# EDGAR Filing Document

**Accession Number:** 0001264136
**File Stem:** 0001193125-26-090378
**Filing Date:** 2026-3
**Character Count:** 1079030
**Document Hash:** 5c32e4f5d66f1801fbd9e480eb952a4a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-090378.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001193125-26-090378

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20260304

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WOORI FINANCIAL GROUP INC.
- **CENTRAL INDEX KEY:** 0001264136
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** M5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31811
- **FILM NUMBER:** 26719599

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 51, SOGONG-RO, JUNG-GU
- **CITY:** SEOUL
- **PROVINCE COUNTRY:** M5
- **ZIP:** 04632
- **BUSINESS PHONE:** 000-000-0000

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 51, SOGONG-RO, JUNG-GU
- **CITY:** SEOUL
- **PROVINCE COUNTRY:** M5
- **ZIP:** 04632

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WOORI BANK
- **DATE OF NAME CHANGE:** 20141015

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WOORI FINANCE HOLDINGS CO LTD
- **DATE OF NAME CHANGE:** 20030917

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Form 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER** 

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

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of March 2026** 

**Commission File Number: 001-31811** 

## Woori Financial Group Inc.
**(Translation of registrant's name into English)** 

**51, Sogong-ro, Jung-gu, Seoul, 04632, Korea** 

**(Address of principal executive office)** 

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

Form 20-F ☒ Form 40-F ☐

------

**Submission of Audit Reports of Woori Financial Group Inc.** 

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

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

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

------

**SIGNATURES** 

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

---

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

---

## Exhibit 99.1

**Exhibit 99.1** 

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

CONSOLIDATED FINANCIAL STATEMENTS

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

------

**WOORI FINANCIAL GROUP INC.** 

---

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

---

------

**<u>Independent Auditor's Report</u>**

Based on a report originally issued in Korean

**To the Board of Directors and Shareholders of** 

**Woori Financial Group Inc.** 

**Opinion** 

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

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

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

**Basis for Opinion** 

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

**Key Audit Matter** 

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

------

***Assessment of the allowance for credit losses for loans***

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

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

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

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

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

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

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

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

**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.

**Auditor's Responsibilities for the Audit of the Consolidated Financial Statements** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

------

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

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

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

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

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

/s/ KPMG Samjong Accounting Corp.

Seoul, Korea

March 4, 2026

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

CONSOLIDATED FINANCIAL STATEMENTS

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

The accompanying consolidated financial statements including

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

**Jong Yong Yim** 

**President and Chief Executive Officer** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Phone Number) 02-2125-2000

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**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF FINANCIAL POSITION** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2025** | **December 31,**<br>**2024** |
|  | **(Korean Won in millions)** | **(Korean Won in millions)** |
|  **ASSETS** |  |  |
|  Cash and cash equivalents (Note 7) | 38499679 | 27281123 |
|  Financial assets at fair value through profit or loss ("FVTPL") (Notes 4,8,12,13,19, and 29) | 34245475 | 25202672 |
|  Financial assets at fair value through other comprehensive income ("FVTOCI") (Notes 4,9,12,13, and 19) | 83499522 | 43797745 |
|  Securities at amortized cost (Notes 4,10,12,13, and 19) | 18707459 | 19203177 |
|  Loans and other financial assets at amortized cost (Notes 4,11,12,13,19, and 45) | 412495783 | 398471816 |
|  Investments in joint ventures and associates (Note 14) | 2080008 | 1748810 |
|  Reinsurance contract assets (Note 25) | 620207 |  |
|  Investment properties (Notes 15 and 19) | 998854 | 450788 |
|  Premises and equipment (Notes 16 and 19) | 3780817 | 3370585 |
|  Intangible assets (Note 17) | 1056647 | 1091402 |
|  Assets held for sale (Note 18) | 168491 | 73989 |
|  Net defined benefit asset (Note 27) | 20558 | 146109 |
|  Current tax assets (Note 42) | 228229 | 61613 |
|  Deferred tax assets (Note 42) | 413649 | 72937 |
|  Derivative assets (Designated for hedging) (Notes 4,12,13, and 29) | 217180 | 175191 |
|  Other assets (Notes 20 and 45) | 4424728 | 4605363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 601457286 | 525753320 |
|  **LIABILITIES** |  |  |
|  Financial liabilities at fair value through profit or loss ("FVTPL") (Notes 4,12,13,21, and 29) | 6356934 | 9896597 |
|  Deposits due to customers (Notes 4,12,22, and 45) | 376580845 | 366821156 |
|  Borrowings (Notes 4,7,12,13, and 23) | 34183267 | 30117031 |
|  Debentures (Notes 4,7,12, and 23) | 55583392 | 48207103 |
|  Insurance contract liabilities (Note 24) | 45573864 |  |
|  Reinsurance contract liabilities (Note 25) | 184792 |  |
|  Investment contract liabilities (Notes 4,5, and 12) | 3433611 |  |
|  Provisions (Notes 26,44, and 45) | 790733 | 611428 |
|  Net defined benefit liability (Note 27) | 115091 | 5424 |
|  Current tax liabilities (Note 42) | 723368 | 127126 |
|  Deferred tax liabilities (Note 42) | 504828 | 858822 |
|  Derivative liabilities (Designated for hedging) (Notes 4,12,13, and 29) | 615361 | 102815 |
|  Other financial liabilities (Notes 4,7,12,13,28, and 45) | 38118058 | 32314051 |
|  Other liabilities (Notes 6,28, and 45) | 833894 | 796498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 563598038 | 489858051 |
|  **EQUITY** |  |  |
|  Owners' equity (Note 30) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock | 3802676 | 3802676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hybrid securities | 3710498 | 3810435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital surplus | 933436 | 934100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other equity | (1219327) | (1400885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 28790056 | 26950510 |
|  | 36017339 | 34096836 |
|  Non-controlling interests | 1841909 | 1798433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity | 37859248 | 35895269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and equity | 601457286 | 525753320 |

---

The accompanying notes are part of these consolidated financial statements.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **(Korean Won in millions)** | **(Korean Won in millions)** |
|  Interest income | 21188743 | 22013341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at FVTPL | 303458 | 236793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at FVTOCI | 1866114 | 1281642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at amortized cost | 19009985 | 20494906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance finance (Note 36) | 9186 |  |
|  Interest expense | (12157974) | (13127005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial liabilities at amortized cost | (11401953) | (13127005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance finance (Note 36) | (756021) |  |
|  **Net interest income** (Notes 12, 32 and 45) | **9030769** | **8886336** |
|  Fees and commissions income | 3017771 | 2874216 |
|  Fees and commissions expense | (857367) | (788046) |
|  **Net fees and commissions income** (Notes 12, 33 and 45) | **2160404** | **2086170** |
|  Dividend income (Notes 12, 34 and 45) | 484465 | 310320 |
|  Insurance income | 1042497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 1005778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance | 36719 |  |
|  Insurance service expense | (938626) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance service | (901614) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance service | (37012) |  |
|  **Net insurance income** (Note 35) | 103871 | **—** |
|  Other insurance finance income and expenses (Note 36) | (378130) |  |
|  Net gain on financial instruments at FVTPL (Notes 12, 37 and 45) | 725939 | 1492783 |
|  Net gain on financial assets at FVTOCI (Notes 12 and 38) | 130620 | 96620 |
|  Net gain arising on financial assets at amortized cost (Note 12) | 107667 | 286885 |
|  Impairment losses due to credit loss (Notes 39 and 45) | (2102814) | (1716295) |
|  General and administrative expense (Notes 40 and 45) | (5179621) | (4468973) |
|  Other net operating expense (Notes 12, 29, 40 and 45) | (1408362) | (2718656) |
|  **Operating income** | **3674808** | **4255190** |
|  Share of gain of joint ventures and associates (Note 14) | 98660 | 76265 |
|  Other non-operating income (expense) | 316698 | (108608) |
|  **Non-operating income (expenses)** (Note 41) | **415358** | **(32343)** |
|  **Net income before income tax expense** | **4090166** | **4222847** |
|  Income tax expense (Note 42) | (862658) | (1051378) |
|  **Net income** | **3227508** | **3171469** |

---

(Continued)

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**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** 

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

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **(Korean Won in millions)** | **(Korean Won in millions)** |
|  Net gain (loss) on valuation of equity securities at FVTOCI | 100259 | (138097) |
|  Net gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at FVTPL | (74) | 1348 |
|  Changes in capital due to equity method | (957) | (1663) |
|  Remeasurement loss related to defined benefit liabilities | (8681) | (61929) |
|  **Items that will not be reclassified to profit or loss:** | **90547** | **(200341)** |
|  Net gain (loss) on valuation of debt securities at FVTOCI | (1421826) | 172155 |
|  Changes in capital due to equity method | (1378) | (3704) |
|  Net gain (loss) on foreign currency translation of foreign operations | (116405) | 522845 |
|  Net gain (loss) on valuation of hedges of net investments in foreign operations | 22319 | (114827) |
|  Net gain (loss) on valuation of cash flow hedge | (167670) | 6591 |
|  Net financial gain on insurance contract assets (liabilities) | 1786814 |  |
|  Net financial loss on reinsurance contract assets (liabilities) | (15631) |  |
|  **Items that may be reclassified to profit or loss:** | **86223** | **583060** |
|  **Other comprehensive income, net of tax** | **176770** | **382719** |
|  **Total comprehensive income** | **3404278** | **3554188** |
|  **Net income attributable to:** | **3227508** | **3171469** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to owners | 3124346 | 3085995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to non-controlling interests | 103162 | 85474 |
|  **Total comprehensive income attributable to:** | **3404278** | **3554188** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comprehensive income attributable to owners | 3251616 | 3454620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comprehensive income attributable to non-controlling interests | 152662 | 99568 |
|  **Earnings per share (Note 43)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted earnings per share (Unit: In Korean Won) | 4052 | 3950 |

---

The accompanying notes are part of these consolidated financial statements.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Capital**<br>**Stock** | **Hybrid<br>securities** | **Capital**<br>**surplus** | **Other**<br>**equity** | **Retained<br>earnings** | **Owners'<br>equity in<br>total** | **Non-controlling<br>interests** | **Total**<br>**equity** |
|  | **(Korean Won in millions)** | **(Korean Won in millions)** | **(Korean Won in millions)** | **(Korean Won in millions)** | **(Korean Won in millions)** | **(Korean Won in millions)** | **(Korean Won in millions)** | **(Korean Won in millions)** |
|  **January 1, 2024** | 3802676 | 3611129 | 935563 | (1668957) | 24986470 | 31666881 | 1730609 | 33397490 |
|  Total comprehensive income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income |  |  |  |  | 3085995 | 3085995 | 85474 | 3171469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on valuation of financial instruments at FVTOCI |  |  |  | 34203 |  | 34203 | (145) | 34058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) due to disposal of equity securities at FVTOCI |  |  |  | (53460) | 53460 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain on credit risk fluctuation of financial liabilities designated to be measured at FVTPL |  |  |  | 1348 |  | 1348 |  | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in capital due to equity method |  |  |  | (5357) | (10) | (5367) |  | (5367) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign currency translation of foreign operations |  |  |  | 508631 |  | 508631 | 14214 | 522845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuation of hedges of net investments in foreign operations |  |  |  | (114827) |  | (114827) |  | (114827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of cash flow hedge |  |  |  | 6591 |  | 6591 |  | 6591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement gain related to defined benefit liabilities |  |  |  | (61954) |  | (61954) | 25 | (61929) |
|  Transactions with owners |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends to common stocks |  |  |  |  | (878330) | (878330) | (3829) | (882159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in treasury stocks |  |  | 733 | 3832 | (136688) | (132123) |  | (132123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of hybrid securities |  | 1196850 |  |  |  | 1196850 | 757970 | 1954820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends to hybrid securities |  |  |  |  | (158682) | (158682) | (76249) | (234931) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption of hybrid securities |  | (997544) |  | (52199) |  | (1049743) | (658470) | (1708213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in subsidiaries' capital |  |  | 12256 | 1264 | (1693) | 11827 | (9709) | 2118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in non-controlling interests related to business combinations |  |  | (1148) |  |  | (1148) | 5599 | 4451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  | (13304) |  | (12) | (13316) | (47056) | (60372) |
|  **December 31, 2024** | 3802676 | 3810435 | 934100 | (1400885) | 26950510 | 34096836 | 1798433 | 35895269 |
|  **January 1, 2025** | 3802676 | 3810435 | 934100 | (1400885) | 26950510 | 34096836 | 1798433 | 35895269 |
|  Total comprehensive income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income |  |  |  |  | 3124346 | 3124346 | 103162 | 3227508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss on valuation of financial instruments at FVTOCI |  |  |  | (1168408) |  | (1168408) | (153159) | (1321567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) due to disposal of equity securities at FVTOCI |  |  |  | 1319 | (1319) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss on credit risk fluctuation of financial liabilities designated to be measured at FVTPL |  |  |  | (74) |  | (74) |  | (74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in capital due to equity method |  |  |  | (2335) |  | (2335) |  | (2335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency translation of foreign operations |  |  |  | (107013) |  | (107013) | (9392) | (116405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of hedges of net investments in foreign operations |  |  |  | 22319 |  | 22319 |  | 22319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuation of cash flow hedge |  |  |  | (130513) |  | (130513) | (37157) | (167670) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement gain related to defined benefit liabilities |  |  |  | (10774) |  | (10774) | 2093 | (8681) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net financial gain on insurance contract assets (liabilities) |  |  |  | 1534529 |  | 1534529 | 252285 | 1786814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net financial loss on reinsurance contract assets (liabilities) |  |  |  | (10461) |  | (10461) | (5170) | (15631) |
|  Transactions with owners |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends to common stocks |  |  |  |  | (927296) | (927296) | (1414) | (928710) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in treasury stocks |  |  | 2 |  | (150000) | (149998) |  | (149998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of hybrid securities |  | 797841 |  |  |  | 797841 |  | 797841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends to hybrid securities |  |  |  |  | (150059) | (150059) | (100129) | (250188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption of hybrid securities |  | (897778) |  | 771 |  | (897007) | (644777) | (1541784) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer of redemption loss of hybrid securities to retained earnings |  |  |  | 2456 | (2456) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in subsidiaries' capital |  |  | 225 | 49742 | (49742) | 225 | (225) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in non-controlling interests related to business combinations |  |  |  |  |  |  | 643304 | 643304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  | (891) |  | (3928) | (4819) | (5945) | (10764) |
|  **December 31, 2025** | 3802676 | 3710498 | 933436 | (1219327) | 28790056 | 36017339 | 1841909 | 37859248 |

---

The accompanying notes are part of these consolidated financial statements.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **(Korean Won in millions)** | **(Korean Won in millions)** |
|  **Cash flows from operating activities:** |  |  |
|  Net income | 3227508 | 3171469 |
|  Adjustments to net income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | 862658 | 1051378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | (21188743) | (22013341) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 12157974 | 13127005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | (484465) | (310320) |
|  | (8652576) | (8145278) |
|  Additions of expenses not involving cash outflows: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance service expense | 938626 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other insurance finance expense | 378535 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on financial assets at FVTOCI | 30357 | 4611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss due to credit loss | 2102814 | 1716295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on other provisions | 132442 | 41938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement benefit | 187514 | 129029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 1250606 | 1163799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency translation |  | 1177859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on derivatives (designated for hedge) | 624781 | 24252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on fair value hedge | 92138 | 64571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuation of investments in joint ventures and associates | 24035 | 19911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of investments in joint ventures and associates | 1874 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of premises and equipment, intangible assets and other assets | 3475 | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on premises and equipment, intangible assets and other assets | 86354 | 3627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other loss |  | 10887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating expenses | 1015 | 9509 |
|  | 5854566 | 4369053 |
|  Deductions of income not involving cash inflows: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance income | 1042497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other insurance finance income | 405 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on financial assets at FVTPL | 924792 | 1299919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on financial assets at FVTOCI | 160977 | 101231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on other provisions | 691 | 10026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign currency translation | 784525 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on derivatives (designated for hedge) | 251270 | 192000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on fair value hedge | 16141 | 25469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of investments in joint ventures and associates | 122695 | 96176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of investments in joint ventures and associates | 7507 | 19642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of premises and equipment, intangible assets and other assets | 45823 | 7064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of impairment loss on premises and equipment, intangible assets and other assets | 971 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bargain purchase gain | 581010 |  |
|  | 3939304 | 1751674 |
|  Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance contract assets | 33600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial instruments at FVTPL | 988108 | 1594646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other financial assets at amortized cost | (8369230) | (21703969) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | (680841) | (1254513) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance contract liabilities | (130431) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance contract liabilities | (32097) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment contract liabilities | (104735) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits due to customers | 13839807 | 3411535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions | 1666 | (203770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net defined benefit liability | 14200 | (120782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial liabilities | 3640406 | 4806822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 24815 | (9173) |
|  | 9225268 | (13479204) |

---

(Continued)

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

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

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **(Korean Won in millions)** | **(Korean Won in millions)** |
|  Interest income received | 20564072 | 22304745 |
|  Interest expense paid | (12410911) | (12483982) |
|  Dividends received | 482764 | 310341 |
|  Income tax paid | (708996) | (424770) |
|  | 7926929 | 9706334 |
|  Net cash inflow (outflow) from operating activities | 13642391 | (6129300) |
|  **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash out-flows from hedging activities | (34199) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash in-flows (out-flows) from obtaining control | (778468) | 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal of financial instruments at FVTPL | 19103867 | 11659750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of financial instruments at FVTPL | (20087654) | (11111809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal of financial assets at FVTOCI | 35153473 | 26921313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of financial assets at FVTOCI | (43073556) | (31718677) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption of securities at amortized cost | 5900990 | 7634677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of securities at amortized cost | (5312962) | (2586171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash outflows from changes in subsidiaries | (120121) | (674625) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal of investments in joint ventures and associates | 431389 | 1253301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of investments in joint ventures and associates | (757496) | (979480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal of investment properties | 4750 | 64926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of investment properties | (736) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal of premises and equipment | 37626 | 10730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of premises and equipment | (325952) | (221856) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal of intangible assets | 3344 | 4596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of intangible assets | (180481) | (190126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal of assets held for sale | 115094 | 23909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease of other assets | 40489 | (126765) |
|  Net cash outflow from investing activities | (9880603) | (34299) |
|  **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash out-flows from hedging activities | 17231 | (25442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in borrowings | 4392369 | (3011120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of debentures | 37210706 | 41067565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption of debentures | (31611225) | (35473345) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption of lease liabilities | (251559) | (238770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) of other liabilities | (41) | (17690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of treasury stocks | (150000) | (136699) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal of treasury stocks |  | 4834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid | (927296) | (878330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of hybrid securities | 797841 | 1954820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption of hybrid securities | (1541088) | (1726936) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to hybrid securities | (250188) | (234931) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to non-controlling interest | (1414) | (3829) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in non-controlling interests |  | (41375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in non-controlling equity liabilities |  | 6589 |
|  Net cash inflow from financing activities | 7685336 | 1245341 |
|  Effects of exchange rate changes on cash and cash equivalents | (228568) | 1642763 |
|  **Net increase (decrease) in cash and cash equivalents** | 11218556 | (3275495) |
|  **Cash and cash equivalents, beginning of the period** | 27281123 | 30556618 |
|  **Cash and cash equivalents, end of the Period (Note 7)** | 38499679 | 27281123 |

---

The accompanying notes are part of these consolidated financial statements.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**1.** **GENERAL** 

(1) Summary of the Parent company

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

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

---

| | | | |
|:---|:---|:---|:---|
| Stock transfer company | Total number of<br>issued shares | Exchange ratio<br>per share | Number of Parent<br>company's stocks |
|  Woori Bank | 676000000 | 1.0000000 | 676000000 |
|  Woori FIS Co., Ltd. | 4900000 | 0.2999708 | 1469857 |
|  Woori Finance Research Institute Co., Ltd. | 600000 | 0.1888165 | 113289 |
|  Woori Credit Information Co., Ltd. | 1008000 | 1.1037292 | 1112559 |
|  Woori Fund Service Co., Ltd. | 2000000 | 0.4709031 | 941806 |
|  Woori Private Equity Asset Management Co., Ltd. | 6000000 | 0.0877992 | 526795 |

---

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

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

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

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

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

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

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

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

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Percentage of ownership<br>(%) | Percentage of ownership<br>(%) | Location | Financial<br>statements date |
| Subsidiaries | Main business | December 31,<br>2025 | December 31,<br>2024 | Location | Financial<br>statements date |
|  Held by Woori Financial Group Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Bank | Bank | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tongyang Life Insurance Co., Ltd. (\*1) | Life insurance | 77.9 |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Card Co., Ltd. | Finance | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Financial Capital Co., Ltd. | Finance | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Investment Securities Co., Ltd. (\*1) | Securities brokerage | 99.9 | 99.5 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABL Life Insurance Co., Ltd. (\*1) | Life insurance | 100.0 |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Asset Trust Co., Ltd. | Real estate trust | 100.0 | 99.6 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Savings Bank | Mutual saving bank | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Financial F&I Co., Ltd. | Finance | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Asset Management Corp. (\*1) | Finance | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Venture Partners | Other financial services | 100.0 | 100.0 | Korea | December 31 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Percentage of ownership<br>(%) | Percentage of ownership<br>(%) | Location | Financial<br>statements date |
| Subsidiaries | Main business | December 31,<br>2025 | December 31,<br>2024 | Location | Financial<br>statements date |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Private Equity Asset Management Co., Ltd. | Finance | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Credit Information Co., Ltd. | Credit information | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Fund Service Co., Ltd. | Financial support service business | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori FIS Co., Ltd. | System software development & maintenance | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Finance Research Institute Co., Ltd. | Other service business | 100.0 | 100.0 | Korea | December 31 |
|  Held by Woori Bank |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori America Bank | Finance | 100.0 | 100.0 | America | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Global Markets Asia Limited | Finance | 100.0 | 100.0 | Hong Kong | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Bank China Limited | Finance | 100.0 | 100.0 | China | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AO Woori Bank (\*7) | Finance | 100.0 | 100.0 | Russia | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT Bank Woori Saudara Indonesia 1906 Tbk | Finance | 90.8 | 90.8 | Indonesia | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Woori Bank do Brasil S.A. | Finance | 100.0 | 100.0 | Brazil | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea BTL Infrastructure Fund | Finance | 99.9 | 99.9 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Finance Myanmar Co., Ltd. | Finance | 100.0 | 100.0 | Myanmar | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Development Bank | Finance | 51.0 | 51.0 | Philippines | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Bank Vietnam Limited | Finance | 100.0 | 100.0 | Vietnam | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Bank (Cambodia) PLC | Finance | 100.0 | 100.0 | Cambodia | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Bank Europe | Finance | 100.0 | 100.0 | Germany | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAMCO Value Recreation First Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 15.0 | 15.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeonju Iwon Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wonju I one Inc. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heitz Third Co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori hansoop 1st Co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori QS 1st Co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Dream 2nd Co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori K 1st Co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Display 3rd Co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quantum Jump the 2nd Co., Ltd. (\*2) (\*5) | Asset securitization |  |  | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori HW 1st Co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Dream 3rd Co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori SJS 1st Co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPG the 1st Co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori-HWC 1st Co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori HC 3rd Co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Park I 1st co., Ltd (\*2) (\*5) | Asset securitization |  |  | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori HC 4th Co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori SKR 1st Co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori H chemical 1st Co.,Ltd (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HE the 1st Co.,Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Hub The 1st Co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori K The 3rd Co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori KF 1st Co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori L Yongsan 1st Co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori HC 5th Co., Ltd. (\*2) (\*5) | Asset securitization |  |  | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Lotte Dongtan 1st Co., Ltd. (\*2) (\*5) | Asset securitization |  |  | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori HC 6th Co., Ltd. (\*2) (\*5) | Asset securitization |  |  | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori HO 1st Co., Ltd. (\*2) (\*5) | Asset securitization |  |  | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori ESG 1st Co.,Ltd. (\*2) (\*5) | Asset securitization |  |  | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Osiria 1st Co.,Ltd. (\*2) (\*5) | Asset securitization |  |  | Korea |  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Percentage of ownership<br>(%) | Percentage of ownership<br>(%) | Location | Financial<br>statements date |
| Subsidiaries | Main business | December 31,<br>2025 | December 31,<br>2024 | Location | Financial<br>statements date |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gangnam Landmark 2nd Co., Ltd (\*2) (\*5) | Asset securitization |  |  | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori HP the 1st co.,Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori KF 2nd Co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori HD 1st co., Ltd. (\*2) (\*5) | Asset securitization |  |  | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori ST 1st co.,Ltd. (\*2) (\*5) | Asset securitization |  |  | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori HW 2nd co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Mirae 1st co., Ltd. (\*2) (\*5) | Asset securitization |  |  | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori HR 2nd Co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori QS 2nd Co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Plasma 1st Co., Ltd. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori EUGENE 1st Co.,Ltd (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WOORIWON 1ST, CO,.LIMITED. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WOORI ENERBILITY 1ST, CO,.LIMITED. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WOORI HL 1ST, CO,.LIMITED. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WOORI PARC1. 2ND CO.,LTD (\*2) (\*10) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WOORI HEROS 1ST CO.,LTD. (\*2) (\*10) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WOORI GANGNAM ALPHA 1ST CO.,LTD. (\*2) (\*10) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WOORI BLOSSOM 1ST CO.,LTD. (\*2) (\*10) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WOORI DK 1ST CO.,LTD. (\*2) (\*10) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WOORI TECHONE 1ST CO.,LTD (\*2) (\*10) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WOORI TECHONE 2ND CO.,LTD (\*2) (\*10) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WOORI SONO 1ST CO.,LTD (\*2) (\*10) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WOORI SEOUL STATION AREA 1ST, CO,.LTD. (\*2) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WOORI NC 1ST CO.,LTD. (\*2) (\*10) | Asset securitization |  |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heungkuk Global Private Placement Investment Trust No. 1 (\*3) | Securities investment and others | 98.8 | 98.8 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AI Partners UK Water Supply Private Placement Investment Trust No.2 (\*3) | Securities investment and others | 97.3 | 97.3 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirae Asset Multi Overseas Real Estate General Private Investment Trust No. 5-2 (\*3) | Securities investment and others | 99.0 | 99.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IGIS Australia Investment Trust No. 209-1 (\*3) | Securities investment and others | 99.4 | 99.4 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JB Airline Private Placement Investment Trust No.8 (\*3) | Securities investment and others | 97.0 | 97.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kiwoom Harmony Private Placement Investment Trust No. 2 (\*3) (\*5) | Securities investment and others |  | 97.3 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kiwoom Harmony Private Placement Investment Trust No. 1 (\*3) | Securities investment and others | 97.7 | 97.4 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kiwoom Harmony Private Placement Investment Trust No. 4 (\*3) | Securities investment and others | 96.2 | 96.2 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kiwoom Harmony Private Placement Investment Trust No. 9 (\*3) (\*10) | Securities investment and others | 100.0 |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Partners General Type Private Investment Trust No.4 (\*3) (\*10) | Securities investment and others | 99.0 |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Guaranteed Trust (\*4) | Trust |  |  | Korea | December 31 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Percentage of ownership<br>(%) | Percentage of ownership<br>(%) | Location | Financial<br>statements date |
| Subsidiaries | Main business | December 31,<br>2025 | December 31,<br>2024 | Location | Financial<br>statements date |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal and Interest Guaranteed Trust (\*4) | Trust |  |  | Korea | December 31 |
|  Held by Mirae Asset Multi Overseas Real Estate General Private Investment Trust No. 5-2 MAGI No.5 LuxCo S.a.r.l. | Asset securitization | 54.6 | 54.6 | Luxembourg | December 31 |
|  Held by MAGI No.5 LuxCo S.a.r.l. ADP 16 Brussels | Asset securitization | 100.0 | 100.0 | Belgium | December 31 |
|  Held by Woori ESG Infrastructure Development General Private Investment Trust No. 1: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Global Infrastructure Development Co., Ltd. | Other financial services | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Namyangju Resource Circulation Facility Development Co., Ltd. | Other professional services | 100.0 | 100.0 | Korea | December 31 |
|  Held by Woori Card Co., Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TUTU Finance –WCI Myanmar Co., Ltd. | Finance | 100.0 | 100.0 | Myanmar | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT Woori Finance Indonesia Tbk. | Finance | 84.5 | 84.5 | Indonesia | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Card 2021-1 Asset Securitization Specialty Co., Ltd. (\*2) (\*5) | Asset securitization |  | 0.5 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Card 2022-1 Asset Securitization Specialty Co., Ltd. (\*2) (\*5) | Asset securitization |  | 0.5 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Card 2022-2 Asset Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 0.5 | 0.5 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Card 2023-1 Asset Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 0.5 | 0.5 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Card 2023-2 Asset Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 0.5 | 0.5 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Card 2024-1 Asset Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 0.5 | 0.5 | Korea | December 31 |
|  Held by Woori Financial Capital Co., Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specified Money Market Trust | Trust | 100.0 | 100.0 | Korea | December 31 |
|  Held by Woori Investment Securities Co., Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seari Second Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Namjong 1st Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bukgeum First Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bukgeum Second Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WS1909 Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WS2003 Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WS2006 Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH2103 Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WN2103 Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH2106 Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

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

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Percentage of ownership<br>(%) | Percentage of ownership<br>(%) | Location | Financial<br>statements date |
| Subsidiaries | Main business | December 31,<br>2025 | December 31,<br>2024 | Location | Financial<br>statements date |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alceon Australia RDS General Type Private Placement Investment Trust 3 (\*3) (\*5) (\*10) | Securities investment and others |  |  | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Park Square Payton General Type Private Investment Trust (\*3) (\*10) | Securities investment and others | 100.0 |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Pantheon Metrics General Type Private Investment Trust (\*3) (\*10) | Securities investment and others | 100.0 |  | Korea | December 31 |
|  Held by Woori Asset Management Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori China Convertible Bond Hedging feeder Investment Trust H (debt-oriented hybrid) (\*3) (\*5) | Securities investment and others |  | 89.5 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori China Convertible Bond Master Fund (\*3) (\*5) | Securities investment and others |  | 63.3 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Together TDF 2040 (\*3) (\*5) | Securities investment and others |  | 34.3 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Together TDF 2045 (\*3) (\*5) | Securities investment and others |  | 56.0 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Together TDF 2050 (\*3) (\*5) | Securities investment and others |  | 31.5 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Rooftop Solar Private Special Asset Investment Trust No.1 (\*3) | Securities investment and others | 40.1 | 40.1 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Following Foreigners Securities Sub-Investment Master Fund [Equity] (\*3) (\*10) | Securities investment and others | 100.0 |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Following Foreigners 40 Securities Sub-Investment Trust [Bond Mixed-Fund of Funds] Class C-F (\*3) (\*10) | Securities investment and others | 31.3 |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Following Foreigners Securities Sub-Investment Trust [Equity] Class C-F (\*3) (\*10) | Securities investment and others | 75.6 |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Didim US Technology and Bio-Healthcare Feeder Investment Trust (\*3) (\*5) | Securities investment and others |  | 44.6 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori US Billionaire Equity Master Investment Trust (\*3) (\*5) (\*10) | Securities investment and others |  |  | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori US Billionaire Equity EMP Feeder Investment Trust (H) ClassC-F (\*3) (\*5) (\*10) | Securities investment and others |  |  | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori US Billionaire Equity EMP Feeder Investment Trust (UH) ClassC-F (\*3) (\*5) (\*10) | Securities investment and others |  |  | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Total Bond Market Master Investment Trust (\*3) (\*5) (\*10) | Securities investment and others |  |  | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Short Term Bond Master Investment Trust (\*3) (\*5) (\*10) | Securities investment and others |  |  | Korea |  |
|  Held by Woori Financial F&I Co., Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WI2203 Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WM2203 Asset Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WNI2206 Asset Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WI2209 Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WN2212 Asset Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Percentage of ownership<br>(%) | Percentage of ownership<br>(%) | Location | Financial<br>statements date |
| Subsidiaries | Main business | December 31,<br>2025 | December 31,<br>2024 | Location | Financial<br>statements date |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WK2212 Asset Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH2306 Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WN2306 Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WNKN2309 Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WB2309 Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WI2311 Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WSB2312 Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WK2312 Asset Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WBS2312 Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WK2403 Asset Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH2403 Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WSB2406 Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WK2406 Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WI2406 Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WKN2406 Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WS2409 Asset Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WSB2409 Asset Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 | 5.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WDSB2503 Asset Securitization Specialty Co., Ltd. (\*2) | Asset securitization | 5.0 |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHKN2506 Asset Securitization Specialty Co., Ltd. (\*2) (\*10) | Asset securitization | 5.0 |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WK2509 Asset Securitization Specialty Co.,Ltd. (\*2) (\*10) | Asset securitization | 5.0 |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH2509 Asset Securitization Specialty Co.,Ltd. (\*2) (\*10) | Asset securitization | 5.0 |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WI2511 Asset Securitization Specialty Co., Ltd. (\*2) (\*10) | Asset securitization | 5.0 |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOGO DL General Private Equity Investment Trust 1(\*3) | Securities investment and others | 99.4 | 99.8 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WFBS 1st Corporate Recovery Private Equity Fund (\*3) | Finance | 96.2 | 96.2 | Korea | December 31 |
|  Held by Woori Venture Partners Co., Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Venture Partners US | Other financial services | 100.0 | 100.0 | America | December 31 |
|  Held by Woori Bank, Woori Financial Capital Co., Ltd., and Woori Private Equity Asset Management Co., Ltd. (\*6) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green ESG Growth No.1 Private Equity Fund (\*3) | Securities investment and others | 32.7 | 34.8 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori New Growth Credit Fund 1 (\*3) | Securities investment and others | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori PE Secondary Fund 1 (\*3) | Securities investment and others | 100.0 | 100.0 | Korea | December 31 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Percentage of ownership<br>(%) | Percentage of ownership<br>(%) | Location | Financial<br>statements date |
| Subsidiaries | Main business | December 31,<br>2025 | December 31,<br>2024 | Location | Financial<br>statements date |
|  Held by Woori Financial Capital Co., Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Private Equity Asset Management Co., Ltd. and Woori Investment Securities Co., Ltd. (\*6) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Hotel Real Estate Private Equity Fund 1 (\*3) | Securities investment and others | 100.0 | 100.0 | Korea | December 31 |
|  Held by Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Securities Co., Ltd., Woori Savings Bank and Woori Private Equity Asset Management Co., Ltd. (\*6) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Innovative Growth Professional Investment Type Private Investment Trust No.1 (\*3) | Securities investment and others | 90.0 | 90.0 | Korea | December 31 |
|  Held by Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Securities Co., Ltd. and Woori Private Equity Asset Management Co., Ltd. (\*6) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Innovative Growth Professional Investment Type Private Investment Trust No.2 (\*3) | Securities investment and others | 85.0 | 85.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Innovative Growth New Deal Private Investment Trust No.3 (\*3) | Securities investment and others | 94.3 | 94.3 | Korea | December 31 |
|  Held by Woori Bank, Woori Financial Capital Co., Ltd., and Woori Investment Securities Co., Ltd. (\*6) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori GP Commitment Loan General Type Private Investment Trust No.1 (\*3) | Securities investment and others | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Equity Bridge Loan General Type Private Investment Trust No.1 (\*3) | Securities investment and others | 80.0 | 80.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori GP Commitment Loan General Type Private Investment Trust No.2 (\*3) | Securities investment and others | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori GP Commitment Loan General Type Private Investment Trust No.3 (\*3) | Securities investment and others | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Junior Equity General Type Private Investment Trust (\*3) | Securities investment and others | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Top-Class Senior and Junior Loan Private Investment Trust (\*3) (\*10) | Securities investment and others | 100.0 |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Top-Class Equity Fund of Funds Private Investment Trust (\*3) (\*10) | Securities investment and others | 100.0 |  | Korea | December 31 |
|  Held by Woori Bank, Woori Financial Capital Co., Ltd., and Woori Asset Trust Co., Ltd. (\*6) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori New Deal(Infrastructure) Policy Fund No.1(\*3) | Securities investment and others | 70.0 | 70.0 | Korea | December 31 |
|  Held by Woori bank and Woori Investment Securities Co., Ltd. (\*6) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Global Development Infrastructure Synergy Company Private Placement Investment Trust No.1 (\*3) | Securities investment and others | 100.0 | 100.0 | Korea | December 31 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Percentage of ownership<br>(%) | Percentage of ownership<br>(%) | Location | Financial<br>statements date |
| Subsidiaries | Main business | December 31,<br>2025 | December 31,<br>2024 | Location | Financial<br>statements date |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori NorthAmerica Infra Private Placement Investment Trust No. 1 (\*3) | Securities investment and others | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Infrastructure New Deal Specialized Investment Private Equity Investment Trust No. 1 (\*3) | Securities investment and others | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori General Type Private Real Estate Investment Trust No.2 (\*3) | Securities investment and others | 30.1 | 30.1 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori ESG Infrastructure Development General Type Private Investment Trust No.1 (\*3) | Securities investment and others | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Real Estate Blind Investment General Type Private Investment Trust No.1 (\*3) (\*10) | Securities investment and others | 100.0 |  | Korea | December 31 |
|  Held by Woori bank (\*6) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori WooriBank Partners General Type Private Investment Trust No.1 (\*3) | Securities investment and others | 92.6 | 92.6 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori General Type Private Real Estate Investment Trust No.1 (\*3) | Securities investment and others | 86.8 | 84.9 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Global Mid-market Secondary General Type Private Investment Trust No.1 (\*3) | Securities investment and others | 80.0 | 80.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Woori Bank Partners Professional Type Private Investment Trust No. 2 (\*3) | Securities investment and others | 90.9 | 90.9 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori General Type Private Real Estate Investment Trust No.5 (\*3) | Securities investment and others | 87.0 | 87.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Global Secondary Private Placement Investment Trust No. 1 (\*3) | Securities investment and others | 98.8 | 98.8 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Japan General Type Private Real Estate Feeder Investment Trust No.1-2 (\*3) (\*5) | Securities investment and others |  | 98.8 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Japan Blind General Type Private Real Estate Feeder Investment Trust No.1 (\*3) | Securities investment and others | 99.9 | 99.9 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Clean Energy General Type Private Investment Trust No.2 (\*3) | Securities investment and others | 30.8 | 30.8 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori ESG Infrastructure Development General Type Private Investment Trust No.2 (\*3) | Securities investment and others | 50.0 | 50.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Dongbu Underground Expressway General type Private Special Asset Investment Trust (\*3) | Securities investment and others | 40.0 | 40.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Partners General Private Investment Trust No. 3 (\*3) | Securities investment and others | 90.9 | 90.9 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Natixis Partnership Global Private Debt Fund No. 1-1(USD) (\*3) | Securities investment and others | 80.0 | 80.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Natixis Partnership Global Private Debt Fund No. 1-2(EUR) (\*3) | Securities investment and others | 80.0 | 80.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori General Type Private Real Estate Investment Trust No.7 (\*3) | Securities investment and others | 87.0 | 87.0 | Korea | December 31 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Percentage of ownership<br>(%) | Percentage of ownership<br>(%) | Location | Financial<br>statements date |
| Subsidiaries | Main business | December 31,<br>2025 | December 31,<br>2024 | Location | Financial<br>statements date |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Baran-Namyang Expressway Private Special Asset Investment Trust (\*3) (\*10) | Securities investment and others | 47.0 |  | Korea | December 31 |
|  Held by Woori Bank and Tongyang Life Insurance Co., Ltd. (\*6) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Senior Loan General Type Private Investment Trust No.2 (\*3) | Securities investment and others | 54.0 | 50.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Senior Loan General Type Private Investment Trust No.3 (\*3) | Securities investment and others | 47.3 | 45.8 | Korea | December 31 |
|  Held by ABL Life Insurance Co., Ltd. (\*6) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori MDF V General Type Private Real Estate Investment Trust (\*3) (\*10) | Securities investment and others | 50.0 |  | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori NewGen Energy ABL Private Investment Trust (\*3) (\*10) | Securities investment and others | 33.3 |  | Korea | December 31 |
|  Held by Woori Bank and Woori Financial Capital Co., Ltd. (\*6) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Renewable New Deal Fund No.1 (\*3) | Securities investment and others | 60.0 | 60.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Equity Investment General Type Private Investment Trust No.1 (\*3) | Securities investment and others | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Busan Logistics Infra Private Placement Special Asset Investment Trust (\*3) | Securities investment and others | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Fund Financing General Type Private Investment Trust (\*3) | Securities investment and others | 99.3 | 99.7 | Korea | December 31 |
|  Held by Woori Financial Capital Co., Ltd. (\*6) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Japan Private Placement Real Estate Feeder Investment Trust No.1-1 (\*3) (\*5) | Securities investment and others |  | 63.2 | Korea |  |
|  Held by Woori Bank and Woori Asset Management Co., Ltd. (\*6) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori General Type Private Real Estate Investment Trust No.6 (\*3) | Securities investment and others | 85.8 | 85.8 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Innovation Growth(Infrastructure) General Type Private Investment Trust No.2 (\*3) | Securities investment and others | 46.4 | 46.4 | Korea | December 31 |
|  Held by Woori bank, Woori Investment Securities Co., Ltd., and Woori Asset Management Co., Ltd. (\*6) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Real Estate Financial Stabilization General Private Investment Trust No. 1 (\*3) | Securities investment and others | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Real Estate Financial Stabilization General Private Investment Trust No. 2 (\*3) (\*10) | Securities investment and others | 100.0 |  | Korea | December 31 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Percentage of ownership<br>(%) | Percentage of ownership<br>(%) | Location | Financial<br>statements date |
| Subsidiaries | Main business | December 31,<br>2025 | December 31,<br>2024 | Location | Financial<br>statements date |
|  Held by Woori Bank, Woori Card Co., Woori Investment Securities Co., Ltd. and Woori Financial Capital Co., Ltd. (\*6) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori FG Digital Investment Fund 1st (\*3) | Securities investment and others | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori FG DINNO Lab Fund 1st (\*3) | Securities investment and others | 100.0 | 100.0 | Korea | December 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori FG DINNO Lab Fund 2nd (\*3) (\*10) | Securities investment and others | 100.0 |  | Korea | December 31 |
|  Held by Woori Bank, Woori Financial Capital Co., Ltd. and Tongyang Life Insurance Co., Ltd. (\*6) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Senior Loan Private Placement Investment Trust No.1 (\*3) (\*10) | Securities investment and others | 32.0 |  | Korea | December 31 |
|  Held by Woori Bank, Woori Card Co., Woori Financial Capital Co., Ltd., Woori Investment Securities Co., Ltd., Tongyang Life Insurance Co., Ltd., ABL Life Insurance Co., Ltd. and Woori Asset Management Co., Ltd. (\*6) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Future Co-Growth High-tech Strategic Industries Private Investment Trust (\*3) (\*10) | Securities investment and others | 100.0 |  | Korea | December 31 |
|  Held by Woori Japan Private Placement Real Estate Feeder Investment Trust No.1-1 and Woori Japan Investment Trust No. 1-2 (\*6) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Japan Private Placement Real Estate Master Investment Trust No.1 (\*3) (\*5) (\*8) | Securities investment and others |  | 100.0 | Korea |  |
|  Held by Woori Financial Capital Co., Ltd. and Woori Investment Securities Co., Ltd. (\*6) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Japan Private Placement Real Estate Master Investment Trust No.2-1 (\*3) (\*5) | Securities investment and others |  | 100.0 | Korea |  |
|  Held by Woori Bank and Woori Private Equity Asset Management Co., Ltd. (\*6) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Corporate Turnaround No.1 Private Equity Fund (\*3) | Securities investment and others | 35.3 | 36.4 | Korea | December 31 |
|  Held by Woori Japan Blind General Type Private Real Estate Feeder Investment Trust No.1 and Woori Japan General Type Private Real Estate Feeder Investment Trust No.2-1 (\*6) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Japan Private Placement Real Estate Master Investment Trust No.2 (\*3) (\*5) (\*8) | Securities investment and others |  | 100.0 | Korea |  |
|  Held by Woori Japan Private Placement Real Estate Master Investment Trust No.1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GK OK Chatan (\*3) (\*5) | Other financial services |  | 99.9 | Japan |  |
|  Held by Woori Japan Blind General Type Private Real Estate Feeder Investment Trust No.1 (\*6) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Private Placement Investment Trust No. 3 (\*3) (\*8) | Securities investment and others | 76.5 | 76.5 | Korea | December 31 |
|  Held by Woori Private Placement Investment Trust No. 3 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GK Woorido (\*3) | Other financial services | 100.0 | 100.0 | Japan | September 30 (\*9) |

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------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

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

---

---

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

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

---

---

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

---

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

---

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

---

---

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

---

---

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

---

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

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

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

---

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

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

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

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

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

---

---

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

---

---

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

---

---

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

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 |
| Subsidiaries | Location | Main Business | Percentage of<br>ownership (%) |
|  Mirae Asset Maps Clean Water Private Equity Investment Trust 7th (\*1) | Korea | Securities Investment | 59.7 |
|  Kiwoom Yonsei Private Equity Investment Trust (\*1) | Korea | Securities Investment | 88.9 |
|  IGIS Europe Private Placement Real Estate Fund No. 163-2 (\*2) | Korea | Securities Investment | 97.8 |
|  IGIS Global Private Placement Real Estate Fund No. 148-1 (\*1) | Korea | Securities Investment | 75.0 |
|  IGIS Global Private Placement Real Estate Fund No. 148-2 (\*1) | Korea | Securities Investment | 75.0 |
|  Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (\*1) | Korea | Securities Investment | 66.7 |
|  Hangang Blue Water Private Placement Special Asset Investment Trust (\*1) | Korea | Securities Investment | 55.6 |
|  Korea Investment Pocheon-Hwado Highway Private Special Asset Trust 2 (\*1) | Korea | Securities Investment | 55.2 |
|  Midas Global Private Placement Real Estate Investment Trust No. 7-2 (\*1) | Korea | Securities Investment | 58.3 |
|  Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs] (\*3) | Korea | Securities Investment | 100.0 |
|  INMARK France Private Placement Investment Trust No. 18-1 (\*1) | Korea | Securities Investment | 93.8 |
|  Kiwoom Vibrato Private Placement Investment Trust 1-W(EUR) (\*2) | Korea | Securities Investment | 99.5 |
|  KOTAM Global Infra Private Fund 1-4 (\*2) | Korea | Securities Investment | 99.7 |
|  UBSHana Class 1 Special Asset Investment Trust 3 Class C 2 (\*1) | Korea | Securities Investment | 51.0 |
|  Consus GyeongJu Green Specialized Private Special Asset Investment Trust 1 (\*1) | Korea | Securities Investment | 50.0 |
|  Kiwoom Harmony Private Placement Investment Trust No. 3 (\*1) | Korea | Securities Investment | 77.4 |
|  Consus Solar Energy Private Placement Investment Truns No.1(\*1) | Korea | Securities Investment | 50.0 |
|  Kiwoom Aurora Geneal Type Private Placement Investment Trust No. 2 (\*1) | Korea | Securities Investment | 60.0 |
|  NH-Amundi WSCP VIII Private Fund 2 (\*1) | Korea | Securities Investment | 65.2 |
|  AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund Trust No. 2 (\*2) | Korea | Securities Investment | 100.0 |
|  Hangang new deal infra BTL fund 4 (HNBF4) (\*1) | Korea | Securities Investment | 60.0 |
|  IGIS Global Private Placement Real Estate Fund No. 316-1 (\*2) | Korea | Securities Investment | 99.3 |
|  INMARK Spain Private Placement Real Estate Investment Trust No. 26-2 (\*2) | Korea | Securities Investment | 97.7 |
|  Woori Asset Global Partnership Fund No.5 (\*4) | Korea | Securities Investment | 57.7 |
|  Kiwoom Harmony Private Placement Investment Trust No. 6 (\*1) | Korea | Securities Investment | 76.9 |
|  Project Chile PMGD Solar (\*2) | Korea | Securities Investment | 75.2 |
|  NH-Amundi BXD Private Fund 2[FoF] (\*2) | Korea | Securities Investment | 77.8 |
|  Rifa Qualified Investors Private Real Estate Investment Trust No.40 (\*2) | Korea | Securities Investment | 55.0 |
|  Hangang Green Environment Private Placement Special Asset Investment Trust (\*1) | Korea | Securities Investment | 50.0 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

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

---

---

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

---

---

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

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of and for the year ended December 31, 2025 | As of and for the year ended December 31, 2025 | As of and for the year ended December 31, 2025 | As of and for the year ended December 31, 2025 | As of and for the year ended December 31, 2025 |
| Subsidiaries | Assets | Liabilities | Operating<br>revenue | Net income<br>(loss)<br>attributable to<br>owners | Comprehensive<br>income (loss)<br>attributable to<br>owners |
|  Woori Bank | 502846197 | 473158744 | 33077179 | 2589646 | 2440011 |
|  Tongyang Life Insurance Co., Ltd. (\*) | 35444959 | 33351243 | 2127821 | 43609 | 307187 |
|  Woori Card Co., Ltd. | 17512741 | 14620417 | 2268801 | 149953 | 154441 |
|  Woori Financial Capital Co., Ltd. | 12361366 | 10523678 | 1902863 | 148727 | 149872 |
|  Woori Investment Securities Co., Ltd. | 9706286 | 8504657 | 519130 | 27444 | 55351 |
|  ABL Life Insurance Co., Ltd. (\*) | 19609549 | 18928173 | 1566440 | 55984 | 109611 |
|  Woori Asset Trust Co., Ltd. | 302661 | 63308 | 76499 | (220617) | (220455) |
|  Woori Savings Bank | 2061407 | 1853571 | 134632 | 14719 | 13590 |
|  Woori Financial F&I Co., Ltd. | 1271613 | 930542 | 75360 | 3594 | 3604 |
|  Woori Asset Management Corp. | 204188 | 24860 | 64547 | 18741 | 18713 |
|  Woori Venture Partners Co., Ltd. | 382040 | 28151 | 39162 | 26207 | 26183 |
|  Woori Private Equity Asset Management Co., Ltd. | 106003 | 6161 | 12380 | 4071 | 4267 |
|  Woori Credit Information Co., Ltd. | 45455 | 7581 | 37622 | 868 | 928 |
|  Woori Fund Service Co., Ltd. | 33882 | 2665 | 18422 | 4255 | 4255 |
|  Woori FIS Co., Ltd. | 52554 | 6015 | 173875 | 198 | (234) |
|  Woori Finance Research Institute Co., Ltd. | 7469 | 3550 | 9972 | 126 | 148 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of and for the year ended December 31, 2024 | As of and for the year ended December 31, 2024 | As of and for the year ended December 31, 2024 | As of and for the year ended December 31, 2024 | As of and for the year ended December 31, 2024 |
| Subsidiaries | Assets | Liabilities | Operating<br>revenue | Net income<br>(loss)<br>attributable to<br>owners | Comprehensive<br>income (loss)<br>attributable to<br>owners |
|  Woori Bank | 485888941 | 456944053 | 41881143 | 3039372 | 3381799 |
|  Woori Card Co., Ltd. | 16613482 | 13828816 | 2293739 | 147179 | 160121 |
|  Woori Financial Capital Co., Ltd. | 12770681 | 11045686 | 1759842 | 141419 | 138826 |
|  Woori Investment Securities Co., Ltd. | 7186431 | 6041109 | 430599 | 2552 | 6279 |
|  Woori Asset Trust Co., Ltd. | 499279 | 39470 | 107154 | 1803 | 1609 |
|  Woori Savings Bank | 1874624 | 1680378 | 136417 | (85879) | (84907) |
|  Woori Financial F&I Co., Ltd. | 1251854 | 914388 | 90373 | 13306 | 13199 |
|  Woori Asset Management Corp. | 203232 | 39077 | 57562 | 11801 | 11870 |
|  Woori Venture Partners Co., Ltd. | 350066 | 15060 | 62261 | 36786 | 37213 |
|  Woori Private Equity Asset Management Co., Ltd. | 101164 | 5589 | 9974 | 4148 | 3987 |
|  Woori Credit Information Co., Ltd. | 43985 | 6555 | 42796 | 1614 | 1252 |
|  Woori Fund Service Co., Ltd. | 31154 | 2799 | 18069 | 4646 | 4646 |
|  Woori FIS Co., Ltd. | 58868 | 12094 | 175624 | (1709) | (1485) |
|  Woori Finance Research Institute Co., Ltd. | 7663 | 3892 | 9022 | 59 | (70) |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Structured entity for asset securitization

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Structured entity for the investments in securities

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

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

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

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

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

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

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

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | (unit : Korean Won in millions)) | (unit : Korean Won in millions)) | (unit : Korean Won in millions)) | (unit : Korean Won in millions)) |
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Asset securitization | Structured Finance | Investment<br>Fund | Real-estate trust |
|  Total asset of the unconsolidated structured entities | 12118202 | 230294151 | 473869175 | 2760602 |
|  Assets recognized in the consolidated financial statements related to the unconsolidated structured entities | 5640625 | 11104844 | 13194525 | 94949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at FVTPL | 75519 | 2101491 | 11096765 | 12994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at FVTOCI | 1341132 | 50419 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at amortized cost | 4223974 | 8951737 | 1159459 | 81955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in joint ventures and associates |  |  | 938301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets |  | 1197 |  |  |
|  Liabilities recognized in the consolidated financial statements related to the unconsolidated structured entities | 162 | 2434 | 992 | 30641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities |  | 89 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities (provisions) | 162 | 2345 | 992 | 30641 |
|  The maximum exposure to risks | 5669611 | 13356328 | 18399891 | 286975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment assets | 5640625 | 11104844 | 13194525 | 94949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase commitment |  | 335651 | 4768592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit offerings and others | 28986 | 1915833 | 436774 | 192026 |
|  Loss recognized on unconsolidated structured entities |  | 122139 | 239152 | 234595 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | (unit : Korean Won in millions)) | (unit : Korean Won in millions)) | (unit : Korean Won in millions)) | (unit : Korean Won in millions)) |
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Asset securitization | Structured Finance | Investment Fund | Real-estate trust |
|  Total asset of the unconsolidated structured entities | 9725385 | 130281870 | 268076078 | 2541640 |
|  Assets recognized in the consolidated financial statements related to the unconsolidated structured entities | 6941360 | 5512070 | 7694857 | 183036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at FVTPL | 10923 | 20898 | 6787853 | 12644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at FVTOCI | 1813481 | 44477 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at amortized cost | 5116956 | 5444604 | 79879 | 170392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in joint ventures and associates |  |  | 824536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets |  | 2091 | 2589 |  |
|  Liabilities recognized in the consolidated financial statements related to the unconsolidated structured entities | 242 | 2270 |  | 10769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities |  | 421 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities (provisions) | 242 | 1849 |  | 10769 |
|  The maximum exposure to risks | 7026784 | 6402819 | 11588447 | 348947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment assets | 6941360 | 5512070 | 7694857 | 183036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase commitment |  |  | 3892107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit offerings and others | 85424 | 890749 | 1483 | 165911 |
|  Loss recognized on unconsolidated structured entities |  | 84962 | 200672 | 79152 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Woori Bank (\*1) | 1406512 | 1645947 |
|  Tongyang Life Insurance Co., Ltd. | 305892 |  |
|  Woori Investment Securities Co., Ltd. (\*2)(\*4) | 1386 | 5571 |
|  Woori Asset Trust Co., Ltd. (\*3)(\*4) |  | 1901 |
|  PT Bank Woori Saudara Indonesia 1906 Tbk | 89767 | 104023 |
|  Wealth Development Bank | 22292 | 23975 |
|  PT Woori Finance Indonesia Tbk. | 15446 | 16179 |

---

(\*1) Hybrid securities issued by Woori Bank

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

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

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

2) Net income attributable to non-controlling interests

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Woori Bank (\*1) | 89134 | 76249 |
|  Tongyang Life Insurance Co., Ltd. (\*2) | 20663 |  |
|  Woori Investment Securities Co., Ltd. | 101 | (16) |
|  Woori Asset Trust Co., Ltd. | (366) | 276 |
|  Woori Asset Management Corp |  | 530 |
|  PT Bank Woori Saudara Indonesia 1906 Tbk | (6856) | 6764 |
|  Wealth Development Bank | (722) | 764 |
|  PT Woori Finance Indonesia Tbk. |  | 872 |

---

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

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

3) Dividends to non-controlling interests

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Woori Bank (\*1) | 89134 | 76249 |
|  Tongyang Life Insurance Co., Ltd. (\*2) | 10995 |  |
|  PT Bank Woori Saudara Indonesia 1906 Tbk | 983 | 3450 |
|  PT Woori Finance Indonesia Tbk. | 402 | 343 |
|  Korea BTL Infrastructure Fund | 29 | 37 |

---

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

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**2.** **BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES** 

(1) Basis of presentation

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

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

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

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

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

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

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

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

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

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

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

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Amendments to K-IFRS 1109 *Financial Instruments*, K-IFRS 1107 *Financial Instruments: Disclosures*

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

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

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

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

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

ii) Annual Improvements to K-IFRS

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• K-IFRS 1110 *Consolidated Financial Statements: Determination of a 'de facto agent'* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• K-IFRS 1007 *Statement of Cash Flows: Cost method* 

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

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

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

iv) Standards to Korean IFRS 1118 '*Presentation and Disclosure in Financial Statements'*

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

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

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

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

(2) Basis of consolidated financial statement presentation

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rights arising from other contractual arrangements;

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

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

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

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

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

(3) Business combinations

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

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

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

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

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

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

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

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

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

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

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

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

(4) Investments in joint ventures and associates

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

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

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

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

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

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

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

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

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

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(5) Investment in joint operation

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• its expenses, including its share of any expenses incurred jointly.

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

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

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

(6) Revenue recognition

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

1) Revenues from contracts with customers

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

The Group recognizes revenue by major sources as shown below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Fees and commission received for brokerage

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Fees and commission received related to credit

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

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**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Fees and commission received for electronic finance

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Fees and commission received on foreign exchange handling

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Fees and commission received on foreign exchange

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Fees and commission received for guarantee

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Fees and commission received on credit card

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

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**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Fees and commission received on securities business

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑨ Fees and commission from trust management

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑩ Fees and commission received on credit Information

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

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| | |
|:---|:---|
| ![LOGO](g945769dsp046.jpg) | Other fees  |

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

2) Revenues from sources other than contracts with customers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Interest income

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

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

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

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**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Loan origination fees and costs

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

3) Dividend income

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

(7) Accounting for foreign currencies

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

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

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

(8) Cash and cash equivalents

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

(9) Financial assets and financial liabilities

1) Financial assets

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

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

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**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Business model

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Contractual cash flows

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Early payment features and maturity extension features

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contractual terms that limit the Group's claim on cash flows arising from certain assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Financial assets at FVTPL

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

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

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**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Financial assets at FVTOCI

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Financial assets at amortized cost

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

2) Financial liabilities

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

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

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

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

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

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**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

3) Reclassification

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

4) Derecognition

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

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

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

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

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

5) Fair value of financial instruments

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

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

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**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Financial assets at FVTPL and Financial assets at FVTOCI

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Derivatives

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

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**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Adjustment of valuation amount

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

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

6) Expected credit losses on financial assets

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial assets at amortized cost

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Debt instruments measured at FVTOCI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contract assets as defined by K-IFRS 1115

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

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

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

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

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

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

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

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**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

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

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

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

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

(10) Offsetting financial instruments

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

(11) Investment properties

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

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

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

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

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**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(12) Premises and equipment

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

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

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

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

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

(13) Intangible assets and goodwill

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

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

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

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

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

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

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**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

(14) Impairment of non-monetary assets

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

(15) Leases

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① The Group as a lessee

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

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

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

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

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed payments (including in-substance fixed payments)

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② The Group as a lessor

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

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

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

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

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

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

(16) Derivative instruments

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

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

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

1) Embedded derivatives

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

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

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

2) Hedge accounting

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

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

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

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

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

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

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

3) Fair value hedge

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

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

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

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

4) Cash flow hedge

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

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

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

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

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(18) Provisions

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

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

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

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

(19) Equity instruments issued by the Group

1) Capital and compound financial instruments

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

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

2) Hybrid securities

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

(20) Financial guarantee contracts

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loss allowance in accordance with K-IFRS 1109

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(21) Employee benefits and pensions

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

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

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

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

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

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

(22) Income taxes

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

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

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

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**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

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

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

(23) Criteria of calculating earnings per share ("EPS")

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

(24) Share-based payment

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

(25) Insurance Contract

1) Definition and classification of insurance contracts

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

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

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**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

2) Level of aggregation

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

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

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

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

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

3) Recognition

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

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

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

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

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

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

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

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

4) Contract boundaries

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

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

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

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**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

5) Measurement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A) Initial measurement

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the contractual service margin

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B) Subsequent measurement

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

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

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**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C) Measurement of reinsurance contract

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

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

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

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

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

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

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

6) Derecognition and modification

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

7) Insurance revenue and insurance service expenses

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

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

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

8) Reinsurance revenue and reinsurance service expenses

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

9) Insurance Finance Income or Expenses

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

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

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

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

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

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

11) Calculation of investment components

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

12) Calculation of coverage units

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

**3.** **MATERIAL ACCOUNTING ESTIMATES AND ASSUMPTIONS** 

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

1) Income taxes

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

2) Valuation of financial instruments

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

3) Impairment of financial instruments

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

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

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

4) Defined benefit plan

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

5) Impairment of goodwill

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

6) Measurement of insurance contracts

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

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**4.** **RISK MANAGEMENT** 

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

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

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

(1) Credit risk

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

1) Credit risk management

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

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

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

2) Measurement of expected credit loss

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

---

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

---

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

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

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

---

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

---

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

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

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

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

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

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

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

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

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

---

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

---

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

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

<u>Normal<br>Scenario</u> <u>Good<br>Scenario</u> <u>Bad<br>Scenario</u> <u>Worst<br>Scenario</u> <br> Probability weight 45.58 5.69 28.73 20.00

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

---

| | | | |
|:---|:---|:---|:---|
| Scenario | Applied probability weight | Assuming 100% | Difference from book value |
|  Good | 5.69% | 1280714 | (675757) |
|  Normal | 45.58% | 1394081 | (562390) |
|  Bad | 28.73% | 1796726 | (159745) |
|  Worst | 20.00% | 4255128 | 2298657 |

---

3) Maximum exposure

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

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | December 31,<br>2025 | December 31,<br>2024 |
|  Loans and other financial assets at amortized cost (\*1) | Korean treasury and government agencies | 538314 | 229126 |
|  | Banks | 23189957 | 23593313 |
|  | Corporates | 188753434 | 179986851 |
|  | Consumers | 200014078 | 194662526 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 412495783 | 398471816 |
|  Financial assets at FVTPL (\*2) | Deposits | 261470 | 73951 |
|  | Debt securities | 9552081 | 6801288 |
|  | Loans | 1126446 | 104177 |
|  | Derivative assets | 5774203 | 10094532 |
|  | Others | 156134 | 2671 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 16870334 | 17076619 |
|  Financial assets at FVTOCI | Debt securities and others | 82071637 | 42922671 |
|  Securities at amortized cost | Debt securities | 18707459 | 19203177 |
|  Derivative assets | Derivative assets (Designated for hedging) | 217180 | 175191 |
|  Off-balance accounts | Payment guarantees (\*3) | 16070098 | 16611262 |
|  | Loan commitments | 134286067 | 133863588 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 150356165 | 150474850 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 680718558 | 628324324 |

---

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

(\*2) Puttable financial instruments are not included.

---

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

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Credit risk exposure by geographical areas

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Korea | China | USA | UK | Japan | Others (\*) | Total |
|  Loans and other financial assets at amortized cost | 381895446 | 5455324 | 6700018 | 775262 | 1266134 | 16403599 | 412495783 |
|  Securities at amortized cost | 17720610 | 55390 | 779676 |  |  | 151783 | 18707459 |
|  Financial assets at FVTPL | 14030387 | 32 | 1151755 | 502905 | 277765 | 907490 | 16870334 |
|  Financial assets at FVTOCI | 70443271 | 1102112 | 4752496 | 400316 | 591861 | 4781581 | 82071637 |
|  Derivative assets (Designated for hedging) | 180170 |  | 30719 |  | 6291 |  | 217180 |
|  Off-balance accounts | 142669598 | 1069795 | 1439439 | 756252 | 35333 | 4385748 | 150356165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 626939482 | 7682653 | 14854103 | 2434735 | 2177384 | 26630201 | 680718558 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Korea | China | USA | UK | Japan | Others (\*) | Total |
|  Loans and other financial assets at amortized cost | 367026768 | 5784272 | 7108462 | 584060 | 850872 | 17117382 | 398471816 |
|  Securities at amortized cost | 18052871 | 197188 | 712761 |  |  | 240357 | 19203177 |
|  Financial assets at FVTPL | 12643738 | 88 | 1824414 | 553842 | 430341 | 1624196 | 17076619 |
|  Financial assets at FVTOCI | 37746319 | 589277 | 3157655 | 190801 | 22112 | 1216507 | 42922671 |
|  Derivative assets (Designated for hedging) | 165089 |  | 3216 |  | 6886 |  | 175191 |
|  Off-balance accounts | 144006247 | 1213479 | 1805060 | 87755 | 20758 | 3341551 | 150474850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 579641032 | 7784304 | 14611568 | 1416458 | 1330969 | 23539993 | 628324324 |

---

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

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**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Credit risk exposure by industries

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Service | Manufacturing | Finance and<br>insurance | Construction | Individuals | Others | Total |
|  Loans and other financial assets at amortized cost | 88350901 | 52551867 | 40292287 | 5754395 | 196402459 | 29143874 | 412495783 |
|  Securities at amortized cost | 89611 |  | 8009336 | 39968 |  | 10568544 | 18707459 |
|  Financial assets at FVTPL | 498155 | 677238 | 9126225 | 145149 | 100 | 6423467 | 16870334 |
|  Financial assets at FVTOCI | 388717 | 1308907 | 39468777 | 867980 |  | 40037256 | 82071637 |
|  Derivative assets (Designated for hedging) |  |  | 217180 |  |  |  | 217180 |
|  Off-balance accounts | 24121840 | 25922599 | 14542861 | 3533170 | 73040583 | 9195112 | 150356165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 113449224 | 80460611 | 111656666 | 10340662 | 269443142 | 95368253 | 680718558 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Service | Manufacturing | Finance and<br>insurance | Construction | Individuals | Others | Total |
|  Loans and other financial assets at amortized cost | 92018694 | 47835603 | 33986585 | 6219603 | 190902940 | 27508391 | 398471816 |
|  Securities at amortized cost | 169352 |  | 10248257 | 59866 |  | 8725702 | 19203177 |
|  Financial assets at FVTPL | 287401 | 539092 | 10833850 | 31527 | 123339 | 5261410 | 17076619 |
|  Financial assets at FVTOCI | 331590 | 474837 | 29935898 | 194940 |  | 11985406 | 42922671 |
|  Derivative assets (Designated for hedging) |  |  | 175191 |  |  |  | 175191 |
|  Off-balance accounts | 22460440 | 28514078 | 14147757 | 3192714 | 73212057 | 8947804 | 150474850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 115267477 | 77363610 | 99327538 | 9698650 | 264238336 | 62428713 | 628324324 |

---

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**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

4) Credit risk exposure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Financial assets

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Stage 1 | Stage 1 | Stage 2 | Stage 2 | Stage 2 | | | | |
|  | Above<br>appropriate<br>credit rating<br>(\*1) | Less than a<br>limited credit<br>rating<br>(\*2) | Above<br>appropriate<br>credit rating<br>(\*1) | Less than a<br>limited credit<br>rating<br>(\*2) | Stage 3 | Credit<br>impairment<br>model | Total |<br>Loss<br>allowance |<br>Total, net |
|  Loans and other financial assets at amortized cost | 354069178 | 30632768 | 13842896 | 12837364 | 3564522 | 1137650 | 416084378 | (3588595) | 412495783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korean treasury and government agencies | 539215 |  |  |  |  |  | 539215 | (901) | 538314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 22832170 | 380843 |  |  |  |  | 23213013 | (23056) | 23189957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporates | 155984903 | 23571082 | 3177635 | 5395186 | 1733385 | 1137650 | 190999841 | (2246407) | 188753434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General business | 107006628 | 14727532 | 2404812 | 3754332 | 1102892 |  | 128996196 | (1518049) | 127478147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small- and medium-sized enterprise | 33828252 | 8118497 | 542006 | 1469338 | 368686 |  | 44326779 | (456931) | 43869848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project financing and others | 15150023 | 725053 | 230817 | 171516 | 261807 | 1137650 | 17676866 | (271427) | 17405439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumers | 174712890 | 6680843 | 10665261 | 7442178 | 1831137 |  | 201332309 | (1318231) | 200014078 |
|  Securities at amortized cost | 18718526 |  |  |  |  |  | 18718526 | (11067) | 18707459 |
|  Financial assets at FVTOCI (\*3) | 81911940 | 159697 |  |  |  |  | 82071637 | (29204) | 82071637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 454699644 | 30792465 | 13842896 | 12837364 | 3564522 | 1137650 | 516874541 | (3628866) | 513274879 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Collateral value | Collateral value | Collateral value | Collateral value | Collateral value |
|  | Stage1 | Stage2 | Stage3 | Credit<br>impairment<br>model | Total |
|  Loans and other financial assets at amortized cost | 242664753 | 22382806 | 1219109 | 1128343 | 267395011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korean treasury and government agencies | 103817 |  |  |  | 103817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 1815479 |  |  |  | 1815479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporates | 99471630 | 7066546 | 720305 | 1128343 | 108386824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General business | 61218056 | 5128816 | 516966 |  | 66863838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small- and medium-sized enterprise | 26662910 | 1594623 | 142383 |  | 28399916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project financing and others | 11590664 | 343107 | 60956 | 1128343 | 13123070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumers | 141273827 | 15316260 | 498804 |  | 157088891 |
|  Securities at amortized cost |  |  |  |  |  |
|  Financial assets at FVTOCI (\*3) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 242664753 | 22382806 | 1219109 | 1128343 | 267395011 |

---

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

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

---

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

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Stage 1 | Stage 1 | Stage 2 | Stage 2 | Stage 2 | | | | |
|  | Above<br>appropriate<br>credit rating<br>(\*1) | Less than a<br>limited credit<br>rating<br>(\*2) | Above<br>appropriate<br>credit rating<br>(\*1) | Less than a<br>limited credit<br>rating<br>(\*2) | Stage 3 |<br>Credit<br>impairment<br>model |<br>Total |<br>Loss<br>allowance |<br>Total, net |
|  Loans and other financial assets at amortized cost | 343186708 | 27086126 | 13280849 | 14344066 | 3003886 | 1147147 | 402048782 | (3576966) | 398471816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korean treasury and government agencies | 229733 | 22 |  |  |  |  | 229755 | (629) | 229126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 23375096 | 115721 | 88306 |  | 36143 |  | 23615266 | (21953) | 23593313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporates | 150732338 | 19561385 | 3130814 | 6264461 | 1416152 | 1147147 | 182252297 | (2265446) | 179986851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General business | 103495951 | 11071283 | 2507705 | 4093868 | 807545 |  | 121976352 | (1409387) | 120566965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small- and medium-sized enterprise | 35450353 | 7731142 | 500934 | 1870087 | 357881 |  | 45910397 | (586059) | 45324338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project financing and others | 11786034 | 758960 | 122175 | 300506 | 250726 | 1147147 | 14365548 | (270000) | 14095548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumers | 168849541 | 7408998 | 10061729 | 8079605 | 1551591 |  | 195951464 | (1288938) | 194662526 |
|  Securities at amortized cost | 19213940 |  |  |  |  |  | 19213940 | (10763) | 19203177 |
|  Financial assets at FVTOCI (\*3) | 42766477 | 156194 |  |  |  |  | 42922671 | (29084) | 42922671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 405167125 | 27242320 | 13280849 | 14344066 | 3003886 | 1147147 | 464185393 | (3616813) | 460597664 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Collateral value | Collateral value | Collateral value | Collateral value | Collateral value |
|  | Stage1 | Stage2 | Stage3 | Credit impairment<br>model | Total |
|  Loans and other financial assets at amortized cost | 241378580 | 22815602 | 1070209 | 1137097 | 266401488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korean treasury and government agencies | 55775 |  |  |  | 55775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 2474302 |  |  |  | 2474302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporates | 101666963 | 7536068 | 645842 | 1137097 | 110985970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General business | 59099372 | 5578709 | 328802 |  | 65006883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small- and medium-sized enterprise | 34401736 | 1729820 | 243513 |  | 36375069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project financing and others | 8165855 | 227539 | 73527 | 1137097 | 9604018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumers | 137181540 | 15279534 | 424367 |  | 152885441 |
|  Securities at amortized cost |  |  |  |  |  |
|  Financial assets at FVTOCI (\*3) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 241378580 | 22815602 | 1070209 | 1137097 | 266401488 |

---

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

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

---

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

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Payment guarantees and commitments

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Financial assets | Stage 1 | Stage 1 | Stage 2 | Stage 2 | Stage 3 | Total |
| Financial assets | Above<br>appropriate<br>credit rating<br>(\*1) | Less than a<br>limited<br>credit rating<br>(\*2) | Above<br>appropriate<br>credit rating<br>(\*1) | Less than a<br>limited<br>credit rating<br>(\*2) | Stage 3 | Total |
|  Off-balance accounts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment guarantees | 15186145 | 776039 | 18603 | 66204 | 23107 | 16070098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan commitments | 127446436 | 3821389 | 2461016 | 521696 | 35530 | 134286067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 142632581 | 4597428 | 2479619 | 587900 | 58637 | 150356165 |

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Financial assets | Stage 1 | Stage 1 | Stage 2 | Stage 2 | Stage 3 | Total |
| Financial assets | Above<br>appropriate<br>credit rating<br>(\*1) | Less than a<br>limited<br>credit rating<br>(\*2) | Above<br>appropriate<br>credit rating<br>(\*1) | Less than a<br>limited<br>credit rating<br>(\*2) | Stage 3 | Total |
|  Off-balance accounts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment guarantees | 15679374 | 808182 | 41866 | 59688 | 22152 | 16611262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan commitments | 127622889 | 3402602 | 2298056 | 502070 | 37971 | 133863588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 143302263 | 4210784 | 2339922 | 561758 | 60123 | 150474850 |

---

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

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

5) Collateral and other credit enhancements

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

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

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

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(2) Market risk

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

1) Market risk management

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Trading activities

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | Risk Group | December 31, 2025 | December 31, 2024 |
|  Sensitivity-based risk | General interest rate risk | 34292 | 29029 |
|  | Equity risk | 3152 | 3006 |
|  | Commodity risk | 3 | 51 |
|  | Foreign exchange risk | 110144 | 114174 |
|  | Non-securitization credit spread risk | 23797 | 18258 |
|  | Securitization (excluding CTP (Correlation Trading Portfolio)) credit spread risk |  |  |
|  | CTP credit spread risk |  |  |
|  Default risk | Non-Securitization bankruptcy risk | 9207 | 8604 |
|  | Securitization (excluding CTP) default risk |  |  |
|  | CTP default risk |  |  |
|  Residual risk | Residual risk | 1106 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  | 181701 | 174304 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Non-trading activities

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  | ΔEVE (\*1) | ΔNII (\*2) | ΔEVE (\*1) | ΔNII (\*2) |
|  Woori Bank | 488658 | 685472 | 952830 | 668290 |
|  Woori Card Co., Ltd. | 106003 | 53435 | 120153 | 79515 |
|  Woori Financial Capital Co., Ltd. | 65780 | 9773 | 67877 | 16151 |
|  Woori Investment Securities Co., Ltd. | 93763 | 90407 | 29325 | 24911 |
|  Woori Asset Trust Co., Ltd. | 716 | 4982 | 1817 | 12802 |
|  Woori Asset Management Corp. | 1134 | 1653 | 504 | 1682 |
|  Woori Savings Bank | 29858 | 340 | 15117 | 4537 |
|  Woori Private Equity Asset Management Co., Ltd. | 6 | 354 | 17 | 338 |
|  Woori Financial F&I Co., Ltd. | 86260 | 8891 | 97936 | 6858 |
|  Woori Venture Partners Co., Ltd. | 668 | 2897 | 705 | 3231 |

---

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

(\*2) ΔNII: change in Net Interest Income

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Within 3<br>months | 4 to 6<br>months | 7 to 9<br>months | 10 to 12<br>months | 1 to 5<br>years | Over 5<br>years | Total |
|  Asset: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other financial assets at amortized cost | 255374516 | 52912872 | 22204663 | 14715553 | 80604982 | 4483870 | 430296456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at FVTPL | 723058 | 23986 | 107748 | 87500 | 68617 |  | 1010909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at FVTOCI | 16102668 | 4109860 | 3296553 | 2170275 | 23894889 | 1298513 | 50872758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities at amortized cost | 1068946 | 1058142 | 2206199 | 2130814 | 11965315 | 1192507 | 19621923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 273269188 | 58104860 | 27815163 | 19104142 | 116533803 | 6974890 | 501802046 |
|  Liability: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits due to customers | 170106506 | 58129264 | 42994149 | 44283193 | 64141014 | 29351 | 379683477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings | 24211741 | 3820560 | 1293285 | 1424149 | 3404397 | 518214 | 34672346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures | 7327498 | 3554590 | 4716362 | 4321910 | 34546993 | 2615848 | 57083201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 201645745 | 65504414 | 49003796 | 50029252 | 102092404 | 3163413 | 471439024 |
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Within 3<br>months | 4 to 6<br>months | 7 to 9<br>months | 10 to 12<br>months | 1 to 5<br>years | Over 5<br>years | Total |
|  Asset: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other financial assets at amortized cost | 241742497 | 53994860 | 25504549 | 17099875 | 78442115 | 5000982 | 421784878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at FVTPL | 297653 | 38474 | 9993 | 5420 | 42433 | 51 | 394024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at FVTOCI | 7276254 | 4996536 | 2350787 | 2570750 | 26459375 | 1421185 | 45074887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities at amortized cost | 1318853 | 1651266 | 1856726 | 629079 | 12972012 | 1862090 | 20290026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 250635257 | 60681136 | 29722055 | 20305124 | 117915935 | 8284308 | 487543815 |
|  Liability: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits due to customers | 166841875 | 55267332 | 44234044 | 42203933 | 62625304 | 34751 | 371207239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings | 19153362 | 4676893 | 1587119 | 1542868 | 3131674 | 513870 | 30605786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures | 5189563 | 5370343 | 4438800 | 3168918 | 30963968 | 2673453 | 51805045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 191184800 | 65314568 | 50259963 | 46915719 | 96720946 | 3222074 | 453618070 |

---

2) Currency risk

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | | USD | USD | JPY | JPY | CNY | CNY | EUR | EUR | Others | Total |
| | | Foreign<br>currency | Korean Won<br>equivalent | Foreign<br>currency | Korean<br>Won<br>equivalent | Foreign<br>currency | Korean<br>Won<br>equivalent | Foreign<br>currency | Korean<br>Won<br>equivalent | Korean<br>Won<br>equivalent | Korean Won<br>equivalent |
|  Asset | Cash and cash equivalents | 10382 | 14897814 | 163681 | 1501990 | 1440 | 294862 | 396 | 667551 | 1504069 | 18866286 |
|  | Loans and other financial assets at amortized cost | 22828 | 32755775 | 99204 | 915492 | 18707 | 3830414 | 2122 | 3577181 | 7721655 | 48800517 |
|  | Financial assets at FVTPL | 1713 | 2458578 | 1587 | 14562 | 11 | 2350 | 279 | 470231 | 298686 | 3244407 |
|  | Financial assets at FVTOCI | 5189 | 7445013 | 596 | 547281 | 8043 | 696669 | 1765 | 2975486 | 1422141 | 13086590 |
|  | Securities at amortized cost | 610 | 875923 |  |  | 271 | 55390 | 7 | 12610 | 135379 | 1079302 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 40722 | 58433103 | 265068 | 2979325 | 28472 | 4879685 | 4569 | 7703059 | 11081930 | 85077102 |
|  Liability | Financial liabilities at FVTPL | 62 | 88508 |  | 1 |  |  |  | 774 | 138 | 89421 |
|  | Deposits due to customers | 22954 | 32937144 | 215351 | 1976126 | 21625 | 4428000 | 5781 | 9744458 | 6344318 | 55430046 |
|  | Borrowings | 7846 | 11258513 | 41724 | 382874 | 957 | 195936 | 359 | 605116 | 2055224 | 14497663 |
|  | Debentures | 4406 | 6322500 |  |  | 600 | 122856 | 195 | 328345 |  | 6773701 |
|  | Other financial liabilities | 3148 | 4516991 | 12179 | 111756 | 1423 | 291386 | 62 | 104876 | 352234 | 5377243 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 38416 | 55123656 | 269254 | 2470757 | 24605 | 5038178 | 6397 | 10783569 | 8751914 | 82168074 |
|  Off-balance accounts | Off-balance accounts | 10487 | 15046017 | 19765 | 181369 | 1163 | 238158 | 953 | 1605830 | 561333 | 17632707 |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | | USD | USD | JPY | JPY | CNY | CNY | EUR | EUR | Others | Total |
| | | Foreign<br>currency | Korean Won<br>equivalent | Foreign<br>currency | Korean<br>Won<br>equivalent | Foreign<br>currency | Korean<br>Won<br>equivalent | Foreign<br>currency | Korean<br>Won<br>equivalent | Korean<br>Won<br>equivalent | Korean Won<br>equivalent |
|  Asset | Cash and cash equivalents | 8258 | 12139283 | 80851 | 757154 | 1331 | 267802 | 223 | 341326 | 1123728 | 14629293 |
|  | Loans and other financial assets at amortized cost | 21637 | 31775374 | 104585 | 979422 | 26856 | 5405371 | 2211 | 3380628 | 7584236 | 49125031 |
|  | Financial assets at FVTPL | 887 | 1304438 | 1836 | 17190 | 16 | 3318 | 149 | 227858 | 20087 | 1572891 |
|  | Financial assets at FVTOCI | 3588 | 5274144 |  |  | 2910 | 585622 | 37 | 55853 | 847518 | 6763137 |
|  | Securities at amortized cost | 767 | 1127313 |  |  | 980 | 197188 | 36 | 55074 | 175895 | 1555470 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 35137 | 51620552 | 187272 | 1753766 | 32093 | 6459301 | 2656 | 4060739 | 9751464 | 73645822 |
|  Liability | Financial liabilities at FVTPL | 112 | 164400 | 36 | 334 |  |  | 1 | 1766 | 751 | 167251 |
|  | Deposits due to customers | 23607 | 34702743 | 250528 | 2346146 | 27301 | 5494893 | 2024 | 3094378 | 5348009 | 50986169 |
|  | Borrowings | 8302 | 12203906 | 56465 | 528785 | 110 | 22235 | 545 | 832661 | 3334191 | 16921778 |
|  | Debentures | 4549 | 6687333 |  |  |  |  | 195 | 297766 | 446349 | 7431448 |
|  | Other financial liabilities | 2123 | 3120355 | 20684 | 193701 | 4120 | 829197 | 244 | 373203 | 493198 | 5009654 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 38693 | 56878737 | 327713 | 3068966 | 31531 | 6346325 | 3009 | 4599774 | 9622498 | 80516300 |
|  Off-balance accounts | Off-balance accounts | 9109 | 13390339 | 23905 | 223864 | 1702 | 342576 | 841 | 1286110 | 1506643 | 16749532 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(3) Liquidity risk

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

1) Liquidity risk management

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

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

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

2) Maturity analysis of non-derivative financial liabilities

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Within 3<br>months | 4 to 6<br>months | 7 to 9<br>months | 10 to 12<br>months | 1 to 5<br>years | Over<br>5 years | Total |
|  Financial liabilities at FVTPL | 456606 | 103174 | 131181 | 310111 | 324118 | 17501 | 1342691 |
|  Deposits due to customers | 239003957 | 43936717 | 31733945 | 47843702 | 18670748 | 1212186 | 382401255 |
|  Borrowings | 18209601 | 4676557 | 3879109 | 3202042 | 3881934 | 518214 | 34367457 |
|  Debentures | 7015353 | 3594266 | 4732824 | 4586030 | 35650614 | 4127981 | 59707068 |
|  Lease liabilities | 66838 | 55213 | 50236 | 43549 | 357379 | 44575 | 617790 |
|  Other financial liabilities(\*) | 24614468 | 194968 | 35049 | 47917 | 1103857 | 3849974 | 29846233 |
|  Investment contract liabilities | 3702780 |  |  |  |  |  | 3702780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 293069603 | 52560895 | 40562344 | 56033351 | 59988650 | 9770431 | 511985274 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Within 3<br>months | 4 to 6<br>months | 7 to 9<br>months | 10 to 12<br>months | 1 to 5<br>years | Over<br>5 years | Total |
|  Financial liabilities at FVTPL | 74205 |  | 69534 | 112944 |  |  | 256683 |
|  Deposits due to customers | 237078927 | 41568072 | 33229547 | 43680907 | 16991574 | 1441654 | 373990681 |
|  Borrowings | 11589854 | 6676926 | 4781377 | 3676310 | 3561696 | 563870 | 30850033 |
|  Debentures | 4635557 | 5525191 | 4442376 | 3572533 | 30967974 | 2673592 | 51817223 |
|  Lease liabilities | 60099 | 49069 | 45534 | 40375 | 317971 | 50341 | 563389 |
|  Other financial liabilities (\*) | 19417326 | 108361 | 30995 | 27093 | 1118751 | 4287489 | 24990015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 272855968 | 53927619 | 42599363 | 51110162 | 52957966 | 9016946 | 482468024 |

---

(\*) Lease liabilities are not included.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Within 3<br>months | 4 to 6<br>months | 7 to 9<br>months | 10 to 12<br>months | 1 to 5<br>years | Over 5<br>years | Total |
|  Financial liabilities at FVTPL | 465982 | 110167 | 135894 | 314271 | 296086 | 17501 | 1339901 |
|  Deposits due to customers | 245944516 | 46024410 | 31302585 | 42075527 | 16164093 | 433017 | 381944148 |
|  Borrowings | 18211997 | 4677678 | 3880180 | 3204104 | 3875284 | 518214 | 34367457 |
|  Debentures | 7015353 | 3594266 | 4732824 | 4586030 | 36831544 | 2615848 | 59375865 |
|  Lease liabilities | 66842 | 56355 | 51392 | 44714 | 357620 | 44575 | 621498 |
|  Other financial liabilities(\*) | 24614468 | 194968 | 35049 | 47917 | 1103857 | 3849974 | 29846233 |
|  Investment contract liabilities | 3702780 |  |  |  |  |  | 3702780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 300021938 | 54657844 | 40137924 | 50272563 | 58628484 | 7479129 | 511197882 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Within 3<br>months | 4 to 6<br>months | 7 to 9<br>months | 10 to 12<br>months | 1 to 5<br>years | Over 5<br>years | Total |
|  Financial liabilities at FVTPL | 74205 |  | 69534 | 112944 |  |  | 256683 |
|  Deposits due to customers | 242795510 | 43419738 | 32989627 | 38822980 | 14857886 | 491918 | 373377659 |
|  Borrowings | 11592268 | 6678053 | 4782453 | 3678378 | 3555011 | 563870 | 30850033 |
|  Debentures | 4635557 | 5525191 | 4442376 | 3572533 | 30967974 | 2673592 | 51817223 |
|  Lease liabilities | 60092 | 50205 | 46727 | 41569 | 322272 | 50341 | 571206 |
|  Other financial liabilities(\*) | 19418010 | 108690 | 31315 | 27708 | 1116803 | 4287489 | 24990015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 278575642 | 55781877 | 42362032 | 46256112 | 50819946 | 8067210 | 481862819 |

---

(\*) Lease liabilities are not included.

3) Maturity analysis of derivative financial liabilities

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Remaining maturity | Remaining maturity | Remaining maturity | Remaining maturity | Remaining maturity | Remaining maturity | Remaining maturity |
|  |  | Within 3<br>months | 4 to 6<br>months | 7 to 9<br>months | 10 to 12<br>months | 1 to 5<br>years | Over 5<br>years | Total |
|  December 31, 2025 | Cash flow risk hedge | 245304 | 721902 | 69178 | 691883 | 608819 | 35265 | 2372351 |
|  | Fair value risk hedge | 8927 | 24385 | 15933 | 20814 | 38364 | (10613) | 97810 |
|  | Trading purpose | 5129664 |  |  |  |  |  | 5129664 |
|  December 31, 2024 | Cash flow risk hedge | (219) | 193 | 31 | 62 | 207 |  | 274 |
|  | Fair value risk hedge | (6816) | 46231 | (11740) | 44950 | 35764 | (5834) | 102555 |
|  | Trading purpose | 9092008 | 90 |  |  |  |  | 9092098 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  Payment guarantees |  | 16070098 |  | 16611262 |
|  Loan commitments |  | 134286067 |  | 133863588 |
|  Other commitments |  | 5806012 |  | 4572323 |

---

(4) Operational risk

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

1) Operational risk management

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

2) Operational risk measurement

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

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

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(5) Capital management

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

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

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

---

| | | |
|:---|:---|:---|
| Details | December 31, 2025(\*) | December 31, 2024 |
|  Tier 1 capital | 30222734 | 28522910 |
|  Other Tier 1 capital | 4556265 | 4869567 |
|  Tier 2 capital | 3020751 | 3535362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total risk-adjusted capital | 37799750 | 36927839 |
|  Risk-weighted assets for credit risk | 209094901 | 210365462 |
|  Risk-weighted assets for market risk | 3101409 | 3125478 |
|  Risk-weighted assets for operational risk | 22345759 | 21609530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total risk-weighted assets | 234542069 | 235100470 |
|  Common Equity Tier 1 ratio | 12.89% | 12.13% |
|  Tier 1 capital ratio | 14.83% | 14.20% |
|  Total capital ratio | 16.12% | 15.71% |

---

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**5.** **INSURANCE RISK MANAGEMENT** 

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

1) Overview of insurance risk

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

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

---

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

---

2) Insurance risk management policy

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

a) Underwriting strategy

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

b) Reinsurance strategy

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

Reinsurance contracts are made by the following procedures:

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

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

3) Financial risk management policy related to insurance contracts

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

a) Credit risk

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

b) Interest rate risk

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

c) Liquidity risk

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

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

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

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

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

- Monitoring liquidity ratios through the execution of liquidity stress tests

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

d) Market risk

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

4) Concentration of insurance risk

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

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

---

| | |
|:---|:---|
|  | December 31, 2025 |
|  | Exposure |
|  Insurance contract liabilities (assets) | 25686541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life | 4905662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health | 3843337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity savings and others | 15484266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable | 1453276 |
|  Reinsurance contract assets (liabilities) | 437556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life | 371992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health | 65564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity savings and others |  |

---

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

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 |
|  | Insurance contract<br>liabilities (assets) | Reinsurance contract<br>assets (liabilities) |
|  Domestic | 25686541 | 437556 |
|  Overseas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 25686541 | 437556 |

---

5) Insurance Risk Sensitivity

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | | Base amount and base amount after change | Base amount and base amount after change | Base amount and base amount after change | Base amount and base amount after change | Profit and impact on equity (before tax) | Profit and impact on equity (before tax) | Profit and impact on equity (before tax) | Profit and impact on equity (before tax) |
|  | | Fulfillment cash flow | Fulfillment cash flow | Contractual service margin | Contractual service margin | Profit or loss | Profit or loss | Other comprehensive<br>income | Other comprehensive<br>income |
|  | <br>Sensitivity | Before<br>reinsurance<br>effect | After<br>reinsurance<br>effect | Before<br>reinsurance<br>effect | After<br>reinsurance<br>effect | Before<br>reinsurance<br>effect | After<br>reinsurance<br>effect | Before<br>reinsurance<br>effect | After<br>reinsurance<br>effect |
|  Base amount |  | 25686541 | 25248985 | 1970517 | 1865033 |  |  |  |  |
|  Mortality rate | 3.27% increase | 25709647 | 25269234 | 1948712 | 1846048 | 56 | 47 | 85 | 132 |
|  Morbidity (fixed compensation)<br> Morbidity (compensation for actual losses) | 3.40% increase<br> 2.62% increase | 25965678 | 25515270 | 1692903 | 1601210 | (996) | (995) | 915 | (25) |
|  Lapse rate (increase) | 9.16% increase | 25948241 | 25512528 | 1736367 | 1628398 | (555) | (551) | (25554) | (24915) |
|  Lapse rate (decrease) | 9.16% decrease | 25403268 | 24963704 | 2227356 | 2124603 | 193 | 188 | 27683 | 26965 |
|  Operating expense (level)<br> Operating expense (inflation) | 2.62% increase<br> 0.26%p | 25782608 | 25345053 | 1874668 | 1769183 | (353) | (353) | 1577 | 1577 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

6) Insurance payment progress trend

Tongyang Life Insurance Co., Ltd. regularly verifies the adequacy of reserves using the total amount estimation method. The total amount is estimated by applying statistical methods such as the Payment Progress Method (PLDM), Incurred Loss Progress Method (ILDM), Frequency/Severity Method, and Bornhuetter-Ferguson Method (Unit: Korean Won in millions).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Year of incurrence | Year of incurrence | Year of incurrence | Year of incurrence | Year of incurrence | Total |
|  | 2025-4 | 2025-3 | 2025-2 | 2025-1 | 2025 | Total |
|  Historical estimates of undiscounted insurance premiums | 2339594 | 467507 | 488120 | 524256 | 538633 | 4358110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year end of the incurrence | 1812292 | 364924 | 385828 | 414012 | 480470 | 3457526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After 1 year | 411882 | 81397 | 84178 | 98911 |  | 676368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After 2 years | 63012 | 12243 | 13260 |  |  | 88515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After 3 years | 29225 | 6728 |  |  |  | 35953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After 4 years | 20330 |  |  |  |  | 20330 |
|  Cumulative insurance payment | 2336741 | 465292 | 483266 | 512923 | 480470 | 4278692 |
|  Difference between insurance estimates and insurance payment | 2853 | 2215 | 4854 | 11333 | 58163 | 79418 |
|  Discount effect |  |  |  |  |  | (6613) |
|  Liability for incurred claims expected to be paid within 1 year of incurrence |  |  |  |  |  | 1580634 |
|  Risk adjustment for non-financial risks |  |  |  |  |  | 2577 |
|  Liability for incurred claims |  |  |  |  |  | 1656016 |

---

7) Credit risk arising from insurance contracts

The fulfilment cash flows by credit rating group of Tongyang Life Insurance Co., Ltd.'s reinsurers are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 |
|  | Reinsurance contract<br>assets – remaining<br>coverage | Reinsurance contract<br>assets – incurred<br>claims |
|  AAA~AA- | 354143 | 5904 |
|  A+~A- | 77763 | (254) |
|  Under BBB+ |  |  |
|  Unrated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 431906 | 5650 |

---

8) Market risk arising from insurance contracts

a) Market risk exposure (Unit: Korean Won in millions)

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 |
|  Insurance contract exposure |  | 25686541 |
|  Reinsurance contract exposure |  | 437556 |
|  Financial assets exposure |  | 25461023 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

b) Impact of market risks on profit or loss and equity (sensitivity analysis) (Unit: Korean Won in millions)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  |  | Insurance contract | Insurance contract | Reinsurance contract | Reinsurance contract | Financial assets | Financial assets |
|  |  | Changes in<br>profit or<br>loss | Changes in<br>other<br>comprehensive<br>income | Changes in<br>profit or<br>loss | Changes in<br>other<br>comprehensive<br>income | Changes in<br>profit or<br>loss | Changes in<br>other<br>comprehensive<br>income |
|  Interest rate | Interest rate 100bp increase | 44466 | 2623072 |  | (58960) | (155298) | (2608605) |
|  Interest rate | Interest rate 100bp decrease | (75555) | (3230625) |  | 71442 | 187680 | 2608605 |
|  Share price | Share index 10% increase | (64000) |  |  |  | 81337 |  |
|  Share price | Share index 10% decrease | 87169 |  |  |  | (104506) |  |
|  Exchange rate | Exchange rate 10% increase |  |  |  |  | 17877 |  |
|  Exchange rate | Exchange rate 10% decrease |  |  |  |  | (17877) |  |

---

9) Liquidity risk arising from insurance contracts

a) The analysis of the present value of undiscounted net cash flows related to insurance contracts issued and
remaining maturity of reinsurance contracts held by Tongyang Life Insurance Co., Ltd. as of December 31, 2025 is as follows (Unit: Korean Won in millions):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Maturity analysis on the present value of estimate future cash flows | Maturity analysis on the present value of estimate future cash flows | Maturity analysis on the present value of estimate future cash flows | Maturity analysis on the present value of estimate future cash flows | Maturity analysis on the present value of estimate future cash flows | Maturity analysis on the present value of estimate future cash flows | Maturity analysis on the present value of estimate future cash flows | Maturity analysis on the present value of estimate future cash flows |
|  | Within 1<br>year | 1 to 2 years | 2 to 3<br>years | 3 to 4<br>years | 4 to 5<br>years | Over 5 years | Over 10 years | Total |
|  Insurance contract assets |  |  |  |  |  |  |  |  |
|  Insurance contract liabilities | (925682) | (4055435) | 182049 | (291500) | (542751) | (5906147) | (39756674) | (51296140) |
|  Reinsurance contract assets (liabilities) | 6595 | 7475 | 11017 | 13347 | 14427 | 85891 | 773103 | 911855 |

---

b) The amounts payable to policyholders upon demand and the carrying amounts of the related insurance contracts as
of December 31, 2025 are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Payable upon demand | Payable upon demand | Carrying amount<br>of insurance contract (\*1) | Carrying amount<br>of insurance contract (\*1) |
|  Insurance contract assets |  |  |  |  |
|  Insurance contract liabilities |  | 30166347 |  | 27657058 |

---

---

| | |
|:---|:---|
| (\*1) | The present value of estimated future cash flows, risk adjustment, and contractual service margin related to the amounts payable to policyholders upon demand as of December 31, 2025.  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(2) Insurance risk management of ABL Life Insurance Co., Ltd.

1) Overview of insurance risk

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

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

---

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

---

2) Insurance risk management policy

To manage the uncertainty of the amount and timing of the claims arising due to occurrences of insured events, that is, an insurance risk, ABL Life Insurance Co., Ltd. uses an acquisition and a reinsurance strategy.

a) Underwriting strategy

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

b) Reinsurance strategy

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

Reinsurance contracts are made by the following procedures:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Reinsurance management team related to ① discusses and analyzes products to be reinsured, limit, rate of
coverage and rate of return.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

3) Financial risk management policy related to insurance contracts

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

a) Credit risk

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

b) Interest rate risk

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

c) Liquidity risk

Liquidity risk refers to a risk caused by inconsistency in the maturity of assets and liabilities or failure to respond to unexpected capital outflows. Therefore, future cash outflows from investment contracts with insurance liability and discretionary participation features which takes the most proportion of ABL Life Insurance Co., Ltd.'s liabilities, will determine the level of risk related to the liquidity of the ABL Life Insurance Co., Ltd. The purpose of ABL Life Insurance Co., Ltd.'s liquidity risk management is to maintain sufficient liquidity to meet repayments and other cash outflows arising from insurance contracts under both normal conditions and stressed market environments.

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

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

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

- Monitoring liquidity ratios through the execution of liquidity stress tests

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

d) Market risk

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

4) Concentration of insurance risk

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

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

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

---

| | |
|:---|:---|
|  | December 31, 2025 |
|  | Exposure |
|  Insurance contract liabilities (assets) | 16853760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life | 2217372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health | 2608867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity savings and others | 9615281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable | 2412240 |
|  Reinsurance contract assets (liabilities) | (97148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life | (49082) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health | (54439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity savings and others | 6373 |

---

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

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 |
|  | Insurance contract<br>liabilities (assets) | Reinsurance contract<br>assets (liabilities) |
|  Domestic | 16853760 | (97148) |
|  Overseas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 16853760 | (97148) |

---

5) Insurance Risk Sensitivity

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | | Base amount and base amount after change | Base amount and base amount after change | Base amount and base amount after change | Base amount and base amount after change | Profit and impact on equity (before tax) | Profit and impact on equity (before tax) | Profit and impact on equity (before tax) | Profit and impact on equity (before tax) |
|  | | Fulfillment cash flow | Fulfillment cash flow | Contractual service margin | Contractual service margin | Profit or loss | Profit or loss | Other comprehensive<br>income | Other comprehensive<br>income |
|  | <br>Sensitivity | Before<br>reinsurance<br>effect | After<br>reinsurance<br>effect | Before<br>reinsurance<br>effect | After<br>reinsurance<br>effect | Before<br>reinsurance<br>effect | After<br>reinsurance<br>effect | Before<br>reinsurance<br>effect | After<br>reinsurance<br>effect |
|  Base amount |  | 16853760 | 16950908 | 1063046 | 1073523 |  |  |  |  |
|  Mortality rate | 3.27% increase | 16861397 | 16954761 | 1059387 | 1073663 | 890 | 1005 | (4868) | (4999) |
|  Morbidity (fixed compensation)<br> Morbidity (compensation for actual losses) | 3.40% increase<br> 2.62% increase | 16996593 | 17081916 | 910861 | 934303 | (1227) | (1148) | 10579 | 9360 |
|  Lapse rate (increase) | 9.16% increase | 17017818 | 17107797 | 917106 | 935263 | (2909) | (2792) | (15208) | (15838) |
|  Lapse rate (decrease) | 9.16% decrease | 16673824 | 16778697 | 1225456 | 1227599 | 1213 | 1140 | 16313 | 16995 |
|  Operating expense (level)<br> Operating expense (inflation) | 2.62% increase<br> 0.26%p | 16892179 | 16989363 | 1023305 | 1033740 | (989) | (989) | 2310 | 2316 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

6) Insurance payment progress trend

ABL Life Insurance Co., Ltd. regularly verifies the adequacy of reserves using the total amount estimation method. The total amount is estimated by applying statistical methods such as the Payment Progress Method (PLDM), Incurred Loss Progress Method (ILDM), Frequency/Severity Method, and Bornhuetter-Ferguson Method (Unit: Korean Won in millions).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Year of incurrence | Year of incurrence | Year of incurrence | Year of incurrence | Year of incurrence | |
|  | 2025-4 | 2025-3 | 2025-2 | 2025-1 | 2025 |<br>Total |
|  Historical estimates of undiscounted insurance premiums | 311417 | 316286 | 319229 | 303193 | 316425 | 1566550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year end of the incurrence | 243473 | 245603 | 251974 | 240260 | 280250 | 1261560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After 1 year | 54825 | 56432 | 56002 | 56587 |  | 223846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After 2 years | 8415 | 8683 | 8637 |  |  | 25735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After 3 years | 3194 | 4674 |  |  |  | 7868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After 4 years | 1055 |  |  |  |  | 1055 |
|  Cumulative insurance payment | 310962 | 315392 | 316612 | 296847 | 280250 | 1520063 |
|  Difference between insurance estimates and insurance payment | 455 | 894 | 2617 | 6346 | 36175 | 46487 |
|  Discount effect |  |  |  |  |  | (4441) |
|  Liability for incurred claims expected to be paid within 1 year of incurrence |  |  |  |  |  | 571128 |
|  Risk adjustment for non-financial risks |  |  |  |  |  | 1761 |
|  Liability for incurred claims |  |  |  |  |  | 614935 |

---

7) Credit risk arising from insurance contracts

The fulfilment cash flows by credit rating group of ABL Life Insurance Co., Ltd.'s reinsurers are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 |
|  | Reinsurance contract<br>assets – remaining<br>coverage | Reinsurance contract<br>assets – incurred<br>claims |
|  AAA~AA- | (129334) | 32186 |
|  A+~A- |  |  |
|  Under BBB+ |  |  |
|  Unrated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | (129334) | 32186 |

---

8) Market risk arising from insurance contracts

a) Market risk exposure (Unit: Korean Won in millions)

---

| | |
|:---|:---|
|  | December 31, 2025 |
|  Insurance contract exposure | 16853760 |
|  Reinsurance contract exposure | (97148) |
|  Financial assets exposure | 13632025 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

b) Impact of market risks on profit or loss and equity (sensitivity analysis) (Unit: Korean Won in millions)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  |  | Insurance contract | Insurance contract | Reinsurance contract | Reinsurance contract | Financial assets | Financial assets |
|  |  | Changes in<br>profit or<br>loss | Changes in<br>other<br>comprehensive<br>income | Changes<br>in profit<br>or loss | Changes in<br>other<br>comprehensive<br>income | Changes in<br>profit or<br>loss | Changes in<br>other<br>comprehensive<br>income |
|  Interest rate | Interest rate 100bp increase | (333) | 1594580 |  | 18572 | (57695) | (1490766) |
|  Interest rate | Interest rate 100bp decrease | 177 | (1918176) |  | (22409) | 57695 | 1490766 |
|  Share price | Share index 10% increase | (118221) |  |  |  | 465004 |  |
|  Share price | Share index 10% decrease | 118221 |  |  |  | (465004) |  |
|  Exchange rate | Exchange rate 10% increase | (15243) | (11534) |  |  | (306) |  |
|  Exchange rate | Exchange rate 10% decrease | 14933 | 11534 |  |  | 306 |  |

---

9) Liquidity risk arising from insurance contracts

a) The analysis of the present value of undiscounted cash flows related to insurance contracts issued and
remaining maturity of reinsurance contracts held by ABL Life Insurance Co., Ltd. as of December 31, 2025 is as follows (Unit: Korean Won in millions):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Maturity analysis on the present value of estimate future cash flows | Maturity analysis on the present value of estimate future cash flows | Maturity analysis on the present value of estimate future cash flows | Maturity analysis on the present value of estimate future cash flows | Maturity analysis on the present value of estimate future cash flows | Maturity analysis on the present value of estimate future cash flows | Maturity analysis on the present value of estimate future cash flows | Maturity analysis on the present value of estimate future cash flows |
|  | Within 1<br>year | 1 to 2 years | 2 to 3<br>years | 3 to 4<br>years | 4 to 5<br>years | Over 5 years | Over 10 years | Total |
|  Insurance contract assets |  |  |  |  |  |  |  |  |
|  Insurance contract liabilities | (279094) | (1367315) | (508763) | (629346) | (948940) | (5442969) | (21796027) | (30972454) |
|  Reinsurance contract assets (liabilities) | (5147) | (2808) | (2452) | (2346) | (2195) | (10904) | (118407) | (144259) |

---

b) The amounts payable to policyholders upon demand and the carrying amounts of the related insurance contracts as
of December 31, 2025 are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Payable upon demand | Payable upon demand | Carrying amount<br>of insurance contract (\*1) | Carrying amount<br>of insurance contract (\*1) |
|  Insurance contract assets |  |  |  |  |
|  Insurance contract liabilities |  | 18666324 |  | 17916806 |

---

---

| | |
|:---|:---|
| (\*1) | The present value of estimated future cash flows, risk adjustment, and contractual service margin related to the amounts payable to policyholders upon demand as of December 31, 2025.  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**6.** **OPERATING SEGMENTS** 

In evaluating the results of the Group and allocating resources, the Group's Chief Operation Decision Maker ("CODM") utilizes the method of disclosing the financial information of the segments based on the organization of the Group. This financial information on the segments in this note is regularly reviewed by the CODM.

(1) Segment by type of organization

The Group's reporting segments consist of banking, insurance, credit card, capital, investment securities and other sectors, and the composition of such reporting segments was divided based on internal report data periodically reviewed by the management to evaluate the performance of the segment and make decisions on the resources to be distributed.

---

| | |
|:---|:---|
|  | Operational scope |
| Banking | Loans/deposits and relevant services for customers of Woori Bank |
| Insurance | Contracting and maintenance of insurance policies, payment of insurance benefits, provision of life insurance-related services, and accompanying business for customers of Tongyang Life Insurance Co., Ltd. and ABL Life Insurance Co., Ltd. |
| Credit card | Credit card, cash services, card loans and accompanying business of Woori Card Co., Ltd. |
| Capital | Installments, loans including lease financing, and accompanying business of Woori Financial Capital Co., Ltd. |
| Investment securities | Securities operation, sale of financial instruments, project financing and other related activities for investment securities of Woori Investment Securities Co., Ltd. |
| Others | Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Asset Management Corp., Ltd., Woori Financial F&I Co., Ltd., Woori Savings Bank., Woori Credit Information Co., Ltd., Woori Fund Services Co., Ltd., Woori Private Equity Asset Management Co., Ltd., Woori FIS Co., Ltd., Woori Finance Research Institute and Woori Venture Partners Co., Ltd. |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(2) The composition of each organization's sectors for the years ended December 31, 2025 and 2024 are as
follows (Unit: Korean Won in millions):

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Banking (\*1) | Life<br>insurance | Credit card | Capital | Investment<br>securities | Others (\*2) | Sub-total | Other<br>adjustments<br>(\*3) | Internal<br>adjustments<br>(\*4) | Consolidated<br>adjustments<br>(\*5) | Total |
|  Net interest income | 6807324 | (105758) | 756173 | 210502 | 120077 | 63915 | 7852233 | 145730 | 1030834 | 1972 | 9030769 |
|  Non-interest income(expense) | 2133050 | 271296 | 212462 | 214798 | 67059 | 1765771 | 4664436 | 5905 | (935248) | (1808619) | 1926474 |
|  Impairment losses due to credit loss | (1126171) | (5833) | (433302) | (120217) | (31880) | (282653) | (2000056) | (4692) | (96119) | (1947) | (2102814) |
|  General and administrative expense | (4293462) | (51665) | (321777) | (107697) | (145038) | (439413) | (5359052) | (601) |  | 180032 | (5179621) |
|  Net operating income(expense) | 3520741 | 108040 | 213556 | 197386 | 10218 | 1107620 | 5157561 | 146342 | (533) | (1628562) | 3674808 |
|  Share of gain of associates | 45928 |  |  | (373) | 123 | 43607 | 89285 | 1686 |  | 7689 | 98660 |
|  Other non-operating income(expense) | (207481) | 3075 | (18316) | (2282) | (50) | (166826) | (391880) | 1888 | 533 | 706157 | 316698 |
|  Non-operating income(expense) | (161553) | 3075 | (18316) | (2655) | 73 | (123219) | (302595) | 3574 | 533 | 713846 | 415358 |
|  Net income(expense) before tax | 3359188 | 111115 | 195240 | 194731 | 10291 | 984401 | 4854966 | 149916 |  | (914716) | 4090166 |
|  Tax expense | (777091) | (11521) | (44108) | (46004) | 17153 | (5197) | (866768) |  |  | 4110 | (862658) |
|  Net income(loss) | 2582097 | 99594 | 151132 | 148727 | 27444 | 979204 | 3988198 | 149916 |  | (910606) | 3227508 |
|  Total assets | 502846197 | 55054508 | 17512741 | 12361366 | 9706286 | 31861645 | 629342743 | 3922774 |  | (31808231) | 601457286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in associate | 1095521 |  |  | 31002 | 4369 | 25934437 | 27065329 |  |  | (24985321) | 2080008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 501750676 | 55054508 | 17512741 | 12330364 | 9701917 | 5927208 | 602277414 | 3922774 |  | (6822910) | 599377278 |
|  Total liabilities | 473158744 | 52279416 | 14620417 | 10523678 | 8504657 | 6370831 | 565457743 | 71563 |  | (1931268) | 563598038 |

---

(\*1) The banking sector includes banks and their consolidated subsidiaries (such as overseas subsidiaries).

---

| | |
|:---|:---|
| (\*2) | Other segments include gains and losses from Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Savings Bank, Woori Asset Management Corp., Woori Financial F&I Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Service Co., Ltd., Woori Private Equity Asset Management Co., Ltd., Woori FIS Co., Ltd., Woori Finance Research Institute and Woori Venture Partners Co., Ltd.  |

---

(\*3) Other segments include the funds subject to Group's consolidation not included in the reporting segment.

---

| | |
|:---|:---|
| (\*4) | Internal reconciliation includes the adjustment of deposit insurance premiums of 500,480 million Won and fund contribution fees of 528,863 million Won from net interest income expenses to non-interest income expenses in order to present the profit and loss adjustment between reporting divisions in accordance with management accounting standards as profit and loss in accordance with accounting standards.  |

---

---

| | |
|:---|:---|
| (\*5) | Consolidation adjustments include the elimination of 133,276 million Won of internal transactions between Woori FIS Co., Ltd., the group's IT service agency, and affiliates, and the removal of 1,448,486 million Won of dividends received by the holding company from its subsidiaries.  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Banking (\*1) | Credit card | Capital | Investment<br>securities | Others (\*2) | Sub-total | Other<br>adjustments<br>(\*3) | Internal<br>adjustments<br>(\*4) | Consolidated<br>Adjustments<br>(\*5) | Total |
|  Net interest income | 6542449 | 706130 | 231596 | 106558 | 129900 | 7716633 | 126600 | 1042561 | 542 | 8886336 |
|  Non-interest income(expense) | 1944528 | 192194 | 144097 | 51629 | 1578890 | 3911338 | 70545 | (769593) | (1658168) | 1554122 |
|  Impairment losses due to credit loss | (670753) | (403805) | (84017) | (91351) | (176511) | (1426437) | (13884) | (273889) | (2085) | (1716295) |
|  General and administrative expense | (3746916) | (302067) | (103870) | (74191) | (420370) | (4647414) | (1104) |  | 179545 | (4468973) |
|  Net operating income(expense) | 4069308 | 192452 | 187806 | (7355) | 1111909 | 5554120 | 182157 | (921) | (1480166) | 4255190 |
|  Share of gain (loss) of associates | 44067 |  | (1262) | 215 | 5316 | 48336 | (4) |  | 27933 | 76265 |
|  Other non-operating income(expense) | (104388) | (4053) | (2579) | 7476 | 10440 | (93104) | 8535 | 921 | (24960) | (108608) |
|  Non-operating income(expense) | (60321) | (4053) | (3841) | 7691 | 15756 | (44768) | 8531 | 921 | 2973 | (32343) |
|  Net income(expense) before tax | 4008987 | 188399 | 183965 | 336 | 1127665 | 5509352 | 190688 |  | (1477193) | 4222847 |
|  Tax expense | (962051) | (40349) | (42547) | 2216 | (17756) | (1060487) |  |  | 9109 | (1051378) |
|  Net income(loss) | 3046936 | 148050 | 141418 | 2552 | 1109909 | 4448865 | 190688 |  | (1468084) | 3171469 |
|  Total assets | 485888941 | 16613482 | 12770681 | 7186431 | 30774925 | 553234460 | 3565728 |  | (31046868) | 525753320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in associate | 1067880 |  | 32207 | 3297 | 24475044 | 25578428 | 7347 |  | (23836965) | 1748810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 484821061 | 16613482 | 12738474 | 7183134 | 6299881 | 527656032 | 3558381 |  | (7209903) | 524004510 |
|  Total liabilities | 456944053 | 13828816 | 11045686 | 6041109 | 4919608 | 492779272 | 73587 |  | (2994808) | 489858051 |

---

(\*1) The banking sector includes banks and their consolidated subsidiaries (such as overseas subsidiaries).

---

| | |
|:---|:---|
| (\*2) | Other segments includes Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Savings Bank, Woori Asset Management Corp., Woori Financial F&I Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Service Co., Ltd., Woori Private Equity Asset Management Co., Ltd., Woori FIS Co., Ltd., Woori Finance Research Institute and Woori Venture Partners Co., Ltd.  |

---

(\*3) Other adjustments include the funds subject to Group's consolidation not included in the reporting segment.

---

| | |
|:---|:---|
| (\*4) | Internal adjustments include the adjustment of deposit insurance premiums of 509,832 million Won and fund contribution fees of 533,335 million Won from net interest income expenses to non-interest income expenses in order to present the profit and loss adjustment between reporting divisions in accordance with management accounting standards as profit and loss in accordance with accounting standards.  |

---

---

| | |
|:---|:---|
| (\*5) | Consolidation adjustments include the elimination of 175,437 million Won of internal transactions between Woori FIS Co., Ltd., the group's IT service agency, and affiliates, and the removal of 1,208,522 million Won of dividends received by the holding company from its subsidiaries.  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(3) Operating profit or loss from external customers for the years ended December 31, 2025 and 2024 are as
follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
| Details | 2025 | 2024 |
|  Domestic | 3430352 | 3767897 |
|  Foreign | 244456 | 487293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 3674808 | 4255190 |

---

(4) Major non-current assets as of December 31, 2025 and 2024 are as
follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
| Details (\*) | December 31, 2025 | December 31, 2024 |
|  Domestic | 7364083 | 6068817 |
|  Foreign | 552243 | 592768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 7916326 | 6661585 |

---

(\*) Major non-current assets included joint ventures and related business investments, investment properties, premises and equipment, and intangible assets.

(5) Information about major customers

The Group does not have any single customer that generates 10% or more of the Group's total revenue for the years ended December 31, 2025 and 2024.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**7.** **STATEMENTS OF CASH FLOWS** 

(1) Details of cash and cash equivalents are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Cash | 1826020 | 1661517 |
|  Foreign currencies | 642158 | 812026 |
|  Demand deposits | 35891982 | 24634075 |
|  Fixed deposits | 139519 | 173505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 38499679 | 27281123 |

---

(2) Details of restricted cash and cash equivalents are as follows (Unit: Korean Won in millions)

---

| | | | |
|:---|:---|:---|:---|
|  | Counterparty | December 31, 2025 | Reason of restriction |
|  Due from banks in local currency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from BOK | BOK | 16555802 | Reserve deposits<br> under the BOK Act |
|  Due from banks in foreign currencies: | Due from banks in foreign currencies: | Due from banks in foreign currencies: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from banks | BOK and others | 6919255 | Reserve deposits, etc. |
|  Total | Total | 23475057 |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Counterparty | December 31, 2024 | Reason of restriction |
|  Due from banks in local currency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from BOK | BOK | 9712194 | Reserve deposits<br> under the BOK Act |
|  Due from banks in foreign currencies: | Due from banks in foreign currencies: | Due from banks in foreign currencies: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from banks | BOK and others | 2954868 | Reserve deposits, etc. |
|  Total | Total | 12667062 |  |

---

(3) Significant transactions of investing activities and financing activities not involving cash inflows and
outflows are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Changes in other comprehensive income related to valuation of financial assets at FVTOCI | (1321567) | 34058 |
|  Changes in other comprehensive income related to valuation of assets of associate | (2335) | (5367) |
|  Changes in other comprehensive income related to valuation profit or loss on cash flow hedge | (167670) | 6591 |
|  Changes in financial assets measure at FVTOCI due to debt-for-equity swap |  | 18536 |
|  Changes in the premises and equipment due to reclassification to assets held for sale | (107479) | (38423) |
|  Changes in investment property due to reclassification to assets held for sale | (35137) |  |
|  Transfer of investment properties to premises and equipment | (9997) | (42344) |
|  Reclassification of advance payments related to acquisition of control | (154934) |  |
|  Changes in account payables related to intangible assets | (5101) | 24134 |
|  Changes in right-of-use assets and lease liabilities | 235011 | 427926 |
|  Changes in other comprehensive income related to foreign operation translation | (116405) | 522845 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(4) Adjustments of liabilities from financing activities in current and prior year are as follows (Unit: Korean Won
in millions):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | | | | | Not involving cash inflows and<br>outflows | Not involving cash inflows and<br>outflows | Not involving cash inflows and<br>outflows | |
|  |<br>Beginning<br>balance |<br>Financing<br>activities<br>Cash flow |<br>Business<br>Combination |<br>Settlement of<br>derivatives<br>designated for<br>hedging<br>purposes | Foreign<br>Exchange | Variation of<br>gain(loss) on<br>valuation of<br>hedged<br>items | Others<br>(\*) |<br>Ending<br>balance |
|  Borrowings | 30117031 | 4392369 |  |  | (326602) |  | 469 | 34183267 |
|  Debentures | 48207103 | 5599481 | 1670044 |  | (133503) | 80760 | 159507 | 55583392 |
|  Lease liabilities | 527090 | (251559) | 48656 |  | (1564) |  | 218949 | 541572 |
|  Net derivative liabilities (for hedging purposes) | (72376) | 17231 | 20313 | (34199) |  | 322204 | 145008 | 398181 |
|  Other liabilities | 26626 | (41) | 15443 |  |  |  | 633 | 42661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 78805474 | 9757481 | 1754456 | (34199) | (461669) | 402964 | 524566 | 90749073 |

---

(\*) The change in lease liabilities due to the new contract includes 201,562 million Won.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | | | | | Not involving cash inflows and outflows | Not involving cash inflows and outflows | Not involving cash inflows and outflows | |
|  | <br>Beginning<br>balance | <br>Financing<br>activities<br>Cash flow | <br>Business<br>Combination | <br>Settlement of<br>derivatives<br>designated for<br>hedging<br>purposes | Foreign<br>Exchange | Variation of<br>gain(loss) on<br>valuation of<br>hedged<br>items | Others<br>(\*) | <br>Ending<br>balance |
|  Borrowings | 30986746 | (3011120) |  |  | 2113979 |  | 27426 | 30117031 |
|  Debentures | 41239245 | 5594220 |  |  | 870846 | 17417 | 485375 | 48207103 |
|  Lease liabilities | 334456 | (238770) |  |  | 13555 |  | 417849 | 527090 |
|  Net derivative liabilities (for hedging purposes) | 126299 | (25442) |  |  |  | (156422) | (16811) | (72376) |
|  Other liabilities | 28147 | (17690) |  |  |  |  | 16169 | 26626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 72714893 | 2301198 |  |  | 2998380 | (139005) | 930008 | 78805474 |

---

(\*) The change in lease liabilities due to the new contract includes 366,340 million Won.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**8.** **FINANCIAL ASSETS AT FVTPL** 

(1) Details of financial assets at FVTPL as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in
millions):

<u>December 31, 2025</u> <u>December 31, 2024</u> <br> Financial assets at fair value through profit or loss measured at fair value 34,245,475 25,202,672

(2) Financial assets at fair value through profit or loss measured at fair value as of December 31, 2025 and
2024 are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Deposits: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold banking asset | 261470 | 73951 |
|  Securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korean treasury and government agencies | 6044402 | 5053592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial institutions | 883209 | 1193809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporates | 1614666 | 348929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency bond | 698615 | 13186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities loaned |  | 12361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 311189 | 179411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities | 1613419 | 421313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital contributions | 3085315 | 2857698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beneficiary certificates | 12359483 | 4563102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 387342 | 236595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 26997640 | 14879996 |
|  Loans | 1126446 | 104177 |
|  Derivatives assets | 5774203 | 10094532 |
|  Other financial assets | 85716 | 50016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 34245475 | 25202672 |

---

The Group does not have financial assets at fair value through profit or loss designated as upon initial recognition as of December 31, 2025 and 2024.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**9.** **FINANCIAL ASSETS AT FVTOCI** 

(1) Details of financial assets at FVTOCI as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in
millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Debt securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korean treasury and government agencies | 20371690 | 7787052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial institutions | 32931685 | 25339937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporates | 10108432 | 3032609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond denominated in foreign currencies | 12974851 | 6763073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities loaned | 5674738 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 82061396 | 42922671 |
|  Equity securities | 1427885 | 875074 |
|  Loans | 10241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 83499522 | 43797745 |

---

(2) Details of equity securities designated as financial assets at FVTOCI as of December 31, 2025 and 2024 are
as follows (Unit: Korean Won in millions):

---

| | | | |
|:---|:---|:---|:---|
| Purpose of acquisition | December 31,<br>2025 | December 31,<br>2024 | Remarks |
|  Investment for strategic business partnership purpose | 1324666 | 766900 |  |
|  Debt-equity swap | 103219 | 108168 |  |
|  Others |  | 6 | Insurance for mutual aid<br>association, etc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 1427885 | 875074 |  |

---

(3) Changes in the loss allowance and gross carrying amount of financial assets at FVTOCI are as follows (Unit:
Korean Won in millions):

1) Loss Allowance

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | (29084) |  |  | (29084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net provision of loss allowance | (10190) |  |  | (10190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal | 8182 |  |  | 8182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*) | 1888 |  |  | 1888 |
|  Ending balance | (29204) |  |  | (29204) |

---

(\*) Others consist of foreign currencies translation, etc.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | (27379) |  |  | (27379) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net provision of loss allowance | (8868) |  |  | (8868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal | 6788 |  |  | 6788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*) | 375 |  |  | 375 |
|  Ending balance | (29084) |  |  | (29084) |

---

(\*) Others consist of foreign currencies translation, etc.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

2) Gross carrying amount 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | 42922671 |  |  | 42922671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition | 43438838 |  |  | 43438838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal / Recovery | (35030082) |  |  | (35030082) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation | (1956928) |  |  | (1956928) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization based on effective interest method | 216191 |  |  | 216191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes due to business combinations | 32515016 |  |  | 32515016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*) | (34069) |  |  | (34069) |
|  Ending balance | 82071637 |  |  | 82071637 |

---

(\*) Others consist of foreign currencies translation, etc.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | 36694111 |  |  | 36694111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition | 31921268 |  |  | 31921268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal / Recovery | (26868486) |  |  | (26868486) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation | 224898 |  |  | 224898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization based on effective interest method | 134553 |  |  | 134553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*) | 816327 |  |  | 816327 |
|  Ending balance | 42922671 |  |  | 42922671 |

---

(\*) Others consist of foreign currencies translation, etc.

(4) During the years ended December 31, 2025 and 2024, the Group sold its equity securities designated as
financial assets at FVTOCI in accordance with decision of disposal by the creditors, and the fair values at disposal dates were 10,913 million Won and 155,868 million Won, respectively, and cumulative gains and losses at disposal dates
were 1,806 million Won in loss and 72,975 million Won in gain, respectively.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**10.** **SECURITIES AT AMORTIZED COST** 

(1) Details of securities at amortized cost as of December 31, 2025 and 2024 are as follows (Unit: Korean Won
in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Korean treasury and government agencies | 9698695 | 7646463 |
|  Financial institutions | 3352648 | 4004011 |
|  Corporates | 4587881 | 5997996 |
|  Bond denominated in foreign currencies | 1079302 | 1555470 |
|  Others |  | 10000 |
|  Allowance for credit losses | (11067) | (10763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 18707459 | 19203177 |

---

(2) Changes in the loss allowance and gross carrying amount of securities at amortized cost are as follows (Unit:
Korean Won in millions):

1) Loss allowance

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | (10763) |  |  | (10763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net reversal of loss allowance | (330) |  |  | (330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*) | 26 |  |  | 26 |
|  Ending balance | (11067) |  |  | (11067) |

---

(\*) Changes due to foreign currencies translation, etc.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | (13941) |  |  | (13941) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net provision of loss allowance | 3287 |  |  | 3287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*) | (109) |  |  | (109) |
|  Ending balance | (10763) |  |  | (10763) |

---

(\*) Changes due to foreign currencies translation, etc.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

2) Gross carrying amount 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | 19213940 |  |  | 19213940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition | 5312962 |  |  | 5312962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal / Recovery | (5900990) |  |  | (5900990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization based on effective interest method | 111965 |  |  | 111965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*) | (19351) |  |  | (19351) |
|  Ending balance | 18718526 |  |  | 18718526 |

---

(\*) Changes due to foreign currencies translation, etc.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | 24010113 |  |  | 24010113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition | 2586171 |  |  | 2586171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal / Recovery | (7634677) |  |  | (7634677) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization based on effective interest method | 93318 |  |  | 93318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes due to business combinations | 10000 |  |  | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*) | 149015 |  |  | 149015 |
|  Ending balance | 19213940 |  |  | 19213940 |

---

(\*) Changes due to foreign currencies translation, etc.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**11.** **LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST** 

(1) Details of loans and other financial assets at amortized cost as of December 31, 2025 and 2024 are as
follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Due from banks | 2674644 | 2630604 |
|  Loans | 398706030 | 386069294 |
|  Other financial assets | 11115109 | 9771918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 412495783 | 398471816 |

---

(2) Details of due from banks are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Due from banks in local currency: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from depository banks | 531542 | 200366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from non-depository institutions | 20624 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from the Korea Exchange | 196557 | 239222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 407445 | 72314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss allowance | (408) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 1155760 | 512050 |
|  Due from banks in foreign currencies: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from banks on demand | 149839 | 177886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from banks on time | 276498 | 193654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 1096819 | 1753337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss allowance | (4272) | (6323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 1518884 | 2118554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 2674644 | 2630604 |

---

(3) Details of restricted due from banks are as follows (Unit: Korean Won in millions):

---

| | | | |
|:---|:---|:---|:---|
|  | Counterparty | December 31, 2025 | Reason of restriction |
|  Due from banks in local currency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | Korea Federation of Savings Bank and others | 248704 | Reserve deposits |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities trading | Korea Exchange Co.,Ltd. and Korea Securities Finance Corporation and others | 165304 | Customer deposit refund reserve and futures trading margin and others |
|  | Sub-total | 414008 |  |
|  Due from banks in foreign currencies: | Due from banks in foreign currencies: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from banks on demand | National Bank of Cambodia and others | 149279 | Reserve deposits and others |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from banks on time | Toronto Dominion Bank, New York, and others | 129141 | Federal Reserve Discount Window |
|  Others | GOLDMAN SACHS INTL., LON and others | 775829 | CSA collateral and others |
|  | Sub-total | 1054249 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 1468257 |  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | |
|:---|:---|:---|:---|
|  | Counterparty | December 31, 2024 | Reason of restriction |
|  Due from banks in local currency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | Korea Federation of Savings Bank and others | 77835 | Reserve deposits |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities trading | Korea Securities Finance Corporation | 238445 | Customer deposit refund reserve and futures trading margin and others |
|  Sub-total |  | 316280 |  |
|  Due from banks in foreign currencies: | Due from banks in foreign currencies: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from banks on demand | National Bank of Cambodia and others | 169064 | Reserve deposits and others |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from banks on time | National Bank of Cambodia | 284 | Usage deposits for fund settlement system and others |
|  Others | BNP-PARIBAS, PAR and others | 1093853 | CSA collateral and others |
|  | Sub-total | 1263201 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 1579481 |  |

---

(4) Changes in the loss allowance and gross carrying amount of due from banks are as follows (Unit: Korean Won in
millions):

1) Allowance for credit losses

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | (6327) |  |  | (6327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal for allowance for credit loss | 1697 |  |  | 1697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*) | (50) |  |  | (50) |
|  Ending balance | (4680) |  |  | (4680) |

---

(\*) Changes due to foreign currencies translation, etc.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | (15846) |  |  | (15846) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for allowance for credit loss | 9874 |  |  | 9874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*) | (355) |  |  | (355) |
|  Ending balance | (6327) |  |  | (6327) |

---

(\*) Changes due to foreign currencies translation, etc.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

2) Gross carrying amount 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | 2636931 |  |  | 2636931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease | (758983) |  |  | (758983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes due to business combinations | 807306 |  |  | 807306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*) | (5930) |  |  | (5930) |
|  Ending balance | 2679324 |  |  | 2679324 |

---

(\*) Changes due to foreign currencies translation, etc.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | 1966419 |  |  | 1966419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease | 390154 |  |  | 390154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes due to business combinations | 165476 |  |  | 165476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*) | 114882 |  |  | 114882 |
|  Ending balance | 2636931 |  |  | 2636931 |

---

(\*) Changes due to foreign currencies translation, etc.

(5) Details of loans are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Loans in local currency | 322659399 | 315597374 |
|  Loans in foreign currencies | 32375735 | 33166984 |
|  Domestic banker's usance | 2647891 | 2803761 |
|  Credit card accounts | 13960884 | 12488523 |
|  Bills bought in foreign currencies | 4396122 | 4328404 |
|  Bills bought in local currency | 82657 | 224835 |
|  Factoring receivables | 6315 | 5994 |
|  Advances for customers on guarantees | 12602 | 9814 |
|  Private placement bonds | 669431 | 444900 |
|  Securitized loans | 3325383 | 3300876 |
|  Call loans | 2430625 | 1847376 |
|  Bonds purchased under resale agreements | 14598594 | 10551018 |
|  Financial lease receivables | 991331 | 1106912 |
|  Installment financial bond | 2429860 | 2620534 |
|  Securities loans | 445960 |  |
|  Others | 2257 |  |
|  Loan origination costs and fees | 926343 | 938886 |
|  Discounted present value | (9107) | (9272) |
|  Allowance for credit losses | (3246252) | (3357625) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 398706030 | 386069294 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(6) Changes in the loss allowance of loans are as follows (Unit: Korean Won in millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Consumers | Consumers | Consumers | Corporates | Corporates | Corporates | Corporates |
|  | Stage 1 | Stage 2 | Stage 3 | Stage 1 | Stage 2 | Stage 3 | Credit<br>impairment<br>model |
|  Beginning balance | (228330) | (148315) | (280125) | (971499) | (699646) | (625921) | (7295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses | (34745) | 33583 | 1162 | (88031) | 80756 | 7275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses | 17032 | (19243) | 2211 | 36659 | (49487) | 12828 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets | 11444 | 15959 | (27403) | 106321 | 132761 | (239082) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net provision of allowance for credit losses | 22945 | (43140) | (374328) | (36919) | 52189 | (1096710) | (3809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recovery |  |  | (45352) |  |  | (47208) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charge-off |  |  | 277324 |  |  | 899536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal | 23 | 1638 | 92299 | 24 | 3736 | 300492 | 7002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from impaired loans |  |  | 17062 |  |  | 32817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business combination-related changes | (2536) | (184) | (13979) | (22505) | (26471) | (32605) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 9578 | 2239 | 34898 | 19332 | 25461 | 98717 | (5207) |
|  Ending balance | (204589) | (157463) | (316231) | (956618) | (480701) | (689861) | (9309) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Credit card accounts | Credit card accounts | Credit card accounts | Total | Total | Total | Total |
|  | Stage 1 | Stage 2 | Stage 3 | Stage 1 | Stage 2 | Stage 3 | Credit<br>impairment<br>model |
|  Beginning balance | (123297) | (115030) | (158167) | (1323126) | (962991) | (1064213) | (7295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses | (33208) | 32833 | 375 | (155984) | 147172 | 8812 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses | 9750 | (10683) | 933 | 63441 | (79413) | 15972 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets | 2156 | 3191 | (5347) | 119921 | 151911 | (271832) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net provision of allowance for credit losses | 14042 | (14140) | (467418) | 68 | (5091) | (1938456) | (3809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recovery |  |  | (27170) |  |  | (119730) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charge-off |  |  | 386448 |  |  | 1563308 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal |  |  | 73252 | 47 | 5374 | 466043 | 7002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from impaired loans |  |  |  |  |  | 49879 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business combination-related changes |  |  |  | (25041) | (26655) | (46584) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  |  | 28910 | 27700 | 133615 | (5207) |
|  Ending balance | (130557) | (103829) | (197094) | (1291764) | (741993) | (1203186) | (9309) |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Consumers | Consumers | Consumers | Corporates | Corporates | Corporates | Corporates |
|  | Stage 1 | Stage 2 | Stage 3 | Stage 1 | Stage 2 | Stage 3 | Credit<br>impairment<br>model |
|  Beginning balance | (196845) | (134002) | (220845) | (947688) | (762644) | (363703) | (89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses | (27467) | 25983 | 1484 | (76352) | 75186 | 1166 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses | 14659 | (17333) | 2674 | 60633 | (63280) | 2647 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets | 7714 | 18054 | (25768) | 128228 | 162162 | (290390) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net provision of allowance for credit losses | (28741) | (43686) | (378285) | (107916) | (121901) | (582211) | (7663) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recovery |  |  | (61554) |  |  | (36318) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charge-off |  |  | 262651 |  |  | 329506 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal | 1442 | 2032 | 75603 | 23 | 6675 | 297533 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from impaired loans |  |  | 14629 |  |  | 30185 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 908 | 637 | 49286 | (28427) | 4156 | (14336) | (1002) |
|  Ending balance | (228330) | (148315) | (280125) | (971499) | (699646) | (625921) | (7295) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Credit card accounts | Credit card accounts | Credit card accounts | Total | Total | Total | Total |
|  | Stage 1 | Stage 2 | Stage 3 | Stage 1 | Stage 2 | Stage 3 | Credit<br>impairment<br>model |
|  Beginning balance | (97734) | (118112) | (133398) | (1242267) | (1014758) | (717946) | (89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses | (30968) | 30740 | 228 | (134787) | 131909 | 2878 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses | 8951 | (9609) | 658 | 84243 | (90222) | 5979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets | 1196 | 2400 | (3596) | 137138 | 182616 | (319754) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net provision of allowance for credit losses | (4742) | (20449) | (379984) | (141399) | (186036) | (1340480) | (7663) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recovery |  |  | (24021) |  |  | (121893) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charge-off |  |  | 290321 |  |  | 882478 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal |  |  | 91625 | 1465 | 8707 | 464761 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from impaired loans |  |  |  |  |  | 44814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  |  | (27519) | 4793 | 34950 | (1002) |
|  Ending balance | (123297) | (115030) | (158167) | (1323126) | (962991) | (1064213) | (7295) |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(7) Changes in the gross carrying amount of loans are as follows (Unit: Korean Won in millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Consumers | Consumers | Consumers | Corporates | Corporates | Corporates | Corporates |
|  | Stage 1 | Stage 2 | Stage 3 | Stage 1 | Stage 2 | Stage 3 | Credit<br>impairment<br>model |
|  Beginning balance | 141003546 | 15063902 | 781868 | 206025023 | 11425641 | 1491816 | 1147147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses | 4548877 | (4532512) | (16365) | 2780117 | (2768089) | (12028) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses | (6379394) | 6407932 | (28538) | (4527298) | 4552830 | (25532) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets | (304313) | (255404) | 559717 | (1038594) | (669202) | 1707796 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charge-off |  |  | (277324) |  |  | (899536) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal | (149) | (3986) | (285675) | (199) | (11067) | (974939) | (7002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase(decrease) | 7451142 | (1505776) | 184053 | 2706477 | (2632204) | 329175 | (2495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business combination-related changes | 700146 | 130549 | 14436 | 5761606 | 265660 | 100959 |  |
|  Ending balance | 147019855 | 15304705 | 932172 | 211707132 | 10163569 | 1717711 | 1137650 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Credit card accounts | Credit card accounts | Credit card accounts | Total | Total | Total | Total |
|  | Stage 1 | Stage 2 | Stage 3 | Stage 1 | Stage 2 | Stage 3 | Credit<br>impairment<br>model |
|  Beginning balance | 11171885 | 1036118 | 279973 | 358200454 | 27525661 | 2553657 | 1147147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses | 428406 | (427845) | (561) | 7757400 | (7728446) | (28954) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses | (550026) | 551422 | (1396) | (11456718) | 11512184 | (55466) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets | (89144) | (25223) | 114367 | (1432051) | (949829) | 2381880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charge-off |  |  | (386448) |  |  | (1563308) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal |  |  | (126253) | (348) | (15053) | (1386867) | (7002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase(decrease) | 1559511 | (834) | 435535 | 11717130 | (4138814) | 948763 | (2495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business combination-related changes |  |  |  | 6461752 | 396209 | 115395 |  |
|  Ending balance | 12520632 | 1133638 | 315217 | 371247619 | 26601912 | 2965100 | 1137650 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Consumers | Consumers | Consumers | Corporates | Corporates | Corporates | Corporates |
|  | Stage 1 | Stage 2 | Stage 3 | Stage 1 | Stage 2 | Stage 3 | Credit<br>impairment<br>model |
|  Beginning balance | 132812981 | 14714396 | 642086 | 188612028 | 10621387 | 856844 | 768487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses | 4575673 | (4560653) | (15020) | 2276379 | (2273396) | (2983) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses | (6411510) | 6439154 | (27644) | (5689553) | 5698302 | (8749) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets | (301556) | (236753) | 538309 | (904171) | (752177) | 1656348 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charge-off |  |  | (262651) |  |  | (329506) | (622) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal | (43168) | (45410) | (329255) | (134) | (72244) | (951160) | (351530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase(decrease) | 10371126 | (1246832) | 236043 | 21730474 | (1796231) | 271022 | 730812 |
|  Ending balance | 141003546 | 15063902 | 781868 | 206025023 | 11425641 | 1491816 | 1147147 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Credit card accounts | Credit card accounts | Credit card accounts | Total | Total | Total | Total |
|  | Stage 1 | Stage 2 | Stage 3 | Stage 1 | Stage 2 | Stage 3 | Credit<br>impairment<br>model |
|  Beginning balance | 11287068 | 983611 | 253351 | 332712077 | 26319394 | 1752281 | 768487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses | 336985 | (336651) | (334) | 7189037 | (7170700) | (18337) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses | (539512) | 540471 | (959) | (12640575) | 12677927 | (37352) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets | (57937) | (21408) | 79345 | (1263664) | (1010338) | 2274002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charge-off |  |  | (290321) |  |  | (882478) | (622) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal |  |  | (147812) | (43302) | (117654) | (1428227) | (351530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase(decrease) | 145281 | (129905) | 386703 | 32246881 | (3172968) | 893768 | 730812 |
|  Ending balance | 11171885 | 1036118 | 279973 | 358200454 | 27525661 | 2553657 | 1147147 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(8) Details of other financial assets are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Cash Management Account asset (CMA asset) | 115000 | 120000 |
|  Receivables | 7543495 | 6411884 |
|  Accrued income | 2277963 | 1779310 |
|  Telex and telephone subscription rights and refundable deposits | 805980 | 778986 |
|  Domestic exchange settlement debit | 273249 | 441992 |
|  Other assets | 437085 | 452760 |
|  Allowance for credit losses | (337663) | (213014) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 11115109 | 9771918 |

---

(9) Changes in the allowances for credit losses on other financial assets are as follows (Unit: Korean Won in
millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | (20934) | (22020) | (170060) | (213014) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses | (918) | 745 | 173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses | 232 | (272) | 40 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets | 328 | 1877 | (2205) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision of loss allowance | (6941) | 6090 | (140939) | (141790) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charge-off |  |  | 32557 | 32557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal |  |  | 1343 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 1220 | (63) | 215 | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business combination-related changes | (242) | (13) | (17876) | (18131) |
|  Ending balance | (27255) | (13656) | (296752) | (337663) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | (9019) | (17062) | (130199) | (156280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses | (557) | 493 | 64 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses | 372 | (429) | 57 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets | 1202 | 5355 | (6557) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision of loss allowance | (7662) | (10372) | (31336) | (49370) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charge-off | 1224 |  | 5275 | 6499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal |  | 4 | 2538 | 2542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | (6494) | (9) | (9902) | (16405) |
|  Ending balance | (20934) | (22020) | (170060) | (213014) |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(10) Changes in the gross carrying amount of other financial assets are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | 9435449 | 99254 | 450229 | 9984932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses | 17359 | (17181) | (178) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses | (24982) | 25043 | (61) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets | (8048) | (10864) | 18912 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charge-off |  |  | (32557) | (32557) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal |  |  | (1493) | (1493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 850003 | (18324) | 142106 | 973785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes due to business combinations | 505221 | 420 | 22464 | 528105 |
|  Ending balance | 10775002 | 78348 | 599422 | 11452772 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | 12510625 | 111898 | 154153 | 12776676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit losses | 22084 | (19273) | (2811) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to lifetime expected credit losses | (38819) | 38881 | (62) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets | (12265) | (15695) | 27960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charge-off | (1224) |  | (5275) | (6499) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal |  | (7) | (3034) | (3041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (3048051) | (16550) | 279298 | (2785303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes due to business combinations | 3099 |  |  | 3099 |
|  Ending balance | 9435449 | 99254 | 450229 | 9984932 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**12.** **FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES** 

(1) The fair value hierarchy

The fair value hierarchy for financial instruments is determined by the amount of observable market data. The specific financial instruments characteristics and market condition such as the existence of the transactions among market participants and transparency are reflected to the market observable inputs. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities. The Group maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value of its financial assets and financial liabilities. Fair value is measured based on the perspective of a market participant. As such, even when market assumptions are not readily available, the Group's own assumptions reflect those that market participants would use for measuring the assets or liabilities at the measurement date.

The fair value measurement is described in one of the following three levels used to classify fair value measurements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - fair value measurements are those derived from quoted prices (unadjusted) in active markets for
identical assets or liabilities. The types of financial assets or liabilities generally included in Level 1 are publicly traded equity securities, derivatives, and debt securities issued by governmental bodies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - fair value measurements are those derived from inputs other than quoted prices included within
Level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices). The types of financial assets or liabilities generally included in Level 2 are debt securities not traded in
active markets and derivatives traded in OTC but not required significant judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - fair value measurements are those derived from valuation technique that include inputs for the assets
or liabilities that are not based on observable market data (unobservable inputs). The types of financial assets or liabilities generally included in Level 3 are non-public securities and derivatives and
debt securities of which valuation techniques require significant judgments and subjectivity.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Group's assessment of the significance of a particular input to a fair value measurement in its entirety requires judgment and consideration of inherent factors of the asset or liability.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(2) Fair value hierarchy of financial assets and liabilities measured at fair value are as follows (Unit: Korean
Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Level 1 (\*) | Level 2 (\*) | Level 3 | Total |
|  Financial assets: |  |  |  |  |
|  Financial assets at FVTPL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits | 261470 |  |  | 261470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities | 4635643 | 4840091 | 76347 | 9552081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities | 1063788 |  | 549631 | 1613419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital contributions |  | 12186 | 3073129 | 3085315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beneficiary certificates | 1118879 | 4112983 | 7127621 | 12359483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  | 901831 | 224615 | 1126446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets |  | 5773283 | 920 | 5774203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets in foreign currency |  | 1898 | 83949 | 85847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 146475 | 240736 | 387211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 7079780 | 15788747 | 11376948 | 34245475 |
|  Financial assets at FVTOCI |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities | 29820964 | 52240432 |  | 82061396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities | 363401 |  | 1064484 | 1427885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  |  | 10241 | 10241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 30184365 | 52240432 | 1074725 | 83499522 |
|  Derivative assets (designated for hedging) |  | 217180 |  | 217180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 37264145 | 68246359 | 12451673 | 117962177 |
|  Financial liabilities: |  |  |  |  |
|  Financial liabilities at FVTPL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits due to customers | 263251 |  |  | 263251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities |  | 5129428 | 236 | 5129664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold | 496518 |  |  | 496518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 759769 | 5129428 | 236 | 5889433 |
|  Financial instruments designated to be measured at FVTPL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits due to customers |  | 467501 |  | 467501 |
|  Derivative liabilities (designated for hedging) |  | 615361 |  | 615361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 759769 | 6212290 | 236 | 6972295 |

---

(\*) There were no transfers between Level 1 and Level 2 of financial assets and liabilities measured at fair value. The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Level 1 (\*) | Level 2 (\*) | Level 3 | Total |
|  Financial assets: |  |  |  |  |
|  Financial assets at FVTPL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits | 73951 |  |  | 73951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities | 4304048 | 2489883 | 7357 | 6801288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities | 22414 |  | 398899 | 421313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital contributions |  | 4185 | 2853513 | 2857698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beneficiary certificates | 156898 | 2301044 | 2105160 | 4563102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  | 69401 | 34776 | 104177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets |  | 10093344 | 1188 | 10094532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets in foreign currency |  |  | 48345 | 48345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  | 238266 | 238266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 4557311 | 14957857 | 5687504 | 25202672 |
|  Financial assets at FVTOCI |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities | 14117592 | 28805079 |  | 42922671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities | 315640 |  | 559434 | 875074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 14433232 | 28805079 | 559434 | 43797745 |
|  Derivative assets (designated for hedging) |  | 175191 |  | 175191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 18990543 | 43938127 | 6246938 | 69175608 |
|  Financial liabilities: |  |  |  |  |
|  Financial liabilities at FVTPL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits due to customers | 74205 |  |  | 74205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities |  | 9090696 | 1402 | 9092098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold | 182478 |  |  | 182478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 256683 | 9090696 | 1402 | 9348781 |
|  Financial instruments designated to be measured at FVTPL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits due to customers |  | 547816 |  | 547816 |
|  Derivative liabilities (designated for hedging) |  | 102815 |  | 102815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 256683 | 9741327 | 1402 | 9999412 |

---

(\*) There were no transfers between Level 1 and Level 2 of financial assets and liabilities measured at fair value. The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

Financial assets and liabilities at FVTPL, financial liabilities at FVTPL designated as upon initial recognition, financial assets at FVTOCI, and derivative assets and liabilities are recognized at fair value. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

Financial instruments are measured at fair value using a quoted market price in active markets. If there is no active market for a financial instrument, the Group determines the fair value using valuation methods. Valuation methods and input variables for each type of financial instrument are as follows:

1) Valuation methods and input variables for each type of financial instrument classified into level 2 as of December 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | Valuation methods | Input variables |
| Debt securities | Fair value is measured by discounting the future cash flows of debt securities applying the risk-free market rate with credit spread, Monte-Carlo Simulation, and Hull-White model. | Risk-free market rate, credit spread, risk-free rate, credit spread, matrix method yield to maturity, effective credit grade, company-specific risk spread, weighted average expected maturity of MBS with consideration for prepayment, exchange rate, and stock price |
| Stocks, capital contributions and beneficiary certificates | Fair value is measured by using the net asset value method, DCF, FCFE (Free Cash Flow to Equity Mode), Comparable Company Analysis, Dividend Discount Model, Risk-adjusted Rate of Return Method, LSMC (Least-Squares Monte Carlo), and Hull-White model. | Values of underlying assets such as bond, risk-free market rate, market risk premium, corporate beta, discount rate based on credit rating, volatility of stock prices, and volatility of interest rates. |
| Derivatives | Fair value is measured by models such as option model, DCF model and, Implied Forward Rate calculation method etc. | Discount rate, volatility of underlying assets, exchange rate, OIS, KTB, and CDS rates. |
| Loans | The future cash flows of debt instruments are measured at a discount by applying the market interest rate applied to entities with similar creditworthiness to the debtor. | Risk-free market rate and credit spread |
| Deposits due to customers | Fair value is measured by Hull-White model. | Swaption Volume etc. |

---

2) Valuation methods and input variables for each type of financial instrument classified into level 3 as of December 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | Valuation methods | Input variables |
| Loans | Fair value is measured by using the DCF model (Discounted Cash Flow Model) and risk-adjusted discount rate method (Tsiveriotis-Fernandes), LSMC (Least-Squares Monte Carlo), BDT model, and Hull-White which are generally used in the market considering the price of underlying assets and volatility. | Price of underlying assets, volatility, discount rate, volatility of stock, risk-free market rate, credit spread, interest rate, correlation coefficient |
|  Stocks, capital contributions and beneficiary certificates | Fair value is measured using one or more valuation methodologies—such as the Discounted Cash Flow (DCF) model, Free Cash Flow to Equity (FCFE) model, comparable company analysis, dividend discount model, risk-adjusted discount rate method, net asset value method, LSMC, binomial model, market approach, Hull-White model, or recent (most recent) transaction method—selected as appropriate in consideration of the characteristics of the valuation subject. | Risk-free market return, market risk premium, company beta, stock price, underlying asset volatility, fair value of underlying assets, price of the underlying asset, recent transaction price, discount rate based on credit rating, interest rate volatility, real estate sale price volatility, price-to-book ratio (PBR), price-to-sales ratio (PSR), net asset value, paid-in capital increase amount, issuance information by instrument, matrix-based yield to maturity (YTM), company-specific risk spread, perpetual growth rate, liquidation value change rate and interest rate. |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | |
|:---|:---|:---|
|  | Valuation methods | Input variables |
| Debt securities | Future cash flows of the debt securities are measured by discounting them using a market interest rate applicable to companies with credit ratings similar to that of the issuer | Discount rate, perpetual growth rate, and liquidation value change rate |
| Derivatives | Fair value is measured by models such as option model. | Correlation coefficient, stock price, volatility of underlying assets etc. |
| Others | The fair value of the underlying asset, after calculating the fair value using the DCF model, etc., considering the price and volatility of the calculated underlying asset, is calculated using the binomial tree, which is commonly used valuation techniques in the market. | Stock price, volatility of underlying assets etc. |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

Valuation methods of financial assets and liabilities measured at fair value and classified into Level 3 and significant but unobservable inputs are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | <br>Fair value<br>measurement<br>technique | <br>Type | Significant<br> unobservable inputs | Range | Impact of changes in significant<br>unobservable inputs on fair value<br>measurement |
|  Debt securities | LSMC(Hull-White) |  | Volatility | 23.45%~37.48% | Variation of fair value increases as volatility increases. |
|  Loans | DCF model and<br>others |  | Discount rate | 0.70%~5.26% | Fair value increases as discount rate decreases. |
|  Derivatives | Option valuation<br>model and others | Equity<br>related | Stock prices, Volatility of underlying asset | 22.55% | Variation of fair value increases as volatility and stock price increases. |
|  |  |  | Discount rate | 16.88% | Fair value increases as discount rate decreases. |
|  |  |  | Liquidation value | 0.00% | Fair value increases as liquidation value increases. |
|  Stocks, capital contributions, and beneficiary certificates | Binomial Tree |  | Volatility of stock | 20.19%~31.51% | Fair value increases as volatility of stock increases |
|  |  |  | Stock prices, Volatility of underlying asset | 14.91%~34.34% | Variation of fair value increases as volatility of underlying asset and stock price increases. |
|  | DCF model and<br>others |  | Discount rate | 2.77%~19.05% | Fair value increases as discount rate decreases. |
|  |  |  | Terminal growth rate | 0.00%~1.00% | Fair value increases as terminal growth rate increases. |
|  |  |  | Liquidation value | -1.00%~12.41% | Fair value increases as liquidation value increases. |
|  |  |  | Interest rate | 2.38%~3.42% | Fair value increases as interest rate decreases. |
|  | LMSC(Hull-White) |  | Volatility | 0.56% | Variation of fair value increases as volatility increases. |
|  |  |  | Discount rate | 3.83% ~ 6.10% | Fair value increases as discount rate decreases. |
|  | Market Value<br>Approach |  | Stock volatility | 27.86%~31.51% | Variation of fair value increases as stock volatility increases. |
|  Others | Binomial Tree and<br>others |  | Stock prices, Volatility of underlying asset | 14.91%~42.44% | Variation of fair value increases as volatility of underlying asset and stock price increases. |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | December 31, 202**4** | December 31, 202**4** | December 31, 202**4** |
|  | <br>Fair value<br>measurement<br>technique | <br>Type | Significant<br> unobservable inputs | Range | Impact of changes in significant<br>unobservable inputs on fair value<br>measurement |
|  Debt securities | LSMC(Hull-White) |  | Volatility | 28.09%~88.35% | Variation of fair value increases as volatility increases. |
|  Loans | DCF model |  | Discount rate | 4.17%~5.98% | Fair value increases as discount rate decreases. |
|  Derivatives | Option valuation<br>model and others | Equity related | Correlation coefficient | 0.29~0.65 | Variation of fair value increases as correlation coefficient increases. |
|  |  |  | Stock prices, Volatility of underlying asset | 25.71% | Variation of fair value increases as volatility and stock price increases. |
|  |  |  | Discount rate | 3.94%~19.62% | Fair value increases as discount rate decreases. |
|  |  |  | Terminal growth rate | 0.00% | Fair value increases as terminal growth rate increases. |
|  Stocks, capital contributions, and beneficiary certificates | Binomial Tree |  | Stock prices, Volatility of underlying asset | 18.76%~36.37% | Variation of fair value increases as volatility of underlying asset and stock price increases. |
|  | DCF model and<br>others |  | Discount rate | 4.76%~19.84% | Fair value increases as discount rate decreases. |
|  |  |  | Terminal growth rate | 0.00%~1.00% | Fair value increases as terminal growth rate increases. |
|  |  |  | Liquidation value | -1.00%~1.00% | Fair value increases as liquidation value increases. |
|  | LMSC(Hull-White) |  | Volatility of stock | 29.30% | Variation of fair value increases as volatility increases. |
|  |  |  | Discount rate | 6.45%~15.56% | Fair value increases as discount rate decreases. |
|  Others | Binomial Tree |  | Stock prices, Volatility of underlying asset | 18.36%~36.90% | Variation of fair value increases as volatility of underlying asset and stock price increases. |

---

Fair value of financial assets and liabilities classified into Level 3 is measured by the Group using its own valuation methods or using external specialists. Unobservable inputs used in the fair value measurements are produced by the internal system of the Group and the appropriateness of inputs is reviewed regularly.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(3) Changes in financial assets and liabilities measured at fair value classified into Level 3 are as follows (Unit: Korean Won in millions):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Beginning<br>balance | Business<br>combination | Net income<br>(loss) (\*1) | Other<br>comprehensive<br>income | Purchases/<br>issuances | Disposals /<br>settlements | Transfer to<br>or out of<br>Level 3 (\*2) | Ending<br>balance |
|  Financial assets: |  |  |  |  |  |  |  |  |
|  Financial assets at FVTPL |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities | 7357 |  | 19786 |  | 56562 | (7358) |  | 76347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities | 398899 | 98457 | 11895 |  | 78615 | (21274) | (16961) | 549631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital contributions | 2853513 | 55160 | 45937 |  | 467100 | (344275) | (4306) | 3073129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beneficiary certificates | 2105160 | 4844951 | 50083 |  | 204980 | (77553) |  | 7127621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | 34776 | 205627 | 2869 |  | 10302 | (28959) |  | 224615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets | 1188 |  | (1473) |  | 1349 | (144) |  | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other foreign currency financial assets | 48345 |  | (117) |  | 35721 |  |  | 83949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 238267 |  | 9603 |  | 12095 | (19229) |  | 240736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 5687505 | 5204195 | 138583 |  | 866724 | (498792) | (21267) | 11376948 |
|  Financial assets at FVTOCI |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities | 559434 | 421450 |  | 86683 | 3038 | (905) | (5216) | 1064484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  |  |  | 3 | 348428 | (338190) |  | 10241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 559434 | 421450 |  | 86686 | 351466 | (339095) | (5216) | 1074725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 6246939 | 5625645 | 138583 | 86686 | 1218190 | (837887) | (26483) | 12451673 |
|  Financial liabilities: |  |  |  |  |  |  |  |  |
|  Financial liabilities at FVTPL |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | 1402 |  |  |  | 236 | (1402) |  | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 1402 |  |  |  | 236 | (1402) |  | 236 |

---

---

| | |
|:---|:---|
| (\*1) | For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent gains that decrease balance. The gain amounts to 70,463 million Won for the year ended December 31, 2025, which is from financial assets and liabilities that the Group holds as at the end of the year.  |

---

(\*2) The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Beginning<br>balance | Net income<br>(loss) (\*1) | Other<br>comprehensive<br>income | Purchases/<br>issuances | Disposals /<br>settlements | Transfer to<br>or out of<br>Level 3 (\*2) | Ending<br>balance |
|  Financial assets: |  |  |  |  |  |  |  |
|  Financial assets at FVTPL |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities | 4230 | 727 |  | 5000 | (2600) |  | 7357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities | 353279 | (3909) |  | 72230 | (24648) | 1947 | 398899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital contributions | 2459646 | 89418 |  | 565396 | (254369) | (6578) | 2853513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beneficiary certificates | 1705965 | 58640 |  | 403439 | (62632) | (252) | 2105160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | 56002 | 754 |  | 326516 | (348496) |  | 34776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets | 129138 | (1169) |  | 327 | (127108) |  | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other foreign currency financial assets | 42408 | 5937 |  |  |  |  | 48345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 183274 | 13336 |  | 58813 | (17157) |  | 238266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 4933942 | 163734 |  | 1431721 | (837010) | (4883) | 5687504 |
|  Financial assets at FVTOCI |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities | 548164 |  | 10920 | 2841 | (5954) | 3463 | 559434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  |  |  | 202916 | (202916) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 548164 |  | 10920 | 205757 | (208870) | 3463 | 559434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 5482106 | 163734 | 10920 | 1637478 | (1045880) | (1420) | 6246938 |
|  Financial liabilities: |  |  |  |  |  |  |  |
|  Financial liabilities at FVTPL |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | 1994 | 1115 |  |  | (1707) |  | 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 1994 | 1115 |  |  | (1707) |  | 1402 |

---

---

| | |
|:---|:---|
| (\*1) | For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent gains that decrease balance. The gain amounts to 204,822 million Won for the year ended December 31, 2024, which is from financial assets and liabilities that the Group holds as at the end of the year.  |

---

(\*2) The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(4) Sensitivity analysis results on reasonable fluctuation of the significant unobservable input variables for the
fair value of Level 3 financial instruments are as follows.

The sensitivity analysis of the financial instruments has been performed by classifying with favorable and unfavorable changes based on how changes in unobservable assumptions would have effects on the fluctuations of financial instruments' value. When the fair value of a financial instrument is affected by more than one unobservable assumption, the table below reflects the most favorable or the most unfavorable changes which resulted from varying the assumptions individually. The sensitivity analysis was performed for two types of level 3 financial instruments: (1) interest rate-related derivatives, currency-related derivatives, equity related derivatives, beneficiary certificates and loans of which fair value changes are recognized as net income; (2) equity securities of which fair value changes are recognized as other comprehensive income.

Meanwhile, among the financial instruments that are classified as Level 3 amounting to 12,451,909 million Won and 6,248,340 million Won as of December 31, 2025 and 2024, respectively, equity instruments of 6,234,075 million Won and 5,655,401 million Won whose carrying amount is considered to represent the reasonable approximation of fair value are excluded from the sensitivity analysis.

The sensitivity on fluctuation of input variables by financial instruments as of December 31, 2025 and 2024 is as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Net income (loss) | Net income (loss) | Other comprehensive<br>income (loss) | Other comprehensive<br>income (loss) |
|  | Favorable | Unfavorable | Favorable | Unfavorable |
|  Financial assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at FVTPL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets (\*1) (\*4) | 19 | (19) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans (\*2) | 258 | (265) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities (\*3) | 1343 | (1360) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities (\*2) (\*4) (\*5) | 23858 | (17454) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beneficiary certificates (\*5) (\*6) | 55124 | (52986) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*4) | 2731 | (2458) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at FVTOCI |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities (\*5) |  |  | 50556 | (44137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 83333 | (74542) | 50556 | (44137) |

---

---

| | |
|:---|:---|
| (\*1) | Fair value changes of equity related derivatives assets and liabilities are calculated by increasing or decreasing liquidation value or discount rate, which are major unobservable variables, by 1% each, respectively.  |

---

---

| | |
|:---|:---|
| (\*2) | Fair value changes of equity securities are calculated y increasing or decreasing the correlation between the key unobservable inputs—growth rate (0–1%) and discount rate, or liquidation value (–1–1%) and discount rate.  |

---

---

| | |
|:---|:---|
| (\*3) | Fair value changes of equity securities are calculated by increasing or decreasing stock price volatility, which is major unobservable variables, by 10%.  |

---

---

| | |
|:---|:---|
| (\*4) | Fair value changes of equity securities are calculated by increasing or decreasing stock price (-10%p~10%p) and volatility (-10%p~10%p), which are major unobservable variables.  |

---

---

| | |
|:---|:---|
| (\*5) | Fair value changes of equity securities are calculated by increasing or decreasing discount rate (-1%p~1%p) and growth rate (-1%p~1%p) and or liquidation value (-1%p~1%p), which are major unobservable variables.  |

---

---

| | |
|:---|:---|
| (\*6) | Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of the real estate are calculated by increasing or decreasing liquidation value of real estate which is underlying assets and discount rate by 1%.  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Net income (loss) | Net income (loss) | Other comprehensive<br>income (loss) | Other comprehensive<br>income (loss) |
|  | Favorable | Unfavorable | Favorable | Unfavorable |
|  Financial assets: |  |  |  |  |
|  Financial assets at FVTPL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets (\*1) | 50 | (51) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans (\*2) | 155 | (152) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities (\*3) | 469 | (435) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities (\*2) (\*4) (\*5) | 19824 | (14380) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beneficiary certificates (\*6) | 706 | (705) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*4) (\*6) | 2554 | (2402) |  |  |
|  Financial assets at FVTOCI |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities (\*5)(\*6)(\*7) |  |  | 47087 | (32879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 23758 | (18125) | 47087 | (32879) |
|  Financial liabilities: |  |  |  |  |
|  Financial liabilities at FVTPL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities (\*1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  |

---

---

| | |
|:---|:---|
| (\*1) | Fair value changes of equity-related derivatives assets and liabilities are calculated by increasing or decreasing correlation or volatility, which are major unobservable variables, by 10% each, respectively.  |

---

---

| | |
|:---|:---|
| (\*2) | Fair value changes are calculated by increasing or decreasing growth rate (0%~1%) and discount rate or liquidation value (-1%~1%), which are major unobservable variables.  |

---

---

| | |
|:---|:---|
| (\*3) | Fair value changes are calculated by increasing or decreasing stock price volatility by 10%, which are major unobservable variables.  |

---

---

| | |
|:---|:---|
| (\*4) | Fair value changes of equity securities are calculated by increasing or decreasing stock price (-10%~10%) and volatility (-10%p~10%p), which are major unobservable variables.  |

---

---

| | |
|:---|:---|
| (\*5) | Fair value changes of equity securities are calculated by increasing or decreasing growth rate (-1%p~1%p) and discount rate (-1%p~1%p) or liquidation value (-1%p~1%p), which are major unobservable variables.  |

---

---

| | |
|:---|:---|
| (\*6) | Even if the sensitivity analysis of the capital contributions and beneficiary certificates among equity securities is not possible in practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of real estate are calculated by increasing or decreasing price fluctuation rate of real estate which are underlying assets and discount rate by 1%p.  |

---

(\*7) Fair value changes of equity securities are calculated by increasing or decreasing correlation between growth rate and discount rate, which are unobservable variables.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Fair value and carrying amount of financial assets and liabilities that are recorded at amortized cost are as
follows (Unit: Korean Won in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Fair value | Fair value | Fair value | Fair value | Carrying<br>amount |
|  | Level 1 | Level 2 | Level 3 | Total | Carrying<br>amount |
|  Financial assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities at amortized cost | 6900333 | 11750572 |  | 18650905 | 18707459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other financial assets at amortized cost |  | 9214407 | 405939832 | 415154239 | 412495783 |
|  Financial liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits due to customers |  | 376725914 |  | 376725914 | 376580845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 33953026 | 184609 | 34137635 | 34183267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures |  | 54302059 | 1256084 | 55558143 | 55583392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment contract liabilities |  |  | 3433611 | 3433611 | 3433611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial liabilities (\*) |  | 36473258 | 932195 | 37405453 | 37576486 |

---

(\*) Lease liabilities are excluded as of December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Fair value | Fair value | Fair value | Fair value | Carrying<br>amount |
|  | Level 1 | Level 2 | Level 3 | Total | Carrying<br>amount |
|  Financial assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities at amortized cost | 3242384 | 15894576 | 9991 | 19146951 | 19203177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other financial assets at amortized cost |  | 7149151 | 393995021 | 401144172 | 398471816 |
|  Financial liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits due to customers |  | 367128451 |  | 367128451 | 366821156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 29622705 | 432561 | 30055266 | 30117031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures |  | 48273103 |  | 48273103 | 48207103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial liabilities (\*) |  | 30201229 | 809007 | 31010236 | 31786960 |

---

(\*) Lease liabilities are excluded as of December 31, 2024.

The fair values of financial instruments are measured using quoted market price in active markets. In case there is no active market for financial instruments, the Group determines fair value by using valuation methods. Valuation methods and input variables for financial assets and liabilities that are measured at amortized cost are given as follows:

---

| | | |
|:---|:---|:---|
|  | Valuation methods | Input variables |
|  Securities at amortized cost | The fair value is measured by discounting the projected cash flows of debt securities by applying risk-free market rate with credit spread. | Risk-free market rate and credit spread |
|  Loans and other financial assets at amortized cost | The fair value is measured by discounting the projected cash flows of loan products by applying the market discount rate that has been applied to a proxy company that has similar credit rating to the debtor. | Risk-free market rate, credit spread and prepayment rate |
|  Deposits due to customers, borrowings, debentures and other financial liabilities | The fair value is measured by discounting the projected cash flow of debt products by applying the market discount rate that is reflecting credit rating of the Group or the market discount rate used for similar in products. | Risk-free market rate, credit spread and forward rate |
|  Investment contract liabilities | Since it is difficult to derive reliable expected cash flows, the book value of the reserves calculated in accordance with the Insurance Business Act and the Insurance Supervisory Regulations was used as a proxy for fair value. | —  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Deferred day 1 profits or losses

Changes in deferred day 1 profits or losses are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the year ended December 31 | For the year ended December 31 |
|  | 2025 | 2024 |
|  Beginning balance | 28 | 7848 |
|  Amounts recognized in losses | (28) | (7820) |
|  Ending balance |  | 28 |

---

In case some variables to measure fair values of financial instruments are not observable in the market, valuation techniques are utilized to evaluate such financial instruments. Those financial instruments are recorded as the transaction price at the time of acquisition, even though there are difference noted between the transaction price and the fair value. The table above presents the difference yet to be realized as profit or losses as of December 31, 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Financial instruments by category

Carrying amounts of financial assets and liabilities by each category are as follows (Unit: Korean Won in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Financial assets | Financial assets<br>at FVTPL | Financial assets<br>at FVTOCI | Financial assets<br>at amortized cost | Derivatives<br>assets<br>(designated for<br>hedging) | Total |
|  Deposits | 261470 |  | 2674644 |  | 2936114 |
|  Securities | 26997640 | 83489281 | 18707459 |  | 129194380 |
|  Loans | 1126446 | 10241 | 398706030 |  | 399842717 |
|  Derivative assets | 5774203 |  |  | 217180 | 5991383 |
|  Other financial assets | 85716 |  | 11115109 |  | 11200825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 34245475 | 83499522 | 431203242 | 217180 | 549165419 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Financial liabilities | Financial<br>liabilities at<br>FVTPL | Financial liabilities<br>designated to be<br>measured at FVTPL | Financial<br>liabilities at<br>amortized cost | Derivatives<br>liabilities<br>(designated for<br>hedging) | Total |
|  Deposits due to customers | 263251 | 467501 | 376580845 |  | 377311597 |
|  Borrowings | 496518 |  | 34183267 |  | 34679785 |
|  Debentures |  |  | 55583392 |  | 55583392 |
|  Investment contract liabilities |  |  | 3433611 |  | 3433611 |
|  Derivative liabilities | 5129664 |  |  | 615361 | 5745025 |
|  Other financial liabilities (\*) |  |  | 37576486 |  | 37576486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 5889433 | 467501 | 507357601 | 615361 | 514329896 |

---

(\*) Lease liabilities are excluded as of December 31, 2025.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Financial assets | Financial<br>assets at<br>FVTPL | Financial assets<br>at FVTOCI | Financial assets<br>at amortized cost | Derivatives<br>assets<br>(designated for<br>hedging) | Total |
|  Deposits | 73951 |  | 2630604 |  | 2704555 |
|  Securities | 14879996 | 43797745 | 19203177 |  | 77880918 |
|  Loans | 104177 |  | 386069294 |  | 386173471 |
|  Derivative assets | 10094532 |  |  | 175191 | 10269723 |
|  Other financial assets | 50016 |  | 9771918 |  | 9821934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 25202672 | 43797745 | 417674993 | 175191 | 486850601 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Financial liabilities | Financial<br>liabilities at<br>FVTPL | Financial liabilities<br>designated to be<br>measured at FVTPL | Financial<br>liabilities at<br>amortized cost | Derivatives<br>liabilities<br>(designated for<br>hedging) | Total |
|  Deposits due to customers | 74205 | 547816 | 366821156 |  | 367443177 |
|  Borrowings | 182478 |  | 30117031 |  | 30299509 |
|  Debentures |  |  | 48207103 |  | 48207103 |
|  Derivative liabilities | 9092098 |  |  | 102815 | 9194913 |
|  Other financial liabilities (\*) |  |  | 31786960 |  | 31786960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 9348781 | 547816 | 476932250 | 102815 | 486931662 |

---

(\*) Lease liabilities are excluded as of December 31, 2024.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Income or expense from financial instruments by category

Income or expense from financial assets and liabilities by each category during the years ended December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Interest income<br>(expense) | Fees and<br>commissions<br>income<br>(expense) | Reversal<br>(provision) of<br>credit loss | Gain or loss<br>on<br>transactions<br>and valuation | Dividends,<br>etc. | Total |
|  Financial instruments at FVTPL | 303458 | (480) |  | 723045 | 455021 | 1481044 |
|  Financial instruments designated to be measured at FVTPL (\*) |  |  |  | 2894 |  | 2894 |
|  Financial assets at FVTOCI | 1866114 | 280 | (10190) | 130620 | 29444 | 2016268 |
|  Securities at amortized cost | 539933 |  | (330) |  |  | 539603 |
|  Loans and other financial assets at amortized cost | 18470052 | 44386 | (2087384) | 107667 |  | 16534721 |
|  Financial liabilities at amortized cost | (11382195) | 1 |  |  |  | (11382194) |
|  Net derivatives (designated for hedging) |  |  |  | (449507) |  | (449507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 9797362 | 44187 | (2097904) | 514719 | 484465 | 8742829 |

---

---

| | |
|:---|:---|
| (\*) | The amounts recognized in other comprehensive loss related to financial liabilities designated to be measured at FVTPL are 74 million Won during the year ended December 31, 2025.  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Interest income<br>(expense) | Fees and<br>commissions<br>income<br>(expense) | Reversal<br>(provision) of<br>credit loss | Gain or loss<br>on<br>transactions<br>and valuation | Dividends,<br>etc. | Total |
|  Financial instruments at FVTPL | 236793 | 1174 |  | 1512430 | 291123 | 2041520 |
|  Financial instruments designated to be measured at FVTPL (\*) |  |  |  | (19647) |  | (19647) |
|  Financial assets at FVTOCI | 1281642 | 951 | (8868) | 96620 | 19198 | 1389543 |
|  Securities at amortized cost | 643056 |  | 3287 |  |  | 646343 |
|  Loans and other financial assets at amortized cost | 19851850 | 566911 | (1715074) | 286885 |  | 18990572 |
|  Financial liabilities at amortized cost | (13108310) | 56 |  |  |  | (13108254) |
|  Net derivatives (designated for hedging) |  |  |  | 128646 |  | 128646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 8905031 | 569092 | (1720655) | 2004934 | 310321 | 10068723 |

---

---

| | |
|:---|:---|
| (\*) | The amounts recognized in other comprehensive gain related to financial liabilities designated to be measured at FVTPL are 1,831 million Won during the year ended December 31, 2024.  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**13.** **DERECOGNITION AND OFFSET OF FINANCIAL INSTRUMENTS** 

(1) Derecognition of financial instruments

Transferred financial assets that do not meet the condition of derecognition in their entirety.

1) Bonds sold under repurchase agreements

The financial instruments that were disposed but the Group agreed to repurchase at the fixed amounts at the same time, so that they did not meet the conditions of derecognition, are as follows (Unit: Korean Won in millions):

---

| | | | |
|:---|:---|:---|:---|
| | | December 31,<br>2025 | December 31,<br>2024 |
|  Assets transferred | Financial assets at FVTPL | 1935048 | 1271304 |
|  | Financial assets at FVTOCI | 5053180 | 248394 |
|  | Securities at amortized cost | 12145 | 41442 |
|  | Total | 7000373 | 1561140 |
|  Related liabilities | Bonds sold under repurchase agreements | 6678468 | 1530767 |

---

2) Securities loaned

When the Group loans its securities to outside parties, the legal ownerships of the securities are transferred; however, they should be returned at the end of lending period. Therefore, the Group does not derecognize them from the consolidated financial statements as it owns majority of risks and benefits from the securities continuously, regardless of the transfer of legal ownership. The carrying amount of the securities loaned are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | December 31,<br>2025 | December 31,<br>2024 | Loaned to |
|  Financial assets at FVTPL | Korean treasury and government bonds, etc. |  | 12361 | The Korea Securities<br> Finance Corporation |
|  Financial assets at FVTOCI | Korean treasury and government bonds, etc. | 5573299 |  | Korea Securities Depository and others |
|  Financial assets at FVTOCI | Foreign currency debt securities | 101439 |  | Nomura Financial Investment (Korea) Co., Ltd |

---

3) Liquidity of financial assets

As of December 31, 2025 and 2024, the consolidated structured companies issued asset-backed securities with loans and corporate bonds held by the Group as liquid assets, and the Group bear related risks through the purchase agreements or credit contributions. The transaction details of the transfer of the financial instrument are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  |  | Carrying amount (\*) | Carrying amount (\*) | Carrying amount (\*) | Carrying amount (\*) |
|  Assets transferred | Loans at amortized cost |  | 4194597 |  | 5205022 |
|  | Asset-backed borrowings |  | 2187733 |  | 2153730 |
|  Related liabilities | Asset-backed bonds |  | 1212423 |  | 1830672 |

---

---

| | |
|:---|:---|
| (\*) | The carrying amount is the amount before the allowance for bad debts.  |

---

On the other hand, the details of transferred financial assets that have not been removed, such as bonds sold under the repurchase agreement and loan securities, are also described in Note 19. The Group does not have financial instruments that are continuously involved.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(2) The offset of financial assets and liabilities

The Group possesses both the uncollected domestic exchange receivables and the unpaid domestic exchange payable, which satisfy offsetting criteria of K-IFRS 1032. Therefore, the total number of uncollected domestic exchange receivables has been offset with a part of unpaid domestic exchange payables, and they have been disclosed in loans at amortized cost and other financial assets and other financial liabilities of the Group's statements of financial position, respectively.

The Group possesses the derivative assets, derivative liabilities, receivable spot exchange and payable spot exchange that do not satisfy the offsetting criteria of K-IFRS 1032 but provide the Group under the circumstances of the trading party's default, insolvency or bankruptcy, with the right of offsetting. Items such as cash collateral cannot satisfy the offsetting criteria of K-IFRS 1032, but in accordance with the collateral arrangements and under the circumstances of the trading party's default, insolvency or bankruptcy, the net amount of derivative assets and derivative liabilities, receivable spot exchange and payable spot exchange can be offset.

The Group has entered into a sale and repurchase agreement and accounted it as a collateralized borrowing. The Group has also entered into a purchase and resale agreement and accounted it as a secured loan. The Group under the repurchase agreements has an offsetting right only upon the counterparty's default, insolvency or bankruptcy; thus, the repurchase agreements are applied by the TBMA/ISMA Global Master Repurchase Agreement, which does not satisfy the offsetting criteria of K-IFRS 1032. The Group disclosed bonds sold under repurchase agreements as borrowings and bonds purchased under resale agreements as loan at amortized cost and other financial assets. In securities lending transactions, offsetting agreements are similarly executed through analogous arrangements, and the amounts of borrowed securities presented in the consolidated financial statements as of December 31, 2025 and 2024, are 426,221 million Won and 182,478 million Won, respectively. These amounts may be offset against bonds provided as collateral.

As of December 31, 2025 and 2024, the financial instruments to be offset and may be covered by master netting agreements and similar agreements are as follows (Unit: Korean Won in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Gross<br>amounts of<br>recognized<br>financial<br>assets | Gross<br>amounts of<br>recognized<br>financial<br>assets setoff | Net<br>amounts of<br>consolidated<br>financial<br>assets<br>presented | Related amounts not setoff<br>in the consolidated<br>statement of financial<br>position | Related amounts not setoff<br>in the consolidated<br>statement of financial<br>position | Net<br>amounts |
|  | Gross<br>amounts of<br>recognized<br>financial<br>assets | Gross<br>amounts of<br>recognized<br>financial<br>assets setoff | Net<br>amounts of<br>consolidated<br>financial<br>assets<br>presented | Netting<br>agreements<br>and others | Cash<br>collateral<br>received<br>and others | Net<br>amounts |
|  Financial assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets (\*1) | 6145354 |  | 6145354 | 10260476 | 67406 | 2128320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable spot exchange (\*2) | 6310848 |  | 6310848 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds purchased under resale agreements (\*2) | 13886494 |  | 13886494 | 13886494 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uncollected domestic exchange settlement debits (\*2) (\*5) | 37879669 | 37606420 | 273249 |  |  | 273249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables (\*6) | 12938 | 12938 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 64235303 | 37619358 | 26615945 | 24146970 | 67406 | 2401569 |
|  Financial liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities (\*1) | 5806793 |  | 5806793 | 10169723 | 406310 | 1545214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable spot exchange (\*3) | 6314454 |  | 6314454 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds sold under repurchase agreements (\*4) | 6678468 |  | 6678468 | 6678468 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unpaid domestic exchange settlement credits (\*3) (\*5) | 49356200 | 37606420 | 11749780 |  |  | 11749780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold (\*7) | 426221 |  | 426221 | 426221 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable (\*6) | 60443 | 12938 | 47505 |  |  | 47505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 68642579 | 37619358 | 31023221 | 17274412 | 406310 | 13342499 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(\*1) The items include derivative assets and liabilities held for trading and designated for hedging.

(\*2) The items are included in loan at amortized cost and other financial assets.

(\*3) The items are included in other financial liabilities.

(\*4) The items are included in borrowings.

---

| | |
|:---|:---|
| (\*5) | Certain financial assets and liabilities are presented as net amounts.  |

---

---

| | |
|:---|:---|
| (\*6) | Although receivables and payables arising from transactions with exchanges, customers, and other financial institutions were initially recognized on a gross basis, receivables and payables related to exchanges and CCP (Central Counterparty) that arise from transactions involving the same type of instruments meet the offsetting criteria under K-IFRS. Accordingly, such receivables and payables are offset and presented on a net basis in the statement of financial position.  |

---

(\*7) The items are included in financial liabilities at FVTPL.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Gross<br>amounts of<br>recognized<br>financial<br>assets | Gross<br>amounts of<br>recognized<br>financial<br>assets setoff | Net<br>amounts of<br>consolidated<br>financial<br>assets<br>presented | Related amounts not set off<br>in the consolidated<br>statement of financial<br>position | Related amounts not set off<br>in the consolidated<br>statement of financial<br>position | Net<br>amounts |
|  | Gross<br>amounts of<br>recognized<br>financial<br>assets | Gross<br>amounts of<br>recognized<br>financial<br>assets setoff | Net<br>amounts of<br>consolidated<br>financial<br>assets<br>presented | Netting<br>agreements<br>and others | Cash<br>collateral<br>received<br>and others | Net<br>amounts |
|  Financial assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets (\*1) | 10333766 |  | 10333766 | 12149475 | 235654 | 3533764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable spot exchange (\*2) | 5585127 |  | 5585127 | 12149475 | 235654 | 3533764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds purchased under resale agreements (\*2) | 10098618 |  | 10098618 | 10098618 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uncollected domestic exchange settlement debits (\*2) (\*5) | 33375126 | 32933133 | 441993 |  |  | 441993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 59392637 | 32933133 | 26459504 | 22248093 | 235654 | 3975757 |
|  Financial liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities (\*1) | 9256251 |  | 9256251 | 11899555 | 533052 | 2408916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable spot exchange (\*3) | 5585272 |  | 5585272 | 11899555 | 533052 | 2408916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds sold under repurchase agreements (\*4) | 1530767 |  | 1530767 | 1530767 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unpaid domestic exchange settlement credits (\*3) (\*5) | 40525606 | 32933133 | 7592473 | 7590328 |  | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 56897896 | 32933133 | 23964763 | 21020650 | 533052 | 2411061 |

---

(\*1) The items include derivative assets and liabilities held for trading and designated for hedging.

(\*2) The items are included in loan at amortized cost and other financial assets.

(\*3) The items are included in other financial liabilities.

(\*4) The items are included in borrowings.

---

| | |
|:---|:---|
| (\*5) | Certain financial assets and liabilities are presented as net amounts.  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**14.** **INVESTMENTS IN JOINT VENTURES AND ASSOCIATES** 

(1) Investments in associates accounted for using the equity method of accounting are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Percentage of<br>ownership(%) | Percentage of<br>ownership(%) | | |
| Joint ventures and associates | Main business | December 31,<br>2025 | December 31,<br>2024 | Location | Financial<br>statements as of |
|  Woori Bank |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W Service Networks Co., Ltd. (\*1) (\*4) | Freight & staffing<br>services | 4.9 | 4.9 | Korea | 2025-11-30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Credit Bureau Co., Ltd. (\*2) | Credit information | 9.9 | 9.9 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Finance Security Co., Ltd. (\*2) (\*4) | Security service | 15.0 | 15.0 | Korea | 2025-11-30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wongwang Co., Ltd. (\*3) | Wholesale and real<br>estate | 29.0 | 29.0 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sejin Construction Co., Ltd. (\*3) | Construction | 29.6 | 29.6 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARES-TECH Co., Ltd. (\*3) | Electronic<br>component<br>manufacturing | 23.4 | 23.4 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beomgyo.,Ltd. (\*3) | Telecommunication<br>equipment retail<br>sales | 23.1 | 23.1 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NK Eng Co., Ltd. (\*7) | Manufacturing |  | 23.1 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; K BANK Co., Ltd. (\*2) (\*4) | Finance | 12.0 | 12.0 | Korea | 2025-11-30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partner One Value Up I Private Equity Fund | Other financial<br>services | 23.3 | 23.3 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership (\*3) | Other financial<br>services | 20.0 | 20.0 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund | Other financial<br>services | 25.0 | 25.0 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LOTTE CARD Co., Ltd. (\*4) | Credit card and<br>installment<br>financing | 20.0 | 20.0 | Korea | 2025-09-30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Technology Finance Investment Association | Other financial<br>services | 29.7 | 29.7 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orient Shipyard Co., Ltd. (\*3) (\*4) | Manufacture of<br>sections for ships | 22.7 | 22.7 | Korea | 2025-09-30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Win Mortgage Co.,Ltd. (\*1) (\*4) | Other financial<br>services | 4.5 | 4.5 | Korea | 2025-09-30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs] | Other financial<br>services | 100.0 | 100.0 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BTS 2nd Private Equity Fund | Other financial<br>services | 20.0 | 20.0 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STASSETS FUND III | Other financial<br>services | 28.3 | 28.3 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SF CREDIT PARTNERS, LLC(\*2) | Other financial<br>services | 10.0 | 10.0 | United<br>States | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dongwoo C & C Co., Ltd. (\*3) | Construction | 23.2 | 23.2 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G2 Collection Co., Ltd. (\*3) | Wholesale and<br>retail sales | 28.9 | 28.9 | Korea |  |
|  Woori Bank (\*5) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Hotel Real Estate Private Equity Fund No.2 | Other financial<br>services | 19.9 | 19.9 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Seoul Beltway Private Special Asset Fund No.1 | Trust and collective<br>investment | 25.0 | 25.0 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Smart General Private Equity Investment Trust 1(bond) | Collective<br>investment<br>business | 28.6 | 28.6 | Korea | 2025-12-31 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Joint ventures and associates | Main business | December 31,<br>2025 | December 31,<br>2024 | Location | Financial<br>statements as of |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Asset Global Partnership Fund No. 5 | Collective<br>investment business | 57.7 | 57.7 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori General Private Securities Investment Trust No. 5 (bond) | Collective<br>investment business | 28.6 | 28.6 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Big Satisfaction General Private Securities Investment Trust No. 3 (bond) | Collective<br>investment business | 8.7 | 9.1 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori General Private Securities Investment Trust No. 6 (bond) | Collective<br>investment business | 28.6 | 28.6 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori General Private Securities Investment Trust No. 7 (bond) (\*7) | Collective<br>investment business |  | 28.6 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori General Private Securities Investment Trust No. 8 (bond) (\*11) | Collective<br>investment business | 28.6 |  | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Smart General Private Equity Investment Trust No.1(bond) | Collective<br>investment business | 28.4 | 28.4 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Future Energy Private Special Asset Investment Trust(General) No.1 | Collective<br>investment business | 16.0 | 16.0 | Korea | 2025-12-31 |
|  Woori Financial Capital Co., Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WOORI TAERIM 1st Fund | Other financial<br>services | 25.6 | 25.6 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portone-Cape Fund No.1 (\*7) | Other financial<br>services |  | 20.0 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Darwin Green Packaging Private Equity Fund | Other financial<br>services | 20.4 | 20.4 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koreawide partners 2nd Private Equity Fund | Other financial<br>services | 26.7 | 26.7 | Korea | 2025-12-31 |
|  Woori Investment Securities Co., Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lux-Mason Innovation Technology Fund#2 (\*11) | Other financial<br>services | 23.1 |  | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIP NMC Venture Fund No.1 (\*11) | Other financial<br>services | 26.8 |  | Korea | 2025-12-31 |
|  Woori Investment Securities Co., Ltd. (\*5) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori FirstValue Private Real Estate Fund No.2 | Real estate business | 12.0 | 12.0 | Korea | 2025-12-31 |
|  Tongyang Life Insurance Co., Ltd. (\*5) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Global Secondary Private Placement Investment Trust No. 2 (\*11) | Collective<br>investment business | 12.0 |  | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Big Satisfaction Corporation MMF No. 1 (Government Bond) (\*11) | Collective<br>investment business | 0.7 |  | Korea | 2025-12-31 |
|  ABL Life Insurance Co., Ltd. (\*5) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori GS West Street Strategic Solutions General Type Private Special Asset Investment Trust No.1 (\*11) | Collective<br>investment business | 25.0 |  | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori PGIF4 General Type Private Special Asset Investment Trust No.1 (\*11) | Collective<br>investment business | 20.0 |  | Korea | 2025-12-31 |
|  Woori Asset Management Co. Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Together TDF 2050 (\*7) (\*11) | Collective<br>investment business |  |  | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Together TDF 2045 (\*7) (\*11) | Collective<br>investment business |  |  | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori USD Treasury Target Return Bond FoF (\*7) | Collective<br>investment business |  | 23.9 | Korea |  |
|  Woori Private Equity Asset Management Co., Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia Green Energy 1st PEF(\*10) | Other financial<br>services | 4.0 | 4.0 | Korea | 2025-12-31 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Percentage of<br>ownership(%) | Percentage of<br>ownership(%) | | |
| Joint ventures and associates | Main business | December 31,<br>2025 | December 31,<br>2024 | Location | Financial<br>statements as of |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aarden Woori Apparel 1st Private Equity Fund (\*10) | Other financial services | 0.5 | 0.5 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Dyno 1st Private Equity Fund (\*10) | Other financial services | 19.6 | 19.6 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NH Woori Dino Co-Investment NO.2 Private Equity Fund (\*10) | Other financial services | 4.8 | 5.1 | Korea | 2025-12-31 |
|  Woori Financial F&I Co., Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KCLAVIS NPL Investment Trust NO 1-2 | Collective<br>investment business | 35.9 | 35.9 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capstone Special Restructuring Private Investment Trust No.4 (\*11) | Collective investment<br>business | 46.2 |  | Korea | 2025-12-31 |
|  Woori Venture Partners Co., Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KTB-KORUS FUND (\*8) | Asset Management | 37.5 | 37.5 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KTBN Venture Fund No.8 (\*8) (\*9) | Asset Management | 21.7 | 21.7 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KTBN Digital Contents Korea Fund No.9 (\*8) (\*9) | Asset Management | 30 | 30 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KTBN Media Contents Fund (\*8) (\*9) (\*10) | Asset Management | 15 | 15 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KTB China Synergy Fund (\*8) (\*9) (\*10) | Asset Management | 15.1 | 15.1 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAVER-KTB Audio Contents Fund (\*7)(\*10) | Asset Management |  | 1 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KTBN Venture Fund No.13 (\*8) (\*9) (\*10) | Asset Management | 19.6 | 19.6 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KTBN Future Contents Fund (\*9) (\*10) | Asset Management | 13.3 | 13.3 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KTBN Venture Fund No.16 (\*10) | Asset Management | 10.3 | 10.3 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KTBN Venture Fund No.18 (\*10) | Asset Management | 10.1 | 10.1 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB-KTB Technology Venture Fund (\*10) | Asset Management | 18.2 | 18.2 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori 2022 Scaleup Venture Fund | Asset Management | 20 | 20 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori 2022 Start-up Venture Fund | Asset Management | 30.1 | 30.1 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori 2025 Secondary Fund (\*11) | Asset Management | 20 |  | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4KTBN GI Private Equity Fund (\*7) | Asset Management |  | 5 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chirochem | Medical material<br>Manufacturing | 28.6 | 28.6 | Korea | 2025-12-31 |
|  Japanese Hotel Real Estate Private Equity Fund 1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Godo Kaisha Oceanos 1 (\*4)(\*8) | Other financial services | 47.8 | 47.8 | Japan | 2025-10-31 |
|  Woori ESG Infrastructure Development General Type Private Investment Trust No.1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ulsan Yeocheon Development Co., Ltd. (\*11) | Sewage and wastewater<br>management | 50 |  | Korea | 2025-12-31 |
|  Woori bank and Woori card Co., Ltd. (\*5) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SJCO Co., Ltd. (\*3) | Aggregate<br>transportation and<br>wholesale | 29.8 | 29.8 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KG Fashion Co., Ltd. (\*3)(\*4) | Manufacturing | 20.8 | 20.8 | Korea | 2025-11-30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kyesan Engineering Co., Ltd. (\*3) | Construction | 23.3 | 23.3 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Good Software Lap Co., Ltd. (\*3) | Service | 29.4 | 29.4 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DAEA SNC Co., Ltd. (\*3) | Wholesale and<br>retail sales | 25.5 | 25.5 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PREXCO Co., Ltd. (\*3) | Manufacturing | 28.1 | 28.1 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JiWon Plating Co., Ltd. (\*3) | Plating | 20.8 | 20.8 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Youngdong Sea Food Co., Ltd. (\*3) | Processed sea food<br>manufacturing | 24.5 | 24.5 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KUM HWA Co., Ltd. (\*3) | Telecommunication<br>equipment retail sales | 20.1 | 20.1 | Korea | 2025-12-31 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Percentage of<br>ownership(%) | Percentage of<br>ownership(%) | | |
| Joint ventures and associates | Main business | December 31,<br>2025 | December 31,<br>2024 | Location | Financial<br>statements as of |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jinmyung Plus Co., Ltd. (\*3)(\*4) | Manufacturing | 21.3 | 21.3 | Korea | 2025-09-30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rea Company (\*3) | Manufacturing | 26.1 | 26.1 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARAM CMC Co.,Ltd. (\*3) | Manufacturing | 20.1 | 20.1 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MARKET&FARM CO.,LTD. (\*3) | Wholesale and<br> commodity<br>brokerage | 23.7 | 23.7 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAMJI TEXTILE CO.,LTD. (\*3) | Wholesale and<br>commodity<br>brokerage | 29.8 | 29.8 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TH International Co., LTD (\*3)(\*11) | Cosmetics wholesale<br>and general travel<br>services | 21.5 |  | Korea |  |
|  Woori bank and Woori Financial Capital Co., Ltd. (\*5) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JC Assurance No.2 Private Equity Fund(\*8) | Other financial<br>services | 23.4 | 23.4 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HMS-Oriens 1st Fund (\*7) | Other financial<br>services |  | 22.8 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Senior Loan Private Placement Investment Trust No.1 (\*7) | Collective investment<br>business |  | 21.7 | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesis Eco No.1 Private Equity Fund | Other financial<br>services | 29.0 | 29.0 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paratus Woori Material Component Equipment joint venture company | Other financial<br>services | 29.9 | 29.9 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midas No. 8 Private Equity Joint Venture Company | Other financial<br>services | 28.5 | 28.5 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orchestra Private Equity Fund IV | Other financial<br>services | 28.2 | 28.2 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synaptic Green No.1 PEF | Other financial<br>services | 21.1 | 21.1 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IGEN2022No. 1 Private Equity Fund | Other financial<br>services | 24.8 | 24.8 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCC-Woori LP Secondary Fund | Other financial<br>services | 38.8 | 38.9 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synaptic Future Growth Private Equity Fund 1 | Other financial<br>investment | 23.8 | 23.8 | Korea | 2025-12-31 |
|  Woori bank and Tongyang Life Insurance Co., Ltd. (\*5) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOGO Fund (\*3) (\*11) | Other financial<br>investment | 24.0 |  | Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Productive Financing Education Infrastructure General Private Special Asset Investment Trust No.1 (\*11) | Collective investment<br>business | 14.6 |  | Korea | 2025-12-31 |
|  Woori Investment Securities Co., Ltd. and Woori Financial Capital Co., Ltd. (\*5) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Investmetnt Fund (\*11) | Other financial<br>investment | 28.8 |  | Korea | 2025-12-31 |
|  Woori Asset Management Co., Ltd. and Tongyang Life Insurance Co., Ltd. (\*5) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woorinara Short-Term Bond Securities Investment Trust (Bond) (\*11) | Collective investment<br>business | 6.8 |  | Korea | 2025-12-31 |
|  ABL Life Insurance Co., Ltd. and Woori Asset Management Co., Ltd. (\*5) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Together TDF 2025 | Collective investment<br>business | 17.2 | 24.7 | Korea | 2025-12-31 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Joint ventures and associates | Main business | December 31,<br>2025 | December 31,<br>2024 | Location | Financial<br>statements as of |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Together TDF 2030 | Collective investment<br>business | 17.3 | 22.2 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Together TDF 2035 | Collective investment<br>business | 4.3 | 22.5 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Together TDF 2040 (\*11) | Collective investment<br>business | 20.4 |  | Korea | 2025-12-31 |
|  Woori Investment Securities Co., Ltd. and Woori Asset Management Co., Ltd. (\*5) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2 | Collective investment<br>business | 4.4 | 2.3 | Korea | 2025-12-31 |
|  Woori Bank and Woori Private Equity Asset Management Co., Ltd. (\*5) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori-Q Corporate Restructuring Private Equity Fund (\*6) | Trust and collective<br>investment | 34.3 | 34.6 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Eugene Energy Link Private Equity Fund (\*11) | Other financial<br>services | 7.9 |  | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori NH Co-Growth Private Equity FundI (\*11) | Other financial<br>services | 20.0 |  | Korea | 2025-12-31 |
|  Woori Bank, ABL Life Insurance Co., Ltd. and Woori Private Equity Asset Management Co., Ltd. (\*5) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori IMM Green Net Zero Fund (\*11) | Other financial<br>services | 23.6 |  | Korea | 2025-12-31 |
|  Woori Financial Capital Co., Ltd., Woori Private Equity Asset Management Co., Ltd. (\*5) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NH Woori New deal Co-Investment No.1 Private Equity Fund | Other financial<br>services | 19.5 | 19.5 | Korea | 2025-12-31 |
|  Woori Venture Partners Co., Ltd., ABL Life Insurance Co., Ltd. and Woori Asset Management Corp. (\*5) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori BIG SATISFACTION SHINJONG MMF 3rd | Collective investment<br>business | 6.4 | 2.3 | Korea | 2025-12-31 |
|  Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Securities Co., Ltd. and Woori Private Equity Asset Management Co., Ltd. (\*5) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori-Shinyoung Growth-Cap Private Equity Fund I | Other financial<br>services | 35.0 | 35.0 | Korea | 2025-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NH Woori Newdeal Growth Alpha Private Equity Fund 1 | Other financial<br>services | 33.0 | 32.9 | Korea | 2025-12-31 |
|  Woori Bank, Woori card Co., Ltd., Woori Investment Securities Co., Ltd. and Woori Asset Management Corp. (\*5) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Real Estate Investment No. 1 Limited Liability Company | Collective investment<br>business | 19.9 | 19.9 | Korea | 2025-12-31 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(\*1) Most of the significant business transactions of associates are with the Group as of December 31, 2025 and 2024.

(\*2) The Group can participate in decision-making body and exercise significant influence over financial policies and operational policies decision making of the associates.

(\*3) There is no investment balance as of December 31, 2025 and 2024.

---

| | |
|:---|:---|
| (\*4) | The equity method was applied using the most recent financial statements available from the settlement date because no financial statements were available at the end of the reporting period and the significant transactions or events that occurred between the end of the reporting period of the associate and the end of the reporting period of the subsidiary were duly reflected.  |

---

(\*5) Two or more subsidiaries may invest or operate to exert significant influence on the decision-making process for activities related to the investee.

(\*6) It was classified as an associate due to holding of voting rights according to the initial investment agreement ratio.

(\*7) It was excluded from associates in current year.

(\*8) It has been liquidating as of December 31, 2025.

---

| | |
|:---|:---|
| (\*9) | In the event of liquidation, if the distribution payments made or to be made to the cooperative members are less than their contributions, an agreement has been made whereby the shortage will be covered, up to a certain amount within the investment, giving priority to specific shareholders over others.  |

---

(\*10) The Group classified it as an associate because it has significant influence as a general partner of the investment association.

(\*11) It was added to associates in current year.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(2) Changes in the carrying value of investments in associates accounted for using the equity method of accounting
are as follows (Unit: Korean Won in millions):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Acquisition<br>cost | January 1,<br>2025 | Share of<br>profits(losses)<br>and others | Acquisition<br>(\*2) | Disposal/<br>Reclassification | Dividends | Change in<br>capital and<br>others | December 31,<br>2025 |
|  W Service Networks Co., Ltd. | 108 | 204 | 5 |  |  | (5) |  | 204 |
|  Korea Credit Bureau Co., Ltd. | 3313 | 9001 | 3443 |  |  | (90) |  | 12354 |
|  Korea Finance Security Co., Ltd. | 3267 | 3616 | 216 |  |  |  |  | 3832 |
|  K BANK Co., Ltd. | 224657 | 262250 | 11392 |  |  |  | (3942) | 269700 |
|  Partner One Value Up I Private Equity Fund | 5039 | 2123 | (113) |  |  |  |  | 2010 |
|  IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership |  | 2263 | (28) |  |  | (1000) |  | 1235 |
|  Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund | 4630 | 4532 |  | 98 |  |  |  | 4630 |
|  LOTTE CARD Co., Ltd. | 346810 | 575580 | 22967 |  |  | (7743) | (185) | 590619 |
|  Union Technology Finance Investment Association | 13449 | 11770 | (2487) |  |  |  |  | 9283 |
|  Orient Shipyard Co., Ltd. (\*1) |  |  |  |  |  |  |  |  |
|  Win Mortgage Co.,Ltd. | 23 | 135 | (25) |  |  | (9) |  | 101 |
|  Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs] | 10000 | 10847 | 235 |  |  |  |  | 11082 |
|  BTS 2nd Private Equity Fund | 8766 | 7799 | (175) | 620 |  |  |  | 8244 |
|  STASSETS FUND III | 13500 | 11178 | (239) | 1500 |  |  |  | 12439 |
|  SF CREDIT PARTNERS, LLC | 15504 | 16000 | 938 | 2445 |  |  | (367) | 19016 |
|  Ulsan Yeocheon Development Co., Ltd. | 207 |  | (6) | 207 |  |  |  | 201 |
|  Japanese Hotel Real Estate Private Equity Fund No.2 | 3127 | 2805 | 130 |  | (37) | (153) | (49) | 2696 |
|  Woori Seoul Beltway Private Special Asset Fund No.1 | 19773 | 16076 | 582 | 3847 |  | (576) |  | 19929 |
|  Woori Smart General Private Equity Investment Trust 1(bond) | 40000 | 41783 | 1283 |  |  | (2541) |  | 40525 |
|  Woori Asset Global Partnership Fund No. 5 | 72366 | 54977 | 395 | 22500 | (1871) | (855) |  | 75146 |
|  Woori General Private Securities Investment Trust No. 5 (bond) | 60000 | 60024 | (11) |  |  |  |  | 60013 |
|  Woori Big Satisfaction General Private Securities Investment Trust No. 3 (bond) | 10000 | 10493 | 282 |  |  | (603) |  | 10172 |
|  Woori General Private Securities Investment Trust No. 6 (bond) | 40000 | 42090 | 1376 |  |  | (2552) |  | 40914 |
|  Woori General Private Securities Investment Trust No. 7 (bond) |  | 41116 | 610 |  | (41726) |  |  |  |
|  Woori General Private Securities Investment Trust No. 8 (bond) | 40000 |  | (160) | 40000 |  |  |  | 39840 |
|  Woori Smart General Private Equity Investment Trust No.1(bond) | 40000 | 40477 | 1161 |  |  | (1935) |  | 39703 |
|  Woori Future Energy Private Special Asset Investment Trust(General) No.1 |  |  |  |  |  |  |  |  |
|  WOORI TAERIM 1st Fund | 1100 | 988 |  |  |  |  |  | 988 |
|  Portone-Cape Fund No.1 |  | 160 | 41 |  | (201) |  |  |  |
|  Darwin Green Packaging Private Equity Fund | 4000 | 3904 | (3) |  |  |  |  | 3901 |
|  Koreawide partners 2nd Private Equity Fund | 20000 | 19235 | (393) |  |  |  |  | 18842 |
|  Lux-Mason Innovation Technology Fund#2 | 1500 |  | (2) | 1500 |  |  |  | 1498 |
|  AIP NMC Venture Fund No.1 | 2000 |  | (3) | 2000 |  |  |  | 1997 |
|  Woori FirstValue Private Real Estate Fund No.2 | 9000 | 567 | (355) |  |  |  |  | 212 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Acquisition<br>cost | January 1,<br>2025 | Share of<br>profits(losses)<br>and others | Acquisition<br>(\*2) | Disposal/<br>Reclassification | Dividends | Change in<br>capital and<br>others | December 31,<br>2025 |
|  Woori Global Secondary Private Placement Investment Trust No. 2 | 12031 |  | (305) | 12015 | (572) | (127) |  | 11011 |
|  Woori Big Satisfaction Corporation MMF No. 1 (Government Bond) | 30000 |  | (141) | 30786 |  |  |  | 30645 |
|  Woori GS West Street Strategic Solutions General Type Private Special Asset Investment Trust No.1 | 25393 |  | 1624 | 29971 | (483) | (1524) |  | 29588 |
|  Woori PGIF4 General Type Private Special Asset Investment Trust No.1 | 21251 |  | 1664 | 23370 |  | (184) |  | 24850 |
|  Woori Together TDF 2050 |  |  | (139) |  | 139 |  |  |  |
|  Woori Together TDF 2045 |  |  | 299 |  | (299) |  |  |  |
|  Woori USD Treasury Target Return Bond FoF |  | 220 | 1 |  | (221) |  |  |  |
|  Australia Green Energy 1st PEF | 4913 | 5264 | 181 |  |  |  |  | 5445 |
|  Aarden Woori Apparel 1st Private Equity Fund | 100 | 95 | (2) |  |  |  |  | 93 |
|  Woori Dyno 1st Private Equity Fund | 2000 | 2849 | 779 |  |  |  |  | 3628 |
|  NH Woori Dino Co-Investment NO.2 Private Equity Fund | 2000 | 1996 | 39 | 200 | (200) |  |  | 2035 |
|  KCLAVIS NPL Investment Trust NO 1-2 | 15000 | 15422 | 1724 |  |  |  |  | 17146 |
|  Capstone Special Restructuring Private Investment Trust No.4 | 15000 |  | 1192 | 15000 |  | (1079) |  | 15113 |
|  KTB-KORUS FUND |  | 1789 | (507) |  | (337) | (188) |  | 757 |
|  KTBN Venture Fund No.8 | 195 | 1529 | (500) |  |  |  |  | 1029 |
|  KTBN Digital Contents Korea Fund No.9 | 7020 | 5006 | (2825) |  |  |  |  | 2181 |
|  KTBN Media Contents Fund |  | 154 | 50 |  |  |  |  | 204 |
|  KTB China Synergy Fund | 11775 | 18949 | 906 |  | (625) | (1191) |  | 18039 |
|  NAVER-KTB Audio Contents Fund |  | 248 |  |  | (248) |  |  |  |
|  KTBN Venture Fund No.13 | 400 | 15659 | 34790 |  | (4000) | (17209) |  | 29240 |
|  KTBN Future Contents Fund | 2356 | 4193 | 457 |  | (1644) |  |  | 3006 |
|  KTBN Venture Fund No.16 | 9000 | 15853 | 6932 |  | (3200) |  |  | 19585 |
|  KTBN Venture Fund No.18 | 25650 | 25506 | (2652) |  | (1425) |  |  | 21429 |
|  KB-KTB Technology Venture Fund | 10000 | 9350 | (893) |  |  |  |  | 8457 |
|  Woori 2022 Scaleup Venture Fund | 54824 | 17809 | 722 | 33880 |  |  |  | 52411 |
|  Woori 2022 Start-up Venture Fund | 13100 | 12773 | (1121) |  |  |  |  | 11652 |
|  Woori 2025 Secondary Fund | 6188 |  | (30) | 6188 |  | (1) |  | 6157 |
|  KTBN GI Private Equity Fund |  | 5 | (1) |  |  | (4) |  |  |
|  Chirochem | 250 | 104 | 57 |  |  |  |  | 161 |
|  Godo Kaisha Oceanos 1 |  | 7347 | 1685 |  | (9692) | (568) | 1228 |  |
|  KG Fashion Co., Ltd. (\*1) |  |  |  |  |  |  |  |  |
|  KUM HWA Co., Ltd. (\*1) |  |  |  |  |  |  |  |  |
|  Jinmyung Plus Co., Ltd. |  | 9 | 2 |  |  |  |  | 11 |
|  Rea Company (\*1) |  |  |  |  |  |  |  |  |
|  MARKET&FARM CO.,LTD. (\*1) |  |  |  |  |  |  |  |  |
|  JC Assurance No.2 Private Equity Fund (\*1) | 29349 |  |  |  |  |  |  |  |
|  HMS-Oriens 1st Fund |  | 14880 |  |  | (14880) |  |  |  |
|  Woori Senior Loan Private Placement Investment Trust No.1 |  | 17517 | 522 |  | (17591) | (448) |  |  |
|  Genesis Eco No.1 Private Equity Fund | 12000 | 10847 | 171 |  |  |  |  | 11018 |
|  Paratus Woori Material Component Equipment joint venture company | 9335 | 16714 | (259) |  | (8365) |  |  | 8090 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Acquisition<br>cost | January 1,<br>2025 | Share of<br>profits(losses)<br>and others | Acquisition<br>(\*2) | Disposal/<br>Reclassification | Dividends | Change in<br>capital and<br>others | December 31,<br>2025 |
|  Midas No. 8 Private Equity Joint Venture Company | 18419 | 18207 | 294 |  |  | (530) |  | 17971 |
|  Orchestra Private Equity Fund IV | 9700 | 9610 | (22) |  |  |  |  | 9588 |
|  Synaptic Green No.1 PEF | 8000 | 7499 | 1548 |  |  |  |  | 9047 |
|  IGEN2022No. 1 Private Equity Fund | 5297 | 7972 | 1891 |  | (2251) | (1600) |  | 6012 |
|  PCC-Woori LP Secondary Fund | 10435 | 8648 | (510) |  |  |  |  | 8138 |
|  Synaptic Future Growth Private Equity Fund 1 | 7153 | 7685 | 10 | 1819 | (1425) |  |  | 8089 |
|  Woori Productive Financing Education Infrastructure General Private Special Asset Investment Trust No.1 |  |  |  |  |  |  |  |  |
|  Healthcare Investmetnt Fund | 3000 |  | (59) |  | 3000 |  |  | 2941 |
|  Woorinara Short-Term Bond Securities Investment Trust (Bond) | 39821 |  | (2731) | 45800 | (5591) |  | 2802 | 40280 |
|  Woori Together TDF 2025 | 3225 | 3577 | 140 | 2285 | (2084) | (52) |  | 3866 |
|  Woori Together TDF 2030 | 3863 | 3724 | 272 | 2411 | (1303) | (46) |  | 5058 |
|  Woori Together TDF 2035 | 1912 | 3448 | 193 | 1059 | (2290) | (14) |  | 2396 |
|  Woori Together TDF 2040 | 3377 |  | 534 | 1078 | 2839 | (14) |  | 4437 |
|  Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2 | 5030 | 4011 | 324 | 1181 |  |  |  | 5516 |
|  Woori-Q Corporate Restructuring Private Equity Fund | 28209 | 34007 | 433 |  | (1417) |  |  | 33023 |
|  Woori Eugene Energy Link Private Equity Fund | 5500 |  | 199 | 5500 |  |  |  | 5699 |
|  Woori NH Co-Growth Private Equity Fund I | 5280 |  | 909 | 5280 |  |  |  | 6189 |
|  Woori IMM Green Net Zero Fund | 9960 |  | 410 | 9960 |  |  |  | 10370 |
|  NH Woori New deal Co-Investment No.1 Private Equity Fund | 5000 | 5204 | (1512) |  |  |  |  | 3692 |
|  Woori BIG SATISFACTION SHINJONG MMF 3rd | 127182 | 41984 | 68 | 439478 | (351141) |  |  | 130389 |
|  Woori-Shinyoung Growth-Cap Private Equity Fund I | 10528 | 29696 | 13176 |  | (6548) |  |  | 36324 |
|  NH Woori Newdeal Growth Alpha Private Equity Fund 1 | 60031 | 55539 | (6805) | 15518 | (2670) | (180) |  | 61402 |
|  Woori Real Estate Investment No. 1 Limited Liability Company | 34200 | 33919 | 1355 |  |  |  |  | 35274 |
|  | 1736391 | 1748810 | 95595 | 757496 | (478359) | (43021) | (513) | 2080008 |

---

---

| | |
|:---|:---|
| (\*1) | The amount for which no loss was recognized for associates due to discontinuation of the equity method was 1 million Won for Orient Shipyard Co.,Ltd., 30 million Won in KG FASHION CO., LTD., 38 million Won for Market&Farm Co.,Ltd., 6 million Won in JC Assurance No.2 Private Equity Fund and the accumulated amount is 48 million Won for Orient Shipyard Co.,Ltd., 189 million Won in KG FASHION CO., LTD., 118 million Won for Rea Company, 4 million Won for KUM HWA Co., Ltd., 38 million Won for Market&Farm Co.,Ltd., 672 million Won in JC Assurance No.2 Private Equity Fund.  |

---

---

| | |
|:---|:---|
| (\*2) | During the year ended December 31, 2025, the associate company, DAOL EMP Global Asset Allocation private Securities investment trust 1 acquired through a business combination, was sold. The carrying amount at the time of acquisition was 28,521 million Won.  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Acquisition<br>cost | January 1,<br>2024 | Share of<br>profits(losses)<br>and others | Acquisition | Disposal/<br>Reclassification | Dividends | Change in<br>capital and<br>others | December 31,<br>2024 |
|  W Service Networks Co., Ltd. | 108 | 216 | (7) |  |  | (5) |  | 204 |
|  Korea Credit Bureau Co., Ltd. | 3313 | 6433 | 2658 |  |  | (90) |  | 9001 |
|  Korea Finance Security Co., Ltd. | 3267 | 3285 | 331 |  |  |  |  | 3616 |
|  K BANK Co., Ltd. | 224657 | 260052 | 13747 |  | (13029) |  | 1480 | 262250 |
|  Partner One Value Up I Private Equity Fund | 5039 | 3230 | (1107) |  |  |  |  | 2123 |
|  IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership |  | 8247 | (784) |  | (4356) | (844) |  | 2263 |
|  Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund | 4532 | 4437 |  | 95 |  |  |  | 4532 |
|  LOTTE CARD Co.,Ltd. | 346810 | 587392 | 17861 |  |  | (15591) | (14082) | 575580 |
|  Union Technology Finance Investment Association | 13449 | 12270 | (500) |  |  |  |  | 11770 |
|  Dicustody Co., Ltd. |  | 1 |  |  | (1) |  |  |  |
|  Orient Shipyard Co., Ltd.(\*) |  |  |  |  |  |  |  |  |
|  Joongang Network Solution Co.,Ltd. |  | 88 | 100 |  | (101) |  | (87) |  |
|  Win Mortgage Co.,Ltd. | 23 | 105 | 32 |  |  | (2) |  | 135 |
|  Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs] | 10000 | 10540 | 307 |  |  |  |  | 10847 |
|  BTS 2nd Private Equity Fund | 8146 | 4838 | 41 | 2920 |  |  |  | 7799 |
|  STASSETS FUND III | 12000 | 8406 | (228) | 3000 |  |  |  | 11178 |
|  SF CREDIT PARTNERS, LLC | 13059 | 12845 | 1326 |  |  |  | 1829 | 16000 |
|  Japanese Hotel Real Estate Private Equity Fund No.2 | 3168 | 2688 | 226 |  | (5) | (176) | 72 | 2805 |
|  Woori Seoul Beltway Private Special Asset Fund No.1 | 15926 | 12590 | 558 | 3487 |  | (559) |  | 16076 |
|  Woori General Private Securities Investment Trust(Bond) No.1 |  | 51686 | 586 |  | (50102) | (2170) |  |  |
|  Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F |  | 105564 | 1864 | 50000 | (153226) | (4202) |  |  |
|  Woori Safe Plus General Type Private Investment Trust S-8(Bond) |  | 10330 | 102 |  | (10003) | (429) |  |  |
|  Woori General Private Securities Investment Trust(Bond) No.2 |  | 30829 | 370 |  | (31199) |  |  |  |
|  Woori Smart General Private Equity Investment Trust 1(bond) | 40000 | 41135 | 2443 |  |  | (1795) |  | 41783 |
|  Woori General Private Securities Investment Trust(Bond) No.3 |  | 51205 | 625 |  | (51830) |  |  |  |
|  Woori Asset Global Partnership Fund No.5 | 52500 | 22071 | 2906 | 30000 |  |  |  | 54977 |
|  WOORI TAERIM 1st Fund | 1100 | 988 |  |  |  |  |  | 988 |
|  Portone-Cape Fund No.1 | 340 | 445 | (285) |  |  |  |  | 160 |
|  DeepDive WOORI 2021-1 Financial Investment Fund |  | 1236 | (543) |  | (226) | (467) |  |  |
|  Darwin Green Packaging Private Equity Fund | 4000 | 3957 | (53) |  |  |  |  | 3904 |
|  Koreawide partners 2nd Private Equity Fund | 20000 | 19235 |  |  |  |  |  | 19235 |
|  Woori FirstValue Private Real Estate Fund No.2 | 9000 | 560 | 7 |  |  |  |  | 567 |
|  Woori Real Infrastructure Blind General Type Private Placement Investment Trust |  | 55 |  |  | (55) |  |  |  |
|  Woori Together TDF 2025 | 3000 |  | 332 |  | 3245 |  |  | 3577 |
|  Woori Together TDF 2030 | 3000 | 3324 | 400 |  |  |  |  | 3724 |
|  Woori Together OCIO Target Return Feeder fund (Balance Bond) |  | 10376 |  |  | (10376) |  |  |  |
|  Woori USD Treasury Target Return Bond FoF | 200 |  | 1 |  | 219 |  |  | 220 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Acquisition<br>cost | January 1,<br>2024 | Share of<br>profits(losses)<br>and others | Acquisition | Disposal/<br>Reclassification | Dividends | Change in<br>capital and<br>others | December 31,<br>2024 |
|  Woori Together TDF 2035 | 3000 |  | 42 |  | 3406 |  |  | 3448 |
|  Australia Green Energy 1st PEF | 4913 | 4811 | 453 |  |  |  |  | 5264 |
|  Aarden Woori Apparel 1st Private Equity Fund | 100 | 133 | (38) |  |  |  |  | 95 |
|  Woori Dyno 1st Private Equity Fund | 2000 | 2358 | 491 |  |  |  |  | 2849 |
|  NH Woori Dino Co-Investment NO.2 Private Equity Fund | 2000 |  | (4) | 2000 |  |  |  | 1996 |
|  KTB-KORUS FUND | 337 | 3359 | (1149) |  |  | (421) |  | 1789 |
|  KTB China Platform Fund |  | 16059 | (2164) |  |  | (13895) |  |  |
|  KTBN Venture Fund No.7 |  | 16044 | (2641) |  |  | (13403) |  |  |
|  KTBN Venture Fund No.8 | 195 | 2511 | (413) |  |  | (569) |  | 1529 |
|  KTBN Digital Contents Korea Fund No.9 | 7020 | 5597 | (591) |  |  |  |  | 5006 |
|  KTBN Media Contents Fund |  | 283 | (129) |  |  |  |  | 154 |
|  KTB China Synergy Fund | 12400 | 20405 | 1840 |  |  | (3296) |  | 18949 |
|  NAVER-KTB Audio Contents Fund | 300 | 288 | (40) |  |  |  |  | 248 |
|  KTBN Venture Fund No.13 | 4400 | 14158 | 5302 |  |  | (3801) |  | 15659 |
|  KTBN Future Contents Fund | 4000 | 4561 | (368) |  |  |  |  | 4193 |
|  KTBN Venture Fund No.16 | 12200 | 18561 | 1492 |  |  | (4200) |  | 15853 |
|  KTBN Venture Fund No.18 | 27075 | 26970 | (39) |  |  | (1425) |  | 25506 |
|  KB-KTB Technology Venture Fund | 10000 | 7600 | (250) | 2000 |  |  |  | 9350 |
|  WOORI 2022 Scaleup Venture Fund | 20944 | 13578 | (2545) | 6776 |  |  |  | 17809 |
|  WOORI 2022 Start-up Venture Fund | 13100 | 2433 | (140) | 10480 |  |  |  | 12773 |
|  KTB-NHN China Private Equity Fund |  | 3 | (1) |  |  | (2) |  |  |
|  KTBN GI Private Equity Fund |  | 617 | 143 |  |  | (718) | (37) | 5 |
|  Chirochem | 250 | 102 | 2 |  |  |  |  | 104 |
|  Daishin Balance No.18 Special Purpose Acquisition Company |  |  |  |  |  |  |  |  |
|  Godo Kaisha Oceanos 1 | 10800 | 7978 | 63 |  |  | (622) | (72) | 7347 |
|  Woori Zip 1 |  | 7629 | (57) |  | (7655) |  | 83 |  |
|  Woori Zip 2 |  | 10695 | (9) |  | (10814) |  | 128 |  |
|  KG Fashion Co., Ltd.(\*) |  |  |  |  |  |  |  |  |
|  KUM HWA Co., Ltd. (\*) |  |  |  |  |  |  |  |  |
|  Jinmyung Plus Co., Ltd. |  | 14 | (5) |  |  |  |  | 9 |
|  JC Assurance No.2 Private Equity Fund (\*) | 29349 |  |  |  |  |  |  |  |
|  Dream Company Growth no.1 PEF |  | 7809 |  |  | (7552) | (257) |  |  |
|  HMS-Oriens 1st Fund | 12000 | 14030 | 850 |  |  |  |  | 14880 |
|  Woori Senior Loan Private Placement Investment Trust No.1 | 17595 | 75590 | 1966 |  | (57785) | (2254) |  | 17517 |
|  Genesis Eco No.1 Private Equity Fund | 12000 | 10942 | (95) |  |  |  |  | 10847 |
|  Paratus Woori Material Component Equipment joint venture company | 17700 | 16979 | (265) |  |  |  |  | 16714 |
|  Midas No. 8 Private Equity Joint Venture Company | 18419 | 18465 | 272 |  |  | (530) |  | 18207 |
|  Orchestra Private Equity Fund IV | 9700 | 9555 | 55 |  |  |  |  | 9610 |
|  Synaptic Green No.1 PEF | 8000 | 7611 | (112) |  |  |  |  | 7499 |
|  IGEN2022No. 1 Private Equity Fund | 7422 | 7983 | 140 |  |  | (151) |  | 7972 |
|  PCC-Woori LP Secondary Fund | 10435 | 10530 | (1882) |  |  |  |  | 8648 |
|  Synaptic Future Growth Private Equity Fund 1 | 6760 | 7069 | 4848 | 2262 | (2627) | (3867) |  | 7685 |
|  Woori-Q Corporate Restructuring Private Equity Fund | 29627 | 20283 | 1539 | 12185 |  |  |  | 34007 |
|  Woori-Shinyoung Growth-Cap Private Equity Fund I | 16806 | 33481 | (3589) |  |  | (196) |  | 29696 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Acquisition<br>cost | January 1,<br>2024 | Share of<br>profits(losses)<br>and others | Acquisition | Disposal/<br>Reclassification | Dividends | Change in<br>capital and<br>others | December 31,<br>2024 |
|  NH Woori Newdeal Growth Alpha Private Equity Fund 1 | 49289 | 32987 | 18151 | 21636 | (5925) | (11310) |  | 55539 |
|  Woori Real Estate Investment No. 1 Limited Liability Company | 34200 |  | (281) | 34200 |  |  |  | 33919 |
|  Woori BIG2 Plus Securities Investment Trust (Balanced Bond) |  | 2543 | (276) | 1000 | (3197) | (70) |  |  |
|  Woori Short Term Government and Special Bank Bond Active ETF |  | 12286 | 118 |  | (12404) |  |  |  |
|  Woori 25-09 Corporate Bond(AA- or higher) Active ETF |  | 29821 | 1148 |  | (30969) |  |  |  |
|  Woori General Private Securities Investment Trust No. 5 (Bond) | 60000 |  | 3099 | 60000 |  | (3075) |  | 60024 |
|  Woori Big Satisfaction General Private Securities Investment Trust No. 3 (Bond) | 10000 |  | 493 | 10000 |  |  |  | 10493 |
|  Woori General Private Securities Investment Trust No. 6 (Bond) | 40000 |  | 2090 | 40000 |  |  |  | 42090 |
|  Woori Big Satisfaction Corporation MMF No. 1 (Government Bond) |  |  | 2261 | 500000 | (502261) |  |  |  |
|  Woorinara New Growth TOP 20 Securities Investment Trust No. 1 (Stocks) |  |  | 31 | 1000 | (1031) |  |  |  |
|  Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2 | 3849 |  | 215 | 2356 | 1443 | (3) |  | 4011 |
|  Woorinara Short-Term Bond Securities Investment Trust (Bond) |  |  | 339 | 50000 | (50339) |  |  |  |
|  Woori General Private Securities Investment Trust No. 7 (Bond) | 40000 |  | 1116 | 40000 |  |  |  | 41116 |
|  Woori Smart General Private Equity Investment Trust No.1(bond) | 40000 |  | 477 | 40000 |  |  |  | 40477 |
|  Woori Future Energy Private Special Asset Investment Trust(General) No.1 |  |  |  |  |  |  |  |  |
|  Woori BIG SATISFACTION SHINJONG MMF 3RD | 39002 |  | 317 | 34083 | 7584 |  |  | 41984 |
|  NH Woori New deal Co-Investment No.1 Private Equity Fund | 5000 |  | 204 | 5000 |  |  |  | 5204 |
|  KCLAVIS NPL Investment Trust NO 1-2 | 15000 |  | 422 | 15000 |  |  |  | 15422 |
|  | 1463824 | 1795370 | 76212 | 979480 | (1001171) | (90395) | (10686) | 1748810 |

---

---

| | |
|:---|:---|
| (\*) | The amount for which no loss was recognized for associates due to discontinuation of the equity method was 19 million Won for Orient Shipyard Co.,Ltd., 39 million Won in KG FASHION CO., LTD., 295 million Won in JC Assurance No.2 Private Equity Fund and the accumulated amount is 4 million Won for KUM HWA Co., Ltd., 47 million Won for Orient Shipyard Co.,Ltd., 159 million Won in KG FASHION CO., LTD., 666 million Won in JC Assurance No.2 Private Equity Fund.  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(3) Summary financial information relating to investments in associates accounted for using the equity method of
accounting is as follows (Unit: Korean Won in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Assets | Liabilities | Operating<br>revenue | Net<br>income<br>(loss) | Other<br>comprehensive<br>income (loss) | Total<br>comprehensive<br>income (loss) |
|  W Service Networks Co., Ltd. | 7423 | 3301 | 15306 | 754 |  | 754 |
|  Korea Credit Bureau Co., Ltd. | 160778 | 38645 | 202976 | 36559 |  | 36559 |
|  Korea Finance Security Co., Ltd. | 40856 | 15307 | 44434 | 1813 |  | 1813 |
|  K BANK Co., Ltd. | 32826189 | 30643202 | 1133400 | 88207 | (30073) | 58134 |
|  Partner One Value Up I Private Equity Fund | 9420 | 775 | (984) | (1070) |  | (1070) |
|  IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership | 6212 | 38 | 2 | (127) |  | (127) |
|  Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund | 15747 | 100 | 1 | (388) |  | (388) |
|  LOTTE CARD Co., Ltd. (\*) | 24614346 | 21040011 | 2235400 | 108426 | (1957) | 106469 |
|  Union Technology Finance Investment Association | 31762 | 509 | 2015 | 1483 |  | 1483 |
|  Orient Shipyard Co., Ltd. | 7020 | 23626 |  | (4) |  | (4) |
|  Win Mortgage Co., Ltd. | 4804 | 2562 | 11881 | 139 |  | 139 |
|  Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs] | 11084 | 1 | 241 | 235 |  | 235 |
|  BTS 2nd Private Equity Fund | 41452 | 234 | 1 | (881) |  | (881) |
|  STASSETS FUND III | 44196 | 245 | 60 | (842) |  | (842) |
|  SF CREDIT PARTNERS, LLC | 333410 | 148541 | 21326 | 11068 | (3670) | 7398 |
|  Japanese Hotel Real Estate Private Equity Fund No.2 | 13583 | 12 | 767 | 687 |  | 687 |
|  Woori Seoul Beltway Private Special Asset Fund No.1 | 79720 | 3 | 2408 | 2329 |  | 2329 |
|  Woori Smart General Private Equity Investment Trust 1(bond) | 275994 | 134157 | 8651 | 4492 |  | 4492 |
|  Woori Asset Global Partnership Fund No. 5 | 130542 | 289 | 1808 | 676 |  | 676 |
|  Woori General Private Securities Investment Trust No. 5 (bond) | 572918 | 362873 | 14934 | 6917 |  | 6917 |
|  Woori Big Satisfaction General Private Securities Investment Trust No. 3 (bond) | 187002 | 69920 | 4563 | 3190 |  | 3190 |
|  Woori General Private Securities Investment Trust No. 6 (bond) | 401132 | 257935 | 11883 | 4814 |  | 4814 |
|  Woori General Private Securities Investment Trust No. 8 (bond) | 393187 | 253745 | 1628 | (559) |  | (559) |
|  Woori Smart General Private Equity Investment Trust No.1(bond) | 329495 | 189741 | 8023 | 4056 |  | 4056 |
|  Woori Future Energy Private Special Asset Investment Trust(General) No.1 |  |  |  |  |  |  |
|  WOORI TAERIM 1st Fund | 4045 | 183 |  |  |  |  |
|  Darwin Green Packaging Private Equity Fund | 19116 | 1 |  | (12) |  | (12) |
|  Koreawide partners 2nd Private Equity Fund | 75012 | 4354 | 70 | 26 |  | 26 |
|  Lux-Mason Innovation Technology Fund#2 | 6490 |  |  | (10) |  | (10) |
|  AIP NMC Venture Fund No.1 | 7439 | 1 |  | (12) |  | (12) |
|  Woori FirstValue Private Real Estate Fund No.2 | 64111 | 62357 | 32 | 30 |  | 30 |
|  Woori Global Secondary Private Placement Investment Trust No. 2 | 92123 | 72 | (1432) | (1685) |  | (1685) |
|  Woori Big Satisfaction Corporation MMF No. 1 (Government Bond) | 4195731 | 43 | 166998 | 166295 |  | 166295 |
|  Woori GS West Street Strategic Solutions General Type Private Special Asset Investment Trust No.1 | 118372 | 20 | 10638 | 10335 |  | 10335 |
|  Woori PGIF4 General Type Private Special Asset Investment Trust No.1 | 124356 | 107 | 11773 | 11494 |  | 11494 |
|  Australia Green Energy 1st PEF | 137459 | 24 | 6346 | 4650 |  | 4650 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Assets | Liabilities | Operating<br>revenue | Net<br>income<br>(loss) | Other<br>comprehensive<br>income (loss) | Total<br>comprehensive<br>income (loss) |
|  Aarden Woori Apparel 1st Private Equity Fund | 20049 | 389 |  | (333) |  | (333) |
|  Woori Dyno 1st Private Equity Fund | 18547 | 44 | 4177 | 4010 |  | 4010 |
|  NH Woori Dino Co-Investment NO.2 Private Equity Fund | 42847 | 83 | 1211 | 837 |  | 837 |
|  KCLAVIS NPL Investment Trust NO 1-2 | 47869 | 89 | 4803 | 4803 |  | 4803 |
|  Capstone Special Restructuring Private Investment Trust No.4 | 33010 | 265 | 1477 | 1444 |  | 1444 |
|  KTB-KORUS FUND | 2018 |  | 2663 | (1352) |  | (1352) |
|  KTBN Venture Fund No.8 | 4734 |  | 239 | (2298) |  | (2298) |
|  KTBN Digital Contents Korea Fund No.9 | 8972 | 1701 | 430 | (9416) |  | (9416) |
|  KTBN Media Contents Fund | 1361 |  | 331 | 331 |  | 331 |
|  KTB China Synergy Fund | 119890 | 110 | 15997 | 6022 |  | 6022 |
|  KTBN Venture Fund No.13 | 152276 | 3150 | 279837 | 177428 |  | 177428 |
|  KTBN Future Contents Fund | 25733 | 3187 | 9193 | 3428 |  | 3428 |
|  KTBN Venture Fund No.16 | 192364 | 1407 | 113770 | 67592 |  | 67592 |
|  KTBN Venture Fund No.18 | 213746 | 2465 | 29252 | (26148) |  | (26148) |
|  KB-KTB Technology Venture Fund | 47314 | 802 | 5863 | (4911) |  | (4911) |
|  Woori 2022 Scaleup Venture Fund | 263756 | 2040 | 12281 | 3606 |  | 3606 |
|  Woori 2022 Start-up Venture Fund | 38724 | 33 | 1596 | (3723) |  | (3723) |
|  Woori 2025 Secondary Fund | 30789 | 4 | 13 | (151) |  | (151) |
|  Chirochem | 755 | 191 | 2907 | 198 |  | 198 |
|  Godo Kaisha Oceanos 1 |  |  | 12197 | 7855 |  | 7855 |
|  Ulsan Yeocheon Development Co., Ltd. | 1439 | 1036 |  | (12) |  | (12) |
|  KG Fashion Co., Ltd. | 2114 | 2906 | 377 | (122) |  | (122) |
|  KUM HWA Co., Ltd. | 4 | 167 |  |  |  |  |
|  Jinmyung Plus Co., Ltd. | 494 | 447 | 131 | (25) |  | (25) |
|  MARKET&FARM CO., LTD. | 779 | 883 |  | (160) |  | (160) |
|  JC Assurance No.2 Private Equity Fund |  |  |  | (26) |  | (26) |
|  Genesis Eco No.1 Private Equity Fund | 38639 | 626 |  | (18) |  | (18) |
|  Paratus Woori Material Component Equipment joint venture company | 27487 | 427 | 2 | (865) |  | (865) |
|  Midas No. 8 Private Equity Joint Venture Company | 63221 | 132 | 1881 | 1037 |  | 1037 |
|  Orchestra Private Equity Fund IV | 34038 |  | 431 | (75) |  | (75) |
|  Synaptic Green No.1 PEF | 43321 | 350 | 8058 | 7354 |  | 7354 |
|  IGEN2022No. 1 Private Equity Fund | 24307 | 110 | 15694 | 7102 |  | 7102 |
|  PCC-Woori LP Secondary Fund | 21317 | 522 | 2438 | (1473) |  | (1473) |
|  Synaptic Future Growth Private Equity Fund 1 | 34217 | 174 | 1993 | 1240 |  | 1240 |
|  Woori Productive Financing Education Infrastructure General Private Special Asset Investment Trust No.1 |  |  |  |  |  |  |
|  Healthcare Investmetnt Fund | 10197 |  |  | (108) |  | (108) |
|  Woorinara Short-Term Bond Securities Investment Trust (Bond) | 740791 | 143928 | 37816 | 33597 |  | 33597 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Assets | Liabilities | Operating<br>revenue | Net<br>income<br>(loss) | Other<br>comprehensive<br>income (loss) | Total<br>comprehensive<br>income (loss) |
|  Woori Together TDF 2025 | 22797 | 274 | 1479 | 1407 |  | 1407 |
|  Woori Together TDF 2030 | 29913 | 707 | 2276 | 2206 |  | 2206 |
|  Woori Together TDF 2035 | 56640 | 1169 | 4247 | 4168 |  | 4168 |
|  Woori Together TDF 2040 | 22168 | 204 | 1978 | 1938 |  | 1938 |
|  Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2 | 124718 |  | 10377 | 10367 |  | 10367 |
|  Woori-Q Corporate Restructuring Private Equity Fund | 98251 | 324 | 2628 | 1293 |  | 1293 |
|  Woori Eugene Energy Link Private Equity Fund | 72784 | 253 | 5225 | 2824 |  | 2824 |
|  Woori NH Co-Growth Private Equity Fund I | 32137 | 1190 | 5837 | 4547 |  | 4547 |
|  Woori IMM Green Net Zero Fund | 43987 | 68 | 2160 | 1735 |  | 1735 |
|  NH Woori New deal Co-Investment No.1 Private Equity Fund | 19341 | 362 | 389 | (10146) |  | (10146) |
|  Woori BIG SATISFACTION SHINJONG MMF 3rd | 2046389 | 19 | 88476 | 88232 |  | 88232 |
|  Woori-Shinyoung Growth-Cap Private Equity Fund I | 103810 | 1077 | 37506 | 36345 |  | 36345 |
|  NH Woori Newdeal Growth Alpha Private Equity Fund 1 | 182355 | 2013 | (10792) | (12911) |  | (12911) |
|  Woori Real Estate Investment No. 1 Limited Liability Company | 413355 | 235746 | 22668 | 6821 |  | 6821 |

---

---

| | |
|:---|:---|
| (\*) | The amount is after reflecting the fair value adjustment that occurred when acquiring the shares and the adjustments that occurred by difference of accounting policies with the Group.  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Assets | Liabilities | Operating<br>revenue | Net<br>income<br>(loss) | Other<br>comprehensive<br>income (loss) | Total<br>comprehensive<br>income (loss) |
|  W Service Networks Co., Ltd. | 6621 | 2475 | 16788 | 738 |  | 738 |
|  Korea Credit Bureau Co., Ltd. | 150657 | 62343 | 175338 | 26589 |  | 26589 |
|  Korea Finance Security Co., Ltd. | 36797 | 12692 | 42640 | 1695 |  | 1695 |
|  K BANK Co., Ltd. | 29314529 | 27293765 | 1043436 | 149922 | 3695 | 153617 |
|  Partner One Value Up I Private Equity Fund | 9810 | 682 | (4358) | (4758) |  | (4758) |
|  IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership | 11474 | 165 | (3108) | (3887) |  | (3887) |
|  Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund | 15745 | 100 | 1 | (388) |  | (388) |
|  LOTTE CARD Co., Ltd. (\*) | 24416416 | 20937932 | 2103130 | 100468 | (20494) | 79974 |
|  Union Technology Finance Investment Association | 40269 | 641 | 19 | (646) |  | (646) |
|  Orient Shipyard Co., Ltd. | 7025 | 23626 |  | (76) |  | (76) |
|  Win Mortgage Co., Ltd. | 6053 | 3073 | 16435 | 1044 |  | 1044 |
|  Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs] | 10849 | 1 | 306 | 300 |  | 300 |
|  BTS 2nd Private Equity Fund | 39431 | 432 | 628 | (468) |  | (468) |
|  STASSETS FUND III | 39694 | 197 | 40 | (802) |  | (802) |
|  SF CREDIT PARTNERS, LLC | 185463 | 30752 | 35820 | 14319 | 18291 | 32610 |
|  ARAM CMC Co.,Ltd. | 541 | 453 | 717 | (31) |  | (31) |
|  Japanese Hotel Real Estate Private Equity Fund No.2 | 14135 | 13 | 1246 | 1129 |  | 1129 |
|  Woori Seoul Beltway Private Special Asset Fund No.1 | 64308 | 3 | 2298 | 2233 |  | 2233 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Assets | Liabilities | Operating<br>revenue | Net<br>income<br>(loss) | Other<br>comprehensive<br>income (loss) | Total<br>comprehensive<br>income (loss) |
|  Woori Smart General Private Equity Investment Trust 1 | 312490 | 166250 | 13404 | 8549 |  | 8549 |
|  Woori Asset Global Partnership Fund No.5 | 95548 | 254 | 6479 | 5038 |  | 5038 |
|  WOORI TAERIM 1st Fund | 4045 | 183 |  |  |  |  |
|  Portone-Cape Fund No.1 | 1000 | 200 |  | (103) |  | (103) |
|  Darwin Green Packaging Private Equity Fund | 19128 |  |  | (262) |  | (262) |
|  Koreawide partners 2nd Private Equity Fund | 75002 | 2870 |  |  |  |  |
|  Woori FirstValue Private Real Estate Fund No.2 | 67081 | 62357 | 62 | 57 |  | 57 |
|  Woori Together TDF 2025 | 14500 | 30 | 1232 | 1206 |  | 1206 |
|  Woori Together TDF 2030 | 16849 | 41 | 1574 | 1544 |  | 1544 |
|  Woori USD Treasury Target Return Bond FoF | 921 |  | 164 | 144 |  | 144 |
|  Woori Together TDF 2035 | 15537 | 241 | 1031 | 1011 |  | 1011 |
|  Australia Green Energy 1st PEF | 132878 | 24 | 13121 | 11424 |  | 11424 |
|  Aarden Woori Apparel 1st Private Equity Fund | 20083 | 89 |  | (8136) |  | (8136) |
|  Woori Dyno 1st Private Equity Fund | 14575 | 43 | 2712 | 2545 |  | 2545 |
|  NH Woori Dino Co-Investment NO.2 Private Equity Fund | 39368 | 2 | 6 | (83) |  | (83) |
|  KTB-KORUS FUND | 4772 |  | 691 | (3062) |  | (3062) |
|  KTBN Venture Fund No.8 | 7032 |  | 98 | (1902) |  | (1902) |
|  KTBN Digital Contents Korea Fund No.9 | 18343 | 1656 | 937 | (1971) |  | (1971) |
|  KTBN Media Contents Fund | 1029 |  | 60 | (858) |  | (858) |
|  KTB China Synergy Fund | 135892 | 10073 | 23354 | 12215 |  | 12215 |
|  NAVER-KTB Audio Contents Fund | 25443 | 648 | 466 | (3972) |  | (3972) |
|  KTBN Venture Fund No.13 | 80487 | 625 | 38903 | 27039 |  | 27039 |
|  KTBN Future Contents Fund | 31882 | 434 | 725 | (2763) |  | (2763) |
|  KTBN Venture Fund No.16 | 156157 | 1592 | 31459 | 14540 |  | 14540 |
|  KTBN Venture Fund No.18 | 254010 | 2532 | 31976 | (383) |  | (383) |
|  KB-KTB Technology Venture Fund | 52125 | 701 | 3802 | (1377) |  | (1377) |
|  WOORI 2022 Scaleup Venture Fund | 89006 | 76 | 926 | (12705) |  | (12705) |
|  WOORI 2022 Start-up Venture Fund | 42418 | 3 | 162 | (466) |  | (466) |
|  KTBN GI Private Equity Fund | 104 | 12 | 3444 | 2832 | (732) | 2100 |
|  Chirochem | 556 | 190 | 451 | 8 |  | 8 |
|  Godo Kaisha Oceanos 1 | 60513 | 45145 | 2605 | 132 |  | 132 |
|  KG Fashion Co., Ltd. | 2201 | 2850 | 544 | (197) |  | (197) |
|  KUM HWA Co., Ltd. | 4 | 167 |  |  |  |  |
|  Jinmyung Plus Co., Ltd. | 499 | 459 | 96 | (32) |  | (32) |
|  JC Assurance No.2 Private Equity Fund | 121539 | 989 |  | (642) |  | (642) |
|  HMS-Oriens 1st Fund | 65227 | 7 |  | 3723 |  | 3723 |
|  Woori Senior Loan Private Placement Investment Trust No.1 | 80919 | 5 | 9664 | 9101 |  | 9101 |
|  Genesis Eco No.1 Private Equity Fund | 38043 | 622 |  | (634) |  | (634) |
|  Paratus Woori Material Component Equipment joint venture company | 58285 | 2380 |  | (884) |  | (884) |
|  Midas No. 8 Private Equity Joint Venture Company | 64156 | 241 | 1916 | 963 |  | 963 |
|  Orchestra Private Equity Fund IV | 34113 |  | 700 | 194 |  | 194 |
|  Synaptic Green No.1 PEF | 35623 | 5 | 2 | 703 |  | 703 |
|  IGEN2022No. 1 Private Equity Fund | 32215 | 126 | 1056 | 565 |  | 565 |
|  PCC-Woori LP Secondary Fund | 22863 | 600 | 2549 | (4767) |  | (4767) |
|  Synaptic Future Growth Private Equity Fund 1 | 32638 | 295 | 19412 | 18240 |  | 18240 |
|  Woori-Q Corporate Restructuring Private Equity Fund | 101315 | 1362 | 1278 | 164 |  | 164 |
|  Woori-Shinyoung Growth-Cap Private Equity Fund I | 84775 | 419 | 4422 | (10824) |  | (10824) |
|  NH Woori Newdeal Growth Alpha Private Equity Fund 1 | 164574 | 762 | 40639 | 38093 |  | 38093 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Assets | Liabilities | Operating<br>revenue | Net<br>income<br>(loss) | Other<br>comprehensive<br>income (loss) | Total<br>comprehensive<br>income (loss) |
|  Woori Real Estate Investment No. 1 Limited Liability Company | 405845 | 235058 | 6 | (1412) |  | (1412) |
|  Woori General Private Securities Investment Trust No. 5 | 456448 | 246365 | 15926 | 10847 |  | 10847 |
|  Woori Big Satisfaction General Private Securities Investment Trust No. 3 | 170856 | 55432 | 6755 | 5425 |  | 5425 |
|  Woori General Private Securities Investment Trust No. 6 | 398460 | 251145 | 12650 | 7315 |  | 7315 |
|  Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2 | 171980 |  | 8579 | 8539 |  | 8539 |
|  Woori General Private Securities Investment Trust No. 7 (Bond) | 424652 | 280745 | 6743 | 3907 |  | 3907 |
|  Woori Smart General Private Equity Investment Trust No.1(bond) | 244268 | 101784 | 3038 | 2484 |  | 2484 |
|  Woori Future Energy Private Special Asset Investment Trust(General) No.1 |  |  |  |  |  |  |
|  Woori Big Satisfaction Corporation MMF No. 3 | 1860868 | 29 | 56309 | 56153 |  | 56153 |
|  NH Woori New deal Co-Investment No.1 Private Equity Fund | 29382 | 254 | 3682 | 3428 |  | 3428 |
|  KCLAVIS NPL Investment Trust NO 1-2 | 43057 | 80 | 1176 | 1176 |  | 1176 |
|  MARKET&FARM CO., LTD. | 954 | 902 | 4933 | (125) |  | (125) |

---

---

| | |
|:---|:---|
| (\*) | The amount is after reflecting the fair value adjustment that occurred when acquiring the shares and the adjustments that occurred by difference of accounting policies with the Group.  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(4) The entities that the Group has not applied equity method of accounting although the Group's ownership
interest is more than 20% as of December 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 |
| Associate (\*) | Number of shares owned | Ownership (%) |
|  CL Tech Co., Ltd. | 10191 | 28.6 |
|  CT International Co., Ltd. | 1741 | 26.7 |
|  Happy Home Co., Ltd. | 14924 | 23.0 |

---

---

| | |
|:---|:---|
| (\*) | Although the Group's ownership interest of the entity is more than 20%, the Group does not have significant influence over the entity since it is going through work-out process under receivership, accordingly it is excluded from the investment in joint ventures and associates.  |

---

---

| | | |
|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 |
| Associate (\*) | Number of shares owned | Ownership (%) |
|  CL Tech Co., Ltd. | 10191 | 28.6 |
|  TH International Co., LTD | 6802 | 21.5 |
|  WORK-LIFE BALANCE CO.,LTD | 209 | 21.3 |

---

---

| | |
|:---|:---|
| (\*) | Although the Group's ownership interest of the entity is more than 20%, the Group does not have significant influence over the entity since it is going through work-out process under receivership, accordingly it is excluded from the investment in joint ventures and associates.  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(5) As of December 31, 2025 and 2024, the reconciliations from the net assets of the associates to the
carrying amount of the shares of the investment in joint ventures and associates are as follows (Unit: Korean Won in millions except for ownership):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Total net<br>asset | Ownership<br>(%) | Ownership<br>portion of<br>net assets | Basis<br>difference | Impairment | Intercompany<br>transaction<br>and others | Book<br>value |
|  W Service Networks Co., Ltd. | 4122 | 4.9 | 204 |  |  |  | 204 |
|  Korea Credit Bureau Co., Ltd. | 122133 | 9.9 | 12107 | 247 |  |  | 12354 |
|  Korea Finance Security Co., Ltd. | 25549 | 15 | 3832 |  |  |  | 3832 |
|  K BANK Co., Ltd. (\*) | 2081003 | 12 | 248878 | 20822 |  |  | 269700 |
|  Partner One Value Up I Private Equity Fund | 8645 | 23.3 | 2010 |  |  |  | 2010 |
|  IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership | 6174 | 20 | 1235 |  |  |  | 1235 |
|  Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund | 15647 | 25 | 3912 |  |  | 718 | 4630 |
|  LOTTE CARD Co., Ltd. (\*) | 2953104 | 20 | 590619 |  |  |  | 590619 |
|  Union Technology Finance Investment Association | 31253 | 29.7 | 9283 |  |  |  | 9283 |
|  Orient Shipyard Co., Ltd. | (16606) | 22.7 | (3774) |  |  | 3774 |  |
|  Win Mortgage Co., Ltd. | 2242 | 4.5 | 101 |  |  |  | 101 |
|  Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs] | 11083 | 100 | 11082 |  |  |  | 11082 |
|  BTS 2nd Private Equity Fund | 41218 | 20 | 8244 |  |  |  | 8244 |
|  STASSETS FUND III | 43951 | 28.3 | 12439 |  |  |  | 12439 |
|  SF CREDIT PARTNERS, LLC | 184869 | 10 | 18487 | 529 |  |  | 19016 |
|  Japanese Hotel Real Estate Private Equity Fund No. 2 | 13571 | 19.9 | 2696 |  |  |  | 2696 |
|  Woori Seoul Beltway Private Special Asset Fund No. 1 | 79717 | 25 | 19929 |  |  |  | 19929 |
|  Woori Smart General Private Equity Investment Trust 1 (bond) | 141837 | 28.6 | 40525 |  |  |  | 40525 |
|  Woori Asset Global Partnership Fund No. 5 | 130253 | 57.7 | 75146 |  |  |  | 75146 |
|  Woori General Private Securities Investment Trust No. 5 (bond) | 210045 | 28.6 | 60013 |  |  |  | 60013 |
|  Woori Big Satisfaction General Private Securities Investment Trust No. 3 (bond) | 117082 | 8.7 | 10172 |  |  |  | 10172 |
|  Woori General Private Securities Investment Trust No. 6 (bond) | 143197 | 28.6 | 40914 |  |  |  | 40914 |
|  Woori General Private Securities Investment Trust No. 8 (bond) | 139442 | 28.6 | 39840 |  |  |  | 39840 |
|  Woori Smart General Private Equity Investment Trust No.1 (bond) | 139754 | 28.4 | 39703 |  |  |  | 39703 |
|  Woori Future Energy Private Special Asset Investment Trust (General) No.1 |  | 16 |  |  |  |  |  |
|  WOORI TAERIM 1st Fund | 3862 | 25.6 | 988 |  |  |  | 988 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Total net<br>asset | Ownership<br>(%) | Ownership<br>portion of<br>net assets | Basis<br>difference | Impairment | Intercompany<br>transaction<br>and others | Book<br>value |
|  Darwin Green Packaging Private Equity Fund | 19115 | 20.4 | 3901 |  |  |  | 3901 |
|  Koreawide partners 2nd Private Equity Fund | 70658 | 26.7 | 18842 |  |  |  | 18842 |
|  Lux-Mason Innovation Technology Fund#2 | 6490 | 23.1 | 1498 |  |  |  | 1498 |
|  AIP NMC Venture Fund No. 1 | 7438 | 26.8 | 1997 |  |  |  | 1997 |
|  Woori FirstValue Private Real Estate Fund No. 2 | 1754 | 12 | 212 |  |  |  | 212 |
|  Woori Global Secondary Private Placement Investment Trust No. 2 | 92051 | 12 | 11011 |  |  |  | 11011 |
|  Woori Big Satisfaction Corporation MMF No. 1 (Government Bond) | 4195688 | 0.7 | 30645 |  |  |  | 30645 |
|  Woori GS West Street Strategic Solutions General Type Private Special Asset Investment Trust No.1 | 118352 | 25 | 29588 |  |  |  | 29588 |
|  Woori PGIF4 General Type Private Special Asset Investment Trust No. 1 | 124249 | 20 | 24850 |  |  |  | 24850 |
|  Australia Green Energy 1st PEF | 137435 | 4 | 5445 |  |  |  | 5445 |
|  Aarden Woori Apparel 1st Private Equity Fund | 19660 | 0.5 | 93 |  |  |  | 93 |
|  Woori Dyno 1st Private Equity Fund | 18503 | 19.6 | 3628 |  |  |  | 3628 |
|  NH Woori Dino Co-Investment NO. 2 Private Equity Fund | 42764 | 4.8 | 2035 |  |  |  | 2035 |
|  KCLAVIS NPL Investment Trust NO 1-2 | 47780 | 35.9 | 17146 |  |  |  | 17146 |
|  Capstone Special Restructuring Private Investment Trust No.4 | 32745 | 46.2 | 15113 |  |  |  | 15113 |
|  KTB-KORUS FUND | 2018 | 37.5 | 757 |  |  |  | 757 |
|  KTBN Venture Fund No. 8 | 4734 | 21.7 | 1029 |  |  |  | 1029 |
|  KTBN Digital Contents Korea Fund No. 9 | 7271 | 30 | 2181 |  |  |  | 2181 |
|  KTBN Media Contents Fund | 1361 | 15 | 204 |  |  |  | 204 |
|  KTB China Synergy Fund | 119780 | 15.1 | 18039 |  |  |  | 18039 |
|  KTBN Venture Fund No. 13 | 149126 | 19.6 | 29240 |  |  |  | 29240 |
|  KTBN Future Contents Fund | 22546 | 13.3 | 3006 |  |  |  | 3006 |
|  KTBN Venture Fund No. 16 | 190957 | 10.3 | 19585 |  |  |  | 19585 |
|  KTBN Venture Fund No. 18 | 211281 | 10.1 | 21429 |  |  |  | 21429 |
|  KB-KTB Technology Venture Fund | 46512 | 18.2 | 8457 |  |  |  | 8457 |
|  Woori 2022 Scaleup Venture Fund | 261716 | 20 | 52411 |  |  |  | 52411 |
|  Woori 2022 Start-up Venture Fund | 38691 | 30.1 | 11652 |  |  |  | 11652 |
|  Woori 2025 Secondary Fund | 30785 | 20 | 6157 |  |  |  | 6157 |
|  Chirochem | 564 | 28.6 | 161 |  |  |  | 161 |
|  Ulsan Yeocheon Development Co., Ltd. | 403 | 50 | 201 |  |  |  | 201 |
|  KG Fashion Co., Ltd. | (792) | 20.8 | (164) |  |  | 164 |  |
|  KUM HWA Co., Ltd. | (163) | 20.1 | (33) |  |  | 33 |  |
|  Jinmyung Plus Co., Ltd. | 47 | 21.3 | 11 |  |  |  | 11 |
|  MARKET&FARM CO., LTD. | (104) | 23.7 | (25) |  |  | 25 |  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Total net<br>asset | Ownership<br>(%) | Ownership<br>portion of<br>net assets | Basis<br>difference | Impairment | Intercompany<br>transaction<br>and others | Book<br>value |
|  JC Assurance No.2 Private Equity Fund | 120525 | 23.4 | 28240 |  | (28240) |  |  |
|  Genesis Eco No.1 Private Equity Fund | 38013 | 29 | 11018 |  |  |  | 11018 |
|  Paratus Woori Material Component Equipment joint venture company | 27060 | 29.9 | 8090 |  |  |  | 8090 |
|  Midas No. 8 Private Equity Joint Venture Company | 63089 | 28.5 | 17971 |  |  |  | 17971 |
|  Orchestra Private Equity Fund IV | 34038 | 28.2 | 9588 |  |  |  | 9588 |
|  Synaptic Green No.1 PEF | 42971 | 21.1 | 9047 |  |  |  | 9047 |
|  IGEN2022No. 1 Private Equity Fund | 24197 | 24.8 | 6012 |  |  |  | 6012 |
|  PCC-Woori LP Secondary Fund | 20795 | 38.8 | 8068 |  |  | 70 | 8138 |
|  Synaptic Future Growth Private Equity Fund 1 | 34043 | 23.8 | 8089 |  |  |  | 8089 |
|  Woori Productive Financing Education Infrastructure General Private Special Asset Investment Trust No.1 |  | 14.6 |  |  |  |  |  |
|  Healthcare Investmetnt Fund | 10197 | 28.8 | 2941 |  |  |  | 2941 |
|  Woorinara Short-Term Bond Securities Investment Trust (Bond) | 596863 | 6.8 | 40280 |  |  |  | 40280 |
|  Woori Together TDF 2025 | 22523 | 17.2 | 3866 |  |  |  | 3866 |
|  Woori Together TDF 2030 | 29206 | 17.3 | 5058 |  |  |  | 5058 |
|  Woori Together TDF 2035 | 55471 | 4.3 | 2396 |  |  |  | 2396 |
|  Woori Together TDF 2040 | 21964 | 20.4 | 4481 |  |  | (44) | 4437 |
|  Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2 | 124718 | 4.4 | 5516 |  |  |  | 5516 |
|  Woori-Q Corporate Restructuring Private Equity Fund | 97927 | 34.3 | 33589 |  |  | (566) | 33023 |
|  Woori Eugene Energy Link Private Equity Fund | 72531 | 7.9 | 5699 |  |  |  | 5699 |
|  Woori NH Co-Growth Private Equity FundI | 30947 | 20 | 6189 |  |  |  | 6189 |
|  Woori IMM Green Net Zero Fund | 43919 | 23.6 | 10370 |  |  |  | 10370 |
|  NH Woori New deal Co-Investment No.1 Private Equity Fund | 18979 | 19.5 | 3692 |  |  |  | 3692 |
|  Woori BIG SATISFACTION SHINJONG MMF 3rd | 2046370 | 6.4 | 130389 |  |  |  | 130389 |
|  Woori-Shinyoung Growth-Cap Private Equity Fund I | 102733 | 35 | 35957 |  |  | 367 | 36324 |
|  NH Woori Newdeal Growth Alpha Private Equity Fund 1 | 180342 | 33 | 59513 |  |  | 1889 | 61402 |
|  Woori Real Estate Investment No. 1 Limited Liability Company | 177609 | 19.9 | 35274 |  |  |  | 35274 |

---

---

| | |
|:---|:---|
| (\*) | The net asset equity amount is after the debt-for-equity swap, non-controlling etc.  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Total net<br>asset | Ownership<br>(%) | Ownership<br>portion of<br>net assets | Basis<br>difference | Impairment | Intercompany<br>transaction<br>and others | Book<br>value |
|  W Service Networks Co., Ltd. | 4146 | 4.9 | 204 |  |  |  | 204 |
|  Korea Credit Bureau Co., Ltd. | 88314 | 9.9 | 8755 | 246 |  |  | 9001 |
|  Korea Finance Security Co., Ltd. | 24105 | 15.0 | 3616 |  |  |  | 3616 |
|  K BANK Co., Ltd. (\*) | 2018704 | 12.0 | 241429 | 20821 |  |  | 262250 |
|  Partner One Value Up I Private Equity Fund | 9128 | 23.3 | 2123 |  |  |  | 2123 |
|  IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership | 11309 | 20.0 | 2263 |  |  |  | 2263 |
|  Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund | 15645 | 25.0 | 3911 |  |  | 621 | 4532 |
|  LOTTE CARD Co., Ltd. (\*) | 2877907 | 20.0 | 575580 |  |  |  | 575580 |
|  Union Technology Finance Investment Association | 39628 | 29.7 | 11770 |  |  |  | 11770 |
|  Orient Shipyard Co., Ltd. | (16601) | 22.7 | (3773) |  |  | 3773 |  |
|  Win Mortgage Co., Ltd. | 2980 | 4.5 | 135 |  |  |  | 135 |
|  Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs] | 10848 | 100.0 | 10847 |  |  |  | 10847 |
|  BTS 2nd Private Equity Fund | 38999 | 20.0 | 7799 |  |  |  | 7799 |
|  STASSETS FUND III | 39497 | 28.3 | 11178 |  |  |  | 11178 |
|  SF CREDIT PARTNERS, LLC | 154711 | 10.0 | 15470 |  |  | 530 | 16000 |
|  ARAM CMC Co., Ltd. | 88 | 20.1 | 18 |  |  | (18) |  |
|  Japanese Hotel Real Estate Private Equity Fund No.2 | 14122 | 19.9 | 2810 |  |  | (5) | 2805 |
|  Woori Seoul Beltway Private Special Asset Fund No.1 | 64305 | 25.0 | 16076 |  |  |  | 16076 |
|  Woori Smart General Private Equity Investment Trust 1(bond) | 146240 | 28.6 | 41825 |  |  | (42) | 41783 |
|  Woori Asset Global Partnership Fund No.5 | 95294 | 57.7 | 54985 |  |  | (8) | 54977 |
|  WOORI TAERIM 1st Fund | 3862 | 25.6 | 988 |  |  |  | 988 |
|  Portone-Cape Fund No.1 | 800 | 20.0 | 160 |  |  |  | 160 |
|  Darwin Green Packaging Private Equity Fund | 19128 | 20.4 | 3904 |  |  |  | 3904 |
|  Koreawide partners 2nd Private Equity Fund | 72132 | 26.7 | 19235 |  |  |  | 19235 |
|  Woori FirstValue Private Real Estate Fund No.2 | 4724 | 12.0 | 567 |  |  |  | 567 |
|  Woori Together TDF 2025 | 14470 | 24.7 | 3577 |  |  |  | 3577 |
|  Woori Together TDF 2030 | 16808 | 22.2 | 3724 |  |  |  | 3724 |
|  Woori USD Treasury Target Return Bond FoF | 921 | 23.9 | 220 |  |  |  | 220 |
|  Woori Together TDF 2035 | 15296 | 22.5 | 3448 |  |  |  | 3448 |
|  Australia Green Energy 1st PEF | 132854 | 4.0 | 5264 |  |  |  | 5264 |
|  Aarden Woori Apparel 1st Private Equity Fund | 19994 | 0.5 | 95 |  |  |  | 95 |
|  Woori Dyno 1st Private Equity Fund | 14532 | 19.6 | 2849 |  |  |  | 2849 |
|  NH Woori Dino Co-Investment NO.2 Private Equity Fund | 39366 | 5.1 | 1996 |  |  |  | 1996 |
|  KTB-KORUS FUND | 4772 | 37.5 | 1789 |  |  |  | 1789 |
|  KTBN Venture Fund No.8 | 7032 | 21.7 | 1529 |  |  |  | 1529 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Total net<br>asset | Ownership<br>(%) | Ownership<br>portion of<br>net assets | Basis<br>difference | Impairment | Intercompany<br>transaction<br>and others | Book<br>value |
|  KTBN Digital Contents Korea Fund No.9 | 16687 | 30 | 5006 |  |  |  | 5006 |
|  KTBN Media Contents Fund | 1029 | 15 | 154 |  |  |  | 154 |
|  KTB China Synergy Fund | 125819 | 15.1 | 18949 |  |  |  | 18949 |
|  NAVER-KTB Audio Contents Fund | 24795 | 1 | 248 |  |  |  | 248 |
|  KTBN Venture Fund No.13 | 79862 | 19.6 | 15659 |  |  |  | 15659 |
|  KTBN Future Contents Fund | 31448 | 13.3 | 4193 |  |  |  | 4193 |
|  KTBN Venture Fund No.16 | 154565 | 10.3 | 15853 |  |  |  | 15853 |
|  KTBN Venture Fund No.18 | 251478 | 10.1 | 25506 |  |  |  | 25506 |
|  KB-KTB Technology Venture Fund | 51424 | 18.2 | 9350 |  |  |  | 9350 |
|  WOORI 2022 Scaleup Venture Fund | 88930 | 20 | 17809 |  |  |  | 17809 |
|  WOORI 2022 Start-up Venture Fund | 42415 | 30.1 | 12773 |  |  |  | 12773 |
|  KTBN GI Private Equity Fund | 92 | 5 | 5 |  |  |  | 5 |
|  Chirochem | 366 | 28.6 | 104 |  |  |  | 104 |
|  Godo Kaisha Oceanos 1 | 15368 | 47.8 | 7347 |  |  |  | 7347 |
|  KG Fashion Co., Ltd. | (649) | 20.8 | (135) |  |  | 135 |  |
|  KUM HWA Co., Ltd. | (163) | 20.1 | (33) |  |  | 33 |  |
|  Jinmyung Plus Co., Ltd. | 40 | 21.3 | 9 |  |  |  | 9 |
|  JC Assurance No.2 Private Equity Fund | 120550 | 23.4 | 28246 |  | (28240) |  |  |
|  HMS-Oriens 1st Fund | 65220 | 22.8 | 14880 |  |  |  | 14880 |
|  Woori Senior Loan Private Placement Investment Trust No.1 | 80914 | 21.7 | 17517 |  |  |  | 17517 |
|  Genesis Eco No.1 Private Equity Fund | 37421 | 29 | 10847 |  |  |  | 10847 |
|  Paratus Woori Material Component Equipment joint venture company | 55905 | 29.9 | 16714 |  |  |  | 16714 |
|  Midas No. 8 Private Equity Joint Venture Company | 63915 | 28.5 | 18207 |  |  |  | 18207 |
|  Orchestra Private Equity Fund IV | 34113 | 28.2 | 9610 |  |  |  | 9610 |
|  Synaptic Green No.1 PEF | 35618 | 21.1 | 7499 |  |  |  | 7499 |
|  IGEN2022No. 1 Private Equity Fund | 32089 | 24.8 | 7972 |  |  |  | 7972 |
|  PCC-Woori LP Secondary Fund | 22263 | 38.9 | 8648 |  |  |  | 8648 |
|  Synaptic Future Growth Private Equity Fund 1 | 32343 | 23.8 | 7685 |  |  |  | 7685 |
|  Woori-Q Corporate Restructuring Private Equity Fund | 99953 | 34.6 | 34619 |  |  | (612) | 34007 |
|  Woori-Shinyoung Growth-Cap Private Equity Fund I | 84356 | 35 | 29499 |  |  | 197 | 29696 |
|  NH Woori Newdeal Growth Alpha Private Equity Fund 1 | 163812 | 32.9 | 53948 |  |  | 1591 | 55539 |
|  Woori Real Estate Investment No. 1 Limited Liability Company | 170787 | 19.9 | 33919 |  |  |  | 33919 |
|  Woori General Private Securities Investment Trust No. 5 | 210083 | 28.6 | 60024 |  |  |  | 60024 |
|  Woori Big Satisfaction General Private Securities Investment Trust No. 3 | 115424 | 9.1 | 10493 |  |  |  | 10493 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Total net<br>asset | Ownership<br>(%) | Ownership<br>portion of<br>net assets | Basis<br>difference | Impairment | Intercompany<br>transaction<br>and others | Book<br>value |
|  Woori General Private Securities Investment Trust No. 6 | 147315 | 28.6 | 42090 |  |  |  | 42090 |
|  Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2 | 171980 | 2.3 | 4019 |  |  | (8) | 4011 |
|  Woori General Private Securities Investment Trust No. 7 (Bond) | 143907 | 28.6 | 41116 |  |  |  | 41116 |
|  Woori Smart General Private Equity Investment Trust No.1(bond) | 142484 | 28.4 | 40477 |  |  |  | 40477 |
|  Woori Future Energy Private Special Asset Investment Trust(General) No.1 |  | 16.0 |  |  |  |  |  |
|  Woori Big Satisfaction Corporation MMF No. 3 | 1860839 | 2.3 | 42038 |  |  | (54) | 41984 |
|  NH Woori New deal Co-Investment No.1 Private Equity Fund | 29128 | 19.5 | 5680 |  |  | (476) | 5204 |
|  KCLAVIS NPL Investment Trust NO 1-2 | 42977 | 35.9 | 15422 |  |  |  | 15422 |
|  MARKET&FARM CO., LTD. | 52 | 23.7 | 12 |  |  | (12) |  |

---

---

| | |
|:---|:---|
| (\*) | The net asset equity amount is after the debt-for-equity swap, non-controlling etc.  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**15.** **INVESTMENT PROPERTIES** 

(1) Details of investment properties are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Acquisition cost | 1050044 | 497787 |
|  Accumulated depreciation | (50742) | (46913) |
|  Accumulated impairment losses | (448) | (86) |
|  Net carrying value | 998854 | 450788 |

---

(2) Changes in investment properties are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Beginning balance | 450788 | 472768 |
|  Acquisition | 736 |  |
|  Disposal | (4637) | (62467) |
|  Depreciation | (8511) | (8216) |
|  Transfer | 9997 | 42344 |
|  Classification of assets held for sale | (35137) |  |
|  Foreign currencies translation adjustments | 5103 | 6409 |
|  Business combination | 580515 |  |
|  Others |  | (50) |
|  Ending balance | 998854 | 450788 |

---

(3) Fair value of investment properties amounted to 1,364,950 million won and 795,216 million won as of
December 31, 2025 and 2024, respectively. The fair value of investment properties has been assessed on the basis of recent similar real estate market price and officially assessed land price in the area of the investment properties, is
classified as level 3 on the fair value hierarchy.

(4) Rental fee earned from investment properties is amounting to 34,888 million won and 23,307 million
won for the years ended December 31, 2025 and 2024, respectively. Operating expenses directly related to the investment properties where rental fee was earned, are amounting to 8,719 million won and 8,414 million won.

(5) The lease payments expected to be received in the future under lease contracts relating to investment
properties as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Lease payments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Within a year | 13827 | 13702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; More than 1 year and within 2 years | 18687 | 9414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; More than 2 years and within 3 years | 9799 | 7667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; More than 3 years and within 4 years | 8303 | 4362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; More than 4 years and within 5 years | 6137 | 3438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; More than 5 years | 3793 | 3441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 60546 | 42024 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**16.** **PREMISES AND EQUIPMENT** 

(1) Details of premises and equipment as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in
millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Land | Building | Equipment<br>and<br>vehicles | Leasehold<br>improvement | Construction<br>in progress | Structures | Total |
|  Premises and equipment (owned) | 1983149 | 708535 | 377217 | 75958 | 45761 | 213 | 3190833 |
|  Right-of-use asset |  | 554148 | 35836 |  |  |  | 589984 |
|  Carrying value | 1983149 | 1262683 | 413053 | 75958 | 45761 | 213 | 3780817 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Land | Building | Equipment<br>and<br>vehicles | Leasehold<br>improvement | Construction<br>in progress | Structures | Total |
|  Premises and equipment (owned) | 1662448 | 683221 | 305581 | 71952 | 68440 |  | 2791642 |
|  Right-of-use asset |  | 557049 | 21894 |  |  |  | 578943 |
|  Carrying value | 1662448 | 1240270 | 327475 | 71952 | 68440 |  | 3370585 |

---

(2) Details of premises and equipment (owned) as of December 31, 2025 and 2024 are as follows (Unit: Korean
Won in millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Land | Building | Equipment<br>and vehicles | Leasehold<br>improvement | Construction<br>in progress | Structures | Total |
|  Acquisition cost | 1983809 | 1125471 | 1465257 | 514364 | 45761 | 331 | 5134993 |
|  Accumulated depreciation |  | (416885) | (1087440) | (438406) |  | (118) | (1942849) |
|  Accumulated impairment losses | (660) | (51) | (600) |  |  |  | (1311) |
|  Net carrying value | 1983149 | 708535 | 377217 | 75958 | 45761 | 213 | 3190833 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Land | Building | Equipment<br>and vehicles | Leasehold<br>improvement | Construction<br>in progress | Structures | Total |
|  Acquisition cost | 1663108 | 1087536 | 1305020 | 505417 | 68440 | 20 | 4629541 |
|  Accumulated depreciation |  | (404315) | (999439) | (433465) |  | (20) | (1837239) |
|  Accumulated impairment losses | (660) |  |  |  |  |  | (660) |
|  Net carrying value | 1662448 | 683221 | 305581 | 71952 | 68440 |  | 2791642 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(3) Details of changes in premises and equipment (owned) are as follows (Unit: Korean Won in millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Land | Building | Equipment<br>and<br>vehicles | Leasehold<br>improvement | Construction<br>in progress | Structures | Total |
|  Beginning balance | 1662448 | 683221 | 305581 | 71952 | 68440 |  | 2791642 |
|  Acquisitions | 27841 | 30287 | 159726 | 29173 | 80507 |  | 327534 |
|  Disposals | (998) | (1262) | (2087) | (1366) | (31355) |  | (37068) |
|  Depreciation(\*) |  | (34865) | (106372) | (25270) |  | (2) | (166509) |
|  Classification of assets held for sale | (78582) | (28897) |  |  |  |  | (107479) |
|  Transfer | 57009 | (3612) | 7751 | 1342 | (72587) | 100 | (9997) |
|  Foreign currencies translation adjustments | (1267) | (498) | (1432) | (434) | (49) |  | (3680) |
|  Business combination | 316698 | 64224 | 15135 | 546 |  | 115 | 396718 |
|  Others |  | (63) | (1085) | 15 | 805 |  | (328) |
|  Ending balance | 1983149 | 708535 | 377217 | 75958 | 45761 | 213 | 3190833 |

---

(\*) Depreciation of premises and equipment (owned) is included in insurance service expenses and general and administrative expenses in the consolidated statement of comprehensive income.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Land | Building | Equipment<br>and<br>vehicles | Leasehold<br>improvement | Construction<br>in progress | Structures | Total |
|  Beginning balance | 1709712 | 719738 | 265064 | 61369 | 37194 |  | 2793077 |
|  Acquisitions | 215 | 27919 | 125793 | 29714 | 38215 |  | 221856 |
|  Disposals | (7602) |  | (2358) | (1556) |  |  | (11516) |
|  Depreciation |  | (33905) | (99634) | (22304) |  |  | (155843) |
|  Classification of assets held for sale | (26007) | (12416) |  |  |  |  | (38423) |
|  Transfer | (22991) | (19353) | 6440 | 853 | (7293) |  | (42344) |
|  Foreign currencies translation adjustments | 1876 | 726 | 4409 | 3061 | 333 |  | 10405 |
|  Business combination |  |  | 1283 |  |  |  | 1283 |
|  Others | 7245 | 512 | 4584 | 815 | (9) |  | 13147 |
|  Ending balance | 1662448 | 683221 | 305581 | 71952 | 68440 |  | 2791642 |

---

(4) Details of right-of-use assets
as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Building | Equipment and vehicles | Total |
|  Acquisition cost | 1163535 | 73344 | 1236879 |
|  Accumulated depreciation | (609387) | (37508) | (646895) |
|  Net carrying value | 554148 | 35836 | 589984 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Building | Equipment and vehicles | Total |
|  Acquisition cost | 1031511 | 39113 | 1070624 |
|  Accumulated depreciation | (474462) | (17219) | (491681) |
|  Net carrying value | 557049 | 21894 | 578943 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(5) Details of changes in right-of-use assets for the years ended December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

---

| | | | |
|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Building | Equipment and vehicles | Total |
|  Beginning balance | 557049 | 21894 | 578943 |
|  New contracts | 175229 | 26333 | 201562 |
|  Changes in contract | 59921 | (194) | 59727 |
|  Termination | (24869) | (1409) | (26278) |
|  Depreciation(\*) | (258847) | (13332) | (272179) |
|  Business combination | 45256 | 2317 | 47573 |
|  Others | 409 | 227 | 636 |
|  Ending balance | 554148 | 35836 | 589984 |

---

(\*) Depreciation of right-of-use assets for the current period is included in insurance service expenses and general and administrative expenses in the consolidated statement of comprehensive income.

---

| | | | |
|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Building | Equipment and vehicles | Total |
|  Beginning balance | 362702 | 20980 | 383682 |
|  New contracts | 353531 | 12809 | 366340 |
|  Changes in contract | 80622 | 78 | 80700 |
|  Termination | (17579) | (1535) | (19114) |
|  Depreciation | (230345) | (12962) | (243307) |
|  Business combination | 1129 | 73 | 1202 |
|  Others | 6989 | 2451 | 9440 |
|  Ending balance | 557049 | 21894 | 578943 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**17.** **INTANGIBLE ASSETS** 

(1) Details of intangible assets are as follows (Unit: Korean Won in millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Goodwill | Industrial<br>property rights | Development<br>cost | Other<br>intangible<br>assets | Membership<br>deposit | Construction<br>in progress | Total |
|  Acquisition cost | 471905 | 2805 | 1324649 | 1638130 | 65075 | 11688 | 3514252 |
|  Accumulated amortization |  | (2242) | (994840) | (1337535) |  |  | (2334617) |
|  Accumulated impairment losses | (84911) |  |  | (33552) | (4525) |  | (122988) |
|  Net carrying value | 386994 | 563 | 329809 | 267043 | 60550 | 11688 | 1056647 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Goodwill | Industrial<br>property rights | Development<br>cost | Other<br>intangible<br>assets | Membership<br>deposit | Construction<br>in progress | Total |
|  Acquisition cost | 482707 | 2419 | 965131 | 1511286 | 55444 | 6598 | 3023585 |
|  Accumulated amortization |  | (1971) | (689440) | (1204181) |  |  | (1895592) |
|  Accumulated impairment losses |  |  |  | (33552) | (3039) |  | (36591) |
|  Net carrying value | 482707 | 448 | 275691 | 273553 | 52405 | 6598 | 1091402 |

---

(2) Details of changes in intangible assets are as follows (Unit: Korean Won in millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Goodwill | Industrial<br>property rights | Development<br>cost | Other<br>intangible<br>assets | Membership<br>deposit | Construction<br>in progress | Total |
|  Beginning balance | 482707 | 448 | 275691 | 273553 | 52405 | 6598 | 1091402 |
|  Acquisitions | 1130 | 9 | 100795 | 77061 | 4039 | 10404 | 193438 |
|  Disposal |  |  |  | (35) | (3082) | (16) | (3133) |
|  Amortization (\*) |  | (189) | (95192) | (96333) |  |  | (191714) |
|  Reversal of impairment losses | (84912) |  |  |  | (4) | 575 | (84341) |
|  Transfer |  | 104 | 1 | 4912 | (74) | (4943) |  |
|  Business combination |  | 191 | 48514 | 10132 | 7268 |  | 66105 |
|  Foreign currencies translation adjustments | (11931) |  |  | (1786) | (2) | (117) | (13836) |
|  Others |  |  |  | (461) |  | (813) | (1274) |
|  Ending balance | 386994 | 563 | 329809 | 267043 | 60550 | 11688 | 1056647 |

---

---

| | |
|:---|:---|
| (\*) | Amortization of other intangible assets amounting to 32,495 million won is included in other operating expenses, while the remaining amortization is included in insurance service expenses and general and administrative expenses in the consolidated statement of comprehensive income.  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Goodwill | Industrial<br>property rights | Development<br>cost | Other<br>intangible<br>assets | Membership<br>deposit | Construction<br>in progress | Total |
|  Beginning balance | 445093 | 509 | 242091 | 253156 | 47851 | 8142 | 996842 |
|  Acquisitions |  | 18 | 96140 | 94047 | 6988 | 25376 | 222569 |
|  Disposal |  |  | (113) | (1794) | (2665) |  | (4572) |
|  Amortization (\*) |  | (188) | (75417) | (93679) |  |  | (169284) |
|  Reversal of impairment losses(Recognition) |  |  |  |  | (296) | (575) | (871) |
|  Transfer |  | 109 | 12990 | 11067 | (77) | (24089) |  |
|  Business combination | 15139 |  |  | 6117 | 756 |  | 22012 |
|  Foreign currencies translation adjustments | 22475 |  |  | 4502 | 345 | 586 | 27908 |
|  Others |  |  |  | 137 | (497) | (2842) | (3202) |
|  Ending balance | 482707 | 448 | 275691 | 273553 | 52405 | 6598 | 1091402 |

---

---

| | |
|:---|:---|
| (\*) | Amortization of other intangible assets amounting to 28,509 million won is included in other operating expenses.  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(3) Goodwill

1) Details of allocated goodwill based on each cash-generating unit as of December 31, 2025 and 2024 are as follows (Unit: Korean won in million):

---

| | | |
|:---|:---|:---|
| Cash-generating unit (\*1) | December 31, 2025 | December 31, 2024 |
|  Woori Asset Management Corp. | 45066 | 45066 |
|  Woori Asset Trust Co., Ltd. | 102582 | 141780 |
|  Woori Venture Partners Co., Ltd. | 41527 | 41527 |
|  Woori Investment Securities Co., Ltd. | 15139 | 15139 |
|  PT Bank Woori Saudara Indonesia 1906 Tbk (\*2) | 72404 | 109262 |
|  WOORI BANK (CAMBODIA) PLC (\*3) | 47589 | 64584 |
|  PT Woori Finance Indonesia Tbk.(\*4) | 54367 | 57861 |
|  Others | 8320 | 7488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 386994 | 482707 |

---

(\*1) Allocated to the cash-generating unit that will benefit from the synergy effect of the business combination, and the cash-generating unit is generally comprised of the operating segment or sub-sectors.

(\*2) The Group has acquired Saudara Bank to expand retail sales in Indonesia, and recognized the goodwill as it is expected to strengthen the competitiveness by securing a local sales network in Indonesia.

(\*3) The Group has acquired VisionFund Cambodia to expand retail sales in Cambodia, and recognized goodwill based on the economies of scale and acquired customer base.

---

| | |
|:---|:---|
| (\*4) | The Company acquired PT Batavia Prosperindo Finance Tbk to expand its installment financing operations in Indonesia. Goodwill was recognized due to the anticipated enhancement of competitiveness through securing a network in the Indonesian used car market and strengthening existing customer relationships.  |

---

2) Impairment test (Unit: Korean won in million):

The recoverable amount of the cash-generating unit is measured at larger amount between the fair value less costs to sell and the value to use.

The net fair value is calculated by deducting costs of disposal from the amount received from the sale of the cash-generating unit in an arm's length transaction between the parties with reasonable judgment and willingness to negotiate. In case of difficulty in measuring this amount, the sale amount of a similar cash-generating unit in the past market is calculated by reflecting the characteristics of the cash-generating unit. If reliable information related to fair value less costs to sell is not available, value in use is considered as recoverable amount. Value in use is the present value of future cash flows expected to be generated by the cash-generating unit. Future cash flows are estimated based on the latest financial budget approved by the management, with an estimated period of up to five years. The Group applied 1.0% growth rate to estimate future cash flow for the period over five years. The main assumptions used to estimate cash flows are about the size of the market and the share of the group. The appropriate discount rate for discounting future cash flows is the pre-tax discount rate, including assumptions about risk-free interest rates, market risk premium, and systemic risk of cash-generating units. The impairment test, which compares the carrying amount and recoverable amount of the cash-generating unit to which goodwill has been allocated, is conducted every year and every time an impairment sign occurs.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Category | Woori<br>Investment<br>Securities<br>Co., Ltd. (\*1) | Woori<br>Asset<br>Trust Co.,<br>Ltd.<br>(\*2)(\*3) | Woori Asset<br>Management<br>Corp. (\*1) | Woori<br>Venture<br>Partners<br>Co., Ltd. (\*1) | PT Bank<br>Woori<br>Saudara<br>Indonesia<br>1906 Tbk (\*2) | WOORI<br>BANK<br>(CAMBODIA)<br>PLC (\*2) | PT Woori<br>Finance<br>Indonesia<br>Tbk (\*1) |
|  Discount rate (%). | 15.15 | 14.82 | 16.19 | 13.23 | 12.96 | 12.83 | 14.48 |
|  Terminal growth rate (%) | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
|  Recoverable amount. (Unit: Korean won in million) | 14484 | 453902 | 442380 | 247197 | 1106424 | 591103 | 154408 |
|  Carrying amount (Unit: Korean won in million) | 1208399 | 381319 | 221967 | 231289 | 1136686 | 606555 | 146840 |
|  Impairment loss |  | (39198) |  |  | (30262) | (15452) |  |

---

---

| | |
|:---|:---|
| (\*1) | Based on the results of the impairment test of goodwill, it has been concluded that the carrying amount of the cash-generating unit to which the goodwill is allocated does not exceed its recoverable amount.  |

---

---

| | |
|:---|:---|
| (\*2) | Based on the results of the impairment test of goodwill, an impairment loss was recognized as the carrying amount of the cash-generating unit to which the goodwill is allocated exceeded its recoverable amount.  |

---

---

| | |
|:---|:---|
| (\*3) | Amount recognized for the current period based on the impairment test performed upon identification of impairment indicators.  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

3) Sensitivity analysis

The sensitivity of the fair value measurement to changes in significant but unobservable inputs used in measuring fair value is as follows (Unit: Korean Won in millions):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category | Category | Woori<br>Investment<br>Securities<br>Co., Ltd. | Woori<br>Asset Trust<br>Co., Ltd. | Woori Asset<br>Management<br>Corp. | Woori Venture<br>Partners Co.,<br>Ltd. | PT Bank<br>Woori Saudara<br>Indonesia<br>1906 Tbk | WOORI<br>BANK<br>(CAMBODIA)<br>PLC | PT Woori<br>Finance<br>Indonesia Tbk |
|  Discount rate  | Increase by<br>1.0% point | (167568) | (30766) | (24947) | (33705) | (97991) | (52311) | (12212) |
|  Discount rate  | Decrease by<br>1.0% point | 206668 | 37046 | 29634 | 42300 | 116379 | 62246 | 14235 |
|  Terminal growth rate  | Increase by<br>1.0% point | 140527 | 21975 | 16999 | 29384 | 78719 | 42278 | 9220 |
|  Terminal growth rate  | Decrease by<br>1.0% point | (116990) | (18310) | (14378) | (23668) | (66567) | (35687) | (7946) |

---

**18.** **ASSETS HELD FOR SALE** 

Assets held for sale are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
| Assets (\*) | December 31, 2025 | December 31, 2024 |
|  Premises and equipment | 91480 | 31266 |
|  Others | 77011 | 42723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 168491 | 73989 |

---

(\*) The Group classifies assets as held for sale that are highly likely to be sold within one year from December 31, 2025 and 2024.

The Group measured assets held for sale at the lower of their net fair value or carrying amount.

The Group has decided to sell some of the Premises and Equipment through internal consultation during the current year and classified the property as non-current assets held for sale. The assets are expected to be sold within 12 months, and those that were scheduled to be sold at the end of the prior year have been sold and removed. On the other hand, other assets that are expected to be sold as of the end of the current year are classified as assets that are expected to be sold within one year due to the possibility of being sold as buildings and land acquired through auction.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**19.** **ASSETS SUBJECT TO LIEN AND ASSETS ACQUIRED THROUGH FORECLOSURES** 

(1) Assets subjected to lien are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  |  | Collateral given to | Amount | Reason for collateral |
|  Financial assets at FVTPL | Korean treasury and government bonds, etc. | Korea Securities Depository, etc. | 1935048 | Related to bonds sold under repurchase agreements (\*1) |
|  | Korean treasury and government bonds, etc. | Korea Securities Depository, etc. | 656478 | Securities borrowing collateral |
|  | Korean treasury and government bonds, etc. | The BOK, etc. | 1814134 | Settlement risk, etc. |
|  | Korean treasury and government bonds, etc. | SHINHAN SECURITIES CO, etc. | 24454 | Future trading collateral |
|  | Korean treasury and government bonds, etc. | NEXT SECURITIES (Futures), etc. | 36743 | Collateral for derivative contracts, etc. |
|  | Korean financial institutions' debt securities, etc. | ING BANK, etc. | 587591 | Variable margin deposit for CSA, etc. |
|  | Korean capital contributions, etc. | Korea Software Financial Cooperative, etc. | 9279 | Bid guarantee |
|  | Due from banks in local currency | KB SECURITIES | 1024 | Equity-related derivatives, etc. |
|  Financial assets at FVTOCI | Korean treasury and government bonds, etc. | The BOK, etc. | 3974635 | Related to bonds sold under repurchase agreements (\*1) |
|  | Korean financial institutions' debt securities, etc. | The BOK, etc. | 927890 | Related to bonds sold under repurchase agreements (\*1) |
|  | Korean treasury and government bonds, etc. | The BOK, etc. | 362317 | Settlement risk, etc. |
|  | Korean financial institutions' debt securities, etc. | The BOK, etc. | 9283095 | Settlement risk, etc. |
|  | Korean treasury and government bonds, etc. | Korea Securities Finance Corporation | 20117 | Securities borrowing collateral |
|  | Korean treasury and government bonds, etc. | Industrial Bank of Korea etc. | 1137895 | Collateral for derivative contracts, etc. |
|  | Foreign currency debt securities | CCIL Exchange | 150656 | Related to bonds sold under repurchase agreements (\*1) |
|  | Foreign currency debt securities | SOCIETE GENERALE | 386609 | Variable margin deposit for CSA, etc. |
|  | Foreign currency debt securities | RJF | 93681 | Related to the borrowing limit |
|  Securities at amortized cost | Korean treasury and government bonds, etc. | The BOK, etc. | 9100505 | Settlement risk, etc. |
|  | Korean financial institutions' debt securities, etc. | The BOK, etc. | 5098911 | Settlement risk, etc. |
|  | Foreign currency debt securities | NATIXIS | 12145 | Related to bonds sold under repurchase agreements (\*1) |
|  | Foreign currency debt securities | RJF, etc. | 30441 | Related to the borrowing limit |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  |  | Collateral given to | Amount | Reason for collateral |
|  Loan at amortized cost and other financial assets | Due from banks in local currency | KEB Hana Bank Co., Ltd., etc. | 40431 | Collateral for difference settlement |
|  | Due from banks in local currency | Shinhan Life Insurance Co., Ltd. | 30 | Related to refund liabilities for insurance contract commissions |
|  | Other due from banks in local currency | MetLife Insurance Co., Ltd. | 25 | Related to refund liabilities for insurance contract commissions |
|  | Other due from banks in local currency | Korea Exchange Co., Ltd. | 3362 | Korean Won CCP margin |
|  | Other due from banks in local currency | MSBI LIMITED Seoul | 12634 | Variable margin deposit for CSA, etc |
|  | Other due from banks in foreign currency | GOLDMAN SACHS INTL, etc. | 353030 | Variable margin deposit for CSA, etc |
|  | Mortgage loan | Public offering | 2067313 | Related to covered bonds |
|  Premises and Equipment | Land and building | Gakorea Co., Ltd., etc. | 1808 | Right to collateral and others (\*2) |
|  Investment properties | Land and building | Gakorea Co., Ltd., etc. | 103267 | Right to collateral (\*2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 38225548 |  |

---

---

| | |
|:---|:---|
| (\*1) | The Group has the agreement to repurchase the transferred assets at a predetermined price or at the selling price plus a specified rate of return, and the assets are provided as collateral as bonds for which the financial assets are not derecognized. The transferee has the right to sell or to provide as guarantee. Therefore, the Group does not derecognize the assets, but recognizes the relevant amounts as liability (bonds sold under repurchase agreements). The asset is equivalent to a mortgage-backed debt security.  |

---

---

| | |
|:---|:---|
| (\*2) | The maximum pledge amount is 17,008 million Won.  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  |  | Collateral given to | Amount | Reason for collateral |
|  Financial assets at FVTPL | Korean treasury and government bonds, etc. | Shinhan Bank, etc. | 1271304 | Related to bonds sold under repurchase agreements (\*1) |
|  | Korean treasury and government bonds, etc. | Korea Securities Depository | 240005 | Securities borrowing collateral |
|  | Korean treasury and government bonds, etc. | SHINHAN SECURITIES CO, etc. | 11134 | Future trading collateral |
|  | Korean financial institutions' debt securities, etc. | DBS BANK LTD, SEL, etc. | 698231 | Variable margin deposit for CSA, etc. |
|  | Korean capital contributions, etc. | Korea Software Financial Cooperative | 109 | Bid guarantee, etc. |
|  Financial assets at FVTOCI | Korean financial institutions' debt securities, etc. | CITIBANK LONDON etc. | 74143 | Related to bonds sold under repurchase agreements (\*1) |
|  | Korean treasury and government bonds | Industrial Bank of Korea | 10115 | Related to bonds sold under repurchase agreements (\*1) |
|  | Korean financial institutions' debt securities, etc. | The BOK, etc. | 8863286 | Settlement risk, etc. |
|  | Debt securities in foreign currencies | Central Bank of Brazil, etc. | 164136 | Related to bonds sold under repurchase agreements (\*1) |
|  | Debt securities in foreign currencies | RJF | 110530 | Related to the borrowing limit |
|  | Debt securities in foreign currencies | SOCIETE GENERALE, PAR, etc. | 358781 | Variable margin deposit for CSA, etc. |
|  Securities at amortized cost | Korean treasury and government bonds | The BOK, etc. | 11526197 | Settlement risk, etc. |
|  | Debt securities in foreign currencies | NATIXIS | 41442 | Related to bonds sold under repurchase agreements (\*1) |
|  | Debt securities in foreign currencies | RJF, etc. | 34508 | Related to the borrowing limit |
|  Loan at amortized cost and other financial assets | Due from banks in local currency | KEB Hana Bank Co., Ltd., etc. | 6431 | Collateral for difference settlement |
|  | Other due from banks in local currency | Korea Exchange Co., Ltd. | 3 | Korean Won CCP margin |
|  | Other due from banks in foreign currency | BNP-PARIBAS, PAR, etc. | 647782 | Variable margin deposit for CSA, etc. |
|  | Mortgage loan | Public offering | 1790810 | Related to covered bonds |
|  Premises and Equipment | Land and building | Gakorea Co., Ltd., etc. | 1808 | Right to collateral and others (\*2) |
|  Investment properties | Land and building | Gakorea Co., Ltd., etc. | 5211 | Right to collateral (\*2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 25855966 |  |

---

---

| | |
|:---|:---|
| (\*1) | The Group has the agreement to repurchase the sold assets at the predetermined price or the price that includes the rate of return and to provide the guarantee on the assets. The transferee has the right to sell or to provide as guarantee. Therefore, the Group does not derecognize the assets, but recognizes the relevant amounts as liability (bonds sold under repurchase agreements). The asset is equivalent to a mortgage-backed debt security.  |

---

---

| | |
|:---|:---|
| (\*2) | The maximum pledge amount is 339 million Won.  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(2) Assets acquired through foreclosures are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Investment properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land | 4195 | 6463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building |  | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 4195 | 6486 |
|  Other assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building for non-business use (\*1) | 44729 | 46218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Movables for non-business use (\*2) | 114 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate assessment provision for non-business use | (1794) | (1898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 43049 | 44430 |
|  Assets held for sale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land | 369 | 2215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building | 862 | 1780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 1231 | 3995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 48475 | 54911 |

---

---

| | |
|:---|:---|
| (\*1) | The cumulative depreciation amount as of December 31, 2025 and 2024 is 3,120 million Won and 2,357 million Won, respectively.  |

---

---

| | |
|:---|:---|
| (\*2) | The cumulative depreciation amount as of December 31, 2025 and 2024 is 370 million Won and 387 million Won, respectively.  |

---

(3) Securities loaned are as follows (Unit: Korean Won in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | December 31,<br>2025 | Loaned to | December 31,<br>2024 | Loaned to |
|  Financial assets at FVTPL | Korean treasury and government bonds, etc. |  |  | 12361 | Korea Securities Finance Corporation |
|  Financial assets at FVTOCI | Korean treasury and government bonds, etc. | 5573299 | Korea Securities Finance Corporation and others |  | —  |
|  Financial assets at FVTOCI | Foreign currency debt securities | 101439 | Nomura Financial Investment (Korea) Co., Ltd. |  | —  |

---

Securities loaned are lending of specific securities to borrowers who agree to return the same amount of the same security at the end of lending period. As the Group does not derecognize these securities.

(4) Collaterals held that can be disposed and re-subjected to lien
regardless of defaults of counterparties

Fair values of collaterals held that can be disposed and re-subjected to lien regardless of defaults of counterparties as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 |
|  | Fair values of collaterals | Fair values of collaterals<br>were disposed or<br>re-subjected to lien |
|  Securities | 14673954 |  |
|  | December 31, 2024 | December 31, 2024 |
|  | Fair values of collaterals | Fair values of collaterals<br>were disposed or<br>re-subjected to lien |
|  Securities | 10640153 |  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**20.** **OTHER ASSETS** 

Details of other assets are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Lease assets | 3823620 | 3965839 |
|  Prepaid expenses | 416230 | 359638 |
|  Advance payments | 75234 | 194881 |
|  Non-operational assets | 43050 | 44430 |
|  Others | 66594 | 40575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 4424728 | 4605363 |

---

**21.** **FINANCIAL LIABILITIES AT FVTPL** 

(1) Financial liabilities at FVTPL are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Financial instruments at fair value through profit or loss | 5889433 | 9348781 |
|  Financial liabilities designated to be measured at FVTPL | 467501 | 547816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 6356934 | 9896597 |

---

(2) Financial liabilities at fair value through profit or loss measured at fair value are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Deposits |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold banking liabilities | 263251 | 74205 |
|  Borrowings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold | 496518 | 182478 |
|  Derivative liabilities | 5129664 | 9092098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 5889433 | 9348781 |

---

(3) Financial liabilities designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  Deposits due to customers |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time deposits |  | 467501 |  | 547816 |

---

In accordance with documented risk management or investment strategies, the group manages a portfolio of financial instruments on a fair value basis and evaluates their performance. Therefore, under K-IFRS 1109 *Financial Instrument*, financial liabilities are designated to be measured at FVTPL as this provides more relevant information.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(4) Changes in fair value due to change in credit risk reflected in financial liabilities designated to be measured
at FVTPL are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 |
|  Financial liabilities designated to be measured at FVTPL at the end of each period | 467501 | 547816 |
|  Changes in fair value due to change in credit risk (\*) | 74 | (1831) |
|  Accumulated change in fair value due to change in credit risk (\*) | (1757) | (1831) |

---

---

| | |
|:---|:---|
| (\*) | The amounts recognized in other comprehensive loss related to financial liabilities designated to be measured at FVTPL are 74 million Won with an accumulated profit of 1,757 million Won during the year ended December 31, 2025. The amounts recognized in other comprehensive income related to financial liabilities designated to be measured at FVTPL are 1,831 million Won with an accumulated profit of 1,831 million Won during the year ended December 31, 2024.  |

---

The adjustment to reflect the Group's credit risk is considered in measuring the fair value of deposits due to customers. The Group's credit risk is determined by adjusting credit spread observed in credit rating of the Group.

(5) The difference between carrying amount and nominal amount at maturity of financial liabilities designated to be
measured at FVTPL are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  Carrying amount |  | 467501 |  | 547816 |
|  Nominal amount at maturity |  | 450000 |  | 530000 |
|  Difference |  | 17501 |  | 17816 |

---

**22.** **DEPOSITS DUE TO CUSTOMERS** 

Details of deposits due to customers by type are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Deposits in local currency: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits on demand | 8195492 | 7880603 |
|  Savings deposits with withdrawal on demand | 125367093 | 115527487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other savings deposits | 173435409 | 175380553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual installment | 18219 | 19901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits on notes payables | 3685924 | 4000894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits on CMA | 112671 | 120666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificate of deposits | 9274299 | 11742425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other deposits | 955588 | 1037811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 321044695 | 315710340 |
|  Deposits in foreign currencies: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits in foreign currencies | 55428606 | 50988673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Present value discount | (138961) | (144359) |
|  Customers' deposits for beneficiary | 246505 | 266502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 376580845 | 366821156 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**23.** **BORROWINGS AND DEBENTURES** 

(1) Details of borrowings are as follows (Unit: Korean Won in millions):

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Lenders | Interest rate (%) | Amount |
|  Borrowings in local currency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from The BOK | The BOK | 1 | 1845239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from government funds | Small Enterprise and Market Service and others | 0.0 ~ 3.5 | 2195534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | The Korea Development Bank and others | 0.0 ~ 4.6 | 8378570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total |  |  | 12419343 |
|  Borrowings in foreign currencies: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings in foreign currencies | The Export-Import Bank of Korea and others | 0.8 ~ 10 | 13071842 |
|  Bills sold | Others | 0.0 ~ 2 | 1033 |
|  Call money | Bank and others | 1.7 ~ 10 | 2013940 |
|  Bonds sold under repurchase agreements | Other financial institutions | 1.0 ~ 14.9 | 6678468 |
|  Present value discount |  |  | (1359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |  | 34183267 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Lenders | Interest rate (%) | Amount |
|  Borrowings in local currency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from The BOK | The BOK | 1.5 | 1981928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from government funds | Small Enterprise and Market Service and others | 0.0 ~ 3.5 | 2165257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | The Korea Development Bank and others | 0.0 ~ 5.6 | 7955941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total |  |  | 12103126 |
|  Borrowings in foreign currencies: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings in foreign currencies | The Export-Import Bank of Korea and others | 0.0 ~ 12 | 15081035 |
|  Bills sold | Others | 0.0 ~ 2.7 | 3690 |
|  Call money | Bank and others | 1.7 ~ 4.9 | 1402780 |
|  Bonds sold under repurchase agreements | Other financial institutions | 1.0 ~ 12.2 | 1530767 |
|  Present value discount |  |  | (4367) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |  | 30117031 |

---

(2) Details of debentures are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  | Interest rate (%) | Amount | Interest rate (%) | Amount |
|  Face value of bond (\*): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary bonds | 0.8 ~ 7.5 | 47124232 | 0.8 ~ 7.5 | 41665997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated bonds | 1.9 ~ 6.7 | 6683193 | 1.9 ~ 5.1 | 4421380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other bonds | 2.9 ~ 17.0 | 1782423 | 1.6 ~ 17.0 | 2250672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total |  | 55589848 |  | 48338049 |
|  Discounts on bonds |  | (6456) |  | (130946) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  | 55583392 |  | 48207103 |

---

---

| | |
|:---|:---|
| (\*) | Included debentures under fair value hedge amounting to 4,046,624 million won and 3,952,047 million won as of December 31, 2025 and 2024 respectively. Also, debentures under cash flow hedge amounting to 1,410,514 million won and 1,860,100 million won are included as of December 31, 2025 and 2024 respectively.  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**24.** **INSURANCE CONTRACTS** 

(1) Details of insurance contracts assets and insurance contracts liabilities are as follows (Unit: Korean Won in
millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Life | Health | Annuity/Savings<br>and others | Variable | Total |
|  Insurance contracts assets |  |  |  |  |  |
|  Insurance contracts liabilities | 8078577 | 8032075 | 25460803 | 4002409 | 45573864 |
|  Net insurance contracts liabilities (asset) | 8078577 | 8032075 | 25460803 | 4002409 | 45573864 |

---

(2) Assumptions for current estimates of future cash flows and basis for calculation for the year ended
December 31, 2025, are as follows:

1) Tongyang Life Insurance Co., Ltd.

---

| | | |
|:---|:---|:---|
|  | **Experience rate (%)** | **Basis** |
|  Lapse ratio | 0% ~ 66.5% | The ratio of surrender value to contract insurance premiums calculated by insurance type, payment method, channels, period of premium payments and durations computed based on experience statistics from the most recent 5 years as of June 30, 2025. |
|  Loss ratio | 7.1% ~ 774.9% | The ratio of claims paid to risk premiums calculated by collateral, gender, channels and experience life table based on experience statistics from the most recent 5 years as of June 30, 2025.<br>\* For PYTREND and CHN, the most recent 5-year experience statistics are used and for Trend, the most 10-year experience statistics are used. |
|  Operating expense ratio |  | The acquisition and operating expense ratio is calculated by channels and insurance type as a proportionate unit cost based on operating expenses spendings and experience statistics from the most recent year as of June 30, 2025. (recent 3 years for investment management cost)<br>\* Agent commission fees and sales promotion expenses are measured by policy duration based on the amounts expected to be actually incurred, in accordance with applicable regulations such as commission payment guidelines.<br>\* Depending on the characteristics of cost incurrence, cost drivers applied include converted results, the number of new and existing contracts, projected acquisition and operating expenses, insurance premiums, reserve funds and others. |
|  Discount rate | 3.53% ~ 4.20% | A total of 1,000 interest rate scenarios were applied by estimating parameters that ensure consistency with market-traded assets, based on an adjusted risk-free interest rate term structure reflecting long-term forward rates and liquidity premiums. |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | |
|:---|:---|:---|
|  Confidence level of the risk adjustment for non-financial risk | 75% | Under the assumption that probability distribution of present value of future cash flows as at each reporting date follows normal distribution, risk adjustment is calculated as as the amount which 75th percentile exceeds the probability weighted average of present value of future cash flows. |

---

2) ABL Life Insurance Co., Ltd.

---

| | | |
|:---|:---|:---|
|  | **Experience rate (%)** | **Basis** |
|  Lapse ratio | 0% ~ 61% | The ratio of surrender value to contract insurance premiums calculated by interest level, insurance type, payment method, channels, level of surrender value of insurance contracts, period of premium payments and durations computed based on experience statistics from the most recent 5 years as of June 30, 2025.<br>\* Lapse rates for insurance with non-surrender value or low-surrender value are determined in accordance with the Actuarial Standard of Practice on the calculation and application of actuarial assumptions. |
|  Loss ratio | 5% ~ 1,314% | The ratio of claims paid to risk premiums calculated by collateral, gender, age, channels, experience life table and others based on experience statistics from the most recent 5 years as of June 30, 2025.<br>\* Determined in accordance with the Actuarial Standard of Practice on the calculation and application of actuarial assumptions.<br>\*The claims paid are based on the statistics of the 5 years preceding the occurrence of the accident and are determined by taking into account the progress rate of the incurred but not reported losses. |
|  Operating expense ratio |  | The acquisition and operating expense ratio is calculated as a proportionate unit cost of initial premium, converted results, the number of contracts, premium, claim payments, reserve funds, policy loans and others based on experience statistics from the most recent years and business plan, the company's future expense cost reflected.<br>\* Statistics period: applying 1-year for contract execution expense, contract maintenance expense, claims handling cost and investment management cost, and 3-year for investment management cost of policy loans. |
|  Discount rate | (4.57)% ~ 26.06% | By estimating the parameter that is consistent with assets traded in the market, apply 1,000 interest rate scenarios to the adjusted risk-free term structure of interest rates, which incorporates the long-term forward rate and liquidity premium. |
|  Confidence level of the risk adjustment for non-financial risk | 75% | Under the assumption that probability distribution of present value of future cash flows as at each reporting date follows normal distribution, calculate risk adjustment as the amount which 75th percentile exceeds the probability weighted average of present value of future cash flows. |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(3) Changes in liabilities for remaining coverage and liabilities for claims incurred within insurance contracts
liabilities for the year ended December 31, 2025, are as follows (Unit: Korean Won in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  |  | Liability (asset) for<br>remaining coverage | Liability (asset) for<br>remaining coverage | Liability<br>(asset) for<br>incurred claims | Total |
|  |  | Excluding loss<br>component | Loss component | Liability<br>(asset) for<br>incurred claims | Total |
|  Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance contracts assets |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance contracts liabilities |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net insurance contracts liabilities (asset) |  |  |  |  |
|  Increase due to business combinations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance contracts assets |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance contracts liabilities | 44945543 | 121 | 2121606 | 47067270 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net insurance contracts liabilities (asset) | 44945543 | 121 | 2121606 | 47067270 |
|  Insurance income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance contracts under conversion | (1005778) |  |  | (1005778) |
|  | Sub-total | (1005778) |  |  | (1005778) |
|  Insurance service expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance expenses and insurance service expenses incurred | 6922 | (288) | 689745 | 696379 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of insurance acquisition cash flows | 148980 |  |  | 148980 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in liability for incurred claims |  |  | 23777 | 23777 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of loss components |  | 32478 |  | 32478 |
|  | Sub-total | 155902 | 32190 | 713522 | 901614 |
|  Insurance service result | Insurance service result | (849876) | 32190 | 713522 | (104164) |
|  Insurance finance interest income and other insurance finance income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | 1093463 | 63 | 38709 | 1132235 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income | (2395497) |  | (379) | (2395876) |
|  | Sub-total | (1302034) | 63 | 38330 | (1263641) |
|  Total Changes in net income, other comprehensive income and insurance service result |  | (2151910) | 32253 | 751852 | (1367805) |
|  Investment components excluded from insurance service result and insurance finance income |  | (2308250) |  | 2308250 |  |
|  Cash flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premium received | 3496221 |  |  | 3496221 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance acquisition cash flow | (649882) |  |  | (649882) |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims and other insurance service expenses paid including investment components | (60533) |  | (2920102) | (2980635) |
|  | Sub-total | 2785806 |  | (2920102) | (134296) |
|  Other increase (decrease) | Other increase (decrease) | (738) | 88 | 9345 | 8695 |
|  Ending balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance contracts assets |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance contracts liabilities | 43270451 | 32462 | 2270951 | 45573864 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net insurance contracts liabilities (asset) | 43270451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32462 | 2270951 | 45573864 |

---

(4) Changes in the estimate of the present value of the future cash flows, risk adjustment for non-financial risk and contractual service margin for the year ended December 31, 2025, are as follows (Unit: Korean Won in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  |  | Estimate of the<br>present value of<br>future cash<br>flows | Risk adjustment<br>for non-financial<br>risk | Insurance<br>contracts under<br>conversion | Total |
|  Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance contracts assets |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance contracts liabilities |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net insurance contracts liabilities (asset) |  |  |  |  |
|  Increase due to business combinations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance contracts assets |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance contracts liabilities | 42710666 | 773337 | 3583267 | 47067270 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net insurance contracts liabilities (asset) | 42710666 | 773337 | 3583267 | 47067270 |
|  Changes related to current service | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of contractual service margin |  |  | (154187) | (154187) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in risk adjustment for non-financial risk |  | (26471) |  | (26471) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Experience adjustments | 20234 | 5 |  | 20239 |
|  | Sub-total | 20234 | (26466) | (154187) | (160419) |
|  Changes related to future service | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in estimate adjusting contractual service margin | 936116 | (30014) | (906102) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in estimate adjusting losses (reversal) of group of onerous contracts | 53294 | (28990) |  | 24304 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of initially recognized contracts | (488210) | 49342 | 447042 | 8174 |
|  | Sub-total | 501200 | (9662) | (459060) | 32478 |
|  Changes related to past service | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in liability for incurred claims | 22770 | 1007 |  | 23777 |
|  | Sub-total | 22770 | 1007 |  | 23777 |
|  Insurance service result | Insurance service result | 544204 | (35121) | (613247) | (104164) |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Insurance finance interest income and other insurance finance income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | 1059968 | 8724 | 63543 | 1132235 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income | (2397918) | 2042 |  | (2395876) |
|  | Sub-total | (1337950) | 10766 | 63543 | (1263641) |
|  Total Changes in net income, other comprehensive income and insurance service result | Total Changes in net income, other comprehensive income and insurance service result | (793746) | (24355) | (549704) | (1367805) |
|  Cash flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premium received | 3496221 |  |  | 3496221 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance acquisition cash flow | (649882) |  |  | (649882) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims and other insurance service expenses paid including investment components | (2980630) | (5) |  | (2980635) |
|  | Sub-total | (134291) | (5) |  | (134296) |
|  Other increase (decrease) | Other increase (decrease) | 8695 |  |  | 8695 |
|  Ending balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance contracts assets |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance contracts liabilities | 41791324 | 748977 | 3033563 | 45573864 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net insurance contracts liabilities (asset) | 41791324 | 748977 | 3033563 | 45573864 |

---

(5) The effect on the consolidated statement of financial position at the time of initial recognition of new
insurance contracts for the year ended December 31, 2025 is as follows (Unit: Korean Won in millions):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | | The estimates of the present<br>value of future cash outflows | The estimates of the present<br>value of future cash outflows | The estimates<br>of the present<br>value of future<br>cash inflows | Risk<br>adjustment for<br>non-financial<br>risk | Contractual<br>Service Margin | Total | Loss at initial<br>recognition |
|  |  | Insurance<br>acquisition<br>cash flow | Insurance<br>expenses and<br>insurance | The estimates<br>of the present<br>value of future<br>cash inflows | Risk<br>adjustment for<br>non-financial<br>risk | Contractual<br>Service Margin | Total | Loss at initial<br>recognition |
|  Initial recognition of new insurance contracts (\*1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-onerous contracts | 608795 | 3444352 | (4546284) | 46095 | 447042 |  |  |
|  Initial recognition of new insurance contracts (\*1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onerous contracts | 46026 | 227758 | (268857) | 3247 |  | 8174 | 8174 |
|  | Sub-total | 654821 | 3672110 | (4815141) | 49342 | 447042 | 8174 | 8174 |
|  Business Combination | Business Combination | 630150 | 101042991 | (58962475) | 773337 | 3583267 | 47067270 | 121 |
|  | Total | 1284971 | 104715101 | (63777616) | 822679 | 4030309 | 47075444 | 8295 |

---

(\*1) There are no insurance contracts acquired in a transfer.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(6) Expected amounts of insurance revenue to be recognized in profit or loss by the anticipated amortization period
of the contractual service margin (CSM) for insurance contracts as of December 31, 2025, are as follows (Unit: Korean Won in millions):

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | 1 year | 2 years | 3 years | 4 years | 5 years | 6 years to<br>10 years | 11 years to<br>20 years | 21 years to<br>30 years | More than<br>30 years | Total |
|  Life | 30628 | 28920 | 28431 | 28613 | 28616 | 131482 | 222769 | 180182 | 275902 | 955543 |
|  Health | 78792 | 70989 | 62633 | 57086 | 52756 | 213953 | 331027 | 259354 | 397794 | 1524384 |
|  Annuity/Savings and others | 46266 | 41112 | 37263 | 33865 | 29973 | 104470 | 76944 | 29301 | 17550 | 416744 |
|  Variable | 16368 | 14377 | 12600 | 10898 | 9375 | 31108 | 27175 | 9890 | 5101 | 136892 |
|  Total | 172054 | 155398 | 140927 | 130462 | 120720 | 481013 | 657915 | 478727 | 696347 | 3033563 |

---

(7) Details and fair value of underlying assets of participating insurance contracts as of December 31, 2025,
are as follows (Unit: Korean Won in millions):

---

| | |
|:---|:---|
|  | December 31, 2025 |
|  Cash and deposits | 257847 |
|  Securities | 2594648 |
|  Other assets | 75383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 2927878 |

---

(8) Amount related to time value of money related to risk mitigation for participating insurance contracts,
financial risks allocated and changes in fulfillment cash flows that are not recognized as contractual service margin as of December 31, 2025, is as follows (Unit: Korean Won in millions):

<u>December 31, 2025</u> <br> Not recognized as contractual service margin 50,448

(9) No amounts from the valuation of financial assets at FVTOCI relate to the insurance contracts under the fair
value approach or conversion of the modified retrospective approach.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**25.** **REINSURANCE CONTRACT** 

(1) Details of reinsurance contracts assets and reinsurance contracts liabilities are as follows (Unit: Korean Won
in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Life | Health | Annuity/<br>Savings and<br>others | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance contracts assets | 381667 | 231261 | 7279 | 620207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance contracts liabilities | 52842 | 131344 | 606 | 184792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net reinsurance contracts asset (liabilities) | 328825 | 99917 | 6673 | 435415 |

---

(2) Changes in liabilities for remaining coverage and liabilities for incurred claims within reinsurance contracts
liabilities that premium allocation approach was not applied for the year ended December 31, 2025, are as follows (Unit: Korean Won in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  |  | Liability (asset) for<br>remaining coverage | Liability (asset) for<br>remaining coverage | Asset (liability)<br>for incurred<br>claims | Total |
|  |  | Excluding loss<br>recovery<br>component | Loss recovery<br>component | Asset (liability)<br>for incurred<br>claims | Total |
|  Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance contracts assets |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance contracts liabilities |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net reinsurance contracts assets (liabilities) |  |  |  |  |
|  Increase due to business combinations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance contracts assets | 582962 |  | 3484 | 586446 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance contracts liabilities | 153241 |  | (16892) | 136349 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net reinsurance contracts assets (liabilities) | 429721 |  | 20376 | 450097 |
|  Reinsurance expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance contracts under conversion | (37012) |  |  | (37012) |
|  Reinsurance income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance expenses and reinsurance service expenses incurred | (37012) |  |  | (37012) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in asset for incurred claims |  | 56 | 32285 | 32341 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of loss components |  |  | 3745 | 3745 |
|  | Sub-total |  | 633 |  | 633 |
|  Insurance service result | Insurance service result |  | 689 | 36030 | 36719 |
|  Reinsurance finance interest income and other insurance finance income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in credit risk of reinsurance liabilities | (37012) | 689 | 36030 | (293) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | 365 |  |  | 365 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income | 6115 | 278 | 512 | 6905 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Sub-total | Sub-total | (20099) |  | (58) | (20157) |
|  Total Changes in net income, other comprehensive income and reinsurance service result | Total Changes in net income, other comprehensive income and reinsurance service result | (13619) | 278 | 454 | (12887) |
|  Reinsurance service result and investment components excluded from reinsurance finance interest income and other insurance finance income | Reinsurance service result and investment components excluded from reinsurance finance interest income and other insurance finance income | (50631) | 967 | 36484 | (13180) |
|  Cash flow | Premium paid | (39806) |  | 39806 |  |
|  | Claims and other reinsurance service expenses paid including investment components | 62921 |  |  | 62921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total |  | (6662) |  | (59840) | (66502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other increase (decrease) |  | 56259 |  | (59840) | (3581) |
|  Ending balance | Reinsurance contracts assets |  |  | 2079 | 2079 |
|  | Reinsurance contracts liabilities | 460626 | 125747 | 33834 | 620207 |
|  | Net reinsurance contracts asset (liabilities) | 65083 | 124780 | (5071) | 184792 |
|  |  | 395543 | 967 | 38905 | 435415 |

---

(3) Changes in the estimate of the present value of the future cash flows, risk adjustment for non-financial risk and contractual service margin for the year ended December 31, 2025, are as follows (Unit: Korean Won in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  |  | Estimate of the<br>present value of<br>future cash<br>flows | Risk adjustment<br>for non-financial<br>risk | Reinsurance<br>contracts under<br>conversion | Total |
|  Beginning balance | Reinsurance contracts assets |  |  |  |  |
|  | Reinsurance contracts liabilities |  |  |  |  |
|  | Net reinsurance contracts asset (liabilities) |  |  |  |  |
|  Increase due to business combinations | Reinsurance contracts assets | 470958 | 17215 | 98273 | 586446 |
|  | Reinsurance contracts liabilities | 289635 | (20976) | (132310) | 136349 |
|  | Net reinsurance contracts asset (liabilities) | 181323 | 38191 | 230583 | 450097 |
|  Changes related to current service | Amortization of contractual service margin |  |  | (7868) | (7868) |
|  | Changes in risk adjustment for non-financial risk |  | (1024) |  | (1024) |
|  | Experience adjustments | 4221 |  |  | 4221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total |  | 4221 | (1024) | (7868) | (4671) |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Changes related to future service | Change in estimate adjusting contractual service margin | 133284 | (990) | (132294) |  |
|  | Change in estimate adjusting loss recovery component | 6196 | (5715) |  | 481 |
|  | Effect of initially recognized contracts | (572) | 38 | 686 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total |  | 138908 | (6667) | (131608) | 633 |
|  Changes related to past service | Changes in asset for incurred claims | 3643 | 102 |  | 3745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total |  | 3643 | 102 |  | 3745 |
|  Reinsurance service result | Reinsurance service result | 146772 | (7589) | (139476) | (293) |
|  Reinsurance finance interest income and other insurance finance income | Effect of changes in credit risk of reinsurance liabilities | 365 |  |  | 365 |
|  | Net income | 2732 | 273 | 3900 | 6905 |
|  | Other comprehensive income | (19685) | (472) |  | (20157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total |  | (16588) | (199) | 3900 | (12887) |
|  Total Changes in net income, other comprehensive income and reinsurance service result | Total Changes in net income, other comprehensive income and reinsurance service result | 130184 | (7788) | (135576) | (13180) |
|  Cash flow | Premium paid | 62921 |  |  | 62921 |
|  | Claims and other reinsurance service expenses paid including investment components | (66502) |  |  | (66502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | (3581) |  |  | (3581) |
|  Other increase (decrease) | Other increase (decrease) | 2079 |  |  | 2079 |
|  Ending balance | Reinsurance contracts assets | 371842 | 24068 | 224297 | 620207 |
|  | Reinsurance contracts liabilities | 61837 | (6335) | 129290 | 184792 |
|  | Net reinsurance contracts asset (liabilities) | 310005 | 30403 | 95007 | 435415 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(4) The effect on the consolidated statement of financial position at the time of initial recognition of new
reinsurance contracts for the year ended December 31, 2025 is as follows (Unit: Korean Won in millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  |  | The estimates<br>of the present<br>value of future<br>cash outflows | The estimates of<br>the present value<br>of future cash<br>inflows | Risk<br>adjustment<br>for non-financial<br>risk | Contractual<br>Service<br>Margin | Total | Loss<br>recovery<br>component at<br>initial<br>recognition |
|  Initial recognition of new reinsurance contracts (\*1) | Non-profitable group of contracts | (558) | 480 | 5 | 73 |  |  |
|  | Profitable group of<br>contracts | (3265) | 2771 | 33 | 613 | 152 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | (3823) | 3251 | 38 | 686 | 152 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business Combination | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business Combination | (2665609) | 2846933 | 38190 | 230583 | 450097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | (2669432) | 2850184 | 38228 | 231269 | 450249 | 152 |

---

(\*1) There are no reinsurance contracts acquired in a transfer.

(5) Expected amounts of insurance revenue to be recognized in profit or loss by the anticipated amortization period
of the contractual service margin (CSM) for reinsurance contracts as of December 31, 2025, are as follows (Unit: Korean Won in millions):

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | 1 year | 2 years | 3 years | 4 years | 5 years | 6 years<br>to 10<br>years | 11 years to<br>20 years | 21 years to<br>30 years | More than<br>30 years | Total |
|  Life | 366 | 340 | 320 | 302 | 287 | 1185 | 1627 | 934 | 555 | 5916 |
|  Health | (25395) | (23719) | (18737) | (13295) | (5064) | 25764 | 71820 | 51391 | 26026 | 88791 |
|  Annuity/Savings and others | 43 | 38 | 33 | 29 | 25 | 78 | 45 | 9 |  | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | (24986) | (23341) | (18384) | (12964) | (4752) | 27027 | 73492 | 52334 | 26581 | 95007 |

---

**26.** **PROVISIONS** 

(1) Details of provisions are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Asset retirement obligation | 106786 | 97772 |
|  Provisions for guarantees (\*1) | 79317 | 71470 |
|  Provisions for unused loan commitments | 137081 | 137562 |
|  Other provisions (\*2) | 467549 | 304624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 790733 | 611428 |

---

(\*1) Provisions for guarantees include provision for financial guarantee of 52,733 million won and 48,785 million won as of December 31, 2025 and 2024, respectively.

(\*2) Other provisions consist of provision for litigation, loss compensation and others.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(2) Changes in provisions for guarantees and unused loan commitments are as follows (Unit: Korean Won in millions):

1) Provisions for guarantees

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Stage1 | Stage2 | Stage3 | Total |
|  Beginning balance | 57309 | 2534 | 11627 | 71470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit loss | 536 | (536) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to expected credit loss for the entire period | (438) | 438 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets | (809) | (39) | 848 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net provision of unused amount | 4005 | 1015 | 3344 | 8364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*) | (512) | (5) |  | (517) |
|  Ending balance | 60091 | 3407 | 15819 | 79317 |

---

(\*) Recognized as a result of changes in financial guarantee liabilities.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Stage1 | Stage2 | Stage3 | Total |
|  Beginning balance | 70678 | 2800 | 7225 | 80703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit loss | 317 | (317) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to expected credit loss for the entire period | (230) | 230 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets | (100) | (90) | 190 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net provision (reversal) of unused amount | (9352) | (108) | 4211 | (5249) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*) | (4004) | 19 | 1 | (3984) |
|  Ending balance | 57309 | 2534 | 11627 | 71470 |

---

(\*) Recognized as a result of new financial guarantee contract valued at initial fair value.

2) Provisions for unused loan commitment

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Stage1 | Stage2 | Stage3 | Total |
|  Beginning balance | 108218 | 24896 | 4448 | 137562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit loss | 9547 | (9514) | (33) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to expected credit loss for the entire period | (3171) | 3179 | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets | (1477) | (523) | 2000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net provision (reversal) of unused amount | (4363) | 3608 | (2701) | (3456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes due to business combinations | 2961 |  | 14 | 2975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | (216) | 1 | 215 |  |
|  Ending balance | 111499 | 21647 | 3935 | 137081 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Stage1 | Stage2 | Stage3 | Total |
|  Beginning balance | 108775 | 26328 | 232 | 135335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to 12-month expected credit loss | 9966 | (9945) | (21) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to expected credit loss for the entire period | (3485) | 3491 | (6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to credit-impaired financial assets | (277) | (321) | 598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net provision (reversal) of unused amount | (7731) | 5209 | 3412 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 970 | 134 | 233 | 1337 |
|  Ending balance | 108218 | 24896 | 4448 | 137562 |

---

(3) Changes in asset retirement obligation for the years ended December 31, 2025 and 2024, are as follows
(Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Beginning balance | 97772 | 95179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions provided | 4700 | 5790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions used | (8447) | (5467) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of provisions unused | (314) | (957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | 1458 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes due to business combinations | 4512 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in restoration costs and others | 7105 | 1458 |
|  Ending balance | 106786 | 97772 |

---

The amount of the asset retirement obligation is the present value of the best estimate of future expected expenditure to settle the obligation – arising from leased property as of December 31, 2025, discounted by appropriate discount rate. The restoration cost is expected to occur by the end of each property's lease period, and the Group has used average lease period for each category of leases terminated during the past years in order to rationally estimate the lease period. In addition, the Group used average amount of actual recovery cost for the past 3 years and the inflation rate for last year in order to estimate future recovery cost.

(4) Changes in other provisions for the years ended December 31, 2025 and 2024, are as follows (Unit: Korean
Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended<br>December 31 | For the years ended<br>December 31 |
|  | 2025 | 2024 |
|  Beginning balance | 304624 | 494814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions provided | 135823 | 31028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions used | (5185) | (186343) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of provisions unused | (377) | (9069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies translation adjustments | 82 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer | (16283) | (21343) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes due to business combinations | 48754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 111 | (4672) |
|  Ending balance | 467549 | 304624 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(5) Others

1) The Group recognized the estimated amount of compensation related to incomplete sales of Derivative Linked Fund (DLF) in 2019 and provisions for fines expected to be imposed by the Financial Services Commission as the best estimate of expenditure required to fulfil its current obligations at the end of the period. 

2) The Group recognized provisions for estimated compensation amounts related to the prepayment arising from the delay in the redemption of funds and other related issues and the dispute settlement as the best estimate of the expenditure amounting to 259,168 million won and 246,422 million Won as of December 31, 2025 and 2024. In addition, the Group recognized provisions of KRW 2,847 million and KRW 781 million as of December 31, 2025 and 2024, respectively, for estimated compensation related to expected losses of customers who invested in equity-linked securities, as well as for fines and penalties expected to be imposed by the Financial Services Commission. 

**27.** **NET DEFINED BENEFIT LIABILITY(ASSET)** 

The Group's pension plan is based on the defined benefit retirement pension plan. Employees and directors with one or more years of service are entitled to receive payment upon termination of their employment, based on their length of service and rate of salary at the time of termination. The assets of the plans are measured at their fair value at the end of reporting date. The plan liabilities are measured using the projected unit method, which takes account of projected earnings increases, using actuarial assumptions that give the best estimate of the future cash flows that will arise under the plan liabilities.

The Group is exposed to various risks through defined benefit retirement pension plan, and the most significant risks are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volatility of assets | The defined benefit obligation was estimated with an interest rate calculated based on the return on high quality corporate bond. A deficit may occur if the rate of return of plan assets falls short of the interest rate. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in the return on high quality corporate bond | A decrease in the return on high quality corporate bonds will be offset by some increase in the value of debt securities that the employee benefit plan owns but will bring an increase in the defined benefit obligation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk of inflation | Defined benefit obligations are related to inflation rate; the higher the inflation rate is, the higher the level of liabilities. Therefore, deficit occurs in the system if an inflation rate increases. |

---

(1) Details of net defined benefit liability(asset) are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Present value of defined benefit obligation | 1982526 | 1751605 |
|  Fair value of plan assets (\*) | (2157163) | (1892290) |
|  Net defined benefit liabilities (assets) (\*) | (174637) | (140685) |
|  Intercompany transaction adjustments | 269170 |  |
|  Net defined benefit liabilities (assets) (after intercompany offsets) | 94533 | (140685) |

---

(\*) The amount before intercompany offsets within the consolidated entity

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(2) Changes in the carrying value of defined benefit obligation are as follows (Unit: Korean Won in millions):

---

| | | | |
|:---|:---|:---|:---|
| | | For the years ended December 31 | For the years ended December 31 |
| | | 2025 | 2024 |
|  Beginning balance |  | 1751605 | 1574087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current service cost |  | 161468 | 143051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Past service cost (\*) |  | 28060 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest cost |  | 76312 | 70959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurements | Financial assumption | (36629) | 88078 |
|  | Demographic assumptions | 2767 | (264) |
|  | Experience adjustments | 37161 | (18547) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement benefit paid |  | (136267) | (101008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies translation adjustments |  | 779 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes due to business combinations |  | 101464 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | (4194) | (5152) |
|  Ending balance |  | 1982526 | 1751605 |

---

(\*) This was caused by changes in the criteria for assessing ordinary wages during the year ended December 31, 2025.

(3) Changes in the plan assets are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Beginning balance | 1892290 | 1807408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 78326 | 84981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurements | (12240) | (15323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employer's contributions | 261143 | 115159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement benefit paid | (138874) | (94940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes due to business combinations | 80980 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | (4462) | (4995) |
|  Ending balance | 2157163 | 1892290 |

---

(4) The fair value of the plan assets by composition is as follows (Unit: Korean Won in millions):

<u>December 31, 2025</u> <u>December 31, 2024</u> <br> Cash and due from banks and others 2,157,163 1,892,290

Meanwhile, among plan assets, realized returns on plan assets amount to 66,086 million won and 69,658 million won for the years ended December 31, 2025 and 2024, respectively. The contribution expected to be paid in the next accounting year amounts to 159,332 million won.

(5) Amounts related to the defined benefit plan that are recognized in the consolidated statements of comprehensive
income are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Current service cost | 161468 | 143051 |
|  Past service cost (\*1) | 28060 |  |
|  Net interest income | (2014) | (14022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost recognized in net income | 187514 | 129029 |
|  Remeasurements (\*2) | 15539 | 84590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost recognized in total comprehensive income | 203053 | 213619 |

---

(\*1) This was caused by changes in the criteria for assessing ordinary wages during the year ended December 31, 2025.

---

| | |
|:---|:---|
| (\*2) | Amount before tax  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

Retirement benefits related to defined contribution plans recognized as expenses are 13,885 million won, and 5,470 million won for the years ended December 31, 2025 and 2024, respectively.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(6) Key actuarial assumptions used in net defined benefit liability(asset) measurement are as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Discount rate | 3.6% ~ 5.48% | 3.68% ~ 4.62% |
|  Future wage growth rate | 2.4% ~ 6.39% | 2.4% ~ 6.01% |
|  Mortality rate | Issued by Korea Insurance<br> Development Institute | Issued by Korea Insurance<br> Development Institute |
|  Retirement rate | Experience rate for each<br> employment classification | Experience rate for each<br> employment classification |

---

The weighted average maturity of defined benefit liability is a minimum of 4.67 to a maximum 10.64 years.

(7) The sensitivity to actuarial assumptions used in the assessment of defined benefit obligation is as follows
(Unit: Korean Won in millions):

---

| | | | |
|:---|:---|:---|:---|
|  |  | December 31, 2025 | December 31, 2024 |
|  Discount rate | Increase by 1% point | (166963) | (182522) |
|  | Decrease by 1% point | 192449 | 213568 |
|  Future wage growth rate | Increase by 1% point | 193539 | 214942 |
|  | Decrease by 1% point | (170732) | (185974) |

---

**28.** **OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES** 

Other financial liabilities and other liabilities are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Other financial liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 8059195 | 7250633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 4456143 | 4694493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from trust accounts | 7692762 | 6769383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency business revenue | 594685 | 733990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange payables | 784357 | 902564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic exchange settlement credits | 11749779 | 7592473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities | 541572 | 527090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other miscellaneous financial liabilities | 4250210 | 3857393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Present value discount | (10645) | (13968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 38118058 | 32314051 |
|  Other liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned income | 354792 | 407525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other miscellaneous liabilities | 479102 | 388973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 833894 | 796498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 38951952 | 33110549 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**29.** **DERIVATIVES** 

(1) Derivative assets and derivative liabilities are as follows (Unit: Korean Won in millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | | Assets | Assets | Assets | Liabilities | Liabilities | Liabilities |
|  |<br>Nominal<br>amount | For cash<br>flow hedge | For fair value<br>hedge | For<br>trading | For cash<br>flow hedge | For fair value<br>hedge | For trading |
|  Interest rate: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 1028982 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forwards | 6097038 | 7192 |  | 155174 | 139341 |  | 118441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 134440759 | 903 | 37010 | 136822 |  | 27050 | 141569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | 320000 |  |  |  |  |  | 8194 |
|  Currency: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 131014 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forwards | 111686895 | 2221 | 1201 | 2652148 | 236677 | 70989 | 1190226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 76846634 | 168653 |  | 2827872 | 141304 |  | 3670407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase options | 67650 |  |  | 1267 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | 81999 |  |  |  |  |  | 827 |
|  Equity: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 476305 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forwards | 163 |  |  | 104 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase options | 1711 |  |  | 816 |  |  |  |
|  Others: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 8378 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 331187528 | 178969 | 38211 | 5774203 | 517322 | 98039 | 5129664 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | | Assets | Assets | Assets | Liabilities | Liabilities | Liabilities |
|  |<br>Nominal<br>amount | For cash<br>flow hedge | For fair value<br>hedge | For<br>trading | For cash<br>flow hedge | For fair value<br>hedge | For trading |
|  Interest rate: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 449127 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forwards | 3530000 |  |  | 52855 |  |  | 274980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 138816980 |  | 10102 | 308333 | 180 | 102635 | 199761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase options | 50000 |  |  | 81 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | 360000 |  |  |  |  |  | 10595 |
|  Currency: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 2837 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forwards | 111927474 |  |  | 5638032 |  |  | 1805299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 85880218 | 165089 |  | 4089265 |  |  | 6796459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase options | 175221 |  |  | 4779 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | 265182 |  |  |  |  |  | 3603 |
|  Equity: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forwards | 1520 |  |  | 182 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 7698 |  |  |  |  |  | 1401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase options | 1767 |  |  | 1005 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 341468024 | 165089 | 10102 | 10094532 | 180 | 102635 | 9092098 |

---

Derivatives held for trading are classified into financial assets at FVTPL (Note 8) and financial liabilities at FVTPL (Note 21), and derivatives designated for hedging are presented as a separate line item in the consolidated statements of financial position.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(2) Overview of the Group's hedge accounting

1) Fair value hedge

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Debentures

As of December 31, 2025, the Group has applied fair value hedge on fixed interest rate foreign currency denominated debentures amounting to 3,763,978 million Won, and local currency denominated debentures amounting to 282,646 million Won. The purpose of the hedging is to avoid fair value volatility risk of fixed interest rates foreign and local currency denominated debentures derived from fluctuations of market interest rate, and as such the Group entered into interest rate swap agreements designated as hedging instruments.

Pursuant to the interest rate swap agreement, by swapping the calculated difference between the fixed interest rate and floating interest rate applied to the nominal value, the fair value fluctuation risk is hedged as the foreign currency denominated debentures and local currency debentures fixed interest rate terms are converted to floating interest rate. Pursuant to the interest rate swap agreement, hedge ratio is determined by matching the nominal value of hedging instrument to the face value of the hedged item.

In this hedging relationship, only the market interest rate fluctuation, which is the most significant part of the fair value change of the hedged item, is designated as the hedged risk, and other risk factors including credit risk are not included in the hedged risk. Therefore, the ineffective portion of the hedge could arise from fluctuations in the timing of the cash flow of the hedged item, price margin set by counterparty of hedging instrument, and unilateral change in credit risk of any party of hedging instrument.

The interest rate swap agreements and the hedged items are subject to fluctuations in the underlying market rate of interest, and the Group expects the fair value of the interest rate swap contract and the value of the hedged item to generally change in the opposite direction.

The fair value of the interest rate swap at the end of the reporting period is determined by discounting future cash flows estimated by using the yield curve at the end of the reporting period and the credit risk embedded in the contract and the average interest rate is determined based on the outstanding balance at the end of the reporting period. The variable interest rate applied to the interest rate swap is Compounding SOFR or CD 3M plus spread. In accordance with the terms of each interest rate swap contract designated as a hedging instrument, the Group receives interest at a fixed interest rate and pays interest at a variable interest rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Foreign currency securities, Foreign private bonds

As of December 31, 2025, the Group has applied fair value hedging for foreign currency securities amounting to 795,677 million Won and foreign currency private bonds amounting to 76,793 million Won. The purpose of the hedging is to avoid fair value volatility risk of foreign currency securities and foreign currency private bonds derived from exchange rate changes. To achieve this purpose, the group has entered into forward currency contracts designated as hedging instruments.

The forward currency contracts are executed with the condition of selling foreign currencies on a future specific date, at a predetermined agreed amount and exchange rate. On the initiation date, the contract amount is exchanged, and on the termination date, the contracted foreign currency principal is returned. As a result, through hedging transactions, the group offsets valuation gains and losses from exchange rate fluctuations of foreign currency-denominated assets, thereby removing fair value fluctuation risk linked to foreign currency securities and bonds. The hedge ratio is determined through a method that ensures fair value changes in the hedging instruments and hedged items effectively offset each other to a similar extent.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

In this hedging relationship, only the exchange rate fluctuation, which is the most significant part of the fair value change in the hedged item, is designated as the hedged risk, excluding other risk factors such as credit risk or liquidity risk. Therefore, the ineffective portion of the hedge could arise from discrepancies between the settlement timing of the forward currency contract and the cash flow timing of foreign currency-denominated items, fluctuations in counterparties' credit risks, or discrepancies between market exchange rates and contracted exchange rates.

The forward currency agreements and the hedged items are subject to fluctuations in the exchange rate, and the group expects the fair value of the currency forward contract and the value of the hedged item to generally change in the opposite direction.

2) Cash Flow Hedge

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Debentures

As of December 31, 2025, the Group has applied cash flow hedge on foreign currency denominated debentures amounting to 1,350,562 million Won, and local currency denominated debentures amounting to 59,952 million Won. The Group's hedging strategies are to ① Mitigate risks of cash flow fluctuation from variable interest rate debentures on local currency due to changes in market interest rate by entering into an interest rate swap contract and thereby designating it as hedging instrument; ② Mitigate the risks of cash flow fluctuation from principal and interest of variable interest rate debentures denominated in foreign currency due to changes in foreign exchange rates and interest rates by entering into a currency swap contract and thereby designating it as hedging instrument; ③ Mitigate the risks of cash flow fluctuation from principal and interest of fixed interest rate debentures denominated in foreign currency due to changes in foreign exchange rates and ④ Mitigate the risks of cash flow fluctuation in variable interest rate foreign currency borrowings resulting from changes in market interest rates and designate it as a hedging instrument through entering into currency swap contracts and interest rate swap contracts.

By exchanging a predetermined nominal amount as set forth in the interest rate swap contract adjusted by the differences between the fixed and variable interest rates, the variable interest rate terms of the Korean won-denominated variable rate bond are converted to fixed interest rate terms, thereby eliminating the cash flow volatility risk. In addition, this also means a payment of predetermined principal amount as set forth in the currency swap adjusted by fixed interest rate, an exchange of an amount calculated by applying variable interest rate to USD or applying fixed interest rate to USD, and an exchange of the principal denominated in KRW and principal denominated in foreign currency at maturity eliminating cash flow fluctuation risk on principal and interest. The hedge ratio is determined by matching the nominal amount of the hedging instrument to the face amount of the hedged item in accordance with interest rate swap and currency swap.

Only interest rate and foreign exchange rate fluctuation risks, which are the most significant factors in the cash flow fluctuation of the hedged item, are addressed in this hedging relationship, and other risk factors such as credit risk are not subject to hedging. Accordingly, hedge ineffectiveness may arise from price margin set by the counterparty of hedging instruments and unilateral change in credit risk of any party in the transaction.

The interest rate swap, currency swap contract and the hedged item are all affected by the changes in market interest rate and foreign exchange rates which are basic factors. The Group expects that the value of interest rate swap contracts, currency swap contracts, and value of the hedged item will generally fluctuate in opposite direction.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Foreign currency securities, Foreign private bonds, Anticipated bond purchase

As of December 31, 2025, the Group has applied cash flow hedges to manage the risks associated with foreign currency securities amounting to 5,858,666 million Won, foreign currency private bonds totaling 232,211 million Won, and anticipated bond purchase transactions. The objective of these hedging measures is to mitigate the risk of changes in fair value from foreign currency securities and private bonds due to exchange rate changes. To achieve these objectives, the entity utilizes forward currency contracts as designated hedging instruments. The objective of these hedging measures is to mitigate the risk of cash flow fluctuations from foreign currency securities and private bonds due to exchange rate changes, as well as the price risk of future purchases of treasury and foreign government bonds. To achieve these objectives, the entity utilizes forward currency contracts, currency swaps, and bond forward contracts as designated hedging instruments.

Forward currency contracts are used to eliminate cash flow volatility arising from exchange rate fluctuations of anticipated transactions in foreign currency by agreeing to sell foreign currency at a pre-established rate on a future date. These contracts are designated as hedging instruments to offset cash flow variations caused by exchange rate changes on foreign currency-denominated items. The hedge ratio is determined by aligning the nominal amount of the hedging instrument with the face value of the hedged item.

Currency swap contracts are entered into to exchange interest and principal of foreign currency securities and private bonds during the contract period at predetermined notional amounts and rates, and revert the principal exchanged at inception upon maturity. This practice mitigates the cash flow volatility risk associated with the principal and interest payments of foreign currency-denominated securities and private bonds. The hedge ratio is determined by matching the nominal value of the hedging instrument to the face value of the hedged item.

Bond forward contracts are structured to purchase specific bonds at a predetermined notional amount and price on a future specified date to hedge against price risk caused by interest rate fluctuations impacting bond purchase prices. Upon contract expiration, bonds are acquired at the agreed-upon rate, thereby eliminating cash flow variability risks due to future interest rate changes. Thus, the hedging transaction removes the uncertainty surrounding the cash outflow amount related to interest rate changes at the future bond purchase date, thereby ensuring stable cash flows. The nominal amount of the hedging instrument in these bond forward contracts is aligned with the anticipated purchase amount of the hedged bonds, and the hedge ratio is calibrated to ensure that cash flow fluctuations of the hedged item and hedging instrument effectively offset each other.

3) Hedges of Net Investment in Foreign Operations

Foreign currency exposure arises from the Group's net investments in Woori America Bank, Woori Bank (Cambodia) PLC, Woori Global Markets Asia Limited, and overseas branch which use USD as their functional currency. The risk arises from fluctuations in the spot exchange rate between USD and KRW. This may result in different net investment amounts.

The risk hedged in the net investment hedging is the fluctuation risk of KRW against USD, which may reduce the carrying amount of the Group's net investments in Woori America Bank, Woori Bank (Cambodia) PLC, Woori Global Markets Asia Limited, and overseas branch.

A portion of the Group's net investments in Woori America Bank, Woori Bank (Cambodia) PLC, Woori Global Markets Asia Limited, and overseas branch are hedged in USD denominated foreign currency bonds (Carrying amount as of December 31, 2025: USD 863,959,317) and mitigate foreign exchange risk arising from the net assets of subsidiaries. The debenture has been designated as a hedging instrument for the value change of net investments, which arises from fluctuation in the spot exchange rate between USD and KRW.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

To evaluate the effectiveness of the hedge, the Group determines the economic relationship between the hedging instrument and hedged item by comparing (offsetting) changes in the number of foreign investments due to spot exchange rate fluctuation and in the carrying amount of the liabilities due to spot exchange rate fluctuation. The Group's policy is to hedge the net investment amount only within the principal range of the liabilities.

(3) The nominal amounts of the hedging instrument are as follows (Unit: USD, EUR, AUD, SEK, GBP, JPY, CAD and
Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | 1 year or less | 1 year to 5 years | More than 5 years | Total |
|  Fair value hedge |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate risk |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap (USD) | 550000000 | 2100000000 |  | 2650000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap (KRW) |  |  | 290000 | 290000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies translation risk |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward (USD) | 414314566 | 65544792 |  | 479859358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward (EUR) |  | 72961301 |  | 72961301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward (AUD) | 109214330 | 126550000 |  | 235764330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward (GBP) | 15700000 |  |  | 15700000 |
|  Cash flow hedge |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate risk |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate forward (USD) |  | 320000000 |  | 320000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate forward (KRW) | 1630000 | 380000 |  | 2010000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap (KRW) |  | 60000 |  | 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies translation risk and interest rate risk |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (USD) | 336333334 | 470500000 |  | 806833334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (EUR) | 52000000 | 114900000 |  | 166900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (AUD) | 80000000 |  |  | 80000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (SEK) | 380000000 | 219000000 |  | 599000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (JPY) |  |  | 5000000000 | 5000000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies translation risk |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward (USD) | 998071601 | 700378132 |  | 1698449733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward (EUR) | 374850500 | 232472000 |  | 607322500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward (AUD) | 99970000 | 160000000 |  | 259970000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (USD) | 130000000 | 527884000 |  | 657884000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (EUR) | 194780000 | 1012000000 |  | 1206780000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (AUD) | 15000000 | 200000000 |  | 215000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (CAD) |  | 40000000 |  | 40000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (JPY) |  | 21500000000 | 43500000000 | 65000000000 |
|  Hedges of net investment in foreign operations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange risk |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency bond (USD) |  | 863959317 |  | 863959317 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | 1 year or less | 1 year to 5 years | More than 5 years | Total |
|  Fair value hedge |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate risk |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap (USD) | 25000000 | 2650000000 |  | 2675000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap (KRW) |  |  | 155000 | 155000 |
|  Cash flow hedge |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate risk |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap (KRW) | 140000 |  |  | 140000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies translation risk and interest rate risk |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (USD) |  | 870000000 |  | 870000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies translation risk |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (USD) |  | 100000000 |  | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (EUR) |  | 194780000 |  | 194780000 |
|  Hedges of net investment in foreign operations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange risk |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency bond (USD) | 191568880 | 672390437 |  | 863959317 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(4) The average interest rate and average currency rate of the hedging instrument as of December 31, 2025 and
2024 are as follows:

---

| | |
|:---|:---|
|  | December 31, 2025 |
|  | Average interest rate and average exchange rate |
|  Fair value hedge |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate risk |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap (USD) | Fixed 3.47% receipt and (C.SOFR) + 1.06% paid |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap (KRW) | Fixed 3.94% receipt and CD 3M + 0.01% paid |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies translation risk |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward (USD) | USD/KRW = 1,326.88<br> USD/KRW = 1,373.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward (EUR) | EUR/KRW = 1,498.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward (AUD) | AUD/KRW = 874.06<br>AUD/KRW = 864.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward (GBP) | GBP/KRW = 1,854.71 |
|  Cash flow hedge |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate risk |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest forward (USD) | YTM 5.14%, YTM 5.20%, USD/KRW = 1,373.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest forward (KRW) | YTM 2.91%, YTM 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap (KRW) | KRW CD+0.37% receipt, KRW 2.75% paid |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies translation risk and interest rate risk |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (USD) | USD 4.11% paid, KRW 2.54% receipt,<br> USD 1M SOFR+0.91% receipt, KRW 3.60% paid,<br> USD/KRW = 1,402.05, USD/KRW = 1,355.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (EUR) | EUR 3.03% paid, KRW 3.18% receipt, EUR/KRW = 1,619.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (AUD) | AUD 3.11% paid, KRW 1.55% receipt, AUD/KRW = 952.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (SEK) | SEK 1.88% paid, KRW 2.01% receipt, SEK/KRW = 140.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (JPY) | JPY 3.20% paid, KRW 4.45% receipt, JPY/KRW = 946.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies translation risk |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward (USD) | USD/KRW = 1,343.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward (EUR) | EUR/KRW = 1,539.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward (AUD) | AUD/KRW = 863.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (USD) | USD 1.75% receipt, KRW 1.63% paid,<br>USD 2.50% receipt, KRW 3.76% paid,<br>USD/KRW = 1,138.50<br>USD/KRW = 1,404.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (EUR) | EUR 1.98% receipt, KRW 3.40% paid,<br>EUR 3.21% receipt, KRW 3.14% paid,EUR/KRW = 1,344.08<br>EUR/KRW = 1,644.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (AUD) | AUD 3.58% receipt, KRW 4.96% paid,AUD/KRW = 902.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (CAD) | CAD 4.46% receipt, KRW 4.60% paid, CAD/KRW = 1,062.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (JPY) | JPY 4.46% receipt, KRW 3.10% paid, JPY/KRW = 9.42 |
|  Hedges of net investment |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchanging rate risk |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated debentures(USD/KRW) | USD/KRW = 1,421.88 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | |
|:---|:---|
|  | December 31, 2024 |
|  | Average interest rate and average exchange rate |
|  Fair value hedge |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate risk |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap (USD) | Fixed 3.47% receipt and (C.SOFR) + 1.06% paid |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap (KRW) | Fixed 4.52% receipt and CD 3M + 0.02% paid |
|  Cash flow hedge |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate risk |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap (KRW) | KRW CMS 5Y+0.46% receipt, 3.65% paid |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies translation risk and interest rate risk |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (USD) | USD 1M SOFR+0.93% receipt, KRW 3.79% paid, USD/KRW = 1,344.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies translation risk |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (USD) | USD 1.75% receipt, KRW 1.63% paid, USD/KRW = 1,138.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (EUR) | EUR 1.98% receipt, KRW 3.40% paid, EUR/KRW = 1,344.08 |
|  Hedges of net investment |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchanging rate risk |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated debentures (USD/KRW) | USD/KRW =1,363.09 |

---

(5) The amounts related to items designated as hedging instruments are as follows (Unit: USD, EUR, AUD, SEK, GBP,
JPY, CAD and Korean Won in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Nominal amount of<br>the hedging<br>instrument | Carrying amount of the hedging<br>instrument | Carrying amount of the hedging<br>instrument | Line item in the<br> statement of financial<br> position where the<br> hedging instrument is<br> located | Changing in fair<br>value used for<br>calculating hedge<br>ineffectiveness |
|  | Nominal amount of<br>the hedging<br>instrument | Assets | Liabilities | Line item in the<br> statement of financial<br> position where the<br> hedging instrument is<br> located | Changing in fair<br>value used for<br>calculating hedge<br>ineffectiveness |
|  Fair value hedge |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate risk |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate Swap (USD) | 2650000000 | 37010 | 27050 | Derivative assets<br> (designated for hedging)<br> Derivative liabilities<br> (designated for hedging) | 93549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate Swap (KRW) | 290000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies translation risk |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward (USD) | 479859358 | 1201 | 40408 | Derivative assets<br> (designated for hedging)<br> Derivative liabilities<br> (designated for hedging) | (252432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward (EUR) | 72961301 |  | 13904 | Derivative assets<br> (designated for hedging)<br> Derivative liabilities<br> (designated for hedging) | 44644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward (AUD) | 235764330 |  | 15575 | Derivative assets<br> (designated for hedging)<br> Derivative liabilities<br> (designated for hedging) | (23061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward (GBP) | 15700000 |  | 1101 | Derivative liabilities<br> (designated for hedging) | (1408) |
|  Cash flow hedge |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate risk |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate forward (USD) | 320000000 | 4848 | 27 | Derivative assets<br> (designated for hedging)<br> Derivative liabilities<br> (designated for hedging) | 3732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate forward (KRW) | 2010000 | 2344 | 139313 | Derivative assets<br> (designated for hedging)<br> Derivative liabilities<br> (designated for hedging) | (203153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap (KRW) | 60000 | 903 |  | Derivative assets<br> (designated for hedging)<br> Derivative liabilities<br> (designated for hedging) | 1084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation risk and interest rate risk |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (USD) | 806833334 | 51040 | 11984 | Derivative assets<br> (designated for hedging)<br> Derivative liabilities<br> (designated for hedging) | (69611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (EUR) | 166900000 | 1012 | 16086 | Derivative liabilities<br> (designated for hedging) | (9085) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (AUD) | 80000000 | 605 | 632 | Derivative liabilities<br> (designated for hedging) | (5494) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (SEK) | 599000000 | 855 | 9468 | Derivative liabilities<br> (designated for hedging) | (7678) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (JPY) | 5000000000 | 819 |  | Derivative liabilities<br> (designated for hedging) | 819 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Nominal amount of<br>the hedging<br>instrument | Carrying amount of the hedging<br>instrument | Carrying amount of the hedging<br>instrument | Line item in the<br> statement of financial<br> position where the<br> hedging instrument is<br> located | Changing in fair<br>value used for<br>calculating hedge<br>ineffectiveness |
|  | Nominal amount of<br>the hedging<br>instrument | Assets | Liabilities | Line item in the<br> statement of financial<br> position where the<br> hedging instrument is<br> located | Changing in fair<br>value used for<br>calculating hedge<br>ineffectiveness |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation risk |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward (USD) | 1698449733 | 2221 | 127924 | Derivative assets<br> (designated for hedging)<br> Derivative liabilities<br> (designated for hedging) | 13389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward<br>(EUR) | 607322500 |  | 89586 | Derivative assets<br> (designated for hedging)<br> Derivative liabilities<br> (designated for hedging) | (10747) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward<br>(AUD) | 259970000 |  | 19167 | Derivative assets<br> (designated for hedging)<br> Derivative liabilities<br> (designated for hedging) | (350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap<br>(USD) | 657884000 | 30780 | 27168 | Derivative assets<br> (designated for hedging)<br> Derivative liabilities<br> (designated for hedging) | (74613) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap<br>(EUR) | 1206780000 | 72261 | 60932 | Derivative assets<br> (designated for hedging)<br> Derivative liabilities<br> (designated for hedging) | (16952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap<br>(AUD) | 215000000 |  | 13220 | Derivative assets<br> (designated for hedging)<br> Derivative liabilities<br> (designated for hedging) | (15574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap<br>(JPY) | 65000000000 | 10943 | 1814 | Derivative assets<br> (designated for hedging)<br> Derivative liabilities<br> (designated for hedging) | 8981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap<br>(CAD) | 40000000 | 339 |  | Derivative assets<br> (designated for hedging)<br> Derivative liabilities<br> (designated for hedging) | 334 |
|  Hedges of net investment in foreign operations Exchange rate risk |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency bond(USD) | 863959317 |  | 1239695 | Foreign currency bond | 30325 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Nominal amounts<br>of the hedging<br>instrument | Carrying amount of the<br>hedging instrument | Carrying amount of the<br>hedging instrument | Line item in the<br> statement of financial<br> position where the<br> hedging instrument is<br> located | Changing in<br>fair value used<br>for calculating<br>hedge<br>ineffectiveness |
|  | Nominal amounts<br>of the hedging<br>instrument | Assets | Liabilities | Line item in the<br> statement of financial<br> position where the<br> hedging instrument is<br> located | Changing in<br>fair value used<br>for calculating<br>hedge<br>ineffectiveness |
|  Fair value hedge Interest rate risk Interest rate Swap (USD) | 2675000000 | 10102 | 102635 | Derivative assets (designated for hedging) Derivative liabilities (designated for hedging) | 5265 |
|  Interest rate Swap (KRW) | 155000 |  |  |  |  |
|  Cash flow hedge Interest rate risk Interest rate swap (KRW) | 140000 |  | 180 | Derivative assets (designated for hedging) | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation risk and interest rate risk Currency swap (USD) | 870000000 | 104320 |  | Derivative assets (designated for hedging) Derivative liabilities (designated for hedging) | 110714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation risk Currency swap (USD) | 100000000 | 29861 |  | Derivative assets (designated for hedging) | 18623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap (EUR) | 194780000 | 30908 |  | Derivative assets<br> (designated for hedging) | 22512 |
|  Hedges of net investment in foreign operations Exchange rate risk |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency bond (USD) | 863959317 |  | 1270020 | Foreign currency denominated debentures | (156015) |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(6) Details of carrying amount to hedge and amount due to hedge accounting are as follows (Unit: Korean Won in
millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Carrying amount of the<br>hedged item | Carrying amount of the<br>hedged item | Accumulated amount of fair<br>value hedge adjustments on<br>the hedged item included in<br>the carrying amount of the<br>hedged item | Accumulated amount of fair<br>value hedge adjustments on<br>the hedged item included in<br>the carrying amount of the<br>hedged item | Line item in the<br>statement of<br>financial position in<br>which the hedged item<br>is included | Changing in<br>fair value used<br>for calculating<br>hedge<br>ineffectiveness | Cash flow<br>hedge<br>reserve<br>(\*2) |
|  | Assets | Liabilities | Assets | Liabilities | Line item in the<br>statement of<br>financial position in<br>which the hedged item<br>is included | Changing in<br>fair value used<br>for calculating<br>hedge<br>ineffectiveness | Cash flow<br>hedge<br>reserve<br>(\*2) |
|  Fair value hedge |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate risk |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures (\*1) |  | 4046624 |  | 36892 | Debentures | (80760) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies translation risk |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency securities | 569122 |  | 131018 |  | FVTOCI | 169469 |  |
|  | 226555 |  | (4121) |  | FTVPL | 70015 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign private bonds | 76793 |  | (7717) |  | Financial assets at<br> amortized cost | 6567 |  |
|  Cash flow hedge |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate risk |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures |  | 59952 |  |  | Debentures | (1083) | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anticipated bond purchase |  |  |  |  |  | 183177 | (150651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies translation risk and interest rate risk |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures |  | 878855 |  |  | Debentures | 53508 | (188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency securities | 256487 |  |  |  | FVTOCI | 13062 | (1105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign private bonds | 176540 |  |  |  | Financial assets at amortized cost | 11016 | (1722) |
|  | 55671 |  |  |  | FTVPL | (321) | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies translation risk |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures |  | 471707 |  |  | Debentures | (33199) | (2242) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency securities | 4996548 |  |  |  | FVTOCI | 141426 | (26141) |
|  | 605631 |  |  |  | FTVPL | (13091) | (321) |
|  Hedges of net investment in foreign operations |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange rate risk |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign operations net asset |  | 1239695 |  |  | Foreign operations net asset | (30325) | (127258) |

---

---

| | |
|:---|:---|
| (\*1) | The accumulated profit on debentures on foreign currency amounted to 29,538 million Won, and the accumulated profit on debentures on local currency amounted to 7,354 million Won, as of December 31, 2025.  |

---

---

| | |
|:---|:---|
| (\*2) | After tax amount  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Carrying amount of<br>the hedged item | Carrying amount of<br>the hedged item | Accumulated amount of fair<br>value hedge adjustments on<br>the hedged item included in<br>the carrying amount of the<br>hedged item | Accumulated amount of fair<br>value hedge adjustments on<br>the hedged item included in<br>the carrying amount of the<br>hedged item | Line item in<br>the statement of<br>financial position<br>in which the<br>hedged item is<br>included | Changing in<br>fair value used<br>for calculating<br>hedge<br>ineffectiveness | Cash flow<br>hedge<br>reserve<br>(\*2) |
|  | Assets | Liabilities | Assets | Liabilities | Line item in<br>the statement of<br>financial position<br>in which the<br>hedged item is<br>included | Changing in<br>fair value used<br>for calculating<br>hedge<br>ineffectiveness | Cash flow<br>hedge<br>reserve<br>(\*2) |
|  Fair value hedge |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate risk |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures (\*1) |  | 3952047 |  | 129306 | Debentures | (17417) |  |
|  Cash flow hedge |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate risk |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures |  | 139987 |  |  | Debentures | (211) | (133) |
|  Foreign currencies translation risk and interest rate risk Debentures |  | 1275768 |  |  | Debentures | (110714) | (7825) |
|  Foreign currencies translation risk |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures |  | 444345 |  |  | Debentures | (41134) | (7479) |
|  Hedges of net investment in foreign operations Exchange rate risk |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign operations net asset |  | 1270020 |  |  | Foreign<br>operations<br>net asset | 156015 | (149577) |

---

---

| | |
|:---|:---|
| (\*1) | The accumulated profit on debentures on foreign currency amounted to 124,647 million Won, and the accumulated loss on debentures on local currency amounted to 4,659 million Won, as of December 31, 2024.  |

---

---

| | |
|:---|:---|
| (\*2) | After tax amount  |

---

(7) Amounts recognized in profit or loss due to the ineffective portion of fair value hedges are as follows (Unit:
Korean Won in millions):

---

| | | | |
|:---|:---|:---|:---|
|  |  | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  |  | Hedge ineffectiveness<br>recognized in profit<br>or loss | Line item in the profit or loss that<br>includes hedge ineffectiveness |
|  Fair value hedge | Interest rate risk | 12788 | Other net operating<br>income(expense) |
|  | Foreign currencies translation risk | 13794 | Other net operating<br>income(expense) |
|  |  | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  |  | Hedge ineffectiveness<br>recognized in profit<br>or loss | Line item in the profit or loss<br>that includes hedge<br>ineffectiveness |
|  Fair value hedge | Interest rate risk | (12152) | Other net operating<br>income(expense) |
|  | Foreign currencies translation risk |  |  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(8) Reclassification of profit or loss from other comprehensive income and equity related to cash flow hedges are
as follows (Unit: Korean Won in millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  |  | Changes in<br>the value of<br>hedging<br>instruments<br>recognized in<br>OCI | Hedge<br>ineffective<br>ness<br>recognized<br>in profit<br>or loss | Changes in<br>the value<br>of foreign<br>basis<br>spread<br>recognized in<br>OCI | Line item<br> recognized in the<br> profit or loss | Amounts<br>reclassified<br>from cash<br>flow hedge<br>reserve to<br>profit or<br>loss | Line item<br> affected in profit<br> or loss due to<br> reclassification |
|  Cash flow hedge | Interest rate risk | (155816) | (42521) |  | Other net operating income (expense) | (42755) | Other net operating income (expense) |
|  | Foreign currencies translation risk and interest rate risk | (69243) | (21806) | (54) | Other net operating income (expense) | 70854 | Other net operating income (expense) |
|  | Foreign currencies translation risk | (95138) | (394) | (153) | Other net operating income (expense) | 66009 | Other net operating income (expense) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  |  | Changes in<br>the value of<br>hedging<br>instruments<br>recognized in<br>OCI | Hedge<br>ineffective<br>ness<br>recognized<br>in profit<br>or loss | Changes in<br>the value<br>of foreign<br>basis<br>spread<br>recognized<br>in OCI | Line item<br> recognized in the<br> profit or loss | Amounts<br>reclassified<br>from cash<br>flow hedge<br>reserve to<br>profit or<br>loss | Line item<br> affected in profit<br> or loss due to<br> reclassification |
|  Cash flow hedge | Interest rate risk | 211 |  |  | Other net<br> operating<br> income<br> (expense) |  | Other net<br> operating income<br> (expense) |
|  | Foreign currencies<br>translation risk and<br>interest rate<br>risk | 110714 |  | 3481 | Other net<br> operating<br> income<br> (expense) | (113202) | Other net<br> operating income<br> (expense) |
|  | Foreign currencies<br>translation risk | 41135 |  | 980 | Other net<br> operating<br> income<br> (expense) | (37955) | Other net<br> operating income<br> (expense) |

---

(9) The amounts recognized in profit or loss and other comprehensive income related to the hedging of net
investments in foreign operations are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | | Other comprehensive income | Other comprehensive income | Other comprehensive income |
|  | | Gain or loss on hedges<br> recognized in other comprehensive income | Income tax<br>effect | Total |
|  Hedges of net investment in foreign operation | Exchange<br>rate risk | 30325 | (8006) | 22319 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | | Profit or loss | Profit or loss |
|  | | Hedge ineffectiveness<br> recognized in profit or loss | Account recognized for<br> hedge ineffectiveness |
|  Hedges of net investment in foreign operation | Exchange<br>rate risk |  |  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | | Other comprehensive income | Other comprehensive income | Other comprehensive income |
|  | | Gain or loss on hedges<br> recognized in other comprehensive income | Income tax<br>effect | Total |
|  Hedges of net investment in foreign operation | Exchange<br>rate risk | (156015) | 41188 | (114827) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | | Profit or loss | Profit or loss |
|  | | Hedge ineffectiveness<br>recognized in profit or loss | Account recognized for<br>hedge ineffectiveness |
|  Hedges of net investment in foreign operation | Exchange<br>rate risk |  |  |

---

No amount was reclassified from reserve of hedges of net investment in foreign operations to profit or loss during the years ended December 31, 2025 and 2024.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**30.** **EQUITY** 

(1) Details of equity as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock capital | 3802676 | 3802676 |
|  Hybrid securities | 3710498 | 3810435 |
|  Capital surplus |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in capital in excess of par | 854499 | 854499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 78937 | 79601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 933436 | 934100 |
|  Capital adjustments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury stocks | (35517) | (35517) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other adjustments (\*1) | (1646069) | (1699038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | (1681586) | (1734555) |
|  Accumulated other comprehensive income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at FVTPL | 1274 | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at FVTOCI | (1106650) | 60438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in capital due to equity method | (4222) | (1886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net financial gain(loss) on insurance contract assets(liabilities) | 1534528 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net financial gain(loss) on reinsurance contract assets(liabilities) | (10462) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on foreign currency translation of foreign operations | 416768 | 523780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on hedges of net investment in foreign operations | (127258) | (149577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurements of defined benefit plan | (96991) | (86218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on valuation of cash flow hedge | (144728) | (14215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 462259 | 333670 |
|  Retained earnings (\*2) (\*3) | 28790056 | 26950510 |
|  Non-controlling interest (\*4) (\*5) | 1841909 | 1798433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 37859248 | 35895269 |

---

(\*1) Included 178,060 million Won in capital transaction gains and losses recognized by Woori Bank and (formerly) Woori Financial Group in 2014 and 2,238,228 million Won due to the spin-off of Gyeongnam Bank and Gwangju Bank.

---

| | |
|:---|:---|
| (\*2) | The regulatory reserve for credit losses in retained earnings amounted to 2,678,017 million Won and 2,392,542 million Won as of December 31, 2025 and 2024, respectively in accordance with the relevant article.  |

---

---

| | |
|:---|:---|
| (\*3) | The earned surplus reserve in retained earnings amounted to 554,990 million Won and 442,650 million Won as of December 31, 2025 and 2024 in accordance with the Article 53 of the Financial Holding Company Act.  |

---

---

| | |
|:---|:---|
| (\*4) | The hybrid securities issued by Woori Bank amounting to 1,406,513 million Won and 1,645,947 million Won as of December 31, 2025 and 2024, respectively, are recognized as non-controlling interests. 89,134 million Won and 76,249 million Won of dividends for the hybrid securities issued by Woori Bank are allocated to net profit and loss of the non-controlling interests for the years ended December 31, 2025 and 2024, respectively.  |

---

(\*5) 10,995 million Won of dividends for the hybrid securities issued by Tongyang Life Insurance Co., Ltd. are allocated to net profit and loss of the non-controlling interests for the year ended December 31, 2025.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(2) The number of authorized shares and others of the Group are as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Shares of common stock authorized | 4,000,000,000 Shares | 4,000,000,000 Shares |
|  Par value | 5,000 Won | 5,000 Won |
|  Shares of common stock issued | 734,076,320 Shares | 742,591,501 Shares |
|  Capital stock (\*) | 3,802,676 million Won | 3,802,676 million Won |

---

---

| | |
|:---|:---|
| (\*) | Due to profit cancellation, the capital stock differs from the total par value of the shares issued.  |

---

(3) Hybrid securities

The bond-type hybrid securities classified as owner's equity are as follows (Unit: Korean Won in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Issue date | Maturity | Interest rate (%) | December 31,<br>2025 | December 31,<br>2024 |
|  Securities in local currency | 2020-02-06 |  | 3.34 |  | 400000 |
|  Securities in local currency | 2020-06-12 |  | 3.23 |  | 300000 |
|  Securities in local currency | 2020-10-23 |  | 3.00 |  | 200000 |
|  Securities in local currency | 2021-04-08 |  | 3.15 | 200000 | 200000 |
|  Securities in local currency | 2021-10-14 |  | 3.60 | 200000 | 200000 |
|  Securities in local currency | 2022-02-17 |  | 4.10 | 300000 | 300000 |
|  Securities in local currency | 2022-07-28 |  | 4.99 | 300000 | 300000 |
|  Securities in local currency | 2022-10-25 |  | 5.97 | 220000 | 220000 |
|  Securities in local currency | 2023-02-10 |  | 4.65 | 300000 | 300000 |
|  Securities in local currency | 2023-09-07 |  | 5.04 | 200000 | 200000 |
|  Securities in local currency | 2024-02-07 |  | 4.49 | 400000 | 400000 |
|  Securities in local currency | 2024-06-19 |  | 4.27 | 400000 | 400000 |
|  Securities in local currency | 2024-10-10 |  | 4.00 | 400000 | 400000 |
|  Securities in local currency | 2025-05-13 |  | 3.45 | 400000 |  |
|  Securities in local currency | 2025-10-22 |  | 3.34 | 400000 |  |
|  Issuance cost | Issuance cost | Issuance cost | Issuance cost | (9502) | (9565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 3710498 | 3810435 |

---

The hybrid securities mentioned above do not have maturity date but are redeemable after 5 years from date of issuance.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(4) Accumulated other comprehensive income

Changes in the accumulated other comprehensive income are as follows (Unit: Korean Won in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Beginning<br>balance | Increase<br>(decrease) (\*) | Reclassification<br>adjustments | Income tax<br>effect | Non-controlling<br>interest<br>adjustments | Ending<br>balance |
|  Net gain (loss) on valuation of financial assets at FVTOCI | 60438 | (1671023) | (108699) | 459475 | 153159 | (1106650) |
|  Net gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at FVTPL | 1348 | (74) |  |  |  | 1274 |
|  Changes in capital due to equity method | (1886) | (3534) |  | 1198 |  | (4222) |
|  Gain (loss) on foreign currency translation of foreign operations | 523780 | (122129) |  | 5725 | 9392 | 416768 |
|  Gain (loss) on hedges of net investment in foreign operations | (149577) | 30325 |  | (8006) |  | (127258) |
|  Remeasurement gain (loss) related to defined benefit liabilities | (86218) | (15458) |  | 6778 | (2093) | (96991) |
|  Gain (loss) on valuation of cash flow hedge | (14215) | (320171) | 94108 | 58393 | 37157 | (144728) |
|  Net financial gain(loss) on insurance contract assets(liabilities) |  | 2395876 |  | (609063) | (252285) | 1534528 |
|  Net financial gain(loss) on reinsurance contract assets(liabilities) |  | (20157) |  | 4525 | 5170 | (10462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 333670 | 273655 | (14591) | (80975) | (49500) | 462259 |

---

---

| | |
|:---|:---|
| (\*) | The increase (decrease) of financial asset valuation profit or loss at fair value through other comprehensive income are changes due to the period evaluation, and the reclassification adjustments amounting to 1,319 million Won are due to disposal of equity securities at fair value through other comprehensive income during the period.  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Beginning<br>balance | Increase<br>(decrease) (\*) | Reclassification<br>adjustments | Income tax<br>effect | Ending<br>balance |
|  Net gain (loss) on valuation of financial assets at FVTOCI | 79694 | (12498) | (22704) | 15946 | 60438 |
|  Net gain on credit risk fluctuation of financial liabilities designated to be measured at FVTPL |  | 1831 |  | (483) | 1348 |
|  Gain (loss) on investments accounted for using the equity method | 3471 | (6965) |  | 1608 | (1886) |
|  Gain (loss) on foreign currency translation of foreign operations | 15579 | 529531 |  | (21330) | 523780 |
|  Gain (loss) on hedges of net investment in foreign operations | (34750) | (156015) |  | 41188 | (149577) |
|  Remeasurement gain (loss) related to defined benefit liabilities | (24262) | (84590) |  | 22634 | (86218) |
|  Gain (loss) on valuation of derivatives designated as cash flow hedges | (20806) | 7299 | (461) | (247) | (14215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 18926 | 278593 | (23165) | 59316 | 333670 |

---

---

| | |
|:---|:---|
| (\*) | The increase(decrease) of financial asset valuation profit or loss at fair value through other comprehensive income are changes due to the period evaluation, and the reclassification adjustments amounting to 53,460 million Won and (10) million Won are due to disposal of equity securities at fair value through other comprehensive income and investments accounted for using the equity method, respectively during the period.  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(5) Treasury stocks

Changes in treasury stocks for the years ended December 31, 2025 and 2024 are as follows (Unit: Shares and Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Beginning<br>balance | Acquisition | Disposal and<br>Others | Ending<br>balance |
|  Number of shares | 3082276 | 8515377 | (8515377) | 3082276 |
|  Carrying amount | 35517 | 150003 | (150003) | 35517 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Beginning<br>balance | Acquisition | Disposal and<br>Others | Ending<br>balance |
|  Number of shares | 3427497 | 9359819 | (9705040) | 3082276 |
|  Carrying amount | 39348 | 136712 | (140543) | 35517 |

---

(6) Regulatory Reserve for Credit Loss

In accordance with Article 26 ~ 28 of the Financial holding company Supervision Regulations, the Group calculates and discloses the regulatory reserve for credit loss.

1) Balance of the regulatory reserve for credit loss

Balance of the planned regulatory reserve for credit loss is as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  Beginning balance |  | 2668842 |  | 2392542 |
|  Changes due to business combinations |  | 9175 |  |  |
|  Planned provision of regulatory reserve for credit loss |  | 281489 |  | 276300 |
|  Ending balance |  | 2959506 |  | 2668842 |

---

2) Provision of regulatory reserve for credit loss, adjusted income after the provision of regulatory reserve and others

Planned reserves provided, adjusted net income after the planned reserves provided and adjusted EPS after the planned reserves provided are as follows (Unit: Korean Won in millions, except for EPS amount):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Net income before regulatory reserve | 3227508 | 3171470 |
|  Provision of regulatory reserve for credit loss | 281489 | 276300 |
|  Adjusted net income after the provision of regulatory reserve | 2946019 | 2895170 |
|  Dividends to hybrid securities | (150059) | (158682) |
|  Adjusted net income after regulatory reserve and dividends to hybrid securities | 2795960 | 2736488 |
|  Adjusted EPS after regulatory reserve and the dividends to hybrid securities (Unit: Korean Won) | 3809 | 3692 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**31.** **DIVIDENDS** 

(1) Dividends per share and the total dividends for the fiscal year ending December 31, 2024 were 660 Won and
490,075 million Won, respectively, approved at the regular general shareholders' meeting held on March 26, 2025, and were paid in April 2025.

(2) At the Board of Directors meeting held on April 25, 2025, it was approved to pay a quarterly dividend of
200 Won per share (total dividends are 147,428 million Won) with a record date of May 10, 2025. The dividends were paid in May 2025.

(3) At the Board of Directors meeting held on July 25, 2025, it was approved to pay a quarterly dividend of
200 Won per share (total dividends are 146,804 million Won) with a record date of August 10, 2025. The dividends were paid in August 2025.

(4) At the Board of Directors meeting held on October 24, 2025, it was approved to pay a quarterly dividend of
200 Won per share (total dividends are 146,804 million Won) with a record date of November 10, 2025. The dividends were paid in November 2025.

(5) Dividends per share and the total dividends for the fiscal year ending December 31, 2025 were 760 Won and
557,431 million Won, respectively, will be proposed at the regular general shareholders' meeting to be held on March 23, 2026. The record date for the year-end dividend of the fiscal year
ending December 31, 2025, is February 27, 2026. The current financial statements do not include such outstanding dividends.

**32.** **NET INTEREST INCOME** 

(1) Details of Interest income recognized are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Financial assets at FVTPL | 303458 | 236793 |
|  Financial assets at FVTOCI | 1866114 | 1281642 |
|  Financial assets at amortized cost: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities at amortized cost | 539932 | 643056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other financial assets at amortized cost: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on due from banks | 570489 | 624006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on loans | 17783891 | 19116813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest of other receivables | 115673 | 111031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 18470053 | 19851850 |
|  Insurance finance interest income | 9186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 21188743 | 22013341 |

---

(2) Details of interest expense recognized are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Financial liabilities at amortized cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on deposits due to customers | 8050948 | 9599529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on borrowings | 1111255 | 1351612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on debentures | 1823313 | 1760003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other interest expense | 398088 | 398694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on lease liabilities | 18349 | 17167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 11401953 | 13127005 |
|  Insurance finance interest expense | 756021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 12157974 | 13127005 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**33.** **NET FEES AND COMMISSIONS INCOME** 

(1) Details of fees and commissions income recognized are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Fees and commission received for brokerage | 152479 | 156534 |
|  Fees and commission received related to credit | 167350 | 178136 |
|  Fees and commission received for electronic finance | 128493 | 128163 |
|  Fees and commission received on foreign exchange handling | 55653 | 57335 |
|  Fees and commission received on foreign exchange | 111348 | 115450 |
|  Fees and commission received for guarantee | 98548 | 104301 |
|  Fees and commission received on credit card | 657884 | 638573 |
|  Fees and commission received on securities business | 91414 | 69935 |
|  Fees and commission from trust management | 274581 | 252732 |
|  Fees and commission received on credit information | 10113 | 10733 |
|  Fees and commission received related to lease | 961954 | 892126 |
|  Other fees | 307954 | 270198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 3017771 | 2874216 |

---

(2) Details of fees and commissions expense incurred are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Fees and commissions paid | 384147 | 340083 |
|  Credit card commission | 430384 | 426820 |
|  Securities business commission | 2986 | 1159 |
|  Others | 39850 | 19984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 857367 | 788046 |

---

**34.** **DIVIDEND INCOME** 

(1) Details of dividend income recognized are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Dividend income related to financial assets at FVTPL | 455021 | 291123 |
|  Dividend income related to financial assets at FVTOCI | 29444 | 19198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 484465 | 310321 |

---

(2) Details of dividends related to financial assets at FVTOCI are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Dividend income recognized from assets held as of the period end: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities | 28877 | 19198 |
|  Dividend income recognized from assets disposed of as of the period end: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities | 567 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 29444 | 19198 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**35.** **NET INSURANCE INCOME** 

Details of net insurance income are as follows (Unit: Korean Won in millions):

---

| | |
|:---|:---|
|  | December 31, 2025 |
|  Insurance service result of insurance contracts | 104164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance income | 1005778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated incurred claims and other insurance service expenses | 664038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in risk adjustment for non-financial risk | 26471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of contractual service margin | 154187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of insurance acquisition cash flows | 148980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in loss recovery component | (288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other insurance income | 12390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance service expenses | 901614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual incurred claims and other insurance service expenses | 689461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of insurance acquisition cash flows | 148980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in liability for incurred claims | 23777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Reversal of) loss component allocation amount | 32478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating expenses | 6918 |
|  Insurance service result of reinsurance contracts | (293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance income | 36719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual incurred claims and reinsurance service expenses | 32341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in asset for incurred claims | 3745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Reversal of) Loss recovery component allocation amount | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance service expenses | 37012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated incurred claims and reinsurance service expenses | 28120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in risk adjustment for non-financial risk | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of contractual service margin | 7868 |
|  Net insurance income | 103871 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**36.** **NET INSURANCE FINANCE INCOME AND EXPENSES** 

Details of net insurance finance income and expenses are as follows (Unit: Korean Won in millions):

---

| | |
|:---|:---|
|  | December 31, 2025 |
|  Investment income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 641077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on financial assets | 516360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investment income | (27257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income recognized in net income | 1130180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income recognized in other comprehensive income (\*) | (1966190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | (836010) |
|  Insurance finance interest income and other insurance finance income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance finance interest income | (753740) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of change in fair value of underlying assets of participating insurance contracts | (418880) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in discount rates and others | 40385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other insurance finance income recognized in net income | (1132235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance finance income recognized in other comprehensive income (\*) | 2395876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 1263641 |
|  Reinsurance finance interest income and other reinsurance finance income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance finance interest income | 6905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in credit risk of reinsurance liabilities | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in discount rates and others |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other reinsurance finance income recognized in net income | 7270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance finance income recognized in other comprehensive income (\*) | (20157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | (12887) |
|  | 5215 |
|  | 409529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 414744 |

---

---

| | |
|:---|:---|
| (\*) | The finance income recognized in other comprehensive income is the amount before deducting tax and non-controlling interests.  |

---

**37.** **NET GAIN OR LOSS ON FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS MANDATORILY MEASURED AT FAIR VALUE** 

(1) Details of gains or losses related to net gain or loss on financial instruments at FVTPL are as follows (Unit:
Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Gain on financial instruments at FVTPL | 723045 | 1512430 |
|  Gain (loss) on financial instruments designated to be measured at FVTPL | 2894 | (19647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 725939 | 1492783 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(2) Details of net gain or loss on financial instruments at fair value through profit or loss measured at fair
value and financial instruments held for trading are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | For the years ended December 31 | For the years ended December 31 |
|  |  |  | 2025 | 2024 |
|  Financial assets at FVTPL | Securities | Gain on transactions and valuation | 1138390 | 701955 |
|  |  | Loss on transactions and valuation | (805531) | (306311) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 332859 | 395644 |
|  | Loans | Gain on transactions and valuation | 19233 | 16825 |
|  |  | Loss on transactions and valuation | (5978) | (1738) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 13255 | 15087 |
|  | Other financial assets | Gain on transactions and valuation | 41385 | 12715 |
|  |  | Loss on transactions and valuation | (37107) | (20280) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 4278 | (7565) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-total | 350392 | 403166 |
|  Derivatives<br> (Held for trading) | Interest rates derivatives | Gain on transactions and valuation | 2138404 | 2981638 |
|  |  | Loss on transactions and valuation | (1906465) | (2945172) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 231939 | 36466 |
|  | Currency derivatives | Gain on transactions and valuation | 9140527 | 14841349 |
|  |  | Loss on transactions and valuation | (9015260) | (13757446) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 125267 | 1083903 |
|  | Equity derivatives | Gain on transactions and valuation | 283462 | 1182962 |
|  |  | Loss on transactions and valuation | (268067) | (1194068) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 15395 | (11106) |
|  | Other derivatives | Gain on transactions and valuation | 52 | 27 |
|  |  | Loss on transactions and valuation |  | (26) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 52 | 1 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 372653 | 1109264 |
|  |  | Net, total | 723045 | 1512430 |

---

(\*) The Group holds interest rate and currency-related derivative contracts to manage the volatility of gains and losses on transactions of foreign exchange due to exchange rate risk. The foreign exchange gains and losses are described in Note 40. (2) and (3).

(3) Details of gain(loss) on financial instruments designated to be measured at FVTPL are as follows (Unit: Korean
Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Net gain (loss) on deposits due to customers |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on valuation of time deposits | 2894 | (19647) |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**38.** **NET GAIN OR LOSS ON FINANCIAL ASSETS AT FVTOCI** 

Details of net gain or loss on financial assets at FVTOCI recognized are as follows (Unit: Korean Won in millions) :

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Gain on transactions of securities | 130644 | 96620 |
|  Loss on transactions of loans | (24) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 130620 | 96620 |

---

**39.** **REVERSAL OF (PROVISION FOR) IMPAIRMENT LOSSES DUE TO CREDIT LOSS** 

Reversal of (provision for) impairment losses due to credit loss are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Provision due to credit loss on financial assets measured at FVTOCI | (10190) | (8868) |
|  Reversal of (provision for) impairment loss due to credit loss on securities at amortized cost | (330) | 3287 |
|  Provision for impairment loss due to credit loss on loan and other financial assets at amortized cost | (2087386) | (1715074) |
|  Reversal of (provision for) guarantees | (8364) | 5250 |
|  Reversal of (provision for) unused loan commitment | 3456 | (890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | (2102814) | (1716295) |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**40.** **GENERAL AND ADMINISTRATIVE EXPENSES AND OTHER NET OPERATING INCOME (EXPENSES)** 

(1) Details of general and administrative expenses recognized are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | For the years ended<br>December 31 | For the years ended<br>December 31 |
|  |  |  | 2025 | 2024 |
|  Employee benefits | Short-term employee benefits | Salaries | 2071650 | 1932906 |
|  |  | Employee fringe benefits | 733487 | 640924 |
|  | Share based payment |  | 61568 | 27629 |
|  | Retirement benefit service costs |  | 201431 | 134514 |
|  | Termination |  | 176387 | 1533 |
|  |  | Sub-total | 3244523 | 2737506 |
|  Depreciation and amortization | Depreciation and amortization | Depreciation and amortization | 580520 | 539924 |
|  Other general and administrative expenses | Rent |  | 127293 | 124041 |
|  | Taxes and public dues |  | 197412 | 202541 |
|  | Service charges |  | 274880 | 257113 |
|  | Computer and IT related |  | 205504 | 142979 |
|  | Telephone and communication |  | 80253 | 93178 |
|  | Advertising |  | 188960 | 156795 |
|  | Printing |  | 5443 | 5955 |
|  | Traveling |  | 13978 | 13436 |
|  | Supplies |  | 8357 | 9021 |
|  | Insurance premium |  | 15532 | 13852 |
|  | Maintenance |  | 24582 | 25035 |
|  | Water, light, and heating |  | 20590 | 19415 |
|  | Vehicle maintenance |  | 11871 | 14394 |
|  | Others (\*) |  | 179923 | 113788 |
|  |  | Sub-total | 1354578 | 1191543 |
|  | Total |  | 5179621 | 4468973 |

---

---

| | |
|:---|:---|
| (\*) | In-house welfare fund contributions amounted to 50,710 million Won for the year ended December 31, 2025.  |

---

(2) Details of other operating income recognized are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Gains on transactions of foreign exchange (\*1) | 2072682 | 722827 |
|  Gains related to derivatives (designated for hedging) | 251270 | 192000 |
|  Gains on fair value hedge | 16141 | 25469 |
|  Others (\*2) | 468712 | 349033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 2808805 | 1289329 |

---

(\*1) The Group holds interest rate and currency-related derivative contracts to manage the volatility of gains and losses on transactions of foreign exchange due to exchange rate risk. The related gains and losses are described in Note 37. (2).

(\*2) Other income includes gains on disposal of operating lease assets of 372,606 million Won and 255,943 million Won for the years ended December 31, 2025 and 2024, respectively.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(3) Details of other operating expenses recognized are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Losses on transactions of foreign exchange (\*1) | 1190288 | 1754516 |
|  KDIC deposit insurance premium | 500480 | 509832 |
|  Contribution to miscellaneous funds | 528863 | 533335 |
|  Losses related to derivatives (Designated for hedging) | 624781 | 24252 |
|  Losses on fair value hedge | 92138 | 64571 |
|  Others (\*2) | 1280617 | 1121479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 4217167 | 4007985 |

---

(\*1) The Group holds interest rate and currency-related derivative contracts to manage the volatility of gains and losses on transactions of foreign exchange due to exchange rate risk. The related gains and losses are described in Note 37. (2).

(\*2) Other expenses include 32,495 million Won and 28,509 million Won for intangible assets amortization cost and 629,079 million Won and 587,148 million Won for lease depreciation cost for the years ended December 31, 2025 and 2024, respectively.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(4) Share-based payment

Details of performance condition share-based payment granted to executives as of December 31, 2025 and 2024 are as follows.

1) Performance condition share-based payment

---

| | | |
|:---|:---|:---|
|  Subject to | Subject to | Shares granted for the year 2021 |
|  Type of payment | Type of payment | Cash-settled |
|  Vesting period | Vesting period | January 1, 2021 ~ December 31, 2024 |
|  Date of payment | Date of payment | 2025-01-01 |
|  Fair value (\*1) | Fair value (\*1) | 15,831 Won |
|  Valuation method | Valuation method | Black-Scholes Model |
|  Expected dividend rate | Expected dividend rate | 6.48% |
|  Expected maturity date | Expected maturity date |  |
|  Number of shares remaining | As of December 31, 2025 | 56,029 shares |
|  | As of December 31, 2024 | 1,105,292 shares |
|  Number of shares granted (\*2) | As of December 31, 2025 | 56,029 shares |
|  | As of December 31, 2024 | 1,105,292 shares |
|  Subject to | Subject to | Shares granted for the year 2022 |
|  Type of payment | Type of payment | Cash-settled |
|  Vesting period | Vesting period | January 1, 2022 ~ December 31, 2025 |
|  Date of payment | Date of payment | 2026-01-01 |
|  Fair value (\*1) | Fair value (\*1) | 27,713 Won |
|  Valuation method | Valuation method | Black-Scholes Model |
|  Expected dividend rate | Expected dividend rate | 7.30% |
|  Expected maturity year | Expected maturity year | 0 |
|  Number of shares remaining | As of December 31, 2025 | 960,777 shares |
|  | As of December 31, 2024 | 960,777 shares |
|  Number of shares granted (\*2) | As of December 31, 2025 | 960,777 shares |
|  | As of December 31, 2024 | 960,777 shares |
|  Subject to | Subject to | Shares granted for the year 2023 |
|  Type of payment | Type of payment | Cash-settled |
|  Vesting period | Vesting period | January 1, 2023 ~ December 31, 2026 |
|  Date of payment | Date of payment | 2027-01-01 |
|  Fair value (\*1) | Fair value (\*1) | 25,763 Won |
|  Valuation method | Valuation method | Black-Scholes Model |
|  Expected dividend rate | Expected dividend rate | 7.30% |
|  Expected maturity date | Expected maturity date | 1 year |
|  Number of shares remaining | As of December 31, 2025 | 916,849 shares |
|  | As of December 31, 2024 | 916,849 shares |
|  Number of shares granted (\*2) | As of December 31, 2025 | 916,849 shares |
|  | As of December 31, 2024 | 916,849 shares |
|  Subject to | Subject to | Shares granted for the year 2024 |
|  Type of payment | Type of payment | Cash-settled |
|  Vesting period | Vesting period | January 1, 2024 ~ December 31, 2027 |
|  Date of payment | Date of payment | 2028-01-01 |
|  Fair value (\*1) | Fair value (\*1) | 23,949 Won |
|  Valuation method | Valuation method | Black-Scholes Model |
|  Expected dividend rate | Expected dividend rate | 7.30% |
|  Expected maturity date | Expected maturity date | 2 years |
|  Number of shares remaining | As of December 31, 2025 | 1,384,504 shares |
|  | As of December 31, 2024 | 1,384,504 shares |
|  Number of shares granted (\*2) | As of December 31, 2025 | 1,384,504 shares |
|  | As of December 31, 2024 | 1,384,504 shares |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | |
|:---|:---|:---|
|  Subject to | Subject to | Shares granted for the year 2025 |
|  Type of payment | Type of payment | Cash-settled |
|  Vesting period | Vesting period | January 1, 2025 ~ December 31, 2028 |
|  Date of payment | Date of payment | 2029-01-01 |
|  Fair value (\*1) | Fair value (\*1) | 22,263 Won |
|  Valuation method | Valuation method | Black-Scholes Model |
|  Expected dividend rate | Expected dividend rate | 7.30% |
|  Expected maturity date | Expected maturity date | 3 years |
|  Number of shares remaining | As of December 31, 2025 | 1,048,842 shares |
|  | As of December 31, 2024 |  |
|  Number of shares granted (\*2) | As of December 31, 2025 | 1,048,842 shares |
|  | As of December 31, 2024 |  |

---

---

| | |
|:---|:---|
| (\*1) | As the amount of payment varies according to the base price (the arithmetic average of the weighted average stock price of transactions in the past one week, the past one month, and the past two months) at the date of payment, the fair value is measured according to the Black-Scholes model based on the base price at the time of each settlement and used for measuring the liability.  |

---

---

| | |
|:---|:---|
| (\*2) | The number of payable stocks is granted at the initial contract date. This is a system in which the number of shares to be granted is determined based on the evaluation results of long-term performance indicators over a total of four years, including the current year, and the final cash compensation is made by reflecting the stock price at the time of payment. Long-term performance indicators include relative shareholder return, common equity ratio, return on equity, net income, selling, general and administrative expenses ratio, non-performing loan ratio, and performance of assigned duties.  |

---

2) The Group accounts for performance condition share-based payments according to the cash-settled method and the fair value of the liabilities is reflected in the compensation costs by re-measuring every closing period. As of December 31, 2025 and 2024, the carrying amount of the liabilities related to the performance condition share-based payments recognized by the Group amounts to 107,713 million Won and 62,557 million Won, respectively, including the carrying amount of liabilities related to key management of 43,823 million Won and 16,660 million Won, respectively. 

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**41.** **NON-OPERATING INCOME (EXPENSES)** 

(1) Details of gains or losses on valuation of investments in joint ventures and associates are as follows (Unit:
Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Gains on valuation of investments in joint ventures and associates | 122695 | 96176 |
|  Losses on valuation of investments in joint ventures and associates | (24035) | (19911) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 98660 | 76265 |

---

(2) Details of other non-operating income and expenses recognized are as
follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Other non-operating incomes | 726778 | 88398 |
|  Other non-operating expenses | (410080) | (197006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 316698 | (108608) |

---

(3) Details of other non-operating income recognized are as follows (Unit:
Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Rental fee income | 34888 | 23307 |
|  Gains on disposal of investments in joint ventures and associates | 7507 | 19642 |
|  Gains on disposal of premises and equipment, intangible assets and other assets | 45823 | 7064 |
|  Reversal of impairment losses of premises and equipment, intangible assets and other assets | 971 | 147 |
|  Bargain purchase gain | 581010 |  |
|  Others (\*) | 56579 | 38238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 726778 | 88398 |

---

(\*) Other special gains related to other provisions for the years ended December 31, 2025 and 2024 include 3 million Won and 2,517 million Won, respectively, of other special gain related to other provisions.

(4) Details of other non-operating expenses recognized are as follows
(Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Depreciation on investment properties | 8511 | 8216 |
|  Operating expenses on investment properties | 1316 | 2110 |
|  Losses on disposal of investments in joint ventures and associates | 1874 | 532 |
|  Losses on disposal of premises and equipment, intangible assets and other assets | 3475 | 2233 |
|  Impairment losses of premises and equipment, intangible assets and other assets | 86354 | 3627 |
|  Donation | 166692 | 118589 |
|  Others (\*) | 141858 | 61699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 410080 | 197006 |

---

(\*) Other special losses related to other provisions for the years ended December 31, 2025 and 2024 are 98,913 million Won and 31,023 million Won, respectively.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**42.** **INCOME TAX EXPENSE** 

(1) Details of income tax expenses are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Current tax expense: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current tax expense with respect to the current period | 1178517 | 615120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments recognized in the current period in relation to the tax expense of prior periods | 7773 | (35823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense directly attributable to other equity | 9362 | 41188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 1195652 | 620485 |
|  Deferred tax expense |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in deferred tax assets (liabilities) due to temporary differences | (258709) | 408941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense(income) directly attributable to equity | (74054) | 18128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | (231) | 3824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | (332994) | 430893 |
|  Income tax expense | 862658 | 1051378 |

---

(2) Income tax expense reconciled to net income before income tax expense is as follows (Unit: Korean Won in
millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Net income before income tax expense | 4090167 | 4222847 |
|  Tax calculated at statutory tax rate (\*) | 997720 | 1014678 |
|  Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of income that is exempt from taxation | (189253) | (46946) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of expenses that are not deductible in determining taxable income | 57584 | 53719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments recognized in the current period in relation to the current tax of prior periods | 7773 | (36205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | (11166) | 66132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | (135062) | 36700 |
|  Income tax expense | 862658 | 1051378 |
|  Effective tax rate | 21.09% | 24.90% |

---

---

| | |
|:---|:---|
| (\*) | The applicable income tax rate: 9.9% up to 200 million Won in tax basis, 20.9% over 200 million Won to 20 billion Won, 23.1% over 20 billion Won to 300 billion Won and 26.4% over 300 billion Won.  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(3) Changes in deferred tax assets and liabilities for the years ended December 31, 2025 and 2024, are as
follows (Unit: Korean Won in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Beginning<br>balance | Business<br>combination | Recognized as<br>income (expense) | Recognized as other<br>comprehensive<br>income (expense) | Ohter | Ending<br>Balance |
|  Gain (loss) on financial assets | (252454) | 417200 | 41158 | 459475 |  | 665379 |
|  Gain (loss) on valuation of investment stocks accounted in equity method | (17155) |  | (19487) | 1198 |  | (35444) |
|  Gain (loss) on valuation of derivatives | (253552) | 1679 | 123880 | 58393 |  | (69600) |
|  Accrued income | (116680) | (218608) | (21577) |  |  | (356865) |
|  Provision for loan losses | 82484 |  | 27327 |  |  | 109811 |
|  Loan and receivables written off | 8703 |  | 1012 |  |  | 9715 |
|  Loan origination costs and fees | (180192) | (492) | 33131 |  |  | (147553) |
|  Defined benefit obligation | 478393 | 12301 | 52063 | 6714 |  | 549471 |
|  Deposits with employee retirement insurance trust | (499604) | (52) | (81932) | 64 |  | (581524) |
|  Provision for guarantee | 5800 |  | 1207 |  |  | 7007 |
|  Other provision | 131547 | (491) | 28563 |  |  | 159619 |
|  Net financial gain (loss) on insurance contract assets (liabilities) |  | 194666 | (75169) | (609063) |  | (489566) |
|  Net financial gain (loss) on reinsurance contract assets (liabilities) |  | (24384) | 33142 | 4525 |  | 13283 |
|  Others (\*) | (173176) | 54180 | 189445 | 5725 | (1085) | 75089 |
|  Net deferred tax assets(liabilities) | (785886) | 435999 | 332763 | (72969) | (1085) | (91178) |

---

---

| | |
|:---|:---|
| (\*) | Among the deferred tax assets and liabilities classified as 'Others,' the deferred tax asset arising from unused tax losses amounts to 318,085 million won.  |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Beginning<br>balance | Business<br>combination | Recognized as<br>income<br>(expense) | Recognized as other<br>comprehensive<br>income (expense) | Ending<br>Balance |
|  Gain (loss) on financial assets | (157394) |  | (110523) | 15463 | (252454) |
|  Gain (loss) on valuation of investment stocks accounted in equity method | (10372) |  | (8391) | 1608 | (17155) |
|  Gain (loss) on valuation of derivatives | 35812 |  | (289117) | (247) | (253552) |
|  Accrued income | (132938) |  | 16258 |  | (116680) |
|  Provision for loan losses | 40988 |  | 41496 |  | 82484 |
|  Loan and receivables written off | 9772 |  | (1069) |  | 8703 |
|  Loan origination costs and fees | (173417) |  | (6775) |  | (180192) |
|  Defined benefit obligation | 427265 |  | 29008 | 22120 | 478393 |
|  Deposits with employee retirement insurance trust | (499718) |  | (400) | 514 | (499604) |
|  Provision for guarantee | 8274 |  | (2474) |  | 5800 |
|  Other provision | 179117 |  | (47570) |  | 131547 |
|  Others (\*) | (104334) | (544) | (46968) | (21330) | (173176) |
|  Net deferred tax assets(liabilities) | (376945) | (544) | (426525) | 18128 | (785886) |

---

---

| | |
|:---|:---|
| (\*) | Among the deferred tax assets and liabilities classified as 'Others', the deferred tax asset arising from unused tax losses amounts to 12,507 million won.  |

---

(4) Unrealizable temporary differences are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Deductible temporary differences | 510185 | 332384 |
|  Tax loss carry forward |  | 62963 |
|  Taxable temporary differences | (10417258) | (10335041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | (9907073) | (9939694) |

---

No deferred income tax asset has been recognized for the deductible temporary difference of 477,836 million Won associated with investments in subsidiaries as of December 31, 2025, because it is not probable that the temporary differences will be reversed in the foreseeable future. Also, no deferred income tax asset has been recognized for the other 32,349 million won due to the uncertainty of its feasibility in the future.

No deferred income tax liability has been recognized for the taxable temporary difference of 10,417,258 million won associated with investment in subsidiaries as of December 31, 2025, due to the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Group is able to control the timing of the reversal of the temporary difference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is probable that the temporary difference will not be reversed in the foreseeable future.

As of December 31, 2025, there are no tax loss carryforwards that are not recognized as deferred tax assets.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(5) Details of accumulated current and deferred tax charged directly to other equity are as follows (Unit: Korean
Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Loss on valuation of financial assets at FVTOCI | 430830 | (28645) |
|  Loss on financial instruments designated to be measured at FVTPL | (483) | (483) |
|  Gain on valuation of equity method investments | 3470 | 2272 |
|  Gain (loss) on foreign currency translation of foreign operations | (5344) | (11069) |
|  Gain on valuation of hedge accounting of the net investment in foreign operations | 48036 | 56042 |
|  Remeasurements of the defined benefit plan | 37548 | 30770 |
|  Gain (loss) on derivatives designated as cash flow hedge | 58386 | (7) |
|  Net financial gain (loss) on insurance contract assets (liabilities) | (609063) |  |
|  Net financial gain (loss) on reinsurance contract assets (liabilities) | 4525 |  |
|  Total | (32095) | 48880 |

---

(6) Current tax assets and liabilities are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  Current tax assets |  | 228229 |  | 61613 |
|  Current tax liabilities |  | 723368 |  | 127126 |

---

(7) Impact of Pillar Two income taxes

Under the Pillar Two legislation, the consolidated entity is required to pay additional tax equal to the difference between the GloBE effective tax rate in each jurisdiction in which its constituent entities operate and the 15% minimum tax rate. Accordingly, the Pillar Two income tax expense recognized for the current period amounts to KRW 1,569 million. The exception to the recognition and disclosure requirements for deferred tax assets and liabilities related to Pillar Two has been applied.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**43.** **EARNINGS PER SHARE ("EPS")** 

(1) Basic EPS is calculated by dividing net income attributable to common shareholders by weighted-average number
of common shares outstanding (Unit: Korean Won in millions, except for EPS and number of shares):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Net income attributable to common shareholders | 3124346 | 3085995 |
|  Dividends to hybrid securities | (150059) | (158682) |
|  Net income attributable to common shareholders | 2974287 | 2927313 |
|  Weighted average number of common shares outstanding (Unit: million shares) | 734 | 741 |
|  Basic EPS (Unit: Korean Won) | 4052 | 3950 |

---

(2) The weighted average number of common shares outstanding is as follows (Unit: number of shares):

---

| | | |
|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Number of shares | Accumulated number of shares<br>outstanding during period |
|  Common shares issued at the beginning of the year | 742591501 | 271045897865 |
|  Treasury stocks | (3082276) | (1125030740) |
|  Acquisition and retirement of treasury stock | (8515377) | (2115328855) |
|  Disposal of treasury stock | 196 | 31208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total (①) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total (①) | 267805569478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average number of common shares outstanding (②=(①/365)) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average number of common shares outstanding (②=(①/365)) | 733713889 |

---

---

| | | |
|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Number of shares | Accumulated number of shares<br>outstanding during period |
|  Common shares issued at the beginning of the year | 751949461 | 275213502726 |
|  Treasury stocks | (3427497) | (1254463902) |
|  Acquisition and retirement of treasury stock | (9359809) | (2742480364) |
|  Disposal of treasury stock | 347070 | 89415280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total (①) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total (①) | 271305973740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average number of common shares outstanding (②=(①/366)) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average number of common shares outstanding (②=(①/366)) | 741273152 |

---

Diluted EPS is equal to basic EPS because there is no dilution effect for the years ended December 31, 2025 and 2024.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**44.** **CONTINGENT LIABILITIES AND COMMITMENTS** 

(1) Details of guarantees are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Confirmed guarantees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee for loans | 69961 | 60571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acceptances | 495942 | 617599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantees in acceptances of imported goods | 66879 | 75265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other confirmed guarantees | 10831684 | 10337850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 11464466 | 11091285 |
|  Unconfirmed guarantees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local letters of credit | 161120 | 167580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Letters of credit | 2615813 | 3213170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other unconfirmed guarantees | 1331305 | 1558187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 4108238 | 4938937 |
|  Commercial paper purchase commitments and others | 497394 | 581040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total (\*) | 16070098 | 16611262 |

---

(\*) Includes financial guarantees of 5,032,808 million Won and 4,156,790 million Won as of December 31, 2025 and 2024, respectively.

(2) Details of loan commitments and others are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  Loan commitments |  | 134286067 |  | 133863588 |
|  Other commitments (\*) |  | 10205741 |  | 6564353 |

---

---

| | |
|:---|:---|
| (\*) | As of December 31, 2025 and 2024, the amount of unsecured bills (purchase bills sales) and discounts on electronic short-term bond sales (purchase) are 4,399,729 million Won and 1,992,030 million Won, respectively.  |

---

(3) Litigation case

Litigation case that the key Group is a defendant in a lawsuit pending (excluding fraud lawsuits and those lawsuits that are filed only to extend the statute of limitation, etc.) are 1,032 cases (litigation value of 926,888 million Won) and 871 cases (litigation value of 862,669 million Won) as of December 31, 2025 and 2024 respectively, and provisions for litigations are 70,682 million Won and 23,233 million Won.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(4) Other commitments

1) The obligations related to guaranteed completion with trust business as of December 31, 2025, are as follows (Unit: Korean Won in millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Responsibility for Completion | cases | Initial PF<br>Commitment<br>Limit | Amount of<br>PF Loans<br>(\*3) | Amount of<br>unused PF<br>limit (\*4) | Amount<br>of Trust<br>Account<br>Limit<br>(\*4) | Amount of<br>Trust<br>Account |
|  Responsible completion land trust (\*1) | Our Responsibility for Completion Deadline Passed (including completed projects) | 3 | 200000 | 38733 | 55013 | 5700 | 5685 |
|  Redevelopment Land Trust | Our Obligation to Bear Responsibility for Completion (\*2) | 3 | 98499 | 46010 | 97066 | 32500 | 14586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 6 | 298499 | 84743 | 152079 | 38200 | 20271 |

---

---

| | |
|:---|:---|
| (\*1) | Responsible completion land trust is a trust in which the Woori Asset Trust Co., Ltd., subsidiary, is only liable to the lending financial institution for the completion guarantee obligation in case the contractor fails to fulfill the obligation. If the subsidiary is unable to fulfill the completion guarantee obligation, it is responsible for compensating the lending financial institution for any losses incurred.  |

---

---

| | |
|:---|:---|
| (\*2) | In redevelopment projects where the Korea Housing & Urban Guarantee Corporation guarantees project financing loans, the project operator is responsible for the completion guarantee obligation according to the standard project agreement terms of the Korea Housing & Urban Guarantee Corporation, but the completion guarantee period has not yet expired as of December 31, 2025.  |

---

---

| | |
|:---|:---|
| (\*3) | Since, for projects where it is highly likely that our subsidiary Woori Asset Trust will bear the responsibility for completion and where the possibility and amount of loss can be reliably estimated, these impacts have been reflected in the financial statements at the end of the current period. However, for projects where the risk of Woori Asset Trust bearing the completion guarantee obligations is considered low or where the possibility and amount of loss cannot be reliably estimated, these impacts have not been reflected in the financial statements at the end of the current period.  |

---

(\*4) The limit may be subject to change during the project progress due to reasons such as limit deductions.

2) As of December 31, 2025, Woori Asset Trust, a subsidiary, may lend a trust account for a part of the total project cost in relation to 29 debt-type land trust contracts including Boutique Terrace Hotel in Woo-dong, Haeundae-gu, Busan. The maximum loan amount (unused limit) is 192,027 million Won. Whether or not Woori Asset Trust lends a trust account in relation to the relevant businesses is not an unconditional payment obligation, and it is determined by considering overall matters such as the unique account and the fund balance plan of each trust business. 

3) Pursuant to some contracts related to asset securitization, the Group utilizes various prerequisites, triggering events causing early redemption, limiting risks that investors bear due to change in asset quality. Breach of such triggering clause leads to an early redemption of the securitized bonds. 

4) As of December 31, 2025, Tongyang Life Insurance Co., Ltd., a subsidiary, has entered into an agreement with Tongyang Leisure to amend the existing lease and transfer operating rights for the golf course, contingent upon the conversion of the golf course to public access, member consent, and court approval of the rehabilitation plan. The agreement includes clauses to pay variable compensation amount based on the sale proceeds, in consideration of the fulfillment of contractual obligations and the transfer of business rights. Member consent and the conversion to public access have been completed, and the variable compensation will be recognized when the decision to sell is made. 

5) As of December 31, 2025, Tongyang Life Insurance, a subsidiary, is under investigation by the Financial Services Commission regarding potential violations of the Credit Information Use and Protection Act.

6) The administrative fine paid to the Personal Information Protection Commission in October 2025 in connection with the leakage of personal credit information of merchant representatives that occurred at the subsidiary, Woori Card, between January and April 2024 has been recognized in non-operating income and expenses. In addition, further administrative fines may be imposed by the Financial Services Commission; however, the outcome cannot be predicted at this time. 

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**45.** **RELATED PARTY TRANSACTIONS** 

Related parties of the Group as of December 31, 2025 and 2024, and assets and liabilities recognized, guarantees and commitments, major transactions with related parties and compensation to key management for the years ended December 31, 2025 and 2024 are as follows. Please refer to Note 14 for the details of joint ventures and associates.

(1) Assets and liabilities from transactions with related parties are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| Related parties | Related parties | Account title | December 31,<br>**2025** | December 31,<br>**2024** |
|  Associates | W Service Networks Co., Ltd. | Loans | 30 | 51 |
|  |  | Deposits due to customers | 3009 | 3054 |
|  |  | Accrued expenses | 7 | 86 |
|  |  | Other liabilities | 316 | 339 |
|  | Korea Credit Bureau Co., Ltd. | Loans |  | 1 |
|  |  | Deposits due to customers | 2615 | 780 |
|  |  | Accrued expenses |  | 13 |
|  |  | Other liabilities | 10 |  |
|  | Korea Finance Security Co., Ltd. | Loans | 3435 | 3225 |
|  |  | Loss allowance | (23) | (43) |
|  |  | Deposits due to customers | 2138 | 1145 |
|  |  | Other liabilities | 1 | 3 |
|  | LOTTE CARD Co. Ltd. | Loans | 26880 | 27913 |
|  |  | Account receivables | 35 | 21 |
|  |  | Loss allowance | (295) | (297) |
|  |  | Derivative assets | 564 | 1075 |
|  |  | Other assets | 256 | 49 |
|  |  | Deposits due to customers | 22869 | 20207 |
|  |  | Accrued expenses | 39 |  |
|  |  | Derivative liabilities | 807 |  |
|  |  | Other liabilities | 289 | 273 |
|  | K BANK Co., Ltd. | Loans | 17 | 18 |
|  |  | Account receivables | 9 | 32 |
|  |  | Cash and cash equivalents | 192 |  |
|  |  | Other assets | 43 |  |
|  |  | Other liabilities | 158668 | 193719 |
|  | Others (\*) | Loans | 42903 | 38819 |
|  |  | Loss allowance | (139) | (273) |
|  |  | Other assets | 9116 | 66088 |
|  |  | Deposits due to customers | 2259 | 3575 |
|  |  | Other liabilities | 541 | 232 |

---

(\*) Others include IGEN2022No. 1 Private Equity Fund and etc., as of December 31, 2025 and 2024.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(2) Gain or loss from transactions with related parties are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | |  | For the years ended<br>December 31 | For the years ended<br>December 31 |
| **Related parties** | **Related parties** | Account title | 2025 | 2024 |
|  Associates | W Service Network Co., Ltd. | Other income | 37 | 35 |
|  |  | Interest expenses | 30 | 37 |
|  |  | Fees expenses | 280 | 483 |
|  |  | Other expenses | 1031 | 1095 |
|  | Korea Credit Bureau Co., Ltd. | Interest expenses | 10 |  |
|  |  | Fees expenses | 5228 | 3986 |
|  |  | Other expenses | 61 | 155 |
|  | Korea Finance Security Co., Ltd. | Interest income | 152 | 142 |
|  |  | Interest expenses | 2 | 3 |
|  |  | Provision (Reversal) of allowance for credit loss | (22) | (32) |
|  |  | Other expenses | 25 | 25 |
|  | LOTTE CARD Co., Ltd. | Interest income | 1525 | 1586 |
|  |  | Fees income | 4103 | 4019 |
|  |  | Gain on derivatives | 248 | 1075 |
|  |  | Loss on derivatives | 1318 | 457 |
|  |  | Interest expenses | 2593 | 4127 |
|  |  | Fees expenses | 1382 |  |
|  |  | Provision (Reversal) of allowance for credit loss | 15 | 11 |
|  | K BANK Co., Ltd. | Fees income | 171 | 269 |
|  |  | Fees expenses | 6 |  |
|  |  | Other expenses | 2 |  |
|  | Others (\*) | Interest income | 2233 | 844 |
|  |  | Fees income | 32348 | 53562 |
|  |  | Dividend income |  | 3729 |
|  |  | Other income | 7457 | 2890 |
|  |  | Interest expenses | 14017 | 18045 |
|  |  | Other expenses |  | 1612 |
|  |  | Provision (Reversal) of allowance for credit loss | (264) | 212 |

---

(\*) Others include Win Mortgage Co., Ltd. and etc., for the years ended December 31, 2025 and 2024.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(3) Major loan transactions with related parties for the years ended December 31, 2025 and 2024 are as follows
(Unit: Korean Won in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
| Related parties | Related parties | Beginning<br>balance | Loan | Collection | Others | Ending<br>balance (\*) |
|  Associates | W Service Network Co., Ltd. | 51 | 403 | 424 |  | 30 |
|  | Korea Credit Bureau Co., Ltd. | 1 | 3 | 4 |  |  |
|  | Korea Finance Security Co., Ltd. | 3225 | 2052 | 1842 |  | 3435 |
|  | LOTTE CARD Co., Ltd. | 27913 | 12531 | 13213 | (351) | 26880 |
|  | K BANK Co., Ltd. | 18 | 256 | 257 |  | 17 |
|  | Win Mortgage Co.,Ltd. | 8 | 250 | 240 |  | 18 |
|  | ARAM CMC CO.LTD | 41 |  | 41 |  |  |
|  | Godo Kaisha Oceanos 1 | 38770 | 22921 | 64002 | 2311 |  |
|  | Woori Real Estate Investment<br>No. 1 Limited Liability Company |  | 42885 |  |  | 42885 |

---

(\*) Payments that occurred for business reasons among related parties are excluded and net increase or decrease was used for limited credit loan.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
| Related parties | Related parties | Beginning<br>balance | Loan | Collection | Others | Ending<br>balance (\*) |
|  Associates | W Service Network Co., Ltd. | 108 | 475 | 532 |  | 51 |
|  | Korea Credit Bureau Co., Ltd. | 1 | 3 | 3 |  | 1 |
|  | Korea Finance Security Co., Ltd. | 3228 | 2705 | 2708 |  | 3225 |
|  | LOTTE CARD Co., Ltd. | 12209 | 288794 | 274484 | 1394 | 27913 |
|  | K BANK Co., Ltd. | 54 | 317 | 353 |  | 18 |
|  | Win Mortgage Co.,Ltd. | 15 | 243 | 250 |  | 8 |
|  | ARAM CMC CO.LTD | 41 |  |  |  | 41 |
|  | Godo Kaisha Oceanos 1 | 38121 |  |  | 649 | 38770 |
|  | Woori Zip 1 | 11317 |  | 11227 | (90) |  |
|  | Woori Zip 2 | 16063 |  | 15936 | (127) |  |

---

(\*) Payments that occurred for business reasons among related parties are excluded and net increase or decrease was used for limited credit loan.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(4) Details of changes in major deposits due to customers with related parties for the years ended
December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
| Related parties | Related parties | Beginning<br>balance | Increase | Decrease | Ending<br>balance (\*) |
|  Associates | W Service Networks Co., Ltd | 1000 |  |  | 1000 |
|  | Win Mortgage Co.,Ltd. | 1387 | 3529 | 3564 | 1352 |
|  | Korea Credit Bureau Co., Ltd. |  | 1000 |  | 1000 |

---

(\*) Details of payment between related parties, demand deposit due to customers and etc. are excluded.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
| Related parties | Related parties | Beginning<br>balance | Beginning<br>balance | Increase | Increase | Decrease | Decrease | Ending<br>balance (\*) | Ending<br>balance (\*) |
|  Associates | W Service Networks Co., Ltd |  | 1000 |  | 2000 |  | 2000 |  | 1000 |
|  | Win Mortgage Co.,Ltd. |  | 600 |  | 2266 |  | 1479 |  | 1387 |

---

(\*) Details of payment between related parties, demand deposit due to customers and etc. are excluded.

(5) There are no major borrowing transactions with related parties for the years ended December 31, 2025 and
2024. (6) Guarantees provided to the related parties are as follows (Unit: Korean Won in millions):

---

| | | | |
|:---|:---|:---|:---|
| Warrantee | December 31, 2025 | December 31, 2024 | Warranty |
|  Korea Finance Security Co., Ltd. | 425 | 635 | Unused loan commitment |
|  Korea Credit Bureau Co., Ltd. | 35 | 34 | Unused loan commitment |
|  W Service Network Co., Ltd. | 150 | 129 | Unused loan commitment |
|  K BANK Co., Ltd. | 283 | 282 | Unused loan commitment |
|  LOTTE CARD Co. Ltd. | 478300 | 498400 | Unused loan commitment |
|  |  |  | Confirmed Foreign |
|  |  |  | Currency Payment |
|  LOTTE CARD Co. Ltd. | 1650 | 1691 | Guarantee |
|  Win Mortgage Co.,Ltd. | 32 | 42 | Unused loan commitment |

---

As of December 31, 2025 and 2024, the recognized payment guarantee provisions are 289 million won and 272 million won, respectively, in relation to the guarantees provided to the related parties above.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(7) Amount of commitments with the related parties

---

| | | | |
|:---|:---|:---|:---|
| Warrantee | December 31, 2025 | December 31, 2024 | Warranty |
|  NH Woori Newdeal Growth Alpha Private Equity Fund 1 | 819 | 15906 | Securities purchase commitment |
|  Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs] | 990000 | 990000 | Securities purchase commitment |
|  BTS 2nd Private Equity Fund | 1234 | 1854 | Securities purchase commitment |
|  STASSETS FUND III | 1500 | 3000 | Securities purchase commitment |
|  Synaptic Future Growth Private Equity Fund 1 | 1624 | 3443 | Securities purchase commitment |
|  IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership | 4664 | 4664 | Securities purchase commitment |
|  Woori Seoul Beltway Private Special Asset Fund No.1 | 27103 | 30949 | Securities purchase commitment |
|  Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2 | 255 | 60 | Securities purchase commitment |
|  Woori Asset Global Partnership Fund No.5 | 75000 | 97500 | Securities purchase commitment |
|  JC Assurance No.2 Private Equity Fund | 492 | 1351 | Securities purchase commitment |
|  Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund | 50 | 148 | Securities purchase commitment |
|  Woori Real Estate Investment No. 1 Limited Liability Company | 7100 | 7100 | Securities purchase commitment |
|  Woori Future Energy Private Special Asset Investment Trust(General) No.1 | 33600 | 33600 | Securities purchase commitment |
|  LOTTE CARD Co., Ltd. | 440000 | 350000 | Derivative commitment |
|  Woori IMM Greean Net Zero Fund | 21099 |  | Securities purchase commitment |
|  Woori NH Co-Growth Private Equity FundI | 9296 |  | Securities purchase commitment |
|  Woori PGIF4 General Type Private Special Asset Investment Trust No.1 | 3102 |  | Securities purchase commitment |
|  Woori GS West Street Strategic Solutions General Type Private Special Asset Investment Trust No.1 | 15820 |  | Securities purchase commitment |
|  Woori Global Secondary Private Placement Investment Trust No. 2 | 2948 |  | Securities purchase commitment |
|  Woori Productive Financing Education Infrastructure General Private Special Asset Investment Trust No.1 | 20000 |  | Securities purchase commitment |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(8) Major investment and Recovery transactions

Details of major investment and recovery transactions with related parties during the years ended December 31, 2025 and 2024 are described in Note 14.(2). There are no other significant investment and recovery transactions.

(9) Compensation for key management is as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended<br>December 31 | For the years ended<br>December 31 |
|  | 2025 | 2024 |
|  Short-term employee salaries | 23700 | 34676 |
|  Retirement benefit service costs | 941 | 1372 |
|  Share-based compensation | 20755 | 11298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 45396 | 47346 |

---

Key management includes executives and directors of Woori Financial Group and major subsidiaries, and also includes CEO of other subsidiaries. Outstanding assets from transactions with key management amount to 3,203 million won and 3,523 million won, as of December 31, 2025 and 2024 respectively and with respect to the assets, the Group has not recognized any allowance nor related impairment loss due to credit losses. Also, liabilities from transaction with key management amount to 11,562 million won and 69,372 million won, respectively, as of December 31, 2025 and 2024.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**46.** **TRUST ACCOUNTS** 

(1) Trust accounts of the Woori Bank are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total assets | Total assets | Operating income | Operating income |
|  | December 31, 2025 | December 31, 2024 | For the years ended December 31 | For the years ended December 31 |
|  | December 31, 2025 | December 31, 2024 | 2025 | 2024 |
|  Trust accounts | 94330961 | 85894740 | 3043016 | 2544969 |

---

(2) Receivables and payables between the Woori Bank and trust accounts are as follows (Unit: Korean Won in
millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trust fees receivables | 48172 | 46273 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits due to customers | 119733 | 265364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from trust accounts | 6047905 | 5214906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 6167638 | 5480270 |

---

(3) Significant transactions between the Woori Bank and trust accounts are as follows (Unit: Korean Won in
millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trust fees | 180515 | 156911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Termination fees | 19249 | 3345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 199764 | 160256 |
|  Expense: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expenses on deposits due to customers | 791 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expenses on borrowings from trust accounts | 126767 | 148498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 127558 | 149453 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(4) Principal guaranteed trusts and principal and interest guaranteed trusts are as follows;

1) The carrying amount of principal guaranteed trusts and principal and interest guaranteed trusts that Woori Bank provides are as follows (Unit: Korean Won in millions): 

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Partial principal guaranteed trusts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal trust | 7456 | 7823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate trust | 193 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit purpose | 1465 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 9114 | 9556 |
|  Principal guaranteed trusts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old-age pension trusts | 2455 | 2450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal pension trusts | 369257 | 399860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension trusts | 542034 | 592533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement trusts | 26043 | 26159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New personal pension trusts | 5579 | 6084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New old-age pension trusts | 753 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 946121 | 1027901 |
|  Principal and interest guaranteed trusts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development trusts | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unspecified money trusts | 333 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 352 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 955587 | 1037810 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**47.** **LEASES** 

(1) Lessor

1) Finance lease

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① The total investment in finance lease and the present value of the minimum lease payments to be recovered are
as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 |
|  | Total investment in lease | Net investment in lease |
|  Within one year | 296640 | 277976 |
|  After one year but within two years | 288032 | 266930 |
|  After two years but within three years | 174700 | 160310 |
|  After three years but within four years | 103904 | 91402 |
|  After four years but within five years | 217393 | 191328 |
|  After five years | 1173 | 1053 |
|  Total | 1081842 | 988999 |

---

---

| | | |
|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 |
|  | Total investment in lease | Net investment in lease |
|  Within one year | 281087 | 263105 |
|  After one year but within two years | 372273 | 348055 |
|  After two years but within three years | 327294 | 297093 |
|  After three years but within four years | 152027 | 136499 |
|  After four years but within five years | 72648 | 61267 |
|  After five years |  |  |
|  Total | 1205329 | 1106019 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② The unrealized interest income of the finance lease is as follows. (Unit: Korean Won in millions)

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Total investment in lease | 1081842 | 1205329 |
|  Net investment in lease | 988999 | 1106019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Present value of minimum lease payments | 988999 | 1106019 |
|  Unrealized interest income | 92843 | 99310 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

2) Operating lease

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① The details of prepaid lease assets and operating lease assets are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Prepaid lease assets | 18844 | 42996 |
|  Operating lease assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition cost | 5263765 | 5132477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated depreciation | (1458989) | (1209633) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net carrying value | 3804776 | 3922844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 3823620 | 3965840 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② The details of changes in operating lease assets are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31 | For the years ended December 31 |
|  | 2025 | 2024 |
|  Beginning balance | 3922844 | 3285926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition | 926165 | 1463419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal | (388889) | (262184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | (629079) | (587148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | (26265) | 22831 |
|  Ending balance | 3804776 | 3922844 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ The future lease payments to be received under the lease contracts are as follows (Unit: Korean Won in
millions)

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Within one year | 889408 | 895812 |
|  After one year but within two years | 656257 | 763682 |
|  After two years but within three years | 443619 | 515003 |
|  After three years but within four years | 217769 | 312886 |
|  After four years but within five years | 65179 | 102478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 2272232 | 2589861 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ There are no adjusted lease payments recognized as profit or loss for the years ended December 31, 2025
and 2024.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(2) Lessee

1) The future lease payments under the lease contracts are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Lease payments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Within one year | 214922 | 194384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After one year but within five years | 355365 | 317609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After five years | 44575 | 50352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 614862 | 562345 |

---

2) Total cash outflows from lease are as follows (Unit: Korean Won in millions): 

---

| | | |
|:---|:---|:---|
|  | For the years ended<br>December 31 | For the years ended<br>December 31 |
|  | 2025 | 2024 |
|  Total cash outflows from lease | 254626 | 240491 |

---

3) Details of lease payments that are not included in the measurement of lease liabilities due to the fact that they are short-term leases or leases for which the underlying asset is of low value are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the years ended<br>December 31 | For the years ended<br>December 31 |
|  | 2025 | 2024 |
|  Lease payments for short-term leases | 376 | 273 |
|  Lease payments for which the underlying asset is of low value | 2691 | 1448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 3067 | 1721 |

---

Variable lease payments that were not included in the measurement of lease liabilities for the years ended December 31, 2025 and 2024 were 32,711 million Won and 24,380 million Won.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

**48.** **BUSINESS COMBINATION** 

(1) Tongyang Life Insurance Co., Ltd.

1) General 

The Group obtained approval from the Financial Services Commission on May 2, 2025, to include a subsidiary, and acquired 77.9% of the interest (excluding treasury stocks; 75.3% including treasury stocks) of Tongyang Life Insurance Co., Ltd. ("Tongyang Life") on July 1, 2025, thereby obtaining control. The primary purpose of this business combination is to maximize synergy effects among consolidated subsidiaries and strengthen the non-banking business portfolio.

From the acquisition date (July 1, 2025) to the end of the current reporting period, Tongyang Life's operating income and net income reflected in the consolidated statement of comprehensive income amounted to 49,386 million Won and 43,609 million Won, respectively. Assuming that the acquisition of Tongyang Life had occurred at the beginning of the annual reporting period (January 1, 2025), Tongyang Life's operating income and net income that would have been recognized in the consolidated statement of comprehensive income are estimated to be 149,439 million Won and 126,021 million Won, respectively.

2) Identifiable net assets:

---

| | |
|:---|:---|
|  | (Unit: Korean Won in millions)<br>Amount |
|  Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 286417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss | 5799449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through other comprehensive income | 21635551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at amortized cost (\*1) | 6544801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets | 172326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment properties | 426509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premises and equipment | 115287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets | 29953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax assets | 130646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in associates | 28521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance contracts assets | 578741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 53754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 35801955 |
|  Liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance contract liabilities | 28743076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance contract liabilities | 10900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment contract liabilities | 3474425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial liabilities at fair value through profit or loss | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial liabilities at amortized cost | 1100627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | 196317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions | 41393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 35503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 33602497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Identifiable Net Assets Fair value (\*2) | 2199458 |

---

---

| | |
|:---|:---|
| (\*1) | The financial assets measured at amortized cost that were acquired have been estimated at fair value. The contractual gross amount of Tongyang Life's financial assets measured at amortized cost is KRW 6,547,834 million, and the contractual cash flows that are not expected to be recovered as of the acquisition date are estimated at KRW 90,923 million.  |

---

(\*2) The Group measured the identifiable assets and liabilities of the acquiree at their fair values as of the acquisition date for the purpose of allocating the consideration transferred.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

If, within one year from the acquisition date, new information is obtained about facts and circumstances that existed at the acquisition date requiring adjustments to the amounts recognized at that date, or if additional provisions existing at the acquisition date need to be recognized, such adjustments will be accounted for in the business combination.

3) Bargain purchase gain

A bargain purchase gain occurred as the fair value of identifiable net assets exceeded the consideration transferred.

---

| | | |
|:---|:---|:---|
|  | (Unit: Korean Won in millions)<br>Amount | (Unit: Korean Won in millions)<br>Amount |
|  Consideration transferred |  | 1281963 |
|  Identifiable net assets fair value |  | 2199458 |
|  Non-controlling interests (\*1) |  | 236994 |
|  Hybrid securities (\*2) |  | 406310 |
|  Bargain purchase gain (\*3) |  | 274191 |

---

(\*1) The non-controlling interests in Tongyang Life acquired during the current period were measured at the fair value based on the closing price at the acquisition date.

---

| | |
|:---|:---|
| (\*2) | It is a hybrid securities issued by Tongyang Life and classified as equity, which does not grant rights to a proportionate interest of the acquiree's identifiable net assets, and was measured at fair value using the Hull-White valuation method with discount rates based on credit ratings, interest rate volatility, and exchange rates as input variables.  |

---

(\*3) Included in other non-operating income in the consolidated statement of comprehensive income.

4) Business combination costs

The Group incurred costs of 1,972 million Won related to the business combination, including legal fees and due diligence fees, which were recognized as fees and commissions expenses in the consolidated statement of comprehensive income.

5) Net cash outflows from the business combination

---

| | |
|:---|:---|
|  | (Unit: Korean Won in millions)<br>Amount |
|  Consideration paid in cash | 1281963 |
|  Cash and cash equivalents acquired | 286417 |
|  Less: Total | 995546 |

---

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

(2) ABL Life Insurance Co., Ltd.

1) General 

The Group obtained approval from the Financial Services Commission on May 2, 2025, to include a subsidiary, and acquired 100% of the interest of ABL Life Insurance Co., Ltd. ("ABL Life") on July 1, 2025, thereby obtaining control. The primary purpose of this business combination is to maximize synergy effects among consolidated subsidiaries and strengthen the non-banking business portfolio.

From the acquisition date (July 1, 2025) to the end of the current reporting period, ABL Life's operating income and net income reflected in the consolidated statement of comprehensive income amounted to 58,653 million Won and 55,984 million Won, respectively. Assuming that the acquisition of ABL Life had occurred at the beginning of the annual reporting period (January 1, 2025), ABL Life's operating income and net income that would have been recognized in the consolidated statement of comprehensive income are estimated to be 124,104 million Won and 89,840 million Won, respectively.

2) Identifiable net assets:

---

| | |
|:---|:---|
|  | (Unit: Korean Won in millions)<br>Amount |
|  Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 327090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss | 5724722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities at fair value through other comprehensive income | 11300915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at amortized cost (\*1) | 1647554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets | 31506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment properties | 154006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premises and equipment | 329899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets | 36152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax assets | 305354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance contracts assets | 7704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 41402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 19906304 |
|  Liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance contract liabilities | 18324194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance contract liabilities | 125450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment contract liabilities | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial liabilities at fair value through profit or loss | 8239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial liabilities at amortized cost | 828081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | 27827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions | 14848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 4970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 19334539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Identifiable Net Assets Fair value (\*2) | 571765 |

---

---

| | |
|:---|:---|
| (\*1) | The financial assets measured at amortized cost that were acquired have been estimated at fair value. The contractual gross amount of ABL Life's financial assets measured at amortized cost is KRW 1,670,314 million, and the contractual cash flows that are not expected to be recovered as of the acquisition date are estimated at KRW 25,489 million.  |

---

(\*2) The Group measured the identifiable assets and liabilities of the acquiree at their fair values as of the acquisition date for the purpose of allocating the consideration transferred.

If, within one year from the acquisition date, new information is obtained about facts and circumstances that existed at the acquisition date requiring adjustments to the amounts recognized at that date, or if additional provisions existing at the acquisition date need to be recognized, such adjustments will be accounted for in the business combination.

------

**WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2025 AND 2024** 

3) Bargain purchase gain

A bargain purchase gain occurred as the fair value of identifiable net assets exceeded the consideration transferred.

---

| | | |
|:---|:---|:---|
|  (Unit: Korean Won in millions) | (Unit: Korean Won in millions) | (Unit: Korean Won in millions) |
|  | **Amount** | **Amount** |
|  Consideration transferred |  | 264946 |
|  Identifiable net assets fair value |  | 571765 |
|  Bargain purchase gain (\*) |  | 306819 |

---

(\*) Included in other non-operating income in the consolidated statement of comprehensive income.

4) Business combination costs

The Group incurred costs of 301 million Won related to the business combination, including legal fees and due diligence fees, which were recognized as fees and commissions expenses in the consolidated statement of comprehensive income.

5) Net cash inflows from the business combination

---

| | |
|:---|:---|
|  (Unit: Korean Won in millions) | (Unit: Korean Won in millions) |
|  | **Amount** |
|  Consideration paid in cash | 264946 |
|  Cash and cash equivalents acquired | 327090 |
|  Less: Total | 62144 |

---

**49.** **EVENTS AFTER THE REPORTING PERIOD** 

(1) The Parent Company resolved at the Board of Directors' meeting held on February 6, 2026, to acquire
and retire its treasury shares. The Parent Company plans to acquire treasury shares in the amount of KRW 200 billion through a trust agreement during the period from February 10, 2026 to June 10, 2026, and intends to cancel all shares
acquired through this transaction thereafter.

(2) Woori Bank, a subsidiary, decided to implement a voluntary retirement program through a labor-management agreement in January 2026. As a result, the termination benefits to be recognized by the Group in the first quarter of 2026 amount to KRW 181,305 million.

------

**<u>Independent Auditor' Report on Internal Control over Financial Reporting for Consolidation Purposes</u>** 

Based on a report originally issued in Korean

**To the Board of Directors and Shareholders** 

**Woori Financial Group Inc.:** 

**Opinion on Internal Control over Financial Reporting for Consolidation Purposes** 

We have audited Woori Financial Group Inc. and its subsidiaries ("the Group")' internal control over financial reporting ("ICFR") for consolidation purposes as of December 31, 2025 based on the criteria established in the Conceptual Framework for Designing and Operating ICFR ("ICFR Design and Operation Framework") issued by the Operating Committee of Internal Control over Financial Reporting in the Republic of Korea (the "ICFR Committee").

In our opinion, the Group maintained, in all material respects, effective internal control over financial reporting for consolidation purposes as of December 31, 2025, based on ICFR Design and Operation Framework.

We also have audited, in accordance with Korean Standards on Auditing (KSAs), the consolidated financial statements of the Group, which comprise the consolidated statement of financial position as of December 31, 2025, the consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising of material accounting policy information and other explanatory information, and our report dated March XX, 2026 expressed an unmodified opinion on those consolidated financial statements.

**Basis for Opinion on Internal Control over Financial Reporting for Consolidation Purposes** 

We conducted our audit in accordance with KSAs. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of Internal Control over Financial Reporting for Consolidation Purposes section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the internal control over financial reporting for consolidation purposes in Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Responsibilities of Management and Those Charged with Governance for the Internal Control over Financial Reporting for Consolidation Purposes** 

The Group's management is responsible for designing, operating and maintaining effective internal control over financial reporting for consolidation purposes and for its assessment of the effectiveness of internal control over financial reporting for consolidation purposes, included in the accompanying 'Operating Status Report of Internal Control over Financial Reporting for Consolidation Purposes.'

Those charged with governance have the responsibilities for overseeing the Group's internal control over financial reporting for consolidation purposes.

**Auditor's Responsibilities for the Audit of the Internal Control over Financial Reporting for Consolidation Purposes** 

Our responsibility is to express an opinion on the Group's internal control over financial reporting for consolidation purposes based on our audit. We conducted our audit in accordance with KSAs. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting for consolidation purposes was maintained in all material respects.

Our audit of internal control over financial reporting for consolidation purposes included obtaining an understanding of internal control over financial reporting for consolidation purposes, assessing the risk that a

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material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

**Definition and Limitations of Internal Control over Financial Reporting for Consolidation Purposes** 

An entity's internal control over financial reporting for consolidation purposes is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the consolidated financial statements for external purposes in accordance with Korean International Financial Reporting Standards ("K-IFRS"). A Group's internal control over financial reporting for consolidation purposes includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the group; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with K-IFRS, and that receipts and expenditures of the group are being made only in accordance with authorizations of management and directors of the group; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the group's assets that could have a material effect on the consolidated financial statements.

Because of its inherent limitations, internal control over financial reporting for consolidation purposes may not prevent or detect misstatements in the consolidated financial statements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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

/s/ KPMG Samjong Accounting Corp.

Seoul, Korea

March 4, 2026

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

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**Operating Status Report of** 

**Internal Control over Financial Reporting for Consolidation Purposes** 

To the Shareholders, Board of Directors and Audit Committee of Woori Financial Group Inc.

We, as the Chief Executive Officer ("CEO") and Internal Control over Financial Reporting Officer of Woori Financial Group Inc. and its subsidiaries (collectively referred to as "the Group"), assessed operating status of the Group's Internal Control over Financial Reporting for Consolidation Purposes ("the Group's ICFR") for the year ended December 31, 2025.

The Group's management, including ourselves, is responsible for designing and operating the Group's ICFR.

We assessed whether the Group effectively designed and operated its ICFR to prevent and detect errors or frauds which may cause a misstatement in consolidated financial statements to ensure preparation and disclosure of reliable consolidated financial information.

We used the 'Conceptual Framework for Designing and Operating ICFR' established by the Operating Committee of ICFR in Korea (the "ICFR Committee") as the criteria for design and operation of the Group's ICFR. We also assessed the design and operation of the Group's ICFR based on the Appendix 6, 'Standards for Evaluating and Reporting the Effectiveness of ICFR,' of the Detailed Regulations on External Audit and Accounting, etc.

Based on our assessment, we concluded that the Group's ICFR is designed and operated effectively as of December 31, 2025, in all material respects, in accordance with the 'Conceptual Framework for Designing and Operating ICFR'.

As of the date of the assessment, the Group excluded TONGYANG Life Insurance Co., Ltd. (acquisition date: July 1, 2025; total assets and profit before tax as of the assessment date of KRW 35,444,959 million and KRW 53,616 million, representing 5.9% and 1.3%, respectively, of total assets and profit before tax after the acquisition) and ABL Life Insurance Co., Ltd. (acquisition date: July 1, 2025; total assets and profit before tax as of the assessment date of KRW 19,609,549 million and KRW 57,498 million, representing 3.3% and 1.4%, respectively, of total assets and profit before tax after the acquisition) from the scope of the assessment of the Group's ICFR, as one year had not yet elapsed since the acquisition date, making the assessment not practically feasible.

We certify that this report does not contain any untrue statement of a fact, or omit to state a fact necessary to be presented herein. We also certify that this report does not contain or present any statements which might cause material misunderstandings, and we have reviewed and verified this report with sufficient care.

(Attachment)

Internal control activities performed by the Company to address the risk of fund-related fraud, including misappropriation

February 27, 2026

Jong Yong Yim, Chief Executive Officer

Seong Min Kwak, Internal Control over Financial Reporting Officer

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**(Attachment) Internal control activities performed by the Company to address the risk of fund-related fraud, including misappropriation**

The control activities performed by the Company as disclosed below provide an integrated overview of the Company's key Internal Control over Financial Reporting(ICFR) control activities implemented to address risks of fund-related fraud, including misappropriation, in accordance with the "Guidelines for Evaluating and Reporting the Effectiveness of ICFR" enacted and amended by the Financial Supervisory Service.

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| | | | |
|:---|:---|:---|:---|
| **Type** | **Internal Control Activities performed by the Company<sup>(\*1)</sup>** | **Targeted**<br> **Entity** | **Results of the Assessment of**<br> **Design and Operation Effectiveness<sup>(\*2)</sup>**<br> **(Department in charge, timing, etc.)** |
|  Entity-level<br> Controls | <br>Management operates a system under which employees pledge to comply with the code of ethics and related obligations, and operates procedures to identify and monitor any violations of applicable laws and the Code of Ethics.<br>(Department in charge: Compliance Monitoring ACT of Woori Financial Group Inc., Compliance Management Department of Woori Bank Co., Ltd., etc.) | Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates<br>• Compliance Monitoring ACT, Compliance Management Department, etc.<br>• November 2025, February 2026<br>|
|  Entity-level<br> Controls | <br>Management identifies risks for each business activity and operates a system to evaluate risks through the Operational Risk Management System.<br>(Department in charge: Risk Management Dept. of Woori Financial Group Inc., Risk Management Office of Woori Bank Co., Ltd.. etc.) | Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates<br>• Risk Management Department, Risk Management Dept., etc.<br>• November 2025, February 2026<br>|
|  Entity-level<br> Controls | <br>Management operates the mandatory leave policy to eliminate incentives and opportunities for financial fraud.<br>(Department in charge: Compliance Monitoring ACT of Woori Financial Group Inc., Compliance Management Department of Woori Bank Co., Ltd., etc.) | Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates<br>• Compliance Monitoring ACT,<br>• Compliance Management Department, etc.<br>• November 2025, February 2026<br>|

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|:---|:---|:---|:---|
| **Type** | **Internal Control Activities performed by the Company<sup>(\*1)</sup>** | **Targeted**<br> **Entity** | **Results of the Assessment of**<br> **Design and Operation Effectiveness<sup>(\*2)</sup>**<br> **(Department in charge, timing, etc.)** |
|  | <br>Management operates the job rotation policy to eliminate incentives and opportunities for financial fraud.<br>(Department in charge: Human Resources Dept. of Woori Bank Co., Ltd., Compliance Support Team of Woori Card Co., Ltd., etc.) | Woori Bank Co., Ltd., Woori Card Co., Ltd., and 7 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Bank Co., Ltd., Woori Card Co., Ltd., and 7 affiliates<br>• Human Resources Dept., Compliance Support Team, etc.<br>• November 2025, February 2026<br>|
|  | <br>Management segregates organizational duties and operates in accordance with policies that clearly define the roles and responsibilities associated with each function.<br>(Department in charge: Strategy&Planning Department of Woori Financial Group Inc., Legal Affairs Office of Woori Bank Co., Ltd.. etc.) | Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates<br>• Strategy&Planning Department, Legal Affairs Office, etc.<br>• November 2025, February 2026<br>|
|  | <br>Management operates a compliance reporting policy and implements protective measures, including confidentiality for whistleblowers and prohibition of any retaliation.<br>(Department in charge: Ethics Management Office of Woori Financial Group Inc., Audit Department of Woori Bank Co., Ltd., etc.) | Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates<br>• Ethics Management Office, Audit Department, etc.<br>• November 2025, February 2026<br>|
|  | <br>Management addresses the fraud risk through compliance monitoring activities and internal audit functions.<br>(Department in charge: Audit Department of Woori Financial Group Inc., Audit Department of Woori Bank Co., Ltd., etc.) | Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates<br>• Audit Department, etc.<br>• November 2025, February 2026<br>|

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| | | | |
|:---|:---|:---|:---|
| **Type** | **Internal Control Activities performed by the Company<sup>(\*1)</sup>** | **Targeted**<br> **Entity** | **Results of the Assessment of**<br> **Design and Operation Effectiveness<sup>(\*2)</sup>**<br> **(Department in charge, timing, etc.)** |
| Funds<br> Controls | <br>The person in charge of deposit operations shall verify application for account opening, withdrawal slips, etc. to carry out account opening, deposits, withdrawals, and account closing transactions. The authorized approver shall review the transaction details to ensure they are consistent with the supporting documents, and for transactions exceeding a specified amount, approval is required before processing.<br>(Department in charge: Woori Bank Branches, Woori Investment Securities Branches, etc.) | Woori Bank Co., Ltd., Woori Investment Securities Co., Ltd., and 5 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Bank Co., Ltd., Woori Investment Securities Co., Ltd., and 5 affiliates<br>• Branches, etc.<br>• November 2025, February 2026<br>|
| Funds<br> Controls | End-of-day Closing><br>The teller shall reconcile the cash on hand with the system records during the daily closing. The officer in charge of cash operations shall review and approve the reconciliation results.<br>(Department in charge: Woori Bank Branches, Woori Investment Securities Branches, etc.) | Woori Bank Co., Ltd., Woori Investment Securities Co., Ltd., and 5 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Bank Co., Ltd., Woori Investment Securities Co., Ltd., and 5 affiliates<br>• Branches, etc.<br>• November 2025, February 2026<br>|
| Funds<br> Controls | <br>The person in charge of credit transactions shall verify all relevant documents, including credit agreements, and request credit review and approval. The authorized approver shall review the credit terms, such as maturity, amount, interest rate, etc. and approve the transaction.<br>(Department in charge: Loan Service Center of Woori Bank Co., Ltd., Special Underwriting Team of Woori Card Co., Ltd., etc.) | Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates<br>• Loan Service Center, Special Underwriting Team, etc.<br>• November 2025, February 2026<br>|
| Funds<br> Controls | <br>The person in charge of credit transactions shall verify the credit review and approval details and submit a request for credit execution. The authorized approver shall review the credit terms, including maturity, amount, interest rate, etc. and approve the transaction.<br>(Department in charge: Loan Service Center of Woori Bank Co., Ltd., Corporate Solution Team of Woori Card Co., Ltd., etc.) | Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates<br>• Loan Service Center, Corporate Solution Team, etc.<br>• November 2025, February 2026<br>|

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|:---|:---|:---|:---|
| **Type** | **Internal Control Activities performed by the Company<sup>(\*1)</sup>** | **Targeted**<br> **Entity** | **Results of the Assessment of**<br> **Design and Operation Effectiveness<sup>(\*2)</sup>**<br> **(Department in charge, timing, etc.)** |
|  | <br>The person in charge of credit monitoring shall frequently or periodically review credit transactions for any irregularities and report the findings. The authorized approver shall review and approve the appropriateness of the inspection results.<br>(Department in charge: IB/Global Credit Analysis & Approval Department of Woori Bank Co., Ltd., Risk Strategic Team of Woori Card Co., Ltd., etc) | Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates<br>• IB/Global Credit Analysis & Approval Department, Risk Strategic Team, etc.<br>• November 2025, February 2026<br>|
|  | Non-Performing Loans><br>Repayment of loan principal and interest is managed through the system. When non-performing loans arise due to delinquency or other reasons, the authorized approver shall review the supporting documentation for applications submitted by the person in charge of non-performing loan management, including loan receivable sales, restructuring, or write-offs, evaluate the appropriateness of the proposed actions, and approve them prior to execution.<br>(Department in charge: Credit Management & Collection Dept. of Woori Bank Co., Ltd., Collection Strategic Team of Woori Card Co., Ltd., etc.) | Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates<br>• Credit Management & Collection Dept., Collection Strategic Team, etc.<br>• November 2025, February 2026<br>|
|  | <br>The person in charge of the acquisition and disposal of marketable securities shall review transaction statements, contracts and request approval for the transaction. The authorized approver shall review the details of the securities transaction, including the type of security, amount, maturity, etc. and grant approval accordingly.<br>(Department in charge: Finance & Management Department of Woori Financial Group Inc., Settlement Support Dept. of Woori Bank Co., Ltd., etc.) | Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates<br>• Finance & Management Department, Settlement Support Dept., etc.<br>• November 2025, February 2026<br>|
|  | <br>The authorized approver shall review and approve the reconciliation records prepared by the person in charge of securities interest and dividend receipts, comparing system-recorded amounts, actual received amounts, dividend notices, etc.<br>(Department in charge: Finance & Management Department of Woori Financial Group Inc., Settlement Support Dept. of Woori Bank Co., Ltd., etc.) | Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates<br>• Finance & Management Department, Settlement Support Dept., etc.<br>• November 2025, February 2026<br>|

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| | | | |
|:---|:---|:---|:---|
| **Type** | **Internal Control Activities performed by the Company<sup>(\*1)</sup>** | **Targeted**<br> **Entity** | **Results of the Assessment of**<br> **Design and Operation Effectiveness<sup>(\*2)</sup>**<br> **(Department in charge, timing, etc.)** |
|  | <br>Physical securities are stored in locations with restricted access. The authorized approver shall review and approve the results of physical inspections of securities and reconciliations with balance confirmations and other relevant documents performed by the person in charge of physical securities and balance management.<br>(Department in charge: Finance & Management Department of Woori Financial Group Inc., Settlement Support Dept. of Woori Bank Co., Ltd., etc.) | Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates<br>• Finance & Management Department, Settlement Support Dept., etc.<br>• November 2025, February 2026<br>|
|  | <br>The person in charge of derivative transactions and settlements shall verify the transaction records and submit requests for approval and settlement. The authorized approver shall review the transaction details, including amount, maturity, etc and approve the transaction.<br>(Department in charge: Settlement Support Dept. of Woori Bank Co., Ltd., Treasury Team of Woori Card Co., Ltd., etc.) | Woori Bank Co., Ltd., Woori Card Co., Ltd., and 2 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Bank Co., Ltd., Woori Card Co., Ltd., and 2 affiliates<br>• Settlement Support Dept., Treasury Team, etc.<br>• November 2025, February 2026<br>|
|  | <br>The authorized approver shall approve the financing after reviewing the amounts, maturities, and interest rates, etc. requested by the person in charge of financing in accordance with the financing plan.<br>(Department in charge: Finance & Management Department of Woori Financial Group Inc., Treasury Dept. of Woori Bank Co., Ltd., etc.) | Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates<br>• Finance & Management Department, Treasury Dept., etc.<br>• November 2025, February 2026<br>|
|  | <br>The person in charge of financing and principal/interest repayments shall verify the consistency between agreements and cash transaction records and report the findings, and the authorized approver shall review and approve the amounts, interest rates, repayment dates, etc.<br>(Department in charge: Finance & Management Department of Woori Financial Group Inc., Treasury Dept. of Woori Bank Co., Ltd., etc.) | Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates<br>• Finance & Management Department, Treasury Dept., etc.<br>• November 2025, February 2026<br>|

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| | | | |
|:---|:---|:---|:---|
| **Type** | **Internal Control Activities performed by the Company<sup>(\*1)</sup>** | **Targeted**<br> **Entity** | **Results of the Assessment of**<br> **Design and Operation Effectiveness<sup>(\*2)</sup>**<br> **(Department in charge, timing, etc.)** |
|  | <br>The person in charge and the approver shall be segregated in fund disbursement duties.<br>(Department in charge: Management Support Department of Woori Financial Group Inc., International Trade Service Center of Woori Bank Co., Ltd., etc.) | Woori Financial Group Inc., Woori Bank Co., Ltd., and 9 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Financial Group Inc., Woori Bank Co., Ltd., and 9 affiliates<br>• Management Support Department, International Trade Service Center, etc.<br>• November 2025, February 2026<br>|
|  | <br>The person in charge of fund disbursement shall verify fund transfer requests and other relevant documents, and submit a request for fund disbursement. The authorized approver shall review the appropriateness of the requested details, including the amount and purpose, and shall approve the fund disbursement prior to execution.<br>(Department in charge: Finance & Management Department of Woori Financial Group Inc., Settlement Support Dept. of Woori Bank Co., Ltd., etc.) | Woori Financial Group Inc., Woori Bank Co., Ltd., and 9 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Financial Group Inc., Woori Bank Co., Ltd., and 9 affiliates<br>• Finance & Management Department, Settlement Support Dept., etc.<br>• November 2025, February 2026<br>|
|  | <br>The authorized approver reviews amount and reason of receipt and approves the consistency between the supporting documents and the deposited amount, as verified by the person in charge of fund receipts.<br>(Department in charge: Finance & Management Department of Woori Financial Group Inc., Real Estate Finance Dept. of Woori Bank Co., Ltd., etc.) | Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates<br>• Finance & Management Department, Real Estate Finance Dept., etc.<br>• November 2025, February 2026<br>|
|  | <br>The authorized approver reviews and approves the consistency between system-recorded balances and actual balances, as verified by the person in charge of cash and deposit balance management.<br>(Department in charge: Finance & Management Department of Woori Financial Group Inc., Settlement Support Dept. of Woori Bank Co., Ltd., etc.) | Woori Financial Group Inc., Woori Bank Co., Ltd., and 12 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Financial Group Inc., Woori Bank Co., Ltd., and 12 affiliates<br>• Finance & Management Department, Settlement Support Dept., etc.<br>• November 2025, February 2026<br>|

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| | | | |
|:---|:---|:---|:---|
| **Type** | **Internal Control Activities performed by the Company<sup>(\*1)</sup>** | **Targeted**<br> **Entity** | **Results of the Assessment of**<br> **Design and Operation Effectiveness<sup>(\*2)</sup>**<br> **(Department in charge, timing, etc.)** |
|  | <br>Sensitive physical assets, such as corporate seals, bank accounts, OTP devices, etc. are stored in locations with restricted access. When a request is made to use such items, the authorized approver reviews the appropriateness of the purpose of use and grants approval accordingly.<br>(Department in charge: Management Support Department of Woori Financial Group Inc., Deposit Service Center of Woori Bank Co., Ltd., etc.) | Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates<br>• Management Support Department, Deposit Service Center, etc.<br>• November 2025, February 2026<br>|
|  | <br>The authorized approver reviews and approves the appropriateness of account opening and closing requests submitted by the person in charge, including the account details and the stated reason for the request, etc. prior to the approval.<br>(Department in charge: Finance & Management Department of Woori Financial Group Inc., Compliance Management Department of Woori Bank Co., Ltd., etc.) | Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates<br>• Finance & Management Department, Compliance Management Department, etc.<br>• November 2025, February 2026<br>|
|  | <br>The person in charge of client information management reviews relevant documents such as the business registration certificate, a copy of the bank account, etc. and submits requests to register or modify client information. The authorized approver reviews the registration or modification details along with the related supporting documents and grants approval.<br>(Department in charge: Management Support Department of Woori Financial Group Inc., General Affairs Dept. of Woori Bank Co., Ltd., etc.) | Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates<br>• Management Support Department, General Affairs Dept., etc.<br>• November 2025, February 2026<br>|
|  | <br>The authorized approver for ledger modifications shall review the modification request submitted by the requesting department, assess the appropriateness of the reason for the change, and approve the request.<br>(Department in charge: ICT Planning Department of Woori Financial Group Inc., IT Technology Innovation Department of Woori Bank Co., Ltd., etc.) | Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates<br>• ICT Planning Department, IT Technology Innovation Department, etc.<br>• November 2025, February 2026<br>|

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(\*1) The term "authorized approver" refers to a department head, team leader, or other personnel with the authority for approval in the course of their duties.

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|:---|:---|
| (\*2) | For the purpose of independent evaluation, the Company designates reviewers who are not the control performers within the department to conduct assessments of the design and operational effectiveness. In addition, the inspection results prepared by each department are further reviewed by the Company's internal accounting department and by an external audit firm possessing a high level of independence and expertise  |

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## Exhibit 99.2

**Exhibit 99.2** 

**WOORI FINANCIAL GROUP INC.** 

SEPARATE FINANCIAL STATEMENTS

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

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| | |
|:---|:---|
| **WOORI FINANCIAL GROUP INC.** | **Page(s)** |
|  **Independent Auditors' Report** | 1-3 |
|  **Separate Financial Statements** |  |
|  Separate Statements of Financial Position | 5 |
|  Separate Statements of Comprehensive Income | 6 |
|  Separate Statements of Changes in Equity | 7 |
|  Separate Statements of Cash Flows | 8-9 |
|  Notes to the Separate Financial Statements | 10-69 |
|  **Report on Independent Auditor's Audit of Internal Control over Financial Reporting** | 70-71 |
|  **Operating Status Report of Internal Control over Financial Reporting** | 72-75 |

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

Based on a report originally issued in Korean

**To the Board of Directors and Shareholders of** 

**Woori Financial Group Inc.** 

**Opinion** 

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

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

We also have audited, in accordance with Korean Standards on Auditing ("KSAs"), the Company's Internal Control over Financial Reporting ("ICFR") as of December 31, 2025, based on the criteria established in Conceptual Framework for Designing and Operating Internal Control over Financial Reporting issued by the Operating Committee of Internal Control over Financial Reporting in the Republic of Korea*,* and our report dated March 4, 2026 expressed an unmodified opinion on the effectiveness of the Company's ICFR.

**Basis for Opinion** 

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

**Key Audit Matter** 

We have determined that there are no key audit matters to communicate in our report.

**Other Matter** 

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

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**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 the internal controls that we identify during our audit.

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

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

The engagement partner on the audit resulting in this independent auditors' report is Jae-Beom Choi.

---

| |
|:---|
| /s/ KPMG Samjong Accounting Corp. |
| Seoul, Korea |
| March 4, 2026 |

---

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

------

**WOORI FINANCIAL GROUP INC.** 

SEPARATE FINANCIAL STATEMENTS

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

The accompanying separate financial statements including all footnote disclosures were

prepared by, and are the responsibility of, the management of Woori Financial Group Inc.

**Jong Yong Yim** 

**President and Chief Executive Officer** 

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

(Phone Number) 02-2125-2000

------

**WOORI FINANCIAL GROUP INC.** 

**SEPARATE STATEMENTS OF FINANCIAL POSITION** 

**AS OF DECEMBER 31, 2025 AND 2024** 

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2025** | **December 31,**<br>**2024** |
|  | **(Korean Won in millions)** | **(Korean Won in millions)** |
|  **ASSETS** |  |  |
|  Cash and cash equivalents (Notes 5 and 28) | 489321 | 1185912 |
|  Financial assets at fair value through other comprehensive income ("FVTOCI") (Notes 4, 6, 8 and 28) | 558162 | 553518 |
|  Loans and other financial assets at amortized cost (Notes 4, 7, 8 and 28) | 707142 | 204431 |
|  Investments in subsidiaries (Notes 9 and 28) | 25597495 | 24206017 |
|  Premises and equipment (Notes 10 and 28) | 4763 | 5304 |
|  Intangible assets (Note 11) | 2961 | 3308 |
|  Net defined benefit asset (Note 15) | 2108 | 1378 |
|  Current tax assets (Note 25) | 26295 | 33120 |
|  Deferred tax assets (Note 25) | 5810 | 4379 |
|  Other assets (Note 12) | 315 | 155670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 27394372 | 26353037 |
|  **LIABILITIES** |  |  |
|  Debentures (Notes 4, 8 and 13) | 2667525 | 2037567 |
|  Provisions (Note 14) | 1897 | 1252 |
|  Current tax liabilities (Note 25) | 673217 | 84701 |
|  Other financial liabilities (Notes 4, 8, 16, 28 and 29) | 95822 | 76382 |
|  Other liabilities (Note 16) | 5967 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3444428 | 2200306 |
|  **EQUITY (Note 17)** |  |  |
|  Capital stock | 3802676 | 3802676 |
|  Hybrid securities | 3710228 | 3810225 |
|  Capital surplus | 8120236 | 11120236 |
|  Other equity | 2607 | (1189) |
|  Retained earnings | 8314197 | 5420783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity | 23949944 | 24152731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and equity | 27394372 | 26353037 |

---

The accompanying notes are part of these financial statements.

------

**WOORI FINANCIAL GROUP INC.** 

**SEPARATE STATEMENTS OF COMPREHENSIVE INCOME** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **(Korean Won in millions)** | **(Korean Won in millions)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 28296 | 51778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (72822) | (49650) |
|  **Net interest income (expense)** (Notes 8, 19 and 28) | **(44526)** | **2128** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees and commissions income | 1816 | 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees and commissions expense | (28695) | (21944) |
|  **Net fees and commissions loss** (Notes 20 and 28) | **(26879)** | **(20319)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income (Notes 21 and 28) | 1448486 | 1208522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal (Provision) of impairment losses due to credit loss (Notes 8, 22 and 28) | 56 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses (Notes 23 and 28) | (82422) | (67638) |
|  **Operating income** | **1294715** | **1123301** |
|  **Non-operating expense** (Note 24) | **(170511)** | **(147)** |
|  **Net income before income tax expense** | **1124204** | **1123154** |
|  Income tax income (Note 25) | 2836 | 178 |
|  **Net income** | **1127040** | **1123332** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain on valuation of equity securities at FVTOCI (Note 17) | 3328 | 10164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement gain (loss) related to defined benefit liabilities (Notes 15 and 17) | 234 | (1026) |
|  **Items that will not be reclassified to profit or loss:** | **3562** | **9138** |
|  **Other comprehensive income, net of tax** | **3562** | **9138** |
|  **Total comprehensive income** | **1130602** | **1132470** |
|  **Earnings per share** (Note 26) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted earnings per share (Unit: In Korean Won) | 1326 | 1296 |

---

The accompanying notes are part of these financial statements.

------

**WOORI FINANCIAL GROUP INC.** 

**SEPARATE STATEMENTS OF CHANGES IN EQUITY** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Capital<br>stock** | **Capital<br>surplus** | **Hybrid<br>securities** | **Other<br>equity** | **Retained<br>earnings** | **Total**<br>**equity** |
|  | **(Korean Won in millions)** | **(Korean Won in millions)** | **(Korean Won in millions)** | **(Korean Won in millions)** | **(Korean Won in millions)** | **(Korean Won in millions)** |
|  **January 01, 2024** | 3802676 | 11120236 | 3610953 | (7871) | 5475004 | 24000998 |
|  Total comprehensive income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income |  |  |  |  | 1123332 | 1123332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain on valuation of equity securities at FVTOCI |  |  |  | 10164 |  | 10164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement loss related to defined benefit liabilities |  |  |  | (1026) |  | (1026) |
|  Transactions with owners |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends to common stocks |  |  |  |  | (882183) | (882183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of hybrid securities |  |  | 1196816 |  |  | 1196816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends to hybrid securities |  |  |  |  | (158682) | (158682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption of hybrid securities |  |  | (997544) | (2456) |  | (1000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of treasury stock |  |  |  | (136688) |  | (136688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement of treasury stock |  |  |  | 136688 | (136688) |  |
|  **December 31, 2024** | 3802676 | 11120236 | 3810225 | (1189) | 5420783 | 24152731 |
|  **January 01, 2025** | 3802676 | 11120236 | 3810225 | (1189) | 5420783 | 24152731 |
|  Total comprehensive income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income |  |  |  |  | 1127040 | 1127040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain on valuation of equity securities at FVTOCI |  |  |  | 3328 |  | 3328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement loss related to defined benefit liabilities |  |  |  | 234 |  | 234 |
|  Transactions with owners |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends to common stocks |  |  |  |  | (931111) | (931111) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of hybrid securities |  |  | 797781 |  |  | 797781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends to hybrid securities |  |  |  |  | (150059) | (150059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption of hybrid securities |  |  | (897778) | (2222) |  | (900000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer of redemption loss of hybrid securities to retained earnings |  |  |  | 2456 | (2456) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of treasury stock |  |  |  | (150000) |  | (150000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement of treasury stock |  |  |  | 150000 | (150000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to retained earnings |  | (3000000) |  |  | 3000000 |  |
|  **December 31, 2025** | 3802676 | 8120236 | 3710228 | 2607 | 8314197 | 23949944 |

---

The accompanying notes are part of these financial statements.

------

**WOORI FINANCIAL GROUP INC.** 

**SEPARATE STATEMENTS OF CASH FLOWS** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **(Korean Won in millions)** | **(Korean Won in millions)** |
|  **Cash flows from operating activities:** |  |  |
|  Net income | 1127040 | 1123332 |
|  Adjustments to net income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax income | (2836) | (178) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | (28296) | (51778) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 72822 | 49650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | (1448486) | (1208522) |
|  | (1406796) | (1210828) |
|  Adjustments for profit/loss items not involving cash flows: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of impairment losses due to credit loss | (56) | (608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement benefit | 6033 | 3311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 5475 | 5728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of premises and equipment, intangible assets and other assets | (4) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on investments in subsidiaries | 169414 |  |
|  | 180862 | 8424 |
|  Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other financial assets at amortized cost | (17416) | (33742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | (34) | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net defined benefit liability | (6440) | (2143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial liabilities | 26631 | 38028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 5565 | 11 |
|  | 8306 | 2358 |
|  Interest income received | 31288 | 64991 |
|  Interest expense paid | (69461) | (46054) |
|  Dividends received | 1448708 | 1208517 |
|  Income tax paid | (2187) | (2145) |
|  | 1408348 | 1225309 |
|  Net cash inflow from operating activities | 1317760 | 1148595 |
|  **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease on other investment assets | 100000 | 974000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of investments in subsidiaries | (1405504) | (535541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in advance payments related to investments in subsidiaries |  | (155388) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of financial assets at FVTOCI | (150000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal of financial assets at FVTOCI | 150000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of premises and equipment | (248) | (258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of intangible assets | (410) | (303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease on guarantee deposits for leases |  | 37 |
|  Net cash inflow (outflow) from investing activities | (1306162) | 282547 |

---

(Continued)

------

**WOORI FINANCIAL GROUP INC.** 

**SEPARATE STATEMENTS OF CASH FLOWS** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **(Korean Won in millions)** | **(Korean Won in millions)** |
|  **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of debentures | 938401 | 599000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption of debentures | (310000) | (150000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of hybrid securities | 797781 | 1196816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption of hybrid securities | (900000) | (1000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of treasury stock | (150000) | (136688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption of lease liabilities | (3201) | (3000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to hybrid securities | (150059) | (158682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid | (931111) | (882183) |
|  Net cash outflow from financing activities | (708189) | (534737) |
|  **Net increase (decrease) in cash and cash equivalents** | (696591) | 896405 |
|  **Cash and cash equivalents, beginning of the period** | 1185912 | 289507 |
|  **Cash and cash equivalents, end of the period (Note 5)** | 489321 | 1185912 |

---

The accompanying notes are part of these financial statements.

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

**1.** **GENERAL** 

(1) Summary of the parent company

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

The details of stock transfer from the Company and subsidiaries as of incorporation are as follows (Unit: Number of shares):

---

| | | | |
|:---|:---|:---|:---|
| Stock transfer company | Total number of<br>issued shares | Exchange ratio<br>per share | Number of Parent<br>company's stocks |
|  Woori Bank | 676000000 | 1.0000000 | 676000000 |
|  Woori FIS Co., Ltd. | 4900000 | 0.2999708 | 1469857 |
|  Woori Finance Research Institute Co., Ltd. | 600000 | 0.1888165 | 113289 |
|  Woori Credit Information Co., Ltd. | 1008000 | 1.1037292 | 1112559 |
|  Woori Fund Service Co., Ltd. | 2000000 | 0.4709031 | 941806 |
|  Woori Private Equity Asset Management Co., Ltd. | 6000000 | 0.0877992 | 526795 |

---

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

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

As of December 30, 2019, the Company acquired 67.2% interests (excluding treasury stock, 51.0% when including treasury stock) in Woori Asset Trust Co. (formerly Kukje Asset Trust Co.) In addition, as of March 31, 2023, the Company acquired an additional 28.1% interests in Woori Asset Trust Co. (excluding treasury stock, 21.3% when including treasury stock).

As of December 10, 2020, the Company acquired 76.8% interests (excluding treasury stock, 74.0% when including treasury stock) in Woori Financial Capital Co., Ltd. (formerly Aju Capital Co., Ltd.). In addition, as of April 15, 2021, the Company acquired an additional 13.3% interests in Woori Financial Capital Co., Ltd. (excluding treasury stock, 12.9% in the case of including treasury stock), and as of May 24, 2021, the Company additionally acquired treasury stock(3.6%) which Woori Financial Capital possessed.

As of March 12, 2021, the Company paid 113,238 million Won in cash to acquire 100% interests on Woori Savings Bank from Woori Financial Capital Co., Ltd., our subsidiary.

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

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

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

As of March 23, 2023, the Company acquired a 53.9% interests in Woori Venture Partners Co., Ltd. (formerly Daol Investment Co., Ltd.) (excluding treasury stock, 52.0% in the case of including treasury stock). In addition, as of May 30, 2023, the Company additionally acquired treasury stock held by Woori Venture Partners Co., Ltd. (3.5%).

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

As of January 29, 2024, the Company owned interest (77.5%) of Woori Asset Management Corp, as a result of merger with Woori Asset Management Corp (surviving company) and Woori Global Asset Management Co., Ltd. (dissolution company), which was liquidated. As of March 29, 2024, the Company acquired residual interest(22.5%) of Woori Asset Management Corp, to make it a wholly owned subsidiary.

On March 25, 2024, the Company participated in the capital increase and acquired the 1,062,045 shares (96.7% after acquiring shares, 79.4% including treasury shares) of Woori Asset Trust Co., Ltd.. Additionally, on March 29, 2025, Woori Asset Trust Co., Ltd. conducted a complete retirement of its 738,000 treasury shares. In addition, as of April 8, 2024, the Company additionally acquired minority interests (2.0%) of Woori Asset Trust Co., Ltd.. Afterward, the Company additionally acquired minority interests (0.9%) of Woori Asset Trust Co., Ltd. as of November 19, 2024.

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

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

On July 31, 2025, the Company acquired the residual interest (0.4%) of Woori Asset Trust Co., Ltd., to make it a wholly owned subsidiary.

On November 28, 2025, the Company acquired minority interests (0.2%) of Woori Investment Securities Co., Ltd. As of December 19, 2025, the Company additionally acquired treasury stock (0.1%) and minority interests (0.2%) which Woori Investment Securities Co., Ltd. possessed.

**2.** **BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES** 

(1) Basis of presentation

The Company's separate financial statements are prepared in accordance with Korean International Financial Reporting Standards ("K-IFRS"). Material accounting policies applied in the preparation of the financial statements are described below.

The Company is preparing its financial statements in accordance with the K-IFRS, and the separate financial statements are prepared in accordance with K-IFRS 1027 *'Separate Financial Statements'*. The financial statements of the parent, associate or joint venture represent the investment assets in a manner that is based on direct equity investments, not based on the reported performance and net assets of the investee.

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

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

Meanwhile, the financial statements of the Company were initially approved by the Board of Directors on February 6, 2026, and were revised and approved on February 27, 2026, and the final approval will be made in the annual general shareholders' meeting on March 23, 2026.

1) The new standards and interpretations introduced from the current term and the resulting changes in accounting policies are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Amendments to K-IFRS 1021 *'The Effects of Changes in Foreign Exchange Rates' and 1101 'First-time Adoption of International Financial Reporting Standards'* – Lack of Exchangeability

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

2) The details of K-IFRS that have been issued and published as of December 31, 2025 but have not yet reached the effective date, and have not been early adopted by the Company are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Amendments to K-IFRS 1109 ' *Financial Instruments'*,
K-IFRS 1107 *'Financial Instruments: Disclosures'* 

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Annual Improvements to K-IFRS

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• K-IFRS 1107 *'Financial Instruments: Disclosures'*: Gain
or loss on derecognition, and implementation guidance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• K-IFRS 1109 *'Financial Instruments'*: Derecognition of
lease liabilities and definition of transaction price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• K-IFRS 1110 *'Consolidated Financial Statements'*:
Determination of a 'de facto agent'

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• K-IFRS 1007 *'Statement of Cash Flows'*: Cost method

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Amendments to K-IFRS 1109 Financial Instruments and K-IFRS 1107 Financial Instruments: Disclosures—Contracts Referencing Nature-dependent Electricity

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**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Amendments to K-IFRS 1118 ' *Presentation and Disclosure in Financial Statements'* 

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

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

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

The amendments are not expected to have a significant impact on the Company.

(2) Investments in subsidiaries and associates in separate financial statements

The Company selects and processes the cost method in accordance with K-IFRS 1027 for investments in subsidiaries, associates and jointly controlled entities, except for those classified as held for sale in accordance with K-IFRS 1105 *'Non-current Assets Held for Sale and Discontinued Operations'*. Dividends received from subsidiaries, associates and jointly controlled entities are recognized in profit or loss as dividend income when the right to receive dividends is established.

(3) Revenue recognition

K-IFRS 1115 requires the recognition of revenues based on transaction price allocated to the performance obligation when or as the Company performs the obligation to the customer. Revenues other than those from contracts with customers, such as interest revenue, are measured through the effective interest rate method.

1) Revenues from contracts with customers

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

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**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

2) Revenues from sources other than contracts with customers

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

The effective interest method is a method of calculating the amortized cost of debt securities (or group of financial assets) and of allocating the interest income over the expected life of the asset. The effective interest rate is the rate that exactly discounts estimated future cash flows to the instrument's initial total carrying amount over the expected period, or shorter if appropriate. Future cash flows include commissions and cost of reward points (limited to the primary component of effective interest rate) and other premiums or discounts that are paid or received between the contractual parties, and future cash flows exclude expected credit loss when calculating the effective interest rate. All contractual terms of a financial instrument are considered when estimating future cash flows.

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

3) Dividend income

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

(4) Accounting for foreign currencies

The Company's separate financial statements are presented in Korean Won, which is the functional currency of the Company. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at its prevailing exchange rates at the date.

(5) Cash and cash equivalents

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

(6) Financial assets and financial liabilities

1) Financial assets

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

On initial recognition, financial assets are classified into financial assets at FVTPL, financial assets at FVTOCI, and financial assets at amortized cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Business model

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

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**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Contractual cash flows

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Early payment features and maturity extension features

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contractual terms that limit the Company's claim on cash flows arising from certain assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Financial assets at FVTPL

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Financial assets at FVTOCI

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

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**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Financial assets at amortized cost

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

2) Financial liabilities

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

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

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

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

Financial liabilities not classified as financial liabilities at FVTPL are measured at amortized cost. The Company is classifying liabilities such as borrowings etc. as financial liabilities at amortized cost.

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**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

3) Reclassification

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

4) Derecognition

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

When a financial asset is fully derecognized, the difference between the book value and the sum of proceeds and accumulated other comprehensive income is recognized in profit or loss in case of debt instruments and recognized in retained earnings in case of equity instruments.

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

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

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

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**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

5) Fair value of financial instruments

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

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

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

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

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

Derivatives and equity securities without marketability are generally recognized at an amount computed by an independent appraiser. The Company uses the amount determined by the independent appraiser. The Company verifies the prices obtained from appraisers in various ways, including the evaluation of independent appraisers' competency, indirect verification through comparison between appraisers' price and other available market information, and reperformed by employees who have knowledge of valuation models and assumptions that appraisers used.

6) Expected credit losses on financial assets

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial assets at amortized cost

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Debt instruments measured at FVTOCI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contract assets as defined by K-IFRS 1115

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

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**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General approach: Financial assets that does not belong to below two models and unused loan commitments

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

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

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

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

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

The expected credit losses on financial assets at amortized cost is measured by the difference between the contractual cash flows during the period and the present value of expected cash flows. Expected cash inflows are computed for individually significant financial assets in order to calculate expected credit losses.

When financial assets that are not individually significant, they are included in a group of financial assets with similar credit risk characteristics and expected credit losses of the Company are calculated collectively.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Measurement of expected credit losses on financial asset at FVTOCI

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

(7) Offsetting financial instruments

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

(8) Premises and equipment

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

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

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**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

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

---

| | | |
|:---|:---|:---|
|  | Useful life | Useful life |
|  Leasehold Improvement |  | 5 years |
|  Equipment and Vehicles |  | 5 years |

---

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

(9) Intangible assets and goodwill

The Company is recognizing intangible assets measured at the manufacturing cost or acquisition cost plus additional incidental expenses less accumulated amortization and accumulated impairment losses. The Company's intangible asset are amortized over the following economic lives using the straight-line method. However, for some intangible assets, the period of time that is expected to be available is not predictable, so the useful life of some intangible assets is assessed as indefinite and not depreciated.

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

---

| | | |
|:---|:---|:---|
|  | Useful life | Useful life |
|  Software |  | 1~5 years |
|  Development cost |  | 5 years |

---

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

(10) Impairment of non-monetary assets

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

(11) Derivative instruments

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

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

Derivatives with a positive fair value(+) are recognized as financial assets, and derivatives with a negative fair value(-) are recognized as financial liabilities. Derivatives in financial statements are not offset unless they have a legally enforceable right to set-off or intend to set-off.

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**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

(12) Provisions

The Company recognizes provision if it has present or contractual obligations as a result of the past event, it is probable that an outflow of resources will be required to settle the obligation and the amount of the obligation is reliably estimated. Provision is not recognized for the future operating losses.

The Company recognizes the expenses incurred in recovering the leased asset to its original state, under the terms of the lease, as a provision at the commencement date of lease or at a specific period of time when the asset is liable as a result of its use. The provision is measured as the best estimate of the expenditure required to recover the asset and is regularly reviewed and adapted to the new circumstances.

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

The balance of provisions is reviewed at the end of each reporting period and adjusted to reflect the best estimate as of the end of the reporting period.

(13) Equity instruments issued by the Company

1) Capital and compound financial instruments

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

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

2) Hybrid securities

In case of hybrid securities that have the unconditional right to avoid contractual obligations, such as to deliver cash or other financial assets related to financial instruments, they are classifies as equity instruments and presented as part of equity.

(14) Employee benefits and pensions

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

The Company is operating defined benefit plans. For defined benefit plans, the defined benefit liability is calculated through an actuarial assessment using the projected unit credit method every end of the reporting period, conducted by professional actuaries. Remeasurement, comprising actuarial gains and losses, the return on plan assets (excluding interest), and the effect of the changes to the asset ceiling (if applicable) is reflected immediately in the separate statement of financial position with a charge or credit recognized in other comprehensive income in the period in which they occur.

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

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

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

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

Liabilities for termination benefits are recognized at the earlier of either 1) the date when the Company is no longer able to cancel its proposal for termination benefits or 2) the date when the Company has recognized the cost of restructuring that accompanies the payment of termination benefits.

(15) Income taxes

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

The Company, as a consolidation group for its wholly-owned subsidiaries applies consolidated tax return approach, in which the Company and its subsidiaries are consolidated into a single tax base and tax amount. The Company determined whether temporary differences are realizable by considering the Company and each subsidiary's future taxable income. For the changes in deferred income tax asset (liability), the Company recognized income tax expense (benefit), excluding the amounts that are directly adjusted from equity. Also, as the Company became the consolidation entity for tax filings and tax returns, it recognized the total amount of income tax payables as liabilities and individual tax amounts to be received from each of its wholly-owned subsidiaries as receivables.

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

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

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

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

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

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

(16) Earnings per share ("EPS")

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

(17) Share-based payments

For cash-settled share-based payment transactions that provide cash in return for the goods or services received, the Company measures the goods or services received, and the corresponding liability at the fair value and recognizes as employee benefit expenses and liabilities during the vesting period.

The fair value of the liability is remeasured at the end of each reporting period and the settlement date until the liability is settled, and changes in fair value are recognized as employee benefits.

(18) Leases

1) The Company determines whether the contract is, or contains, a lease at the date of initial application. A contract is or contains a lease if the right to control the use of an identified asset is transferred in exchange for the consideration received for a period of time. In determining whether a contract transfers control of the use of the identified asset, the Company uses the definition of lease in K-IFRS 1116. 

2) Lessee 

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

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

At the commencement date, a lease liability is measured at the present value of the lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the lease, if the rate can be readily determined. If the rate cannot be readily determined, the Company's incremental borrowing rate can be used. Generally, the Company uses incremental borrowing rate as a discount rate.

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

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

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed payments (including in-substance fixed payments)

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

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

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

A lease liability is subsequently measured by increasing the carrying amount to reflect interest rate on the lease liability and reducing the carrying amount to reflect the lease payments made. A lease liability is remeasured when future lease payments change, depending on the changes in an index or a rate, change in amounts expected to be payable due to residual value guarantees, assessment of whether the Company is reasonably certain to exercise the purchase option and extension option, the Company is not reasonably certain to exercise the termination options.

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

The company consider all relevant facts and circumstances that lead to economic incentives not to exercise the extension option or not exercising the termination option. The period of the extension option (or the period of the termination option) is included in the lease period only when it is reasonably certain that the lessee will exercise the extension option (or will not).

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

In the statement of financial position, the Company classified the right-of-use assets that do not meet the definition of investment property as 'Premises and equipment' and the lease liabilities as 'other financial liabilities.'

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

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

**3.** **MATERIAL ACCOUNTING ESTIMATES AND ASSUMPTIONS** 

The material accounting estimates and assumptions are continuously being evaluated based on numerous factors including historical experiences and expectations of future events considered to be reasonably possible. Actual results can differ from those estimates based on such definitions. The accounting estimates and assumptions that contain significant risk of materially changing current book values of assets and liabilities in the next accounting periods are as follows:

(1) Income taxes

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

(2) Valuation of financial instruments

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

As described in Note 2, (6) 5), 'Fair value of financial instruments', when valuation techniques are used to determine the fair value of a financial instrument, various general techniques are used, and various types of assumptions and variables are incorporated during the process.

(3) Impairment of financial instruments

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

---

| | | | |
|:---|:---|:---|:---|
| | Stage 1 | Stage 2 | Stage 3 |
| | Credit risk has not significantly increased since initial recognition(\*) | Credit risk has significantly increased since initial recognition | Credit has been impaired |
| Allowance for expected credit losses | Expected 12-month credit losses:<br>Expected credit losses due to possible defaults on financial instruments within a 12-month period from the end of reporting period. | Expected lifetime credit losses:<br>Expected credit losses from all possible defaults during the expected lifetime of the financial instruments. | Expected lifetime credit losses:<br>Expected credit losses from all possible defaults during the expected lifetime of the financial instruments. |

---

(\*) Credit risk may be considered to not have been significantly increased when credit risk is low at the end of reporting period.

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

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

(4) Defined benefit plan

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

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

**4.** **RISK MANAGEMENT** 

The Company is exposed to various risks that may arise from its operating activities and credit risk, market risk and liquidity risk are the main types of risks. In order to manage such risks, the Risk Management Department analyzes, assesses, and establishes risk management standards, including policies, guidelines, management systems and decision-making to ensure sound management of the Company.

The Risk Management Committee, Chief Risk Officer ("CRO") and the Risk Management Department are operated as risk management organizations. The board of directors operates the Risk Management Committee, composed of nonexecutive directors for professional risk management. The Risk Management Committee performs as the top decision-making body for risk management by establishing fundamental risk management policies that are consistent with the Company's management strategy and by determining the Company's acceptable level of risk.

CRO assists the Risk Management Committee and operates the Company Risk Management Council, which is composed of the risk management managers of the subsidiaries, to periodically check and improve the external environment and the Company's risk burden. The Risk Management Department which is independently structured, controls the risk management matter of the Company and reports key risks and assists decision-making.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Credit risk

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

1) Credit risk management

The Company measures expected loss on assets subject to credit risk management and uses it as a management indicator.

2) Maximum exposure

The maximum exposure to credit risk is as follows (Unit: Korean Won in millions):

---

| | | | |
|:---|:---|:---|:---|
|  |  | December 31, 2025 | December 31, 2024 |
|  Loans and other financial assets at amortized cost (\*) | Government |  | 1 |
|  | Banks | 649783 | 165144 |
|  | Corporates | 57359 | 39286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 707142 | 204431 |

---

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

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Credit risk exposure by geographical areas

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  | Korea | Korea | Korea | Korea |
|  Loans and other financial assets at amortized cost |  | 707142 |  | 204431 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Credit risk exposure by industries

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

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Finance and<br>insurance | Others | Total |
|  Loans and other financial assets at amortized cost | 706348 | 794 | 707142 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Finance and<br>insurance | Others | Total |
|  Loans and other financial assets at amortized cost | 203262 | 1169 | 204431 |

---

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

3) Credit risk exposure

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Stage 1 | Stage 1 | Stage 2 | Stage 2 | Stage<br>3 | Total | Loss<br>allowance | Total, net |
| Financial assets | Above<br>appropriate<br>credit rating (\*1) | Less than a<br>limited credit<br>rating<br>(\*2) | Above<br>appropriate<br>credit rating<br>(\*1) | Less than a<br>limited credit<br>rating<br>(\*2) | Stage<br>3 | Total | Loss<br>allowance | Total, net |
|  Loans and other financial assets at amortized cost | 707142 |  |  |  |  | 707142 |  | 707142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 649783 |  |  |  |  | 649783 |  | 649783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporates | 57359 |  |  |  |  | 57359 |  | 57359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General business | 57359 |  |  |  |  | 57359 |  | 57359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 707142 |  |  |  |  | 707142 |  | 707142 |

---

(\*1) Credit grade of corporates are AAA ~ BBB.

(\*2) Credit grade of corporates are BBB- ~ C.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Stage 1 | Stage 1 | Stage 2 | Stage 2 | Stage 3 | Total | Loss<br>allowance | Total, net |
| Financial assets | Above<br>appropriate<br>credit rating<br>(\*1) | Less than a<br>limited credit<br>rating<br>(\*2) | Above<br>appropriate<br>credit rating<br>(\*1) | Less than a<br>limited credit<br>rating<br>(\*2) | Stage 3 | Total | Loss<br>allowance | Total, net |
|  Loans and other financial assets at amortized cost | 204487 |  |  |  |  | 204487 | (56) | 204431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government | 1 |  |  |  |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 165200 |  |  |  |  | 165200 | (56) | 165144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporates | 39286 |  |  |  |  | 39286 |  | 39286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General business | 39286 |  |  |  |  | 39286 |  | 39286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 204487 |  |  |  |  | 204487 | (56) | 204431 |

---

(\*1) Credit grade of corporates are AAA ~ BBB.

(\*2) Credit grade of corporates are BBB- ~ C.

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

(2) Market risk

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

The Company estimates and manages risks related to changes in interest rate due to the difference in the maturities of interest-bearing assets and liabilities and discrepancies in the terms of interest rates. Cash flows (both principal and interest), interest bearing assets and liabilities, presented by each re-pricing date, are as follows (Unit: Korean Won in millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Within 3<br>months<br>(\*1) | 4 to 6<br>months | 7 to 9<br>months | 10 to 12<br>months | 1 to 5<br>years | Over 5<br>years | Total |
|  Asset: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other financial assets at amortized cost (\*1) | 491418 |  |  |  |  |  | 491418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at FVTOCI (\*2) |  |  |  |  |  | 558162 | 558162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 491418 |  |  |  |  | 558162 | 1049580 |
|  Liability: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures | 98273 | 177479 | 324852 | 273257 | 1883466 | 60703 | 2818030 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Within 3<br>months<br>(\*1) | 4 to 6<br>months | 7 to 9<br>months | 10 to 12<br>months | 1 to 5<br>years | Over 5<br>years | Total |
|  Asset: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other financial assets at amortized cost (\*1) | 1293729 |  |  |  |  |  | 1293729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at FVTOCI (\*2) |  |  |  |  |  | 553518 | 553518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 1293729 |  |  |  |  | 553518 | 1847247 |
|  Liability: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures | 14965 | 114700 | 222634 | 12083 | 1770174 | 62019 | 2196575 |

---

(\*1) The principal and interest cash flows of cash and cash equivalents are included in the cash flows within three months, with 491,418 million Won and 1,192,702 million Won as of December 31, 2025 and 2024, respectively.

(\*2) Due to the uncertain timing of the sale, it is included in the section for over 5 years in accordance with the expiration of the remaining contract.

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

(3) Liquidity risk

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

1) Liquidity risk management

Liquidity risk management is to prevent damages from potential liquidity shortages with effective risk management that could arise from mismatching the maturity of assets and liabilities or unexpected cash outflows. The financial liabilities in the statement of financial position that are relevant to liquidity risk are incorporated within the scope of risk management.

The Company manages liquidity risk through various cash flows analysis (i.e. based on remaining maturity and contract period, etc.).

2) Maturity analysis of non-derivative financial liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Cash flows of principals and interests by remaining contractual maturities of non-derivative financial liabilities are as follows (Unit: Korean Won in millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Within 3<br>months | 4 to 6<br>months | 7 to 9<br>months | 10 to 12<br>months | 1 to 5<br>years | Over<br>5 years | Total |
|  Debentures | 98273 | 177479 | 324852 | 273257 | 1883466 | 60703 | 2818030 |
|  Lease liabilities | 810 | 793 | 786 | 788 | 338 |  | 3515 |
|  Other financial liabilities (\*) | 21255 | 52318 | 1760 | 268 | 16722 |  | 92323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 120338 | 230590 | 327398 | 274313 | 1900526 | 60703 | 2913868 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Within 3<br>months | 4 to 6<br>months | 7 to 9<br>months | 10 to 12<br>months | 1 to 5<br>years | Over<br>5 years | Total |
|  Debentures | 14965 | 114700 | 222634 | 12083 | 1770174 | 62019 | 2196575 |
|  Lease liabilities | 778 | 776 | 772 | 769 | 328 |  | 3423 |
|  Other financial liabilities (\*) | 19176 |  | 8768 | 281 | 44798 |  | 73023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 34919 | 115476 | 232174 | 13133 | 1815300 | 62019 | 2273021 |

---

(\*) It does not include lease liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Cash flows of principals and interests by expected maturities of non-derivative financial liabilities are as follows (Unit: Korean Won in millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Within 3<br>months | 4 to 6<br>months | 7 to 9<br>months | 10 to 12<br>months | 1 to 5<br>years | Over 5<br>years | Total |
|  Debentures | 98273 | 177479 | 324852 | 273257 | 1883466 | 60703 | 2818030 |
|  Lease liabilities | 810 | 793 | 786 | 788 | 338 |  | 3515 |
|  Other financial liabilities (\*) | 21255 | 52318 | 1760 | 268 | 16722 |  | 92323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 120338 | 230590 | 327398 | 274313 | 1900526 | 60703 | 2913868 |

---

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Within 3<br>months | 4 to 6<br>months | 7 to 9<br>months | 10 to 12<br>months | 1 to 5<br>years | Over 5<br>years | Total |
|  Debentures | 14965 | 114700 | 222634 | 12083 | 1770174 | 62019 | 2196575 |
|  Lease liabilities | 778 | 776 | 772 | 769 | 328 |  | 3423 |
|  Other financial liabilities (\*) | 19176 |  | 8768 | 281 | 44798 |  | 73023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 34919 | 115476 | 232174 | 13133 | 1815300 | 62019 | 2273021 |

---

(\*) It does not include lease liabilities.

3) Maturity analysis of derivative financial liabilities

There are no derivative financial liabilities measured at fair value through profit or loss as of December 31, 2025 and 2024.

(4) Capital management

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

According to the above regulations, the Company is in compliance with the following minimum requirements, maintaining a Common Equity Tier 1 capital ratio of 9.0%, a Tier 1 capital ratio of 10.5%, and a Total capital ratio of 12.5%, respectively.

Details of the Company's capital adequacy ratio calculated based on the consolidated financial statements are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
| Details | December 31, 2025(\*) | December 31, 2024 |
|  Tier 1 capital | 30222734 | 28522910 |
|  Other Tier 1 capital | 4556265 | 4869567 |
|  Tier 2 capital | 3020751 | 3535362 |
|  Total risk-adjusted capital | 37799750 | 36927839 |
|  Risk-weighted assets for credit risk | 209094901 | 210365462 |
|  Risk-weighted assets for market risk | 3101409 | 3125478 |
|  Risk-weighted assets for operational risk | 22345759 | 21609530 |
|  Total risk-weighted assets | 234542069 | 235100470 |
|  Common Equity Tier 1 ratio | 12.89% | 12.13% |
|  Tier 1 capital ratio | 14.83% | 14.20% |
|  Total capital ratio | 16.12% | 15.71% |

---

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

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

**5.** **CASH AND CASH EQUIVALENTS** 

(1) Details of cash and cash equivalents are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Demand deposits | 24321 | 11912 |
|  Fixed deposits | 465000 | 1174000 |
|  Total | 489321 | 1185912 |

---

(2) Significant transactions of investing activities and financing activities not involving cash inflows and
outflows are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 |
|  Changes in other comprehensive income related to valuation of financial assets at FVTOCI | 3328 | 10164 |
|  Changes in right-of-use assets due to new contract | 3951 | 3192 |
|  Changes in lease liabilities due to new contract | 3887 | 3126 |
|  Change in bond discount issuance differences due to bond issuance | 1599 | 1000 |

---

(3) Adjustments of liabilities from financing activities for the years ended December 31, 2025 and 2024 are as
follows (Unit: Korean Won in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Beginning | Cash flow | Not involving cash inflows and<br>outflows | Not involving cash inflows and<br>outflows | Ending |
|  | Beginning | Cash flow | Amortization | Others (\*) | Ending |
|  Debentures | 2037567 | 628401 | 1557 |  | 2667525 |
|  Lease liabilities | 3359 | (3201) | 68 | 3273 | 3499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 2040926 | 625200 | 1625 | 3273 | 2671024 |

---

(\*) Changes in lease liabilities due to new contracts include 3,887 million Won.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Beginning | Cash flow | Not involving cash inflows and<br>outflows | Not involving cash inflows and<br>outflows | Ending |
|  | Beginning | Cash flow | Amortization | Others (\*) | Ending |
|  Debentures | 1587659 | 449000 | 908 |  | 2037567 |
|  Lease liabilities | 3203 | (3000) | 88 | 3068 | 3359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 1590862 | 446000 | 996 | 3068 | 2040926 |

---

(\*) Changes in lease liabilities due to new contracts include 3,126 million Won.

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

**6.** **FINANCIAL ASSETS AT FVTOCI** 

(1) Details of financial assets at FVTOCI as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in
millions):

---

| | | | |
|:---|:---|:---|:---|
|  | Issuer | December 31, 2025 | December 31, 2024 |
|  Hybrid securities | Woori Card Co., Ltd. | 359023 | 357093 |
|  | Woori Financial Capital Co., Ltd. | 199139 | 196425 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 558162 | 553518 |

---

(2) Details of equity securities designated as financial assets at FVTOCI as of December 31, 2025 and 2024 are
as follows (Unit: Korean Won in millions):

---

| | | | |
|:---|:---|:---|:---|
|  | Issuer | December 31, 2025 | December 31, 2024 |
|  Investment for political purpose | Woori Card Co., Ltd. | 359023 | 357093 |
|  | Woori Financial Capital Co., Ltd. | 199139 | 196425 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 558162 | 553518 |

---

**7.** **LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST** 

(1) Details of loans and other financial assets at amortized cost as of December 31, 2025 and 2024 are as
follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Due from banks |  | 99944 |
|  Other financial assets | 707142 | 104487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 707142 | 204431 |

---

(2) Details of due from banks are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Due from banks in local currency: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from depository banks |  | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss allowance |  | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  | 99944 |

---

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

(3) Changes in the allowance for credit losses and gross carrying amount of due from banks are as follows (Unit:
Korean Won in millions):

1) Allowance for credit losses

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | (56) |  |  | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of provision of allowance for credit loss | 56 |  |  | 56 |
|  Ending balance |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | (654) |  |  | (654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of provision of allowance for credit loss | 598 |  |  | 598 |
|  Ending balance | (56) |  |  | (56) |

---

2) Gross carrying amount 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | 100000 |  |  | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease | (100000) |  |  | (100000) |
|  Ending balance |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | 1074000 |  |  | 1074000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease | (974000) |  |  | (974000) |
|  Ending balance | 100000 |  |  | 100000 |

---

(4) Details of other financial assets are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Receivables | 701643 | 95857 |
|  Accrued income | 3387 | 6520 |
|  Lease deposits | 2112 | 2109 |
|  Other assets |  | 1 |
|  Loss allowance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 707142 | 104487 |

---

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

(5) Changes in the allowances for credit losses and gross carrying amount of other financial assets are as follows
(Unit: Korean Won in millions):

1) Allowance for credit losses

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of allowance for credit loss |  |  |  |  |
|  Ending balance |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | (9) |  |  | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of allowance for credit loss | 9 |  |  | 9 |
|  Ending balance |  |  |  |  |

---

2) Gross carrying amount 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | 104487 |  |  | 104487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase | 602655 |  |  | 602655 |
|  Ending balance | 707142 |  |  | 707142 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
|  Beginning balance | 31478 |  |  | 31478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase | 73009 |  |  | 73009 |
|  Ending balance | 104487 |  |  | 104487 |

---

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

**8.** **FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES** 

(1) The fair value hierarchy

The fair value hierarchy is determined by the levels of judgment involved in estimating fair values of financial assets and liabilities. The specific financial instruments characteristics and market condition such as volume of transactions and transparency are reflected to the market observable inputs. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value of its financial assets and financial liabilities. Fair value is measured based on the perspective of a market participant. As such, even when market assumptions are not readily available, the Company's own assumptions reflect those that market participants would use for measuring the assets or liabilities at the measurement date.

The fair value measurement is described in the one of the following three levels used to classify fair value measurements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—fair value measurements are those derived from quoted prices (unadjusted) in active markets for
identical assets or liabilities. The types of financial assets or liabilities generally included in Level 1 are publicly traded equity securities, derivatives, and debt securities issued by governmental bodies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2— fair value measurements are those derived from inputs other than quoted prices included
within Level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices). The types of financial assets or liabilities generally included in Level 2 are debt securities not
traded in active markets and derivatives traded in OTC but not required significant judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3— fair value measurements are those derived from valuation technique that include inputs for
the assets or liabilities that are not based on observable market data (unobservable inputs). The types of financial assets or liabilities generally included in Level 3 are non-public securities and
derivatives and debt securities of which valuation techniques require significant judgments and subjectivity.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to a fair value measurement in its entirety requires judgment and consideration of inherent factors of the asset or liability.

(2) Fair value hierarchy of financial assets and liabilities measured at fair value are as follows (Unit: Korean
Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Level 1 | Level 2 | Level 3 | Total |
|  Financial assets: |  |  |  |  |
|  Financial assets at FVTOCI |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hybrid securities |  |  | 558162 | 558162 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Level 1 | Level 2 | Level 3 | Total |
|  Financial assets: |  |  |  |  |
|  Financial assets at FVTOCI |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hybrid securities |  |  | 553518 | 553518 |

---

Financial assets measured at FVTPL and financial assets measured at FVTOCI are recognized at fair value. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.

Financial instruments are measured at fair value using a quoted market price in active markets. If there is no active market for a financial instrument, the Company determines the fair value using valuation methods. Valuation methods and input variables for each type of financial instruments are as follows:

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

<u> Valuation methods</u> <u> Input variables</u> <br> Hybrid securities The fair value is measured using the Hull and White model and the Monte Carlo Simulations. YTM Matrix, Additive spread by grade, Risk spread by entity, Effective Credit rating, Issuing information by item, Interest rate volatility estimate

Valuation methods of financial assets and liabilities measured at fair value and classified into Level 3 and significant but unobservable inputs are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Fair value<br> measurement<br> technique | Type | Significant<br>unobservable<br>inputs | Range | Impact of changes in significant<br>unobservable inputs on fair<br>value measurement |
| Hybrid securities | Hull and White, Monte Carlo Simulation | Hybrid securities related | Interest rate volatility estimate, Discount rate | Interest rate volatility estimate 0.50%<br> Discount rate<br> 3. 32% ~ 6.59% | Variation of fair value increases as variation of interest rate volatility estimate increases. |

---

The fair value of financial assets classified as level 3 uses external valuation figures.

(3) Changes in financial assets and liabilities measured at fair value classified into Level 3 are as follows.
(Unit: Korean Won in millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Beginning<br>balance | Net<br>Income | Other<br>comprehensive<br>income | Purchases/<br>issuances | Disposals/<br>settlements | Transfer to or<br>out of<br>Level 3 | Ending<br>balance |
|  Financial assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at FVTOCI |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hybrid securities | 553518 |  | 4644 | 150000 | (150000) |  | 558162 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Beginning<br>balance | Net<br>Income | Other<br>comprehensive<br>income | Purchases/<br>issuances | Disposals/<br>settlements | Transfer to or<br>out of<br>Level 3 | Ending<br>balance |
|  Financial assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at FVTOCI |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hybrid securities | 539709 |  | 13809 |  |  |  | 553518 |

---

(4) Sensitivity analysis results on reasonable fluctuation of the significant unobservable input variables for the
fair value of Level 3 financial instruments are as follows.

The sensitivity analysis on financial instruments shows how changes in unobservable inputs affect changes in fair value of the instruments through favorable and unfavorable changes. When the fair value of a financial instrument is affected by more than one unobservable assumption, the below table reflects the most favorable or the most unfavorable changes which resulted from varying the assumptions individually. The sensitivity analysis was performed for hybrid securities of which fair value changes are recognized as other comprehensive income among level 3 financial instruments.

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

The following table presents the sensitivity analysis to disclose the effect of reasonably possible volatility.(Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Net income | Net income | Other comprehensive income (loss) | Other comprehensive income (loss) |
|  | Favorable | Unfavorable | Favorable | Unfavorable |
|  Financial assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at FVTOCI |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hybrid securities (\*) |  |  | 13482 | (13065) |

---

---

| | |
|:---|:---|
| (\*) | Fair value changes of hybrid securities are calculated by increasing or decreasing discount rate, which is the major unobservable variable, by 1%, respectively.  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Net income | Net income | Other comprehensive income (loss) | Other comprehensive income (loss) |
|  | Favorable | Unfavorable | Favorable | Unfavorable |
|  Financial assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at FVTOCI |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hybrid securities (\*) |  |  | 11910 | (11567) |

---

---

| | |
|:---|:---|
| (\*) | Fair value changes of hybrid securities are calculated by increasing or decreasing discount rate, which is the major unobservable variable, by 1%, respectively.  |

---

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

(5) Fair value and carrying amount of financial assets and liabilities that are recorded at amortized cost are as
follows (Unit: Korean Won in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Fair value | Fair value | Fair value | Fair value | Carrying amount |
|  | Level 1 | Level 2 | Level 3 | Total | Carrying amount |
|  Financial assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other financial assets at amortized cost (\*1) |  |  | 707142 | 707142 | 707142 |
|  Financial liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures |  | 2636297 |  | 2636297 | 2667525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial liabilities (\*1) (\*2) |  |  | 92323 | 92323 | 92323 |

---

---

| | |
|:---|:---|
| (\*1) | The carrying amount is disclosed at fair value considering the carrying amount as an approximation of fair value.  |

---

(\*2) It does not include lease liabilities.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Fair value | Fair value | Fair value | Fair value | Carrying amount |
|  | Level 1 | Level 2 | Level 3 | Total | Carrying amount |
|  Financial assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other financial assets at amortized cost (\*1) |  |  | 204431 | 204431 | 204431 |
|  Financial liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures |  | 2010571 |  | 2010571 | 2037567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial liabilities (\*1) (\*2) |  |  | 73023 | 73023 | 73023 |

---

---

| | |
|:---|:---|
| (\*1) | The carrying amount is disclosed at fair value considering the carrying amount as an approximation of fair value.  |

---

(\*2) It does not include lease liabilities.

The fair values of financial instruments are measured using quoted market price in active markets. In case there is no active market for financial instruments, the Company determines the fair value using valuation methods. For the disclosed items in which book value is considered to be the approximate value of fair value, valuation techniques and input variables are not disclosed. Valuation techniques and input variables for the fair value of financial liabilities that are recorded at amortized cost are as follows:

<u> Valuation methods</u> <u> Input variables</u> <br> Debentures The fair value is measured by discounting the projected cash flows of debt products by applying the market discount rate that is reflecting credit rating of the Company. Risk-free market rate, etc.

(6) Financial instruments by category

Carrying amounts of financial assets and liabilities by each category are as follows (Unit: Korean Won in millions):

1) Financial assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Financial assets | Financial assets at<br>FVTPL | Financial assets at<br>FVTOCI | Financial assets at<br>amortized cost | Total |
|  Due from banks |  |  |  |  |
|  Hybrid securities |  | 558162 |  | 558162 |
|  Other financial assets |  |  | 707142 | 707142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  | 558162 | 707142 | 1265304 |

---

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Financial assets | Financial assets at<br>FVTPL | Financial assets at<br>FVTOCI | Financial assets at<br>amortized cost | Total |
|  Due from banks |  |  | 99944 | 99944 |
|  Hybrid securities |  | 553518 |  | 553518 |
|  Other financial assets |  |  | 104487 | 104487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  | 553518 | 204431 | 757949 |

---

2) Financial liabilities

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
| Financial liabilities | Financial liabilities at<br>FVTPL | Financial liabilities at<br>amortized cost | Financial liabilities<br>at FVTPL | Financial<br>liabilities at<br>amortized cost |
|  Debentures |  | 2667525 |  | 2037567 |
|  Other financial liabilities (\*) |  | 92323 |  | 73023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  | 2759848 |  | 2110590 |

---

(\*) It does not include lease liabilities.

(7) Income or expense from financial instruments by category

Income or expense from financial assets and liabilities by each category for the years ended December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Interest income<br>(expense) | Reversal of<br>credit loss | Gain on<br>transactions<br>and valuation | Dividends | Total |
|  Financial assets at FVTPL |  |  |  |  |  |
|  Financial assets at FVTOCI |  |  |  | 25588 | 25588 |
|  Loans and other financial assets at amortized cost (\*) | 28296 | 56 |  |  | 28352 |
|  Financial liabilities at amortized cost | (72699) |  |  |  | (72699) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | (44403) | 56 |  | 25588 | (18759) |

---

(\*) 21,925 million Won interest income of cash and cash equivalents are included.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Interest income<br>(expense) | Reversal of<br>credit loss | Gain on<br>transactions<br>and valuation | Dividends | Total |
|  Financial assets at FVTPL |  |  |  |  |  |
|  Financial assets at FVTOCI |  |  |  | 25545 | 25545 |
|  Loans and other financial assets at amortized cost (\*) | 51778 | 608 |  |  | 52386 |
|  Financial liabilities at amortized cost | (49515) |  |  |  | (49515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 2263 | 608 |  | 25545 | 28416 |

---

(\*) 7,201 million Won interest income of cash and cash equivalents are included.

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

**9.** **INVESTMENTS IN SUBSIDIARIES** 

(1) Details of Investments in subsidiaries are as follows (Unit: Korean Won in millions and number of shares):

---

| | | | |
|:---|:---|:---|:---|
| Subsidiaries (\*1) | Location | Capital<br>stock | Main business |
|  Woori Bank | Korea | 3581400 | Bank |
|  Tongyang Life Insurance Co., Ltd. | Korea | 806800 | Insurance |
|  Woori Card Co., Ltd. | Korea | 896300 | Finance |
|  Woori Financial Capital Co., Ltd. | Korea | 373800 | Finance |
|  Woori Investment Securities Co., Ltd. | Korea | 242900 | Investment Brokerage |
|  ABL Life Insurance Co., Ltd. | Korea | 15500 | Insurance |
|  Woori Asset Trust Co., Ltd. | Korea | 16900 | Real estate trust |
|  Woori Savings Bank | Korea | 187400 | Mutual saving bank |
|  Woori Asset Management Corp | Korea | 24000 | Finance |
|  Woori Venture Partners Co., Ltd. | Korea | 50000 | Other financial services |
|  Woori Private Equity Asset Management Co., Ltd. | Korea | 80000 | Finance |
|  Woori F&I Co., Ltd. | Korea | 31500 | Finance |
|  Woori Credit Information Co., Ltd. | Korea | 5000 | Credit information |
|  Woori Fund Service Co., Ltd. | Korea | 10000 | Financial support service<br>business |
|  Woori FIS Co., Ltd. | Korea | 24500 | System software<br>development & maintenance |
|  Woori Finance Research Institute Co., Ltd. | Korea | 3000 | Other service business |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Subsidiaries (\*1) | Number of<br>shares | Percentage of<br>ownership<br>(%) (\*2) | Financial statements<br>date of use | Number of<br>shares | Percentage of<br>ownership<br>(%) (\*2) | Financial statements<br>date of use |
|  Woori Bank | 716000000 | 100 | December 31, 2025 | 716000000 | 100 | December 31, 2024 |
|  Tongyang Life Insurance Co., Ltd. | 121565627 | 77.9 | December 31, 2025 |  |  |  |
|  Woori Card Co., Ltd. | 179266200 | 100 | December 31, 2025 | 179266200 | 100 | December 31, 2024 |
|  Woori Financial Capital Co., Ltd. | 74757594 | 100 | December 31, 2025 | 74757594 | 100 | December 31, 2024 |
|  Woori Investment Securities Co., Ltd. | 485329227 | 99.9 | December 31, 2025 | 483141111 | 99.5 | December 31, 2024 |
|  ABL Life Insurance Co., Ltd. | 3106736 | 100 | December 31, 2025 |  |  |  |
|  Woori Asset Trust Co., Ltd. | 3382645 | 100 | December 31, 2025 | 3368645 | 99.6 | December 31, 2024 |
|  Woori Savings Bank | 37476895 | 100 | December 31, 2025 | 37476895 | 100 | December 31, 2024 |
|  Woori Asset Management Corp | 4797154 | 100 | December 31, 2025 | 4797154 | 100 | December 31, 2024 |
|  Woori Venture Partners Co., Ltd. | 100000000 | 100 | December 31, 2025 | 100000000 | 100 | December 31, 2024 |
|  Woori Private Equity Asset Management Co., Ltd. | 16000000 | 100 | December 31, 2025 | 16000000 | 100 | December 31, 2024 |
|  Woori F&I Co., Ltd. | 6298895 | 100 | December 31, 2025 | 6298895 | 100 | December 31, 2024 |
|  Woori Credit Information Co., Ltd. | 1008000 | 100 | December 31, 2025 | 1008000 | 100 | December 31, 2024 |
|  Woori Fund Service Co., Ltd. | 2000000 | 100 | December 31, 2025 | 2000000 | 100 | December 31, 2024 |
|  Woori FIS Co., Ltd. | 4900000 | 100 | December 31, 2025 | 4900000 | 100 | December 31, 2024 |
|  Woori Finance Research Institute Co., Ltd. | 600000 | 100 | December 31, 2025 | 600000 | 100 | December 31, 2024 |

---

(\*1) Only subsidiaries invested directly by the Company are included.

---

| | |
|:---|:---|
| (\*2) | The percentage is based on the effective shareholding rate relative to the number of stocks outstanding.  |

---

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

(2) Changes in the carrying value of investments in subsidiaries are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Beginning balance | Acquisition | Impairment<br>losses | Ending balance |
|  Woori Bank | 18921151 |  |  | 18921151 |
|  Tongyang Life Insurance Co., Ltd. (\*1) |  | 1283935 |  | 1283935 |
|  Woori Card Co., Ltd. | 1118367 |  |  | 1118367 |
|  Woori Financial Capital Co., Ltd. | 1003206 |  |  | 1003206 |
|  Woori Investment Securities Co., Ltd. (\*2) | 1263436 | 6361 |  | 1269797 |
|  ABL Life Insurance Co., Ltd. (\*1) |  | 269002 |  | 269002 |
|  Woori Asset Trust Co., Ltd. (\*3) (\*4) | 621722 | 1594 | 169414 | 453902 |
|  Woori Savings Bank | 313238 |  |  | 313238 |
|  Woori F&I Co., Ltd. | 320000 |  |  | 320000 |
|  Woori Asset Management Corp | 196825 |  |  | 196825 |
|  Woori Venture Partners Co., Ltd. | 336439 |  |  | 336439 |
|  Woori Private Equity Asset Management Co., Ltd. | 57797 |  |  | 57797 |
|  Woori Credit Information Co., Ltd. | 16466 |  |  | 16466 |
|  Woori Fund Service Co., Ltd. | 13939 |  |  | 13939 |
|  Woori FIS Co., Ltd. | 21754 |  |  | 21754 |
|  Woori Finance Research Institute Co., Ltd. | 1677 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 24206017 | 1560892 | 169414 | 25597495 |

---

---

| | |
|:---|:---|
| (\*1) | On July 1, 2025, the Company acquired 77.9% interest in Tongyang Life Insurance Co., Ltd. (excluding treasury stock, 75.3% in the case of including treasury stock) and 100% interest in ABL Life Insurance Co., Ltd., and incorporated them as consolidated subsidiaries.  |

---

---

| | |
|:---|:---|
| (\*2) | The Company acquired minority interests (0.2%) of Woori Investment Securities Co., Ltd. in November 2025 and additionally acquired treasury stock (0.1%) which Woori Investment Securities Co., Ltd. possessed and minority interests (0.2%) in December 2025.  |

---

---

| | |
|:---|:---|
| (\*3) | The Company acquired the residual interest (0.4%) of Woori Asset Trust Co., Ltd., to make it a wholly owned subsidiary in July 2025.  |

---

---

| | |
|:---|:---|
| (\*4) | An indicators for impairment was identified during the year ended December 31, 2025, and the recoverable amount was assessed accordingly. As a result, an impairment loss of 169,414 million Won was recognized, representing the difference between the recoverable amount and the carrying amount.  |

---

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Beginning balance | Acquisition | Disposal | Ending balance |
|  Woori Bank | 18921151 |  |  | 18921151 |
|  Woori Card Co., Ltd. | 1118367 |  |  | 1118367 |
|  Woori Financial Capital Co., Ltd. | 1003206 |  |  | 1003206 |
|  Woori Investment Securities Co., Ltd. (\*1) | 1207351 | 56085 |  | 1263436 |
|  Woori Asset Trust Co., Ltd. (\*2) | 403642 | 218080 |  | 621722 |
|  Woori Savings Bank (\*3) | 213238 | 100000 |  | 313238 |
|  Woori F&I Co., Ltd. (\*4) | 200000 | 120000 |  | 320000 |
|  Woori Asset Management Corp (\*5) | 122449 | 74376 |  | 196825 |
|  Woori Venture Partners Co., Ltd. | 336439 |  |  | 336439 |
|  Woori Private Equity Asset Management Co., Ltd. | 57797 |  |  | 57797 |
|  Woori Credit Information Co., Ltd. | 16466 |  |  | 16466 |
|  Woori Fund Service Co., Ltd. | 13939 |  |  | 13939 |
|  Woori FIS Co., Ltd. | 21754 |  |  | 21754 |
|  Woori Finance Research Institute Co., Ltd. | 1677 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1677 |
|  Woori Global Asset Management Co., Ltd. (\*6) | 33000 |  | 33000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 23670476 | 568541 | 33000 | 24206017 |

---

---

| | |
|:---|:---|
| (\*1) | On August 1, 2024, after merging with Korea Foss Securities Co., Ltd., the Company changed its name to Woori Investment Securities Co., Ltd., and the Company additionally acquired 2.3% interests of THE KOREA SECURITIES FINANCE CORPORATION and Fount co., Ltd.  |

---

---

| | |
|:---|:---|
| (\*2) | The capital increase amount of 200,000 million Won was made in March 2024, and the Company additionally acquired minority interests of 1.95% in April 2024. Afterward, the Company additionally acquired minority interests of 0.89% in November 2024.  |

---

---

| | |
|:---|:---|
| (\*3) | The Capital increase amount of 100,000 million Won was made in June 2024.  |

---

---

| | |
|:---|:---|
| (\*4) | The Capital increase amount of 120,000 million Won was made in May 2024.  |

---

---

| | |
|:---|:---|
| (\*5) | On January 29, 2024, Woori Asset Management Corp merged with Woori Global Asset Management Co., Ltd. and the Company acquired residual interest (22.5%) of Woori Asset Management Corp, to make it wholly subordinated on March 29, 2024.  |

---

(\*6) On January 29, 2024, it was merged into Woori Asset Management Corp and excluded from our subsidiaries.

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

**10.** **PREMISES AND EQUIPMENT** 

(1) Details of premises and equipment as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in
millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Building | Equipment and<br>Vehicles | Leasehold<br>improvements | Total |
|  Premises and equipment (owned) |  | 483 | &nbsp;&nbsp;&nbsp;&nbsp;839 | 1322 |
|  Right-of-use asset | 2895 | 546 |  | 3441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 2895 | 1029 | 839 | 4763 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Building | Equipment and<br>Vehicles | Leasehold<br>improvements | Total |
|  Premises and equipment (owned) |  | 605 | 1380 | 1985 |
|  Right-of-use asset | 2799 | 520 |  | 3319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 2799 | 1125 | 1380 | 5304 |

---

(2) Details of premises and equipment (owned) as of December 31, 2025 and 2024 are as follows (Unit: Korean
Won in millions):

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Equipment and Vehicles | Leasehold<br>improvements | Total |
|  Acquisition cost | 6549 | 6598 | 13147 |
|  Accumulated depreciation | (6066) | (5759) | (11825) |
|  Net carrying amount | 483 | 839 | 1322 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Equipment and Vehicles | Leasehold<br>improvements | Total |
|  Acquisition cost | 6403 | 6497 | 12900 |
|  Accumulated depreciation | (5798) | (5117) | (10915) |
|  Net carrying amount | 605 | 1380 | 1985 |

---

(3) Details of changes in premises and equipment (owned) are as follows (Unit: Korean Won in millions):

---

| | | | |
|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Equipment and Vehicles | Leasehold<br>improvements | Total |
|  Beginning balance | 605 | 1380 | 1985 |
|  Acquisitions | 147 | 101 | 248 |
|  Depreciation | (269) | (642) | (911) |
|  Ending balance | &nbsp;&nbsp;&nbsp;&nbsp;483 | 839 | 1322 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Equipment and Vehicles | Leasehold<br>improvements | Total |
|  Beginning balance | 1078 | 2053 | 3131 |
|  Acquisitions | 33 | 225 | 258 |
|  Depreciation | (506) | (898) | (1404) |
|  Ending balance | 605 | 1380 | 1985 |

---

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

(4) Details of right-of-use assets
as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Building | Equipment and Vehicles | Total |
|  Acquisition cost | 6560 | 1239 | 7799 |
|  Accumulated depreciation | (3665) | (693) | (4358) |
|  Net carrying amount | 2895 | 546 | 3441 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Building | Equipment and Vehicles | Total |
|  Acquisition cost | 7828 | 1167 | 8995 |
|  Accumulated depreciation | (5029) | (647) | (5676) |
|  Net carrying amount | 2799 | 520 | 3319 |

---

(5) Details of changes in right-of-use assets for the years ended December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

---

| | | | |
|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Building | Equipment and Vehicles | Total |
|  Beginning balance | 2799 | 520 | 3319 |
|  New contracts | 3485 | 466 | 3951 |
|  Termination |  | (21) | (21) |
|  Depreciation | (3389) | (419) | (3808) |
|  Ending balance | 2895 | 546 | 3441 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Building | Equipment and Vehicles | Total |
|  Beginning balance | 2970 | 508 | 3478 |
|  New contracts | 2799 | 393 | 3192 |
|  Modification | (38) |  | (38) |
|  Termination |  | (36) | (36) |
|  Depreciation | (2932) | (345) | (3277) |
|  Ending balance | 2799 | 520 | 3319 |

---

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

**11.** **INTANGIBLE ASSETS** 

(1) Details of intangible assets are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Software | Development cost | Membership deposit | Total |
|  Acquisition cost | 5041 | 3622 | 2371 | 11034 |
|  Accumulated amortization | (4781) | (3292) |  | (8073) |
|  Net carrying amount | 260 | 330 | 2371 | 2961 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Software | Development cost | Membership deposit | Total |
|  Acquisition cost | 4631 | 3622 | 2371 | 10624 |
|  Accumulated amortization | (4339) | (2977) |  | (7316) |
|  Net carrying amount | 292 | 645 | 2371 | 3308 |

---

(2) Details of changes in intangible assets are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Software | Development cost | Membership<br>deposit | Total |
|  Beginning balance | 292 | 645 | 2371 | 3308 |
|  Acquisitions | 410 |  |  | 410 |
|  Amortization | (442) | (315) |  | (757) |
|  Ending balance | 260 | 330 | 2371 | 2961 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Software | Development cost | Membership<br>deposit | Total |
|  Beginning balance | 487 | 1194 | 2371 | 4052 |
|  Acquisitions | 303 |  |  | 303 |
|  Amortization | (498) | (549) |  | (1047) |
|  Ending balance | 292 | 645 | 2371 | 3308 |

---

**12.** **OTHER ASSETS** 

Details of other assets are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  Prepaid expenses |  | 315 |  | 281 |
|  Advance payments |  |  |  | 155389 |
|  |  | 315 |  | 155670 |

---

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

**13.** **DEBENTURES** 

Details of debentures are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  | Interest rate (%) | Amount | Interest rate (%) | Amount |
|  Face value of bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General bonds | 2.19~4.25 | 1720000 | 2.19~4.25 | 1090000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated bonds | 2.13~2.55 | 950000 | 2.13~2.55 | 950000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total |  | 2670000 |  | 2040000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounts on bonds |  | (2475) |  | (2433) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  | 2667525 |  | 2037567 |

---

**14.** **PROVISIONS** 

(1) Details of provisions are as follows (Unit: Korean Won in millions):

<u>December 31, 2025</u> <u>December 31, 2024</u> <br> Asset retirement obligation 1,897 1,252

(2) Changes in asset retirement obligation are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 |
|  Beginning balance | 1252 | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | 55 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal due to modification | 590 | (21) |
|  Ending balance | 1897 | 1252 |

---

The amount of the asset retirement obligation is the present value of the best estimate of future expected expenditure to settle the obligation – arising from leased assets used as offices as of December 31, 2025, discounted by appropriate discount rate. The restoration cost is expected to occur by the end of the lease period of each office, and the Company used the average amount of the major subsidiaries' actual recovery cost and the inflation rate for the past 3 years in order to estimate future recovery cost.

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

**15.** **NET DEFINED BENEFIT ASSET** 

The retirement benefit of the Company is based on the defined benefit retirement pension plan.

Employees and directors with one or more years of service are entitled to receive a payment upon termination of their employment, based on their length of service and rate of salary at the time of termination. The assets of the plans are measured at their fair value at the end of the reporting date. The plan liabilities are measured using the projected unit method, which takes account of projected earnings increases, using actuarial assumptions that give the best estimate of the future cash flows that will arise under the plan liabilities.

The Company is exposed to various risks through defined benefit retirement pension plan, and the most significant risks are as follows:

---

| | |
|:---|:---|
|  Volatility of asset | The defined benefit obligation was estimated with a discount rate calculated based on the return on high quality corporate bond. A deficit may occur if the rate of return of plan assets falls short of the discount rate. |
|  Decrease in profitability of high quality bonds | A decrease in profitability of high quality bonds will be offset by some increase in the value of debt securities that the employee benefit plan owns but will bring an increase in the defined benefit obligation. |
|  Risk of inflation | Defined benefit obligations are related to inflation rate; the higher the inflation rate is, the higher the level of liabilities. Therefore, deficit occurs in the system if an inflation rate increases. |

---

(1) Details of net defined benefit asset are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Present value of defined benefit obligation | (16255) | (14313) |
|  Fair value of plan assets | 18363 | 15691 |
|  Net defined benefit asset | 2108 | 1378 |

---

(2) Changes in the carrying value of defined benefit obligation are as follows (Unit: Korean Won in millions):

---

| | | | |
|:---|:---|:---|:---|
| | | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 |
|  Beginning balance | Beginning balance | 14313 | 13280 |
|  Transfer-in / out | Transfer-in / out | (1060) | (412) |
|  Current service cost | Current service cost | 4570 | 3519 |
|  Past service cost | Past service cost | 1502 |  |
|  Interest cost | Interest cost | 584 | 586 |
|  Remeasurements | Financial assumption | 323 | 700 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Demographic assumptions |  | (25) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Experience adjustment | (762) | 473 |
|  Retirement benefit paid | Retirement benefit paid | (29) | (1559) |
|  Others | Others | (3186) | (2249) |
|  Ending balance | Ending balance | 16255 | 14313 |

---

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

(3) Changes in the plan assets are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 |
|  Beginning balance | 15691 | 17221 |
|  Transfer-in / out | (743) | (2517) |
|  Interest income | 623 | 794 |
|  Remeasurements | (116) | (247) |
|  Employer's contributions | 3400 | 1800 |
|  Retirement benefit paid | (492) | (1360) |
|  Ending balance | 18363 | 15691 |

---

(4) The fair value of plan assets as of December 31, 2025 and 2024 is as follows (Unit: Korean Won in
millions):

<u>December 31, 2025</u> <u>December 31, 2024</u> <br> Cash and due from banks 18,363 15,691

Meanwhile, among plan assets, realized returns on plan assets amount to 507 million Won and 547 million Won for the years ended December 31, 2025 and 2024, respectively. The contribution expected to be paid in the fiscal year beginning after the reporting period is 1,370 million Won.

(5) The amounts recognized in net income and total comprehensive income in relation to defined benefit plans are as
follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 |
|  Current service cost | 4570 | 3519 |
|  Past service cost | 1502 |  |
|  Net interest expense | (39) | (208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost recognized in net income | 6033 | 3311 |
|  Remeasurements (\*) | (323) | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost recognized in total comprehensive income | 5710 | 4706 |

---

---

| | |
|:---|:---|
| (\*) | Amount before tax  |

---

(6) Key actuarial assumptions used in defined benefit liability(asset) measurement are as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
| Discount rate | 4.36% | 3.98% |
|  Future wage growth rate | 6.39% | 5.75% |
| Mortality rate | Issued by Korea Insurance<br>Development Institute | Issued by Korea Insurance<br>Development Institute |
|  Retirement rate | Issued by Korea Insurance<br>Development Institute | Issued by Korea Insurance<br>Development Institute |

---

The weighted average maturity of the defined benefit obligation is 8.89 years.

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

(7) The sensitivity to actuarial assumptions used in the assessment of defined benefit obligation is as follows
(Unit: Korean Won in millions):

---

| | | | |
|:---|:---|:---|:---|
|  |  | December 31, 2025 | December 31, 2024 |
|  Discount rate | Increase by 1% point | (1255) | (1163) |
|  | Decrease by 1% point | 1425 | 1325 |
|  Future wage growth rate | Increase by 1% point | 1384 | 1290 |
|  | Decrease by 1% point | (1245) | (1157) |

---

**16.** **OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES** 

Other financial liabilities and other liabilities are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Other financial liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 57333 | 48323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 34990 | 24700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities | 3499 | 3359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 95822 | 76382 |
|  Other liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other miscellaneous liabilities | 5967 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 101789 | 76786 |

---

**17.** **EQUITY** 

(1) Details of equity as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Capital | 3802676 | 3802676 |
|  Hybrid securities | 3710228 | 3810225 |
|  Capital surplus | 8120236 | 11120236 |
|  Other equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury stocks | (628) | (628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income | 5457 | 1895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other adjustments (\*3) | (2222) | (2456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 2607 | (1189) |
|  Retained earnings (\*1)(\*2) | 8314197 | 5420783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 23949944 | 24152731 |

---

---

| | |
|:---|:---|
| (\*1) | The regulatory reserve for credit loss in retained earnings amounted to 1,289 million Won and 137 million Won as of December 31, 2025 and 2024 in accordance with the relevant regulation.  |

---

---

| | |
|:---|:---|
| (\*2) | The earned surplus reserve in retained earnings amounted to 554,990 million Won and 442,650 million Won as of December 31, 205 and 2024 in accordance with the Article 53 of the Financial Holding Company Act.  |

---

---

| | |
|:---|:---|
| (\*3) | Other adjustments represent the difference between the book value of hybrid securities and the redemption amount.  |

---

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

(2) The number of authorized shares and others of the Company are as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Shares of common stock authorized | 4,000,000,000 Shares | 4,000,000,000 Shares |
| Par value per share | 5,000 Won | 5,000 Won |
|  Shares of common stock issued  | 734,076,320 Shares | 742,591,501 Shares |
|  Capital stock (\*) | 3,802,676 million Won | 3,802,676 million Won |

---

---

| | |
|:---|:---|
| (\*) | The capital stock is not equal to the total face value of issued shares due to the retirement of earnings.  |

---

(3) Hybrid securities

The bond-type hybrid securities classified as owner's equity are as follows (Unit: Korean Won in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Issue date | Maturity | Interest rate (%) | December 31,<br>2025 | December 31,<br>2024 |
|  Securities in local currency | 2020-02-06 |  | 3.34 |  | 400000 |
|  Securities in local currency | 2020-06-12 |  | 3.23 |  | 300000 |
|  Securities in local currency | 2020-10-23 |  | 3.00 |  | 200000 |
|  Securities in local currency | 2021-04-08 |  | 3.15 | 200000 | 200000 |
|  Securities in local currency | 2021-10-14 |  | 3.60 | 200000 | 200000 |
|  Securities in local currency | 2022-02-17 |  | 4.10 | 300000 | 300000 |
|  Securities in local currency | 2022-07-28 |  | 4.99 | 300000 | 300000 |
|  Securities in local currency | 2022-10-25 |  | 5.97 | 220000 | 220000 |
|  Securities in local currency | 2023-02-10 |  | 4.65 | 300000 | 300000 |
|  Securities in local currency | 2023-09-07 |  | 5.04 | 200000 | 200000 |
|  Securities in local currency | 2024-02-07 |  | 4.49 | 400000 | 400000 |
|  Securities in local currency | 2024-06-19 |  | 4.27 | 400000 | 400000 |
|  Securities in local currency | 2024-10-10 |  | 4.00 | 400000 | 400000 |
|  Securities in local currency | 2025-05-13 |  | 3.45 | 400000 |  |
|  Securities in local currency | 2025-10-22 |  | 3.34 | 400000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance cost | (9772) | (9775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 3710228 | 3810225 |

---

The hybrid securities mentioned above do not have maturity date but are redeemable after 5 years from the date of issuance.

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

(4) Accumulated other comprehensive income

Changes in the accumulated other comprehensive income are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Beginning<br>balance | Increase<br>(decrease) | Income tax<br>effect | Ending<br>balance |
|  Net gain (loss) on valuation of financial assets at FVTOCI | 2590 | 4644 | (1316) | 5918 |
|  Remeasurement gain (loss) related to defined benefit liabilities | (695) | 323 | (89) | (461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 1895 | 4967 | (1405) | 5457 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Beginning<br>balance | Increase<br>(decrease) | Income tax<br>effect | Ending<br>balance |
|  Net gain (loss) on valuation of financial assets at FVTOCI | (7575) | 13810 | (3645) | 2590 |
|  Remeasurement gain (loss) related to defined benefit liabilities | 332 | (1395) | 368 | (695) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | (7243) | 12415 | (3277) | 1895 |

---

(5) Regulatory Reserve for Credit Loss

In accordance with Article 26 ~ 28 of the Financial Holding Company Supervision Regulations, the Company calculates and discloses the regulatory reserve for credit loss.

1) Balance of the regulatory reserve for credit loss

Balance of the planned regulatory reserve for credit loss is as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  Beginning balance |  | 1289 |  | 137 |
|  Planned provision for regulatory reserve for credit loss |  | 2236 |  | 1152 |
|  Ending balance |  | 3525 |  | 1289 |

---

2) Provision of regulatory reserve for credit loss, adjusted net income after the provision of regulatory reserve and others

Planned reserves provided, adjusted net income after the planned reserves provided and adjusted EPS after the planned reserves provided are as follows (Unit: Korean Won in millions, except for EPS amount):

---

| | | |
|:---|:---|:---|
|  | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 |
|  Net income before regulatory reserve | 1127040 | 1123332 |
|  Provision for regulatory reserve for credit loss | 2236 | 1152 |
|  Adjusted net income after the provision of regulatory reserve | 1124804 | 1122180 |
|  Dividends to hybrid securities | (150059) | (158682) |
|  Adjusted net income after regulatory reserve and dividends to hybrid securities | 974745 | 963498 |
|  Adjusted EPS after regulatory reserve and dividends to hybrid securities (Unit: Korean Won) | 1323 | 1294 |

---

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

(6) Statements of appropriations of retained earnings are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the year ended December 31, 2025<br>(Expected date of disposal March 23, 2026) | For the year ended December 31, 2024<br>(Confirmed date of disposal March 26, 2025) |
|  Unappropriated retained earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unappropriated retained earnings carried over from prior years | 4371972 | 4551003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to capital surplus | 3000000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividend (dividend per share (%))<br> (2025: 600 Won (12.0 %))<br> (2024: 540 Won (10.8 %)) | (441036) | (400970) |
|  Dividend to hybrid equity securities | (150059) | (158682) |
|  Retirement of treasury stock | (150000) | (136688) |
|  Net income | 1127040 | 1123332 |
|  | 7757917 | 4977995 |
|  Appropriation of retained earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earned profit reserves | 112710 | 112340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regulatory reserve for credit loss | 2236 | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of redemption loss on hybrid securities | 2222 | 2456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash dividend (dividend per share (%))<br> (2025: 760 Won (15.2 %))<br> (2024: 660 Won (13.2 %)) | 557431 | 490075 |
|  | 674599 | 606023 |
|  Unappropriated retained earnings to be carried forward | 7083318 | 4371972 |

---

(7) Details of changes in treasury stock are as follows (Unit: Korean Won in millions and number of shares):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Beginning balance | Acquisition | Retirement | Ending balance |
|  Number of shares | 53945 | 8515181 | (8515181) | 53945 |
|  Book value | 628 | 150000 | (150000) | 628 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Beginning balance | Acquisition | Retirement | Ending balance |
|  Number of shares | 53945 | 9357960 | (9357960) | 53945 |
|  Book value | 628 | 136688 | (136688) | 628 |

---

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

**18.** **DIVIDENDS** 

(1) Dividends per share and the total dividends for the fiscal year ending December 31, 2024 were 660 Won and
490,075 million Won, respectively, approved at the regular general shareholders' meeting held on March 26, 2025, and were paid in April 2025.

(2) On April 25, 2025, the Board of Directors has declared a quarterly dividend of 200 Won per share
(147,428 million Won in total) and fixed record date as May 10, 2025. Dividends were paid in May 2025.

(3) On July 25, 2025, the Board of Directors has declared a quarterly dividend of 200 Won per share
(146,804 million Won in total) and fixed record date as August 10, 2025. Dividends were paid in August 2025.

(4) On October 24, 2025, the Board of Directors has declared a quarterly dividend of 200 Won per share
(146,804 million Won in total) and fixed record date as November 10, 2025. Dividends were paid in November 2025.

(5) Dividends per share and the total dividends for the fiscal year ending December 31, 2025 were 760 Won and
557,431 million Won, respectively, will be proposed at the regular general shareholders' meeting to be held on March 23, 2026. The record date for the year-end dividend of the fiscal year
ending December 31, 2025, is February 27, 2026. The current financial statements do not include such outstanding dividends.

**19.** **NET INTEREST INCOME** 

(1) Details of interest income recognized are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 |
|  Interest on due from banks | 28229 | 51677 |
|  Interest of other receivables | 67 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 28296 | 51778 |

---

(2) Details of interest expense recognized are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 |
|  Interest on debentures | 72699 | 49515 |
|  Other interest expense | 55 | 47 |
|  Interest on lease liabilities | 68 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 72822 | 49650 |

---

**20.** **NET FEES AND COMMISSIONS INCOME (EXPENSE)** 

(1) Details of fees and commissions income recognized are as follows (Unit: Korean Won in millions):

<u>For the year ended<br>December 31, 2025</u> <u>For the year ended<br>December 31, 2024</u> <br> Fees and commissions income 1,816 1,625

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

(2) Details of fees and commissions expense incurred are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 |
|  Fees and commissions paid | 15694 | 10256 |
|  Others | 13001 | 11688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 28695 | 21944 |

---

**21.** **DIVIDEND INCOME** 

(1) Details of dividend income recognized are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 |
|  Dividend income recognized from investments in subsidiaries | 1422898 | 1182977 |
|  Dividend income recognized from FVTOCI | 25588 | 25545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 1448486 | 1208522 |

---

**22.** **IMPAIRMENT LOSSES DUE TO CREDIT LOSS** 

Impairment losses due to credit loss are as follows (Unit: Korean Won in millions):

<u>For the year ended<br>December 31, 2025</u> <u>For the year ended<br>December 31, 2024</u> <br> Reversal of impairment loss due to credit loss on loan and other financial assets at amortized cost 56 608

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

**23.** **GENERAL AND ADMINISTRATIVE EXPENSES** 

(1) Details of general and administrative expenses recognized are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 |
|  Employee benefits | Short-term employee benefits | Salaries | 35203 | 30443 |
|  |  | Employee fringe benefits | 10298 | 8834 |
|  | Retirement benefit service costs |  | 6033 | 3311 |
|  | Termination |  |  | 206 |
|  | Share based payment |  | 10635 | 4368 |
|  | Sub-total |  | 62169 | 47162 |
|  Depreciation and amortization |  |  | 5475 | 5728 |
|  Other general and administrative expenses | Rent |  | 1648 | 1630 |
|  | Taxes and public dues |  | 457 | 482 |
|  | Service charges |  | 1859 | 1517 |
|  | Computer and IT related |  | 6604 | 6593 |
|  | Telephone and communication |  | 664 | 871 |
|  | Advertising |  | 191 | 90 |
|  | Printing |  | 45 | 54 |
|  | Traveling |  | 339 | 329 |
|  | Supplies |  | 108 | 107 |
|  | Insurance premium |  | 218 | 203 |
|  | Reimbursement |  | 863 | 1258 |
|  | Maintenance |  |  | 3 |
|  | Vehicle maintenance |  | 240 | 206 |
|  | Others |  | 1542 | 1405 |
|  |  | Sub-total | 14778 | 14748 |
|  | Total |  | 82422 | 67638 |

---

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

(2) Share-based payment

Details of performance condition share-based payment granted to executives as of December 31, 2025 and 2024 are as follows.

1) Performance condition share-based payment

---

| | | |
|:---|:---|:---|
|  Subject to |  | Shares granted for the year 2021 |
|  Type of payment |  | Cash-settled |
|  Vesting period |  | January 1, 2021 ~ December 31, 2024 |
|  Date of payment |  | 2025-01-01 |
|  Fair value (\*1) |  | 15,831 Won |
|  Valuation method |  | Black-Scholes Model |
|  Expected dividend rate |  | 6.48% |
|  Expected maturity date |  |  |
|  Number of shares remaining | As of December 31, 2025 | 56,029 shares |
|  | As of December 31, 2024 | 239,798 shares |
|  Number of shares granted (\*2) | As of December 31, 2025 | 56,029 shares |
|  | As of December 31, 2024 | 239,798 shares |
|  Subject to |  | Shares granted for the year 2022 |
|  Type of payment |  | Cash-settled |
|  Vesting period |  | January 1, 2022 ~ December 31, 2025 |
|  Date of payment |  | 2026-01-01 |
|  Fair value (\*1) |  | 27,713 Won |
|  Valuation method |  | Black-Scholes Model |
|  Expected dividend rate |  | 7.30% |
|  Expected maturity date |  |  |
|  Number of shares remaining | As of December 31, 2025 | 223,176 shares |
|  | As of December 31, 2024 | 223,176 shares |
|  Number of shares granted (\*2) | As of December 31, 2025 | 223,176 shares |
|  | As of December 31, 2024 | 223,176 shares |
|  Subject to |  | Shares granted for the year 2023 |
|  Type of payment |  | Cash-settled |
|  Vesting period |  | January 1, 2023 ~ December 31, 2026 |
|  Date of payment |  | 2027-01-01 |
|  Fair value (\*1) |  | 25,763 Won |
|  Valuation method |  | Black-Scholes Model |
|  Expected dividend rate |  | 7.30% |
|  Expected maturity date |  | 1 year |
|  Number of shares remaining | As of December 31, 2025 | 160,929 shares |
|  | As of December 31, 2024 | 160,929 shares |
|  Number of shares granted (\*2) | As of December 31, 2025 | 160,929 shares |
|  | As of December 31, 2024 | 160,929 shares |
|  Subject to |  | Shares granted for the year 2024 |
|  Type of payment |  | Cash-settled |
|  Vesting period |  | January 1, 2024 ~ December 31, 2027 |
|  Date of payment |  | 2028-01-01 |
|  Fair value (\*1) |  | 23,949 Won |
|  Valuation method |  | Black-Scholes Model |
|  Expected dividend rate |  | 7.30% |
|  Expected maturity date |  | 2 years |
|  Number of shares remaining | As of December 31, 2025 | 194,569 shares |
|  | As of December 31, 2024 | 194,569 shares |
|  Number of shares granted (\*2) | As of December 31, 2025 | 194,569 shares |
|  | As of December 31, 2024 | 194,569 shares |

---

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

---

| | | |
|:---|:---|:---|
|  Subject to |  | Shares granted for the year 2025 |
|  Type of payment |  | Cash-settled |
|  Vesting period |  | January 1, 2025 ~ December 31, 2028 |
|  Date of payment |  | 2029-01-01 |
|  Fair value (\*1) |  | 22,263 Won |
|  Valuation method |  | Black-Scholes Model |
|  Expected dividend rate |  | 7.30% |
|  Expected maturity date |  | 3 years |
|  Number of shares remaining | As of December 31, 2025 | 173,273 shares |
|  | As of December 31, 2024 |  |
|  Number of shares granted (\*2) | As of December 31, 2025 | 173,273 shares |
|  | As of December 31, 2024 |  |

---

---

| | |
|:---|:---|
| (\*1) | As the amount of payment varies according to the base price (the arithmetic average of the weighted average stock price of transactions in the past one week, the past one month, and the past two months) at the date of payment, the fair value is calculated to measure the liability according to the Black Scholes model based on the base price at the time of each settlement.  |

---

---

| | |
|:---|:---|
| (\*2) | The number of payable stocks is granted at the initial contract date. This is a system in which the number of shares to be granted is determined based on the evaluation results of long-term performance indicators over a total of four years, including the current year, and the final cash compensation is made by reflecting the stock price at the time of payment. Performance is evaluated as long-term performance indication including relative shareholder return, common equity tier 1(CET1) ratio, return on equity (ROE), net income, C/I ratio, non-performing loan ratio and job performance.  |

---

2) The Company accounts for performance condition share-based payments according to the cash-settled method and the fair value of the liabilities is reflected in the compensation costs by re-measuring every closing period. As of December 31, 2025 and 2024 the book value of the liabilities related to the performance condition share-based payments recognized by the Company is 19,807 million Won and 11,883 million Won. 

**24.** **NON-OPERATING INCOME (EXPENSES)** 

(1) Details of non-operating income and expenses recognized are as follows
(Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 |
|  Other non-operating income | 82 | 194 |
|  Other non-operating expense | (170593) | (341) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | (170511) | (147) |

---

(2) Details of other non-operating income recognized are as follows (Unit:
Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 |
|  Lease change cancellation income | 3 | 7 |
|  Others | 79 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 82 | 194 |

---

(3) Details of other non-operating expenses recognized are as follows
(Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 |
|  Donations | 1179 | 335 |
|  Lease change cancellation loss | 169414 |  |
|  Others |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 170593 | 341 |

---

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

**25.** **INCOME TAX ICOME AND DEFERRED TAX** 

(1) Details of income tax income are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 |
|  Current tax expense: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current tax expense with respect to the current period |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total |  |  |
|  Deferred tax expense income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in deferred tax liabilities(assets) due to temporary differences | (1431) | 3100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax income directly attributable to equity | (1405) | (3278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | (2836) | (178) |
|  Income tax income | (2836) | (178) |

---

(2) The relationship between income before income tax expense deduction and income tax expense in the current and
prior comprehensive income statement is as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 |
|  Net income before income tax expense | 1124204 | 1123154 |
|  Tax calculated at statutory tax rate (\*1) | 286428 | 286150 |
|  Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effects of income that is exempt from taxation | (372395) | (315282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of expenses that are not deductible in determining taxable profit | 682 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of corporate tax due to consolidate tax plans | 40210 | 29037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 42239 | (550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | (289264) | (286328) |
|  Income tax income | (2836) | (178) |
|  Effective tax rate (\*2) |  |  |

---

---

| | |
|:---|:---|
| (\*1) | In 2025 and 2024, the corporate tax rate is 9.9% up to 200 million Won in tax basis, 20.9% over 200 million Won to 20 billion Won, 23.1% over 20 billion Won to 300 billion Won and 26.4% over 300 billion Won.  |

---

(\*2) It is tax income for the years ended December 31, 2025 and 2024, so the annual effective tax rate was not calculated.

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

(3) Details of changes in deferred income tax assets and liabilities are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Beginning<br>balance | Recognized as<br>income (expense) | Recognized as other<br>comprehensive<br>income (expense) | Ending Balance |
|  Gain (loss) related to securities | (929) |  | (1316) | (2245) |
|  Provision for loan losses | 15 | (15) |  |  |
|  Defined benefit liability | 2223 | 1039 | (121) | 3141 |
|  Deposits with employee retirement insurance trust | (2223) | (950) | 32 | (3141) |
|  Provisions | 331 | 191 |  | 522 |
|  Share based payment | 3137 | 2310 |  | 5447 |
|  Others | 1825 | 261 |  | 2086 |
|  Net deferred tax assets(liabilities) in total | 4379 | 2836 | (1405) | 5810 |
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Beginning<br>balance | Recognized as<br>income (expense) | Recognized as other<br>comprehensive<br>income (expense) | Ending Balance |
|  Gain (loss) related to securities | 2717 |  | (3646) | (929) |
|  Provision for loan losses | 173 | (158) |  | 15 |
|  Defined benefit liability | 1841 | 79 | 303 | 2223 |
|  Deposits with employee retirement insurance trust | (1841) | (447) | 65 | (2223) |
|  Provisions | 324 | 7 |  | 331 |
|  Share based payment | 2533 | 604 |  | 3137 |
|  Others | 1731 | 94 |  | 1825 |
|  Net deferred tax assets(liabilities) in total | 7478 | 179 | (3278) | 4379 |

---

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

(4) Unrealizable temporary differences are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 |
|  Deductible temporary differences | 178516 | 7915 |
|  Taxable temporary differences | (7920330) | (7920330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | (7741814) | (7912415) |

---

No deferred income tax asset has been recognized for the deductible temporary difference of 178,516 million Won associated with investments in subsidiaries as of December 31, 2025, because it is not probable that the temporary differences will be reversed in the foreseeable future.

No deferred income tax liability has been recognized for the taxable temporary difference of 7,920,330 million Won associated with investment in subsidiaries as of December 31, 2025, due to the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company is able to control the temporary difference of extinguishment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is probable that the temporary difference will not be reversed in the foreseeable future.

(5) Details of accumulated deferred tax charged directly to other equity are as follows (Unit: Korean Won in
millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Net loss on valuation of financial assets at FVTOCI | (2245) | (929) |
|  Remeasurements of defined benefit plan | 180 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | (2065) | (660) |

---

(6) Current tax assets and liabilities are as follows (Unit: Korean Won in millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  Current tax assets |  | 26295 |  | 33120 |
|  Current tax liabilities |  | 673217 |  | 84701 |

---

(7) The Company has reviewed an impact analysis on corporate taxes in relation to Pillar Two Model Rules. The
Company concluded that there will be no significant impact on the current corporate tax expense of the Company as of December 31, 2025.

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

**26.** **EARNINGS PER SHARE ("EPS")** 

(1) Basic EPS is calculated by dividing net income attributable to common shareholders by weighted-average number
of common shares outstanding (Unit: Korean Won in millions, except for EPS and number of shares):

---

| | | |
|:---|:---|:---|
|  | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 |
|  Net profit attributable to owners | 1127040 | 1123332 |
|  Dividends to hybrid securities | (150059) | (158682) |
|  Net income attributable to common shareholders | 976981 | 964650 |
|  Weighted average number of common shares outstanding (Unit: million shares) | 737 | 744 |
|  Basic EPS (Unit: Korean Won) | 1326 | 1296 |

---

(2) The weighted average number of common shares outstanding is as follows: (Unit: number of shares)

---

| | | |
|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Number of shares | Accumulated number of<br>shares outstanding during<br>period |
|  Common shares issued at the beginning of the year | 742591501 | 271045897865 |
|  Treasury stocks | (53945) | (19689925) |
|  Acquisition and retirement of treasury stock | (8515181) | (2115297451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total (①) |  | 268910910489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average number of common shares outstanding (②=(①/365)) |  | 736742221 |

---

---

| | | |
|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Number of shares | Accumulated number of<br>shares outstanding during<br>period |
|  Common shares issued at the beginning of the year | 751949461 | 275213502726 |
|  Treasury stocks | (53945) | (19743870) |
|  Acquisition and retirement of treasury stock | (9357960) | (2741882280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total (①) |  | 272451876576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average number of common shares outstanding (②=(①/366)) |  | 744404034 |

---

Diluted EPS is equal to basic EPS because there is no dilution effect for the years ended December 31, 2025 and 2024.

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

**27.** **CONTINGENT LIABILITIES AND COMMITMENTS** 

(1) Litigation case

As of December 31, 2025, the Company currently has one lawsuit as a defendant related to Woori Asset Trust Co., Ltd. stock trading payments. The lawsuit is in the second trial stage after winning the first trial, with a claim amount of 13,305 million Won. It is not possible to reasonably estimate the potential impact on the Company's financial statements as of December 31, 2025.

(2) Details of loan commitments with financial institutions are as follows (Unit: Korean Won in millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | <br>Financial institutions | Line of credit | Line of credit | Loan balance | Line of credit | Line of credit | Loan balance |
|  Loans | Standard Chartered Bank Korea Ltd. |  | 100000 |  |  | 100000 |  |

---

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

**28.** **RELATED PARTY TRANSACTIONS** 

Related parties of the Company as of December 31, 2025 and 2024, and assets and liabilities recognized, guarantees and commitments, major transactions with related parties and compensation to key management for the years ended December 31, 2025 and 2024 are as follows:

(1) Assets and liabilities from transactions with related parties are as follows (Unit: Korean Won in millions):

---

| | | | |
|:---|:---|:---|:---|
| Related parties | Title of account | December 31, 2025 | December 31, 2024 |
|  Subsidiaries Woori Bank | Cash and cash equivalents | 489321 | 1185912 |
|  | Other financial assets | 649783 | 163893 |
|  | Allowance for credit losses |  | (56) |
|  | Other financial liabilities | 30271 | 36427 |
|  Woori Card Co., Ltd. | Other financial assets | 17367 | 26229 |
|  | Other financial liabilities | 292 | 280 |
|  Woori Financial Capital Co., Ltd. | Other financial assets | 31633 | 12850 |
|  | Other financial liabilities | 435 | 282 |
|  Woori Investment Securities Co., Ltd. | Other financial liabilities | 23285 |  |
|  Woori Asset Trust Co., Ltd. | Other financial liabilities |  | 1130 |
|  Woori Savings Bank | Other financial assets | 2702 |  |
|  | Other financial liabilities |  | 1014 |
|  Woori Asset Management Corp | Other financial assets | 4156 |  |
|  Woori Venture Partners Co., Ltd. | Other financial assets | 707 |  |
|  | Other financial liabilities |  | 3179 |
|  Woori Private Equity Asset Management Co. Ltd. | Other financial assets | 1 | 346 |
|  | Other financial liabilities | 59 |  |
|  Woori Financial F&I Co., Ltd. | Other financial liabilities | 2410 | 3440 |
|  Woori Credit Information Co., Ltd. | Other financial assets | 5 | 303 |
|  Woori Fund Service Co., Ltd. | Other financial assets | 638 | 711 |
|  Woori FIS Co., Ltd. | Other financial assets | 50 | 1 |
|  | Other financial liabilities | 448 | 581 |
|  Woori Finance Research Institute Co., Ltd. | Other financial assets | 100 | 155 |
|  | Other financial liabilities | 3395 | 2620 |
|  Associates of subsidiaries W Service Networks Co., Ltd. | Other financial liabilities |  | 22 |

---

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

(2) Major gain or loss from transactions with related parties are as follows (Unit: Korean Won in millions):

---

| | | | |
|:---|:---|:---|:---|
| Related party | Title of account | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 |
|  Subsidiaries Woori Bank | Interest income | 27356 | 51778 |
|  | Fees and commissions income | 1815 | 1625 |
|  | Dividend income | 1352524 | 1131996 |
|  | Interest expenses (\*2) | 44 | 67 |
|  | Fees and commissions expense | 19 | 19 |
|  | Provision(reversal) of impairment loss due to credit loss | (56) | (607) |
|  | General and administrative expenses (\*2) | 4961 | 4496 |
|  Woori Card Co., Ltd. | Dividend income | 46068 | 38675 |
|  Woori Financial Capital Co., Ltd. | Dividend income | 37178 | 34487 |
|  | Interest expenses (\*2) | 17 | 8 |
|  | General and administrative expenses (\*2) | 254 | 104 |
|  Woori Investment Securities Co., Ltd.(\*1) | Fees and commissions expenses |  | 163 |
|  Woori Asset Management Corp | Dividend income | 3540 |  |
|  Woori Venture Partners Co., Ltd. | Dividend income | 7300 | 800 |
|  Woori Credit Information Co., Ltd. | Dividend income | 484 | 1504 |
|  Woori Fund Service Co., Ltd. | Dividend income | 1392 | 1060 |
|  Woori FIS Co., Ltd. | General and administrative expenses | 5935 | 5987 |
|  Woori Finance Research Institute Co., Ltd. | Fees and commissions income | 2 |  |
|  | Fees and commissions expenses | 9890 | 8920 |
|  Associates of subsidiaries W Service Networks Co., Ltd. | General and administrative expenses | 157 | 327 |

---

---

| | |
|:---|:---|
| (\*1) | The Company has issued non-guarantee debenture amount of 940,000 million Won during the year ended December 31, 2025 and Woori Investment Securities Co., Ltd purchased 60,000 million Won out of 940,000 million Won issued. The underwriting fee amount of 60 million Won is included in the issuance cost. The Company has issued hybrid capital securities amount of 800,000 million Won during the year ended December 31, 2025 and Woori Investment Securities Co., Ltd purchased 40,000 million Won out of 800,000 million Won issued. The underwriting fee amount of 60 million Won is included in the issuance cost. The Company has issued hybrid capital securities amount of 1,200,000 million Won during the year ended December 31, 2024 and Woori Investment Securities Co., Ltd purchased 20,000 million Won out of 1,200,000 million Won issued. The underwriting fee amount of 34 million Won is included in the issuance cost. In addition, the Company has issued non-guarantee debenture amount of 600,000 million Won during the year ended December 31, 2024 and Woori Investment Securities Co., Ltd purchased 20,000 million Won out of 600,000 million Won issued. The underwriting fee amount of 10 million Won is included in the discount on debentures issued.  |

---

(\*2) The depreciation of right-of-use assets and interest expense of lease liabilities arising from lease transactions during the current term and prior term are included.

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

(3) The details of the right-of-use assets and lease liabilities due to lease transactions with related parties as of December 31, 2025 and 2024 are as follows (Unit: Korea Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| Related parties | Related parties | Title of account | December 31,<br>2025 | December 31,<br>2024 |
|  Subsidiary | Woori Bank | Right-of-use assets | 2895 | 2799 |
|  |  | Lease liabilities (\*) | 2906 | 2795 |
|  | Woori Financial Capital Co., Ltd. | Right-of-use assets | 405 | 266 |
|  |  | Lease liabilities (\*) | 435 | 282 |

---

(\*) Cash outflows of lease liabilities redemption for the years ended December 31, 2025 and 2024 are 3,018 million Won and 2,751 million Won, respectively.

(4) Major loan transactions with related parties for the years ended December 31, 2025 and 2024 are as follows
(Unit: Korea Won in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
| Related parties (\*1) | Related parties (\*1) | Title of<br>account | Beginning<br>balance | Increase | Decrease | Ending<br>balance |
|  Subsidiary | Woori Bank | Deposit (\*2) | 1274000 | 6245000 | 7054000 | 465000 |

---

---

| | |
|:---|:---|
| (\*1) | For the 800,000 million Won of hybrid securities issued during the current period, 40,000 million Won was purchased by Woori Investment Securities Co., Ltd. and the entire amount was sold to the market on the date of issuance. In addition, of the 940,000 million Won of debentures issued during the current period, 60,000 million Won was acquired by Woori Investment Securities Co., Ltd. and the entire amount was sold to the market on the date of issuance.  |

---

(\*2) Excludes due from banks without withdrawal limitations.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
| Related parties (\*1) | Related parties (\*1) | Title of<br>account | Beginning<br>balance | Increase | Decrease | Ending<br>balance |
|  Subsidiary | Woori Bank | Deposit (\*2) | 1354000 | 4553000 | 4633000 | 1274000 |

---

---

| | |
|:---|:---|
| (\*1) | For the 1,200,000 million Won of hybrid securities issued during the prior period, 20,000 million Won was purchased by Woori Investment Securities Co., Ltd. and the entire amount was sold to the market on the date of issuance. In addition, of the 600,000 million Won of debentures issued during the prior period, 20,000 million Won was acquired by Woori Investment Securities Co., Ltd. and the entire amount was sold to the market on the date of issuance.  |

---

(\*2) Excludes due from banks without withdrawal limitations.

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

(5) The details of equity-related transactions with related parties are as follows (Unit: Korean Won in million)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
| Related parties | Related parties | Acquisition of<br>interests (\*2) | Acquisition of<br>Hybrid securities (\*2) | Disposal of<br>Hybrid securities (\*2) |
|  Subsidiary | Woori Card Co., Ltd.(\*1) |  | 150000 | 150000 |
|  Subsidiary | Tongyang Life Insurance Co., Ltd. | 1283935 |  |  |
|  Subsidiary | Woori Investment Securities Co., Ltd. | 6361 |  |  |
|  Subsidiary | ABL Life Insurance Co., Ltd. | 269002 |  |  |
|  Subsidiary | Woori Asset Trust Co Ltd | 1594 |  |  |

---

---

| | |
|:---|:---|
| (\*1) | For the year ended December 31, 2025, Woori Card Co., Ltd. early redeemed hybrid securities amounting to 150,000 million Won through the exercise of a call option and acquired newly issued hybrid securities of 150,000 million Won from Woori Card Co., Ltd.  |

---

(\*2) The book value related to equity can be referred to in Note 6 and Note 9.

---

| | | |
|:---|:---|:---|
| | | For the year ended<br>December 31, 2024 |
| Related parties | Related parties | Acquisition of interests<br>and contribution (\*6) |
|  Subsidiary | Woori Investment Securities Co., Ltd. (\*1) | 56085 |
|  Subsidiary | Woori Asset Trust Co Ltd (\*2) | 218080 |
|  Subsidiary | Woori Asset Management Corp (\*3) | 41376 |
|  Subsidiary | Woori Savings Bank (\*4) | 100000 |
|  Subsidiary | Woori Financial F&I Co., Ltd. (\*5) | 120000 |

---

---

| | |
|:---|:---|
| (\*1) | During the prior period, the Company acquired majority interests of 2.3%.  |

---

---

| | |
|:---|:---|
| (\*2) | During the prior period, the capital increase amount of 200,000 million Won was made. Afterward, the Company additionally acquired minority interests of 2.84%.  |

---

---

| | |
|:---|:---|
| (\*3) | The Company acquired 22.5% interest of Woori Asset Management Corp to make it wholly owned subsidiary.  |

---

---

| | |
|:---|:---|
| (\*4) | During the prior period, the capital increase amount of 100,000 million Won was made.  |

---

---

| | |
|:---|:---|
| (\*5) | During the prior period, the capital increase amount of 120,000 million Won was made.  |

---

(\*6) The book value related to equity can be referred to in Note 6 and Note 9.

(6) There are no guarantees provided to the related party. The unused commitments and payment guarantees provided
from the related party are as follows (Unit: Korean Won in millions):

<u> Related parties</u> <u>December 31,<br>2025</u> <u>December 31,<br>2024</u> <u>Warranty</u> <br> Subsidiary Woori Card Co., Ltd. 647 665 Unused loan commitment

(7) Compensation for key management is as follows (Unit: Korean Won in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 |  |  |  |
| | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 | Short-term employee salaries | 5621.0 | 5502.0 |
|  Retirement benefit service costs | 149 | 162 |  |  |  |
|  Share-based compensation | 8613 | 3729 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 14383 | 9393 |  |  |  |

---

Key management includes registered executives and non-registered executives. The Company has not recognized any outstanding assets, allowance and related impairment loss due to credit losses from transaction with key management as of December 31, 2025 and 2024. Liabilities related to key management compensation are 20,063 million Won and 12,850 million Won as of December 31, 2025 and 2024, respectively.

------

**WOORI FINANCIAL GROUP INC.** 

**NOTES TO SEPARATE FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024**

**29.** **LEASES** 

(1) The future lease payments under the lease contracts are as follows (Unit: Korean Won in millions):

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
|  Lease payments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Within one year | 3177 | 3095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After one year but within five years | 338 | 328 |
|  Total | 3515 | 3423 |

---

(2) Total cash outflows from lease are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 |  |  |  |
| For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 | Total cash outflows from lease | 3343.0 | 3123.0 |

---

(3) Details of lease payments that are not included in the measurement of lease liabilities due to the fact that
they are short-term leases or leases for which the underlying asset is of low value are as follows (Unit: Korean Won in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2025 | For the year ended<br>December 31, 2024 | For the year ended<br>December 31, 2024 |
|  Lease payments for short-term leases |  |  |  | 2 |
|  Lease payments for which the underlying asset is of low value |  | 142 |  | 121 |

---

**30.** **EVENTS AFTER THE REPORTING PERIOD** 

At the Board of Directors meeting held on February 6, 2026, the Company declared to acquire and retire treasury stocks, it is expected to acquire 200 billion Won through trust contracts from February 10, 2026 to June 10, 2026, and all of the stocks acquired through this case will be retired afterwards.

------

**<u>Independent Auditors' Report on Internal Control over Financial Reporting</u>**

Based on a report originally issued in Korean

**To the Board of Directors and Shareholders of** 

**Woori Financial Group Inc.:** 

**Opinion on Internal Control over Financial Reporting** 

We have audited Woori Financial Group Inc. ("the Company")'s internal control over financial reporting ("ICFR") as of December 31, 2025 based on the criteria established in the Conceptual Framework for Designing and Operating ICFR ("ICFR Design and Operation Framework") issued by the Operating Committee of Internal Control over Financial Reporting in the Republic of Korea (the "ICFR Committee").

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on ICFR Design and Operation Framework.

We also have audited, in accordance with Korean Standards on Auditing ("KSAs"), the separate financial statements of the Company, which comprise the separate statement of financial position as of December 31, 2025, the separate statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising of material accounting policy information and other explanatory information, and our report dated March 4, 2026 expressed an unmodified opinion on those separate financial statements.

**Basis for Opinion on Internal Control over Financial Reporting** 

We conducted our audit in accordance with KSAs. Our responsibilities under those standards are further described in the *Auditors' Responsibilities for the Audit of the Internal Control over Financial Reporting* section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the internal control over financial reporting in Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Responsibilities of Management and Those Charged with Governance for the Internal Control over Financial Reporting** 

The Company's management is responsible for designing, operating and maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying 'Operating Status Report of Internal Control over Financial Reporting'.

Those charged with governance are responsible for overseeing the Company's internal control over financial reporting.

**Auditors' Responsibilities for the Audit of the Internal Control over Financial Reporting** 

Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We conducted the audit in accordance with KSAs. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

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**Definition and Limitations of Internal Control over Financial Reporting** 

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with Korean International Financial Reporting Standards ("K-IFRS"). A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with K-IFRS, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect material misstatements in the financial statements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The engagement partner on the audit resulting in this independent auditors' report is Jae-Beom Choi.

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|  /s/ KPMG Samjong Accounting Corp. |
|  Seoul, Korea |
|  March 4, 2026 |

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

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**Operating Status Report of** 

**Internal Control over Financial Reporting** 

To the Shareholders, Board of Directors and Audit Committee of

Woori Financial Group Inc.

We, as the Chief Executive Officer ("CEO") and Internal Control over Financial Reporting ("ICFR") Officer of Woori Financial Group Inc. (the "Company"), assessed operating status of the Company's Internal Control over Financial Reporting for the year ended December 31, 2025.

The Company's management, including ourselves, is responsible for designing and operating ICFR.

We assessed whether the Company effectively designed and operated its ICFR to prevent and detect errors or frauds which may cause a misstatement in financial statements to ensure preparation and disclosure of reliable financial information.

We used the 'Conceptual Framework for Designing and Operating ICFR' established by the Operating Committee of ICFR in Korea (the "ICFR Committee") as the criteria for design and operation of the Company's ICFR. We also assessed the design and operation of ICFR based on the Appendix 6, 'Standards for Evaluating and Reporting the Effectiveness of ICFR,' of the Detailed Regulations on External Audit and Accounting, etc.

Based on our assessment, we concluded that the Company's ICFR is designed and operated effectively as of December 31, 2025, in all material respects, in accordance with the 'Conceptual Framework for Designing and Operating ICFR'.

We certify that this report does not contain any untrue statement of a fact, or omit to state a fact necessary to be presented herein. We also certify that this report does not contain or present any statements which might cause material misunderstandings, and we have reviewed and verified this report with sufficient care.

(Attachment)

Internal control activities performed by the Company to address the risk of fund-related fraud, including misappropriation

February 27, 2026

Jong Yong Yim, Chief Executive Officer

Seong Min Kwak, Internal Control over Financial Reporting Officer

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**(Attachment) Internal control activities performed by the Company to address the risk of fund-related fraud, including misappropriation**

The control activities performed by the Company as disclosed below provide an integrated overview of the Company's key Internal Control over Financial Reporting (ICFR) control activities implemented to address risks of fund-related fraud, including misappropriation, in accordance with the "Guidelines for Evaluating and Reporting the Effectiveness of ICFR" enacted and amended by the Financial Supervisory Service.

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|:---|:---|:---|
| **Type** | **Internal Control Activities performed by the Company<sup>(\*1)</sup>** | **Results of the Assessment of** <br> **Design and Operation Effectiveness<sup>(\*2)</sup>**<br> **(Department in charge, timing, etc.)** |
| Entity-level<br> Controls | <br>Management operates a system under which employees pledge to comply with the code of ethics and related obligations, and operates procedures to identify and monitor any violations of applicable laws and the Code of Ethics.<br>(Department in charge: Compliance Monitoring ACT, Ethics Management Office) | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Compliance Monitoring ACT, Ethics Management Office<br>• November 2025, February 2026<br>|
| Entity-level<br> Controls | <br>Management identifies risks for each business activity and operates a system to evaluate risks through the Operational Risk Management System.<br>(Department in charge: Risk Management Department) | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Risk Management Department<br>• November 2025, February 2026<br>|
| Entity-level<br> Controls | <br>Management operates the mandatory leave policy to eliminate incentives and opportunities for financial fraud.<br>(Department in charge: Compliance Monitoring ACT) | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Compliance Monitoring ACT<br>• November 2025, February 2026<br>|
|  | <br>Management segregates organizational duties and operates in accordance with policies that clearly define the roles and responsibilities associated with each function.<br>(Department in charge: Strategy & Planning Department, Compliance Department) | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Strategy & Planning Department, Compliance Department<br>• November 2025, February 2026<br>|
|  | <br>Management operates a compliance reporting policy and implements protective measures, including confidentiality for whistleblowers and prohibition of any retaliation.<br>(Department in charge: Compliance Monitoring ACT) | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Ethics Management Office<br>• November 2025, February 2026<br>|
|  | <br>Management addresses the fraud risk through compliance monitoring activities and internal audit functions.<br>(Department in charge: Audit Department, Compliance Monitoring ACT) | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Audit Department, Compliance Monitoring ACT<br>• November 2025, February 2026<br>|
| Funds<br> Controls | <br>The person in charge of the acquisition and disposal of marketable securities shall review transaction statements, contracts and request approval for the transaction. The authorized approver shall review the details of the securities transaction, including the type of security, amount, maturity, etc and grant approval accordingly.<br>(Department in charge: Finance & Management Department, Business Growth Department) | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed. <br>• Finance & Management Department, Business Growth Department<br>• November 2025, February 2026<br>|

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|:---|:---|:---|
| **Type** | **Internal Control Activities performed by the Company<sup>(\*1)</sup>** | **Results of the Assessment of** <br> **Design and Operation Effectiveness<sup>(\*2)</sup>**<br> **(Department in charge, timing, etc.)** |
|  | <br>The authorized approver shall review and approve the reconciliation records prepared by the person in charge of securities interest and dividend receipts, comparing system-recorded amounts, actual received amounts, dividend notices, etc.<br>(Department in charge: Finance & Management Department) | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Finance & Management Department<br>• November 2025, February 2026<br>|
|  | <br>Physical securities are stored in locations with restricted access. The authorized approver shall review and approve the results of physical inspections of securities and reconciliations with balance confirmations and other relevant documents performed by the person in charge of physical securities and balance management.<br>(Department in charge: Finance & Management Department) | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Finance & Management Department<br>• November 2025, February 2026<br>|
|  | <br>The authorized approver shall approve the financing after reviewing the amounts, maturities, and interest rates, etc requested by the person in charge of financing in accordance with the financing plan.<br>(Department in charge: Finance & Management Department) | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Finance & Management Department<br>• November 2025, February 2026<br>|
|  | <br>The person in charge of financing and principal/interest repayments shall verify the consistency between agreements and cash transaction records and report the findings, and the authorized approver shall review and approve the amounts, interest rates, repayment dates, etc.<br>(Department in charge: Finance & Management Department) | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Finance & Management Department<br>• November 2025, February 2026<br>|
|  | <br>The person in charge and the approver shall be segregated in fund disbursement duties.<br>(Department in charge: Management Support Department, Finance&Management Department, etc.) | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Management Support Department, Finance & Management Department, etc.<br>• November 2025, February 2026<br>|
|  | <br>The person in charge of fund disbursement shall verify fund transfer requests and other relevant documents, and submit a request for fund disbursement. The authorized approver shall review the appropriateness of the requested details, including the amount and purpose, and shall approve the fund disbursement prior to execution.<br>(Department in charge: Finance & Management Department, Management Support Department, etc.) | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Finance & Management Department, Management Support Department, etc.<br>• November 2025, February 2026<br>|
|  | <br>The authorized approver reviews amount and reason of receipt and approves the consistency between the supporting documents and the deposited amount, as verified by the person in charge of fund receipts.<br>(Department in charge: Finance & Management Department) | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Finance & Management Department<br>• November 2025, February 2026<br>|

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| | | |
|:---|:---|:---|
| **Type** | **Internal Control Activities performed by the Company<sup>(\*1)</sup>** | **Results of the Assessment of** <br> **Design and Operation Effectiveness<sup>(\*2)</sup>**<br> **(Department in charge, timing, etc.)** |
|  | <br>The authorized approver reviews and approves the consistency between system-recorded balances and actual balances, as verified by the person in charge of cash and deposit balance management.<br>(Department in charge: Finance&Management Department, Accounting Department, etc.) | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Finance & Management Department, Accouting Department, etc.<br>• November 2025, February 2026<br>|
|  | <br>Sensitive physical assets, such as corporate seals, bank accounts, OTP devices, etc are stored in locations with restricted access. When a request is made to use such items, the authorized approver reviews the appropriateness of the purpose of use and grants approval accordingly.<br>(Department in charge: Management Support Department, Finance&Management Department, etc.) | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Management Support Department, Finance & Management Department, etc.<br>• November 2025, February 2026<br>|
|  | <br>The authorized approver reviews and approves the appropriateness of account opening and closing requests submitted by the person in charge, including the account details and the stated reason for the request, etc prior to the approval.<br>(Department in charge: Finance&Management Department, Management Support Department, etc.) | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Finance&Management Department, Management Support Department, etc.<br>• November 2025, February 2026<br>|
|  | <br>The person in charge of client information management reviews relevant documents such as the business registration certificate, a copy of the bank account, etc and submits requests to register or modify client information. The authorized approver reviews the registration or modification details along with the related supporting documents and grants approval.<br>(Department in charge: Management Support Department) | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• Management Support Department<br>• November 2025, February 2026<br>|
|  | <br>The authorized approver for ledger modifications shall review the modification request submitted by the requesting department, assess the appropriateness of the reason for the change, and approve the request.<br>(Department in charge: ICT Planning Department) | &nbsp;&nbsp;&nbsp;&nbsp; No material weaknesses were identified based on the results of the testing performed.<br>• ICT Planning Department<br>• November 2025, February 2026<br>|

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(\*1) The term "authorized approver" refers to a department head, general manager, or other personnel with the authority for approval in the course of their duties.

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| (\*2) | For the purpose of independent evaluation, the Company designates reviewers who are not the control performers within the department to conduct assessments of the design and operational effectiveness. In addition, the inspection results prepared by each department are further reviewed by the Company's internal accounting department and by an external audit firm possessing a high level of independence and expertise  |

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