsp;&nbsp;&nbsp;Accrued expenses |  | 18928 | (1334) | - | 17594 |
| &nbsp;&nbsp;&nbsp;Defined benefit liabilities |  | 83902 | (10160) | 3651 | 77393 |
| &nbsp;&nbsp;&nbsp;Plan assets |  | (82898) | 8603 | 556 | (73739) |
| &nbsp;&nbsp;&nbsp;Other provisions |  | 142279 | (4642) | - | 137637 |
| &nbsp;&nbsp;&nbsp;Others |  | (33290) | 1928 | - | (31362) |
|  | W | 115747 | (6590) | 10889 | 120046 |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**39. Income Taxes (continued)**

(d) Deferred income taxes relating to items recognized outside profit or loss for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |  | **December 31, 2025** | **December 31, 2025** | **January 1, 2025** | **January 1, 2025** | **Changes in tax effect** |
|  |  | **Amount** | **Tax effect** | **Amount** | **Tax effect** | **Changes in tax effect** |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in fair value of financial assets at FVOCI | W | 4978  | (1888) | 10075  | (3613) | 1725  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective portion of valuation gain or loss on cash flow hedges |  | 10393  | (3942) | (39972) | 14338  | (18280) |
| &nbsp;&nbsp;&nbsp;&nbsp;Remeasurements of defined benefit obligations |  | (61260) | 23237  | (60615) | 21743  | 1494  |
|  | W | (45889) | 17407  | (90512) | 32468  | (15061) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  | **December 31, 2024** | **December 31, 2024** | **January 1, 2024** | **January 1, 2024** | **Changes in tax effect** |
|  |  | **Amount** | **Tax effect** | **Amount** | **Tax effect** | **Changes in tax effect** |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in fair value of financial assets at FVOCI | W | 10075 | (3613) | 19893 | (7136) | 3523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective portion of valuation gain or loss on cash flow hedges |  | (39972) | 14338 | (31164) | 11178 | 3160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Remeasurements of defined benefit obligations |  | (60615) | 21743 | (48887) | 17536 | 4207 |
|  | W | (90512) | 32468 | (60158) | 21578 | 10890 |

---

(e) The Company offsets a deferred tax asset against a deferred tax liability of the same taxable entity if, and only if, they relate to income taxes levied by the same taxation authority and the Company has a legally enforceable right to set off current tax assets against current tax liabilities. Deferred tax assets and liabilities before offsetting as of December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| Deferred tax assets | W | 258542  | 248169 |
| Deferred tax liabilities |  | (128053) | (128123) |
|  | W | 130489  | 120046 |

---

(f) Deferred tax assets have been recognized as the Company has determined it is probable that future profits will be available against which the Company can utilize the related benefit.

(g) As of December 31, 2025 and 2024 current tax liabilities are W79,770 million and W71,066 million, respectively. For consolidated tax return, the amount is paid to the taxation authorities through the parent company of the Company.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**39. Income Taxes (continued)**

(h) Following the enactment of legislation related to the Global Anti-Base Erosion (GloBE) Rules, the Group is obligated to pay a top-up tax equal to the difference between the effective tax rate and the minimum rate of 15% in each jurisdiction in which its constituent entities are located, to the extent that the jurisdictional effective tax rate falls below 15%. The Group has assessed the impact of the GloBE rules in accordance with the relevant legislation and has determined that no significant amount of top-up tax is expected to arise, as most constituent entities meet the transitional safe harbor requirements or have effective tax rates exceeding 15%.

Income tax expense related to the GloBE rules is subject to estimation uncertainty due to potential variability arising from various factors, including tax incentives received by permanent establishments and adjustments to accounting net profit or loss required under the legislation for the calculation of GloBE income in subsequent periods. In addition, the Group applies the temporary exception to the recognition and disclosure of deferred tax assets and liabilities under K-IFRS 1012, and therefore does not recognize deferred tax assets or liabilities related to the GloBE rules, nor does it disclose information related thereto.

**40. Statements of Cash Flows**

(a) Details of cash and cash equivalents as of December 31, 2025 and 2024 are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | - | 2 |
| Available deposits from banks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Demand deposits |  | 323460 | 564961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Checking accounts |  | 181 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency deposits |  | 12 | 14 |
| Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 323653 | 565371 |

---

(b) The Company presents the cash inflows and outflows of bank overdrafts and repurchase agreements (RP) as net amounts, because the turnover of transactions is quick, the amounts are large, and the maturities are short.

(c) Reconciliations of the amounts of cash and cash equivalents in the statements of cash flows with the equivalent items reported in the statements of financial position as of December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| Cash and due from banks in the statements of financial position | W | 323689 | 765406 |
| Adjustment: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted due from banks |  | (36) | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;Time deposits · Installment savings (\*) |  | - | (199999) |
| Cash and cash equivalents in the statements of cash flows | W | 323653 | 565371 |

---

(\*) It doesn't meet the definition of cash in K-IFRS No. 1007, 'Statements of Cash Flows'.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**40. Statements of Cash Flows (continued)**

(d) The separate statements of cash flows is prepared by using indirect method. Significant transactions without cash inflows and outflows for the years ended December 31, 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction related right-of-use assets  | W | 14025 | 25222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuation of financial assets at FVOCI |  | (6822) | (11840) |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuation of derivatives for hedge accounting |  | 68645 | (11968) |

---

(e) Changes in assets and liabilities arising from financing activities for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** |
|  |  | **Balance at January 1, 2025** | **Changes from cash flows** | &nbsp;&nbsp;&nbsp;&nbsp;**Changes in foreign currency**<br>**exchange rate** | **Interest expenses (amortization)** | **Changes in fair value** | **Others** | **Balance at December 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Assets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net derivative assets | W | 460365  | (210554) | -  | -  | 33023  | -  | 282834  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | W | (9146092) | 2657182  | (18277) | (5821) | -  | (69336) | (6582344) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debentures |  | (20858700) | (1518453) | 48068  | (6451) | -  | -  | (22335536) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities (\*) |  | (15999) | 11103  | -  | (535) | -  | (9641) | (15072) |
|  | W | (30020791) | 1149832  | 29791  | (12807) | -  | (78977) | (28932952) |

---

(\*) The amount of change in cash flow includes W519 million in interest payments indicated as operating activities in the cash flow statement at the time of payment.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
|  |  | **Balance at January 1, 2024** | **Changes from cash flows** | &nbsp;&nbsp;&nbsp;&nbsp;**Changes in foreign currency**<br>**exchange rate** | **Interest expenses (amortization)** | **Changes in fair value** | **Others** | **Balance at December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Assets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net derivative assets | W | 147461 | (1964)  | -  | -  | 308768 | -  | 454265 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | W | (9739749) | 801393 | (77658) | (2546) | -  | (127532) | (9146092) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debentures |  | (19282428) | (1307527) | (262161) | (6584) | -  |  | (20858700) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities (\*) |  | (13265) | 10859 |  | (725) | -  | (12868) | (15999) |
|  | W | (29035442) | (495275) | (339819) | (9855) | -  | (140400) | (30020791) |

---

(\*) The amount of change in cash flow includes W662 million in interest payments indicated as operating activities in the cash flow statement at the time of payment.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**41. Contingent Liabilities and Commitments**

(a) Contingent liabilities

The Company has 42 pending lawsuits as a defendant including collection of overdue credit card receivables as of December 31, 2025 for a total claim amount of W11,131 million.

A legal provision of W27 million is recognized in the accompanying financial statements for expected loss due to lost litigation cases.

Additional losses may be incurred from these legal actions. However, the result of such lawsuits cannot be predicted. Management believes that the result of the lawsuits would not have significant impact on the separate financial statements.

(b) ABS (Asset-Backed Securities) commitments

In trust-type asset securitizations, trust company can demand the Company to transfer additional assets if the transferred assets are below the agreed minimum amount. As prescribed by the respective asset transfer agreements and other contracts, the Company has an obligation to early redeem the asset-backed securities in certain cases, such as when outstanding balance of securitized assets falls below the agreed amount at each settlement period or when portfolio profitability ratio is less than primary cost ratio for three consecutive settlement periods. Investor Interest based on transferred assets is provided as collateral for asset-backed securities. As of December 31, 2025, the Company has no additional obligation for the asset-backed securities.

The Company has entered into an agreement with the trust company to provide asset management services for the transferred assets. Under the agreement, the Company provides various services such as billing, collection, and management of delinquencies, and receives service fees from the trust company recorded as asset securitization income.

(c) Other commitments

i) The Company has entered an agreement with Shinhan bank for the trust and consignment in order to perform various credit card services including recruitment of credit card members and merchants.

ii) The Company is subject to take necessary measures, including accumulation of required reserve or subscription to insurances or deductions, pursuant to Article 43-3 of the Use and Protection of the Credit Information Act. Accordingly, the Company has accumulated W2 billion as liability reserve for electronic banking and credit information.

iii) As of December 31, 2025, the Company has limit loan commitments amounting to W809.8 billion with banks including Hana bank and SC bank. In addition, the Company has entered into loan overdraft agreements (including daily check) amounting to W1,325 billion with banks including Shinhan bank and KB Kookmin bank.

iv) As of December 31, 2025 and 2024, the maximum exposure to credit risk caused by unused credit commitments amounted to W93,605,685 million, and W91,240,054 million, respectively. As of December 31, 2025 and 2024, the balance of the Borrowing guarantee we provided to the subsidiary are W947,103 million and W809,772 million. As of December 31, 2025 and 2024, the securities purchase agreement signed by the Company are W79,620 million and W77,945 million, respectively.

(d) Other matters

With respect to the leakage of personal information of merchant representatives that occurred between March 2022 and May 2025, investigations by the regulatory authorities are currently in progress, and the results cannot be predicted at this time.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**42. Transfer of Financial Instruments**

The Company has transferred financial instruments including credit card receivables to Trust company pursuant to Asset-Backed Securitization Act. However, the Company retains the risks and rewards of ownership of transferred assets and continues to recognize the asset and the relevant liability.

(a) The initial transfer price of the credit card receivables in accordance with Asset-Backed Securitization Act as of December 31, 2025 and 2024 are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Transfer date** |  | **2025** | **2024** |
| Shinhan Card 2024-1 | 2024.03.28 |  | - | 1,413,549 |
| Shinhan Card 2024-2 | 2024.08.27 |  | - | 946,661 |
| Shinhan Card 2025-1 | 2025.09.24 |  | 940,266 | - |
|  |  | W | 940,266 | 2,360,210 |

---

(b) The financial assets that have not been qualified for derecognition and the liabilities relevant to such assets as of December 31, 2025 and 2024 are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| &nbsp;&nbsp;Credit card receivables measured at amortized cost and others | W | 4,780,347 | 5,208,541  |
| Borrowings |  | 2,901,900 | 3,308,712  |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

**43. Related Parties and Related Parties Transactions**

(a) As of December 31, 2025, related parties of the Company are summarized as follows:

---

| | |
|:---|:---|
| **Name of company** | **Control relationship** |
| Shinhan Financial Group Co., Ltd. | Parent company |
| Shinhan Credit Information Co., Ltd. | Subsidiaries |
| Shinhan Finance LLC | Subsidiaries |
| Shinhan Indo Finance | Subsidiaries |
| Shinhan Microfinance Co., Ltd. | Subsidiaries |
| Shinhan Vietnam Finance Co., Ltd. | Subsidiaries |
| Shinhan Card 2021-2 Asset Securitisation Specialty Co., Ltd. | Subsidiaries |
| Shinhan Card 2022-1 Asset Securitisation Specialty Co., Ltd. | Subsidiaries |
| Shinhan Card 2022-2 Asset Securitisation Specialty Co., Ltd. | Subsidiaries |
| Shinhan Card 2022-3 Asset Securitisation Specialty Co., Ltd. | Subsidiaries |
| Shinhan Card 2023-1 Asset Securitisation Specialty Co., Ltd. | Subsidiaries |
| Shinhan Card 2024-1 Asset Securitisation Specialty Co., Ltd. | Subsidiaries |
| Shinhan Card 2024-2 Asset Securitisation Specialty Co., Ltd. | Subsidiaries |
| Shinhan Card 2025-1 Asset Securitisation Specialty Co., Ltd. | Subsidiaries |
| Wave Technology | Associates |
| One Shinhan Connect New Technology Investment Association 1 | Associates |
| One Shinhan Connect New Technology Investment Association 2 | Associates |
| Shinhan Hyper Connect Investment Association No. 1 | Associates |
| Finflow | Associates |
| Shinhan Bank | Other related parties |
| Shinhan Life Insurance Co., Ltd. | Other related parties |
| Shinhan DS Co., Ltd. | Other related parties |
| Shinhan Securities Co., Ltd. | Other related parties |
| Jeju Bank | Other related parties |
| BNP Paribas Cardif Life Insurance | Other related parties |
| Shinhan Savings Bank Co., Ltd. | Other related parties |
| Shinhan Fund Partners | Other related parties |
| Shinhan Capital Co., Ltd. | Other related parties |
| Shinhan Asset Management Co., Ltd. | Other related parties |
| SHC Management Co., Ltd. | Other related parties |
| Shinhan EZ General Insurance Co., Ltd. | Other related parties |
| Shinhan REITs Management Co., Ltd. | Other related parties |
| Shinhan AI Co., Ltd.  | Other related parties |
| Shinhan Asset Trust Co., Ltd. | Other related parties |
| Shinhan Venture Investment Co., Ltd. | Other related parties |
| Goduck Gangil10 PFV Co., Ltd. | Other related parties |
| KOREA FINANCE SECURITY CO., LTD | Other related parties |
| ICSF (The Korea's Information Center for Savings & Finance) | Other related parties |
| Techfin ratings Co., Ltd. (\*) | Other related parties |
| iPIXEL Co., Ltd. | Other related parties |
| One Shinhan Futures New Technology Investment Association 1 | Other related parties |
| One Shinhan Futures New Technology Investment Association 2 | Other related parties |
| One Shinhan Futures New Technology Investment Association 3 | Other related parties |
| Shinhan global flagship venture fund 1 | Other related parties |
| SH Real Estate Loan Investment Type Private Real Estate Investment Trust No.2 | Other related parties |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

SH Real Estate Loan Investment Type Private Real Estate Investment Trust No.3 Other related parties

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**43. Related Parties and Related Parties Transactions (continued)**

(a) As of December 31, 2024, related parties of the Company are summarized as follows: (continued)

---

| | |
|:---|:---|
| **Name of company** | **Control relationship** |
| Korea Credit Bureau | &nbsp;&nbsp;&nbsp;&nbsp;Other related parties |
| Kiram Ho Chi Minh Office General Private Placement Real Estate Investment Trust (USD) | Other related parties |
| Shinhan hyper future's venture fund 1 | Other related parties |
| Shinhan hyper future's venture fund Ⅱ | Other related parties |
| SH Rebalancing Private Real Estate Investment Trust No.1 | Other related parties |
| Shinhan Credit Recovery NPL Mixed Asset Investment Fund 2 | Other related parties |
| Shinhan Credit Solution Mixed Asset Investment Fund 1 | Other related parties |

---

(\*) During the year ended December 31, 2024, Douzon TECHFIN Co., Ltd. has changed its name to Techfin ratings Co., Ltd.

(b) Significant transactions with related parties for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Related party / Account** |  | **2025** | **2024** |
| Shinhan Financial Group Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | W | 35498  | 52528  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | 61  | 60  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission expense |  | 13340  | 13340  |
| Shinhan Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | 862  | 310  |
| Shinhan Microfinance Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses |  | 81  | 106  |
| Shinhan Indo Finance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | 92  | 125  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses |  | 107  | 87  |
| Shinhan Vietnam Finance Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | 2551  | 4255  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | 228  | 333  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for (reversal of) credit loss allowance |  | (66) | 1  |
| Shinhan Card 2021-1 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | -  | 2805  |
| Shinhan Card 2021-2 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | 4902  | 6304  |
| Shinhan Card 2022-1 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | 11622  | 14945  |
| Shinhan Card 2022-2 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | 18357  | 18167  |
| Shinhan Card 2022-3 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | 16041  | 16797  |
| Shinhan Card 2023-1 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | 13226  | 13255  |
| Shinhan Card 2024-1 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | 31496  | 23614  |
| Shinhan Card 2024-2 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | 17506  | 5654  |
| Shinhan Card 2025-1 Asset Securitisation Specialty Co., Ltd. | Shinhan Card 2025-1 Asset Securitisation Specialty Co., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 4006  |  |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**43. Related Parties and Related Parties Transactions (continued)**

(b) Significant transactions with related parties for the years ended December 31, 2025 and 2024 are as follows: (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Related party / Account** |  | **2025** | **2024** |
| Shinhan Bank (\*1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | W | 1783  | 3024  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | 2474  | 2903  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | 1849  | 1009  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission expense |  | 178496  | 166838  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expense |  | 5053  | 3635  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on derivatives |  | 9374  | 101885  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on derivatives |  | 13116  | -  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reversal of credit loss allowance |  | -  | (2) |
| Shinhan Credit Information Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | 1  | 5  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | 111  | 59  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission expense |  | 25614  | 26068  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-operating income |  | 78  | 225  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating income |  | 1  | 1  |
| Shinhan Life Insurance Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | 234  | 1389  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | 14051  | 15218  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission expense |  | 5189  | 4868  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | -  | 379  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expense |  | 1  | 13  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for (reversal of) credit loss allowance |  | (1) | 2  |
| Shinhan DS Co., Ltd. (\*2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-operating income |  | 2  | 2  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission expense |  | 65475  | 62650  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expense |  | 41  | 61  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reversal of credit loss allowance |  | (11) | (6) |
| Shinhan Securities Co., Ltd. (\*1)  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | 130  | 279  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | -  | 10  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | 111  | 202  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission expense |  | 142  | 166  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expense |  | 17  | 20  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reversal of credit loss allowance |  | -  | (1) |
| Jeju Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | -  | 1  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission expense |  | 3  | 4  |
| Shinhan Savings Bank Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-operating income |  | 3  | 2  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | 422  | 740  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission expense |  | 2  | 4  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reversal of credit loss allowance |  | -  | (1) |
| SHC Management Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-operating income |  | 55  | 55  |
| Shinhan Asset Management Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-operating income |  | 4  | 28  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | -  | 3  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission expense |  | 5  | 8  |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**43. Related Parties and Related Parties Transactions (continued)**

(b) Significant transactions with related parties for the years ended December 31, 2025 and 2024 are as follows: (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Related party / Account** |  | **2025** | **2024** |
| Shinhan Asset Trust Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit loss | W | 1  | -  |
| Shinhan AI Co., Ltd.  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | -  | 1  |
| Shinhan Venture Investment Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission expense |  | 72  | 84  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit loss |  | 1  | -  |
| Shinhan EZ General Insurance Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | 558  | 160  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expense |  | 91  | 40  |
| BNP Paribas Cardif Life Insurance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | 25  | 37  |
| Goduck Gangil10 PFV Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | -  | 25  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reversal of credit loss allowance |  | -  | (12) |
| EDNCENTRAL Co., Ltd. (\*3) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | 391  | 500  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | 18  | -  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit loss |  | 3  | 74  |
| Korea Credit Bureau |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | 3790  | 1742  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission expense |  | 5060  | 4830  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expense |  | 991  | 26  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reversal of credit loss allowance |  | (1) | -  |
| iPIXEL Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reversal of credit loss allowance |  | (1) | - |
| Techfin ratings Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reversal of credit loss allowance |  | (8) | - |
| Wave Technology |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission expense |  | 300  | 300  |
| KOREA FINANCE SECURITY CO., LTD |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expense |  | 145  | 145  |
| Finflow (\*4) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-operating income |  | 93  | - |

---

(\*1) For the years ended December 31, 2025 and 2024, the Company recognized the right-of-use assets amounting to W392 million and W8,015 million, and lease liabilities amounting to W252 million and W7,564 million, respectively, according to the lease contract with the other related parties. In relation to this, the Company recognized interest expense amounting to W41 million and W142 million, respectively.

(\*2) As of December 31, 2025 and 2024, the Company acquired a tangible asset amounting to W101 million and W24 million, and an intangible asset from other related parties amounting to W2,885 million and W9,352 million.

(\*3) During the year ended December 31, 2025, EDNCENTRAL Co., Ltd. was excluded from related parties as the Group lost significant influence as a result of disposals, liquidation, or similar events. The amounts represent transactions up to the date on which the investee ceased to be a related party.

(\*4) During the year ended December 31, 2025, the Company acquired shares in Finflow through a contribution in kind, and accordingly, Finflow was included as a related party as of December 31, 2025. The related disposal gain of W93 million arising from the contribution in kind is included in other non-operating income.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**43. Related Parties and Related Parties Transactions (continued)**

(c) Significant balances with the related parties as of December 31, 2025 and 2024 are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Related party / Account** |  | **2025** | **2024** |
| Shinhan Financial Group Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables | W | 526  | 531  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated tax accounts |  | 34  | 4  |
| Shinhan Vietnam Finance Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan receivables |  | 43047  | 161700  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued income |  | 1756  | 1646  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses |  | (24) | (89) |
| Shinhan Microfinance Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses |  | 9811 | - |
| Shinhan Card 2021-2 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable |  | 68  | 4685  |
| Shinhan Card 2022-1 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable |  | 179  | 7037  |
| Shinhan Card 2022-2 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable |  | 38388  | 7820  |
| Shinhan Card 2022-3 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable |  | 59148  | 13127  |
| Shinhan Card 2023-1 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable |  | 6193  | 6407  |
| Shinhan Card 2024-1 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable |  | 10570  | 11271  |
| Shinhan Card 2024-2 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable |  | 7145  | 7508  |
| Shinhan Card 2025-1 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable |  | 6813  | -  |
| Shinhan Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks |  | 28384  | 231500  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | 8820  | 9252  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses |  | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable |  | -  | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued income |  | -  | 2286  |
| &nbsp;&nbsp;&nbsp;&nbsp;Security deposits paid |  | 11730  | 12089  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets |  | 59368  | 153611  |
| Shinhan Securities Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks |  | 433  | 1279  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | 2188  | 2272  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses |  | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Security deposits paid |  | -  | 300  |
| Shinhan Life Insurance Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | 1875  | 1884  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses |  | (2) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Plan assets |  | -  | 8409  |
| Shinhan Capital Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | 291  | 249  |
| Shinhan DS Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | 3977  | 4068  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses |  | (12) | (23) |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**43. Related Parties and Related Parties Transactions (continued)**

(c) Significant balances with the related parties as of December 31, 2025 and 2024 are summarized as follows: (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Related party / Account** |  | **2025** | **2024** |
| Jeju Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | W | 2394  | 1687  |
| Shinhan Asset Management Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | 479  | 375  |
| Shinhan REITs Management Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | 62  | 67  |
| Shinhan Savings Bank Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | 119  | 114  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses |  | (1) | (1) |
| Shinhan Credit Information Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | 106  | 147  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease assets |  | -  | 69  |
| Shinhan Fund Partners |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | 245  | 164  |
| Shinhan Asset Trust Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | 274  | 229  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses |  | (1) | -  |
| Shinhan Venture Investment Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | 92  | 84  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses |  | (1) | -  |
| Shinhan EZ General Insurance Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | 73  | 65  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses |  | (1) | (1) |
| BNP Paribas Cardif Life Insurance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | 190  | 154  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses |  | (1) | (1) |
| EDNCENTRAL Co., Ltd. (\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan receivables |  | -  | 13100  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses |  | -  | (74) |
| Korea Credit Bureau |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | 907  | 616  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses |  | -  | (1) |
| KOREA FINANCE SECURITY CO., LTD  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | 7  | 6  |
| Incorporated association Finance Saving Information Center |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | 1  | 2  |
| Techfin ratings Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | 28  | 13  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses |  | &nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;(2) |
| iPIXEL Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card receivables |  | 10  | 14  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses |  | -  | (1) |
| **Total accounts receivable** | W | 305684  | 665629  |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**43. Related Parties and Related Parties Transactions (continued)**

(c) Significant balances with the related parties as of December 31, 2025 and 2024 are summarized as follows: (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Related party / Account** |  | **2025** | **2024** |
| Shinhan Financial Group Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | W | 1383047  | 1852100  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current tax liabilities |  | 79770  | 71066  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses |  | 32358  | 30713  |
| Shinhan Card 2021-2 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings |  | -  | 399936  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses |  | -  | 85  |
| Shinhan Card 2022-1 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings |  | -  | 399913  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses |  | -  | 203  |
| Shinhan Card 2022-2 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings |  | 521333  | 520635  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses |  | 145  | 242  |
| Shinhan Card 2022-3 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings |  | 163348  | 326307  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses |  | 67  | 225  |
| Shinhan Card 2023-1 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings |  | 319149  | 319054  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses |  | 108  | 180  |
| Shinhan Card 2024-1 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings |  | 801261  | 799964  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses |  | 248  | 414  |
| Shinhan Card 2024-2 Asset Securitisation Specialty Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings |  | 543955  | 542902  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses |  | 135  | 225  |
| Shinhan Card 2025-1 Asset Securitisation Specialty Co., Ltd. | Shinhan Card 2025-1 Asset Securitisation Specialty Co., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 552854  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 122  |  |
| Shinhan Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities |  | 878  | 4927  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings |  | 92200  | 81700  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for restoration |  | 57  | 550  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable |  | 736  | 198  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses |  | 834  | 839  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities |  | 252  | 7151  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for unused credit commitments |  | 6  | 6  |
| Shinhan Securities Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities |  | -  | 12  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for unused credit commitments |  | 1  | 1  |
| Shinhan Life Insurance Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable |  | 583  | 665  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses |  | 5635  | 5767  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for unused credit commitments |  | 4  | 3  |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**43. Related Parties and Related Parties Transactions (continued)**

(c) Significant balances with the related parties as of December 31, 2025 and 2024 are summarized as follows: (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Related party / Account** |  | **2025** | **2024** |
| Shinhan DS Co., Ltd. | W |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses |  | 2929  | 3017  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for unused credit commitments |  | 1  | 2  |
| Shinhan Credit Information Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable |  | 2687  | 2629  |
| Shinhan Savings Bank Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for unused credit commitments |  | 1  | 1 |
| Shinhan Asset Trust Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for unused credit commitments |  | 1  | - |
| Shinhan EZ General Insurance Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable |  | -  | 1  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for unused credit commitments |  | 1  | 1  |
| BNP Paribas Cardif Life Insurance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for unused credit commitments |  | 1  | 1  |
| EDNCENTRAL Co., Ltd. (\*) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for unused credit commitments |  | -  | 156  |
| Techfin ratings Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for unused credit commitments |  | 1  | 7  |
| iPIXEL Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for unused credit commitments |  | - | 1 |
| **Total accounts payable** | W | 4504708  | 5371799  |

---

(\*) During the year ended December 31, 2025, EDNCENTRAL Co., Ltd. was excluded from related parties as the Company lost significant influence as a result of disposals, liquidation, or similar events.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**43. Related Parties and Related Parties Transactions (continued)**

(d) Fund transactions between the related parties for the years ended December 31, 2025 and 2024 are summarized as follows:

*(i) Borrowing∙ Repayment* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Control relationship** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Related party** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | **2024** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Control relationship** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Related party** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Repayment** | **Borrowing** | **Repayment** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parent Company (\*1) | &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1137680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsidiary | &nbsp;&nbsp;&nbsp;Shinhan Card 2021-1 Asset Securitisation Specialty Co., Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsidiary | &nbsp;&nbsp;&nbsp;Shinhan Card 2021-2 Asset Securitisation Specialty Co., Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsidiary | &nbsp;&nbsp;&nbsp;Shinhan Card 2022-1 Asset Securitisation Specialty Co., Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsidiary | &nbsp;&nbsp;&nbsp;Shinhan Card 2024-1 Asset Securitisation Specialty Co., Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsidiary | &nbsp;&nbsp;&nbsp;Shinhan Card 2024-2 Asset Securitisation Specialty Co., Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsidiary | &nbsp;&nbsp;&nbsp;Shinhan Card 2025-1 Asset Securitisation Specialty Co., Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other related party (\*2) | &nbsp;&nbsp;&nbsp;Shinhan Bank |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2344) |

---

(\*1) For the years ended December 31, 2025 and 2024, the Company has paid dividend of W31,884 million and W31,884 million from hybrid bonds, respectively.

(\*2) For the years ended December 31, 2025, the amount of borrowing of lease liabilities under lease contracts concluded with other related parties is W353 million, and the repayment amounts for the years ended December 31, 2025 and 2024 are W1,788 million and W2,344 million, respectively.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**43. Related Parties and Related Parties Transactions (continued)**

(d) Fund transactions between the related parties for the years ended December 31, 2025 and 2024 are summarized as follows: (continued)

*(ii) Loans ∙ Collection* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Control relationship** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Related party** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| **Control relationship** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Related party** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loans** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collection** | **Loans** | **Collection** |
| Other related party (\*) | EDNCENTRAL Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 2310 | - | 13100 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsidiary | Shinhan Vietnam Finance Co., Ltd. |  | - | (114744) | - | - |

---

(\*) During the year ended December 31, 2025, EDNCENTRAL Co., Ltd. was excluded from related parties as the Group lost significant influence as a result of disposals, liquidation, or similar events. The amounts represent transactions up to the date on which the investee ceased to be a related party.

*(iii) Investment – Collection* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Control relationship** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Related party** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | **2024** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Control relationship** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Related party** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collection** | **Investment** | **Collection** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other related party | &nbsp;&nbsp;&nbsp;One-Shinhan Futures New Technology Investment Association 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other related party | &nbsp;&nbsp;&nbsp;Shinhan hyper future's venture fund 1 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other related party | &nbsp;&nbsp;&nbsp;Shinhan hyper future's venture fund Ⅱ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other related party | &nbsp;&nbsp;&nbsp;SH Rebalancing Private Real Estate Investment Trust No.1 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other related party | &nbsp;&nbsp;&nbsp;Shinhan global flagship venture fund 1 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other related party | &nbsp;&nbsp;&nbsp;Real Estate General Private Property Loan 2 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other related party | &nbsp;&nbsp;&nbsp;Real Estate General Private Property Loan 3 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other related party | &nbsp;&nbsp;&nbsp;KIRAM HO CHI MINH OFFICE GENERAL PRIVATE PLACEMENT REAL ESTATE INVESTMENT TRUST(USD) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other related party | &nbsp;&nbsp;&nbsp;Shinhan Credit Recovery NPL Mixed Asset Investment Fund 2 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other related party | &nbsp;&nbsp;&nbsp;Shinhan Credit Solution Mixed Asset Investment Fund 1 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associate | &nbsp;&nbsp;&nbsp;One-Shinhan Connect Fund 1 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associate | &nbsp;&nbsp;&nbsp;One-Shinhan Connect Fund 2 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associate | &nbsp;&nbsp;&nbsp;Finflow |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associate | &nbsp;&nbsp;&nbsp;Shinhan hyper connect venture fund Ι |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(983) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

*(iv) The transaction of payment and deposit that occurs due to business reasons between related parties is excluded.*

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**43. Related Parties and Related Parties Transactions (continued)**

(e) Key management personnel compensations for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| Salaries and wages | W | 2,628 | 3,427 |
| Post-employment benefits |  | 58 | 188 |
| Share-based payments |  | 2,654 | 2,122 |
|  | W | 5,340 | 5,737 |

---

(f) The guarantee provided between the related parties as of December 31, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Amount of guarantee** | **Amount of guarantee** |  |
| **Guarantor** | **Guaranteed Party** |  | **2025** | **2024** | **Details** |
| Shinhan Card | Shinhan Indo Finance | W | 209720 | 175368 | Borrowing guarantee |
| Shinhan Card | Shinhan Finance LLC |  | 419197 | 305529 | Borrowing guarantee |
| Shinhan Card | &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Vietnam Finance Co., Ltd. |  | 292221 | 300455 | Borrowing guarantee |
| Shinhan Card | &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Microfinance Co., Ltd. |  | 25965 | 28420 | Borrowing guarantee |
|  |  |  | 947103 | 809772 |  |

---

(g) The guarantee provided by related parties as of December 31, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Guarantor** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Guaranteed Party** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount of guarantee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount of guarantee** | **Details** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Guarantor** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Guaranteed Party** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | **Details** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shinhan Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shinhan Card<br>Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 300000 | 300000 | Daily check overdraft agreement |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shinhan Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shinhan Card<br>Co., Ltd. |  | 19515 | 19992 | Financial guarantee (letter of credit) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shinhan Card<br>Co., Ltd. |  | 20089 | 20580 | Financial guarantee (letter of credit) |

---

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**43. Related Parties and Related Parties Transactions (continued)**

(h) The main agreement with related parties as of December 31, 2025 and 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount of commitment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount of commitment** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Related Party** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | **Details** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shinhan Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 976613 | 1232150 | &nbsp;&nbsp;Derivative instruments commitment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shinhan Financial Group Co., Ltd. |  | 3474 | 3469 | Unused credit card commitment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shinhan Bank |  | 57041 | 58001 | Unused credit card commitment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shinhan Life Insurance Co., Ltd. |  | 7124 | 7115 | Unused credit card commitment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shinhan DS Co., Ltd. |  | 1523 | 1432 | Unused credit card commitment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shinhan Securities Co., Ltd. |  | 8312 | 8228 | Unused credit card commitment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas Cardif Life Insurance |  | 810 | 846 | Unused credit card commitment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shinhan Savings Bank Co., Ltd. |  | 381 | 386 | Unused credit card commitment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shinhan Fund Partners |  | 755 | 836 | Unused credit card commitment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shinhan Capital Co., Ltd. |  | 2299 | 2341 | Unused credit card commitment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shinhan Asset Management Co., Ltd. |  | 721 | 625 | Unused credit card commitment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shinhan EZ General Insurance Co., Ltd. |  | 177 | 185 | Unused credit card commitment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shinhan REITs Management Co., Ltd. |  | 138 | 133 | Unused credit card commitment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shinhan Asset Trust Co., Ltd. |  | 1026 | 1071 | Unused credit card commitment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shinhan Credit Information Co., Ltd. |  | 294 | 253 | Unused credit card commitment |
| Shinhan Venture Investment Co., Ltd. |  | 408 | 416 | &nbsp;&nbsp;Unused credit card commitment |
| Structured Entities (\*) |  | 78762 | 77945 | &nbsp;&nbsp;Securities purchase commitments |

---

(\*) The amount is for Company's associates and other structured entities that are other related parties.

(i) The collateral provided to related parties as of December 31, 2025 and 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Related Party** | &nbsp;&nbsp;**Collateral asset** |  | &nbsp;&nbsp;**Set amount of collateral** | &nbsp;&nbsp;**Set amount of collateral** |
| &nbsp;&nbsp;**Related Party** | &nbsp;&nbsp;**Collateral asset** |  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
| &nbsp;&nbsp;Shinhan Bank | &nbsp;&nbsp;Bond (\*) | &nbsp;&nbsp;W | &nbsp;&nbsp;134654 | &nbsp;&nbsp;237000 |

---

(\*) The Company provides lease bonds classified as operating leases and financial leases as collateral.

------

SHINHAN CARD CO., LTD.

**Notes to the Separate Financial Statements (continued)**

**As of and for the years ended December 31, 2025 and 2024**

(In millions of won)

**44. Assets Held for Sale**

In accordance with regulations on the establishment of local holding companies in Indonesia, the Company obtained regulatory approval in September 2025 for the sale of a portion of its equity interest in Shinhan Indo Finance to the Indonesian subsidiary of Shinhan Bank. Accordingly, the portion of the investment in subsidiaries relating to Shinhan Indo Finance that is subject to disposal has been classified as assets held for sale. The transaction is expected to be completed by September 2026.

Details of assets held for sale as of December 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Book value before impairment** | &nbsp;&nbsp;**Impairment loss** | &nbsp;&nbsp;**Carrying amounts** |
| &nbsp;&nbsp;Investments in subsidiaries | &nbsp;&nbsp;W | &nbsp;&nbsp;23090 | &nbsp;&nbsp;- | &nbsp;&nbsp;23090 |

---

------

**Independent Auditors' Review Report on Internal Control over Financial Reporting**

(Based on a report originally issued in Korean)

To the Shareholder and Board of Directors of

Shinhan Card Co., Ltd.

We have reviewed the accompanying Internal Controls over Financial Reporting Operating Status Report (the "ICFR Report") of Shinhan Card Co., Ltd. (the "Company") as of December 31, 2025. The Company's management is responsible for designing and maintaining effective ICFR and for its assessment of the effectiveness of ICFR. Our responsibility is to review management's assessment and issue a report based on our review. In the accompanying report of management's assessment of ICFR, it is stated that: "Based on our assessment, we concluded that the Company's ICFR is designed and operated effectively as of December 31, 2025 in all material respects, in accordance with the 'Conceptual Framework for Designing and Operating Internal Control over Financial Reporting'."

We conducted our review in accordance with ICFR Review Standards issued by the Korean Institute of Certified Public Accountants. Those standards require that we plan and perform the review to obtain assurance of a level less than that of an audit as to whether the Company's ICFR Report is free of material misstatement. Our review consists principally of obtaining an understanding of the Company's ICFR, inquiries of company personnel about the details of the report, and tracing to related documents we considered necessary in the circumstances.

A Company's ICFR is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with Korean International Financial Reporting Standards ("K-IFRS"). A Company's ICFR includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company, (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with K-IFRS, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, ICFR may not prevent or detect material misstatements in the financial statements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Based on our review of the Company's ICFR Report, nothing has come to our attention that causes us to believe that the ICFR Report as of December 31, 2025 is not prepared in all material respects, in accordance with the Standards for Evaluating and Reporting of ICFR.

This report applies to the Company's ICFR in existence as of December 31, 2025. We did not review the Company's ICFR subsequent to December 31, 2025. This report has been prepared for Korean regulatory purposes, pursuant to the Act on External Audit of Stock Companies, Etc. and may not be appropriate for other purposes or for other users.

KPMG Samjong Accounting Corp.

March 3, 2026

<u>This report is annexed in relation to the audit of the financial statements as of and for the year ended December 31, 2025.</u>

------

![img30555581_0.jpg](img30555581_0.jpg)

------

![img30555581_1.jpg](img30555581_1.jpg)

------

![img30555581_2.jpg](img30555581_2.jpg)

------

![img30555581_3.jpg](img30555581_3.jpg)

------

![img30555581_4.jpg](img30555581_4.jpg)

------

![img30555581_5.jpg](img30555581_5.jpg)

------

### Attached PDF Documents

**Attachment 1:** `ck0001263043-form_6k_260303_.pdf`

_No text found in this document._