# EDGAR Filing Document

**Accession Number:** 0000887225
**File Stem:** 0001193125-26-271756
**Filing Date:** 2026-6
**Character Count:** 615125
**Document Hash:** 2f633f22cde04cc372b0f209bfaff3d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-271756.hdr.sgml**: 20260616

**ACCESSION NUMBER**: 0001193125-26-271756

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260616

**FILED AS OF DATE**: 20260616

**DATE AS OF CHANGE**: 20260616

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KOREA ELECTRIC POWER CORP
- **CENTRAL INDEX KEY:** 0000887225
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 133442428
- **STATE OF INCORPORATION:** M5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13372
- **FILM NUMBER:** 261092820

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 55 JEOLLYEOK-RO
- **CITY:** NAJU-SI
- **PROVINCE COUNTRY:** M5
- **ZIP:** 58322
- **BUSINESS PHONE:** 201 482 8182

**MAIL ADDRESS:**
- **STREET 1:** 400 KELBY STREET
- **STREET 2:** 7TH FLOOR
- **CITY:** FORT LEE
- **STATE:** NJ
- **ZIP:** 07024

**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 June 2026** 

**Commission File Number 001-13372** 

## KOREA ELECTRIC POWER CORPORATION
**(Translation of registrant's name into English)** 

**55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, Korea** 

**(Address of principal executive offices)** 

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

Form 20-F ☒ Form 40-F ☐

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QUARTERLY BUSINESS REPORT

(For the period from January 1, 2026 to March 31, 2026)

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

IN THE TRANSLATION PROCESS, SOME PARTS OF THE REPORT WERE REFORMATTED, REARRANGED OR SUMMARIZED FOR THE CONVENIENCE OF READERS. NON-MATERIAL OR PREVIOUSLY DISCLOSED INFORMATION IS OMITTED OR ABRIDGED.

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

------

**I.** **Company Overview** 

1. Name of the company: Korea Electric Power Corporation ("KEPCO")

2. Information of the company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address) 55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, Korea

(Phone number) 82-61-345-4218

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Website) <u>http://www.kepco.co.kr</u>

3. Major businesses

KEPCO, as the parent company, is engaged in the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• development of electric power resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• generation, transmission, transformation and distribution of electricity and other related activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• research and development of technology related to the businesses mentioned above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseas business related to the businesses mentioned above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment or contributions related to the businesses mentioned above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• development and operation of certain real estate holdings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other businesses entrusted by the government.

Businesses operated by KEPCO's major subsidiaries are as follows: nuclear power generation by Korea Hydro & Nuclear Power (KHNP), thermal power generation by Korea South-East Power (KOSEP), Korea Midland Power (KOMIPO), Korea Western Power (KOWEPO), Korea Southern Power (KOSPO) and Korea East-West Power (EWP), other businesses including engineering service by KEPCO Engineering & Construction (KEPCO E&C), maintenance and repair of power plants by KEPCO Plant Service & Engineering (KEPCO KPS), ICT service by KEPCO KDN, nuclear fuel processing by KEPCO Nuclear Fuel (KEPCO NF), other overseas businesses and investments related to the businesses mentioned above.

4. Consolidated subsidiaries

---

| | | |
|:---|:---|:---|
| | (As of March 31, 2026) | (As of March 31, 2026) |
| <br> **Listed** | **Unlisted** | **Total** |
| 2 | 167 | 169 |

---

------

5. Major changes in management

There is no change in management from January 1, 2026 to March 31, 2026.

6. Changes in major shareholders

There is no change in major shareholders in the last 5 years.

7. Information regarding KEPCO shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Issued share capital: 3.2 trillion Won (Authorized capital: 6 trillion Won)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Total number of issued shares: 641,964,077

(Total number of authorized shares for issuance: 1,200,000,000)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Dividends: Dividend payments for fiscal year 2025 was Won 1,542 per share and Won 989.9billion as a total.

**II.** **Business Overview** 

1. Consolidated financial results by segment for a three-month period ended March 31, 2025 and 2026

(In billions of Won)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **January to March 2025** | **January to March 2025** | **January to March 2026** | **January to March 2026** |
| | **Sales** | **Operating**<br>**profit** | **Sales** | **Operating**<br>**profit** |
|  Electricity sales | 23861 | 1901 | 23709 | 2087 |
|  Nuclear generation | 4275 | 1285 | 3916 | 1463 |
|  Thermal generation | 7029 | 577 | 7157 | 260 |
|  Plant maintenance & engineering service | 670 | 31 | 787 | 74 |
|  Others<sup>(1)</sup>  | 563 | 23 | 582 | 27 |
|  Subtotal | 36398 | 3817 | 36151 | 3911 |
|  Adjustment for related- party transactions | -12174 | -63 | -11753 | -127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 24224 | 3754 | 24398 | 3784 |

---

*Note:* 

(1) Others relate to business areas including overseas businesses, etc..

------

2. Changes in unit prices of major products for a three-month period ended March 31, 2025 and 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Business sector** | **Business sector** | <br>**Company** |<br>**January to<br>March 2025** | (In Won per kWh)<br>**January to**<br>**March 2026** |
|  Electricity sold | Residential | KEPCO | 158.02 | 159.59 |
|  Electricity sold | Commercial | KEPCO | 172.90 | 173.00 |
|  Electricity sold | Educational | KEPCO | 139.19 | 139.35 |
|  Electricity sold | Industrial | KEPCO | 182.80 | 183.65 |
|  Electricity sold | Agricultural | KEPCO | 86.34 | 90.19 |
|  Electricity sold | Street lighting | KEPCO | 154.57 | 154.31 |
|  Electricity sold | Overnight usage | KEPCO | 112.17 | 112.26 |
|  Electricity from nuclear generation | Nuclear Generation | KHNP | 82.98 | 94.15 |
|  Electricity from thermal generation | Thermal generation | KOSEP | 138.76 | 126.22 |
|  Electricity from thermal generation | Thermal generation | KOMIPO | 164.60 | 140.66 |
|  Electricity from thermal generation | Thermal generation | KOWEPO | 163.88 | 136.14 |
|  Electricity from thermal generation | Thermal generation | KOSPO | 185.54 | 151.08 |
|  Electricity from thermal generation | Thermal generation | EWP | 159.51 | 134.83 |

---

3. Power purchase from generation subsidiaries for a three-month period ended March 31, 2026

---

| | | |
|:---|:---|:---|
| **Company** | **Volume**<br>**(GWh)** | **Expense**<br>**(In billions of Won)** |
|  KHNP | 38772 | 3653 |
|  KOSEP | 8964 | 1129 |
|  KOMIPO | 10445 | 1466 |
|  KOWEPO | 9492 | 1287 |
|  KOSPO | 9313 | 1400 |
|  EWP | 9541 | 1284 |
|  Others | 56529 | 7601 |
|  Closing adjustment |  | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 143057 | 19230 |

---

4. Intellectual property as of March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Patents** | **Utility models** | **Designs** | **Trademarks** | **Total** |
|  KEPCO | 5905 | 35 | 135 | 57 | 6132 |
|  Generation subsidiaries | 4555 | 42 | 93 | 269 | 4959 |
|  Total | **10460** | **77** | **228** | **326** | **11091** |

---

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**III.** **Financial Information** 

1. Condensed consolidated financial results as of and for a three-month period ended March 31, 2025 and 2026

(In billions of Won)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated statements of**<br> **comprehensive income** | **Consolidated statements of**<br> **comprehensive income** | **Consolidated statements of**<br> **comprehensive income** | **Consolidated statements of**<br> **comprehensive income** | **Consolidated statements of**<br> **financial position** | **Consolidated statements of**<br> **financial position** | **Consolidated statements of**<br> **financial position** | **Consolidated statements of**<br> **financial position** |
|  | **January to<br>March 2025** | **January to<br>March 2026** | **Change** |  | **December 31,<br>2025** | **March 31,<br>2026** | **Change** |
|  Sales | 24224 | 24398 | 174 | Total assets | 254927 | 257788 | 2861 |
|  Operating profit (loss) | 3754 | 3784 | 30 | Total liabilities | 205605 | 206378 | 773 |
|  Net income (loss) | 2362 | 2519 | 157 | Total equity | 49323 | 51410 | 2087 |

---

2. Condensed separate financial results as of and for a three-month period ended March 31, 2025 and 2026

(In billions of Won)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Separate statements of**<br> **comprehensive income** | **Separate statements of**<br> **comprehensive income** | **Separate statements of**<br> **comprehensive income** | **Separate statements of**<br> **comprehensive income** | **Separate statements of**<br> **financial position** | **Separate statements of**<br> **financial position** | **Separate statements of**<br> **financial position** | **Separate statements of**<br> **financial position** |
|  | **January to<br>March 2025** | **January to<br>March 2026** | **Change** |  | **December 31,<br>2025** | **March 31,<br>2026** | **Change** |
|  Sales | 23861 | 23709 | -152 | Total assets | 144616 | 146011 | 1365 |
|  Operating profit (loss) | 1901 | 2087 | 186 | Total liabilities | 118046 | 117207 | -839 |
|  Net income (loss) | 2824 | 3239 | 415 | Total equity | 26571 | 28804 | 2233 |

---

------

**IV. Board of Directors (KEPCO on a separate basis)** 

1. The board of directors is required to consist of not more than 15 directors including the president. Under our Articles of Incorporation, there may not be more than seven standing directors including the president, and more than eight non-standing directors. The number of non-standing directors must exceed the number of standing directors, including our president.

\* Subcommittees under the board of directors: The Audit Committee consists of one standing director and two non-standing directors. All such members of the audit committee are independent within the meaning of the Korea Exchange listing standards, the regulations promulgated under the Korean Commercial Act and the New York Stock Exchange listing standards. The ESG Committee consists of three non-standing directors and one standing director. The Power System Committee consists of three non-standing directors and one standing director. 

2. Board meetings and agenda for a six-month period ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Number of meetings** | **Number of agendas** | **Classification** | **Classification** |
| **Number of meetings** | **Number of agendas** | **Resolutions** | **Reports** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | 18 | 14 | 4 |

---

\* The audit committee held 3 meetings with 17 agenda (of which, 8 were approved as proposed and 9 were accepted as reported).

3. Major activities of the Board of Directors for a three-month period ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Agenda** | **Results** | **Type** |
|  January 23, 2026 | Approval of amendment to the Rules on Employment | Approved as<br>proposed | Resolution |
|  January 29, 2026 | Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia | Deferred | Resolution |
|  January 30, 2026 | Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia | Approved as<br>proposed | Resolution |

---

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---

| | | | |
|:---|:---|:---|:---|
|  February 26, 2026 | Approval of the maximum aggregate amount of remuneration for directors in 2026 | Approved as<br>proposed | Resolution |
|  February 26, 2026 | Approval of amendment to the Articles of Incorporation | Approved as<br>proposed | Resolution |
|  February 26, 2026 | Approval to call for the annual general meeting of shareholders for the fiscal year 2025 | Approved as<br>proposed | Resolution |
|  February 26, 2026 | Approval to close the shareholders' registry for the extraordinary general meeting of shareholders<br>| Approved as<br> proposed  | Resolution |
|  February 26, 2026 | Approval of consolidated and separate financial statements for the fiscal year 2025 | Approved as<br>proposed | Resolution |
|  February 26, 2026 | Approval of amendment to the construction of a new integrated office building for the Gangwon Regional Headquarters<br>| Approved as<br> proposed  | Resolution |
|  February 26, 2026 | Approval of amendment to the Management Performance Agreement | Approved as<br>proposed | Resolution |
|  February 26, 2026 | Report on internal control over financial reporting for the fiscal year 2025 | Accepted as<br>reported | Report |
|  February 26, 2026 | Report on the evaluation of internal control over financial reporting for the fiscal year 2025 | Accepted as<br>reported | Report |
|  February 26, 2026 | Report on audit results for 2025 | Accepted as<br>reported | Report |
|  March 12, 2026 | Approval of amendment to the Terms and Conditions for Electricity Supply and Rules for Operation | Approved as<br>proposed | Resolution |
|  | Approval to close the shareholders' registry for the extraordinary general meeting of shareholders | Approved as<br>proposed | Resolution |
|  March 27, 2026 | Approval of amendments to Operational Regulations of ESG Committee | Approved as<br>proposed | Resolution |
|  March 27, 2026 | Approval of contribution to Korea Institute of Energy Technology in 2026 | Approved as<br>amended | Resolution |
|  March 27, 2026 | Report on Matters Related to the Ministry of Trade, Industry and Resources' Recommendations for the UAE Nuclear Power Plant Project | Accepted as<br>reported | Report |

---

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4. Attendance Status of Non-standing directors and Voting Results by Agenda Items for a three-month period ended March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Agenda** | **Han,**<br>**Jin-**<br>**Hyun** | **Kim,<br>Jong-**<br>**Woon** | **Kim,<br>Jun-Ki** | **Kim,<br>Sung-**<br>**Eun** | **Lee,<br>Sung-**<br>**Ho** | **Cho,<br>Seong-**<br>**Jin** | **Kang,<br>Hoon** | **Lee,<br>Heung-<br>Ryul** |
| January 23, 2026 | Approval of amendment to the Rules on Employment | For | For | For | For | For | For | For | For |
| January 29, 2026 | Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia | Deferred | Absent | Deferred | Absent | Deferred | Deferred | Deferred | Deferred |
| January 30, 2026 | Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia | For | For | For | Absent | For | For | For | For |
| February 26, 2026 | Approval of the maximum aggregate amount of remuneration for directors in 2026 | For | For | For | For | For | For | For | For |
|  | Approval of amendment to the Articles of Incorporation | For | For | For | For | For | For | For | For |
|  | Approval to call for the annual general meeting of shareholders for the fiscal year 2025 | For | For | For | For | For | For | For | For |
|  | Approval to close the shareholders' registry for the extraordinary general meeting of shareholders | For | For | For | For | For | For | For | For |
|  | Approval of consolidated and separate financial statements for the fiscal year 2025 | For | For | For | For | Absent | For | For | For |
|  | Approval of amendment to the construction of a new integrated office building for the Gangwon Regional Headquarters | For | For | For | For | For | For | For | For |
|  | Approval of amendment to the Management Performance Agreement | For | For | For | For | For | For | For | For |
|  | Report on internal control over financial reporting for the fiscal year 2025 | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report |
|  | Report on the evaluation of internal control over financial reporting for the fiscal year 2025 | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report |
|  | Report on audit results for 2025 | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report |
| March 12, 2026 | Approval of amendment to the Terms and Conditions for Electricity Supply and Rules for Operation | For | For | For | For | For | For | For | For |
| March 27, 2026 | Approval to close the shareholders' registry for the extraordinary general meeting of shareholders | For | For | For | Absent | Absent | For | For | For |
|  | Approval of amendments to Operational Regulations of ESG Committee | For | For | For | Absent | Absent | For | For | For |
|  | Approval of contribution to Korea Institute of Energy Technology in 2026 | For | For | For | Absent | Absent | For | For | For |
|  | Report on Matters Related to the Ministry of Trade, Industry and Resources' Recommendations for the UAE Nuclear Power Plant Project | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report |
|  **Attendance Rate** | **Attendance Rate** | **100%** | **83%** | **100%** | **50%** | **83%** | **100%** | **100%** | **100%** |

---

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5. Attendance Status of Standing directors for a three-month period ended March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Agenda** | **Kim,<br>Dong-<br>Cheol** | **Jun,<br>Young-<br>Sang** | **Oh,<br>Heung-Bok** | **Jung,<br>Chi-Gyo** | **Ahn,<br>Jung-Eun** | **Seo,<br>Chul-Soo** |
| January 23, 2026 | Approval of amendment to the Rules on Employment | For | For | For | For | Absent | For |
| January 29, 2026 | Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia | Deferred | Deferred | Deferred | Deferred | Deferred | Deferred |
| January 30, 2026 | Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia | For | Against | For | For | For | For |
| February 26, 2026 | Approval of the maximum aggregate amount of remuneration for directors in 2026 | For | For | For | For | For | For |
|  | Approval of amendment to the Articles of Incorporation | For | For | For | For | For | For |
|  | Approval to call for the annual general meeting of shareholders for the fiscal year 2025 | For | For | For | For | For | For |
|  | Approval to close the shareholders' registry for the extraordinary general meeting of shareholders | For | For | For | For | For | For |
|  | Approval of consolidated and separate financial statements for the fiscal year 2025 | For | For | For | For | For | For |
|  | Approval of amendment to the construction of a new integrated office building for the Gangwon Regional Headquarters | For | For | For | For | For | For |
|  | Approval of amendment to the Management Performance Agreement | For | For | For | For | For | For |
|  | Report on internal control over financial reporting for the fiscal year 2025 | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report |
|  | Report on the evaluation of internal control over financial reporting for the fiscal year 2025 | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report |
|  | Report on audit results for 2025 | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report |
| March 12, 2026 | Approval of amendment to the Terms and Conditions for Electricity Supply and Rules for Operation | For | For | For | For | For | For |
| March 27, 2026 | Approval to close the shareholders' registry for the extraordinary general meeting of shareholders | For | For | For | For | For | For |
|  | Approval of amendments to Operational Regulations of ESG Committee | For | For | For | For | For | For |
|  | Approval of contribution to Korea Institute of Energy Technology in 2026 | Abstention | For | For | For | For | For |
|  | Report on Matters Related to the Ministry of Trade, Industry and Resources' Recommendations for the UAE Nuclear Power Plant Project | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report | Agenda for Report |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Attendance 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Attendance Rate** | **100%** | **100%** | **100%** | **100%** | **83%** | **100%** |

---

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6. Major activities of the Audit Committee for a three-month period ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Agenda** | **Results** | **Type** |
| January 22, 2026 | Approval of appointment of independent auditors of subsidiaries<br>| Approved as proposed | Resolution |
| January 22, 2026 | Approval of annual audit plans for 2026<br>| Approved as proposed | Resolution |
| January 22, 2026 | Approval of amendments to guidelines of internal audit regulations<br>| Approved as proposed | Resolution |
| January 22, 2026 | Approval of amendments to guidelines for demanding disciplinary measures<br>| Approved as proposed | Resolution |
| January 22, 2026 | Amendments to the standards for voluntary reporting of drunk driving and audit processing<br>| Approved as proposed | Resolution |
| January 22, 2026 | Report on independence of independent auditors<br>| Accepted as reported | Report |
| January 22, 2026 | Report on audit education plans in 2026<br>| Accepted as reported | Report |
| January 22, 2026 | Report on audit results for December of 2025<br>| Accepted as reported | Report |
| February 25, 2026 | Approval of the consolidated and separate financial statements and business report for the fiscal year 2025<br>| Approved as proposed | Resolution |
| February 25, 2026 | Report on internal control over financial reporting for the fiscal year 2025<br>| Accepted as reported | Report |
| February 25, 2026 | Report on the evaluation on internal control over financial reporting for the fiscal year 2025<br>| Accepted as reported | Report |
| February 25, 2026 | Report on the progress of the year-end financial statement audit by the independent auditor for the fiscal year 2025<br>| Accepted as reported | Report |
| February 25, 2026 | Report on audit results for 2025<br>| Accepted as reported | Report |
| March 13, 2026 | Approval of amendments to guideline for parctice for KEPCO executives and staff members<br>| Approved as proposed | Resolution |
| March 13, 2026 | Approval of auditor's report for the annual general meeting of shareholders<br>| Approved as proposed | Resolution |
| March 13, 2026 | Report on audit results by the independent auditor for the fiscal year 2025<br>| Accepted as reported | Report |
| March 13, 2026 | Report on audit results for January and February of 2026<br>| Accepted as reported | Report |

---

\* The audit department, organized under the supervision of the Audit Committee, conducts internal audit over the entire company and takes administrative measures as appropriate in accordance with relevant internal regulations.

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7. Attendance Status of the Audit Committee for a three-month period ended March 31, 2026

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Agenda** | **Kim,**<br> **Sung-Eun** | **Lee,**<br> **Sung-Ho** | **Jun,** <br>**Young-**<br>**Sang** |
| January 22, 2026 | Approval of appointment of independent auditors of subsidiaries<br>|  | Attended | Attended |
| January 22, 2026 | Approval of annual audit plans for 2026<br>|  | Attended | Attended |
| January 22, 2026 | Approval of amendments to guidelines of internal audit regulations<br>|  | Attended | Attended |
| January 22, 2026 | Approval of amendments to guidelines for demanding disciplinary measures<br>|  | Attended | Attended |
| January 22, 2026 | Amendments to the standards for voluntary reporting of drunk driving and audit processing<br>|  | Attended | Attended |
| January 22, 2026 | Report on independence of independent auditors<br>|  | Attended | Attended |
| January 22, 2026 | Report on audit education plans in 2026<br>|  | Attended | Attended |
| January 22, 2026 | Report on audit results for December of 2025<br>|  | Attended | Attended |
| February 25, 2026 | Approval of the consolidated and separate financial statements and business report for the fiscal year 2025<br>|  | Attended | Attended |
| February 25, 2026 | Report on internal control over financial reporting for the fiscal year 2025<br>|  | Attended | Attended |
| February 25, 2026 | Report on the evaluation on internal control over financial reporting for the fiscal year 2025<br>|  | Attended | Attended |
| February 25, 2026 | Report on the progress of the year-end financial statement audit by the independent auditor for the fiscal year 2025<br>|  | Attended | Attended |
| February 25, 2026 | Report on audit results for 2025<br>|  | Attended | Attended |
| March 13, 2026 | Approval of amendments to guideline for parctice for KEPCO executives and staff members<br>|  | Attended | Attended |
| March 13, 2026 | Approval of auditor's report for the annual general meeting of shareholders<br>|  | Attended | Attended |
| March 13, 2026 | Report on audit results by the independent auditor for the fiscal year 2025<br>|  | Attended | Attended |
| March 13, 2026 | Report on audit results for January and February of 2026 |  | Attended | Attended |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Attendance 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Attendance Rate** | **0%** | **100%** | **100%** |

---

------

**V. Shareholder's Meetings** 

1. Summary of shareholder's meetings for a nine-month period ended March 31, 2026

---

| | | |
|:---|:---|:---|
| **Type** | **Agenda** | **Results** |
| Annual General Meeting held on March 25, 2026 | Approval of the consolidated and separate financial statements for the fiscal year 2025 | Approved as proposed |
|  | Approval of the maximum aggregate amount of remuneration for directors in 2026 | Approved as proposed |
|  | Approval of amendment to the Articles of Incorporation | Approved as proposed |

---

**VI. Shareholders** 

1. List of shareholders as of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Number of<br>shareholders** | **Shares owned** | **Percentage of**<br>**total (%)** |
|  Government of the Republic of Korea | Government of the Republic of Korea | 1 | 116841794 | 18.20 |
|  Korea Development Bank | Korea Development Bank | 1 | 211235264 | 32.90 |
|  Subtotal 2 | Subtotal 2 |  | 328077058 | 51.10 |
|  National Pension Service | National Pension Service | 1 | 46005483 | 7.17 |
| Public<br> (Non-Koreans) | Common Shares | 2179 | 125318232 | 19.52 |
| Public<br> (Non-Koreans) | American depositary shares (ADS) | 1 | 14564475 | 2.27 |
|  Public (Koreans) | Public (Koreans) | 910047 | 127998829 | 19.94 |
|  Total | Total | 912230 | 641964077 | 100.00 |

---

• Percentages are based on issued shares of common stock.

• All of our shareholder have equal voting rights.

• Citibank, N.A. is our depositary bank and each ADS represents one-half of
one share of our common stock.

------

**VII. Directors and employees as of and for a three-month period ended March 31, 2026 (KEPCO on a separate basis)** 

1. Employees

(In thousands of Won)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Number of employees** | **Number of employees** | **Number of employees** | **Average**<br>**continuous<br>service year** | **Total**<br>**salaries** | **Average<br>salaries**<br>**per person** |
| **Type** | **Regular** | **Non-regular** | **Total** | **Average**<br>**continuous<br>service year** | **Total**<br>**salaries** | **Average<br>salaries**<br>**per person** |
|  Male | 17006 | 106 | 17112 | 15.0 | 414042027 | 23926 |
|  Female | 5204 | 97 | 5301 | 14.6 | 112102111 | 20957 |
|  Total | **22210** | **203** | **22413** | **14.9** | **526144138** | **23225** |

---

**VIII. Other Information Necessary for the Protection of Investors** 

1. Pending legal proceedings as of March 31, 2026

(In billions of Won)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type** | **Number<br>of lawsuits** | **Number<br>of lawsuits** | **Amount<br>claimed** | **Amount<br>claimed** |
|  Lawsuits where KEPCO and its subsidiaries are engaged as the defendants |  | 710 |  | 819 |
|  Lawsuits where KEPCO and its subsidiaries are engaged as the plaintiffs |  | 252 |  | 527 |

---

------

2. Sanctions as of March 31, 2026(Korea Hydro & Nuclear Power CO, Ltd.)

Sanctions by Law Enforcement and Judicial Authorities

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Prosecution**<br> **Date** | **Subject** | **Subject** | **Sanctions** | **Relevant laws (charges)** | **Proceedings** |
| **Prosecution**<br> **Date** | **Position** | **Tenure** | **Sanctions** | **Relevant laws (charges)** | **Proceedings** |
| June 30, 2021 | CEO(Former) | 4yrs | Prosecution with detention | The Act on the Aggravated Punishment, etc. of specific economic crimes(Occupational breach of trust), The Criminal Act | In the progress in the district court |
| April 9, 2024 | The head of a power plant(Former) | 29yrs | Prosecution with detention | Occupational embezzlement, The Criminal Act | In the progress in the high court |
| January 3, 2025 | KHNP |  | Prosecution with detention | Nuclear Safety Act(Vicarious Liability Provision) | In the progress in the district court |
| September 18, 2025 | KHNP |  | Administrative Fine<br> (4 million Won) | The Act on the Protection and Investigation of Buried Cultural Heritage<br> (Vicarious Liability Provision) | Fine Payment |

---

------

Sanctions by Administrative Authorities

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Subject** | **Sanctions** | **Grounds and Applicable Laws** | **Proceedings** |
| January 15, 2025 | KHNP HANBIT Nuclear Power Site | Administrative Fine<br> (10 million Won) | Act of Physical Protection and Radiological Emergency Preparedness for Nuclear Facilities, etc. Article 14 (Book and Records) | Fine Payment |
| January 15, 2025 | KHNP HANUL Nuclear Power Site | Administrative Fine<br> (8 million Won) | Act of Physical Protection and Radiological Emergency Preparedness for Nuclear Facilities, etc. Article 14<br> (Book and Records) | Fine Payment |
| March 6, 2025 | KHNP | Corrective Action | Act on the Fairness of Subcontract Transactions Article 3-4 Paragraph(1)<br> Prohibition of unfair contractual terms | Implementation<br>of Corrective<br>Actions to<br>prevent<br>recurrence |
| June 16, 2025 | KHNP HANUL Nuclear Power Site | Administrative Fine<br> (0.25 million Won) | Groundwater Act<br> Article 9<br> Failure to conduct a geotechnical investigation | Fine Payment |
| June 26, 2025 | KHNP | Administrative Fine<br> (144 million Won) | Nuclear Safety Act<br> Article 70 and 119<br> The Enforcement Decree of Nuclear Safety ACT<br> Article 107 and 178 | Fine Payment |
| July 10, 2025 | KHNP HANUL Nuclear Power Site | Administrative Fine<br> (8 million Won) | Act of Physical Protection and Radiological Emergency Preparedness for Nuclear Facilities, etc. Article 14 (Book and Records) | Fine Payment |
| December 16, 2025 | KHNP HANUL Nuclear Power Site | Administrative Fine<br> (12 million Won) | Nuclear Safety Act<br> Article 25 | Fine Payment |
| January 2, 2026 | KHNP HANUL Nuclear Power Site | Penalty Surcharge<br> (10.5 billion Won) | Nuclear Safety Act<br> Article 20, 21 and 26 | Surcharge<br>Payment |

---

------

3. Sanctions as of September 30, 2025(KEPCO KDN)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Sanction**<br> **Authorities** | **Resolution Number** | **Case Name** | **Proceedings** |
| Febrary 20, 2025 | Korea Fair Trade Commission | Resolution2025-029 | Case concerning unlawful collussion between KEPCO KDN and Exem CO,. Ltd. in the procurement bid for additional storage materials for unstructured data at KEPCO | Corrective Actions and fine(39 million Won) |

---

------

**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.

---

| | |
|:---|:---|
| By: | /s/ Joo, Hwa-sik |
| Name: | Joo, Hwa-sik |
| Title: | Vice President |

---

Date: June 16, 2026

------

KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Condensed consolidated interim financial statements

March 31, 2026 and 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)

with the independent auditors' review report

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Independent auditors' review report](#finrom15129_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Condensed consolidated interim statements of financial position](#finrom15129_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Condensed consolidated interim statements of comprehensive income](#finrom15129_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Condensed consolidated interim statements of changes in equity](#finrom15129_4) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Condensed consolidated interim statements of cash flows](#finrom15129_5) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Notes to the condensed consolidated interim financial statements](#finrom15129_6) | 9 |

---

------

Independent Auditors' Review Report

(English translation of a report originally issued in Korean)

To the Board of Directors and Shareholders of

Korea Electric Power Corporation

**Reviewed Financial Statements** 

We have reviewed the accompanying condensed consolidated interim financial statements of Korea Electric Power Corporation and its subsidiaries (the "Group"), which comprise the condensed consolidated interim statement of financial position as of March 31, 2026, the condensed consolidated interim statements of comprehensive income, changes in equity and cash flows for the three-month periods ended March 31, 2026 and 2025 and notes, including material accounting policies.

**Management's Responsibility** 

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

**Auditors' Review Responsibility** 

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

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

**Conclusion** 

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

**Other Matters** 

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

The consolidated statement of financial position as of December 31, 2025, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, which are not accompanying this report, were audited by us in accordance with Korean Standards on Auditing and our report thereon, dated March 10, 2026, expressed an unqualified opinion. The accompanying consolidated statement of financial position as of December 31, 2025, presented for comparative purposes, is not different from that audited by us from which it was derived in all material respects.

![LOGO](g15129dsp23.jpg)

Seoul, Korea

May 15, 2026

This report is effective as of May 15, 2026, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying condensed consolidated interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that the above review report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of financial position

**As of March 31, 2026 and December 31, 2025 (unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | ***Note*** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  **<u>Assets</u>** |  |  |  |  |
|  Current assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 56744 | W | 2014211 | 2240811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current financial assets, net | 569111213444546 |  | 5267319 | 4250164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other receivables, net | 582024444546 |  | 11680232 | 12618480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories, net | 14 |  | 10031180 | 10152724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current income tax assets |  |  | 93837 | 91579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current non-financial assets | 15 |  | 1541609 | 1361630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held-for-sale | 41 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current assets** |  |  | 30628388 | 30715388 |
|  Non-current assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial assets, net | 569101112134446 |  | 5056599 | 4565561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current trade and other receivables, net | 5820444546 |  | 3284995 | 3124185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment, net | 18242748 |  | 189545370 | 187751538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment properties, net | 1927 |  | 195110 | 238772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill, net | 16 |  | 99337 | 99303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets other than goodwill, net | 2127 |  | 1024940 | 1001295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in associates | 417 |  | 7167996 | 6851456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in joint ventures | 417 |  | 6866488 | 6512332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defined benefit assets, net | 25 |  | 130637 | 104344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax assets |  |  | 12742424 | 12950032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current non-financial assets | 15 |  | 1045697 | 1013251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current assets** |  |  | 227159593 | 224212069 |
|  **Total assets** | 4 | W | 257787981 | 254927457 |

---

*(Continued)* 

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of financial position, Continued

**As of March 31, 2026 and December 31, 2025 (unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | ***Note*** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  **<u>Liabilities</u>** |  |  |  |  |
|  Current liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other payables | 522244446 | W | 10047033 | 8621671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current financial liabilities | 512234446 |  | 48314830 | 45939089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current income tax liabilities |  |  | 1608275 | 1571143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current non-financial liabilities | 202829 |  | 6990835 | 6805171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current provisions | 2644 |  | 4423146 | 4170243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current liabilities** |  |  | 71384119 | 67107317 |
|  Non-current liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current trade and other payables | 522244446 |  | 4032953 | 4028808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial liabilities | 512234446 |  | 80014748 | 83995702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current non-financial liabilities | 2829 |  | 14109914 | 13726159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee benefits liabilities, net | 2544 |  | 1181836 | 1381852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities |  |  | 6559428 | 6500975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current provisions | 2644 |  | 29094908 | 28863700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current liabilities** |  |  | 134993787 | 138497196 |
|  **Total liabilities** | 4 | W | 206377906 | 205604513 |
|  **<u>Equity</u>** |  |  |  |  |
|  Contributed capital | 13044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share capital |  | W | 3209820 | 3209820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share premium |  |  | 843758 | 843758 |
|  |  |  | 4053578 | 4053578 |
|  Retained earnings | 31 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal reserves |  |  | 1604910 | 1604910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary reserves |  |  | 6807034 | 567469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unappropriated retained earnings |  |  | 21668255 | 26328205 |
|  |  |  | 30080199 | 28500584 |
|  Other components of equity | 33 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other capital surplus |  |  | 1566635 | 1566635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income |  |  | 1851127 | 1340560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other equity |  |  | 12708585 | 12708585 |
|  |  |  | 16126347 | 15615780 |
|  Equity attributable to owners of the controlling company |  |  | 50260124 | 48169942 |
|  Non-controlling interests | 1632 |  | 1149951 | 1153002 |
|  **Total equity** |  | W | 51410075 | 49322944 |
|  **Total liabilities and equity** |  | W | 257787981 | 254927457 |

---

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

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of comprehensive income

**For the three-month periods ended March 31, 2026 and 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won, except per share information* | ***Note*** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  **Sales** | 4344446 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of goods | 2 | W | 23774925 | 23809449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of services |  |  | 172463 | 146692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of construction services | 20 |  | 225278 | 56197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue related to transfer of assets from customers | 28 |  | 225821 | 211646 |
|  |  |  | 24398487 | 24223984 |
|  **Cost of sales** | 14254246 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales of goods |  |  | (19483149) | (19195043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales of services |  |  | (123813) | (141105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales of construction services |  |  | (291309) | (420796) |
|  |  |  | (19898271) | (19756944) |
|  **Gross profit** |  |  | 4500216 | 4467040 |
|  **Selling and administrative expenses** | 25354246 |  | (716047) | (713433) |
|  **Operating profit** | 4 |  | 3784169 | 3753607 |
|  **Other income** | 36 |  | 156635 | 92807 |
|  **Other expenses** | 36 |  | (78040) | (19878) |
|  **Other gains, net** | 37 |  | 11704 | 98572 |
|  **Finance income** | 51238 |  | 1297079 | 413301 |
|  **Finance expenses** | 51239 |  | (2078485) | (1231655) |
|  **Profit (loss) related to associates, joint ventures and subsidiaries** | 41617 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of profit of associates and joint ventures |  |  | 379566 | 318456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of investments in associates and joint ventures |  |  | 23 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of loss of associates and joint ventures |  |  | (76542) | (193377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment of investments in associates and joint ventures |  |  | (1077) |  |
|  |  |  | 301970 | 125120 |
|  **Profit before income tax** |  |  | 3395032 | 3231874 |
|  **Income tax expense** | 40 |  | (876025) | (870166) |
|  **Profit for the period** |  | W | 2519007 | 2361708 |

---

*(Continued)* 

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of comprehensive income, Continued

**For the three-month periods ended March 31, 2026 and 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won, except per share information* | ***Note*** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  **Other comprehensive income (loss), net of tax** | 512253133 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that will not be reclassified subsequently to profit or loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of defined benefit plans | 2531 | W | 70990 | (100137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of other comprehensive income (loss) of associates and joint ventures | 31 |  | 10500 | (248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in fair value of financial assets at fair value through other comprehensive income (loss) | 33 |  | 61572 | (39754) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that are or may be reclassified subsequently to profit or loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in the unrealized fair value of derivatives using cash flow hedge accounting | 51233 |  | 9050 | 10463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation of foreign operations | 33 |  | 84050 | 24557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of other comprehensive income (loss) of associates and joint ventures | 33 |  | 384917 | (52419) |
|  **Other comprehensive income (loss) for the period** |  |  | 621079 | (157538) |
|  **Total comprehensive income for the period** |  | W | 3140086 | 2204170 |
|  **Profit attributable to:** | 43 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the controlling company |  | W | 2492746 | 2328246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  |  | 26261 | 33462 |
|  |  | W | 2519007 | 2361708 |
|  **Total comprehensive income attributable to:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the controlling company |  | W | 3080091 | 2177767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  |  | 59995 | 26403 |
|  |  | W | 3140086 | 2204170 |
|  **Earnings per share (in won)** | 43 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted earnings per share |  | W | 3883 | 3627 |

---

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

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of changes in equity

**For the three-month periods ended March 31, 2026 and 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Non-**<br>**controlling**<br>**interests** |  |
|  | **Contributed<br>capital** | **Contributed<br>capital** | **Retained**<br>**earnings** | **Other**<br>**components**<br>**of equity** | **Subtotal** | **Non-**<br>**controlling**<br>**interests** | **Total**<br>**equity** |
|  **Balance as of January 1, 2025** | W | 4053578 | 20128247 | 15733411 | 39915236 | 1447597 | 41362833 |
|  **Total comprehensive income (loss) for the period** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  | 2328246 |  | 2328246 | 33462 | 2361708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that will not be reclassified subsequently to profit or loss: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of defined benefit plans, net of tax |  |  | (94441) |  | (94441) | (5696) | (100137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of other comprehensive loss of associates and joint ventures, net of tax |  |  | (248) |  | (248) |  | (248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in fair value of financial assets at fair value through other comprehensive income, net of tax |  |  |  | (39752) | (39752) | (2) | (39754) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that may be reclassified subsequently to profit or loss: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |  |  |  | 11230 | 11230 | (767) | 10463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation of foreign operations, net of tax |  |  |  | 25151 | 25151 | (594) | 24557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of other comprehensive loss of associates and joint ventures, net of tax |  |  |  | (52419) | (52419) |  | (52419) |
|  **Transactions with owners of the Group, recognized directly in equity** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid |  |  | (136738) |  | (136738) | (74241) | (210979) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital and others |  |  |  | 245 | 245 | (5960) | (5715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity transactions within the consolidated entity |  |  |  | 81 | 81 | (7140) | (7059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid for hybrid bonds |  |  |  |  |  | (2128) | (2128) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of hybrid bonds |  |  |  |  |  | (230000) | (230000) |
|  **Balance as of March 31, 2025** | W | 4053578 | 22225066 | 15677947 | 41956591 | 1154531 | 43111122 |

---

*(Continued)* 

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of changes in equity, Continued

**For the three-month periods ended March 31, 2026 and 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Non-**<br>**controlling**<br>**interests** |  |
|  | **Contributed<br>capital** | **Contributed<br>capital** | **Retained**<br>**earnings** | **Other**<br>**components**<br>**of equity** | **Subtotal** | **Non-**<br>**controlling**<br>**interests** | **Total**<br>**equity** |
|  **Balance as of January 1, 2026** | W | 4053578 | 28500584 | 15615780 | 48169942 | 1153002 | 49322944 |
|  **Total comprehensive income for the period** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  | 2492746 |  | 2492746 | 26261 | 2519007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that will not be reclassified subsequently to profit or loss: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of defined benefit plans, net of tax |  |  | 66278 |  | 66278 | 4712 | 70990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of other comprehensive income of associates and joint ventures, net of tax |  |  | 10500 |  | 10500 |  | 10500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in fair value of financial assets at fair value through other comprehensive income, net of tax |  |  |  | 61569 | 61569 | 3 | 61572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that may be reclassified subsequently to profit or loss: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |  |  |  | 8983 | 8983 | 67 | 9050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation of foreign operations, net of tax |  |  |  | 55098 | 55098 | 28952 | 84050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of other comprehensive loss of associates and joint ventures, net of tax |  |  |  | 384917 | 384917 |  | 384917 |
|  **Transactions with owners of the Group, recognized directly in equity** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid |  |  | (989909) |  | (989909) | (62944) | (1052853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital and others |  |  |  |  |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity transactions within the consolidated entity |  |  |  |  |  | (107) | (107) |
|  **Balance as of March 31, 2026** | W | 4053578 | 30080199 | 16126347 | 50260124 | 1149951 | 51410075 |

---

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

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of cash flows

**For the three-month periods ended March 31, 2026 and 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  **Cash flows from operating activities** |  |  |  |
|  Profit for the period | W | 2519007 | 2361708 |
|  Adjustments to reconcile profit for the period to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense |  | 876025 | 870166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation |  | 3330940 | 3493162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization |  | 39353 | 40299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement benefit expense |  | 111449 | 112443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bad debt expense (Reversal of bad debt allowance) |  | (9687) | 10875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense |  | 1029726 | 1117124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of financial assets |  | 1 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of property, plant and equipment |  | 19949 | 37158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on abandonment of property, plant and equipment |  | 24981 | 34971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment of property, plant and equipment |  | 825 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment of intangible assets |  | 1115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of intangible assets |  |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in provisions, net |  | 437029 | 762929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss (Gain) on foreign currency translation, net |  | 914518 | (26487) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of financial assets at fair value through profit or loss |  | (16321) | (14609) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuation of financial assets at fair value through profit or loss |  | 13990 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on derivatives |  | (1051704) | (81689) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of investments in associates and joint ventures, net |  | (303024) | (125079) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of financial assets |  | (15046) | (10564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of property, plant and equipment |  | (1701) | (5363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of associates and joint ventures |  | (23) | (41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment of investments in associates and joint ventures |  | 1077 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income |  | (96955) | (111988) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income |  | (20075) | (13551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others, net |  | (29450) | (104736) |
|  |  | 5256992 | 5985983 |
|  Changes in working capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables |  | 1220168 | 1069490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-trade receivables |  | (159220) | (134013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 128585 | 69228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 36901 | 30026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets |  | (362041) | (382332) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories |  | (461727) | (456199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current assets |  | 163783 | (98859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade payables |  | 625136 | (675647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-trade payables |  | 93193 | 47840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses |  | (249624) | (99797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities |  | 244217 | 799853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current liabilities |  | 374390 | 260656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in associates and joint ventures (dividends received) |  | 251211 | 38623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions |  | (310638) | (325163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of employee benefit obligations |  | (263363) | (103229) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan assets |  | (620) | (5) |
|  | W | 1330351 | 40472 |

---

*(Continued)* 

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of cash flows, Continued

**For the three-month periods ended March 31, 2026 and 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  Cash generated from operating activities | W | 9106350 | 8388163 |
|  Dividends received |  | 20075 | 13508 |
|  Interest paid |  | (1209557) | (1184055) |
|  Interest received |  | 86107 | 81476 |
|  Income taxes paid |  | (695956) | (545998) |
|  **Net cash flows provided by operating activities** |  | 7307019 | 6753094 |
|  **Cash flows from investing activities** |  |  |  |
|  Proceeds from disposals of investments in associates and joint ventures |  | 8145 | 12086 |
|  Acquisition of investments in associates and joint ventures |  | (127384) | (1934522) |
|  Proceeds from disposals of property, plant and equipment |  | 78040 | 58494 |
|  Acquisition of property, plant and equipment |  | (4193355) | (3772784) |
|  Proceeds from disposals of intangible assets |  |  | 498 |
|  Acquisition of intangible assets |  | (34591) | (19232) |
|  Proceeds from disposals of financial assets |  | 1858235 | 2676313 |
|  Acquisition of financial assets |  | (2572622) | (4134278) |
|  Increase in loans |  | (53772) | (46357) |
|  Collection of loans |  | 58894 | 139380 |
|  Increase in deposits |  | (59102) | (41850) |
|  Decrease in deposits |  | 56196 | 39198 |
|  Proceeds from disposals of assets held-for-sale |  |  | 14363 |
|  Receipt of government grants |  | 5321 | 4954 |
|  Other cash outflow from investing activities, net |  | (122239) | (52128) |
|  **Net cash flows used in investing activities** |  | (5098234) | (7055865) |
|  **Cash flows from financing activities** |  |  |  |
|  Repayment of short-term borrowings, net |  | (461587) | (203040) |
|  Proceeds from long-term borrowings |  | 644302 | 461841 |
|  Proceeds from debt securities |  | 4346005 | 8481212 |
|  Repayment of long-term borrowings |  | (298530) | (51929) |
|  Repayment of debt securities |  | (6846425) | (7942524) |
|  Payment of lease liabilities |  | (157349) | (188632) |
|  Settlement of derivative instruments, net |  | 318351 | 46860 |
|  Change in non-controlling interests |  | 5 | (11133) |
|  Repayment of hybrid bond |  |  | (230000) |
|  Dividends paid for hybrid bond |  |  | (2128) |
|  Other cash outflow from financing activities, net |  | (1549) |  |
|  **Net cash flows provided by (used in) financing activities** |  | (2456777) | 360527 |
|  **Net increase (decrease) in cash and cash equivalents before effect of exchange rate fluctuations** |  | (247992) | 57756 |
|  **Effect of exchange rate fluctuations on cash held** |  | 21392 | 2245 |
|  **Net increase (decrease) in cash and cash equivalents** |  | (226600) | 60001 |
|  **Cash and cash equivalents as of January 1, 2026 and 2025** |  | 2240811 | 2382979 |
|  **Cash and cash equivalents as of March 31, 2026 and 2025** | W | 2014211 | 2442980 |

---

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

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements

**March 31, 2026 and 2025 (unaudited)** 

**1.** **Reporting Entity (Description of the controlling company)** 

Korea Electric Power Corporation ("KEPCO"), the controlling company as defined in International Financial Reporting Standards as adopted by the Republic of Korea ("KIFRS") 1110 *Consolidated Financial Statements*, was incorporated on December 31, 1981 in accordance with the *Korea Electric Power Corporation Act* (the "KEPCO Act") to engage in the generation, transmission and distribution of electricity and development of electric power resources in the Republic of Korea. KEPCO's stock was listed on the Korea Stock Exchange on August 10, 1989 and KEPCO listed its Depository Receipts (DR) on the New York Stock Exchange on October 27, 1994. KEPCO's head office is located in Naju, Jeollanam-do.

As of March 31, 2026, KEPCO's share capital amounts to W3,209,820 million and KEPCO's shareholders are as follows:

---

| | | |
|:---|:---|:---|
|  | **Number of shares**<br>**(in shares)** | **Percentage of**<br>**ownership** |
|  The Government of the Republic of Korea | 116841794 | 18.20% |
|  Korea Development Bank | 211235264 | 32.90% |
|  Other (\*) | 313887019 | 48.90% |
|  | 641964077 | 100.00% |

---

---

| | |
|:---|:---|
| (\*) | The number of shares held by foreign shareholders is 142,283,283 shares (22.16%) as of March 13, 2026.  |

---

In accordance with the Restructuring Plan enacted on January 21, 1999, by the Ministry of Trade, Industry and Energy, KEPCO spun off its power generation divisions on April 2, 2001, resulting in the establishment of six power generation subsidiaries.

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

**(1)** **Statement of compliance** 

These condensed consolidated financial statements have been prepared in accordance with KIFRS 1034 *Interim Financial Reporting*, as prescribed in the *Act on External Audit of Stock Companies* in the Republic of Korea. The accompanying consolidated financial statements have been translated into English from Korean language financial statements. In the event of any differences in interpreting the financial statements or the independent auditor's report thereon, the Korean version, which is used for regulatory reporting purposes, shall prevail.

**(2)** **Basis of measurement** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial instruments at fair value through profit or loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial instruments at fair value through other comprehensive income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• derivative financial instruments are measured at fair value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liabilities for defined benefit plans are recognized at the net of the total present value of defined benefit
obligations less the fair value of plan assets.

**(3)** **Functional and presentation currency** 

These condensed consolidated financial statements are presented in Korean won (presented as "won", "W" or "KRW"), which is also the functional currency of KEPCO and most of the significant operating subsidiaries.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

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

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

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Meanwhile, the Group considers climate-related risks resulting from climate change and the establishment of a global greenhouse gas reduction implementation system in its estimates and assumptions. Climate-related risks increase the uncertainty of the estimates and assumptions considered in various items of the financial statements, and the Group carefully monitors climate-related changes and developments, such as new climate-related legislation, even if it does not have a material impact on current measurements.

The following are the key assumptions and other key sources of estimation uncertainty at the end of the reporting period, which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Useful lives of property, plant and equipment, intangible assets other than goodwill and estimations on
provision for decommissioning costs.

The Group reviews the estimated useful lives of property, plant and equipment, intangible assets other than goodwill at the end of each annual reporting period. Management's assumptions could affect the determination of estimated economic useful lives.

The Group records the present value of estimated decommissioning costs as a liability in the period in which the Group incurs a legal obligation associated with the retirement of long-lived assets that result from acquisition, construction, development and/or normal use of the assets. The Group is required to record a liability for the dismantling (demolition) of nuclear power plants and disposal of spent fuel and low and intermediate radioactive wastes. The measurement of such liability is subject to change based on change in estimated cash flow, inflation rate, discount rate, and expected timing of decommissioning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Deferred tax

The Group recognizes deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the tax bases of assets and liabilities of each consolidated taxpaying entity. However, the amount of deferred tax assets may be different if the Group determines the estimated future taxable income is not sufficient to realize the deferred tax assets recognized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Valuations of financial instruments at fair values

The Group's accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Group has established control framework with respect to the measurement of fair values. The valuation team regularly reviews significant unobservable inputs and valuation adjustments.

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

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

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(4)** **Use of estimates and judgments, continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Valuations of financial instruments at fair values, Continued

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Defined employee benefit liabilities

The Group offers its employees defined benefit plans. The cost of providing benefits is determined by using the Projected Unit Credit Method, with actuarial valuations being carried out at the end of each reporting period. For actuarial valuations, certain inputs such as discount rates and future salary increases are estimated. Defined benefit plans contain significant uncertainties in estimations due to its long-term nature (refer to Note 25).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Unbilled revenue

Electricity delivered but neither metered nor billed is estimated at the reporting date based on the estimated volume of electricity delivered which can vary significantly as a result of customer usage patterns, customer mix, meter reading schedules, weather, etc. Unbilled revenue recognized as of March 31, 2026 and 2025 are W2,118,690 million and W2,004,454 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Construction contracts

The Group recognizes revenue over time using the cost-based input method which represents a faithful depiction of the Group's progress towards complete satisfaction of providing the power plant construction, which has been identified as a single performance obligation. In applying the cost-based input method, it is necessary to use estimates and assumptions related to the Group's efforts or inputs expected to be incurred. Costs incurred towards contract completion include costs associated with direct materials, labor, and other indirect costs related to contract performance. Judgment is required in estimating the costs expected to incur in completing the construction projects which involves estimating future materials, labor, contingencies and other related costs. Revenue is estimated based on the contractual amount; however, it can also be affected by uncertainties resulting from unexpected future events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Impairment of non-financial assets other than goodwill

The Company reviews, at the end of each reporting period, whether there is any indication that property, plant and equipment or intangible assets other than goodwill may be impaired. When such indication exists, the Company estimates the recoverable amount of the asset (or a CGU) to determine the amount of impairment loss that should be recognized, if any. The Company measures value in use of a CGU based on discounted cash flows. In determining value in use, key assumptions applied in discounted cash flow model include the discount rate, forecasted future sales volumes, unit sales prices, and cost of purchased power.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(5)** **Changes in accounting policies** 

The Group has applied the following new accounting standards and amendments for their annual reporting period commencing January 1, 2026. The amendment has no significant impact on the Group's consolidated financial statements. The Group has not early adopted any other standards, interpretations or amendments that have been issued but not yet effective.

1) Amendments to KIFRS 1109, "Financial Instruments" and KIFRS 1107, "Financial Instruments: Disclosures" - Classification and Measurement of Financial Instruments

The amendments to KIFRS 1109 and KIFRS 1107 regarding the classification and measurement of financial instruments include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clarification of the requirements for recognition and derecognition of financial assets and financial
liabilities. In particular, although a financial liability is derecognized on its settlement date, the amendments introduce an accounting policy option that permits an entity to derecognize a financial liability that is settled through an electronic
payment system before the settlement date, provided that specified criteria are met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional guidance for assessing the contractual cash flow characteristics of financial assets with ESG and
other similar features;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clarification of what constitutes a non-recourse feature and of the
characteristics of contractually linked instruments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Introduction of disclosure requirements for financial instruments with contingent features and additional
disclosure requirements for equity instruments measured at fair value through other comprehensive income (FVOCI).

These amendments are not expected to have a material impact on the Group's condensed consolidated interim financial statements.

2) Annual Improvements to KIFRS Accounting Standards - Volume 11

Annual Improvements to KIFRS Volume 11 have been issued to enhance consistency among the requirements of accounting standards, to clarify ambiguous matters and to improve understandability. The improvements affect the following standards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• KIFRS 1101, "First-time Adoption of Korean International Financial Reporting Standards": Application
of hedge accounting by a first-time adopter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• KIFRS 1107, "Financial Instruments: Disclosures": Gain or loss on derecognition and implementation
guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• KIFRS 1109, "Financial Instruments": Derecognition accounting for lease liabilities and the
definition of transaction price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• KIFRS 1110, "Consolidated Financial Statements": Determination of a "de facto" agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• KIFRS 1007, "Statement of Cash Flows": Cost method.

These amendments are not expected to have a material impact on the Group's condensed consolidated interim financial statements.

3) Amendments to KIFRS 1109, "Financial Instruments" and KIFRS 1107, "Financial Instruments: Disclosures" - Contracts Referencing Nature-dependent Electricity

The amendments to KIFRS 1109 and KIFRS 1107 regarding contracts referencing nature-dependent electricity have been issued, the key elements of which are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clarification of the application of the "own-use" requirements to contracts within the scope of the amendments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amendments to the requirements for designating the hedged item in a cash flow hedge relationship for contracts
within the scope of the amendments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Introduction of new disclosure requirements to enable investors to understand the impact of such contracts on the
entity's financial performance and cash flows.

These amendments are not expected to have a material impact on the Group's condensed consolidated interim financial statements.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(6)** **New accounting standards and interpretations not yet adopted** 

1) KIFRS 1118, "Presentation and Disclosure in Financial Statements"

KIFRS 1118, "Presentation and Disclosure in Financial Statements," replaces KIFRS 1001, "Presentation of Financial Statements." The standard is effective for annual reporting periods beginning on or after January 1, 2027, with early application permitted; however, the Group has not early adopted the standard.

KIFRS 1118 requires a more structured statement of profit or loss and greater disaggregation of information. The Group is currently analyzing the anticipated impact of the adoption of KIFRS 1118 on the consolidated financial statements.

The expected impacts upon initial application are described below; however, the actual impact of applying the new standard on January 1, 2027 may differ because:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Group has not yet completed the design and assessment of the changes to its processes and controls; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The new accounting policies are subject to change until the Group issues its first annual financial statements
that include the date of initial application of this standard.

① Structure of the statement of profit or loss

KIFRS 1118 requires all income and expenses to be classified into one of five categories: operating, investing, financing, income taxes and discontinued operations. The classification of income and expenses into the categories depends on an entity's main business activities. The Group has not assessed any of its specified business activities, such as investing in assets or providing financing to customers, as main business activities.

The application of KIFRS 1118 will not change the Group's profit or loss for the period or net assets. However, the Group will be required to present two newly defined subtotals - "Operating profit" and "Profit before financing and income taxes" - and the "Operating profit" subtotal will differ from the operating profit currently presented by the Group. Based on currently available information, the Group is performing an overall preliminary assessment of the impact of applying KIFRS 1118. Examples of items expected to have a material impact on the Group's financial statements upon initial application are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Income and expenses arising from investments accounted for using the equity method are always classified in the investing category in accordance with KIFRS 1118. Accordingly, the Group's share of profit (loss) of associates, joint ventures and subsidiaries will be presented in the investing category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Interest income and interest expense are, under the Group's current accounting policies, generally included in finance income and finance costs and presented as the subtotals "Finance income" and "Finance costs." KIFRS 1118 provides specific guidance on income and expenses classified in the investing and financing categories, and in accordance with such guidance the Group will classify and present its interest income and interest expense in the operating, investing and financing categories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Foreign exchange differences are currently included in other income, other expenses, finance income or finance costs, depending on their nature. Under KIFRS 1118, foreign exchange differences are required to be classified in the same category as the income and expenses arising from the item that gave rise to the foreign exchange differences; accordingly, the Group will classify foreign exchange differences into the operating, investing and financing categories based on the source of such differences.

② Management-defined Performance Measures (MPMs)

Management-defined Performance Measures (MPMs) are subtotals of income and expenses, other than those listed or required by KIFRS Accounting Standards, that an entity uses in public communications outside the financial statements and that communicate management's view of an aspect of the financial performance of the entity as a whole to users of the financial statements. The Group will be required to disclose specific information about its MPMs in a single note to the financial statements. The Group is currently reviewing the process for determining which public communications are relevant in identifying its MPMs.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(6)** **New accounting standards and interpretations not yet adopted, continued** 

③ Principles of aggregation and disaggregation

KIFRS 1118 provides enhanced principles on how to group items of information by type for presentation in the financial statements (i.e., the primary financial statements and the notes). The standard also introduces guidance on how to label and describe items presented in the primary financial statements or disclosed in the notes. The Group is currently performing an assessment to aggregate and disaggregate items based on similar or dissimilar characteristics.

④ Amendments to other standards

The issuance of KIFRS 1118 resulted in amendments to KIFRS 1007, "Statement of Cash Flows." When presenting cash flows from operating activities using the indirect method, the newly defined "Operating profit" subtotal is required to be used as the starting point of the indirect method. The Group currently uses "profit or loss for the period" as the starting point for cash flows from operating activities.

As a result, certain of the reconciling items to the indirect-method starting point will change. For example, the Group's share of profit (loss) of equity-accounted investees is not included in the new starting point of operating profit and accordingly is no longer a reconciling item. Cash dividends received from such investees are presented in cash flows from investing activities.

In addition, the amendments to KIFRS 1007 provide specific guidance on the classification of cash flows arising from interest and dividends. In accordance with such guidance, the Group will classify cash flows from interest paid as financing activities rather than operating activities; interest received and dividends received will be classified as investing activities; and dividends paid will be classified as financing activities.

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

The accounting policies applied by the Group in these consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as of and for the year ended December 31, 2025, except for the changes described in Note 2.(5).

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**4.** **Segment, Geographic and Other Information** 

**(1)** **Segment determination and explanation of the measurements** 

The Group's operating segments are its business components that generate discrete financial information that is reported to and regularly reviewed by chief operating decision maker of the Group for the purpose of resource allocation and assessment of segment performance. The Group's reportable segments classified in accordance with KIFRS 1108 are "Transmission and distribution", "Electric power generation (Nuclear)", "Electric power generation (Non-nuclear)", "Plant maintenance & engineering service" and "Others"; others mainly represent the business unit that manages the Group's foreign operations.

Segment operating profit (loss), which is the measure for segment profit or loss, is determined in the same way that condensed consolidated operating profit is determined under KIFRS without any adjustment for corporate allocations. The accounting policies used by each segment are consistent with the accounting policies used in the preparation of the consolidated financial statements. Segment assets and liabilities are determined based on separate financial statements of the entities rather than on a consolidated basis. There are various transactions between the reportable segments, including sales of property, plant and equipment and so on, that are conducted on an arm's-length basis at market prices that would be applicable to an independent third party. For subsidiaries which are in a different segment from that of its immediate parent company, their carrying amount in separate financial statements is eliminated in the consolidating adjustments in the tables below. In addition, consolidation adjustments in the table below include adjustments of the amount of investment in associates and joint ventures from the cost basis amount reflected in segment assets to that determined using equity method in the condensed consolidated financial statements.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**4.** **Segment, Geographic and Other Information, Continued** 

**(2)** **The financial information of the segments for each of the three-month periods ended March 31, 2026 and 2025, respectively, is as follows:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** |
| **Segment** | **Total**<br>**segment**<br>**revenue** | **Total**<br>**segment**<br>**revenue** | **Intersegment**<br>**revenue** | **Revenue**<br>**from**<br>**external**<br>**customers** | **Operating**<br>**profit (loss)** | **Depreciation**<br>**and**<br>**amortization** | **Interest**<br>**income** | **Interest**<br>**expense** | **Profit (loss) related to<br>associates, joint<br>ventures and<br>subsidiaries** |
|  Transmission and distribution | W | 23709159 | 475796 | 23233363 | 2086729 | 1170931 | 22727 | 603374 | 229391 |
|  Electric power generation (Nuclear) |  | 3916388 | 3649885 | 266503 | 1462503 | 1097758 | 16430 | 205675 | (1469) |
|  Electric power generation (Non-nuclear) |  | 7157046 | 6587548 | 569498 | 260181 | 1040472 | 9688 | 170308 | 73954 |
|  Plant maintenance & engineering service |  | 787381 | 631048 | 156333 | 73917 | 41832 | 6204 | 1604 | 94 |
|  Others |  | 581523 | 408733 | 172790 | 27421 | 59405 | 56877 | 70301 |  |
|  Consolidation adjustments |  | (11753010) | (11753010) |  | (126582) | (40105) | (14971) | (21536) |  |
|  | W | 24398487 |  | 24398487 | 3784169 | 3370293 | 96955 | 1029726 | 301970 |
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **For the three-month period ended March 31, 2025** | **For the three-month period ended March 31, 2025** | **For the three-month period ended March 31, 2025** | **For the three-month period ended March 31, 2025** | **For the three-month period ended March 31, 2025** | **For the three-month period ended March 31, 2025** | **For the three-month period ended March 31, 2025** | **For the three-month period ended March 31, 2025** | **For the three-month period ended March 31, 2025** | **For the three-month period ended March 31, 2025** |
| **Segment** | **Total**<br>**segment**<br>**revenue** | **Total**<br>**segment**<br>**revenue** | **Intersegment**<br>**revenue** | **Revenue**<br>**from**<br>**external**<br>**customers** | **Operating**<br>**profit (loss)** | **Depreciation**<br>**and**<br>**amortization** | **Interest**<br>**income** | **Interest**<br>**expense** | **Profit (loss) related to<br>associates, joint<br>ventures and<br>subsidiaries** |
|  Transmission and distribution | W | 23861484 | 573045 | 23288439 | 1900916 | 1110839 | 31207 | 685537 | 44440 |
|  Electric power generation (Nuclear) |  | 4274879 | 4264934 | 9945 | 1285494 | 1332043 | 13149 | 207947 | (14182) |
|  Electric power generation (Non-nuclear) |  | 7029030 | 6371859 | 657171 | 576602 | 1034045 | 10352 | 165349 | 94646 |
|  Plant maintenance & engineering service |  | 669609 | 558920 | 110689 | 30759 | 42369 | 8755 | 2021 | 216 |
|  Others |  | 563004 | 405264 | 157740 | 22962 | 62442 | 63113 | 78154 |  |
|  Consolidation adjustments |  | (12174022) | (12174022) |  | (63126) | (48277) | (14588) | (21884) |  |
|  | W | 24223984 |  | 24223984 | 3753607 | 3533461 | 111988 | 1117124 | 125120 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**4.** **Segment, Geographic and Other Information, Continued** 

**(3)** **The information related to segment assets and segment liabilities as of March 31, 2026 and December 31, 2025 is as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Segment** | **Segment**<br>**assets** | **Segment**<br>**assets** | **Investments in<br>associates and**<br>**joint ventures** | **Acquisition of**<br>**non-current assets** | **Segment<br>liabilities** |
|  Transmission and distribution | W | 146011326 | 9097212 | 2118183 | 117207063 |
|  Electric power generation (Nuclear) |  | 78116705 | 228542 | 973480 | 51370675 |
|  Electric power generation (Non-nuclear) |  | 61404076 | 4706895 | 864649 | 35707963 |
|  Plant maintenance & engineering service |  | 4462224 | 1835 | 39905 | 1555388 |
|  Others |  | 17793762 |  | 33809 | 7075517 |
|  Consolidation adjustments |  | (50000112) |  | 131467 | (6538700) |
|  | W | 257787981 | 14034484 | 4161493 | 206377906 |
| *In millions of won* |  |  |  |  |  |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Segment** | **Segment**<br>**assets** | **Segment**<br>**assets** | **Investments in<br>associates and**<br>**joint ventures** | **Acquisition of**<br>**non-current assets** | **Segment<br>liabilities** |
|  Transmission and distribution | W | 144616479 | 8606616 | 9077814 | 118045718 |
|  Electric power generation (Nuclear) |  | 76378365 | 169728 | 2532322 | 49741461 |
|  Electric power generation (Non-nuclear) |  | 63352471 | 4585612 | 4634208 | 35395912 |
|  Plant maintenance & engineering service |  | 4363345 | 1832 | 202142 | 1346629 |
|  Others |  | 17125478 |  | 254262 | 6885650 |
|  Consolidation adjustments |  | (50908681) |  | (111689) | (5810857) |
|  | W | 254927457 | 13363788 | 16589059 | 205604513 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**4.** **Segment, Geographic and Other Information, Continued** 

**(4)** **Geographic information** 

Electricity sales, the main operations of the Group, are conducted in the Republic of Korea. The following information on revenue from external customers and non-current assets is determined by the location of the customers and of the assets:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **Revenue from external customers** | **Revenue from external customers** | **Revenue from external customers** | **Non-current assets (\*2)** | **Non-current assets (\*2)** |
| **Geographical unit** | **For the**<br>**three-month**<br>**period ended<br>March 31, 2026** | **For the**<br>**three-month**<br>**period ended<br>March 31, 2026** | **For the**<br>**three-month**<br>**period ended<br>March 31, 2025** | **As of<br>March 31,<br>2026** | **As of<br>December 31,<br>2025** |
|  Domestic | W | 24003806 | 24017059 | 199012680 | 196736382 |
|  Overseas (\*1) |  | 394681 | 206925 | 6932258 | 6731565 |
|  | W | 24398487 | 24223984 | 205944938 | 203467947 |

---

(\*1) Middle East and other Asian countries make up the majority of overseas revenue and non-current assets. Since the overseas revenue or non-current assets attributable to particular countries are not material, they are not disclosed individually.

---

| | |
|:---|:---|
| (\*2) | The amounts exclude financial assets, deferred tax assets and defined benefit assets.  |

---

**(5)** **Information on significant customers** 

There is no single customer who accounts for 10% or more of the Group's revenue for each of the three-month periods ended March 31, 2026 and 2025.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**5.** **Classification of Financial Instruments** 

**(1)** **The classification of financial assets as of March 31, 2026 and December 31, 2025 is as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Financial assets at<br>fair value through<br>profit or loss** | **Financial assets at<br>fair value through<br>profit or loss** | **Financial assets<br>at fair value<br>through other<br>comprehensive<br>income** | **Financial assets<br>at amortized cost** | **Derivative assets<br>(applying hedge<br>accounting)** | **Total** |
|  **Current assets** |  |  |  |  |  |  |
|  Cash and cash equivalents | W |  |  | 2014211 |  | 2014211 |
|  Current financial assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current financial assets at fair value through profit or loss |  | 2960497 |  |  |  | 2960497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current financial assets at amortized cost |  |  |  | 22051 |  | 22051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current derivative assets |  | 928724 |  |  | 167929 | 1096653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  |  |  | 109797 |  | 109797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets and others |  |  |  | 1078321 |  | 1078321 |
|  Trade and other receivables |  |  |  | 11680232 |  | 11680232 |
|  |  | 3889221 |  | 14904612 | 167929 | 18961762 |
|  **Non-current assets** |  |  |  |  |  |  |
|  Non-current financial assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial assets at fair value through profit or loss |  | 698311 |  |  |  | 698311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial assets at fair value through other comprehensive income |  |  | 956240 |  |  | 956240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial assets at amortized cost |  |  |  | 8916 |  | 8916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current derivative assets |  | 1414877 |  |  | 239048 | 1653925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  |  |  | 839360 |  | 839360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets and others |  |  |  | 899847 |  | 899847 |
|  Trade and other receivables |  |  |  | 3284995 |  | 3284995 |
|  |  | 2113188 | 956240 | 5033118 | 239048 | 8341594 |
|  | W | 6002409 | 956240 | 19937730 | 406977 | 27303356 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**5.** **Classification of Financial Instruments, Continued** 

**(1)** **The classification of financial assets as of March 31, 2026 and December 31, 2025 is as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Financial assets at<br>fair value through<br>profit or loss** | **Financial assets at<br>fair value through<br>profit or loss** | **Financial assets<br>at fair value<br>through other<br>comprehensive<br>income** | **Financial assets<br>at amortized cost** | **Derivative assets<br>(applying hedge<br>accounting)** | **Total** |
|  **Current assets** |  |  |  |  |  |  |
|  Cash and cash equivalents | W |  |  | 2240811 |  | 2240811 |
|  Current financial assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current financial assets at fair value through profit or loss |  | 1299027 |  |  |  | 1299027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current financial assets at amortized cost |  |  |  | 21663 |  | 21663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current derivative assets |  | 492028 |  |  | 344204 | 836232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  |  |  | 95598 |  | 95598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets |  |  |  | 1997644 |  | 1997644 |
|  Trade and other receivables |  |  |  | 12618480 |  | 12618480 |
|  |  | 1791055 |  | 16974196 | 344204 | 19109455 |
|  **Non-current assets** |  |  |  |  |  |  |
|  Non-current financial assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial assets at fair value through profit or loss |  | 696199 |  |  |  | 696199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial assets at fair value through other comprehensive income |  |  | 885173 |  |  | 885173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial assets at amortized cost |  |  |  | 9454 |  | 9454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current derivative assets |  | 1055987 |  |  | 143331 | 1199318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  |  |  | 890930 |  | 890930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets |  |  |  | 884487 |  | 884487 |
|  Trade and other receivables |  |  |  | 3124185 |  | 3124185 |
|  |  | 1752186 | 885173 | 4909056 | 143331 | 7689746 |
|  | W | 3543241 | 885173 | 21883252 | 487535 | 26799201 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**5.** **Classification of Financial Instruments, Continued** 

**(2)** **The classification of financial liabilities as of March 31, 2026 and December 31, 2025 is as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Financial liabilities at**<br>**fair value through**<br>**profit or loss** | **Financial liabilities at**<br>**fair value through**<br>**profit or loss** | **Financial liabilities<br>recognized at<br>amortized cost** | **Derivative liabilities<br>(applying hedge<br>accounting)** | **Total** |
|  **Current liabilities** |  |  |  |  |  |
|  Borrowings | W |  | 18794901 |  | 18794901 |
|  Debt securities |  |  | 29475648 |  | 29475648 |
|  Derivative liabilities |  | 44281 |  |  | 44281 |
|  Trade and other payables |  |  | 10047033 |  | 10047033 |
|  |  | 44281 | 58317582 |  | 58361863 |
|  **Non-current liabilities** |  |  |  |  |  |
|  Borrowings |  |  | 3312646 |  | 3312646 |
|  Debt securities |  |  | 76627952 |  | 76627952 |
|  Derivative liabilities |  | 74017 |  | 133 | 74150 |
|  Trade and other payables |  |  | 4032953 |  | 4032953 |
|  |  | 74017 | 83973551 | 133 | 84047701 |
|  | W | 118298 | 142291133 | 133 | 142409564 |
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Financial liabilities at<br>fair value through**<br>**profit or loss** | **Financial liabilities at<br>fair value through**<br>**profit or loss** | **Financial liabilities<br>recognized at<br>amortized cost** | **Derivative liabilities<br>(applying hedge<br>accounting)** | **Total** |
|  **Current liabilities** |  |  |  |  |  |
|  Borrowings | W |  | 18721522 |  | 18721522 |
|  Debt securities |  |  | 27165448 |  | 27165448 |
|  Derivative liabilities |  | 52119 |  |  | 52119 |
|  Trade and other payables |  |  | 8621671 |  | 8621671 |
|  |  | 52119 | 54508641 |  | 54560760 |
|  **Non-current liabilities** |  |  |  |  |  |
|  Borrowings |  |  | 3274774 |  | 3274774 |
|  Debt securities |  |  | 80607548 |  | 80607548 |
|  Derivative liabilities |  | 113254 |  | 126 | 113380 |
|  Trade and other payables |  |  | 4028808 |  | 4028808 |
|  |  | 113254 | 87911130 | 126 | 88024510 |
|  | W | 165373 | 142419771 | 126 | 142585270 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**5. Classification of Financial Instruments, Continued** 

**(3)** **The classification of comprehensive income (loss) from financial instruments for each of the three-month periods ended March 31, 2026 and 2025 is as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* |  | **For the three-<br>month period<br>ended March**<br>**31, 2026** | **For the three-<br>month period<br>ended March**<br>**31, 2026** | **For the three-<br>month period<br>ended March**<br>**31, 2025** |
|  Cash and cash equivalents | Interest income | W | 17347 | 28930 |
|  Cash and cash equivalents | Gain (loss) on foreign currency transactions and translations |  | 526 | (6689) |
|  Financial assets at fair value through profit or loss | Interest income |  | 8434 | 7639 |
|  Financial assets at fair value through profit or loss | Dividend income |  | 156 | 62 |
|  Financial assets at fair value through profit or loss | Gain on valuation of financial assets |  | 2331 | 14394 |
|  Financial assets at fair value through profit or loss | Gain on disposal of financial assets |  | 15045 | 9829 |
|  Financial assets at fair value through other comprehensive income | Dividend income |  | 19919 | 13489 |
|  Financial assets at fair value through other comprehensive income | Gain (loss) on valuation of financial assets at fair value through other comprehensive income (equity, before tax) |  | 70833 | (53081) |
|  Financial assets at amortized cost | Interest income |  | 71174 | 75419 |
|  Financial assets at amortized cost | Loss on disposal of financial assets |  | (1) | (1) |
|  | Bad debt expense (Reversal of bad debt allowance) |  | (9687) | 10875 |
|  | Gain on foreign currency transactions and translations |  | 56926 | 5992 |
|  Derivatives | Gain on valuation of derivatives (profit or loss) |  | 949109 | 37008 |
|  | Gain on valuation of derivatives (equity, before tax) |  | 16081 | 19901 |
|  | Gain on transaction of derivatives |  | 102595 | 44681 |
|  Financial liabilities carried at amortized cost | Interest expense of borrowings and debt securities |  | 788764 | 904184 |
|  | Interest expense of trade and other payables |  | 22996 | 43529 |
|  | Interest expense of others |  | 217966 | 169411 |
|  | Other finance income |  | 782 | 831 |
|  | Other finance expenses |  | (2702) | 442 |
|  | Gain (loss) on foreign currency transactions and translations |  | (1005280) | 89517 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**6.** **Restricted Deposits** 

**Restricted deposits as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* |  | **As of<br>March 31,<br>2026** | **As of<br>March 31,<br>2026** | **As of<br>December**<br>**31, 2025** |
|  Cash and cash equivalents | Escrow accounts | W | 3208 | 3082 |
|  | Deposits for government project and others |  | 23738 | 27023 |
|  | Collateral provided for borrowings |  | 302811 | 263685 |
|  | Collateral provided for lawsuit |  | 2 | 2 |
|  | Deposits for transmission regional support program |  | 7162 | 3498 |
|  | Deposits for other business purposes |  | 23739 | 22064 |
|  Short-term financial instruments | Restriction on withdrawal related to 'win-win growth program' for small and medium enterprises and others |  | 296500 | 292500 |
|  | Collateral provided for borrowings |  | 23614 | 23614 |
|  | Bid Bond |  | 69070 | 68010 |
|  Non-current financial assets at fair value through profit or loss | Decommissioning costs of nuclear power plants |  | 243637 | 257649 |
|  Long-term financial instruments | Guarantee deposits for banking accounts at overseas branches |  | 1 | 1 |
|  | Collateral provided for borrowings |  | 26153 | 18245 |
|  | Decommissioning costs of nuclear power plants |  | 750000 | 730004 |
|  | Small and Medium Enterprise Development Fund |  |  | 4000 |
|  Long-term deposit | Court Deposit |  | 4588 | 4588 |
|  Other non-current financial assets | Deposits for other business purposes |  | 6406 | 6359 |
|  |  | W | 1780629 | 1724324 |

---

**7.** **Cash and Cash Equivalents** 

**Cash and cash equivalents as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of<br>March 31, 2026** | **As of<br>March 31, 2026** | **As of<br>December 31, 2025** |
|  Cash | W | 8653 | 10982 |
|  Other demand deposits |  | 1662802 | 1562485 |
|  Short-term deposits classified as cash equivalents |  | 282026 | 558775 |
|  Short-term investments classified as cash equivalents |  | 60730 | 108569 |
|  | W | 2014211 | 2240811 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**8.** **Trade and Other Receivables** 

**(1)** **Trade and other receivables as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Gross<br>amount** | **Gross<br>amount** | **Allowance for**<br>**doubtful accounts** | **Present value**<br>**discount** | **Book<br>value** |
|  **Current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables | W | 10634847 | (199656) |  | 10435191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 1293957 | (44309) | (4607) | 1245041 |
|  |  | 11928804 | (243965) | (4607) | 11680232 |
|  **Non-current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables |  | 1098451 | (93626) | (82619) | 922206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 2471021 | (91474) | (16758) | 2362789 |
|  |  | 3569472 | (185100) | (99377) | 3284995 |
|  | W | 15498276 | (429065) | (103984) | 14965227 |
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Gross<br>amount** | **Gross<br>amount** | **Allowance for**<br>**doubtful accounts** | **Present value**<br>**discount** | **Book<br>value** |
|  **Current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables | W | 11811493 | (186596) |  | 11624897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 1039679 | (42415) | (3681) | 993583 |
|  |  | 12851172 | (229011) | (3681) | 12618480 |
|  **Non-current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables |  | 1037726 | (93718) | (83101) | 860907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 2395952 | (118479) | (14195) | 2263278 |
|  |  | 3433678 | (212197) | (97296) | 3124185 |
|  | W | 16284850 | (441208) | (100977) | 15742665 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(2)** **Other receivables as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Gross<br>amount** | **Gross<br>amount** | **Allowance for**<br>**doubtful accounts** | **Present value<br>discount** | **Book<br>value** |
|  **Current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-trade receivables | W | 646299 | (37669) | (968) | 607662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 79768 |  |  | 79768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits |  | 273775 |  | (3639) | 270136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance lease receivables (\*1) |  | 102583 | (5347) |  | 97236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 191532 | (1293) |  | 190239 |
|  |  | 1293957 | (44309) | (4607) | 1245041 |
|  **Non-current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-trade receivables |  | 408609 | (49510) | (5435) | 353664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 66107 | (6506) |  | 59601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits |  | 527980 | (414) | (11323) | 516243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance lease receivables (\*2) |  | 1231815 | (1699) |  | 1230116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 236510 | (33345) |  | 203165 |
|  |  | 2471021 | (91474) | (16758) | 2362789 |
|  | W | 3764978 | (135783) | (21365) | 3607830 |

---

---

| | |
|:---|:---|
| (\*1) | The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W 129,523 million.  |

---

---

| | |
|:---|:---|
| (\*2) | The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W 815,384 million.  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Gross<br>amount** | **Gross<br>amount** | **Allowance for**<br>**doubtful accounts** | **Present value<br>discount** | **Book<br>value** |
|  **Current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-trade receivables | W | 478822 | (36074) | (474) | 442274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 43123 |  |  | 43123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits |  | 268090 |  | (3207) | 264883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance lease receivables (\*1) |  | 104600 | (5048) |  | 99552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 145044 | (1293) |  | 143751 |
|  |  | 1039679 | (42415) | (3681) | 993583 |
|  **Non-current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-trade receivables |  | 401390 | (76770) | (5096) | 319524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 65615 | (6320) |  | 59295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits |  | 516519 | (414) | (9099) | 507006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance lease receivables (\*2) |  | 1172687 | (1954) |  | 1170733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 239741 | (33021) |  | 206720 |
|  |  | 2395952 | (118479) | (14195) | 2263278 |
|  | W | 3435631 | (160894) | (17876) | 3256861 |

---

---

| | |
|:---|:---|
| (\*1) | The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W 113,272 million.  |

---

---

| | |
|:---|:---|
| (\*2) | The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W 818,800 million.  |

---

(3) Trade and other receivables are classified as financial assets at amortized cost and are measured using the
effective interest rate method. No interest is accrued for trade receivables related to electricity for the duration between the billing date and the payment due dates. However, once trade receivables are overdue, the Group imposes a monthly
interest rate of 1.5% on the overdue trade receivables. The Group holds deposits of three months' expected electricity usage for customers requesting temporary usage and customers whose contracts have been cancelled due to delinquent payments.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(4)** **The aging analysis of trade receivables as of March 31, 2026 and December 31, 2025 is as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of**<br>**March 31, 2026** | **As of**<br>**March 31, 2026** | **As of**<br>**December 31, 2025** |
|  Trade receivables not overdue | W | 11346415 | 12472407 |
|  Trade receivables overdue and impairment—reviewed: |  | 386883 | 376812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than 60 days |  | 15087 | 15256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 ~ 90 days |  | 58173 | 54093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 ~ 120 days |  | 15216 | 21317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 days ~ 1 year |  | 62628 | 65435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; More than 1 year |  | 235779 | 220711 |
|  |  | 11733298 | 12849219 |
|  Less: allowance for doubtful accounts |  | (293282) | (280314) |
|  Less: Present value discount |  | (82619) | (83101) |
|  | W | 11357397 | 12485804 |

---

At the end of each reporting period, the Group assesses whether the trade receivables are impaired. The Group recognizes loss allowances for trade receivables individually when there is any objective evidence that other receivables are impaired and significant and classifies the trade receivables that are not individually assessed as the trade receivables subject to be assessed on a collective basis. Also, the Group recognizes loss allowances based on an expected credit loss (ECL) model.

**(5)** **Changes in the allowance for doubtful accounts for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period ended**<br>**March 31, 2026** | **For the three-month period ended**<br>**March 31, 2026** | **For the three-month period ended**<br>**March 31, 2026** | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2025** |
|  | **Trade receivables** | **Trade receivables** | **Other receivables** | **Trade receivables** | **Other receivables** |
|  **Beginning balance** | W | 280314 | 160894 | 260774 | 140168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bad debts expense |  | 16149 |  | 84625 | 8155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write-off |  | (6902) | (224) | (37639) | (14675) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal |  | (267) | (25513) | (2223) | (4101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 3988 | 626 | (25223) | 31347 |
|  **Ending balance** | W | 293282 | 135783 | 280314 | 160894 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**9.** **Financial Assets at Fair Value through Profit or Loss** 

Financial assets at fair value through profit or loss as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  **Financial assets at fair value through profit or loss** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beneficiary certificate | W | 322 | 135344 | 320 | 125837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cooperative |  |  | 6580 |  | 6413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*) |  | 2960175 | 424766 | 1298707 | 428389 |
|  |  | 2960497 | 566690 | 1299027 | 560639 |
|  **Financial assets designated as at fair value**<br> **through profit or loss** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt with embedded derivatives |  |  | 131621 |  | 135560 |
|  | W | 2960497 | 698311 | 1299027 | 696199 |

---

(\*) Others include MMT, MMF, equity securities etc.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income** 

**(1)** **Changes in financial assets at fair value through other comprehensive income for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Valuation** | **Others** | **Ending**<br>**balance** |
|  Equity securities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Listed | W | 517251 |  |  | 71023 | 1 | 588275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlisted |  | 363128 |  |  | (190) | 233 | 363171 |
|  |  | 880379 |  |  | 70833 | 234 | 951446 |
|  Debt securities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bond |  | 4794 |  |  |  |  | 4794 |
|  | W | 885173 |  |  | 70833 | 234 | 956240 |
|  Current financial assets at fair value through other comprehensive income | W |  |  |  |  |  |  |
|  Non-current financial assets at fair value through other comprehensive income |  | 885173 |  |  | 70833 | 234 | 956240 |
| *In millions of won* | **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** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Valuation** | **Others** | **Ending**<br>**balance** |
|  Equity securities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Listed | W | 360096 |  | (3091) | 160245 | 1 | 517251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlisted |  | 309709 |  | (10) | 52343 | 1086 | 363128 |
|  |  | 669805 |  | (3101) | 212588 | 1087 | 880379 |
|  Debt securities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bond |  | 5045 |  |  | (251) |  | 4794 |
|  | W | 674850 |  | (3101) | 212337 | 1087 | 885173 |
|  Current financial assets at fair value through other comprehensive income | W |  |  |  |  |  |  |
|  Non-current financial assets at fair value through other comprehensive income |  | 674850 |  | (3101) | 212337 | 1087 | 885173 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income, Continued** 

**(2)** **Financial assets at fair value through other comprehensive income as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Shares**<br>**(in shares)** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  **Listed** |  |  |  |  |  |  |
|  Korea District Heating Corp. | 2264068 | 19.55% | W | 173201 | 163466 | 163466 |
|  KG Mobility Co., Ltd. | 12205 | 0.01% |  | 428 | 41 | 41 |
|  SM Korea Line Corp. | 180 | 0.00% |  | 1 |  |  |
|  Namkwang Engineering & Construction Co., Ltd. | 121 | 0.00% |  | 15 | 1 | 1 |
|  Bumyang Construction Co., Ltd. | 35 | 0.00% |  | 2 |  |  |
|  ELCOMTEC Co., Ltd. | 32875 | 0.04% |  | 217 | 23 | 23 |
|  PAN Ocean Co., Ltd. | 1492 | 0.00% |  | 14 | 7 | 7 |
|  Codes Combine Co., Ltd. | 291 | 0.00% |  | 1 | 1 | 1 |
|  PT Almatri Resources Indonesia | 480000000 | 1.60% |  | 65028 | 110341 | 110341 |
|  Denison Mines Corp. | 58284000 | 7.46% |  | 84134 | 312186 | 312186 |
|  Paladin Energy | 10760 | 0.01% |  | 41 | 130 | 130 |
|  KS Industry Co., Ltd | 1457 | 0.01% |  | 38 | 2 | 2 |
|  Vitzrosys Co., Ltd. | 399 | 0.00% |  | 2 |  |  |
|  EMnI Co., Ltd. | 628 | 0.00% |  | 25 | 1 | 1 |
|  Vissem electronics, Co., Ltd. | 301 | 0.00% |  | 11 | 2 | 2 |
|  KC Industry Co., Ltd. | 139 | 0.00% |  | 6 |  |  |
|  Ihsung CNI Co., Ltd. | 142860 | 4.43% |  | 1500 | 716 | 716 |
|  Aone Alform Co., Ltd. | 2672 | 0.04% |  | 19 | 3 | 3 |
|  Kodaco Co., Ltd. | 131698 | 0.85% |  | 1317 | 1354 | 1354 |
|  QAID Co., Ltd. (formerly Winia Aid Co., Ltd.) | 147 | 0.00% |  | 1 | 1 | 1 |
|  |  |  |  | 326001 | 588275 | 588275 |
|  **Unlisted** (\*1) |  |  |  |  |  |  |
|  Set Holding (\*2) | 1100220 | 2.50% |  | 229255 | 310808 | 310808 |
|  SGC Greenpower Co., Ltd. | 580000 | 5.00% |  | 2900 | 5806 | 5806 |
|  Le Soleil KHNP LLC | 137600 | 19.00% |  | 1376 | 1376 | 1376 |
|  Ihsung CNI Co., Ltd. | 127660 | 3.96% |  | 1500 | 2144 | 2144 |
|  H Robotics Co., Ltd. | 903601 | 7.05% |  | 4000 | 400 | 400 |
|  Good Tcells Co., Ltd. | 11364 | 0.33% |  | 500 | 630 | 630 |
|  IPS Bio Co., Ltd. | 1975 | 3.13% |  | 1000 | 873 | 873 |
|  Nine B Co., Ltd. | 5000 | 4.96% |  | 1000 | 1000 | 1000 |
|  Orano Expansion | 5742405 | 4.72% |  |  |  |  |
|  Common Computer Co., Ltd. | 3856 | 1.64% |  | 1000 | 862 | 862 |
|  Fine Powerex Co., Ltd. | 72633 | 4.45% |  | 1500 | 1714 | 1714 |
|  Agencore Co., Ltd. | 175779 | 6.31% |  | 2200 | 2934 | 2934 |
|  SamHong Machinery Co., Ltd. | 1543837 | 9.13% |  | 7000 | 15099 | 15099 |
|  Aloha Factory Co., Ltd. | 2970 | 3.70% |  | 1000 | 639 | 639 |
|  Dailyshot Co., Ltd. | 1695 | 1.64% |  | 1001 | 1205 | 1205 |
|  Mediquitous Co., Ltd. | 5080 | 0.48% |  | 1250 | 1546 | 1546 |
|  Black Materials Co., Ltd. | 37038 | 8.31% |  | 500 | 431 | 431 |
|  Monit Co., Ltd. | 333334 | 14.29% |  | 1000 | 853 | 853 |
|  3i Powergen Inc.(\*6) |  | 15.00% |  | 1482 |  |  |
|  Enersys Co., Ltd. | 9763 | 19.62% |  | 2050 | 337 | 337 |
|  Kalman Co., Ltd. | 23172 | 9.54% |  | 1000 | 821 | 821 |
|  Himet Co., Ltd. | 1754386 | 13.93% |  | 5000 | 4182 | 4182 |
|  PT.KedapSayaaq | 671 | 10.00% |  | 18540 |  |  |
|  Joongang Platec Co., Ltd. | 3591 | 0.75% |  | 72 | 35 | 35 |
|  Pioneer Gas Power Limited (\*5) | 123200010 | 38.50% |  | 49831 |  |  |
|  Bobaek C&S Co., Ltd. | 13246 | 0.87% |  | 2000 | 2000 | 2000 |
|  BDI Co., Ltd. (\*3,4) | 6390478 | 32.50% |  |  |  |  |
|  Hwan Young Steel Co., Ltd. and others (\*7) |  |  |  | 11679 | 7476 | 7476 |
|  |  |  |  | 349636 | 363171 | 363171 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income, Continued** 

**(2)** **Financial assets at fair value through other comprehensive income as of March 31, 2026 and December 31, 2025 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Shares<br>(in shares)** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  **Debt securities** (\*1) |  |  |  |  |  |  |
|  Aron Flying Ship Co., Ltd. |  |  | W | 491 |  |  |
|  Ino Platech Co., Ltd. |  |  |  | 1080 | 1278 | 1278 |
|  Daebon Tech Co., Ltd. |  |  |  | 3000 | 3516 | 3516 |
|  |  |  |  | 4571 | 4794 | 4794 |
|  |  |  | W | 680208 | 956240 | 956240 |

---

(\*1) The Group used initial cost as their fair value because there was not enough information to determine fair value, and the range of the estimated fair value is wide.

---

| | |
|:---|:---|
| (\*2) | The Group has estimated the fair value of Set Holding by using the income approach and has recognized the difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the three-month period ended March 31, 2026.  |

---

---

| | |
|:---|:---|
| (\*3) | The Group acquired shares in the entity through conversion of investments performed in accordance with corporate rehabilitation procedures before the prior year, and classified the investments in the entity as financial assets at fair value through other comprehensive income as the Group does not hold a significant influence over the entity until the corporate rehabilitation procedures are completed.  |

---

(\*4) BDI Co., Ltd. was delisted as the Court dismissed the application for temporary injunction requiring the suspension of delisting decision and others before the prior year.

---

| | |
|:---|:---|
| (\*5) | The entity entered corporate rehabilitation procedures before the prior year. The Group classified the investment in the entity as financial assets at fair value through other comprehensive income, as the Group does not hold a significant influence over the entity until the corporate rehabilitation procedures are completed. As of March 31, 2026, the liquidation process is in progress, and the book value of the investment has been measured at zero, considering its recoverability.  |

---

---

| | |
|:---|:---|
| (\*6) | The Group has recognized an impairment loss on 3i Powergen Inc. for the difference between the carrying amount and the recoverable amount, due to the discontinuation of its operations.  |

---

(\*7) Equity securities, acquired through debt-for-equity swaps of electricity rate bonds and others, consist of 519 companies including Hwan Young Steel Co., Ltd.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income, Continued** 

**(2)** **Financial assets at fair value through other comprehensive income as of March 31, 2026 and December 31, 2025 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Shares**<br>**(in shares)** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  **Listed** |  |  |  |  |  |  |
|  Korea District Heating Corp. | 2264068 | 19.55% | W | 173201 | 218255 | 218255 |
|  KG Mobility Co., Ltd. | 12205 | 0.01% |  | 428 | 43 | 43 |
|  SM Korea Line Corp. | 180 | 0.00% |  | 1 |  |  |
|  Namkwang Engineering & Construction Co., Ltd. | 46 | 0.00% |  | 15 |  |  |
|  Bumyang Construction Co., Ltd. | 35 | 0.00% |  | 2 |  |  |
|  ELCOMTEC Co., Ltd. | 32875 | 0.04% |  | 217 | 26 | 26 |
|  PAN Ocean Co., Ltd. | 1492 | 0.00% |  | 14 | 6 | 6 |
|  Codes Combine Co., Ltd. | 291 | 0.00% |  | 1 | 1 | 1 |
|  PT Almatri Resources Indonesia | 480000000 | 1.60% |  | 65028 | 74369 | 74369 |
|  Denison Mines Corp. | 58284000 | 7.46% |  | 84134 | 222278 | 222278 |
|  Paladin Energy | 10760 | 0.01% |  | 41 | 98 | 98 |
|  KS Industry Co., Ltd | 1457 | 0.01% |  | 38 | 1 | 1 |
|  Vitzrosys Co., Ltd. | 399 | 0.00% |  | 2 |  |  |
|  EMnI Co., Ltd. | 628 | 0.00% |  | 25 | 1 | 1 |
|  Vissem electronics, Co., Ltd. | 301 | 0.00% |  | 11 | 2 | 2 |
|  KC Industry Co., Ltd. | 139 | 0.00% |  | 6 |  |  |
|  Ihsung CNI Co., Ltd. | 142860 | 4.43% |  | 1500 | 813 | 813 |
|  Aone Alform Co., Ltd. | 2672 | 0.04% |  | 19 | 3 | 3 |
|  Kodaco Co., Ltd. | 131698 | 0.85% |  | 1317 | 1354 | 1354 |
|  QAID Co., Ltd. (formerly Winia Aid Co., Ltd.) | 129 | 0.00% |  | 1 | 1 | 1 |
|  |  |  |  | 326001 | 517251 | 517251 |
|  **Unlisted** (\*1) |  |  |  |  |  |  |
|  Set Holding (\*2) | 1100220 | 2.50% |  | 229255 | 310808 | 310808 |
|  SGC Greenpower Co., Ltd. | 580000 | 5.00% |  | 2900 | 5807 | 5807 |
|  Le Soleil KHNP LLC | 137600 | 19.00% |  | 1376 | 1376 | 1376 |
|  Ihsung CNI Co., Ltd. | 127660 | 3.96% |  | 1500 | 2144 | 2144 |
|  H Robotics Co., Ltd. | 903601 | 7.05% |  | 4000 | 399 | 399 |
|  Good Tcells Co., Ltd. | 11364 | 0.33% |  | 500 | 630 | 630 |
|  IPS Bio Co., Ltd. | 1975 | 3.13% |  | 1000 | 873 | 873 |
|  Nine B Co., Ltd. | 5000 | 4.96% |  | 1000 | 1000 | 1000 |
|  Orano Expansion | 5742405 | 4.72% |  |  |  |  |
|  Common Computer Co., Ltd. | 3856 | 1.64% |  | 1000 | 862 | 862 |
|  Fine Powerex Co., Ltd. | 72633 | 4.45% |  | 1500 | 1714 | 1714 |
|  Agencore Co., Ltd. | 175779 | 6.31% |  | 2200 | 2934 | 2934 |
|  SamHong Machinery Co., Ltd. | 1543837 | 9.13% |  | 7000 | 15099 | 15099 |
|  Aloha Factory Co., Ltd. | 2970 | 3.70% |  | 1000 | 639 | 639 |
|  Dailyshot Co., Ltd. | 1695 | 1.64% |  | 1001 | 1205 | 1205 |
|  Mediquitous Co., Ltd. | 5080 | 0.48% |  | 1250 | 1546 | 1546 |
|  Black Materials Co., Ltd. | 37038 | 8.31% |  | 500 | 431 | 431 |
|  Monit Co., Ltd. | 333334 | 14.29% |  | 1000 | 853 | 853 |
|  3i Powergen Inc.(\*6) |  | 15.00% |  | 1482 |  |  |
|  Enersys Co., Ltd. | 9763 | 19.62% |  | 2050 | 337 | 337 |
|  Kalman Co., Ltd. | 23172 | 9.54% |  | 1000 | 821 | 821 |
|  Himet Co., Ltd. | 1754386 | 13.93% |  | 5000 | 4182 | 4182 |
|  PT.KedapSayaaq | 671 | 10.00% |  | 18540 |  |  |
|  Joongang Platec Co., Ltd. | 3591 | 0.75% |  | 72 | 35 | 35 |
|  Pioneer Gas Power Limited (\*5) | 123200010 | 38.50% |  | 49831 |  |  |
|  Bobaek C&S Co., Ltd. | 13246 | 0.87% |  | 2000 | 2000 | 2000 |
|  BDI Co., Ltd. (\*3,4) | 6390478 | 32.50% |  |  |  |  |
|  Hwan Young Steel Co., Ltd. and others (\*7) |  |  |  | 11631 | 7433 | 7433 |
|  |  |  |  | 349588 | 363128 | 363128 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income, Continued** 

**(2)** **Financial assets at fair value through other comprehensive income as of March 31, 2026 and December 31, 2025 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Shares<br>(in shares)** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  **Debt securities** (\*1) |  |  |  |  |  |  |
|  Aron Flying Ship Co., Ltd. |  |  | W | 491 |  |  |
|  Ino Platech Co., Ltd. |  |  |  | 1080 | 1278 | 1278 |
|  Daebon Tech Co., Ltd. |  |  |  | 3000 | 3516 | 3516 |
|  |  |  |  | 4571 | 4794 | 4794 |
|  |  |  | W | 680160 | 885173 | 885173 |

---

(\*1) The Group used initial cost as their fair value because there was not enough information to determine fair value, and the range of the estimated fair value is wide.

---

| | |
|:---|:---|
| (\*2) | The Group has estimated the fair value of Set Holding by using the income approach and has recognized the difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the year ended December 31, 2025.  |

---

---

| | |
|:---|:---|
| (\*3) | The Group acquired shares in the entity through conversion of investments performed in accordance with corporate rehabilitation procedures before the prior year, and classified the investments in the entity as financial assets at fair value through other comprehensive income as the Group does not hold a significant influence over the entity until the corporate rehabilitation procedures are completed.  |

---

(\*4) BDI Co., Ltd. was delisted as the Court dismissed the application for temporary injunction requiring the suspension of delisting decision and others before the prior year.

---

| | |
|:---|:---|
| (\*5) | The entity entered corporate rehabilitation procedures during the prior year. The Group classified the investment in the entity as financial assets at fair value through other comprehensive income, as the Group does not hold a significant influence over the entity until the corporate rehabilitation procedures are completed. As of December 31, 2025, the liquidation process is in progress, and the book value of the investment has been measured at zero, considering its recoverability.  |

---

---

| | |
|:---|:---|
| (\*6) | The Group has recognized an impairment loss on 3i Powergen Inc. for the difference between the carrying amount and the recoverable amount, due to the discontinuation of its operations.  |

---

(\*7) Equity securities, acquired through debt-for-equity swaps of electricity rate bonds and others, consist of 506 companies including Hwan Young Steel Co., Ltd.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**11.** **Financial Assets at Amortized Cost** 

**Financial assets at amortized cost as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Financial assets**<br>**at amortized cost** | **Financial assets**<br>**at amortized cost** | **Book value** |
|  Government bonds | W | 1412 | 1412 |
|  Others |  | 29555 | 29555 |
|  | W | 30967 | 30967 |
|  Current | W | 22051 | 22051 |
|  Non-current |  | 8916 | 8916 |
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Financial assets**<br>**at amortized cost** | **Financial assets**<br>**at amortized cost** | **Book**<br>**value** |
|  Government bonds | W | 1423 | 1423 |
|  Others |  | 29694 | 29694 |
|  | W | 31117 | 31117 |
|  Current | W | 21663 | 21663 |
|  Non-current |  | 9454 | 9454 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**12.** **Derivatives** 

**(1)** **Derivatives as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  **Derivative assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward | W | 4244 |  | 76 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap |  | 1086387 | 1329791 | 833715 | 927127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap |  | 6022 | 221264 | 2441 | 174195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*2,3) |  |  | 102870 |  | 97996 |
|  | W | 1096653 | 1653925 | 836232 | 1199318 |
|  **Derivative liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward | W | 199 |  | 9078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap |  | 5827 | 3778 | 4786 | 23761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap |  |  | 16303 |  | 37560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*1,2,4) |  | 38255 | 54069 | 38255 | 52059 |
|  | W | 44281 | 74150 | 52119 | 113380 |

---

---

| | |
|:---|:---|
| (\*1) | In relation to the agreement to purchase hybrid bonds issued by Samcheok Eco Materials Co., Ltd., a joint venture of the Group, the performance obligation as of March 31, 2026 which amounts to W23,494 million (W23,494 million as of December 31, 2025) to the underwriter of the bonds was recorded as other derivative liabilities.  |

---

---

| | |
|:---|:---|
| (\*2) | The Group recorded the fair value of derivatives in accordance with the shareholders' agreement of its associate, Hyundai Green Power Co., Ltd., as other derivatives assets and liabilities. Also, the fair value of derivatives under the power purchase agreement of the subsidiary, Elara Energy Project, LLC, has been recognized as other derivative liabilities.  |

---

(\*3) The Group recorded the fair value of derivatives regarding the Power Purchase Agreement ("PPA") of its subsidiary Columboola Solar Farm Hold Co Pty., Ltd. as other derivative assets.

(\*4) The Group recorded the fair value of derivatives in accordance with the shareholders' agreement of its joint venture, Wadi Noor Solar Power, as other derivative liabilities.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**12.** **Derivatives, Continued** 

**(2)** **Currency forward contracts which are not designated as hedging instruments as of March 31, 2026 are as follows:** 

*In millions of won and thousands of foreign currencies except contract exchange rate information* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract date** | **Maturity**<br>**date** | **Contract amounts** | **Contract amounts** | **Contract amounts** | **Contract amounts** | **Contract**<br>**exchange rate**<br>**(in won)** | **Contract**<br>**exchange rate**<br>**(in won)** |
| **Counterparty** | **Contract date** | **Maturity**<br>**date** | **Pay** | **Pay** | **Receive** | **Receive** | **Contract**<br>**exchange rate**<br>**(in won)** | **Contract**<br>**exchange rate**<br>**(in won)** |
|  JP Morgan | 2026.03.10 | 2026.04.03 | W USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11504 |  | 16838 | W | 1463.65 |
|  JP Morgan | 2026.03.10 | 2026.04.02 |  | 5894 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 |  | 1473.60 |
|  Morgan Stanley | 2026.03.13 | 2026.04.07 |  | 7443 | USD | 5000 |  | 1488.60 |
|  Kyongnam Bank | 2026.03.13 | 2026.04.10 |  | 14885 | USD | 10000 |  | 1488.50 |
|  Kyongnam Bank | 2026.03.18 | 2026.04.14 |  | 14827 | USD | 10000 |  | 1482.70 |
|  Hana Bank | 2026.03.20 | 2026.04.16 |  | 10419 | USD | 7000 |  | 1488.40 |
|  Kyongnam Bank | 2026.03.27 | 2026.04.17 |  | 15096 | USD | 10000 |  | 1509.60 |
|  Korea Development Bank | 2026.03.11 | 2026.04.03 |  | 11733 | USD | 8000 |  | 1466.57 |
|  Korea Development Bank | 2026.03.19 | 2026.04.03 |  | 10495 | USD | 7000 |  | 1499.31 |
|  JP Morgan | 2026.03.31 | 2026.04.02 |  | 3059 | USD | 2000 |  | 1529.70 |
|  JP Morgan | 2026.03.26 | 2026.06.30 | USD | 7452 |  | 11187 |  | 1501.35 |
|  Bank of America | 2026.03.27 | 2026.04.13 |  | 54508 | USD | 36206 |  | 1505.50 |
|  JP Morgan | 2026.03.10 | 2026.04.13 |  | 8622 | USD | 5864 |  | 1470.33 |
|  Kookmin Bank | 2026.03.30 | 2026.05.08 |  | 9089 | USD | 6000 |  | 1514.80 |
|  MUFG | 2026.03.17 | 2026.04.23 |  | 4472 | USD | 3000 |  | 1490.60 |
|  Kyongnam Bank | 2026.03.12 | 2026.04.13 |  | 5923 | USD | 4000 |  | 1480.85 |
|  Nonghyup Bank | 2026.03.18 | 2026.04.23 |  | 8905 | USD | 6000 |  | 1484.10 |
|  Mizuho Bank | 2026.03.25 | 2026.04.28 |  | 5971 | USD | 4000 |  | 1492.85 |
|  Busan Bank | 2026.03.25 | 2026.04.28 |  | 11947 | USD | 8000 |  | 1493.40 |
|  Shinhan Bank | 2026.03.27 | 2026.04.28 |  | 9033 | USD | 6000 |  | 1505.53 |
|  Hana Bank | 2026.03.17 | 2026.06.19 |  | 701 | USD | 473 |  | 1483.00 |
|  Hana Bank | 2026.03.24 | 2026.06.19 |  | 8941 | USD | 6000 |  | 1490.20 |
|  HSBC | 2026.03.31 | 2026.07.03 |  | 7548 | USD | 5000 |  | 1509.50 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**12. Derivatives, Continued** 

**(3)** **Currency swap contracts which are not designated as hedging instruments as of March 31, 2026 are as follows:** 

*In millions of won and thousands of foreign currencies except contract exchange rate information* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br>year** | **Contract amount** | **Contract amount** | **Contract amount** | **Contract amount** | **Contract interest rate** | **Contract interest rate** | **Contract<br>exchange<br>rate**<br>**(in won)** | **Contract<br>exchange<br>rate**<br>**(in won)** |
| **Counterparty** | **Contract<br>year** | **Pay** | **Pay** | **Receive** | **Receive** | **Pay** | **Receive** | **Contract<br>exchange<br>rate**<br>**(in won)** | **Contract<br>exchange<br>rate**<br>**(in won)** |
|  Standard Chartered | 2014~2029 | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102470 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14% | 3.57% | W | 1024.70 |
|  Woori Bank | 2019~2027 |  | 21708 | USD | 19417 | 5.04% | 6.75% |  | 1118.00 |
|  Kookmin Bank | 2020~2026 |  | 76355 | USD | 70445 | 5.83% | 6.00% |  | 1083.90 |
|  Woori Bank | 2021~2026 |  | 118170 | USD | 100000 | 1.11% | 1.13% |  | 1181.70 |
|  Korea Development Bank | 2021~2026 |  | 118170 | USD | 100000 | 1.11% | 1.13% |  | 1181.70 |
|  Hana Bank | 2021~2026 |  | 118170 | USD | 100000 | 1.11% | 1.13% |  | 1181.70 |
|  JP Morgan | 2022~2027 |  | 128600 | USD | 100000 | 3.56% | 4.00% |  | 1286.00 |
|  Woori Bank | 2022~2027 |  | 128600 | USD | 100000 | 3.56% | 4.00% |  | 1286.00 |
|  Kookmin Bank | 2022~2027 |  | 128600 | USD | 100000 | 3.56% | 4.00% |  | 1286.00 |
|  Korea Development Bank | 2022~2026 |  | 283820 | USD | 200000 | 4.67% | 5.38% |  | 1419.10 |
|  Hana Bank | 2022~2026 |  | 141910 | USD | 100000 | 4.68% | 5.38% |  | 1419.10 |
|  Woori Bank | 2022~2026 |  | 141910 | USD | 100000 | 4.68% | 5.38% |  | 1419.10 |
|  JP Morgan | 2022~2026 |  | 141910 | USD | 100000 | 4.69% | 5.38% |  | 1419.10 |
|  Korea Development Bank | 2022~2028 |  | 283820 | USD | 200000 | 5.12% | 5.50% |  | 1419.10 |
|  Woori Bank | 2022~2028 |  | 141910 | USD | 100000 | 5.13% | 5.50% |  | 1419.10 |
|  Hana Bank | 2023~2026 |  | 256000 | USD | 200000 | 3.97% | 5.38% |  | 1280.00 |
|  Shinhan Bank | 2023~2026 |  | 192000 | USD | 150000 | 3.99% | 5.38% |  | 1280.00 |
|  Kookmin Bank | 2023~2026 |  | 128000 | USD | 100000 | 4.03% | 5.38% |  | 1280.00 |
|  Korea Development Bank | 2023~2026 |  | 256000 | USD | 200000 | 4.04% | 5.38% |  | 1280.00 |
|  Bank of America | 2023~2026 |  | 128000 | USD | 100000 | 4.04% | 5.38% |  | 1280.00 |
|  Standard Chartered | 2023~2026 |  | 128000 | USD | 100000 | 4.04% | 5.38% |  | 1280.00 |
|  Woori Bank | 2023~2026 |  | 192000 | USD | 150000 | 4.05% | 5.38% |  | 1280.00 |
|  Shinhan Bank | 2024~2027 |  | 133060 | USD | 100000 | 3.53% | 4.88% |  | 1330.60 |
|  Kookmin Bank | 2024~2027 |  | 133060 | USD | 100000 | 3.53% | 4.88% |  | 1330.60 |
|  Korea Development Bank | 2024~2027 |  | 864890 | USD | 650000 | 3.53% | 4.88% |  | 1330.60 |
|  Bank of America | 2024~2027 |  | 133060 | USD | 100000 | 3.53% | 4.88% |  | 1330.60 |
|  Standard Chartered | 2024~2027 |  | 133060 | USD | 100000 | 3.53% | 4.88% |  | 1330.60 |
|  IBK Securities Co., Ltd. | 2024~2027 |  | 199590 | USD | 150000 | 3.53% | 4.88% |  | 1330.60 |
|  Shinhan Bank | 2024~2034 |  | 138010 | USD | 100000 | 3.64% | 5.13% |  | 1380.10 |
|  Hana Bank | 2024~2034 |  | 138010 | USD | 100000 | 3.69% | 5.13% |  | 1380.10 |
|  Woori Bank | 2024~2034 |  | 119958 | USD | 86920 | 3.74% | 5.13% |  | 1380.10 |
|  Kookmin Bank | 2025~2028 |  | 292640 | USD | 200000 | 2.99% | Compounded Daily<br>SOFR + 0.62% |  | 1463.20 |
|  Bank of America | 2025~2028 |  | 219480 | USD | 150000 | 2.99% | Compounded Daily<br>SOFR + 0.62% |  | 1463.20 |
|  Hana Bank | 2025~2028 |  | 146320 | USD | 100000 | 3.00% | Compounded Daily<br>SOFR + 0.62% |  | 1463.20 |
|  Korea Development Bank | 2025~2028 |  | 73160 | USD | 50000 | 3.02% | Compounded Daily<br>SOFR + 0.62% |  | 1463.20 |
|  Shinhan Bank | 2025~2028 |  | 146320 | USD | 100000 | 3.02% | Compounded Daily<br>SOFR + 0.62% |  | 1463.20 |
|  Shinhan Bank | 2025~2030 |  | 146320 | USD | 100000 | 3.18% | 4.13% |  | 1463.20 |
|  Hana Bank | 2025~2030 |  | 438960 | USD | 300000 | 3.21% | 4.13% |  | 1463.20 |
|  Woori Bank | 2017~2027 |  | 111610 | USD | 100000 | 2.25% | 3.13% |  | 1116.10 |
|  Korea Development Bank | 2017~2027 |  | 111610 | USD | 100000 | 2.31% | 3.13% |  | 1116.10 |
|  Hana Bank | 2017~2027 |  | 111610 | USD | 100000 | 2.31% | 3.13% |  | 1116.10 |
|  Korea Development Bank | 2018~2028 |  | 108600 | HKD | 800000 | 2.69% | 3.35% |  | 135.75 |
|  Shinhan Bank | 2018~2028 |  | 115387 | HKD | 850000 | 2.66% | 3.35% |  | 135.75 |
|  Korea Development Bank | 2019~2027 |  | 119978 | CHF | 100000 | 1.43% | 0.05% |  | 1199.78 |
|  Woori Bank | 2021~2026 |  | 222800 | USD | 200000 | 0.93% | 1.25% |  | 1114.00 |
|  Shinhan Bank | 2021~2026 |  | 111400 | USD | 100000 | 0.92% | 1.25% |  | 1114.00 |
|  Korea Development Bank | 2021~2026 |  | 111400 | USD | 100000 | 0.93% | 1.25% |  | 1114.00 |
|  Nonghyup Bank | 2021~2026 |  | 111400 | USD | 100000 | 0.93% | 1.25% |  | 1114.00 |
|  Woori Bank | 2022~2027 |  | 262000 | USD | 200000 | 3.62% | 4.25% |  | 1310.00 |
|  Export-Import Bank of Korea | 2022~2027 |  | 131000 | USD | 100000 | 3.63% | 4.25% |  | 1310.00 |
|  Kookmin Bank | 2022~2027 |  | 131000 | USD | 100000 | 3.62% | 4.25% |  | 1310.00 |
|  Hana Bank | 2022~2027 |  | 131000 | USD | 100000 | 3.61% | 4.25% |  | 1310.00 |
|  Korea Development Bank | 2022~2027 |  | 262000 | USD | 200000 | 3.63% | 4.25% |  | 1310.00 |
|  Export-Import Bank of Korea | 2022~2032 |  | 349829 | HKD | 1935000 | 4.87% | 5.16% |  | 180.79 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**12.** **Derivatives, Continued** 

**(3)** **Currency swap contracts which are not designated as hedging instruments as of March 31, 2026 are as follows, continued:** 

*In millions of won and thousands of foreign currencies except contract exchange rate information* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract year** | **Contract amount** | **Contract amount** | **Contract amount** | **Contract amount** | **Contract interest rate** | **Contract interest rate** | **Contract<br>exchange rate**<br>**(in won)** | **Contract<br>exchange rate**<br>**(in won)** |
| **Counterparty** | **Contract year** | **Pay** | **Pay** | **Receive** | **Receive** | **Pay** | **Receive** | **Contract<br>exchange rate**<br>**(in won)** | **Contract<br>exchange rate**<br>**(in won)** |
|  JP Morgan | 2022~2032 | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75194 | HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16% | W | &nbsp;&nbsp;&nbsp;&nbsp;181.19 |
|  Export-Import Bank of Korea | 2023~2030 |  | 172982 | HKD | 1037000 | 4.25% | 4.51% |  | 166.81 |
|  Hana Bank | 2024~2028 |  | 128940 | USD | 100000 | 3.73% | 5.00% |  | 1289.40 |
|  JP Morgan | 2024~2028 |  | 128940 | USD | 100000 | 3.85% | 5.00% |  | 1289.40 |
|  Korea Development Bank | 2024~2028 |  | 257880 | USD | 200000 | 3.80% | 5.00% |  | 1289.40 |
|  Korea Development Bank | 2024~2028 |  | 128940 | USD | 100000 | 3.69% | 5.00% |  | 1289.40 |
|  Hana Bank | 2024~2029 |  | 138540 | USD | 100000 | 3.15% | 4.63% |  | 1385.40 |
|  Shinhan Bank | 2024~2029 |  | 138540 | USD | 100000 | 3.15% | 4.63% |  | 1385.40 |
|  Kookmin Bank | 2024~2029 |  | 138540 | USD | 100000 | 3.16% | 4.63% |  | 1385.40 |
|  Woori Bank | 2024~2029 |  | 138540 | USD | 100000 | 3.17% | 4.63% |  | 1385.40 |
|  Korea Development Bank | 2024~2029 |  | 138540 | USD | 100000 | 3.19% | 4.63% |  | 1385.40 |
|  Credit Agricole | 2025~2028 |  | 218963 | HKD | 1166000 | 2.85% | 4.10% |  | 187.79 |
|  Korea Development Bank | 2025~2030 |  | 556560 | USD | 400000 | 2.75% | SOFR + 0.79% |  | 1391.40 |
|  Hana Bank | 2025~2030 |  | 139140 | USD | 100000 | 2.76% | SOFR + 0.79% |  | 1391.40 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**12.** **Derivatives, Continued** 

**(4)** **Currency swap contracts which are designated as hedging instruments as of March 31, 2026 are as follows:** 

*In millions of won and thousands of foreign currencies except contract exchange rate information* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br>year** | **Contract amount** | **Contract amount** | **Contract amount** | **Contract amount** | **Contract interest rate** | **Contract interest rate** | **Contract<br>exchange rate**<br>**(in won)** | **Contract<br>exchange rate**<br>**(in won)** |
| **Counterparty** | **Contract<br>year** | **Pay** | **Pay** | **Receive** | **Receive** | **Pay** | **Receive** | **Contract<br>exchange rate**<br>**(in won)** | **Contract<br>exchange rate**<br>**(in won)** |
|  Nomura | 2017~2037 | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52457 | EUR | 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311.42 |
|  Nomura | 2017~2037 |  | 59423 | SEK | 450000 | 2.62% | 2.36% |  | 132.05 |
|  Kookmin Bank | 2021~2026 |  | 114230 | USD | 100000 | 1.27% | 1.25% |  | 1142.30 |
|  Korea Development Bank | 2021~2026 |  | 114230 | USD | 100000 | 1.27% | 1.25% |  | 1142.30 |
|  Hana Bank | 2021~2026 |  | 114230 | USD | 100000 | 1.27% | 1.25% |  | 1142.30 |
|  Korea Development Bank | 2022~2027 |  | 123710 | USD | 100000 | 3.41% | 3.63% |  | 1237.10 |
|  Woori Bank | 2022~2027 |  | 123710 | USD | 100000 | 3.41% | 3.63% |  | 1237.10 |
|  JP Morgan | 2022~2027 |  | 123710 | USD | 100000 | 3.41% | 3.63% |  | 1237.10 |
|  Shinhan Bank | 2023~2026 |  | 132930 | USD | 100000 | 4.07% | 5.38% |  | 1329.30 |
|  Nonghyup Bank | 2023~2026 |  | 132930 | USD | 100000 | 4.05% | 5.38% |  | 1329.30 |
|  Kookmin Bank | 2023~2026 |  | 132930 | USD | 100000 | 4.07% | 5.38% |  | 1329.30 |
|  Woori Bank | 2023~2028 |  | 259000 | USD | 200000 | 3.83% | 4.88% |  | 1295.00 |
|  Korea Development Bank | 2023~2028 |  | 129500 | USD | 100000 | 3.85% | 4.88% |  | 1295.00 |
|  Bank of America | 2023~2028 |  | 64750 | USD | 50000 | 3.85% | 4.88% |  | 1295.00 |
|  Woori Bank | 2025~2031 |  | 142900 | USD | 100000 | 2.93% | 4.00% |  | 1429.00 |
|  Hana Bank | 2025~2031 |  | 142900 | USD | 100000 | 2.93% | 4.00% |  | 1429.00 |
|  Shinhan Bank | 2025~2031 |  | 71450 | USD | 50000 | 2.94% | 4.00% |  | 1429.00 |
|  Bank of America | 2025~2031 |  | 71450 | USD | 50000 | 2.94% | 4.00% |  | 1429.00 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**12.** **Derivatives, Continued** 

**(5)** **Interest rate swap contracts which are not designated as hedging instruments as of March 31, 2026 are as follows:** 

*In millions of won and thousands of foreign currencies* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract year** | **Contract**<br>**amount** | **Contract**<br>**amount** | **Contract interest rate per annum** | **Contract interest rate per annum** |
| **Counterparty** | **Contract year** | **Contract**<br>**amount** | **Contract**<br>**amount** | **Pay** | **Receive** |
|  Nomura (\*1) | 2018~2038 | W | 30000 | 3M CD + 0.10% | 3.75% |
|  Hana Bank | 2022~2027 |  | 200000 | 3.02% | 3M CD + 0.61% |
|  Hana Bank | 2022~2027 |  | 200000 | 3.04% | 3M CD + 0.58% |
|  Hana Bank | 2022~2027 |  | 250000 | 3.38% | 3M CD + 0.59% |
|  Nomura | 2022~2027 |  | 200000 | 3.55% | 3M CD + 0.60% |
|  Shinhan Bank | 2022~2027 |  | 150000 | 3.53% | 3M CD + 0.55% |
|  Hana Bank | 2022~2027 |  | 200000 | 3.70% | 3M CD + 0.59% |
|  Nomura | 2022~2027 |  | 300000 | 3.89% | 3M CD + 0.67% |
|  Hana Bank | 2022~2027 |  | 200000 | 3.93% | 3M CD + 0.67% |
|  Nomura | 2022~2027 |  | 200000 | 3.80% | 3M CD + 0.68% |
|  Nomura | 2022~2027 |  | 300000 | 4.04% | 3M CD + 0.60% |
|  Hana Bank | 2022~2027 |  | 100000 | 4.68% | 3M CD + 1.04% |
|  Hana Bank | 2022~2027 |  | 100000 | 5.45% | 3M CD + 1.20% |
|  Shinhan Bank | 2023~2028 |  | 200000 | 4.27% | 3M CD + 0.76% |
|  Shinhan Bank | 2023~2028 |  | 50000 | 4.27% | 3M CD + 0.76% |
|  Nomura | 2023~2028 |  | 250000 | 4.13% | 3M CD + 0.73% |
|  Hana Bank | 2023~2028 |  | 200000 | 3.74% | 3M CD + 0.51% |
|  Hana Bank | 2023~2028 |  | 100000 | 4.19% | 3M CD + 0.50% |
|  Shinhan Bank | 2023~2028 |  | 300000 | 3.81% | 3M CD + 0.70% |
|  Hana Bank | 2023~2028 |  | 200000 | 3.95% | 3M CD + 0.50% |
|  Shinhan Bank | 2024~2029 |  | 200000 | 3.84% | 3M CD + 0.50% |
|  Hana Bank | 2024~2027 |  | 250000 | 3.72% | 3M CD + 0.34% |
|  Hana Bank | 2024~2027 |  | 250000 | 3.77% | 3M CD + 0.31% |
|  Hana Bank | 2024~2027 |  | 250000 | 3.31% | 3M CD + 0.31% |
|  Hana Bank | 2024~2027 |  | 200000 | 3.46% | 3M CD + 0.53% |
|  Nomura | 2024~2027 |  | 200000 | 3.38% | 3M CD + 0.50% |
|  Hana Bank | 2024~2027 |  | 300000 | 3.18% | 3M CD + 0.53% |
|  Hana Bank | 2025~2028 |  | 200000 | 2.86% | 3M CD + 0.45% |
|  Hana Bank | 2025~2028 |  | 200000 | 2.85% | 3M CD + 0.25% |
|  Shinhan Bank | 2025~2026 |  | 100000 | 3.30% | 3M CD + 0.45% |
|  Hana Bank | 2025~2030 |  | 200000 | 3.28% | 3M CD + 0.57% |
|  Hana Bank | 2025~2030 |  | 200000 | 3.28% | 3M CD + 0.62% |
|  Shinhan Bank | 2025~2030 |  | 200000 | 2.82% | 3M CD + 0.50% |
|  Nomura | 2017~2032 |  | 52457 | Floating rate + 2.55% | 2.60% |
|  Nomura | 2017~2032 |  | 59423 | Floating rate + 2.57% | 2.62% |
|  Nomura (\*2) | 2021~2041 |  | 30000 | 1.84% | 2.60% |
|  Nomura (\*3) | 2021~2041 |  | 50000 | 1.87% | 2.38% |
|  MUFG | 2022~2048 | USD | 155941 | 3M SOFR | 3.71% |
|  Mizuho Capital Markets LLC | 2022~2048 | USD | 155941 | 3M SOFR | 1.05% |
|  NORD LB Bank | 2022~2036 | USD | 16121 | 1.83% | 6M SOFR |
|  Rabobank | 2022~2036 | USD | 19619 | 1.83% | 6M SOFR |
|  Mizuho Capital Markets LLC | 2024~2045 | USD | 77399 | 3M USD Synthetic Libor | 1.14% |

---

(\*1) Depending on the counterparty exercising the right, the contract may be early settled on the same date every year from June 15, 2023.

---

| | |
|:---|:---|
| (\*2) | 1.84% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CMT+0.35% is applied thereafter.  |

---

---

| | |
|:---|:---|
| (\*3) | 1.87% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CMT+0.35% is applied thereafter.  |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**12.** **Derivatives, Continued** 

**(6)** **Interest rate swap contracts which are designated as hedging instruments as of March 31, 2026 are as follows:** 

*In thousands of foreign currencies* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | | | | **Contract interest rate per annum** | **Contract interest rate per annum** |
| **Counterparty** |<br>**Contract year** | **Contract**<br>**amount** | **Contract**<br>**amount** | **Pay** | **Receive** |
|  Export-Import Bank of Korea | 2015~2031 | USD | 11021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67% | SOFR + 0.43% |
|  ING Bank | 2015~2031 | USD | 27178 | 2.67% | SOFR + 0.43% |
|  BNP Paribas | 2015~2031 | USD | 28994 | 2.67% | SOFR + 0.43% |
|  BNP Paribas | 2009~2027 | USD | 22923 | 4.16% | 6M USD Synthetic Libor |
|  KFW | 2009~2027 | USD | 22923 | 4.16% | 6M USD Synthetic Libor |
|  Export-Import Bank of Korea | 2016~2036 | USD | 51095 | 3.00% | 6M USD Synthetic Libor |
|  SMTB | 2025~2036 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;3557580 | 1.82% | 6M TIBOR + 0.55% |

---

**(7)** **Gains and losses on valuation and transaction of derivatives for each of the three-month periods ended March 31, 2026 and 2025 are as follows and they are included as finance income and expenses in the consolidated statements of comprehensive income (loss):** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **Net income effects of<br>valuation gain (loss)** | **Net income effects of<br>valuation gain (loss)** | **Net income effects of<br>valuation gain (loss)** | **Net income effects of<br>transaction gain (loss)** | **Net income effects of<br>transaction gain (loss)** | **Accumulated other**<br>**comprehensive income (loss) (\*1)** | **Accumulated other**<br>**comprehensive income (loss) (\*1)** |
|  | **For the three-<br>month period<br>ended March 31,<br>2026** | **For the three-<br>month period<br>ended March 31,<br>2026** | **For the three-<br>month period<br>ended March 31,<br>2025** | **For the three-<br>month period<br>ended March 31,<br>2026** | **For the three-<br>month period<br>ended March 31,<br>2025** | **For the three-<br>month period<br>ended March 31,<br>2026** | **For the three-<br>month period<br>ended March 31,<br>2025** |
|  Currency forward | W | 4045 | 3334 | 22021 | (9669) |  |  |
|  Currency swap |  | 882093 | 47822 | 86209 | 45653 | 15281 | 22574 |
|  Interest rate swap |  | 62971 | (22503) | (5635) | (792) | 800 | (2673) |
|  Other derivatives(\*2) |  |  | 8355 |  | 9489 |  |  |
|  | W | 949109 | 37008 | 102595 | 44681 | 16081 | 19901 |

---

(\*1) For each of the three-month periods ended March 31, 2026 and 2025, the net gain on valuation of derivatives applying cash flow hedge accounting of W 9,050 million and W 10,463 million, net of tax, is included in other comprehensive income, respectively.

---

| | |
|:---|:---|
| (\*2) | The Group entered into a Price Return Swap (PRS) contract to exchange gains or losses arising from fluctuations in the stock price of its subsidiary, KEPCO Engineering & Construction Company, Inc. The settlement of the PRS contract was completed during the year ended December 31, 2025, and the Group recognized a gain on valuation of derivative instruments of W8,355 million and a gain on transaction of derivative instruments of W9,479 million for the three-month period ended March 31, 2025.  |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**13.** **Loans and Other Financial Instruments** 

**(1)** **Loans and other financial instruments as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Loans | W | 115905 | 944197 | 101773 | 992012 |
|  Less: allowance for doubtful accounts |  | (5156) | (68573) | (5191) | (66807) |
|  Less: present value discount |  | (952) | (36264) | (984) | (34275) |
|  |  | 109797 | 839360 | 95598 | 890930 |
|  Long-term / short-term financial instruments |  | 1078321 | 899847 | 1997644 | 884487 |
|  | W | 1188118 | 1739207 | 2093242 | 1775417 |

---

**(2)** **Loans as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Face value** | **Face value** | **Allowance for<br>doubtful accounts** | **Present value <br>discount** | **Carrying<br>value** |
|  **Short-term loans** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for tuition | W | 33693 | (5156) | (952) | 27585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for housing |  | 42783 |  |  | 42783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other loans |  | 39429 |  |  | 39429 |
|  |  | 115905 | (5156) | (952) | 109797 |
|  **Long-term loans** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for tuition |  | 335143 | (930) | (36264) | 297949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for housing |  | 236616 |  |  | 236616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for related parties |  | 307545 | (24861) |  | 282684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other loans |  | 64893 | (42782) |  | 22111 |
|  |  | 944197 | (68573) | (36264) | 839360 |
|  | W | 1060102 | (73729) | (37216) | 949157 |
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Face value** | **Face value** | **Allowance for<br>doubtful accounts** | **Present value <br>discount** | **Carrying<br>value** |
|  **Short-term loans** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for tuition | W | 34290 | (5155) | (984) | 28151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for housing |  | 40515 |  |  | 40515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other loans |  | 26968 | (36) |  | 26932 |
|  |  | 101773 | (5191) | (984) | 95598 |
|  **Long-term loans** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for tuition |  | 326941 | (983) | (34275) | 291683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for housing |  | 243651 |  |  | 243651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for related parties |  | 359519 | (24218) |  | 335301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other loans |  | 61901 | (41606) |  | 20295 |
|  |  | 992012 | (66807) | (34275) | 890930 |
|  | W | 1093785 | (71998) | (35259) | 986528 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**13.** **Loans and Other Financial Instruments, Continued** 

**(3)** **Changes in the allowance for doubtful accounts of loans for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period ended**<br>**March 31, 2026** | **For the three-month period ended**<br>**March 31, 2026** | **For the year ended**<br>**December 31, 2025** |
|  Beginning balance | W | 71998 | 71994 |
|  Bad debt expense (Reversal of bad debt allowance) |  | (56) | (3455) |
|  Write-off |  |  | (447) |
|  Others |  | 1787 | 3906 |
|  Ending balance | W | 73729 | 71998 |

---

**(4)** **Long-term and short-term financial instruments as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Time deposits | W | 677019 | 136694 | 1602572 | 155487 |
|  CD |  | 80862 |  | 40000 |  |
|  Others |  | 320440 | 763153 | 355072 | 729000 |
|  | W | 1078321 | 899847 | 1997644 | 884487 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**14.** **Inventories** 

**Inventories as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Acquisition cost** | **Acquisition cost** | **Valuation allowance** | **Book value** |
|  Raw materials | W | 5166437 | (670) | 5165767 |
|  Merchandises |  | 3714 |  | 3714 |
|  Work-in-progress |  | 236022 |  | 236022 |
|  Finished goods |  | 36880 |  | 36880 |
|  Supplies |  | 3666498 |  | 3666498 |
|  Inventories-in-transit |  | 903085 |  | 903085 |
|  Other inventories |  | 19214 |  | 19214 |
|  | W | 10031850 | (670) | 10031180 |
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Acquisition cost** | **Acquisition cost** | **Valuation allowance** | **Book value** |
|  Raw materials | W | 5299493 | (670) | 5298823 |
|  Merchandises |  | 3447 |  | 3447 |
|  Work-in-progress |  | 213919 |  | 213919 |
|  Finished goods |  | 93379 |  | 93379 |
|  Supplies |  | 3564892 |  | 3564892 |
|  Inventories-in-transit |  | 962337 |  | 962337 |
|  Other inventories |  | 15927 |  | 15927 |
|  | W | 10153394 | (670) | 10152724 |

---

The reversal of the allowance for loss on inventory valuation included in cost of sales for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 amounts to W1,038 million and W6,477 million, respectively.

The amounts of loss from inventory valuation included in other gains or losses for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 were W1,038 million and W4,944 million, respectively.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**15.** **Non-Financial Assets** 

**Non-financial assets as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Advanced payments | W | 743742 | 641223 | 632235 | 634986 |
|  Prepaid expenses |  | 453349 | 225858 | 416297 | 236141 |
|  Others (\*) |  | 344518 | 178616 | 313098 | 142124 |
|  | W | 1541609 | 1045697 | 1361630 | 1013251 |

---

(\*) Details of others as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Greenhouse gas emissions rights | W | 167841 |  | 107550 |  |
|  Other quick assets |  | 176677 | 178616 | 205548 | 142124 |
|  | W | 344518 | 178616 | 313098 | 142124 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**16.** **Consolidated Subsidiaries** 

**(1)** **Consolidated subsidiaries as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Subsidiaries** | **Key operation activities** | **Location** | **Percentage of ownership (%)** | **Percentage of ownership (%)** |
| **Subsidiaries** | **Key operation activities** | **Location** | **As of<br>March 31, 2026** | **As of<br>December 31, 2025** |
|  Korea Hydro & Nuclear Power Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Korea South-East Power Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Korea Midland Power Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Korea Western Power Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Korea Southern Power Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Korea East-West Power Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  KEPCO Engineering & Construction Company, Inc. (\*1) | Engineering and construction for utility plant and others | Korea | 51.00% | 51.00% |
|  KEPCO Plant Service & Engineering Co., Ltd. | Utility plant maintenance and others | Korea | 51.00% | 51.00% |
|  KEPCO Nuclear Fuel Co., Ltd. | Nuclear fuel | Korea | 96.36% | 96.36% |
|  KEPCO KDN Co., Ltd. | Electric power information technology and others | Korea | 100.00% | 100.00% |
|  KEPCO International HongKong Ltd. | Holding company | Hong Kong | 100.00% | 100.00% |
|  KEPCO International Philippines Inc. | Holding company | Philippines | 100.00% | 100.00% |
|  KEPCO Gansu International Ltd. | Holding company | Hong Kong | 100.00% | 100.00% |
|  KEPCO Philippines Holdings Inc. | Holding company | Philippines | 100.00% | 100.00% |
|  KEPCO Philippines Corporation | Operation of utility plant | Philippines | 100.00% | 100.00% |
|  KEPCO Ilijan Corporation | Construction and operation of utility plant | Philippines | 51.00% | 51.00% |
|  KEPCO Neimenggu International Ltd. | Holding company | Hong Kong | 100.00% | 100.00% |
|  KEPCO Shanxi International Ltd. | Holding company | Hong Kong | 100.00% | 100.00% |
|  KOMIPO Global Pte Ltd. | Holding company | Singapore | 100.00% | 100.00% |
|  KEPCO Netherlands B.V. | Holding company | Netherlands | 100.00% | 100.00% |
|  KEPCO Australia Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOSEP Australia Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOMIPO Australia Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOWEPO Australia Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOSPO Australia Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KEPCO Middle East Holding Company | Holding company | Bahrain | 100.00% | 100.00% |
|  Qatrana Electric Power Company | Construction and operation of utility plant | Jordan | 80.00% | 80.00% |
|  KHNP Canada Energy Ltd. | Holding company | Canada | 100.00% | 100.00% |
|  KEPCO Bylong Australia Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  Korea Waterbury Uranium Limited Partnership | Holding company | Canada | 80.82% | 80.82% |
|  KEPCO Holdings de Mexico | Holding company | Mexico | 100.00% | 100.00% |
|  KST Electric Power Company, S.A.P.I. de C.V. | Construction and operation of utility plant | Mexico | 56.00% | 56.00% |
|  KEPCO Energy Service Company | Operation of utility plant | Mexico | 100.00% | 100.00% |
|  KEPCO Netherlands S3 B.V. | Holding company | Netherlands | 100.00% | 100.00% |
|  PT. KOMIPO Pembangkitan Jawa Bali | Operation of utility plant | Indonesia | 51.00% | 51.00% |
|  PT. Cirebon Power Service (\*2) | Operation of utility plant | Indonesia | 27.50% | 27.50% |
|  KOWEPO International Corporation | Operation of utility plant | Philippines | 99.99% | 99.99% |
|  KOSPO Jordan LLC | Operation of utility plant | Jordan | 100.00% | 100.00% |
|  EWP America Inc. | Holding company | USA | 100.00% | 100.00% |
|  EWP Renewable Corporation | Holding company | USA | 100.00% | 100.00% |
|  KNF Canada Energy Limited | Holding company | Canada | 100.00% | 100.00% |
|  EWP Barbados 1 SRL | Holding company | Barbados | 100.00% | 100.00% |
|  California Power Holdings, LLC | Power generation | USA | 100.00% | 100.00% |
|  Gyeonggi Green Energy Co., Ltd. | Power generation | Korea | 62.01% | 62.01% |
|  PT. Tanggamus Electric Power | Power generation | Indonesia | 52.50% | 52.50% |
|  Gyeongju Wind Power Co., Ltd. | Power generation | Korea | 70.00% | 70.00% |
|  KOMIPO America Inc. | Holding company | USA | 100.00% | 100.00% |
|  PT. EWP Indonesia | Holding company | Indonesia | 99.99% | 99.99% |
|  KEPCO Netherlands J3 B.V. | Holding company | Netherlands | 100.00% | 100.00% |
|  Korea Offshore Wind Power Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Global One Pioneer B.V. | Holding company | Netherlands | 100.00% | 100.00% |
|  Global Energy Pioneer B.V. | Holding company | Netherlands | 100.00% | 100.00% |
|  Mira Power Limited (\*3) | Power generation | Pakistan | 76.00% | 76.00% |
|  KOSEP Material Co., Ltd. | Recycling fly ashes | Korea | 86.22% | 86.22% |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**16.** **Consolidated Subsidiaries, Continued** 

**(1)** **Consolidated subsidiaries as of March 31, 2026 and December 31, 2025 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Subsidiaries** | **Key operation activities** | **Location** | **Percentage of ownership (%)** | **Percentage of ownership (%)** |
| **Subsidiaries** | **Key operation activities** | **Location** | **As of<br>March 31, 2026** | **As of<br>December 31, 2025** |
|  KEPCO KPS Philippines Corp. | Utility plant maintenance and others | Philippines | 99.99% | 99.99% |
|  KOSPO Chile SpA | Holding company | Chile | 100.00% | 100.00% |
|  Hee Mang Sunlight Power Co., Ltd. | Operation of utility plant | Korea | 100.00% | 100.00% |
|  Fujeij Wind Power Company | Operation of utility plant | Jordan | 100.00% | 100.00% |
|  KOSPO Youngnam Power Co., Ltd. | Operation of utility plant | Korea | 100.00% | 100.00% |
|  Chitose Solar Power Plant LLC | Power generation | Japan | 65.00% | 65.00% |
|  KEPCO ES Co., Ltd. | Energy service | Korea | 100.00% | 100.00% |
|  KEPCO Solar Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  KOSPO Power Services Ltda. | Utility plant maintenance and others | Chile | 65.00% | 65.00% |
|  Energy New Industry Specialized Investment Private Investment Trust | Holding company | Korea | 99.01% | 99.01% |
|  KOEN Bylong Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOMIPO Bylong Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOWEPO Bylong Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOSPO Bylong Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  EWP Bylong Pty., Ltd. | Holding company | Australia | 100.00% | 100.00% |
|  KOWEPO Lao International | Utility plant maintenance and others | Laos | 100.00% | 100.00% |
|  KEPCO Mangilao Holdings LLC | Holding company | USA | 100.00% | 100.00% |
|  Mangilao Investment LLC (\*5) | Holding company | USA | 69.21% | 69.21% |
|  KEPCO Mangilao Solar, LLC | Power generation | USA | 100.00% | 100.00% |
|  Jeju Hanlim Offshore Wind Co., Ltd. | Power generation | Korea | 79.03% | 79.03% |
|  PT. Siborpa Eco Power | Construction and operation of utility plant | Indonesia | 55.00% | 55.00% |
|  BSK E-New Industry Fund VII | Holding company | Korea | 81.67% | 81.67% |
|  e-New Industry LB Fund 1 | Holding company | Korea | 76.11% | 76.11% |
|  Songhyun e-New Industry Fund | Holding company | Korea | 80.65% | 80.65% |
|  BSK E-New Industry Fund X | Holding company | Korea | 66.80% | 66.80% |
|  PT. Korea Energy Indonesia | Utility plant maintenance and others | Indonesia | 95.00% | 95.00% |
|  KOLAT SpA | Utility plant maintenance and others | Chile | 100.00% | 100.00% |
|  KEPCO California, LLC | Holding company | USA | 100.00% | 100.00% |
|  KEPCO Mojave Holdings, LLC | Holding company | USA | 100.00% | 100.00% |
|  Incheon Fuel Cell Co., Ltd. | Power generation | Korea | 60.00% | 60.00% |
|  KOEN Service Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  KOMIPO Service Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  KOWEPO Service Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  KOSPO Service Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  EWP Service Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  PT. KOMIPO Energy Indonesia | Utility plant maintenance and others | Indonesia | 95.00% | 95.00% |
|  KNF Partners Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  KOSPO USA Inc. | Holding company | USA | 100.00% | 100.00% |
|  KOSPO Niles LLC (formerly, Nambu USA LLC) | Holding company | USA | 100.00% | 100.00% |
|  Tamra Offshore Wind Power Co., Ltd. | Power generation | Korea | 63.00% | 63.00% |
|  KEPCO MCS Co., Ltd. | Electric meter reading and others | Korea | 100.00% | 100.00% |
|  KEPCO FMS Co., Ltd. | Security service and others | Korea | 100.00% | 100.00% |
|  Firstkeepers Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  Secutec Co., Ltd. | Security service | Korea | 100.00% | 100.00% |
|  SE Green Energy Co., Ltd. (\*6) | Power generation | Korea | 100.00% | 100.00% |
|  Mangilao Intermediate Holdings LLC | Holding company | USA | 100.00% | 100.00% |
|  KEPCO CSC Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  KOAK Power Limited | Hydro power facility maintenance | Pakistan | 100.00% | 100.00% |
|  KOMIPO Europe B.V. | Holding company | Netherlands | 100.00% | 100.00% |
|  Haenanum Energy Fund | Holding company | Korea | 99.64% | 99.64% |
|  Paju Ecoenergy Co., Ltd. (\*6) | Power generation | Korea | 93.68% | 93.68% |
|  Guam Ukudu Power LLC | Power generation | USA | 100.00% | 100.00% |
|  K-SOLAR SHINAN Co., Ltd. | Power generation | Korea | 90.00% | 90.00% |
|  KPS Partners Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  KEPCO E&C Service Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  Moha solar Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Ogiri Solar Power Co., Ltd. | Power generation | Korea | 70.00% | 70.00% |
|  KHNP USA LLC | Holding company | USA | 100.00% | 100.00% |
|  KOMIPO Vanphong Power Service LLC | Utility plant maintenance and others | Vietnam | 100.00% | 100.00% |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**16.** **Consolidated Subsidiaries, Continued** 

**(1)** **Consolidated subsidiaries as of March 31, 2026 and December 31, 2025 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Subsidiaries** | **Key operation activities** | **Location** | **Percentage of ownership (%)** | **Percentage of ownership (%)** |
| **Subsidiaries** | **Key operation activities** | **Location** | **As of<br>March 31, 2026** | **As of<br>December 31, 2025** |
|  Energy Innovation Fund I | Holding company | Korea | 71.91% | 71.91% |
|  KHNP Chile SpA | Holding company | Chile | 100.00% | 100.00% |
|  Yeong Yang Apollon Photovoltaic Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Yeong Yang Corporation Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  SolarVader Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Yeong Yang Innovation Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Yeong Yang Horus Photovoltaic Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Yeong Yang Solar Management Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  LSG Hydro Power Limited | Holding company | Pakistan | 99.99% | 99.99% |
|  KOEN Bio Co., Ltd. | Wood pellet utilization business | Korea | 70.00% | 70.00% |
|  KOMIPO Energy Solution America, LLC | Holding company | USA | 100.00% | 100.00% |
|  Elara Investment Holdings, LLC (\*4) | Holding company | USA | 0.10% | 0.10% |
|  Elara Equity Holdings, LLC | Holding company | USA | 54.00% | 54.00% |
|  Elara Class B Holdings, LLC | Holding company | USA | 100.00% | 100.00% |
|  Elara Class B Member, LLC | Holding company | USA | 100.00% | 100.00% |
|  Elara Development Holdings, LLC | Holding company | USA | 100.00% | 100.00% |
|  KOMIPO Development, LLC | Holding company | USA | 100.00% | 100.00% |
|  Elara Energy Holdings, LLC | Holding company | USA | 61.62% | 61.62% |
|  Elara Energy Project, LLC | Power generation | USA | 100.00% | 100.00% |
|  KOMIPO Iberian Solar Group, S.L.U. | Holding company | Spain | 100.00% | 100.00% |
|  Jeongam Wind Power Co., Ltd. | Power generation | Korea | 80.00% | 80.00% |
|  KOWEPO Europe B.V. | Holding company | Netherlands | 100.00% | 100.00% |
|  CVS Equity Holdings, LLC | Holding company | USA | 80.96% | 80.96% |
|  CVS Class B Holdings, LLC | Holding company | USA | 100.00% | 100.00% |
|  CVS Development Holdings, LLC | Holding company | USA | 100.00% | 100.00% |
|  CVS Development, LLC | Holding company | USA | 100.00% | 100.00% |
|  CVS Class B Member, LLC | Holding company | USA | 100.00% | 100.00% |
|  CVS Energy Holdings, LLC | Holding company | USA | 62.62% | 62.62% |
|  Concho Valley Energy, LLC | Holding company | USA | 100.00% | 100.00% |
|  Concho Valley Solar, LLC | Power generation | USA | 100.00% | 100.00% |
|  Yeongdeok Sunrise Wind Power Co., Ltd. | Power generation | Korea | 70.00% | 70.00% |
|  UI Carbon-Neutrality Fund | Holding company | Korea | 78.97% | 78.97% |
|  KA Power Limited | Power generation | Pakistan | 100.00% | 100.00% |
|  Western Power Changgi Solar Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  EWP Australia Pty., Ltd. | Holding company | Australia | 100.00% | 100.00% |
|  Columboola Solar Farm Hold Co Pty., Ltd. (\*3,5) | Power generation | Australia | 74.04% | 74.04% |
|  Digital Innovation Growth Fund | Holding company | Korea | 76.92% | 76.92% |
|  KEPCO Holding Company | Holding company | Saudi Arabia | 100.00% | 100.00% |
|  KEPCO for Maintenance Company | Utility plant maintenance and others | Saudi Arabia | 100.00% | 100.00% |
|  KOSPO Trumbull LLC | Holding company | USA | 100.00% | 100.00% |
|  Changjuk Wind Power Co., Ltd. | Power generation | Korea | 73.00% | 73.00% |
|  Chile Solar JV SpA | Power generation | Chile | 100.00% | 100.00% |
|  KEPCO KPS South Africa Pty., Ltd. | Utility plant maintenance and others | Republic of<br> South Africa | 98.96% | 98.96% |
|  KOWEPO Holding Limited | Holding company | United Arab Emirates | 100.00% | 100.00% |
|  Magna Energy New Industrial Fund | Holding company | Korea | 71.30% | 71.30% |
|  Columboola Solar Farm Nominees Pty., Ltd. (\*3) | Power generation | Australia | 100.00% | 100.00% |
|  Columboola Solar Farm Op Trust (\*3) | Power generation | Australia | 100.00% | 100.00% |
|  Columboola Solar Farm Fin Co Pty., Ltd. (\*3) | Holding company | Australia | 100.00% | 100.00% |
|  EWP ESS Holdings, LLC | Holding company | USA | 100.00% | 100.00% |
|  Fairhaven ESS LLC | Holding company | USA | 100.00% | 100.00% |
|  KOSPO Rutile, LLC | Holding company | USA | 100.00% | 100.00% |
|  KEPCO Yona America LLC | Holding company | USA | 100.00% | 100.00% |
|  KEPCO SADAWI - FZCO | Holding company | United Arab Emirates | 100.00% | 100.00% |
|  EWP Yona America LLC | Holding company | USA | 100.00% | 100.00% |
|  KOMIPO Middle East Energy L.L.C-FZ | Power generation | United Arab Emirates | 100.00% | 100.00% |
|  Nuclear Energy Industry Growth Fund II | Holding company | Korea | 99.99% | 99.99% |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**16.** **Consolidated Subsidiaries, Continued** 

**(1)** **Consolidated subsidiaries as of March 31, 2026 and December 31, 2025 are as follows, continued:** 

---

| | |
|:---|:---|
| (\*1) | Considering treasury stocks, the effective percentage of ownership is 51.24%.  |

---

---

| | |
|:---|:---|
| (\*2) | The effective percentage of ownership is less than 50%. However, this subsidiary is included in the consolidated financial statements as the Group obtained the majority of the voting power under the shareholders' agreement.  |

---

---

| | |
|:---|:---|
| (\*3) | As of March 31, 2026, the annual reporting period of all subsidiaries ends on December 31, except for Mira Power Limited, Columboola Solar Farm Hold Co Pty., Ltd., Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust and Columboola Solar Farm Fin Co Pty., Ltd.  |

---

---

| | |
|:---|:---|
| (\*4) | The effective percentage of ownership is less than 50%. However, this subsidiary is included in the consolidated financial statements as the Group has control over the board of directors under the shareholders' agreement.  |

---

---

| | |
|:---|:---|
| (\*5) | Excluding preferred stocks, the percentage of ownership with voting rights is 100%.  |

---

(\*6) The ownership interest changed due to a disproportionate capital reduction with consideration during the year ended December 31, 2025.

**(2)** **There were no subsidiaries newly included in or excluded from the scope of consolidation during the three-month period ended March 31, 2026.** 

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**16.** **Consolidated Subsidiaries, Continued** 

**(3)** **The summarized financial information of consolidated subsidiaries as of and for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 is as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** |
| **Subsidiaries** | **Total**<br>**assets** | **Total**<br>**assets** | **Total**<br>**liabilities** | **Sales** | **Profit (loss)**<br>**for the period** |
|  Korea Hydro & Nuclear Power Co., Ltd. | W | 78116705 | 51370675 | 3916388 | 1013201 |
|  Korea South-East Power Co., Ltd. |  | 11718449 | 6198195 | 1426959 | (35326) |
|  Korea Midland Power Co., Ltd. |  | 13582795 | 9104770 | 1540213 | 13887 |
|  Korea Western Power Co., Ltd. |  | 12614642 | 8008299 | 1352923 | 24446 |
|  Korea Southern Power Co., Ltd. |  | 11901040 | 6641461 | 1466085 | 76674 |
|  Korea East-West Power Co., Ltd. |  | 11587150 | 5755238 | 1370866 | 100597 |
|  KEPCO Engineering & Construction Company, Inc. |  | 877517 | 289020 | 113334 | 14102 |
|  KEPCO Plant Service & Engineering Co., Ltd. |  | 1710426 | 409337 | 342177 | 30028 |
|  KEPCO Nuclear Fuel Co., Ltd. |  | 1187794 | 670999 | 174822 | 26361 |
|  KEPCO KDN Co., Ltd. |  | 694241 | 186032 | 157048 | (2956) |
|  KEPCO International HongKong Ltd. |  | 153719 |  |  | 1820 |
|  KEPCO International Philippines Inc. |  | 14224 | 5 |  | 102 |
|  KEPCO Gansu International Ltd. |  | 7603 | 416 |  | 661 |
|  KEPCO Philippines Holdings Inc. |  | 187081 | 1116 |  | (443) |
|  KEPCO Philippines Corporation |  | 3082 | 3 |  | 31 |
|  KEPCO Ilijan Corporation |  | 32446 | 342 |  | (256) |
|  KEPCO Neimenggu International Ltd. |  | 232666 | 148 |  | (161) |
|  KEPCO Shanxi International Ltd. |  | 822451 | 369328 |  | 74 |
|  KOMIPO Global Pte Ltd. |  | 421608 | 3070 |  | 7314 |
|  KEPCO Netherlands B.V. |  | 151452 | 69 |  | (15) |
|  KEPCO Australia Pty., Ltd. |  | 394 | 173 |  | (22) |
|  KOSEP Australia Pty., Ltd. |  | 59161 | 1226 |  | (173) |
|  KOMIPO Australia Pty., Ltd. |  | 60658 | 4794 | 7122 | (1981) |
|  KOWEPO Australia Pty., Ltd. |  | 50555 | 14 |  | 1639 |
|  KOSPO Australia Pty., Ltd. |  | 41295 | 14 |  | 1542 |
|  KEPCO Middle East Holding Company |  | 147021 | 149643 |  | (320) |
|  Qatrana Electric Power Company |  | 565897 | 181935 | 7346 | 5719 |
|  KHNP Canada Energy Ltd. |  | 337377 | 36089 |  | 47 |
|  KEPCO Bylong Australia Pty., Ltd. |  | 51025 | 599250 |  | 7267 |
|  Korea Waterbury Uranium Limited Partnership |  | 25005 | 77 |  | (31) |
|  KEPCO Holdings de Mexico |  | 551 | 3333 |  | (41) |
|  KST Electric Power Company, S.A.P.I. de C.V. |  | 670873 | 530230 | 19574 | 1543 |
|  KEPCO Energy Service Company |  | 3462 | 2347 | 2876 | 17 |
|  KEPCO Netherlands S3 B.V. |  | 63383 | 66 |  | 723 |
|  PT. KOMIPO Pembangkitan Jawa Bali |  | 24823 | 5145 | 9106 | 5495 |
|  PT. Cirebon Power Service |  | 4236 | 1337 | 2649 | 5 |
|  KOWEPO International Corporation |  |  | 11 |  |  |
|  KOSPO Jordan LLC |  | 36788 | 14255 | 18950 | 3954 |
|  EWP America Inc. (\*1) |  | 67299 | 3111 | 6781 | 3682 |
|  KNF Canada Energy Limited |  | 2685 | 37 |  | (16) |
|  EWP Barbados 1 SRL |  | 509442 | 724 |  | 3523 |
|  Gyeonggi Green Energy Co., Ltd. |  | 253555 | 328683 | 25759 | (4718) |
|  PT. Tanggamus Electric Power |  | 221668 | 130916 | 2374 | 2928 |
|  Gyeongju Wind Power Co., Ltd. |  | 85515 | 34229 | 6090 | 2385 |
|  KOMIPO America Inc. (\*2) |  | 613504 | 290818 | 3648 | 2178 |
|  PT. EWP Indonesia |  | 110738 | 34 |  | 2025 |
|  KEPCO Netherlands J3 B.V. |  | 168638 | 5909 |  | 886 |
|  Korea Offshore Wind Power Co., Ltd. |  | 345043 | 129040 | 11688 | 2570 |
|  Global One Pioneer B.V. |  | 1853067 | 113 |  | 35232 |
|  Global Energy Pioneer B.V. |  | 419 | 113 |  | (9) |
|  Mira Power Limited |  | 410946 | 256415 | 331 | 4589 |
|  KOSEP Material Co., Ltd. |  | 7716 | 682 | 1159 | 161 |
|  KEPCO KPS Philippines Corp. |  | 6954 | 1260 | 862 | (975) |
|  KOSPO Chile SpA |  | 202943 | 92732 |  | (685) |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**16.** **Consolidated Subsidiaries, Continued** 

**(3)** **The summarized financial information of consolidated subsidiaries as of and for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 is as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** |
| **Subsidiaries** | **Total**<br>**assets** | **Total**<br>**assets** | **Total**<br>**liabilities** | **Sales** | **Profit (loss)**<br>**for the period** |
|  Hee Mang Sunlight Power Co., Ltd. | W | 5886 | 2340 | 121 | (13) |
|  Fujeij Wind Power Company |  | 254771 | 157088 |  | 5663 |
|  KOSPO Youngnam Power Co., Ltd. |  | 357553 | 244100 | 96759 | 5348 |
|  Chitose Solar Power Plant LLC |  | 87251 | 79627 | 2981 | 224 |
|  KEPCO ES Co., Ltd. |  | 338186 | 26611 | 2153 | 1832 |
|  KEPCO Solar Co., Ltd. |  | 244091 | 31963 | 5350 | 1316 |
|  KOSPO Power Services Ltda. |  | 16935 | 13193 | 4138 | 1411 |
|  Energy New Industry Specialized Investment Private Investment Trust (\*3) |  | 521334 | 2380 | 6837 | (5184) |
|  KOEN Bylong Pty., Ltd. |  | 19 | 217 |  |  |
|  KOMIPO Bylong Pty., Ltd. |  | 20 | 220 |  | (7) |
|  KOWEPO Bylong Pty., Ltd. |  | 19 | 219 |  |  |
|  KOSPO Bylong Pty., Ltd. |  | 11 | 332 |  | (40) |
|  EWP Bylong Pty., Ltd. |  | 19 | 22 |  |  |
|  KOWEPO Lao International |  | 13322 | 522 | 3094 | 612 |
|  KEPCO Mangilao Holdings LLC |  | 102429 | 52593 | 216 | (45) |
|  Mangilao Investment LLC |  | 218422 | 17224 |  | 3361 |
|  KEPCO Mangilao Solar, LLC |  | 224652 | 781 | 4197 | 613 |
|  Jeju Hanlim Offshore Wind Co., Ltd. |  | 638826 | 555241 | 23222 | 7530 |
|  PT. Siborpa Eco Power |  | 21277 | 7074 |  | (15) |
|  PT. Korea Energy Indonesia |  | 8153 | 5407 | 4429 | 2473 |
|  KOLAT SpA |  | 54602 | 411 | 835 | 95 |
|  KEPCO California, LLC |  | 53604 | 7736 | 351 | (75) |
|  KEPCO Mojave Holdings, LLC |  | 95890 | 91783 |  | (1177) |
|  Incheon Fuel Cell Co., Ltd. |  | 211181 | 217097 | 16867 | (1480) |
|  KOEN Service Co., Ltd. |  | 8657 | 4993 | 10044 | 19 |
|  KOMIPO Service Co., Ltd. |  | 11608 | 5456 | 11258 | 1064 |
|  KOWEPO Service Co., Ltd. |  | 8609 | 6136 | 10799 | (969) |
|  KOSPO Service Co., Ltd. |  | 8008 | 4751 | 8783 | 100 |
|  EWP Service Co., Ltd. |  | 6907 | 4175 | 7714 | 261 |
|  PT. KOMIPO Energy Indonesia |  | 5450 | 157 | 1351 | 860 |
|  KNF partners Co., Ltd. |  | 2759 | 846 | 1344 | (89) |
|  KOSPO USA Inc. |  | 899798 | 514 |  | (310) |
|  KOSPO Niles LLC |  | 470327 | 1320 | 24 | 123578 |
|  Tamra Offshore Wind Power Co., Ltd. |  | 104980 | 62560 | 4579 | 1084 |
|  KEPCO MCS Co., Ltd. |  | 59415 | 58622 | 62559 | (6215) |
|  KEPCO FMS Co., Ltd. |  | 25604 | 24938 | 28736 | (1755) |
|  Firstkeepers Co., Ltd. |  | 30893 | 15761 | 26410 | 1648 |
|  Secutec Co., Ltd. |  | 18264 | 11273 | 20061 | (348) |
|  SE Green Energy Co., Ltd. |  | 111129 | 82532 | 9416 | 504 |
|  Mangilao Intermediate Holdings LLC |  | 222403 | 126088 |  | (1361) |
|  KEPCO CSC Co., Ltd. |  | 18169 | 9847 | 11611 | 669 |
|  KOAK Power Limited |  | 17028 | 210 |  | (78) |
|  KOMIPO Europe B.V. |  | 93074 | 124 | 323 | (898) |
|  Haenanum Energy Fund |  | 7416 | 12 |  | (9) |
|  Paju Ecoenergy Co., Ltd. |  | 59992 | 2346 | 3244 | (339) |
|  Guam Ukudu Power LLC |  | 947124 | 830809 | 13704 | (28004) |
|  K-SOLAR SHINAN Co., Ltd. |  | 264216 | 246524 | 7980 | 73 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**16.** **Consolidated Subsidiaries, Continued** 

**(3)** **The summarized financial information of consolidated subsidiaries as of and for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 is as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** |
| **Subsidiaries** | **Total**<br>**assets** | **Total**<br>**assets** | **Total**<br>**liabilities** | **Sales** | **Profit (loss)**<br>**for the period** |
|  KPS Partners Co., Ltd. | W | 4498 | 2248 | 4016 | 282 |
|  KEPCO E&C Service Co., Ltd. |  | 10303 | 1892 | 4145 | 295 |
|  Moha solar Co., Ltd. |  | 25039 | 26388 |  | 8 |
|  Ogiri Solar Power Co., Ltd. |  | 1049 | 22 |  | (4) |
|  KHNP USA LLC |  | 61643 | 676 | 317 | 76 |
|  KOMIPO Vanphong Power Service LLC |  | 37207 | 1574 | 8040 | 3584 |
|  Energy Innovation Fund I |  | 43486 | 1419 |  | (238) |
|  KHNP Chile SpA |  | 4796 | 3609 |  | (19) |
|  Yeong Yang Apollon Photovoltaic Co., Ltd. |  | 1377 | 1218 | 40 | 17 |
|  Yeong Yang Corporation Co., Ltd. |  | 1355 | 1208 | 40 | 17 |
|  SolarVader Co., Ltd. |  | 1367 | 1211 | 40 | 18 |
|  Yeong Yang Innovation Co., Ltd. |  | 1349 | 1208 | 36 | 13 |
|  Yeong Yang Horus Photovoltaic Co., Ltd. |  | 1329 | 1208 | 34 | 12 |
|  Yeong Yang Solar Management Co., Ltd. |  | 1378 | 1211 | 43 | 21 |
|  LSG Hydro Power Limited |  | 332 | 10 |  | (42) |
|  KOEN Bio Co., Ltd. |  | 1483 | 1063 | 495 | (27) |
|  KOMIPO Iberian Solar Group, S.L.U. |  | 80891 | 77506 |  | 1037 |
|  Jeongam Wind Power Co., Ltd. |  | 68087 | 58173 | 2389 | 397 |
|  KOWEPO Europe B.V. |  | 54 | 4192 |  | (40) |
|  Yeongdeok Sunrise Wind Power Co., Ltd. |  | 109659 | 84572 | 4861 | 2015 |
|  KA Power Limited |  | 6644 | 3403 |  | (54) |
|  Western Power Changgi Solar Co., Ltd. |  | 39129 | 32068 | 2236 | 716 |
|  EWP Australia Pty., Ltd. |  | 57064 | 727 | 352 | (1492) |
|  Columboola Solar Farm Hold Co Pty., Ltd. (\*4) |  | 374624 | 268089 | 5570 | (2169) |
|  Digital Innovation Growth Fund |  | 9292 | 42 |  | (40) |
|  KEPCO Holding Company |  | 213640 | 208965 |  | 867 |
|  KEPCO for Maintenance Company |  | 4883 | 459 | 1610 | 8 |
|  KOSPO Trumbull LLC |  | 492304 | 7 |  | 31 |
|  Changjuk Wind Power Co., Ltd. |  | 26788 | 2642 | 2125 | 1370 |
|  Chile Solar JV SpA |  | 88226 | 72436 | 2875 | 116 |
|  KEPCO KPS South Africa Pty., Ltd. |  | 20365 | 10937 | 10809 | 395 |
|  KOWEPO Holding Limited |  | 33413 | 12412 |  | (96) |
|  KOSPO Rutile, LLC |  | 53980 | 214 | 484 | 594 |
|  KEPCO Yona America LLC |  |  |  |  |  |
|  KEPCO SADAWI - FZCO |  | 382 | 37 |  | (27) |
|  EWP Yona America LLC |  |  |  |  |  |
|  KOMIPO Middle East Energy L.L.C-FZ |  | 1399 | 407 |  | (5) |
|  Nuclear Energy Industry Growth Fund II |  | 7027 | 25 |  | 5 |

---

(\*1) Financial information of EWP America Inc. includes that of 4 other subsidiaries, EWP Renewable Corporation, California Power Holdings LLC, EWP ESS Holdings, LLC, and Fairhaven ESS LLC.

(\*2) Financial information of KOMIPO America Inc. includes that of 17 other subsidiaries including Elara Equity Holdings, LLC and CVS Equity Holdings, LLC.

---

| | |
|:---|:---|
| (\*3) | Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of 6 other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund X, UI Carbon-Neutrality Fund, and Magna Energy New Industrial Fund.  |

---

(\*4) Financial information of Columboola Solar Farm Hold Co Pty., Ltd. includes that of 3 other subsidiaries including Columboola Solar Farm Nominees Pty., Ltd.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**16.** **Consolidated Subsidiaries, Continued** 

**(3)** **The summarized financial information of consolidated subsidiaries as of and for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 is as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **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** | **As of and for the year ended December 31, 2025** |
| **Subsidiaries** | **Total**<br>**assets** | **Total**<br>**assets** | **Total**<br>**liabilities** | **Sales** | **Profit (loss)**<br>**for the period** |
|  Korea Hydro & Nuclear Power Co., Ltd. | W | 76378365 | 49741461 | 15346722 | 1579701 |
|  Korea South-East Power Co., Ltd. |  | 12476339 | 6456780 | 6509651 | 290916 |
|  Korea Midland Power Co., Ltd. |  | 13811313 | 8879106 | 5652535 | 253721 |
|  Korea Western Power Co., Ltd. |  | 12912790 | 7923730 | 5464991 | 140365 |
|  Korea Southern Power Co., Ltd. |  | 12392402 | 6686458 | 6100647 | 338992 |
|  Korea East-West Power Co., Ltd. |  | 11759627 | 5449839 | 4983146 | 433932 |
|  KEPCO Engineering & Construction Company, Inc. |  | 883518 | 258552 | 518768 | 85368 |
|  KEPCO Plant Service & Engineering Co., Ltd. |  | 1687760 | 350731 | 1545256 | 123796 |
|  KEPCO Nuclear Fuel Co., Ltd. |  | 1077308 | 558433 | 488251 | 50601 |
|  KEPCO KDN Co., Ltd. |  | 721868 | 178913 | 773511 | 54656 |
|  KEPCO International HongKong Ltd. |  | 143964 |  |  | 6256 |
|  KEPCO International Philippines Inc. |  | 13382 | 1 |  | 64 |
|  KEPCO Gansu International Ltd. |  | 8347 | 1046 |  | (58) |
|  KEPCO Philippines Holdings Inc. |  | 224385 | 321 |  | 63550 |
|  KEPCO Philippines Corporation |  | 2987 | 4 |  | 120 |
|  KEPCO Ilijan Corporation |  | 30998 | 201 |  | (2228) |
|  KEPCO Neimenggu International Ltd. |  | 220764 | 119 |  | (266) |
|  KEPCO Shanxi International Ltd. |  | 779800 | 350253 |  | (5502) |
|  KOMIPO Global Pte Ltd. |  | 393031 | 3992 |  | 9259 |
|  KEPCO Netherlands B.V. |  | 143789 | 57 |  | 2936 |
|  KEPCO Australia Pty., Ltd. |  | 389 | 174 |  | (22) |
|  KOSEP Australia Pty., Ltd. |  | 57023 | 1117 | 19672 | 7192 |
|  KOMIPO Australia Pty., Ltd. |  | 58960 | 5264 | 25387 | 9358 |
|  KOWEPO Australia Pty., Ltd. |  | 100454 | 38 | 17109 | 4864 |
|  KOSPO Australia Pty., Ltd. |  | 42150 | 5311 | 17109 | 3666 |
|  KEPCO Middle East Holding Company |  | 138608 | 138829 |  | (7010) |
|  Qatrana Electric Power Company |  | 528581 | 170136 | 30432 | 22596 |
|  KHNP Canada Energy Ltd. |  | 247213 | 24175 |  | 316 |
|  KEPCO Bylong Australia Pty., Ltd. |  | 47486 | 562939 |  | 17442 |
|  Korea Waterbury Uranium Limited Partnership |  | 25002 | 64 |  | (122) |
|  KEPCO Holdings de Mexico |  | 1366 | 3986 |  | 154 |
|  KST Electric Power Company, S.A.P.I. de C.V. |  | 629930 | 498093 | 91552 | 16287 |
|  KEPCO Energy Service Company |  | 4733 | 3683 | 15711 | 328 |
|  KEPCO Netherlands S3 B.V. |  | 77919 | 18595 |  | 1706 |
|  PT. KOMIPO Pembangkitan Jawa Bali |  | 17032 | 3540 | 21982 | 1074 |
|  PT. Cirebon Power Service |  | 3724 | 980 | 10612 | 674 |
|  KOWEPO International Corporation |  |  | 11 |  |  |
|  KOSPO Jordan LLC |  | 43705 | 26213 | 14446 | 3446 |
|  EWP America Inc. (\*1) |  | 60246 | 2993 | 25064 | 11990 |
|  KNF Canada Energy Limited |  | 2445 | 32 |  | (70) |
|  EWP Barbados 1 SRL |  | 479658 | 777 |  | 17314 |
|  Gyeonggi Green Energy Co., Ltd. |  | 236006 | 306417 | 71149 | (3822) |
|  PT. Tanggamus Electric Power |  | 213263 | 129988 | 3876 | 7737 |
|  Gyeongju Wind Power Co., Ltd. |  | 84225 | 33877 | 16636 | 3889 |
|  KOMIPO America Inc. (\*2) |  | 594895 | 286998 | 25586 | 14841 |
|  PT. EWP Indonesia |  | 103086 | 48 |  | 7007 |
|  KEPCO Netherlands J3 B.V. |  | 173301 | 19880 |  | (1183) |
|  Korea Offshore Wind Power Co., Ltd. |  | 342516 | 129083 | 43562 | 8209 |
|  Global One Pioneer B.V. |  | 1755583 | 99 |  | (261) |
|  Global Energy Pioneer B.V. |  | 398 | 99 |  | (184) |
|  Mira Power Limited |  | 404476 | 262983 | 2651 | 33464 |
|  KOSEP Material Co., Ltd. |  | 7596 | 555 | 5453 | 1583 |
|  KEPCO KPS Philippines Corp. |  | 7853 | 1326 | 8123 | 967 |
|  KOSPO Chile SpA |  | 191746 | 86580 |  | 5074 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**16.** **Consolidated Subsidiaries, Continued** 

**(3)** **The summarized financial information of consolidated subsidiaries as of and for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 is as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **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** | **As of and for the year ended December 31, 2025** |
| **Subsidiaries** | **Total**<br>**assets** | **Total**<br>**assets** | **Total**<br>**liabilities** | **Sales** | **Profit (loss)**<br>**for the period** |
|  Hee Mang Sunlight Power Co., Ltd. | W | 5882 | 2323 | 559 | 39 |
|  Fujeij Wind Power Company |  | 232988 | 146500 |  | 15343 |
|  KOSPO Youngnam Power Co., Ltd. |  | 330664 | 220060 | 315616 | 3322 |
|  Chitose Solar Power Plant LLC |  | 84332 | 77481 | 15122 | 2674 |
|  KEPCO ES Co., Ltd. |  | 336045 | 23142 | 9516 | 6320 |
|  KEPCO Solar Co., Ltd. |  | 243087 | 28763 | 23412 | 7023 |
|  KOSPO Power Services Ltda. |  | 12674 | 10361 | 16919 | 403 |
|  Energy New Industry Specialized Investment Private Investment Trust (\*3) |  | 543694 | 5879 |  | 49341 |
|  KOEN Bylong Pty., Ltd. |  | 17 | 201 |  | (18) |
|  KOMIPO Bylong Pty., Ltd. |  | 18 | 197 |  | (8) |
|  KOWEPO Bylong Pty., Ltd. |  | 18 | 203 |  | (24) |
|  KOSPO Bylong Pty., Ltd. |  | 193 | 453 |  | (24) |
|  EWP Bylong Pty., Ltd. |  | 18 | 21 |  | (4) |
|  KOWEPO Lao International |  | 21202 | 1085 | 12712 | 5021 |
|  KEPCO Mangilao Holdings LLC |  | 97123 | 49828 | 844 | 1764 |
|  Mangilao Investment LLC |  | 208610 | 19622 |  | (19432) |
|  KEPCO Mangilao Solar, LLC |  | 213916 | 741 | 17346 | 2961 |
|  Jeju Hanlim Offshore Wind Co., Ltd. |  | 633525 | 555268 | 80467 | 12289 |
|  PT. Siborpa Eco Power |  | 17564 | 4083 |  | (62) |
|  PT. Korea Energy Indonesia |  | 8462 | 5142 | 8227 | 760 |
|  KOLAT SpA |  | 53759 | 377 | 2963 | 1061 |
|  KEPCO California, LLC |  | 50809 | 7248 | 672 | (518) |
|  KEPCO Mojave Holdings, LLC |  | 95077 | 88595 |  | (4491) |
|  Incheon Fuel Cell Co., Ltd. |  | 212662 | 217098 | 75963 | (20384) |
|  KOEN Service Co., Ltd. |  | 8055 | 4959 | 41138 | 171 |
|  KOMIPO Service Co., Ltd. |  | 11114 | 6010 | 40652 | 1560 |
|  KOWEPO Service Co., Ltd. |  | 10223 | 6762 | 44485 | 271 |
|  KOSPO Service Co., Ltd. |  | 7875 | 4718 | 34049 | 593 |
|  EWP Service Co., Ltd. |  | 7234 | 4462 | 29819 | 1296 |
|  PT. KOMIPO Energy Indonesia |  | 5855 | 1616 | 5425 | 1421 |
|  KNF partners Co., Ltd. |  | 3222 | 1220 | 7416 | 429 |
|  KOSPO USA Inc. |  | 853452 | 509 |  | (5976) |
|  KOSPO Niles LLC |  | 353430 | 1077 | 532 | 33255 |
|  Tamra Offshore Wind Power Co., Ltd. |  | 102795 | 64577 | 16720 | 281 |
|  KEPCO MCS Co., Ltd. |  | 63700 | 54752 | 280479 | (19492) |
|  KEPCO FMS Co., Ltd. |  | 23883 | 21889 | 117234 | 220 |
|  Firstkeepers Co., Ltd. |  | 27337 | 14052 | 102366 | 4563 |
|  Secutec Co., Ltd. |  | 18000 | 12273 | 81175 | 431 |
|  SE Green Energy Co., Ltd. |  | 120726 | 92633 | 38335 | (407) |
|  Mangilao Intermediate Holdings LLC |  | 212243 | 119591 |  | (8057) |
|  KEPCO CSC Co., Ltd. |  | 20227 | 12573 | 50773 | 2084 |
|  KOAK Power Limited |  | 16089 | 126 |  | (170) |
|  KOMIPO Europe B.V. |  | 91488 | 89 | 1214 | (3124) |
|  Haenanum Energy Fund |  | 7416 | 3 | 951 | 902 |
|  Paju Ecoenergy Co., Ltd. |  | 60776 | 2791 | 16199 | 1477 |
|  Guam Ukudu Power LLC |  | 922687 | 793769 | 31801 | (34266) |
|  K-SOLAR SHINAN Co., Ltd. |  | 265222 | 248630 | 33441 | 746 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**16.** **Consolidated Subsidiaries, Continued** 

**(3)** **The summarized financial information of consolidated subsidiaries as of and for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 is as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **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** | **As of and for the year ended December 31, 2025** |
| **Subsidiaries** | **Total**<br>**assets** | **Total**<br>**assets** | **Total**<br>**liabilities** | **Sales** | **Profit (loss)**<br>**for the period** |
|  KPS Partners Co., Ltd. | W | 4300 | 2422 | 14787 | 238 |
|  KEPCO E&C Service Co., Ltd. |  | 10278 | 2208 | 16789 | 1321 |
|  Moha solar Co., Ltd. |  | 25401 | 26861 |  | 985 |
|  Ogiri Solar Power Co., Ltd. |  | 1052 | 21 |  | (22) |
|  KHNP USA LLC |  | 59782 | 391 | 1244 | 157 |
|  KOMIPO Vanphong Power Service LLC |  | 35596 | 5201 | 30289 | 7091 |
|  Energy Innovation Fund I |  | 43596 | 1194 |  | (790) |
|  KHNP Chile SpA |  | 4650 | 3433 |  | (48) |
|  Yeong Yang Apollon Photovoltaic Co., Ltd. |  | 1379 | 1237 | 208 | 44 |
|  Yeong Yang Corporation Co., Ltd. |  | 1356 | 1227 | 204 | 40 |
|  SolarVader Co., Ltd. |  | 1368 | 1230 | 206 | 42 |
|  Yeong Yang Innovation Co., Ltd. |  | 1356 | 1227 | 200 | 36 |
|  Yeong Yang Horus Photovoltaic Co., Ltd. |  | 1337 | 1228 | 192 | 28 |
|  Yeong Yang Solar Management Co., Ltd. |  | 1376 | 1230 | 213 | 49 |
|  LSG Hydro Power Limited |  | 350 | 4 |  | (250) |
|  KOEN Bio Co., Ltd. |  | 1371 | 925 | 1872 | (35) |
|  KOMIPO Iberian Solar Group, S.L.U. |  | 76791 | 74519 |  | (6552) |
|  Jeongam Wind Power Co., Ltd. |  | 68826 | 59308 | 8189 | (1084) |
|  KOWEPO Europe B.V. |  | 51 | 4036 |  | (145) |
|  Yeongdeok Sunrise Wind Power Co., Ltd. |  | 109860 | 84334 | 11908 | (617) |
|  KA Power Limited |  | 6373 | 3258 |  | (31) |
|  Western Power Changgi Solar Co., Ltd. |  | 38918 | 32572 | 6485 | (109) |
|  EWP Australia Pty., Ltd. |  | 54134 | 461 |  | (16420) |
|  Columboola Solar Farm Hold Co Pty., Ltd. (\*4) |  | 348779 | 247899 | 12210 | (22288) |
|  Digital Innovation Growth Fund |  | 9506 | 215 |  | 1650 |
|  KEPCO Holding Company |  | 201433 | 197847 |  | (56) |
|  KEPCO for Maintenance Company |  | 4522 | 1307 | 8920 | 3889 |
|  KOSPO Trumbull LLC |  | 466732 |  |  | 359 |
|  Changjuk Wind Power Co., Ltd. |  | 25394 | 2618 | 6921 | 657 |
|  Chile Solar JV SpA |  | 91608 | 73301 | 8079 | 2419 |
|  KEPCO KPS South Africa Pty., Ltd. |  | 18991 | 10106 | 30900 | 1979 |
|  KOWEPO Holding Limited |  | 21077 | 1072 |  | 11875 |
|  KOSPO Rutile, LLC |  | 50508 | 112 | 373 | 557 |
|  KEPCO Yona America LLC |  |  |  |  |  |
|  KEPCO SADAWI - FZCO |  | 389 |  |  | (83) |
|  EWP Yona America LLC |  |  |  |  |  |
|  KOMIPO Middle East Energy L.L.C-FZ |  | 1327 | 380 |  | (7) |
|  Nuclear Energy Industry Growth Fund II |  | 7004 | 7 |  | (3) |

---

(\*1) Financial information of EWP America Inc. includes that of 4 other subsidiaries, EWP Renewable Corporation, California Power Holdings LLC, EWP ESS Holdings, LLC, and Fairhaven ESS LLC.

(\*2) Financial information of KOMIPO America Inc. includes that of 17 other subsidiaries including Elara Equity Holdings, LLC and CVS Equity Holdings, LLC.

---

| | |
|:---|:---|
| (\*3) | Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of 6 other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund X, UI Carbon-Neutrality Fund, and Magna Energy New Industrial Fund.  |

---

(\*4) Financial information of Columboola Solar Farm Hold Co Pty., Ltd. includes that of 3 other subsidiaries including Columboola Solar Farm Nominees Pty., Ltd.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**16.** **Consolidated Subsidiaries, Continued** 

**(4)** **Significant restrictions on the Group's abilities to its subsidiaries as of March 31, 2026 are as follows:** 

---

| | |
|:---|:---|
| **Company** | **Nature and extent of any significant restrictions** |
|  Gyeonggi Green Energy Co., Ltd. | Acquisition or disposal of assets of more than W10 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors of the entity. |
|  KOSPO Youngnam Power Co., Ltd. | Dividends may be payable only when all conditions of the loan agreement are satisfied. The Group's shares cannot be wholly or partially transferred without prior written consent of financial institutions. |
|  Jeongam Wind Power Co., Ltd. | Dividends may be payable only when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Also, payments to the contracting party may be restricted depending on the financial management priority of the contract. The Group's shares cannot be wholly or partially transferred without prior consent of other stakeholders including shareholders or financial institutions. |
|  Incheon Fuel Cell Co., Ltd. | Acquisition or disposal of assets of more than W20 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors of the entity. |
|  Gyeongju Wind Power Co., Ltd. | Dividends and settlement amounts for O&M and renewable energy certificate may be payable only when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. |
|  Korea Offshore Wind Power Co., Ltd. | Principals and interest on subordinated loans or dividends and settlement amounts for renewable energy certificate may be payable only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. The Group's equity interest in the subsidiary may not be transferred either wholly or partially without prior written consent of financial institutions. |
|  Jeju Hanlim Offshore Wind Co., Ltd. | Prior approval from the lender is required when withdrawing funds (major expenditure, REC settlement, dividend payment, etc.) according to the loan agreement. |
|  Yeongdeok Sunrise Wind Power Co., Ltd. | Dividends may be payable only when all conditions of the loan agreement are satisfied. |
|  Columboola Solar Farm Hold Co Pty., Ltd. | Dividends may be payable only when all conditions of the loan agreement are satisfied. |
|  Guam Ukudu Power LLC | Dividends may be payable only when all conditions of the loan agreement are satisfied. Disposing or transferring assets either as a whole or as a part is restricted, and the Group's equity interest in the subsidiary may not be transferred either wholly or partially without prior consent of other stakeholders including financial institutions. |
|  Mira Power Limited | The Group's equity interest may not be transferred either wholly or partially without prior consent of other stakeholders. |
|  Chile Solar JV SpA | The Group's equity interest may not be transferred either wholly or partially without prior consent of other stakeholders. |
|  K-SOLAR SHINAN Co., Ltd. | Dividends may be payable only when all conditions of the loan agreement are satisfied. The Group's equity interest may not be transferred either wholly or partially without prior consent of other stakeholders until five years have elapsed after the commencement of the operation. |
|  Western Power Changgi Solar Co., Ltd. | Principals and interest on subordinated loans or dividends to investors are only payable when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Also, the Group's equity interest may not be transferred either wholly or partially without prior written consent of financial institutions. |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**16.** **Consolidated Subsidiaries, Continued** 

**(4)** **Significant restrictions on the Group's abilities to its subsidiaries as of March 31, 2026 are as follows, continued:** 

---

| | |
|:---|:---|
| **Company** | **Nature and extent of any significant restrictions** |
|  Chitose Solar Power Plant LLC | Capital expenditure may be incurred only upon prior consent of financial institutions. The issuance of securities to third parties, including current investors, is restricted, and the amount of paid-in capital cannot either increase, be written off or decrease. |
|  Mangilao Intermediate Holdings LLC | Changes or termination of the O&M contract may not be made without the prior written consent of the majority of the lenders, and dividends can be paid only after repayment of the loan is completed. |
|  Fujeij Wind Power Company | Incurring additional borrowings not specified in the loan agreement, or changing the PPA schedule without the lender's prior written consent is restricted. In addition, capital acquisition and new share issuance other than dividends payment to investors are restricted. |
|  Qatrana Electric Power Company | Dividends payment, repayment of capital investment, and settlement for O&M can only be made when all conditions of the loan agreement are satisfied and prior consent of financial institutions is obtained. |
|  KST Electric Power Company, S.A.P.I. de C.V. | Disposal of assets exceeding $5 million per year is restricted, and the debt ratio is required to be maintained below 90%. Additionally, capital and cost expenditures that do not meet the conditions in the loan agreement are restricted. |

---

**(5)** **As of March 31, 2026, the Group has following commitments unrecognized in relation to its subsidiaries as per its shareholders' agreements:** 

---

| | |
|:---|:---|
| **Company** | **Unrecognized commitments** |
|  Jeongam Wind Power Co., Ltd. | When the Group requests other shareholders to transfer shares after the completion of the power generation complex, the Group has a right to purchase the shares at fair value. |
|  Changjuk Wind Power Co., Ltd. | When other shareholders want to sell their shares after the performance guarantee period of wind power generators stipulated in the equipment supply contract is completed, the Group has a right to purchase the shares at fair value after consulting with the parties on the timing and size of the acquisition, taking into account financial conditions, business conditions, and other circumstances. |
|  Columboola Solar Farm Hold Co Pty., Ltd. | The Group holds a call option to purchase the shares held by another shareholder at 80% of the stock's valuation in the event of a breach of obligation specified in the shareholder agreement. |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**16.** **Consolidated Subsidiaries, Continued** 

**(6)** **Details of non-controlling interests prior to intra-company eliminations as of and for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** |
| **Description** | **KEPCO Ilijan<br>Corporation** | **KEPCO Ilijan<br>Corporation** | **KEPCO Plant<br>Service &<br>Engineering<br>Co., Ltd.** | **KEPCO<br>Engineering &**<br>**Construction<br>Company, Inc.** | **Others** | **Total** |
|  Percentage of ownership |  | 49.00% | 49.00% | 48.76% |  |  |
|  Current assets | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31684 | 1012083 | 535744 | 1499416 | 3078927 |
|  Non-current assets |  | 762 | 698343 | 341773 | 4595235 | 5636113 |
|  Current liabilities |  | (342) | (404214) | (284667) | (1168957) | (1858180) |
|  Non-current liabilities |  |  | (5123) | (4353) | (2644869) | (2654345) |
|  Net assets |  | 32104 | 1301089 | 588497 | 2280825 | 4202515 |
|  Book value of non-controlling interests |  | 15731 | 637534 | 286951 | 209735 | 1149951 |
|  Sales |  |  | 342177 | 113334 | 360659 | 816170 |
|  Profit for the period |  | (256) | 30028 | 14102 | 64456 | 108330 |
|  Profit for the period attributable to<br> non-controlling interests |  | (125) | 14714 | 6876 | 4796 | 26261 |
|  Cash flows from operating activities |  | (184) | (10147) | (26668) | 249810 | 212811 |
|  Cash flows from investing activities |  |  | (55116) | 18599 | (19097) | (55614) |
|  Cash flows from financing activities before dividends to non-controlling interests |  |  | (6978) | (236) | (91938) | (99152) |
|  Dividends to non-controlling interests |  |  |  |  |  |  |
|  Effect of exchange rate fluctuation |  | 1612 | 1101 | 59 | 11379 | 14151 |
|  Net increase (decrease) in cash and cash equivalents |  | 1428 | (71140) | (8246) | 150154 | 72196 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **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** | **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** |
| **Description** | **KEPCO Ilijan<br>Corporation** | **KEPCO Ilijan<br>Corporation** | **KEPCO Plant<br>Service &<br>Engineering<br>Co., Ltd.** | **KEPCO<br>Engineering &**<br>**Construction<br>Company, Inc.** | **Others** | **Total** |
|  Percentage of ownership |  | 49.00% | 49.00% | 48.76% |  |  |
|  Current assets | W | 30284 | 987560 | 540208 | 1285167 | 2843219 |
|  Non-current assets |  | 714 | 700200 | 343310 | 4508792 | 5553016 |
|  Current liabilities |  | (201) | (344162) | (253981) | (1025572) | (1623916) |
|  Non-current liabilities |  |  | (6569) | (4571) | (2594928) | (2606068) |
|  Net assets |  | 30797 | 1337029 | 624966 | 2173459 | 4166251 |
|  Book value of non-controlling interests |  | 15091 | 655144 | 304734 | 178033 | 1153002 |
|  Sales |  |  | 1545256 | 518768 | 1157679 | 3221703 |
|  Profit for the period |  | (2228) | 123796 | 85368 | 108860 | 315796 |
|  Profit for the period attributable to<br> non-controlling interests |  | (1092) | 60660 | 41625 | 20545 | 121738 |
|  Cash flows from operating activities |  | (1752) | 136753 | 26999 | 378589 | 540589 |
|  Cash flows from investing activities |  | 22 | 30866 | (7722) | (111354) | (88188) |
|  Cash flows from financing activities before dividends to non-controlling interests |  | (24464) | (70264) | (20479) | (202212) | (317419) |
|  Dividends to non-controlling interests |  |  | (54441) | (18530) | (9342) | (82313) |
|  Effect of exchange rate fluctuation |  | (1603) | (670) | (35) | (4794) | (7102) |
|  Net increase (decrease) in cash and cash equivalents |  | (27797) | 42244 | (19767) | 50887 | 45567 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**16. Consolidated Subsidiaries, Continued** 

**(7)** **Changes in goodwill** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Details of goodwill as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** |
|  Acquisition cost | W | 101919 | 101885 |
|  Less: accumulated impairment |  | (2582) | (2582) |
|  Carrying book value | W | 99337 | 99303 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Changes in goodwill for the three-month period ended March 31, 2026 and for the year ended
December 31, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |
|  | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** |
|  | **Beginning** | **Beginning** | **Increase** | **Decrease** | **Impairment** | **Others** | **Ending** |
|  Acquisition cost | W | 101885 |  |  |  | 34 | 101919 |
|  Less: accumulated impairment |  | (2582) |  |  |  |  | (2582) |
|  Carrying book value | W | 99303 |  |  |  | 34 | 99337 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |
|  | **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** | **Beginning** | **Increase** | **Decrease** | **Impairment** | **Others** | **Ending** |
|  Acquisition cost | W | 101761 |  |  |  | 124 | 101885 |
|  Less: accumulated impairment |  | (2582) |  |  |  |  | (2582) |
|  Carrying book value | W | 99179 |  |  |  | 124 | 99303 |

---

**(8)** **Disposals of subsidiaries** 

During the year ended December 31, 2025, the Group sold a portion of its stake in Commerce and Industry Energy Co., Ltd. and reclassified it from a subsidiary to an associate. The Group has completed the liquidation process of J Wind First, LLC and SPROTT CHILE SOLAR I SpA for the year ended December 31, 2025.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(1)** **Investments in associates and joint ventures as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Investees** | **Key operation activities** | **Location** | **Percentage**<br>**of ownership** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book**<br>**value** |
|  Korea Gas Corporation (\*1) | Importing and wholesaling LNG | Korea | 20.47% | W | 94500 | 2406208 |
|  Hyundai Green Power Co., Ltd. | Power generation equipment consignment and operation service | Korea | 29.00% |  | 88885 | 83069 |
|  Korea Power Exchange (\*2) | Management of power market and others | Korea | 100.00% |  | 127839 | 268950 |
|  Daeryun Power Co., Ltd.(\*3) | Power generation | Korea | 6.85% |  | 46373 | 36784 |
|  SPC Power Corporation (\*4) | Power generation | Philippines | 38.00% |  | 20635 | 112188 |
|  Gemeng International Energy Co., Ltd. | Power generation | China | 42.00% |  | 516007 | 902188 |
|  PT. Cirebon Electric Power | Power generation | Indonesia | 27.50% |  | 40365 | 172607 |
|  PT Wampu Electric Power | Power generation | Indonesia | 46.00% |  | 21292 | 36687 |
|  PT. Bayan Resources TBK | Resources development | Indonesia | 20.00% |  | 615860 | 812682 |
|  S-Power Co., Ltd. | Power generation | Korea | 49.00% |  | 132300 | 208221 |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. | Power generation | Laos | 25.00% |  | 87426 | 74693 |
|  Goseong Green Power Co., Ltd. | Power generation | Korea | 29.00% |  | 262740 | 283990 |
|  Gangneung Eco Power Co., Ltd. | Power generation | Korea | 29.00% |  | 261000 | 229768 |
|  Shin Pyeongtaek Power Co., Ltd.(\*16) | Power generation | Korea | 48.60% |  | 72000 | 141606 |
|  Dongducheon Dream Power Co., Ltd. (\*5) | Power generation | Korea | 33.61% |  | 148105 | 107200 |
|  GS Donghae Electric Power Co., Ltd. | Power generation | Korea | 34.00% |  | 204000 | 290835 |
|  Nepal Water & Energy Development Company<br> Private Limited (\*6, 19) | Construction and operation of utility plant | Nepal | 55.67% |  | 110332 | 185290 |
|  Indeck Niles Development, LLC | Holding company | USA | 50.00% |  | 249274 | 249157 |
|  Saemangeum Sebit Power Plant Co., Ltd. (\*7) | Power generation | Korea | 55.14% |  | 21037 | 37858 |
|  PT. Cirebon Energi Prasarana (\*8) | Power generation | Indonesia | 10.00% |  | 26710 | 101435 |
|  Sinan Ui Offshore Wind Power Co., Ltd. | Power generation | Korea | 31.40% |  | 96100 | 96100 |
|  Others (Taebaek Guinemi Wind Power Co., Ltd. and 86 others) |  |  |  |  | 259509 | 330480 |
|  |  |  |  |  | 3502289 | 7167996 |
|  Shuweihat Asia Power Investment B.V. | Holding company | Netherland | 49.00% |  | 44405 | 88741 |
|  KEPCO SPC Power Corporation (\*4,10) | Construction and operation of utility plant | Philippines | 60.00% |  | 94579 | 123549 |
|  Datang Chifeng Renewable Power Co., Ltd. | Power generation | China | 40.00% |  | 121928 | 230092 |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. | Power generation | China | 40.00% |  | 39872 | 53546 |
|  Rabigh Electricity Company (\*9) | Power generation | Saudi<br>Arabia | 40.00% |  | 109743 | 308992 |
|  Jamaica Public Service Company Limited | Power generation | Jamaica | 40.00% |  | 301910 | 437798 |
|  Amman Asia Electric Power Company (\*10) | Power generation | Jordan | 60.00% |  | 111476 | 295751 |
|  Chun-cheon Energy Co., Ltd. | Power generation | Korea | 29.90% |  | 52700 | 37520 |
|  Nghi Son 2 Power LLC | Power generation | Vietnam | 50.00% |  | 175261 | 621104 |
|  Kelar S.A. (\*10) | Power generation | Chile | 65.00% |  | 78060 | 166319 |
|  PT. Tanjung Power Indonesia | Power generation | Indonesia | 35.00% |  | 57039 | 105684 |
|  Barakah One Company (\*11) | Power generation | UAE | 18.00% |  | 1794166 | 1702427 |
|  Daegu Green Power Co., Ltd. (\*12) | Power generation | Korea | 29.00% |  | 46225 | 33528 |
|  Yeonggwang Wind Power Co., Ltd. | Power generation | Korea | 46.00% |  | 17475 | 30068 |
|  South Jamaica Power Company Limited | Power generation | Jamaica | 20.00% |  | 20430 | 52109 |
|  RE Holiday Holdings LLC | Power generation | USA | 50.00% |  | 42948 | 81795 |
|  RE Pioneer Holdings LLC | Power generation | USA | 50.00% |  | 27891 | 49194 |
|  RE Barren Ridge 1 Holdings LLC | Power generation | USA | 50.00% |  | 28021 | 56840 |
|  Solar Philippines Calatagan Corporation | Power generation | Philippines | 38.00% |  | 47903 | 57669 |
|  PT Barito Wahana Tenaga | Power generation | Indonesia | 30.61% |  | 59574 | 247411 |
|  Cheongna Energy Co., Ltd. (\*13) | Generating and distributing vapor and hot/cold water | Korea | 50.10% |  | 49344 | 77611 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(1)** **Investments in associates and joint ventures as of March 31, 2026 and December 31, 2025 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Investees** | **Key operation activities** | **Location** | **Percentage**<br>**of ownership** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book**<br>**value** |
|  Naepo Green Energy Co., Ltd.(\*17) | Power generation | Korea | 29.20% | W | 29200 | 65673 |
|  OneEnergy Asia Limited | Power generation | Vietnam | 40.00% |  | 296872 | 531419 |
|  Prime Swedish Holding AB | Holding company | Sweden | 45.00% |  | 35410 | 38732 |
|  Namyangju Combined Heat and Power Co., Ltd. (\*14) | Generating and distributing vapor and hot/cold water | Korea | 70.10% |  | 149313 | 146939 |
|  Trumbull Development Partners, LLC (\*15) | Holding company | USA | 56.23% |  | 442880 | 482194 |
|  Grove Energy Capital IV, LLC (\*18) | Holding company | USA | 16.00% |  | 58900 | 56734 |
|  Others (Dangjin Eco Power Co., Ltd. and 95 others) |  |  |  |  | 681868 | 687049 |
|  |  |  |  |  | 5015393 | 6866488 |
|  |  |  |  | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8517682 | 14034484 |

---

---

| | |
|:---|:---|
| (\*1) | The effective percentage of ownership, including the effect of hybrid bond, is 21.66%.  |

---

---

| | |
|:---|:---|
| (\*2) | The effective percentage of ownership is 100%. However, the Government regulates the Group's ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Group's other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. The Group can exercise significant influence by virtue of right to nominate directors to the board of directors of the entity.  |

---

---

| | |
|:---|:---|
| (\*3) | The effective percentage of ownership is less than 20%. However, the Group can exercise significant influence by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Group's financial and operating policy of the board of directors.  |

---

(\*4) The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation and time or proceeds of sales are not specified as of March 31, 2026.

---

| | |
|:---|:---|
| (\*5) | The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock.  |

---

---

| | |
|:---|:---|
| (\*6) | The effective percentage of ownership is more than 50% but the Group does not hold control over the entity according to the shareholders' agreement. Accordingly, the entity is classified as an associate.  |

---

---

| | |
|:---|:---|
| (\*7) | The effective percentage of ownership is more than 50% but the Group does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate.  |

---

---

| | |
|:---|:---|
| (\*8) | The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Group exercises significant influence over the critical decisions related to finance and operation.  |

---

---

| | |
|:---|:---|
| (\*9) | The effective percentage of ownership is less than 50%. However, all critical financial and operating decisions must be agreed to by all ownership parties. Accordingly, the entities are classified as joint ventures.  |

---

---

| | |
|:---|:---|
| (\*10) | The effective percentage of ownership is more than 50%. However, according to the shareholders' agreement, all critical financial and operating decisions must be agreed to by all ownership parties and the Group can exercise same voting rights as other shareholders at the board of directors. Accordingly, the entities are classified as joint ventures.  |

---

---

| | |
|:---|:---|
| (\*11) | The effective percentage of ownership is less than 50%. However, all critical financial and operating decisions must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.  |

---

---

| | |
|:---|:---|
| (\*12) | The nominal percentage of ownership in Daegu Green Power Co., Ltd. is 29.00%. The Group's effective percentage of ownership is 54.24%, considering the interest of financial investors among the shareholders' equity as a liability component. In addition, the entity is classified as a joint venture, considering the minimum voting rights required by the board of directors for critical financial and operating policy decisions under the shareholders' joint agreement.  |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(1)** **Investments in associates and joint ventures as of March 31, 2026 and December 31, 2025 are as follows, continued:** 

---

| | |
|:---|:---|
| (\*13) | Although the Group's effective percentage of ownership is more than 50%, the entity is classified as a joint venture because decisions on relevant activities require the unanimous consent of all parties.  |

---

---

| | |
|:---|:---|
| (\*14) | Although the Group's effective percentage of ownership is more than 50%, the entity is classified as a joint venture since the entity's critical financial and operating decisions require unanimous agreement of members in the board of directors.  |

---

---

| | |
|:---|:---|
| (\*15) | Although the Group holds more than 50% of the equity interest, the investee has been classified as a joint venture, considering the minimum voting rights required by the representative committee under the joint shareholders' agreement for decisions on critical financial and operating policies.  |

---

---

| | |
|:---|:---|
| (\*16) | The nominal percentage of ownership in Shin Pyeongtaek Power Co., Ltd. is 48.6%, while the effective percentage of ownership, considering the redeemable convertible preferred stock, is 40%.  |

---

---

| | |
|:---|:---|
| (\*17) | Although the Group holds less than 50% of the equity interest, the investee has been classified as a joint venture, considering the minimum voting rights required by the representative committee under the joint shareholders' agreement for decisions on critical financial and operating policies.  |

---

---

| | |
|:---|:---|
| (\*18) | Although the Group's effective percentage of ownership is less than 50%, the entity is classified as a joint venture because decisions on relevant activities require the unanimous consent of all parties.  |

---

(\*19) The Group's ownership interest was changed during the three-month period ended March 31, 2026, as a result of a disproportionate capital contribution by a financial investor.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(1)** **Investments in associates and joint ventures as of March 31, 2026 and December 31, 2025 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Investees** | **Key operation activities** | **Location** | **Percentage**<br>**of ownership** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book**<br>**value** |
|  Korea Gas Corporation (\*1) | Importing and wholesaling LNG | Korea | 20.47% | W | 94500 | 2283535 |
|  Hyundai Green Power Co., Ltd. | Power generation equipment consignment and operation service | Korea | 29.00% |  | 88885 | 86549 |
|  Korea Power Exchange (\*2) | Management of power market and others | Korea | 100.00% |  | 127839 | 262069 |
|  Daeryun Power Co., Ltd.(\*3) | Power generation | Korea | 6.85% |  | 46373 | 34475 |
|  SPC Power Corporation (\*4) | Power generation | Philippines | 38.00% |  | 20635 | 107067 |
|  Gemeng International Energy Co., Ltd. | Power generation | China | 42.00% |  | 516007 | 812292 |
|  PT. Cirebon Electric Power | Power generation | Indonesia | 27.50% |  | 40365 | 162112 |
|  PT Wampu Electric Power | Power generation | Indonesia | 46.00% |  | 21292 | 36516 |
|  PT. Bayan Resources TBK | Resources development | Indonesia | 20.00% |  | 615860 | 731714 |
|  S-Power Co., Ltd. | Power generation | Korea | 49.00% |  | 132300 | 200335 |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. | Power generation | Laos | 25.00% |  | 87426 | 65612 |
|  Goseong Green Power Co., Ltd. | Power generation | Korea | 29.00% |  | 262740 | 276085 |
|  Gangneung Eco Power Co., Ltd. | Power generation | Korea | 29.00% |  | 261000 | 227683 |
|  Shin Pyeongtaek Power Co., Ltd.(\*16) | Power generation | Korea | 48.60% |  | 72000 | 148586 |
|  Dongducheon Dream Power Co., Ltd. (\*5) | Power generation | Korea | 33.61% |  | 148105 | 102321 |
|  GS Donghae Electric Power Co., Ltd. | Power generation | Korea | 34.00% |  | 204000 | 286796 |
|  Nepal Water & Energy Development Company Private Limited (\*6, 18) | Construction and operation of utility plant | Nepal | 66.10% |  | 110332 | 192705 |
|  Indeck Niles Development, LLC | Holding company | USA | 50.00% |  | 249274 | 363675 |
|  Saemangeum Sebit Power Plant Co., Ltd. (\*7) | Power generation | Korea | 55.14% |  | 21037 | 37662 |
|  PT. Cirebon Energi Prasarana (\*8) | Power generation | Indonesia | 10.00% |  | 26710 | 94005 |
|  Others (Taebaek Guinemi Wind Power Co., Ltd. and 86 others) |  |  |  |  | 261969 | 339662 |
|  |  |  |  |  | 3408649 | 6851456 |
|  Shuweihat Asia Power Investment B.V. | Holding company | Netherland | 49.00% |  | 44405 | 82230 |
|  KEPCO SPC Power Corporation (\*4,10) | Construction and operation of utility plant | Philippines | 60.00% |  | 94579 | 119443 |
|  Datang Chifeng Renewable Power Co., Ltd. | Power generation | China | 40.00% |  | 121928 | 212130 |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. | Power generation | China | 40.00% |  | 39872 | 49501 |
|  Rabigh Electricity Company (\*9) | Power generation | Saudi<br>Arabia | 40.00% |  | 109743 | 285805 |
|  Jamaica Public Service Company Limited | Power generation | Jamaica | 40.00% |  | 301910 | 412277 |
|  Amman Asia Electric Power Company (\*10) | Power generation | Jordan | 60.00% |  | 111476 | 274751 |
|  Chun-cheon Energy Co., Ltd. | Power generation | Korea | 29.90% |  | 52700 | 36703 |
|  Nghi Son 2 Power LLC | Power generation | Vietnam | 50.00% |  | 175261 | 566700 |
|  Kelar S.A. (\*10) | Power generation | Chile | 65.00% |  | 78060 | 153294 |
|  PT. Tanjung Power Indonesia | Power generation | Indonesia | 35.00% |  | 57039 | 98221 |
|  Barakah One Company (\*11) | Power generation | UAE | 18.00% |  | 1794166 | 1672507 |
|  Daegu Green Power Co., Ltd. (\*12) | Power generation | Korea | 29.00% |  | 46225 | 31119 |
|  Yeonggwang Wind Power Co., Ltd. | Power generation | Korea | 46.00% |  | 17475 | 29258 |
|  South Jamaica Power Company Limited | Power generation | Jamaica | 20.00% |  | 20430 | 48675 |
|  RE Holiday Holdings LLC | Power generation | USA | 50.00% |  | 42948 | 80631 |
|  RE Pioneer Holdings LLC | Power generation | USA | 50.00% |  | 27891 | 48831 |
|  RE Barren Ridge 1 Holdings LLC | Power generation | USA | 50.00% |  | 28021 | 54825 |
|  Solar Philippines Calatagan Corporation | Power generation | Philippines | 38.00% |  | 47903 | 61113 |
|  PT Barito Wahana Tenaga | Power generation | Indonesia | 30.61% |  | 59574 | 225828 |
|  Cheongna Energy Co., Ltd. (\*13) | Generating and distributing vapor and hot/cold water | Korea | 50.10% |  | 49344 | 67846 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(1)** **Investments in associates and joint ventures as of March 31, 2026 and December 31, 2025 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Investees** | **Key operation activities** | **Location** | **Percentage**<br>**of ownership** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book**<br>**value** |
|  Naepo Green Energy Co., Ltd.(\*17) | Power generation | Korea | 29.20% | W | 29200 | 59242 |
|  OneEnergy Asia Limited | Power generation | Vietnam | 40.00% |  | 296872 | 494403 |
|  Prime Swedish Holding AB | Holding company | Sweden | 45.00% |  | 35410 | 38664 |
|  Namyangju Combined Heat and Power Co., Ltd. (\*14) | Generating and distributing vapor and hot/cold water | Korea | 70.10% |  | 149313 | 147146 |
|  Trumbull Development Partners, LLC (\*15) | Holding company | USA | 56.23% |  | 415467 | 439268 |
|  Others (Dangjin Eco Power Co., Ltd. and 95 others) |  |  |  |  | 703432 | 721921 |
|  |  |  |  |  | 4950644 | 6512332 |
|  |  |  |  | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8359293 | 13363788 |

---

---

| | |
|:---|:---|
| (\*1) | The effective percentage of ownership, including the effect of hybrid bond, is 21.66%.  |

---

---

| | |
|:---|:---|
| (\*2) | The effective percentage of ownership is 100%. However, the Government regulates the Group's ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Group's other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. The Group can exercise significant influence by virtue of right to nominate directors to the board of directors of the entity.  |

---

---

| | |
|:---|:---|
| (\*3) | The effective percentage of ownership is less than 20%. However, the Group can exercise significant influence by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Group's financial and operating policy of the board of directors.  |

---

(\*4) The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation and time or proceeds of sales are not specified as of December 31, 2025.

---

| | |
|:---|:---|
| (\*5) | The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock.  |

---

---

| | |
|:---|:---|
| (\*6) | The effective percentage of ownership is more than 50% but the Group does not hold control over the entity according to the shareholders' agreement. Accordingly, the entity is classified as an associate.  |

---

---

| | |
|:---|:---|
| (\*7) | The effective percentage of ownership is more than 50% but the Group does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate.  |

---

---

| | |
|:---|:---|
| (\*8) | The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Group exercises significant influence over the critical decisions related to finance and operation.  |

---

---

| | |
|:---|:---|
| (\*9) | The effective percentage of ownership is less than 50%. However, all critical financial and operating decisions must be agreed to by all ownership parties. Accordingly, the entities are classified as joint ventures.  |

---

---

| | |
|:---|:---|
| (\*10) | The effective percentage of ownership is more than 50%. However, according to the shareholders' agreement, all critical financial and operating decisions must be agreed to by all ownership parties and the Group can exercise same voting rights as other shareholders at the board of directors. Accordingly, the entities are classified as joint ventures.  |

---

---

| | |
|:---|:---|
| (\*11) | The effective percentage of ownership is less than 50%. However, all critical financial and operating decisions must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.  |

---

---

| | |
|:---|:---|
| (\*12) | The nominal percentage of ownership in Daegu Green Power Co., Ltd. is 29.00%. The Group's effective percentage of ownership is 54.24%, considering the interest of financial investors among the shareholders' equity as a liability component. In addition, the entity is classified as a joint venture, considering the minimum voting rights required by the board of directors for critical financial and operating policy decisions under the shareholders' joint agreement.  |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(1)** **Investments in associates and joint ventures as of March 31, 2026 and December 31, 2025 are as follows, continued:** 

---

| | |
|:---|:---|
| (\*13) | Although the Group's effective percentage of ownership is more than 50%, the entity is classified as a joint venture because decisions on relevant activities require the unanimous consent of all parties.  |

---

---

| | |
|:---|:---|
| (\*14) | Although the Group's effective percentage of ownership is more than 50%, the entity is classified as a joint venture since the entity's critical financial and operating decisions require unanimous agreement of members in the board of directors.  |

---

---

| | |
|:---|:---|
| (\*15) | Although the Group holds more than 50% of the equity interest, the investee has been classified as a joint venture, considering the minimum voting rights required by the representative committee under the joint shareholders' agreement for decisions on critical financial and operating policies.  |

---

---

| | |
|:---|:---|
| (\*16) | The nominal percentage of ownership in Shin Pyeongtaek Power Co., Ltd. is 48.6%, while the effective percentage of ownership, considering the redeemable convertible preferred stock, is 40%.  |

---

---

| | |
|:---|:---|
| (\*17) | Although the Group holds less than 50% of the equity interest, the investee has been classified as a joint venture, considering the minimum voting rights required by the representative committee under the joint shareholders' agreement for decisions on critical financial and operating policies.  |

---

(\*18) During the period ended December 31, 2025, the Company's ownership interest in the entity changed due to a disproportionate capital increase by the financial investors.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(2)** **The fair values of investments in associates which are actively traded in an open market as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* |  |  |  |
| **Investees** | **As of March 31,**<br>**2026** | **As of March 31,**<br>**2026** | **As of December 31,**<br>**2025** |
|  Korea Electric Power Industrial Development Co., Ltd. | W | 169416 | 98511 |
|  Korea Gas Corporation |  | 660555 | 742770 |
|  SPC Power Corporation |  | 141570 | 134901 |
|  PT. Bayan Resources TBK |  | 6845850 | 8959467 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(3)** **Changes in investments in associates and joint ventures for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** |
| **Investees** | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposals** | **Dividends<br>received** | **Share of<br>income<br>(loss)** | **Other<br>comprehen-<br>sive income<br>(loss)** | **Others** | **Ending<br>balance** |
|  Korea Gas Corporation | W | 2283535 |  |  | (21811) | 118837 | 24924 | 723 | 2406208 |
|  Hyundai Green Power Co., Ltd. |  | 86549 |  |  | (3555) | 75 |  |  | 83069 |
|  Korea Power Exchange |  | 262069 |  |  |  | 6881 |  |  | 268950 |
|  Daeryun Power Co., Ltd. |  | 34475 |  |  |  | 2310 |  | (1) | 36784 |
|  SPC Power Corporation |  | 107067 |  |  |  | 2734 | 2387 |  | 112188 |
|  Gemeng International Energy Co., Ltd. |  | 812292 |  |  |  | 31663 | 58233 |  | 902188 |
|  PT. Cirebon Electric Power |  | 162112 |  |  |  | 1574 | 8921 |  | 172607 |
|  PT Wampu Electric Power |  | 36516 |  |  | (2022) | 254 | 1939 |  | 36687 |
|  PT. Bayan Resources TBK |  | 731714 |  |  |  | 38783 | 42214 | (29) | 812682 |
|  S-Power Co., Ltd. |  | 200335 |  |  |  | 7886 |  |  | 208221 |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. |  | 65612 |  |  |  | 5693 | 3388 |  | 74693 |
|  Goseong Green Power Co., Ltd. |  | 276085 |  |  |  | 7905 |  |  | 283990 |
|  Gangneung Eco Power Co., Ltd. |  | 227683 |  |  |  | 2085 |  |  | 229768 |
|  Shin Pyeongtaek Power Co., Ltd. |  | 148586 |  |  | (8000) | 1020 |  |  | 141606 |
|  Dongducheon Dream Power Co., Ltd. |  | 102321 |  |  |  | 4879 |  |  | 107200 |
|  GS Donghae Electric Power Co., Ltd. |  | 286796 |  |  |  | 4039 |  |  | 290835 |
|  Nepal Water & Energy Development Company Private Limited |  | 192705 |  |  |  | (17766) | 10351 |  | 185290 |
|  Indeck Niles Development, LLC |  | 363675 |  |  | (134354) | 18907 | 918 | 11 | 249157 |
|  Saemangeum Sebit Power Plant Co., Ltd. |  | 37662 |  |  |  | 196 |  |  | 37858 |
|  PT. Cirebon Energi Prasarana |  | 94005 |  |  |  | 1575 | 5855 |  | 101435 |
|  Sinan Ui Offshore Wind Power Co., Ltd. |  |  | 96100 |  |  |  |  |  | 96100 |
|  Others (Taebaek Guinemi Wind Power Co., Ltd. and 86 others) |  | 339662 |  | (2459) | (18807) | 5470 | 6986 | (372) | 330480 |
|  |  | 6851456 | 96100 | (2459) | (188549) | 245000 | 166116 | 332 | 7167996 |
|  Shuweihat Asia Power Investment B.V. |  | 82230 |  |  |  | 62 | 6449 |  | 88741 |
|  KEPCO SPC Power Corporation |  | 119443 |  |  |  | 1436 | 2670 |  | 123549 |
|  Datang Chifeng Renewable Power Co., Ltd. |  | 212130 |  |  |  | 3001 | 14961 |  | 230092 |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. |  | 49501 |  |  |  | 603 | 3442 |  | 53546 |
|  Rabigh Electricity Company |  | 285805 |  |  |  | 5634 | 17553 |  | 308992 |
|  Jamaica Public Service Company Limited |  | 412277 |  |  |  | 2872 | 22649 |  | 437798 |
|  Amman Asia Electric Power Company |  | 274751 |  |  |  | 5450 | 15550 |  | 295751 |
|  Chun-cheon Energy Co., Ltd. |  | 36703 |  |  |  | 817 |  |  | 37520 |
|  Nghi Son 2 Power LLC |  | 566700 |  |  |  | 17313 | 37091 |  | 621104 |
|  Kelar S.A. |  | 153294 |  |  |  | 4491 | 8534 |  | 166319 |
|  PT. Tanjung Power Indonesia |  | 98221 |  |  |  | 2084 | 6230 | (851) | 105684 |
|  Barakah One Company |  | 1672507 |  |  | (35241) | (13400) | 78561 |  | 1702427 |
|  Daegu Green Power Co., Ltd. |  | 31119 |  |  |  | 2409 |  |  | 33528 |
|  Yeonggwang Wind Power Co., Ltd. |  | 29258 |  |  |  | 810 |  |  | 30068 |
|  South Jamaica Power Company Limited |  | 48675 |  |  | (329) | 1082 | 2681 |  | 52109 |
|  RE Holiday Holdings LLC |  | 80631 |  |  |  | (3034) | 4198 |  | 81795 |
|  RE Pioneer Holdings LLC |  | 48831 |  |  |  | (2323) | 2686 |  | 49194 |
|  RE Barren Ridge 1 Holdings LLC |  | 54825 |  |  |  | (1002) | 3017 |  | 56840 |
|  Solar Philippines Calatagan Corporation |  | 61113 |  |  |  | 1593 | (5037) |  | 57669 |
|  PT Barito Wahana Tenaga |  | 225828 |  |  |  | 8545 | 13038 |  | 247411 |
|  Cheongna Energy Co., Ltd. |  | 67846 |  |  |  | 9765 |  |  | 77611 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(3)** **Changes in investments in associates and joint ventures for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows, continued:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** |
| **Investees** | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposals** | **Dividends<br>received** | **Share of<br>income<br>(loss)** | **Other<br>comprehen-<br>sive income<br>(loss)** | **Others** | **Ending<br>balance** |
|  Naepo Green Energy Co., Ltd. | W | 59242 |  |  | (11972) | 18403 |  |  | 65673 |
|  OneEnergy Asia Limited |  | 494403 |  |  |  | 8692 | 28324 |  | 531419 |
|  Prime Swedish Holding AB |  | 38664 |  |  |  | (966) | 1034 |  | 38732 |
|  Namyangju Combined Heat and Power Co., Ltd. |  | 147146 |  |  |  | (207) |  |  | 146939 |
|  Trumbull Development Partners, LLC |  | 439268 | 27413 |  |  | (10955) | 26468 |  | 482194 |
|  Grove Energy Capital IV, LLC |  |  | 58900 |  |  | (3157) | 991 |  | 56734 |
|  Others (Dangjin Eco Power Co., Ltd. and 95 others) |  | 721921 | 9053 | (1715) | (15117) | (1994) | 10773 | (35872) | 687049 |
|  |  | 6512332 | 95366 | (1715) | (62659) | 58024 | 301863 | (36723) | 6866488 |
|  | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13363788 | 191466 | (4174) | (251208) | 303024 | 467979 | (36391) | 14034484 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(3)** **Changes in investments in associates and joint ventures for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows, continued:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **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** |
| **Investees** | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposals** | **Dividends<br>received** | **Share of<br>income<br>(loss)** | **Other<br>comprehen-<br>sive income<br>(loss)** | **Others** | **Ending<br>balance** |
|  Korea Gas Corporation | W | 2289304 |  |  | (27500) | 28811 | (5964) | (1116) | 2283535 |
|  Hyundai Green Power Co., Ltd. |  | 87393 |  |  | (3555) | 2678 |  | 33 | 86549 |
|  Korea Power Exchange |  | 273962 |  |  |  | (5173) |  | (6720) | 262069 |
|  Daeryun Power Co., Ltd. |  | 31093 |  |  |  | 3381 |  | 1 | 34475 |
|  SPC Power Corporation |  | 107574 |  |  | (16876) | 20767 | (4398) |  | 107067 |
|  Gemeng International Energy Co., Ltd. |  | 728338 |  |  | (19510) | 87732 | 15732 |  | 812292 |
|  PT. Cirebon Electric Power |  | 157530 |  |  |  | 8270 | (3688) |  | 162112 |
|  PT Wampu Electric Power |  | 39268 |  |  | (3928) | 1699 | (523) |  | 36516 |
|  PT. Bayan Resources TBK |  | 717376 |  |  | (109528) | 142742 | (18784) | (92) | 731714 |
|  S-Power Co., Ltd. |  | 180372 |  |  |  | 19962 | 1 |  | 200335 |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. |  | 73065 |  |  |  | (4845) | (2608) |  | 65612 |
|  Goseong Green Power Co., Ltd. |  | 284542 |  |  |  | (8457) |  |  | 276085 |
|  Gangneung Eco Power Co., Ltd. |  | 241814 |  |  |  | (14131) |  |  | 227683 |
|  Shin Pyeongtaek Power Co., Ltd. |  | 139059 |  |  |  | 9523 |  | 4 | 148586 |
|  Dongducheon Dream Power Co., Ltd. |  | 91351 |  |  |  | 10975 |  | (5) | 102321 |
|  GS Donghae Electric Power Co., Ltd. |  | 279432 |  |  | (12029) | 19675 |  | (282) | 286796 |
|  Nepal Water & Energy Development Company Private Limited |  | 170955 |  |  |  | 25028 | (3278) |  | 192705 |
|  Indeck Niles Development, LLC |  | 370970 |  |  | (37126) | 60484 | (30653) |  | 363675 |
|  Saemangeum Sebit Power Plant Co., Ltd. |  | 37110 |  |  |  | 552 |  |  | 37662 |
|  PT. Cirebon Energi Prasarana |  | 96846 |  |  |  | 3341 | (6182) |  | 94005 |
|  Others (Taebaek Guinemi Wind Power Co., Ltd. and 86 others) |  | 307400 | 15109 | (1791) | (15384) | 32434 | 11 | 1883 | 339662 |
|  |  | 6704754 | 15109 | (1791) | (245436) | 445448 | (60334) | (6294) | 6851456 |
|  Shuweihat Asia Power Investment B.V. |  | 86450 |  |  | (1087) | 1699 | (4832) |  | 82230 |
|  KEPCO SPC Power Corporation |  | 159139 |  |  | (39832) | 6106 | (5970) |  | 119443 |
|  Datang Chifeng Renewable Power Co., Ltd. |  | 204516 |  |  |  | 3974 | 3640 |  | 212130 |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. |  | 48325 |  |  |  | 330 | 846 |  | 49501 |
|  Rabigh Electricity Company |  | 269893 |  |  | (1696) | 28441 | (10833) |  | 285805 |
|  Jamaica Public Service Company Limited |  | 412616 |  |  | (9700) | 14193 | (5435) | 603 | 412277 |
|  Amman Asia Electric Power Company |  | 268864 |  |  |  | 17500 | (11613) |  | 274751 |
|  Chun-cheon Energy Co., Ltd. |  | 36599 |  |  |  | 104 |  |  | 36703 |
|  Nghi Son 2 Power LLC |  | 563079 |  |  |  | 44061 | (40440) |  | 566700 |
|  Kelar S.A. |  | 152367 |  |  |  | 7027 | (6100) |  | 153294 |
|  PT. Tanjung Power Indonesia |  | 100580 |  |  | (4785) | 7202 | (4229) | (547) | 98221 |
|  Barakah One Company |  |  | 1794047 |  |  | (92162) | (29378) |  | 1672507 |
|  Daegu Green Power Co., Ltd. |  | 30513 |  |  |  | 583 |  | 23 | 31119 |
|  Yeonggwang Wind Power Co., Ltd. |  | 26146 |  |  |  | 3112 |  |  | 29258 |
|  South Jamaica Power Company Limited |  | 48760 |  |  | (3618) | 4568 | (1035) |  | 48675 |
|  RE Holiday Holdings LLC |  | 89780 |  |  |  | (6460) | (2689) |  | 80631 |
|  RE Pioneer Holdings LLC |  | 55622 |  |  |  | (5430) | (1361) |  | 48831 |
|  RE Barren Ridge 1 Holdings LLC |  | 59806 |  |  | (1663) | (1781) | (1537) |  | 54825 |
|  Solar Philippines Calatagan Corporation |  | 63695 |  |  | (6480) | 6258 | (2360) |  | 61113 |
|  PT Barito Wahana Tenaga |  | 207565 |  |  |  | 37915 | (19652) |  | 225828 |
|  Cheongna Energy Co., Ltd. |  | 46158 |  |  |  | 21688 |  |  | 67846 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(3)** **Changes in investments in associates and joint ventures for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows, continued:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **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** |
| **Investees** | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposals** | **Dividends<br>received** | **Share of<br>income<br>(loss)** | **Other<br>comprehen-<br>sive income<br>(loss)** | **Others** | **Ending<br>balance** |
|  Naepo Green Energy Co., Ltd. | W | 48031 |  |  | (13432) | 24643 |  |  | 59242 |
|  OneEnergy Asia Limited |  | 465349 | 38861 |  |  | 26030 | (35837) |  | 494403 |
|  Prime Swedish Holding AB |  | 37559 |  |  | (203) | (2301) | 3609 |  | 38664 |
|  Namyangju Combined Heat and Power Co., Ltd. |  | 51768 | 95336 |  |  | 36 | 6 |  | 147146 |
|  Trumbull Development Partners, LLC |  | 355379 | 110631 |  |  | (11696) | (15046) |  | 439268 |
|  Others (Dangjin Eco Power Co., Ltd. and 98 others) |  | 692781 | 52542 | (11708) | (18271) | 19587 | (23183) | 10173 | 721921 |
|  |  | 4581340 | 2091417 | (11708) | (100767) | 155227 | (213429) | 10252 | 6512332 |
|  | W | 11286094 | 2106526 | (13499) | (346203) | 600675 | (273763) | 3958 | 13363788 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(4)** **The summarized financial information of associates and joint ventures as of and for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 is as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** | **As of and for the three-month period ended March 31, 2026** |
| **Investees** | **Total assets** | **Total assets** | **Total<br>liabilities** | **Sales** | **Profit<br>(loss) for**<br>**the period** |
|  Korea Gas Corporation | W | 53636449 | 42271503 | 11802205 | 548328 |
|  Hyundai Green Power Co., Ltd. |  | 647579 | 258927 | 26219 | 2447 |
|  Korea Power Exchange |  | 354990 | 86040 | 34294 | 7222 |
|  Daeryun Power Co., Ltd. |  | 1154897 | 605945 | 157184 | 31490 |
|  SPC Power Corporation |  | 307945 | 12712 | 10443 | 7291 |
|  Gemeng International Energy Co., Ltd. |  | 8953624 | 5821716 | 804156 | 59546 |
|  PT. Cirebon Electric Power |  | 744680 | 117018 | 76089 | 5724 |
|  PT Wampu Electric Power |  | 189907 | 110152 | 746 | 552 |
|  PT. Bayan Resources TBK |  | 5114583 | 934079 | 1203849 | 279539 |
|  S-Power Co., Ltd. |  | 679406 | 252547 | 178269 | 16038 |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. |  | 1587685 | 1145567 | 52631 | 13631 |
|  Goseong Green Power Co., Ltd. |  | 4869586 | 3854971 | 319869 | 27566 |
|  Gangneung Eco Power Co., Ltd. |  | 5340918 | 4678100 | 178722 | (11515) |
|  Shin Pyeongtaek Power Co., Ltd. |  | 1017829 | 639625 | 132954 | 2136 |
|  Dongducheon Dream Power Co., Ltd. |  | 1328071 | 976806 | 257712 | 11100 |
|  GS Donghae Electric Power Co., Ltd. |  | 1807724 | 952328 | 135820 | 11877 |
|  Nepal Water & Energy Development Company Private Limited |  | 904979 | 573393 | 10236 | (9676) |
|  Indeck Niles Development, LLC |  | 1275083 | 991302 |  | 38550 |
|  Saemangeum Sebit Power Plant Co., Ltd. |  | 142099 | 73600 | 5135 | 357 |
|  PT. Cirebon Energi Prasarana |  | 3739814 | 2725466 | 135724 | 15748 |
|  Sinan Ui Offshore Wind Power Co., Ltd. |  | 330268 | 29325 |  |  |
|  Shuweihat Asia Power Investment B.V. |  | 181285 | 184 |  | (15) |
|  KEPCO SPC Power Corporation |  | 230438 | 24523 | 36562 | 644 |
|  Datang Chifeng Renewable Power Co., Ltd. |  | 883505 | 308275 | 32828 | 7515 |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. |  | 193259 | 59393 | 8295 | 1499 |
|  Rabigh Electricity Company |  | 2565726 | 1704789 | 90691 | 10784 |
|  Jamaica Public Service Company Limited |  | 2902025 | 1847257 | 352280 | 9371 |
|  Amman Asia Electric Power Company |  | 784685 | 291767 | 14802 | 9613 |
|  Chun-cheon Energy Co., Ltd. |  | 515232 | 388928 | 96455 | 2962 |
|  Nghi Son 2 Power LLC |  | 4436329 | 3194120 | 221178 | 34673 |
|  Kelar S.A. |  | 717669 | 467160 | 28855 | 4986 |
|  PT. Tanjung Power Indonesia |  | 756245 | 454290 | 28363 | 5851 |
|  Barakah One Company |  | 46301163 | 37946132 | 4437406 | 6645 |
|  Daegu Green Power Co., Ltd. |  | 470420 | 371185 | 81727 | 4238 |
|  Yeonggwang Wind Power Co., Ltd. |  | 208437 | 144143 | 8719 | 2572 |
|  South Jamaica Power Company Limited |  | 538627 | 278063 | 75621 | 5932 |
|  RE Holiday Holdings LLC |  | 341698 | 178108 | 19860 | (13922) |
|  RE Pioneer Holdings LLC |  | 259675 | 161287 | 13476 | (12590) |
|  RE Barren Ridge 1 Holdings LLC |  | 212930 | 99251 | 15854 | (3775) |
|  Solar Philippines Calatagan Corporation |  | 169442 | 47145 | 5839 | 3791 |
|  PT Barito Wahana Tenaga |  | 808208 |  |  | 47160 |
|  Cheongna Energy Co., Ltd. |  | 504263 | 353265 | 70402 | 19474 |
|  Naepo Green Energy Co., Ltd. |  | 777733 | 564610 | 115304 | 32808 |
|  OneEnergy Asia Limited |  | 3880955 | 2616189 | 81857 | 21679 |
|  Prime Swedish Holding AB |  | 151633 | 69305 | 3033 | (2148) |
|  Namyangju Combined Heat and Power Co., Ltd. |  | 211655 | 2316 |  | (295) |
|  Trumbull Development Partners, LLC |  | 1944994 | 1182830 | 54065 | (19178) |
|  Grove Energy Capital IV, LLC |  | 216145 | 681 | (18197) | (19723) |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(4)** **The summarized financial information of associates and joint ventures as of and for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 is as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **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** | **As of and for the year ended December 31, 2025** |
| **Investees** | **Total assets** | **Total assets** | **Total<br>liabilities** | **Sales** | **Profit (loss) for**<br>**the period** |
|  Korea Gas Corporation | W | 53627847 | 42828922 | 35727336 | 132251 |
|  Hyundai Green Power Co., Ltd. |  | 656989 | 256336 | 111887 | 9787 |
|  Korea Power Exchange |  | 350477 | 88408 | 126117 | 2817 |
|  Daeryun Power Co., Ltd. |  | 1102566 | 587322 | 393540 | 48372 |
|  SPC Power Corporation |  | 313540 | 31783 | 73796 | 55063 |
|  Gemeng International Energy Co., Ltd. |  | 8504351 | 5688462 | 3149333 | 222146 |
|  PT. Cirebon Electric Power |  | 724772 | 135272 | 304258 | 30071 |
|  PT Wampu Electric Power |  | 190896 | 111514 | 19113 | 3694 |
|  PT. Bayan Resources TBK |  | 4842617 | 1149228 | 4874768 | 1118309 |
|  S-Power Co., Ltd. |  | 664275 | 253454 | 660755 | 40452 |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. |  | 1533443 | 1127607 | 213673 | (23055) |
|  Goseong Green Power Co., Ltd. |  | 4953795 | 3966676 | 1307686 | (17519) |
|  Gangneung Eco Power Co., Ltd. |  | 5413851 | 4752300 | 932084 | (27205) |
|  Shin Pyeongtaek Power Co., Ltd. |  | 1021409 | 625341 | 697349 | 22149 |
|  Dongducheon Dream Power Co., Ltd. |  | 1266052 | 928870 | 1123208 | 31456 |
|  GS Donghae Electric Power Co., Ltd. |  | 1794220 | 950702 | 544701 | 57866 |
|  Nepal Water & Energy Development Company Private Limited |  | 868222 | 578041 | 146768 | 25127 |
|  Indeck Niles Development, LLC |  | 1208801 | 685577 | 456748 | 123823 |
|  Saemangeum Sebit Power Plant Co., Ltd. |  | 143281 | 75139 | 20428 | 1003 |
|  PT. Cirebon Energi Prasarana |  | 3650107 | 2710061 | 525647 | 33411 |
|  Shuweihat Asia Power Investment B.V. |  | 167992 | 177 |  | (405) |
|  KEPCO SPC Power Corporation |  | 234570 | 35498 | 159381 | 10392 |
|  Datang Chifeng Renewable Power Co., Ltd. |  | 827575 | 297251 | 111688 | 13150 |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. |  | 179775 | 56023 | 27350 | 986 |
|  Rabigh Electricity Company |  | 2473573 | 1667517 | 367680 | 66776 |
|  Jamaica Public Service Company Limited |  | 2903070 | 1910042 | 1530704 | 41735 |
|  Amman Asia Electric Power Company |  | 758903 | 300985 | 30651 | 29223 |
|  Chun-cheon Energy Co., Ltd. |  | 499150 | 375580 | 363995 | 325 |
|  Nghi Son 2 Power LLC |  | 4243607 | 3110208 | 824849 | 87686 |
|  Kelar S.A. |  | 678813 | 448065 | 114267 | 15295 |
|  PT. Tanjung Power Indonesia |  | 695407 | 414774 | 105871 | 20516 |
|  Barakah One Company |  | 45516321 | 37236879 | 2373596 | 171548 |
|  Daegu Green Power Co., Ltd. |  | 450953 | 356158 | 258151 | 1309 |
|  Yeonggwang Wind Power Co., Ltd. |  | 210262 | 147728 | 31232 | 7664 |
|  South Jamaica Power Company Limited |  | 522505 | 279114 | 287408 | 22842 |
|  RE Holiday Holdings LLC |  | 334702 | 173439 | 16417 | (7622) |
|  RE Pioneer Holdings LLC |  | 251486 | 153824 | 14708 | (7711) |
|  RE Barren Ridge 1 Holdings LLC |  | 206966 | 97315 | 12685 | (1673) |
|  Solar Philippines Calatagan Corporation |  | 162588 | 46665 | 22752 | 11978 |
|  PT Barito Wahana Tenaga |  | 737706 |  |  | 100948 |
|  Cheongna Energy Co., Ltd. |  | 495919 | 364410 | 160101 | 43278 |
|  Naepo Green Energy Co., Ltd. |  | 759180 | 568084 | 427122 | 80207 |
|  OneEnergy Asia Limited |  | 3529252 | 2357026 | 139025 | 61186 |
|  Prime Swedish Holding AB |  | 151330 | 69152 | 10691 | (5114) |
|  Namyangju Combined Heat and Power Co., Ltd. |  | 211193 | 1559 |  | 51 |
|  Trumbull Development Partners, LLC |  | 1812101 | 1121329 | 10137 | (20709) |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(5)** **The financial information of associates and joint ventures reconciled to the Group's investments in consolidated financial statements as of March 31, 2026 and December 31, 2025 is as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |
| **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Investees** | **Net assets** | **Net assets** | **Percentage of<br>ownership (\*)** | **Share in**<br>**net assets** | **Investment**<br>**differential** | **Intercompany**<br>**transaction** | **Others** | **Book value** |
|  Korea Gas Corporation | W | 11364946 | 21.66% | 2461647 |  |  | (55439) | 2406208 |
|  Hyundai Green Power Co., Ltd. |  | 388652 | 29.00% | 112709 |  |  | (29640) | 83069 |
|  Korea Power Exchange |  | 268950 | 100.00% | 268950 |  |  |  | 268950 |
|  Daeryun Power Co., Ltd. |  | 548952 | 6.85% | 37604 |  |  | (820) | 36784 |
|  SPC Power Corporation |  | 295233 | 38.00% | 112188 |  |  |  | 112188 |
|  Gemeng International Energy Co., Ltd. |  | 3131908 | 42.00% | 1315402 |  |  | (413214) | 902188 |
|  PT. Cirebon Electric Power |  | 627662 | 27.50% | 172607 |  |  |  | 172607 |
|  PT Wampu Electric Power |  | 79755 | 46.00% | 36687 |  |  |  | 36687 |
|  PT. Bayan Resources TBK |  | 4180504 | 20.00% | 836101 | 52961 |  | (76380) | 812682 |
|  S-Power Co., Ltd. |  | 426859 | 49.00% | 209161 | (940) |  |  | 208221 |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. |  | 442118 | 25.00% | 110530 | 305 | (895) | (35247) | 74693 |
|  Goseong Green Power Co., Ltd. |  | 1014615 | 29.00% | 294238 |  | (10248) |  | 283990 |
|  Gangneung Eco Power Co., Ltd. |  | 662818 | 29.00% | 192217 | 44798 | (7247) |  | 229768 |
|  Shin Pyeongtaek Power Co., Ltd. |  | 378204 | 40.00% | 151282 | 3559 | (13235) |  | 141606 |
|  Dongducheon Dream Power Co., Ltd. |  | 351265 | 34.01% | 119465 | 1757 | (1440) | (12582) | 107200 |
|  GS Donghae Electric Power Co., Ltd. |  | 855396 | 34.00% | 290835 |  |  |  | 290835 |
|  Nepal Water & Energy Development Company Private Limited |  | 331586 | 55.67% | 184585 | 705 |  |  | 185290 |
|  Indeck Niles Development, LLC |  | 283781 | 50.00% | 141891 | 102643 |  | 4623 | 249157 |
|  Saemangeum Sebit Power Plant Co., Ltd. |  | 68499 | 55.00% | 37676 | 182 |  |  | 37858 |
|  PT. Cirebon Energi Prasarana |  | 1014348 | 10.00% | 101435 |  |  |  | 101435 |
|  Sinan Ui Offshore Wind Power Co., Ltd. |  | 300943 | 31.40% | 94496 |  |  | 1604 | 96100 |
|  Shuweihat Asia Power Investment B.V. |  | 181101 | 49.00% | 88741 |  |  |  | 88741 |
|  KEPCO SPC Power Corporation |  | 205915 | 60.00% | 123549 |  |  |  | 123549 |
|  Datang Chifeng Renewable Power Co., Ltd. |  | 575230 | 40.00% | 230092 |  |  |  | 230092 |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. |  | 133866 | 40.00% | 53546 |  |  |  | 53546 |
|  Rabigh Electricity Company |  | 860937 | 40.00% | 344375 |  | (34578) | (805) | 308992 |
|  Jamaica Public Service Company Limited |  | 1054768 | 40.00% | 421907 | 29357 |  | (13466) | 437798 |
|  Amman Asia Electric Power Company |  | 492918 | 60.00% | 295751 |  |  |  | 295751 |
|  Chun-cheon Energy Co., Ltd. |  | 126304 | 29.90% | 37765 | 3 |  | (248) | 37520 |
|  Nghi Son 2 Power LLC |  | 1242209 | 50.00% | 621104 |  |  |  | 621104 |
|  Kelar S.A. |  | 250509 | 65.00% | 162830 | 3489 |  |  | 166319 |
|  PT. Tanjung Power Indonesia |  | 301955 | 35.00% | 105684 |  |  |  | 105684 |
|  Barakah One Company |  | 8355031 | 18.00% | 1503906 |  | 198521 |  | 1702427 |
|  Daegu Green Power Co., Ltd. |  | 99235 | 54.24% | 53825 | 84 |  | (20381) | 33528 |
|  Yeonggwang Wind Power Co., Ltd. |  | 64294 | 46.00% | 29576 | 492 |  |  | 30068 |
|  South Jamaica Power Company Limited |  | 260564 | 20.00% | 52112 |  |  | (3) | 52109 |
|  RE Holiday Holdings LLC |  | 163590 | 50.00% | 81795 |  |  |  | 81795 |
|  RE Pioneer Holdings LLC |  | 98388 | 50.00% | 49194 |  |  |  | 49194 |
|  RE Barren Ridge 1 Holdings LLC |  | 113679 | 50.00% | 56840 |  |  |  | 56840 |
|  Solar Philippines Calatagan Corporation |  | 122297 | 38.00% | 46473 |  |  | 11196 | 57669 |
|  PT Barito Wahana Tenaga |  | 808208 | 30.61% | 247411 |  |  |  | 247411 |
|  Cheongna Energy Co., Ltd. |  | 150998 | 50.10% | 75649 | 3137 | (1175) |  | 77611 |
|  Naepo Green Energy Co., Ltd. |  | 213123 | 29.20% | 62231 |  |  | 3442 | 65673 |
|  OneEnergy Asia Limited |  | 1264766 | 40.00% | 505907 | 25512 |  |  | 531419 |
|  Prime Swedish Holding AB |  | 82328 | 45.00% | 37048 | 1684 |  |  | 38732 |
|  Namyangju Combined Heat and Power Co., Ltd. |  | 209339 | 70.10% | 146747 | 192 |  |  | 146939 |
|  Trumbull Development Partners, LLC |  | 762164 | 56.23% | 428565 | 53629 |  |  | 482194 |
|  Grove Energy Capital IV, LLC |  | 215464 | 16.00% | 34474 | 22260 |  |  | 56734 |

---

---

| | |
|:---|:---|
| (\*) | The percentage of ownership shown above is an effective percentage of ownership including the treasury stocks and others.  |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(5)** **The financial information of associates and joint ventures reconciled to the Group's investments in consolidated financial statements as of March 31, 2026 and December 31, 2025 is as follows, continued:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Investees** | **Net assets** | **Net assets** | **Percentage of<br>ownership (\*)** | **Share in**<br>**net assets** | **Investment**<br>**differential** | **Intercompany**<br>**transaction** | **Others** | **Book value** |
|  Korea Gas Corporation | W | 10798925 | 21.66% | 2339047 |  |  | (55512) | 2283535 |
|  Hyundai Green Power Co., Ltd. |  | 400653 | 29.00% | 116189 |  |  | (29640) | 86549 |
|  Korea Power Exchange |  | 262069 | 100.00% | 262069 |  |  |  | 262069 |
|  Daeryun Power Co., Ltd. |  | 515244 | 6.85% | 35295 |  |  | (820) | 34475 |
|  SPC Power Corporation |  | 281757 | 38.00% | 107067 |  |  |  | 107067 |
|  Gemeng International Energy Co., Ltd. |  | 2815889 | 42.00% | 1182674 |  |  | (370382) | 812292 |
|  PT. Cirebon Electric Power |  | 589500 | 27.50% | 162112 |  |  |  | 162112 |
|  PT Wampu Electric Power |  | 79382 | 46.00% | 36516 |  |  |  | 36516 |
|  PT. Bayan Resources TBK |  | 3693389 | 20.00% | 738678 | 69416 |  | (76380) | 731714 |
|  S-Power Co., Ltd. |  | 410821 | 49.00% | 201302 |  | (967) |  | 200335 |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. |  | 405836 | 25.00% | 101459 | 305 | (905) | (35247) | 65612 |
|  Goseong Green Power Co., Ltd. |  | 987119 | 29.00% | 286264 |  | (10179) |  | 276085 |
|  Gangneung Eco Power Co., Ltd. |  | 661551 | 29.00% | 191850 | 45212 | (9379) |  | 227683 |
|  Shin Pyeongtaek Power Co., Ltd. |  | 396068 | 40.00% | 158428 | 3559 | (13401) |  | 148586 |
|  Dongducheon Dream Power Co., Ltd. |  | 337182 | 34.01% | 114675 | 1757 | (1529) | (12582) | 102321 |
|  GS Donghae Electric Power Co., Ltd. |  | 843518 | 34.00% | 286796 |  |  |  | 286796 |
|  Nepal Water & Energy Development Company Private Limited |  | 290181 | 66.12% | 191868 | 837 |  |  | 192705 |
|  Indeck Niles Development, LLC |  | 523224 | 50.00% | 261613 | 97643 |  | 4419 | 363675 |
|  Saemangeum Sebit Power Plant Co., Ltd. |  | 68142 | 55.00% | 37480 | 182 |  |  | 37662 |
|  PT. Cirebon Energi Prasarana |  | 940046 | 10.00% | 94005 |  |  |  | 94005 |
|  Shuweihat Asia Power Investment B.V. |  | 167815 | 49.00% | 82230 |  |  |  | 82230 |
|  KEPCO SPC Power Corporation |  | 199072 | 60.00% | 119443 |  |  |  | 119443 |
|  Datang Chifeng Renewable Power Co., Ltd. |  | 530324 | 40.00% | 212130 |  |  |  | 212130 |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. |  | 123752 | 40.00% | 49501 |  |  |  | 49501 |
|  Rabigh Electricity Company |  | 806056 | 40.00% | 322423 |  | (35813) | (805) | 285805 |
|  Jamaica Public Service Company Limited |  | 993028 | 40.00% | 397211 | 29357 |  | (14291) | 412277 |
|  Amman Asia Electric Power Company |  | 457918 | 60.00% | 274751 |  |  |  | 274751 |
|  Chun-cheon Energy Co., Ltd. |  | 123570 | 29.90% | 36948 | 3 |  | (248) | 36703 |
|  Nghi Son 2 Power LLC |  | 1133399 | 50.00% | 566700 |  |  |  | 566700 |
|  Kelar S.A. |  | 230748 | 65.00% | 149986 | 3308 |  |  | 153294 |
|  PT. Tanjung Power Indonesia |  | 280633 | 35.00% | 98221 |  |  |  | 98221 |
|  Barakah One Company |  | 8279442 | 18.00% | 1490300 |  | 182207 |  | 1672507 |
|  Daegu Green Power Co., Ltd. |  | 94795 | 54.24% | 51416 | 84 |  | (20381) | 31119 |
|  Yeonggwang Wind Power Co., Ltd. |  | 62534 | 46.00% | 28766 | 492 |  |  | 29258 |
|  South Jamaica Power Company Limited |  | 243391 | 20.00% | 48678 |  |  | (3) | 48675 |
|  RE Holiday Holdings LLC |  | 161263 | 50.00% | 80631 |  |  |  | 80631 |
|  RE Pioneer Holdings LLC |  | 97662 | 50.00% | 48831 |  |  |  | 48831 |
|  RE Barren Ridge 1 Holdings LLC |  | 109651 | 50.00% | 54825 |  |  |  | 54825 |
|  Solar Philippines Calatagan Corporation |  | 115923 | 38.00% | 44050 |  |  | 17063 | 61113 |
|  PT Barito Wahana Tenaga |  | 737706 | 30.61% | 225828 |  |  |  | 225828 |
|  Cheongna Energy Co., Ltd. |  | 131509 | 50.10% | 65886 | 3137 | (1177) |  | 67846 |
|  Naepo Green Energy Co., Ltd. |  | 191096 | 29.20% | 55800 |  |  | 3442 | 59242 |
|  OneEnergy Asia Limited |  | 1172226 | 40.00% | 468891 | 25512 |  |  | 494403 |
|  Prime Swedish Holding AB |  | 82178 | 45.00% | 36980 | 1684 |  |  | 38664 |
|  Namyangju Combined Heat and Power Co., Ltd. |  | 209634 | 70.10% | 146953 | 193 |  |  | 147146 |
|  Trumbull Development Partners, LLC |  | 690772 | 56.23% | 388421 | 50847 |  |  | 439268 |

---

---

| | |
|:---|:---|
| (\*) | The percentage of ownership shown above is an effective percentage of ownership including the treasury stocks and others.  |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(6)** **The share of losses of associates and joint ventures that has not been recognized due to the discontinuation of loss recognition as of March 31, 2026 and December 31, 2025 is as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Unrecognized<br>equity interest** | **Unrecognized<br>equity interest** | **Accumulated**<br>**unrecognized<br>equity interest** | **Unrecognized<br>equity interest** | **Accumulated**<br>**unrecognized<br>equity interest** |
|  Boim Combined Heat and Power Generation Co., Ltd. | W | (2938) | 28179 | 2394 | 31117 |
|  Samcheok Eco Materials Co., Ltd. |  | (27) | 5294 | (5) | 5321 |
|  Barakah One Company |  |  |  | (174713) |  |
|  KAPES, Inc. |  | 944 | 11752 | 6877 | 10808 |
|  ITR Co., Ltd. |  | 16 | 17 | (14) | 1 |
|  SEP Co., Ltd. |  |  | 15 |  | 15 |
|  Noeul Green Energy Co., Ltd. |  | (526) | 1875 | (1434) | 2401 |
|  PlatformN. Co., Ltd. |  |  | 20 | 2 | 20 |
|  KEPCO KPS CARABAO Corp. |  | 5 | 181 | (68) | 176 |
|  Bitsolar Energy Co., Ltd. |  | 69 | 1689 | 356 | 1620 |
|  Green Energy Electricity Generation Co., Ltd. |  |  |  | (396) |  |
|  O2&B Global Co., Ltd. |  | 2 | 22 | 14 | 20 |
|  Pulau Indah O&M Sdn. Bhd. |  |  |  | (1) |  |
|  Foresight Iberian Solar Group Holding, S.L. (\*2) |  | (382) | 9420 | 5407 | 9802 |
|  Green Radiation Co., Ltd., |  |  |  | (11) |  |
|  Hoenggye Renewable Energy Co., Ltd., |  |  |  | (266) |  |
|  CapMan Lynx SCA, SICAR (\*1) |  |  |  | (31090) |  |
|  G.GURU Co., Ltd. |  | 1 | 3 | 2 | 2 |
|  International Offshore Power Transmission Holding Company Limited |  | (76) |  | 76 | 76 |
|  Jeju Gimnyeong Wind Power Co., Ltd. |  | (76) |  | 76 | 76 |
|  Korea Energy Data Co., Ltd. |  | (8) |  | 8 | 8 |
|  Wadi Noor Solar Power Company SAOC |  | 5568 | 6279 | 711 | 711 |
|  Jaeun Resident Wind Power Plant Co., Ltd. |  | (390) | 369 | 759 | 759 |
|  Lucy Equity Holdings, LLC |  | 6725 | 10263 | 3538 | 3538 |
|  Remal First Holding Company |  | (508) | 7024 | 7532 | 7532 |
|  Naseem First Holding Company |  | (1099) | 7071 | 8170 | 8170 |
|  KNOC Nigerian East Oil Co., Ltd. (\*2) |  | 758 | 14605 | (333) | 13847 |
|  KNOC Nigerian West Oil Co., Ltd. (\*2) |  | 707 | 13439 | (306) | 12732 |
|  Siraj AlTaqa AlNazifa |  | 195 | 195 |  |  |
|  Luluah SKY Energy Holding Ltd. |  | 37 | 37 |  |  |

---

(\*1) Liquidated during the prior period.

---

| | |
|:---|:---|
| (\*2) | Further share of losses exceeding the carrying amount of the investment is recognized against other long-term interests, such as loans, that in substance form part of the net investment in the entity.  |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(7)** **As of March 31, 2026, shareholders' agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Taebaek Wind Power Co., Ltd.

In the case where non-controlling shareholders decide to dispose of their shares in Taebaek Wind Power Co., Ltd. after the warranty period in the EPC contract of defect repair for wind power generator has expired, the Group acquires those shares at fair value. The acquisition is to be made after the conditions of the acquisition are discussed among the parties involved, with consideration of various factors such as financial status and business situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Pyeongchang Wind Power Co., Ltd.

In the case where non-controlling shareholders decide to dispose of their shares in Pyeongchang Wind Power Co., Ltd. after commercial operation of the power plant has started, the Group acquires those shares at fair value. The acquisition is to be made after the conditions of the acquisition are discussed among the parties involved, with consideration of various factors such as financial status and business situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Daeryun Power Co., Ltd.

The Group reserves the right to participate in the transfer of shares in Daeryun Power Co., Ltd. on the same terms as Daeryun E&S Co., Ltd., if Daeryun E&S Co., Ltd. wishes to transfer its shares in Daeryun Power Co., Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Daegu Green Power Co., Ltd.

The Group has a right to purchase all the shares of Daegu Green Power Co., Ltd. held by the financial investors at the yield-based transfer amount agreed with the shareholders. The Group can exercise its right 5, 10 and 13 years after the date of the investment. Also, the Group has a right to purchase all or part of the shares of Daegu Green Power Co., Ltd. held by Lotte Engineering & Construction Co. at the yield-based transfer amount agreed with the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Yeonggwang Wind Power Co., Ltd.

In case the Group intends to purchase all or part of the shares from Daehan Green Energy Co., Ltd., which is a non-controlling shareholder, Daehan Green Energy Co., Ltd. has an obligation to evaluate the shares at fair value and transfer them to the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Omisan Wind Power Co., Ltd.

The Group has the right to claim Unison Co., Ltd. to transfer its shares in Omisan Wind Power Co., Ltd. either as a whole or as a part after the completion of the power generation complex, and if the Group exercises its right to claim transfer, Unison Co., Ltd. is obliged to transfer such shares at fair value to the Group or a third party designated by the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Geumsungsan Wind Power Co., Ltd.

The Group has a right to purchase shares owned by Daemyung Energy Co., Ltd., within the range of 18%, for 3 years after the commencement of the operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Seokmun Green Energy

According to the special conditions of the REC trading contract, the Group may demand the sale of ownership stakes held by other investors to the Group, or the investors may acquire new stakes or modify business documents through a capital increase in Seokmun Green Energy with prior written consent from the trustee. In the event that other investors sell their stakes to the Group, they may demand that the Group purchase their stakes in the future if certain conditions are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Taebaek Guinemi Wind Power Co., Ltd.

If shareholders of Taebaek Guinemi Wind Power Co., Ltd. other than the Group intend to sell their shares after the elapse of warranty period for wind power generators specified in the EPC contract, the Group has preferential right to other parties and third parties to take over the shares that the shareholders want to sell at fair value by reaching agreement with the shareholders on the timing of sales and volume of shares to be sold considering the financial conditions, management conditions and others.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(7)** **As of March 31, 2026, shareholders' agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows, continued:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) HORANG ENERGY Inc.

The Group has the right to purchase all or partial shares of HORANG ENERGY Inc. held by other shareholders after three years have elapsed from the date of commencing the operations under the unanimous agreement of all shareholders. The Group also has an obligation to sell its shares in HORANG ENERGY Inc. either as a whole or as a part to CNcore Co., Ltd. after three years have elapsed from the date of commencing the operations upon the claim of CNcore Co., Ltd., under the unanimous agreement of all shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Namyangju Combined Heat and Power Co., Ltd.

The Group has an obligation to purchase certain shares from Narae Energy Co., Ltd. at fair value when Narae Energy Co., Ltd. intends to sell its shares in Namyangju Combined Heat and Power Co., Ltd. on the exercise date agreed upon in accordance with the shareholders' agreement. If Narae Energy Co., Ltd. becomes the largest shareholder by selling, assigning, or transferring shares in accordance with the shareholders' agreement, the Group is obligated to guarantee the drag-along right that allows Narae Energy Co., Ltd. to sell the shares held by both shareholders under the same conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Jeongeup Green Power Co., Ltd.

The Group has the right to acquire the shares held by M Eco Co., Ltd. at fair value on the date when it has been third, seventh, and tenth year from the beginning date of commercial operation. However, if M Eco Co., Ltd. transfers its shares to the entity holding the majority of shares in M Eco Co., Ltd., its right to transfer shares to the shareholder prevails the Group's right to acquire shares from M Eco Co., Ltd.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(8)** **Significant restrictions on the Group's abilities on associates and joint ventures as of as of March 31, 2026 are as follows:** 

---

| | |
|:---|:---|
| **Company** | **Nature and extent of any significant restrictions** |
| Daegu Green Power Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of financial institutions. |
| Pyeongchang Wind Power Co., Ltd. | Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions. |
| Daeryun Power Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions. Shares cannot be wholly or partially transferred without prior consent of the financial institutions. |
| KNH Solar Co., Ltd. | Shares cannot be wholly or partially transferred without the prior written consent of other shareholders. |
| Korea Power Engineering Service Co., Ltd. | Shares cannot be wholly or partially transferred without the consent of the board of directors. |
| Daehan Wind Power PSC | Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. |
| Daejung Offshore Wind Power Co., Ltd. | Before the commencement of the operation, shares cannot be wholly or partially transferred without the prior written consent of other shareholders. |
| Naepo Green Energy Co., Ltd. | Dividends can only be paid to shareholders when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior consent of interested parties. All or part of the stocks held cannot be transferred without the written consent of the financial institution and if the conditions for the O&M utilization rate are not met or if a payment deferment is necessary due to the fulfillment of the obligation to provide funds, the contract amount will be paid in a subordinated order. |
| Solaseado Solar Power Co., Ltd. | Principals and interests on subordinated loans or dividends can only be paid when all conditions of the shareholders' agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of other stakeholders including shareholders and financial institutions. |
| Samcheok Eco Materials Co., Ltd. | Dividends can only be paid when all conditions of the shareholders' agreement are satisfied. Also, shares cannot be wholly or partially transferred without the written consent of the other shareholders. |
| Taebaek Guinemi Wind Power Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied and consent of the financial institutions is obtained. Also, shares cannot be wholly or partially transferred without the written consent of the financial institutions. |
| Indeck Niles Asset Management, LLC | Shares cannot be wholly or partially transferred without the consent of the stakeholders. |
| Indeck Niles Development, LLC | Shares cannot be wholly or partially transferred without the consent of the stakeholders. |
| Chester Solar IV SpA | Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. |
| Chester Solar V SpA | Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. |
| Diego de Almagro Solar SpA | Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. |
| Laurel SpA | Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. |
| Chester Solar I SpA | Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. |
| Kelar S.A. | Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. |
| GS Donghae Electric Power Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. |
| Honam Wind Power Co., Ltd. | Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied. |
| Seokmun Energy Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained. |
| Chun-cheon Energy Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, principals and interests on subordinated loans shall not be paid until the payment conditions are satisfied. |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(8)** **Significant restrictions on the Group's abilities on associates or joint ventures as of March 31, 2026 are as follows, continued:** 

---

| | |
|:---|:---|
| **Company** | **Nature and extent of any significant restrictions** |
| Yeonggwangbaeksu Wind Power Co., Ltd. | Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained. |
| Yeonggwang Wind Power Co., Ltd. | Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. |
| Jamaica Public Service Company Limited | Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. |
| PT. Tanjung Power Indonesia | Dividends can only be paid when all conditions of the loan agreement are satisfied. |
| Daesan Green Energy Co., Ltd. | Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. |
| Taebaek Gadeoksan Wind Power Co., Ltd. | Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when prior written consent of financial institutions is obtained. |
| Bitsolar Energy Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied. |
| Omisan Wind Power Co., Ltd. | Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without the consent of the stakeholders including other shareholders and financial institutions. Also, either of Korea Southern Power Co., Ltd., a subsidiary of the Group, or Unison Co., Ltd. shall not transfer their shares to others wholly or partially until 4 years have passed from the completion of power complex without the written consent from the other party. In case the shares of each party become less than 10% of outstanding shares after the transfer, it also requires the written consent from the other party. |
| Yangyang Wind Power Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. |
| Busan Industrial Solar Power Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. |
| Geumsungsan Wind Power Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred for 3 years after the commencement of operation, and also cannot be transferred or disposed to the third party in a way not permitted in the financial documents without prior written consent of an agent bank. |
| KPE green energy Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. |
| Cheongju Eco Park Co., Ltd. | Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied, or permitted by related financing contracts, or prior written consent of financial institutions is obtained. |
| Goheung New Energy Co., Ltd. | Payment of dividends or repayment of loans such as subordinated loans to the investors can only be made when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. |
| Seokmun Green Energy | Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. |
| Trumbull Asset Management, LLC | Shares cannot be either wholly or partially transferred without the consent of the stakeholders. |
| HORANG ENERGY Inc. | Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred before three years have passed after the commencement of operation, and also cannot be transferred or disposed to the third party in a way not permitted in the financial documents without prior written consent of an agent bank. |
| Yanggu Floating Photovoltaic Power Plant Inc. | Payment of dividends or repayment of loans such as subordinated loans to the investors can be made only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. |
| Hoenggye Renewable Energy Co., Ltd. | Dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. |
| Dongducheon Dream Power Co., Ltd. | Principals and interest on subordinated loans or dividends can be paid only when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions. |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(8)** **Significant restrictions on the Group's abilities on associates or joint ventures as of March 31, 2026 are as follows, continued:** 

---

| | |
|:---|:---|
| **Company** | **Nature and extent of any significant restrictions** |
| Haeng Bok Do Si Photovoltaic Power Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior consent of the stakeholders. |
| Shin Pyeongtaek Power Co., Ltd. | Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions. |
| Seoroseoro Sunny Power Plant Co., Ltd. | Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions. |
| Anjwa Smart Farm & Solar City Co., Ltd. | Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions. |
| Muan Solar Park Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions. |
| YuDang Solar Co., Ltd. | Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions. |
| Haemodum Solar Co., Ltd. | Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions. |
| Cheongna Energy Co., Ltd. | Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions. |
| Hapcheon Floating Photovoltaic Power Plant Inc. | Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions. |
| Yeongwol Eco Wind Co., Ltd. | Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions. |
| Gurae Resident Power Co., Ltd. | Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions. |
| Gunsan Land Solar Co., Ltd. | Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions. When the internal rate of return defined in shareholders' agreement is met, any excessive dividend income must be provided to Gunsan City. |
| Eumseong Eco Park Co., Ltd. | Dividends and settlement amounts for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions. |
| PungBack Wind Farm Corporation | Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions. |
| Seobusambo highway photovoltaics Co., Ltd. | Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions. |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

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

**(8)** **Significant restrictions on the Group's abilities on associates or joint ventures as of March 31, 2026 are as follows, continued:** 

---

| | |
|:---|:---|
| **Company** | **Nature and extent of any significant restrictions** |
| Haman Green Energy Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. In addition, the Group cannot transfer all or part of its shares without the consent of other shareholders until five years have elapsed from the date of issuance of the acquisition notice after the comprehensive completion of the EPC contract for the project, and shares cannot be wholly or partially transferred without prior written consent of the financial institutions. |
| Jeongeup Green Power Co., Ltd. | Dividends to investors are only possible when the conditions in the loan agreement are met or prior written consent from the financial institution is obtained, and subordinated loans cannot be paid to investors before the loan principal and interest are fully repaid. Additionally, all or part of the shares held cannot be transferred without the consent of other shareholders before the commencement of commercial operation of this business. The entity's stocks may not be transferred to a third party or otherwise disposed of in a manner not permitted in the financial documents without the prior written consent of the agent bank. |
| Nepal Water & Energy Development<br> Company Private Limited | The Group must maintain a minimum percentage of ownership (50%) until the project completion date and thereafter. |
| Goseong Green Power Co., Ltd. | Shares cannot be either wholly or partially transferred before the final completion date of the project without the consent of the stakeholders. |
| Gangneung Eco Power Co., Ltd. | Shares cannot be either wholly or partially transferred until two years have elapsed from the final completion date of the project without the consent of the stakeholders. |
| S-Power Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior consent of the stakeholders. |
| South Jamaica Power Company Limited | Dividends can be paid only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. |
| Rutile BESS Holdings, LLC | Shares cannot be either wholly or partially transferred without prior written consent of other stakeholders. |
| Kumyang Eco Park Co., Ltd. | Dividends and payables from settlement for renewable energy certificates can only be paid when all conditions of the loan agreement are satisfied or a prior written consent of financial institutions is obtained. |
| HyChangwon Fuel Cell. Co., Ltd. | Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. In addition, the Group cannot transfer all or part of its shares until five years have elapsed from the date of issuance of the acquisition notice. Shares cannot be wholly or partially transferred without obtaining prior written consent of the financial institutions. |
| Roof One Energy Co., Ltd. | Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders. |
| Amaala Sustainable Company for Energy LLC | Dividends may be payable only when all conditions prescribed in the loan agreement between Amaala Sustainable Company for Energy LLC and financial institution are satisfied. |
| Namjeju Bitdream Energy Co., Ltd. | Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions. |
| Cheonwang Green Energy Co., Ltd. | Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions. |
| Haetbyeotgil Solar Co., Ltd. | Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders. |
| Luluah SKY Energy Holding Ltd. | Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders. |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**18.** **Property, Plant and Equipment** 

**(1)** **Property, plant and equipment as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Acquisition cost** | **Acquisition cost** | **Government**<br>**grants** | **Accumulated**<br>**depreciation** | **Accumulated<br>impairment**<br>**losses** | **Book**<br>**value** |
|  Land | W | 14946946 | (27391) |  | (33153) | 14886402 |
|  Buildings |  | 27896182 | (37108) | (14039966) | (7120) | 13811988 |
|  Structures |  | 94155259 | (147037) | (41267752) | (18678) | 52721792 |
|  Machinery |  | 128107392 | (91921) | (71754123) | (546125) | 55715223 |
|  Ships |  | 17870 |  | (9665) |  | 8205 |
|  Vehicles |  | 551554 | (2588) | (415792) | (164) | 133010 |
|  Equipment |  | 2689310 | (1394) | (2237899) | (904) | 449113 |
|  Tools |  | 1507294 | (929) | (1321990) | (1) | 184374 |
|  Construction-in-progress |  | 37951934 | (234123) |  | (22795) | 37695016 |
|  Right-of-use assets |  | 5483776 |  | (2897321) | (27) | 2586428 |
|  Asset retirement costs |  | 18430423 |  | (9414103) | (146423) | 8869897 |
|  Others |  | 18870918 |  | (16386840) | (156) | 2483922 |
|  | W | 350608858 | (542491) | (159745451) | (775546) | 189545370 |
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Acquisition cost** | **Acquisition cost** | **Government**<br>**grants** | **Accumulated**<br>**depreciation** | **Accumulated<br>impairment**<br>**losses** | **Book**<br>**value** |
|  Land | W | 14867112 | (27392) |  | (30756) | 14808964 |
|  Buildings |  | 27544929 | (38077) | (13779225) | (7119) | 13720508 |
|  Structures |  | 93340759 | (149558) | (40552716) | (18678) | 52619807 |
|  Machinery |  | 126564408 | (94337) | (70384493) | (546317) | 55539261 |
|  Ships |  | 17870 |  | (9199) |  | 8671 |
|  Vehicles |  | 538604 | (2683) | (402753) | (116) | 133052 |
|  Equipment |  | 2641393 | (1868) | (2191439) | (376) | 447710 |
|  Tools |  | 1495250 | (982) | (1305965) | (1) | 188302 |
|  Construction-in-progress |  | 36779508 | (230573) |  | (22795) | 36526140 |
|  Right-of-use assets |  | 5441389 |  | (2809452) |  | 2631937 |
|  Asset retirement costs |  | 18347513 |  | (9302981) | (146422) | 8898110 |
|  Others |  | 18380931 |  | (16151855) |  | 2229076 |
|  | W | 345959666 | (545470) | (156890078) | (772580) | 187751538 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**18.** **Property, Plant and Equipment, Continued** 

**(2)** **Changes in property, plant and equipment for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Depreciation** | **Impairment** | **Others** | **Ending**<br>**balance** |
|  Land | W | 14836356 | 346 | (134) |  | (826) | 78051 | 14913793 |
|  (Government grants) |  | (27392) |  | 1 |  |  |  | (27391) |
|  Buildings |  | 13758585 | 11272 | (1469) | (251415) |  | 332123 | 13849096 |
|  (Government grants) |  | (38077) |  |  | 970 |  | (1) | (37108) |
|  Structures |  | 52769365 | 3996 | (58241) | (767170) |  | 920879 | 52868829 |
|  (Government grants) |  | (149558) |  | 100 | 2426 |  | (5) | (147037) |
|  Machinery |  | 55633598 | 117916 | (42786) | (1590769) |  | 1689185 | 55807144 |
|  (Government grants) |  | (94337) |  | 28 | 3405 |  | (1017) | (91921) |
|  Ships |  | 8671 |  |  | (466) |  |  | 8205 |
|  Vehicles |  | 135735 | 1288 | (3) | (15747) |  | 14325 | 135598 |
|  (Government grants) |  | (2683) |  | 2 | 336 |  | (243) | (2588) |
|  Equipment |  | 449578 | 25776 | (24) | (53437) | 1 | 28613 | 450507 |
|  (Government grants) |  | (1868) |  |  | 537 |  | (63) | (1394) |
|  Tools |  | 189284 | 5287 | (12) | (20379) |  | 11123 | 185303 |
|  (Government grants) |  | (982) |  |  | 113 |  | (60) | (929) |
|  Construction-in-progress |  | 36756713 | 3902907 | (23) |  |  | (2730458) | 37929139 |
|  (Government grants) |  | (230573) | 1093 |  |  |  | (4643) | (234123) |
|  Right-of-use assets |  | 2631937 | 55770 | (9789) | (113433) |  | 21943 | 2586428 |
|  Asset retirement costs |  | 8898110 |  |  | (286161) |  | 257948 | 8869897 |
|  Others |  | 2229076 | 1894 |  | (239494) |  | 492446 | 2483922 |
|  | W | 187751538 | 4127545 | (112350) | (3330684) | (825) | 1110146 | 189545370 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**18.** **Property, Plant and Equipment, Continued** 

**(2)** **Changes in property, plant and equipment for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows, continued:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **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** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Depreciation** | **Impairment** | **Others** | **Ending**<br>**balance** |
|  Land | W | 14548055 | 3397 | (14757) |  |  | 299661 | 14836356 |
|  (Government grants) |  | (27403) |  | 11 |  |  |  | (27392) |
|  Buildings |  | 13397461 | 29671 | (27419) | (1008638) | (16) | 1367526 | 13758585 |
|  (Government grants) |  | (41718) |  | 4 | 3937 |  | (300) | (38077) |
|  Structures |  | 51792939 | 8593 | (304274) | (3015461) |  | 4287568 | 52769365 |
|  (Government grants) |  | (149737) |  | 687 | 9552 |  | (10060) | (149558) |
|  Machinery |  | 56955731 | 477443 | (238182) | (6371551) | (14246) | 4824403 | 55633598 |
|  (Government grants) |  | (105546) |  | 384 | 15011 |  | (4186) | (94337) |
|  Ships |  | 10534 |  |  | (1863) |  |  | 8671 |
|  Vehicles |  | 81451 | 5482 | (108) | (49732) |  | 98642 | 135735 |
|  (Government grants) |  | (2745) |  | 6 | 1309 |  | (1253) | (2683) |
|  Equipment |  | 438096 | 88890 | (166) | (212174) |  | 134932 | 449578 |
|  (Government grants) |  | (3915) |  |  | 2119 |  | (72) | (1868) |
|  Tools |  | 173736 | 36172 | (48) | (78791) |  | 58215 | 189284 |
|  (Government grants) |  | (1306) |  |  | 437 |  | (113) | (982) |
|  Construction-in-progress |  | 31284358 | 15728954 | (65) |  |  | (10256534) | 36756713 |
|  (Government grants) |  | (223566) | 4685 |  |  |  | (11692) | (230573) |
|  Right-of-use assets |  | 3046396 | 100430 | (5876) | (477663) |  | (31350) | 2631937 |
|  Asset retirement costs |  | 9748444 |  |  | (1437687) |  | 587353 | 8898110 |
|  Others |  | 2061498 | 2849 |  | (1007904) |  | 1172633 | 2229076 |
|  | W | 182982763 | 16486566 | (589803) | (13629099) | (14262) | 2515373 | 187751538 |

---

(3) For the three-month period ended March 31, 2026, the Group's subsidiaries including Korea
Hydro & Nuclear Power Co., Ltd. recognized proceeds and costs from selling items produced before the assets' intended use. As a result, W 58,552 million (W 331 million for the three-month
period ended March 31, 2025) was recognized as revenue and W 73,641 million (W 669 million for the three-month period ended March 31, 2025) was recognized as cost of sales in profit or loss,
respectively.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**19.** **Investment Properties** 

**(1)** **Investment properties as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Acquisition cost** | **Acquisition cost** | **Government grants** | **Accumulated<br>depreciation** | **Book**<br>**value** |
|  Land | W | 185294 |  |  | 185294 |
|  Buildings |  | 24631 | (21) | (14794) | 9816 |
|  | W | 209925 | (21) | (14794) | 195110 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Acquisition cost** | **Acquisition cost** | **Government grants** | **Accumulated<br>depreciation** | **Book**<br>**value** |
|  Land | W | 218041 |  |  | 218041 |
|  Buildings |  | 38311 | (22) | (17558) | 20731 |
|  | W | 256352 | (22) | (17558) | 238772 |

---

**(2)** **Changes in investment properties for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** |
|  | **Beginning balance** | **Beginning balance** | **Disposal** | **Depreciation** | **Others** | **Ending balance** |
|  Land | W | 218041 |  |  | (32747) | 185294 |
|  Buildings |  | 20753 |  | (256) | (10660) | 9837 |
|  (Government grants) |  | (22) |  |  | 1 | (21) |
|  | W | 238772 |  | (256) | (43406) | 195110 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **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 balance** | **Beginning balance** | **Disposal** | **Depreciation** | **Others** | **Ending balance** |
|  Land | W | 210509 |  |  | 7532 | 218041 |
|  Buildings |  | 18497 |  | (1082) | 3338 | 20753 |
|  (Government grants) |  | (22) |  |  |  | (22) |
|  | W | 228984 |  | (1082) | 10870 | 238772 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**19.** **Investment Properties, Continued** 

**(3)** **Income and expenses related to investment properties for each of the three-month periods ended March 31, 2026 and 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period**<br>**ended March 31, 2026** | **For the three-month period**<br>**ended March 31, 2026** | **For the three-month period**<br>**ended March 31, 2025** |
|  Rental income | W | 3135 | 2784 |
|  Operating and maintenance expenses related to rental income |  | (262) | (201) |
|  | W | 2873 | 2583 |

---

**(4)** **Fair values of investment properties as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Book value** | **Book value** | **Fair value** | **Fair value** | **Book value** | **Book value** | **Fair value** | **Fair value** |
|  Land | W | 185294 |  | 313582 |  | 218041 |  | 363922 |
|  Buildings |  | 9816 |  | 10168 |  | 20731 |  | 24126 |
|  | W | 195110 |  | 323750 |  | 238772 |  | 388048 |

---

The Group determined the fair value of investment property on the transition date based on valuations conducted by an independent valuation firm that is independent of the Group. The valuation firm has appropriate qualifications and experience in the valuation of real estate in the Republic of Korea, and the valuation was conducted using a comparison method, which is a method of obtaining economic value based on the marketability of the property. The fair values of the investment properties as of the reporting date were determined in consideration of the fluctuation on the publicly announced individual land price after the KIFRS transition date (January 1, 2010).

**(5)** All of the Group's investment properties are held under freehold interests.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**20.** **Construction Contracts** 

**(1)** **Changes in the total contract amount in which revenue is not yet recognized for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** |
|  | **Beginning**<br>**balance** | **Beginning**<br>**balance** | **Increase <br>(decrease) (\*)** | **Recognized as**<br>**revenue** | **Ending <br>balance** |
|  Nuclear power plant construction in overseas and others | W | 34187761 | 1425209 | (225278) | 35387692 |

---

(\*) For the three-month period ended March 31, 2026, the increased balance of contracts from new orders is W1,426,013 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W804 million.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **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** | **Beginning**<br>**balance** | **Increase <br>(decrease) (\*)** | **Recognized as**<br>**revenue** | **Ending <br>balance** |
|  Nuclear power plant construction in overseas and others | W | 6136773 | 28724681 | (673693) | 34187761 |

---

(\*) For the year ended December 31, 2025, the increased balance of contracts from new orders is W29,718,160 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W993,479 million.

**(2)** **Accumulated earned revenue, expense and others related to the Group's construction contracts in progress as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Accumulated**<br>**earned revenue** | **Accumulated**<br>**earned revenue** | **Accumulated**<br>**expense** | **Accumulated**<br>**profit** | **Unearned**<br>**advance receipts** |
|  Nuclear power plant construction in overseas and others | W | 24162486 | 25729583 | (1567097) | 102441 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Accumulated**<br>**earned revenue** | **Accumulated**<br>**earned revenue** | **Accumulated**<br>**expense** | **Accumulated**<br>**Profit (loss)** | **Unearned**<br>**advance receipts** |
|  Nuclear power plant construction in overseas and others | W | 23954612 | 25468062 | (1513450) | 102359 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**20.** **Construction Contracts, Continued** 

**(3)** **The gross amounts due from customers recognized as contract assets and due to customers recognized as contract liabilities for contract works as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Contract assets**<br>**(\*1)** | **Contract assets**<br>**(\*1)** | **Contract liabilities**<br>**(\*2)** | **Contract assets**<br>**(\*1)** | **Contract liabilities**<br>**(\*2)** |
|  Nuclear power plant construction in overseas and others | W | 651060 | 345822 | 538057 | 363521 |

---

(\*1) Included in trade and other receivables, net, in the consolidated statements of financial position.

---

| | |
|:---|:---|
| (\*2) | Included in non-financial liabilities as advance received in the consolidated statements of financial position. The revenue recognized for the three-month period ended March 31, 2026 from the amounts included in contract liabilities at the end of the prior year was W95,247 million.  |

---

**(4)** The contracts with customers state that the disclosure of information related to UAE and Egypt Eldaba nuclear
power plant construction projects such as rate of progress, unbilled construction, impairment losses, etc. is not allowed without consent from the customers. The customers did not agree to disclose such information. Accordingly, the Group did not
disclose such information based on KIFRS 1115 129.2(2) as it is probable that the purchasers may file a lawsuit for breach of contract if the Group does so. Also, the Group reported to the audit committee that those items will not be disclosed in
the notes to the consolidated financial statements.

---

| | | |
|:---|:---|:---|
|  | **Contract date** | **Completion<br>date** |
|  Egypt Eldaba nuclear power plant construction projects | August 25, 2022 | April 8, 2029 |
|  Construction of Retubing and Refurbishment for Cernavoda NPP Unit1 Refurbishment Project in Romania | December 19, 2024 | June 30, 2030 |
|  Dukovany nuclear power plant construction projects (Units 5 and 6) in the Czech Republic (\*) | June 17, 2025 |  |

---

(\*) The completion date of the Dukovany New Nuclear Power Plant (Units 5 and 6) Project is exempt from disclosure pursuant to the laws of the Czech Republic.

**(5)** The Group is in discussion with the contracting parties about the prolongation costs and liquidated
damages for the UAE nuclear power plant project. As of March 31, 2026, the Group recognized the amount of estimated outflow of resources embodying economic benefits related to the prolongation costs as provisions.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**20.** **Construction Contracts, Continued** 

**(6)** **The operating segment information related to the contracts for which the Group recognizes revenue based on the percentage-of-completion on a cost-based input method for the three-month period ended March 31, 2026 is as follows:** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** |
|  | **Effect from changes in accounting estimates** | **Effect from changes in accounting estimates** | **Effect from changes in accounting estimates** | **Effect from changes in accounting estimates** | **Effect from changes in accounting estimates** | **Effect from changes in accounting estimates** | **Effect from changes in accounting estimates** | **Contract assets from**<br>**construction contracts** | **Contract assets from**<br>**construction contracts** | **Trade receivables from**<br>**construction contracts** | **Trade receivables from**<br>**construction contracts** |
|  | **Expected**<br>**loss on<br>construction<br>contracts** | **Expected**<br>**loss on<br>construction<br>contracts** | **The effect<br>on profit or<br>loss of<br>changes in<br>estimates of<br>contract<br>revenue and<br>contract<br>costs** | **Amounts<br>recognized in<br>current**<br>**profit or loss** | **Amounts to be<br>recognized in<br>future profit<br>or loss** | **Changes in<br>estimated total<br>contract costs** | **Revenue**<br>**recognized from<br>performance**<br>**obligations<br>satisfied in<br>previous periods** | **Gross** | **Allowance**<br>**for doubtful**<br>**accounts** | **Gross** | **Allowance**<br>**for doubtful**<br>**accounts** |
|  Transmission and distribution | W | 19951 | (117990) | (118016) | 26 | 111851 |  | 296178 |  |  |  |
|  Electric power generation (Nuclear) |  | 1394587 | 909999 | 44762 | 865237 | 317680 |  | 271487 |  | 130907 |  |
|  Plant maintenance & engineering Service and others |  | 3000 | (247498) | (416) | (247082) | 260447 | 7539 | 75978 | 6 | 34497 | 5617 |
|  Others |  |  |  |  |  |  |  | 7417 |  | 17676 | 50 |
|  | W | 1417538 | 544511 | (73670) | 618181 | 689978 | 7539 | 651060 | 6 | 183080 | 5667 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**21.** **Intangible Assets other than Goodwill** 

**(1)** **Intangible assets as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Acquisition<br>cost** | **Acquisition<br>cost** | **Government<br>grants** | **Accumulated<br>amortization** | **Accumulated<br>impairment<br>losses** | **Book**<br>**value** |
|  Software | W | 1251149 | (707) | (1083812) | (1134) | 165496 |
|  Copyrights, patents rights and other industrial rights |  | 57571 |  | (42761) |  | 14810 |
|  Mining rights |  | 673351 |  | (18292) | (645800) | 9259 |
|  Development expenditures |  | 1036890 | (467) | (972427) |  | 63996 |
|  Intangible assets under development |  | 108977 | (5538) |  |  | 103439 |
|  Usage rights of donated assets and others |  | 622651 |  | (473816) | (136) | 148699 |
|  Leasehold rights |  | 28185 |  | (26144) | (538) | 1503 |
|  Greenhouse gas emissions rights |  | 109496 |  |  |  | 109496 |
|  Others |  | 640360 | (112) | (219783) | (12223) | 408242 |
|  | W | 4528630 | (6824) | (2837035) | (659831) | 1024940 |
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Acquisition<br>cost** | **Acquisition<br>cost** | **Government<br>grants** | **Accumulated<br>amortization** | **Accumulated<br>impairment<br>losses** | **Book**<br>**value** |
|  Software | W | 1237800 | (804) | (1064876) | (19) | 172101 |
|  Copyrights, patents rights and other industrial rights |  | 57100 |  | (42168) |  | 14932 |
|  Mining rights |  | 626449 |  | (16125) | (601636) | 8688 |
|  Development expenditures |  | 1033744 | (540) | (965175) |  | 68029 |
|  Intangible assets under development |  | 125687 | (5044) |  |  | 120643 |
|  Usage rights of donated assets and others |  | 602139 |  | (470762) | (136) | 131241 |
|  Leasehold rights |  | 28185 |  | (25959) | (538) | 1688 |
|  Greenhouse gas emissions rights |  | 108300 |  |  |  | 108300 |
|  Others |  | 631396 | (136) | (243363) | (12224) | 375673 |
|  | W | 4450800 | (6524) | (2828428) | (614553) | 1001295 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**21.** **Intangible Assets other than Goodwill, Continued** 

**(2)** **Changes in intangible assets for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Amortization** | **Impairment** | **Others** | **Ending<br>balance** |
|  Software | W | 172905 | 5108 |  | (21136) | (1115) | 10441 | 166203 |
|  (Government grants) |  | (804) |  |  | 111 |  | (14) | (707) |
|  Copyrights, patents rights and other industrial rights |  | 14932 | 25 |  | (520) |  | 373 | 14810 |
|  Mining rights |  | 8688 | 807 |  | (777) |  | 541 | 9259 |
|  Development expenditures |  | 68569 |  |  | (7467) |  | 3361 | 64463 |
|  (Government grants) |  | (540) |  |  | 73 |  |  | (467) |
|  Intangible assets under development |  | 125687 | 15466 |  |  |  | (32176) | 108977 |
|  (Government grants) |  | (5044) |  |  |  |  | (494) | (5538) |
|  Usage rights of donated assets and others |  | 131241 |  |  | (3521) |  | 20979 | 148699 |
|  Leasehold rights |  | 1688 |  |  | (185) |  |  | 1503 |
|  Greenhouse gas emissions rights |  | 108300 | 1169 |  | 27 |  |  | 109496 |
|  Others |  | 375809 | 11373 |  | (5982) |  | 27154 | 408354 |
|  (Government grants) |  | (136) |  |  | 24 |  |  | (112) |
|  | W | 1001295 | 33948 |  | (39353) | (1115) | 30165 | 1024940 |
| *In millions of won* | **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** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Amortization** | **Impairment** | **Others** | **Ending<br>balance** |
|  Software | W | 179989 | 23008 | (2267) | (89309) | 40 | 61444 | 172905 |
|  (Government grants) |  | (844) |  |  | 342 |  | (302) | (804) |
|  Copyrights, patents rights and other industrial rights |  | 26631 | 390 | (12) | (4937) | (8348) | 1208 | 14932 |
|  Mining rights |  | 29422 | 30 | (972) | (1569) |  | (18223) | 8688 |
|  Development expenditures |  | 73673 |  |  | (27901) |  | 22797 | 68569 |
|  (Government grants) |  | (939) |  |  | 496 |  | (97) | (540) |
|  Intangible assets under development |  | 87641 | 75291 |  |  | (30) | (37215) | 125687 |
|  (Government grants) |  | (3473) |  |  |  |  | (1571) | (5044) |
|  Usage rights of donated assets and others |  | 133379 |  |  | (11599) |  | 9461 | 131241 |
|  Leasehold rights |  | 2431 |  |  | (743) |  |  | 1688 |
|  Greenhouse gas emissions rights |  | 135534 | 1523 |  |  |  | (28757) | 108300 |
|  Others |  | 383703 | 2251 | (1350) | (23483) | (58) | 14746 | 375809 |
|  (Government grants) |  | (229) |  |  | 93 |  |  | (136) |
|  | W | 1046918 | 102493 | (4601) | (158610) | (8396) | 23491 | 1001295 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**21.** **Intangible Assets other than Goodwill, Continued** 

**(3)** **Significant specific intangible assets as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won and thousands of Australian dollars* | *In millions of won and thousands of Australian dollars* | *In millions of won and thousands of Australian dollars* | *In millions of won and thousands of Australian dollars* | *In millions of won and thousands of Australian dollars* |
| **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Type** | **Description** | **Currency** | **Amount** | **Remaining useful lives** |
|  Software | S/4HANA ERP license | KRW | 2443 | 1 years and 8 months |
|  Mining rights | Mining rights of Bylong mine | AUD |  | — (\*) |
|  Usage rights of donated assets and others | Sejong Haengbogdosi sharing charge | KRW | 3025 | 8 months |
|  | Right of use electricity and gas supply facility (Community district of Songdo) | KRW | 4481 | 4 years and 3 months |
|  Others | Occupancy and use of public waters | KRW | 58625 | 10 years and 10 month |
|  | Greenhouse gas emissions rights | KRW | 109496 |  |
|  | Business rights | KRW | 172434 |  |

---

---

| | |
|:---|:---|
| (\*) | The carrying amount of mining rights is nil, because KEPCO Australia Pty., Ltd. and KEPCO Bylong Australia Pty., Ltd. had recognized impairment losses in full.  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won and thousands of Australian dollars* | *In millions of won and thousands of Australian dollars* | *In millions of won and thousands of Australian dollars* | *In millions of won and thousands of Australian dollars* | *In millions of won and thousands of Australian dollars* |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Type** | **Description** | **Currency** | **Amount** | **Remaining useful lives** |
|  Software | S/4HANA ERP license | KRW | 2810 | 1 years and 11 months |
|  Mining rights | Mining rights of Bylong mine | AUD |  | — (\*) |
|  Usage rights of donated assets and others | Sejong Haengbogdosi sharing charge | KRW | 4159 | 11 months |
|  | Right of use electricity and gas supply facility (Community district of Songdo) | KRW | 4745 | 4 years and 6 months |
|  Others | Occupancy and use of public waters | KRW | 59977 | 11 years and 1 month |
|  | Greenhouse gas emissions rights | KRW | 108300 |  |
|  | Business rights | KRW | 143216 | 24 years and 11 months |

---

---

| | |
|:---|:---|
| (\*) | The carrying amount of mining rights is nil, because KEPCO Australia Pty., Ltd. and KEPCO Bylong Australia Pty., Ltd. had recognized impairment losses in full.  |

---

**(4)** For each of the three-month periods ended March 31, 2026 and 2025, the Group recognized research
and development expenses of W 607,182 million and W 175,955 million, respectively.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**22.** **Trade and Other Payables** 

**Trade and other payables as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Trade payables | W | 4197083 |  | 3543008 |  |
|  Non-trade payables |  | 2322816 | 1300457 | 2413056 | 1298781 |
|  Accrued expenses |  | 1853099 | 41088 | 2066595 | 39309 |
|  Leasehold deposits received |  | 5563 | 726 | 5448 | 956 |
|  Other deposits received |  | 84743 | 42882 | 82116 | 38788 |
|  Lease liabilities |  | 529536 | 2637588 | 510105 | 2640775 |
|  Dividends payable |  | 1054170 |  | 1319 |  |
|  Others (\*) |  | 23 | 10212 | 24 | 10199 |
|  | W | 10047033 | 4032953 | 8621671 | 4028808 |

---

(\*) Details of others as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Current** | **Current** | **Non-current** | **Non-current** | **Current** | **Current** | **Non-current** | **Non-current** |
|  Advance received from local governments | W |  |  | 2689 |  |  |  | 2689 |
|  Others |  | 23 |  | 7523 |  | 24 |  | 7510 |
|  | W | 23 |  | 10212 |  | 24 |  | 10199 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**23.** **Borrowings and Debt Securities** 

**(1)** **Borrowings and debt securities as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** |
|  **Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term borrowings | W | 9524299 | 9979420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term borrowings |  | 9272552 | 8744156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of debt securities |  | 29485761 | 27173916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: current portion of discount on long-term borrowings |  | (1950) | (2054) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: current portion of discount on debt securities |  | (10113) | (8468) |
|  |  | 48270549 | 45886970 |
|  **Non-current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term borrowings |  | 3353864 | 3317261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 76787812 | 80769677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: discount on long-term borrowings |  | (41218) | (42487) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: discount on debt securities |  | (159860) | (162129) |
|  |  | 79940598 | 83882322 |
|  | W | 128211147 | 129769292 |

---

**(2)** **Repayment schedules of borrowings and debt securities as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Type** | **Borrowings** | **Borrowings** | **Debt Securities** |
|  Less than 1 year | W | 18796851 | 29485761 |
|  1~ 5 years |  | 1212832 | 56200498 |
|  More than 5 years |  | 2141032 | 20587314 |
|  | W | 22150715 | 106273573 |
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Type** | **Borrowings** | **Borrowings** | **Debt Securities** |
|  Less than 1 year | W | 18723576 | 27173916 |
|  1~ 5 years |  | 1268982 | 59991872 |
|  More than 5 years |  | 2048279 | 20777805 |
|  | W | 22040837 | 107943593 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**23.** **Borrowings and Debt Securities, Continued** 

**(3)** **Short-term borrowings as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |
| **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Type** | **Creditor** | **Interest rate (%)** | **Maturity** | **Foreign**<br>**currency** | **Foreign**<br>**currency** | **Local**<br>**currency** | **Local**<br>**currency** |
|  Local short-term borrowings | Yuanta Securities Co., Ltd. and others | 2.75 ~ 4.99 | 2026.04.03<br>~2026.12.31 |  |  | W | 6543353 |
|  Local short-term borrowings | Nonghyup Bank and others | 3M CD + 0.62 ~ 0.80<br>4.33 | 2026.05.27<br>~2026.07.11 |  |  |  | 2609200 |
|  Local short-term borrowings | Korea Development Bank | Short-term loan base interest rate<br>+ 0.99 | 2027.02.24 |  |  |  | 30000 |
|  Local short-term borrowings | Export-Import Bank of Korea | 2.97 ~ 3.30 | 2026.09.18<br>~2026.12.29 |  |  |  | 30000 |
|  Foreign short-term borrowings | Hana Bank and others | SOFR(1M)<br> + 0.40 ~ 0.90 | 2026.08.11 | USD | &nbsp;&nbsp;&nbsp;&nbsp;49275 |  | 74573 |
|  Foreign short-term borrowings | DBS | Compounded SOFR<br>+ 0.78 | 2029.10.14 | SAR | &nbsp;&nbsp;&nbsp;&nbsp;216159 |  | 87173 |
|  Local bank overdraft | Nonghyup Bank | 3.40 | 2026.04.09 |  |  |  | 150000 |
|  |  |  |  |  |  | W | 9524299 |
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Type** | **Creditor** | **Interest rate (%)** | **Maturity** | **Foreign**<br>**currency** | **Foreign**<br>**currency** | **Local**<br>**currency** | **Local**<br>**currency** |
|  Local short-term borrowings | Yuanta Securities Co., Ltd. and others | 2.82 ~ 3.65 | 2026.01.02<br>~2026.05.18 |  |  | W | 7018433 |
|  Local short-term borrowings | Nonghyup Bank and others | 3M CD + 0.62 ~ 0.80 | 2026.05.27<br>~2026.07.11 |  |  |  | 2600000 |
|  Local short-term borrowings | Korea Development Bank | Short-term loan base interest rate<br>+ 1.03 | 2026.02.24 |  |  |  | 30000 |
|  Local short-term borrowings | Export-Import Bank of Korea | 2.97 ~ 3.30 | 2026.09.18<br>~2026.12.29 |  |  |  | 30000 |
|  Foreign short-term borrowings | Hana Bank and others | SOFR(1M)<br> + 0.40 ~ 0.90 | 2026.08.11<br>~2026.11.25 | USD | &nbsp;&nbsp;&nbsp;&nbsp;49165 |  | 70547 |
|  Local bank overdraft | Nonghyup Bank | 3.26 | 2026.01.08 |  |  |  | 183300 |
|  Local bank overdraft | Hana Bank | 1yr bank debenture<br> rate+1.07 | 2026.10.31 |  |  |  | 47140 |
|  |  |  |  |  |  | W | 9979420 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**23.** **Borrowings and Debt Securities, Continued** 

**(4)** **Long-term borrowings as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Type** | **Type** | **Interest rate (%)** | **Maturity** | **Foreign**<br>**currency** | **Local**<br>**currency** | **Local**<br>**currency** |
|  **Local long-term borrowings** |  |  |  |  |  |  |
|  Korea Development Bank | Others | 0.50 | 2026~2044 |  | W | 1019 |
|  | Facility | 4.60~4.94 | 2028~2042 |  |  | 45556 |
|  | Facility | CB rate+0.90 | 2029 |  |  | 6962 |
|  Hana Bank and others | Commercial Paper | 3M CD + 0.25~1.20 | 2026~2030 |  |  | 8950000 |
|  | Facility | 4.60 | 2028 |  |  | 3244 |
|  | Facility | 3yr KTB rate-1.25 | 2026~2028 |  |  | 1661 |
|  Export-Import Bank of Korea | Project loans | 1.00 | 2026 |  |  | 1473 |
|  | Facility | 1.32 | 2027~2028 |  |  | 44000 |
|  | Operating funds | 3M bank debenture<br>rate+0.66 | 2026 |  |  | 50000 |
|  Korea Energy Agency | Development of power<br> resources | 3yr KTB rate-2.25<br> 1.75 | 2028 |  |  | 6257 |
|  | Project loans |  | 2033 |  |  | 1197 |
|  Shinhan Bank and others | Facility | CB rate+0.90~1.10 | 2028~2029 |  |  | 9739 |
|  | Others | 3.95 | 2034 |  |  | 60306 |
|  | Others | Standard overdraft<br>rate+1.00 | 2034 |  |  | 60306 |
|  Kookmin Bank | Facility | 4.58~4.93<br> 3M CD+1.79 | 2030~2037 |  |  | 159227 |
|  Woori Bank | Facility | 3M CD+1.90<br> Standard overdraft<br>rate+1.60<br> 4.93 | 2034~2042 |  |  | 91850 |
|  IBK | Facility | 4.00~5.80 | 2042~2044 |  |  | 30690 |
|  Nonghyup Bank | Facility | 4.58~4.68 | 2030~2041 |  |  | 39093 |
|  Others | Facility | 3.30~6.80 | 2028~2042 |  |  | 756806 |
|  | Facility | CB rate+1.10<br> 1.75~4.68 | 2028~2041 |  |  | 19426 |
|  | Others | 4.40~7.90 | 2038~2039 |  |  | 79184 |
|  | Others | 2.10~5.41 | 2031~2034 |  |  | 49817 |
|  |  |  |  |  | W | 10467813 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**23.** **Borrowings and Debt Securities, Continued** 

**(4)** **Long-term borrowings as of March 31, 2026 and December 31, 2025 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies*  | *In millions of won and thousands of foreign currencies*  | *In millions of won and thousands of foreign currencies*  | *In millions of won and thousands of foreign currencies*  | *In millions of won and thousands of foreign currencies*  | *In millions of won and thousands of foreign currencies*  | *In millions of won and thousands of foreign currencies*  |
| **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Type** | **Type** | **Interest rate (%)** | **Maturity** | **Foreign**<br>**currency** | **Local**<br>**currency** | **Local**<br>**currency** |
|  **Foreign long-term borrowings** | **Foreign long-term borrowings** | **Foreign long-term borrowings** |  |  |  |  |
|  Korea Energy Agency | Project loans |  | 2026 | USD 8,744 | W | 13233 |
|  Export-Import Bank of Korea and others | Direct Loan and others | Fixed + compound SOFR<br>1.80~3.20 | 2036 | USD 65,616 |  | 99303 |
|  | Direct Loan and others | 6M Synthetic Libor<br>+2.25~3.70 | 2027 | USD 32,621 |  | 49368 |
|  | Facility | TermSOFR(3M)+<br>26.161bps(adj)+197.5bps | 2028 | USD 83,147 |  | 125835 |
|  | Facility | SOFR+0.43~1.83 | 2029~2031 | USD 122,183 |  | 184912 |
|  | Facility | SOFR+0.78 | 2029 | SAR 301,909 |  | 121754 |
|  POSCO E&C and others | Shareholder's Loan | 8.00 | 2026 | USD 3,978 |  | 6021 |
|  | Shareholder's Loan | 8.00 | 2031 | USD 6,845 |  | 10359 |
|  NH-Amundi | Syndicated Loan | 8.00 | 2032 | JPY 646,685 |  | 6122 |
|  SMTB | Syndicated Loan | ((0.55%+TIBOR<br> 6M)×40%)+(1.8225%×60%) | 2036 | JPY 5,608,572 |  | 53098 |
|  Kiwoom Solar Power Professional Investor Private Placement Investment Trust V | Senior borrowing | 3.90 | 2029 | EUR 36,284 |  | 62894 |
|  MUFGBank and others | Facility | SOFR(3M)+1.60<br>SOFR(6M)+CAS+5.00<br>5.08~5.53 | 2026~2049 | USD 694,956 |  | 1051746 |
|  Hanwha US Solar Private Fund 1 and others | Facility | 6.00 | 2038 | USD 61,026 |  | 92356 |
|  Shinhan Bank | Facility | 1M BBSY+1.40~2.25 | 2026 | AUD 223,638 |  | 231671 |
|  Nonghyup Bank and others | Facility | 10.40 | 2039 | USD 32,993 |  | 49931 |
|  |  |  |  |  |  | 2158603 |
|  |  |  |  |  |  | 12626416 |
|  Less: discount on long-term borrowings | Less: discount on long-term borrowings | Less: discount on long-term borrowings | Less: discount on long-term borrowings |  |  | (43168) |
|  Less: current portion of long-term borrowings | Less: current portion of long-term borrowings | Less: current portion of long-term borrowings | Less: current portion of long-term borrowings |  |  | (9272552) |
|  Add: current portion of discount on long-term borrowings | Add: current portion of discount on long-term borrowings | Add: current portion of discount on long-term borrowings | Add: current portion of discount on long-term borrowings |  |  | 1950 |
|  |  |  |  |  | W | 3312646 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**23.** **Borrowings and Debt Securities, Continued** 

**(4)** **Long-term borrowings as of March 31, 2026 and December 31, 2025 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Type** | **Type** | **Interest rate (%)** | **Maturity** | **Foreign**<br>**currency** | **Local**<br>**currency** | **Local**<br>**currency** |
|  **Local long-term borrowings** | **Local long-term borrowings** | **Local long-term borrowings** |  |  |  |  |
|  Korea Development Bank | Others | 0.50 | 2025~2044 |  | W | 1097 |
|  | Facility | 4.60~4.94 | 2028~2042 |  |  | 46340 |
|  | Facility | CB rate+0.90 | 2029 |  |  | 7457 |
|  Hana Bank and others | Commercial Paper | 3M CD + 0.31~1.20 | 2025~2030 |  |  | 8350000 |
|  | Facility | 4.60 | 2028 |  |  | 3578 |
|  | Facility | 3yr KTB rate-1.25 | 2025~2028 |  |  | 1827 |
|  Export-Import Bank of Korea | Project loans | 1.00 | 2026 |  |  | 1473 |
|  | Facility | 1.32 | 2026~2028 |  |  | 48000 |
|  | Operating funds | 3M bank debenture<br>rate+0.66 | 2026 |  |  | 50000 |
|  Korea Energy Agency | Development of power resources | 3yr KTB rate-2.25<br> 1.75 | 2028 |  |  | 6438 |
|  | Project loans |  | 2033 |  |  | 1197 |
|  Shinhan Bank and others | Facility | CB rate+0.90~1.10 | 2028~2029 |  |  | 10586 |
|  | Others | 3.95 | 2034 |  |  | 61820 |
|  | Others | Standard overdraft<br>rate+1.00 | 2034 |  |  | 61820 |
|  Kookmin Bank | Facility | 4.36~5.93 | 2030~2037 |  |  | 161114 |
|  Woori Bank | Facility | 3M CD+1.90<br>4.65~5.20 | 2034~2042 |  |  | 92963 |
|  IBK | Facility | 4.00~5.80 | 2042~2044 |  |  | 30690 |
|  Nonghyup Bank | Facility | 5.60~5.70 | 2030~2041 |  |  | 39093 |
|  Others | Facility | 3.30~6.80 | 2028~2042 |  |  | 768821 |
|  | Facility | CB rate+1.10<br> 1.75~5.70 | 2028~2041 |  |  | 20549 |
|  | Others | 4.40~7.90 | 2038~2039 |  |  | 79296 |
|  | Others | 2.00~5.41 | 2031~2034 |  |  | 49819 |
|  |  |  |  |  | W | 9893978 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**23.** **Borrowings and Debt Securities, Continued** 

**(4)** **Long-term borrowings as of March 31, 2026 and December 31, 2025 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Type** | **Type** | **Interest rate (%)** | **Maturity** | **Foreign**<br>**currency** | **Local currency** | **Local currency** |
|  **Foreign long-term borrowings** | **Foreign long-term borrowings** | **Foreign long-term borrowings** |  |  |  |  |
|  Korea Energy Agency | Project loans |  | 2026 | USD 8,744 | W | 12546 |
|  Export-Import Bank of Korea and others | Direct Loan and others | 6.72~8.12 | 2036 | USD 65,616 |  | 94152 |
|  | Direct Loan and others | 6M Synthetic Libor<br>+2.25~3.70 | 2027 | USD 32,621 |  | 46808 |
|  | Facility | SOFR+0.43~1.83 | 2029~2031 | USD 125,556 |  | 180160 |
|  | Facility | SOFR+0.78 | 2029 | SAR 517,167 |  | 197847 |
|  POSCO E&C and others | Shareholder's Loan | 8.00 | 2026 | USD 4,086 |  | 5863 |
|  | Shareholder's Loan | 8.00 | 2031 | USD 6,845 |  | 9822 |
|  NH-Amundi | Syndicated Loan | 8.00 | 2032 | JPY 491,448 |  | 4510 |
|  SMTB | Syndicated Loan | ((0.55%+TIBOR<br>6M)×40%)<br>+(1.8225%×60%) | 2036 | JPY 5,792,647 |  | 53155 |
|  Kiwoom Solar Power Professional Investor Private Placement Investment Trust V | Senior borrowing | 3.90 | 2029 | EUR 36,060 |  | 60786 |
|  MUFG Bank and others | Facility | SOFR(3M)+1.60~1.99<br>SOFR(6M)+5.00<br>5.67~6.18 | 2026~2032 | USD 801,862 |  | 1150592 |
|  Hanwha US Solar Private Fund 1 and others | Facility | 6.00 | 2038 | USD 60,818 |  | 87267 |
|  Shinhan Bank | Facility | 1M BBSY+1.40~2.25 | 2026 | AUD 223,008 |  | 214315 |
|  Nonghyup Bank and others | Facility | 10.40 | 2039 | USD 34,577 |  | 49616 |
|  |  |  |  |  |  | 2167439 |
|  |  |  |  |  |  | 12061417 |
|  Less: discount on long-term borrowings | Less: discount on long-term borrowings | Less: discount on long-term borrowings | Less: discount on long-term borrowings |  |  | (44541) |
|  Less: current portion of long-term borrowings | Less: current portion of long-term borrowings | Less: current portion of long-term borrowings | Less: current portion of long-term borrowings |  |  | (8744156) |
|  Add: current portion of discount on long-term borrowings | Add: current portion of discount on long-term borrowings | Add: current portion of discount on long-term borrowings | Add: current portion of discount on long-term borrowings |  |  | 2054 |
|  |  |  |  |  | W | 3274774 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**23.** **Borrowings and Debt Securities, Continued** 

**(5)** **Local debt securities as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* |  |  |  |  |
|  | **Issue date** | **Maturity** | **Interest rate (%)** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** |
|  Electricity Bonds | 2012.03.27<br> ~2026.03.17 | 2026.04.04<br> ~2052.04.21 | 1.48~5.69 | W | 57380000 | 59850000 |
|  Corporate Bonds (\*) | 2009.10.16<br> ~2026.02.13 | 2026.04.08<br> ~2054.06.28 | 1.29~10.00 |  | 30917353 | 29957353 |
|  Corporate Bonds | 2021.05.26<br> ~2023.12.28 | 2041.05.25<br> ~2043.09.15 | 1.75~3.78 |  | 41577 | 41578 |
|  |  |  |  |  | 88338930 | 89848931 |
|  Less: discount on local debt securities |  |  |  |  | (53119) | (52559) |
|  Less: current portion of local debt securities |  |  |  |  | (22691584) | (21801584) |
|  Add: current portion of discount on local debt securities |  |  |  |  | 3187 | 2163 |
|  |  |  |  | W | 65597414 | 67996951 |

---

---

| | |
|:---|:---|
| (\*) | Among the corporate bonds, each holder of Hee Mang Sunlight Power Co., Ltd.'s private equity bonds, amounting to W1,584 million, may exercise the early redemption rights on the 5th year (March 31, 2021) from the date of issuance of the bonds and every year on March 31 thereafter, until the year before the redemption date.  |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**23.** **Borrowings and Debt Securities, Continued** 

**(6)** **Foreign debt securities as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Type** | **Issue date** | **Maturity** | **Interest rate (%)** | **Foreign**<br>**currency** | **Local currency** | **Local currency** |
|  FY-96 | 1996.04.01~1996.12.06 | 2026.12.01~2096.04.01 | 6.00~7.95 | USD 278,701 | W | 421786 |
|  FY-97 | 1997.01.31~1997.08.04 | 2027.02.01~2027.08.01 | 6.75~7.00 | USD 314,717 |  | 476293 |
|  FY-04 | 2004.04.23 | 2034.04.23 | 5.13 | USD 286,920 |  | 434225 |
|  FY-14 | 2014.07.30 | 2029.07.30 | 3.57 | USD 100,000 |  | 151340 |
|  FY-17 | 2017.07.25 | 2027.07.25 | 3.13 | USD 300,000 |  | 454020 |
|  FY-17 | 2017.10.30 | 2037.10.30 | 1.70 | EUR 40,000 |  | 69335 |
|  FY-17 | 2017.11.16 | 2037.11.16 | 2.36 | SEK 450,000 |  | 71235 |
|  FY-18 | 2018.03.13 | 2028.03.13 | 3.35 | HKD 1,650,000 |  | 318698 |
|  FY-19 | 2019.07.19 | 2027.07.19 | 0.05 | CHF 100,000 |  | 189163 |
|  FY-19 | 2019.12.19 | 2037.12.31 | 3.30~5.70 | USD 310,682 |  | 470186 |
|  FY-21 | 2021.04.27 | 2026.04.27 | 1.25 | USD 500,000 |  | 756700 |
|  FY-21 | 2021.08.09 | 2026.08.09 | 1.25 | USD 300,000 |  | 454020 |
|  FY-21 | 2021.09.24 | 2026.09.24 | 1.13 | USD 300,000 |  | 454020 |
|  FY-22 | 2022.04.21 | 2027.04.21 | 3.63 | USD 300,000 |  | 454020 |
|  FY-22 | 2022.06.14 | 2027.06.14 | 4.00 | USD 300,000 |  | 454020 |
|  FY-22 | 2022.07.27 | 2027.07.27 | 4.25 | USD 700,000 |  | 1059380 |
|  FY-22 | 2022.10.06 | 2026.04.06~2028.04.06 | 5.38~5.50 | USD 800,000 |  | 1210720 |
|  FY-22 | 2022.10.06~2022.11.01 | 2032.10.06 | 5.16 | HKD 2,350,000 |  | 453903 |
|  FY-23 | 2023.06.07 | 2030.06.07 | 4.51 | HKD 1,037,000 |  | 200297 |
|  FY-23 | 2023.07.12 | 2028.07.12 | 4.88 | USD 350,000 |  | 529690 |
|  FY-23 | 2023.07.18 | 2028.07.18 | 5.00 | USD 500,000 |  | 756700 |
|  FY-23 | 2023.07.31 | 2026.07.31 | 5.38 | USD 1,000,000 |  | 1513400 |
|  FY-23 | 2023.09.21 | 2026.09.21 | 5.38 | USD 300,000 |  | 454020 |
|  FY-24 | 2024.01.31 | 2027.01.31 | 4.88 | USD 1,200,000 |  | 1816080 |
|  FY-24 | 2024.07.29 | 2029.07.29 | 4.63 | USD 500,000 |  | 756700 |
|  FY-25 | 2025.02.13 | 2028.02.13 | 4.75 | USD 400,000 |  | 605360 |
|  FY-25 | 2025.03.05 | 2028.03.05 | 4.10 | HKD 1,166,000 |  | 225213 |
|  FY-25 | 2025.07.30 | 2030.07.30 | SOFR+0.79 | USD 500,000 |  | 756700 |
|  FY-25 | 2025.11.04 | 2031.05.04 | 4.00 | USD 300,000 |  | 454020 |
|  FY-25 | 2025.11.12 | 2028.11.12 | Compounded Daily<br>SOFR+0.62 | USD 600,000 |  | 908040 |
|  FY-25 | 2025.11.12 | 2030.11.12 | 4.13 | USD 400,000 |  | 605359 |
|  |  |  |  |  |  | 17934643 |
|  Less: discount on foreign debt securities | Less: discount on foreign debt securities | Less: discount on foreign debt securities | Less: discount on foreign debt securities | Less: discount on foreign debt securities |  | (116854) |
|  Less: current portion of foreign debt securities | Less: current portion of foreign debt securities | Less: current portion of foreign debt securities | Less: current portion of foreign debt securities | Less: current portion of foreign debt securities |  | (6794177) |
|  Add: current portion of discount on foreign debt securities | Add: current portion of discount on foreign debt securities | Add: current portion of discount on foreign debt securities | Add: current portion of discount on foreign debt securities | Add: current portion of discount on foreign debt securities |  | 6926 |
|  |  |  |  |  | W | 11030538 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**23.** **Borrowings and Debt Securities, Continued** 

**(6)** **Foreign debt securities as of March 31, 2026 and December 31, 2025 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Type** | **Issue date** | **Maturity** | **Interest rate (%)** | **Foreign**<br>**currency** | **Local**<br>**currency** | **Local**<br>**currency** |
|  FY-96 | 1996.04.01~1996.12.06 | 2026.12.01~2096.04.01 | 6.00~7.95 | USD 278,701 | W | 399908 |
|  FY-97 | 1997.01.31~1997.08.04 | 2027.02.01~2027.08.01 | 6.75~7.00 | USD 314,717 |  | 451587 |
|  FY-04 | 2004.04.23 | 2034.04.23 | 5.13 | USD 286,920 |  | 411702 |
|  FY-14 | 2014.07.30 | 2029.07.30 | 3.57 | USD 100,000 |  | 143490 |
|  FY-17 | 2017.07.25 | 2027.07.25 | 3.13 | USD 300,000 |  | 430470 |
|  FY-17 | 2017.10.30 | 2037.10.30 | 1.70 | EUR 40,000 |  | 67429 |
|  FY-17 | 2017.11.16 | 2037.11.16 | 2.36 | SEK 450,000 |  | 70187 |
|  FY-18 | 2018.03.13 | 2028.03.13 | 3.35 | HKD 1,650,000 |  | 304277 |
|  FY-19 | 2019.07.19 | 2027.07.19 | 0.05 | CHF 100,000 |  | 181197 |
|  FY-19 | 2019.12.19 | 2037.12.31 | 3.30~5.70 | USD 310,682 |  | 445798 |
|  FY-20 | 2020.08.03 | 2026.02.03 | 0.61 | USD 300,000 |  | 430470 |
|  FY-21 | 2021.01.27 | 2026.01.27 | 0.75 | USD 450,000 |  | 645705 |
|  FY-21 | 2021.04.27 | 2026.04.27 | 1.25 | USD 500,000 |  | 717450 |
|  FY-21 | 2021.08.09 | 2026.08.09 | 1.25 | USD 300,000 |  | 430470 |
|  FY-21 | 2021.09.24 | 2026.09.24 | 1.13 | USD 300,000 |  | 430470 |
|  FY-22 | 2022.04.21 | 2027.04.21 | 3.63 | USD 300,000 |  | 430470 |
|  FY-22 | 2022.06.14 | 2027.06.14 | 4.00 | USD 300,000 |  | 430470 |
|  FY-22 | 2022.07.27 | 2027.07.27 | 4.25 | USD 700,000 |  | 1004430 |
|  FY-22 | 2022.10.06 | 2026.04.06~2028.04.06 | 5.38~5.50 | USD 800,000 |  | 1147920 |
|  FY-22 | 2022.10.06~2022.11.01 | 2032.10.06 | 5.16 | HKD 2,350,000 |  | 433364 |
|  FY-23 | 2023.06.07 | 2030.06.07 | 4.51 | HKD 1,037,000 |  | 191233 |
|  FY-23 | 2023.07.12 | 2028.07.12 | 4.88 | USD 350,000 |  | 502215 |
|  FY-23 | 2023.07.18 | 2028.07.18 | 5.00 | USD 500,000 |  | 717450 |
|  FY-23 | 2023.07.31 | 2026.07.31 | 5.38 | USD 1,000,000 |  | 1434900 |
|  FY-23 | 2023.09.21 | 2026.09.21 | 5.38 | USD 300,000 |  | 430470 |
|  FY-24 | 2024.01.31 | 2027.01.31 | 4.88 | USD 1,200,000 |  | 1721880 |
|  FY-24 | 2024.07.29 | 2029.07.29 | 4.63 | USD 500,000 |  | 717450 |
|  FY-25 | 2025.02.13 | 2028.02.13 | 4.75 | USD 400,000 |  | 573960 |
|  FY-25 | 2025.03.05 | 2028.03.05 | 4.10 | HKD 1,166,000 |  | 215022 |
|  FY-25 | 2025.07.30 | 2030.07.30 | SOFR+0.79 | USD 500,000 |  | 717450 |
|  FY-25 | 2025.11.04 | 2031.05.04 | 4.00 | USD 300,000 |  | 430470 |
|  FY-25 | 2025.11.12 | 2028.11.12 | Compounded Daily<br>SOFR+0.62 | USD 600,000 |  | 860939 |
|  FY-25 | 2025.11.12 | 2030.11.12 | 4.13 | USD 400,000 |  | 573959 |
|  |  |  |  |  |  | 18094662 |
|  Less: discount on foreign debt securities | Less: discount on foreign debt securities | Less: discount on foreign debt securities | Less: discount on foreign debt securities | Less: discount on foreign debt securities |  | (118038) |
|  Less: current portion of foreign debt securities | Less: current portion of foreign debt securities | Less: current portion of foreign debt securities | Less: current portion of foreign debt securities | Less: current portion of foreign debt securities |  | (5372332) |
|  Add: current portion of discount on foreign debt securities | Add: current portion of discount on foreign debt securities | Add: current portion of discount on foreign debt securities | Add: current portion of discount on foreign debt securities | Add: current portion of discount on foreign debt securities |  | 6305 |
|  |  |  |  |  | W | 12610597 |

---

**(7)** **Changes in borrowings and debt securities for each of the three-month periods ended March 31, 2026 and 2025 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period**<br>**ended March 31, 2026** | **For the three-month period**<br>**ended March 31, 2026** | **For the three-month period**<br>**ended March 31, 2026** | **For the three-month period**<br>**ended March 31, 2026** | **For the three-month period**<br>**ended March 31, 2025** | **For the three-month period**<br>**ended March 31, 2025** | **For the three-month period**<br>**ended March 31, 2025** |
|  | **Borrowings** | **Borrowings** | **Debt**<br>**Securities** | **Total** | **Borrowings** | **Debt**<br>**Securities** | **Total** |
|  Beginning balance | W | 21996296 | 107772996 | 129769292 | 20659381 | 111874019 | 132533400 |
|  Cash flow |  | (115815) | (2500420) | (2616235) | 206872 | 538688 | 745560 |
|  Effect of exchange rate fluctuations |  | 225693 | 830400 | 1056093 | (3806) | (16914) | (20720) |
|  Others |  | 1373 | 624 | 1997 | (25855) | 2564 | (23291) |
|  | W | 22107547 | 106103600 | 128211147 | 20836592 | 112398357 | 133234949 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**24.** **Lease** 

**1)** **Group as a lessee** 

**(1)** **Lease contracts** 

The Group applies the short-term leases recognition exemption to its lease contracts that have a lease term of 12 months or less from the commencement date, and recognized W57,081 million and W21,003 million respectively, as expense for each of the three-month periods ended March 31, 2026 and 2025. The Group also applies the leases of low-value assets recognition exemption to lease contracts with underlying assets considered to be low value (i.e., approximately less than W5 million), and recognized W916 million and W836 million respectively, as expense for each of the three-month periods ended March 31, 2026 and 2025. The Group has lease contracts for various items such as consecutive voyage charter contracts, real estate lease contracts including buildings, switchyard, and land for electric substation, vehicles, and other equipment.

**(2)** **Right-of-use assets as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Acquisition**<br>**Cost** | **Acquisition**<br>**Cost** | **Accumulated**<br>**depreciation** | **Accumulated<br>impairment<br>losses** | **Book**<br>**value** |
|  Land | W | 1029390 | (414545) |  | 614845 |
|  Buildings |  | 232675 | (127375) | (27) | 105273 |
|  Structures |  | 55320 | (15973) |  | 39347 |
|  Machinery |  | 56562 | (35118) |  | 21444 |
|  Ships |  | 3658096 | (2140137) |  | 1517959 |
|  Vehicles |  | 63552 | (41520) |  | 22032 |
|  Others |  | 388181 | (122653) |  | 265528 |
|  | W | 5483776 | (2897321) | (27) | 2586428 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Acquisition**<br>**Cost** | **Acquisition**<br>**Cost** | **Accumulated**<br>**depreciation** | **Book**<br>**value** |
|  Land | W | 1025978 | (401002) | 624976 |
|  Buildings |  | 220277 | (126636) | 93641 |
|  Structures |  | 54310 | (15125) | 39185 |
|  Machinery |  | 56211 | (33535) | 22676 |
|  Ships |  | 3630728 | (2066439) | 1564289 |
|  Vehicles |  | 72416 | (47670) | 24746 |
|  Others (\*) |  | 381469 | (119045) | 262424 |
|  | W | 5441389 | (2809452) | 2631937 |

---

(\*) During the year ended December 31, 2025, the power purchase agreement ("PPA") with CGN Yulchon Generation Co., Ltd., an LNG combined-cycle power project operator, was terminated.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**24.** **Lease, Continued** 

**1)** **Group as a lessee, continued** 

**(3)** **Changes in right-of-use assets for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase** | **Depreciation** | **Decrease** | **Others** | **Ending<br>balance** |
|  Land | W | 624976 | 9972 | (14827) | (8907) | 3631 | 614845 |
|  Buildings |  | 93641 | 17346 | (10651) | (882) | 5819 | 105273 |
|  Structures |  | 39185 | 9 | (3309) |  | 3462 | 39347 |
|  Machinery |  | 22676 | 249 | (1584) |  | 103 | 21444 |
|  Ships |  | 1564289 | 21698 | (73698) |  | 5670 | 1517959 |
|  Vehicles |  | 24746 | 562 | (3613) |  | 337 | 22032 |
|  Others |  | 262424 | 5934 | (5751) |  | 2921 | 265528 |
|  | W | 2631937 | 55770 | (113433) | (9789) | 21943 | 2586428 |
| *In millions of won* | **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** | **Beginning<br>balance** | **Increase** | **Depreciation** | **Decrease** | **Others** | **Ending<br>balance** |
|  Land | W | 677602 | 9402 | (59793) | (2035) | (200) | 624976 |
|  Buildings |  | 105841 | 25783 | (41921) | (2282) | 6220 | 93641 |
|  Structures |  | 40859 | 1889 | (8433) | (96) | 4966 | 39185 |
|  Machinery |  | 27060 | 1364 | (6515) | (19) | 786 | 22676 |
|  Ships |  | 1931093 | 9688 | (316823) |  | (59669) | 1564289 |
|  Vehicles |  | 20920 | 21280 | (15498) | (1444) | (512) | 24746 |
|  Others |  | 243021 | 31024 | (28680) |  | 17059 | 262424 |
|  | W | 3046396 | 100430 | (477663) | (5876) | (31350) | 2631937 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**24.** **Lease, Continued** 

**1)** **Group as a lessee, continued** 

**(4)** **Lease liabilities as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** |
|  Less than 1 year | W | 546477 | 526324 |
|  1 ~ 5 years |  | 1659199 | 1614003 |
|  More than 5 years |  | 1336773 | 1407310 |
|  |  | 3542449 | 3547637 |
|  Less: present value discounts and others |  | (375325) | (396757) |
|  Present value of lease payment | W | 3167124 | 3150880 |

---

**(5)** **Details of the liquidity classification of lease liabilities as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
|  Current lease liabilities | W | 529536 |  | 510105 |
|  Non-current lease liabilities |  | 2637588 |  | 2640775 |
|  | W | 3167124 |  | 3150880 |

---

**(6)** **Changes in lease liabilities for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase** | **Decrease** | **Interest<br>expenses** | **Others (\*)** | **Ending balance** |
|  Lease liabilities | W | 3150880 | 53156 | (174782) | 17433 | 120437 | 3167124 |

---

(\*) Others include the translation effect of foreign currency lease liabilities and others.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **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** | **Beginning<br>balance** | **Increase** | **Decrease** | **Interest<br>expenses** | **Others (\*)** | **Ending balance** |
|  Lease liabilities | W | 3699456 | 90362 | (626586) | 76935 | (89287) | 3150880 |

---

(\*) Others include the translation effect of foreign currency lease liabilities and others.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**24.** **Lease, Continued** 

**1)** **Group as a lessee, continued** 

**(7)** **Details of expense relating to lease contracts as lessee for each of the three-month periods ended March 31, 2026 and 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period**<br>**ended March 31, 2026** | **For the three-month period**<br>**ended March 31, 2026** | **For the three-month period**<br>**ended March 31, 2025** |
|  Depreciation of right-of-use assets | W | 113433 | 127011 |
|  Interest expenses of lease liabilities |  | 17433 | 20821 |
|  Lease expenses for short-term leases |  | 57081 | 21003 |
|  Lease expenses for leases of low-value assets |  | 916 | 836 |
|  Variable lease payments |  | 5163 | 3710 |
|  | W | 194026 | 173381 |

---

**(8)** The total cash outflow related to the lease contracts amounts to W 237,942 million and W 235,002 million, for each of the three-month periods ended March 31, 2026 and 2025, respectively.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**24.** **Lease, Continued** 

**2)** **Group as a lessor** 

**(1)** **Finance lease contracts** 

The Group has entered into power purchase agreements ("PPA") with Jordan Electric Power Company to provide a 373MW level Qatrana gas-fired combined power plant over a 25-year lease term, and an 89.1MW level Fujeij wind power plant over a 20-year lease term. In addition, the Group provides 10 energy storage system installation projects and 301 energy efficiency contracts as finance leases with lease terms ranging from 3 to 11 years. Also, the Group has entered into a PPA with the Comision Federal de Electricidad in Mexico to provide for 25 years (from December 2013 to November 2038) all electricity generated from the power plant after completion of its construction and receives revenue consisting of fixed charges (for capital cost recovery) and variable costs over the contracted period.

**(2)** **Profits and losses related to finance leases for each of the three-month periods ended March 31, 2026 and 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period ended**<br>**March 31, 2026** | **For the three-month period ended**<br>**March 31, 2026** | **For the three-month period ended**<br>**March 31, 2025** | **For the three-month period ended**<br>**March 31, 2025** |
|  Finance income on the net investment in the lease | W | 30785 |  | 29829 |

---

**(3)** **The maturity analysis of the lease payments receivable and reconciliation of the undiscounted lease payments to the net investment in the lease as of March 31, 2026 and December 31, 2025 is as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** |
|  Less than 1 year | W | 232106 | 217872 |
|  1 ~ 2 years |  | 214694 | 206023 |
|  2 ~ 3 years |  | 202022 | 194195 |
|  3 ~ 4 years |  | 205090 | 184626 |
|  4 ~ 5 years |  | 183721 | 187851 |
|  More than 5 years |  | 1241672 | 1218793 |
|  |  | 2279305 | 2209360 |
|  Less: unearned finance income |  | (944907) | (932072) |
|  Net investment in the lease (\*) | W | 1334398 | 1277288 |

---

---

| | |
|:---|:---|
| (\*) | Including the present value of unguaranteed residual value amounting to W36,733 million and W34,047 million, as of March 31, 2026 and December 31, 2025, respectively.  |

---

The implicit interest rate for a lease term is determined on the lease contract date. The implicit interest rate of the finance lease contracts is from 0.00% up to 17.60% per year as of March 31, 2026 (0.00%~17.37% as of December 31, 2025).

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**24.** **Lease, Continued** 

**2)** **Group as a lessor, continued** 

**(4)** **Changes in the allowance for doubtful accounts of finance lease receivables for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period<br>ended March 31, 2026** | **For the three-month period<br>ended March 31, 2026** | **For the year ended**<br>**December 31, 2025** |
|  Beginning balance | W | 7002 | 5255 |
|  Bad debt expense |  | 44 | 1977 |
|  Write-off |  |  | (230) |
|  Reversal |  |  |  |
|  Ending balance | W | 7046 | 7002 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**25.** **Employment Benefits** 

**(1)** **Employment benefit obligations as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
|  Net defined benefit asset | W | 130637 |  | 104344 |
|  Net defined benefit obligations |  | 1157422 |  | 1380352 |
|  Other long-term employee benefit obligations |  | 24414 |  | 1500 |

---

**(2)** **Principal assumptions used for actuarial valuation as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2026** | **As of December 31, 2025** |
|  Discount rate | 3.90% ~ 5.87% | 3.38% ~ 5.44% |
|  Future salary and benefit levels | 4.83% | 4.83% |
|  Weighted average duration | 9.36 years | 9.65 years |

---

**(3)** **Details of expense relating to defined benefit plans for each of the three-month periods ended March 31, 2026 and 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period**<br>**ended March 31, 2026** | **For the three-month period**<br>**ended March 31, 2026** | **For the three-month period<br>ended March 31, 2025** |
|  Current service cost | W | 111226 | 112868 |
|  Interest cost |  | 45571 | 40947 |
|  Expected return on plan assets |  | (33242) | (29331) |
|  | W | 123555 | 124484 |

---

**Expenses described above are recognized in those items below in the condensed consolidated financial statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period**<br>**ended March 31, 2026** | **For the three-month period**<br>**ended March 31, 2026** | **For the three-month period<br>ended March 31, 2025** | **For the three-month period<br>ended March 31, 2025** |
|  Cost of sales | W | 88907 |  | 88496 |
|  Selling and administrative expenses |  | 22542 |  | 23947 |
|  Others including construction-in-progress |  | 12106 |  | 12041 |
|  | W | 123555 |  | 124484 |

---

In addition, for each of the three-month periods ended March 31, 2026 and 2025, benefit expenses which the Group paid for the defined contribution plan in accordance with ratio defined in the Group's retirement benefit plan are classified as follows: W28,319 million and W22,696 million as cost of sales; W4,830 million and W 4,160 million as selling and administrative expenses; and W4,970 million and W4,131 million as construction-in-progress and others.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**25.** **Employment Benefits, Continued** 

**(4)** **Details of defined benefit obligations as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** |
|  Present value of defined benefit obligation from funded plans | W | 4653250 | 4978795 |
|  Fair value of plan assets |  | (3626465) | (3702787) |
|  Net liabilities incurred from defined benefit plans | W | 1026785 | 1276008 |

---

**(5)** **Changes in the present value of defined benefit obligations for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period**<br>**ended March 31, 2026** | **For the three-month period**<br>**ended March 31, 2026** | **For the year ended**<br>**December 31, 2025** |
|  Beginning balance | W | 4978795 | 4960645 |
|  Current service cost |  | 111226 | 486139 |
|  Interest cost |  | 45571 | 173362 |
|  Remeasurement component |  | (116068) | 32568 |
|  Actual payments |  | (366338) | (673863) |
|  Others |  | 64 | (56) |
|  Ending balance | W | 4653250 | 4978795 |

---

**(6)** **Changes in the fair value of plan assets for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period**<br>**ended March 31, 2026** | **For the three-month period**<br>**ended March 31, 2026** | **For the year ended**<br>**December 31, 2025** |
|  Beginning balance | W | 3702787 | 3551233 |
|  Expected return |  | 33242 | 124639 |
|  Remeasurement component |  | (7209) | (12236) |
|  Contributions by the employers |  | 620 | 350970 |
|  Actual payments |  | (102975) | (311819) |
|  Ending balance | W | 3626465 | 3702787 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**25.** **Employment Benefits, Continued** 

**(7)** **Details of the fair value of plan assets as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
|  Equity instruments | W | 992 |  | 879 |
|  Debt instruments |  | 516789 |  | 527278 |
|  Bank deposits |  | 244523 |  | 275590 |
|  Others (\*) |  | 2864161 |  | 2899040 |
|  | W | 3626465 |  | 3702787 |

---

(\*) Others consist of various financial instruments managed by external asset management companies.

For the three-month period ended March 31, 2026 and for the year ended December 31, 2025, actual returns on plan assets amounted to W26,033 million and W112,403 million, respectively.

**(8)** **Remeasurement components recognized in other comprehensive income (loss) for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period<br>ended March 31, 2026** | **For the three-month period<br>ended March 31, 2026** | **For the year ended**<br>**December 31, 2025** |
|  Actuarial loss (gain) from changes in financial assumptions | W | (178911) | (172587) |
|  Actuarial loss from experience adjustments, etc. |  | 62843 | 205155 |
|  Expected loss |  | 7209 | 12236 |
|  | W | (108859) | 44804 |

---

Remeasurement component recognized as other comprehensive income or loss is included in retained earnings.

In addition, gain on accumulated remeasurement component amounting to W 92,698 million and W 8,027 million have been recognized as other comprehensive income or loss as of March 31, 2026 and December 31, 2025, respectively.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**26.** **Provisions** 

**(1)** **Provisions as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
| *In millions of won* | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Employment benefits |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Provisions for employment benefits | W | 1226243 |  | 1145049 |  |
|  Litigation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Litigation provisions |  | 10114 | 349163 | 10114 | 342213 |
|  Decommissioning cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuclear plants |  | 55874 | 24279978 | 55874 | 24121023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spent fuel |  | 809934 | 2089906 | 700694 | 2044650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radioactive waste |  | 79777 | 1726024 | 72616 | 1699429 |
| &nbsp;&nbsp;&nbsp;&nbsp; PCBs |  |  | 10937 |  | 14073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other recovery provisions |  |  | 56769 |  | 55843 |
|  Others |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Power plant regional support program |  | 183482 |  | 132818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transmission regional support program (\*1) |  | 303509 |  | 344824 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Provisions for financial guarantee |  | 18302 | 28338 | 21815 | 28894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provisions for RPS |  | 31007 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Provisions for greenhouse gas emissions obligations |  | 161203 |  | 151187 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for onerous contracts (\*2) |  | 1415903 | 1634 | 1448037 | 1656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for defects liability |  | 309 | 106107 | 311 | 111885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for product warranties |  | 960 |  | 977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Others |  | 126529 | 446052 | 85927 | 444034 |
|  | W | 4423146 | 29094908 | 4170243 | 28863700 |

---

(\*1) As of March 31, 2026 and December 31, 2025, the Group recognized reimbursement assets of W 34,552 million and W 46,069 million, respectively, in connection with the provisions for support projects for areas adjacent to transmission and substation facilities.

---

| | |
|:---|:---|
| (\*2) | The Company recognized provisions for onerous contracts for those construction contracts where the total estimated contract costs exceed the total contract revenue. Detailed information regarding construction contracts is described in Note 20.  |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**26.** **Provisions, Continued** 

**(2)** **Changes in provisions for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase in<br>provision** | **Payment** | **Reversal** | **Others** | **Ending**<br>**balance** |
|  Employment benefits |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for employment benefits | W | 1145049 | 275996 | (194802) |  |  | 1226243 |
|  Litigation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litigation provisions |  | 352327 | 10810 | (2041) | (1819) |  | 359277 |
|  Decommissioning cost |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nuclear plants |  | 24176897 | 177788 | (18833) |  |  | 24335852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spent fuel |  | 2745344 | 257904 | (103408) |  |  | 2899840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radioactive waste |  | 1772045 | 38126 | (4370) |  |  | 1805801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCBs |  | 14073 | 114 | (3250) |  |  | 10937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other recovery provisions |  | 55843 | 451 |  |  | 475 | 56769 |
|  Others |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power plant regional support program |  | 132818 | 60107 | (9443) |  |  | 183482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transmission regional support program |  | 344824 | 985 | (42300) |  |  | 303509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for financial guarantee |  | 50709 | (977) | (2276) | (1092) | 276 | 46640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for RPS |  |  | 310858 | (279771) |  | (80) | 31007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for greenhouse gas emissions obligations |  | 151187 | 12418 | (163) | (2239) |  | 161203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for onerous contracts |  | 1449693 | 8659 |  | (40815) |  | 1417537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for defects liability |  | 112196 | 7387 | (13138) | (29) |  | 106416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for product warranties |  | 977 | 2 | (4) | (15) |  | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 529961 | 50776 | (7126) | (767) | (263) | 572581 |
|  | W | 33033943 | 1211404 | (680925) | (46776) | 408 | 33518054 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **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** | **Beginning<br>balance** | **Increase in<br>provision** | **Payment** | **Reversal** | **Others** | **Ending**<br>**balance** |
|  Employment benefits |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for employment benefits | W | 1093625 | 1364058 | (1301555) | (11079) |  | 1145049 |
|  Litigation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litigation provisions |  | 488421 | 44700 | (167170) | (13638) | 14 | 352327 |
|  Decommissioning cost |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nuclear plants |  | 23272373 | 1005286 | (63355) | (37407) |  | 24176897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spent fuel |  | 2923745 | 578601 | (411377) | (345625) |  | 2745344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radioactive waste |  | 1761791 | 108910 | (56879) | (41777) |  | 1772045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCBs |  | 39389 | 1144 | (19958) | (6502) |  | 14073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other recovery provisions |  | 50407 | 18963 | (1290) | (280) | (11957) | 55843 |
|  Others |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power plant regional support program |  | 130256 | 59769 | (57207) |  |  | 132818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transmission regional support program |  | 302631 | 212701 | (170508) |  |  | 344824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for financial guarantee |  | 30924 | 45864 | (22553) | (3347) | (179) | 50709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for RPS |  |  | 1107704 | (1101002) | (6702) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for greenhouse gas emissions obligations |  | 156463 | 247135 | (241024) | (7204) | (4183) | 151187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for onerous contracts |  | 1767 | 1448691 |  | (765) |  | 1449693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for defects liability |  | 121402 | 30329 | (39416) | (119) |  | 112196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for product warranties |  | 967 | 50 | (9) | (28) | (3) | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 256844 | 278428 | (5195) |  | (116) | 529961 |
|  | W | 30631005 | 6552333 | (3658498) | (474473) | (16424) | 33033943 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**27.** **Government Grants** 

**(1)** **Government grants as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** |
|  Land | W | 27391 | 27392 |
|  Buildings |  | 37108 | 38077 |
|  Structures |  | 147037 | 149558 |
|  Machinery |  | 91921 | 94337 |
|  Vehicles |  | 2588 | 2683 |
|  Equipment |  | 1394 | 1868 |
|  Tools |  | 929 | 982 |
|  Construction-in-progress |  | 234123 | 230573 |
|  Investment properties |  | 21 | 22 |
|  Software |  | 707 | 804 |
|  Development expenditures |  | 467 | 540 |
|  Intangible assets under development |  | 5538 | 5044 |
|  Other intangible assets |  | 112 | 136 |
|  | W | 549336 | 552016 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**27.** **Government Grants, Continued** 

**(2)** **Changes in government grants for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Receipt** | **Acquisition** | **Offset the<br>items of<br>depreciation<br>expense and<br>others** | **Disposal** | **Revenue** | **Others** | **Ending<br>balance** |
|  Cash | W |  | 5321 |  |  |  | 62 | (5383) |  |
|  Land |  | 27392 |  |  |  | (1) |  |  | 27391 |
|  Buildings |  | 38077 |  |  | (970) |  |  | 1 | 37108 |
|  Structures |  | 149558 |  |  | (2426) | (100) |  | 5 | 147037 |
|  Machinery |  | 94337 |  |  | (3405) | (28) |  | 1017 | 91921 |
|  Vehicles |  | 2683 |  |  | (336) | (2) |  | 243 | 2588 |
|  Equipment |  | 1868 |  |  | (537) |  |  | 63 | 1394 |
|  Tools |  | 982 |  |  | (113) |  |  | 60 | 929 |
|  Construction-in-progress |  | 230573 |  | (1093) |  |  |  | 4643 | 234123 |
|  Investment properties |  | 22 |  |  |  |  |  | (1) | 21 |
|  Software |  | 804 |  |  | (111) |  |  | 14 | 707 |
|  Development expenditures |  | 540 |  |  | (73) |  |  |  | 467 |
|  Intangible assets under development |  | 5044 |  |  |  |  |  | 494 | 5538 |
|  Other intangible assets |  | 136 |  |  | (24) |  |  |  | 112 |
|  | W | 552016 | 5321 | (1093) | (7995) | (131) | 62 | 1156 | 549336 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **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** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Receipt** | **Acquisition** | **Offset the<br>items of<br>depreciation<br>expense and<br>others** | **Disposal** | **Revenue** | **Others** | **Ending<br>balance** |
|  Cash | W |  | 25019 |  |  |  | 224 | (25243) |  |
|  Land |  | 27403 |  |  |  | (11) |  |  | 27392 |
|  Buildings |  | 41718 |  |  | (3937) | (4) |  | 300 | 38077 |
|  Structures |  | 149737 |  |  | (9552) | (687) |  | 10060 | 149558 |
|  Machinery |  | 105546 |  |  | (15011) | (384) |  | 4186 | 94337 |
|  Vehicles |  | 2745 |  |  | (1309) | (6) |  | 1253 | 2683 |
|  Equipment |  | 3915 |  |  | (2119) |  |  | 72 | 1868 |
|  Tools |  | 1306 |  |  | (437) |  |  | 113 | 982 |
|  Construction-in-progress |  | 223566 |  | (4685) |  |  |  | 11692 | 230573 |
|  Investment properties |  | 22 |  |  |  |  |  |  | 22 |
|  Software |  | 844 |  |  | (342) |  |  | 302 | 804 |
|  Development expenditures |  | 939 |  |  | (496) |  |  | 97 | 540 |
|  Intangible assets under development |  | 3473 |  |  |  |  |  | 1571 | 5044 |
|  Other intangible assets |  | 229 |  |  | (93) |  |  |  | 136 |
|  | W | 561443 | 25019 | (4685) | (33296) | (1092) | 224 | 4403 | 552016 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**28.** **Deferred Revenue** 

**Changes in deferred revenues for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows which are included in current and non-current non-financial liabilities in the consolidated statements of financial position:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period<br>ended March 31, 2026** | **For the three-month period<br>ended March 31, 2026** | **For the year ended**<br>**December 31, 2025** |
|  Beginning balance | W | 14099143 | 13652565 |
|  Increase |  | 595841 | 1308338 |
|  Recognized as revenue |  | (225821) | (861760) |
|  Ending balance | W | 14469163 | 14099143 |

---

**29.** **Non-financial Liabilities** 

**Non-financial liabilities as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Advance received | W | 3681172 | 447840 | 3742661 | 423445 |
|  Unearned revenue |  | 55473 | 15333 | 56306 | 18364 |
|  Deferred revenue |  | 834337 | 13634826 | 826003 | 13273140 |
|  Withholdings |  | 353085 | 1024 | 300016 | 1024 |
|  Others |  | 2066768 | 10891 | 1880185 | 10186 |
|  | W | 6990835 | 14109914 | 6805171 | 13726159 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**30.** **Contributed Capital** 

**(1)** **Details of share capital as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* |
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Shares**<br>**authorized**<br>**(in shares)** | **Shares issued**<br>**(in shares)** | **Par value**<br>**per share**<br>**(in won)** | **Par value**<br>**per share**<br>**(in won)** | **Owned by<br>government (\*)** | **Owned by<br>others** | **Total** |
|  Common shares | 1200000000 | 641964077 | W | 5000 | 1640385 | 1569435 | 3209820 |

---

(\*) Korea Development Bank's interest of W1,056,176 million is included.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* |
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Shares**<br>**authorized**<br>**(in shares)** | **Shares issued**<br>**(in shares)** | **Par value**<br>**per share**<br>**(in won)** | **Par value**<br>**per share**<br>**(in won)** | **Owned by<br>government (\*)** | **Owned by<br>others** | **Total** |
|  Common shares | 1200000000 | 641964077 | W | 5000 | 1640385 | 1569435 | 3209820 |

---

(\*) Korea Development Bank's interest of W1,056,176 million is included.

**(2)** **Details in the number of floating capital stock for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Number of shares* | **For the three-month period<br>ended March 31, 2026** | **For the three-month period<br>ended March 31, 2026** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** |
|  Beginning balance |  | 641964077 |  | 641964077 |
|  Ending balance |  | 641964077 |  | 641964077 |

---

**(3)** **Details of share premium as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
|  Share premium | W | 843758 |  | 843758 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**31.** **Retained Earnings and Dividends Paid** 

**(1)** **Details of retained earnings as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
|  Legal reserve (\*) | W | 1604910 |  | 1604910 |
|  Voluntary reserves |  | 6807034 |  | 567469 |
|  Retained earnings before appropriations |  | 21668255 |  | 26328205 |
|  Retained earnings | W | 30080199 |  | 28500584 |

---

---

| | |
|:---|:---|
| (\*) | The KEPCO Act (Article 14) requires KEPCO to appropriate a legal reserve equal to at least 20 percent of net income for each accounting period until the reserve equals 50 percent of KEPCO's common stock. The legal reserve is not available for cash dividends; however, this reserve may be credited to paid-in capital or offset against accumulated deficit by the resolution of the shareholders.  |

---

**(2)** **Details of voluntary reserves as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
|  Reserve for business expansion | W | 6807034 |  | 567469 |
|  | W | 6807034 |  | 567469 |

---

**(3)** **Changes in retained earnings for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period<br>ended March 31, 2026** | **For the three-month period<br>ended March 31, 2026** | **For the year ended<br>December 31, 2025** |
|  Beginning balance | W | 28500584 | 20128247 |
|  Profit for the year attributed to owners of the controlling company |  | 2492746 | 8544918 |
|  Changes in equity method retained earnings |  | 10500 | (5944) |
|  Remeasurements of defined benefit liability, net of tax |  | 66278 | (29899) |
|  Dividend paid |  | (989909) | (136738) |
|  Ending balance | W | 30080199 | 28500584 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**31.** **Retained Earnings and Dividends Paid, Continued** 

**(4)** **Dividends paid for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** |
|  | **Number of**<br>**shares issued**<br>**(in shares)** | **Number of**<br>**treasury stocks**<br>**(in shares)** | **Number of**<br>**shares eligible for**<br>**dividends (in<br>shares)** | **Dividends paid**<br>**per share**<br>**(in won)** | **Dividends paid**<br>**per share**<br>**(in won)** | **Dividends**<br>**paid** |
|  Common shares | 641964077 |  | 641964077 | W | 1542 | 989909 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **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** |
|  | **Number of**<br>**shares issued**<br>**(in shares)** | **Number of**<br>**treasury stocks**<br>**(in shares)** | **Number of**<br>**shares eligible for**<br>**dividends (in<br>shares)** | **Dividends paid**<br>**per share**<br>**(in won)** | **Dividends paid**<br>**per share**<br>**(in won)** | **Dividends**<br>**paid** |
|  Common shares | 641964077 |  | 641964077 | W | 213 | 136738 |

---

**(5)** **Changes in retained earnings of investments in associates and joint ventures for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period<br>ended March 31, 2026** | **For the three-month period<br>ended March 31, 2026** | **For the year ended**<br>**December 31, 2025** |
|  Beginning balance | W | (23364) | (17420) |
|  Changes |  | 10500 | (5944) |
|  Ending balance | W | (12864) | (23364) |

---

**(6)** **Changes in remeasurement components related to defined benefit liability for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period<br>ended March 31, 2026** | **For the three-month period<br>ended March 31, 2026** | **For the year ended**<br>**December 31, 2025** |
|  Beginning balance | W | 8027 | (95694) |
|  Changes |  | 104147 | (47266) |
|  Income tax effect |  | (37869) | 17367 |
|  Transfer to reserve for business expansion |  | 18393 | 133620 |
|  Ending balance | W | 92698 | 8027 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**32.** **Hybrid Bonds** 

2nd hybrid bond was redeemed during the year ended December 31, 2025. Accordingly, there are no outstanding hybrid bonds classified as non-controlling interests as of March 31, 2026 and December 31, 2025.

**33.** **Other Components of Equity** 

**(1)** **Other components of equity as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
|  Other capital surplus | W | 1566635 |  | 1566635 |
|  Accumulated other comprehensive income |  | 1851127 |  | 1340560 |
|  Other equity |  | 12708585 |  | 12708585 |
|  | W | 16126347 |  | 15615780 |

---

**(2)** **Changes in other capital surplus for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Gains on<br>disposal of**<br>**treasury**<br>**stocks** | **Gains on<br>disposal of**<br>**treasury**<br>**stocks** | **Others** | **Total** | **Gains on**<br>**disposal of**<br>**treasury**<br>**stocks** | **Others** | **Total** |
|  Beginning balance | W | 387524 | 1179111 | 1566635 | 387524 | 1213288 | 1600812 |
|  Additional paid-in capital of subsidiaries |  |  |  |  |  | (855) | (855) |
|  Equity transaction within the consolidated entity |  |  |  |  |  | (33322) | (33322) |
|  Ending balance | W | 387524 | 1179111 | 1566635 | 387524 | 1179111 | 1566635 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**33.** **Other Components of Equity, Continued** 

**(3)** **Changes in accumulated other comprehensive income (loss) for each of the three-month periods ended March 31, 2026 and 2025 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** |
|  | **Financial assets at**<br>**fair value through**<br>**other**<br>**comprehensive**<br>**income**<br>**valuation reserve** | **Financial assets at**<br>**fair value through**<br>**other**<br>**comprehensive**<br>**income**<br>**valuation reserve** | **Shares of other<br>comprehensive**<br>**income of**<br>**investments in**<br>**associates and joint<br>ventures** | **Reserve for**<br>**overseas operations**<br>**translation credit** | **Reserve for**<br>**gain on<br>valuation of**<br>**derivatives** | **Total** |
|  Beginning balance | W | 224645 | 1340165 | (236978) | 12728 | 1340560 |
|  Changes in the unrealized fair value of financial assets at FVOCI, net of tax |  | 61569 |  |  |  | 61569 |
|  Shares of other comprehensive income of associates and joint ventures, net of tax |  |  | 384917 |  |  | 384917 |
|  Foreign currency translation of foreign operations, net of tax |  |  |  | 55098 |  | 55098 |
|  Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |  |  |  |  | 8983 | 8983 |
|  Ending balance | W | 286214 | 1725082 | (181880) | 21711 | 1851127 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **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** |
|  | **Financial assets at**<br>**fair value through**<br>**other**<br>**comprehensive**<br>**income**<br>**valuation reserve** | **Financial assets at**<br>**fair value through**<br>**other**<br>**comprehensive**<br>**income**<br>**valuation reserve** | **Shares of other<br>comprehensive**<br>**income of**<br>**investments in**<br>**associates and joint<br>ventures** | **Reserve for**<br>**overseas operations**<br>**translation credit** | **Reserve for**<br>**gain (loss) on<br>valuation of**<br>**derivatives** | **Total** |
|  Beginning balance | W | 80757 | 1597958 | (231946) | (22755) | 1424014 |
|  Changes in the unrealized fair value of financial assets at FVOCI, net of tax |  | 143888 |  |  |  | 143888 |
|  Shares of other comprehensive loss of associates and joint ventures, net of tax |  |  | (257793) |  |  | (257793) |
|  Foreign currency translation of foreign operations, net of tax |  |  |  | (5032) |  | (5032) |
|  Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |  |  |  |  | 35483 | 35483 |
|  Ending balance | W | 224645 | 1340165 | (236978) | 12728 | 1340560 |

---

**(4)** **Other equity as of March 31, 2026 and December 31, 2025 is as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** |
|  Statutory revaluation reserve | W | 12708704 | 12708704 |
|  Changes in other equity |  | (119) | (119) |
|  | W | 12708585 | 12708585 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**34.** **Sales** 

**Details of sales for each of the three-month periods ended March 31, 2026 and 2025 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2025** | **For the three-month period ended March 31, 2025** | **For the three-month period ended March 31, 2025** |
|  | **Domestic** | **Domestic** | **Overseas** | **Total** | **Domestic** | **Overseas** | **Total** |
|  **[Type of goods and services]** |  |  |  |  |  |  |  |
|  Sales of goods | W | 23658861 | 116064 | 23774925 | 23699567 | 109882 | 23809449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricity |  | 23223279 |  | 23223279 | 23211200 |  | 23211200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heat supply |  | 152777 |  | 152777 | 186688 |  | 186688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 282805 | 116064 | 398869 | 301679 | 109882 | 411561 |
|  Sales related to rendering of services |  | 74620 | 97843 | 172463 | 86590 | 60102 | 146692 |
|  Sales related to construction services |  | 44504 | 180774 | 225278 | 19256 | 36941 | 56197 |
|  Revenue related to transfer of assets from customers |  | 225821 |  | 225821 | 211646 |  | 211646 |
|  | W | 24003806 | 394681 | 24398487 | 24017059 | 206925 | 24223984 |
|  **[Timing of revenue recognition]** |  |  |  |  |  |  |  |
|  Performance obligations satisfied at a point in time | W | 23658861 | 116064 | 23774925 | 23699567 | 109882 | 23809449 |
|  Performance obligations satisfied over time |  | 344945 | 278617 | 623562 | 317492 | 97043 | 414535 |
|  | W | 24003806 | 394681 | 24398487 | 24017059 | 206925 | 24223984 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**35.** **Selling and Administrative Expenses** 

**Selling and administrative expenses for each of the three-month periods ended March 31, 2026 and 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the three-month<br>period ended March 31,<br>2026** | **For the three-month<br>period ended March 31,<br>2026** | **For the three-month<br>period ended March 31,<br>2025** |
|  Salaries | W | 293159 | 285729 |
|  Retirement benefit expense |  | 27372 | 28107 |
|  Welfare and benefit expense |  | 41245 | 32824 |
|  Insurance expense |  | 13115 | 7716 |
|  Depreciation |  | 60549 | 57511 |
|  Amortization of intangible assets |  | 20205 | 22318 |
|  Bad debt expense |  | 15882 | 17373 |
|  Commission |  | 106195 | 106007 |
|  Advertising expense |  | 10284 | 10484 |
|  Training expense |  | 2126 | 1986 |
|  Vehicle maintenance expense |  | 1961 | 2038 |
|  Publishing expense |  | 683 | 711 |
|  Business development expense |  | 760 | 708 |
|  Rent expense |  | 12556 | 11772 |
|  Telecommunication expense |  | 2991 | 2838 |
|  Transportation expense |  | 354 | 245 |
|  Taxes and dues |  | 9780 | 10151 |
|  Expendable supplies expense |  | 2505 | 1852 |
|  Water, light and heating expense |  | 4418 | 4625 |
|  Repairs and maintenance expense |  | 16736 | 29061 |
|  Ordinary development expense |  | 33026 | 43600 |
|  Travel expense |  | 5828 | 4907 |
|  Clothing expense |  | 444 | 546 |
|  Survey and analysis expense |  | 197 | 186 |
|  Membership fee |  | 569 | 633 |
|  Others |  | 33107 | 29505 |
|  | W | 716047 | 713433 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**36.** **Other Income and Expenses** 

**(1)** **Other income for each of the three-month periods ended March 31, 2026 and 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the three-month<br>period ended**<br>**March 31,**<br>**2026** | **For the three-month<br>period ended**<br>**March 31,**<br>**2026** | **For the three-month<br>period ended<br>March 31,**<br>**2025** |
|  Reversal of other provisions | W | 2231 | 3113 |
|  Reversal of other allowance for bad debt |  | 25569 | 6500 |
|  Gains on government grants |  | 62 | 47 |
|  Gains on assets contributed |  | 2823 | 181 |
|  Gains on liabilities exempted |  | 52 | 280 |
|  Compensation and reparations revenue |  | 25643 | 20207 |
|  Revenue from foundation fund |  | 11 | 154 |
|  Rental income |  | 52855 | 52849 |
|  Others |  | 47389 | 9476 |
|  | W | 156635 | 92807 |

---

**(2)** **Other expenses for each of the three-month periods ended March 31, 2026 and 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the<br>three-<br>month<br>period<br>ended<br>March 31,<br>2026** | **For the<br>three-<br>month<br>period<br>ended<br>March 31,<br>2026** | **For the<br>three-<br>month<br>period<br>ended<br>March 31,<br>2025** |
|  Compensation and indemnification expense | W |  | 1 |
|  Accretion expenses of other provisions |  | 47 | 440 |
|  Depreciation expenses on investment properties |  | 256 | 195 |
|  Depreciation expenses on idle assets |  | 901 | 904 |
|  Other bad debt expense |  |  | 2 |
|  Donations |  | 73072 | 12111 |
|  Others |  | 3764 | 6225 |
|  | W | 78040 | 19878 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**37.** **Other Gains (Losses)** 

**Composition of other gains (losses) for each of the three-month periods ended March 31, 2026 and 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the three-month<br>period ended March 31,<br>2026** | **For the three-month<br>period ended March 31,<br>2026** | **For the three-month<br>period ended March 31,<br>2025** |
|  Other gains |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on disposal of property, plant and equipment | W | 1701 | 5363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of impairment loss on property, plant and equipment |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on foreign currency translation |  | 40783 | 4162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on foreign currency transactions |  | 20086 | 44613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on insurance proceeds |  | 800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 99987 | 172464 |
|  Other losses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on disposal of property, plant and equipment |  | (19949) | (37158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on disposal of intangible assets |  |  | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment of property, plant and equipment |  | (825) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment of intangible assets |  | (1115) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on foreign currency translation |  | (26924) | (10082) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on foreign currency transactions |  | (40662) | (19688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | (62179) | (61089) |
|  | W | 11704 | 98572 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**38.** **Finance Income** 

**Finance income for each of the three-month periods ended March 31, 2026 and 2025 is as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the three-month<br>period ended March 31,<br>2026** | **For the three-month<br>period ended March 31,<br>2026** | **For the three-month<br>period ended March 31,<br>2025** |
|  Interest income | W | 96955 | 111988 |
|  Dividend income |  | 20075 | 13551 |
|  Gains on disposal of financial assets |  | 15046 | 10564 |
|  Gains on valuation of financial assets at fair value through profit or loss |  | 16321 | 14609 |
|  Gains on valuation of derivatives |  | 953611 | 80809 |
|  Gains on transaction of derivatives |  | 114267 | 79130 |
|  Gains on foreign currency translation |  | 75535 | 61897 |
|  Gains on foreign currency transactions |  | 4488 | 39923 |
|  Others |  | 781 | 830 |
|  | W | 1297079 | 413301 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**39.** **Finance Expenses** 

**Finance expenses for each of the three-month periods ended March 31, 2026 and 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* |  |  |  |
|  | **For the three-month**<br>**period ended**<br>**March 31, 2026** | **For the three-month**<br>**period ended**<br>**March 31, 2026** | **For the three-month**<br>**period ended**<br>**March 31, 2025** |
|  Interest expense | W | 1029726 | 1117124 |
|  Losses on disposal of financial assets |  | 1 | 735 |
|  Losses on valuation of financial assets at fair value through profit or loss |  | 13990 | 215 |
|  Losses on valuation of derivatives |  | 4502 | 43801 |
|  Losses on transaction of derivatives |  | 11672 | 34449 |
|  Losses on foreign currency translation |  | 1003912 | 29490 |
|  Losses on foreign currency transactions |  | 17222 | 2515 |
|  Others |  | (2540) | 3326 |
|  | W | 2078485 | 1231655 |

---

Capitalization rates for each of the three-month periods ended March 31, 2026 and 2025 are 2.26%~3.65% and 2.33%~3.26%, respectively.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**40.** **Income Taxes** 

**(1)** Income tax expense is calculated by adjusting prior year adjustments, changes in deferred tax assets and
liabilities resulting from temporary differences, and income tax expense related to items recognized as other than profit or loss. The average effective tax rate for each of the three-month periods ended March 31, 2026 and 2025 is 25.80% and
26.92%, respectively.

**(2)** **Pillar two model rules** 

The Group has assessed the potential exposure arising from the Pillar Two legislation based on the financial information. Based on the assessment carried out so far, the Group has identified its potential exposure to Pillar Two income taxes on profits earned from its constituent entities operating in Nepal, Pakistan, Vietnam, and other jurisdictions where the expected Pillar Two effective tax rate is likely to be lower than 15%. As a result, the Group expects that KEPCO and its constituent entities operating therein will pay additional Pillar Two income taxes on the profit from such constituent entities.

The current income tax expense recognized for the three-month period ended March 31, 2026 in relation with the additional Pillar Two income taxes amounts to W1,679 million (W733 million for the three-month period ended March 31, 2025). The Group has applied the mandatory exception to recognition and disclosure of deferred taxes arising from Pillar Two income taxes.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**41.** **Assets Held-for-Sale** 

Although the Group entered into a contract to sell the site of the Majang Materials Center during the year ended December 31, 2025, the asset was not classified as assets held-for-sale as of March 31, 2026, as it was not considered highly probable that the sale would be completed within one year.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**42.** **Expenses Classified by Nature** 

**Expenses classified by nature for each of the three-month periods ended March 31, 2026 and 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** |
|  | **Selling and<br>administrative<br>expenses** | **Selling and<br>administrative<br>expenses** | **Cost of sales** | **Total** |
|  Raw materials used | W |  | 5061081 | 5061081 |
|  Power purchase |  |  | 8720277 | 8720277 |
|  Salaries |  | 293159 | 1179789 | 1472948 |
|  Retirement benefit expense |  | 27372 | 117226 | 144598 |
|  Welfare and benefit expense |  | 41245 | 153977 | 195222 |
|  Insurance expense |  | 13115 | 41114 | 54229 |
|  Depreciation |  | 60549 | 3269234 | 3329783 |
|  Amortization of intangible assets |  | 20205 | 19148 | 39353 |
|  Bad debt expense |  | 15882 |  | 15882 |
|  Commission |  | 106195 | 78035 | 184230 |
|  Advertising expense |  | 10284 | 1756 | 12040 |
|  Training expense |  | 2126 | 3239 | 5365 |
|  Vehicle maintenance expense |  | 1961 | 1920 | 3881 |
|  Publishing expense |  | 683 | 630 | 1313 |
|  Business promotion expense |  | 760 | 600 | 1360 |
|  Rent expense |  | 12556 | 45922 | 58478 |
|  Telecommunication expense |  | 2991 | 2389 | 5380 |
|  Transportation expense |  | 354 | 16521 | 16875 |
|  Taxes and dues |  | 9780 | 109013 | 118793 |
|  Expendable supplies expense |  | 2505 | 11341 | 13846 |
|  Water, light and heating expense |  | 4418 | 10635 | 15053 |
|  Repairs and maintenance expense |  | 16736 | 590446 | 607182 |
|  Ordinary development expense |  | 33026 | 122539 | 155565 |
|  Travel expense |  | 5828 | 17664 | 23492 |
|  Clothing expense |  | 444 | 696 | 1140 |
|  Survey and analysis expense |  | 197 | 867 | 1064 |
|  Membership fee |  | 569 | 1582 | 2151 |
|  Others |  | 33107 | 320630 | 353737 |
|  | W | 716047 | 19898271 | 20614318 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**42.** **Expenses Classified by Nature, Continued** 

**Expenses classified by nature for each of the three-month periods ended March 31, 2026 and 2025 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period ended March 31, 2025** | **For the three-month period ended March 31, 2025** | **For the three-month period ended March 31, 2025** | **For the three-month period ended March 31, 2025** |
|  | **Selling and<br>administrative<br>expenses** | **Selling and<br>administrative<br>expenses** | **Cost of sales** | **Total** |
|  Raw materials used | W |  | 4702200 | 4702200 |
|  Power purchase |  |  | 8756833 | 8756833 |
|  Salaries |  | 285729 | 1118182 | 1403911 |
|  Retirement benefit expense |  | 28107 | 111192 | 139299 |
|  Welfare and benefit expense |  | 32824 | 127975 | 160799 |
|  Insurance expense |  | 7716 | 33654 | 41370 |
|  Depreciation |  | 57511 | 3434552 | 3492063 |
|  Amortization of intangible assets |  | 22318 | 17981 | 40299 |
|  Bad debt expense |  | 17373 |  | 17373 |
|  Commission |  | 106007 | 69294 | 175301 |
|  Advertising expense |  | 10484 | 1544 | 12028 |
|  Training expense |  | 1986 | 3263 | 5249 |
|  Vehicle maintenance expense |  | 2038 | 2059 | 4097 |
|  Publishing expense |  | 711 | 573 | 1284 |
|  Business promotion expense |  | 708 | 621 | 1329 |
|  Rent expense |  | 11772 | 28338 | 40110 |
|  Telecommunication expense |  | 2838 | 2477 | 5315 |
|  Transportation expense |  | 245 | 20350 | 20595 |
|  Taxes and dues |  | 10151 | 111387 | 121538 |
|  Expendable supplies expense |  | 1852 | 9359 | 11211 |
|  Water, light and heating expense |  | 4625 | 8624 | 13249 |
|  Repairs and maintenance expense |  | 29061 | 527881 | 556942 |
|  Ordinary development expense |  | 43600 | 132355 | 175955 |
|  Travel expense |  | 4907 | 17423 | 22330 |
|  Clothing expense |  | 546 | 541 | 1087 |
|  Survey and analysis expense |  | 186 | 877 | 1063 |
|  Membership fee |  | 633 | 5736 | 6369 |
|  Others |  | 29505 | 511673 | 541178 |
|  | W | 713433 | 19756944 | 20470377 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**43.** **Earnings Per Share** 

**(1)** **Basic earnings per share for each of the three-month periods ended March 31, 2026 and 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In won* | | | | |
| **Type** | **For the three-month<br>period ended**<br>**March 31, 2026** | **For the three-month<br>period ended**<br>**March 31, 2026** | **For the three-month<br>period ended**<br>**March 31, 2025** | **For the three-month<br>period ended**<br>**March 31, 2025** |
|  Basic earnings per share | W | 3883 |  | 3627 |

---

**(2)** **Profits for the periods and the weighted average number of common shares used in the calculation of basic earnings per share for each of the three-month periods ended March 31, 2026 and 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won except number of shares* |  |  |  |
| **Type** | **For the three-month<br>period ended**<br>**March 31, 2026** | **For the three-month<br>period ended**<br>**March 31, 2026** | **For the three-month<br>period ended**<br>**March 31, 2025** |
|  Profit attributable to controlling interest | W | 2492746 | 2328246 |
|  Profit used in the calculation of total basic earnings per share |  | 2492746 | 2328246 |
|  Weighted average number of common shares |  | 641964077 | 641964077 |

---

**(3)** **The weighted average number of common shares used in the calculation of basic earnings per share for each of the three-month periods ended March 31, 2026 and 2025 is as follows:** 

---

| | | |
|:---|:---|:---|
| *In number of shares* |  |  |
| **Type** | **For the three-month<br>period ended**<br>**March 31, 2026** | **For the three-month<br>period ended**<br>**March 31, 2025** |
|  The number of common shares issued at beginning of the year | 641964077 | 641964077 |
|  Weighted average number of common shares | 641964077 | 641964077 |

---

**(4)** **There are no potential dilutive instruments, thus diluted earnings per share are same as basic earnings per share for each of the three-month periods ended March 31, 2026 and 2025.** 

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**44.** **Risk Management** 

The Group manages various risks that may arise from each business segment, primarily focusing on credit risk, market risk, interest rate risk, and liquidity risk. These risks are identified, measured, managed, and reported in accordance with the Group's established basic policy for risk management.

**(1)** **Capital risk management** 

The Group manages its capital to ensure the ability to continue as a going concern while minimizing the cost of capital and maximizing returns to shareholders. The management of the Group periodically reviews the capital structure and maintains an optimal capital mix through short and long-term borrowings and equity issuances. The capital structure consists of net debt (calculated as borrowings less cash and cash equivalents) and equity. The Group's overall capital risk management policy remains consistent with the prior year.

Details of the Group's capital management accounts as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** |
|  Total borrowings and debt securities | W | 128211147 | 129769292 |
|  Cash and cash equivalents |  | 2014211 | 2240811 |
|  Net borrowings and debt securities |  | 126196936 | 127528481 |
|  Total equity |  | 51410075 | 49322944 |
|  Debt to equity ratio |  | 245.47% | 258.56% |

---

**(2)** **Financial risk management** 

The Group is exposed to various risks related to its financial instruments, such as market risk (currency risk, interest rate risk, price risk), and credit risk. The Group monitors and manages the financial risks relating to the operations of the Group through internal risk reports which analyze exposures by degree and magnitude of risks. The Group uses derivative financial instruments to hedge certain risk exposures. The Group's overall financial risk management strategy remains consistent with the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises primarily from the sales activities, securities and derivatives. In addition, credit risk exposure may exist within financial guarantees and unused line of credits. As these financial institutions the Group makes transactions with are reputable financial institutions, the credit risk from them is considered limited. The Group decides credit transaction limits based on evaluation of client's credit, through information obtained from the credit bureau and disclosed financial position at committing contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Credit risk management

Electricity sales, the main operations of the Group are the necessity for daily life and industrial activities of Korean nationals and have importance as one of the national key industries. The Group dominates the domestic market supplying electricity to customers. The Group is not exposed to significant credit risk as customers of the Group are diverse and are from various industries and areas. The Group uses publicly available information and its own internal data related to trade receivables, to rate its major customers and to measure the credit risk that a counter party will default on a contractual obligation. For the incurred but not recognized loss, it is measured considering overdue period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Impairment and allowance account

In accordance with the Group policies, individual material financial assets are assessed on a regular basis. Trade receivables that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Value of the acquired collateral (including the confirmation of feasibility) and estimated collectible amounts are included in this assessment.

Allowance for bad debts assessed on a collective basis is recognized for (i) the group of assets which individually are not material and (ii) incurred but not recognized losses that are assessed using statistical methods, judgment and past experience.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**44.** **Risk Management, Continued** 

**(2)** **Financial risk management, continued** 

Book values of the financial assets represent the maximum exposed amounts of the credit risk. Details of the Group's level of maximum exposure to credit risk as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** |
|  Cash and cash equivalents | W | 2014211 | 2240811 |
|  Financial assets at fair value through profit or loss (\*1) |  | 3478581 | 1800539 |
|  Derivative assets (trading) |  | 2343601 | 1548015 |
|  Financial assets at fair value through other comprehensive income (debt securities) |  | 4794 | 4794 |
|  Financial assets at amortized cost |  | 30967 | 31117 |
|  Loans |  | 949157 | 986528 |
|  Long-term/short-term financial instruments |  | 1978168 | 2882131 |
|  Derivative assets (applying hedge accounting) |  | 406977 | 487535 |
|  Trade and other receivables |  | 14965227 | 15742665 |
|  Financial guarantee contracts (\*2) |  | 4377197 | 4091813 |

---

(\*1) Equity investments held by the Group are excluded.

---

| | |
|:---|:---|
| (\*2) | Maximum exposure associated with the financial guarantee contracts is the maximum amounts of the obligation.  |

---

For the three-month period ended March 31, 2026, there are no financial assets and non-financial assets that were acquired through the exercise of the right of collateralized assets and reinforcement of credit arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Market risk

Market risk is the risk that the Group's fair values of the financial instruments or future cash flows are affected by the changes in the market. Market risk consists of interest rate risk, currency risk and other price risk.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**44.** **Risk Management, Continued** 

**(2)** **Financial risk management, continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Sensitivity analysis

Significant assets and liabilities with uncertainties in underlying assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Defined benefit obligation

A sensitivity analysis of defined benefit obligation assuming a 1%p increase and decrease in the actuarial valuation assumptions as of March 31, 2026 and December 31, 2025 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31,<br>2025** | **As of December 31,<br>2025** |
| **Type** | **Accounts** | **1%p Increase** | **1%p Increase** | **1%p**<br>**Decrease** | **1%p**<br>**Increase** | **1%p**<br>**Decrease** |
|  Future salary<br>increases | Increase (decrease) in defined benefit obligation | W | 434022 | (390612) | 460237 | (412611) |
|  Discount rate | Increase (decrease) in defined benefit obligation |  | (385784) | 450633 | (427236) | 491119 |

---

Changes in retirement benefit costs assuming a 1%p increase and decrease in discount rate on plan asset for each of the three-month periods ended March 31, 2026 and 2025 are W 9,075 million and W 8,283 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Provisions

The underlying assumptions to estimate provisions as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Accounts** | **Type** | **As of March 31, 2026** | **As of December 31, 2025** |
|  PCBs | Inflation rate | 3.29% | 3.29% |
|  | Discount rate | 3.24% | 3.24% |
|  Nuclear plants | Inflation rate | 2.04% | 2.04% |
|  | Discount rate | 2.89% | 2.89% |
|  Spent fuel | Inflation rate | 2.04% | 2.04% |
|  | Discount rate | 2.47% | 2.47% |
|  Radioactive waste | Inflation rate | 2.45% | 2.45% |
|  | Discount rate | 4.03% | 4.03% |

---

A sensitivity analysis of provisions assuming a 0.1%p increase and decrease in the underlying assumptions as of March 31, 2026 and December 31, 2025 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31,<br>2025** | **As of December 31,<br>2025** |
| **Type** | **Accounts** | **0.1%p**<br>**Increase** | **0.1%p**<br>**Increase** | **0.1%p**<br>**Decrease** | **0.1%p**<br>**Increase** | **0.1%p**<br>**Decrease** |
|  Discount rate | PCBs | W | (14) | 14 | (17) | 17 |
|  | Nuclear plants |  | (476280) | 493043 | (478760) | 495645 |
|  | Spent fuel |  | (155329) | 166350 | (147517) | 157989 |
|  | Radioactive waste |  | (13526) | 14841 | (13625) | 14951 |
|  Inflation rate | PCBs |  | 14 | (14) | 17 | (17) |
|  | Nuclear plants |  | 527699 | (510409) | 523954 | (506787) |
|  | Spent fuel |  | 166915 | (156115) | 158525 | (148263) |
|  | Radioactive waste |  | 15168 | (13869) | 14868 | (13625) |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**44.** **Risk Management, Continued** 

**(2)** **Financial risk management, continued** 

Management judgment effected by uncertainties in underlying assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Foreign currency risk

The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The carrying amounts of the Group's foreign currency denominated monetary assets and monetary liabilities as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In thousands of foreign currencies* | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Type** | **As of March 31, 2026** | **As of December 31, 2025** | **As of March 31, 2026** | **As of December 31, 2025** |
|  AED | 47297 | 51617 | 2599 | 4927 |
|  AUD | 44 | 49 |  |  |
|  BDT | 2247 | 2251 |  |  |
|  BWP | 725 | 726 |  |  |
|  EGP | 1180101 | 759561 |  |  |
|  CAD | 577 | 579 |  |  |
|  CHF |  |  | 99971 | 99946 |
|  DOP | 1831 | 6378 |  |  |
|  EUR | 162181 | 89734 | 41849 | 44482 |
|  GBP | 75 | 90 |  |  |
|  HKD |  |  | 6292804 | 6286899 |
|  IDR | 67346368 | 37788922 | 339905 | 49014235 |
|  INR | 1193821 | 1175785 | 142316 | 161578 |
|  JOD | 901 | 646 | 455 | 433 |
|  JPY | 989129 | 60443 | 1613895 | 746066 |
|  KZT |  | 1485 |  |  |
|  MGA | 6696596 | 7038637 |  | 577908 |
|  MMK | 188021 | 188021 |  |  |
|  MYR | 1202 | 2805 |  |  |
|  PHP | 62953 | 71400 |  |  |
|  PKR | 58058328 | 64839210 | 10418 | 10418 |
|  RON | 1272 | 748 |  |  |
|  SAR | 1327 | 1069 |  |  |
|  SEK |  |  | 449361 | 449349 |
|  SGD | 371 | 1783 |  |  |
|  USD | 1375841 | 1356230 | 12745492 | 13851077 |
|  UYU | 120131 | 93414 | 1328 | 1285 |
|  VND | 1973610 | 772198 |  |  |
|  ZAR | 33757 | 84167 |  |  |

---

A sensitivity analysis on the Group's income for the period assuming a 10% increase and decrease in currency exchange rates as of March 31, 2026 and December 31, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Type** | **10% Increase** | **10% Increase** | **10% Decrease** | **10% Increase** | **10% Decrease** |
|  Increase (decrease) of profit before income tax | W | (1806874) | 1806874 | (1885349) | 1885349 |
|  Increase (decrease) of shareholder's equity (\*) |  | (1806874) | 1806874 | (1885349) | 1885349 |

---

(\*) The effect on the shareholder's equity excludes the impact of income taxes.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**44.** **Risk Management, Continued** 

**(2)** **Financial risk management, continued** 

The sensitivity analysis above is conducted for monetary assets and liabilities denominated in foreign currencies other than functional currency, without consideration of hedge effect of related derivatives, as of March 31, 2026 and December 31, 2025.

To manage its foreign currency risk related to foreign currency denominated receivables and payables, the Group has a policy to enter into currency swap agreements. In addition, to manage its foreign currency risk related to foreign currency denominated expected sales transactions and purchase transactions, the Group enters into currency forward agreements.

There is an economic relationship between the hedged item and the hedging instrument as the terms of cross-currency swap agreement are consistent with the terms of expected transaction (repayment of foreign debt securities and others). The hedging ratio is 1:1 as the risk of cross-currency swap agreement matches the hedged item. As of March 31, 2026, the hedging instrument (cross-currency swap) hedges the risk of the hedged item (repayment of foreign debt securities and others).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Interest rate risk

The Group is exposed to interest rate risk due to its borrowing with floating interest rates. A 1%p increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management's assessment of the reasonably possible change in interest rates.

The Group's borrowings and debt securities with floating interest rates as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won*<br> **Type** | **As of March 31,<br>2026** | **As of March 31,<br>2026** | **As of<br>December 31,<br>2025** | **As of<br>December 31,<br>2025** |
|  Short-term borrowings | W | 2800946 |  | 2747687 |
|  Long-term borrowings |  | 11362025 |  | 10787203 |
|  Debt securities |  | 1706317 |  | 1619967 |
|  | W | 15869288 |  | 15154857 |

---

A sensitivity analysis on the Group's borrowings and debt securities assuming a 1%p increase and decrease in interest rates for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period**<br>**ended March 31, 2026** | **For the three-month period**<br>**ended March 31, 2026** | **For the three-month period**<br>**ended March 31, 2026** | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2025** |
| **Type** | **1%p Increase** | **1%p Increase** | **1%p Decrease** | **1%p Increase** | **1%p Decrease** |
|  Increase (decrease) of profit before income tax | W | (39673) | 39673 | (151549) | 151549 |
|  Increase (decrease) of shareholder's equity (\*) |  | (39673) | 39673 | (151549) | 151549 |

---

(\*) The effect on the shareholder's equity excludes the impact of income taxes.

The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. To manage this, the Group enters into interest rate swaps, in which it agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. The above analysis measures the interest rate risk before reflecting the hedge effect by related derivatives.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**44.** **Risk Management, Continued** 

**(2)** **Financial risk management, continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Electricity rates risk

The Group is exposed to electricity rates risk due to changes in government regulations and policies on national power supply schemes and electricity billing rates, in consideration of the national economy.

A sensitivity analysis on the Group's income for the period assuming a 1% increase and decrease in price of electricity for each of the three-month periods ended March 31, 2026 and 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period<br>ended March 31, 2026** | **For the three-month period<br>ended March 31, 2026** | **For the three-month period<br>ended March 31, 2026** | **For the three-month period<br>ended March 31, 2025** | **For the three-month period<br>ended March 31, 2025** |
| **Type** | **1% Increase** | **1% Increase** | **1% Decrease** | **1% Increase** | **1% Decrease** |
|  Increase (decrease) of profit before income tax | W | 232233 | (232233) | 232112 | (232112) |
|  Increase (decrease) of shareholder's equity (\*) |  | 232233 | (232233) | 232112 | (232112) |

---

(\*) The effect on the shareholder's equity excludes the impact of income taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Liquidity risk

The Group has established an appropriate liquidity risk management framework for the management of the Group's short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by continuously monitoring forecasted and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

In addition, the Group has established credit lines on its trade financing and bank overdrafts, and through payment guarantees it has received, it maintains an adequate credit (borrowing) line. In addition, for large-scale capital investments, the Group minimizes liquidity risk by aligning the funding maturity through the use of internally generated funds or long-term borrowings.

The expected maturities of non-derivative financial liabilities as of March 31, 2026 and December 31, 2025 in detail are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Type** | **Less than 1**<br>**year** | **Less than 1**<br>**year** | **1~2 Years** | **2~5 Years** | **More than**<br>**5 years** | **Total** |
|  Borrowings | W | 20059500 | 531948 | 817903 | 2778378 | 24187729 |
|  Debt securities |  | 31466420 | 25302702 | 36604482 | 26622082 | 119995686 |
|  Lease liabilities |  | 546477 | 478671 | 1180528 | 1336773 | 3542449 |
|  Trade and other payables (\*1) |  | 9517497 | 274920 | 380874 | 739571 | 10912862 |
|  Financial guarantee contracts (\*2) |  | 4377197 |  |  |  | 4377197 |
|  | W | 65967091 | 26588241 | 38983787 | 31476804 | 163015923 |

---

(\*1) Excludes lease liabilities.

---

| | |
|:---|:---|
| (\*2) | The total amount represents the maximum exposure that the Group would be obliged to bear in the event of a financial guarantee occurrence, allocated to the earliest period in which the guarantee may be called upon. As of March 31, 2026, the Group has recognized W46,640 million as a provision for financial guarantee contracts.  |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**44.** **Risk Management, Continued** 

**(2)** **Financial risk management, continued** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Type** | **Less than 1**<br>**year** | **Less than 1**<br>**year** | **1~2 Years** | **2~5 Years** | **More than**<br>**5 years** | **Total** |
|  Borrowings | W | 20100531 | 597717 | 792513 | 2512018 | 24002779 |
|  Debt securities |  | 29172320 | 28897889 | 37383870 | 24539981 | 119994060 |
|  Lease liabilities |  | 526324 | 473319 | 1140684 | 1407310 | 3547637 |
|  Trade and other payables (\*1) |  | 8111566 | 343906 | 618231 | 425896 | 9499599 |
|  Financial guarantee contracts (\*2) |  | 4091813 |  |  |  | 4091813 |
|  | W | 62002554 | 30312831 | 39935298 | 28885205 | 161135888 |

---

(\*1) Excludes lease liabilities.

---

| | |
|:---|:---|
| (\*2) | The total amount represents the maximum exposure that the Group would be obliged to bear in the event of a financial guarantee occurrence, allocated to the earliest period in which the guarantee may be called upon. As of December 31, 2025, the Group has recognized W50,709 million as a provision for financial guarantee contracts.  |

---

As the Group manages liquidity based on net assets and net liabilities, information about non-derivative financial assets should be included in the disclosure for better understanding of liquidity risk management.

The expected maturities of non-derivative financial assets as of March 31, 2026 and December 31, 2025 in detail are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Type** | **Less than 1**<br>**year** | **Less than 1**<br>**year** | **1~5 Years** | **More than**<br>**5 years** | **Other (\*)** | **Total** |
|  Cash and cash equivalents | W | 2014211 |  |  |  | 2014211 |
|  Financial assets at fair value through other comprehensive income |  |  |  |  | 956240 | 956240 |
|  Financial assets at amortized cost |  | 22051 | 8916 |  |  | 30967 |
|  Loans and receivables |  | 110750 | 393671 | 344879 | 137073 | 986373 |
|  Long-term/short-term financial Instruments |  | 1078321 | 13957 | 9162 | 876728 | 1978168 |
|  Financial assets at fair value through profit or loss |  | 2968246 | 341565 | 706515 | 444485 | 4460811 |
|  Trade and other receivables |  | 11894855 | 2133663 | 4923550 | 33 | 18952101 |
|  | W | 18088434 | 2891772 | 5984106 | 2414559 | 29378871 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Type** | **Less than 1**<br>**year** | **Less than 1**<br>**year** | **1~5 Years** | **More than**<br>**5 years** | **Other (\*)** | **Total** |
|  Cash and cash equivalents | W | 2240811 |  |  |  | 2240811 |
|  Financial assets at fair value through other comprehensive income |  |  |  |  | 885173 | 885173 |
|  Financial assets at amortized cost |  | 21663 | 9454 |  |  | 31117 |
|  Loans and receivables |  | 96582 | 420903 | 344853 | 159449 | 1021787 |
|  Long-term/short-term financial Instruments |  | 1997644 | 19423 |  | 865064 | 2882131 |
|  Financial assets at fair value through profit or loss |  | 1309159 | 325496 | 681967 | 487841 | 2804463 |
|  Trade and other receivables |  | 12840965 | 2063420 | 4768062 |  | 19672447 |
|  | W | 18506824 | 2838696 | 5794882 | 2397527 | 29537929 |

---

(\*) The maturities cannot be presently determined.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**44.** **Risk Management, Continued** 

**(2)** **Financial risk management, continued** 

Derivative liabilities classified by maturity periods from reporting date to maturity dates as per the contracts as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Type** | **Less than**<br>**1 year** | **Less than**<br>**1 year** | **1~2 Years** | **2~5 Years** | **More than**<br>**5 years** | **Total** |
|  Net settlement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Trading | W |  |  |  |  |  |
|  Gross settlement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Trading and others |  | (46091) | (18245) | (3) | (53027) | (117366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Hedging |  |  |  |  | (133) | (133) |
|  | W | (46091) | (18245) | (3) | (53160) | (117499) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Type** | **Less than**<br>**1 year** | **Less than**<br>**1 year** | **1~2 Years** | **2~5 Years** | **More than**<br>**5 years** | **Total** |
|  Net settlement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Trading | W |  |  |  |  |  |
|  Gross settlement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Trading and others |  | (53973) | (14327) | (10395) | (89024) | (167719) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Hedging |  |  |  |  | (126) | (126) |
|  | W | (53973) | (14327) | (10395) | (89150) | (167845) |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**44.** **Risk Management, Continued** 

**(3)** **Fair value risk** 

The fair value of the Group's actively-traded financial instruments (i.e., FVTPL, FVOCI, etc.) is based on the traded market-price as of the reporting period end. The fair value of the Group's financial assets is the amount which the asset could be exchanged for or the amount a liability could be settled for.

The fair values of financial instruments where no active market exists or where quoted prices are not otherwise available are determined by using valuation techniques. Valuation techniques include using recent arm's length market transactions between knowledgeable, willing parties, if available, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis and option pricing models. If there is a valuation technique commonly used by market participants to price the instrument and that technique has been demonstrated to provide reliable estimates of prices obtained in actual market transactions, the Group uses that technique.

For trade receivables and payables, the Group considers the carrying value net of impairment as fair value. While for disclosure purposes, the fair value of financial liabilities is estimated by discounting the future contractual cash flows based on current market interest rates applied to similar financial instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Fair values and book values of financial assets and liabilities as of March 31, 2026 and December 31,
2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Type** | **Book value** | **Book value** | **Fair value** | **Book value** | **Fair value** |
|  **Assets recognized at fair value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through other comprehensive income | W | 956240 | 956240 | 885173 | 885173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets (trading) |  | 2343601 | 2343601 | 1548015 | 1548015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets (applying hedge accounting) |  | 406977 | 406977 | 487535 | 487535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss |  | 3658808 | 3658808 | 1995226 | 1995226 |
|  | W | 7365626 | 7365626 | 4915949 | 4915949 |
|  **Assets carried at amortized cost** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at amortized cost | W | 30967 | 30967 | 31117 | 31117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and receivables |  | 949157 | 949157 | 986528 | 986528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other receivables |  | 14965227 | 14965227 | 15742665 | 15742665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term financial instruments |  | 899847 | 899847 | 884487 | 884487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term financial instruments |  | 1078321 | 1078321 | 1997644 | 1997644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents |  | 2014211 | 2014211 | 2240811 | 2240811 |
|  | W | 19937730 | 19937730 | 21883252 | 21883252 |
|  **Liabilities recognized at fair value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities (trading) | W | 118298 | 118298 | 165373 | 165373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities (applying hedge accounting) |  | 133 | 133 | 126 | 126 |
|  | W | 118431 | 118431 | 165499 | 165499 |
|  **Liabilities carried at amortized cost** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secured borrowings | W | 1276921 | 1276921 | 1245289 | 1245289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured bond |  | 106103600 | 103963065 | 107772996 | 106751304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities |  | 3167124 | 3167124 | 3150880 | 3150880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured borrowings |  | 20680626 | 20630183 | 20520567 | 20473189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other payables (\*) |  | 10912862 | 10912862 | 9499599 | 9499599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overdraft |  | 150000 | 150000 | 230440 | 230440 |
|  | W | 142291133 | 140100155 | 142419771 | 141350701 |

---

(\*) Excludes lease liabilities.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**44.** **Risk Management, Continued** 

**(3)** **Fair value risk, continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Interest rates used for determining fair value

The interest rates used to discount estimated cash flows, when applicable, are based on the government yield curve at the reporting date plus an adequate credit spread.

The discount rates used for calculating fair value as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| **Type** | **As of March 31, 2026** | **As of December 31, 2025** |
|  Derivatives | 0.00% ~ 5.02% | 0.00% ~ 4.88% |
|  Borrowings and debt securities | 0.42% ~ 5.66% | 0.33% ~ 5.50% |
|  Leases | 0.00% ~ 17.60% | 0.00% ~ 17.37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Fair value hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, classified as Level 1, 2 or 3, based on the degree to which the fair value is observable.

---

| | |
|:---|:---|
| Level 1: | Unadjusted quoted prices in active markets for identical assets or liabilities; |
| Level 2: | Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and |
| Level 3: | Inputs that are not based on observable market data. |

---

Fair values of financial instruments by hierarchy level as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Type** | **Level 1** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets at fair value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through other comprehensive income | W | 588275 |  | 367965 | 956240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets |  |  | 2647708 | 102870 | 2750578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss |  |  | 3652228 | 6580 | 3658808 |
|  | W | 588275 | 6299936 | 477415 | 7365626 |
|  **Financial liabilities at fair value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | W |  | 26106 | 92325 | 118431 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Type** | **Level 1** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets at fair value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through other comprehensive income | W | 517251 |  | 367922 | 885173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets |  |  | 1937554 | 97996 | 2035550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss |  |  | 1988813 | 6413 | 1995226 |
|  | W | 517251 | 3926367 | 472331 | 4915949 |
|  **Financial liabilities at fair value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | W |  | 75185 | 90314 | 165499 |

---

The fair value of financial assets traded in the market (including those measured at FVTPL and FVOCI) is measured at the closing bid price quoted at the end of the reporting period. Meanwhile, the fair value of unmarketable financial assets (including those measured at FVTPL and FVOCI) is calculated using the fair value measurement performed by external pricing service agents. In addition, the Group considered the major economic indicators and economic environment of the derivatives to be evaluated, and measured the fair value of the derivatives using a discounted cash flow model that reflects the Group's credit risk.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**44.** **Risk Management, Continued** 

**(3)** **Fair value risk, continued** 

Changes in financial assets and liabilities which are classified as level 3 for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Reclassified<br>category** | **Valuation** | **Disposal** | **Foreign<br>currency<br>translation and<br>others** | **Ending<br>balance** |
|  **Financial assets at fair value** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss Cooperative | W | 6413 |  |  | 167 |  |  | 6580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through other comprehensive income Unlisted securities |  | 363128 |  |  | (190) |  | 233 | 363171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 4794 |  |  |  |  |  | 4794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives Others |  | 97996 |  |  |  |  | 4874 | 102870 |
|  **Financial liabilities at fair value** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives Others |  | 90314 |  |  |  |  | 2010 | 92324 |
| *In millions of won* | **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** | **Beginning<br>balance** | **Acquisitions** | **Reclassified<br>category** | **Valuation** | **Disposal** | **Foreign<br>currency<br>translation and<br>others** | **Ending<br>balance** |
|  **Financial assets at fair value** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss Cooperative | W | 6872 |  |  | (459) |  |  | 6413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through other comprehensive income Unlisted securities |  | 309709 |  |  | 52343 | (10) | 1086 | 363128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 5045 |  |  | (251) |  |  | 4794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives Others |  |  | 7496 | 129359 | 8293 | (53373) | 6221 | 97996 |
|  **Financial liabilities at fair value** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives Others |  |  | 3 | 170244 | (11282) | (67752) | (899) | 90314 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**45.** **Service Concession Arrangements** 

**(1)** **Hydroelectric Power Generation at Semangka, Indonesia** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Significant terms and concession period of the arrangement

Regarding Semangka hydroelectric power-generation business in Indonesia, the Group has entered into a contract with PT. Perusahaan Listrik Negara (the "PT PLN") whereby the Group shall provide electricity generated for about 30 years (2018 ~ 2048) subsequent to the completion of plant construction and shall receive tariff rates designed to recover capital cost, fixed O&M cost, water usage cost, variable O&M cost and special facilities cost during the concession period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2018 to 2048. At the end of the concession period, PT PLN has an option to take over the ownership of the power plant from the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Classification method

This project allows PT PLN to acquire ownership of the plant after the end of the 30 years concession period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Group's expected future collections of service concession arrangements as of March 31, 2026 are
as follows:

---

| | | |
|:---|:---|:---|
| *In millions of won* | | |
| **Type** | **Amounts** | **Amounts** |
|  Less than 1 year | W | 34947 |
|  1 ~ 2 years |  | 34947 |
|  2 ~ 3 years |  | 34947 |
|  Over 3 years |  | 520951 |
|  | W | 625792 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**45.** **Service Concession Arrangements, Continued** 

**(2)** **Pakistan Gulpur Hydropower Project** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Significant terms and concession period of the arrangement

The Group has entered into a contract with CPPAg (Central Power Purchasing Agency Guarantee Limited) whereby the Group shall provide electricity generated for approximately 30 years (2020 ~ 2050) subsequent to the completion of plant construction and shall receive tariff rates designed to recover capital cost, variable O&M cost, fixed O&M cost, water usage cost, insurance cost and others during the concession period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2020 to 2050. The Government of Pakistan has an option to take over the ownership of the power plant from the Group after the concession period has elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Classification method

This project allows the Government of Pakistan to acquire ownership of the plant after the end of the concession period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Group's expected future collections of service concession arrangements as of March 31, 2026 are
as follows:

---

| | | |
|:---|:---|:---|
| *In millions of won* | | |
| **Type** | **Amounts** | **Amounts** |
|  Less than 1 year | W | 83392 |
|  1 ~ 2 years |  | 83392 |
|  2 ~ 3 years |  | 83392 |
|  Over 3 years |  | 863307 |
|  | W | 1113483 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**45.** **Service Concession Arrangements, Continued** 

**(3)** **Guam Ukudu Combined thermal power plant Project** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Significant terms and concession period of the arrangement

The Group has entered into a contract with Guam Power Authority whereby the Group shall provide electricity generated for approximately 25 years (from 2025 to 2050) subsequent to the completion of plant construction and shall receive tariff rates designed to recover variable O&M cost, fixed O&M cost and others during the concession period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2025 to 2050. The Guam Power Authority takes over the ownership of the power plant from the Group after the concession period has elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Classification method

This project allows the Guam Power Authority to acquire ownership of the plant after the end of the concession period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Group's expected future collections of service concession arrangements as of March 31, 2026 are
as follows:

---

| | | |
|:---|:---|:---|
| *In millions of won* | | |
| **Type** | **Amounts** | **Amounts** |
|  Less than 1 year | W | 121280 |
|  1 ~ 2 years |  | 122381 |
|  2 ~ 3 years |  | 118314 |
|  Over 3 years |  | 2918870 |
|  | W | 3280845 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**46.** **Related Parties** 

**(1)** **The Group's related parties as of March 31, 2026 are as follows:** 

---

| | |
|:---|:---|
| **Type** | **Related party** |
|  Parent | Republic of Korea government |
|  Subsidiaries<br> (169 subsidiaries) | Korea Hydro & Nuclear Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Midland Power Co., Ltd., Korea Western Power Co., Ltd., Korea Southern Power Co., Ltd., Korea East-West Power Co., Ltd., KEPCO Engineering & Construction Company, Inc., KEPCO Plant Service & Engineering Co., Ltd., KEPCO Nuclear Fuel Co., Ltd., KEPCO KDN Co., Ltd., Gyeonggi Green Energy Co., Ltd., Korea Offshore Wind Power Co., Ltd., KOSEP Material Co., Ltd., KEPCO International HongKong Ltd., KEPCO International Philippines Inc., KEPCO Philippines Corporation, KEPCO Ilijan Corporation, KEPCO Gansu International Ltd., KEPCO Philippines Holdings Inc., KEPCO Neimenggu International Ltd., KEPCO Australia Pty., Ltd., KEPCO Shanxi International Ltd., KOMIPO Global Pte Ltd., KOSEP Australia Pty., Ltd., KOMIPO Australia Pty., Ltd., KOWEPO Australia Pty., Ltd., KOSPO Australia Pty., Ltd., KEPCO Netherlands B.V., KEPCO Middle East Holding Company, Qatrana Electric Power Company, KOWEPO International Corporation, KOSPO Jordan LLC, Korea Waterbury Uranium Limited Partnership, PT. Cirebon Power Service, EWP America Inc., KHNP Canada Energy Ltd., KEPCO Bylong Australia Pty., Ltd., KNF Canada Energy Limited, KEPCO Holdings de Mexico, KST Electric Power Company, S.A.P.I. de C.V., KEPCO Energy Service Company, KEPCO Netherlands S3 B.V., PT. KOMIPO Pembangkitan Jawa Bali, EWP Barbados 1 SRL, PT. Tanggamus Electric Power, KOMIPO America Inc., PT. EWP Indonesia, KEPCO Netherlands J3 B.V., Global One Pioneer B.V., Global Energy Pioneer B.V., Mira Power Limited, KEPCO KPS Philippines Corp., KOSPO Chile SpA, Gyeongju Wind Power Co., Ltd., California Power Holdings, LLC, EWP Renewable Corporation, Hee Mang Sunlight Power Co., Ltd., Fujeij Wind Power Company, KOSPO Youngnam Power Co., Ltd., Chitose Solar Power Plant LLC., KEPCO Solar Co., Ltd., KEPCO ES Co., Ltd., KOSPO Power Services Ltda., KOEN Bylong Pty., Ltd., KOWEPO Bylong Pty., Ltd., KOSPO Bylong Pty., Ltd., EWP Bylong Pty., Ltd., KOWEPO Lao International, KOMIPO Bylong Pty., Ltd., Energy New Industry Specialized Investment Private Investment Trust., KEPCO Mangilao Holdings LLC, Mangilao Investment LLC, KEPCO Mangilao Solar, LLC, Jeju Hanlim Offshore Wind Co., Ltd., PT. Siborpa Eco Power, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund VII, PT. Korea Energy Indonesia, KOLAT SpA, KEPCO California, LLC, KEPCO Mojave Holdings, LLC, Incheon Fuel Cell Co., Ltd., KOEN Service Co., Ltd., KOMIPO Service Co., Ltd., KOWEPO Service Co., Ltd., KOSPO Service Co., Ltd., EWP Service Co., Ltd., PT. KOMIPO Energy Indonesia, KNF Partners Co., Ltd., KOSPO USA Inc., KOSPO Niles LLC (formerly, Nambu USA LLC), Tamra Offshore Wind Power Co., Ltd., KEPCO MCS Co., Ltd., KEPCO FMS Co., Ltd., Firstkeepers Co., Ltd., Secutec Co., Ltd., SE Green Energy Co., Ltd., Mangilao Intermediate Holdings LLC, KEPCO CSC Co., Ltd., KOAK Power Limited, KOMIPO Europe B.V., Haenanum Energy Fund, Paju Ecoenergy Co., Ltd., Guam Ukudu Power LLC, K-SOLAR SHINAN Co., Ltd., KPS Partners Co., Ltd., KEPCO E&C Service Co., Ltd., Moha solar Co., Ltd., KHNP USA LLC, KOMIPO Vanphong Power Service LLC, Ogiri Solar Power Co., Ltd., BSK E-New Industry Fund X, Energy Innovation Fund I, KHNP Chile SpA, Yeong Yang Apollon Photovoltaic Co., Ltd., Yeong Yang Corporation Co., Ltd., SolarVader Co., Ltd., Yeong Yang Innovation Co., Ltd., Yeong Yang Horus Photovoltaic Co., Ltd., Yeong Yang Solar Management Co., Ltd., LSG Hydro Power Limited, KOEN Bio Co., Ltd., KOMIPO Energy Solution America, LLC, Elara Investment Holdings, LLC, Elara Equity Holdings, LLC, Elara Class B Holdings, LLC, Elara Class B Member, LLC, Elara Development Holdings, LLC, KOMIPO Development, LLC, Elara Energy Holdings, LLC, Elara Energy Project, LLC, KOMIPO Iberian Solar Group, S.L.U., KOWEPO Europe B.V., CVS Equity Holdings, LLC, CVS Class B Holdings, LLC, CVS Development Holdings, LLC, CVS Development, LLC, CVS Class B Member, LLC, CVS Energy Holdings, LLC, Concho Valley Energy, LLC, Concho Valley Solar, LLC, Jeongam Wind Power Co., Ltd., Yeongdeok Sunrise Wind Power Co., Ltd., UI Carbon-Neutrality Fund, KA Power Limited, Western Power Changgi Solar Co., Ltd., Digital Innovation Growth Fund, EWP Australia Pty., Ltd., Columboola Solar Farm Hold Co Pty., Ltd., KEPCO Holding Company, KEPCO for Maintenance Company, KOSPO Trumbull LLC, Changjuk Wind Power Co., Ltd., KEPCO KPS South Africa Pty., Ltd., Chile Solar JV SpA, KOWEPO Holding Limited, Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust, Columboola Solar Farm Fin Co Pty., Ltd., Magna Energy New Industrial Fund, EWP ESS Holdings, LLC, Fairhaven ESS LLC, KOSPO Rutile, LLC, KEPCO Yona America LLC, EWP Yona America LLC, KEPCO SADAWI – FZCO, KOMIPO Middle East Energy L.L.C-FZ, Nuclear Energy Industry Growth Fund |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**46.** **Related Parties, Continued** 

**(1)** **The Group's related parties as of March 31, 2026 are as follows, continued:** 

---

| | |
|:---|:---|
| **Type** | **Related party** |
|  Associates<br> (108 entities)<br> (\*1) | Dongducheon Dream Power Co., Ltd., Korea Gas Corporation, Daegu Photovoltaic Co., Ltd., Haeng Bok Do Si Photovoltaic Power Co., Ltd., Korea Electric Power Industrial Development Co., Ltd., Goseong Green Power Co., Ltd., Gangneung Eco Power Co., Ltd., Shin Pyeongtaek Power Co., Ltd., Noeul Green Energy Co., Ltd., Gangwon Wind Power Co., Ltd., Gwangyang Green Energy Co., Ltd., Hyundai Green Power Co., Ltd., Korea Power Exchange, Taebaek Guinemi Wind Power Co., Ltd., Daeryun Power Co., Ltd., KNH Solar Co., Ltd., S-Power Co., Ltd., SPC Power Corporation, Gemeng International Energy Co., Ltd., PT. Cirebon Electric Power, KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co., Ltd., PT Wampu Electric Power, PT. Bayan Resources TBK, Nepal Water & Energy Development Company Private Limited, Xe-Pian Xe-Namnoy Power Co., Ltd., PT. Mutiara Jawa, Jinbhuvish Power Generation Pvt. Ltd., Daejung Offshore Wind Power Co., Ltd., GS Donghae Electric Power Co., Ltd., Busan Green Energy Co., Ltd., Hansuwon KNP Co., Ltd., Korea Electric Power Corporation Fund, Energy Infra Asset Management Co., Ltd., Yaksu ESS Co., Ltd., PND Solar Co., Ltd., Hyundai Eco Energy Co., Ltd., YeongGwang Yaksu Wind Electric Co., Ltd., Green Energy Electricity Generation Co., Ltd., Korea Energy Solutions Co., Ltd., ITR Co., Ltd., STN Co., Ltd., Indeck Niles Development, LLC, Indeck Niles Asset Management, LLC, Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1, Suwon New Power Co., Ltd., Gwangbaek Solar Power Investment Co., Ltd., Godeok Clean Energy Co., Ltd., SureDataLab Co., Ltd., SEP Co., Ltd., Hankook Electric Power Information Co., Ltd., Tronix Co., Ltd., O2&B Global Co., Ltd., Muan Sunshine Solar Power Plant Co., Ltd., Bigeum Resident Photovoltaic Power Co., Ltd., Goesan Solar park Co., Ltd., Saemangeum Heemang Photovoltaic Co., Ltd., Bitgoel Eco Energy Co., Ltd., Jeju Gimnyeong Wind Power Co., Ltd., Seoroseoro Sunny Power Plant Co., Ltd., Muan Solar Park Co., Ltd., YuDang Solar Co., Ltd., Anjwa Smart Farm & Solar City Co., Ltd., KPE Green Energy Co., Ltd., G.GURU Co., Ltd., UD4M Co., Ltd., Dongbu Highway Solar Co., Ltd., Seobu Highway Solar Co., Ltd., Korea Energy Data Co., Ltd., Gangneung Sacheon Fuel Cell Co., Ltd., Taebaek Gadeoksan Wind Power Co., Ltd., Chuncheon Green Energy Co., Ltd., Yeomsubong Wind Power Co., Ltd., Yeongyang Wind Power Corporation II, Haeparang Energy Co., Ltd., Saemangeum Sebit Power Plant Co., Ltd., PlatformN. Co., Ltd., PT. Cirebon Energi Prasarana, Future Convergence Technology Laboratory. Co., Ltd., ECO Motion Co., Ltd., REC's Innovation Co., Ltd., ACE, Co., Ltd., Environment and Energy Co., Ltd., Green Radiation Co., Ltd., Santiago Solar Power SpA, Yanggu Floating Photovoltaic Power Plant Inc., Changwon SG energy Co., Ltd., Donpyung Technology. Co., Ltd., Power Embedded, HORANG ENERGY Inc., Hoenggye Renewable Energy Co., Ltd., Haman Green Energy Co., Ltd., Songsan Green Energy Co., Ltd., SkyPic Inc., HyChangwon Fuel Cell. Co., Ltd., Dreams Co.,Ltd., DEEPAI Co.,Ltd., Amaala Sustainable Company for Energy, Remal First Holding Company, Naseem First Holding Company,Cheonwang Green Energy Co., Ltd., Namjeju Bitdream Energy Co., Ltd., Jeju Bukchon BES Power Co., Ltd., Commerce and Industry Energy Co., Ltd., Gunsan Green Energy Co., Ltd., KI Tech Co., Ltd., Enlight Energy Advanced Industry Venture Fund, Sinan Ui Offshore Wind Power Co., Ltd. |
|  Joint ventures<br> (123 entities)<br> (\*1) | Daegu Green Power Co., Ltd., KEPCO SPC Power Corporation, KAPES, Inc., Honam Wind Power Co., Ltd., Korea Power Engineering Service Co., Ltd., Seokmun Energy Co., Ltd., Incheon New Power Co., Ltd., Chun-cheon Energy Co., Ltd., Yeonggwangbaeksu Wind Power Co., Ltd., KW Nuclear Components Co., Ltd., Busan Shinho Solar Power Co., Ltd., Global Trade Of Power System Co., Ltd., Expressway Solar-light Power Generation Co., Ltd., Gansu Datang Yumen Wind Power Co., Ltd., Datang Chifeng Renewable Power Co., Ltd., Rabigh Electricity Company, Rabigh Operation & Maintenance Company Limited, Datang KEPCO Chaoyang Renewable Power Co., Ltd., Shuweihat Asia Power Investment B.V., Shuweihat Asia Operation & Maintenance Company, Waterbury Lake Uranium L.P., ASM-BG Investicii AD, RES Technology AD, Jamaica Public Service Company Limited, KV Holdings, Inc., Amman Asia Electric Power Company, Kelar S.A., PT. Tanjung Power Indonesia, Nghi Son 2 Power LLC, Daehan Wind Power PSC, MOMENTUM, Barakah One Company, Nawah Energy Company, Yeonggwang Wind Power Co., Ltd., Chester Solar IV SpA, Chester Solar V SpA, Diego de Almagro Solar SpA, South Jamaica Power Company Limited, Daesan Green Energy Co., Ltd., RE Holiday Holdings LLC, RE Pioneer Holdings LLC, RE Barren Ridge 1 Holdings LLC, RE Astoria 2 LandCo LLC, RE Barren Ridge LandCo LLC, Laurel SpA, KIAMCO KOWEPO Bannerton Hold Co Pty Ltd, Cheong-Song Noraesan Wind Power Co., Ltd., Chester Solar I SpA, Solar Philippines Calatagan Corporation, Saemangeum Solar Power Co., Ltd., Chungsongmeon BongSan wind power Co., Ltd., Jaeun Resident Wind Power Plant Co., Ltd., Dangjin Eco Power Co., Ltd., Haemodum Solar Co., Ltd., Yangyang Wind Power Co., Ltd., Horus Solar, S.A. de C.V., Recursos Solares PV de Mexico II, S.A. de C.V., Sunmex Renovables, S.A. de C.V., Stavro Holding II A.B., Solaseado Solar Power Co., Ltd., Yeongam Solar Power Co., Ltd., Samsu Wind Power Co., Ltd., Pulau Indah Power Plant Sdn. Bhd., NH-Amundi Global Infrastructure Investment Private Investment Trust 21, Shin-han BNPP Private Investment Trust for East-West Sunlight Dream, PT Barito Wahana Tenaga, Cheongna Energy Co., Ltd., Boim Combined Heat and Power Generation Co., Ltd., OneEnergy Asia Limited, KAS INVESTMENT I LLC, KAS INVESTMENT II LLC, Energyco Co., Ltd., CAES, LLC, Hapcheon Floating Photovoltaic Power Plant Inc., Busan Industrial Solar Power Co., Ltd., Bitsolar Energy Co., Ltd., Naepo Green Energy Co., Ltd., Pulau Indah O&M Sdn. Bhd., Guadalupe Solar SpA, Omisan Wind Power Co., Ltd., Foresight Iberian Solar Group Holding, S.L., Yeongwol Eco Wind Co., Ltd., Gurae Resident Power Co., Ltd., Cheongju Eco Park Co., Ltd., Prime Swedish Holding AB, Enel X Midland Photovoltaic, LLC, Geumsungsan Wind Power Co., Ltd., KEPCO KPS CARABAO Corp., Goheung New Energy Co., Ltd., Gunsan Land Solar Co., Ltd., International Offshore Power Transmission Holding Company Limited, Eumseong Eco Park Co., Ltd., Changwon Nu-ri Energy Co., Ltd., PungBack Wind Farm Corporation, Seobusambo highway photovoltaics Co., Ltd., Seokmun Green Energy, Pyeongchang Wind Power Co., Ltd., Trumbull Asset Management, LLC, S-Power Chile SpA, Taebaek Wind Power Co., Ltd., Yangyang Suri Wind Power Co., Ltd., KEPCO for Power Company, Kumyang Eco Park Co., Ltd., Jeongeup Green Power Co., Ltd., Hadong E-factory Co., Ltd., Namyangju Combined Heat and Power Co., Ltd., Wadi Noor Solar Power Company SAOC, Fairhaven Energy Storage LLC, Rutile BESS Holdings, LLC, Trumbull Development Partners, LLC, Samcheok Eco Materials Co., Ltd., Imha Floating Photovoltaic Power Plant Inc., Roof One Energy Co., Ltd., EDFR KOWEPO AJBAN PV HOLDING LIMITED, Taean Haetdeulwon Solar Co., Ltd., Haetbyeotgil Solar Co., Ltd., KES Yona Holdings L.L.C, Siraj AlTaqa AlNazifa, Seongseo Neulpureun Energy Co., Ltd., Luluah SKY Energy Holding Ltd., Nour Ibri Solar Power Company, Lucy Equity Holdings, LLC, Grove Energy Capital IV, LLC |
|  Others<br> (1 entity) | Korea Development Bank |

---

---

| | |
|:---|:---|
| (\*1) | Subsidiaries of associates and joint ventures are included**.**  |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**46.** **Related Parties, Continued** 

**(2)** **Transactions between the Group and its subsidiaries are eliminated during the consolidation and are not disclosed in notes.** 

**(3)** **The related party transactions for each of the three-month periods ended March 31, 2026 and 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* |  | **Sales and others** | **Sales and others** | **Sales and others** |
| **Company name** | **Transaction type** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  Korea Gas Corporation | Electricity sales | W | 51987 | 77808 |
|  Goseong Green Power Co., Ltd. | Electricity Sales |  | 148321 | 130326 |
|  Dongducheon Dream Power Co., Ltd. | Electricity sales |  | 3087 | 3000 |
|  S-Power Co., Ltd. | Service |  | 622 | 597 |
|  Shin Pyeongtaek Power Co., Ltd. | Electricity sales |  | 15612 | 6152 |
|  GS Donghae Electric Power Co., Ltd. | Electricity sales |  | 2777 | 14680 |
|  Indeck Niles Development, LLC | Dividend |  | 134354 |  |
|  Korea Electric Power Industrial Development Co., Ltd. | Service |  | 23443 | 5101 |
|  Daeryun Power Co., Ltd. | Electricity sales |  |  | 1112 |
|  Gangneung Eco Power Co., Ltd. | Fuel sales |  | 72365 | 137167 |
|  Korea Power Exchange | Service |  | 6851 | 7557 |
|  Chuncheon Green Energy Co., Ltd. | Electricity sales |  | 5798 | 5531 |
|  Taebaek Gadeoksan Wind Power Co., Ltd. | Electricity sales |  | 5720 | 3175 |
|  Gangneung Sacheon Fuel Cell Co., Ltd. | Electricity sales |  | 3275 | 3492 |
|  Yeongyang Wind Power Corporation II | Fee and commision |  | 2405 |  |
|  KPE Green Energy Co., Ltd. | Electricity Sales |  | 3 | 3 |
|  Gangwon Wind Power Co., Ltd. | Electricity sales |  | 1462 | 1448 |
|  Bitgoel Eco Energy Co., Ltd. | Service |  | 294 | 1210 |
|  Go deok Clean Energy Co., Ltd. | Electricity sales |  | 673 | 683 |
|  Noeul Green Energy Co., Ltd. | Electricity sales |  | 1706 | 2097 |
|  Muan Solar Park Co., Ltd. | Electricity sales |  | 1395 | 1476 |
|  Anjwa Smart Farm & Solar City Co., Ltd. | Electricity sales |  | 1156 | 247 |
|  Others (Hyundai Eco Energy Co., Ltd., and 53 others) | Electricity sales |  | 18243 | 17254 |
|  Chun-cheon Energy Co., Ltd. | Electricity sales |  | 752 | 241 |
|  Daegu Green Power Co., Ltd. | Electricity sales |  | 421 | 511 |
|  Daesan Green Energy Co., Ltd. | Electricity sales |  | 73 | 40 |
|  Solaseado Solar Power Co., Ltd. | Electricity sales |  | 6248 | 455 |
|  Naepo Green Energy Co., Ltd. | Electricity sales |  | 12807 | 14266 |
|  Amman Asia Electric Power Company | Service |  | 11322 | 6212 |
|  Cheongju Eco Park Co., Ltd. | Electricity sales |  | 4 | 5 |
|  Seokmun Energy Co., Ltd. | Service |  | 762 | 627 |
|  Yeonggwang Wind Power Co., Ltd. | Electricity sales |  | 312 | 314 |
|  Cheongna Energy Co., Ltd. | Others |  | 8483 | 19455 |
|  Boim Combined Heat and Power Generation Co., Ltd. | Service |  | 3529 | 400 |
|  Goheung New Energy Co., Ltd. | Electricity sales |  | 3125 | 62 |
|  Yeongam Solar Power Co., Ltd. | Electricity sales |  | 1307 | 134 |
|  Eumseong Eco Park Co., Ltd. | Electricity sales |  | 5 | 5 |
|  Kelar S.A. | Service |  | 5396 | 5567 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. | Electricity sales |  | 515 | 508 |
|  Yangyang Wind Power Co., Ltd. | Electricity sales |  | 37 | 37 |
|  Samsu Wind Power Co., Ltd. | Electricity sales |  | 203 | 121 |
|  Omisan Wind Power Co., Ltd. | Electricity sales |  | 129 | 137 |
|  Others (Bitsolar Energy Co., Ltd. and 55 others) | Electricity sales |  | 86395 | 90771 |
|  Korea Development Bank | Electricity sales |  | 1362 | 1716 |
|  | Interest income |  | 1724 | 1400 |
|  |  | W | 646460 | 563100 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**46.** **Related Parties, Continued** 

**(3)** **The related party transactions for each of the three-month periods ended March 31, 2026 and 2025 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* |  | **Sales and others** | **Sales and others** | **Sales and others** |
| **Company name** | **Transaction type** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  Korea Gas Corporation | Electricity sales | W | 1464921 | 1489030 |
|  Goseong Green Power Co., Ltd. | Electricity Sales |  | 318200 | 273261 |
|  Dongducheon Dream Power Co., Ltd. | Electricity sales |  | 257762 | 348507 |
|  S-Power Co., Ltd. | Service |  | 162179 | 177565 |
|  Shin Pyeongtaek Power Co., Ltd. | Electricity sales |  | 133099 | 219586 |
|  GS Donghae Electric Power Co., Ltd. | Electricity sales |  | 133492 | 121939 |
|  Korea Electric Power Industrial Development Co., Ltd. | Service |  | 83337 | 73771 |
|  Daeryun Power Co., Ltd. | Electricity sales |  | 98387 | 93872 |
|  Gangneung Eco Power Co., Ltd. | Fuel sales |  | 64 | 4372 |
|  Korea Power Exchange | Service |  | 15225 | 128198 |
|  Chuncheon Green Energy Co., Ltd. | Electricity sales |  | 13100 | 13855 |
|  Taebaek Gadeoksan Wind Power Co., Ltd. | Electricity sales |  | 8779 | 9094 |
|  Gangneung Sacheon Fuel Cell Co., Ltd. | Electricity sales |  | 8463 | 12466 |
|  PT. Bayan Resources TBK | Dividend |  | 10262 | 29584 |
|  Yeongyang Wind Power Corporation II | Fee and commision |  | 7832 | 7370 |
|  KPE Green Energy Co., Ltd. | Electricity Sales |  | 9864 | 10374 |
|  Gangwon Wind Power Co., Ltd. | Electricity sales |  | 6129 | 8429 |
|  Bitgoel Eco Energy Co., Ltd. | Service |  | 7051 | 6737 |
|  Go deok Clean Energy Co., Ltd. | Electricity sales |  | 5932 | 4224 |
|  Noeul Green Energy Co., Ltd. | Electricity sales |  | 4745 | 5281 |
|  Muan Solar Park Co., Ltd. | Electricity sales |  | 4832 | 4435 |
|  Anjwa Smart Farm & Solar City Co., Ltd. | Electricity sales |  | 5069 | 4472 |
|  Others (Hyundai Eco Energy Co., Ltd. and 53 others) | Electricity sales |  | 61387 | 47994 |
|  Chun-cheon Energy Co., Ltd. | Electricity sales |  | 96483 | 105924 |
|  Daegu Green Power Co., Ltd. | Electricity sales |  | 78052 | 82295 |
|  Daesan Green Energy Co., Ltd. | Electricity sales |  | 41267 | 44138 |
|  Solaseado Solar Power Co., Ltd. | Electricity sales |  | 8634 | 8034 |
|  Cheongju Eco Park Co., Ltd. | Electricity sales |  | 11176 | 9698 |
|  Seokmun Energy Co., Ltd. | Service |  | 9326 | 14210 |
|  Yeonggwang Wind Power Co., Ltd. | Electricity sales |  | 8784 | 7894 |
|  Cheongna Energy Co., Ltd. | Others |  | 63 | 63 |
|  Seokmun Green Energy | Electricity sales |  | 6600 | 7355 |
|  Boim Combined Heat and Power Generation Co., Ltd. | Service |  | 2853 | 940 |
|  Goheung New Energy Co., Ltd | Electricity sales |  | 3226 | 2514 |
|  Yeongam Solar Power Co., Ltd. | Electricity sales |  | 4353 | 7488 |
|  Eumseong Eco Park Co., Ltd. | Electricity sales |  | 5396 | 5960 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. | Electricity sales |  | 4786 | 3723 |
|  Yangyang Wind Power Co., Ltd. | Electricity sales |  | 4197 | 2297 |
|  Samsu Wind Power Co., Ltd. | Electricity sales |  | 3956 | 3438 |
|  Omisan Wind Power Co., Ltd. | Electricity sales |  | 3751 |  |
|  Others (Bitsolar Energy Co., Ltd. and 55 others) | Electricity sales |  | 103049 | 65636 |
|  Korea Development Bank | Interest expense |  | 859 | 2663 |
|  | Dividend |  | 325725 |  |
|  |  | W | 3542647 | 3468686 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**46.** **Related Parties, Continued** 

**(4)** **Receivables and payables arising from the related party transactions as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  | **Receivables** | **Receivables** | **Receivables** | **Payables** | **Payables** |
| **Company name** | **Type** | **March 31,<br>2026** | **March 31,<br>2026** | **December 31,<br>2025** | **March 31,<br>2026** | **December 31,<br>2025** |
|  Korea Gas Corporation | Trade receivables | W | 13156 | 15486 |  |  |
|  | Non-trade receivables and others |  | 21811 | 447 |  |  |
|  | Trade payables |  |  |  | 504354 | 381353 |
|  | Non-trade payables and others |  |  |  | 90 | 466 |
|  Goseong Green Power Co., Ltd. | Trade receivables |  | 17883 | 69535 |  |  |
|  | Non-trade receivables and others |  | 1079 | 16 |  |  |
|  | Trade payables |  |  |  | 78209 | 112314 |
|  | Non-trade payables and others |  |  |  | 39810 | 41070 |
|  GS Donghae Electric Power Co., Ltd. | Trade receivables |  | 702 | 975 |  |  |
|  | Non-trade receivables and others |  | 101 | 109 |  |  |
|  | Trade payables |  |  |  | 191115 | 154984 |
|  | Non-trade payables and others |  |  |  | 51 | 17 |
|  Dongducheon Dream Power Co., Ltd. | Trade receivables |  | 738 | 1254 |  |  |
|  | Non-trade receivables and others |  | 429 | 637 |  |  |
|  | Trade payables |  |  |  | 96788 | 58610 |
|  S-Power Co., Ltd. | Trade receivables |  | 112 | 360 |  |  |
|  | Non-trade receivables and others |  | 64 | 60 |  |  |
|  | Trade payables |  |  |  | 58002 | 49089 |
|  Busan Green Energy Co., Ltd. | Trade receivables |  | 1 | 2 |  |  |
|  | Non-trade receivables and others |  | 51282 | 50846 |  |  |
|  | Non-trade payables and others |  |  |  | 2660 | 3688 |
|  Chuncheon Green Energy Co., Ltd. | Non-trade receivables and others |  | 37244 | 31676 |  |  |
|  | Non-trade payables and others |  |  |  | 4489 | 14305 |
|  Noeul Green Energy Co., Ltd. | Trade receivables |  | 3 | 4 |  |  |
|  | Non-trade receivables and others |  | 37143 | 35447 |  |  |
|  | Non-trade payables and others |  |  |  | 1592 | 3428 |
|  Shin Pyeongtaek Power Co., Ltd. | Trade receivables |  | 2651 | 2634 |  |  |
|  | Non-trade receivables and others |  | 10469 | 1514 |  |  |
|  | Trade payables |  |  |  | 14253 | 42688 |
|  | Non-trade payables and others |  |  |  | 329 | 85 |
|  Others (Gangneung Sacheon Fuel Cell Co., Ltd. and 53 others) | Trade receivables |  | 25292 | 40288 |  |  |
|  | Non-trade receivables and others |  | 82395 | 59810 |  |  |
|  | Trade payables |  |  |  | 58319 | 69385 |
|  | Non-trade payables and others |  |  |  | 27755 | 35575 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**46.** **Related Parties, Continued** 

**(4)** **Receivables and payables arising from the related party transactions as of March 31, 2026 and December 31, 2025 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  | **Receivables** | **Receivables** | **Receivables** | **Payables** | **Payables** |
| **Company name** | **Type** | **March 31,**<br>**2026** | **March 31,**<br>**2026** | **December 31,<br>2025** | **March 31,<br>2026** | **December 31,<br>2025** |
|  KEPCO for Power Company | Non-trade receivables and others |  | 60392 | 1011 |  |  |
|  Kelar S.A. | Trade receivables |  | 4205 | 3504 |  |  |
|  | Non-trade receivables and others |  | 41582 | 38193 |  |  |
|  Chun-cheon Energy Co., Ltd. | Trade receivables |  | 138 | 307 |  |  |
|  | Non-trade receivables and others |  | 165 | 222 |  |  |
|  | Trade payables |  |  |  | 34853 | 23654 |
|  | Non-trade payables and others |  |  |  | 2 |  |
|  Boim Combined Heat and Power Generation Co., Ltd. | Trade receivables |  | 46 | 46 |  |  |
|  | Non-trade receivables and others |  | 3672 | 5045 |  |  |
|  | Trade payables |  |  |  | 1182 | 861 |
|  | Non-trade payables and others |  |  |  | 28302 | 27834 |
|  Amman Asia Electric Power Company | Trade receivables |  | 7843 | 3707 |  |  |
|  | Non-trade payables and others |  |  |  | 24210 | 24293 |
|  Others (Daegu Green Power Co., Ltd. and 62 others) | Trade receivables |  | 326073 | 359873 |  |  |
|  | Non-trade receivables and others |  | 69080 | 221969 |  |  |
|  | Trade payables |  |  |  | 50655 | 41392 |
|  | Non-trade payables and others |  |  |  | 9141 | 38914 |
|  Korea Development Bank | Accrued Interest Receivable | W | 627 | 1642 |  |  |
|  | Non-trade receivables and others |  | 32568 | 32354 |  |  |
|  | Non-trade payables and others |  |  |  | 325778 | 44 |
|  | Derivatives |  | 312450 | 183662 |  | 1085 |
|  |  | W | 1161396 | 1162635 | 1551939 | 1125134 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**46.** **Related Parties, Continued** 

**(5)** **Loans arising from the related party transactions as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |  |  |  |  |
| **Type** | **Company name** | **Beginning<br>balance** | **Beginning<br>balance** | **Loans** | **Collection** | **Others** | **Ending**<br>**balance** |
|  Associates | KNOC Nigerian East Oil Co., Ltd.,<br> KNOC Nigerian West Oil Co., Ltd. | W | 33776 |  |  |  | 33776 |
|  | (Allowance for doubtful accounts) |  | (33776) |  |  |  | (33776) |
|  Associates | Xe-Pian Xe-Namnoy Power Co., Ltd. |  | 25971 |  |  | 1421 | 27392 |
|  Associates | PT. Cirebon Energi Prasarana |  | 50674 | 383 | (17745) | 1868 | 35180 |
|  Associates | Daejung Offshore Wind Power Co., Ltd. |  | 1000 |  |  |  | 1000 |
|  Associates | Bitgoel Eco Energy Co., Ltd. |  | 22507 |  | (994) |  | 21513 |
|  Associates | Saemangeum Sebit Power Plant Co., Ltd. |  | 21802 |  | (378) |  | 21424 |
|  Associates | Remal First Holding Company |  | 1 |  |  |  | 1 |
|  Associates | Naseem First Holding Company |  | 1 |  |  |  | 1 |
|  Associates | Jeju Bukchon BES Power Co., Ltd. |  | 7380 |  |  |  | 7380 |
|  Associates | Gunsan Green Energy Co., Ltd. |  | 627 |  | (627) |  |  |
|  Joint ventures | Solaseado Solar Power Co., Ltd. |  | 33930 |  | (254) |  | 33676 |
|  Joint ventures | Recursos Solares PV de Mexico II S.A. de C.V. |  | 15550 |  |  | 851 | 16401 |
|  Joint ventures | Horus Solar S.A. de C.V. |  | 16794 |  | (3555) | 852 | 14091 |
|  Joint ventures | Sunmex Renovables S.A. de C.V. |  | 23859 |  |  | 1305 | 25164 |
|  Joint ventures | Kelar S.A |  | 18320 |  |  | 1550 | 19870 |
|  Joint ventures | Daehan Wind Power PSC |  | 14778 |  |  | 809 | 15587 |
|  Joint ventures | Bitsolar Energy Co., Ltd. |  | 3165 |  |  |  | 3165 |
|  Joint ventures | Daesan Green Energy Co., Ltd. |  | 3302 |  |  |  | 3302 |
|  Joint ventures | Yangyang Wind Power Co., Ltd. |  | 3257 |  |  |  | 3257 |
|  Joint ventures | Nghi Son 2 Power LLC |  | 144927 |  | (10799) | 7289 | 141417 |
|  Joint ventures | Guadalupe Solar SpA |  | 3073 |  | (87) | 165 | 3151 |
|  Joint ventures | Forsight Iberian Solar Group Holding, S.L. |  | 72211 | 1391 |  | 2538 | 76140 |
|  Joint ventures | S-Power Chile SpA |  | 287 |  |  | 16 | 303 |
|  Joint ventures | Omisan Wind Power Co., Ltd. |  | 8894 |  |  |  | 8894 |
|  Joint ventures | Gurae Resident Power Co., Ltd. |  | 106 |  |  |  | 106 |
|  Joint ventures | Yeongwol Eco Wind Co., Ltd. |  | 2178 |  |  |  | 2178 |
|  Joint ventures | KAS Investment I LLC |  | 7333 | 6163 |  | 616 | 14112 |
|  Joint ventures | KAS Investment II LLC |  | 7391 | 6213 |  | 620 | 14224 |
|  Joint ventures | Chungsongmeon BongSan Wind Power Co., Ltd. |  | 5563 |  |  |  | 5563 |
|  Joint ventures | KEPCO for Power Company |  |  | 58077 |  | 1248 | 59325 |
|  |  | W | 514881 | 72227 | (34439) | 21148 | 573817 |

---

**(6)** **Borrowings arising from the related party transactions as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |
| **Related parties** | **Type** | **Beginning<br>balance** | **Beginning<br>balance** | **Borrowings** | **Repayment** | **Others** | **Ending**<br>**balance** |
|  Korea Development Bank | Facility | W | 74942 |  | (1228) | 3264 | 76978 |
|  | Others |  | 1097 |  | (79) |  | 1018 |
|  | Operating funds |  | 130000 | 400286 | (420291) |  | 109995 |
|  | EBL and others |  | 99690 | 5174 | (111) | 3514 | 108267 |
|  |  | W | 305729 | 405460 | (421709) | 6778 | 296258 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**46.** **Related Parties, Continued** 

**(7)** **Guarantees provided to the related parties as of March 31, 2026 are as follows:** 

*In millions of won and thousands of foreign currencies* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Primary guarantor** | **Principal obligor** | **Type of guarantees** | **Credit limit** | **Creditor** |
| Korea Electric Power Corporation | Shuweihat Asia Operation & Maintenance Company | Performance guarantees | USD 11,000 | Shuweihat Asia Power Investment B.V. |
| Korea Electric Power Corporation | Rabigh Operation & Maintenance Company Limited | Performance guarantees | USD 1,387 | Rabigh Electricity Company |
| Korea Electric Power Corporation | Rabigh Electricity Company | Performance guarantees | SAR 4,151 | Hana Bank |
| Korea Electric Power Corporation | Nghi Son 2 Power LLC | Certification of payment on L/C | USD 44,350 | SMBC Singapore and others |
| Korea Electric Power Corporation | Barakah One Company | Performance guarantees and others | USD 3,863,891 | FAB and others |
| Korea Electric Power Corporation | RE Holiday Holdings LLC | Performance guarantees (\*9) | USD 203,981 | EFS Renewables Holdings, LLC, CA-CIB and others |
| Korea Electric Power Corporation | RE Pioneer Holdings LLC | Performance guarantees | USD 106,873 | EFS Renewables Holdings, LLC |
| Korea Electric Power Corporation | Shuweihat Asia Power Investment B.V. | Certification of payment on L/C | USD 9,800 | Hana Bank |
| Korea Electric Power Corporation | Amman Asia Electric Power Company | Certification of payment on L/C | USD 13,200 | Hana Bank |
| Korea Electric Power Corporation | Horus Solar, S.A. de C.V. | Other performance guarantees | USD 1,165 | CENACE |
|  |  | Other performance guarantees | MXN 17,362 | CFE Transmission and others |
| Korea Electric Power Corporation | Recursos Solares PV de Mexico II, S.A. de C.V. | Other performance guarantees | MXN 1,518 | SEMARNAT |
| Korea Electric Power Corporation | Sunmex Renovables, S.A. de C.V. | Other performance guarantees | USD 9,078 | CENACE |
|  |  | Other performance guarantees | MXN 4,929 | SEMARNAT and others |
| Korea Electric Power Corporation | International Offshore Power Transmission Holding Company Limited | Performance guarantees | USD 52,500 | Mizuho Bank |
|  |  | Other performance guarantees | USD 7,000 | Credit Agricole |
| Korea Electric Power Corporation | Pulau Indah Power Plant Sdn. Bhd. | Other guarantees | MYR 30,889 | Mizuho Bank |
| Korea Electric Power Corporation | KEPCO for Power Company | Debt Guarantee | USD 108,000 | Shinhan bank |
|  |  | Other performance guarantees | USD 70,000 | SMBC Seoul |
| Korea Electric Power Corporation | Remal Energy Company | Debt Guarantee (\*16) | USD 146,400 | DBS BANK Ltd. (Hong Kong) |
| Korea Electric Power Corporation | Naseem Energy Company | Debt Guarantee (\*17) | USD 146,400 | DBS BANK Ltd. (Hong Kong) |
| Korea Western Power Co., Ltd. | Cheongna Energy Co., Ltd. | Collateralized money invested | KRW 28,202 | Kookmin Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
| Korea Western Power Co., Ltd. | Dongducheon Dream Power Co., Ltd. | Collateralized money invested (\*5) | KRW 53,233 | Kookmin Bank and others |
|  |  | Debt Guarantee | KRW 18,200 | HY western 1st co., Ltd |
| Korea Western Power Co., Ltd. | PT.Mutiara Jawa | Collateralized money invested |  | Woori Bank |
| Korea Western Power Co., Ltd. | Rabigh Operation & Maintenance Company Limited | Performance guarantees and others | SAR 11,200 | National Bank of Kuwait |
| Korea Western Power Co., Ltd. | Xe-Pian Xe-Namnoy Power Co., Ltd. | Collateralized money invested | KRW 72,509 | Krung Thai Bank |
|  |  | Impounding bonus guarantees (\*10) | USD 5,000 | SK Eco Plant Co., Ltd. |
| Korea Western Power Co., Ltd. | Haeng Bok Do Si Photovoltaic Power Co., Ltd. | Collateralized money invested | KRW 194 | Nonghyup Bank |
| Korea Western Power Co., Ltd. | Shin Pyeongtaek Power Co., Ltd. | Collateralized money invested | KRW 72,000 | Kookmin Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
| Korea Western Power Co., Ltd. | Haemodum Solar Co., Ltd. | Collateralized money invested | KRW 1,225 | Nonghyup Bank |
| Korea Western Power Co., Ltd. | Seoroseoro Sunny Power Plant Co., Ltd. | Collateralized money invested | KRW 706 | Hana Bank and others |
| Korea Western Power Co., Ltd. | Muan Solar Park Co., Ltd. | Collateralized money invested | KRW 4,400 | IBK and others |
| Korea Western Power Co., Ltd | YuDang Solar Co., Ltd. | Collateralized money invested | KRW 360 | Hana Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
| Korea Western Power Co., Ltd. | Anjwa Smart Farm & Solar City Co., Ltd. | Collateralized money invested | KRW 5,651 | Hana Bank and others |
| Korea Western Power Co., Ltd. | Hapcheon Floating Photovoltaic Power Plant Inc. | Collateralized money invested | KRW 7,512 | Nonghyup Bank |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**46.** **Related Parties, Continued** 

**(7)** **Guarantees provided to the related parties as of March 31, 2026 are as follows, continued:** 

*In millions of won and thousands of foreign currencies* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Primary guarantor** | **Principal obligor** | **Type of guarantees** | **Credit limit** | **Creditor** |
| Korea Western Power Co., Ltd. | Gurae Resident Power Co., Ltd. | Collateralized money invested | KRW 386 | Hana Bank and others |
| Korea Western Power Co., Ltd. | Yeongwol Eco Wind Co., Ltd. | Collateralized money invested | KRW 3,089 | Hana Bank and others |
| Korea Western Power Co., Ltd. | Gunsan Land Solar Co., Ltd. | Collateralized money invested | KRW 19,091 | Hana Bank and others |
| Korea Western Power Co., Ltd. | Seobusambo highway photovoltaics Co., Ltd. | Guarantees for supplemental funding (\*1) |  | Hana Bank and others |
|  |  | Collateralized money invested | KRW 3,020 | Hana Bank and others |
| Korea Western Power Co., Ltd. | Eumseong Eco Park Co., Ltd. | Collateralized money invested | KRW 5,741 | Kyobo Life Insurance Co., Ltd.<br> and others |
| Korea Western Power Co., Ltd. | PungBack Wind Farm Corporation | Collateralized money invested | KRW 7,885 | Hanwha Life Insurance Co., Ltd. and others |
| Korea Western Power Co., Ltd. | Wadi Noor Solar Power Company | Loan payment guarantee | USD 54,855 | DBS Bank |
| Korea Western Power Co., Ltd. | EDFR KOWEPO AJBAN HOLDING LIMITED | Loan payment guarantee | USD 57,090 | First Abu Dhabi Bank |
| Korea Western Power Co., Ltd. | Taean Haetdeulwon Solar Co., Ltd. | Collateralized money invested | KRW 7,992 | Kookmin Bank and others |
| Korea East-West Power Co., Ltd. | Seokmun Energy Co., Ltd. | Collateralized money invested | KRW 13,525 | Kookmin Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
| Korea East-West Power Co., Ltd. | Chun-cheon Energy Co., Ltd. | Collateralized money invested | KRW 37,520 | Kookmin Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
| Korea East-West Power Co., Ltd. | Honam Wind Power Co., Ltd. | Collateralized money invested | KRW 4,679 | Shinhan Bank and others |
| Korea East-West Power Co., Ltd. | GS Donghae Electric Power Co., Ltd. | Collateralized money invested | KRW 290,835 | Korea Development Bank and others |
| Korea East-West Power Co., Ltd. | Yeonggwangbaeksu Wind Power Co., Ltd. | Collateralized money invested | KRW 3,887 | Kookmin Bank and others |
| Korea East-West Power Co., Ltd. | Daesan Green Energy Co., Ltd. | Collateralized money invested | KRW 22,918 | IBK |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
| Korea East-West Power Co., Ltd. | Taebaek Gadeoksan Wind Power Co., Ltd. | Collateralized money invested | KRW 21,931 | Hana Bank and others |
| Korea East-West Power Co., Ltd. | PT. Tanjung Power Indonesia | Collateralized money invested | KRW 105,684 | MUFG and others |
|  |  | Guarantees for supplemental funding (\*1) |  | Sumitomo mitsui banking and others |
| Korea East-West Power Co., Ltd. | South Jamaica Power Company Limited | Performance guarantees (\*13) | USD 14,400 | Hana Bank |
|  |  | Collateralized money invested | KRW 52,109 | JCSD Trustee Services Limited and others |
| Korea East-West Power Co., Ltd. | Cheongju Eco Park Co., Ltd. | Collateralized money invested | KRW 10,408 | Kyobo Life Insurance Co., Ltd. and others |
| Korea East-West Power Co., Ltd. | Busan Industrial Solar Power Co., Ltd. | Collateralized money invested | KRW 1,294 | Shinhan Bank and others |
| Korea East-West Power Co., Ltd. | Yangyang Wind Power Co., Ltd. | Collateralized money invested | KRW 16,212 | Hana Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
| Korea East-West Power Co., Ltd. | Goheung New Energy Co., Ltd. | Collateralized money invested | KRW 5,121 | Woori Bank and others |
| Korea East-West Power Co., Ltd. | Yanggu Floating Photovoltaic Power Plant Inc. | Collateralized money invested | KRW 874 | Korea Development Bank |
| Korea East-West Power Co., Ltd. | Hoenggye Renewable Energy Co., Ltd. | Collateralized money invested | KRW 2,375 | IBK |
|  |  | Guarantees for supplemental funding (\*1) |  |  |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**46.** **Related Parties, Continued** 

**(7)** **Guarantees provided to the related parties as of March 31, 2026 are as follows, continued:** 

*In millions of won and thousands of foreign currencies* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Primary guarantor** | **Principal obligor** | **Type of guarantees** | **Credit limit** | **Creditor** |
| Korea East-West Power Co., Ltd. | Kumyang Eco Park Co., Ltd. | Collateralized money invested | KRW 6,334 | Woori Bank and others |
| Korea East-West Power Co., Ltd. | Amaala Sustaninable Company for<br> Energy LLC | Loan payment guarantee (\*7) | USD 38,054 | First Abu Dhabi Bank PJSC |
|  |  | Collateralized money invested | KRW 7,557 |  |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
| Korea East-West Power Co., Ltd. | KPE Green Energy Co., Ltd. | Collateralized money invested | KRW 9,933 | Hana Bank and others |
| Korea East-West Power Co., Ltd. | Yeonggwang Wind Power Co., Ltd. | Collateralized money invested | KRW 30,068 | KDB Capital Corp. and others |
| Korea East-West Power Co., Ltd. | Bitsolar Energy Co., Ltd. | Collateralized money invested |  | Mirae Asset Life Insurance Co., Ltd. and others |
| Korea East-West Power Co., Ltd. | Jeju Bukchon BES Power Co., Ltd. | Collateralized money invested | KRW 1,341 | Woori Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
| Korea Southern Power Co., Ltd. | Daeryun Power Co., Ltd. | Collateralized money invested | KRW 36,784 | Korea Development Bank and others |
| Korea Southern Power Co., Ltd. | Daegu Green Power Co., Ltd. | Collateralized money invested | KRW 33,528 | Shinhan Bank and others |
|  |  | Performance guarantees |  |  |
| Korea Southern Power Co., Ltd. | Kelar S.A. | Performance guarantees | USD 26,520 | Hana Bank, MUFG |
|  |  | Payment guarantees (\*11) | USD 11,707 | Hana Bank |
| Korea Southern Power Co., Ltd. | Daehan Wind Power PSC | Payment guarantees (\*6) | USD 2,000 | Hana Bank |
|  |  | Performance guarantees (\*14) | USD 1,800 | Shinhan Bank |
|  |  | Collateralized money invested | KRW 27,093 | Standard Chartered |
| Korea Southern Power Co., Ltd. | Pyeongchang Wind Power Co., Ltd. | Collateralized money invested | KRW 13,001 | Woori Bank, Shinhan Bank and others |
|  |  | Performance guarantees |  |  |
| Korea Southern Power Co., Ltd. | Taebaek Guinemi Wind Power Co.,<br> Ltd. | Collateralized money invested | KRW 15,714 | IBK |
| Korea Southern Power Co., Ltd. | Samcheok Eco Materials Co., Ltd. | Payment guarantees (\*2) |  | KIS SF the 22nd Co., Ltd. |
|  |  | Performance guarantees |  | HC elementary materials |
| Korea Southern Power Co., Ltd. | Solaseado Solar Power Co., Ltd. | Collateralized money invested | KRW 14,130 | Kookmin Bank and others |
| Korea Southern Power Co., Ltd. | Naepo Green Energy Co., Ltd. | Collateralized money invested | KRW 65,673 | IBK and others |
|  |  | Performance guarantees |  |  |
| Korea Southern Power Co., Ltd. | Omisan Wind Power Co., Ltd. | Collateralized money invested | KRW 13,407 | Shinhan Bank and others |
|  |  | Performance guarantees and guarantees for supplemental funding (\*1) |  |  |
| Korea Southern Power Co., Ltd. | Geumsungsan Wind Power Co., Ltd. | Collateralized money invested | KRW 8,439 | Kookmin Bank and others |
| Korea Southern Power Co., Ltd. | HORANG ENERGY Inc. | Collateralized money invested | KRW 4,469 | Woori Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
| Korea Southern Power Co., Ltd. | Haman Green Energy Co., Ltd. | Collateralized money invested | KRW 6,187 | Hana Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
| Korea Southern Power Co., Ltd. | Jeongeup Green Power Co., Ltd. | Collateralized money invested | KRW 6,148 | Mirae Asset Securities Co., Ltd. |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
| Korea Southern Power Co., Ltd. | HyChangwon Fuel Cell. Co., Ltd. | Collateralized money invested | KRW 8,794 | Woori Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
| Korea Southern Power Co., Ltd. | Roof One Energy Co., Ltd. | Collateralized money invested | KRW 1,971 | Woori Bank |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
| Korea Southern Power Co., Ltd. | Namjeju Bitdream Energy Co., Ltd. | Collateralized money invested | KRW 5,126 | Woori Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
| Korea Southern Power Co., Ltd. | Cheonwang Green Energy Co., Ltd. | Collateralized money invested | KRW 494 | Samsung Fire & Marine Insurance Co., Ltd. and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
| Korea Southern Power Co., Ltd. | Haetbyeotgil Sunlight Co., Ltd. | Collateralized money invested | KRW 766 | Kyobo Life Insurance Co.,Ltd. |
|  |  | Guarantees for supplemental funding (\*1) |  | Heungkuk Asset Management |
| Korea Southern Power Co., Ltd. | Rutile BESS. LLC | Payment guarantees | USD 13,000 | Nonghyup Bank, JP Morgan Chase Bank |
| Korea Southern Power Co., Ltd. | Luluah SKY Energy Holding Ltd | Collateralized money invested |  | Export-Import Bank of Korea and others |
| KOSPO Chile SpA | Kelar S.A. | Collateralized money invested | KRW 166,320 | Export-Import Bank of Korea and others |
| KOSPO Chile SpA | Chester Solar I SpA | Collateralized money invested | KRW 3,091 | IBK |
| KOSPO Chile SpA | Chester Solar IV SpA | Collateralized money invested | KRW 7,128 | IBK |
| KOSPO Chile SpA | Chester Solar V SpA | Collateralized money invested | KRW 521 | IBK |
| KOSPO Chile SpA | Diego de Almagro Solar SpA | Collateralized money invested | KRW 4,910 | IBK |
| KOSPO Chile SpA | Laurel SpA | Collateralized money invested | KRW 2,556 | IBK |
| Korea Midland Power Co., Ltd. | YeongGwang Yaksu Wind Electric Co., Ltd. | Collateralized money invested | KRW 92 | IBK and others |
| Korea Midland Power Co., Ltd. | Hyundai Green Power Co., Ltd. | Collateralized money invested | KRW 83,069 | Korea Development Bank and others |
| Korea Midland Power Co., Ltd. | PT. Cirebon Electric Power | Debt guarantees | USD 3,795 | Mizuho Bank |
| Korea Midland Power Co., Ltd. | PT Wampu Electric Power | Debt guarantees | USD 4,253 | PT. Bank KB Bukopin |
| Korea Midland Power Co., Ltd. | Green Energy Electricity Generation Co., Ltd. | Collateralized money invested | KRW 399 | IBK |
|  |  | Guarantees for supplemental funding (\*1) |  | IBK |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**46.** **Related Parties, Continued** 

**(7)** **Guarantees provided to the related parties as of March 31, 2026 are as follows, continued:** 

*In millions of won and thousands of foreign currencies* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Primary guarantor** | **Principal obligor** | **Type of guarantees** | **Credit limit** | **Creditor** |
| Korea Midland Power Co., Ltd. | Yaksu ESS Co., Ltd. | Collateralized money invested | KRW 40 | IBK |
| Korea Midland Power Co., Ltd. | Gwangbaek Solar Power Investment Co., Ltd. | Collateralized money invested | KRW 5,238 | Kyobo Life Insurance Co., Ltd. and others |
| Korea Midland Power Co., Ltd. | Muan Sunshine Solar Power Plant Co., Ltd. | Collateralized money invested | KRW 2,377 | IBK |
| Korea Midland Power Co., Ltd. | Goesan Solar park Co., Ltd. | Collateralized money invested | KRW 2,792 | IBK |
| Korea Midland Power Co., Ltd. | Bitgoel Eco Energy Co., Ltd. | Collateralized money invested | KRW 7,613 | IBK and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
| Korea Midland Power Co., Ltd. | Energyco Co., Ltd. | Collateralized money invested | KRW 2,463 | Nonghyup Bank |
| Korea Midland Power Co., Ltd. | Jeju Gimnyeong Wind Power Co., Ltd. | Collateralized money invested | KRW 279 | Nonghyup Bank |
| Korea Midland Power Co., Ltd. | Dongbu Highway Solar Co., Ltd. | Collateralized money invested | KRW 555 | Shinhan Bank |
| Korea Midland Power Co., Ltd. | Seobu Highway Solar Co., Ltd. | Collateralized money invested | KRW 712 | Shinhan Bank |
| Korea Midland Power Co., Ltd. | Yeongyang Wind Power Corporation II | Collateralized money invested | KRW 11,868 | Korea Development Bank and others |
| Korea Midland Power Co., Ltd. | Haeparang Energy Co., Ltd. | Collateralized money invested | KRW 2,590 | Templeton Hana Asset |
|  |  | Guarantees for supplemental funding (\*1) |  | Templeton Hana Asset |
| Korea Midland Power Co., Ltd. | Saemangeum Sebit Power Plant Co., Ltd. | Collateralized money invested | KRW 28,260 | IBK and others |
| Korea Midland Power Co., Ltd. | Yeomsubong Wind Power Co., Ltd. | Collateralized money invested | KRW 517 | Korea Development Bank |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
| Korea Midland Power Co., Ltd. | Commerce and Industry Energy Co., Ltd. | Collateralized money invested | KRW 498 | IBK and others |
| Korea Midland Power Co., Ltd. | Nour Ibri Solar Power SAOC | Performance Guarantee | OMR 2,750 | Oman Power and Water Procurement Company SAOC |
|  |  | Loan payment guarantee | USD 17,300 | Shinhan Bank |
|  |  | Debt guarantee | USD 600 | Shinhan Bank |
| Korea Midland Power Co., Ltd. | Sinan Ui Offshore Wind Power Co., Ltd. | Collateralized money invested | KRW 96,100 | Korea Development Bank and ohters |
| Korea South-East Power Co., Ltd. | Boim Combined Heat and Power Generation Co., Ltd. | Collateralized money invested (\*3,4) |  | IBK |
|  |  | Guarantees for supplemental funding and others (\*1,15) | KRW 76,800 | Newstar ND Third Co., Ltd. |
| Korea South-East Power Co., Ltd. | RES Technology AD | Collateralized money invested (\*4) | EUR 7,210 | UniCredit Bulbank and others |
| Korea South-East Power Co., Ltd. | ASM-BG Investicii AD | Collateralized money invested (\*4) | EUR 5,735 | UniCredit Bulbank and others |
| Korea South-East Power Co., Ltd. | Goseong Green Power Co., Ltd. | Collateralized money invested (\*4) | KRW 283,991 | Kyobo Life Insurance Co., Ltd. and others |
| Korea South-East Power Co., Ltd. | Gangneung Eco Power Co., Ltd. | Collateralized money invested (\*4) | KRW 229,768 | Kyobo Life Insurance Co., Ltd. and others |
| Korea South-East Power Co., Ltd. | PND Solar Co., Ltd. | Collateralized money invested (\*4) | KRW 1,511 | Korea Investment & Securities Co., Ltd. |
| Korea South-East Power Co., Ltd. | Hyundai Eco Energy Co., Ltd. | Collateralized money invested (\*4) | KRW 8,646 | Samsung Life Insurance and others |
| Korea South-East Power Co., Ltd. | Jaeun Resident Wind Power Plant Co., Ltd. | Collateralized money invested (\*4) |  | IBK |
| Korea South-East Power Co., Ltd. | Chungsongmyeon BongSan wind power Co., Ltd. | Collateralized money invested (\*4) | KRW 730 | Kyobo Life Insurance Co., Ltd. and others |
| Korea South-East Power Co., Ltd. | Yeongam Solar Power Co., Ltd. | Collateralized money invested (\*4) | KRW 11,733 | Kookmin Bank and others |
| Korea South-East Power Co., Ltd. | Samsu Wind Power Co., Ltd. | Collateralized money invested (\*4) | KRW 3,440 | Shinhan Bank and others |
| Korea South-East Power Co., Ltd. | Saemangeum Heemang Photovoltaic Co., Ltd. | Collateralized money invested (\*4) | KRW 16,002 | Woori Bank and others |
| Korea South-East Power Co., Ltd. | Nepal Water & Energy Development Company Private Limited | Collateralized money invested (\*4) | USD 95,960 | International Finance |
|  |  | Business reserve payment guarantee | USD 33,333 | Corporation and others |
| Korea South-East Power Co., Ltd. | Santiago Solar Power SpA | Debt guarantees (\*8) | USD 8,000 | Nonghyup Bank and others |
| Korea Hydro & Nuclear Power Co., Ltd. | Noeul Green Energy Co., Ltd. | Collateralized money invested |  | Hana Bank and others |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**46.** **Related Parties, Continued** 

**(7)** **Guarantees provided to the related parties as of March 31, 2026 are as follows, continued:** 

*In millions of won and thousands of foreign currencies* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Primary guarantor** | **Principal obligor** | **Type of guarantees** | **Credit limit** | **Creditor** |
| Korea Hydro & Nuclear Power Co., Ltd. | Busan Green Energy Co., Ltd. | Collateralized money invested | KRW 1,719 | Shinhan Bank and others |
| Korea Hydro & Nuclear Power Co., Ltd. | Godeok Clean Energy Co., Ltd. | Collateralized money invested | KRW 5,612 | Kookmin Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
| Korea Hydro & Nuclear Power Co., Ltd. | Cheong-Song Noraesan Wind Power Co., Ltd. | Collateralized money invested | KRW 3,798 | Woori Bank and others |
| Korea Hydro & Nuclear Power Co., Ltd. | Gwangyang Green Energy Co., Ltd. | Collateralized money invested | KRW 23,703 | Shinhan Bank and others |
| Korea Hydro & Nuclear Power Co., Ltd. | Gangneung Sacheon Fuel Cell Co., Ltd. | Collateralized money invested | KRW 9,216 | Hana Bank and others |
| Korea Hydro & Nuclear Power Co., Ltd. | Chuncheon Green Energy Co., Ltd. | Collateralized money invested | KRW 15,531 | Hana Bank and others |
| Korea Hydro & Nuclear Power Co., Ltd. | Yangyang Suri Wind Power Co., Ltd. | Collateralized money invested | KRW 9,484 | Kookmin Bank and others |
| Korea Hydro & Nuclear Power Co., Ltd. | Bigeum Resident Photovoltaic Power Co., Ltd. | Collateralized money invested | KRW 7,050 | Kookmin Bank and others |
| Korea Hydro & Nuclear Power Co., Ltd. | Songsan Green Energy Co., Ltd. | Collateralized money invested | KRW 11,777 | Hana Bank and others |
| Korea Hydro & Nuclear Power Co., Ltd. | Changwon Nu-ri Energy Co., Ltd. | Collateralized money invested | KRW 10,022 | Hana Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  | Hana Bank and others |
| Korea Hydro & Nuclear Power Co., Ltd. | Imha Floating Photovoltaic Power Plant Inc. | Collateralized money invested | KRW 6,657 | Hana Bank and others |
| KHNP USA LLC | KAS INVESTMENT I LLC | Payment guarantees (\*12) | USD 9,770 | WOORI AMERICA BANK |
| KHNP USA LLC | KAS INVESTMENT II LLC | Payment guarantees (\*12) | USD 9,730 | WOORI AMERICA BANK |

---

(\*1) The Group guarantees to provide supplemental funding for business with respect to excessive business expenses or insufficient repayment of borrowings.

---

| | |
|:---|:---|
| (\*2) | Samcheok Eco Materials Co., Ltd., a joint venture of the Group has issued the hybrid bonds. If the bonds are not repaid by December 8, 2026, the parent company and shareholders must purchase the bonds from the acquirer. As of March 31, 2026, derivative liabilities of W23,494 million were recognized in relation to this obligation. Meanwhile, the Group has entered into an agreement to compensate for potential losses in connection with the fulfillment of the obligated supply volume under the coal ash supply obligation agreement.  |

---

(\*3) The Group recognized an impairment loss on all of the equity securities of Boim Combined Heat and Power Generation Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is W47,067 million.

---

| | |
|:---|:---|
| (\*4) | The agreement includes an obligation to contribute, in proportion to the equity interest, any excess amount over the threshold in the event that the non-recognized portion of the guaranteed company's capital expenditure exceeds the prescribed limit.  |

---

(\*5) The common stocks of Dongducheon Dream Power Co., Ltd. held by the Group were pledged as collateral.

(\*6) The Group provided a payment guarantee to Jordan Tafila wind power project for opening L/C for Debt Service Reserve Account (DSRA).

(\*7) The Group provided EBL payment and EBL hedging guarantee to Amaala Sustainable Company for Energy LLC, an associate of the Group.

---

| | |
|:---|:---|
| (\*8) | The Group has issued a guaranteed letter of credit in the amount of USD 8,000 thousand under the interlender loan agreement with Santiago Solar Power SpA.  |

---

(\*9) The credit limits of guarantees to RE Holiday Holdings LLC include the credit limits of guarantees to their subsidiaries.

---

| | |
|:---|:---|
| (\*10) | Xe-Pian Xe-Namnoy Power Co., Ltd., an associate of the Group, has entered a contract to pay an incentive type of impounding bonus to SK Eco Plant Co., Ltd. when the Xe-Pian Xe-Namnoy Dam is completed. If Xe-Pian Xe-Namnoy Power Co., Ltd. fails to pay SK Eco Plant Co., Ltd., the Group guarantees the payment, and the amount is USD 5,000 thousand.  |

---

(\*11) The Group provided a payment guarantee to Chile Kelar project for opening L/C for Debt Service Reserve Account (DSRA), and others.

(\*12) The credit limits of guarantees to KAS INVESTMENT I LLC, KAS INVESTMENT II LLC include the credit limits of guarantees to their subsidiaries.

(\*13) The payment guarantee is related to the gas combined cycle power project of South Jamaica Power Company Limited, a joint venture of the Group.

(\*14) The Group has provided a performance guarantee in connection with the Tafila Wind Power Project in Jordan.

---

| | |
|:---|:---|
| (\*15) | In accordance with the agreement, the Group has recognized the estimated amount required for the fulfillment of the obligation as other provisions, amounting to W12,731 million.  |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**46.** **Related Parties, Continued** 

**(7)** **Guarantees provided to the related parties as of March 31, 2026 are as follows, continued:** 

(\*16) Guarantees provided to Remal Energy Company, a subsidiary of Remal First Holding Company, an associate of the Group, in connection with the gas-fired combined cycle power generation project.

(\*17) Guarantees provided to Naseem Energy Company, a subsidiary of Naseem First Holding Company, an associate of the Group, in connection with the gas-fired combined cycle power generation project.

**(8)** **Guarantees received from the related parties as of March 31, 2026 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **Primary Guarantor** | **Type of guarantees** | **Credit limit** | **Credit limit** |
|  KAPES, Inc. | Defect guarantees | W | 16120 |
|  | Performance guarantees |  | 38231 |
|  | Advance payment guarantee |  | 241832 |

---

**(9)** **Derivatives transactions with the related parties as of March 31, 2026 are as follows:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Currency Swap

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* |
|  |  | **Contract amounts** | **Contract amounts** | **Contract amounts** | **Contract amounts** | **Contract interest rate**<br>**per annum** | **Contract interest rate**<br>**per annum** | **Contract**<br> **exchange** | **Contract**<br> **exchange** |
|  |  |  |  |  |  |  |  | **rate** | **rate** |
| **Counterparty** | **Contract year** | **Pay** | **Pay** | **Receive** | **Receive** | **Pay** | **Receive** | **(in won)** | **(in won)** |
|  Korea Development Bank | 2021~2026 | W | 118170 | USD | 100000 | 1.11% | 1.13% | W | 1181.70 |
|  | 2022~2026 |  | 283820 | USD | 200000 | 4.67% | 5.38% |  | 1419.10 |
|  | 2022~2028 |  | 283820 | USD | 200000 | 5.12% | 5.50% |  | 1419.10 |
|  | 2023~2026 |  | 256000 | USD | 200000 | 4.04% | 5.38% |  | 1280.00 |
|  | 2024~2027 |  | 864890 | USD | 650000 | 3.53% | 4.88% |  | 1330.60 |
|  | 2025~2028 |  | 73160 | USD | 50000 | 3.02% | Compounded<br> Daily SOFR<br> + 0.62%  |  | 1463.20 |
|  | 2017~2027 |  | 111610 | USD | 100000 | 2.31% | 3.13% |  | 1116.10 |
|  | 2018~2028 |  | 108600 | HKD | 800000 | 2.69% | 3.35% |  | 135.75 |
|  | 2019~2027 |  | 119978 | CHF | 100000 | 1.43% | 0.05% |  | 1199.78 |
|  | 2021~2026 |  | 111400 | USD | 100000 | 0.93% | 1.25% |  | 1114.00 |
|  | 2022~2027 |  | 262000 | USD | 200000 | 3.63% | 4.25% |  | 1310.00 |
|  | 2024~2028 |  | 257880 | USD | 200000 | 3.80% | 5.00% |  | 1289.40 |
|  | 2024~2028 |  | 128940 | USD | 100000 | 3.69% | 5.00% |  | 1289.40 |
|  | 2024~2029 |  | 138540 | USD | 100000 | 3.19% | 4.63% |  | 1385.40 |
|  | 2025~2030 |  | 556560 | USD | 400000 | 2.75% | SOFR +<br>0.79% |  | 1391.40 |
|  | 2021~2026 |  | 114230 | USD | 100000 | 1.27% | 1.25% |  | 1142.30 |
|  | 2022~2027 |  | 123710 | USD | 100000 | 3.41% | 3.63% |  | 1237.10 |
|  | 2023~2028 |  | 129500 | USD | 100000 | 3.85% | 4.88% |  | 1295.00 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**46.** **Related Parties, Continued** 

**(9)** **Derivatives transactions with the related parties as of March 31, 2026 are as follows, continued:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Currency forward

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of Won and thousands of foreign currencies except contract exchange rate information* | *In millions of Won and thousands of foreign currencies except contract exchange rate information* | *In millions of Won and thousands of foreign currencies except contract exchange rate information* |  |  |  |  |  |
|  |  |  | **Contract amounts** | **Contract amounts** | **Contract amounts** | **Contract**<br> **exchange** | **Contract**<br> **exchange** |
|  |  |  |  |  |  | **rate** | **rate** |
| **Counterparty** | **Contract date** | **Maturity date** | **Pay** | **Pay** | **Receive** | **(in Won)** | **(in Won)** |
|  Korea Development Bank | 2026.03.11 | 2026.04.03 | W | 11733 | USD 8,000 | W | 1466.57 |
|  | 2026.03.19 | 2026.04.03 |  | 10495 | USD 7,000 |  | 1499.31 |

---

**(10)** **During the year ended December 31, 2025, the Group acquired financial instruments amounting to KRW 120,000 million from Korea Development Bank, other related party, and disposed of financial instruments amounting to KRW 80,000 million.** 

**(11)** **The Group considers all standing directors of the Board who serve as executive officers responsible for planning, operations and/or control of business activities, as key management personnel. The Group recorded salaries and other compensations related to the key management personnel as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | | | | |
| **Type** | **For the three-month period<br>ended March 31, 2026** | **For the three-month period<br>ended March 31, 2026** | **For the three-month period<br>ended March 31, 2025** | **For the three-month period<br>ended March 31, 2025** |
|  Salaries | W | 217 |  | 233 |
|  Retirement benefits |  | 17 |  | 17 |
|  | W | 234 |  | 250 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**47.** **Statement of Cash Flows** 

**(1)** **Significant non-cash transactions for each of the three-month periods ended March 31, 2026 and 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* |  |  |  |
| **Transactions** | **For the three-month<br>period ended**<br>**March 31, 2026** | **For the three-month<br>period ended**<br>**March 31, 2026** | **For the three-month<br>period ended**<br>**March 31, 2025** |
|  Transfer from construction-in-progress to other assets | W | 2730458 | 1452988 |
|  Recognition of asset retirement cost and related provision for decommissioning costs |  | 257931 | 66315 |
|  Transfer from provision for disposal of used nuclear fuel to accrued expenses |  | 103408 | 75812 |
|  Transfer from long-term borrowings to current portion of long-term borrowings |  | 621816 | 417090 |
|  Transfer from debt securities to current portion of debt securities |  | 9100718 | 6875065 |
|  Transfer from inventory to stored nuclear fuel |  | 492282 | 358876 |
|  Recognition of right-of-use assets and others |  | 55770 | 30693 |

---

**(2)** **Changes in liabilities incurred from financing activities for each of the three-month periods ended March 31, 2026 and 2025 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** | **For the three-month period ended March 31, 2026** |
|  |  |  |  | **Non-cash changes** | **Non-cash changes** |  |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Cash flows** | **Increase** | **Effect of exchange rate**<br>**fluctuations and others** | **Ending <br>balance** |
|  Borrowings | W | 21996296 | (115815) |  | 227066 | 22107547 |
|  Debt securities |  | 107772996 | (2500420) |  | 831024 | 106103600 |
|  Lease liabilities |  | 3150880 | (157349) | 53156 | 120437 | 3167124 |
|  Dividends Payable |  | 1319 |  |  | 1052852 | 1054171 |
|  Derivative liabilities (assets), net |  | (1870050) | 318351 |  | (1080448) | (2632147) |
|  | W | 131051441 | (2455233) | 53156 | 1150931 | 129800295 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the three-month period ended March 31, 2025** | **For the three-month period ended March 31, 2025** | **For the three-month period ended March 31, 2025** | **For the three-month period ended March 31, 2025** | **For the three-month period ended March 31, 2025** | **For the three-month period ended March 31, 2025** |
|  |  |  |  | **Non-cash changes** | **Non-cash changes** |  |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Cash flows** | **Increase** | **Effect of exchange rate**<br>**fluctuations and others** | **Ending <br>balance** |
|  Borrowings | W | 20659381 | 206872 |  | (29661) | 20836592 |
|  Debt securities |  | 111874019 | 538688 |  | (14350) | 112398357 |
|  Lease liabilities |  | 3699456 | (188632) | 26324 | 15246 | 3552394 |
|  Dividends Payable |  | 5063 |  |  | 211047 | 216110 |
|  Derivative liabilities (assets), net |  | (2406338) | 46860 |  | (11278) | (2370756) |
|  | W | 133831581 | 603788 | 26324 | 171004 | 134632697 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**48.** **Commitments for Expenditure** 

**(1)** **The commitments for acquisition of property, plant and equipment as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Contracts** | **Commitment<br>amounts** | **Commitment<br>amounts** | **Remaining**<br>**liability balances** | **Commitment<br>amounts** | **Remaining**<br>**liability balances** |
|  Purchase of cable (PVC, 1C, 2000SQ) 153,000M and others (Shin-Bupyung-Youngseo) | W | 57235 | 425 | 57226 | 417 |
|  Purchase of GIS (362kV, 6300A, 63kA) 23CB – Youngseo S/S |  | 37081 | 8394 | 37081 | 8394 |
|  Purchase of GIS (362kV, 6300A, 63kA) 27CB – Kwangyang S/S |  | 37744 | 140 | 37744 | 140 |
|  Purchase of cable (PVC, 1C, 2500SQ) 100,548M and others (Kyungin Construction) |  | 58271 | 746 | 58271 | 746 |
|  Purchase of GIS (362kV, 6300A, 63kA) 25CB – Migeum S/S |  | 35282 | 224 | 35282 | 4749 |
|  Purchase of cable (PVC, 1C, 2000SQ) 5,862M and others (Baekun-Gwangyanghang) |  | 35016 | 703 | 35016 | 703 |
|  Purchase of cable (PVC, 1C, 2500SQ) 57,868M and others (Goduk-Seoansung) |  | 40937 | 654 | 40937 | 654 |
|  Purchase of cable (PVC, 1C, 2000SQ) 87,732M and others (Eulwangboonki) |  | 36446 | 1015 | 36446 | 1015 |
|  Purchase of GIS (362kV,6300A,63kA) Type 18 – Wolsung S/Y |  | 33057 | 16045 | 33057 | 16045 |
|  System stabilization ESS equipment (Bubuk S/S) Type 1 |  | 221939 | 42137 | 221939 | 42137 |
|  System stabilization ESS equipment (Yeongcheon S/S) Type 1 |  | 72779 | 16975 | 72779 | 16975 |
|  System stabilization ESS equipment (Yesan S/S) Type 1 |  | 56174 | 11471 | 56174 | 11471 |
|  System stabilization ESS equipment (Hamyang S/S) Type 1 |  | 35764 | 11468 | 35764 | 11468 |
|  Purchase of GIS (362kV, 6300A, 63kA) Type 31 – East Seoul S/S |  | 38520 | 38510 | 38520 | 38520 |
|  Purchase of cable (PVC, 1C, 2000SQ) 68,613M and others (Dongducheon-Yangju) |  | 41249 | 7093 | 40933 | 15651 |
|  Purchase of HVDC cable (PE, 2500SQ) 31,551M and others |  | 40313 | 22572 | 40323 | 31810 |
|  Purchase of HVDC cable (PE, 2500SQ) 30,883M and others |  | 40116 | 22042 | 40130 | 31505 |
|  Stationary reactive power compensation device (Phase 3, ±500MVAR) – Shin Jecheon S/S |  | 39300 | 39300 | 39300 | 39300 |
|  Stationary reactive power compensation device (STATCOM, phase 3, ±500MVAR) – East coast #1C/S |  | 37600 | 37600 | 37600 | 37600 |
|  Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) – Shin Gapyeong S/S |  | 40590 | 40590 | 40590 | 40590 |
|  Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) – Shin Namwon S/S |  | 37100 | 37100 | 37100 | 37100 |
|  Steel Pipe Towers (500kV HVDC), 6,105 tons – Donghae–Shingapyeong (Section 2) |  | 32381 | 2375 | 32381 | 11453 |
|  Steel Pipe Towers (500kV HVDC), 6,143 tons – Donghae–Shingapyeong (Section 3) |  | 31265 | 6254 | 31184 | 14490 |
|  Purchase of GIS (362kV, 6300A, 63kA) Type 16 and others - East coast #1C/S |  | 41000 | 40700 | 41000 | 40700 |
|  Purchase of cable (PVC, 1C, 2500SQ) 55,593M and others (Shin Anseong–Dong Yongin) |  | 38675 |  | 38086 | 10334 |
|  Concrete pole (10M, general purpose, 500KGF) 70,000 ea and five other equipment |  | 31838 | 15908 | 31838 | 18411 |
|  AMIGO, 1P2W, 60(5)A, Electronic, Class 1.0, 220V, 709,616 units – Annual Unit Price (General) |  | 54544 | 29488 | 40475 | 29546 |
|  AMIGO, 3P4W, 120(10)A, Electronic, Class 1.0, 220V, 422,751 units – Annual Unit Price (General) |  | 47476 | 9681 | 42252 | 12262 |
|  Purchase of cable (PVC, 1C, 2000SQ) 74,647M and others (East Seoul#2-Tancheon) |  | 30471 | 30471 | 30471 | 30471 |
|  Purchase of cable (PE,1C,2500SQ) 69,720M and others (Saemangeum-Dongbieung) |  | 30607 | 20679 | 30607 | 20679 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**48.** **Commitments for Expenditure, Continued** 

**(1)** **The commitments for acquisition of property, plant and equipment as of March 31, 2026 and December 31, 2025 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Contracts** | **Commitment<br>amounts** | **Remaining**<br>**liability balances** | **Commitment<br>amounts** | **Remaining**<br>**liability balances** |
|  Stationary reactive power compensation device (Phase 3, ±500MVAR) – East coast #2C/S | 36400 | 36400 | 36400 | 36400 |
|  Purchase of GIS (800KV,8000A,50KA) Type 7– Dangjin Thermal Power Plant | 63903 | 63903 | 63903 | 63903 |
|  765kV Power Transformer 3Bank(15Tank) - Dangjin Thermal Power Plant | 61100 | 61100 | 61100 | 61100 |
|  Purchase of cable (PVC, 1C, 2000SQ) 61,641M and others (Shin Gangseoboonki) | 52204 | 52204 | 52204 | 52204 |
|  Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) Type2- Shin Okcheon S/S | 58650 | 58650 | 58650 | 58650 |
|  XLPE insulated PVC sheathed cable (600V, CV, 1C, 240 sq mm) — 964,800 m (Annual unit price contract) | 36223 | 31823 |  |  |
|  GIS(362KV 6300A/550KV 2000A,63KA) 22 units — Donghaean #2 Switching Station (C/S) | 31800 | 31800 |  |  |
|  Construction of Saeul Units (#3,4) | 11718217 | 301025 | 11718217 | 921006 |
|  Construction of Shin-Hanul Units (#3,4) | 12343245 | 9862740 | 12343245 | 10205627 |
|  Other 63 contracts | 2307927 | 1502215 | 2245116 | 1583953 |
|  Purchase of equipment for the construction project of Boryeong indoor coal storage yard | 372129 | 125215 | 371978 | 134735 |
|  Purchase of main machine for Boryeong New Complex Unit 1 | 282661 | 26259 | 282623 | 29970 |
|  Boryeong New Complex Unit 1 Construction Project | 231101 | 85445 | 221475 | 93617 |
|  Haman Combined Power Block Conditional Purchase Agreement | 586983 | 512524 | 586983 | 514447 |
|  Purchase of gas turbine and turbine equipment of Gimpo combined heat & power plant | 123989 | 9820 | 123989 | 9820 |
|  Construction of Gimpo combined heat & power plant |  |  | 223697 | 7184 |
|  Purchase of gas turbines, steam turbines, and accessories for Gumi natural gas power plant | 198883 | 7392 | 198029 | 18973 |
|  Purchase of heat recovery boiler and accessories for Gumi natural gas power plant | 65951 | 9331 | 65918 | 9336 |
|  Construction of Gumi natural gas power plant | 324577 | 16926 | 301684 | 24569 |
|  Construction of Gongju natural gas power plant | 229547 | 93309 | 224392 | 120972 |
|  Purchase of natural gas main machine and accessories at Gongju natural gas power plant | 310322 | 64693 | 310322 | 257822 |
|  Purchase of main equipment and ancillary facilities for the Yeosu Natural Gas Power Plant | 288250 | 232221 | 288250 | 232221 |
|  Purchase of gas turbines and accessories for Asan combined heat & power plant | 123000 | 99625 | 123000 | 123000 |
|  Construction of Yeosu Natural Gas Power Plant | 231659 | 231659 |  |  |
|  Purchase of coal handling machine for construction of Samcheok Units (#1,2) | 327569 | 968 | 327569 | 2110 |
|  Purchase of main equipment for Shin-Sejong combined thermal power plant | 234392 | 531 | 234392 | 2862 |
|  Hadong Thermal Power Plant Indoor Coal Storage Yard Residual Project Purchase | 61962 | 41452 | 61859 | 49504 |
|  Purchase of Samcheok hydrogen compound co-firing facility infrastructure | 128820 | 49108 | 128820 | 64989 |
|  Construction of Andong Combined Unit 2 Power Plant | 185935 | 115422 | 185647 | 132297 |
|  Purchase of main equipment for Andong Combined Unit 2 | 279771 | 64317 | 279771 | 125852 |
|  Service of designing Hadong Combined Unit 1 | 30179 | 24878 | 32289 | 26988 |
|  Purchase of Goyang Changneung gas turbine | 120945 | 120945 |  |  |
|  Purchase of Hadong gas turbine | 241890 | 241890 |  |  |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**48.** **Commitments for Expenditure, Continued** 

**(2)** **As of March 31, 2026, details of contracts for inventory purchase commitment are as follows:** 

---

| | | |
|:---|:---|:---|
| **Type** | **Periods** | **Contracted quantity** |
|  Concentrate | 2026 ~ 2036 | 24,578 Ton U3O8 |
|  Conversion | 2026 ~ 2034 | 20,703 Ton U |
|  Enrichment | 2026 ~ 2040 | 29,880 Ton SWU |

---

In addition, the contracted quantity of the molded uranium between Korea Hydro & Nuclear Power Co., Ltd. and KEPCO Nuclear Fuel Co., Ltd., which are subsidiaries of the Group, is 1,370 Ton U (contract periods: 2024 ~ 2033).

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**49.** **Contingencies and Commitments** 

**(1)** **Ongoing litigations and arbitrations related with contingent liabilities and contingent assets as of March 31, 2026 and December 31, 2025 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Number of cases** | **Number of cases** | **Amount** | **Amount** | **Number of cases** | **Number of cases** | **Amount** | **Amount** |
|  As the defendant |  | 710 | W | 818612 |  | 706 | W | 799646 |
|  As the plaintiff |  | 252 |  | 527068 |  | 244 |  | 531459 |

---

As of March 31, 2026, the Group is involved in six litigation matters and two arbitration proceedings.

1) The Group is the defendant against a number of litigations. The following is ongoing litigation pertaining to the Group which can potentially be significant:

As of March 31, 2026, the Group is a defendant in wage-related lawsuits with an aggregate claim amount of W100,049 million pending in courts. While the ultimate outcomes of these lawsuits are not currently predictable, the Group's management believes that the results of such proceedings will not have a material adverse effect on the Group's results of operations or financial position.

2) There are 13 arbitration cases pertaining to the Group as of March 31, 2026 and the significant arbitration cases are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① The Group is currently engaged in arbitration proceedings at the KCAB against S-Energy Co., Ltd. to confirm the latter's obligation to pay compensation for the shortfall in guaranteed power output of certain solar power facilities. As of March 31, 2026, the Group cannot
reasonably estimate the probability or the amount of any potential inflow of economic benefits arising from the outcome of this arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② During the year ended December 2025, Hyosung Heavy Industries Co., Ltd. filed an arbitration request with the
Korean Commercial Arbitration Board (KCAB) against the Group in connection with the 200MW Voltage Source Converter (VSC) HVDC technology development agreement and the related acquisition costs. As of March 31, 2026, the Group is unable to
reasonably estimate the amount or timing of any potential resource outflows that may result from the final outcome of this arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ During the three-month period ended March 31, 2026, Mexica Sol Holdings 1 B.V. and Mexica Sol Holdings 2
B.V. filed a lawsuit against the Group in a New York State court in connection with the Mexico solar power project, alleging non-performance of the equity acquisition agreement. As of March 31, 2026, the
Group is unable to reasonably estimate the amount or timing of any potential resource outflows that may result from this litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ The Group is currently subject to an adjudication proceeding before the Electricity Commission of the Ministry
of Climate, Energy and Environment, in connection with an application seeking confirmation of the obligation to pay the installation costs of the Stationary reactive power compensation device (STATCOM) for Saeul Units 3 and 4 (formerly Shin-Kori
Units 5 and 6) and Hanbit Units 1 and 2. As of March 31, 2026, the Group cannot reasonably estimate the likelihood of an outflow of economic benefits that may arise from the outcome of this adjudication.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**49.** **Contingencies and Commitments, Continued** 

**(2)** **Guarantees of payments and commitments provided to other companies as of March 31, 2026 are as follows:** 

1) The Group has provided the syndicate of lenders of PT Indo Raya Tenaga, the business corporation of PT Barito Wahana Tenaga, a guarantee by establishing the right of pledge on the shares of PT Barito Wahana Tenaga for project financing of PT Barito Wahana Tenaga as of March 31, 2026.

2) The Group has outstanding borrowings with a limit of USD 264,800 thousand from its creditors such as International Finance Corporation. Regarding the borrowing contract, the Group has guaranteed capital contribution of USD 69,808 thousand and additional contribution up to USD 19,000 thousand for contingencies, if any. In relation to this financial agreement, the Group is providing its entire shares in Mira Power Limited and business-related PP&E as collateral to the lenders. 

3) The Group has provided USD 6,015 thousand for a debt guarantee to Export-Import Bank of Korea, BNP Paribas and ING Bank, to guarantee the payment of debt related to hydroelectric power business of Tanggamus, Indonesia.

4) The Group has provided USD 4,253 thousand for a debt guarantee to PT. Bank KB Bukopin, to guarantee the payment of debt related to hydroelectric power business of Wampu, Indonesia.

5) The Group has provided RBC Community Investments Impact Renewables HoldCo-1, LLC a performance guarantee regarding weatherization in relation with tax investors up to USD 3,000 thousand for the power plant construction for Concho Valley solar power project in the United States.

6) The Group has provided EUR 7,031 thousand for a performance guarantee to Microsoft through Kookmin Bank, to guarantee the implementation of the power plant construction for Guba Buget wind power project in Sweden.

7) The Group has provided Axia Power Holdings B.V. and others a performance guarantee up to USD 54,000 thousand for the implementation of Cirebon thermal power generation project in Indonesia.

8) The Group has provided Nonghyup Bank a debt guarantee up to USD 3,795 thousand to guarantee Debt Service Reserve Account (DSRA) for Mizuho bank, related to the Cirebon power plant business of PT. Cirebon Electric Power in Indonesia.

9) The Group has provided PT Perusahaan Listrik Negara a performance guarantee up to IDR 35,599,935 thousand for the implementation of Tanjung Jati power plant operation project in Indonesia.

10) The Group has provided USD 30,000 thousand for a performance guarantee to Morgan Stanley Capital Group Inc., to guarantee the electricity purchase contract in relation to photovoltaic power generation project in USA.

11) The Group has provided Morgan Stanley Renewables Inc. a guarantee up to USD 70,000 thousand for the fulfillment of subscription obligation regarding photovoltaic power generation project in USA.

12) The Group has provided Hana Bank a debt guarantee up to USD 40,000 thousand to guarantee Equity Bridge Loan for Concho Valley solar business in the United States.

13) The Group has provided Van Phong Power Company, Ltd. a performance guarantee up to USD 5,000 thousand for the operation maintenance project in Van Phong, Vietnam.

14) The Group has provided RBC Community Investments Impact Renewables HoldCo-1, LLC a guarantee for up to USD 62,800 thousand for the fulfillment of subscription obligation regarding Concho Valley solar power project in the United States.

15) The Group has provided a performance guarantee of USD 4,413 thousand to Mondelez Global, LLC, as a guarantee for the U.S. Lucy solar power project undertaken by Concho County Solar 1, LLC.

16) The Group has provided a performance guarantee of USD 10,625 thousand to Deutsche Bank Trust Company Americas, as a guarantee for the U.S. Lucy solar power project undertaken by Concho County Solar 1, LLC.

17) The Group has provided a performance guarantee of OMR 2,750 thousand to Oman Power and Water Procurement Company SAOC, in connection with the Oman Ibri 3 Solar Project conducted by a consortium consisting of MASDAR, KOMIPO, AL KHADRA, and OQAE.

18) The Group has provided an equity commitment guarantee of USD 17,515 thousand to Natixis in connection with the Oman Ibri 3 Solar Project, which is being developed by its subsidiary, KOMIPO Middle East Energy L.L.C. FZ.

19) The Group has provided a performance guarantee of OMR 667 thousand to Oman Power and Water Procurement Company SAOC, in connection with the bid bond for the Oman Al Kamil Solar Project conducted by a consortium consisting of Abu Dhabi Future Energy Company PJSC (Masdar), KOMIPO, and Al Khadra.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**49.** **Contingencies and Commitments, Continued** 

**(3)** **Credit lines provided by financial institutions and others as of March 31, 2026 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* |  |  |  |
| **Commitments** | **Financial institutions** | **Currency** | **Credit limit** |
|  Commitments on Bank-overdraft | Nonghyup Bank and others | KRW | 1780500 |
|  Limit amount available for CP | Hana Bank and others | KRW | 8980000 |
|  General Loan, etc. | Nonghyup Bank and others | KRW | 2600000 |
|  Limit amount available for card | Nonghyup Card and others | KRW | 48458 |
|  Loan limit | Korea Development Bank and others | KRW | 3071095 |
|  | DBS Bank and others | USD | 1540000 |
|  Certification of payment on payables from foreign country | Nonghyup Bank | USD | 8700 |
|  Certification of payment on L/C | Shinhan Bank and others | USD | 1403260 |
|  | Kookmin Bank and others | EUR | 8431 |
|  | Shinhan Bank | JPY | 116773 |
|  Certification of Performance guarantee on contract | Hana Bank and others | KRW | 172004 |
|  | First Abu Dhabi Bank and others | USD | 1849729 |
|  | SMTB | JPY | 6500000 |
|  | Hana Bank and others | EUR | 371358 |
|  | Hana Bank | INR | 27117 |
|  | Hana Bank | OMR | 11287 |
|  | First Abu Dhabi Bank | AED | 52500 |
|  | Saudi National Bank and others | SAR | 124151 |
|  Certification of bidding | Korea Software Financial Cooperative and others | KRW | 489033 |
|  | Hana Bank and others | USD | 35200 |
|  | Hana Bank | OMR | 3750 |
|  | Commercial Bank of Kuwait | KWD | 3000 |
|  Advance payment bond, Warranty bond, Retention bond and others | Seoul Guarantee Insurance | KRW | 110226 |
|  | Saudi National Bank and others | USD | 711697 |
|  | Saudi National Bank and others | SAR | 213593 |
|  | Shinhan Bank and others | MXN | 23809 |
|  Others (\*) | Nonghyup Bank and others | KRW | 662187 |
|  | Nonghyup Bank and others | USD | 1055288 |
|  | Shinhan Bank | QAR | 155231 |
|  | Standard Chartered | AED | 50 |
|  | MayBank | MYR | 30889 |
|  Secured loan of credit sales | Nonghyup Bank and others | KRW | 284500 |
|  Inclusive credit | Hana Bank and others | KRW | 28000 |
|  | Hana Bank and others | USD | 35000 |
|  Equity Bridge Loan Guarantee | First Abu Dhabi Bank and others | USD | 1041248 |
|  Trade finance | DBS Bank and others | USD | 600000 |

---

(\*) As of March 31, 2026, the Group has entered into a credit extension agreement for derivatives transactions with Nonghyup Bank, Hana Bank and Woori Bank as ancillary to currency swap transactions.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**49.** **Contingencies and Commitments, Continued** 

**(4)** **As of March 31, 2026, promissory notes and assets provided as collaterals or pledges to financial institutions by the Group are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |  |  |  |
| **Obligor** | **Creditor** | **Assets provided as<br>security (\*2)** | **Currency** | **Amount** | **Description** |
|  Mira Power Limited | International Finance Corporation and others | Property, plant and Equipment and others | USD | 264800 | Collateral for borrowings<br> (\*1) |
|  Tamra Offshore Wind Power Co., Ltd. | Kyobo Life Insurance Co., Ltd. and others | Property, plant and equipment and others | KRW | 132000 | Collateral for borrowings<br> (\*1) |
|  Gyeonggi Green Energy Co., Ltd. | Korea Development Bank and others | Cash and cash equivalents and others | KRW | 251600 | Collateral for borrowings<br> (\*1) |
|  Jeongam Wind Power Co., Ltd. | KDB Capital Corporation and others | Cash and cash equivalents and others | KRW | 230716 | Collateral for borrowings |
|  Gyeongju Wind Power Co., Ltd. | Shinhan Bank and others | Property, plant and equipment and others | KRW | 68400 | Collateral for borrowings<br> (\*1) |
|  Korea Offshore Wind Power Co., Ltd. | Woori Bank and others | Property, plant and equipment and others | KRW | 244500 | Collateral for borrowings<br> (\*1) |
|  Qatrana Electric Power Company | The Islamic Development Bank and others | Finance lease receivable and property, plant and equipment and others | USD | 32667 | Collateral for borrowings<br> (\*1) |
|  KST Electric Power Company, S.A.P.I. de C.V. | Export–Import Bank of Korea and others | Finance lease receivable and property, plant and equipment and others | USD | 287081 | Collateral for debt securities<br> (\*1) |
|  Incheon Fuel Cell Co., Ltd. | Kookmin Bank and others | Cash and cash equivalents and others | KRW | 230800 | Collateral for borrowings<br> (\*1) |
|  K-SOLAR SHINAN Co., Ltd. | Kyobo Life Insurance Co., Ltd. and others | Property, plant and equipment and others | KRW | 274780 | Collateral for borrowings<br> (\*1) |
|  KOSPO Youngnam Power Co., Ltd. | Shinhan Bank and others | Cash and cash equivalents and others | KRW | 744120 | Collateral for borrowings |
|  Jeju Hanlim Offshore Wind Co., Ltd. | Kookmin Bank and others | Property, plant and equipment and others | KRW | 38894 | Collateral for borrowings |
|  Western Power Changgi Solar Co., Ltd. | Samsung Life Insurance and others | Property, plant and equipment and others | KRW | 45000 | Collateral for borrowings<br> (\*1) |
|  Yeongdeok Sunrise Wind Power Co., Ltd. | Korea Development Bank and others | Property, plant and equipment and others | KRW | 96240 | Collateral for borrowings<br> (\*1) |
|  Chitose Solar Power Plant LLC | SMTB | Cash and cash equivalents and others | JPY | 454835 | Collateral for borrowings |
|  Mangilao Intermediate Holdings LLC | Mizuho Bank and others | Trade receivable and others | USD | 83147 | Collateral for borrowings<br> (\*1) |

---

---

| | |
|:---|:---|
| (\*1) | This is based on the amount of loan commitment limit.  |

---

(\*2) As of March 31, 2026, the Group has established guarantees for pledge for transfer of rights of long-term borrowings, pledge for insurance claims, factory foundation mortgages, deposit pledges, etc.

The Group has W1,197 million of project loans from the Korea Energy Agency as of March 31, 2026. The Group has provided a promissory note as a repayment guarantee.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**49.** **Contingencies and Commitments, Continued** 

**(5)** The Group temporarily suspended operations of the Gangneung hydroelectric generating plant, with a
carrying amount of W 54,806 million as of March 31, 2026, to improve the quality of water used in generating electricity. The expenses related to the suspension of operations of W 99 million and depreciation
on the idle assets of W 901 million are recorded in other expenses for the three-month period ended March 31, 2026. Regarding the improvement of water quality, the results of damages compensation for the local residents
cannot be reasonably estimated, and the Group is in negotiations with Gangneung City and related stakeholders to restart the Gangneung hydroelectric generating plant as of March 31, 2026.

**(6)** As the government of the Republic of Korea announced the suspension of operation in Gaeseong Industrial
District, it is uncertain if the Group can exercise the property rights for the Group's facility in Gaeseong Industrial District as of March 31, 2026. Accordingly, the book value of the facility, amounting to W 11,778 million, was recognized as an impairment loss, and trade receivables related to companies residing in the Gaeseong Industrial District were fully written off. As of March 31, 2026, the Group cannot make reasonable
estimation on whether assets will be recovered or utilized in regular way related thereto.

**(7)** As of March 31, 2026, the Group owns land at 6171-1 Nuri-ri, Yeongi-myeon, Sejong Special Self-Governing City as PP&E with limited ownership, and its book value is W 64,371 million.

**(8)** The Korea Institute of Energy Technology(KENTECH) was established in April, 2020, in accordance with the
"Basic plan for the establishment of KENTECH (July, 2019)". By the special law to create KENTECH, the Group, government, and local government may contribute to the fund. The Group will decide whether to contribute to the fund on a board
resolution after consulting with relevant organizations considering its financial situation by year.

**(9)** The ongoing armed conflict in Ukraine started in February 2022 and relevant sanctions against Russia imposed by
the international community can impact not only sanctioned entities but also the entities doing business directly or indirectly with Ukraine or Russia and the entities exposed directly or indirectly to industries or economy of Russia or Ukraine. The
Group cannot make reasonable estimation of the financial impact of the recent conflict in Ukraine on the future events.

**(10)** The Group believes that a potential obligation related to mutual cooperation contributions exists in connection
with nuclear power plants whose design life is approaching expiration. The amount and terms of such mutual cooperation contributions have not been agreed upon, and accordingly, the likelihood of an outflow of economic benefits resulting from the
settlement of such obligation cannot be reasonably estimated, as of March 31, 2026.

**(11)** An armed conflict that began in the Middle East in February 2026 has led to increased geopolitical and economic
uncertainty. These developments may affect entities with direct or indirect operations in the affected region, or those exposed to the economies of the countries involved. The Group is unable to reasonably estimate the potential financial impact
that the evolving situation in the Middle East may have on its financial position or results of operations.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**50.** **Subsequent Events** 

**(1)** Subsequent to March 31, 2026, KEPCO borrowed long-term borrowings for the purposes of operation and
details related thereto are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |  |  |
| **Company** | **Type** | **Issue date** | **Maturity** | **Interest rate**<br> **(%)** | **Amount** |
|  Korea Electric Power Corporation | Local long-term borrowings (Mid- to long-term CP (\*)) | 2026.04.01 | 2029.03.30 | 3M CD+0.40 | W200,000 |
|  Korea Electric Power Corporation | Local long-term borrowings (Mid- to long-term CP (\*)) | 2026.04.22 | 2029.04.20 | 3M CD+0.38 | 200000 |
|  Korea Electric Power Corporation | Local long-term borrowings (Mid- to long-term CP (\*)) | 2026.05.13 | 2029.05.11 | 3M CD+0.37 | 200000 |

---

(\*) The maturity of mid- to long-term CPs corresponds to contract period of commercial paper repurchase agreements.

**(2)** Subsequent to March 31, 2026, KEPCO and its subsidiaries, Korea South-East Power Co., Ltd., Korea Midland
Power Co., Ltd., Korea Western Power Co., Ltd. and Korea Southern Power Co., Ltd., issued bonds denominated in Korean won for the purpose of operation funds and repayment of borrowings. Details thereto are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |  |  |
| **Company** | **Type** | **Issue date** | **Maturity** | **Interest rate**<br>**(%)** | **Amount** |
|  Korea Electric Power Corporation | #1559 Corporate bond | 2026.04.02 | 2028.03.31 | 3.70 | W130,000 |
|  | #1560 Corporate bond | 2026.04.02 | 2029.04.02 | 3.80 | 120000 |
|  | #1561 Corporate bond | 2026.04.02 | 2031.04.02 | 3.91 | 70000 |
|  | #1562 Corporate bond | 2026.04.07 | 2028.04.07 | 3.65 | 150000 |
|  | #1563 Corporate bond | 2026.04.07 | 2029.04.06 | 3.81 | 180000 |
|  | #1564 Corporate bond | 2026.04.07 | 2031.04.07 | 3.87 | 70000 |
|  | #1565 Corporate bond | 2026.04.15 | 2028.04.14 | 3.51 | 150000 |
|  | #1566 Corporate bond | 2026.04.15 | 2029.04.13 | 3.70 | 220000 |
|  | #1567 Corporate bond | 2026.04.15 | 2031.04.15 | 3.82 | 30000 |
|  | #1568 Corporate bond | 2026.04.21 | 2028.04.21 | 3.52 | 150000 |
|  | #1569 Corporate bond | 2026.04.21 | 2029.04.20 | 3.70 | 160000 |
|  | #1570 Corporate bond | 2026.04.21 | 2031.04.21 | 3.86 | 100000 |
|  | #1571 Corporate bond | 2026.04.28 | 2028.04.28 | 3.65 | 140000 |
|  | #1572 Corporate bond | 2026.04.28 | 2029.04.27 | 3.84 | 140000 |
|  | #1573 Corporate bond | 2026.04.28 | 2031.04.28 | 3.98 | 90000 |
|  | #1574 Corporate bond | 2026.05.07 | 2028.05.04 | 3.70 | 100000 |
|  | #1575 Corporate bond | 2026.05.07 | 2029.05.04 | 3.86 | 230000 |
|  | #1576 Corporate bond | 2026.05.07 | 2031.05.07 | 4.02 | 80000 |
|  | #1577 Corporate bond | 2026.05.12 | 2028.05.12 | 3.77 | 80000 |
|  | #1578 Corporate bond | 2026.05.12 | 2029.05.11 | 3.95 | 210000 |
|  | #1579 Corporate bond | 2026.05.12 | 2031.05.12 | 4.10 | 50000 |

---

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**50.** **Subsequent Events, Continued** 

**(2)** Subsequent to March 31, 2026, KEPCO and its subsidiaries, Korea South-East Power Co., Ltd., Korea Midland
Power Co., Ltd., Korea Western Power Co., Ltd. and Korea Southern Power Co., Ltd., issued bonds denominated in Korean won and USD for the purpose of operation funding and details related thereto are as follows, continued:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |  |  |
| **Company** | **Type** | **Issue date** | **Maturity** | **Interest rate**<br>**(%)** | **Amount** |
|  Korea South-East Power Co., Ltd | #71-1 Corporate bond | 2026.04.08 | 2029.04.06 | 4.00 | W190,000 |
|  | #71-2 Corporate bond | 2026.04.08 | 2031.04.08 | 4.11 | 100000 |
|  Korea Midland Power Co., Ltd. | #76-1 Corporate bond | 2026.04.28 | 2027.04.28 | 3.28 | 200000 |
|  | #76-2 Corporate bond | 2026.04.28 | 2029.04.28 | 3.98 | 60000 |
|  Korea Western Power Co., Ltd. | #77-1 Corporate bond | 2026.04.16 | 2029.04.16 | 3.88 | 190000 |
|  | #77-2 Corporate bond | 2026.04.16 | 2031.04.16 | 4.01 | 50000 |
|  Korea Southern Power Co., Ltd. | #84-1 Corporate bond | 2026.04.09 | 2028.04.07 | 3.67 | 180000 |
|  | #84-2 Corporate bond | 2026.04.09 | 2029.04.09 | 3.84 | 100000 |
|  | #84-3 Corporate bond | 2026.04.09 | 2031.04.09 | 3.94 | 30000 |

---

**(3)** On May 10, 2026, a fire occurred at the Steam Turbine (ST) side of Unit #4 of the Busan Bitdream
Headquarters operated by Korea Southern Power Co., Ltd., a subsidiary of the Company. The extent of damages cannot be reasonably estimated at this time, and depending on the outcome of the subsequent loss adjustment, this event may have an impact on
the Group's financial position and operating results.

------

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

**March 31, 2026 and 2025 (unaudited)** 

**51.** **Adjusted Operating Profit (Loss)** 

The operating profit (loss) in the Group's consolidated statements of comprehensive income or loss prepared in accordance with KIFRS included in this report differs from that in its consolidated statements of comprehensive income or loss prepared in accordance with IFRS as issued by IASB. The table below sets forth a reconciliation of the Group's results from operating activities as presented in the Group's consolidated statements of comprehensive income or loss prepared in accordance with KIFRS for each of the three-month periods ended March 31, 2026 and 2025 to the operating profit or loss as presented in the Group's consolidated statements of comprehensive income or loss prepared in accordance with IFRS as issued by IASB for each of the corresponding periods.

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  **Operating profit on the consolidated statements of comprehensive income** | W | 3784169 | 3753607 |
|  **Add** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of other provisions |  | 2231 | 3113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of other allowance for bad debt |  | 25569 | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on government grants |  | 62 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on assets contributed |  | 2823 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on liabilities exempted |  | 52 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation and reparations revenue |  | 25643 | 20207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from foundation fund |  | 11 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rental income |  | 52855 | 52849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 47389 | 9476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other gains |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on disposal of property, plant and equipment |  | 1701 | 5363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of impairment losses on property, plant and equipment |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on foreign currency translation |  | 40783 | 4162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on foreign currency transactions |  | 20086 | 44613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on insurance proceeds |  | 800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 99987 | 172464 |
|  **Deduct** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation and indemnification expense |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion expenses of other provisions |  | (47) | (440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation expenses on investment properties |  | (256) | (195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation expenses on idle assets |  | (901) | (904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other bad debt expense |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations |  | (73072) | (12111) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | (3764) | (6225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other losses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on disposal of property, plant and equipment |  | (19949) | (37158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on disposal of intangible assets |  |  | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on impairment of property, plant and equipment |  | (825) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on impairment of intangible assets |  | (1115) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on foreign currency translation |  | (26924) | (10082) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on foreign currency transactions |  | (40662) | (19688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | (62179) | (61089) |
|  **Adjusted operating profit** | W | 3874468 | 3925108 |

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