# EDGAR Filing Document

**Accession Number:** 0001015650
**File Stem:** 0001193125-25-200659
**Filing Date:** 2025-9
**Character Count:** 584281
**Document Hash:** 0a3478b6446e98b1d42e8f4fd2fc8346
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-200659.hdr.sgml**: 20250911

**ACCESSION NUMBER**: 0001193125-25-200659

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250911

**FILED AS OF DATE**: 20250911

**DATE AS OF CHANGE**: 20250911

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-04906
- **FILM NUMBER:** 251307178

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

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

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

**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 September 2025** 

**COMMISSION FILE NUMBER: 333-04906** 

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

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

**Seoul 04539, Korea** 

**(Address of principal executive office)** 

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

Form 20-F ☒ Form 40-F ☐

------

ANNUAL BUSINESS REPORT

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

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

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

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

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

------

**I.** **COMPANY OVERVIEW** 

**1. Company Overview** 

The following table sets forth a summary of the Company's consolidated subsidiaries:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of Consolidated Subsidiaries** | **Number of Consolidated Subsidiaries** | **Number of Consolidated Subsidiaries** | **Number of Consolidated Subsidiaries** | |
| **Classification** | **Beginning of the<br>Reporting<br>Period** | **Additions** | **Subtractions** | **End of the<br>Reporting<br>Period** |<br>**Number of Material Subsidiaries\*** |
|  Listed Companies | 0 | 0 | 0 | 0 | 0 |
|  Unlisted Companies | 21 | 0 | 2 | 19 | 12 |
|  Total | 21 | 0 | 2 | 19 | 12 |

---

\* "Material Subsidiary" means a subsidiary with total assets of Won 75 billion or more as of the end of the previous fiscal year. 

For a list of the Company's subsidiaries as of June 30, 2025, see Note 1(2) of the notes to the Company's interim consolidated financial statements attached hereto.

Changes in the Company's consolidated subsidiaries during the six months ended June 30, 2025 are set forth below.

---

| | | |
|:---|:---|:---|
| **Change** | **Name** | **Remarks** |
| Additions |  |  |
| Exclusions | NATE Communications Corporation (formerly SK Communications Co., Ltd.) | Lost control during the reporting period |
| Exclusions | SK m&service Co., Ltd. ("SK M&Service") | Lost control during the reporting period |

---

**A.** **Corporate Legal Business Name: SK Telecom Co., Ltd.** 

**B.** **Date of Incorporation: March 29, 1984** 

**C.** **Location of Headquarters** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Address: 65 Euljiro, Jung-gu, Seoul, Korea

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Phone: +82-2-6100-2114

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Website: http://www.sktelecom.com

**D.** **Major Businesses** 

The Company's businesses consist of (1) the wireless business including cellular voice, wireless data and wireless Internet services, (2) the fixed-line business including fixed-line telephone, high-speed Internet, and data and network lease services, and (3) other businesses including commercial retail data broadcasting channel services, among others.

Set forth below is a summary description of each of the Company's businesses.

---

| | | | |
|:---|:---|:---|:---|
| **Classification** | **Material entities** | **Description of business** | **Proportion of revenue** |
|  **Wireless business** | SK Telecom Co., Ltd. | Mobile telephone, wireless data, information<br>and communications services, etc. | 74 |
|  **Wireless business** | PS&Marketing Co., Ltd. ("PS&Marketing") | Mobile telephone, wireless data, information<br>and communications services, etc. | 74 |
|  **Wireless business** | Service Ace Co., Ltd ("Service Ace") | Mobile telephone, wireless data, information<br>and communications services, etc. | 74 |
|  **Wireless business** | SK O&S Co., Ltd. ("SK O&S") | Mobile telephone, wireless data, information<br>and communications services, etc. | 74 |
|  **Fixed-line business** | SK Broadband Co., Ltd.<br> ("SK Broadband") | Telephone, high-speed Internet, data, communications<br>network leasing services, etc. | 24 |
|  **Fixed-line business** | SK Telink Co., Ltd.<br> ("SK Telink") | Telephone, high-speed Internet, data, communications<br>network leasing services, etc. | 24 |
|  **Fixed-line business** | Home & Service Co., Ltd. ("Home&Service") | Telephone, high-speed Internet, data, communications<br>network leasing services, etc. | 24 |
|  **Other businesses** | SK stoa Co., Ltd. ("SK Stoa") | Commercial retail data broadcasting channel services,<br>database and online information services, etc. | 2 |
|  **Other businesses** | SK M&Service | Commercial retail data broadcasting channel services,<br>database and online information services, etc. | 2 |
|  **Total** |  |  | 100% |

---

------

The total number of the Company's consolidated subsidiaries as of June 30, 2025 was 19, including SK Broadband and PS&Marketing, among others.

**E.** **Credit Ratings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Corporate bonds and other long-term securities

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Credit rating date** | **Subject of rating** | **Credit rating** | **Credit rating entity<br>(Credit rating range)** | **Rating classification** |
| January 4, 2021 | Corporate bond | AAA (Stable) | Korea Ratings | Current rating |
| January 4, 2021 | Corporate bond | AAA (Stable) | Korea Investors Service, Inc. | Current rating |
| June 15, 2021 | Corporate bond | AAA (Stable) | NICE Investors Service, Co., Ltd. | Regular rating |
| June 16, 2021 | Corporate bond | AAA (Stable) | Korea Investors Service, Inc. | Regular rating |
| June 25, 2021 | Corporate bond | AAA (Stable) | Korea Ratings | Regular rating |
| October 14, 2021 | Corporate bond | AAA (Stable) | Korea Investors Service, Inc. | Current rating |
| October 15, 2021 | Corporate bond | AAA (Stable) | NICE Investors Service, Co., Ltd. | Current rating |
| October 15, 2021 | Corporate bond | AAA (Stable) | Korea Ratings | Current rating |
| March 30, 2022 | Corporate bond | AAA (Stable) | Korea Ratings | Regular rating |
| March 30, 2022 | Corporate bond | AAA (Stable) | Korea Ratings | Current rating |
| March 30, 2022 | Corporate bond | AAA (Stable) | Korea Investors Service, Inc. | Current rating |
| March 30, 2022 | Corporate bond | AAA (Stable) | NICE Investors Service, Co., Ltd. | Current rating |
| March 30, 2022 | Corporate bond | AAA (Stable) | NICE Investors Service, Co., Ltd. | Regular rating |
| June 15, 2022 | Corporate bond | AAA (Stable) | Korea Investors Service, Inc. | Regular rating |
| June 15, 2022 | Corporate bond | AAA (Stable) | Korea Investors Service, Inc. | Regular rating |
| July 28, 2022 | Corporate bond | AAA (Stable) | Korea Ratings | Current rating |
| July 28, 2022 | Corporate bond | AAA (Stable) | Korea Investors Service, Inc. | Current rating |
| July 29, 2022 | Corporate bond | AAA (Stable) | NICE Investors Service, Co., Ltd. | Current rating |
| December 1, 2022 | Corporate bond | AAA (Stable) | Korea Investors Service, Inc. | Current rating |
| December 2, 2022 | Corporate bond | AAA (Stable) | Korea Ratings | Current rating |
| December 2, 2022 | Corporate bond | AAA (Stable) | NICE Investors Service, Co., Ltd. | Current rating |
| February 7, 2023 | Corporate bond | AAA (Stable) | Korea Ratings | Current rating |
| February 7, 2023 | Corporate bond | AAA (Stable) | Korea Investors Service, Inc. | Current rating |
| February 7, 2023 | Corporate bond | AAA (Stable) | NICE Investors Service, Co., Ltd. | Current rating |
| March 30, 2023 | Corporate bond | AAA (Stable) | Korea Investors Service, Inc. | Current rating |
| March 30, 2023 | Corporate bond | AAA (Stable) | Korea Investors Service, Inc. | Regular rating |
| March 31, 2023 | Corporate bond | AAA (Stable) | Korea Ratings | Regular rating |
| March 31, 2023 | Corporate bond | AAA (Stable) | NICE Investors Service, Co., Ltd. | Regular rating |
| March 31, 2023 | Corporate bond | AAA (Stable) | Korea Ratings | Current rating |
| March 31, 2023 | Corporate bond | AAA (Stable) | NICE Investors Service, Co., Ltd. | Current rating |
| May 22, 2023 | Hybrid securities | AA+ (Stable) | Korea Ratings | Current rating |
| May 22, 2023 | Hybrid securities | AA+ (Stable) | Korea Investors Service, Inc. | Current rating |
| May 22, 2023 | Hybrid securities | AA+ (Stable) | NICE Investors Service, Co., Ltd. | Current rating |
| May 22, 2023 | Hybrid securities | AA+ (Stable) | Korea Ratings | Current rating |
| May 22, 2023 | Hybrid securities | AA+ (Stable) | Korea Investors Service, Inc. | Current rating |
| May 22, 2023 | Hybrid securities | AA+ (Stable) | NICE Investors Service, Co., Ltd. | Current rating |
| October 4, 2023 | Corporate bond | AAA (Stable) | Korea Investors Service, Inc. | Current rating |
| October 5, 2023 | Corporate bond | AAA (Stable) | Korea Ratings | Current rating |
| October 5, 2023 | Corporate bond | AAA (Stable) | NICE Investors Service, Co., Ltd. | Current rating |
| February 7, 2024 | Corporate bond | AAA (Stable) | Korea Ratings | Current rating |
| February 7, 2024 | Corporate bond | AAA (Stable) | Korea Investors Service, Inc. | Current rating |
| February 7, 2024 | Corporate bond | AAA (Stable) | NICE Investors Service, Co., Ltd. | Current rating |
| June 7, 2024 | Hybrid securities | AA+ (Stable) | Korea Ratings | Current rating |
| June 7, 2024 | Corporate bond | AAA (Stable) | Korea Ratings | Current rating |
| June 11, 2024 | Hybrid securities | AA+ (Stable) | Korea Investors Service, Inc. | Current rating |
| June 11, 2024 | Corporate bond | AAA (Stable) | Korea Investors Service, Inc. | Current rating |
| June 17, 2024 | Hybrid securities | AA+ (Stable) | NICE Investors Service, Co., Ltd. | Current rating |
| June 17, 2024 | Corporate bond | AAA (Stable) | NICE Investors Service, Co., Ltd. | Current rating |
| November 26, 2024 | Corporate bond | AAA (Stable) | Korea Investors Service, Inc. | Current rating |
| November 27, 2024 | Corporate bond | AAA (Stable) | NICE Investors Service, Co., Ltd. | Current rating |
| November 27, 2024 | Corporate bond | AAA (Stable) | Korea Ratings | Current rating |
| February 10, 2025 | Corporate bond | AAA (Stable) | Korea Ratings | Current rating |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Credit rating date** | **Subject of rating** | **Credit rating entity<br>(Credit rating range)** | **Rating classification** |
| February 10, 2025 | Corporate bond AAA (Stable) | Korea Investors Service, Inc. | Current rating |
| February 10, 2025 | Corporate bond AAA (Stable) | NICE Investors Service, Co., Ltd. | Current rating |

---

\* Rating definition: "AAA" – The certainty of principal and interest payment is at the highest level with extremely low investment risk and is stable such that it will not be influenced by reasonably foreseeable changes in external factors.

\*\* Rating definition: "AA" – The certainty of principal and interest payment is very high with very low investment risk, but has slightly inferior factors compared to securities that are rated "AAA."

\*\*\* From ratings "AA" to "B," "+" and "-" signs are attached depending on the relative superiority within the grade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Commercial paper ("CP") and short-term bonds

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Credit rating date** | **Subject of rating** | **Credit rating** | **Credit rating entity<br>(Credit rating range)** | **Rating classification** |
| June 15, 2021 | CP | A1 | NICE Investors Service Co., Ltd. | Current rating |
| June 15, 2021 | Short-term bond | A1 | NICE Investors Service Co., Ltd. | Current rating |
| June 16, 2021 | CP | A1 | Korea Investors Service, Inc. | Current rating |
| June 16, 2021 | Short-term bond | A1 | Korea Investors Service, Inc. | Current rating |
| June 25, 2021 | CP | A1 | Korea Ratings | Current rating |
| June 25, 2021 | Short-term bond | A1 | Korea Ratings | Current rating |
| October 14, 2021 | CP | A1 | Korea Investors Service, Inc. | Regular rating |
| October 14, 2021 | Short-term bond | A1 | Korea Investors Service, Inc. | Regular rating |
| October 15, 2021 | Short-term bond | A1 | NICE Investors Service Co., Ltd. | Regular rating |
| October 15, 2021 | CP | A1 | NICE Investors Service Co., Ltd. | Regular rating |
| October 15, 2021 | CP | A1 | Korea Ratings | Regular rating |
| October 15, 2021 | Short-term bond | A1 | Korea Ratings | Regular rating |
| November 3, 2021 | CP | A1 | Korea Investors Service, Inc. | Rating update |
| November 3, 2021 | Short-term bond | A1 | Korea Investors Service, Inc. | Rating update |
| June 15, 2022 | CP | A1 | Korea Investors Service, Inc. | Current rating |
| June 15, 2022 | Short-term bond | A1 | Korea Investors Service, Inc. | Current rating |
| June 20, 2022 | CP | A1 | Korea Ratings | Current rating |
| June 20, 2022 | Short-term bond | A1 | Korea Ratings | Current rating |
| June 21, 2022 | CP | A1 | NICE Investors Service Co., Ltd. | Current rating |
| June 21, 2022 | Short-term bond | A1 | NICE Investors Service Co., Ltd. | Current rating |
| December 2, 2022 | CP | A1 | Korea Ratings | Regular rating |
| December 2, 2022 | Short-term bond | A1 | Korea Ratings | Regular rating |
| December 2, 2022 | CP | A1 | Korea Investors Service, Inc. | Regular rating |
| December 2, 2022 | Short-term bond | A1 | Korea Investors Service, Inc. | Regular rating |
| December 2, 2022 | CP | A1 | NICE Investors Service Co., Ltd. | Regular rating |
| December 2, 2022 | Short-term bond | A1 | NICE Investors Service Co., Ltd. | Regular rating |
| January 2, 2023 | Short-term bond | A1 | Korea Investors Service, Inc. | Rating update |
| January 3, 2023 | Short-term bond | A1 | NICE Investors Service Co., Ltd. | Rating update |
| May 22, 2023 | CP | A1 | NICE Investors Service Co., Ltd. | Current rating |
| May 22, 2023 | Short-term bond | A1 | NICE Investors Service Co., Ltd. | Current rating |
| May 22, 2023 | Short-term bond | A1 | Korea Ratings | Current rating |
| May 22, 2023 | CP | A1 | Korea Ratings | Current rating |
| May 22, 2023 | Short-term bond | A1 | Korea Investors Service, Inc. | Current rating |
| May 22, 2023 | CP | A1 | Korea Investors Service, Inc. | Current rating |
| September 27, 2023 | CP | A1 | NICE Investors Service Co., Ltd. | Regular rating |
| September 27, 2023 | Short-term bond | A1 | NICE Investors Service Co., Ltd. | Regular rating |
| October 4, 2023 | Short-term bond | A1 | Korea Investors Service, Inc. | Regular rating |
| October 4, 2023 | CP | A1 | Korea Investors Service, Inc. | Regular rating |
| October 13, 2023 | Short-term bond | A1 | Korea Ratings | Regular rating |
| October 13, 2023 | CP | A1 | Korea Ratings | Regular rating |
| June 7, 2024 | Short-term bond | A1 | Korea Ratings | Current rating |
| June 7, 2024 | CP | A1 | Korea Ratings | Current rating |
| June 11, 2024 | Short-term bond | A1 | Korea Investors Service, Inc. | Current rating |
| June 11, 2024 | CP | A1 | Korea Investors Service, Inc. | Current rating |
| June 17, 2024 | Short-term bond | A1 | NICE Investors Service Co., Ltd. | Current rating |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Credit rating date** | **Subject of rating** | **Credit rating** | **Credit rating entity<br>(Credit rating range)** | **Rating classification** |
| June 17, 2024 | CP | A1 | NICE Investors Service Co., Ltd. | Current rating |
| November 26, 2024 | Short-term bond | A1 | Korea Investors Service, Inc. | Current rating |
| November 26, 2024 | CP | A1 | Korea Investors Service, Inc. | Current rating |
| November 27, 2024 | Short-term bond | A1 | Korea Ratings | Current rating |
| November 27, 2024 | CP | A1 | Korea Ratings | Current rating |
| November 27, 2024 | Short-term bond | A1 | NICE Investors Service Co., Ltd. | Current rating |
| November 27, 2024 | CP | A1 | NICE Investors Service Co., Ltd. | Current rating |

---

**\*** Rating definition**:** "A1" – Timely repayment capability is at the highest level with extremely low investment risk and is stable such that it will not be influenced by reasonably foreseeable changes in external factors. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) International credit ratings

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date of credit rating** | **Subject of rating** | **Credit rating of<br>securities** | **Credit rating agency** | **Rating type** |
| March 4, 2021 | Bonds denominated in foreign currency | A- (Stable) | Fitch Ratings | Regular rating |
| March 30, 2021 | Bonds denominated in foreign currency | A- (Stable) | S&P Global Ratings | Regular rating |
| June 16, 2021 | Bonds denominated in foreign currency | A3 (Stable) | Moody's Investors Service | Regular rating |
| December 8, 2021 | Bonds denominated in foreign currency | A- (Stable) | Fitch Ratings | Regular rating |
| February 25, 2022 | Bonds denominated in foreign currency | A- (Stable) | S&P Global Ratings | Regular rating |
| December 2, 2022 | Bonds denominated in foreign currency | A- (Positive) | Fitch Ratings | Regular rating |
| February 23, 2023 | Bonds denominated in foreign currency | A- (Stable) | S&P Global Ratings | Regular rating |
| August 28, 2023 | Bonds denominated in foreign currency | A3 (Stable) | Moody's Investors Service | Regular rating |
| November 28, 2023 | Bonds denominated in foreign currency | A- (Stable) | Fitch Ratings | Regular rating |
| February 25, 2024 | Bonds denominated in foreign currency | A- (Stable) | S&P Global Ratings | Regular rating |
| May 2, 2024 | Bonds denominated in foreign currency | A- (Stable) | Fitch Ratings | Regular rating |
| May 24, 2024 | Bonds denominated in foreign currency | A3 (Stable) | Moody's Investors Service | Regular rating |
| January 7, 2025 | Bonds denominated in foreign currency | A- (Stable) | Fitch Ratings | Regular rating |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Listing (registration or designation) of Company's shares and special listing status

---

| | | |
|:---|:---|:---|
| **Listing (registration or designation) of stock** | **Date of listing**<br> **(registration or designation)** | **Special listing** |
| KOSPI Market of Korea Exchange | November 7, 1989 | Not applicable |

---

**2. Company History** 

March 1984: Establishment of Korea Mobile Telecommunications Co., Ltd.

November 1989: Listing on the KOSPI Market of the Korea Exchange

March 1997: Change of name to SK Telecom Co., Ltd.

March 2008: Acquisition of Hanaro Telecom (the predecessor entity of SK Broadband)

May 2018: Acquisition of ADT CAPS Co., Ltd. ("Former ADT CAPS") through the acquisition of shares of Siren Holdings Korea Co., Ltd.

December 2018: Comprehensive exchange of shares of SK Infosec Co., Ltd. ("SK Infosec")

April 2020: Merger of SK Broadband and Tbroad ("Tbroad Merger")

December 2020: Spin-off of T map Mobility Co., Ltd. ("T Map Mobility")

March 2021: Merger of SK Infosec and Former ADT CAPS

November 2021: Spin-off of SK Square Co., Ltd. ("SK Square") from SK Telecom (the "Spin-off")

------

**A.** **Location of Headquarters** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 22 Dohwa-dong, Mapo-gu, Seoul (July 11, 1988)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 16-49 Hangang-ro 3-ga, Yongsan-gu, Seoul (November 19, 1991)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 267 Namdaemun-ro 5-ga, Jung-gu, Seoul (June 14, 1995)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 99 Seorin-dong, Jongno-gu, Seoul (December 20, 1999)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 65 Euljiro, Jung-gu, Seoul (December 13, 2004)

**B.** **Significant Changes in Management** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date of change** | **Shareholder meeting<br>classification** | **Appointment** | **Appointment** | **Term Termination or<br>Dismissal** |
| **Date of change** | **Shareholder meeting<br>classification** | **Newly appointed** | **Re-elected** | **Term Termination or<br>Dismissal** |
| March 25, 2021 | General Meeting of Shareholders |  | Young Sang Ryu, Youngmin Yoon |  |
| August 25, 2021 |  |  |  | Dae Sik Cho |
| October 12, 2021 | Extraordinary Meeting of Shareholders | Kyu-Nam Choi |  |  |
| November 1, 2021 |  | Young Sang Ryu |  | Jung Ho Park |
| March 25, 2022 | General Meeting of Shareholders | Jong Ryeol Kang | Seok-Dong Kim |  |
| March 28, 2023 | General Meeting of Shareholders | Haeyun Oh | Yong-Hak Kim, Junmo Kim | Jung Ho Ahn |
| March 26, 2024 | General Meeting of Shareholders | Yang Seob Kim, Sung Hyung Lee, Mi Kyung Noh | Young Sang Ryu | Kyu-Nam Choi, Youngmin Yoon |
| March 26, 2025 | General Meeting of Shareholders | Dong Soo Kang, Chang Bo Kim |  | Jong Ryeol Kang, Sung Hyung Lee, Seok-Dong Kim |

---

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

**C.** **Change in Company Name** 

On March 4, 2021, SK Infosec merged Former ADT CAPS with and into itself and changed its name to ADT CAPS Co., Ltd. ("ADT CAPS") after the date of the merger. As of October 26, 2021, ADT CAPS changed its name to SK shieldus Co., Ltd., which has subsequently been eliminated from the Company's consolidation scope following the Spin-off.

**D.** **Mergers, Acquisitions and Restructuring** 

**[SK Telecom]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Spin-off of SK Square

The Company engaged in the Spin-off, comprising a horizontal spin-off of its business of managing the equity interests in certain investees engaged in, among other things, semiconductor and new information and communications technology ("ICT") businesses and making new investments into a newly established company, SK Square. The Spin-off was conducted in order to (i) strengthen the competitiveness of, and concentrate capabilities relating to, the spun-off investments, (ii) increase the transparency of corporate governance and management stability and (iii) efficiently allocate management resources through changes in the corporate governance structure of the Company and SK Square, thereby facilitating appropriate market valuation and ultimately enhancing the corporate and shareholder values of the Company and SK Square. The Spin-off registration date was November 2, 2021.

\* See the report on "Decision on Spin-Off" filed by the Company on June 10, 2021, for more information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Transfer of artificial intelligence ("AI") semiconductor business

On December 21, 2021, the Company's board of directors (the "Board of Directors") resolved to approve an agreement for the transfer of the Company's AI semiconductor business to facilitate the commercialization of the Company's AI semiconductor technology and to improve management efficiency. The transfer was completed on January 4, 2022.

\* See the report on "Decision on Business Transfer" filed by the Company on December 22, 2021, for more information.

**[SK Broadband]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Acquisition of business

On December 4, 2020, SK Broadband entered into a certain business transfer agreement to acquire the business-to-business ("B2B") business of SK Telink Co., Ltd. with the purpose of strengthening the market competitiveness of the B2B business through a reorganization of such business within the wider ICT business of the SK Group. The transfer was completed on March 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Establishment of a subsidiary and acquisition of shares

On January 5, 2021, SK Broadband established Media S Co., Ltd., a subsidiary engaged in the production and supply of broadcasting programs, through a capital contribution of Won 23.0 billion (representing a 100% equity interest), and the subsidiary was added as a member of the SK Group as of March 2, 2021. On June 23, 2022, SK Broadband acquired 5,000,000 additional shares of Media S Co., Ltd. for Won 25.0 billion through a capital increase by allocation to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Merger

On March 30, 2022, the board of directors of SK Broadband approved the merger contract with Broadband Nowon Broadcasting Co., Ltd., as originally proposed. On October 5, 2022, the merger was completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Transfer of business

On December 27, 2023, the board of directors and the shareholders of Home&Service, a subsidiary of SK Broadband, resolved to transfer Home&Service's electric vehicle standard-charge business. The business was transferred to GS ChargEV on April 15, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Capital reduction of subsidiary

On July 5, 2024, the board of directors and the shareholders of Home&Service approved the capital reduction with consideration. The capital reduction will be achieved by acquiring 2,770,000 common shares of Home&Service held by SK Broadband (at Won 7,237 per share) and immediately cancelling such shares. In consideration of the capital reduction, Won 20,046 million will be paid to SK Broadband. Such transaction will not result in a change in SK Broadband's ownership interest in Home&Service (100%) while the number of shares owned will decrease from 9,200,000 shares to 6,430,000 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Acquisition of data center

On May 12, 2025, the board of directors of SK Broadband resolved to acquire SK Inc.'s Pangyo Data Center in order to expand the data center business and generate synergy. The acquisition was completed on July 1, 2025.

**[SK Telink]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Transfer of B2B business

On December 2, 2020, SK Telink held an extraordinary general meeting of shareholders, which resolved to transfer its B2B business and related assets to its affiliated company, SK Broadband. The transfer was completed on March 31, 2021, and the value of the transfer was Won 20.3 billion.

------

**[PS&Marketing]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Acquisition of shares of SK M&Service

PS&Marketing acquired 3,099,112 shares of SK M&Service (representing a 100% equity interest) to strengthen its competitiveness in distribution and promote synergies within the ICT businesses of SK Telecom and its affiliates. The transaction was completed on February 9, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Disposal of equity interest in SK M&Service

On December 18, 2024, the board of directors of PS&Marketing approved the disposal of certain of its equity interest in SK M&Service, a subsidiary of PS&Marketing, as originally proposed. On February 25, 2025, PS&Marketing transferred 2,169,379 shares of SK M&Service (representing a 70% equity interest) to Samgu Inc. for Won 58,515 million. Following the transfer, PS&Marketing holds a 30% equity interest in SK M&Service, and SK M&Service has become excluded from the scope of the Company's consolidated subsidiaries.

**3. Total Number of Shares** 

**A.** **Total Number of Shares** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| (As of June 30, 2025) | (As of June 30, 2025) | (Unit: in shares and percentages) | (Unit: in shares and percentages) | (Unit: in shares and percentages) |
| **Classification** | **Share type** | **Share type** | **Share type** | **Remarks** |
| **Classification** | **Common shares** | **Preferred<br>shares** | **Total** | **Remarks** |
| **I. Total number of authorized shares** | 670000000 |  | 670000000 |  |
| **II. Total number of shares issued to date** | 304927159 |  | 304927159 |  |
| **III. Total number of shares cancelled to date** | 90137106 |  | 90137106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. reduction of capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. cancelled with profit | 90137106 |  | 90137106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. redemption of redeemable shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. others |  |  |  |  |
| **IV. Total number of issued shares (II-III)** | 214790053 |  | 214790053 |  |
| **V. Number of treasury shares** | 1807778 |  | 1807778 |  |
| **VI. Number of outstanding shares (IV-V)** | 212982275 |  | 212982275 |  |
| **VII. Percentage of treasury shares held** | 0.8% |  | 0.8% |  |

---

\* Following the stock split of October 28, 2021 (the "Stock Split") and the split-off of November 1, 2021, the total number of issued shares changed from 72,060,143 shares (par value of Won 500 per share) to 218,833,144 shares (par value of Won 100 per share). Additionally, the total number of issued shares changed to 214,790,053 shares following the cancellation of 4,043,091 treasury shares on February 5, 2024. 

\*\* Number of treasury shares includes 54,032 treasury shares acquired relating to fractional shares from the Spin-off.

**B.** **Treasury Shares** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (Unit: in shares) | (Unit: in shares) | (Unit: in shares) | (Unit: in shares) |
| **Acquisition methods** | **Acquisition methods** | **Acquisition methods** | **Type of shares** | **At the<br>beginning**<br>**of period** | **Changes** | **Changes** | **Changes** | **At the end**<br>**of period** |
| **Acquisition methods** | **Acquisition methods** | **Acquisition methods** | **Type of shares** | **At the<br>beginning**<br>**of period** | **Acquired<br>(+)** | **Disposed<br>(-)** | **Cancelled<br>(-)** | **At the end**<br>**of period** |
|  **Acquisition pursuant to the Financial Investment Services and Capital Markets Act of Korea** | **Direct<br>acquisition** | **Direct acquisition<br>from market** | Common shares |  |  |  |  |  |
|  **Acquisition pursuant to the Financial Investment Services and Capital Markets Act of Korea** | **Direct<br>acquisition** | **Direct acquisition<br>from market** | Preferred shares |  |  |  |  |  |
|  **Acquisition pursuant to the Financial Investment Services and Capital Markets Act of Korea** | **Direct<br>acquisition** | **Direct over-the-<br>counter<br>acquisition** | Common shares |  |  |  |  |  |
|  **Acquisition pursuant to the Financial Investment Services and Capital Markets Act of Korea** | **Direct<br>acquisition** | **Direct over-the-<br>counter<br>acquisition** | Preferred shares |  |  |  |  |  |
|  **Acquisition pursuant to the Financial Investment Services and Capital Markets Act of Korea** | **Direct<br>acquisition** | **Tender offer** | Common shares |  |  |  |  |  |
|  **Acquisition pursuant to the Financial Investment Services and Capital Markets Act of Korea** | **Direct<br>acquisition** | **Tender offer** | Preferred shares |  |  |  |  |  |
|  **Acquisition pursuant to the Financial Investment Services and Capital Markets Act of Korea** | **Direct<br>acquisition** | **Sub-total (a)** | Common shares |  |  |  |  |  |
|  **Acquisition pursuant to the Financial Investment Services and Capital Markets Act of Korea** | **Direct<br>acquisition** | **Sub-total (a)** | Preferred shares |  |  |  |  |  |
|  **Acquisition pursuant to the Financial Investment Services and Capital Markets Act of Korea** | **Acquisition<br>through<br>trust and<br>other<br>agreements** | **Held by trustee** | Common shares |  |  |  |  |  |
|  **Acquisition pursuant to the Financial Investment Services and Capital Markets Act of Korea** | **Acquisition<br>through<br>trust and<br>other<br>agreements** | **Held by trustee** | Preferred shares |  |  |  |  |  |
|  **Acquisition pursuant to the Financial Investment Services and Capital Markets Act of Korea** | **Acquisition<br>through<br>trust and<br>other<br>agreements** | **Held in actual<br>stock** | Common shares | 1903711 |  | 95933 |  | 1807778 |
|  **Acquisition pursuant to the Financial Investment Services and Capital Markets Act of Korea** | **Acquisition<br>through<br>trust and<br>other<br>agreements** | **Held in actual<br>stock** | Preferred shares |  |  |  |  |  |
|  **Acquisition pursuant to the Financial Investment Services and Capital Markets Act of Korea** | **Acquisition<br>through<br>trust and<br>other<br>agreements** | **Sub-total (b)** | Common shares | 1903711 |  | 95933 |  | 1807778 |
|  **Acquisition pursuant to the Financial Investment Services and Capital Markets Act of Korea** | **Acquisition<br>through<br>trust and<br>other<br>agreements** | **Sub-total (b)** | Preferred shares |  |  |  |  |  |
|  **Other acquisition (c)** | **Other acquisition (c)** | **Other acquisition (c)** | Common shares |  |  |  |  |  |
|  **Other acquisition (c)** | **Other acquisition (c)** | **Other acquisition (c)** | Preferred shares |  |  |  |  |  |
|  **Total (a+b+c)** | **Total (a+b+c)** | **Total (a+b+c)** | Common shares | 1903711 |  | 95933 |  | 1807778 |
|  **Total (a+b+c)** | **Total (a+b+c)** | **Total (a+b+c)** | Preferred shares |  |  |  |  |  |

---

\* On April 28, 2025, the Company disposed 4,860 treasury shares for bonus payment purposes.

\*\* On May 2, 2025, the Company disposed 91,073 treasury shares due to the exercise of certain outstanding stock options.

------

**4. Status of Direct Acquisitions and Disposal of Treasury Shares** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (Unit: in shares and percentages) | (Unit: in shares and percentages) | (Unit: in shares and percentages) |
| **Classification** | **Expected Acquisition (Disposal) Period** | **Expected Acquisition (Disposal) Period** | **Expected Number<br>of Shares (A)** | **Executed Number<br>of Shares (B)** | **Execution<br>Ratio (B/A)** | **Reporting**<br> **Date** |
| **Classification** | **Start Date** | **End Date** | **Expected Number<br>of Shares (A)** | **Executed Number<br>of Shares (B)** | **Execution<br>Ratio (B/A)** | **Reporting**<br> **Date** |
|  Direct Disposal | Feb. 3, 2021 | Feb. 3, 2021 | 604950 | 604950 | 100% | Feb. 8, 2021 |
|  Direct Disposal | Jun. 21, 2021 | Jun. 21, 2021 | 2500 | 2500 | 100 | Jun. 22, 2021 |
|  Direct Disposal | Oct. 25, 2021 | Dec. 16, 2021 | 2526553 | 2526553 | 100 | Dec. 20, 2021 |
|  Direct Disposal | Jan. 24, 2022 | Jan. 24, 2022 | 413080 | 413080 | 100 | Jan. 27, 2022 |
|  Direct Disposal | Feb. 25, 2022 | Feb. 25, 2022 | 7598 | 7598 | 100 | Feb. 28, 2022 |
|  Direct Disposal | May 2, 2022 | May 2, 2022 | 5984 | 5984 | 100 | May 17, 2022 |
|  Direct Disposal | May 13, 2022 | May 13, 2022 | 23239 | 23239 | 100 | May 17, 2022 |
|  Direct Disposal | Feb. 9, 2023 | Feb. 9, 2023 | 324580 | 324580 | 100 | Feb. 13, 2023 |
|  Direct Disposal | Feb. 27, 2023 | Feb. 27, 2023 | 109508 | 109508 | 100 | Mar. 2, 2023 |
|  Direct Disposal | Apr. 21, 2023 | Apr. 21, 2023 | 6999 | 6999 | 100 | Apr. 24, 2023 |
|  Direct Disposal | Jan. 29, 2024 | Jan. 29, 2024 | 498135 | 498135 | 100 | Feb. 2, 2024 |
|  Direct Disposal | Apr. 29, 2024 | Apr. 29, 2024 | 5477 | 5477 | 100 | Apr. 30, 2024 |
|  Direct Disposal | Apr. 28, 2025 | Apr. 28, 2025 | 4860 | 4860 | 100 | Apr. 30, 2025 |
|  Direct Disposal | May 2, 2025 | May 2, 2025 | 91073 | 91073 | 100 |  |

---

**\*** The expected number of shares and executed number of shares reflect the effect of the Stock Split, where applicable. 

**\*** As the disposal on May 2, 2025 involved the delivery of treasury shares in connection with the exercise of certain outstanding stock options, the submission of the disposal results was omitted in accordance with Article 5-9(4) of the Regulation on Securities Issuance and Disclosure. 

**5. Status of Trust Agreement on Repurchase of Treasury Shares** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (Unit: in Won, percentages and number of instances) | (Unit: in Won, percentages and number of instances) | (Unit: in Won, percentages and number of instances) | (Unit: in Won, percentages and number of instances) | (Unit: in Won, percentages and number of instances) | (Unit: in Won, percentages and number of instances) |
| **Classification** | **Agreement Period** | **Agreement Period** | **Maximum Value of<br>Treasury Shares to<br>be Acquired under<br>Agreement (A)** | **Maximum Value of<br>Treasury Shares to<br>be Acquired under<br>Agreement (A)** | **Actual Value of<br>Treasury Shares<br>Acquired under<br>Agreement (B)** | **Actual Value of<br>Treasury Shares<br>Acquired under<br>Agreement (B)** | **Execution<br>Ratio (B/A)** | **Change of Sales<br>Direction** | **Change of Sales<br>Direction** | **Reporting Date** |
| **Classification** | **Start Date** | **End Date** | **Maximum Value of<br>Treasury Shares to<br>be Acquired under<br>Agreement (A)** | **Maximum Value of<br>Treasury Shares to<br>be Acquired under<br>Agreement (A)** | **Actual Value of<br>Treasury Shares<br>Acquired under<br>Agreement (B)** | **Actual Value of<br>Treasury Shares<br>Acquired under<br>Agreement (B)** | **Execution<br>Ratio (B/A)** | **Number<br>of<br>Instances** | **Date** | **Reporting Date** |
|  Trust Agreement Execution | Aug. 28, 2020 | Apr. 30, 2021 | W | 500000000000 | W | 499646025000 | 99.93% |  |  | Apr. 30, 2021 |
|  Trust Agreement Execution | Jul. 27, 2023 | Jan. 26, 2024 | W | 300000000000 | W | 301274969250 | 100.42% |  |  | Jan. 26, 2024 |

---

**\*** The Company completed the repurchase of treasury shares pursuant to the Trust Agreement on July 27, 2023, and reported the results of the termination of the Trust Agreement on January 26, 2024. 

**6. Matters Concerning Articles of Incorporation** 

---

| | | | |
|:---|:---|:---|:---|
| **Date of**<br> **Revision** | **General Meeting of Shareholders** | **Key Revisions** | **Reason for Revisions** |
| March 25, 2021 | 37th General Meeting of Shareholders | Corporate governance charter, term of office of independent directors, dividends, etc. | To provide basis for adopting a corporate governance charter and quarterly dividends in the Articles of Incorporation and to reflect applicable amendments to the Korean Commercial Code |
| October 12, 2021 | 1st Extraordinary General Meeting of Shareholders | Total number of authorized shares, par value per share | Stock Split from par value of Won 500 per share to par value of Won 100 per share |
| March 25, 2022 | 38th General Meeting of Shareholders | The Company's areas of business | To reflect the Company's pursuit of new businesses including data and medical equipment businesses |
| March 26, 2024 | 40th General Meeting of Shareholders | Board meeting notice period, year-end dividend record date | To strengthen the Board's deliberation function by providing sufficient time for advance review and to enhance shareholders' ability to estimate future dividends |
| March 26, 2025 | 41st General Meeting of Shareholders | Quarterly dividend record date | To enhance shareholders' ability to estimate future dividends |

---

------

**II.** **BUSINESS** 

**1. Business Overview** 

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

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

---

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

---

**[Wireless Business]** 

**A.** **Overview** 

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

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

------

The Company has been maintaining solid profitability based on the stable sales generated from its 5G subscribers, together with efficient investments in, and operation of, its wireless networks and stabilization of market competition. The number of the Company's 5G subscribers, which has reached its maturation stage, recorded 17.02 million subscribers as of June 30, 2025, and accounted for 77% of the Company's total number of subscribers. The Company seeks to enhance profitability through stable market operations while striving to further expand customer choices and benefits in order to minimize the slowdown in the growths of wireless services revenue and Average Revenue Per User ("ARPU"). The Company seeks to achieve solid growth in profit from its wireless telecommunications business even in the mature 5G market.

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Unit: in 1,000 persons) | (Unit: in 1,000 persons) | (Unit: in 1,000 persons) | (Unit: in 1,000 persons) | (Unit: in 1,000 persons) |
| **Classification** |  | **As of June 30,**<br>**2025** | **As of December 31,** | **As of December 31,** |
| **Classification** |  | **As of June 30,**<br>**2025** | **2024** | **2023** |
|  **Number of subscribers** | **SK Telecom** | 31006 | 31786 | 31276 |
|  **Number of subscribers** | **Others (KT, LG U+)** | 39804 | 38360 | 35643 |
|  **Number of subscribers** | **MVNO** | 19039 | 17825 | 15851 |
|  **Number of subscribers** | **Total** | 89849 | 87971 | 82770 |

---

**\*** Source: Wireless telecommunications service data from the Ministry of Science and ICT ("MSIT") as of June 30, 2025. 

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

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

In the wireless business, industry players compete on the basis of the following three main competitive elements:

------

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | (Unit: in percentages) | (Unit: in percentages) | (Unit: in percentages) | (Unit: in percentages) |
| **Classification** | **As of June 30,**<br>**2025** | **As of June 30,**<br>**2025** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| **Classification** | **As of June 30,**<br>**2025** | **As of June 30,**<br>**2025** | **2024** | **2024** | **2023** | **2023** |
|  Mobile communication services |  | 43.8 |  | 45.3 |  | 46.7 |

---

**\*** Source: Wireless telecommunications service data from the MSIT as of June 30, 2025. 

**[Fixed-line Business]** 

**A.** **Overview** 

For the six months ended June 30, 2025, SK Broadband recorded Won 2.23 trillion in revenue on a consolidated basis, which represented a 2.3% increase from Won 2.18 trillion for the six months ended June 30, 2024. Such increase was primarily attributable to the growth of SK Broadband's high-speed Internet business resulting from an increase in the number of subscribers and the growth of its B2B business primarily focused on new data centers.

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

For the six months ended June 30, 2025, the media business segment recorded Won 0.95 trillion in revenue, which represented a 0.03% increase compared to the six months ended June 30, 2024. For the six months ended June 30, 2025, the fixed-line business segment recorded Won 1.28 trillion in revenue, which represented a 4.1% increase compared to the six months ended June 30, 2024.

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

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

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

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

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

------

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | (Unit: in persons) | (Unit: in persons) | (Unit: in persons) |
| **Classification** |  | **As of June 30,**<br>**2025** | **As of December 31,** | **As of December 31,** |
|  |  | **As of June 30,**<br>**2025** | **2024** | **2023** |
|  **Fixed-line Subscribers** | **High-speed Internet** | 24987492 | 24721782 | 24098164 |
|  **Fixed-line Subscribers** | **Fixed-line telephone** | 10006107 | 10325245 | 10973838 |
|  **Fixed-line Subscribers** | **IPTV** | 21310250 | 21190908 | 20870152 |
|  **Fixed-line Subscribers** | **Cable TV** | 12273098 | 12342797 | 12586391 |

---

\* Source: MSIT website.

\*\* High-speed Internet and fixed-line telephone subscribers represent the number of subscribers as of June 30, 2025, while IPTV and cable TV subscribers represent the average number of subscribers in the second half of 2024.

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

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

**E.** **Domestic and Overseas Market Conditions** 

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

---

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

---

**\*** Source: MSIT website. 

------

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

**\*\*\*** Market shares for the high-speed Internet and fixed-line telephone markets are based on the market shares as of June 30, 2025 and market shares for the IPTV and cable TV markets are based on the average number of subscribers in the second half of 2024. 

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

**[Other Businesses]** 

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

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

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

**A.** **Assets** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) |
| **Classification** | **As of June 30,**<br>**2025** | **As of June 30,**<br>**2025** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| **Classification** | **As of June 30,**<br>**2025** | **As of June 30,**<br>**2025** | **2024** | **2024** | **2023** | **2023** |
| **Classification** | Amount | Ratio | Amount | Ratio | Amount | Ratio |
|  Wireless | 25004622 | 74% | 25154898 | 75% | 25608563 | 77% |
|  Fixed-line | 7526439 | 22% | 7174920 | 21% | 6825342 | 20% |
|  Other | 1159031 | 4% | 1276546 | 4% | 910020 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Subtotal** | 33690092 | 100% | 33606364 | 100% | 33343925 | 100% |
|  Consolidation Adjustment | (4385782) |  | (3091111) |  | (3224698) |  |
|  **Total** | 29304310 |  | 30515254 |  | 30119227 |  |

---

**B.** **Revenue** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) |
| **Classification** | **For the six months ended**<br>**June 30, 2025** | **For the six months ended**<br>**June 30, 2025** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
| **Classification** | **For the six months ended**<br>**June 30, 2025** | **For the six months ended**<br>**June 30, 2025** | **2024** | **2024** | **2023** | **2023** |
| **Classification** | Amount | Ratio | Amount | Ratio | Amount | Ratio |
|  Wireless | 6518743 | 74% | 13318213 | 74% | 13123166 | 75% |
|  Fixed-line | 2076404 | 24% | 4075412 | 23% | 3928020 | 22% |
|  Other | 197330 | 2% | 546984 | 3% | 557325 | 3% |
|  **Total** | 8792477 | 100% | 17940609 | 100% | 17608511 | 100% |

---

**C.** **Operating Profit** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) |
| **Classification** | **For the six months ended<br>June 30, 2025** | **For the six months ended<br>June 30, 2025** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
| **Classification** | **For the six months ended<br>June 30, 2025** | **For the six months ended<br>June 30, 2025** | **2024** | **2024** | **2023** | **2023** |
| **Classification** | Amount | Ratio | Amount | Ratio | Amount | Ratio |
|  Wireless | 741654 | 80% | 1529971 | 84% | 1463934 | 84% |
|  Fixed-line | 202059 | 22% | 366517 | 20% | 329072 | 19% |
|  Other | (11724) | (2)% | (64929) | (4)% | (42771) | (2)% |
|  **Subtotal** | 931989 | 100% | 1831559 | 100% | 1750235 | 100% |
|  Consolidation Adjustment | (26345) |  | (8150) |  | 2969 |  |
|  **Total** | 905644 |  | 1823409 |  | 1753204 |  |

---

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | |  | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) | (Unit: in millions of Won and percentages) |
| **Business** | **Major Companies** | **Items** | **Major<br>Trademarks** | **For the six months**<br> **ended June 30,** | **For the six months**<br> **ended June 30,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
| **Business** | **Major Companies** | **Items** | **Major<br>Trademarks** | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| **Business** | **Major Companies** | **Items** | **Major<br>Trademarks** | **Consolidated<br>Sales<br>Amount** | **Ratio** | **Consolidated<br>Sales<br>Amount** | **Ratio** | **Consolidated<br>Sales<br>Amount** | **Ratio** |
|  **Wireless** | SK Telecom Co., Ltd.,<br>PS&Marketing Co., Ltd.,<br> Service Ace Co., Ltd.<br> SK O&S Co., Ltd., etc. | Mobile<br>communications<br>service,<br>wireless data<br>service,<br>ICT service<br>and others | T, 5GX, T<br>Plan and<br>others | 6518743 | 74% | 13318213 | 74% | 13123166 | 75% |
|  **Fixed-line** | SK Broadband Co., Ltd.,<br>Home & Service Co., Ltd.,<br> SK Telink Co., Ltd., etc. | Fixed-line<br>phone,<br>high-speed<br>Internet,<br>data and<br>network lease<br>service and<br>others | B tv, 00700<br>international<br>call,<br>7mobile and<br>others | 2076404 | 24% | 4075412 | 23% | 3928020 | 22% |
|  **Other** | SK stoa Co., Ltd.., etc. | Commercial<br>retail data<br>broadcasting<br>channel service<br>and others | Stoa ON | 197330 | 2% | 546984 | 3% | 557325 | 3% |
|  Total | Total | Total | Total | 8792477 | 100% | 17940609 | 100% | 17608511 | 100% |

---

**4. Price Trends for Major Products** 

**[Wireless Business]** 

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

**[Fixed-line Business]** 

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

On May 9, 2025, SK Broadband launched two new subscription plans, "B tv pop 230+" and "B tv pop 180+", which allow users to combine IP cable TV products with B tv+ monthly subscription services. Under a three-year contract with the Internet and IPTV bundle, the monthly fee is Won 17,600 for B tv pop 230+ and Won 15,400 for B tv pop 180+. B tv+ is SK Broadband's multi-genre monthly subscription plan which includes access to popular movies, children's contents and major networks' drama series. The regular price is Won 14,190 per month, but when subscribed through B tv pop 230+ or B tv pop 180+, the plan is available for Won 7,700 per month under a three-year contract. Accordingly, users can enjoy the same contents at up to a 46% lower cost compared to subscribing separately.

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

------

**5. Investment Status** 

**[Wireless Business]** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Unit: in billions of Won) | (Unit: in billions of Won) | (Unit: in billions of Won) | (Unit: in billions of Won) | (Unit: in billions of Won) | (Unit: in billions of Won) |
| **Purpose of**<br> **investment** | **Subject of**<br> **investment** | **Investment period** | **Expected<br>investment amount** | **Amount already<br>invested** | **Investment effect** |
|  Upgrade/ New installation | Network, systems and others | Six months ended June 30, 2025 | To be determined | 450 | Upgrades to the existing services and expanded provision of network services including 5G |

---

**[Fixed-line Business]** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | (Unit: in billions of Won) | (Unit: in billions of Won) |
| **Purpose of**<br> **investment** | **Subject of**<br> **investment** | **Investment period** | **Amount already<br>invested\*** | **Future<br>investment** | **Investment effect** |
|  Coverage expansion, upgrade of media platform | Network, systems, Internet data center and others | Six months ended June 30, 2025 | 291 | To be determined | Securing subscriber network and equipment; quality and system improvement |

---

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

**6. Revenues** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Business** | **Sales type** | **Item** | **Item** | **For the six months ended<br>June 30, 2025** | **For the year ended<br>December 31, 2024** | **For the year ended<br>December 31, 2023** |
|  **Wireless** | Services | Mobile communication, wireless data, information communication | Export | 100581 | 212235 | 169885 |
|  **Wireless** | Services | Mobile communication, wireless data, information communication | Domestic | 6418162 | 13105978 | 12953281 |
|  **Wireless** | Services | Mobile communication, wireless data, information communication | Subtotal | 6518743 | 13318213 | 13123166 |
|  **Fixed-line** | Services | Fixed-line,<br>high-speed Internet, data, lease line service | Export | 81839 | 213815 | 178824 |
|  **Fixed-line** | Services | Fixed-line,<br>high-speed Internet, data, lease line service | Domestic | 1994565 | 3861597 | 3749196 |
|  **Fixed-line** | Services | Fixed-line,<br>high-speed Internet, data, lease line service | Subtotal | 2076404 | 4075412 | 3928020 |
|  **Other** | Services | Commercial retail data broadcasting channel services | Export |  |  |  |
|  **Other** | Services | Commercial retail data broadcasting channel services | Domestic | 197330 | 546984 | 557325 |
|  **Other** | Services | Commercial retail data broadcasting channel services | Subtotal | 197330 | 546984 | 557325 |
|  |  |  | Export | 182420 | 426050 | 348709 |
|  Total | Total | Total | Domestic | 8610057 | 17514559 | 17259802 |
|  |  |  | Total | 8792477 | 17940609 | 17608511 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **For the six months ended June 30, 2025** | **Wireless** | **Fixed-line** | **Other** | **Sub total** | **Consolidation<br>adjustment** | **After<br>consolidation** |
|  **Total sales** | 7281393 | 2675810 | 218490 | 10175693 | (1383216) | 8792477 |
|  **Internal sales** | 762650 | 599406 | 21160 | 1383216 | (1383216) |  |
|  **External sales** | 6518743 | 2076404 | 197330 | 8792477 |  | 8792477 |
|  **Depreciation and amortization** | 1275175 | 486113 | 10495 | 1771783 | (39348) | 1732435 |
|  **Operating profit (loss)** | 741654 | 202059 | (11724) | 931989 | (26345) | 905644 |
|  **Finance profit (loss)** | **Finance profit (loss)** | **Finance profit (loss)** | **Finance profit (loss)** | **Finance profit (loss)** | **Finance profit (loss)** | (168059) |
|  **Loss from investments in associates and joint ventures** | **Loss from investments in associates and joint ventures** | **Loss from investments in associates and joint ventures** | **Loss from investments in associates and joint ventures** | **Loss from investments in associates and joint ventures** | **Loss from investments in associates and joint ventures** | (5287) |
|  **Other non-operating profit (loss)** | **Other non-operating profit (loss)** | **Other non-operating profit (loss)** | **Other non-operating profit (loss)** | **Other non-operating profit (loss)** | **Other non-operating profit (loss)** | 15973 |
|  **Profit before income tax** | **Profit before income tax** | **Profit before income tax** | **Profit before income tax** | **Profit before income tax** | **Profit before income tax** | 748271 |

---

------

**7. Derivative Transactions** 

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

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

**[SK Telecom]** 

---

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

---

**[SK Broadband]** 

---

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

---

**8. Major Contracts** 

None.

**9. R&D Investments** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | (Unit: in millions of Won except percentages) | (Unit: in millions of Won except percentages) | (Unit: in millions of Won except percentages) | (Unit: in millions of Won except percentages) |
| **Category** | **Category** | **For the six months<br>ended June 30, 2025** | **For the year ended<br>December 31, 2024** | **For the year ended<br>December 31, 2023** | **Remarks** |
|  Raw material | Raw material | 13 | 492 | 48 |  |
|  Labor | Labor | 62742 | 134508 | 140790 |  |
|  Depreciation | Depreciation | 59499 | 134989 | 137264 |  |
|  Commissioned service | Commissioned service | 27663 | 61588 | 51749 |  |
|  Others | Others | 32379 | 61267 | 61992 |  |
|  Total R&D costs | Total R&D costs | 182296 | 392844 | 391843 |  |
|  Government Subsidies | Government Subsidies |  |  |  |  |
|  Accounting | Sales and administrative expenses | 169957 | 378079 | 369507 |  |
|  Accounting | Development costs (Intangible assets) | 12338 | 14765 | 22334 |  |
|  R&D cost / sales amount ratio<br>(Total R&D costs / Current sales amount×100) | R&D cost / sales amount ratio<br>(Total R&D costs / Current sales amount×100) | 2.07% | 2.19% | 2.23% |  |

---

------

**10. Other information relating to investment decisions** 

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

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

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

**[SK Telecom]** 

As of June 30, 2025, the registered patents and trademarks held by the Company included 2,979 Korean-registered patents, 1,746 foreign-registered patents and 772 Korean-registered trademarks. The number of registered patents and trademarks is subject to constant change due to the acquisition of new rights, expiration of terms, abandonments and dispositions.

**[SK Broadband]** 

As of June 30, 2025, SK Broadband held 207 Korean-registered patents and 42 foreign-registered patents (including those held jointly with other companies). It also holds 277 Korean-registered trademarks. SK Broadband owns intellectual property rights to its proprietary graphic design of the alphabet "B" representing its brand. The designed alphabet "B" is registered in all business categories for trademarks (total of 45). The number of registered patents and trademarks is subject to continual change due to the acquisition of new rights, expiration of terms, abandonments and dispositions.

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

**[SK Telecom]** 

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

**[SK Broadband]** 

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

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

------

**III.** **FINANCIAL INFORMATION** 

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| (Unit: in millions of Won except number of companies) | (Unit: in millions of Won except number of companies) | (Unit: in millions of Won except number of companies) | (Unit: in millions of Won except number of companies) |
|  | **As of**<br>**June 30, 2025** | **As of**<br>**December 31, 2024** | **As of**<br>**December 31, 2023** |
|  **Assets** |  |  |  |
|  Current Assets | 7536918 | 7476682 | 6585602 |
| • Cash and Cash Equivalents | 2353159 | 2023721 | 1454978 |
| • Accounts Receivable – Trade, net | 2038049 | 1989306 | 1978532 |
| • Accounts Receivable – Other, net | 416144 | 369192 | 344350 |
| • Others | 2729566 | 3094463 | 2807742 |
|  Non-Current Assets | 21767392 | 23038573 | 23533625 |
| • Long-Term Investment Securities | 1777448 | 1877922 | 1679384 |
| • Investments in Associates and Joint Ventures | 2203227 | 2341827 | 1915012 |
| • Property and Equipment, net | 11920739 | 12617394 | 13006196 |
| • Goodwill | 2072493 | 2072493 | 2075009 |
| • Intangible Assets, net | 1916080 | 2194871 | 2861137 |
| • Others | 1877405 | 1934066 | 1996887 |
|  Total Assets | 29304310 | 30515255 | 30119227 |
|  **Liabilities** |  |  |  |
|  Current Liabilities | 7284859 | 9224278 | 6993980 |
|  Non-Current Liabilities | 10048053 | 9463343 | 10896848 |
|  Total Liabilities | 17332912 | 18687621 | 17890828 |
|  **Equity** |  |  |  |
|  Equity Attributable to Owners of the Parent Company | 11851898 | 11698627 | 11389046 |
|  Share Capital | 30493 | 30493 | 30493 |
|  Capital Surplus (Deficit) and Other Capital Adjustments | (11947328) | (11954936) | (11828644) |
|  Retained Earnings | 23054296 | 22976127 | 22799981 |
|  Reserves | 714437 | 646943 | 387216 |
|  Non-controlling Interests | 119500 | 129007 | 839353 |
|  Total Equity | 11971398 | 11827634 | 12228399 |
|  Total Liabilities and Equity | 29304310 | 30515255 | 30119227 |

---

---

| | | | |
|:---|:---|:---|:---|
| (Unit: in millions of Won except per share data and number of consolidated subsidiaries) | (Unit: in millions of Won except per share data and number of consolidated subsidiaries) | (Unit: in millions of Won except per share data and number of consolidated subsidiaries) | (Unit: in millions of Won except per share data and number of consolidated subsidiaries) |
|  | **For the six months<br>ended June 30, 2025** | **For the year ended<br>December 31, 2024** | **For the year ended<br>December 31, 2023** |
|  Operating Revenue | 8792477 | 17940609 | 17608511 |
|  Operating Profit | 905644 | 1823409 | 1753204 |
|  Profit Before Income Tax | 748271 | 1761765 | 1488179 |
|  Profit for the Period | 444822 | 1387095 | 1145937 |
|  Profit for the Period Attributable to Owners of the Parent Company | 454060 | 1250155 | 1093611 |
|  Profit for the Period Attributable to Non-controlling Interests | (9238) | 136940 | 52326 |
|  Basic Earnings Per Share (Won) | 2086 | 5780 | 4954 |
|  Diluted Earnings Per Share (Won) | 2083 | 5765 | 4950 |
|  Total Number of Consolidated Subsidiaries | 19 | 21 | 25 |

---

**B.** **Summary Financial Information (Separate)** 

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
|  | **As of June 30, 2025** | **As of December 31, 2024** | **As of December 31, 2023** |
|  **Assets** |  |  |  |
|  Current Assets | 4997448 | 5242405 | 4703844 |
| • Cash and Cash Equivalents | 796381 | 1165158 | 631066 |
| • Accounts Receivable – Trade, net | 1602683 | 1508893 | 1495617 |
| • Accounts Receivable – Other, net | 462071 | 390243 | 343036 |
| • Others | 2136313 | 2178111 | 2234125 |
|  Non-Current Assets | 19376218 | 19343221 | 20292088 |
| • Long-Term Investment Securities | 1291984 | 1418465 | 1426290 |
| • Investments in Subsidiaries and Associates | 5957488 | 4899558 | 4670568 |
| • Property and Equipment, net | 7950994 | 8515225 | 9076459 |
| • Goodwill | 1306236 | 1306236 | 1306236 |
| • Intangible Assets, net | 1410567 | 1683018 | 2250829 |
| • Others | 1458949 | 1520719 | 1561706 |
|  Total Assets | 24373666 | 24585626 | 24995932 |
|  **Liabilities** |  |  |  |
|  Current Liabilities | 5780911 | 6240886 | 5505470 |
|  Non-Current Liabilities | 7329768 | 7383886 | 9054369 |
|  Total Liabilities | 13110679 | 13624772 | 14559839 |
|  **Equity** |  |  |  |
|  Share Capital | 30493 | 30493 | 30493 |
|  Capital Surplus (Deficit) and Other Capital Adjustments | (4547750) | (4551820) | (4766147) |
|  Retained Earnings | 15411719 | 15273451 | 15032473 |
|  Reserves | 368525 | 208730 | 139274 |
|  Total Equity | 24373666 | 10960854 | 10436093 |
|  Total Liabilities and Equity | 24396820 | 24585626 | 24995932 |
| (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
|  | **For the six months ended<br>June 30, 2025** | **For the year ended<br>December 31, 2024** | **For the year ended<br>December 31, 2023** |
|  Operating Revenue | 6302575 | 12774060 | 12589220 |
|  Operating Profit | 733264 | 1523175 | 1455870 |
|  Profit Before Income Tax | 796047 | 1477084 | 1354939 |
|  Profit for the Period | 511475 | 1280484 | 1059750 |
|  Basic Earnings Per Share (Won) | 2356 | 5923 | 4798 |
|  Diluted Earnings Per Share (Won) | 2352 | 5907 | 4794 |

---

**2. Dividends and Others** 

**A.** **Dividend Policy** 

The Company seeks to enhance its enterprise value through distribution of cash dividends based on stable business performance and by increasing long-term shareholder returns based on sustainable growth. The Company has established and is implementing a capital allocation strategy that balances the use of additional free cash flow generated from enhancement in performance and operational improvement across shareholder returns, investments for growth and enhancement in financial structure.

The Company determines the amount of its shareholder return in consideration of a comprehensive set of factors including its business performance, investment plans, financial status and prospects, and the Company may make shareholder return in the form of cash or shares in accordance with its Articles of Incorporation. Cash dividends are determined based on the Company's consideration of investment needs for its continued future growth as well as its annual business performance and overall cash flow status. In the case of share dividends, the type of the shares to be distributed may be determined pursuant to the resolution of the Company's general meeting of shareholders.

In accordance with the global trend towards stable dividend distribution, the Company adopted a quarterly dividend distribution policy through the approval of certain amendments to the Company's Articles of Incorporation at the 37<sup>th</sup> General Meeting of Shareholders held in March 2021 and has been distributing quarterly dividends since the second quarter of 2021.

------

In April 2024, the Company disclosed its shareholder return policy for fiscal years 2024 through 2026, under which the total amount of shareholder return for each year is expected to be at least 50% of the adjusted profit for the year on a consolidated basis. Shareholder returns are expected to be provided in the form of cash dividend distribution and/or through acquisition and cancellation of the Company's treasury shares. The Board of Directors will make its determinations on dividends in accordance with such policy.

The Company has engaged in repurchases and cancelations of its own shares from time to time to enhance its enterprise value in consideration of the market price of the Company's shares and its financial resources. From 2020 to 2021, the Company purchased approximately Won 500 billion of treasury shares, and in May 2021, the Company canceled 8,685,568 units of previously acquired treasury shares (10.76% of the total number of shares issued at the time) to enhance shareholder value. In addition, in 2023, the Company purchased approximately Won 300 billion of treasury shares, and in February 2024, the Company canceled 4,043,091 units of treasury share (1.85% of the total number of shares issued at the time).

**B.** **Matters related to Provision of Dividend Predictability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Dividend Improvement Procedures in the Articles of Incorporation

---

| | |
|:---|:---|
| **Classification** | **Status and plans** |
| Authority for deciding dividend amounts | Under the Company's Articles of Incorporation, annual dividends are decided at the General Meeting of Shareholders, while quarterly dividends are decided by the Board of Directors. |
| Whether it is possible to set the dividend record date after the dividend amount is determined | Following the amendments to the Company's Articles of Incorporation at the 40th General Meeting of Shareholders on March 26, 2024, the Company's dividend policy was enhanced by allowing the annual dividend record date to be set after determination of the dividend amount.<br>Following the amendments to the Company's Articles of Incorporation at the 41st General Meeting of Shareholders on March 26, 2025, the Company's dividend policy was further enhanced by allowing the quarterly dividend record date to be set after determination of the dividend amount. |
| Plans for implementing dividend improvement procedures |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Status of Dividend Amount Determination Date and Dividend Record Date

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Fiscal<br>month** | **Dividend<br>status** | **Dividend amount<br>determination date** | **Dividend<br>record date** | **Provision of dividend<br>predictability** | **Note** |
|  Annual dividend for the year ended December 31, 2024 | December 2024 | Declared | March 26, 2025 | February 28, 2025 | Provided | • Finalized following the resolution by the Board of Directors of the annual dividend for the year ended December 31, 2024 and the approval at the 42st General Meeting of Shareholders on March 26, 2025.<br>• Quarterly dividend |
|  Annual dividend for the year ended December 31, 2023 | December 2023 | Declared | March 26, 2024 | December 31, 2023 | Not provided | • Quarterly dividend |
|  Annual dividend for the year ended December 31, 2022 | December 2022 | Declared | March 28, 2023 | December 31, 2022 | Not provided | • Quarterly dividend |

---

------

**C.** **Dividends for the Past Three Fiscal Years** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | (Unit: in millions of Won, except per share data and percentages) | (Unit: in millions of Won, except per share data and percentages) | (Unit: in millions of Won, except per share data and percentages) | (Unit: in millions of Won, except per share data and percentages) |
| **Classification** | **Classification** | **As of and for six months<br>ended June 30, 2025** | **As of and for the year ended<br>December 31, 2024** | **As of and for the year ended<br>December 31, 2023** |
|  Par value per share (Won) | Par value per share (Won) | 100 | 100 | 100 |
| (Consolidated) Net income | (Consolidated) Net income | 454060 | 1250155 | 1093611 |
| (Separate) Net income | (Separate) Net income | 511475 | 1280484 | 1059750 |
|  Net income per share (Won) | Net income per share (Won) | 2086 | 5780 | 4954 |
|  Total cash dividend | Total cash dividend | 353470 | 753613 | 765618 |
|  Total stock dividends | Total stock dividends |  |  |  |
|  (Consolidated)<br> Percentage of cash dividend to available income (%) | (Consolidated)<br> Percentage of cash dividend to available income (%) | 77.8 | 60.3 | 70.0 |
|  Cash dividend yield ratio (%) | Common shares | 3.0 | 6.1 | 7.1 |
|  | Preferred shares |  |  |  |
|  Stock dividend yield ratio (%) | Common shares |  |  |  |
|  | Preferred shares |  |  |  |
|  Cash dividend per share (Won) | Common shares | 1660 | 3540 | 3540 |
|  | Preferred shares |  |  |  |
|  Stock dividend per share (share) | Common shares |  |  |  |
|  | Preferred shares |  |  |  |

---

\* The total amount of cash dividends was calculated by adding the total amount of cash dividends resolved at the general meeting of shareholders for the relevant fiscal year and any quarterly cash dividends paid during such fiscal year in accordance with applicable disclosure requirements. 

\*\* Consolidated net income is based on equity attributable to owners of the parent company.

\*\*\* Cash dividend for the year ended December 31, 2023 includes quarterly dividends of Won 830 per share declared for the first, second, and third quarters of 2023, and quarterly dividend of Won 1,050 per share declared for the fourth quarter of 2023.

\*\*\*\* Cash dividend for the year ended December 31, 2024 includes quarterly dividends of Won 830 per share declared for the first, second and third quarters of 2024, and quarterly dividend of Won 1,050 per share declared for the fourth quarter of 2024.

---

| | |
|:---|:---|
| \*\*\*\*\* | Cash dividend for the six months ended June 30, 2025 includes a quarterly dividend of Won 830 per share declared for the first quarter of 2025, and a quarterly dividend of Won 830 per share for the second quarter of 2025 scheduled to be paid by September 17, 2025. Any subsequent changes will be reflected in an amended report in case of any adjustments.  |

---

---

| | |
|:---|:---|
| \*\*\*\*\*\* | The quarterly dividend of Won 830 per share for the second quarter of 2025 was resolved by the Board of Directors on July 24, 2025 and the dividend record date is August 31, 2025. Any subsequent changes will be reflected in an amended report in case of any adjustments.  |

---

\*\*\*\*\*\*\* The cash dividend yield ratio for the year ended December 31, 2024 was calculated based on the annual dividend record date of February 28, 2025.

---

| | |
|:---|:---|
| \*\*\*\*\*\*\*\* | The cash dividend yield ratio for the six months ended June 30, 2025 was calculated based on the dividend record date of July 24, 2025, as the declaration of the dividend was made prior to the dividend record date of August 31, 2025. The cash dividend per share includes the quarterly dividend of Won 830 per share declared for the first quarter of 2025.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Distribution of quarterly dividends of Won 830 per share was approved during the 477th<sup></sup>Board of Directors' Meeting on April 20, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Distribution of quarterly dividends of Won 830 per share was approved during the 479th<sup></sup>Board of Directors' Meeting on July 26, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Distribution of quarterly dividends of Won 830 per share was approved during the 481st<sup></sup>Board of Directors' Meeting on October 25, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Distribution of cash dividends of Won 1,050 per share was approved during the 40th General Meeting of
Shareholders on March 26, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Distribution of quarterly dividends of Won 830 per share was approved during the 491st Board of
Directors' Meeting on April 25, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Distribution of quarterly dividends of Won 830 per share was approved during the 495th Board of
Directors' Meeting on July 25, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Distribution of quarterly dividends of Won 830 per share was approved during the 498th Board of
Directors' Meeting on October 24, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Distribution of cash dividends of Won 1,050 per share was included in the agenda for the 41st General Meeting
of Shareholders, which was held on March 26, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Distribution of cash dividends of Won 830 per share was included in the agenda for the 512th Board of
Directors' Meeting on April 23, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Distribution of cash dividends of Won 830 per share was included in the agenda for the 515th Board of
Directors' Meeting on July 24, 2025.

------

**D.** **Past Distributions of Dividends** 

---

| | | | |
|:---|:---|:---|:---|
| **Number of consecutive dividends** | **Number of consecutive dividends** | **Average dividend yield (%)** | **Average dividend yield (%)** |
| **Quarterly (or interim) dividends** | **Annual dividends** | **Past three years** | **Past five years** |
| 30 | 31 | 6.7 | 6.0 |

---

\* The average dividend yield is based on the year ended December 31, 2024.

**3. Use of Direct Financing** 

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

**[SK Telecom]** 

---

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

---

**[SK Broadband]** 

---

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

---

------

**4. Other Matters Related to Financial Information** 

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

Not applicable.

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

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

---

| | | | |
|:---|:---|:---|:---|
| (Unit: in millions of Won, except percentages) | (Unit: in millions of Won, except percentages) | (Unit: in millions of Won, except percentages) | (Unit: in millions of Won, except percentages) |
|  | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** |
|  | **Gross amount** | **Loss Allowance** | **Percentage** |
|  Accounts receivable – trade | 2310672 | 263015 | 11.4% |
|  Loans | 170849 | 42226 | 24.7% |
|  Accounts receivable – other | 615269 | 26601 | 4.3% |
|  Accrued income | 2698 |  |  |
|  Guarantee deposits | 262969 |  |  |
|  **Total** | 3362457 | 331842 | 9.9% |
|  | (Unit: in millions of Won, except percentages) | (Unit: in millions of Won, except percentages) | (Unit: in millions of Won, except percentages) |
|  | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Gross amount** | **Loss Allowance** | **Percentage** |
|  Accounts receivable – trade | 2258412 | 258030 | 11.4% |
|  Loans | 141609 | 41958 | 29.6% |
|  Accounts receivable – other | 568072 | 25628 | 4.5% |
|  Accrued income | 4242 |  |  |
|  Guarantee deposits | 275450 |  |  |
|  **Total** | 3247785 | 325616 | 10.0% |
|  | (Unit: in millions of Won, except percentages) | (Unit: in millions of Won, except percentages) | (Unit: in millions of Won, except percentages) |
|  | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** |
|  | **Gross amount** | **Loss Allowance** | **Percentage** |
|  Accounts receivable – trade | 2233586 | 242737 | 10.9% |
|  Loans | 150671 | 42087 | 27.9% |
|  Accounts receivable – other | 690157 | 33276 | 4.8% |
|  Accrued income | 4295 |  |  |
|  Guarantee deposits | 286520 | 300 | 0.1% |
|  **Total** | 3365229 | 318400 | 9.5% |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended<br>June 30, 2025** | **For the year ended**<br>**December 31, 2024** | (Unit: in millions of Won)<br>**For the year ended**<br>**December 31, 2023** |
|  **Beginning balance** | 325616 | 318401 | 325003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of change in accounting policy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase of loss allowance | 23195 | 54703 | 43162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of loss allowance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write-offs | (16969) | (44556) | (49764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | (2933) |  |
|  **Ending balance** | 331842 | 325615 | 318400 |

---

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

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Aging of Accounts Receivable

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | (Unit: in millions of Won, except percentages) | (Unit: in millions of Won, except percentages) | (Unit: in millions of Won, except percentages) |
| | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| | **Six months or<br>less** | **From six months<br>to one year** | **From one year<br>to three years** | **More than<br>three years** | **Total** |
|  Accounts receivable – general | 2047240 | 58391 | 158657 | 46384 | 2310672 |
|  Percentage | 88.60% | 2.53% | 6.87% | 2.01% | 100.0% |

---

**C.** **Inventories** 

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

---

| | | | |
|:---|:---|:---|:---|
| | (Unit: in millions of Won, except percentages) | (Unit: in millions of Won, except percentages) | (Unit: in millions of Won, except percentages) |
| <br>**Account Category** | **For the six months ended<br>June 30, 2025** | **For the year ended<br>December 31, 2024** | **For the year ended<br>December 31, 2023** |
|  Merchandise | 169979 | 183202 | 166614 |
|  Goods in transit |  |  |  |
|  Other inventories | 22986 | 26581 | 13195 |
|  **Total** | 192965 | 209783 | 179809 |
|  Percentage of inventories to total assets<br> [Inventories / Total assets] | 0.66% | 0.69% | 0.60% |
|  Inventory turnover<br> [Cost of sales / { (Beginning balance of inventories + Ending balance of inventories) / 2}] | 5.93 | 6.73 | 7.32 |

---

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

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

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

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

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

**[SK Telecom]** 

The following are key terms and conditions of bonds issued by the Company as of June 30, 2025. The compliance status is as of December 31, 2024, the date of the latest financial statements including the audit opinion of the independent auditor applicable to the determination of compliance status, except for the compliance status of the restriction on changes of ownership structure, which is as of the end of the reporting period.

---

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

---

---

| | | |
|:---|:---|:---|
| Maintenance of Financial Ratio | Key Term | Debt ratio no greater than 300% |
| Maintenance of Financial Ratio | Compliance Status | Compliant |
| Restriction on Liens | Key Term | The total amount of secured debt not to exceed 100% of share capital as of the end of the previous fiscal year |
| Restriction on Liens | Compliance Status | Compliant |
| Restriction on Disposition of Assets | Key Term | Disposal of assets per fiscal year not to exceed Won 2 trillion |
| Restriction on Disposition of Assets | Compliance Status | Compliant |
| Restriction on Changes of Ownership Structure | Key Term |  |
| Restriction on Changes of Ownership Structure | Compliance Status |  |
| Submission of Compliance Certificate | Compliance Status | Submitted on April 14, 2025 |

---

------

---

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

---

---

| | | |
|:---|:---|:---|
| Maintenance of Financial Ratio | Key Term | Debt ratio no greater than 300% |
| Maintenance of Financial Ratio | Compliance Status | Compliant |
| Restriction on Liens | Key Term | The total amount of secured debt not to exceed 100% of share capital as of the end of the previous fiscal year |
| Restriction on Liens | Compliance Status | Compliant |
| Restriction on Disposition of Assets | Key Term | Disposal of assets per fiscal year not to exceed Won 2 trillion |
| Restriction on Disposition of Assets | Compliance Status | Compliant |
| Restriction on Changes of Ownership Structure | Key Term |  |
| Restriction on Changes of Ownership Structure | Compliance Status |  |
| Submission of Compliance Certificate | Compliance Status | Submitted on April 14, 2025 |

---

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

---

---

| | | |
|:---|:---|:---|
| Maintenance of Financial Ratio | Key Term | Debt ratio no greater than 300% |
| Maintenance of Financial Ratio | Compliance Status | Compliant |
| Restriction on Liens | Key Term | The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year |
| Restriction on Liens | Compliance Status | Compliant |
| Restriction on Disposition of Assets | Key Term | Disposal of assets per fiscal year not to exceed Won 5 trillion |
| Restriction on Disposition of Assets | Compliance Status | Compliant |
| Restriction on Changes of Ownership Structure | Key Term |  |
| Restriction on Changes of Ownership Structure | Compliance Status |  |
| Submission of Compliance Certificate | Compliance Status | Submitted on April 14, 2025 |

---

------

---

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

---

---

| | | |
|:---|:---|:---|
| Maintenance of Financial Ratio | Key Term | Debt ratio no greater than 300% |
| Maintenance of Financial Ratio | Compliance Status | Compliant |
| Restriction on Liens | Key Term | The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year |
| Restriction on Liens | Compliance Status | Compliant |
| Restriction on Disposition of Assets | Key Term | Disposal of assets per fiscal year not to exceed 50% of total assets |
| Restriction on Disposition of Assets | Compliance Status | Compliant |
| Restriction on Changes of Ownership Structure | Key Term | Exclusion from corporate group subject to restriction against cross-shareholding |
| Restriction on Changes of Ownership Structure | Compliance Status | Compliant |
| Submission of Compliance Certificate | Compliance Status | Submitted on April 14, 2025 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| Maintenance of Financial Ratio | Key Term | Debt ratio no greater than 300% |
| Maintenance of Financial Ratio | Compliance Status | Compliant |
| Restriction on Liens | Key Term | The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year |
| Restriction on Liens | Compliance Status | Compliant |
| Restriction on Disposition of Assets | Key Term | Disposal of assets per fiscal year not to exceed 50% of total assets |
| Restriction on Disposition of Assets | Compliance Status | Compliant |
| Restriction on Changes of Ownership Structure | Key Term | Exclusion from corporate group subject to restriction against cross-shareholding |
| Restriction on Changes of Ownership Structure | Compliance Status | Compliant |
| Submission of Compliance Certificate | Compliance Status | Submitted on April 14, 2025 |

---

---

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

---

------

---

| | | |
|:---|:---|:---|
| Maintenance of Financial Ratio | Key Term | Debt ratio no greater than 300% |
| Maintenance of Financial Ratio | Compliance Status | Compliant |
| Restriction on Liens | Key Term | The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year |
| Restriction on Liens | Compliance Status | Compliant |
| Restriction on Disposition of Assets | Key Term | Disposal of assets per fiscal year not to exceed 50% of total assets |
| Restriction on Disposition of Assets | Compliance Status | Compliant |
| Restriction on Changes of Ownership Structure | Key Term | Exclusion from corporate group subject to restriction against cross-shareholding |
| Restriction on Changes of Ownership Structure | Compliance Status | Compliant |
| Submission of Compliance Certificate | Compliance Status | Submitted on April 14, 2025 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| Maintenance of Financial Ratio | Key Term | Debt ratio no greater than 300% |
| Maintenance of Financial Ratio | Compliance Status | Compliant |
| Restriction on Liens | Key Term | The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year |
| Restriction on Liens | Compliance Status | Compliant |
| Restriction on Disposition of Assets | Key Term | Disposal of assets per fiscal year not to exceed 50% of total assets |
| Restriction on Disposition of Assets | Compliance Status | Compliant |
| Restriction on Changes of Ownership Structure | Key Term | Exclusion from corporate group subject to restriction against cross-shareholding |
| Restriction on Changes of Ownership Structure | Compliance Status | Compliant |
| Submission of Compliance Certificate | Compliance Status | Submitted on April 14, 2025 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| Maintenance of Financial Ratio | Key Term | Debt ratio no greater than 300% |
| Maintenance of Financial Ratio | Compliance Status | Compliant |
| Restriction on Liens | Key Term | The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year |
| Restriction on Liens | Compliance Status | Compliant |
| Restriction on Disposition of Assets | Key Term | Disposal of assets per fiscal year not to exceed 50% of total assets |
| Restriction on Disposition of Assets | Compliance Status | Compliant |
| Restriction on Changes of Ownership Structure | Key Term | Exclusion from corporate group subject to restriction against cross-shareholding |
| Restriction on Changes of Ownership Structure | Compliance Status | Compliant |
| Submission of Compliance Certificate | Compliance Status | Submitted on April 14, 2025 |

---

---

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

---

------

---

| | | |
|:---|:---|:---|
| Maintenance of Financial Ratio | Key Term | Debt ratio no greater than 300% |
| Maintenance of Financial Ratio | Compliance Status | Compliant |
| Restriction on Liens | Key Term | The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year |
| Restriction on Liens | Compliance Status | Compliant |
| Restriction on Disposition of Assets | Key Term | Disposal of assets per fiscal year not to exceed 50% of total assets |
| Restriction on Disposition of Assets | Compliance Status | Compliant |
| Restriction on Changes of Ownership Structure | Key Term | Exclusion from corporate group subject to restriction against cross-shareholding |
| Restriction on Changes of Ownership Structure | Compliance Status | Compliant |
| Submission of Compliance Certificate | Compliance Status | Submitted on April 14, 2025 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| Maintenance of Financial Ratio | Key Term | Debt ratio no greater than 300% |
| Maintenance of Financial Ratio | Compliance Status | Compliant |
| Restriction on Liens | Key Term | The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year |
| Restriction on Liens | Compliance Status | Compliant |
| Restriction on Disposition of Assets | Key Term | Disposal of assets per fiscal year not to exceed 50% of total assets |
| Restriction on Disposition of Assets | Compliance Status | Compliant |
| Restriction on Changes of Ownership Structure | Key Term | Exclusion from corporate group subject to restriction against cross-shareholding |
| Restriction on Changes of Ownership Structure | Compliance Status | Compliant |
| Submission of Compliance Certificate | Compliance Status | Submitted on April 14, 2025 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal<br>Agency Agreement** | **Fiscal Agent** |
|  Unsecured Bond – Series 83-1 | Aug. 10, 2022 | Aug. 8, 2025 | 300000 | July 29, 2022 | Korea Securities<br>Finance Corp. |
|  Unsecured Bond – Series 83-2 | Aug. 10, 2022 | Aug. 10, 2027 | 95000 | July 29, 2022 | Korea Securities<br>Finance Corp. |
|  Unsecured Bond – Series 84-2 | Dec. 14, 2022 | Dec. 12, 2025 | 110000 | Dec. 2, 2022 | Korea Securities<br>Finance Corp. |
|  Unsecured Bond – Series 84-3 | Dec. 14, 2022 | Dec. 14, 2027 | 60000 | Dec. 2, 2022 | Korea Securities<br>Finance Corp. |
|  Unsecured Bond – Series 84-4 | Dec. 14, 2022 | Dec. 14, 2032 | 40000 | Dec. 2, 2022 | Korea Securities<br>Finance Corp. |

---

---

| | | |
|:---|:---|:---|
| Maintenance of Financial Ratio | Key Term | Debt ratio no greater than 300% |
| Maintenance of Financial Ratio | Compliance Status | Compliant |
| Restriction on Liens | Key Term | The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year |
| Restriction on Liens | Compliance Status | Compliant |
| Restriction on Disposition of Assets | Key Term | Disposal of assets per fiscal year not to exceed 50% of total assets |
| Restriction on Disposition of Assets | Compliance Status | Compliant |
| Restriction on Changes of Ownership Structure | Key Term | Exclusion from corporate group subject to restriction against cross-shareholding |
| Restriction on Changes of Ownership Structure | Compliance Status | Compliant |
| Submission of Compliance Certificate | Compliance Status | Submitted on April 14, 2025 |

---

------

---

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

---

---

| | | |
|:---|:---|:---|
| Maintenance of Financial Ratio | Key Term | Debt ratio no greater than 300% |
| Maintenance of Financial Ratio | Compliance Status | Compliant |
| Restriction on Liens | Key Term | The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year |
| Restriction on Liens | Compliance Status | Compliant |
| Restriction on Disposition of Assets | Key Term | Disposal of assets per fiscal year not to exceed 50% of total assets |
| Restriction on Disposition of Assets | Compliance Status | Compliant |
| Restriction on Changes of Ownership Structure | Key Term | Exclusion from corporate group subject to restriction against cross-shareholding |
| Restriction on Changes of Ownership Structure | Compliance Status | Compliant |
| Submission of Compliance Certificate | Compliance Status | Submitted on April 14, 2025 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| Maintenance of Financial Ratio | Key Term | Debt ratio no greater than 300% |
| Maintenance of Financial Ratio | Compliance Status | Compliant |
| Restriction on Liens | Key Term | The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year |
| Restriction on Liens | Compliance Status | Compliant |
| Restriction on Disposition of Assets | Key Term | Disposal of assets per fiscal year not to exceed 50% of total assets |
| Restriction on Disposition of Assets | Compliance Status | Compliant |
| Restriction on Changes of Ownership Structure | Key Term | Exclusion from corporate group subject to restriction against cross-shareholding |
| Restriction on Changes of Ownership Structure | Compliance Status | Compliant |
| Submission of Compliance Certificate | Compliance Status | Submitted on April 14, 2025 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| Maintenance of Financial Ratio | Key Term | Not Applicable |
| Maintenance of Financial Ratio | Compliance Status | Compliant |
| Restriction on Liens | Key Term | Not Applicable |
| Restriction on Liens | Compliance Status | Compliant |
| Restriction on Disposition of Assets | Key Term | Not Applicable |
| Restriction on Disposition of Assets | Compliance Status | Compliant |
| Restriction on Changes of Ownership Structure | Key Term | Not Applicable |
| Restriction on Changes of Ownership Structure | Compliance Status | Compliant |
| Submission of Compliance Certificate | Compliance Status | Submitted on April 14, 2025 |

---

------

---

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

---

---

| | | |
|:---|:---|:---|
| Maintenance of Financial Ratio | Key Term | Debt ratio no greater than 300% |
| Maintenance of Financial Ratio | Compliance Status | Compliant |
| Restriction on Liens | Key Term | The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year |
| Restriction on Liens | Compliance Status | Compliant |
| Restriction on Disposition of Assets | Key Term | Disposal of assets per fiscal year not to exceed 50% of total assets |
| Restriction on Disposition of Assets | Compliance Status | Compliant |
| Restriction on Changes of Ownership Structure | Key Term | Exclusion from corporate group subject to restriction against cross-shareholding |
| Restriction on Changes of Ownership Structure | Compliance Status | Compliant |
| Submission of Compliance Certificate | Compliance Status | Submitted on April 14, 2025 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| Maintenance of Financial Ratio | Key Term | Debt ratio no greater than 300% |
| Maintenance of Financial Ratio | Compliance Status | Compliant |
| Restriction on Liens | Key Term | The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year |
| Restriction on Liens | Compliance Status | Compliant |
| Restriction on Disposition of Assets | Key Term | Disposal of assets per fiscal year not to exceed 50% of total assets |
| Restriction on Disposition of Assets | Compliance Status | Compliant |
| Restriction on Changes of Ownership Structure | Key Term | Exclusion from corporate group subject to restriction against cross-shareholding |
| Restriction on Changes of Ownership Structure | Compliance Status | Compliant |
| Submission of Compliance Certificate | Compliance Status | Submitted on April 14, 2025 |

---

---

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

---

------

---

| | | |
|:---|:---|:---|
| Maintenance of Financial Ratio | Key Term | Debt ratio no greater than 300% |
| Maintenance of Financial Ratio | Compliance Status | Compliant |
| Restriction on Liens | Key Term | The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year |
| Restriction on Liens | Compliance Status | Compliant |
| Restriction on Disposition of Assets | Key Term | Disposal of assets per fiscal year not to exceed 50% of total assets |
| Restriction on Disposition of Assets | Compliance Status | Compliant |
| Restriction on Changes of Ownership Structure | Key Term | Exclusion from corporate group subject to restriction against cross-shareholding |
| Restriction on Changes of Ownership Structure | Compliance Status | Compliant |
| Submission of Compliance Certificate | Compliance Status | Submitted on April 14, 2025 |

---

---

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

---

---

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

---

**[SK Broadband]** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal**<br>**Agency Agreement** | **Fiscal Agent** |
|  Unsecured Bond – Series 48-3 | Sept. 24, 2019 | Sept. 23, 2026 | 50000 | Sept. 10, 2019 | Korea Securities<br>Finance Corp. |
|  Unsecured Bond – Series 50 | Sept. 25, 2020 | Sept. 25, 2025 | 160000 | Sept. 15, 2020 | Korea Securities<br>Finance Corp. |
|  Unsecured Bond – Series 52-2 | Jan. 25, 2022 | Jan. 25, 2032 | 50000 | Jan. 13, 2022 | Korea Securities<br>Finance Corp. |
|  Unsecured Bond – Series 53-2 | Mar. 2, 2023 | Feb. 27, 2026 | 100000 | Feb. 17, 2023 | Korea Securities<br>Finance Corp. |
|  Unsecured Bond – Series 53-3 | Mar. 2, 2023 | Mar. 2, 2028 | 90000 | Feb. 17, 2023 | Korea Securities<br>Finance Corp. |
|  Unsecured Bond – Series 54-1 | Oct. 30, 2023 | Oct. 30, 2026 | 100000 | Oct. 18, 2023 | Korea Securities<br>Finance Corp. |
|  Unsecured Bond – Series 54-2 | Oct. 30, 2023 | Oct. 30, 2028 | 60000 | Oct. 18, 2023 | Korea Securities<br>Finance Corp. |
|  Unsecured Bond – Series 55-1 | Jan. 22, 2024 | Jan. 22, 2027 | 170000 | Jan. 10, 2024 | Korea Securities<br>Finance Corp. |
|  Unsecured Bond – Series 55-2 | Jan. 22, 2024 | Jan. 22, 2029 | 60000 | Jan. 10, 2024 | Korea Securities<br>Finance Corp. |
|  Unsecured Bond – Series 56-1 | Dec. 4, 2024 | Dec. 3, 2027 | 130000 | Nov. 22, 2024 | Korea Securities<br>Finance Corp. |
|  Unsecured Bond – Series 56-2 | Dec. 4, 2024 | Dec. 4, 2029 | 115000 | Nov. 22, 2024 | Korea Securities<br>Finance Corp. |
|  Unsecured Bond – Series 56-3 | Dec. 4, 2024 | Dec. 4, 2031 | 50000 | Nov. 22, 2024 | Korea Securities<br>Finance Corp. |

---

------

---

| | | |
|:---|:---|:---|
| Maintenance of Financial Ratio | Key Term | Debt ratio no greater than 400% |
| Maintenance of Financial Ratio | Compliance Status | Compliant |
| Restriction on Liens | Key Term | The total amount of secured debt not to exceed 200% of share capital as of the end of the previous fiscal year |
| Restriction on Liens | Compliance Status | Compliant |
| Restriction on Disposition of Assets | Key Term | Disposal of assets per fiscal year not to exceed 70% of total assets |
| Restriction on Disposition of Assets | Compliance Status | Compliant |
| Restriction on Changes of Ownership Structure | Key Term | Restriction on changes of ownership structure |
| Restriction on Changes of Ownership Structure | Compliance Status | Compliant |
| Submission of Compliance Certificate | Compliance Status | Submitted on April 4, 2025 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Issue Date** | **Maturity Date** | **Principal Amount<br>(millions of Won)** | **Date of Fiscal<br>Agency**<br>**Agreement** | **Fiscal Agent** |
|  Unsecured Bond – Series 57-1 | Apr. 29, 2025 | Apr. 28, 2028 | 50000 | Apr. 17, 2025 | Korea Securities<br>Finance Corp. |
|  Unsecured Bond – Series 57-2 | Apr. 29, 2025 | Apr. 29, 2030 | 120000 | Apr. 17, 2025 | Korea Securities<br>Finance Corp. |
|  Unsecured Bond – Series 57-3 | Apr. 29, 2025 | Apr. 29, 2035 | 30000 | Apr. 17, 2025 | Korea Securities<br>Finance Corp. |
|  Unsecured Bond – Series 58-1 | Jun. 19, 2025 | Jun. 19, 2030 | 480000 | Jun. 9, 2025 | Korea Securities<br>Finance Corp. |
|  Unsecured Bond – Series 58-2 | Jun. 19, 2025 | Jun. 19, 2035 | 50000 | Jun. 9, 2025 | Korea Securities<br>Finance Corp. |

---

---

| | | |
|:---|:---|:---|
| Maintenance of Financial Ratio | Key Term | Debt ratio no greater than 400% |
| Maintenance of Financial Ratio | Compliance Status |  |
| Restriction on Liens | Key Term | The total amount of secured debt not to exceed 200% of share capital as of the end of the previous fiscal year |
| Restriction on Liens | Compliance Status |  |
| Restriction on Disposition of Assets | Key Term | Disposal of assets per fiscal year not to exceed 70% of total assets |
| Restriction on Disposition of Assets | Compliance Status |  |
| Restriction on Changes of Ownership Structure | Key Term | Restriction on changes of ownership structure |
| Restriction on Changes of Ownership Structure | Compliance Status |  |
| Submission of Compliance Certificate | Compliance Status | To be submitted following the filing of this semi-annual business report |

---

------

**IV.** **MANAGEMENT'S DISCUSSION AND ANALYSIS** 

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

------

**V.** **AUDITOR'S OPINION** 

**1. Independent Auditors and Audit Opinions** 

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

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Unit: in millions of Won except number of hours) | (Unit: in millions of Won except number of hours) | (Unit: in millions of Won except number of hours) | (Unit: in millions of Won except number of hours) | (Unit: in millions of Won except number of hours) | (Unit: in millions of Won except number of hours) | (Unit: in millions of Won except number of hours) |
| **Period** | **Auditors** | **Contents** | **Audit Contract** | **Audit Contract** | **Actual Performance** | **Actual Performance** |
| **Period** | **Auditors** | **Contents** | **Fee** | **Total<br>number of<br>hours** | **Fee** | **Total<br>number of<br>hours** |
|  Six months ended June 30, 2025 | KPMG Samjong | Quarterly and semi-annual review | 2597 | 24500 | 808 | 7619 |
|  Six months ended June 30, 2025 | KPMG Samjong | Separate financial statements audit | 2597 | 24500 | 808 | 7619 |
|  Six months ended June 30, 2025 | KPMG Samjong | Consolidated financial statements audit | 2597 | 24500 | 808 | 7619 |
|  Six months ended June 30, 2025 | KPMG Samjong | English financial statements review and other audit task | 2597 | 24500 | 808 | 7619 |
|  Six months ended June 30, 2025 | KPMG Samjong | Internal accounting system audit | 2597 | 24500 | 808 | 7619 |
|  Year ended December 31, 2024 | Ernst & Young Han Young | Quarterly and semi-annual review | 2780 | 24800 | 2780 | 24800 |
|  Year ended December 31, 2024 | Ernst & Young Han Young | Separate financial statements audit | 2780 | 24800 | 2780 | 24800 |
|  Year ended December 31, 2024 | Ernst & Young Han Young | Consolidated financial statements audit | 2780 | 24800 | 2780 | 24800 |
|  Year ended December 31, 2024 | Ernst & Young Han Young | English financial statements review and other audit task | 2780 | 24800 | 2780 | 24800 |
|  Year ended December 31, 2024 | Ernst & Young Han Young | Internal accounting system audit | 2780 | 24800 | 2780 | 24800 |
|  Year ended December 31, 2023 | Ernst & Young Han Young | Quarterly and semi-annual review | 2700 | 24100 | 2700 | 24100 |
|  Year ended December 31, 2023 | Ernst & Young Han Young | Separate financial statements audit | 2700 | 24100 | 2700 | 24100 |
|  Year ended December 31, 2023 | Ernst & Young Han Young | Consolidated financial statements audit | 2700 | 24100 | 2700 | 24100 |
|  Year ended December 31, 2023 | Ernst & Young Han Young | English financial statements review and other audit task | 2700 | 24100 | 2700 | 24100 |
|  Year ended December 31, 2023 | Ernst & Young Han Young | Internal accounting system audit | 2700 | 24100 | 2700 | 24100 |

---

**C.** **Non-Audit Services Contracts with Independent Auditors** 

---

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

---

------

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

---

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

---

**VI.** **CORPORATE ORGANIZATION INCLUDING BOARD OF DIRECTORS** 

**1. Board of Directors** 

**A.** **Overview of the Composition of the Board of Directors** 

The Board of Directors is composed of eight members: two inside directors, five independent directors and one non-executive director. The Board of Directors operates the following five committees: Independent Director Nomination Committee, Audit Committee, Future Strategy Committee, Compensation Committee and ESG Committee.

---

| | | | |
|:---|:---|:---|:---|
| **Total number of directors** | **Inside directors** | **Independent directors** | **Non-executive director** |
| 8 | Young Sang Ryu, Yang Seob Kim | Yong-Hak Kim, Junmo Kim, Haeyun Oh, Mi Kyung Noh, Chang Bo Kim | Dong Soo Kang |

---

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

------

**B.** **Significant Activities of the Board of Directors** 

(As of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Meeting** | **Date** | **Agenda** | **Approval** |
| 503rd (the 1st meeting of 2025) | January 20, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;• KPI evaluation for 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;• Post-period report for the fourth quarter of 2024 | Approved as proposed<br> — |
| 504th (the 2nd meeting of 2025) | January 23, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;• 2025 donations to the Korea Fencing Federation<br> &nbsp;&nbsp;&nbsp;&nbsp;• Compensation of representative director<br> &nbsp;&nbsp;&nbsp;&nbsp;• Compensation of inside director, Jong Ryeol Kang<br> &nbsp;&nbsp;&nbsp;&nbsp;• Compensation of inside director, Yang Seob Kim<br> &nbsp;&nbsp;&nbsp;&nbsp;• Operating budget performance of the Board of Directors in 2024 and plans for 2025 | Approved as proposed<br> Approved as proposed<br> Approved as proposed<br> Approved as proposed<br> — |
| 505th (the 3rd meeting of 2025) | February 11, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;• Dividends for the fiscal year 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;• Financial statements as of and for the year ended December 31, 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;• Annual business report for the year ended December 31, 2024 | Approved as proposed<br> Approved as proposed<br> Approved as proposed |
| 506th (the 4th meeting of 2025) | February 27, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;• Report of internal accounting management system<br> &nbsp;&nbsp;&nbsp;&nbsp;• Convocation of the 41st General Meeting of Shareholders<br> &nbsp;&nbsp;&nbsp;&nbsp;• Appointment of compliance officer<br> &nbsp;&nbsp;&nbsp;&nbsp;• Transaction with SK Inc. for maintenance of T ID service<br> &nbsp;&nbsp;&nbsp;&nbsp;• Results of evaluation of internal accounting management system | —<br> Approved as proposed<br> Approved as proposed<br> Approved as proposed<br> — |
| 507th (the 5th meeting of 2025) | March 10, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;• Approval of amendments to the financial statements as of and for the year ended December 31, 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;• Re-approval of annual business report for the year ended December 31, 2024 | Approved as proposed<br> Approved as proposed |
| 508th (the 6th meeting of 2025) | March 26, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;• Election of the chairman of the Board of Directors<br> &nbsp;&nbsp;&nbsp;&nbsp;• Appointment of committee members<br> &nbsp;&nbsp;&nbsp;&nbsp;• Transactions with SK Inc. for the establishment of Next BSS in 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;• Transactions with SK Inc. in the second quarter of 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;• Results of personal credit information management and protection status inspection | Approved as proposed<br> Approved as proposed<br> Approved as proposed<br> Approved as proposed<br> — |
| 509th (the 7th meeting of 2025) | April 24, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;• Dividends for the first quarter of 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;• Disposal of shares of Kakao<br> &nbsp;&nbsp;&nbsp;&nbsp;• Disposal of treasury shares<br> &nbsp;&nbsp;&nbsp;&nbsp;• Payment of labor costs related to personnel exchanges in 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;• Provision of GPU cloud services to SK Biopharmaceuticals<br> &nbsp;&nbsp;&nbsp;&nbsp;• Provision of P-5GX managed services to SK Incheon Petrochem<br> &nbsp;&nbsp;&nbsp;&nbsp;• 2025 donations to the Center for Social Value Enhancement Studies<br> &nbsp;&nbsp;&nbsp;&nbsp;• Payment of operating expenses of SK SUPEX Council<br> &nbsp;&nbsp;&nbsp;&nbsp;• Post-period report on the first quarter of 2025 | Approved as proposed<br> Approved as proposed<br> Approved as proposed<br> Approved as proposed<br> Approved as proposed<br> Approved as proposed<br> Approved as proposed<br> Approved as proposed<br> — |
| 510th (the 8th meeting of 2025) | May 2, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;• Review of interpretation and impact of terms of service related to the cybersecurity breach incident |  |
| 511th (the 9th meeting of 2025) | May 7, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;• Interim report on cybersecurity breach incident and remedial measures |  |
| 512th (the 10th meeting of 2025) | May 22, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;• Contract with SK Inc. for usage of cloud services<br> &nbsp;&nbsp;&nbsp;&nbsp;• Progress and future plans related to the cybersecurity breach incident | Approved as proposed<br> — |
| 513th (the 11th meeting of 2025) | June 18, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;• Progress and future plans related to the cybersecurity breach incident<br> &nbsp;&nbsp;&nbsp;&nbsp;• Contribution of funds to SKT Digital Trust information security fund | —<br> Approved as proposed |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Meeting** | **Date** | **Agenda** | **Approval** |
| 514th (the 12th meeting of 2025) | June 25, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;• Disposal of equity interest in SK Investment Management Co., Ltd.(HK)<br> &nbsp;&nbsp;&nbsp;&nbsp;• Provision of public cloud (AWS) services to SK Inc.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Transactions with SK Inc. in the third quarter of 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;• Donations for ESG management (creation of social value)<br> &nbsp;&nbsp;&nbsp;&nbsp;• Review of key issues regarding termination penalties related to cybersecurity breach incident<br> &nbsp;&nbsp;&nbsp;&nbsp;• Accountability and commitment program for cybersecurity breach incident<br> &nbsp;&nbsp;&nbsp;&nbsp;• Resumption of Board of Directors meeting<br> &nbsp;&nbsp;&nbsp;&nbsp;• Resumption of Board of Directors meeting | Approved as proposed<br> Approved as proposed<br> Approved as proposed<br> Approved as proposed<br> —<br> Approved as amended<br> Approved as proposed<br> Approved as proposed |
| 515th (the 13th meeting of 2025) | July 24, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;• Report on the first half of 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;• Dividends for the second quarter of 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;• Post-period report on the second quarter of 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;• Master plan for the second half of 2025 | —<br> Approved as proposed<br> —<br> — |

---

**\*** Line items that do not show approval are for reporting purposes only. 

**C.** **Committees within Board of Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Committee structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Independent Director Nomination Committee (as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| **Total number of<br>persons** | **Names of Member Directors** | **Task** |
| 3 | Mi Kyung Noh, Chang Bo Kim, Dong Soo Kang | Evaluation and management of candidates for independent directors, confirmation of list of candidates; nomination of independent directors to be elected at the General Meeting of Shareholders |

---

**\*** Under the Korean Commercial Code, a majority of the members of the Independent Director Nomination Committee must be independent directors. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Future Strategy Committee (as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| **Total number of<br>persons** | **Names of Member Directors** | **Task** |
| 8 | Yong-Hak Kim, Junmo Kim, Haeyun Oh, Mi Kyung Noh, Chang Bo Kim, Young Sang Ryu, Dong Soo Kang, Yang Seob Kim | Deliberation of annual management plan and discussion of mid- to long-term strategy; establishment and evaluation of KPI and material investments; enhancement of enterprise value and establishment of future and direction of the Company |

---

**\*** The Future Strategy Review Committee is a committee established by the resolution of the Board of Directors. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Compensation Committee (as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| **Total number of<br>persons** | **Names of Member Directors** | **Task** |
| 4 | Yong-Hak Kim, Junmo Kim, Haeyun Oh, Dong Soo Kang | Management of CEO candidates; deliberation of election and re-election of CEO; review of CEO and inside director remuneration amount appropriateness |

---

**\*** The Compensation Committee is a committee established by the resolution of the Board of Directors. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ESG Committee (as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| **Total number of<br>persons** | **Names of Member Directors** | **Task** |
| 4 | Yong-Hak Kim, Junmo Kim, Haeyun Oh, Mi Kyung Noh | Deliberation of plans and performance in the major areas of ESG, mandatory ESG disclosure matters and ESG stakeholder communication |

---

**\*** The ESG Committee is a committee established by the resolution of the Board of Directors. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee (as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| **Total number of<br>persons** | **Names of Member Directors** | **Task** |
| 4 | Mi Kyung Noh, Yong-Hak Kim, Haeyun Oh, Chang Bo Kim | Review of financial statements and supervision of independent audit process, etc. |

---

**\*** The Audit Committee is a committee established under the provisions of the Articles of Incorporation and the Korean Commercial Code. 

------

**2. Audit System** 

The Company's Audit Committee consists of four independent directors, Mi Kyung Noh (financial and accounting expert), Yong-Hak Kim, Haeyun Oh and Chang Bo Kim.

Major activities of the Audit Committee as of June 30, 2025 are set forth below.

---

| | | | |
|:---|:---|:---|:---|
| **Meeting** | **Date** | **Agenda** | **Approval** |
| The 1<sup>st</sup> meeting of 2025. | February 10,<br> 2025 | &nbsp;&nbsp;&nbsp;&nbsp;• Compliance plan for regular business audit results for the second half of 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;• 2024 performance and 2025 plan for the audit office<br> &nbsp;&nbsp;&nbsp;&nbsp;• Pre-approval of non-audit services by external auditors<br> &nbsp;&nbsp;&nbsp;&nbsp;• Collective approval of the services provided by external auditors in 2025 | —<br> Approved as proposed<br> Approved as proposed<br> Approved as proposed |
| The 2<sup>nd</sup> meeting of 2025 | February 25, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;• Operational status of internal accounting management system<br> &nbsp;&nbsp;&nbsp;&nbsp;• Audit results for fiscal year 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;• Internal accounting management system audit results for fiscal year 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;• Enterprise division regular audit improvement implementation review results<br> &nbsp;&nbsp;&nbsp;&nbsp;• Monitoring activities by the audit committee for fiscal year 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;• Audit committee's opinion on internal monitoring apparatus<br> &nbsp;&nbsp;&nbsp;&nbsp;• Evaluation of the operational status of internal accounting management system<br> &nbsp;&nbsp;&nbsp;&nbsp;• Confirmation of agenda of the 41st General Meeting of Shareholders and opinions on document investigation<br> &nbsp;&nbsp;&nbsp;&nbsp;• Audit report for fiscal year 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;• Contracts related to the distribution of free gifts to fixed-line clients | —<br> —<br> —<br> —<br> —<br> Approved as proposed<br> Approved as proposed<br> Approved as proposed<br> Approved as proposed<br> Approved as proposed |
| The 3<sup>rd</sup> meeting of 2025 | March 10,<br> 2025 | &nbsp;&nbsp;&nbsp;&nbsp;• Re-approval of audit report for fiscal year 2024 | Approved as proposed |
| The 4<sup>th</sup> meeting of 2025 | March 25,<br> 2025 | &nbsp;&nbsp;&nbsp;&nbsp;• Contract for maintenance services of optical cables in 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;• Contract for maintenance services of transmission equipment in 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;• Contributions to company employee welfare fund contributions plan for 2025 | Approved as proposed<br> Approved as proposed<br> Approved as proposed |
| The 5<sup>th</sup> meeting of 2025 | April 23, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;• Appointment of committee chairman<br> &nbsp;&nbsp;&nbsp;&nbsp;• PCAOB audit results for fiscal year 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;• Special audit results for the first half of 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;• Results of whistleblowing channel operations for the first quarter of 2025 | Approved as proposed<br> —<br> —<br> — |
| The 6<sup>th</sup> meeting of 2025 | May 21, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;• Regular audit plan changes for fiscal year 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;• Improvement plan for audit committee financial reporting oversight system<br> &nbsp;&nbsp;&nbsp;&nbsp;• Audit plan for fiscal year 2025 | Approved as proposed<br> Approved as proposed<br> — |
| The 7<sup>th</sup> meeting of 2025 | June 25, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;• Fulfillment services for USIM card delivery to subscribers<br> &nbsp;&nbsp;&nbsp;&nbsp;• Contract with SK Broadband regarding usage of Gasan data center floor space for the sovereign AI data center construction project<br> &nbsp;&nbsp;&nbsp;&nbsp;• Evaluation of services provided by external auditors in fiscal year 2024 | Approved as proposed<br> Approved as proposed<br> — |
| The 8<sup>th</sup> meeting of 2025 | July 23, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;• Review of results of external auditor's review for the first half of 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;• Results of whistleblowing channel operations for the second quarter of 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;• Board of Directors operating budget performance for the first half of 2025 | —<br> —<br> — |

---

------

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

**A.** **Voting System** 

---

| | | | |
|:---|:---|:---|:---|
| (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) |
| **Classification of Voting System** | **Cumulative voting system** | **Written voting system** | **Electronic voting system** |
| Adoption status | Selected | Not adopted | Adopted |
| Implementation status |  |  | Conducted during the 41st General Meeting of Shareholders |

---

The Company implemented a proxy solicitation procedure for the 41st General Meeting of Shareholders, pursuant to which shareholders were permitted to provide written proxy to exercise their voting rights.

------

**VII.** **SHAREHOLDERS** 

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

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

---

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

---

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

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

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

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

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

Changes in shareholdings of the largest shareholder are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (As of June 30, 2025) |  |  |  | (Unit: in shares and percentages) |
| **Largest Shareholder** | **Date of the change** | **Shares Held\*** | **Holding Ratio** | **Remarks** |
| SK Inc. | February 27, 2023 | 65719411 | 30.03 | Young Sang Ryu, representative director of the Company, and Jong Ryeol Kang, executive director of the Company, acquired 4,634 and 2,274 shares, respectively. |
| SK Inc. | March 28, 2023 | 65717964 | 30.03 | <br> Retirement of Jung Ho Ahn, independent director of the Company (1,447 shares) |
| SK Inc. | <br> April 21, 2023 | <br> 65724963 | <br> 30.03 | <br> Four independent directors, Youngmin Yoon, Haeyun Oh, Junmo Kim and Seok-dong Kim each acquired 1,338 shares. Yong-Hak Kim, independent director of the Company, acquired 1,647 shares. |
|  | January 29, 2024 | 65736363 | 30.04 | Young Sang Ryu, representative director of the Company, and Jong Ryeol Kang, executive director of the Company, acquired 8,335 and 3,065 shares, respectively. |
|  | March 26, 2024 | 65733123 | 30.60 | Retirement of Youngmin Yoon, independent director of the Company (2,785 shares) and Kyu-nam Choi, non-executive director of the company (455 shares) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| (As of June 30, 2025) |  |  |  | (Unit: in shares and percentages) |
| **Largest Shareholder** | **Date of the change** | **Shares Held\*** | **Holding Ratio** | **Remarks** |
|  | April 29, 2024 | 65738600 | 30.61 | Four independent directors of the Company, Seok-Dong Kim, Junmo Kim, Mi Kyung Noh, Haeyun Oh, each acquired 978 shares. Yong-Hak Kim, another independent director of the Company, acquired 1,565 shares. |
|  | September 22, 2024 | 65717070 | 30.60 | Elimination of former related person Jung Ho Park's related party relationship (21,530 shares). |
|  | March 26, 2025 | 65704484 | 30.59 | Retirement of Jong Ryeol Kang, executive director of the Company (8,823 shares) and Seok-Dong Kim, independent director of the Company (3,763 shares). |
|  | April 30, 2025 | 65709344 | 30.59 | Four independent directors of the Company, Junmo Kim, Haeyun Oh, Mi Kyung Noh and Chang Bo Kim, each acquired 868 shares. Yong-Hak Kim, another independent director of the Company, acquired 1,388 shares. |

---

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

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

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

**2. Distribution of Shares** 

**A.** **Shareholders with Ownership of 5% or Greater** 

---

| | | | |
|:---|:---|:---|:---|
| (As of June 30, 2025) | (Unit: in shares and percentages) | (Unit: in shares and percentages) | (Unit: in shares and percentages) |
| **Name (title)** | **Common share** | **Common share** | **Common share** |
| **Name (title)** | **Number of shares** | **Ownership ratio** | **Remarks** |
|  SK Inc. | 65668397 | 30.57% |  |
|  National Pension Service | 16154539 | 7.52% |  |
|  Citibank ADR | 15665623 | 7.29% |  |
|  Shareholdings under the Employee Stock Ownership Program |  |  |  |

---

**B.** **Minority Shareholders** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (Unit: in shares and percentages) | (Unit: in shares and percentages) | (Unit: in shares and percentages) |
| **Classification** | **Shareholders** | **Shareholders** | **Shareholders** | **Ownership** | **Ownership** | **Ownership** |
| **Classification** |  |  |  |  |  |  |
| **Classification** | **Number of<br>minority<br>shareholders** | **Total number of<br>shareholders** | **Ratio (%)** | **Number of shares<br>owned by minority<br>shareholders** | **Total number of<br>shares issued** | **Ratio (%)** |
|  Minority shareholders\* | 243434 | 243441 | 99.9 | 111307010 | 212982275 | 52.3 |

---

\* Shareholders who hold less than 1% of total voting shares issued. 

**3. Share Price and Trading Volume in the Last Six Months** 

**A.** **Domestic Securities Market** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (Unit: in Won and shares) | (Unit: in Won and shares) | (Unit: in Won and shares) | (Unit: in Won and shares) | (Unit: in Won and shares) | (Unit: in Won and shares) | (Unit: in Won and shares) | (Unit: in Won and shares) |
| **Types** | **Types** | **January 2025** | **February 2025** | **March 2025** | **April 2025** | **May 2025** | **June 2025** |
|  **Common stock** | **Highest** | 56700 | 59100 | 56700 | 58800 | 53700 | 57100 |
|  **Common stock** | **Lowest** | 54500 | 55000 | 55100 | 53400 | 50700 | 51700 |
|  **Common stock** | **Average** | 55489 | 56645 | 55875 | 56282 | 51805 | 54847 |
|  **Daily transaction volume** | **Highest** | 917281 | 1135847 | 696920 | 3257168 | 1612625 | 1841643 |
|  **Daily transaction volume** | **Lowest** | 237239 | 290145 | 295742 | 165552 | 543658 | 639168 |
|  **Monthly transaction volume** |  | 8846398 | 11176360 | 9107675 | 16804580 | 20270875 | 17934551 |

---

------

**B.** **Foreign Securities Market (New York Stock Exchange)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (Unit : in US$ and ADRs) | (Unit : in US$ and ADRs) | (Unit : in US$ and ADRs) | (Unit : in US$ and ADRs) | (Unit : in US$ and ADRs) | (Unit : in US$ and ADRs) | (Unit : in US$ and ADRs) | (Unit : in US$ and ADRs) |
| **Types** | **Types** | **January 2025** | **February 2025** | **March 2025** | **April 2025** | **May 2025** | **June 2025** |
|  **Depositary receipt** | **Highest** | 21.84 | 23.05 | 21.90 | 23.18 | 21.82 | 23.35 |
|  **Depositary receipt** | **Lowest** | 20.91 | 21.15 | 21.09 | 20.46 | 20.00 | 20.68 |
|  **Depositary receipt** | **Average** | 21.33 | 21.98 | 21.42 | 21.85 | 20.75 | 21.12 |
|  **Daily transaction volume** | **Highest** | 341650 | 577900 | 754260 | 699130 | 711580 | 658740 |
|  **Daily transaction volume** | **Lowest** | 150940 | 134550 | 212500 | 291160 | 268000 | 308530 |
|  **Monthly transaction volume** |  | 4205380 | 5003190 | 7202950 | 9827450 | 9558920 | 2887600 |

---

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

**1. Officers and Employees** 

**A.** **Employees** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (Unit: in persons and millions of Won) | (Unit: in persons and millions of Won) | (Unit: in persons and millions of Won) |
| **Business<br>segment** | **Number of employees** | **Number of employees** | **Number of employees** | **Number of employees** | **Number of employees** | **Average length of<br>service (years)** | **Aggregate wage for<br>the year of 2024** | **Average wage per<br>person** |
| **Business<br>segment** | **Employees<br>without a fixed<br>term of<br>employment** | **Employees<br>without a fixed<br>term of<br>employment** | **Employees with a<br>fixed term of<br>employment** | **Employees with a<br>fixed term of<br>employment** | **Total** | **Average length of<br>service (years)** | **Aggregate wage for<br>the year of 2024** | **Average wage per<br>person** |
| **Business<br>segment** | **Total** | **Part-time<br>employees** | **Total** | **Part-time<br>employees** | **Total** | **Average length of<br>service (years)** | **Aggregate wage for<br>the year of 2024** | **Average wage per<br>person** |
|  —<br> Male | 4115 |  | 159 |  | 4274 | 17.2 | 440561 | 101 |
|  —<br> Female | 1070 |  | 282 |  | 1352 | 10.2 | 89762 | 63 |
|  Total | 5185 |  | 441 |  | 5626 | 15.5 | 530322 | 92 |

---

\* Omitted 'Non-affiliated workers' in accordance with applicable Korean disclosure rules.

**B.** **Compensation of Unregistered Officers** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| (As of June 30, 2025) | (Unit: in persons and millions of Won) | (Unit: in persons and millions of Won) | (Unit: in persons and millions of Won) | (Unit: in persons and millions of Won) |
| **Number of Unregistered Officers** | **Aggregate wage for the year of 2024** | **Aggregate wage for the year of 2024** | **Average wage per person** | **Average wage per person** |
|  94 |  | 46531 |  | 495 |

---

**2. Compensation of Directors** 

**A.** **Amount Approved at the Shareholders' Meeting** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Classification** | **Number of Directors** | **Number of Directors** | **Aggregate Amount Approved** | **Aggregate Amount Approved** |
|  Directors |  | 8 |  | 10000 |

---

**B.** **Amount Paid** 

(1) Total Amount

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Number of Directors** | **Aggregate Amount Paid** | **Aggregate Amount Paid** | **Average Amount Paid Per Director** | **Average Amount Paid Per Director** | **Remarks** |
|  8 |  | 4007 |  | 572 |  |

---

\* The number of directors includes one non-executive director who did not receive any compensation.

\*\* The average amount paid per director excludes one non-executive director who did not receive any compensation. 

------

(2) Amount by Classification

---

| | | | | |
|:---|:---|:---|:---|:---|
| (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Classification** | **Number of Directors** | **Aggregate Amount Paid** | **Average Amount Paid Per Director** | **Remarks** |
|  Inside Directors | 3 | 3519 | 1759 |  |
|  Independent Directors (Excluding Audit Committee Members) | 1 | 97 | 97 |  |
|  Audit Committee Members | 4 | 392 | 98 |  |
|  Auditor |  |  |  |  |

---

\* The number of directors includes one non-executive director who did not receive any compensation.

\*\* The average amount paid per director excludes one non-executive director who did not receive any compensation. 

**3. Individual Compensation of Directors and Officers** 

**A.** **Remuneration for Individual Directors (among those Paid over Won 500 Million per Year)** 

---

| | | | |
|:---|:---|:---|:---|
| (As of June 30, 2025) | (As of June 30, 2025) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Name** | **Position** | **Total remuneration** | **Payment not included in total<br>remuneration** |
|  Young Sang Ryu | Representative Director | 2636 |  |
|  Yang Seob Kim | Inside Director | 883 |  |

---

**B.** **Composition of Total Remuneration** 

---

| | |
|:---|:---|
| **Name** | **Composition** |
| Young Sang Ryu | Total remuneration: Won 2,636 million<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Salary: Won 770 million<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonus: Won 1,820 million<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other earned income: Won 46 million<br>|
| Yang Seob Kim | Total remuneration: Won 883 million<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Salary: Won 240 million<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonus: Won 640 million<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other earned income: Won 3 million |

---

**C.** **Remuneration for the Five Highest-Paid Officers (among those Paid over Won 500 Million per Year)** 

---

| | | | |
|:---|:---|:---|:---|
| (As of June 30, 2025) | (As of June 30, 2025) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Name** | **Position** | **Total remuneration** | **Payment not included in total<br>remuneration** |
|  Young Sang Ryu | Representative Director | 2636 |  |
|  Jai Hun Jung | CGO | 1505 |  |
|  Yong Hun Kim | Head of Business Division | 1459 |  |
|  Jong Ryeol Kang | Management Advisor | 1053 |  |
|  Suk Geun Chung | Head of Business Division | 942 |  |

---

**D.** **Composition of Total Remuneration** 

---

| | |
|:---|:---|
| **Name** | **Composition** |
| Young Sang Ryu | Total remuneration: Won 2,636 million<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Salary: Won 770 million<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonus: Won 1,820 million<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other earned income: Won 46 million |
| Jai Hun Jung | Total remuneration: Won 1,505 million<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Salary: Won 500 million<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonus: Won 1,000 million<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other earned income: Won 5 million |
| Yong Hun Kim | Total remuneration: Won 1,459 million<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Salary: Won 225 million<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonus: Won 1,216 million<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other earned income: Won 18 million |

---

------

---

| | |
|:---|:---|
| **Name** | **Composition** |
| Jong Ryeol Kang | Total remuneration: Won 1,053 million<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Salary: Won 258 million<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonus: Won 780 million<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other earned income: Won 15 million |
| Suk Geun Chung | Total remuneration: Won 942 million<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Salary: Won 248 million<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonus: Won 694 million |

---

**4. Stock Options Granted and Exercised** 

**A.** **Stock Options Granted to Directors and Auditors** 

---

| | | | |
|:---|:---|:---|:---|
| (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) |
| **Classification** | **Number of Directors** | **Fair Value of Stock Options**<br>**(Won)** | **Remarks** |
|  Inside Directors<br>(Excluding Independent Directors and Audit Committee Members) | 2 | 165593261 |  |
|  Independent Directors<br>(Excluding Audit Committee Members) |  |  |  |
|  Audit Committee Members |  |  |  |
|  Executives | 15 | 103514290 | Includes executive officers of<br>affiliates |
|  Total | 17 | 269107551 |  |

---

**B.** **Stock Options Granted and Exercised** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (Unit: in Won and shares) | (Unit: in Won and shares) | (Unit: in Won and shares) | (Unit: in Won and shares) | (Unit: in Won and shares) |
| **Grantee** | **Relationship<br>with the<br>Company** | **Date of<br>Grant** | **Method<br>of Grant** | **Initially<br>Granted** | **Changes during<br>Reporting Period** | **Changes during<br>Reporting Period** | **Total Changes** | **Total Changes** | **Unexercised<br>as of End of<br>Reporting<br>Period** | **Exercise<br>Period** | **Exercise Price** |
| **Grantee** | **Relationship<br>with the<br>Company** | **Date of<br>Grant** | **Method<br>of Grant** | **Initially<br>Granted** | **Exercised** | **Canceled** | **Exercised** | **Canceled** | **Unexercised<br>as of End of<br>Reporting<br>Period** | **Exercise<br>Period** | **Exercise Price** |
|  Young Sang Ryu | Inside<br> Director | March<br>26, 2020 | Issuance of<br>treasury stock,<br>cash settlement | 7145 |  |  |  |  | 7145 | March 27,<br>2023 –<br>March 26,<br>2027 | 38452 |
|  Young Sang Ryu | Inside<br>Director | March<br>25, 2021 | Issuance of<br>treasury stock,<br> cash settlement | 18190 |  |  |  |  | 18190 | March 26,<br>2023 –<br>March 25,<br>2026 | 50276 |
|  Young Sang Ryu | Inside<br>Director | March<br>25, 2022 | Issuance of<br>treasury stock,<br>cash settlement | 295275 |  |  |  | 196850 \* | 98425 | March 26,<br>2025 –<br>March 25,<br>2029 | 56860 |
|  Bong Ho Lim | Unregistered<br>Officer | March<br>25, 2022 | Issuance of<br>treasury stock,<br>cash settlement | 8858 |  |  |  |  | 8858 | March 26,<br>2024 –<br>March 25,<br>2027 | 56860 |
|  Hee Sup Kim | Unregistered<br>Officer | March<br>25, 2022 | Issuance of<br>treasury stock,<br>cash settlement | 7086 |  |  |  |  | 7086 | March 26,<br>2024 –<br>March<br>25, 2027 | 56860 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  Myung Jin Han | Officer of<br>Affiliate | March 25,<br>2021 | Issuance of treasury stock, cash settlement | 4403 |  | 4403 | March 26,<br>2023 –<br>March 25,<br>2026 | 50276.0 |
|  Myung Jin Han | Officer of<br>Affiliate | March 25,<br>2022 | Issuance of treasury stock, cash settlement | 11274.0 |  | 11274.0 | March 26,<br>2024 –<br>March 25,<br>2027 | 56860.0 |
|  Poong Young Yoon | Officer of<br>Affiliate | March 26,<br>2020 | Issuance of treasury stock, cash settlement | 5293.0 |  | 5293.0 | March 27,<br>2023 –<br>March 26,<br>2027 | 38452.0 |
|  Poong Young Yoon | Officer of<br>Affiliate | March 25,<br>2021 | Issuance of treasury stock, cash settlement | 10203.0 |  | 10203.0 | March 26,<br>2023 –<br>March 25,<br>2026 | 50276.0 |
|  Jung Whan Ahn | Officer of<br>Affiliate | March 25,<br>2022 | Issuance of treasury stock, cash settlement | 8858.0 |  | 8858.0 | March 26,<br>2024 –<br>March 25,<br>2027 | 56860.0 |
|  Jin Won Kim | Officer of<br>Affiliate | March 25,<br>2022 | Issuance of treasury stock, cash settlement | 10629.0 |  | 10629.0 | March 26,<br>2024 –<br>March 25,<br>2027 | 56860.0 |
|  Jae Seung Song | Officer of<br>Affiliate | March 25,<br>2021 | Issuance of treasury stock, cash settlement | 8047.0 |  | 8047.0 | March 26,<br>2023 –<br>March 25,<br>2026 | 50276.0 |
|  Byung Hoon Ryu | Officer of<br> Affiliate | March 25,<br>2021 | Issuance of treasury stock, cash settlement | 3796.0 |  | 3796.0 | March 26,<br>2023 –<br>March 25,<br>2026 | 50276.0 |
|  Jong Ryeol Kang and four others | Other | March 26,<br>2020 | Issuance of treasury stock, cash settlement | 357917.0 | 337408 | 20509.0 | March 27,<br>2023 –<br>March 26,<br>2027 | 38452.0 |
|  Jong Ryeol Kang and three others | Other | March 25,<br>2021 | Issuance of treasury stock, cash settlement | 27087.0 |  | 27087.0 | March 26,<br>2023 –<br>March 25,<br>2026 | 50276.0 |
|  Jong Ryeol Kang and three others | Other | March 25,<br>2022 | Issuance of treasury stock, cash settlement | 50115.0 |  | 50115.0 | March 26,<br>2024 –<br>March 25,<br>2027 | 56860.0 |

---

\* Two-thirds of the stock options granted to Young Sang Ryu on March 25, 2022 were cancelled and replaced with PSUs.

\*\* Other: management advisor, management consultant, retired employee

------

**C.** **Equity Compensation Plans** 

(1) PSUs

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

PSUs ranging between 0% and 100% of a grantee's annual salary is initially granted, and such units are converted into shares ranging between 0% and 200% of the grantee's annual salary at the time of the PSU grant after a three-year vesting period based on the rates of increase in the Company's share price and the KOSPI 200 Index. In consideration of the representative director's role and importance, additional shares of up to 100% of the representative director's annual salary at the time of the PSU grant may be granted in recognition of his or her outstanding achievements if the share price increases by more than 100% and such increase has outpaced the increase in the KOSPI 200 Index by more than 50%. The validity of the PSUs is dependent on the grantee meeting a minimum term of incumbency under his or her title until the end of the year in which the PSUs were granted. The number of shares granted is subject to adjustments in cases of certain events including capital increases, stock splits, reverse stock splits and distribution of stock dividends.

---

| | | |
|:---|:---|:---|
| (As of June 30, 2025) | | |
|  **Number of grantees** | 2023 | 194 |
|  **Number of grantees** | 2024 | 213 |
|  **Number of PSUs granted** | 2023 | 228708 |
|  **Number of PSUs granted** | 2024 | 243451 |
|  **Shares granted in the six months ended June 30, 2025** | **Shares granted in the six months ended June 30, 2025** |  |
|  **Cumulative shares granted as of June 30, 2025** | **Cumulative shares granted as of June 30, 2025** |  |
|  **Remaining shares to be granted** | **Remaining shares to be granted** | 472159 |

---

(2) Shareholder Participation Program

From 2021 to 2024, pursuant to Article 342 of the Korean Commercial Code, the Company operated the "Shareholder Participation Program" as equity compensation in order to align management and shareholder interests and strengthen commitment to enhance the Company's enterprise value.

All of the Company's employees, including the representative director, are eligible to participate in the Shareholder Participation Program, under which the Company grants treasury shares equal to a portion of a participating employee's bonus, upon individual application. The grant of treasury shares is subject to resolution by the Board of Directors.

The participating employee must be employed with the Company at the time of actual grant and there is no transfer restriction period. The number of treasury shares granted is subject to adjustments in cases of certain events including capital increases, stock splits, reverse stock splits and distribution of stock dividends.

---

| | | |
|:---|:---|:---|
| (As of June 30, 2025) | | |
|  **Number of grantees** | 2023 | 1863 |
|  **Number of grantees** | 2024 | 1743 |
|  **Number of shares granted** | 2023 | 434088 |
|  **Number of shares granted** | 2024 | 498135 |
|  **Shares granted in the six months ended June 30, 2025** |  |  |
|  **Cumulative shares granted as of June 30, 2025** |  | 932223 |
|  **Remaining shares to be granted** |  |  |

---

------

(3) Stock Grant

Since 2022, the Company has been granting portions of its independent directors' remuneration in the form of shares in order to align the interests of the Board of Directors and shareholders. The grant of shares is subject to resolution by the Board of Directors.

The number of shares granted, which is in the form of treasury shares, is based on the independent director's role and responsibility and the Company's director compensation payment criteria. Transfer of such shares is restricted for three years following initial receipt. The number of treasury shares granted is subject to adjustments in cases of certain events including capital increases, stock splits, reverse stock splits and distribution of stock dividends.

---

| | | |
|:---|:---|:---|
| (As of June 30, 2025) | | |
|  **Number of grantees** | 2023 | 5 |
|  **Number of grantees** | 2024 | 5 |
|  **Number of grantees** | 2025 | 5 |
|  **Number of shares granted** | 2023 | 6999 |
|  **Number of shares granted** | 2024 | 5477 |
|  **Number of shares granted** | 2025 | 4860 |
|  **Shares granted in the six months ended June 30, 2025** | **Shares granted in the six months ended June 30, 2025** | 4860 |
|  **Cumulative shares granted as of June 30, 2025** | **Cumulative shares granted as of June 30, 2025** | 17336 |
|  **Remaining shares to be granted** | **Remaining shares to be granted** |  |

---

------

**IX.** **RELATED PARTY TRANSACTIONS** 

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

None.

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

None.

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

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

None.

**4. Related Party Transactions** 

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

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (As of June 30, 2025) | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Name (Corporate name)** | **Relationship** | **Account category** | **Change details** | **Change details** | **Change details** | **Change details** | **Accrued<br>interest** | **Remarks** |
| **Name (Corporate name)** | **Relationship** | **Account category** | **Beginning** | **Increase** | **Decrease** | **Ending** | **Accrued<br>interest** | **Remarks** |
|  Baekmajang and others | Agency | Long-term and short-term loans | 56633 | 60927 | 34062 | 83498 |  |  |
|  Daehan Kanggun BCN Inc. | Investee | Long-term loans | 22148 |  |  | 22148 |  |  |

---

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

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

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

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

None.

**2. Contingent Liabilities** 

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

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

------

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

**[SK Telecom]** 

None.

See Note 31 of the notes to the Company's interim consolidated financial statements attached hereto for more information regarding other contingent liabilities.

**[SK Broadband]** 

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

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

SK Broadband has provided "geun" mortgage amounting to Won 1,098 million on certain of its buildings, including Gyeyang Guksa, in connection with leasing of such buildings.

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

SK Broadband has been provided with the following material payment guarantees by other parties.

---

| | | |
|:---|:---|:---|
| (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Guarantor** | **Guarantee Details** | **Guaranteed Amount** |
|  Seoul Guarantee Insurance Company | Contract and defect performance guarantee | 25434 |
|  Korea Content Financial Cooperative | Contract performance guarantee | 55167 |

---

**[PS&Marketing]** 

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

---

| | | |
|:---|:---|:---|
| (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Guarantor** | **Guarantee Details** | **Guaranteed Amount** |
|  Seoul Guarantee Insurance Company | Performance guarantee | 606 |

---

**[SK Telink]** 

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

---

| | | | |
|:---|:---|:---|:---|
| (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Guarantor** | **Counterparty** | **Guaranteed Amount** | **Guarantee Details** |
|  SK Telink | Hanwha Systems Co., Ltd. and others | 479 | Contract guarantee |

---

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

---

| | | |
|:---|:---|:---|
| (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Guarantor** | **Guarantee Details** | **Guaranteed Amount** |
|  Seoul Guarantee Insurance Company | Contract guarantee | 847 |

---

------

**[Home&Service]** 

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

---

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

---

As of June 30, 2025, Home&Service has entered into the following credit facilities with financial institutions.

---

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

---

**[SK O&S]** 

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

---

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

---

**[SK Stoa]** 

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

---

| | | |
|:---|:---|:---|
| (Unit: in millions of Won) | (Unit: in millions of Won) | (Unit: in millions of Won) |
| **Guarantor** | **Guarantee Details** | **Guaranteed Amount** |
|  Kookmin Bank | Performance guarantee | 1240 |
|  Kookmin Bank | Revolving credit | 18000 |

---

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

**[SK Telecom]** 

**A. Sanctions by Investigative or Juridical Agencies** 

None.

**B. Sanctions by Administrative Agencies** 

(1) Sanctions by Financial Supervisory Authorities

None.

(2) Sanctions by the Korea Fair Trade Commission (the "KFTC")

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Authority** | **Subject**<br> **of Action** | **Sanction** | **Reason and the Relevant**<br> **Law** | **Status of<br>Implementation** | **Company's**<br> **Measures** |
| Aug. 2, 2023 | KFTC | SK Telecom | Decision of KFTC Meeting (No. 2023-107)<br>• Correctional order (prohibition order against future actions and public announcement order)<br>• Fine of Won 16,829 million | Inappropriate advertising practice relating to promotion of transmission speed of wireless services that may mislead consumers (Article 3-1 of the Act on Fair Labeling and Advertising) | Filed an administrative appeal seeking cancellation of administrative disposition | Notwithstanding the appeal, strengthen compliance activities related to advertising practices |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Authority** | **Subject**<br> **of Action** | **Sanction** | **Reason and the Relevant<br>Law** | **Status of<br>Implementation** | **Company's<br>Measures** |
| Jan. 29, 2024 | KFTC | SK Telecom | Decision of KFTC Meeting (No. 2024-031)<br>• Correctional order (prohibition order against future actions)<br>• Fine of Won 1,428 million | Collusion by four companies including SK Telecom and its subsidiary SK O&S in the bidding price or standard price during negotiations on costs for renting locations that house their base stations (Former Article 19-1(1) of the MRFTA) | Decision confirmed; payment of fine completed | Strengthen compliance activities, including collusion prevention training |
| Jun. 25, 2025 | KFTC | SK Telecom | Decision of KFTC Meeting (No. 2025-135)<br>• Correctional order (prohibition order against future actions)<br>• Fine of Won 38,806 million | Collusion by three telecommunications companies in jointly adjusting sales incentive levels to discourage net changes in customer activation data from disproportionately favoring any particular operator (Article 40-1(3) of the MRFTA) | Payment of fine completed; appeal procedures including administrative lawsuit planned | Strengthen compliance activities, including training on response measures related to administrative agency directives/involvement |

---

(3) Sanctions by Tax Authorities

None.

(4) Sanctions by Other Administrative or Public Institutions

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Authority** | **Subject**<br> **of Action** | **Sanction** | **Reason and the Relevant<br>Law** | **Status of<br>Implementation** | **Company's<br>Measures** |
| Dec. 28, 2023 | MSIT | SK Telecom | Correctional order (resubmission of the business report for FY2022 to MSIT with mandated revisions); Fine of Won 134 million | Error in the assets/profits/costs categories of the telecommunications business report for FY2022, the submission of which is mandated by the Telecommunication Account Settlement and Reporting Regulations and Telecommunications Business Accounting Separation Criteria (Article 49, Article 53-2, Article 92-1 of the Telecommunications Business Act) | Submitted the revised business report for FY2022 (Jan. 11, 2024); paid the fine (Jan. 22, 2024) | Improve business procedures to prevent errors |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Authority** | **Subject**<br> **of Action** | **Sanction** | **Reason and the Relevant<br>Law** | **Status of<br>Implementation** | **Company's<br>Measures** |
| May 22, 2024 | KCC | SK Telecom | Decision of 26th KCC Meeting of 2024<br>• Cessation of violating activities<br>• Announcement of correctional order<br>• Improvement of business procedures including strengthening management of broadcasting and telecommunications bundled products, and employee training<br>• Submission of operating procedures plan and report on compliance with correctional order<br>• Fine of Won 420 million | False, exaggerated and deceptive advertising during the course of selling Internet and bundled services including advertising products as free and omitting specific conditions of use, which could mislead consumers about important information relating to the bundled products and discounts. (Article 50-1(5) of the Telecommunications Business Act, Article 42-1 of Enforcement Decree and Article 3-1 of Standards for Prohibited Bundled Sales Practices) | Decision confirmed; implementation plan submitted and payment of fine completed | Immediately ceased such activities; improved operating procedures through clarifying responsible personnel, self-monitoring, strengthening of penalties for distributors and employee training |
| Dec. 19, 2024 | MSIT | SK Telecom | Correctional order (resubmission of the business report for FY2023 to MSIT with mandated revisions); Fine of Won 1,263 million | Error in the assets/profits/costs categories of the telecommunications business report for FY2023, the submission of which is mandated by the Telecommunication Account Settlement and Reporting Regulations and Telecommunications Business Accounting Separation Criteria (Article 49, Article 53-2, Article 92-1 of the Telecommunications Business Act) | Submitted the revised business report for FY2023 (Dec. 30, 2024); paid the fine (Jan. 9, 2025) | Improve business procedures to prevent errors |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Authority** | **Subject**<br> **of Action** | **Sanction** | **Reason and the Relevant Law** | **Status of Implementation** | **Company's Measures** |
| May 1, 2025 | MSIT | SK Telecom | Administrative guidance: urging swift resolution of user inconvenience caused by the cybersecurity breach incident<br>&nbsp;&nbsp;&nbsp;&nbsp;• Transparent disclosure of information through daily briefings<br>&nbsp;&nbsp;&nbsp;&nbsp;• Total suspension of new subscriptions of mobile phone services until stabilization of USIM card supply<br>&nbsp;&nbsp;&nbsp;&nbsp;• Significant expansion of support staff to avoid long wait time for USIM card replacements at airports for travelers departing during the early-May holiday period<br>&nbsp;&nbsp;&nbsp;&nbsp;• Submission of implementation plan for uniform application of USIM protection service previously offered to certain customer segments<br>&nbsp;&nbsp;&nbsp;&nbsp;• Proactive explanation of measures to fully compensate for user damages resulting from the hacking incident<br>&nbsp;&nbsp;&nbsp;&nbsp;• Review of requests by consumer groups regarding waiver of termination penalties, compensation for damages and easing of the burden of proof for compensation claims, and implementation of compensation plans for user damages | Administrative guidance in accordance with the Administrative Procedures Act | &nbsp;&nbsp;&nbsp;&nbsp;• Posted daily briefings on the SK Telecom's website<br>&nbsp;&nbsp;&nbsp;&nbsp;• Suspended new subscriptions of mobile phone services at authorized retail stores (until June 23, 2025), secured sufficient USIM card supply beyond replacement demand, and implemented and stabilized new USIM card replacement reservation system<br>&nbsp;&nbsp;&nbsp;&nbsp;• Expanded aiprort roaming center processing capacity and staffing to protect overseas travelers during the holiday period<br>&nbsp;&nbsp;&nbsp;&nbsp;• Automatically enrolled all customers in the USIM protection service (from May 2, 2025)<br>&nbsp;&nbsp;&nbsp;&nbsp;• Reiterated policy to fully compensate for user damages resulting from the incident at the second hearing of the National Assembly's Science, ICT, Broadcasting and Communications Committee (May 8, 2025)<br>&nbsp;&nbsp;&nbsp;&nbsp;• Announced the Accountability and Commitment Program to rebuild customer trust (Jul. 4, 2025) | Announced the "Information Security Innovation Plan" involving the industry's largest-scale investment of Won 700 billion over the next five years (Jul. 4, 2025) |
| May 21, 2025 | KCC | SK Telecom | Resolution of the 13th Written Meeting of the KCC in 2025 (May 21):<br> administrative guidance on automatic enrollment in the USIM protection service, including in relation to the following matters:<br>&nbsp;&nbsp;&nbsp;&nbsp;• Revision of terms and conditions related to procedures for confirming user consent<br>&nbsp;&nbsp;&nbsp;&nbsp;• Guidance on methods and procedures for resolving user inconvenience<br>&nbsp;&nbsp;&nbsp;&nbsp;• Preparation of emergency response manual<br>&nbsp;&nbsp;&nbsp;&nbsp;• Submission of related implementation plan and implementation results | Because service providers are required under the Telecommunications Business Act to confirm the user's intent when entering into a contract, SK Telecom's automatic enrollment of users in the USIM protection service was not in compliance with the law as it was conducted without an explicit consent process. However, in consideration of the need to prevent cyber threats, administrative guidance measures such as the revision of the terms and conditions were issued (Article 50-1(5) of the Telecommunications Business Act and Article 42-1 of its Enforcement Decree and related Attached Table 4 5 1), 2)) | Submitted implementation plan | Implemented administrative guidance including revision of terms and conditions, user guidance and response manual |

---

------

**[SK Broadband]** 

**A. Sanctions by Investigative or Juridical Agencies** 

None.

**B. Sanctions by Administrative Agencies** 

(1) Sanctions by Financial Supervisory Authorities

None.

(2) Sanctions by the KFTC

None.

(3) Sanctions by Tax Authorities

None.

(4) Sanctions by Other Administrative or Public Institutions

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Authority** | **Subject of<br>Action** | **Sanction** | **Amount of<br>Monetary**<br> **Sanction** | **Reason and the<br>Relevant Law** | **Status of**<br> **Implementation** | **Company's**<br> **Measures** |
| Jan. 20, 2023 | KCC; Communication office of the KCC | SK Broadband | Fine of Won 3.75 million | Won 3.75 million | Violated the Act on the Restriction of Transmission of Advertising Information for Commercial Purposes by transmitting advertising information against the recipient's express refusal (Article 50-2 and 76 of the Act on Promotion of Information and Communications Network Utilization and Information and Article 74 and Attached Table 9 of its Enforcement Decree) | Paid the reduced amount of the fine (Won 3 million) | Improve relevant business procedures |
| Apr. 21, 2023 | MSIT | SK Broadband | Fine of Won 5 million | Won 5 million | Violated the Act on Internet Multimedia Broadcasting Service by providing Internet multimedia broadcasting services without reporting changes to the terms and conditions (Article 15-1 of the Act on Internet Multimedia Broadcasting Service) | Paid the reduced amount of the fine (Won 4 million) | Improve relevant business procedures |
| Jul. 12, 2023 | Personal Information Protection Commission | SK Broadband | Fine of Won 1 million | Won 1 million | Negligence in the delegation and subcontracting of personal information processing tasks while outsourcing tasks related to the SK Competency Test (insufficient details in delegation documentation) (Article 26-1 of the Personal Information Protection Act) | Paid the reduced amount of the fine (Won 0.8 million) | Improve relevant business procedures |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Authority** | **Subject of<br>Action** | **Sanction** | **Amount of<br>Monetary**<br> **Sanction** | **Reason and the<br>Relevant Law** | **Status of**<br> **Implementation** | **Company's**<br> **Measures** |
| Dec. 28, 2023 | MSIT | SK Broadband | Correctional order; Fine of Won 78 million | Won 78 million | Correctional order in connection with the telecommunications business report submitted pursuant to Article 49 of the Telecommunications Business Act | Submitted the revised business report for FY2022 (Jan. 11, 2024); paid the fine (Jan. 22, 2024) | Improve relevant business procedures to prevent errors |
| Feb. 27, 2024 | KCC; Communication office of the KCC | SK Broadband | Fine of Won 7.5 million | Won 7.5 million | Violated the Act on the Restriction of Transmission of Advertising Information for Commercial Purposes by transmitting advertising while omitting required information (Article 50-4 and 76 of the Act on Promotion of Information and Communications Network Utilization and Information and Article 74 and Attached Table 9 of its Enforcement Decree) | Paid the 20% reduced amount of the fine (Won 6 million) | Improve relevant business procedures |
| May 22, 2024 | KCC | SK Broadband | Correctional order; Fine of Won 314 million | Won 314 million | Violated users' rights through false, exaggerated and deceptive advertising of broadcasting and telecommunications bundled services (Article 50-1(5) of the Telecommunications Business Act) | Submitted implementation plan; paid the fine | Improve procedures; public announcement of correctional order |
| Oct. 25, 2024 | MSIT | SK Broadband | Fine of Won 15 million | Won 15 million | Violated the obligation to verify false display of phone numbers on private telephone exchanges related to prohibition of false display of phone numbers and user protection (Article 84-2 of the Telecommunications Business Act) | Paid the 20% reduced amount of the fine (Won 12 million) | Improve relevant business procedures |
| Dec. 19, 2024 | MSIT | SK Broadband | Correctional order; Fine of Won 82 million | Won 82 million | Correctional order in connection with the telecommunications business report submitted pursuant to Article 49 of the Telecommunications Business Act | Submitted the revised business report for FY2023 (Dec. 31, 2024); paid the fine (Jan. 8, 2025) | Improve relevant business procedures to prevent errors |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Authority** | **Subject of<br>Action** | **Sanction** | **Amount of<br>Monetary**<br> **Sanction** | **Reason and the<br>Relevant Law** | **Status of**<br> **Implementation** | **Company's**<br> **Measures** |
| Apr. 2, 2025 | MSIT | SK Broadband | Fine of Won 15 million | Won 15 million | Violated the obligation to block outgoing text messages with falsely displayed phone numbers on private telephone exchanges related to prohibition of false display of phone numbers and user protection (Article 84-2 of the Telecommunications Business Act) | Paid the 20% reduced amount of the fine on Apr. 18 (Won 12 million) | Improve relevant business procedures |
| Apr. 11, 2025 | Central Radio Management Service | SK Broadband | Correctional order |  | Violated conditions for license renewal by failing to comply with the distributions standards for PP program usage fees (Article 99 of the Broadcasting Act) | Complied with the distribution standards for PP program usage fees | Improve relevant business procedures |

---

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

(1) On July 24, 2025, the Board of Directors approved the interim dividend as follows:

---

| | |
|:---|:---|
| **Classification** | **Content** |
| Dividend Amount | Cash dividend of Won 830 per share<br> (Total: Won 176,775 million) |
| Dividend Return Rate<br>(based on market price) | 1.5% |
| Dividend Record Date | August 31, 2025 |
| Dividend Payment Date | In accordance with Article 165-12(3) of the Financial Investment<br> Services and Capital Markets Act, by September 17, 2025 |

---

------

SIGNATURES

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

---

| | |
|:---|:---|
| **SK Telecom Co., Ltd.** | **SK Telecom Co., Ltd.** |
| (Registrant) | (Registrant) |
| By: | /s/ Heejun Chung |

---

---

| | |
|:---|:---|
| (Signature) | (Signature) |
| Name: | Heejun Chung |
| Title: | Vice President |

---

Date: September 11, 2025

------

**SK TELECOM CO., LTD. AND ITS SUBSIDIARIES** 

Condensed Consolidated Interim Financial Statements

**For the six-month period ended June 30, 2025** 

(with the Independent Auditor's Review report)

------

Contents

---

| | |
|:---|:---|
|  | **Page** |
|  **[Independent Auditors' Review Report](#tx947104_1)** |  |
|  **[Condensed Consolidated Interim Financial Statements](#tx947104_2)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Interim Statements of Financial Position](#tx947104_3) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Interim Statements of Income](#tx947104_4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Interim Statements of Comprehensive Income](#tx947104_5) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Interim Statements of Changes in Equity](#tx947104_6) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Interim Statements of Cash Flows](#tx947104_7) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to the Condensed Consolidated Interim Financial Statements](#tx947104_8) | 8 |

---

------

**Independent Auditors' Review Report** 

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

To the Board of Directors and Shareholders

SK Telecom Co., Ltd.

**Reviewed financial statements** 

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

**Management's responsibility** 

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

**Auditors' review responsibility** 

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

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

**Conclusion** 

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

------

**Other matters** 

The accompanying condensed consolidated interim statements of income and comprehensive income for the three and six-month periods ended June 30, 2024, and the condensed consolidated interim statements of changes in equity and cash flows for the six-month period ended June 30, 2024, presented for comparative purposes were reviewed by another auditor, whose report dated August 12, 2024, stated that based on their review, nothing has come to their attention that causes them to believe those condensed consolidated interim financial statements do not present fairly, in all material respects, in accordance with K-IFRS No.1034, *Interim Financial Reporting*.

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

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

KPMG Samjong Accounting Corp.

Seoul, Korea

August 13, 2025

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

------

**SK TELECOM CO., LTD. AND ITS SUBSIDIARIES** 

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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

FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024

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

**Ryu, Young-Sang** 

**Chief Executive Officer** 

**SK TELECOM CO., LTD.** 

------

SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Financial Position

As of June 30, 2025 and December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | ***Note*** | ***Note*** |  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  **Assets** |  |  |  |  |  |  |
|  **Current Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | | *2829* | | W | 2353159 | 2023721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term financial instruments | | *2829* | |  | 173378 | 323890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investment securities | | *92829* | |  | 28040 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – trade, net | | *5282930* | |  | 2038049 | 1989306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term loans, net | | *52829* | |  | 92296 | 65205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – other, net | | *528293031* | |  | 416144 | 369192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract assets | | *729* | |  | 98026 | 90385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | | *6* | |  | 1986994 | 1945610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid income taxes | | *26* | |  | 19 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial assets | | *2829* | |  | 1591 | 119500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories, net | | *8* | |  | 192965 | 209783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held for sale | | *34* | |  | 8685 | 174839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced payments and others | | *5282930* | |  | 147572 | 165230 |
|  |  |  |  |  | **7536918** | **7476682** |
|  **Non-Current Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term financial instruments | | *2829* | |  | 373 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term investment securities | | *92829* | |  | 1777448 | 1877922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in associates and joint ventures | | *10* | |  | 2203227 | 2341827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment property, net | | *12* | |  | 43553 | 26611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net | | *11133031* | |  | 11920739 | 12617394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill |  |  |  |  | 2072493 | 2072493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets, net | | *14* | |  | 1916080 | 2194871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term contract assets | | *729* | |  | 50479 | 46352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term loans, net | | *5282930* | |  | 36327 | 34446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term accounts receivable – other, net | | *528293031* | |  | 172524 | 173252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term prepaid expenses | | *6* | |  | 1124882 | 1108406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee deposits, net | | *5282930* | |  | 156947 | 155875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term derivative financial assets | | *2829* | |  | 179237 | 221608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defined benefit assets | | *18* | |  | 101627 | 154329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current assets | | *52829* | |  | 11456 | 12814 |
|  |  |  |  |  | **21767392** | **23038573** |
|  **Total Assets** |  |  |  | W | **29304310** | **30515255** |

---

*(Continued)* 

------

SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Financial Position, Continued

As of June 30, 2025 and December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | ***Note*** | ***Note*** |  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  **Liabilities and Shareholders' Equity** |  |  |  |  |  |  |
|  **Current Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable – trade | | *282930* | | W | 133919 | 126508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable – other | | *282930* | |  | 1800915 | 2798978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholdings | | *282930* | |  | 1082560 | 928679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract liabilities | | *7* | |  | 187120 | 168194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | | *2829* | |  | 1453030 | 1522750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax payable | | *26* | |  | 192801 | 243564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions | | *1733* | |  | 39347 | 50016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term borrowings | | *152829* | |  | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt, net | | *152829* | |  | 1568694 | 2460109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term payables – other | | *162829* | |  | 366139 | 367765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities | | *282930* | |  | 360334 | 351363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities held for sale | | *34* | |  |  | 106352 |
|  |  |  |  |  | **7284859** | **9224278** |
|  **Non-Current Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures, excluding current portion, net | | *152829* | |  | 7258212 | 6363646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term borrowings, excluding current portion, net | | *152829* | |  | 200000 | 203125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term payables – other | | *162829* | |  | 178172 | 539955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term lease liabilities | | *282930* | |  | 1208194 | 1286588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term contract liabilities | | *7* | |  | 78206 | 61512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defined benefit liabilities | | *18* | |  | 10929 | 2086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term derivative financial liabilities | | *2829* | |  | 22277 | 3437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term provisions | | *17* | |  | 79192 | 70044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities | | *26* | |  | 922522 | 851200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current liabilities |  | 282930 |  |  | 90349 | 81750 |
|  |  |  |  |  | **10048053** | **9463343** |
|  **Total Liabilities** |  |  |  |  | **17332912** | **18687621** |
|  **Shareholders' Equity:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share capital | | *119* | |  | 30493 | 30493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital surplus and others | | *1920* | |  | (11947328) | (11954936) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | | *21* | |  | 23054296 | 22976127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserves | | *22* | |  | 714437 | 646943 |
|  **Equity attributable to owners of the Parent Company** |  |  |  |  | 11851898 | 11698627 |
|  **Non-controlling interests** |  |  |  |  | 119500 | 129007 |
|  **Total Shareholders' Equity** |  |  |  |  | **11971398** | **11827634** |
|  **Total Liabilities and Shareholders' Equity** |  |  |  | W | **29304310** | **30515255** |

---

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Income

For the three-month and six-month periods ended June 30, 2025 and 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won, except for earnings per share)* |  |  |  | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | ***Note*** | ***Note*** |  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** |
|  **Operating revenue:** | | *430* | |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue |  |  |  | W | 4338760 | 8792477 | 4422359 | 8896970 |
|  **Operating expenses:** |  | **30** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Labor |  |  |  |  | 594214 | 1265815 | 624002 | 1284619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commission | | *6* | |  | 1397600 | 2722688 | 1367175 | 2746755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | | *4* | |  | 865244 | 1732435 | 883838 | 1780988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Network interconnection |  |  |  |  | 162087 | 325952 | 169464 | 346350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leased lines |  |  |  |  | 67928 | 136131 | 67384 | 131704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advertising |  |  |  |  | 34548 | 68472 | 36321 | 71063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rent |  |  |  |  | 35649 | 71332 | 32721 | 64035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of goods sold | | *8* | |  | 269529 | 597318 | 288509 | 618814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | | *23* | |  | 573701 | 966690 | 415437 | 816645 |
|  |  |  |  |  | 4000500 | 7886833 | 3884851 | 7860973 |
|  **Operating profit** | | *4* | |  | **338260** | **905644** | **537508** | **1035997** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance income | | *425* | |  | 41203 | 84904 | 34708 | 94790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs | | *425* | |  | (142263) | (252963) | (114317) | (235481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) relating to investments in associates and joint ventures, net | | *410* | |  | (5419) | (5287) | 10519 | 15425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating income | | *424* | |  | 22021 | 36245 | 14779 | 23572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating expenses | | *424* | |  | (13411) | (20272) | (5035) | (15396) |
|  **Profit before income tax** | | *4* | |  | **240391** | **748271** | **478162** | **918907** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | | *26* | |  | 157144 | 303449 | 127988 | 206793 |
|  **Profit for the period** |  |  |  | W | **83247** | **444822** | **350174** | **712114** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attributable to: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the Parent Company |  |  |  | W | 89638 | 454060 | 337406 | 690392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  |  |  |  | (6391) | (9238) | 12768 | 21722 |
|  **Earnings per share:** | | *27* | |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic earnings per share (in won) |  |  |  | W | 398 | 2086 | 1562 | 3198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted earnings per share (in won) |  |  |  |  | 397 | 2083 | 1560 | 3194 |

---

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Comprehensive Income

For the three-month and six-month periods ended June 30, 2025 and 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | ***Note*** | ***Note*** |  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month**<br>**period ended**<br>**June 30** | **Three-month**<br>**period ended**<br>**June 30** | **Six-month**<br>**period ended**<br>**June 30** |
|  **Profit for the period** |  |  |  | W | **83247** | **444822** | **350174** | **712114** |
|  **Other comprehensive income (loss):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Items that will not be reclassified subsequently to profit or loss, net of taxes:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in other comprehensive income (loss) of investments in associates and joint ventures | | *1022* | |  | (13578) | 14530 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of defined benefit liabilities and assets | | *18* | |  | (5651) | (27984) | 6005 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation gain (loss) on financial assets at fair value through other comprehensive income | | *22* | |  | 268817 | 243212 | (93662) | (15153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Items that are or may be reclassified subsequently to profit or loss, net of taxes:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in other comprehensive income (loss) of investments in associates and joint ventures | | *1022* | |  | (72078) | (72324) | 43066 | 89643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized fair value of derivatives | | *22* | |  | 2284 | 6867 | 556 | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation differences for foreign operations | | *22* | |  | (58539) | (59833) | 8497 | 20040 |
|  **Other comprehensive income (loss) for the period, net of taxes** |  |  |  |  | **121255** | **104468** | **(35538)** | **96841** |
|  **Total comprehensive income** |  |  |  | W | **204502** | **549290** | **314636** | **808955** |
|  **Total comprehensive income attributable to:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the Parent Company |  |  |  | W | 208552 | 555869 | 302624 | 789610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  |  |  |  | (4050) | (6579) | 12012 | 19345 |

---

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity

For the six-month periods ended June 30, 2025 and 2024

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  | **Attributable to owners of the Parent Company** | **Attributable to owners of the Parent Company** | **Attributable to owners of the Parent Company** | **Attributable to owners of the Parent Company** | **Attributable to owners of the Parent Company** | **Attributable to owners of the Parent Company** | **Non-controlling**<br>**interests** | **Total**<br>**Equity** |
|  | ***Note*** | ***Note*** |  | **Share<br>capital** | **Share<br>capital** | **Capital<br>surplus**<br>**and others** | **Retained**<br>**earnings** | **Reserves** | **Sub-total** | **Non-controlling**<br>**interests** | **Total**<br>**Equity** |
|  **Balance as of January 1, 2024** |  |  |  | W | **30493** | **(11828644)** | **22799981** | **387216** | **11389046** | **839353** | **12228399** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  |  |  |  |  | 690392 |  | 690392 | 21722 | 712114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) | | *101822* | |  |  |  | (49987) | 149205 | 99218 | (2377) | 96841 |
|  |  |  |  |  |  |  | 640405 | 149205 | 789610 | 19345 | 808955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transactions with owners: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual dividends |  |  |  |  |  |  | (223335) |  | (223335) | (50927) | (274262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividends |  |  |  |  |  |  | (176691) |  | (176691) |  | (176691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share option | | *20* | |  |  | 181 |  |  | 181 | 392 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on hybrid bonds |  |  |  |  |  |  | (9900) |  | (9900) |  | (9900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and disposal of treasury shares | | *1920* | |  |  | 9154 |  |  | 9154 |  | 9154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement of treasury shares | | *19* | |  |  | 200000 | (200000) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in ownership in subsidiaries, etc. |  |  |  |  |  | 1489 |  |  | 1489 | (1089) | 400 |
|  |  |  |  |  |  | 210824 | (609926) |  | (399102) | (51624) | (450726) |
|  **Balance as of June 30, 2024** |  |  |  | W | **30493** | **(11617820)** | **22830460** | **536421** | **11779554** | **807074** | **12586628** |
|  **Balance as of January 1, 2025** |  |  |  | W | **30493** | **(11954936)** | **22976127** | **646943** | **11698627** | **129007** | **11827634** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit (loss) for the period |  |  |  |  |  |  | 454060 |  | 454060 | (9238) | 444822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income |  | 101822 |  |  |  |  | 34315 | 67494 | 101809 | 2659 | 104468 |
|  |  |  |  |  |  |  | 488375 | 67494 | 555869 | (6579) | 549290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transactions with owners: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual dividends |  |  |  |  |  |  | (223531) |  | (223531) | (1533) | (225064) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividends |  |  |  |  |  |  | (176775) |  | (176775) |  | (176775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share option | | *20* | |  |  | (1246) |  |  | (1246) |  | (1246) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on hybrid bonds |  |  |  |  |  |  | (9900) |  | (9900) |  | (9900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal of treasury shares | | *1920* | |  |  | 5316 |  |  | 5316 |  | 5316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in ownership in subsidiaries, etc. |  |  |  |  |  | 3538 |  |  | 3538 | (1395) | 2143 |
|  |  |  |  |  |  | 7608 | (410206) |  | (402598) | (2928) | (405526) |
|  **Balance as of June 30, 2025** |  |  |  | W | **30493** | **(11947328)** | **23054296** | **714437** | **11851898** | **119500** | **11971398** |

---

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Cash Flows

For the six-month periods ended June 30, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | ***Note*** | ***Note*** |  | **2025** | **2025** | **2024** |
|  **Cash flows from operating activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash generated from operating activities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  |  | W | 444822 | 712114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments for income and expenses | | *32* | |  | 2351448 | 2290421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities related to operating activities | | *32* | |  | 326354 | (338656) |
|  |  |  |  |  | 3122624 | 2663879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest received |  |  |  |  | 29840 | 35936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends received |  |  |  |  | 34011 | 25442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid |  |  |  |  | (195853) | (201119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax paid |  |  |  |  | (334133) | (135259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by operating activities** |  |  |  |  | 2656489 | 2388879 |
|  **Cash flows from investing activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash inflows from investing activities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in short-term financial instruments, net |  |  |  |  | 150512 | 76541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collection of short-term loans |  |  |  |  | 39229 | 67783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of short-term investment securities |  |  |  |  | 42344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of long-term investment securities |  |  |  |  | 401628 | 44303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of investments in associates and joint ventures |  |  |  |  | 18504 | 15072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of property and equipment |  |  |  |  | 7186 | 6149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of intangible assets |  |  |  |  | 6395 | 5336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of assets held for sale |  |  |  |  |  | 13031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collection of long-term loans |  |  |  |  | 1245 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in deposits |  |  |  |  | 5683 | 3775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from settlement of derivatives |  |  |  |  | 2336 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of subsidiaries, net |  |  |  |  | 40423 |  |
|  |  |  |  |  | 715485 | 233312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash outflows for investing activities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in short-term loans |  |  |  |  | (62852) | (54289) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in long-term loans |  |  |  |  | (7096) | (7905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of short-term investment securities |  |  |  |  | (70000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of long-term investment securities |  |  |  |  | (15876) | (44618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of investments in associates and joint ventures |  |  |  |  | (1006) | (6040) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of property and equipment |  |  |  |  | (835940) | (1094554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of intangible assets |  |  |  |  | (40059) | (23266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in deposits |  |  |  |  | (14455) | (3481) |
|  |  |  |  |  | (1047284) | (1234153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in investing activities** |  |  |  | W | **(331799)** | **(1000841)** |

---

*(Continued)* 

------

SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Cash Flows, Continued

For the six-month periods ended June 30, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | ***Note*** | **2025** | **2025** | **2024** |
|  **Cash flows from financing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash inflows from financing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of debentures |  | W | 1566498 | 627405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash inflows from settlement of derivatives |  |  | 52859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transactions with non-controlling shareholders |  |  | 19 |  |
|  |  |  | 1619376 | 627405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash outflows for financing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of long-term borrowings |  |  | (206250) | (376250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of long-term payables – other |  |  | (369150) | (369150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of debentures |  |  | (1241760) | (510000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of dividends |  |  | (451611) | (450934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of interest on hybrid bonds |  |  | (9900) | (9900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of lease liabilities |  |  | (175350) | (172686) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of treasury shares |  |  |  | (15788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash outflow from transactions with the non-controlling shareholders |  |  | (1145870) | (2271) |
|  |  |  | (3599891) | (1906979) |
|  **Net cash used in financing activities** | **Net cash used in financing activities** |  | **(1980515)** | **(1279574)** |
|  **Net increase in cash and cash equivalents** | **Net increase in cash and cash equivalents** |  | **344175** | **108464** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents at beginning of the period |  |  | 2023721 | 1454978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effects of exchange rate changes on cash and cash equivalents |  |  | (14737) | 10091 |
|  **Cash and cash equivalents at end of the period** | **Cash and cash equivalents at end of the period** | W | **2353159** | **1573533** |

---

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Number of shares** | **Percentage of<br>total shares issued (%)** |
|  SK Inc. | 65668397 | 30.57 |
|  National Pension Service | 16154539 | 7.52 |
|  Institutional investors and other shareholders | 127312852 | 59.28 |
|  Kakao Investment Co., Ltd. | 3846487 | 1.79 |
|  Treasury shares | 1807778 | 0.84 |
|  | 214790053 | 100.00 |

---

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

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

---

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

---

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

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

---

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

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **For the six-month period**<br>**ended June 30, 2025** | **For the six-month period**<br>**ended June 30, 2025** |
| **Subsidiary** | **Total assets** | **Total assets** | **Total<br>liabilities** | **Total<br>equity** | **Revenue** | **Profit<br>(loss)** |
|  SK Telink Co., Ltd. | W | 204205 | 60456 | 143749 | 180075 | 8859 |
|  SK Broadband Co., Ltd. |  | 7162332 | 4192540 | 2969792 | 2236616 | 123687 |
|  PS&Marketing Corporation |  | 458341 | 223661 | 234680 | 641340 | 4928 |
|  SERVICE ACE Co., Ltd. |  | 90098 | 64132 | 25966 | 95763 | 2064 |
|  SERVICE TOP Co., Ltd. |  | 62491 | 42879 | 19612 | 79433 | 2205 |
|  SK O&S Co., Ltd. |  | 115824 | 83705 | 32119 | 162282 | 757 |
|  Home & Service Co., Ltd. |  | 140328 | 105672 | 34656 | 250427 | 1263 |
|  SK stoa Co., Ltd. |  | 117387 | 49488 | 67899 | 157056 | 7311 |
|  SK m&service Co., Ltd.(\*) |  |  |  |  | 46240 | (4407) |

---

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

2) Condensed financial information of significant consolidated subsidiaries as of December 31, 2024 and for the six-month period ended June 30, 2024 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)* |
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **For the six-month period**<br>**ended June 30, 2024** | **For the six-month period**<br>**ended June 30, 2024** |
| **Subsidiary** | **Total assets** | **Total assets** | **Total<br>liabilities** | **Total<br>equity** | **Revenue** | **Profit** |
|  SK Telink Co., Ltd. | W | 210962 | 63558 | 147404 | 165661 | 10182 |
|  SK Broadband Co., Ltd. |  | 6806280 | 3760426 | 3045854 | 2186551 | 113842 |
|  PS&Marketing Corporation |  | 448887 | 218885 | 230002 | 650839 | 1766 |
|  SERVICE ACE Co., Ltd. |  | 74676 | 49818 | 24858 | 97472 | 2709 |
|  SERVICE TOP Co., Ltd. |  | 60073 | 42479 | 17594 | 84866 | 930 |
|  SK O&S Co., Ltd. |  | 130618 | 94807 | 35811 | 146736 | 807 |
|  Home & Service Co., Ltd. |  | 139664 | 107379 | 32285 | 244754 | 6485 |
|  SK stoa Co., Ltd. |  | 116785 | 56192 | 60593 | 148946 | 3426 |
|  SK m&service Co., Ltd. |  | 164772 | 100230 | 64542 | 117607 | 990 |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

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

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) There are no material non-controlling interests of the Group as of June 30, 2025 and December 31,
2024. **2.** **Basis of Preparation** 

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

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

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

1) Critical judgments, assumptions and estimation uncertainties

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

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

2) Fair value measurement

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

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

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

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

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

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

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

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

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

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

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

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** |
|  | **Cellular<br>services** | **Cellular<br>services** | **Fixed-line**<br>**telecommunication**<br>**services** | **Others** | **Sub-total** | **Adjustments** | **Total** |
|  Total revenue | W | 7281393 | 2675810 | 218490 | 10175693 | (1383216) | 8792477 |
|  Inter-segment revenue |  | 762650 | 599406 | 21160 | 1383216 | (1383216) |  |
|  External revenue |  | 6518743 | 2076404 | 197330 | 8792477 |  | 8792477 |
|  Depreciation and amortization |  | 1275175 | 486113 | 10495 | 1771783 | (39348) | 1732435 |
|  Operating profit (loss) |  | 741654 | 202059 | (11724) | 931989 | (26345) | 905644 |
|  Finance income and costs, net | Finance income and costs, net | Finance income and costs, net | Finance income and costs, net | Finance income and costs, net | Finance income and costs, net | Finance income and costs, net | (168059) |
|  Loss relating to investments in associates and joint ventures, net | Loss relating to investments in associates and joint ventures, net | Loss relating to investments in associates and joint ventures, net | Loss relating to investments in associates and joint ventures, net | Loss relating to investments in associates and joint ventures, net | Loss relating to investments in associates and joint ventures, net | Loss relating to investments in associates and joint ventures, net | (5287) |
|  Other non-operating income and expense, net | Other non-operating income and expense, net | Other non-operating income and expense, net | Other non-operating income and expense, net | Other non-operating income and expense, net | Other non-operating income and expense, net | Other non-operating income and expense, net | 15973 |
|  Profit before income tax | Profit before income tax | Profit before income tax | Profit before income tax | Profit before income tax | Profit before income tax | Profit before income tax | 748271 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(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 six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** |
|  | **Cellular<br>services** | **Cellular<br>services** | **Fixed-line**<br>**telecommunication**<br>**services** | **Others** | **Sub-total** | **Adjustments** | **Total** |
|  Total revenue | W | 7360121 | 2605669 | 294468 | 10260258 | (1363288) | 8896970 |
|  Inter-segment revenue |  | 745997 | 587582 | 29709 | 1363288 | (1363288) |  |
|  External revenue |  | 6614124 | 2018087 | 264759 | 8896970 |  | 8896970 |
|  Depreciation and amortization |  | 1345279 | 485326 | 13002 | 1843607 | (62619) | 1780988 |
|  Operating profit (loss) |  | 895342 | 173089 | (30021) | 1038410 | (2413) | 1035997 |
|  Finance income and costs, net | Finance income and costs, net | Finance income and costs, net | Finance income and costs, net | Finance income and costs, net | Finance income and costs, net | Finance income and costs, net | (140691) |
|  Gain relating to investments in associates and joint ventures, net | Gain relating to investments in associates and joint ventures, net | Gain relating to investments in associates and joint ventures, net | Gain relating to investments in associates and joint ventures, net | Gain relating to investments in associates and joint ventures, net | Gain relating to investments in associates and joint ventures, net | Gain relating to investments in associates and joint ventures, net | 15425 |
|  Other non-operating income and expense, net | Other non-operating income and expense, net | Other non-operating income and expense, net | Other non-operating income and expense, net | Other non-operating income and expense, net | Other non-operating income and expense, net | Other non-operating income and expense, net | 8176 |
|  Profit before income tax | Profit before income tax | Profit before income tax | Profit before income tax | Profit before income tax | Profit before income tax | Profit before income tax | 918907 |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | **For the six-month period ended** | **For the six-month period ended** | **For the six-month period ended** |
|  |  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** |
|  Goods and Services transferred at a point in time: | Goods and Services transferred at a point in time: | Goods and Services transferred at a point in time: | Goods and Services transferred at a point in time: | Goods and Services transferred at a point in time: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cellular revenue | Goods and others(\*1) | W | 479866 | 500867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed-line telecommunication revenue | Goods and others |  | 38817 | 34792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenue | Others(\*2) |  | 169491 | 226989 |
|  |  |  | 688174 | 762648 |
|  Goods and Services transferred over time: | Goods and Services transferred over time: | Goods and Services transferred over time: | Goods and Services transferred over time: | Goods and Services transferred over time: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cellular revenue | Wireless service(\*3) |  | 5163580 | 5204647 |
|  | Cellular interconnection |  | 185867 | 214394 |
|  | Other(\*4) |  | 689430 | 694216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed-line telecommunication revenue | Fixed-line service |  | 76476 | 79921 |
|  | Cellular interconnection |  | 6386 | 8145 |
|  | Internet Protocol Television(\*5) |  | 915367 | 911624 |
|  | International calls |  | 103639 | 105438 |
|  | Internet service and miscellaneous(\*6) |  | 935719 | 878167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenue | Miscellaneous |  | 27839 | 37770 |
|  |  |  | 8104303 | 8134322 |
|  |  | W | 8792477 | 8896970 |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

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

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

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

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

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

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Gross amount** | **Gross amount** | **Loss<br>allowance** | **Carrying<br>amount** |
|  Current assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – trade | W | 2301062 | (263013) | 2038049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term loans |  | 93126 | (830) | 92296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – other(\*) |  | 442745 | (26601) | 416144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 2698 |  | 2698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee deposits (Other current assets) |  | 106022 |  | 106022 |
|  |  | 2945653 | (290444) | 2655209 |
|  Non-current assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term loans |  | 77723 | (41396) | 36327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term accounts receivable – other(\*) |  | 172524 |  | 172524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee deposits |  | 156947 |  | 156947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term accounts receivable – trade (Other non-current assets) |  | 9610 | (2) | 9608 |
|  |  | 416804 | (41398) | 375406 |
|  | W | 3362457 | (331842) | 3030615 |

---

---

| | |
|:---|:---|
| (\*) | Gross and carrying amounts of accounts receivable – other as of June 30, 2025 include W202,354 million of financial instruments classified as fair value through profit or loss ("FVTPL").  |

---

---

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

---

---

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

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |  |  |
|  | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** |
|  | **Beginning balance** | **Beginning balance** | **Impairment** | **Write-offs(\*)** | **Collection of<br>receivables previously<br>written-off** | **Ending balance** |
|  Accounts receivable – trade | W | 258030 | 19883 | (18824) | 3926 | 263015 |
|  Accounts receivable – other, etc. |  | 67586 | 3312 | (2374) | 303 | 68827 |
|  | W | 325616 | 23195 | (21198) | 4229 | 331842 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |  |  |
|  | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** |
|  | **Beginning balance** | **Beginning balance** | **Impairment** | **Write-offs(\*)** | **Collection of<br>receivables previously<br>written-off** | **Ending balance** |
|  Accounts receivable – trade | W | 242737 | 24528 | (22461) | 4430 | 249234 |
|  Accounts receivable – other, etc. |  | 75663 | 2330 | (8343) | 722 | 70372 |
|  | W | 318400 | 26858 | (30804) | 5152 | 319606 |

---

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

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

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

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Current assets: | Current assets: | Current assets: | Current assets: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental costs of obtaining contracts | W | 1893378 | 1881608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 93616 | 64002 |
|  | W | 1986994 | 1945610 |
|  Non-current assets: | Non-current assets: | Non-current assets: | Non-current assets: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental costs of obtaining contracts | W | 1055082 | 1038170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 69800 | 70236 |
|  | W | 1124882 | 1108406 |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended**<br>**June 30** | **Three-month<br>period ended**<br>**June 30** | **Six-month**<br>**period ended<br>June 30** | **Three-month**<br>**period ended**<br>**June 30** | **Six-month**<br>**period ended<br>June 30** |
|  Amortization recognized | W | 668118 | 1294530 | 618555 | 1237952 |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Contract assets: | W | 148505 | 136737 |
|  Contract liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless service contracts |  | 18935 | 20275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer loyalty programs |  | 5667 | 5694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed-line service contracts |  | 168149 | 151427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 72575 | 52310 |
|  | W | 265326 | 229706 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Amounts of revenue recognized for the six-month periods ended June 30, 2025 and 2024 related to the
contract liabilities carried forward from the prior periods are W 75,541 million and W 62,590 million, respectively.

**8.** **Inventories** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Acquisition<br>cost** | **Acquisition<br>cost** | **Valuation<br>allowance** | **Carrying<br>amount** | **Acquisition<br>cost** | **Valuation<br>allowance** | **Carrying<br>amount** |
|  Merchandise | W | 177415 | (7436) | 169979 | 191323 | (8121) | 183202 |
|  Supplies |  | 22986 |  | 22986 | 26581 |  | 26581 |
|  | W | 200401 | (7436) | 192965 | 217904 | (8121) | 209783 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Inventories recognized as operating expenses for the six-month periods ended June 30, 2025 and 2024 are W 596,147 million and W 617,723 million, respectively, which are included in cost of goods sold. In addition, reversal of valuation losses on inventories are included in the cost of goods sold and other operating
expenses amount to W 528 million and W 643 million for the six-month periods ended June 30, 2025 and 2024, respectively. Write-offs included in other operating expenses for the six-month period ended
June 30, 2025 and 2024 are W 24 million and W 34 million, respectively.

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | | | |
|  | **Category** | **Category** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Beneficiary certificates |  | FVTPL | W | 28040 |  |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |  | | | | |
|  | **Category** | **Category** |  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  Equity instruments |  | FVOCI | (\*) | W | 1643290 |  | 1739133 |
|  Debt instruments |  | FVTPL |  |  | 134158 |  | 138789 |
|  |  |  |  | W | 1777448 |  | 1877922 |

---

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Country** | **Ownership**<br>**(%)** | **Carrying<br>amount** | **Carrying<br>amount** | **Ownership<br>(%)** | **Carrying<br>amount** | **Carrying<br>amount** |
|  **Investments in associates:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK China Company Ltd. | China | 27.3 | W | 924993 | 27.3 | W | 975443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea IT Fund(\*1) | Korea | 63.3 |  | 363957 | 63.3 |  | 363138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniSK | China | 49.0 |  | 24819 | 49.0 |  | 26031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Technology Innovation Company | Cayman Islands | 49.0 |  | 32651 | 49.0 |  | 34516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK MENA Investment B.V.(\*2) | Netherlands | 32.1 |  | 5994 | 32.1 |  | 17273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Latin America Investment S.A. | Spain | 32.1 |  | 1673 | 32.1 |  | 1357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK South East Asia Investment Pte. Ltd. | Singapore | 20.0 |  | 350853 | 20.0 |  | 391572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel Pacific Telecom Holdings, LLC(\*3) | USA | 15.0 |  | 49185 | 15 |  | 51780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Culture & Contents Co., Ltd. | Korea | 22.8 |  | 35375 | 22.8 |  | 39567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nam Incheon Broadcasting Co., Ltd. | Korea | 27.3 |  | 15588 | 27.3 |  | 15635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Choice Corp.(\*3) | Korea | 17.8 |  | 2967 | 17.8 |  | 3238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Konan Technology Inc. | Korea | 20.6 |  | 1743 | 20.6 |  | 3575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMES Inc.(\*3) | Korea | 6.6 |  | 7429 | 6.6 |  | 4772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK telecom Japan Inc. | Japan | 24.9 |  | 3572 | 24.9 |  | 3703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rebellions Inc. (Formerly, SAPEON Korea Inc.) | Korea | 25.9 |  | 284544 | 26.1 |  | 298327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK m&service Co., Ltd.(\*4) | Korea | 30.0 |  | 23406 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Start-up Win-Win Fund and others (\*3,5,6,7) |  |  |  | 65861 |  |  | 102702 |
|  |  |  | W | 2194610 |  | W | 2332629 |
|  **Investments in joint ventures:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UTC Kakao-SK Telecom ESG Fund(\*8) | Korea | 48.2 |  | 8617 | 48.2 |  | 9198 |
|  |  |  |  | 8617 |  |  | 9198 |
|  |  |  | W | 2203227 |  | W | 2341827 |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

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

(\*2) The Group is scheduled to receive W10,132 million from the paid-in capital reduction of SK MENA Investment B.V. for the six-month period ended June 30, 2025, with no change in ownership interest.

---

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

---

---

| | |
|:---|:---|
| (\*4) | The Group disposed of a portion of shares in SK m&service Co., Ltd., which was an indirect subsidiary of the Parent Company, to SAMKOO Inc. and received W54,987 million for the six-month period ended June 30, 2025. As a result, the remaining shares have been reclassified as an investment in associate as of June 30, 2025.  |

---

---

| | |
|:---|:---|
| (\*5) | The Group contributed an additional W1,000 million in cash to AhnLab Blockchain Company for the six - month period ended June 30, 2025, and the ownership interest of the Group increased from 19.5% to 30.0%.  |

---

(\*6) The Group exchanged its entire shares in id Quantique SA for shares in IonQ, Inc., and recognized a W416 million loss relating to investments in associates for the six-month period ended June 30, 2025.

(\*7) The Group reclassified the entire shares of SK Investment Management Co., Ltd. as assets held for sale as of June 30, 2025. (See Note 34)

(\*8) This investment was classified as investment in joint ventures as the Group has a joint control pursuant to the agreement with the other shareholders.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Market price<br>per share**<br>**(in won)** | **Market price<br>per share**<br>**(in won)** | **Number of<br>shares** | **Market<br>value** | **Market price**<br>**per share**<br>**(in won)** | **Number of<br>shares** | **Market<br>value** |
|  SM Culture & Contents Co., Ltd. | W | 1482 | 22033898 | 32654 | 1400 | 22033898 | 30847 |
|  Konan Technology Inc. |  | 40300 | 2359160 | 95074 | 19470 | 2359160 | 45933 |
|  CMES Inc. |  | 24300 | 763968 | 18564 | 24000 | 763968 | 18335 |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Korea IT<br>Fund** | **Korea IT<br>Fund** | **SK China**<br>**Company Ltd.** | **SK South East Asia<br>Investment Pte. Ltd.** |
|  Current assets | W | 158296 | 1691379 | 1040664 |
|  Non-current assets |  | 416372 | 1747589 | 1052353 |
|  Current liabilities |  |  | 34092 | 250407 |
|  Non-current liabilities |  |  | 311925 | 30567 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** |
|  Revenue | W | 12882 | 32097 | 32385 |
|  Profit (loss) for the period |  | 2368 | 26204 | (16188) |
|  Other comprehensive income |  | 9879 | 95273 | 22888 |
|  Total comprehensive income |  | 12247 | 121477 | 6700 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Korea IT<br>Fund** | **Korea IT<br>Fund** | **SK China**<br>**Company Ltd.** | **SK South East Asia<br>Investment Pte. Ltd.** |
|  Current assets | W | 164128 | 1755237 | 1724220 |
|  Non-current assets |  | 409248 | 1898657 | 1328952 |
|  Current liabilities |  |  | 48662 | 342671 |
|  Non-current liabilities |  |  | 328485 | 18430 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** |
|  Revenue | W | 14380 | 31668 | 25817 |
|  Profit (loss) for the period |  | 1736 | 27779 | (12815) |
|  Other comprehensive income (loss) |  | 10929 | (20799) | 859 |
|  Total comprehensive income (loss) |  | 12665 | 6980 | (11956) |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Net assets** | **Net assets** | **Ownership<br>interests (%)** | **Net assets<br>attributable to**<br>**the ownership<br>interests** | **Cost-book<br>value<br>differentials** | **Carrying amount** |
|  Korea IT Fund | W | 574668 | 63.3 | 363957 |  | 363957 |
|  SK China Company Ltd. |  | 3092951 | 27.3 | 843485 | 81508 | 924993 |
|  SK South East Asia Investment Pte. Ltd.(\*) |  | 1754265 | 20.0 | 350853 |  | 350853 |

---

---

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

---

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** |
|  | **Beginning**<br>**balance** | **Beginning**<br>**balance** | **Acquisition**<br>**and**<br>**disposal** | **Share of**<br>**profit**<br>**(loss)** | **Other**<br>**compre-<br>hensive**<br>**income**<br>**(loss)** | **Other**<br>**changes** | **Ending**<br>**balance** |
|  **Investments in associates:** |  |  |  |  |  |  |  |
|  SK China Company Ltd. | W | 975443 |  | 4318 | (54768) |  | 924993 |
|  Korea IT Fund(\*1) |  | 363138 |  | 1501 | 6257 | (6939) | 363957 |
|  UniSK |  | 26031 |  | 367 | (1579) |  | 24819 |
|  SK Technology Innovation Company |  | 34516 |  | 845 | (2710) |  | 32651 |
|  SK MENA Investment B.V. |  | 17273 |  | 177 | (415) | (11041) | 5994 |
|  SK Latin America Investment S.A. |  | 1357 |  | 267 | 49 |  | 1673 |
|  SK South East Asia Investment Pte. Ltd. |  | 391572 |  | (5317) | (35402) |  | 350853 |
|  Citadel Pacific Telecom Holdings, LLC(\*1) |  | 51780 |  | 427 | (1584) | (1438) | 49185 |
|  SM Culture & Contents Co., Ltd. |  | 39567 |  | (4037) | (155) |  | 35375 |
|  Nam Incheon Broadcasting Co., Ltd.(\*1) |  | 15635 |  | 90 |  | (137) | 15588 |
|  Home Choice Corp. |  | 3238 |  | (271) |  |  | 2967 |
|  Konan Technology Inc. |  | 3575 |  | (1832) |  |  | 1743 |
|  CMES Inc. |  | 4772 | 3418 | (784) | 23 |  | 7429 |
|  SK telecom Japan Inc. |  | 3703 |  | (144) | 13 |  | 3572 |
|  Rebellions Inc. (Formerly, SAPEON Korea Inc.) |  | 298327 | (3340) | (17342) | 6899 |  | 284544 |
|  SK m&service Co., Ltd(\*2) |  |  |  | 168 | (328) | 23566 | 23406 |
|  Start-up Win-Win Fund and others (\*1,3,4,5) |  | 102702 | 1006 | 893 | (835) | (37905) | 65861 |
|  |  | 2332629 | 1084 | (20674) | (84535) | (33894) | 2194610 |
|  **Investments in joint ventures:** | **Investments in joint ventures:** | **Investments in joint ventures:** | **Investments in joint ventures:** | **Investments in joint ventures:** | **Investments in joint ventures:** | **Investments in joint ventures:** | **Investments in joint ventures:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UTC Kakao-SK Telecom ESG Fund |  | 9198 |  | (581) |  |  | 8617 |
|  |  | 9198 |  | (581) |  |  | 8617 |
|  | W | 2341827 | 1084 | (21255) | (84535) | (33894) | 2203227 |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

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

---

---

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

---

(\*3) The acquisition for the six-month period ended June 30, 2025 includes W1,000 million of investments in AhnLab Blockchain Company.

(\*4) The Group exchanged its entire shares in id Quantique SA for shares in IonQ, Inc. and classified the investment in IonQ, Inc. as a financial asset at FVOCI for the six-month period ended June 30, 2025.

(\*5) The Group reclassified the entire shares of SK Investment Management Co., Ltd. as assets held for sale as of June 30, 2025. (See Note 34)

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** |
|  | **Beginning**<br>**balance** | **Beginning**<br>**balance** | **Acquisition**<br>**and**<br>**disposal** | **Share of**<br>**profit**<br>**(loss)** | **Other**<br>**compre-<br>hensive**<br>**income** | **Other**<br>**changes** | **Ending**<br>**balance** |
|  **Investments in associates:** |  |  |  |  |  |  |  |
|  SK China Company Ltd. | W | 896990 |  | 1782 | 53008 |  | 951780 |
|  Korea IT Fund(\*1) |  | 336404 |  | 1099 | 6922 | (5054) | 339371 |
|  UniSK |  | 22285 |  | (56) | 1406 |  | 23635 |
|  SK Technology Innovation Company |  | 70409 |  | 1667 | 5499 |  | 77575 |
|  SK MENA Investment B.V. |  | 14872 |  | 381 | 1142 |  | 16395 |
|  SK Latin America Investment S.A. |  | 14607 |  | (1365) | 581 |  | 13823 |
|  SK South East Asia Investment Pte. Ltd. |  | 355282 |  | (326) | 24710 |  | 379666 |
|  Citadel Pacific Telecom Holdings, LLC |  | 45901 |  | (588) | 4530 |  | 49843 |
|  SM Culture & Contents Co., Ltd. |  | 41578 |  | (2289) | (156) |  | 39133 |
|  Nam Incheon Broadcasting Co., Ltd.(\*1) |  | 14344 |  | 757 |  | (136) | 14965 |
|  Home Choice Corp. |  | 3215 |  | (40) |  |  | 3175 |
|  Konan Technology Inc. |  | 6349 |  | (2180) |  |  | 4169 |
|  CMES Inc. |  | 900 | (4396) | (266) |  | 8984 | 5222 |
|  SK telecom Japan Inc. |  | 1239 |  |  |  |  | 1239 |
|  12CM JAPAN and others(\*1,2) |  | 81142 | 5673 | 3372 | (2665) | (400) | 87122 |
|  |  | 1905517 | 1277 | 1948 | 94977 | 3394 | 2007113 |
|  **Investments in joint ventures:** | **Investments in joint ventures:** | **Investments in joint ventures:** | **Investments in joint ventures:** | **Investments in joint ventures:** | **Investments in joint ventures:** | **Investments in joint ventures:** | **Investments in joint ventures:** |
|  UTC Kakao-SK Telecom ESG Fund |  | 9495 |  | (104) |  |  | 9391 |
|  |  | 9495 |  | (104) |  |  | 9391 |
|  | W | 1915012 | 1277 | 1844 | 94977 | 3394 | 2016504 |

---

---

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

---

---

| | |
|:---|:---|
| (\*2) | The acquisition for the six-month period ended June 30, 2024 includes W5,878 million of investments in SK AMERICAS Inc. (formerly, SK USA, Inc.) and W162 million of investment in SK VENTURE CAPITAL, LLC. The disposal for the six-month period ended June 30, 2024 includes a portion of shares in SK AMERICAS Inc. (formerly, SK USA, Inc.) for W167 million and a portion of Start-up Win-Win Fund for W200 million.  |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **Unrecognized loss** | **Unrecognized loss** | **Unrecognized loss** | **Unrecognized change in equity** | **Unrecognized change in equity** |
|  | **For the six-month**<br>**period ended**<br>**June 30, 2025** | **For the six-month**<br>**period ended**<br>**June 30, 2025** | **Cumulative<br>loss** | **For the six-month<br>period ended**<br>**June 30, 2025** | **Cumulative<br>loss** |
|  Invites Genomics Co., Ltd. | W | 3329 | 25507 | (726) | 560 |
|  Daehan Kanggun BcN Co., Ltd. and others |  |  | 5187 |  | (124) |
|  | W | 3329 | 30694 | (726) | 436 |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Transfer** | **Depreciation** | **Impairment** | **Ending**<br>**balance** |
|  Land | W | 1260712 |  | (227) | 31361 |  |  | 1291846 |
|  Buildings |  | 765818 | 30 | (218) | 47658 | (28432) |  | 784856 |
|  Structures |  | 210987 | 359 | (5) | 4530 | (17488) |  | 198383 |
|  Machinery |  | 7722566 | 151709 | (1878) | 410731 | (1091041) | (359) | 7191728 |
|  Other |  | 369007 | 34157 | (2368) | (61048) | (35839) |  | 303909 |
|  Right-of-use assets |  | 1608219 | 122876 | (43198) | (2358) | (216604) |  | 1468935 |
|  Construction in progress |  | 680085 | 535801 |  | (534804) |  |  | 681082 |
|  | W | 12617394 | 844932 | (47894) | (103930) | (1389404) | (359) | 11920739 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(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 six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Transfer** | **Depreciation** | **Ending**<br>**balance** |
|  Land | W | 1248200 | 11 | (225) | 11440 |  | 1259426 |
|  Buildings |  | 773392 | 739 | (252) | 36174 | (28365) | 781688 |
|  Structures |  | 234879 | 770 | (76) | 5351 | (19499) | 221425 |
|  Machinery |  | 7890654 | 137550 | (1907) | 657438 | (1136515) | 7547220 |
|  Other |  | 485157 | 215248 | (1618) | (184370) | (43063) | 471354 |
|  Right-of-use assets |  | 1611951 | 158070 | (38310) | (10827) | (197994) | 1522890 |
|  Construction in progress |  | 761963 | 357404 | (767) | (592426) |  | 526174 |
|  | W | 13006196 | 869792 | (43155) | (77220) | (1425436) | 12330177 |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** |
|  | **Beginning**<br>**balance** | **Beginning**<br>**balance** | **Transfer** | **Depreciation** | **Ending balance** |
|  Land | W | 9787 | 8905 |  | 18692 |
|  Buildings |  | 8029 | 8067 | (636) | 15460 |
|  Right-of-use assets |  | 8795 | 1945 | (1339) | 9401 |
|  | W | 26611 | 18917 | (1975) | 43553 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(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 six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Transfer** | **Depreciation** | **Ending balance** |
|  Land | W | 14199 | (1255) |  | 12944 |
|  Buildings |  | 10242 | (277) | (382) | 9583 |
|  Right-of-use assets |  | 10371 | (92) | (845) | 9434 |
|  | W | 34812 | (1624) | (1227) | 31961 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Group recognized lease income of W 3,968 million and W 3,230 million from
investment property for the six-month periods ended June 30, 2025 and 2024, respectively.

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

**13.** **Leases** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  Right-of-use assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land, buildings and structures | W | 1242819 |  | 1379422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 226116 |  | 228797 |
|  | W | 1468935 |  | 1608219 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the six-month period ended** | **For the six-month period ended** | **For the six-month period ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** |
|  Depreciation of right-of-use assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land, buildings and structures | W | 185310 | 165385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*) |  | 31294 | 32609 |
|  | W | 216604 | 197994 |
|  Interest expense on lease liabilities | W | 24455 | 22824 |

---

---

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

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The total cash outflows for lease payments for the six-month periods ended June 30, 2025 and 2024 amounted
to W 207,956 million and W 210,966 million, respectively.

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Transfer** | **Amortization** | **Ending**<br>**balance** |
|  Frequency usage rights | W | 1135546 |  |  |  | (235530) | 900016 |
|  Land usage rights |  | 309 | 72 |  |  | (100) | 281 |
|  Industrial rights |  | 20173 | 2355 |  |  | (2259) | 20269 |
|  Development costs |  | 27 |  |  |  | (9) | 18 |
|  Facility usage rights |  | 13314 | 238 | (2) | 218 | (1459) | 12309 |
|  Customer relations |  | 246119 |  |  |  | (13515) | 232604 |
|  Club memberships(\*1) |  | 78618 | 6264 | (2981) |  |  | 81901 |
|  Other(\*2) |  | 700765 | 29273 | (414) | 86738 | (147680) | 668682 |
|  | W | 2194871 | 38202 | (3397) | 86956 | (400552) | 1916080 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(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 six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Transfer** | **Amorti-**<br>**zation** | **Impairment** | **Ending<br>balance** |
|  Frequency usage rights | W | 1606606 |  |  |  | (235530) |  | 1371076 |
|  Land usage rights |  | 587 | 70 | (5) |  | (216) |  | 436 |
|  Industrial rights |  | 46154 | 2287 | (240) |  | (2434) |  | 45767 |
|  Development costs |  | 49 |  |  |  | (12) |  | 37 |
|  Facility usage rights |  | 14313 | 622 |  | 488 | (1554) |  | 13869 |
|  Customer relations |  | 273150 |  |  |  | (13515) |  | 259635 |
|  Club memberships(\*1) |  | 97186 | 3233 | (3832) |  |  |  | 96587 |
|  Other(\*2) |  | 823092 | 15998 | (1019) | 67937 | (169910) | (2) | 736096 |
|  | W | 2861137 | 22210 | (5096) | 68425 | (423171) | (2) | 2523503 |

---

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

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **Amount** | **Amount** | **Amortization<br>methods** | **Commencement<br>of amortization** | **Completion of<br>amortization** |
|  800 MHz license | W | 43916 |  | Jul. 2021 | Jun. 2026 |
| 1.8 GHz license |  | 149859 |  | Dec. 2021 | Dec. 2026 |
| 2.6 GHz license |  | 182120 | Straight-line basis | Sept. 2016 | Dec. 2026 |
| 2.1 GHz license |  | 112627 |  | Dec. 2021 | Dec. 2026 |
| 3.5 GHz license |  | 411494 |  | Apr. 2019 | Nov. 2028 |
|  | W | 900016 |  |  |  |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
| **Lender** | **Annual**<br>**interest rate (%)** | **Maturity** | **June 30,<br>2025** | **June 30,<br>2025** | **December 31,**<br>**2024** |
|  SK Securities Co., Ltd. | 3.62 | Oct. 2, 2025 | W | 50000 | 50000 |
|  Shinhan Securities Co., Ltd. | 3.62 | Oct. 2, 2025 |  | 50000 | 50000 |
|  |  |  | W | 100000 | 100000 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **Lender** | **Annual<br>interest rate (%)** | **Maturity** | **Book value** | **Book value** |
|  Current |  |  |  | W | 312475 |
|  Non-current |  |  |  |  | 203125 |
|  As of January 1, 2025 | As of January 1, 2025 |  |  |  | 515600 |
|  Repayments of long-term borrowings: | Repayments of long-term borrowings: | Repayments of long-term borrowings: | Repayments of long-term borrowings: | Repayments of long-term borrowings: | Repayments of long-term borrowings: |
|  | DBS Bank Ltd. | 2.63 | Mar. 10, 2025 |  | (200000) |
|  | Korea Development Bank(\*1) | 1.87 | Feb. 10, 2026 |  | (6250) |
|  |  |  |  |  | (206250) |
|  Other changes(\*2) | Other changes(\*2) | Other changes(\*2) | Other changes(\*2) |  | 22 |
|  Current(\*3) |  |  |  |  | 109372 |
|  Non-current(\*3) |  |  |  |  | 200000 |
|  As of June 30, 2025 | As of June 30, 2025 |  |  | W | 309372 |

---

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

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

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* |
|  | **Purpose** | **Annual interest rate<br>(%)** | **Maturity** | **Face value** | **Face value** | **Book value** |
|  Current |  |  |  | W | 2148762 | 2147634 |
|  Non-current |  |  |  |  | 6384000 | 6363646 |
|  As of January 1, 2025 | As of January 1, 2025 | As of January 1, 2025 |  |  | 8532762 | 8511280 |
|  Debentures newly issued: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds | Refinancing fund | 2.98 | Feb. 21, 2028 |  | 190000 | 189193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds | Refinancing fund | 3.05 | Feb. 21, 2030 |  | 70000 | 69692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds | Refinancing fund | 3.17 | Feb. 21, 2035 |  | 140000 | 139418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds(\*1) | Refinancing fund | 2.76 | Apr. 28, 2028 |  | 50000 | 49763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds(\*1) | Refinancing fund | 2.87 | Apr. 29, 2030 |  | 120000 | 119503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds(\*1) | Refinancing fund | 2.97 | Apr. 29, 2035 |  | 30000 | 29838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds(\*1) | Business acquisition fund | 3.09 | Jun. 19, 2030 |  | 480000 | 478168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds(\*1) | Business acquisition fund | 3.38 | Jun. 19, 2035 |  | 50000 | 49760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered unsecured private exchangeable bond | Refinancing fund |  | Nov. 28, 2027 |  | 32000 | 19021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating rate notes(\*2) | Operating fund | SOFR rate + 0.59 | May. 26, 2028 |  | 410,490<br> USD 300,000 | 409,163<br> USD 300,000 |
|  |  |  |  |  | 1572490 | 1553519 |
|  Debentures repaid: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds | Operating and<br>Refinancing fund | 2.49 | Feb. 26, 2025 |  | (150000) | (150000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds | Operating fund | 1.75 | Jan. 14, 2025 |  | (130000) | (130000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds | Refinancing fund | 3.80 | Apr. 12, 2025 |  | (240000) | (240000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds(\*1) | Operating and<br>Refinancing fund | 1.64 | Jun. 11, 2025 |  | (100000) | (100000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds(\*1) | Refinancing fund | 2.58 | Jan. 24, 2025 |  | (100000) | (100000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured corporate bonds(\*1) | Operating and<br>Refinancing fund | 4.21 | Feb. 28, 2025 |  | (50000) | (50000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating rate notes | Operating fund | SOFR rate + 1.17 | Jun. 4, 2025 |  | (414,420<br> (USD 300,000 | (414,420<br> (USD 300,000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible bonds(\*3) | Operating fund |  | Mar. 21, 2028 |  | (4,341<br> (USD 3,000 | (4,978<br> (USD 3,440 |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Changes in debentures for the six-month period ended June 30, 2025 are as follows, Continued:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* |
|  | **Purpose** | **Annual interest<br>rate (%)** | **Maturity** | **Face value** | **Face value** | **Book value** |
|  Convertible bonds(\*3) | Operating fund |  | Jun. 12, 2028 |  | (23,371<br> (USD 16,150 | (26,337<br> (USD 18,200 |
|  Convertible bonds(\*3) | Operating fund |  | Jun. 23, 2028 |  | (11,215<br> (USD 7,750 | (12,609<br> (USD 8,713 |
|  Convertible bonds(\*3) | Operating fund |  | Jul. 21, 2028 |  | (11,577<br> (USD 8,000 | (12,938<br> (USD 8,941 |
|  |  |  |  |  | (1234924) | (1241282) |
|  Other changes(\*4) | Other changes(\*4) |  |  |  | (118645) | (105983) |
|  Current(\*5) |  |  |  |  | 1460000 | 1459322 |
|  Non-current(\*5) |  |  |  |  | 7291683 | 7258212 |
|  As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 |  | W | 8751683 | 8717534 |

---

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

---

| | |
|:---|:---|
| (\*2) | Applied interest rate is the SOFR rate of 4.34% as of June 30, 2025.  |

---

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

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

(\*5) W579,620 million was reclassified from non-current to current for the six-month period ended June 30, 2025.

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **June 30,<br>2025** | **June 30,<br>2025** | **December 31,<br>2024** |
|  Long-term payables - other | W | 551925 | 921075 |
|  Present value discount on long-term payables – other |  | (7614) | (13355) |
|  Current portion of long-term payables – other |  | (366139) | (367765) |
|  Carrying amount at period end | W | 178172 | 539955 |

---

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

---

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

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

**17.** **Provisions** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase** | **Utilization** | **Reversal** | **Other** | **Ending<br>balance** | **Current** | **Non-current** |
|  Provision for restoration | W | 119623 | 2455 | (4313) | (772) | (5) | 116988 | 37914 | 79074 |
|  Emission allowance |  | 437 | 1034 |  | (38) |  | 1433 | 1433 |  |
|  Other provisions |  |  | 118 |  |  |  | 118 |  | 118 |
|  | W | 120060 | 3607 | (4313) | (810) | (5) | 118539 | 39347 | 79192 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(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 six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **As of June 30, 2024** | **As of June 30, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase** | **Utilization** | **Reversal** | **Other** | **Ending<br>balance** | **Current** | **Non-current** |
|  Provision for restoration | W | 120024 | 3513 | (1463) | (436) | 3 | 121641 | 40563 | 81078 |
|  Emission allowance |  | 1182 | 985 |  | (38) |  | 2129 | 2129 |  |
|  Other provisions |  | 218 |  |  | (218) |  |  |  |  |
|  | W | 121424 | 4498 | (1463) | (692) | 3 | 123770 | 42692 | 81078 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Present value of defined benefit obligations | W | 1194922 | 1142324 |
|  Fair value of plan assets |  | (1285620) | (1294567) |
|  Defined benefit assets(\*) |  | (101627) | (154329) |
|  Defined benefit liabilities |  | 10929 | 2086 |

---

---

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

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | **For the six-month period ended** | **For the six-month period ended** | **For the six-month period ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** |
|  Beginning balance | W | 1142324 | 1121679 |
|  Current service cost |  | 62829 | 65737 |
|  Interest cost |  | 21262 | 23589 |
|  Remeasurement |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Financial assumption |  | 609 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Adjustment based on experience |  | 38847 | (1886) |
|  Benefit paid |  | (84450) | (69492) |
|  Others |  | 13501 | 10302 |
|  Ending balance | W | 1194922 | 1150748 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | **For the six-month period ended** | **For the six-month period ended** | **For the six-month period ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** |
|  Beginning balance | W | 1294567 | 1292416 |
|  Interest income |  | 23679 | 27143 |
|  Remeasurement |  | 2320 | 1488 |
|  Contributions |  | 74773 | 25000 |
|  Benefit paid |  | (120933) | (72269) |
|  Others |  | 11214 | 3563 |
|  Ending balance | W | 1285620 | 1277341 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | **For the six-month period ended** | **For the six-month period ended** | **For the six-month period ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** |
|  Current service cost | W | 62829 | 65737 |
|  Net interest income |  | (2417) | (3554) |
|  | W | 60412 | 62183 |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won, except for share data)* |  |  |  |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Number of authorized shares |  | 670000000 | 670000000 |
|  Number of issued shares |  | 214790053 | 214790053 |
|  Share capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares(\*1) | W | 30493 | 30493 |
|  Capital surplus and others: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in surplus |  | 1771000 | 1771000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury shares |  | (88533) | (92962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hybrid bonds(\*2) |  | 398509 | 398509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share option(Note 20) |  | 14511 | 14498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*3) |  | (14042815) | (14045981) |
|  | W | (11947328) | (11954936) |

---

---

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

---

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

---

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

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

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

---

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

---

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

---

---

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

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

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

1) Share-based payment arrangement with cash alternatives

---

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

---

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

2) Cash-settled share-based payment arrangement

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

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

3) Equity-settled share-based payment arrangement

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

---

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

---

---

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

---

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

---

| | | |
|:---|:---|:---|
| *(In millions of won)* | | |
|  | **Share compensation expense** | **Share compensation expense** |
|  As of December 31, 2024 | W | 158596 |
|  For the six-month period ended June 30, 2025 |  | 269 |
|  | W | 158865 |

---

The liabilities recognized by the Parent Company in relation to the share-based payment arrangement with cash alternatives are W1,933 million and W7,283 million, respectively, which are included in accrued expenses as of June 30, 2025 and December 31, 2024.

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

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

1) Share-based payment arrangement with cash alternatives

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In won)* | **Series** | **Series** | **Series** | **Series** |
|  | **5** | **6** | **7-1** | **7-2** |
|  Risk-free interest rate | 2.43% | 2.30% | 2.54% | 2.43% |
|  Estimated option's life | 7 years | 5 years | 7 years | 5 years |
|  Share price on the remeasurement date | 56700 | 56700 | 56700 | 56700 |
|  Expected volatility | 18.10% | 18.10% | 18.10% | 18.10% |
|  Expected dividends yield | 6.24% | 6.24% | 6.24% | 6.24% |
|  Exercise price | 38452 | 50276 | 56860 | 56860 |
|  Per-share fair value of the option | 18248 | 6721 | 4862 | 3832 |

---

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

---

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

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

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

2) Equity-settled share-based payment arrangement

---

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

---

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

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Appropriated: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal reserve | W | 22320 | 22320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for business expansion |  | 10131138 | 9981138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for technology development |  | 4865300 | 4715300 |
|  |  | 14996438 | 14696438 |
|  Unappropriated |  | 8035538 | 8257369 |
|  | W | 23054296 | 22976127 |

---

**22.** **Reserves** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Valuation gain on FVOCI | W | 443574 | 262657 |
|  Other comprehensive income of investments<br> in associates and joint ventures |  | 251934 | 315283 |
|  Valuation loss on derivatives |  | (1191) | (8044) |
|  Foreign currency translation differences for<br> foreign operations |  | 20120 | 77047 |
|  | W | 714437 | 646943 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **Valuation gain on<br>financial assets at<br>FVOCI** | **Valuation gain on<br>financial assets at<br>FVOCI** | **Other<br>comprehensive<br>income (loss) of<br>investments in<br>associates and**<br>**joint ventures** | **Valuation**<br>**gain (loss) on<br>derivatives** | **Foreign**<br>**currency**<br>**translation<br>differences for<br>foreign**<br>**operations** | **Total** |
|  Balance as of January 1, 2024 | W | 176208 | 182702 | (1488) | 29794 | 387216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes, net of taxes |  | 37262 | 89643 | 1165 | 21135 | 149205 |
|  Balance as of June 30, 2024 | W | 213470 | 272345 | (323) | 50929 | 536421 |
|  Balance as of January 1, 2025 | W | 262657 | 315283 | (8044) | 77047 | 646943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes, net of taxes |  | 180917 | (63349) | 6853 | (56927) | 67494 |
|  Balance as of June 30, 2025 | W | 443574 | 251934 | (1191) | 20120 | 714437 |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** |
|  Communication | W | 7932 | 15719 | 8435 | 16707 |
|  Utilities |  | 131290 | 265962 | 125712 | 260501 |
|  Taxes and dues |  | 25399 | 38264 | 23308 | 32938 |
|  Repair |  | 103327 | 204076 | 113190 | 217293 |
|  Research and development |  | 80045 | 169957 | 97482 | 186410 |
|  Training |  | 4719 | 11769 | 6168 | 13518 |
|  Bad debt for accounts receivable – trade |  | 12381 | 19883 | 10957 | 24528 |
|  Travel |  | 3783 | 8273 | 4930 | 10641 |
|  Supplies and others |  | 204825 | 232787 | 25255 | 54109 |
|  | W | 573701 | 966690 | 415437 | 816645 |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** |
|  **Other Non-operating Income:** | **Other Non-operating Income:** | **Other Non-operating Income:** |  |  |  |
|  Gain on disposal of property and equipment and intangible assets | W | 3707 | 11410 | 4072 | 8180 |
|  Others |  | 18314 | 24835 | 10707 | 15392 |
|  | W | 22021 | 36245 | 14779 | 23572 |
|  **Other Non-operating Expenses:** |  |  |  |  |  |
|  Loss on impairment of property and equipment and intangible assets | W | 1803 | 3962 | 2325 | 4224 |
|  Impairment loss on property and equipment and intangible assets |  |  | 359 | 2 | 2 |
|  Donations |  | 6612 | 8969 | 3675 | 8304 |
|  Bad debt for accounts receivable – other |  | 2454 | 3312 | 952 | 2330 |
|  Others |  | 2542 | 3670 | (1919) | 536 |
|  | W | 13411 | 20272 | 5035 | 15396 |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** |
|  **Finance Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | W | 19891 | 38463 | 20634 | 39453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends |  | 12639 | 32451 | 5427 | 22688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign currency transactions |  | 6388 | 9097 | 6253 | 10297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign currency translations |  | 2012 | 4476 | 1534 | 4107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain relating to financial instruments at FVTPL |  | 273 | 417 | 860 | 18245 |
|  | W | 41203 | 84904 | 34708 | 94790 |
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** |
|  **Finance Costs:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expenses | W | 95017 | 192646 | 99082 | 204114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on sale of accounts receivable – other |  | 3825 | 8768 | 9368 | 21044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency transactions |  | 6895 | 13794 | 4890 | 7357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency translations |  | 5924 | 6530 | 1040 | 2900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss relating to financial instruments at FVTPL |  | (52) | 101 | (63) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on settlement of derivatives |  | 7298 | 7298 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on repayment of debentures |  |  | 470 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other finance costs |  | 23356 | 23356 |  |  |
|  | W | 142263 | 252963 | 114317 | 235481 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** |
|  Interest income on cash equivalents and financial instruments | W | 14577 | 27085 | 14607 | 26276 |
|  Interest income on loans and others |  | 5314 | 11378 | 6027 | 13177 |
|  | W | 19891 | 38463 | 20634 | 39453 |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** |
|  Interest expense on borrowings | W | 7068 | 15385 | 7750 | 16957 |
|  Interest expense on debentures |  | 68558 | 136293 | 68824 | 138229 |
|  Others |  | 19391 | 40968 | 22508 | 48928 |
|  | W | 95017 | 192646 | 99082 | 204114 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** |
|  Accounts receivable – trade | W | 12381 | 19883 | 10957 | 24528 |
|  Other receivables |  | 2454 | 3312 | 952 | 2330 |
|  | W | 14835 | 23195 | 11909 | 26858 |

---

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

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

**27.** **Earnings per Share** 

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

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

1) Basic earnings per share for the three and six-month periods ended June 30, 2025 and 2024 are calculated as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won, except for share data and basic earnings per share)* | *(In millions of won, except for share data and basic earnings per share)* | *(In millions of won, except for share data and basic earnings per share)* | *(In millions of won, except for share data and basic earnings per share)* | *(In millions of won, except for share data and basic earnings per share)* | *(In millions of won, except for share data and basic earnings per share)* |
|  | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** |
|  **Basic earnings per share attributable to owners of the Parent Company:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit attributable to owners of the Parent Company | W | 89638 | 454060 | 337406 | 690392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on hybrid bonds |  | (4950) | (9900) | (4950) | (9900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit attributable to owners of the Parent Company on common shares |  | 84688 | 444160 | 332456 | 680492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average number of common shares outstanding |  | 212959976 | 212923363 | 212884657 | 212809515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic earnings per share (in won) | W | 398 | 2086 | 1562 | 3198 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *(In shares)* |  | **Weighted average number of**<br>**common shares** | **Weighted average number of**<br>**common shares** |
|  | **Number of<br>common shares** | **Three-month<br>period ended**<br>**June 30** | **Six-month period<br>ended June 30** |
|  Issued shares as of January 1, 2025 | 214790053 | 214790053 | 214790053 |
|  Treasury shares as of January 1, 2025 | (1903711) | (1903711) | (1903711) |
|  Disposal of treasury shares | 95933 | 73634 | 37021 |
|  | 212982275 | 212959976 | 212923363 |

---

---

| | | | |
|:---|:---|:---|:---|
| *(In shares)* |  | **Weighted average number of**<br>**common shares** | **Weighted average number of**<br>**common shares** |
|  | **Number of<br>common shares** | **Three-month period<br>ended June 30** | **Six-month period ended<br>June 30** |
|  Issued shares as of January 1, 2024 | 218833144 | 218833144 | 218833144 |
|  Treasury shares as of January 1, 2024 | (6133414) | (6133414) | (6133414) |
|  Acquisition of treasury shares | (317000) | (317000) | (313610) |
|  Disposal of treasury shares | 503612 | 501927 | 423395 |
|  | 212886342 | 212884657 | 212809515 |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

**27.** **Earnings per Share, Continued** 

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

1) Diluted earnings per share for the three and six-month periods ended June 30, 2025 and 2024 are calculated as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won, except for share data and diluted earnings per share)* | *(In millions of won, except for share data and diluted earnings per share)* | *(In millions of won, except for share data and diluted earnings per share)* | *(In millions of won, except for share data and diluted earnings per share)* | *(In millions of won, except for share data and diluted earnings per share)* | *(In millions of won, except for share data and diluted earnings per share)* |
|  | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month period<br>ended June 30** |
|  Profit attributable to owners of the Parent Company on common shares | W | 84688 | 444160 | 332456 | 680492 |
|  Adjusted weighted average number of common shares outstanding |  | 213297609 | 213262279 | 213129019 | 213053462 |
|  Diluted earnings per share (in won) | W | 397 | 2083 | 1560 | 3194 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In shares)* | *(In shares)* | *(In shares)* | *(In shares)* | *(In shares)* |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** |
|  Outstanding shares as of January 1 | 212886342 | 212886342 | 212699730 | 212699730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of treasury shares | 73634 | 37021 | 184927 | 109785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of share option | 337633 | 338916 | 244362 | 243947 |
|  Adjusted weighted average number of common shares outstanding | 213297609 | 213262279 | 213129019 | 213053462 |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Financial<br>assets at**<br>**FVTPL** | **Financial<br>assets at**<br>**FVTPL** | **Equity<br>instruments at<br>FVOCI** | **Financial<br>assets at<br>amortized cost** | **Derivatives<br>hedging<br>instrument** | **Total** |
|  Cash and cash equivalents | W | 1559847 |  | 793312 |  | 2353159 |
|  Short-term investment securities |  | 28040 |  |  |  | 28040 |
|  Financial instruments |  |  |  | 173751 |  | 173751 |
|  Long-term investment securities(\*) |  | 134158 | 1643290 |  |  | 1777448 |
|  Accounts receivable – trade |  |  |  | 2047657 |  | 2047657 |
|  Loans and other receivables |  | 202354 |  | 776249 |  | 978603 |
|  Derivative financial assets |  | 68128 |  |  | 112700 | 180828 |
|  | W | 1992527 | 1643290 | 3790969 | 112700 | 7539486 |

---

(\*) The Group designated W1,643,290 million of equity instruments that are not held for trading as financial assets at FVOCI.

---

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

---

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

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Financial liabilities at<br>FVTPL** | **Financial liabilities at<br>FVTPL** | **Financial liabilities**<br>**at amortized cost** | **Derivatives hedging<br>instrument** | **Total** |
|  Accounts payable – trade | W |  | 133919 |  | 133919 |
|  Derivative financial liabilities |  | 14971 |  | 7306 | 22277 |
|  Borrowings |  |  | 409372 |  | 409372 |
|  Debentures |  |  | 8717534 |  | 8717534 |
|  Lease liabilities(\*) |  |  | 1568528 |  | 1568528 |
|  Accounts payable - other and others |  |  | 3896307 |  | 3896307 |
|  | W | 14971 | 14725660 | 7306 | 14747937 |

---

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

---

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

---

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

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

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

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

1) Market risk

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* |
|  | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** |
|  | **Foreign**<br>**currencies** | **Won**<br>**equivalent** | **Won**<br>**equivalent** | **Foreign**<br>**currencies** | **Won equivalent** | **Won equivalent** |
|  USD | 82887 | W | 112428 | 1053416 | W | 1428853 |
|  EUR | 15137 |  | 24094 | 1 |  | 1 |
|  Others |  |  | 536 |  |  |  |
|  |  | W | 137058 |  | W | 1428854 |

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **Profit before income tax** | **Profit before income tax** | **Profit before income tax** | **Equity** | **Equity** | **Equity** |
|  | **If increased by 10%** | **If increased by 10%** | **If decreased by 10%** | **If increased by 10%** | **If increased by 10%** | **If decreased by 10%** |
|  USD | W | 3342 | (3342) | W | 2494 | (2494) |
|  EUR |  | 2409 | (2409) |  | 1798 | (1798) |
|  Others |  | 54 | (54) |  | 40 | (40) |
|  | W | 5805 | (5805) | W | 4332 | (4332) |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

1) Market risk, Continued

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

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

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

As of June 30, 2025, the par values of floating-rate borrowings and debentures amount to W200,000 million and W406,920 million, respectively, and the Group has entered into interest rate swaps to hedge interest rate risk related to the floating-rate borrowings and debentures. Therefore, profit before income tax for the six-month period ended June 30, 2025 would not have been affected by the changes in interest rates of floating-rate borrowings debentures.

As of June 30, 2025, the floating-rate long-term payables – other are W551,925 million. If the interest rate increases (decreases) 1%p with all other variables held constant, profit before income tax and equity for the six-month period ended June 30, 2025, would change by W2,760 million in relation to the floating-rate long-term payables – other that are exposed to interest rate risk.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
| **Profit before income tax** | **Profit before income tax** | **Equity** | **Equity** | **Equity** |
| **If increased by 10%** | **If decreased by 10%** | **If increased by 10%** | **If increased by 10%** | **If decreased by 10%** |
| W |  | W | 75761 | (75761) |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

2) Credit risk

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Cash and cash equivalents | W | 2352930 | 2023543 |
|  Financial instruments |  | 173751 | 324263 |
|  Long-term investment securities |  | 2535 | 2205 |
|  Accounts receivable – trade |  | 2047658 | 2000382 |
|  Contract assets |  | 148505 | 136737 |
|  Loans and other receivables |  | 978603 | 920977 |
|  Derivative financial assets |  | 180828 | 341108 |
|  | W | 5884810 | 5749215 |

---

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

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

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

3) Liquidity risk

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **Carrying<br>amount** | **Carrying<br>amount** | **Contractual<br>cash flows** | **Less than**<br>**1 year** | **1 - 5 years** | **More than**<br>**5 years** |
|  Accounts payable - trade | W | 133919 | 133919 | 133919 |  |  |
|  Borrowings(\*) |  | 409372 | 420494 | 217410 | 203084 |  |
|  Debentures(\*) |  | 8717534 | 9942446 | 1744330 | 5931934 | 2266182 |
|  Lease liabilities |  | 1568528 | 1839347 | 386827 | 1055256 | 397264 |
|  Accounts payable – other and others(\*) |  | 3896307 | 3919125 | 3717891 | 201234 |  |
|  | W | 14725660 | 16255331 | 6200377 | 7391508 | 2663446 |

---

---

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

---

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

As of June 30, 2025, periods in which cash flows from cash flow hedge derivatives are expected to occur 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)* |
|  | **Carrying**<br>**amount** | **Carrying**<br>**amount** | **Contractual**<br>**cash flows** | **Less than 1 year** | **1 - 5 years** |
|  Assets | W | 112700 | 120699 | 18822 | 101877 |
|  Liabilities |  | (7306) | (8166) | (991) | (7175) |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Total liabilities | W | 17332912 | 18687621 |
|  Total equity |  | 11971398 | 11827634 |
|  Debt-equity ratios |  | 144.79% | 158.00% |

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Carrying<br>amount** | **Carrying<br>amount** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets that are measured at fair value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVTPL | W | 1992527 |  | 1790241 | 202286 | 1992527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative hedging instruments |  | 112700 |  | 112700 |  | 112700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVOCI |  | 1643290 | 1015183 | 164578 | 463529 | 1643290 |
|  | W | 3748517 | 1015183 | 2067519 | 665815 | 3748517 |
|  **Financial liabilities that are measured at fair value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVTPL | W | 14971 |  |  | 14971 | 14971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative hedging instruments |  | 7306 |  | 7306 |  | 7306 |
|  | W | 22277 |  | 7306 | 14971 | 22277 |
|  **Financial liabilities that are not measured at fair value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings | W | 409372 |  | 412664 |  | 412664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures |  | 8717534 |  | 8856458 |  | 8856458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term payables – other |  | 544311 |  | 549032 |  | 549032 |
|  | W | 9671217 |  | 9818154 |  | 9818154 |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

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

---

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

---

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

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

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

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

---

| | |
|:---|:---|
|  | **Interest rate** |
|  Derivative instruments | 2.00% ~ 6.80% |
|  Borrowings and debentures | 2.56% ~ 2.96% |
|  Long-term payables – other | 2.57% ~ 2.74% |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **Balance as of<br>January 1, 2025** | **Balance as of<br>January 1, 2025** | **Gain** | **OCI** | **Acquisition** | **Disposal** | **Transfer** | **Balance as of**<br>**June 30, 2025** |
|  **Financial assets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVTPL | W | 209101 | 58 | (4446) | 3612 | (11135) | 5096 | 202286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVOCI |  | 478588 |  | (16473) | 1414 |  |  | 463529 |
|  | W | 687689 | 58 | (20919) | 5026 | (11135) | 5096 | 665815 |
|  **Financial liabilities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVTPL | W | (2689) |  | 997 | (13279) |  |  | (14971) |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Gross financial<br>instruments<br>recognized** | **Gross financial<br>instruments<br>recognized** | **Amount offset** | **Net financial instruments<br>presented on the<br>condensed consolidated<br>interim statement of<br>financial position** |
|  **Financial assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – trade and others | W | 211597 | (198274) | 13323 |
|  **Financial liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable – other and others | W | 203237 | (198274) | 4963 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Gross financial<br>instruments<br>recognized** | **Gross financial<br>instruments<br>recognized** | **Amount offset** | **Net financial instruments<br>presented on the<br>consolidated statement of<br>financial position** |
|  **Financial assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – trade and others | W | 186284 | (174372) | 11912 |
|  **Financial liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable – other and others | W | 180323 | (174372) | 5951 |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | |
|:---|:---|
| **Relationship** | **Company** |
| Ultimate controlling entity | SK Inc. |
| Joint venture | UTC Kakao-SK Telecom ESG Fund |
| Associates | SK China Company Ltd. and 43 others |
| Others | The ultimate controlling entity's subsidiaries, associates and others |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** |
|  Salaries | W | 893 | 4939 | 1062 | 4138 |
|  Defined benefits plan expenses |  | 158 | 521 | 203 | 955 |
|  Share option |  | 95 | 132 | (951) | (287) |
|  | W | 1146 | 5592 | 314 | 4806 |

---

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** |
|  |  | **Operating revenue and<br>others** | **Operating revenue and<br>others** | **Operating revenue and<br>others** | **Operating expenses and<br>others(\*1)** | **Operating expenses and<br>others(\*1)** | **Acquisition of property<br>and equipment and<br>others** | **Acquisition of property<br>and equipment and<br>others** |
| **Scope** | **Company** | **Three-<br>month** | **Three-<br>month** | **Six-month** | **Three-<br>month** | **Six-month** | **Three-<br>month** | **Six-month** |
|  Ultimate controlling entity | SK Inc.(\*2) | W | 5448 | 9814 | 163858 | 336212 | 59939 | 64251 |
|  Associates | SK m&service Co., Ltd. |  | 1875 | 2239 | 8710 | 11503 | 373 | 606 |
|  | Others(\*3,4) |  | 8526 | 9692 | 3149 | 17187 |  |  |
|  |  |  | 10401 | 11931 | 11859 | 28690 | 373 | 606 |
|  Others | SK Innovation Co., Ltd. |  | 2687 | 3698 | 5118 | 9399 |  | 2050 |
|  | SK Energy Co., Ltd. |  | 483 | 803 | 17 | 63 |  |  |
|  | SK Geo Centric Co., Ltd. |  | 220 | 368 |  | 13 |  |  |
|  | SK Networks Co., Ltd.(\*5) |  | 4411 | 5607 | 192355 | 440547 |  |  |
|  | SK Networks Service Co., Ltd. |  | 1365 | 2636 | 14983 | 30292 | 369 | 369 |
|  | SK Ecoplant Co., Ltd. |  | 635 | 1218 |  |  |  |  |
|  | SK hynix Inc. |  | 19607 | 32603 | 37 | 268 |  |  |
|  | SK Shieldus Co., Ltd. |  | 14337 | 27926 | 35251 | 74951 | 8182 | 8931 |
|  | Content Wavve Corp. |  | 3213 | 7612 | 17213 | 33036 |  |  |
|  | Eleven Street Co., Ltd. |  | 30254 | 33704 | 4972 | 14213 |  |  |
|  | SK Planet Co., Ltd. |  | 2071 | 4715 | 36290 | 54673 | 30 | 110 |
|  | SK Magic Co., Ltd. |  | 387 | 713 | 297 | 610 |  |  |
|  | Tmap Mobility Co., Ltd. |  | 4120 | 8532 | 1436 | 2595 |  |  |
|  | One Store Co., Ltd. |  | 3217 | 6523 | 11 | 21 |  |  |
|  | Dreamus Company |  | 1337 | 2839 | 13253 | 27079 |  |  |
|  | UNA Engineering Inc. |  | 23 | 45 | 14588 | 27008 | 9731 | 11586 |
|  | Happy Narae Co., Ltd. |  | 300 | 541 | 6444 | 9350 | 5615 | 5914 |
|  | Others |  | 9811 | 19242 | 14239 | 30740 | 19803 | 19803 |
|  |  |  | 98478 | 159325 | 356504 | 754858 | 43730 | 48763 |
|  |  | W | 114327 | 181070 | 532221 | 1119760 | 104042 | 113620 |

---

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

(\*2) Operating expenses and others include W123,457 million of dividends paid by the Parent Company.

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

(\*4) Operating revenue and others include W8,378 million of dividends received which was deducted from the investment in associates.

---

| | |
|:---|:---|
| (\*5) | Operating expenses and others include costs for handset purchases amounting to W405,459 million.  |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | **For the period ended June 30, 2024** | **For the period ended June 30, 2024** | **For the period ended June 30, 2024** | **For the period ended June 30, 2024** | **For the period ended June 30, 2024** | **For the period ended June 30, 2024** | **For the period ended June 30, 2024** |
|  |  | **Operating revenue and<br>others** | **Operating revenue and<br>others** | **Operating revenue and<br>others** | **Operating expenses and<br>others(\*1)** | **Operating expenses and<br>others(\*1)** | **Acquisition of<br>property**<br>**and equipment and<br>others** | **Acquisition of<br>property**<br>**and equipment and<br>others** |
| **Scope** | **Company** | **Three-<br>month** | **Three-<br>month** | **Six-month** | **Three-<br>month** | **Six-month** | **Three-<br>month** | **Six-month** |
|  Ultimate controlling entity | SK Inc.(\*2) | W | 4579 | 9194 | 159573 | 329118 | 5146 | 15275 |
|  Associates | F&U Credit information Co., Ltd. |  | 1070 | 1564 | 12000 | 24643 | 203 | 203 |
|  | Daehan Kanggun BcN Co., Ltd. |  | 2778 | 5662 |  |  |  |  |
|  | Others(\*3) |  | 5676 | 6763 | 3147 | 7336 |  |  |
|  |  |  | 9524 | 13989 | 15147 | 31979 | 203 | 203 |
|  Others | SK Innovation Co., Ltd. |  | 3909 | 7650 | 3036 | 7668 |  |  |
|  | SK Energy Co., Ltd. |  | 899 | 1688 | 110 | 186 |  |  |
|  | SK Geo Centric Co., Ltd. |  | 264 | 407 |  | 1 |  |  |
|  | SK Networks Co., Ltd.(\*4) |  | 1626 | 2890 | 168472 | 446294 |  |  |
|  | SK Networks Service Co., Ltd. |  | 1331 | 2603 | 16767 | 31839 | 762 | 778 |
|  | SK Ecoplant Co., Ltd. |  | 676 | 1088 |  |  |  |  |
|  | SK hynix Inc. |  | 11626 | 22539 | 26 | 150 |  |  |
|  | SK Shieldus Co., Ltd. |  | 14253 | 29367 | 38257 | 75761 | 1549 | 3061 |
|  | Content Wavve Corp. |  | 3728 | 5159 | 19959 | 40342 |  |  |
|  | Eleven Street Co., Ltd. |  | 9364 | 34338 | 5806 | 14367 |  |  |
|  | SK Planet Co., Ltd. |  | 3255 | 7221 | 21029 | 40300 | 6750 | 8636 |
|  | SK RENT A CAR Co., Ltd. |  | 3495 | 6267 | 5479 | 10855 | 169 | 169 |
|  | SK Magic Co., Ltd. |  | 459 | 804 | 160 | 340 |  |  |
|  | Tmap Mobility Co., Ltd. |  | 5958 | 12617 | 1587 | 3223 |  |  |
|  | One Store Co., Ltd. |  | 4211 | 8272 | 435 | 747 |  |  |
|  | Dreamus Company |  | 1795 | 2786 | 16607 | 33360 |  |  |
|  | UNA Engineering Inc. |  | 45 | 46 | 13773 | 25934 | 5018 | 8308 |
|  | Happy Narae Co., Ltd. |  | 467 | 614 | 3706 | 6347 | 17744 | 24122 |
|  | Others |  | 12801 | 23747 | 4954 | 9684 | 1938 | 16722 |
|  |  |  | 80162 | 170103 | 320163 | 747398 | 33930 | 61796 |
|  |  | W | 94265 | 193286 | 494883 | 1108495 | 39279 | 77274 |

---

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

(\*2) Operating expenses and others include W123,457 million of dividends paid by the Parent Company.

(\*3) Operating revenue and others include W5,590 million of dividends received which was deducted from the investment in associates.

---

| | |
|:---|:---|
| (\*4) | Operating expenses and others include costs for handset purchases amounting to W425,872 million.  |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  |  | **Receivables** | **Receivables** | **Receivables** | **Payables** |
| **Scope** | **Company** | **Loans** | **Loans** | **Accounts<br>receivable –<br>trade, etc.** | **Accounts<br>payable – other,<br>etc.** |
|  Ultimate controlling entity | SK Inc. | W |  | 3094 | 92995 |
|  Associates | Daehan Kanggun BcN Co., Ltd.(\*1) |  | 22147 |  |  |
|  | SK m&service Co., Ltd. |  |  | 1510 | 25697 |
|  | Others(\*2) |  |  | 10735 | 2574 |
|  |  |  | 22147 | 12245 | 28271 |
|  Others | SK Innovation Co., Ltd. |  |  | 4781 | 22483 |
|  | SK Networks Co., Ltd. |  |  | 1909 | 147561 |
|  | Mintit Co., Ltd. |  |  | 2551 |  |
|  | SK hynix Inc. |  |  | 13538 | 1851 |
|  | Happy Narae Co., Ltd. |  |  | 101 | 11544 |
|  | SK Shieldus Co., Ltd. |  |  | 11890 | 25635 |
|  | Content Wavve Corp. |  |  | 2099 | 6 |
|  | Incross Co., Ltd. |  |  | 1018 | 7198 |
|  | Eleven Street Co., Ltd. |  |  | 13983 | 1980 |
|  | SK Planet Co., Ltd. |  |  | 464 | 4584 |
|  | UNA Engineering Inc. |  |  |  | 13043 |
|  | Others |  |  | 7960 | 24268 |
|  |  |  |  | 60294 | 260153 |
|  |  | W | 22147 | 75633 | 381419 |

---

(\*1) As of June 30, 2025, the Parent Company recognized loss allowance for the entire balance of loans to Daehan Kanggun BcN Co., Ltd.

(\*2) Accounts receivable – trade, etc. include W10,132 million of accounts receivable - other related to the paid-in capital reduction from SK MENA Investment B.V.

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

---

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

---

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

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

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

SK Broadband Co., Ltd., a subsidiary of the Parent Company, has pledged its properties as collateral for leases on buildings in the amount of (1,098 million as of June 30, 2025.

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

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

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

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

The accounts receivable from sale of handsets amounting to W222,324 million and W241,962 million as of June 30, 2025 and December 31, 2024, respectively, which the Parent Company purchased according to the relevant comprehensive agreement, are recognized as accounts receivable – other and long-term accounts receivable – other.

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

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

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) On April 19, 2025, the Group became aware of a cybersecurity breach that compromised universal subscriber
identity module ("USIM") data of certain subscribers. This incident is currently under investigation by the Personal Information Protection Commission to determine its timing and circumstances. The Group is currently unable to reasonably
estimate the outcome of the ongoing investigation or any obligations that may arise from the incident.

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

**32.** **Statements of Cash Flows** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Adjustments for income and expenses from operating activities for the six-month periods ended June 30,
2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | **For the six-month period ended** | **For the six-month period ended** | **For the six-month period ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** |
|  Interest income | W | (38463) | (39453) |
|  Dividends |  | (32451) | (22688) |
|  Gain on foreign currency translations |  | (4476) | (4107) |
|  Gain (loss) relating to investments in associates and joint ventures, net |  | 5287 | (15425) |
|  Gain on disposal of property and equipment and intangible assets |  | (11410) | (8180) |
|  Gain relating to financial instruments at FVTPL |  | (417) | (18245) |
|  Other finance costs |  | 23356 |  |
|  Interest expenses |  | 192646 | 204114 |
|  Loss on foreign currency translations |  | 6530 | 2900 |
|  Loss on sale of accounts receivable – other |  | 8768 | 21044 |
|  Income tax expense |  | 303449 | 206793 |
|  Expense related to defined benefit plan |  | 60412 | 62183 |
|  Reversal of share option expense |  | (36) | (249) |
|  Bonus paid by treasury shares |  | 262 | 24988 |
|  Depreciation and amortization |  | 1791931 | 1849834 |
|  Bad debt for accounts receivable – trade |  | 19883 | 24528 |
|  Impairment loss on property and equipment and intangible assets |  | 359 | 2 |
|  Loss on disposal of property and equipment and intangible assets |  | 3962 | 4224 |
|  Bad debt for accounts receivable – other |  | 3312 | 2330 |
|  Loss relating to financial instruments at FVTPL |  | 101 | 66 |
|  Loss on settlement of derivatives |  | 7298 |  |
|  Loss on repayment of debentures |  | 470 |  |
|  Other income (expenses) |  | 10675 | (4238) |
|  | W | 2351448 | 2290421 |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

**32.** **Statements of Cash Flows, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Changes in assets and liabilities from operating activities for the six-month periods ended June 30, 2025
and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | **For the six-month period ended** | **For the six-month period ended** | **For the six-month period ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** |
|  Accounts receivable – trade | W | (59304) | (187817) |
|  Accounts receivable – other |  | (105347) | 21486 |
|  Advanced payments |  | (1489) | 8289 |
|  Prepaid expenses |  | (61029) | (44748) |
|  Inventories |  | 16769 | (33715) |
|  Long-term accounts receivable – other |  | 14951 | 36875 |
|  Contract assets |  | (20463) | (6754) |
|  Guarantee deposits |  | 16422 | 7110 |
|  Accounts payable – trade |  | 6802 | (47896) |
|  Accounts payable – other |  | 343705 | (207813) |
|  Withholdings |  | 169732 | 178454 |
|  Contract liabilities |  | 36272 | 17778 |
|  Deposits received |  | 6761 | (75) |
|  Accrued expenses |  | 5461 | (55249) |
|  Provisions |  | (194) | (23) |
|  Long-term provisions |  | (667) | (66) |
|  Plan assets |  | 46160 | 47269 |
|  Retirement benefits payment |  | (84450) | (69492) |
|  Others |  | (3738) | (2269) |
|  | W | 326354 | (338656) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Material non-cash transactions for the six-month periods ended June 30, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | **For the six-month period ended** | **For the six-month period ended** | **For the six-month period ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** |
|  Decrease in accounts payable – other relating to the acquisition of property and equipment and intangible assets | W | (117752) | (383888) |
|  Increase of right-of-use assets |  | 122876 | 158070 |
|  Proceeds received in the form of investment securities from the disposal of interests in associates |  | 32024 |  |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

**33.** **Emissions Liabilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Quantity of emissions rights allocated free of charge for each implementation year as of June 30, 2025 are
as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* |
|  | **Quantities**<br>**allocated**<br>**in 2021** | **Quantities<br>allocated**<br>**in 2022** | **Quantities<br>allocated**<br>**in 2023** | **Quantities<br>allocated**<br>**in 2024** | **Quantities<br>allocated**<br>**in 2025** | **Total** |
|  Emissions rights allocated free of charge(\*) | 1385433 | 1602751 | 1736918 | 1455253 | 1577096 | 7757451 |

---

(\*) The changes in quantity due to additional allocation, cancellation of allocation and others are considered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Changes in emissions rights quantities the Group held are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* | *(In tCO2-eQ)* |
|  | **Quantities**<br>**allocated in 2023** | **Quantities<br>allocated in 2024(\*)** | **Quantities allocated<br>in the six-month**<br>**period ended June 30,<br>2025** | **Total** |
|  Beginning | 306575 | 414356 | 199049 | 919980 |
|  Allocation at no cost | 1736918 | 1455253 | 1577096 | 4769267 |
|  Purchase (sale) | (56266) | 21612 | 74694 | 40040 |
|  Surrender or shall be surrendered | (1572871) | (1692172) | (1850839) | (5115882) |
|  Ending | 414356 | 199049 |  | 613405 |

---

(\*) Changes for the year ended December 31, 2024 are estimated quantities, and additionally allocated and surrendered or shall be surrendered quantities will be fixed in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) As of June 30, 2025, the estimated annual greenhouse gas emissions quantities of the Group are 1,850,839
tCO2-eQ.

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

**34.** **Assets and Liabilities Held for Sale** 

Assets and liabilities held for sale as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  |  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Disposal Groups(\*1) | Cash and cash equivalents | W |  | 22986 |
|  Disposal Groups(\*1) | Accounts receivable – trade and other, net |  |  | 71401 |
|  Disposal Groups(\*1) | Prepaid expenses |  |  | 1127 |
|  Disposal Groups(\*1) | Inventories, net |  |  | 3740 |
|  Disposal Groups(\*1) | Property and equipment, net |  |  | 17412 |
|  Disposal Groups(\*1) | Investment property, net |  |  | 1719 |
|  Disposal Groups(\*1) | Intangible assets, net |  |  | 5655 |
|  Disposal Groups(\*1) | Goodwill |  |  | 2516 |
|  Disposal Groups(\*1) | Financial instrument |  |  | 10 |
|  Disposal Groups(\*1) | Defined benefit assets |  |  | 7601 |
|  Disposal Groups(\*1) | Advanced payments and others |  |  | 17559 |
|  Investments in associates | F&U Credit information Co., Ltd.(\*2) |  |  | 11138 |
|  Investments in associates | Daekyo Wipoongdangdang Contents Korea Fund |  | 746 | 746 |
|  Investments in associates | SK Investment Management Co., Ltd.(\*3) |  | 1094 |  |
|  Long-term investment securities | Digital Content Korea Fund |  |  | 3395 |
|  Long-term investment securities | Central Fusion Content Fund |  |  | 883 |
|  Long-term investment securities | P&I Cultural Innovation Fund |  |  | 818 |
|  Property and equipment |  |  | 6845 | 6133 |
|  |  | W | 8685 | 174839 |
|  **Liabilities:** |  |  |  |  |
|  Disposal Groups(\*1) | Accounts payable – other | W |  | 82206 |
|  Disposal Groups(\*1) | Withholdings |  |  | 16161 |
|  Disposal Groups(\*1) | Lease liabilities |  |  | 2745 |
|  Disposal Groups(\*1) | Contract liabilities |  |  | 1261 |
|  Disposal Groups(\*1) | Provisions |  |  | 1924 |
|  Disposal Groups(\*1) | Other current liabilities |  |  | 1904 |
|  Disposal Groups(\*1) | Deferred tax liabilities |  |  | 151 |
|  |  | W |  | 106352 |

---

------

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

June 30, 2025 and 2024

**34.** **Assets and Liabilities Held for Sale, Continued** 

Assets and liabilities held for sale as of June 30, 2025 and December 31, 2024 are as follows, Continued:

---

| | |
|:---|:---|
| (\*1) | For the year ended December 31, 2024, the Group decided to dispose of the shares of NATE Communications Corporation (formerly, SK Communications Co., Ltd.) and SK m&service Co., Ltd., the consolidated subsidiaries, and reclassified assets and liabilities of NATE Communications Corporation (formerly, SK Communications Co., Ltd.) and SK m&service Co., Ltd. as assets and liabilities held for sale. The disposal of these subsidiaries was completed for the six-month period ended June 30, 2025.  |

---

(\*2) The Group disposed of the shares in F&U Credit information Co., Ltd., resulting in a gain of W7,367 million relating to investments in associates for the six-month period ended June 30, 2025.

(\*3) The disposal of the shares in SK Investment Management Co., Ltd. held by the Group was completed on July 21, 2025.

**35.** **Subsequent Events** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Board of Directors of the Parent Company resolved to pay interim dividends at the Board of Directors'
meeting held on July 25, 2025, and the details are as follows:

---

| | |
|:---|:---|
| **Classification** | **Description** |
| Interim dividend amount | W830 per share (Total amount: W176,775 million) |
| Dividend rate | 1.47% |
| Record date | August 31, 2025 |
| Date of distribution | Pursuant to Article *165-12 (3)* of *Capital Market and Financial Investment Business Act*, the Parent Company shall distribute dividends no later than September 17, 2025. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) On July 4, 2025, the Parent Company announced its "Accountability and Commitment" program in
response to the cybersecurity incident that the Parent Company became aware of on April 19, 2025. The "Accountability and Commitment" program includes the Customer Assurance Package, Information Protection Innovation Plan, Customer
Appreciation Package, and Subscription Cancellation Fee Waiver. As a result of this measure, a decrease in operating revenue and an increase in operating expenses are expected on future periods. However, the Parent Company is currently unable to
reasonably estimate the financial effect on future financial position, operating results and cashflows as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Group completed the acquisition of the Pangyo Data Center from SK Inc. for W 506,844
million on July 1, 2025.

------

**SK TELECOM CO., LTD.** 

Condensed Separate Interim Financial Statements

**For the six-month period ended June 30, 2025** 

(With the Independent Auditor's Review report)

------

**Contents** 

---

| | |
|:---|:---|
|  | **Page** |
|  **[Independent Auditors' Review Report](#tx947104_9)** |  |
|  **[Condensed Separate Interim Financial Statements](#tx947104_10)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Separate Interim Statements of Financial Position](#tx947104_11) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Separate Interim Statements of Income](#tx947104_12) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Separate Interim Statements of Comprehensive Income](#tx947104_13) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Separate Interim Statements of Changes in Equity](#tx947104_14) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Separate Interim Statements of Cash Flows](#tx947104_15) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to the Condensed Separate Interim Financial Statements](#tx947104_16) | 8 |

---

------

**Independent Auditors' Review Report** 

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

To the Board of Directors and Shareholders

SK Telecom Co., Ltd.

**Reviewed financial statements** 

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

**Management's responsibility** 

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

**Auditors' review responsibility** 

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

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

**Conclusion** 

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

------

**Other matters** 

The accompanying condensed separate interim statements of income and comprehensive income for the three and six-month periods ended June 30, 2024, and the condensed separate interim statements of changes in equity and cash flows for the six-month period ended June 30, 2024, presented for comparative purposes were reviewed by another auditor, whose report dated August 12, 2024, stated that based on their review, nothing has come to their attention that causes them to believe those condensed separate interim financial statements do not present fairly, in all material respects, in accordance with K-IFRS No.1034, *Interim Financial Reporting*.

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

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

KPMG Samjong Accounting Corp.

Seoul, Korea

August 13, 2025

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

------

**SK TELECOM CO., LTD.** 

CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

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

FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024

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

**Ryu, Young-Sang** 

**Chief Executive Officer** 

**SK TELECOM CO., LTD.** 

------

SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Financial Position

As of June 30, 2025 and December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | ***Note*** | ***Note*** |  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  **Assets** |  |  |  |  |  |  |
|  **Current Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | | *2728* | | W | 796381 | 1165158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term financial instruments | | *2728* | |  | 79000 | 79000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – trade, net | | *4272829* | |  | 1602683 | 1508893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term loans, net | | *42728* | |  | 82193 | 55577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – other, net | | *427282930* | |  | 462071 | 390243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract assets | | *628* | |  | 6125 | 5275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | | *5* | |  | 1841178 | 1802742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee deposits | | *4272829* | |  | 60345 | 67521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial assets | | *2728* | |  |  | 80650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories, net |  |  |  |  | 32628 | 38982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current assets held for sale | | *33* | |  | 1094 | 11568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced payments and others | | *42728* | |  | 33750 | 36796 |
|  |  |  |  |  | **4997448** | **5242405** |
|  **Non-Current Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term financial instruments | | *2728* | |  | 354 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term investment securities | | *72728* | |  | 1291984 | 1418465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in subsidiaries, associates and joint ventures | | *8* | |  | 5957488 | 4899558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net | | *91129* | |  | 7950994 | 8515225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment property, net | | *10* | |  | 49467 | 35462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill |  |  |  |  | 1306236 | 1306236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets, net | | *12* | |  | 1410567 | 1683018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term loans, net | | *4272829* | |  | 470 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term accounts receivable – other, net | | *4272830* | |  | 229708 | 239008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term contract assets | | *628* | |  | 11665 | 13301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term prepaid expenses | | *5* | |  | 923119 | 894226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee deposits, net | | *4272829* | |  | 79194 | 85939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term derivative financial assets | | *2728* | |  | 100866 | 148172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defined benefit assets | | *16* | |  | 63857 | 103518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current assets |  |  |  |  | 249 | 249 |
|  |  |  |  |  | **19376218** | **19343221** |
|  **Total Assets** |  |  |  | W | **24373666** | **24585626** |

---

*(Continued)* 

------

SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Financial Position, Continued

As of June 30, 2025 and December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | ***Note*** | ***Note*** |  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  **Liabilities and Shareholders' Equity** |  |  |  |  |  |  |
|  **Current Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable – other | | *272829* | | W | 1796022 | 1543989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract liabilities | | *6* | |  | 94872 | 76682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholdings | | *2728* | |  | 826160 | 717547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | | *2728* | |  | 952161 | 996204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax payable | | *25* | |  | 149094 | 172008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions | | *1532* | |  | 32565 | 40710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt, net | | *132728* | |  | 1249455 | 1930070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities | | *272829* | |  | 296850 | 308141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term payables – other | | *142728* | |  | 366139 | 367765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial liabilities | | *2728* | |  |  | 78467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | | *2728* | |  | 17593 | 9303 |
|  |  |  |  |  | **5780911** | **6240886** |
|  **Non-Current Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures, excluding current portion, net | | *132728* | |  | 5235777 | 4955124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term borrowings, excluding current portion, net | | *132728* | |  | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term payables – other | | *142728* | |  | 178172 | 539955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term contract liabilities | | *6* | |  | 1606 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term derivative financial liabilities | | *2728* | |  | 9995 | 3437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term lease liabilities | | *272829* | |  | 758305 | 850311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term provisions | | *15* | |  | 67608 | 60395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities | | *25* | |  | 834038 | 717278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current liabilities | | *2728* | |  | 44267 | 55858 |
|  |  |  |  |  | **7329768** | **7383886** |
|  **Total Liabilities** |  |  |  |  | **13110679** | **13624772** |
|  **Shareholders' Equity:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share capital | | *117* | |  | 30493 | 30493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital surplus and others | | *1718* | |  | (4547750) | (4551820) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | | *19* | |  | 15411719 | 15273451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserves | | *20* | |  | 368525 | 208730 |
|  **Total Shareholders' Equity** |  |  |  |  | **11262987** | **10960854** |
|  **Total Liabilities and Shareholders' Equity** |  |  |  | W | **24373666** | **24585626** |

---

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

------

SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Income

For the three-month and six-month periods ended June 30, 2025 and 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won, except for earnings per share)* |  |  |  | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | ***Note*** | ***Note*** |  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** |
|  **Operating revenue:** | | *2129* | |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue |  |  |  | W | 3135120 | 6302575 | 3191528 | 6380208 |
|  **Operating expenses:** | | *29* | |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Labor |  |  |  |  | 224963 | 502952 | 238567 | 503999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commission | | *5* | |  | 1222694 | 2364369 | 1170120 | 2351632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization |  |  |  |  | 623904 | 1254495 | 656552 | 1323679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Network interconnection |  |  |  |  | 104610 | 212714 | 116455 | 241047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leased lines |  |  |  |  | 48521 | 96990 | 47210 | 95199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advertising |  |  |  |  | 22820 | 43373 | 25137 | 46166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rent |  |  |  |  | 32036 | 64345 | 29988 | 57405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of goods sold |  |  |  |  | 144105 | 289395 | 157063 | 299082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | | *22* | |  | 460569 | 740678 | 300021 | 575157 |
|  |  |  |  |  | 2884222 | 5569311 | 2741113 | 5493366 |
|  **Operating profit** |  |  |  |  | **250898** | **733264** | **450415** | **886842** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance income | | *24* | |  | 39061 | 239431 | 23963 | 242617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs | | *24* | |  | (112314) | (196963) | (89130) | (186009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating income | | *23* | |  | 18087 | 24967 | 5526 | 12299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating expenses | | *23* | |  | (12692) | (18004) | (5856) | (14716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain relating to investments in subsidiaries, associates and joint ventures, net | | *8* | |  | 11993 | 13352 | 1003 | 11479 |
|  **Profit before income tax** |  |  |  |  | **195033** | **796047** | **385921** | **952512** |
|  Income tax expense | | *25* | |  | 158150 | 284572 | 105590 | 180075 |
|  **Profit for the period** |  |  |  | W | **36883** | **511475** | **280331** | **772437** |
|  **Earnings per share:** |  | *26* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic earnings per share (in won) |  |  |  | W | 150 | 2356 | 1294 | 3583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted earnings per share (in won) |  |  |  |  | 150 | 2352 | 1292 | 3579 |

---

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

------

SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Comprehensive Income

For the three-month and six-month periods ended June 30, 2025 and 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | ***Note*** | ***Note*** |  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month**<br>**period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** |
|  **Profit for the period** |  |  |  | W | **36883** | **511475** | **280331** | **772437** |
|  **Other comprehensive income (loss): Items that will not be reclassified subsequently to profit or loss, net of taxes:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of defined benefit assets | | *16* | |  | (6511) | (25294) | 6707 | 7544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation gain (loss) on financial assets at fair value through other comprehensive income | | *20* | |  | 228190 | 218033 | (90215) | (16809) |
|  **Items that are or may be reclassified subsequently to profit or loss, net of taxes:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized fair value of derivatives | | *20* | |  | 4945 | 4055 | 3716 | 1837 |
|  **Other comprehensive income (loss) for period, net of taxes** |  |  |  |  | **226624** | **196794** | **(79792)** | **(7428)** |
|  **Total comprehensive income** |  |  |  | W | **263507** | **708269** | **200539** | **765009** |

---

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

------

SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Changes in Equity

For the six-month periods ended June 30, 2025 and 2024

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  | **Capital surplus and others** | **Capital surplus and others** | **Capital surplus and others** | **Capital surplus and others** | **Capital surplus and others** | **Capital surplus and others** |  |  |  |
|  | ***Note*** | **Share<br>capital** | **Share<br>capital** | **Paid-in surplus** | **Treasury shares** | **Hybrid bonds** | **Share option** | **Other** | **Sub-total** | **Retained**<br>**earnings** | **Reserves** | **Total<br>equity** |
|  **Balance as of January 1, 2024** |  | **W** | **30493** | **1771000** | **(301981)** | **398509** | **9818** | **(6643493)** | **(4766147)** | **15032473** | **139274** | **10436093** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  |  |  |  |  |  |  |  | 772437 |  | 772437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) | *1620* |  |  |  |  |  |  |  |  | (35611) | 28183 | (7428) |
|  |  |  |  |  |  |  |  |  |  | 736826 | 28183 | 765009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transactions with owners: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual dividends |  |  |  |  |  |  |  |  |  | (223335) |  | (223335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividends |  |  |  |  |  |  |  |  |  | (176691) |  | (176691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share option | *18* |  |  |  |  |  | (1467) | 1648 | 181 |  |  | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on hybrid bonds |  |  |  |  |  |  |  |  |  | (9900) |  | (9900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and disposal of treasury shares | *1718* |  |  |  | 9019 |  |  | 135 | 9154 |  |  | 9154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement of treasury shares | *1718* |  |  |  | 200000 |  |  |  | 200000 | (200000) |  |  |
|  |  |  |  |  | 209019 |  | (1467) | 1783 | 209335 | (609926) |  | (400591) |
|  **Balance as of June 30, 2024** |  | **W** | **30493** | **1771000** | **(92962)** | **398509** | **8351** | **(6641710)** | **(4556812)** | **15159373** | **167457** | **10800511** |
|  **Balance as of January 1, 2025** |  | **W** | **30493** | **1771000** | **(92962)** | **398509** | **14498** | **(6642865)** | **(4551820)** | **15273451** | **208730** | **10960854** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  |  |  |  |  |  |  |  | 511475 |  | 511475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income | *1620* |  |  |  |  |  |  |  |  | 36999 | 159795 | 196794 |
|  |  |  |  |  |  |  |  |  |  | 548474 | 159795 | 708269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transactions with owners: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual dividends |  |  |  |  |  |  |  |  |  | (223531) |  | (223531) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividends |  |  |  |  |  |  |  |  |  | (176775) |  | (176775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share option | *18* |  |  |  |  |  | 13 | (1259) | (1246) |  |  | (1246) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on hybrid bonds |  |  |  |  |  |  |  |  |  | (9900) |  | (9900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal of treasury shares | *1718* |  |  |  | 4429 |  |  | 887 | 5316 |  |  | 5316 |
|  |  |  |  |  | 4429 |  | 13 | (372) | 4070 | (410206) |  | (406136) |
|  **Balance as of June 30, 2025** |  | **W** | **30493** | **1771000** | **(88533)** | **398509** | **14511** | **(6643237)** | **(4547750)** | **15411719** | **368525** | **11262987** |

---

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

------

SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Cash Flows

For the six-month periods ended June 30, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | ***Note*** | **2025** | **2025** | **2024** |
|  **Cash flows from operating activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash generated from operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  | W | 511475 | 772437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments for income and expenses | *31* |  | 1583290 | 1566434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities related to operating activities | *31* |  | 166004 | (254600) |
|  |  |  | 2260769 | 2084271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest received |  |  | 16739 | 18238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends received |  |  | 206223 | 201629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid |  |  | (153279) | (166095) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax paid |  |  | (257914) | (127745) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by operating activities** |  |  | **2072538** | **2010298** |
|  **Cash flows from investing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash inflows from investing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in short-term financial instruments, net |  |  |  | 85491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collection of short-term loans |  |  | 34042 | 62540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of long-term investment securities |  |  | 396161 | 32485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of investments in subsidiaries, associates and joint ventures |  |  | 1775 | 17154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of non-current assets held for sale |  |  | 24234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of property and equipment |  |  | 5383 | 4098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of intangible assets |  |  | 3508 | 1611 |
|  |  |  | 465103 | 203379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash outflows for investing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in short-term loans |  |  | (60907) | (52987) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of long-term investment securities |  |  | (500) | (1145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash outflows from settlement of derivatives |  |  | (78467) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of investments in subsidiaries, associates and joint ventures |  |  | (1081718) | (46340) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of property and equipment |  |  | (460819) | (817022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of intangible assets |  |  | (22387) | (4994) |
|  |  |  | (1704798) | (922488) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in investing activities** |  | W | **(1239695)** | **(719109)** |

---

*(Continued)* 

------

SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Cash Flows, Continued

For the six-month periods ended June 30, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | ***Note*** | **2025** | **2025** | **2024** |
|  **Cash flows from financing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash inflows from financing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of debentures |  | W | 807466 | 398306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash inflows from settlement of derivatives |  |  | 52859 |  |
|  |  |  | 860325 | 398306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash outflows for financing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of long-term borrowings |  |  | (200000) | (370000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of long-term payables – other |  |  | (369150) | (369150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of debentures |  |  | (934420) | (350000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of dividends |  |  | (400306) | (400007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of treasury shares |  |  |  | (15788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of interest on hybrid bonds |  |  | (9900) | (9900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of lease liabilities |  |  | (147978) | (154022) |
|  |  |  | (2061754) | (1668867) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in financing activities** |  |  | **(1201429)** | **(1270561)** |
|  **Net increase (decrease) in cash and cash equivalents** |  |  | **(368586)** | **20628** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents at beginning of the period |  |  | 1165158 | 631066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effects of exchange rate changes on cash and cash equivalents |  |  | (191) | 275 |
|  **Cash and cash equivalents at end of the period** |  | W | **796381** | **651969** |

---

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

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of shares** | **Percentage of**<br>**total shares issued (%)** |  |  |  |
| | **Number of shares** | **Percentage of**<br>**total shares issued (%)** | SK Inc. | 65668397.0 | 30.57 |
|  National Pension Service | 16154539 | 7.52 |  |  |  |
|  Institutional investors and other shareholders | 127312852 | 59.28 |  |  |  |
|  Kakao Investment Co., Ltd. | 3846487 | 1.79 |  |  |  |
|  Treasury shares | 1807778 | 0.84 |  |  |  |
|  | 214790053 | 100.00 |  |  |  |

---

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

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

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

These interim financial statements are condensed separate interim financial statements prepared in accordance with KIFRS 1027, *Separate Financial Statements,* presented by a parent, an investor with joint control of or significant influence over an investee, in which the investments are accounted for at cost less impairment, if any.

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

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

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

1) Critical judgments, assumptions and estimation uncertainties

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

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

2) Fair value measurement

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

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

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

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

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

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

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

The information about assumptions used for fair value measurements is included in note 28.

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

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

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

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

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

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**4.** **Trade and Other Receivables** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Gross amount** | **Gross amount** | **Loss allowance** | **Carrying amount** |
|  Current assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – trade | W | 1712884 | (110201) | 1602683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term loans |  | 83023 | (830) | 82193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – other(\*) |  | 485087 | (23016) | 462071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee deposits |  | 60345 |  | 60345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 1296 |  | 1296 |
|  |  | 2342635 | (134047) | 2208588 |
|  Non-current assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term loans |  | 41510 | (41040) | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term accounts receivable – other(\*) |  | 229708 |  | 229708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee deposits |  | 79194 |  | 79194 |
|  |  | 350412 | (41040) | 309372 |
|  | W | 2693047 | (175087) | 2517960 |

---

---

| | |
|:---|:---|
| (\*) | Gross and carrying amounts of accounts receivable – other as of June 30, 2025 include W202,354 million of financial instruments classified as fair value through profit or loss ("FVTPL").  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Gross amount** | **Gross amount** | **Loss allowance** | **Carrying amount** |
|  Current assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – trade | W | 1611947 | (103054) | 1508893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term loans |  | 56138 | (561) | 55577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – other(\*) |  | 412310 | (22067) | 390243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee deposits |  | 67521 |  | 67521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 2243 |  | 2243 |
|  |  | 2150159 | (125682) | 2024477 |
|  Non-current assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term loans |  | 41530 | (41040) | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term accounts receivable – other(\*) |  | 239008 |  | 239008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee deposits |  | 85939 |  | 85939 |
|  |  | 366477 | (41040) | 325437 |
|  | W | 2516636 | (166722) | 2349914 |

---

---

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

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** |
|  | **Beginning balance** | **Beginning balance** | **Impairment** | **Write-offs(\*)** | **Collection of<br>receivables<br>previously<br>written-off** | **Ending balance** |
|  Accounts receivable – trade | W | 103054 | 18908 | (14994) | 3233 | 110201 |
|  Accounts receivable – other, etc. |  | 63668 | 3326 | (2374) | 266 | 64886 |
|  | W | 166722 | 22234 | (17368) | 3499 | 175087 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(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 six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** |
|  | **Beginning balance** | **Beginning balance** | **Impairment** | **Write-offs(\*)** | **Collection of<br>receivables<br>previously<br>written-off** | **Ending balance** |
|  Accounts receivable – trade | W | 94245 | 15343 | (15363) | 3643 | 97868 |
|  Accounts receivable – other, etc. |  | 69555 | 2520 | (8344) | 621 | 64352 |
|  | W | 163800 | 17863 | (23707) | 4264 | 162220 |

---

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

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

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

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

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**5. Prepaid Expenses** 

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Current assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental costs of obtaining contracts | W | 1788504 | 1773253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 52674 | 29489 |
|  | W | 1841178 | 1802742 |
|  Non-current assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental costs of obtaining contracts | W | 882434 | 856138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 40685 | 38088 |
|  | W | 923119 | 894226 |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** |
|  Amortization recognized | W | 582949 |  | 1161934 |  | 583815 |  | 1171301 |

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**6.** **Contract Assets and Liabilities** 

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Contract assets: | W | 17790 | 18576 |
|  Contract liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless service contracts |  | 18935 | 20275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer loyalty programs |  | 5667 | 5694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 71876 | 52241 |
|  | W | 96478 | 78210 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Amounts of revenue recognized for the six-month periods ended June 30, 2025 and 2024 related to the
contract liabilities carried forward from the prior periods are W 35,574 million and W 26,487 million, respectively.

**7.** **Long-term Investment Securities** 

Details of long-term investment securities as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **Category** | **Category** |  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  Equity instruments |  | FVOCI | (\*) | W | 1219397 |  | 1342902 |
|  Debt instruments |  | FVTPL |  |  | 72587 |  | 75563 |
|  |  |  |  | W | 1291984 |  | 1418465 |

---

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

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**8.** **Investments in Subsidiaries, Associates and Joint Ventures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Investments in subsidiaries, associates and joint ventures as of June 30, 2025 and December 31, 2024
are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | | | | |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  Investments in subsidiaries | W | 4585754 |  | 3519072 |
|  Investments in associates and joint ventures | | 1,371,734 | | 1,380,486 |
|  | W | 5,957,488 | | 4,899,558 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Details of investments in subsidiaries as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won, except for share data)* |  |  |  |  |  |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  | **Number of shares** | **Ownership**<br>**(%)** | **Carrying<br>amount** | **Carrying<br>amount** | **Carrying**<br>**amount** |
|  SK Telink Co., Ltd. | 1432627 | 100.0 | W | 244040 | 244040 |
|  SK Broadband Co., Ltd.(\*1) | 398595779 | 99.1 |  | 3285853 | 2218450 |
|  PS&Marketing Corporation | 66000000 | 100.0 |  | 314038 | 314038 |
|  SERVICE ACE Co., Ltd. | 4385400 | 100.0 |  | 21963 | 21963 |
|  SK Telecom China Holdings Co., Ltd. |  | 100.0 |  | 48096 | 48096 |
|  SK Telecom Americas, Inc.(\*2) | 122 | 100.0 |  | 129803 | 128916 |
|  Atlas Investment(\*3) |  | 100.0 |  | 240525 | 238675 |
|  SK stoa Co., Ltd. | 3631355 | 100.0 |  | 40081 | 40081 |
|  SAPEON Inc. | 400000 | 62.5 |  | 48456 | 48456 |
|  Astra AI Infra LLC(\*4) |  | 100.0 |  | 182733 | 182805 |
|  SK O&S Co., Ltd. and others(\*5) |  |  |  | 30166 | 33552 |
|  |  |  | W | 4585754 | 3519072 |

---

---

| | |
|:---|:---|
| (\*1) | The Company acquired an additional 99,543,344 shares (24.7%) of SK Broadband Co., Ltd. for W1,067,403 million in cash for the six-month period ended June 30, 2025.  |

---

(\*2) The Company contributed an additional W887 million in cash for the six-month period ended June 30, 2025, but there is no change in the ownership interest.

(\*3) The Company contributed an additional W1,850 million in cash for the six-month period ended June 30, 2025, but there is no change in the ownership interest.

(\*4) The Company reduced the acquisition cost by W72 million for the six-month period ended June 30, 2025, following the settlement of the cash contribution.

(\*5) The Company received W1,775 million from the liquidation of YTK Investment Ltd. and recognized a W1,611 million loss relating to investments in subsidiaries for the six-month period ended June 30, 2025.

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**8.** **Investments in Subsidiaries, Associates and Joint Ventures, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Details of investments in associates and joint ventures as of June 30, 2025 and December 31, 2024 are
as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won, except for share data)* |  |  |  |  |  |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  | **Number of shares** | **Ownership**<br>**(%)** | **Carrying<br>amount** | **Carrying<br>amount** | **Carrying**<br>**amount** |
|  **Investments in associates:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK China Company Ltd. | 10928921 | 27.3 | W | 601192 | 601192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea IT Fund(\*1) | 190 | 63.3 |  | 220957 | 220957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Technology Innovation Company | 7840 | 49.0 |  | 24308 | 24308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Culture & Contents Co., Ltd. | 22033898 | 22.8 |  | 41578 | 41578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK South East Asia Investment Pte. Ltd. | 300000000 | 20.0 |  | 344240 | 344240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel Pacific Telecom Holdings, LLC(\*2) | 1734109 | 15.0 |  | 36487 | 36487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMES Inc.(\*2) | 763968 | 6.6 |  | 5488 | 5488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Konan Technology Inc. | 2359160 | 20.6 |  | 22413 | 22413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12CM JAPAN and others(\*2,3,4,5) |  |  |  | 65071 | 73823 |
|  |  |  |  | 1361734 | 1370486 |
|  **Investments in joint ventures:** |  |  |  |  |  |
|  UTC Kakao-SK Telecom ESG Fund(\*6) | 10000 | 48.2 |  | 10000 | 10000 |
|  |  |  | W | 1371734 | 1380486 |

---

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

---

| | |
|:---|:---|
| (\*2) | These investments were classified as investments in associates as the Company can exercise significant influence through its right to appoint the members of the board of directors even though the Company has less than 20% of equity interests.  |

---

---

| | |
|:---|:---|
| (\*3) | The Company contributed an additional W1,000 million in cash to AhnLab Blockchain Company for the six-month period ended June 30, 2025, and the ownership interest of the Company increased from 19.5% to 30.0%.  |

---

(\*4) The Company recognized a W2,298 million gain relating to investments in associates from the paid-in capital reduction of SK MENA Investment B.V. for the six-month period ended June 30, 2025, with no change in ownership interest.

(\*5) The Company reclassified the entire shares of SK Investment Management Co., Ltd. as non-current assets held for sale as of June 30, 2025. (See Note 33)

(\*6) This investment was classified as investment in joint venture as the Company has a joint control pursuant to the agreement with the other shareholders.

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**8.** **Investments in Subsidiaries, Associates and Joint Ventures, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Market value of investments in listed associates as of June 30, 2025 and December 31, 2024 are as
follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* | *(In millions of won, except for share data)* |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Market price<br>per share**<br>**(in won)** | **Market price<br>per share**<br>**(in won)** | **Number of<br>shares** | **Market value** | **Market price**<br> **per share** | **Number of<br>shares** | **Market value** |
|  | **Market price<br>per share**<br>**(in won)** | **Market price<br>per share**<br>**(in won)** | **Number of<br>shares** | **Market value** | **(in won)** | **Number of<br>shares** | **Market value** |
|  SM Culture & Contents Co., Ltd. | W | 1482 | 22033898 | 32654 | 1400 | 22033898 | 30847 |
|  Konan Technology Inc. |  | 40300 | 2359160 | 95074 | 19470 | 2359160 | 45933 |
|  CMES Inc. |  | 24300 | 763968 | 18564 | 24000 | 763968 | 18335 |

---

**9.** **Property and Equipment** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Transfer** | **Depreciation** | **Impairment** | **Ending**<br>**balance** |
|  Land | W | 739856 |  | (226) | 21378 |  |  | 761008 |
|  Buildings |  | 577375 | 30 | (210) | 3594 | (21525) |  | 559264 |
|  Structures |  | 210029 | 180 | (5) | 3707 | (17462) |  | 196449 |
|  Machinery |  | 5130188 | 18795 | (185) | 254923 | (741402) | (359) | 4661960 |
|  Right-of-use assets |  | 1082984 | 81098 | (32567) | (1837) | (175377) |  | 954301 |
|  Other |  | 332094 | 27609 | (1961) | (62213) | (26818) |  | 268711 |
|  Construction in progress |  | 442699 | 379671 |  | (273069) |  |  | 549301 |
|  | W | 8515225 | 507383 | (35154) | (53517) | (982584) | (359) | 7950994 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(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 six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Transfer** | **Depreciation** | **Ending**<br>**balance** |
|  Land | W | 723069 | 11 | (225) | 10717 |  | 733572 |
|  Buildings |  | 568270 | 472 | (252) | 33477 | (21507) | 580460 |
|  Structures |  | 233450 | 187 | (76) | 5350 | (19372) | 219539 |
|  Machinery |  | 5230866 | 19922 | (86) | 603084 | (789855) | 5063931 |
|  Right-of-use assets |  | 1226875 | 104403 | (23276) | 3487 | (176330) | 1135159 |
|  Other |  | 436854 | 209480 | (1432) | (185814) | (32214) | 426874 |
|  Construction in progress |  | 657075 | 238044 | (767) | (511610) |  | 382742 |
|  | W | 9076459 | 572519 | (26114) | (41309) | (1039278) | 8542277 |

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**10.** **Investment Property** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Transfer** | **Depreciation** | **Ending<br>balance** |
|  Land | W | 15069 | 7673 |  | 22742 |
|  Buildings |  | 18334 | 6213 | (1092) | 23455 |
|  Right-of-use assets |  | 2059 | 1461 | (250) | 3270 |
|  | W | 35462 | 15347 | (1342) | 49467 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(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 six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Transfer** | **Depreciation** | **Ending<br>balance** |
|  Land | W | 16288 | (531) |  | 15757 |
|  Buildings |  | 18284 | 2420 | (972) | 19732 |
|  Right-of-use assets |  | 11508 | (3008) | (2001) | 6499 |
|  | W | 46080 | (1119) | (2973) | 41988 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company recognized lease income of W 6,969 million and W 9,985 million from
investment property for the six-month periods ended June 30, 2025 and 2024, respectively.

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**11.** **Leases** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  Right-of-use assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land, buildings and structures | W | 757864 |  | 853393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 196437 |  | 229591 |
|  | W | 954301 |  | 1082984 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the six-month period ended** | **For the six-month period ended** | **For the six-month period ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** |
|  Depreciation of right-of-use assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land, buildings and structures | W | 139004 | 137749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*) |  | 36373 | 38581 |
|  | W | 175377 | 176330 |
|  Interest expense on lease liabilities | W | 14674 | 15670 |

---

---

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

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The total cash outflows for lease payments for the six-month periods ended June 30, 2025 and 2024 amounted
to W 163,005 million and W 169,750 million, respectively.

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**12.** **Intangible Assets** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Transfer** | **Amortization** | **Ending**<br>**balance** |
|  Frequency usage rights | W | 1135546 |  |  |  | (235530) | 900016 |
|  Land usage rights |  | 269 | 63 |  |  | (92) | 240 |
|  Industrial rights |  | 20169 | 2355 |  |  | (2258) | 20266 |
|  Facility usage rights |  | 12855 | 237 | (2) | 219 | (1289) | 12020 |
|  Club memberships(\*1) |  | 45202 | 4029 | (2152) |  |  | 47079 |
|  Other(\*2) |  | 468977 | 15703 | (410) | 37574 | (90898) | 430946 |
|  | W | 1683018 | 22387 | (2564) | 37793 | (330067) | 1410567 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(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 six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Transfer** | **Amortization** | **Ending**<br>**balance** |
|  Frequency usage rights | W | 1606606 |  |  |  | (235530) | 1371076 |
|  Land usage rights |  | 542 | 60 | (5) |  | (209) | 388 |
|  Industrial rights |  | 18790 | 2283 | (240) |  | (2429) | 18404 |
|  Facility usage rights |  | 13435 | 622 |  | 487 | (1341) | 13203 |
|  Club memberships(\*1) |  | 59001 | 617 | (667) |  |  | 58951 |
|  Other(\*2) |  | 552455 | 1412 | (1019) | 41471 | (107965) | 486354 |
|  | W | 2250829 | 4994 | (1931) | 41958 | (347474) | 1948376 |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |  |
|  | **Amount** | **Amount** | **Amortization methods** | **Commencement of<br>amortization** | **Completion of<br>amortization** |
|  800 MHz license | W | 43916 |  | Jul. 2021 | Jun. 2026 |
| 1.8 GHz license |  | 149859 |  | Dec. 2021 | Dec. 2026 |
| 2.6 GHz license |  | 182120 | Straight-line basis | Sept. 2016 | Dec. 2026 |
| 2.1 GHz license |  | 112627 |  | Dec. 2021 | Dec. 2026 |
| 3.5 GHz license |  | 411494 |  | Apr. 2019 | Nov. 2028 |
|  | W | 900016 |  |  |  |

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**13.** **Borrowings and Debentures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Changes in long-term borrowings for the six-month period ended June 30, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **Lender** | **Annual**<br>**interest rate (%)** | **Maturity** | **Book value** | **Book value** |
|  Current |  |  |  | W | 250000 |
|  Non-current |  |  |  |  | 200000 |
|  As of January 1, 2025 |  |  |  |  | 450000 |
|  Repayments of long-term borrowing: | Repayments of long-term borrowing: | Repayments of long-term borrowing: | Repayments of long-term borrowing: | Repayments of long-term borrowing: | Repayments of long-term borrowing: |
|  | DBS Bank Ltd. | 2.63 | Mar. 10, 2025 |  | (200000) |
|  Current |  |  |  |  | 50000 |
|  Non-current |  |  |  |  | 200000 |
|  As of June 30, 2025 |  |  |  | W | 250000 |

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**13.** **Borrowings and Debentures, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Changes in debentures for the six-month period ended June 30, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* | *(In millions of won and thousands of U.S. dollars)* |
|  | **Purpose** | **Annual<br>interest rate**<br>**(%)** | **Maturity** | **Face value** | **Face value** | **Book value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current |  |  |  | W | 1681000 | 1680070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current |  |  |  |  | 4968000 | 4955124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of January 1, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of January 1, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of January 1, 2025 |  |  | 6649000 | 6635194 |
|  Debentures newly issued: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured | Refinancing fund | 2.98 | Feb. 21, 2028 |  | 190000 | 189193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; corporate bonds | Refinancing fund | 3.05 | Feb. 21, 2030 |  | 70000 | 69692 |
|  | Refinancing fund | 3.17 | Feb. 21, 2035 |  | 140000 | 139418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating rate notes(\*1) | Operating fund | SOFR rate | May. 26, 2028 |  | 410490 | 409163 |
|  |  | +0.59 |  |  | USD 300,000 | USD 300,000 |
|  |  |  |  |  | 810490 | 807466 |
|  Debentures repaid: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured | Operating and | 2.49 | Feb. 26, 2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; corporate bonds | Refinancing fund |  |  |  | (150000) | (150000) |
|  | Operating fund | 1.75 | Jan. 14, 2025 |  | (130000) | (130000) |
|  | Refinancing fund | 3.80 | Apr.12, 2025 |  | (240000) | (240000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating rate notes | Operating fund | SOFR rate | Jun. 4, 2025 |  | (414420) | (414420) |
|  |  | +1.17 |  |  | (USD 300,000) | (USD 300,000) |
|  |  |  |  |  | (934420) | (934420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other changes(\*2) |  |  |  |  | (75590) | (73008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current(\*3) |  |  |  |  | 1200000 | 1199455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current(\*3) |  |  |  |  | 5249480 | 5235777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of June 30, 2025 |  |  |  | W | 6449480 | 6435232 |

---

---

| | |
|:---|:---|
| (\*1) | Applied interest rate is the SOFR rate of 4.34% as of June 30, 2025.  |

---

(\*2) Other changes primarily reflect foreign currency translation effect of debentures and amortization of debentures issuance discount for the six-month period ended June 30, 2025.

(\*3) W479,593 million was reclassified from non-current to current for the six-month period ended June 30, 2025.

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**14.** **Long-Term Payables – Other** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) As of June 30, 2025 and December 31, 2024, details of long-term payables – other which consist
of payables related to the acquisition of frequency usage rights are as follows (See note 12):

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Long-term payables – other | W | 551925 | 921075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Present value discount on long-term payables – other |  | (7614) | (13355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term payables – other |  | (366139) | (367765) |
|  Carrying amount at period end | W | 178172 | 539955 |

---

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

---

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

---

**15.** **Provisions** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase** | **Utilization** | **Reversal** | **Ending<br>balance** | **Current** | **Non-current** |
|  Provision for restoration | W | 101077 | 1896 | (3439) | (385) | 99149 | 31541 | 67608 |
|  Emission allowance |  | 28 | 1034 |  | (38) | 1024 | 1024 |  |
|  | W | 101105 | 2930 | (3439) | (423) | 100173 | 32565 | 67608 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **As of June 30, 2024** | **As of June 30, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase** | **Utilization** | **Reversal** | **Ending<br>balance** | **Current** | **Non-current** |
|  Provision for restoration | W | 100282 | 2546 | (1374) | (434) | 101020 | 30970 | 70050 |
|  Emission allowance |  | 822 | 985 |  | (38) | 1769 | 1769 |  |
|  | W | 101104 | 3531 | (1374) | (472) | 102789 | 32739 | 70050 |

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**16.** **Defined Benefit Assets** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Present value of defined benefit obligations | W | 540090 | 504857 |
|  Fair value of plan assets |  | (603947) | (608375) |
|  | W | (63857) | (103518) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **For the six-month period ended** | **For the six-month period ended** | **For the six-month period ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** |
|  Beginning balance | W | 504857 | 493541 |
|  Current service cost |  | 25559 | 25253 |
|  Interest cost |  | 9242 | 10056 |
|  Remeasurement - Adjustment based on experience |  | 36252 | (8239) |
|  Benefit paid |  | (43773) | (23467) |
|  Others |  | 7953 | 8247 |
|  Ending balance | W | 540090 | 505391 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **For the six-month period ended** | **For the six-month period ended** | **For the six-month period ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** |
|  Beginning balance | W | 608375 | 578685 |
|  Interest income |  | 10926 | 11976 |
|  Remeasurement |  | 2132 | 1742 |
|  Contribution |  | 55000 | 20000 |
|  Benefit paid |  | (76471) | (30904) |
|  Others |  | 3985 | 2242 |
|  Ending balance | W | 603947 | 583741 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **For the six-month period ended** | **For the six-month period ended** | **For the six-month period ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** |
|  Current service cost | W | 25559 | 25253 |
|  Net interest income |  | (1684) | (1920) |
|  | W | 23875 | 23333 |

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**17.** **Share Capital and Capital Surplus and Others** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won, except for share data)* |  |  |  |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Number of authorized shares |  | 670000000 | 670000000 |
|  Number of issued shares |  | 214790053 | 214790053 |
|  Share capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares(\*1) | W | 30493 | 30493 |
|  Capital surplus and others: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in surplus |  | 1771000 | 1771000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury shares |  | (88533) | (92962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hybrid bonds(\*2) |  | 398509 | 398509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share option(Note 18) |  | 14511 | 14498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | (6643237) | (6642865) |
|  | W | (4547750) | (4551820) |

---

---

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

---

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

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

---

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

---

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

---

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

---

---

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

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**18.** **Share-Based Payment Arrangement** 

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

1) Share-based payment arrangement with cash alternatives

---

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

---

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

2) Cash-settled share-based payment arrangement

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

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**18.** **Share-Based Payment Arrangement, Continued** 

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

3) Equity-settled share-based payment arrangement

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

---

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

---

---

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

---

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

---

| | | |
|:---|:---|:---|
| *(In millions of won)* | | |
|  | **Share compensation expense** | **Share compensation expense** |
|  As of December 31, 2024 | W | 158596 |
|  For the six-month period ended June 30, 2025 |  | 269 |
|  | W | 158865 |

---

The liabilities recognized by the Company in relation to the share-based payment arrangement with cash alternatives are W1,933 million and W7,283 million, respectively, which are included in accrued expenses as of June 30, 2025 and December 31, 2024.

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

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**18.** **Share-Based Payment Arrangement, Continued** 

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

1) Share-based payment arrangement with cash alternatives

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In won)* | **Series** | **Series** | **Series** | **Series** |
|  | **5** | **6** | **7-1** | **7-2** |
|  Risk-free interest rate | 2.43% | 2.30% | 2.54% | 2.43% |
|  Estimated option's life | 7 years | 5 years | 7 years | 5 years |
|  Share price on the remeasurement date | 56700 | 56700 | 56700 | 56700 |
|  Expected volatility | 18.10% | 18.10% | 18.10% | 18.10% |
|  Expected dividends yield | 6.24% | 6.24% | 6.24% | 6.24% |
|  Exercise price | 38452 | 50276 | 56860 | 56860 |
|  Per-share fair value of the option | 18248 | 6721 | 4862 | 3832 |

---

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

---

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

---

2) Equity-settled share-based payment arrangement

---

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

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**19.** **Retained Earnings** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Appropriated: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal reserve | W | 22320 | 22320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for business expansion |  | 10131138 | 9981138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for technology development |  | 4865300 | 4715300 |
|  |  | 14996438 | 14696438 |
|  Unappropriated |  | 392961 | 554693 |
|  | W | 15411719 | 15273451 |

---

**20.** **Reserves** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Valuation gain on FVOCI | W | 369465 | 213725 |
|  Valuation loss on derivatives |  | (940) | (4995) |
|  | W | 368525 | 208730 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **Valuation gain on financial<br>assets at FVOCI** | **Valuation gain on financial<br>assets at FVOCI** | **Valuation gain (loss) on<br>derivatives** | **Total** |
|  Balance at January 1, 2024 | W | 139548 | (274) | 139274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes, net of taxes |  | 26346 | 1837 | 28183 |
|  Balance at June 30, 2024 |  | 165894 | 1563 | 167457 |
|  Balance at January 1, 2025 |  | 213725 | (4995) | 208730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes, net of taxes |  | 155740 | 4055 | 159795 |
|  Balance at June 30, 2025 | W | 369465 | (940) | 368525 |

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**21.** **Operating Revenue** 

Disaggregation of operating revenues considering the economic factors that affect the nature, amounts, timing and uncertainty of the Company's revenue and future cash flows is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** | **Three-month<br>period ended**<br>**June 30** | **Six-month**<br>**period ended**<br>**June 30** |
|  Products transferred at a point in time: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product sales | W | 36575 | 75801 | 46602 | 81691 |
|  Services transferred over time: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless service revenue(\*1) |  | 2622847 | 5284404 | 2673538 | 5338099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cellular interconnection revenue |  | 93626 | 191087 | 108406 | 221286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*2) |  | 382072 | 751283 | 362982 | 739132 |
|  |  | 3098545 | 6226774 | 3144926 | 6298517 |
|  | W | 3135120 | 6302575 | 3191528 | 6380208 |

---

(\*1) Wireless service revenue includes revenue from wireless voice and data transmission services, which is collected from the wireless subscribers.

(\*2) Other revenue includes revenue from billing and collection services as well as other miscellaneous services.

The Company has a right to receive consideration from a customer in an amount that corresponds directly with the value of telecommunications service provided; thus, the Company applies practical expedient method and recognizes revenue in the amount to which the Company has a right to invoice.

Most of the Company's transactions are occurring in Korea as it principally operates its businesses in Korea.

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**22.** **Other Operating Expenses** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month**<br>**period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month**<br>**period ended<br>June 30** |
|  Communication | W | 6825 | 13283 | 6789 | 13542 |
|  Utilities |  | 90084 | 186966 | 92730 | 190432 |
|  Taxes and dues |  | 20083 | 26839 | 18677 | 22054 |
|  Repair |  | 60497 | 120748 | 68533 | 129332 |
|  Research and development |  | 83686 | 165634 | 90344 | 170268 |
|  Training |  | 3031 | 8396 | 4112 | 9721 |
|  Bad debt for accounts receivable – trade |  | 9603 | 18908 | 8316 | 15343 |
|  Supplies and others |  | 186760 | 199904 | 10520 | 24465 |
|  | W | 460569 | 740678 | 300021 | 575157 |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended**<br>**June 30** | **Three-month<br>period ended**<br>**June 30** | **Six-month**<br>**period ended<br>June 30** | **Three-month<br>period ended**<br>**June 30** | **Six-month**<br>**period ended**<br>**June 30** |
|  **Other Non-operating Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of property and equipment and intangible assets | W | 3030 | 8534 | 3867 | 7148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 15057 | 16433 | 1659 | 5151 |
|  | W | 18087 | 24967 | 5526 | 12299 |
|  **Other Non-operating Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of property and equipment and intangible assets | W | 1458 | 3165 | 2217 | 3640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on property and equipment and intangible assets |  |  | 359 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations |  | 6612 | 8522 | 3318 | 7928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bad debt for accounts receivable – other |  | 2497 | 3326 | 1201 | 2520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 2125 | 2632 | (880) | 628 |
|  | W | 12692 | 18004 | 5856 | 14716 |

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**24.** **Finance Income and Costs** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** |
|  **Finance Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | W | 12609 | 23472 | 10740 | 18695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends |  | 20915 | 207983 | 10482 | 201629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign currency transactions |  | 4799 | 6614 | 1416 | 3223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign currency translations |  | 735 | 1355 | 731 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain relating to financial instruments at FVTPL |  | 3 | 7 | 594 | 17583 |
|  | W | 39061 | 239431 | 23963 | 242617 |
|  **Finance Costs:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expenses | W | 72124 | 147928 | 77803 | 161375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on sale of accounts receivable – other |  | 3825 | 8768 | 9368 | 21044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency transactions |  | 4675 | 8038 | 1644 | 2854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency translations |  | 1088 | 1474 | 378 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss relating to financial instruments at FVTPL |  | (52) | 101 | (63) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on settlement of derivatives |  | 7298 | 7298 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other finance costs |  | 23356 | 23356 |  |  |
|  | W | 112314 | 196963 | 89130 | 186009 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended**<br>**June 30** | **Three-month<br>period ended**<br>**June 30** | **Six-month**<br>**period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** |
|  Interest income on cash equivalents and short-term financial instruments | W | 8013 | 13878 | 6602 | 10287 |
|  Interest income on loans and others |  | 4596 | 9594 | 4138 | 8408 |
|  | W | 12609 | 23472 | 10740 | 18695 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month**<br>**period ended<br>June 30** |
|  Interest expense on borrowings | W | 4333 | 8625 | 4331 | 10101 |
|  Interest expense on debentures |  | 52456 | 105045 | 54454 | 109208 |
|  Others |  | 15335 | 34258 | 19018 | 42066 |
|  | W | 72124 | 147928 | 77803 | 161375 |

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month**<br>**period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month**<br>**period ended<br>June 30** |
|  Accounts receivable – trade | W | 9603 | 18908 | 8316 | 15343 |
|  Other receivables |  | 2497 | 3326 | 1201 | 2520 |
|  | W | 12100 | 22234 | 9517 | 17863 |

---

**25.** **Income Tax Expense** 

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

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**26.** **Earnings per Share** 

Earnings per share is calculated for profit of the Company per common share and dilutive potential common share, and details are as follows:

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

1) Basic earnings per share for the three and six-month periods ended June 30, 2025 and 2024 are calculated as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won, except for share data and basic earnings per share)* | *(In millions of won, except for share data and basic earnings per share)* | *(In millions of won, except for share data and basic earnings per share)* | *(In millions of won, except for share data and basic earnings per share)* | *(In millions of won, except for share data and basic earnings per share)* | *(In millions of won, except for share data and basic earnings per share)* |
|  | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month**<br>**period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** |
|  Profit for the period | W | 36883 | 511475 | 280331 | 772437 |
|  Interest on hybrid bonds |  | (4950) | (9900) | (4950) | (9900) |
|  Profit for the period on common shares |  | 31933 | 501575 | 275381 | 762537 |
|  Weighted average number of common shares outstanding |  | 212959976 | 212923363 | 212884657 | 212809515 |
|  Basic earnings per share (in won) | W | 150 | 2356 | 1294 | 3583 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *(In shares)* |  | **Weighted average number of<br>common shares** | **Weighted average number of<br>common shares** |
|  | **Number of**<br>**common shares** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** |
|  Issued shares as of January 1, 2025 | 214790053 | 214790053 | 214790053 |
|  Treasury shares as of January 1, 2025 | (1903711) | (1903711) | (1903711) |
|  Disposal of treasury shares | 95933 | 73634 | 37021 |
|  | 212982275 | 212959976 | 212923363 |

---

---

| | | | |
|:---|:---|:---|:---|
| *(In shares)* |  | **Weighted average number of<br>common shares** | **Weighted average number of<br>common shares** |
|  | **Number of**<br>**common shares** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** |
|  Issued shares as of January 1, 2024 | 218833144 | 218833144 | 218833144 |
|  Treasury shares as of January 1, 2024 | (6133414) | (6133414) | (6133414) |
|  Acquisition of treasury shares | (317000) | (317000) | (313610) |
|  Disposal of treasury shares | 503612 | 501927 | 423395 |
|  | 212886342 | 212884657 | 212809515 |

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**26.** **Earnings per Share, Continued** 

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

1) Diluted earnings per share for the three and six-month periods ended June 30, 2025 and 2024 are calculated as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won, except for share data and diluted earnings per share)* | *(In millions of won, except for share data and diluted earnings per share)* | *(In millions of won, except for share data and diluted earnings per share)* | *(In millions of won, except for share data and diluted earnings per share)* | *(In millions of won, except for share data and diluted earnings per share)* | *(In millions of won, except for share data and diluted earnings per share)* |
|  | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month**<br>**period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** |
|  Profit for the period on common shares | W | 31933 | 501575 | 275381 | 762537 |
|  Adjusted weighted average number of common shares outstanding |  | 213297609 | 213262279 | 213129019 | 213053462 |
|  Diluted earnings per share (in won) | W | 150 | 2352 | 1292 | 3579 |

---

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

---

| | | |
|:---|:---|:---|
| *(In shares)* | **2025** | **2025** |
|  | **Three-month period<br>ended June 30** | **Six-month period ended<br>June 30** |
|  Outstanding shares as of January 1, 2025 | 212886342 | 212886342 |
|  Effect of treasury shares | 73634 | 37021 |
|  Effect of share option | 337633 | 338916 |
|  Adjusted weighted average number of common shares outstanding | 213297609 | 213262279 |

---

---

| | | |
|:---|:---|:---|
| *(In shares)* | **2024** | **2024** |
|  | **Three-month period<br>ended June 30** | **Six-month period ended<br>June 30** |
|  Outstanding shares as of January 1, 2024 | 212699730 | 212699730 |
|  Effect of treasury shares | 184927 | 109785 |
|  Effect of share option | 244362 | 243947 |
|  Adjusted weighted average number of common shares outstanding | 213129019 | 213053462 |

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**27.** **Categories of Financial Instruments** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Financial<br>assets at<br>FVTPL** | **Financial<br>assets at<br>FVTPL** | **Equity<br>instruments at<br>FVOCI** | **Financial**<br>**assets at<br>amortized cost** | **Derivatives<br>hedging<br>instrument** | **Total** |
|  Cash and cash equivalents | W | 500000 |  | 296381 |  | 796381 |
|  Financial instruments |  |  |  | 79354 |  | 79354 |
|  Long-term investment securities(\*) |  | 72587 | 1219397 |  |  | 1291984 |
|  Accounts receivable – trade |  |  |  | 1602683 |  | 1602683 |
|  Loans and other receivables |  | 202354 |  | 708665 |  | 911019 |
|  Derivative financial assets |  |  |  |  | 100866 | 100866 |
|  | W | 774941 | 1219397 | 2687083 | 100866 | 4782287 |

---

(\*) The Company designated W1,219,397 million of equity instruments that are not held for trading as financial assets at FVOCI.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Financial<br>assets at<br>FVTPL** | **Financial<br>assets at<br>FVTPL** | **Equity<br>instruments at<br>FVOCI** | **Financial**<br>**assets at<br>amortized cost** | **Derivatives<br>hedging<br>instrument** | **Total** |
|  Cash and cash equivalents | W |  |  | 1165158 |  | 1165158 |
|  Financial instruments |  |  |  | 79354 |  | 79354 |
|  Long-term investment securities(\*) |  | 75563 | 1342902 |  |  | 1418465 |
|  Accounts receivable – trade |  |  |  | 1508893 |  | 1508893 |
|  Loans and other receivables |  | 223761 |  | 616521 |  | 840282 |
|  Derivative financial assets |  |  |  |  | 228822 | 228822 |
|  | W | 299324 | 1342902 | 3369926 | 228822 | 5240974 |

---

(\*) The Company designated W1,342,902 million of equity instruments that are not held for trading as financial assets at FVOCI.

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Financial liabilities**<br>**at FVTPL** | **Financial liabilities**<br>**at FVTPL** | **Financial liabilities<br>at amortized cost** | **Derivatives<br>hedging instrument** | **Total** |
|  Derivative financial liabilities | W | 2689 |  | 7306 | 9995 |
|  Borrowings |  |  | 250000 |  | 250000 |
|  Debentures |  |  | 6435232 |  | 6435232 |
|  Lease liabilities(\*) |  |  | 1055155 |  | 1055155 |
|  Accounts payable – other and others |  |  | 3574992 |  | 3574992 |
|  | W | 2689 | 11315379 | 7306 | 11325374 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Financial liabilities**<br>**at FVTPL** | **Financial liabilities**<br>**at FVTPL** | **Financial liabilities<br>at amortized cost** | **Derivatives<br>hedging instrument** | **Total** |
|  Derivative financial liabilities | W | 81156 |  | 748 | 81904 |
|  Borrowings |  |  | 450000 |  | 450000 |
|  Debentures |  |  | 6635194 |  | 6635194 |
|  Lease liabilities(\*) |  |  | 1158452 |  | 1158452 |
|  Accounts payable – other and others |  |  | 3489056 |  | 3489056 |
|  | W | 81156 | 11732702 | 748 | 11814606 |

---

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

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**28.** **Financial Risk Management** 

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

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

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

1) Market risk

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

The Company's currency risk is mainly related to changes in recognized assets and liabilities due to exchange rate fluctuations. If the Company determines that it is necessary to hedge currency risk for business purposes, the Company manages currency risk by using currency swaps, etc. Currency risk arises from forecasted transactions and recognized assets and liabilities which are denominated in a currency other than the functional currency of the Company.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* | *(In millions of won, thousands of foreign currencies)* |
|  | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** |
|  | **Foreign currencies** | **Won equivalent** | **Won equivalent** | **Foreign currencies** | **Won equivalent** | **Won equivalent** |
|  USD | 35935 | W | 48742 | 745630 | W | 1011372 |
|  EUR | 11228 |  | 17872 |  |  |  |
|  Others |  |  | 536 |  |  |  |
|  |  | W | 67150 |  | W | 1011372 |

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **Profit before income tax** | **Profit before income tax** | **Profit before income tax** | **Equity** | **Equity** | **Equity** |
|  | **If increased by 10%** | **If increased by 10%** | **If decreased by 10%** | **If increased by 10%** | **If increased by 10%** | **If decreased by 10%** |
|  USD | W | (1614) | 1614 | W | (1204) | 1204 |
|  EUR |  | 1787 | (1787) |  | 1334 | (1334) |
|  Others |  | 54 | (54) |  | 40 | (40) |
|  | W | 227 | (227) | W | 170 | (170) |

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**28.** **Financial Risk Management, Continued** 

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

1) Market risk, Continued

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

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

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

As of June 30, 2025, the par values of floating-rate borrowings and debentures amount to W200,000 million and W406,920 million, respectively, and the Company has entered into interest rate swaps to hedge interest rate risk related to the floating-rate borrowings and debentures. Therefore, profit before income tax for the six-month period ended June 30, 2025 would not have been affected by the changes in interest rates of floating-rate borrowings and debentures.

As of June 30, 2025, the floating-rate long-term payables – other are W551,925 million. If the interest rate increases (decreases) 1%p with all other variables held constant, profit before income tax and equity for the six-month period ended June 30, 2025, would change by W2,760 million in relation to the floating-rate long-term payables – other that are exposed to interest rate risk.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
| **Profit before income tax** | **Profit before income tax** | **Equity** | **Equity** | **Equity** |
| **If increased by 10%** | **If decreased by 10%** | **If increased by 10%** | **If increased by 10%** | **If decreased by 10%** |
| W |  | W | 72022 | (72022) |

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**28.** **Financial Risk Management, Continued** 

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

2) Credit risk

Maximum credit exposure as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Cash and cash equivalents | W | 796340 | 1165121 |
|  Financial instruments |  | 79354 | 79354 |
|  Long-term financial instruments |  | 500 |  |
|  Accounts receivable – trade |  | 1602683 | 1508893 |
|  Contract assets |  | 17790 | 18576 |
|  Loans and other receivables |  | 911019 | 840282 |
|  Derivative financial assets |  | 100866 | 228822 |
|  | W | 3508552 | 3841048 |

---

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

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

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

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**28.** **Financial Risk Management, Continued** 

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

3) Liquidity risk

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |  |  |
|  | **Carrying<br>amount** | **Carrying<br>amount** | **Contractual<br>cash flows** | **Less than**<br>**1 year** | **1 – 5**<br>**years** | **More than<br>5 years** |
|  Borrowings(\*) | W | 250000 | 260524 | 57439 | 203085 |  |
|  Debentures(\*) |  | 6435232 | 7359779 | 1406320 | 3885069 | 2068390 |
|  Lease liabilities |  | 1055155 | 1146214 | 300257 | 742059 | 103898 |
|  Accounts payable - other and others(\*) |  | 3574992 | 3597351 | 3401286 | 196065 |  |
|  | W | 11315379 | 12363868 | 5165302 | 5026278 | 2172288 |

---

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

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

As of June 30, 2025, periods in which cash flows from cash flow hedge derivatives are expected to occur 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)* |
|  | **Carrying amount** | **Carrying amount** | **Contractual cash<br>flows** | **Less than**<br>**1 year** | **1 – 5**<br>**years** |
|  Assets | W | 100866 | 108864 | 14954 | 93910 |
|  Liabilities |  | (7306) | (8166) | (991) | (7175) |

---

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Total liabilities | W | 13110679 | 13624772 |
|  Total equity |  | 11262987 | 10960854 |
|  Debt-equity ratios |  | 116.40% | 124.30% |

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**28.** **Financial Risk Management, Continued** 

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Carrying<br>amount** | **Carrying<br>amount** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets that are measured at fair value:** |  |  |  |  |  |  |
|  FVTPL | W | 774941 |  | 702354 | 72587 | 774941 |
|  Derivative hedging instruments |  | 100866 |  | 100866 |  | 100866 |
|  FVOCI |  | 1219397 | 965072 |  | 254325 | 1219397 |
|  | W | 2095204 | 965072 | 803220 | 326912 | 2095204 |
|  **Financial liabilities that are measured at fair value:** |  |  |  |  |  |  |
|  Derivative financial liabilities | W | 9995 |  | 7306 | 2689 | 9995 |
|  **Financial liabilities that are not measured at fair value:** |  |  |  |  |  |  |
|  Borrowings | W | 250000 |  | 253292 |  | 253292 |
|  Debentures |  | 6435232 |  | 6504110 |  | 6504110 |
|  Long-term payables – other |  | 544311 |  | 549032 |  | 549032 |
|  | W | 7229543 |  | 7306434 |  | 7306434 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Carrying<br>amount** | **Carrying<br>amount** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets that are measured at fair value:** |  |  |  |  |  |  |
|  FVTPL | W | 299324 |  | 223761 | 75563 | 299324 |
|  Derivative hedging instruments |  | 228822 |  | 228822 |  | 228822 |
|  FVOCI |  | 1342902 | 1088578 |  | 254324 | 1342902 |
|  | W | 1871048 | 1088578 | 452583 | 329887 | 1871048 |
|  **Financial liabilities that are measured at fair value:** |  |  |  |  |  |  |
|  Derivative financial liabilities | W | 81904 |  | 748 | 81156 | 81904 |
|  **Financial liabilities that are not measured at fair value:** |  |  |  |  |  |  |
|  Borrowings | W | 450000 |  | 453965 |  | 453965 |
|  Debentures |  | 6635194 |  | 6637948 |  | 6637948 |
|  Long-term payables – other |  | 907720 |  | 930604 |  | 930604 |
|  | W | 7992914 |  | 8022517 |  | 8022517 |

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**28.** **Financial Risk Management, Continued** 

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

Fair value and carrying amount of financial assets and liabilities including fair value hierarchy as of June 30, 2025 and December 31, 2024 are as follows, Continued:

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

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

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

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

---

| | |
|:---|:---|
|  | **Interest rate** |
|  Derivative instruments | 2.00% ~ 3.99% |
|  Borrowings and debentures | 2.56% ~ 2.87% |
|  Long-term payables – other | 2.57% ~ 2.74% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **Balance as of**<br>**January 1, 2025** | **Balance as of**<br>**January 1, 2025** | **Loss** | **Acquisition** | **Disposal** | **Balance as of**<br>**June 30, 2025** |
|  **Financial assets**: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVTPL | W | 75563 | (95) | 500 | (3381) | 72587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVOCI |  | 254324 |  | 1 |  | 254325 |
|  | W | 329887 | (95) | 501 | (3381) | 326912 |
|  **Financial liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVTPL | W | (81156) |  |  | 78467 | (2689) |

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**28.** **Financial Risk Management, Continued** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Gross financial<br>instruments recognized** | **Gross financial<br>instruments recognized** | **Amount offset** | **Net financial instruments<br>presented on the condensed<br>separate interim statement of<br>financial position** |
|  **Financial assets:** |  |  |  |  |
|  Accounts receivable – trade and others | W | 62878 | (62878) |  |
|  **Financial liabilities:** |  |  |  |  |
|  Accounts payable – other and others | W | 65601 | (62878) | 2723 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* | *(In millions of won)* |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Gross financial<br>instruments recognized** | **Gross financial<br>instruments recognized** | **Amount offset** | **Net financial instruments<br>presented on the separate<br>statement of financial position** |
|  **Financial assets:** |  |  |  |  |
|  Accounts receivable – trade and others | W | 72747 | (72747) |  |
|  **Financial liabilities:** |  |  |  |  |
|  Accounts payable – other and others | W | 74658 | (72747) | 1911 |

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**29.** **Transactions with Related Parties** 

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

---

| | |
|:---|:---|
| **Relationship** | **Company** |
| Ultimate controlling entity | SK Inc. |
| Subsidiaries | SK Broadband Co., Ltd. and 18 others(\*) |
| Joint venture | UTC Kakao-SK Telecom ESG Fund |
| Associates | SK China Company Ltd. and 43 others |
| Others | The ultimate controlling entity's subsidiaries, associates and others |

---

(\*) As of June 30, 2025, subsidiaries of the Company are as follows:

---

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

---

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

---

| | |
|:---|:---|
| (\*2) | Other is owned by Atlas Investment and another subsidiary of the Company.  |

---

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

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* |  |  |  |  |  |
|  | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Three-month<br>period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month**<br>**period ended<br>June 30** | **Three-month<br>period ended<br>June 30** | **Six-month<br>period ended<br>June 30** |
|  Salaries | W | 893 | 4939 | 1062 | 4138 |
|  Defined benefit plan expenses |  | 158 | 521 | 203 | 955 |
|  Share option |  | 95 | 132 | (951) | (287) |
|  | W | 1146 | 5592 | 314 | 4806 |

---

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

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** |
|  |  | **Operating revenue**<br>**and others** | **Operating revenue**<br>**and others** | **Operating revenue**<br>**and others** | **Operating expenses**<br>**and others (\*1)** | **Operating expenses**<br>**and others (\*1)** | **Acquisition of property<br>and equipment and<br>others** | **Acquisition of property<br>and equipment and<br>others** |
| **Scope** | **Company** | **Three-<br>month** | **Three-<br>month** | **Six-**<br>**month** | **Three-<br>month** | **Six-**<br>**month** | **Three-<br>month** | **Six-**<br>**month** |
|  Ultimate controlling entity | SK Inc.(\*2) | W | 2396 | 4615 | 141982 | 293605 | 48299 | 51315 |
|  Subsidiaries | SK Broadband Co., Ltd.(\*3) |  | 38680 | 232145 | 152827 | 304887 | 174 | 174 |
|  | PS&Marketing Corporation(\*4) |  | 1831 | 3444 | 265554 | 588891 | 25 | 25 |
|  | SK O&S Co., Ltd.(\*5) |  | 965 | 5798 | 68827 | 135657 | 16137 | 17565 |
|  | SK Telink Co., Ltd.(\*6) |  | 18389 | 69118 | 4350 | 8540 |  |  |
|  | SERVICE ACE Co., Ltd. |  | 679 | 3838 | 31279 | 62511 |  |  |
|  | SERVICE TOP Co., Ltd. |  | 1534 | 3065 | 28076 | 58097 |  |  |
|  | Others(\*7) |  | 5190 | 9797 | 3897 | 13305 |  |  |
|  |  |  | 67268 | 327205 | 554810 | 1171888 | 16336 | 17764 |
|  Associates | SK m&service Co., Ltd.(\*8) |  | 1444 | 1846 | 5535 | 7249 | 346 | 579 |
|  | Others(\*9,10) |  | 8378 | 8569 | 2010 | 15024 |  |  |
|  |  |  | 9822 | 10415 | 7545 | 22273 | 346 | 579 |
|  Others | SK Innovation Co., Ltd. |  | 2666 | 3657 | 2549 | 5782 |  |  |
|  | SK Networks Co., Ltd. |  | 301 | 536 | 2545 | 5212 |  |  |
|  | SK Networks Service Co., Ltd. |  | 152 | 287 | 8532 | 17376 | 355 | 355 |
|  | SK Energy Co., Ltd. |  | 478 | 792 | 17 | 63 |  |  |
|  | Content Wavve Corp. |  | 3213 | 7612 | 17199 | 33009 |  |  |
|  | Happy Narae Co., Ltd. |  | 44 | 81 | 5516 | 6416 | 4388 | 4478 |
|  | SK Shieldus Co., Ltd. |  | 12862 | 24447 | 19611 | 45122 | 8166 | 8305 |
|  | Eleven Street Co., Ltd. |  | 1890 | 3621 | 3438 | 11837 |  |  |
|  | SK Planet Co., Ltd. |  | 851 | 2296 | 35367 | 52743 | 30 | 110 |
|  | SK hynix Inc. |  | 15171 | 25891 | 38 | 262 |  |  |
|  | Tmap Mobility Co., Ltd. |  | 3632 | 7925 | 1083 | 2138 |  |  |
|  | Dreamus Company |  | 1043 | 2194 | 13246 | 27064 |  |  |
|  | One Store Co., Ltd. |  | 3145 | 6375 | 11 | 21 |  |  |
|  | UNA Engineering Inc. |  |  |  | 1875 | 2843 | 4612 | 4770 |
|  | Others |  | 6693 | 12368 | 16214 | 32192 | 96 | 96 |
|  |  |  | 52141 | 98082 | 127241 | 242080 | 17647 | 18114 |
|  |  | W | 131627 | 440317 | 831578 | 1729846 | 82628 | 87772 |

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

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

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

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

(\*2) Operating expenses and others include W123,457 million of dividends paid by the Company.

(\*3) Operating revenue and others include W149,526 million of dividend income received.

(\*4) Operating expenses and others include W290,506 million paid to PS&Marketing Corporation relating to purchase of accounts receivable resulting from sale of handsets.

(\*5) Operating revenue and others include W4,000 million of dividend income received.

(\*6) Operating revenue and others include W11,991 million of dividend income received.

(\*7) Operating revenue and others include W3,242 million of dividend received from Astra AI Infra LLC.

(\*8) Transactions with SK m&service Co., Ltd. prior to the disposal of shares were classified as transactions with a subsidiary, and the transactions subsequent to the disposal were classified as transactions with an associate.

(\*9) The disposal of the shares in F&U Credit Information Co., Ltd. held by the Company was completed on April 4, 2025, and the transactions subsequent to the disposal have not been included.

(\*10) Operating revenue and others include W6,940 million of dividend received from Korea IT Fund and W1,438 million of dividend received from Citadel Pacific Telecom Holdings, LLC.

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | **For the period ended June 30, 2024** | **For the period ended June 30, 2024** | **For the period ended June 30, 2024** | **For the period ended June 30, 2024** | **For the period ended June 30, 2024** | **For the period ended June 30, 2024** | **For the period ended June 30, 2024** |
|  |  | **Operating revenue**<br>**and others** | **Operating revenue**<br>**and others** | **Operating revenue**<br>**and others** | **Operating expenses**<br>**and others (\*1)** | **Operating expenses**<br>**and others (\*1)** | **Acquisition of property<br>and equipment and<br>others** | **Acquisition of property<br>and equipment and<br>others** |
| **Scope** | **Company** | **Three-<br>month** | **Three-<br>month** | **Six-**<br>**month** | **Three-<br>month** | **Six-**<br>**month** | **Three-<br>month** | **Six-**<br>**month** |
|  Ultimate controlling entity | SK Inc.(\*2) | W | 2465 | 5000 | 137556 | 286483 | 3006 | 6853 |
|  Subsidiaries | SK Broadband Co., Ltd.(\*3) |  | 39774 | 227916 | 150880 | 300533 | 81 | 81 |
|  | PS&Marketing Corporation(\*4) |  | 1432 | 3023 | 288446 | 602211 | 50 | 224 |
|  | SK O&S Co., Ltd. |  | 875 | 1649 | 66840 | 129569 | 6296 | 6398 |
|  | SK Telink Co., Ltd.(\*5) |  | 31228 | 74364 | 3905 | 7748 |  |  |
|  | SERVICE ACE Co., Ltd.(\*6) |  | 2667 | 9102 | 30731 | 62192 |  |  |
|  | SERVICE TOP Co., Ltd.(\*7) |  | 1799 | 9383 | 29047 | 59762 |  |  |
|  | SK Communications Co., Ltd. |  | 340 | 704 | 586 | 827 | 381 | 457 |
|  | Others |  | 2823 | 5032 | 10631 | 18445 | 10 | 10 |
|  |  |  | 80938 | 331173 | 581066 | 1181287 | 6818 | 7170 |
|  Associates | F&U Credit information Co., Ltd. |  | 190 | 378 | 10922 | 22592 | 203 | 203 |
|  | Daehan Kanggun BcN Co., Ltd. |  | 2778 | 5662 |  |  |  |  |
|  | Others(\*8) |  | 5054 | 5454 | 3113 | 7300 |  |  |
|  |  |  | 8022 | 11494 | 14035 | 29892 | 203 | 203 |
|  Others | SK Innovation Co., Ltd. |  | 2143 | 3480 | 2420 | 5762 |  |  |
|  | SK Networks Co., Ltd. |  | 342 | 570 | 2655 | 5401 |  |  |
|  | SK Networks Service Co., Ltd. |  | 132 | 250 | 10425 | 18812 | 718 | 734 |
|  | SK Energy Co., Ltd. |  | 439 | 801 | 134 | 145 |  |  |
|  | Content Wavve Corp. |  | 3728 | 5159 | 19946 | 40324 |  |  |
|  | Happy Narae Co., Ltd. |  | 44 | 79 | 2998 | 4926 | 15954 | 22191 |
|  | SK Shieldus Co., Ltd. |  | 12492 | 24143 | 24361 | 47223 | 622 | 1030 |
|  | Eleven Street Co., Ltd. |  | 1979 | 4001 | 4916 | 13232 |  |  |
|  | SK Planet Co., Ltd. |  | 1227 | 2582 | 17857 | 35096 | 612 | 612 |
|  | SK hynix Inc. |  | 9092 | 17582 | 19 | 144 |  |  |
|  | Tmap Mobility Co., Ltd. |  | 3779 | 8415 | 1420 | 2870 |  |  |
|  | Dreamus Company |  | 1208 | 2199 | 16392 | 33041 |  |  |
|  | One Store Co., Ltd. |  | 4022 | 8005 | 16 | 38 |  |  |
|  | UNA Engineering Inc. |  |  |  | 2309 | 3145 | 798 | 3308 |
|  | Others |  | 10707 | 17976 | 6236 | 12535 | 1939 | 16723 |
|  |  |  | 51334 | 95242 | 112104 | 222694 | 20643 | 44598 |
|  |  | W | 142759 | 442909 | 844761 | 1720356 | 30670 | 58824 |

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

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

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

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

(\*2) Operating expenses and others include W123,457 million of dividends paid by the Company.

(\*3) Operating revenue and others include W149,526 million of dividend income received.

(\*4) Operating expenses and others include W310,386 million paid to PS&Marketing Corporation relating to purchase of accounts receivable resulting from sale of handsets.

(\*5) Operating revenue and others include W14,971 million of dividend income received.

(\*6) Operating revenue and others include W3,302 million of dividend income received.

(\*7) Operating revenue and others include W5,700 million of dividend income received.

(\*8) Operating revenue and others include W400 million of dividend received from Start-up Win-Win Fund and W5,054 million of dividend received from Korea IT Fund.

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Scope** | **Company** | **Receivables** | **Receivables** | **Receivables** | **Payables** |
| **Scope** | **Company** | **Loans** | **Loans** | **Accounts receivable<br>– trade, etc.** | **Accounts payable<br>– other, etc.** |
|  Ultimate controlling entity | SK Inc. | W |  | 2116 | 88586 |
|  Subsidiaries | SK Broadband Co., Ltd. |  |  | 35346 | 168214 |
|  | PS&Marketing Corporation |  |  | 1513 | 68991 |
|  | SK O&S Co., Ltd. |  |  | 84 | 42334 |
|  | SK Telink Co., Ltd. |  |  | 23345 | 10248 |
|  | SERVICE ACE Co., Ltd. |  |  | 320 | 15711 |
|  | SERVICE TOP Co., Ltd. |  |  | 916 | 16923 |
|  | Others |  |  | 646 | 2479 |
|  |  |  |  | 62170 | 324900 |
|  Associates | Daehan Kanggun BcN Co., Ltd.(\*1) |  | 22147 |  |  |
|  | Konan Technology Inc. |  |  |  | 189 |
|  | SK m&service Co., Ltd. |  |  | 1413 | 24402 |
|  | Others(\*2) |  |  | 10132 | 162 |
|  |  |  | 22147 | 11545 | 24753 |
|  Others | SK hynix Inc. |  |  | 12534 | 1852 |
|  | SK Planet Co., Ltd. |  |  | 272 | 1350 |
|  | Eleven Street Co., Ltd. |  |  | 14343 | 1590 |
|  | One Store Co., Ltd. |  |  | 602 | 10118 |
|  | SK Shieldus Co., Ltd. |  |  | 11272 | 19214 |
|  | SK Innovation Co., Ltd. |  |  | 4694 | 23688 |
|  | SK Networks Co., Ltd. |  |  | 95 | 25432 |
|  | SK Networks Service Co., Ltd. |  |  |  | 6153 |
|  | Incross Co., Ltd. |  |  | 893 | 7128 |
|  | UNA Engineering Inc. |  |  |  | 6619 |
|  | Happy Narae Co., Ltd. |  |  | 8 | 9727 |
|  | Content Wavve Corp. |  |  | 2099 | 2 |
|  | Dreamus Company |  |  | 293 | 2077 |
|  | Others |  |  | 7907 | 3031 |
|  |  |  |  | 55012 | 117981 |
|  |  | W | 22147 | 130843 | 556220 |

---

(\*1) As of June 30, 2025, the Company recognized loss allowance for the entire balance of loans to Daehan Kanggun BcN Co., Ltd.

(\*2) Accounts receivable – trade, etc. include W10,132 million of accounts receivable - other related to the paid-in capital reduction from SK MENA Investment B.V.

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions of won)* | *(In millions of won)* | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Scope** | **Company** | **Receivables** | **Receivables** | **Receivables** | **Payables** |
| **Scope** | **Company** | **Loans** | **Loans** | **Accounts receivable<br>– trade, etc.** | **Accounts payable<br>– other, etc.** |
|  Ultimate controlling entity | SK Inc. | W |  | 1166 | 71672 |
|  Subsidiaries | SK Broadband Co., Ltd. |  |  | 128050 | 186030 |
|  | PS&Marketing Corporation |  |  | 1152 | 56531 |
|  | SK O&S Co., Ltd. |  |  | 57 | 63748 |
|  | SK Telink Co., Ltd. |  |  | 23625 | 11705 |
|  | SERVICE ACE Co., Ltd. |  |  | 412 | 25150 |
|  | SERVICE TOP Co., Ltd. |  |  | 24 | 22578 |
|  | NATE Communications Corporation<br>(Formerly, SK Communications<br>Co., Ltd.) |  |  | 2 | 7489 |
|  | SK m&service Co., Ltd. |  |  | 1219 | 25705 |
|  | Others |  |  | 361 | 5708 |
|  |  |  |  | 154902 | 404644 |
|  Associates | F&U Credit information Co., Ltd. |  |  |  | 4000 |
|  | Daehan Kanggun BcN Co., Ltd.(\*) |  | 22147 |  |  |
|  | Konan Technology Inc. |  |  |  | 63 |
|  | Others |  |  | 353 | 2715 |
|  |  |  | 22147 | 353 | 6778 |
|  Others | SK hynix Inc. |  |  | 11948 | 206 |
|  | SK Planet Co., Ltd. |  |  | 241 | 2386 |
|  | Eleven Street Co., Ltd. |  |  | 10425 | 1565 |
|  | One Store Co., Ltd. |  |  | 474 | 9883 |
|  | SK Shieldus Co., Ltd. |  |  | 11233 | 11742 |
|  | SK Innovation Co., Ltd. |  |  | 5259 | 28159 |
|  | SK Networks Co., Ltd. |  |  | 262 | 26319 |
|  | SK Networks Service Co., Ltd. |  |  |  | 5204 |
|  | Incross Co., Ltd. |  |  | 1650 | 20215 |
|  | UNA Engineering Inc. |  |  |  | 3320 |
|  | Happy Narae Co., Ltd. |  |  | 8 | 14781 |
|  | Content Wavve Corp. |  |  | 1564 | 2 |
|  | Dreamus Company |  |  | 313 | 2055 |
|  | Others |  |  | 8106 | 9861 |
|  |  |  |  | 51483 | 135698 |
|  |  | W | 22147 | 207904 | 618792 |

---

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

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The details of additional investments and disposal of subsidiaries and associates for the six-month period
ended June 30, 2025 are as presented in note 8.

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**30.** **Commitments and Contingencies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Accounts receivable from sale of handsets

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

The accounts receivable from sale of handsets amounting to W222,324 million and W241,962 million as of June 30, 2025 and December 31, 2024, respectively, which the Company purchased according to the relevant comprehensive agreement, are recognized as accounts receivable – other and long-term accounts receivable – other.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Obligation relating to spin-off

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) According to the covenant for bond issuance and borrowings, the Company is required to maintain specific
financial ratios, such as the debt ratio, at certain levels. The funds obtained must be used for specified purposes only, and regular reporting to lenders is mandated. Additionally, the contracts include clauses that restrict both provision of
additional collateral of assets held by the Company and disposal of certain assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) On April 19, 2025, the Company became aware of a cybersecurity breach that compromised universal
subscriber identity module ("USIM") data of certain subscribers. This incident is currently under investigation by the Personal Information Protection Commission to determine its timing and circumstances. The Company is currently unable
to reasonably estimate the outcome of the ongoing investigation or any obligations that may arise from the incident.

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**31.** **Statements of Cash Flows** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Adjustments for income and expenses from operating activities for the six-month periods ended June 30,
2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | **For the six-month period ended** | **For the six-month period ended** | **For the six-month period ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** |
|  Gain on foreign currency translations | W | (1355) | (1487) |
|  Interest income |  | (23472) | (18695) |
|  Dividends |  | (207983) | (201629) |
|  Gain relating to investments in subsidiaries, associates and joint ventures, net |  | (16269) | (11479) |
|  Gain relating to financial instruments at FVTPL |  | (7) | (17583) |
|  Gain on disposal of property and equipment and intangible assets |  | (8534) | (7148) |
|  Other income |  | (3447) | (1381) |
|  Loss on foreign currency translations |  | 1474 | 670 |
|  Bad debt for accounts receivable – trade |  | 18908 | 15343 |
|  Bad debt for accounts receivable – other |  | 3326 | 2520 |
|  Loss relating to financial instruments at FVTPL |  | 101 | 66 |
|  Loss on settlement of derivatives |  | 7298 |  |
|  Other finance costs |  | 23356 |  |
|  Loss relating to investments in subsidiaries, associates and joint ventures, net |  | 2917 |  |
|  Depreciation and amortization |  | 1313993 | 1389725 |
|  Loss on disposal of property and equipment and intangible assets |  | 3165 | 3640 |
|  Impairment loss on property and equipment and intangible assets |  | 359 |  |
|  Loss on sale of accounts receivable – other |  | 8768 | 21044 |
|  Interest expense |  | 147928 | 161375 |
|  Expense related to defined benefit plan |  | 23875 | 23333 |
|  Bonus paid by treasury shares |  | 262 | 24988 |
|  Reversal of share option expense |  | (36) | (641) |
|  Income tax expense |  | 284572 | 180075 |
|  Other expenses |  | 4091 | 3698 |
|  | W | 1583290 | 1566434 |

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**31.** **Statements of Cash Flows, Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Changes in assets and liabilities from operating activities for the six-month periods ended June 30, 2025
and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | **For the six-month period ended** | **For the six-month period ended** | **For the six-month period ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** |
|  Accounts receivable – trade | W | (109506) | (162901) |
|  Accounts receivable – other |  | (63048) | (9369) |
|  Advanced payments |  | 2100 | 16031 |
|  Prepaid expenses |  | (68164) | (15059) |
|  Inventories |  | 6354 | (27049) |
|  Long-term accounts receivable – other |  | 3291 | 39342 |
|  Guarantee deposits |  | 15919 | 6614 |
|  Contract assets |  | 786 | 126 |
|  Accounts payable – other |  | 298437 | (159762) |
|  Withholdings |  | 108613 | 111852 |
|  Deposits received |  | (4325) | 80 |
|  Accrued expenses |  | (18289) | (53388) |
|  Plan assets |  | 21471 | 10904 |
|  Retirement benefits payment |  | (43773) | (23467) |
|  Contract liabilities |  | 18269 | 13366 |
|  Others |  | (2131) | (1920) |
|  | W | 166004 | (254600) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Material non-cash transactions for the six-month periods ended June 30, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of won)* | **For the six-month period ended** | **For the six-month period ended** | **For the six-month period ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** |
|  Decrease in accounts payable – other relating to the acquisition of property and equipment and intangible assets | W | (34534) | (348906) |
|  Increase of right-of-use assets |  | 81098 | 104403 |
|  Transfer from property and equipment to investment property |  | 15347 | (1119) |

---

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**32.** **Emissions Liabilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Quantity of emissions rights allocated free of charge for each implementation year as of June 30, 2025 are
as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In tCO2-eQ)* | **Quantities**<br>**allocated**<br>**in 2021** | **Quantities**<br>**allocated**<br>**in 2022** | **Quantities<br>allocated**<br>**in 2023** | **Quantities<br>allocated**<br>**in 2024** | **Quantities<br>allocated**<br>**in 2025** | **Total** |
|  Emissions rights allocated free of charge(\*) | 1031526 | 1223008 | 1327809 | 1020903 | 1020903 | 5624149 |

---

(\*) The changes in quantity due to additional allocation, cancellation of allocation and others are considered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Changes in emissions rights quantities the Company held are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In tCO2-eQ)* | **Quantities**<br>**allocated in 2023** | **Quantities**<br>**allocated in 2024(\*)** | **Quantities**<br>**allocated in the**<br>**six-month period<br>ended June 30, 2025** | **Total** |
|  Beginning | 306575 | 414356 | 199049 | 919980 |
|  Allocation at no cost | 1327809 | 1020903 | 1020903 | 3369615 |
|  Purchase (sale) | (70789) |  | 26190 | (44599) |
|  Surrender or shall be surrendered | (1149239) | (1236210) | (1246142) | (3631591) |
|  Ending | 414356 | 199049 |  | 613405 |

---

(\*) Changes for the year ended December 31, 2024 are estimated quantities, and additionally allocated and surrendered or shall be surrendered quantities will be fixed in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) As of June 30, 2025, the estimated annual greenhouse gas emissions quantities of the Company are 1,246,142
tCO2-eQ.

------

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

June 30, 2025 and 2024

**33.** **Non-current Assets Held for Sale** 

Non-current assets held for sale as of June 30, 2025 and December 31, 2024 are as follows

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* |  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Investments in subsidiaries | NATE Communications Corporation<br>(Formerly, SK Communications<br>Co., Ltd.)(\*1) | W |  | 7035 |
|  Investments in associates | F&U Credit information Co., Ltd.(\*2) |  |  | 4533 |
|  | SK Investment Management Co., Ltd.(\*3) |  | 1094 |  |
|  |  | W | 1094 | 11568 |

---

(\*1) The Company disposed of the shares in NATE Communications Corporation (formerly, SK Communications Co., Ltd.), resulting in a loss of W1,306 million relating to investments in subsidiaries for the six-month period ended June 30, 2025.

(\*2) The Company disposed of the shares in F&U Credit information Co., Ltd., resulting in a gain of W13,971 million relating to investments in associates for the six-month period ended June 30, 2025.

(\*3) The disposal of the shares in SK Investment Management Co., Ltd. held by the Company was completed on July 21, 2025.

**34.** **Subsequent Events** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Board of Directors of the Company resolved to pay interim dividends at the Board of Directors'
meeting held on July 25, 2025, and the details are as follows:

---

| | |
|:---|:---|
| **Classification** | **Description** |
| Interim dividend amount | W830 per share (Total amount: W176,775 million) |
| Dividend rate | 1.47% |
| Record date | August 31, 2025 |
| Date of distribution | Pursuant to Article 165-12 (3) of *Capital Market and Financial Investment Business Act*, the Company shall distribute dividends no later than September 17, 2025. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) On July 4, 2025, the Company announced its "Accountability and Commitment" program in response
to the cybersecurity incident that the Company became aware of on April 19, 2025. The "Accountability and Commitment" program includes the Customer Assurance Package, Information Protection Innovation Plan, Customer Appreciation
Package, and Subscription Cancellation Fee Waiver. As a result of this measure, a decrease in operating revenue and an increase in operating expenses are expected on future periods. However, the Company is currently unable to reasonably estimate the
financial effect on future financial position, operating results and cashflows as of June 30, 2025.