# EDGAR Filing Document

**Accession Number:** 0000887225
**File Stem:** 0001193125-26-105961
**Filing Date:** 2026-3
**Character Count:** 975777
**Document Hash:** 6dff9ed3364dcd38d9107cf4135e13b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-105961.hdr.sgml**: 20260313

**ACCESSION NUMBER**: 0001193125-26-105961

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20260313

**FILED AS OF DATE**: 20260313

**DATE AS OF CHANGE**: 20260313

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13372
- **FILM NUMBER:** 26751941

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

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

##### [**Table of Contents**](#toc)
**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER** 

**Pursuant to Rule 13a-16 or 15d-16 under** 

**the Securities Exchange Act of 1934** 

**For the Month of March 2026** 

**Commission File Number 001-13372** 

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

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

**(Address of principal executive offices)** 

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

Form 20-F ☒ Form 40-F ☐

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##### [**Table of Contents**](#toc)
**On March 10, 2026, Korea Electric Power Corporation ("KEPCO") filed its audit report for the fiscal year 2025 prepared in accordance with Korean International Financial Reporting Standards (K-IFRS), and, on March 12, 2026, KEPCO amended and restated its audit report filed on March 10, 2026 as attached. The financial statements in such report have not been approved by the shareholders of KEPCO and remain subject to change.** 

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##### [**Table of Contents**](#toc)
**SIGNATURES** 

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

---

| | |
|:---|:---|
| By: | /s/ Joo, Hwa-Sik |
| <br> Name: Joo, Hwa-Sik | <br> Name: Joo, Hwa-Sik |
| Title: Vice President | Title: Vice President |

---

Date: March 13, 2026

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Consolidated financial statements

December 31, 2025

(With independent auditor's report thereon)

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [Independent auditors' report](#fin793123_1) |  |
|  [Consolidated financial statements](#fin793123_2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated statements of financial position](#fin793123_3) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated statements of comprehensive income](#fin793123_4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated statements of changes in equity](#fin793123_5) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated statements of cash flows](#fin793123_6) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to the consolidated financial statements](#fin793123_7) | 9 |
|  Audit opinion on internal control over financial reporting |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Independent auditors' report of internal control over financial reporting](#tx793123_8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Management's annual report on the effectiveness of internal control over financial reporting](#tx793123_9) |  |

---

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##### [**Table of Contents**](#toc)
Independent auditor's report

(English translation of a report originally issued in Korean)

To the Board of Directors and Shareholders of

Korea Electric Power Corporation

*Opinion* 

We have audited the consolidated financial statements of Korea Electric Power Corporation and its subsidiaries (the "Group"), which comprise the consolidated statements of financial position as of December 31, 2025, the consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and the notes to the consolidated financial statements, including material accounting polies.

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

We also have audited, in accordance with Korean Standards on Auditing (KSAs), the Group's Internal Control Over Financial Reporting ("ICFR") for consolidation purposes as of December 31, 2025 based on the criteria established in Conceptual Framework for Designing and Operating Internal Control over Financial Reporting issued by the Operating Committee of Internal Control over Financial Reporting in the Republic of Korea, and our report dated March 10, 2026 expressed an unmodified opinion on the effectiveness of the Group's ICFR for consolidation purposes.

*Basis for Opinion* 

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

*Key Audit Matters* 

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

• Impairment of property, plant and equipment in the cash-generating unit related to electricity sales.

The Group's property, plant and equipment ("PP&E") amounted to KRW 187,751,538 million as of December 31, 2025, which included PP&E in the cash-generating unit ("CGU") related to electricity sales. As discussed in Note 3.(18) to the consolidated financial statements, the Group performed impairment assessment for the CGU by comparing the carrying amount of the CGU with its estimated value-in-use ("VIU") amount.

We identified the evaluation of impairment of PP&E in the CGU related to electricity sales as a key audit matter. Specifically, the determination of unit sales prices and the discount rate used by management in estimating VIU of the CGU involved a high degree of subjectivity and uncertainty. A minor change in unit sales prices or the discount rate may have a material impact on the impairment of the CGU. Consequently, evaluating the reasonableness of these key assumptions required subjective and complex auditor judgments.

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

• We evaluated the design and tested the operating effectiveness of certain internal controls related to the
assessment of the VIU of the CGU, including controls over management's review of the determination of unit sales prices and the discount rate.

• We performed sensitivity analysis as a risk assessment procedure on unit sales prices, and the discount rate to
evaluate the impact of changes in these assumptions on the VIU of the CGU.

• We assessed the unit sales prices assumptions by comparing them to those used in budgets as approved by the board
of directors and historical tariff rates policy measures adopted by the government.

• We compared the estimated unit sales price prepared in prior year with the current year's actual results to
assess the Group's ability to accurately forecast.

• We involved valuation professionals with specialized skills and knowledge, who assisted in: (1) assessing the
reasonableness of the unit sales prices assumptions by performing comparing them to government-approved tariff framework, historical tariff changes, and relevant external market data, and (2) evaluating the appropriateness of the discount rate by
independently developing a discount rate using publicly available market information and comparing it to the rate used by management.

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##### [**Table of Contents**](#toc)
• Evaluation of Provision for Decommissioning Cost - Nuclear Plants.

As discussed in Note 3.(20) and Note 26 to the consolidated financial statements, the Group recognized a provision for decommissioning cost - Nuclear plants of KRW 24,176,898 million as of December 31, 2025. The Group measures the provision at the present value of the estimated future decommissioning costs.

We identified the evaluation of provisions for decommissioning cost - Nuclear plants as a key audit matter. Specifically, the determination of the discount rate and the inflation rate used by management in measuring the present value of the provision involved a high degree of subjectivity and uncertainty. A minor change in either the discount rate or the inflation rate may have a material impact on the measurement of the provision. Consequently, evaluating the discount rate and the inflation rate assumptions required subjective and complex auditor judgment.

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

• We evaluated the design and tested the operating effectiveness of certain internal controls related to the
measurement of the provision for decommissioning cost - Nuclear plants, including controls over management's review of the determination of the discount rate and the inflation rate.

• We performed sensitivity analysis as a risk assessment procedure on the discount rate and inflation rate to
evaluate the impact of changes in these assumptions on the measurement of the provision.

• We involved valuation professionals with specialized skills and knowledge, who assisted in: (1) assessing the
long-term market interest rate for discounting the provision by evaluating its consistency with the expected timing and duration of future decommissioning cash outflows, and (2) evaluating the discount rate and inflation rate assumptions used by
management by comparing them to publicly available long-term market data.

*Other Matters* 

The consolidated financial statements of the Group as of and for the year ended December 31, 2024, were audited by another auditor who expressed an unmodified opinion on those statements on March 11, 2025.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The engagement partner on the audit resulting in this independent auditor's report is Jung Soo Lee.

![LOGO](g793123g0312215636652.jpg)

Seoul, Korea

March 10, 2026

This report is effective as of March 10, 2026, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the accompanying consolidated financial statements and notes thereto. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of financial position

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | ***Note*** | **2025** | **2025** | **2024** |
|  **<u>Assets</u>** |  |  |  |  |
|  Current assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 56745 | W | 2240811 | 2382979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current financial assets, net | 5691112134547 |  | 4250164 | 3494717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other receivables, net | 582024454647 |  | 12618480 | 12216216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories, net | 14 |  | 10152724 | 9769236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current income tax assets | 41 |  | 91579 | 78495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current non-financial assets | 15 |  | 1361630 | 1267914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held-for-sale | 1642 |  |  | 45648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current assets** |  |  | 30715388 | 29255205 |
|  Non-current assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial assets, net | 569101112134547 |  | 4565561 | 4945990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current trade and other receivables, net | 5820454647 |  | 3124185 | 3157409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment, net | 418242749 |  | 187751538 | 182982763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment properties, net | 41927 |  | 238772 | 228984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill, net | 416 |  | 99303 | 99179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets other than goodwill, net | 4212746 |  | 1001295 | 1046918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in associates | 417 |  | 6851456 | 6704754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in joint ventures | 417 |  | 6512332 | 4581340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defined benefit assets, net | 25 |  | 104344 | 40425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax assets | 41 |  | 12950032 | 13436624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current non-financial assets | 415 |  | 1013251 | 328204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current assets** |  |  | 224212069 | 217552590 |
|  **Total assets** | 4 | W | 254927457 | 246807795 |

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*(Continued)* 

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of financial position, Continued

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | ***Note*** | **2025** | **2025** | **2024** |
|  **<u>Liabilities</u>** |  |  |  |  |
|  Current liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other payables | 522244547 | W | 8621671 | 9411315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current financial liabilities | 512234547 |  | 45939089 | 44465866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current income tax liabilities | 41 |  | 1571143 | 970496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current non-financial liabilities | 202829 |  | 6805171 | 6327141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current provisions | 2645 |  | 4170243 | 2793971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current liabilities** |  |  | 67107317 | 63968789 |
|  Non-current liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current trade and other payables | 522244547 |  | 4028808 | 4609241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial liabilities | 512234547 |  | 83995702 | 88352359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current non-financial liabilities | 2829 |  | 13726159 | 13281520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee benefits liabilities, net | 2545 |  | 1381852 | 1451547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities | 41 |  | 6500975 | 5944472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current provisions | 2645 |  | 28863700 | 27837034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current liabilities** |  |  | 138497196 | 141476173 |
|  **Total liabilities** | 4 | W | 205604513 | 205444962 |
|  **<u>Equity</u>** |  |  |  |  |
|  Contributed capital | 13045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share capital |  | W | 3209820 | 3209820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share premium |  |  | 843758 | 843758 |
|  |  |  | 4053578 | 4053578 |
|  Retained earnings | 31 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal reserves |  |  | 1604910 | 1604910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary reserves |  |  | 567469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unappropriated retained earnings |  |  | 26328205 | 18523337 |
|  |  |  | 28500584 | 20128247 |
|  Other components of equity | 34 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other capital surplus |  |  | 1566635 | 1600812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income |  |  | 1340560 | 1424014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other equity |  |  | 12708585 | 12708585 |
|  |  |  | 15615780 | 15733411 |
|  Equity attributable to owners of the controlling company |  |  | 48169942 | 39915236 |
|  Non-controlling interests | 1633 |  | 1153002 | 1447597 |
|  **Total equity** |  | W | 49322944 | 41362833 |
|  **Total liabilities and equity** |  | W | 254927457 | 246807795 |

---

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of comprehensive income

**For each of the two years in the period ended December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won, except per share information* | ***Note*** | **2025** | **2025** | **2024** |
|  **Sales** | 4354547 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of goods | 2 | W | 95167797 | 91018712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of services |  |  | 726096 | 710445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of construction services | 20 |  | 673693 | 849108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue related to transfer of assets from customers | 28 |  | 861760 | 820631 |
|  |  |  | 97429346 | 93398896 |
|  **Cost of sales** | 14254347 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales of goods |  |  | (77593597) | (80221013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales of services |  |  | (671334) | (557261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales of construction services |  |  | (2439881) | (1185886) |
|  |  |  | (80704812) | (81964160) |
|  **Gross profit** |  |  | 16724534 | 11434736 |
|  **Selling and administrative expenses** | 25364347 |  | (3233977) | (3070026) |
|  **Operating profit** | 4 |  | 13490557 | 8364710 |
|  **Other income** | 37 |  | 425303 | 477354 |
|  **Other expenses** | 37 |  | (243387) | (465688) |
|  **Other gains, net** | 38 |  | 338973 | 84884 |
|  **Finance income** | 51239 |  | 2038143 | 3448177 |
|  **Finance expenses** | 51240 |  | (5038751) | (7535228) |
|  **Profit (loss) related to associates, joint ventures and subsidiaries** | 41617 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of profit of associates and joint ventures |  |  | 807419 | 937959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of investments in associates and joint ventures |  |  | 3880 | 186066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of impairment loss on investments in associates and joint ventures |  |  |  | 10527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of investments in subsidiaries |  |  | 27 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of loss of associates and joint ventures |  |  | (206743) | (182507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of investments in associates and joint ventures |  |  |  | (650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment of investments in associates and joint ventures |  |  |  | (69173) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of investments in subsidiaries |  |  | (28491) |  |
|  |  |  | 576092 | 882320 |
|  **Profit before income tax** |  |  | 11586930 | 5256529 |
|  **Income tax expense** | 41 |  | (2920274) | (1634561) |
|  **Profit for the year** |  | W | 8666656 | 3621968 |

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*(Continued)* 

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of comprehensive income, Continued

**For each of the years in the two-year period ended December 31, 2025** 

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| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won, except per share information* | ***Note*** | **2025** | **2025** | **2024** |
|  **Other comprehensive income (loss), net of tax** | 512253134 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that will not be reclassified subsequently to profit or loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of defined benefit plans | 2531 | W | (27437) | (296135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of other comprehensive loss of associates and joint ventures | 31 |  | (5944) | (6346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in fair value of financial assets at fair value through other comprehensive income | 34 |  | 143886 | 100759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that are or may be reclassified subsequently to profit or loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in the unrealized fair value of derivatives using cash flow hedge accounting | 51234 |  | 34663 | 11870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation of foreign operations | 34 |  | (32608) | 164628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of other comprehensive income (loss) of associates and joint ventures | 34 |  | (257793) | 654225 |
|  **Other comprehensive income (loss) for the year** |  |  | (145233) | 629001 |
|  **Total comprehensive income for the year** |  | W | 8521423 | 4250969 |
|  **Profit attributable to:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the controlling company | 44 | W | 8544918 | 3491698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  |  | 121738 | 130270 |
|  |  | W | 8666656 | 3621968 |
|  **Total comprehensive income attributable to:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the controlling company |  | W | 8425621 | 4070175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  |  | 95802 | 180794 |
|  |  | W | 8521423 | 4250969 |
|  **Earnings per share (in won)** | 44 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted earnings per share |  | W | 13311 | 5439 |

---

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of changes in equity

**For each of the two years in the period ended December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Non-**<br>**controlling**<br>**interests** |  |
|  | **Contributed<br>capital** | **Contributed<br>capital** | **Retained**<br>**earnings** | **Other**<br>**components**<br>**of equity** | **Subtotal** | **Non-**<br>**controlling**<br>**interests** | **Total**<br>**equity** |
|  **Balance as of January 1, 2024** | W | 4053578 | 16338262 | 15453203 | 35845043 | 1419707 | 37264750 |
|  **Total comprehensive income for the period** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  | 3491698 |  | 3491698 | 130270 | 3621968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that will not be reclassified subsequently to profit or loss: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of defined benefit plans, net of tax |  |  | (281761) |  | (281761) | (14374) | (296135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of other comprehensive loss of associates and joint ventures, net of tax |  |  | (6346) |  | (6346) |  | (6346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in fair value of financial assets at fair value through other comprehensive income, net of tax |  |  |  | 100759 | 100759 |  | 100759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that may be reclassified subsequently to profit or loss: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |  |  |  | 11976 | 11976 | (106) | 11870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation of foreign operations, net of tax |  |  |  | 99624 | 99624 | 65004 | 164628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of other comprehensive income of associates and joint ventures, net of tax |  |  |  | 654225 | 654225 |  | 654225 |
|  **Transactions with owners of the Group, recognized directly in equity** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid |  |  |  |  |  | (126900) | (126900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital and others |  |  |  |  |  | (1819) | (1819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity transaction within the consolidated entity |  |  |  | 18 | 18 | (13878) | (13860) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in consolidation scope |  |  |  |  |  | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid for hybrid bonds |  |  |  |  |  | (10316) | (10316) |
|  **Others** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer of revaluation reserve |  |  | 586394 | (586394) |  |  |  |
|  **Balance as of December 31, 2024** | W | 4053578 | 20128247 | 15733411 | 39915236 | 1447597 | 41362833 |

---

*(Continued)* 

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of changes in equity, Continued

**For each of the two years in the period ended December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Non-**<br>**controlling**<br>**interests** |  |
|  | **Contributed<br>capital** | **Contributed<br>capital** | **Retained**<br>**earnings** | **Other**<br>**components**<br>**of equity** | **Subtotal** | **Non-**<br>**controlling**<br>**interests** | **Total**<br>**equity** |
|  **Balance as of January 1, 2025** | W | 4053578 | 20128247 | 15733411 | 39915236 | 1447597 | 41362833 |
|  **Total comprehensive income (loss) for the period** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  | 8544918 |  | 8544918 | 121738 | 8666656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that will not be reclassified subsequently to profit or loss: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of defined benefit plans, net of tax |  |  | (29899) |  | (29899) | 2462 | (27437) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of other comprehensive income of associates and joint ventures, net of tax |  |  | (5944) |  | (5944) |  | (5944) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in fair value of financial assets at fair value through other comprehensive income (loss), net of tax |  |  |  | 143888 | 143888 | (2) | 143886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that may be reclassified subsequently to profit or loss: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |  |  |  | 35483 | 35483 | (820) | 34663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation of foreign operations, net of tax |  |  |  | (5032) | (5032) | (27576) | (32608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of other comprehensive loss of associates and joint ventures, net of tax |  |  |  | (257793) | (257793) |  | (257793) |
|  **Transactions with owners of the Group, recognized directly in equity** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid |  |  | (136738) |  | (136738) | (76443) | (213181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital and others |  |  |  | (855) | (855) | 882 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity transaction within the consolidated entity |  |  |  | (33322) | (33322) | (82564) | (115886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in consolidation scope |  |  |  |  |  | (144) | (144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid for hybrid bonds |  |  |  |  |  | (2128) | (2128) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of hybrid bond |  |  |  |  |  | (230000) | (230000) |
|  **Balance as of December 31, 2025** | W | 4053578 | 28500584 | 15615780 | 48169942 | 1153002 | 49322944 |

---

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

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of cash flows

**For each of the two years in the period ended December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2025** | **2025** | **2024** |
|  **Cash flows from operating activities** |  |  |  |
|  Profit for the year | W | 8666656 | 3621968 |
|  Adjustments to reconcile profit for the period to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expenses |  | 2920274 | 1634561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation |  | 13630181 | 13833788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization |  | 158610 | 163567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement benefit expenses |  | 484224 | 427980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bad debt expense |  | 83001 | 60309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense |  | 4339560 | 4665095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of financial assets |  | 3525 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of property, plant and equipment |  | 112692 | 112018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on abandonment of property, plant and equipment |  | 122368 | 195697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment of property, plant and equipment |  | 14262 | 11240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment of intangible assets |  | 8439 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of intangible assets |  | 13 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in provisions, net |  | 3492316 | 1762526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss (Gain) on foreign currency translation, net |  | (407106) | 2366830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of financial assets at fair value through profit or loss |  | (133082) | (83408) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuation of financial assets at fair value through profit or loss |  | 24983 | 14247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on derivatives |  | (52685) | (2406368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of investments in associates and joint ventures, net |  | (600675) | (755452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of financial assets |  | (58115) | (45493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of impairment loss on intangible assets |  | (42) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of property, plant and equipment |  | (285525) | (85990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of intangible assets |  | (18) | (41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of associates and joint ventures |  | (3880) | (186066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of associates and joint ventures |  |  | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment investments in associates and joint ventures |  |  | 69173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of impairment loss on investments in associates and joint ventures |  |  | (10527) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of subsidiaries |  | (27) | (98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of subsidiaries |  | 28491 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income |  | (440386) | (467525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends income |  | (26137) | (70601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others, net |  | (422833) | (76125) |
|  |  | 22992428 | 21131434 |
|  Changes in working capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables |  | (436841) | 2702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-trade receivables |  | 76882 | (191526) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 325716 | (189995) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 97299 | 101042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets |  | (713475) | (656588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories |  | (1566800) | (1412713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current assets |  | (165996) | 108625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade payables |  | (957469) | 109214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-trade payables |  | (498552) | (97540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses |  | (343879) | (508199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities |  | 642339 | (2261294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current liabilities |  | 365255 | 2892947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in associates and joint ventures (dividends received) |  | 346203 | 364287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions |  | (1840454) | (1588396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of employee benefit obligations |  | (362044) | (208248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan assets |  | (350970) | (254763) |
|  | W | (5382786) | (3790445) |

---

*(Continued)* 

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of cash flows, Continued

**For each of the two years in the period ended December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2025** | **2025** | **2024** |
|  Cash generated from operating activities | W | 26276298 | 20962957 |
|  Dividends received |  | 26137 | 12243 |
|  Interest paid |  | (4393329) | (4697442) |
|  Interest received |  | 304166 | 390671 |
|  Income taxes paid |  | (1333118) | (792313) |
|  **Net cash flows provided by operating activities** |  | 20880154 | 15876116 |
|  **Cash flows from investing activities** |  |  |  |
|  Proceeds from disposals of investments in associates and joint ventures |  | 14436 | 236624 |
|  Acquisition of investments in associates and joint ventures |  | (2096355) | (451813) |
|  Proceeds from disposals of property, plant and equipment |  | 467623 | 402603 |
|  Acquisition of property, plant and equipment |  | (15834139) | (14216037) |
|  Proceeds from disposals of intangible assets |  | 4606 | 428 |
|  Acquisition of intangible assets |  | (103490) | (91851) |
|  Proceeds from disposals of financial assets |  | 3677329 | 2615341 |
|  Acquisition of financial assets |  | (4341542) | (2536994) |
|  Increase in loans |  | (376811) | (172849) |
|  Collection of loans |  | 413027 | 226935 |
|  Increase in deposits |  | (161923) | (154503) |
|  Decrease in deposits |  | 143226 | 152803 |
|  Proceeds from disposals of assets held-for-sale |  | 40047 | 28727 |
|  Receipt of government grants |  | 25019 | 59503 |
|  Net cash outflows from changes in consolidation scope |  | (3062) | (2740) |
|  Other cash outflows from investing activities, net |  | (313444) | (189284) |
|  **Net cash flows used in investing activities** |  | (18445453) | (14093107) |
|  **Cash flows from financing activities** |  |  |  |
|  Proceeds (Repayment) of short-term borrowings, net |  | 948196 | (1536401) |
|  Proceeds from long-term borrowings |  | 1769770 | 2795823 |
|  Proceeds from debt securities |  | 23093711 | 20476245 |
|  Repayment of long-term borrowings |  | (1211324) | (654581) |
|  Repayment of debt securities |  | (26541349) | (24687409) |
|  Payment of lease liabilities |  | (549651) | (612828) |
|  Settlement of derivative instruments, net |  | 621571 | 545483 |
|  Change in non-controlling interests |  | (57759) | (35986) |
|  Repayment of hybrid bond |  | (230000) |  |
|  Dividends paid for hybrid bond |  | (2128) | (10316) |
|  Dividends paid |  | (216780) | (126903) |
|  Other cash outflows from financing activities, net |  | (258858) | (2428) |
|  **Net cash flows used in financing activities** |  | (2634601) | (3849301) |
|  **Net decrease in cash and cash equivalents before effect of exchange rate fluctuations** |  | (199900) | (2066292) |
|  **Effect of exchange rate fluctuations on cash held** |  | 57732 | 106384 |
|  **Net decrease in cash and cash equivalents** |  | (142168) | (1959908) |
|  **Cash and cash equivalents as of January 1, 2025 and 2024** |  | 2382979 | 4342887 |
|  **Cash and cash equivalents as of December 31, 2025 and 2024** | W | 2240811 | 2382979 |

---

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements

**December 31, 2025 and 2024** 

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

Korea Electric Power Corporation ("KEPCO"), the controlling company as defined in International Financial Reporting Standards as adopted by the Republic of Korea ("KIFRS") 1110 *Consolidated Financial Statements*, was incorporated on January 1, 1982 in accordance with the *Korea Electric Power Corporation Act* (the "KEPCO Act") to engage in the generation, transmission and distribution of electricity and development of electric power resources in the Republic of Korea. KEPCO's stock was listed on the Korea Stock Exchange on August 10, 1989 and KEPCO listed its Depository Receipts (DR) on the New York Stock Exchange on October 27, 1994. KEPCO's head office is located in Naju, Jeollanam-do.

As of December 31, 2025, KEPCO's share capital amounts to W3,209,820 million and KEPCO's shareholders are as follows:

---

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

---

---

| | |
|:---|:---|
| (\*) | The number of shares held by foreign shareholders is 143,869,288 shares (22.41%) as of December 31, 2025.  |

---

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

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

The consolidated financial statements of Korea Electric Power Corporation and its subsidiaries (collectively referred to as the "Group") were authorized for issuance by the Board of Directors on February 26, 2026, which will be submitted for final approval at the shareholders' meeting held on March 25, 2026.

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

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

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

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

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

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

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

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

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

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

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

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

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

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

Electricity delivered but neither metered nor billed is estimated at the reporting date based on the estimated volume of electricity delivered which can vary significantly as a result of customer usage patterns, customer mix, meter reading schedules, weather, etc. Unbilled revenue recognized as of December 31, 2025 and 2024 are W2,573,914 million and W2,492,898 million, respectively.

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

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

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

The Group has applied the following new accounting standards and amendments for their annual reporting period commencing January 1, 2025. The amendment has no significant impact on the Group's consolidated financial statements. The Group has not early adopted any other standards, interpretations or amendments that have been issued but not yet effective.

Amendments to KIFRS 1021 "*lack of Exchangeability"*

The amendments to KIFRS 1021 The Effects of Changes in Foreign Exchange Rates specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments require disclosure of information that enables users of financial statements to understand the risk and impact of a currency not being exchangeable, or is expected to affect, an entity's financial performance, financial position, and cash flows. The amendments apply to annual reporting periods beginning on or after January 1, 2025.

This amendment has no significant impact on the consolidated financial statements.

Amendments to KIFRS 1117 "*Insurance Contracts" -* Disclosure of Estimation Techniques for Inputs Used in Measuring Insurance Contracts

The amendments to KIFRS 1117, "Insurance Contracts," are effective for reporting periods ending on or after December 31, 2025. These amendments address situations where an entity may be required to follow principled estimation techniques prescribed by insurance-related laws and regulations in the absence of sufficient historical data or experience for its insurance products.

If the estimation techniques used by an entity to measure insurance contracts differ from the principled estimation techniques required by such regulations, and if this information is deemed relevant and material to the users of the financial statements, the following disclosures are required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The estimation techniques for inputs used based on significant judgment and the basis for such judgment, as well
as the details of any differences from the principled estimation techniques required by the regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The impact on the estimates of future cash flows, contractual service margin (CSM), insurance revenue, and
insurance service expenses, had the principled estimation techniques required by the regulations been applied.

These amendments will remain in effect through the reporting periods including December 31, 2029. This amendment has no significant impact on the consolidated financial statements.

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

The following are the major new and amended accounting standards and interpretations that have been issued but are not yet effective for the fiscal year beginning on January 1, 2025, and have not been early adopted by the Group:

Amendments to KIFRS 1109, "*Financial Instruments*" and KIFRS 1107, "*Financial Instruments: Disclosures*"—Classification and Measurement of Financial Instruments

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clarification that a financial liability is derecognized on the settlement date, and the introduction of an
accounting policy choice to derecognize financial liabilities settled through electronic payment systems before the settlement date if specific criteria are met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional guidance on assessing the contractual cash flow characteristics of financial assets with ESG or
similar features;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clarification of the characteristics of non-recourse features and
contractually linked instruments; and

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

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

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

These amendments are effective for reporting periods beginning on or after January 1, 2026, with early adoption permitted. Entities may choose to early adopt only the amendments related to the classification of financial assets and the corresponding disclosures. The Group does not plan to early adopt these amendments.

Annual Improvements to KIFRS Accounting Standards - *Volume 11*

Annual Improvements to KIFRS Volume 11 were issued to enhance consistency among accounting standards and clarify ambiguous requirements. The key improvements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• KIFRS 1101, "First-time Adoption of KIFRS": Hedge accounting by a first-time adopter;

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

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

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

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

These amendments are effective for reporting periods beginning on or after January 1, 2026, with early adoption permitted. If an entity early adopts these amendments, it must disclose that fact. The Group does not expect these amendments to have a material impact on its consolidated financial statements.

Amendments to KIFRS 1109, "*Financial Instruments*" and KIFRS 1107, "*Financial Instruments: Disclosures*" - Contracts for Renewable Electricity

The amendments to KIFRS 1109 and KIFRS 1107 regarding contracts for renewable electricity (nature-dependent electricity) include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clarification of the "own-use" requirement for contracts
within the scope;

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

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

These amendments are effective for fiscal years beginning on or after January 1, 2026, with early adoption permitted. Amendments regarding the "own-use" exception must be applied retrospectively, while amendments related to hedge accounting are to be applied prospectively to new hedge relationships designated after the date of initial application. The Group does not expect these amendments to have a material impact on its consolidated financial statements.

KIFRS 1118, "*Presentation and Disclosure in Financial Statements*"

KIFRS 1118, which replaces KIFRS 1001, "*Presentation of Financial Statements*," has been issued. KIFRS 1118 introduces new requirements for the statement of profit or loss, including specific totals and subtotals. Entities are required to classify all income and expenses into one of five categories: operating, investing, financing, income taxes, and discontinued operations.

The standard also requires disclosure of "Management-defined Performance Measures" (MPMs) and includes new requirements for aggregating and disaggregating financial information based on identified "roles" of the primary financial statements and the notes.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

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

Furthermore, narrow-scope amendments were made to KIFRS 1007, "Statement of Cash Flows," such as changing the starting point for calculating operating cash flows under the indirect method from net income to operating profit or loss and removing options for the classification of cash flows arising from interest and dividends.

KIFRS 1118 and related amendments are effective for reporting periods beginning on or after January 1, 2027, with retrospective application required upon initial adoption. The Group is currently assessing the impact of these amendments on its consolidated financial statements. Significant changes expected upon initial application include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign exchange differences will be classified in the same category as the income and expenses of the items that
generated them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New disclosures will be added, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management-defined Performance Measures (MPMs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expenses by nature for specific items when expenses are presented by function in the operating category; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A reconciliation between the amounts presented under KIFRS 1118 and the amounts that would have been presented
under KIFRS 1001.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the statement of cash flows, interest received and interest paid will be classified as investing and financing
activities, respectively.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

The accounting policies applied by the Group in these consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as of and for the year ended December 31, 2024, except for the changes described in Note 2.(5).

**(1)** **Basis of consolidation** 

The consolidated financial statements are the financial statements of the Group in which the assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries are presented as those of a single economic entity. Subsidiaries are controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

Income and expense of a subsidiary acquired or disposed of during the current year are included in the consolidated statement of comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income of subsidiaries is attributed to the owners of the Group and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

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

Transactions within the Group are eliminated during the consolidation.

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

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

**(2)** **Business combinations** 

A business combination is accounted for by applying the acquisition method, unless it is a combination involving entities or businesses under common control.

The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are generally recognized in income or loss as incurred.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**3.** **Material Accounting Policies, Continued** 

**(2)** **Business combinations, continued** 

At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value at the acquisition date, except that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assets (or disposal groups) that are classified as held for sale in accordance with KIFRS 1105 *Non-current Assets Held for Sale* are measured in accordance with that standard.

Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer's previously held interest in the acquiree (if any), the excess is recognized immediately in income or loss as a bargain purchase gain.

Non-controlling interest that is present on acquisition day and entitles the holder to a proportionate share of the entity's net assets in an event of liquidation, may be initially measured either at fair value or at the non-controlling interest's proportionate share of the recognized amounts of the acquiree's identifiable net assets. The choice of measurement can be elected on a transaction-by-transaction basis. Other types of non-controlling interests are measured at fair value or, when applicable, on the basis specified in other KIFRSs.

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

The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not re-measured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is re-measured at subsequent reporting dates in accordance with KIFRS 1109 *Financial Instruments*, or with KIFRS 1037 *Provisions, Contingent Liabilities and Contingent Assets*, as appropriate, with the corresponding gain or loss being recognized in income or loss.

When a business combination is achieved in stages, the Group's previously held equity interest in the acquiree is re-measured to fair value at the acquisition date (i.e. the date when the Group obtains control) and the resulting gain or loss, if any, is recognized in income or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are reclassified to income or loss where such treatment would be appropriate if that interest were disposed of.

If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date.

The assets and liabilities acquired under business combinations under common control are recognized at the carrying amounts recognized previously in the consolidated financial statements of the ultimate parent. The difference between consideration transferred and carrying amounts of net assets acquired is recognized as part of share premium.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**3.** **Material Accounting Policies, Continued** 

**(3)** **Investments in associates** 

An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but does not control or joint control over those policies. If the Group holds 20% ~ 50% of the voting power of the investee, it is presumed that the Group has significant influence.

The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. If the investment is classified as held for sale, in which case it is accounted for in accordance with KIFRS 1105 *Non-current Assets Held for Sale*, any retained portion of an investment in associates that has not been classified as held for sale shall be accounted for using the equity method until disposal of the portion that is classified as held for sale takes place. After the disposal takes place, the Group shall account for any retained interest in associates in accordance with KIFRS 1109 *Financial Instruments* unless the retained interest continues to be an associate, in which case the entity uses the equity method.

Under the equity method, an investment in an associate is initially recognized in the consolidated statement of financial position at cost and adjusted thereafter to recognize the Group's share of the income or loss and other comprehensive income of the associate. When the Group's share of losses of an associate exceeds the Group's interest in that associate (which includes any long-term interests that, in substance, form part of the Group's net investment in the associate), the Group discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.

Any excess of the cost of acquisition over the Group's share of the net fair value of the identifiable assets, liabilities and contingent liabilities of an associate recognized at the date of acquisition is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Group's share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognized immediately in income or loss.

Upon disposal of an associate that results in the Group losing significant influence over that associate, any retained investment is measured at fair value at that date and the fair value is regarded as its fair value on initial recognition as a financial asset in accordance with KIFRS 1109. The difference between the previous carrying amount of the associate attributable to the retained interest and its fair value is included in the determination of the gain or loss on disposal of the associate.

In addition, the Group accounts for all amounts previously recognized in other comprehensive income in relation to that associate on the same basis as would be required if that associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognized in other comprehensive income by that associate would be reclassified to income or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to income or loss (as a reclassification adjustment) when it loses significant influence over that associate.

The requirements of KIFRS 1028 *Investments in Associates and Joint Ventures* are applied to determine whether it is necessary to recognize any impairment loss with respect to the Group's investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with KIFRS 1036 *Impairment of Assets* as a single asset by comparing its recoverable amount (higher of value-in-use and fair value less costs to sell) with its carrying amount, any impairment loss recognized forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized in accordance with KIFRS 1036 to the extent that the recoverable amount of the investment subsequently increases.

When the Group transacts with its associate, incomes and losses resulting from the transactions with the associate are recognized in the Group's consolidated financial statements only to the extent of interests in the associate that are not related to the Group.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**3.** **Material Accounting Policies, Continued** 

**(4)** **Joint arrangements** 

A joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Joint arrangements are classified into two types - joint operations and joint ventures. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets, and obligations for the liabilities, relating to the arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint ventures) have rights to the net assets of the arrangement.

The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement. The Group determines the type of joint arrangement in which it is involved by considering the structure and form of the arrangement, the terms agreed by the parties in the contractual arrangement and other facts and circumstances.

If the Group is a joint operator, the Group is to recognize and measure the assets and liabilities (and recognize the related revenues and expenses) in relation to its interest in the arrangement in accordance with relevant KIFRSs applicable to the particular assets, liabilities, revenues and expenses. If the joint arrangement is a joint venture, the Group is to account for that investment using the equity method accounting in accordance with KIFRS 1028 *Investment in Associates and Joint Ventures* (refer to note 3.(3)), except when the Group is applicable to the KIFRS 1105 *Non-current Assets Held for Sale*.

**(5)** **Non-current assets held-for-sale** 

Non-current assets and disposal groups are classified as held-for-sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the non-current asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.

When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale.

Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell.

**(6)** **Goodwill** 

The Group measures goodwill arises from a business combination at the amount recognized at the date on which it obtains control of the acquiree (acquisition date) less any accumulated impairment losses. Goodwill acquired in a business combination is allocated to each cash-generating unit (CGU) that is expected to benefit from the synergies arising from the business acquired.

The Group performs impairment assessment for CGUs to which goodwill is allocated at the end of each reporting period and more frequently if an indication that the CGU may be impaired. An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss.

Any impairment identified at the CGU level will first reduce the carrying value of goodwill and then be used to reduce the carrying amount of the other assets in the CGU on a pro rata basis. Except for impairment losses in respect of goodwill which are never reversed, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

On disposal of the relevant CGU, the amount of goodwill is included in the determination of the gain or loss on disposal.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**3.** **Material Accounting Policies, Continued** 

**(7)** **Revenue from Contracts with Customers** 

The Group recognizes revenue by applying the five-step approach (Step 1: Identify the contract(s) with a customer, Step 2: Identify the performance obligations in the contract, Step 3: Determine the transaction price, Step 4: Allocate the transaction price to the performance obligations in the contract, Step 5: Recognize revenue when the entity satisfied a performance obligation), in accordance with KIFRS 1115. The Group recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, excluding amounts collected on behalf of third parties. Also, the Group recognizes revenue when the Group satisfies a performance obligation by transferring a promised good or service to a customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Identify the performance obligations in the contract

The Group is engaged in the generation, transmission and distribution of electricity and development of electric power resources, and electricity sales revenue accounts for 95.46% of consolidated revenue for the year ended December 31, 2025.

Under KIFRS 1115, supplying electricity is a series of distinct goods or services identified as a single performance obligation. The Group is also engaged in contracts with customers for transmission and distribution, provision of power generation byproducts, EPC business, O&M, etc. that are identified as separate performance obligations for each contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Variable consideration

The Group may be subject to variability in the consideration received from customers due to the progressive electricity tariff system, government-mandated discounts, penalties, late-payment charges, and other factors. The Group estimates variable consideration using the expected value method, under which the Group can better predict the amount of consideration to which the Group will be entitled. The estimated variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal of cumulative revenue recognized will not occur when the related uncertainty is subsequently resolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Performance obligations satisfied over time

The Group satisfies its performance obligations for contracts such as EPC business, O&M, etc. over time. The Group recognizes revenue based on the percentage-of-completion on a reasonable basis.

The Group recognizes revenue over time if one of the following criteria is met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the customer simultaneously receives and consumes the benefits provided by the Group's performance as the
Group performs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Group's performance creates or enhances an asset that the customer controls as the asset is created
or enhanced; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Group's performance does not create an asset with an alternative use to the Group and the Group has
an enforceable right to payment for performance completed to date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Adoption of cost pass-through tariff system

The Group amended its basic supply terms and conditions with the approval of the Ministry of Trade, Industry and Energy (MOTIE) on December 17, 2020. In accordance with this amendment, the cost pass-through tariff system has been applied to the electricity rate after January 1, 2021. The Group has assessed that the adoption of the new system did not affect the existing accounting policies, including revenue from contracts with customers.

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Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**3.** **Material Accounting Policies, Continued** 

**(8)** **Leases** 

The lessee and the lessor account for each lease component separately from non-lease component, in the lease contracts or contracts that contain lease. However, the Group applied a practical expedient to each type of underlying asset in accounting as a lessee, and instead of separating the non-lease component from the lease component, it applied a method of accounting for each lease component and the related non-lease component as a single lease contract. The lessor's accounting has not changed significantly. Therefore, a lease that transfers most of the risks and rewards of ownership of the underlying asset is classified as a finance lease, and a lease that does not transfer most of the risks and rewards of ownership of the underlying asset is classified as an operating lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Group as a lessor

In the case of finance leases, the Group recognizes the same amount of the net investment in the lease as finance lease receivables, and recognizes interest income using the effective interest method. Income from operating leases is recognized using the straight-line basis over the lease term, and lease opening direct costs incurred during the negotiation and contract phase of the operating lease contract are added to the carrying amount of the lease asset and recognized as expenses over the lease term on a straight-line basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Group as a lessee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Right-of-use assets

The Group recognizes right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Lease liabilities

At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expenses in the period on which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment of an option to purchase the underlying asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Short-term leases and leases of low-value assets

The Group applies the short-term leases recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the leases of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term.

Book value and changes in book value of right-of-use assets and lease liabilities during the period are described in Note 24.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**3.** **Material Accounting Policies, Continued** 

**(9)** **Foreign currencies** 

Transactions in foreign currencies are translated to the respective functional currencies of the Group entities at exchange rates at the dates of the transactions. Monetary items in foreign currencies are retranslated to the functional currency using the reporting date's exchange rate. Non-monetary items that are measured at fair value in foreign currencies are retranslated to the functional currency at the exchange rate at the date that the fair value was determined, while non-monetary items that are measured in terms of historical cost in foreign currencies shall not be retranslated.

Exchange differences are recognized in profit or loss in the period in which they arise except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exchange differences on foreign currency borrowings relating to assets under construction for future productive
use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exchange differences on transactions entered into in order to hedge certain foreign currency risks (refer to Note
3.(23) *Derivative financial instruments*, including hedge accounting); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is
neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognized initially in other comprehensive income and reclassified from equity to income or loss on disposal or partial disposal
of the net investment.

For the purpose of presenting the consolidated financial statements, the assets and liabilities of the Group's foreign operations are expressed in Korean won using exchange rates prevailing at the end of the reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity (if applicable, in non-controlling interest).

On the disposal of a foreign operation, the cumulative amount of the exchange differences relating to that foreign operation that have been attributed to the controlling interests shall be reclassified from equity to profit or loss (as a reclassification adjustment). The cumulative amount of the exchange differences relating to that foreign operation that have been attributed to the non-controlling interests shall be derecognized, but shall not be reclassified to profit or loss.

On the partial disposal of a subsidiary that includes a foreign operation, the entity shall re-attribute the proportionate share of the cumulative amount of the exchange differences recognized in other comprehensive income to the non-controlling interests in that foreign operation. In any other partial disposal of a foreign operation the entity shall reclassify to profit or loss only the proportionate share of the cumulative amount of the exchange differences recognized in other comprehensive income.

Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation shall be treated as assets and liabilities of the foreign operation. Thus they shall be expressed in the functional currency of the foreign operation and shall be translated at the closing rate. And such exchange differences shall be recognized in equity.

**(10)** **Borrowing costs** 

The Group capitalizes borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. Other borrowing costs are recognized in expense as incurred. A qualifying asset is an asset that requires a substantial period of time to get ready for its intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.

All other borrowing costs are recognized in profit or loss in the period in which they are incurred.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**3.** **Material Accounting Policies, Continued** 

**(11)** **Government grants** 

Government grants are not recognized unless there is reasonable assurance that the Group will comply with the grant's conditions and that the grant will be received.

Benefit from a government loan at a below-market interest rate is treated as a government grant, measured as the difference between proceeds received and the fair value of the loan based on prevailing market interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Group received grants related to assets

Government grants whose primary condition is that the Group purchase, construct or otherwise acquire long-term assets are deducted in calculating the carrying amount of the asset. The grant is recognized in profit or loss over the life of a depreciable asset as a reduced depreciation expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Group received grants related to income

Government grants which are intended to compensate the Group for expenses incurred are recognized as other income (government grants) in profit or loss over the periods in which the Group recognizes the related costs as expenses.

**(12)** **Retirement benefit expenses** 

When an employee has rendered service to the Group during a period, the Group recognizes the contribution payable to a defined contribution plan in exchange for that service as a liability (accrued expense).

For defined benefit pension plans and other post-employment benefits, the net periodic pension expense is actuarially determined by "Pension Actuarial System" developed by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension liability. However, if there is not a deep market, market yields on government bonds are used.

Net defined benefit liability's measurement is composed of actuarial gains and losses, return on plan assets excluding net interest on net defined benefit liability, and any change in the effect of the asset ceiling, excluding net interest, which are immediately recognized in other comprehensive income. The actuarial gains or losses recognized in other comprehensive income which will not be reclassified into net profit or loss for later periods are immediately recognized in retained earnings. Past service cost will be recognized as expenses upon the earlier of the date of change or reduction to the plan, or the date of recognizing termination benefits.

The retirement benefit obligation recognized in the statement of financial position represents the present value of the defined benefit obligation as adjusted for unrecognized actuarial gains and losses and unrecognized past service cost, and as reduced by the fair value of plan assets. Any asset resulting from this calculation is limited to unrecognized actuarial losses and past service cost, plus the present value of available refunds and reductions in future contributions to the plan.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**3.** **Material Accounting Policies, Continued** 

**(13)** **Income taxes** 

Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Current tax

Current tax is the expected tax payable or receivable on the taxable profit or loss for the year, using tax rates enacted or substantively enacted at the end of the reporting period and any adjustment to tax payable in respect of previous years. The taxable profit is different from the accounting profit for the period since the taxable profit is calculated excluding the temporary differences, which will be taxable or deductible in determining taxable profit (tax loss) of future periods, and non-taxable or non-deductible items from the accounting profit.

Current tax assets and liabilities are offset only if, the Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has a legally enforceable right to set off the recognized amounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

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

Deferred tax is recognized, using the asset-liability method, in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. A deferred tax liability is recognized for all taxable temporary differences. A deferred tax asset is recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which they can be utilized. However, deferred tax is not recognized for the following temporary differences: taxable temporary differences arising on the initial recognition of goodwill, or the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting profit or loss nor taxable income.

The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets or deferred tax liabilities on investment properties measured at fair value, unless any contrary evidence exists, are measured using the assumption that the carrying amount of the property will be recovered entirely through sale.

The Group recognizes a deferred tax liability for all taxable temporary differences associated with investments in subsidiaries, associates, and interests in joint ventures, except to the extent that the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The Group recognizes a deferred tax asset for all deductible temporary differences arising from investments in subsidiaries and associates, to the extent that it is probable that the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.

The carrying amount of a deferred tax asset is reviewed at the end of each reporting period and reduces the carrying amount to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of that deferred tax asset to be utilized.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset only if there is a legally enforceable right to offset the related current tax liabilities and assets, and they relate to income taxes levied by the same tax authority and they intend to settle current tax liabilities and assets on a net basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Current and deferred tax for the year

Current and deferred tax are recognized in income or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**3.** **Material Accounting Policies, Continued** 

**(14)** **Property, plant and equipment** 

Property, plant and equipment are initially measured at cost and after initial recognition, are carried at cost less accumulated depreciation and accumulated impairment losses. The cost of property, plant and equipment includes expenditures arising directly from the construction or acquisition of the asset, any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management and the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located.

Subsequent costs are recognized in the carrying amount of property, plant and equipment at cost or, if appropriate, as separate items if it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing are recognized in profit or loss as incurred.

Property, plant and equipment, except for land, are depreciated on a straight-line basis over estimated useful lives that appropriately reflect the pattern in which the asset's future economic benefits are expected to be consumed. For loaded nuclear fuel related to long-term raw materials and spent nuclear fuels related to asset retirement costs, the Group uses the unit-of-production method to measure and recognize depreciation expenses.

The estimated useful lives of the Group's property, plant and equipment are as follows:

---

| | |
|:---|:---|
|  | **Useful lives (years)** |
|  Buildings | 8 ~ 40 |
|  Structures | 5 ~ 50 |
|  Machinery | 1 ~ 34 |
|  Vehicles | 3 ~ 5 |
|  Loaded heavy water | 30 |
|  Asset retirement costs | 18, 30, 40, 60 |
|  Right-of-use assets | 1 ~ 65 |
|  Ships | 9 |
|  Others | 3 ~ 30 |

---

A component that is significant compared to the total cost of property, plant and equipment is depreciated over its separate useful life.

Depreciation methods, residual values and useful lives of property, plant and equipment are reviewed at the end of each reporting period and if change is deemed appropriate, it is treated as a change in accounting estimate.

Property, plant and equipment are derecognized on disposal, or when no future economic benefits are expected from its use or disposal. Gains or losses arising from derecognition of a property, plant and equipment, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in income or loss when the asset is derecognized.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**3.** **Material Accounting Policies, Continued** 

**(15)** **Investment property** 

Property held for the purpose of earning rentals or benefiting from capital appreciation is classified as investment property. Investment property is initially measured at its cost. Transaction costs are included in the initial measurement. Subsequently, investment property is carried at depreciated cost less any accumulated impairment losses.

Subsequent costs are recognized in the carrying amount of investment property at cost or, if appropriate, as separate items if it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing are recognized in profit or loss as incurred.

Investment property except for land, is depreciated on a straight-line basis over 8 ~ 40 years as estimated useful lives.

The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

An investment property is derecognized upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in income or loss in the period in which the property is derecognized.

**(16)** **Intangible assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Intangible assets acquired separately

Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over their estimated useful lives. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Research and development

Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally-generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of the following have been demonstrated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the technical feasibility of completing the intangible asset so that it will be available for use or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the intention to complete the intangible asset and use or sell it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to use or sell the intangible asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how the intangible asset will generate probable future economic benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of adequate technical, financial and other resources to complete the development and to use or
sell the intangible asset; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to measure reliably the expenditure attributable to the intangible asset during its development.

The amount initially recognized for internally-generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. When the development expenditure does not meet the criteria listed above, an internally-generated intangible asset cannot be recognized and the expenditure is recognized in income or loss in the period in which it is incurred.

Internally-generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**3.** **Material Accounting Policies, Continued** 

**(16)** **Intangible assets, continued** 

The estimated useful lives and amortization methods of the Group's intangible assets are as follows:

---

| | | |
|:---|:---|:---|
|  | **Useful lives (years)** | **Amortization<br>methods** |
|  Usage rights for donated assets | 10 ~ 30 | Straight line |
|  Software | 4 ~ 30 | Straight line |
|  Industrial rights | 5 ~ 30 | Straight line |
|  Development expenses | 5 | Straight line |
|  Leasehold rights | 8 | Straight line |
|  Others | 3 ~ 50 or indefinite | Straight line |
|  Mining right |  | Unit of production |

---

Mining right is amortized using the unit-of-production method to reflect the pattern in which the asset's economic benefits are consumed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Intangible assets acquired in a business combination

Intangible assets that are acquired in a business combination are recognized separately from goodwill are initially recognized at their fair value at the acquisition date.

Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Derecognition of intangible assets

An intangible asset is derecognized on disposal, or when no future economic benefits are expected from its use or disposal. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in income or loss when the asset is derecognized.

**(17)** **Greenhouse gas emissions rights (allowances) and obligations** 

In connection with *Act on the Allocation and Trading of Greenhouse Gas Emissions Permits* of the Republic of Korea, the Group applies the following accounting policies for greenhouse gas emissions rights and obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Greenhouse gas emissions rights

Greenhouse gas emissions rights consist of the allowances received free of charge from the government and the ones purchased. The cost of the greenhouse gas emissions rights includes expenditures arising directly from the acquisition and any other costs incurred during normal course of the acquisition.

Greenhouse gas emissions rights are held by the Group to fulfill the legal obligation and recorded as intangible assets. To the extent that the portion to be submitted to the government within one year from the end of reporting period, the greenhouse gas emissions rights are classified as current assets. Greenhouse gas emissions rights recorded as intangible assets are initially measured at cost and substantially remeasured at cost less accumulated impairment losses.

Greenhouse gas emissions rights are derecognized on submission to the government or when no future economic benefits are expected from its use or disposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Greenhouse gas emissions obligations

Greenhouse gas emissions obligations are the Group's present legal obligation to submit the greenhouse gas emissions allowances to the government and recognized when an outflow of resources is probable and a reliable estimate can be made of the amount of the obligation. Greenhouse gas emissions obligations are measured as the sum of the carrying amount of the allocated rights that will be submitted to the government and the best estimate of expenditure required to settle the obligation at the end of the reporting period for any excess emission.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**3.** **Material Accounting Policies, Continued** 

**(18)** **Impairment of non-financial assets other than goodwill** 

At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets with definite useful lives to determine whether there is any indication that those assets may have been impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or a CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

When an impairment loss subsequently reverses, the carrying amount of the asset (or a CGU) is increased to the revised estimate of its recoverable amount, to the extent the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or CGU) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

The Group determined that there were indications of impairment for the cash-generating unit (CGU) related to electricity sales, as the carrying amount of net assets exceeded the market capitalization. Accordingly, an impairment assessment was conducted for the CGU. The Group estimated the value-in-use based on discounted cash flow forecasts, applying key assumptions such as the discount rate, future sales volume estimates, sales price, and costs of electricity purchased. As a result of the impairment assessment, the recoverable amount exceeded the carrying amount of the CGU.

**(19)** **Inventories** 

Inventories are measured at the lower of cost and net realizable value. Cost of inventories for inventories in transit are measured by using specific identification method. Cost of inventories, except for those in transit, are measured under the weighted average method and consists of the purchase price, cost of conversion and other costs incurred in bringing the inventories to their present location and condition.

Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories, arising from an increase in net realizable value, are recognized as a reduction in the amount of inventories recognized as an expense in the period in which the reversal occurs.

**(20)** **Provisions** 

Provisions are recognized when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

The risks and uncertainties that inevitably surround many events and circumstances are taken into account in reaching the best estimate of a provision. Where the effect of the time value of money is material, provisions are determined at the present value of the expected future cash flows.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**3.** **Material Accounting Policies, Continued** 

**(20)** **Provisions, continued** 

Where some or all of the expenditures required to settle a provision are expected to be reimbursed by another party, the reimbursement shall be recognized when, and only when, it is virtually certain that reimbursement will be received if the entity settles the obligation. The reimbursement shall be treated as a separate asset.

Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimates. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Provision for employment benefits

The Group determines the provision for employment benefits as the incentive payments based on the results of the individual performance evaluation or management assessment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Provision for decommissioning costs of nuclear power plants

The Company records the present value of estimated decommissioning costs as a liability in the period in which the Company incurs a legal obligation associated with retirement of long-lived assets that result from acquisition, construction, development and/or normal use of the assets. Accretion expense consists of period-to-period changes in the liability for decommissioning costs resulting from the passage of time and revisions to either the timing or the amount of the original estimate of undiscounted cash flows.

The discount rate applied to measure the decommissioning provision is based on a long-term market interest rate that reflects the expected timing and duration of future decommissioning cash outflows. In determining this rate, the Company also considers publicly available long term interest rate information, including historical long term rate patterns, given the long-term nature of nuclear decommissioning obligations.

Regarding inflation rate that is used to measure future cash outflows, the Company considers historical published consumer price index and their representativeness for future periods when the cash flows for decommissioning activities are expected to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Provision for disposal of spent nuclear fuel

Under the Radioactive Waste Management Act, the Group is levied to pay the spent nuclear fuel fund for the management of spent nuclear fuel. The Group recognizes the provision of present value of the estimated payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Provision for low and intermediate radioactive wastes

Under the Radioactive Waste Management Act, the Group recognizes the provision for the disposal of low and intermediate radioactive wastes in best estimate of the expenditure required to settle the present obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Provision for Polychlorinated Biphenyls ("PCBs")

Under the regulation of Persistent Organic Pollutants Management Act, enacted in 2007, the Group is required to remove PCBs, a toxin, from the insulating oil of its transformers by 2025. As a result of the enactments, the Group is required to inspect the PCBs contents of transformers and dispose of PCBs in excess of safety standards under the legally settled procedures. The Group's estimates and assumptions used to determine fair value can be affected by many factors, such as the estimated costs of inspection and disposal, inflation rate, discount rate, regulations and the general economy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Provisions for power plant regional support program

Power plant regional support programs consist of scholarship programs to local students, local economy support programs, local culture support programs, environment development programs, and local welfare programs. The Group recognizes the provision in relation to power plant regional support program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Provisions for transmission and transformation facilities-neighboring areas support program

The Group has present obligation to conduct transmission and transformation facilities-neighboring areas support program under Act on assistance to transmission and transformation facilities-neighboring areas. The Group recognizes the provision of estimated amount to fulfill the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Renewable Portfolio Standard ("RPS") provisions

RPS program is required to generate a specified percentage of total electricity to be generated in the form of renewable energy and provisions are recognized for the governmental regulations to require the production of energies from renewable energy sources such as solar, wind and biomass.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**3.** **Material Accounting Policies, Continued** 

**(21)** **Financial instruments** 

The Group recognizes financial assets and financial liabilities in the statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Upon initial recognition, financial assets and financial liabilities are measured at their fair value plus, in the case of a financial asset or financial liabilities not at fair value through profit or loss, transaction costs that are directly attributable to the asset's acquisition or issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Classification and measurement of financial assets

The Group classifies financial assets into three principal categories; measured at amortized cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL) based on the business model in which assets are managed and their cash flow characteristics. The Group assesses the hybrid financial instrument in which derivatives embedded as whole for classification.

---

| | | |
|:---|:---|:---|
| Business model | **Cash flow characteristics** | **Cash flow characteristics** |
| Business model | Solely payments of<br>principal and<br>interest (SPPI) | Other<br>than<br>SPPI |
|  To collect contractual cash flows | Amortized cost | FVTPL<br> (\*2) |
|  Both collecting contractual cash flows and selling financial assets | FVOCI (\*1) | FVTPL<br> (\*2) |
|  To sell financial assets | FVTPL | FVTPL<br> (\*2) |

---

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| | |
|:---|:---|
| (\*1) | To eliminate or reduce an accounting mismatch, the Group may elect to recognize the amount of change in fair value in profit or loss.  |

---

(\*2) On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment's fair value in OCI.

![LOGO](g793123dsp20.jpg) A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: 1) it is held within a business model whose objective is to hold assets to collect contractual cash flows; and 2) its contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

![LOGO](g793123dsp21.jpg) A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: 1) it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and 2) its contractual terms of the financial asset give rise on specified dates to cash flow that are solely payments of principal and interest on the principal amount outstanding.

![LOGO](g793123dsp22.jpg) All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. On initial recognition of equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in fair value in OCI, and will not reclassify (recycle) those items in OCI to profit or loss subsequently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Classification and measurement of financial liabilities

Financial liabilities are classified as FVTPL or other financial liabilities.

![LOGO](g793123dsp20.jpg) A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss.

![LOGO](g793123dsp21.jpg) A non-derivative financial liability that is not classified as at FVTPL is classified as other financial liabilities. Other financial liabilities are measured initially at its fair value minus transaction costs that are directly attributable to the acquisition or issue. Other financial liabilities are subsequently measured at amortized cost using the effective interest method.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**3.** **Material Accounting Policies, Continued** 

**(21)** **Financial instruments, continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Impairment: Financial assets and contract assets

The Group applies a forward-looking 'expected credit loss' (ECL) model for debt instruments, lease receivables, contractual assets, loan commitments and financial guarantee contracts.

The Group recognizes loss allowances measured on either of the 12-month or lifetime ECL based on the extent of increase in credit risk since inception as shown in the table below.

---

| | | |
|:---|:---|:---|
| **Classification** | **Classification** | **Loss allowances** |
| Stage 1 | Credit risk has not increased significantly since the initial recognition | 12-month ECL: ECLs that resulted from possible default events within the 12 months after the reporting date |
| Stage 2 | Credit risk has increased significantly since the initial recognition | Lifetime ECL: ECL that resulted from all possible default events over the expected life of a financial instrument |
| Stage 3 | Credit-impaired |  |

---

Under KIFRS 1109, the Group always measures the loss allowance at an amount equal to lifetime expected credit losses for trade receivables or contract assets that result from transactions that are within the scope of KIFRS 1115 and that do not contain a significant financing component in accordance with KIFRS 1115 and if the trade receivables or contract assets include a significant financing component, the Group may choose as its accounting policy to measure the loss allowance at an amount equal to lifetime expected credit losses.

The Group has chosen to measure the loss allowance at an amount equal to lifetime expected credit losses for the trade receivables, contract assets and lease receivables that contain a significant financing component.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Derecognition

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized.

The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.

**(22)** **Service Concession Arrangements** 

The Group recognizes revenues from construction services and operating services related to service concession arrangements in accordance with KIFRS 1115 *Revenue from Contracts with Customers*.

The Group recognizes a financial asset to the extent that it has an unconditional contractual right to receive cash or another financial asset for the construction services and an intangible asset to the extent that it receives a right (license) to charge users of the public service. Borrowing costs attributable to the arrangement are recognized as an expense in the period in which they are incurred unless the Group has a contractual right to receive an intangible asset (a right to charge users of the public service). In this case, borrowing costs attributable to the arrangement are capitalized during the construction phase of the arrangement.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**3.** **Material Accounting Policies, Continued** 

**(23)** **Derivative financial instruments, including hedge accounting** 

The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risk, including foreign exchange forward contracts, interest rate swaps and cross currency swaps and others.

Derivatives are initially recognized at fair value. Subsequent to initial recognition, derivatives are measured at fair value. The resulting gain or loss is recognized in income or loss immediately unless the derivative is designated and effective as a hedging instrument, in such case the timing of the recognition in income or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognized as a financial asset; a derivative with a negative fair value is recognized as a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realized or settled within 12 months. Other derivatives are presented as current assets or current liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Separable embedded derivatives

A derivative embedded in a hybrid contract, with a financial liability host or host not in the scope of KIFRS 1109, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Hedge accounting

The Group designates certain hedging instruments, which include derivatives, embedded derivatives and non-derivatives in respect of foreign currency risk, as either fair value hedges or cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges.

At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Fair value hedges

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognized in income or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The changes in the fair value of the hedging instrument and the change in the hedged item attributable to the hedged risk relating to the hedged items are recognized in the consolidated statements of comprehensive income. However, changes in the fair value of hedging instrument and hedged item of equity instruments for which changes in fair value have been elected to be presented in other comprehensive income at the time of initial recognition are recognized in other comprehensive income.

If a hedging relationship no longer meets the objective of the hedge effectiveness related to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the hedge ratio of the hedging relationship should be rebalanced so that the hedging relationship again meets the criteria. Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. The fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is amortized as income or loss as of that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Cash flow hedges

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in income or loss, and is included in finance income and expense.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**3.** **Material Accounting Policies, Continued** 

**(23)** **Derivative financial instruments, including hedge accounting, continued** 

Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to income or loss in the periods when the hedged item is recognized in income or loss, in the same line of the consolidated statement of comprehensive income as the recognized hedged item. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability.

Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or it no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in income or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in income or loss.

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

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

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

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

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **The financial information of the segments for each of the two years in the period ended December 31, 2025, respectively, is as follows:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
| **Segment** | **Total**<br>**segment**<br>**revenue** | **Total**<br>**segment**<br>**revenue** | **Intersegment**<br>**revenue** | **Revenue**<br>**from**<br>**external**<br>**customers** | **Operating**<br>**profit (loss)** | **Depreciation**<br>**and**<br>**amortization** | **Interest**<br>**income** | **Interest**<br>**expense** | **Profit (loss) related<br>to associates, joint<br>ventures and<br>subsidiaries** |
|  Transmission and distribution | W | 95536165 | 2323115 | 93213050 | 8540000 | 4544891 | 93656 | 2628600 | 364660 |
|  Electric power generation (Nuclear) |  | 15346722 | 14980918 | 365804 | 2478392 | 4898189 | 85585 | 796273 | (8974) |
|  Electric power generation<br>(Non-nuclear) |  | 28710970 | 26182963 | 2528007 | 2141000 | 4119191 | 43902 | 667916 | 220330 |
|  Plant maintenance & engineering service |  | 3325786 | 2768349 | 557437 | 307661 | 171000 | 27684 | 5613 | 76 |
|  Others |  | 2200702 | 1435654 | 765048 | 99277 | 236282 | 249422 | 327450 |  |
|  Consolidation adjustments |  | (47690999) | (47690999) |  | (75773) | (180762) | (59863) | (86292) |  |
|  | W | 97429346 |  | 97429346 | 13490557 | 13788791 | 440386 | 4339560 | 576092 |
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
| **Segment** | **Total**<br>**segment**<br>**revenue** | **Total**<br>**segment**<br>**revenue** | **Intersegment**<br>**revenue** | **Revenue**<br>**from**<br>**external**<br>**customers** | **Operating**<br>**profit (loss)** | **Depreciation**<br>**and**<br>**amortization** | **Interest**<br>**income** | **Interest**<br>**expense** | **Profit (loss) related<br>to associates, joint<br>ventures and<br>subsidiaries** |
|  Transmission and distribution | W | 91646581 | 2217014 | 89429567 | 3166658 | 4368806 | 86889 | 2946080 | 578973 |
|  Electric power generation (Nuclear) |  | 13447880 | 13118098 | 329782 | 1577798 | 5182841 | 72760 | 786491 | (20548) |
|  Electric power generation<br>(Non-nuclear) |  | 31563589 | 29186796 | 2376793 | 2805997 | 4252872 | 67835 | 704678 | 138347 |
|  Plant maintenance & engineering service |  | 3266873 | 2765640 | 501233 | 405389 | 164749 | 26262 | 7144 | 185548 |
|  Others |  | 2283458 | 1521937 | 761521 | 60344 | 218505 | 271709 | 336718 |  |
|  Consolidation adjustments |  | (48809485) | (48809485) |  | 348524 | (190418) | (57930) | (116016) |  |
|  | W | 93398896 |  | 93398896 | 8364710 | 13997355 | 467525 | 4665095 | 882320 |

---

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **The information related to segment assets and segment liabilities as of December 31, 2025 and 2024 is as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Segment** | **Segment**<br>**assets** | **Segment**<br>**assets** | **Investments in<br>associates and**<br>**joint ventures** | **Acquisition of**<br>**non-current<br>assets** | **Segment<br>liabilities** |
|  Transmission and distribution | W | 144616479 | 8606616 | 9077814 | 118045718 |
|  Electric power generation (Nuclear) |  | 76378365 | 169728 | 2532322 | 49741461 |
|  Electric power generation (Non-nuclear) |  | 63352471 | 4585612 | 4634208 | 35395912 |
|  Plant maintenance & engineering service |  | 4363345 | 1832 | 202142 | 1346629 |
|  Others |  | 17125478 |  | 254262 | 6885650 |
|  Consolidation adjustments |  | (50908681) |  | (111689) | (5810857) |
|  | W | 254927457 | 13363788 | 16589059 | 205604513 |
| *In millions of won* |  |  |  |  |  |
| **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Segment** | **Segment**<br>**assets** | **Segment**<br>**assets** | **Investments in<br>associates and**<br>**joint ventures** | **Acquisition of**<br>**non-current<br>assets** | **Segment<br>liabilities** |
|  Transmission and distribution | W | 139472103 | 6839513 | 8417992 | 120083068 |
|  Electric power generation (Nuclear) |  | 72508359 | 171956 | 2629626 | 47082862 |
|  Electric power generation (Non-nuclear) |  | 66834569 | 4272928 | 3862287 | 36363754 |
|  Plant maintenance & engineering service |  | 4522610 | 1697 | 160978 | 1508112 |
|  Others |  | 14977126 |  | 195451 | 7073716 |
|  Consolidation adjustments |  | (51506972) |  | (185981) | (6666550) |
|  | W | 246807795 | 11286094 | 15080353 | 205444962 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **Revenue from external customers** | **Revenue from external customers** | **Revenue from external customers** | **Non-current assets (\*2)** | **Non-current assets (\*2)** |
| **Geographical unit** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** | **As of December 31,<br>2025** | **As of December 31,<br>2024** |
|  Domestic | W | 96294769 | 92107468 | 196736382 | 191214679 |
|  Overseas (\*1) |  | 1134577 | 1291428 | 6731565 | 4757463 |
|  | W | 97429346 | 93398896 | 203467947 | 195972142 |

---

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

---

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

---

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

There is no single customer who accounts for 10% or more of the Group's revenue for each of the two years in the period ended December 31, 2025.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **The classification of financial assets as of December 31, 2025 and 2024 is as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Financial assets<br>at fair value<br>through profit<br>or loss** | **Financial assets<br>at fair value<br>through profit<br>or loss** | **Financial assets<br>at fair value<br>through other<br>comprehensive<br>income** | **Financial assets<br>at amortized cost** | **Derivative assets<br>(applying hedge<br>accounting)** | **Total** |
|  **Current assets** |  |  |  |  |  |  |
|  Cash and cash equivalents  | W |  |  | 2240811 |  | 2240811 |
|  Current financial assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current financial assets at fair value through profit or loss |  | 1299027 |  |  |  | 1299027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current financial assets at amortized cost |  |  |  | 21663 |  | 21663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current derivative assets |  | 492028 |  |  | 344204 | 836232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets |  |  |  | 2093242 |  | 2093242 |
|  Trade and other receivables |  |  |  | 12618480 |  | 12618480 |
|  |  | 1791055 |  | 16974196 | 344204 | 19109455 |
|  **Non-current assets** | **Non-current assets** | **Non-current assets** |  |  |  |  |
|  Non-current financial assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial assets at fair value through profit or loss |  | 696199 |  |  |  | 696199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial assets at fair value through other comprehensive income |  |  | 885173 |  |  | 885173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial assets at amortized cost |  |  |  | 9454 |  | 9454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current derivative assets |  | 1055987 |  |  | 143331 | 1199318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets |  |  |  | 1775417 |  | 1775417 |
|  Trade and other receivables |  |  |  | 3124185 |  | 3124185 |
|  |  | 1752186 | 885173 | 4909056 | 143331 | 7689746 |
|  | W | 3543241 | 885173 | 21883252 | 487535 | 26799201 |

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **The classification of financial assets as of December 31, 2025 and 2024 is as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Financial assets<br>at fair value<br>through profit<br>or loss** | **Financial assets<br>at fair value<br>through profit<br>or loss** | **Financial assets<br>at fair value<br>through other<br>comprehensive<br>income** | **Financial assets<br>at amortized cost** | **Derivative assets<br>(applying hedge<br>accounting)** | **Total** |
|  **Current assets** |  |  |  |  |  |  |
|  Cash and cash equivalents  | W |  |  | 2382979 |  | 2382979 |
|  Current financial assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current financial assets at fair value through profit or loss |  | 1456895 |  |  |  | 1456895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current financial assets at amortized cost |  |  |  | 20418 |  | 20418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current derivative assets |  | 396477 |  |  | 364077 | 760554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets |  |  |  | 1256850 |  | 1256850 |
|  Trade and other receivables |  |  |  | 12216216 |  | 12216216 |
|  |  | 1853372 |  | 15876463 | 364077 | 18093912 |
|  **Non-current assets** | **Non-current assets** | **Non-current assets** |  |  |  |  |
|  Non-current financial assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial assets at fair value through profit or loss |  | 719277 |  |  |  | 719277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial assets at fair value through other comprehensive income |  |  | 674850 |  |  | 674850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial assets at amortized cost |  |  |  | 9815 |  | 9815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current derivative assets |  | 1450050 |  |  | 480560 | 1930610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets |  |  |  | 1611438 |  | 1611438 |
|  Trade and other receivables |  |  |  | 3157409 |  | 3157409 |
|  |  | 2169327 | 674850 | 4778662 | 480560 | 8103399 |
|  | W | 4022699 | 674850 | 20655125 | 844637 | 26197311 |

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **The classification of financial liabilities as of December 31, 2025 and 2024 is as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Financial liabilities at<br>fair value through**<br>**profit or loss** | **Financial liabilities at<br>fair value through**<br>**profit or loss** | **Financial liabilities<br>recognized at<br>amortized cost** | **Derivative liabilities<br>(applying hedge<br>accounting)** | **Total** |
|  **Current liabilities** |  |  |  |  |  |
|  Borrowings | W |  | 18721522 |  | 18721522 |
|  Debt securities |  |  | 27165448 |  | 27165448 |
|  Derivative liabilities |  | 52119 |  |  | 52119 |
|  Trade and other payables |  |  | 8621671 |  | 8621671 |
|  |  | 52119 | 54508641 |  | 54560760 |
|  **Non-current liabilities** |  |  |  |  |  |
|  Borrowings |  |  | 3274774 |  | 3274774 |
|  Debt securities |  |  | 80607548 |  | 80607548 |
|  Derivative liabilities |  | 113254 |  | 126 | 113380 |
|  Trade and other payables |  |  | 4028808 |  | 4028808 |
|  |  | 113254 | 87911130 | 126 | 88024510 |
|  | W | 165373 | 142419771 | 126 | 142585270 |
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Financial liabilities at**<br>**fair value through**<br>**profit or loss** | **Financial liabilities at**<br>**fair value through**<br>**profit or loss** | **Financial liabilities<br>recognized at<br>amortized cost** | **Derivative liabilities<br>(applying hedge<br>accounting)** | **Total** |
|  **Current liabilities** |  |  |  |  |  |
|  Borrowings | W |  | 17540585 |  | 17540585 |
|  Debt securities |  |  | 26901367 |  | 26901367 |
|  Derivative liabilities |  | 23914 |  |  | 23914 |
|  Trade and other payables |  |  | 9411315 |  | 9411315 |
|  |  | 23914 | 53853267 |  | 53877181 |
|  **Non-current liabilities** |  |  |  |  |  |
|  Borrowings |  |  | 3118796 |  | 3118796 |
|  Debt securities |  |  | 84972652 |  | 84972652 |
|  Derivative liabilities |  | 256018 |  | 4893 | 260911 |
|  Trade and other payables |  |  | 4609241 |  | 4609241 |
|  |  | 256018 | 92700689 | 4893 | 92961600 |
|  | W | 279932 | 146553956 | 4893 | 146838781 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **The classification of comprehensive income (loss) from financial instruments for each of the two years in the period ended December 31, 2025 is as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* |  | **For the year<br>ended<br>December 31,<br>2025** | **For the year<br>ended<br>December 31,<br>2025** | **For the year<br>ended<br>December 31,<br>2024** |
|  Cash and cash equivalents | Interest income | W | 95671 | 102505 |
|  | Gain (loss) on foreign currency transactions and translations |  | (10405) | 17498 |
|  Financial assets at fair value through profit or loss | Interest income |  | 40506 | 54385 |
|  | Dividend income |  | 3823 | 4813 |
|  | Gain on valuation of derivatives |  | 80519 | 1396350 |
|  | Gain on transaction of derivatives |  | 91526 | 129471 |
|  | Gain on valuation of financial assets |  | 108099 | 69161 |
|  | Gain on disposal of financial assets |  | 54590 | 45059 |
|  Financial assets at fair value through other comprehensive income | Dividend income |  | 22314 | 65788 |
|  | Gain on valuation of financial assets at fair value through other comprehensive income (equity, before tax) |  | 212336 | 162565 |
|  Financial assets at amortized cost | Interest income |  | 3561 | 2859 |
|  | Gain on foreign currency transactions and translations |  |  | 5568 |
|  Loans | Interest income |  | 39279 | 45511 |
|  | Bad debt expense (Reversal of bad debt allowance) |  | (3455) | 3727 |
|  | Gain (loss) on foreign currency transactions and translations |  | (1250) | 3685 |
|  Trade and other receivables | Interest income |  | 180707 | 209675 |
|  | Bad debt expense |  | 86455 | 56581 |
|  | Gain (loss) on foreign currency transactions and translations |  | (45331) | 121193 |
|  Short-term financial instruments | Interest income |  | 56022 | 31766 |
|  Long-term financial instruments | Interest income |  | 24270 | 20562 |
|  | Gain on foreign currency transactions and translations |  |  | 3 |
|  Other financial assets | Interest income |  | 370 | 262 |
|  Derivatives assets<br> (applying hedge accounting) | Gain (loss) on valuation of derivatives (profit or loss) |  | (54478) | 410088 |
|  | Gain on valuation of derivatives (equity, before tax) |  | 63425 | 21443 |
|  | Gain (loss) on transaction of derivatives |  | (59241) | 14801 |
|  Financial liabilities at fair value through profit or loss | Gain on valuation of derivatives |  | 51138 | 52515 |
|  | Gain (loss) on transaction of derivatives |  | (61672) | 146417 |
|  Financial liabilities carried at amortized cost | Interest expense of borrowings and debt securities |  | 3472649 | 3805062 |
|  | Interest expense of trade and other payables |  | 162569 | 191918 |
|  | Interest expense of others |  | 704342 | 668115 |
|  | Other finance income |  | 3147 | 8882 |
|  | Other finance expenses |  | 14669 | 4177 |
|  | Gain (loss) on foreign currency transactions and translations |  | 699585 | (2643230) |
|  Derivatives liabilities<br> (applying hedge accounting) | Gain on valuation of derivatives (profit or loss) |  | 4893 | 244758 |
|  | Loss on valuation of derivatives (equity, before tax) |  | (447) | (1137) |
|  | Gain on transaction of derivatives |  |  | 11968 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**Restricted deposits as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* |  | **As of<br>December 31,<br>2025** | **As of<br>December 31,<br>2025** | **As of<br>December 31,<br>2024** |
|  Cash and cash equivalents | Escrow accounts | W | 3082 | 3280 |
|  | Deposits for government project and others |  | 27023 | 30812 |
|  | Collateral provided for borrowings |  | 263685 | 211522 |
|  | Collateral provided for lawsuit |  | 2 | 54 |
|  | Deposits for transmission regional support program |  | 3498 | 8959 |
|  | Deposits for other business purposes |  | 22064 | 4187 |
|  Short-term financial instruments | Restriction on withdrawal related to 'win-win growth<br> program' for small and medium enterprises and others |  | 292500 | 83520 |
|  | Collateral provided for borrowings |  | 23614 | 85569 |
|  | Bid Bond |  | 68010 |  |
|  Non-current financial assets at fair value through profit or loss | Decommissioning costs of nuclear power plants |  | 257649 | 296496 |
|  Long-term financial instruments | Guarantee deposits for banking accounts<br> at overseas branches |  | 1 | 22 |
|  | Collateral provided for borrowings |  | 18245 | 6500 |
|  | Decommissioning costs of nuclear power plants |  | 730004 | 660000 |
|  | Small and Medium Enterprise Development Fund |  | 4000 |  |
|  Long-term deposit | Court Deposit |  | 4588 |  |
|  Other non-current financial assets | Deposits for other business purposes |  | 6359 | 9150 |
|  |  | W | 1724324 | 1400071 |

---

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

**Cash and cash equivalents as of December 31, 2025 and 2024 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of<br>December 31,<br>2025** | **As of<br>December 31,<br>2025** | **As of<br>December<br>31, 2024** |
|  Cash | W | 10982 | 17941 |
|  Other demand deposits |  | 1562485 | 1712130 |
|  Short-term deposits classified as cash equivalents |  | 558775 | 548611 |
|  Short-term investments classified as cash equivalents |  | 108569 | 104297 |
|  | W | 2240811 | 2382979 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Trade and other receivables as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Gross<br>amount** | **Gross<br>amount** | **Allowance for**<br>**doubtful accounts** | **Present value**<br>**discount** | **Book<br>value** |
|  **Current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables | W | 11811493 | (186596) |  | 11624897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 1039679 | (42415) | (3681) | 993583 |
|  |  | 12851172 | (229011) | (3681) | 12618480 |
|  **Non-current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables |  | 1037726 | (93718) | (83101) | 860907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 2395952 | (118479) | (14195) | 2263278 |
|  |  | 3433678 | (212197) | (97296) | 3124185 |
|  | W | 16284850 | (441208) | (100977) | 15742665 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Gross<br>amount** | **Gross<br>amount** | **Allowance for**<br>**doubtful accounts** | **Present value**<br>**discount** | **Book<br>value** |
|  **Current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables | W | 11266202 | (167028) |  | 11099174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 1160945 | (39817) | (4086) | 1117042 |
|  |  | 12427147 | (206845) | (4086) | 12216216 |
|  **Non-current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables |  | 1089787 | (93746) |  | 996041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 2272127 | (100351) | (10408) | 2161368 |
|  |  | 3361914 | (194097) | (10408) | 3157409 |
|  | W | 15789061 | (400942) | (14494) | 15373625 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Other receivables as of December 31, 2025 and 2024 are as follows:** 

---

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

---

---

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

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Gross<br>amount** | **Gross<br>amount** | **Allowance for**<br>**doubtful accounts** | **Present value<br>discount** | **Book<br>value** |
|  **Current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-trade receivables | W | 403248 | (35041) | (21) | 368186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 112941 |  |  | 112941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits |  | 293712 | (4) | (4065) | 289643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance lease receivables (\*1) |  | 92130 | (3480) |  | 88650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 258914 | (1292) |  | 257622 |
|  |  | 1160945 | (39817) | (4086) | 1117042 |
|  **Non-current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-trade receivables |  | 243813 | (62222) | (41) | 181550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 21395 |  |  | 21395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits |  | 486868 | (414) | (10367) | 476087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance lease receivables (\*2) |  | 1264269 | (1775) |  | 1262494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 255782 | (35940) |  | 219842 |
|  |  | 2272127 | (100351) | (10408) | 2161368 |
|  | W | 3433072 | (140168) | (14494) | 3278410 |

---

---

| | |
|:---|:---|
| (\*1) | The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W121,170 million.  |

---

---

| | |
|:---|:---|
| (\*2) | The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W956,968 million.  |

---

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

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(4)** **The aging analysis of trade receivables as of December 31, 2025 and 2024 is as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** |
|  Trade receivables not overdue | W | 12472407 | 12010590 |
|  Trade receivables overdue and impairment-reviewed: |  | 376812 | 345399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than 60 days |  | 15256 | 12289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 ~ 90 days |  | 54093 | 59427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 ~ 120 days |  | 21317 | 21642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 days ~ 1 year |  | 65435 | 56107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; More than 1 year |  | 220711 | 195934 |
|  |  | 12849219 | 12355989 |
|  Less: allowance for doubtful accounts |  | (280314) | (260774) |
|  Less: Present value discount |  | (83101) |  |
|  | W | 12485804 | 12095215 |

---

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

**(5)** **The aging analysis of other receivables as of December 31, 2025 and 2024 is as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** |
|  Other receivables not overdue | W | 3145499 | 3212146 |
|  Other receivables overdue and impairment-reviewed: |  | 290132 | 220926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than 60 days |  | 79 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 ~ 90 days |  | 54271 | 34267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 ~ 120 days |  | 1012 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 days ~ 1 year |  | 60618 | 59567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; More than 1 year |  | 174152 | 124988 |
|  |  | 3435631 | 3433072 |
|  Less: allowance for doubtful accounts |  | (160894) | (140168) |
|  Less: present value discount |  | (17876) | (14494) |
|  | W | 3256861 | 3278410 |

---

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

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(6)** **Changes in the allowance for doubtful accounts for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** | **For the year ended<br>December 31, 2024** |
|  | **Trade<br>receivables** | **Trade<br>receivables** | **Other<br>receivables** | **Trade<br>receivables** | **Other<br>receivables** |
|  **Beginning balance** | W | 260774 | 140168 | 232645 | 133953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bad debts expense |  | 84625 | 8155 | 48160 | 21937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write-off |  | (37639) | (14675) | (17157) | (23177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal |  | (2223) | (4101) | (12928) | (587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | (25223) | 31347 | 10054 | 8042 |
|  **Ending balance** | W | 280314 | 160894 | 260774 | 140168 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Financial assets at fair value through profit or loss as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  **Financial assets at fair value through profit or loss** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beneficiary certificate | W | 320 | 125837 | 313 | 152054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cooperative |  |  | 6413 |  | 6872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*) |  | 1298707 | 428389 | 1456582 | 405309 |
|  |  | 1299027 | 560639 | 1456895 | 564235 |
|  **Financial assets designated as at fair value through profit or loss** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt with embedded derivatives |  |  | 135560 |  | 155042 |
|  | W | 1299027 | 696199 | 1456895 | 719277 |

---

(\*) Others include MMT, MMF etc.

**(2)** **Details of income (loss) from financial assets at fair value through profit or loss for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** | **For the year ended<br>December 31, 2024** |
|  Beneficiary certificate | W | 35510 |  | 34481 |
|  Cooperative |  | 190 |  | 118 |
|  Debt with embedded derivatives |  | 627 |  | 2435 |
|  Others |  | 170691 |  | 136383 |
|  | W | 207018 |  | 173417 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Changes in financial assets at fair value through other comprehensive income for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Valuation** | **Others** | **Ending**<br>**balance** |
|  Equity securities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Listed | W | 360096 |  | (3091) | 160245 | 1 | 517251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlisted |  | 309709 |  | (10) | 52343 | 1086 | 363128 |
|  |  | 669805 |  | (3101) | 212588 | 1087 | 880379 |
|  Debt securities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bond |  | 5045 |  |  | (251) |  | 4794 |
|  | W | 674850 |  | (3101) | 212337 | 1087 | 885173 |
|  Current financial assets at fair value through other comprehensive income | W |  |  |  |  |  |  |
|  Non-current financial assets at fair value through other comprehensive income |  | 674850 |  | (3101) | 212337 | 1087 | 885173 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Valuation** | **Others** | **Ending**<br>**balance** |
|  Equity securities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Listed | W | 285054 |  | (170) | 73891 | 1321 | 360096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlisted |  | 212762 | 4000 |  | 88256 | 4691 | 309709 |
|  |  | 497816 | 4000 | (170) | 162147 | 6012 | 669805 |
|  Debt securities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bond |  | 4627 |  |  | 418 |  | 5045 |
|  | W | 502443 | 4000 | (170) | 162565 | 6012 | 674850 |
|  Current financial assets at fair value through other comprehensive income | W |  |  |  |  |  |  |
|  Non-current financial assets at fair value through other comprehensive income |  | 502443 | 4000 | (170) | 162565 | 6012 | 674850 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  **Listed** |  |  |  |  |  |  |
|  Korea District Heating Corp. | 2264068 | 19.55% | W | 173201 | 218255 | 218255 |
|  KG Mobility Co., Ltd. | 12205 | 0.01% |  | 428 | 43 | 43 |
|  SM Korea Line Corp. | 180 | 0.00% |  | 1 |  |  |
|  Namkwang Engineering & Construction Co., Ltd. | 46 | 0.00% |  | 15 |  |  |
|  Bumyang Construction Co., Ltd. | 35 | 0.00% |  | 2 |  |  |
|  ELCOMTEC Co., Ltd. | 32875 | 0.04% |  | 217 | 26 | 26 |
|  PAN Ocean Co., Ltd. | 1492 | 0.00% |  | 14 | 6 | 6 |
|  Codes Combine Co., Ltd. | 291 | 0.00% |  | 1 | 1 | 1 |
|  PT Almatri Resources Indonesia | 480000000 | 1.60% |  | 65028 | 74369 | 74369 |
|  Denison Mines Corp. | 58284000 | 7.46% |  | 84134 | 222278 | 222278 |
|  Paladin Energy | 10760 | 0.01% |  | 41 | 98 | 98 |
|  KS Industry Co., Ltd | 1457 | 0.01% |  | 38 | 1 | 1 |
|  Vitzrosys Co., Ltd. | 399 | 0.00% |  | 2 |  |  |
|  EMnI Co., Ltd. | 628 | 0.00% |  | 25 | 1 | 1 |
|  Vissem electronics, Co., Ltd. | 301 | 0.00% |  | 11 | 2 | 2 |
|  KC Industry Co., Ltd. | 139 | 0.00% |  | 6 |  |  |
|  Ihsung CNI Co., Ltd. | 142860 | 4.43% |  | 1500 | 813 | 813 |
|  Aone Alform Co., Ltd. | 2672 | 0.04% |  | 19 | 3 | 3 |
|  Kodaco Co., Ltd. | 131698 | 0.85% |  | 1317 | 1354 | 1354 |
|  Winiaaid Co., Ltd. | 129 | 0.00% |  | 1 | 1 | 1 |
|  |  |  |  | 326001 | 517251 | 517251 |
|  **Unlisted** (\*1) |  |  |  |  |  |  |
|  Set Holding (\*2) | 1100220 | 2.50% | W | 229255 | 310808 | 310808 |
|  SGC Greenpower Co., Ltd. | 580000 | 5.00% |  | 2900 | 5807 | 5807 |
|  Le Soleil KHNP LLC | 137600 | 19.00% |  | 1376 | 1376 | 1376 |
|  Ihsung CNI Co., Ltd. (Unlisted) | 127660 | 3.96% |  | 1500 | 2144 | 2144 |
|  H Robotics Co., Ltd. | 903601 | 7.05% |  | 4000 | 399 | 399 |
|  Good Tcells Co., Ltd. | 11364 | 0.33% |  | 500 | 630 | 630 |
|  IPS Bio Co., Ltd. | 1975 | 3.13% |  | 1000 | 873 | 873 |
|  Nine B Co., Ltd. | 5000 | 4.96% |  | 1000 | 1000 | 1000 |
|  Orano Expansion | 5742405 | 4.72% |  |  |  |  |
|  Common Computer Co., Ltd. | 3856 | 1.64% |  | 1000 | 862 | 862 |
|  Fine Powerex Co., Ltd. | 72633 | 4.45% |  | 1500 | 1714 | 1714 |
|  Agencore Co., Ltd. | 175779 | 6.31% |  | 2200 | 2934 | 2934 |
|  SamHong Machinery Co., Ltd. | 1543837 | 9.13% |  | 7000 | 15099 | 15099 |
|  Aloha Factory Co., Ltd. | 2970 | 3.70% |  | 1000 | 639 | 639 |
|  Dailyshot Co., Ltd. | 1695 | 1.64% |  | 1001 | 1205 | 1205 |
|  Mediquitous Co., Ltd. | 5080 | 0.48% |  | 1250 | 1546 | 1546 |
|  Black Materials Co., Ltd. | 37038 | 8.31% |  | 500 | 431 | 431 |
|  Monit Co., Ltd. | 333334 | 14.29% |  | 1000 | 853 | 853 |
|  3i Powergen Inc.(\*6) |  | 15.00% |  | 1482 |  |  |
|  Enersys Co., Ltd. | 9763 | 19.62% |  | 2050 | 337 | 337 |
|  Kalman Co., Ltd. | 23172 | 9.54% |  | 1000 | 821 | 821 |
|  Himet Co., Ltd. | 1754386 | 13.93% |  | 5000 | 4182 | 4182 |
|  PT. Kedap Sayaaq | 671 | 10.00% |  | 18540 |  |  |
|  Joongang Platec Co., Ltd. | 3591 | 0.75% |  | 72 | 35 | 35 |
|  Pioneer Gas Power Limited (\*5) | 123200010 | 38.50% |  | 49831 |  |  |
|  Bobaek C&S Co., Ltd. | 13246 | 0.87% |  | 2000 | 2000 | 2000 |
|  BDI Co., Ltd. (\*3,4) | 6390478 | 32.50% |  |  |  |  |
|  Hwan Young Steel Co., Ltd. | 10916 | 0.14% |  | 1092 | 97 | 97 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  SAMBO AUTO. Co., Ltd. | 15066 | 0.02% | W | 38 | 38 | 38 |
|  Mobo Co., Ltd. | 504 | 0.00% |  | 14 | 14 | 14 |
|  Dae Kwang Semiconductor Co., Ltd. | 589 | 0.07% |  | 6 | 6 | 6 |
|  Sanbon Department Store | 828 | 0.01% |  | 124 | 3 | 3 |
|  Sungwon Co., Ltd. | 117 | 0.07% |  | 29 | 29 | 29 |
|  IMHWA Corp. | 329 | 0.11% |  | 5 | 5 | 5 |
|  DALIM Special Vehicle Co., Ltd. | 58 | 0.08% |  | 10 | 10 | 10 |
|  Moonkyung Silica Co., Ltd. | 42 | 0.56% |  |  |  |  |
|  KS Remicon Co., Ltd. | 12 | 0.04% |  | 3 | 3 | 3 |
|  Samgong Development Co., Ltd. | 12 | 0.01% |  | 7 | 7 | 7 |
|  Joongang Development Co., Ltd. | 540 | 0.12% |  | 8 | 8 | 8 |
|  Newasia Co., Ltd. | 12906 | 0.23% |  | 32 | 32 | 32 |
|  MSE Co., Ltd. | 429 | 0.13% |  | 9 | 9 | 9 |
|  Ilrim Nano Tec Co., Ltd. | 1520 | 0.07% |  | 15 | 15 | 15 |
|  Ilsuk Co., Ltd. | 152 | 0.17% |  | 10 | 10 | 10 |
|  Zyle Daewoo Motor Sales Co., Ltd. | 22 | 0.00% |  |  |  |  |
|  Daewoo Development Co., Ltd. | 8 | 0.00% |  |  |  |  |
|  Seyang Inc. | 537 | 0.05% |  | 27 | 30 | 30 |
|  Seungri Enterprise Co., Ltd. | 93 | 0.05% |  | 3 | 3 | 3 |
|  Shin-E P&C Co., Ltd. | 1569 | 0.64% |  | 110 | 2 | 2 |
|  Ejung Ad Co., Ltd. | 132 | 0.09% |  | 3 | 3 | 3 |
|  Solvus Co., Ltd. | 1056 | 0.04% |  | 3 | 3 | 3 |
|  Myung Co., Ltd. | 89 | 0.05% |  | 2 | 2 | 2 |
|  Biwang Industry Co., Ltd. | 406 | 0.04% |  | 2 | 2 | 2 |
|  Young Sung Co., Ltd. | 89 | 0.40% |  | 27 | 27 | 27 |
|  Yuil Industrial Electronics Co., Ltd. | 804 | 0.32% |  | 16 | 16 | 16 |
|  Woojin Industry Corporation | 3 | 0.00% |  | 16 | 16 | 16 |
|  Kwang Sung Industry Co., Ltd. | 325 | 0.35% |  | 7 | 7 | 7 |
|  Woojoo Environment Ind. Co., Ltd. | 101 | 0.11% |  | 13 | 13 | 13 |
|  Hyungji Esquire Co., Ltd. | 61 | 0.02% |  | 22 | 22 | 22 |
|  Morado Co., Ltd. | 209 | 0.04% |  | 2 | 2 | 2 |
|  Myung Sung Tex Co., Ltd. | 20 | 0.00% |  | 2 | 2 | 2 |
|  Kwang Sung Co., Ltd. | 610 | 0.53% |  | 31 | 32 | 32 |
|  Seen Business and Technology co., Ltd. | 29424 | 0.73% |  | 147 | 7 | 7 |
|  Shin Pyung Co., Ltd. | 6 | 0.03% |  | 3 | 3 | 3 |
|  JMC Heavy Industries Co., Ltd. | 2724 | 0.10% |  | 27 | 2 | 2 |
|  Najin Steel Co., Ltd. | 37 | 0.06% |  | 5 | 5 | 5 |
|  Sinkwang Industry Co., Ltd. | 1091 | 1.68% |  | 5 | 5 | 5 |
|  Elephant & Friends Co., Ltd. | 563 | 0.61% |  | 3 | 3 | 3 |
|  Mireco Co., Ltd. | 109 | 0.25% |  | 11 | 11 | 11 |
|  L&K Industry Co., Ltd. | 1615 | 0.60% |  | 24 | 24 | 24 |
|  JO Tech Co., Ltd. | 1263 | 0.62% |  | 25 | 26 | 26 |
|  Kendae Printing Co., Ltd. | 422 | 0.60% |  | 21 | 21 | 21 |
|  Dauning Co., Ltd. | 231 | 0.41% |  | 6 | 6 | 6 |
|  Korea Trecision Co., Ltd. | 22 | 0.45% |  | 5 | 5 | 5 |
|  Hurim Biocell Co., Ltd. | 1021 | 0.00% |  | 5 | 5 | 5 |
|  Beer Yeast Korea Inc. | 1388 | 0.43% |  | 7 | 7 | 7 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  B CON Co., Ltd. | 96 | 1.16% | W | 6 | 6 | 6 |
|  Ace Integration Co., Ltd. | 105 | 0.09% |  | 23 | 23 | 23 |
|  AceInti Agricultural Co., Ltd. | 4 | 0.02% |  | 5 | 2 | 2 |
|  KyungDong Co., Ltd. | 130 | 0.01% |  | 1 | 1 | 1 |
|  ChunWon Development Co., Ltd. | 193 | 0.19% |  | 39 | 39 | 39 |
|  SungLim Industrial Co., Ltd. | 29 | 0.03% |  | 1 | 1 | 1 |
|  Korea Minerals Co., Ltd. | 191 | 0.05% |  | 135 | 1 | 1 |
|  JoHyun Co., Ltd. | 350 | 1.56% |  | 18 | 18 | 18 |
|  KC Co., Ltd. | 5107 | 0.17% |  | 26 | 26 | 26 |
|  SeongJi Industrial Co., Ltd. | 41 | 0.05% |  | 1 | 1 | 1 |
|  Seyang Precision Ind.Co., Ltd. | 829 | 0.23% |  | 41 | 41 | 41 |
|  Dooriwon Food System Co., Ltd. | 13 | 0.27% |  | 1 | 1 | 1 |
|  Sung Kwang Co., Ltd. | 23 | 0.37% |  | 6 | 6 | 6 |
|  Shinheung petrol. Co., Ltd. | 699 | 0.14% |  | 35 | 35 | 35 |
|  Samsung Tech Co., Ltd. | 486 | 1.28% |  | 97 | 36 | 36 |
|  Sevenvalley JC | 24 | 0.02% |  | 12 | 12 | 12 |
|  Han Young Technology Company Co., Ltd. | 35 | 0.00% |  |  |  |  |
|  Ptotronics Co., Ltd. | 843 | 0.42% |  | 84 | 6 | 6 |
|  Hyundaitech Co., Ltd. | 1363 | 0.87% |  | 27 | 27 | 27 |
|  Dasan Material Co., Ltd. | 29 | 0.04% |  | 22 | 22 | 22 |
|  Fish World Co., Ltd. | 47 | 0.21% |  | 2 | 2 | 2 |
|  Samdo Industry Electric Co., Ltd. | 48 | 0.02% |  | 1 | 1 | 1 |
|  Shinsei Trading Co., Ltd. | 64 | 0.72% |  | 6 | 6 | 6 |
|  Green Alchemy Co., Ltd. | 38202 | 1.48% |  | 191 | 17 | 17 |
|  KM Leatech Co., Ltd. | 1648 | 0.98% |  | 8 | 8 | 8 |
|  Semist Co., Ltd. | 555 | 0.80% |  | 3 | 3 | 3 |
|  Sewon Bus Co., Ltd. | 12 | 0.00% |  |  |  |  |
|  Enertec Co., Ltd. | 7937 | 0.19% |  | 44 | 44 | 44 |
|  Bellie Doughnuts Co., Ltd. | 169 | 0.19% |  | 10 | 10 | 10 |
|  Choheung packing Co., Ltd. | 61 | 0.13% |  | 12 | 12 | 12 |
|  Jaewoo Co., Ltd. | 359 | 0.24% |  | 11 | 11 | 11 |
|  Wooyang HC Co., Ltd | 1375 | 0.01% |  | 159 | 13 | 13 |
|  TheYeonriji Co., Ltd. | 116 | 0.10% |  | 6 | 6 | 6 |
|  Flusys Co., Ltd. | 9 | 0.08% |  | 2 | 2 | 2 |
|  DongSeo Electronics Co., Ltd. | 347 | 0.07% |  | 17 | 17 | 17 |
|  Daewoo Display Co., Ltd. | 177 | 0.03% |  | 5 | 5 | 5 |
|  NTS Co., Ltd. | 143 | 0.22% |  | 36 | 36 | 36 |
|  AID CO., Ltd. | 1212 | 0.57% |  | 36 | 36 | 36 |
|  Changwon Eco-friendly farming Corp. | 3 | 0.01% |  |  |  |  |
|  Kumo Hitech Co., Ltd. | 6697 | 0.53% |  | 100 | 32 | 32 |
|  Kyung Pyo Industry Co., Ltd. | 186 | 0.76% |  | 19 | 19 | 19 |
|  Samjoo Hightech Co., Ltd. | 522 | 0.08% |  | 3 | 3 | 3 |
|  Samkwang Chemical Co., Ltd. | 204 | 1.27% |  | 51 | 51 | 51 |
|  Shinseung Chemical Industy Co., Ltd. | 5 | 0.01% |  | 60 |  |  |
|  KJ Alloy Co., Ltd. | 368 | 0.20% |  | 7 | 7 | 7 |
|  SM Hi-tech Co., Ltd. | 22 | 0.39% |  | 22 | 22 | 22 |
|  Puruen Environment Co., Ltd. | 967 | 1.34% |  | 19 | 19 | 19 |
|  Miretech Co., Ltd. | 9111 | 0.27% |  | 18 | 18 | 18 |
|  Sejin Hightech Co., Ltd. | 17980 | 0.16% |  | 18 | 18 | 18 |
|  Eun Sung Enterprise Co., Ltd. | 1131 | 0.72% |  | 17 | 17 | 17 |
|  Shinyoung Textiles Co., Ltd. | 523 | 1.01% |  | 52 | 23 | 23 |
|  Ilwoo Steel Co., Ltd. | 41 | 0.28% |  | 17 | 17 | 17 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  Dong-un Tech Co., Ltd. | 1159 | 6.28% | W | 81 | 34 | 34 |
|  Wongwang Door Corp. | 575 | 1.00% |  | 29 | 29 | 29 |
|  Eanskorea Co., Ltd. | 39 | 0.05% |  | 2 | 2 | 2 |
|  Youngdongseafood Co., Ltd. | 165 | 0.33% |  | 8 | 8 | 8 |
|  Hyunwoo Winstar Co., Ltd. | 1 | 0.00% |  |  |  |  |
|  Sungchang Tech Co., Ltd. | 159 | 0.31% |  | 10 | 19 | 19 |
|  Yuchang Industry Co., Ltd. | 90 | 0.11% |  | 5 | 5 | 5 |
|  Jeongpum Co., Ltd. | 322 | 0.35% |  | 16 | 16 | 16 |
|  Korea Steel Power Co., Ltd. | 2761 | 1.88% |  | 55 | 2 | 2 |
|  Caffe Bene Co.,Ltd. | 1908 | 0.03% |  | 9 | 9 | 9 |
|  Jinhung Packaging Co., Ltd. | 4329 | 3.02% |  | 22 | 22 | 22 |
|  Donglim Eng Co., Ltd. | 26 | 0.11% |  | 3 | 3 | 3 |
|  SIP Co., Ltd. | 274 | 0.55% |  | 7 | 7 | 7 |
|  Daeji Product Co., Ltd. | 15 | 0.05% |  | 1 |  |  |
|  SSET Co., Ltd. | 181 | 0.30% |  | 18 | 18 | 18 |
|  Sewon PM Tech Co., Ltd. | 963 | 1.11% |  | 48 | 48 | 48 |
|  Shinwoo Toptech Co., Ltd. | 834 | 0.51% |  | 83 | 6 | 6 |
|  KMLC Co., Ltd. | 281 | 0.14% |  | 22 | 22 | 22 |
|  Seinfood Co., Ltd. | 13 | 0.17% |  | 7 | 7 | 7 |
|  TaeSung Eco-Tech. Co., Ltd. | 1368 | 4.55% |  | 34 | 34 | 34 |
|  Kukex Inc. | 639 | 0.05% |  | 3 | 3 | 3 |
|  Chang won Engineering Co., Ltd. | 22 | 0.00% |  | 4 | 4 | 4 |
|  Samsung Silup Co., Ltd. | 47 | 0.19% |  | 5 | 5 | 5 |
|  Samwon Bio Tech Co., Ltd. | 390 | 0.25% |  | 6 | 6 | 6 |
|  IZU KOREA Co., Ltd. | 48 | 0.00% |  | 2 | 2 | 2 |
|  Dongdo CNP Co., Ltd. | 234 | 0.36% |  | 6 | 6 | 6 |
|  Taejin Hiech Co., Ltd. | 78 | 0.26% |  | 3 | 3 | 3 |
|  Headone Co.,Ltd. | 69 | 0.12% |  | 7 | 7 | 7 |
|  E-Won Solutech Co., Ltd. | 158 | 0.16% |  | 40 | 40 | 40 |
|  KPL Circuit Co., Ltd. | 283 | 0.08% |  | 14 | 14 | 14 |
|  Han Mi Flexible Co., Ltd. | 143 | 0.20% |  | 43 | 43 | 43 |
|  Millennium PNT Co., Ltd. | 227 | 0.37% |  | 6 | 6 | 6 |
|  Dae Myung Co., Ltd. | 114 | 0.08% |  | 3 | 3 | 3 |
|  Young San Heavy Industries Co., Ltd. | 74 | 0.11% |  | 7 | 7 | 7 |
|  Samchungwon Co., Ltd. | 15 | 0.24% |  | 2 | 2 | 2 |
|  Wooyang Frozen Foods Co., Ltd. | 66 | 0.82% |  | 27 | 27 | 27 |
|  Nanomic Co., Ltd. | 94 | 0.63% |  | 38 | 38 | 38 |
|  Samsung Nonferrous Metal Co., Ltd. | 89 | 0.26% |  | 9 | 9 | 9 |
|  Daewha Fuel Pump Ind., Ltd. | 83 | 0.05% |  | 10 | 10 | 10 |
|  WorldCnM Inc. | 131 | 1.09% |  | 10 | 10 | 10 |
|  Superone Co., Ltd. | 1585 | 1.45% |  | 8 | 8 | 8 |
|  Buyoung Panji Co., Ltd. | 478 | 0.44% |  | 12 | 12 | 12 |
|  International Paint Korea Co., Ltd. | 111 | 0.48% |  | 11 | 11 | 11 |
|  EI Lighting Co., Ltd. | 358 | 0.36% |  | 18 | 18 | 18 |
|  Yooseung Co., Ltd. | 10 | 0.08% |  | 1 | 1 | 1 |
|  Sungkwang Co., Ltd. | 48 | 0.35% |  | 2 | 2 | 2 |
|  Ajin KSB Co., Ltd. | 204 | 0.31% |  | 18 | 18 | 18 |
|  Sewon Ceramic Co., Ltd. | 530 | 1.01% |  | 5 | 5 | 5 |
|  Choyang Tech Co., Ltd. | 465 | 1.01% |  | 23 | 23 | 23 |
|  TK Co., Ltd. | 307 | 0.70% |  | 15 | 15 | 15 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  Arari Co., Ltd. | 14 | 0.05% | W | 1 | 1 | 1 |
|  C&S Corporation Co., Ltd. | 1304 | 0.01% |  | 13 | 13 | 13 |
|  Global The One of Korea Co., Ltd. | 62 | 0.06% |  | 3 | 3 | 3 |
|  Steellife Co., Ltd. | 85 | 0.06% |  | 4 | 4 | 4 |
|  Geumhan Co., Ltd. | 498 | 0.24% |  | 7 | 7 | 7 |
|  Mokgan Co., Ltd. | 5 | 0.02% |  | 1 | 1 | 1 |
|  Sulim Co., Ltd. | 30 | 0.20% |  | 6 | 6 | 6 |
|  Shinkwang Engineering | 24 | 0.36% |  | 2 | 2 | 2 |
|  Ek Cookware Co., Ltd. | 60 | 0.04% |  | 1 | 1 | 1 |
|  KTTW Co., Ltd. | 28 | 0.05% |  | 2 | 2 | 2 |
|  Avajar Co., Ltd. | 1061 | 0.01% |  | 1 | 1 | 1 |
|  Woosung I.B. Co., Ltd. | 7071 | 0.07% |  | 14 | 14 | 14 |
|  MSM Co., Ltd. | 25 | 0.08% |  |  |  |  |
|  Ddpopstyle Co., Ltd. | 22 | 0.14% |  |  |  |  |
|  Finemetal Co., Ltd. | 49 | 0.08% |  | 1 | 1 | 1 |
|  Sungkyeong Co., Ltd. | 52 | 0.24% |  | 2 | 2 | 2 |
|  Newko Co., Ltd. | 331 | 0.06% |  | 10 | 10 | 10 |
|  Dongsung Mulsan Co., Ltd. | 137 | 0.34% |  | 14 | 14 | 14 |
|  Pizzakorea Co., Ltd. | 42 | 0.18% |  | 9 | 9 | 9 |
|  Geumdani Co., Ltd. | 2377 | 1.82% |  | 36 | 36 | 36 |
|  Mezzanine I-pack Co., Ltd. | 38 | 0.02% |  | 1 | 1 | 1 |
|  Ltop Co., Ltd. | 36 | 0.06% |  | 7 | 7 | 7 |
|  Simile Aluminium Co., Ltd. | 428 | 0.31% |  | 9 | 9 | 9 |
|  GT Tooling Co., Ltd. | 604 | 0.17% |  | 6 | 6 | 6 |
|  Team Korea Co., Ltd. | 4782 | 0.37% |  | 24 | 24 | 24 |
|  Donghwa TCA Co., Ltd. | 1012 | 0.30% |  | 25 | 25 | 25 |
|  Hankook Piaget Co., Ltd. | 4 | 0.01% |  |  |  |  |
|  Coco Food Co., Ltd. | 648 | 1.24% |  | 32 | 32 | 32 |
|  Woori Industry Co., Ltd. | 102 | 1.05% |  | 20 | 20 | 20 |
|  Ssangyong Youngweol Plant Service&Engineering Co., Ltd. | 83 | 0.07% |  | 4 | 1 | 1 |
|  SH Co., Ltd. | 39 | 0.20% |  | 8 | 8 | 8 |
|  Daeyoung Co., Ltd. | 75 | 0.01% |  | 8 | 8 | 8 |
|  Getron Co., Ltd. | 7259 | 0.20% |  | 36 | 4 | 4 |
|  JM Tech Co., Ltd. | 403 | 0.67% |  | 81 | 10 | 10 |
|  Choigang-gujo Co., Ltd. | 61 | 0.45% |  | 6 | 1 | 1 |
|  Hosungsteel Co., Ltd. | 323 | 0.26% |  | 14 | 3 | 3 |
|  Uktae IND. Co., Ltd. | 140 | 0.12% |  | 7 | 1 | 1 |
|  JFC Co., Ltd. | 16 | 0.01% |  | 2 | 2 | 2 |
|  Hyundai Tech Co., Ltd. | 28 | 0.69% |  | 10 | 10 | 10 |
|  Metal Link Inc. Co., Ltd. | 709 | 0.17% |  | 35 | 4 | 4 |
|  Pipetec Korea Co., Ltd. | 50 | 0.07% |  | 10 | 1 | 1 |
|  SungJin Tech Co., Ltd. | 803 | 1.20% |  | 24 | 8 | 8 |
|  Yujin E&C Co., Ltd. | 29 | 0.18% |  | 6 |  |  |
|  Daishin Logistics Co., Ltd. | 13 | 0.09% |  | 1 | 1 | 1 |
|  JinSung Engineering Co., Ltd. | 18 | 0.30% |  | 18 | 18 | 18 |
|  Yongho Industry Co., Ltd. | 157 | 0.22% |  | 32 | 2 | 2 |
|  Wow tech Co., Ltd. | 369 | 0.75% |  | 11 | 11 | 11 |
|  World Power Tech Co., Ltd. | 16 | 0.28% |  | 24 | 24 | 24 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  PBM Auto Co., Ltd. | 1001 | 1.06% | W | 10 | 10 | 10 |
|  K2 Motors Co., Ltd. | 54 | 0.28% |  | 1 | 1 | 1 |
|  CL Tech Co., Ltd. | 801 | 2.25% |  | 40 | 40 | 40 |
|  Mirae Industry Co., Ltd. | 39 | 0.04% |  | 6 | 6 | 6 |
|  Gentak Korea Co., Ltd. | 301 | 0.31% |  | 8 | 8 | 8 |
|  Sungjin Chemical Co., Ltd. | 118 | 0.36% |  | 4 | 4 | 4 |
|  LMAT Co., Ltd. | 198 | 0.04% |  | 20 | 20 | 20 |
|  Poong Lim Industrial Co., Ltd. | 25 | 0.00% |  | 38 | 38 | 38 |
|  Dae Sung GeoTech Co., Ltd. | 631 | 1.28% |  | 32 | 32 | 32 |
|  Saeheemang Co., Ltd. | 756 | 0.60% |  | 15 | 15 | 15 |
|  Vornech Co., Ltd. | 431 | 0.37% |  | 11 | 2 | 2 |
|  Woojin Formtech Co., Ltd. | 76 | 0.08% |  | 8 | 1 | 1 |
|  Korea Engineer Manufacturing Co., Ltd. | 114 | 0.26% |  | 6 | 1 | 1 |
|  Sinwa J&K Co., Ltd. | 476 | 0.28% |  | 5 | 5 | 5 |
|  Owon E&G Co., Ltd. | 132 | 0.20% |  | 4 | 4 | 4 |
|  Guseong Co., Ltd. | 141 | 0.20% |  | 4 | 4 | 4 |
|  Irefarm Co., Ltd. | 45 | 0.30% |  | 3 | 3 | 3 |
|  Haenarae Agricultural Corp. | 15 | 0.03% |  | 2 | 2 | 2 |
|  DECO&E Co., Ltd. | 1261 | 0.00% |  | 2 | 2 | 2 |
|  Design Beyond Co., Ltd. | 17 | 0.19% |  | 2 | 2 | 2 |
|  LBK Co., Ltd. | 8 | 0.05% |  | 1 | 1 | 1 |
|  Duckwon industrial Co., Ltd. | 32 | 0.43% |  | 13 | 13 | 13 |
|  ASPT Co., Ltd. | 64 | 0.82% |  | 19 | 19 | 19 |
|  Jingkang Resources Co., Ltd. | 90 | 1.57% |  | 13 | 13 | 13 |
|  Fourever Co., Ltd. | 44 | 0.10% |  | 4 | 4 | 4 |
|  Myungil Metal Co., Ltd. | 80 | 0.10% |  | 4 | 4 | 4 |
|  Greencarbon Co., Ltd. | 79 | 0.06% |  | 1 | 1 | 1 |
|  Sunkoo Co., Ltd. | 4 | 0.10% |  | 2 | 2 | 2 |
|  Jians Construction Co., Ltd. | 45 | 0.01% |  | 2 | 4 | 4 |
|  DH trading Co., Ltd. | 891 | 0.04% |  | 178 |  |  |
|  Sangsin Co., Ltd. | 29 | 0.09% |  | 15 | 15 | 15 |
|  Steel focus Co., Ltd. | 154 | 0.20% |  | 4 | 4 | 4 |
|  Kamada Korea Co., Ltd. | 437 | 0.33% |  | 22 | 22 | 22 |
|  Fosys Co., Ltd. | 19 | 0.08% |  | 4 | 4 | 4 |
|  GB precision Co., Ltd. | 137 | 0.57% |  | 1 | 1 | 1 |
|  Ewon Art Co., Ltd. | 185 | 0.61% |  | 9 | 9 | 9 |
|  DI Tech Co., Ltd. | 3 | 0.00% |  |  |  |  |
|  Hans AD Co., Ltd. | 33 | 0.35% |  | 2 | 2 | 2 |
|  Daesung Stain Co., Ltd. | 32 | 0.32% |  | 2 | 2 | 2 |
|  U&I Co., Ltd. | 50 | 0.22% |  | 5 | 5 | 5 |
|  World One Co., Ltd. | 401 | 0.58% |  | 10 | 10 | 10 |
|  Yewon Co., Ltd. | 24 | 0.02% |  | 1 |  |  |
|  TSNT Co., Ltd. | 119 | 0.00% |  | 24 | 24 | 24 |
|  Shinsung Tech Co., Ltd. | 314 | 0.01% |  | 16 | 16 | 16 |
|  Loft Garden Co., Ltd. | 1 | 0.04% |  |  |  |  |
|  GH Tech Co., Ltd. | 82 | 0.22% |  | 3 | 3 | 3 |
|  Daeo Co., Ltd. | 13 | 0.23% |  | 4 | 4 | 4 |
|  Bokwang Co., Ltd. | 76 | 0.00% |  | 15 | 15 | 15 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  Samkum Industry Co., Ltd. | 201 | 0.48% | W | 40 | 40 | 40 |
|  Mirae Engineering Co., Ltd. | 66 | 0.15% |  | 1 | 1 | 1 |
|  Ilshin Tech Co., Ltd. | 36 | 0.00% |  | 7 | 7 | 7 |
|  Sukwon Co., Ltd. | 2885 | 0.59% |  | 29 | 29 | 29 |
|  White&Clean Foods Co., Ltd. | 330 | 0.00% |  | 3 | 3 | 3 |
|  Michang Cable Co., Ltd. | 1096 | 0.13% |  | 16 | 16 | 16 |
|  G.M Foods Co., Ltd. | 57 | 0.16% |  | 9 | 9 | 9 |
|  Wecan Global Inc. Co., Ltd. | 165 | 0.08% |  | 8 | 8 | 8 |
|  Daeju Steel Co., Ltd. | 11 | 0.20% |  | 1 | 1 | 1 |
|  Hyundai Glass Co., Ltd. | 860 | 0.83% |  | 43 | 43 | 43 |
|  MEC Co., Ltd. | 16468 | 1.17% |  | 41 | 41 | 41 |
|  Daeyeoneco Co., Ltd. | 151 | 0.00% |  | 15 | 15 | 15 |
|  Hyesung Cable&Communication Inc. | 762 | 0.39% |  | 38 | 38 | 38 |
|  Sangjin Co., Ltd. | 428 | 0.35% |  | 21 | 21 | 21 |
|  Iksan-guwon Co., Ltd. | 563 | 0.00% |  | 11 | 11 | 11 |
|  Korea Remicon Co., Ltd. | 36 | 0.03% |  | 5 | 5 | 5 |
|  New Tech Co., Ltd. | 23 | 0.15% |  | 2 | 2 | 2 |
|  Segeon Co., Ltd. | 124 | 0.00% |  | 4 | 4 | 4 |
|  MS Tech Co., Ltd. | 9 | 0.15% |  | 1 | 1 | 1 |
|  J.I Steel Co., Ltd. | 21 | 0.00% |  | 2 | 2 | 2 |
|  HNT Co., Ltd. | 172 | 0.00% |  | 9 | 9 | 9 |
|  Taejin Co., Ltd. | 27 | 0.08% |  | 3 | 3 | 3 |
|  Macroad Co., Ltd. | 953 | 0.17% |  | 10 | 10 | 10 |
|  Eunsung Industrial Co., Ltd. | 3 | 0.03% |  |  |  |  |
|  KPE Co., Ltd. | 51 | 0.19% |  | 13 | 13 | 13 |
|  Dongbangfarms Co., Ltd. | 904 | 0.55% |  | 41 | 5 | 5 |
|  Altron Jeonju Co., Ltd. | 34846 | 1.34% |  | 697 | 5 | 5 |
|  K Shipbuilding Co., Ltd. | 8622 | 0.25% |  | 1078 | 1078 | 1078 |
|  Shinjin International Corporation Co., Ltd. | 4 | 0.01% |  | 1 | 1 | 1 |
|  RMK Co., Ltd. | 63 | 0.90% |  | 22 | 22 | 22 |
|  Andong Trading Corporation Co., Ltd. | 42 | 0.00% |  | 2 | 2 | 2 |
|  Seokjin E&T Co., Ltd. | 81 | 0.06% |  | 8 | 8 | 8 |
|  Seohan Food Co., Ltd. | 83 | 0.19% |  | 2 | 2 | 2 |
|  JSL Co., Ltd. | 51 | 0.49% |  | 3 | 3 | 3 |
|  Seil Textile Co., Ltd. | 16 | 0.15% |  | 3 | 3 | 3 |
|  Sungdo Pack Co., Ltd. | 15 | 0.06% |  | 1 | 1 | 1 |
|  Coffeenie Co., Ltd. | 2 | 0.00% |  |  |  |  |
|  Medi Pharma Plan Co., Ltd. | 1075 | 0.26% |  | 108 | 7 | 7 |
|  Woori Ascon Co., Ltd. | 25 | 0.34% |  | 10 | 10 | 10 |
|  Cheonwoo E.P.S Co., Ltd. | 371 | 1.10% |  | 19 | 19 | 19 |
|  Koa Tech Co., Ltd. | 1244 | 0.77% |  | 12 | 12 | 12 |
|  SKE Cable Co., Ltd. | 120 | 0.08% |  | 6 | 6 | 6 |
|  Hi Korea Co., Ltd. | 1845 | 1.94% |  | 185 | 21 | 21 |
|  Daeheung Engineering Co., Ltd. | 65 | 0.01% |  | 1 | 1 | 1 |
|  Etapol Co., Ltd. | 1361 | 0.54% |  | 41 | 41 | 41 |
|  Yoongwon Korea Co., Ltd. | 157 | 1.47% |  | 31 | 31 | 31 |
|  Avoh Ceramic&Bath Co., Ltd. | 173 | 0.14% |  | 3 | 3 | 3 |
|  Dongyang R.P.F. Industrial Co., Ltd. | 59 | 0.03% |  | 2 | 2 | 2 |
|  Yuil Engineering Co., Ltd. | 14 | 0.03% |  | 1 | 1 | 1 |
|  Taesan Co., Ltd. | 146 | 0.69% |  | 35 | 35 | 35 |
|  Thermo Tec Co., Ltd. | 446 | 0.03% |  | 4 | 4 | 4 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  DaeYang Hydro Co., Ltd. | 6 | 0.02% | W | 1 | 1 | 1 |
|  SangMoo Steel Co., Ltd. | 24 | 0.04% |  | 2 | 2 | 2 |
|  Jungin Distribution Co., Ltd. | 17 | 0.00% |  | 3 | 3 | 3 |
|  TheSun Co., Ltd. | 77 | 0.06% |  | 1 | 1 | 1 |
|  ChoungHwa Precise Co., Ltd. | 428 | 0.08% |  | 43 | 4 | 4 |
|  Snopa Co., Ltd. | 458 | 0.01% |  | 5 | 5 | 5 |
|  SKD Korea Co., Ltd. | 40 | 0.28% |  | 20 | 20 | 20 |
|  Samhyup Co., Ltd. | 376 | 0.91% |  | 38 | 38 | 38 |
|  Taekwang Paper Board Co., Ltd. | 133 | 0.49% |  | 23 | 23 | 23 |
|  NY Tech Co., Ltd. | 33 | 0.15% |  | 2 | 2 | 2 |
|  Dongbang Metal Co., Ltd. | 1985 | 0.32% |  | 20 | 20 | 20 |
|  Guseul Co., Ltd. | 89 | 0.23% |  | 9 | 9 | 9 |
|  Gaone International Co., Ltd. | 54 | 0.29% |  | 14 | 14 | 14 |
|  Dongyang Pratech Co., Ltd. | 265 | 1.21% |  | 29 | 29 | 29 |
|  Samjin Placo Co., Ltd. | 661 | 0.52% |  | 33 | 33 | 33 |
|  MS Steel Industrial Co., Ltd. | 167 | 0.40% |  | 8 | 8 | 8 |
|  STS Global Co., Ltd. | 9 | 0.04% |  |  |  |  |
|  Y Tech Co., Ltd. | 855 | 0.65% |  | 34 | 34 | 34 |
|  J&J Tech Co. | 14 | 0.22% |  | 1 | 1 | 1 |
|  Shield Board Co., Ltd. | 165 | 0.15% |  | 3 | 3 | 3 |
|  SFC International Co., Ltd. | 11 | 0.01% |  | 1 | 1 | 1 |
|  Hana ITM Inc. | 8443 | 0.70% |  | 84 | 84 | 84 |
|  Jeuvis Co., Ltd. | 191 | 0.30% |  | 2 | 2 | 2 |
|  JBM Co., Ltd. | 662 | 0.34% |  | 20 | 20 | 20 |
|  Jungwoo Metal Solution Co., Ltd. | 27 | 0.08% |  | 2 | 2 | 2 |
|  MS Precision Co., Ltd. | 220 | 0.16% |  | 22 | 22 | 22 |
|  YM Tech Co., Ltd. | 2 | 0.01% |  |  |  |  |
|  C&C ENG Co., Ltd. | 439 | 1.59% |  | 22 | 22 | 22 |
|  Daejoo E&G Co., Ltd. | 133 | 0.00% |  | 27 | 27 | 27 |
|  Taeyoung Precision Co., Ltd. | 31 | 0.22% |  |  |  |  |
|  Shin Heung Precision Co., Ltd. | 93 | 4.63% |  | 4 | 4 | 4 |
|  TaeGwang P&C Co., Ltd. | 530 | 0.90% |  | 13 | 13 | 13 |
|  KyeongGwang Tech Co., Ltd. | 244 | 1.04% |  | 7 | 7 | 7 |
|  Wonil Image Maker Inc. | 16 | 0.04% |  |  |  |  |
|  Vehicle System Co., Ltd. | 225 | 0.19% |  | 23 | 23 | 23 |
|  Moohan Enterprise Co., Ltd. | 63 | 0.12% |  | 3 | 3 | 3 |
|  C&A Industries Co., Ltd. | 42062 | 0.26% |  | 21 | 21 | 21 |
|  CH Solution Co., Ltd. | 1456 | 0.16% |  | 4 | 4 | 4 |
|  Value Invest Korea Co., Ltd. | 8 | 0.00% |  | 2 | 2 | 2 |
|  HNT Co., Ltd. | 8567 | 0.09% |  | 9 | 9 | 9 |
|  Sunquen Co., Ltd. | 4 | 0.01% |  |  |  |  |
|  Shabath Co., Ltd. | 48 | 0.04% |  | 6 | 6 | 6 |
|  Woori Elec Co., Ltd. | 102 | 0.17% |  | 5 | 5 | 5 |
|  Dong-Yang Special Casting Co., Ltd. | 1027 | 0.41% |  | 21 | 21 | 21 |
|  Haegang Industry Co., Ltd. | 1687 | 1.13% |  | 25 | 25 | 25 |
|  Daone Co., Ltd. | 860 | 0.23% |  | 9 | 9 | 9 |
|  Yeowoon Co., Ltd. | 3 | 0.00% |  |  |  |  |
|  Evertrue Co., Ltd. | 15 | 0.00% |  |  |  |  |
|  Libechen Co., Ltd. | 151 | 0.13% |  | 8 | 8 | 8 |
|  Hongin Co., Ltd. | 149 | 0.22% |  | 45 | 45 | 45 |
|  Neo Life Co., Ltd. | 19 | 0.04% |  |  |  |  |
|  T-Eng Co., Ltd. | 123 | 1.05% |  | 25 | 25 | 25 |
|  Badanuri | 8 | 0.10% |  | 2 | 2 | 2 |
|  Ki Soo Precision Co., Ltd. | 325 | 0.44% |  | 98 | 27 | 27 |
|  DNGV | 5516 | 0.14% |  | 11 | 11 | 11 |
|  BJ Korea | 446 | 0.81% |  | 40 | 40 | 40 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  R&S Co., Ltd. | 291 | 0.61% | W | 4 | 4 | 4 |
|  Daekyoung Co., Ltd. | 85 | 0.66% |  | 17 | 17 | 17 |
|  Dongyang Environment | 141 | 0.38% |  | 7 | 7 | 7 |
|  KEE Co., Ltd. | 64 | 0.63% |  | 13 | 13 | 13 |
|  Asia Platech Co., Ltd. | 932 | 3.59% |  | 47 | 47 | 47 |
|  HyoChang Industrial Co., Ltd | 10930 | 0.59% |  | 5 | 5 | 5 |
|  Semin Environmental Design Co., Ltd. | 14 | 0.04% |  |  |  |  |
|  JungAng PNA Co., Ltd. | 385 | 0.61% |  | 8 | 8 | 8 |
|  CNEGS Co., Ltd. | 80 | 0.07% |  | 7 | 7 | 7 |
|  HaeDeuRim Co., Ltd. | 70 | 0.41% |  | 11 | 11 | 11 |
|  CMTI Co., Ltd. | 65 | 0.15% |  | 2 | 2 | 2 |
|  JMT Co., Ltd. | 6133 | 0.39% |  | 15 | 15 | 15 |
|  SeJung Precision Industrial Co., Ltd. | 141 | 0.43% |  | 14 | 14 | 14 |
|  SGTech | 30 | 0.66% |  | 3 | 3 | 3 |
|  OhBakSaDatkeom Co., Ltd. | 52 | 0.23% |  | 3 | 3 | 3 |
|  SeongMinSusan Co., Ltd. | 371 | 0.09% |  | 4 | 4 | 4 |
|  DreamFact Co., Ltd. | 77 | 0.10% |  | 3 | 3 | 3 |
|  DongSuh Co., Ltd. | 18 | 0.23% |  | 2 | 2 | 2 |
|  Dondodam Co., Ltd. | 262 | 0.34% |  | 13 | 13 | 13 |
|  Vision Food Co., Ltd. | 1732 | 1.00% |  | 87 | 27 | 27 |
|  A One Metal Co., Ltd. | 156 | 0.89% |  | 16 | 16 | 16 |
|  ECO Plus Co., Ltd. | 2786 | 0.91% |  | 3 | 3 | 3 |
|  DaeWoon Tech Co., Ltd. | 106 | 0.26% |  | 3 | 3 | 3 |
|  KoWEEO Co., Ltd. | 38 | 0.05% |  | 2 | 2 | 2 |
|  IK Co., Ltd. | 14 | 0.06% |  | 1 | 1 | 1 |
|  Eco Join Co., Ltd. | 145 | 0.03% |  | 2 | 2 | 2 |
|  Yuk Hwawon Co., Ltd. | 567 | 0.25% |  | 11 | 11 | 11 |
|  Yun Hwawon FND Co., Ltd. | 496 | 0.84% |  | 25 | 25 | 25 |
|  GoRyeoInSam Co., Ltd. | 197 | 0.41% |  | 30 | 30 | 30 |
|  HyeJin IND Co., Ltd. | 77 | 0.26% |  | 4 | 4 | 4 |
|  Cheongsong JungAng Aluminum Co., Ltd. | 1300 | 0.14% |  | 20 | 20 | 20 |
|  Easy Tape Co., Ltd. | 144 | 0.30% |  | 14 | 14 | 14 |
|  Gyeonganaseukon | 51 | 0.85% |  | 10 | 10 | 10 |
|  Biseullo Co., Ltd. | 11 | 0.03% |  | 1 | 1 | 1 |
|  Cest Co., Ltd. | 152 | 1.43% |  | 76 | 76 | 76 |
|  MDT Co., Ltd. | 57 | 0.30% |  | 6 | 6 | 6 |
|  KDP Sieori Co., Ltd. | 511 | 0.50% |  | 5 | 5 | 5 |
|  Hanam Industrial Co., Ltd. | 87 | 0.80% |  | 13 | 13 | 13 |
|  Goryeo Filter Co.,Ltd. | 31 | 0.07% |  | 2 | 2 | 2 |
|  Hungaforming Co., Ltd. | 397 | 0.64% |  | 20 | 20 | 20 |
|  HyeopJin PL Co., Ltd. | 7889 | 0.72% |  | 39 | 39 | 39 |
|  AOS Co., Ltd. | 25 | 0.16% |  | 1 | 1 | 1 |
|  SamHan Industrial Co., Ltd. | 215 | 0.45% |  | 3 | 3 | 3 |
|  YangJI EnterPrise Co., Ltd. | 16 | 0.04% |  | 3 | 3 | 3 |
|  GyungNam Metal Co., Ltd. | 698 | 0.07% |  | 17 | 17 | 17 |
|  Yoolim industrial Co., Ltd. | 1560 | 1.98% |  | 234 | 43 | 43 |
|  Haemirae Co., Ltd. | 57 | 0.25% |  | 4 | 4 | 4 |
|  KROPC Co., Ltd. | 1297 | 1.19% |  | 26 | 26 | 26 |
|  Mirae Seesco Co. Ltd. | 17 | 0.04% |  | 2 | 2 | 2 |
|  SungMin Industrial Co., Ltd. | 229 | 2.80% |  | 34 | 34 | 34 |
|  Kunyang Co., Ltd. | 44 | 0.12% |  | 4 | 4 | 4 |
|  CAT Co., Ltd. | 40 | 0.27% |  | 3 | 3 | 3 |
|  JeongJin Nurimaru Co., Ltd. | 218 | 1.08% |  | 33 | 33 | 33 |
|  GeunHo Precision Co., Ltd. | 1770 | 0.98% |  | 133 | 47 | 47 |
|  HwaIn Inemtek Co., Ltd. | 327 | 0.60% |  | 43 | 43 | 43 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  TS Steel Co., Ltd. | 202 | 0.13% | W | 20 | 20 | 20 |
|  SaeHan Food Co., Ltd. | 23 | 0.40% |  | 5 | 5 | 5 |
|  SamYeong Engineer Co., Ltd. | 501 | 0.55% |  | 10 | 10 | 10 |
|  GumYoung General Co., Ltd. | 6522 | 0.06% |  | 13 | 13 | 13 |
|  SaeUm Global Co., Ltd. | 207 | 0.06% |  | 5 | 5 | 5 |
|  Work life balance Co., Ltd. | 9 | 0.92% |  | 1 | 1 | 1 |
|  YuJin Hightech Co., Ltd. | 152 | 0.58% |  | 15 | 15 | 15 |
|  GOC Co., Ltd. | 4415 | 0.16% |  | 44 | 44 | 44 |
|  Fraijour Queen Co., Ltd. | 73 | 0.56% |  | 3 | 3 | 3 |
|  Wnt Co., Ltd. | 57 | 0.19% |  | 6 | 6 | 6 |
|  Tae Gwang Engineer Co., Ltd. | 406 | 2.60% |  | 41 | 41 | 41 |
|  GSB Co., Ltd. | 370 | 1.03% |  | 37 | 37 | 37 |
|  MCI Co., Ltd. | 760 | 0.12% |  | 23 | 23 | 23 |
|  Wonchang steel Co., Ltd. | 66 | 0.16% |  | 7 | 7 | 7 |
|  GukWon Construction Co., Ltd. | 9 | 0.00% |  |  |  |  |
|  Friend Co., Ltd. | 2745 | 0.46% |  | 55 | 21 | 21 |
|  AppleLind Networks Co., Ltd. | 2417 | 0.12% |  | 11 | 11 | 11 |
|  HSC Co., Ltd. | 7174 | 2.69% |  | 36 | 36 | 36 |
|  ChangShin Plant Co., Ltd. | 108 | 1.40% |  | 22 | 22 | 22 |
|  PyeongKang Precision Co., Ltd. | 3 | 0.01% |  |  |  |  |
|  ShinSung Co., Ltd. | 66 | 0.58% |  | 13 | 13 | 13 |
|  DreamHightech Co., Ltd. | 137 | 0.16% |  | 7 | 7 | 7 |
|  WooHo Construction Co., Ltd. | 35 | 0.02% |  | 2 | 2 | 2 |
|  Seyang Co., Ltd. | 229 | 0.81% |  | 23 | 23 | 23 |
|  KD Electric Co., Ltd. | 202 | 0.35% |  | 15 | 15 | 15 |
|  WithU Co., Ltd. | 68 | 0.39% |  | 7 | 7 | 7 |
|  Home Indus Co., Ltd. | 100 | 0.43% |  | 3 | 3 | 3 |
|  P&P Industry Co., Ltd. | 16 | 0.00% |  |  |  |  |
|  JY Co., Ltd. | 2059 | 1.88% |  | 41 | 41 | 41 |
|  Good Day Co., Ltd. | 239 | 1.00% |  | 12 | 12 | 12 |
|  SM Food Co., Ltd. | 121 | 0.64% |  | 6 | 6 | 6 |
|  Hyowon NV Co., Ltd. | 302 | 0.43% |  | 9 | 9 | 9 |
|  Glogenic Co., Ltd. | 3920 | 0.28% |  | 10 | 10 | 10 |
|  Choco Square Co., Ltd. | 2542 | 0.02% |  | 1 | 1 | 1 |
|  GJTec Co., Ltd. | 24 | 0.07% |  | 1 | 1 | 1 |
|  Mana F&B Co., Ltd. | 29 | 0.09% |  | 1 | 1 | 1 |
|  Beolgyo Cockle Co., Ltd. | 4542 | 0.19% |  | 11 | 11 | 11 |
|  NanoOne Co., Ltd. | 178 | 0.32% |  | 7 | 7 | 7 |
|  Samyoung Aluminum Co., Ltd. | 56 | 1.11% |  | 7 | 7 | 7 |
|  JY Electronics Co., Ltd. | 71 | 0.05% |  | 1 | 1 | 1 |
|  Silla Innotek Co., Ltd. | 513 | 0.78% |  | 51 | 51 | 51 |
|  Insung Enpla Co., Ltd. | 3526 | 0.10% |  | 35 | 35 | 35 |
|  Jeil Chemical Co., Ltd. | 263 | 0.02% |  | 3 | 3 | 3 |
|  Philip Co., Ltd. | 2391 | 1.60% |  | 12 | 12 | 12 |
|  SKB Co., Ltd. | 15 | 0.24% |  | 2 | 2 | 2 |
|  URO Tech Co., Ltd. | 42 | 0.53% |  | 8 | 8 | 8 |
|  Kyungsung Industry Co., Ltd. | 89 | 0.08% |  | 9 | 9 | 9 |
|  Dorim Paper Board Co., Ltd. | 846 | 1.23% |  | 42 | 42 | 42 |
|  Plintech Co., Ltd. | 123 | 0.62% |  | 15 | 15 | 15 |
|  Changbo Co., Ltd. | 68 | 0.39% |  | 10 | 10 | 10 |
|  Youchang Tech Co., Ltd. | 61 | 0.24% |  | 9 | 9 | 9 |
|  Songcheon Tech Co., Ltd. | 124 | 0.39% |  | 6 | 6 | 6 |
|  Saehan Co., Ltd. | 28 | 0.41% |  | 3 | 3 | 3 |
|  Cusp Co., Ltd. | 26 | 0.03% |  | 3 | 3 | 3 |
|  Woobang Co., Ltd. | 8 | 0.00% |  | 8 | 8 | 8 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  Miju Steel Co., Ltd. | 1097 | 0.23% | W | 50 | 50 | 50 |
|  Kkum & Deul Co., Ltd. |  | 0.18% |  | 15 | 15 | 15 |
|  Istec Co., Ltd. | 82 | 0.40% |  | 4 | 4 | 4 |
|  Porex Co., Ltd. | 1906 | 0.19% |  | 19 | 19 | 19 |
|  K-Pro System Co., Ltd. | 8 | 0.08% |  | 1 | 1 | 1 |
|  Sunmi Co., Ltd. | 4 | 0.06% |  | 2 | 2 | 2 |
|  Daewon MT Co., Ltd. | 6 | 0.02% |  | 1 | 1 | 1 |
|  Kyungdong Meat Co., Ltd. | 294 | 0.49% |  | 10 | 10 | 10 |
|  Enbiodime Co., Ltd. | 794 | 0.60% |  | 12 | 12 | 12 |
|  Juwon Agricultural Co., Ltd. | 280 | 0.86% |  | 14 | 14 | 14 |
|  Ildung Korea Co., Ltd. | 1462 | 0.27% |  | 29 | 29 | 29 |
|  Daemyung Industry Co., Ltd. | 97 | 0.32% |  | 5 | 5 | 5 |
|  Living Square Co., Ltd. | 17 | 0.09% |  | 1 | 1 | 1 |
|  SP Sungbo Co., Ltd. | 61 | 0.39% |  | 12 | 12 | 12 |
|  L&RP Co., Ltd. | 63 | 0.20% |  | 1 | 1 | 1 |
|  Joyful Co., Ltd. | 30 | 0.13% |  | 2 | 2 | 2 |
|  Suyeong Metal Co., Ltd. | 4378 | 4.27% |  | 219 | 219 | 219 |
|  Eins Gratech Co., Ltd. | 863 | 2.76% |  | 30 | 30 | 30 |
|  Gaga Farm Co., Ltd. | 7 | 0.01% |  |  |  |  |
|  HS Tech Co., Ltd. | 269 | 0.62% |  | 13 | 13 | 13 |
|  KG Industry Development Co., Ltd. | 60 | 0.30% |  | 16 | 16 | 16 |
|  JK Metal Material Co., Ltd. | 810 | 1.17% |  | 41 | 41 | 41 |
|  Ganggyeong Pack Co., Ltd. | 51 | 0.18% |  | 3 | 3 | 3 |
|  Moduyeoneunsesang Co., Ltd. | 15 | 0.19% |  | 2 | 2 | 2 |
|  Samil Frame Co., Ltd. | 113 | 0.26% |  | 6 | 6 | 6 |
|  Samyoung M-TEK Co., Ltd. | 321 | 1.15% |  | 32 | 32 | 32 |
|  Gwanmun Industry Co., Ltd. | 77 | 0.10% |  | 16 | 16 | 16 |
|  Focus Engineer Co., Ltd. | 241 | 0.13% |  | 12 | 12 | 12 |
|  Adic Co., Ltd. | 174 | 0.02% |  | 1 | 1 | 1 |
|  Sunil Corporation Co., Ltd. | 79 | 0.56% |  | 8 | 8 | 8 |
|  Pchef Korea Co., Ltd. | 8 | 0.11% |  | 3 | 3 | 3 |
|  Busan Meat Processing Center Co., Ltd. | 35 | 0.30% |  | 4 | 4 | 4 |
|  Ain Co., Ltd. | 25 | 0.46% |  | 3 | 3 | 3 |
|  SLTE Co., Ltd. | 868 | 1.62% |  | 87 | 87 | 87 |
|  SMC Global Co., Ltd. | 76 | 0.41% |  | 4 | 4 | 4 |
|  Ereh Tech Co., Ltd. | 87 | 0.12% |  | 17 | 17 | 17 |
|  Yechan Retail Co., Ltd. | 462 | 0.39% |  | 12 | 12 | 12 |
|  Yuil Precision Co., Ltd. | 75 | 0.10% |  | 8 | 8 | 8 |
|  Youngmaru Livestock Co., Ltd. | 2 | 0.01% |  | 1 | 1 | 1 |
|  BSD Co., Ltd. | 39 | 0.11% |  | 4 | 4 | 4 |
|  JPS Co., Ltd. | 1015 | 0.04% |  | 5 | 5 | 5 |
|  Seokrim Industry Co., Ltd. | 270 | 0.90% |  | 27 | 27 | 27 |
|  Hanmadang Co., Ltd. | 103 | 0.47% |  | 11 | 11 | 11 |
|  |  |  |  | 349588 | 363128 | 363128 |
|  **Debt securities (\*1)** |  |  |  |  |  |  |
|  Aron Flying Ship Co., Ltd. |  |  | W | 491 |  |  |
|  Ino Platech Co., Ltd. |  |  |  | 1080 | 1278 | 1278 |
|  Daebon Tech Co., Ltd. |  |  |  | 3000 | 3516 | 3516 |
|  |  |  |  | 4571 | 4794 | 4794 |
|  |  |  | W | 680160 | 885173 | 885173 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 are as follows, continued:** 

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

---

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

---

---

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

---

(\*4) During the year ended December 31, 2024, BDI Co., Ltd. was delisted as the Court dismissed the application for temporary injunction requiring the suspension of delisting decision and others.

---

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

---

---

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

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  **Listed** |  |  |  |  |  |  |
|  Korea District Heating Corp. | 2264068 | 19.55% | W | 173201 | 93733 | 93733 |
|  KG Mobility Co., Ltd. | 12205 | 0.01% |  | 428 | 46 | 46 |
|  SM Korea Line Corp. | 180 | 0.00% |  | 1 |  |  |
|  Namkwang Engineering & Construction Co., Ltd. | 46 | 0.00% |  | 15 |  |  |
|  Bumyang Construction Co., Ltd. | 35 | 0.00% |  | 2 |  |  |
|  ELCOMTEC Co., Ltd. | 32875 | 0.04% |  | 217 | 34 | 34 |
|  PAN Ocean Co., Ltd. | 1492 | 0.00% |  | 14 | 5 | 5 |
|  HD Hyundai Marine Engine Co., Ltd.<br> (formerly, STX Heavy Industries Co., Ltd. | 61455 | 0.22% |  | 430 | 1503 | 1503 |
|  Codes Combine Co., Ltd. | 291 | 0.00% |  | 1 |  |  |
|  PT Almatri Resources Indonesia (formerly, PT Adaro Energy Tbk.) | 480000000 | 1.60% |  | 65028 | 106259 | 106259 |
|  Denison Mines Corp. | 58284000 | 7.46% |  | 84134 | 155766 | 155766 |
|  Paladin Energy (formerly, Fission Uranium Corp. | 100000 | 0.01% |  | 41 | 74 | 74 |
|  KS Industry Co., Ltd (formerly, SangSangin Industry Co., Ltd.) | 1457 | 0.01% |  | 38 | 3 | 3 |
|  Vitzrosys Co., Ltd. | 399 | 0.00% |  | 2 |  |  |
|  EMnI Co., Ltd. | 628 | 0.00% |  | 25 | 1 | 1 |
|  Vissem electronics, Co., Ltd. | 301 | 0.00% |  | 11 | 1 | 1 |
|  KC Industry Co., Ltd. | 139 | 0.00% |  | 6 |  |  |
|  Aone Alform Co., Ltd. | 2672 | 0.04% |  | 19 | 3 | 3 |
|  Ihsung CNI Co., Ltd. | 142860 | 4.43% |  | 1500 | 1314 | 1314 |
|  Kodaco Co., Ltd. | 131698 | 0.85% |  | 1317 | 1354 | 1354 |
|  |  |  |  | 326430 | 360096 | 360096 |
|  **Unlisted** (\*1) |  |  |  |  |  |  |
|  Set Holding (\*2) | 1100220 | 2.50% | W | 229255 | 258974 | 258974 |
|  SGC Greenpower Co., Ltd. | 580000 | 5.00% |  | 2900 | 5570 | 5570 |
|  Le Soleil KHNP LLC | 137600 | 19.00% |  | 1376 | 1376 | 1376 |
|  Ihsung CNI Co., Ltd. (Unlisted) | 127660 | 3.96% |  | 1500 | 2160 | 2160 |
|  H Robotics Co., Ltd. | 903601 | 7.05% |  | 4000 | 331 | 331 |
|  Good Tcells Co., Ltd. | 11364 | 0.33% |  | 500 | 571 | 571 |
|  IPS Bio Co., Ltd. | 1975 | 3.13% |  | 1000 | 896 | 896 |
|  Nine B Co., Ltd. | 5000 | 4.96% |  | 1000 | 1000 | 1000 |
|  Orano Expansion | 5742405 | 4.72% |  |  |  |  |
|  Common Computer Co., Ltd. | 3856 | 1.64% |  | 1000 | 1189 | 1189 |
|  Fine Powerex Co., Ltd. | 72633 | 4.58% |  | 1500 | 1610 | 1610 |
|  Agencore Co., Ltd. | 175779 | 8.08% |  | 2200 | 2514 | 2514 |
|  SamHong Machinery Co., Ltd. | 617535 | 11.06% |  | 7000 | 8318 | 8318 |
|  Aloha Factory Co., Ltd. | 2970 | 3.70% |  | 1000 | 552 | 552 |
|  Dailyshot Co., Ltd. | 1695 | 1.85% |  | 1001 | 1250 | 1250 |
|  Mediquitous Co., Ltd. | 5080 | 0.58% |  | 1250 | 1442 | 1442 |
|  Black Materials Co., Ltd. | 37038 | 8.31% |  | 500 | 500 | 500 |
|  Monit Co., Ltd. | 166667 | 7.14% |  | 1000 | 1000 | 1000 |
|  3i Powergen Inc. |  | 15.00% |  | 1482 |  |  |
|  Enersys Co., Ltd. | 9763 | 19.62% |  | 2050 | 2050 | 2050 |
|  Kalman Co., Ltd. | 23172 | 9.54% |  | 1000 | 1000 | 1000 |
|  Himet Co., Ltd. | 1754386 | 13.93% |  | 5000 | 5000 | 5000 |
|  PT. Kedap Sayaaq | 671 | 10.00% |  | 18540 |  |  |
|  Joongang Platec Co., Ltd. | 3591 | 0.75% |  | 72 | 35 | 35 |
|  Pioneer Gas Power Limited (\*5) | 123200010 | 38.50% |  | 49831 |  |  |
|  Bobaek C&S Co., Ltd. | 13246 | 0.87% |  | 2000 | 2000 | 2000 |
|  BDI Co., Ltd. (\*3,4) | 6390478 | 32.50% |  |  |  |  |
|  Hwan Young Steel Co., Ltd. | 10916 | 0.14% |  | 1092 | 97 | 97 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  SAMBO AUTO. Co., Ltd. | 15066 | 0.02% | W | 38 | 38 | 38 |
|  Mobo Co., Ltd. | 504 | 0.00% |  | 14 | 14 | 14 |
|  Dae Kwang Semiconductor Co., Ltd. | 589 | 0.07% |  | 6 | 6 | 6 |
|  Sanbon Department Store | 828 | 0.01% |  | 124 | 3 | 3 |
|  Miju Steel Co., Ltd. | 1097 | 0.23% |  | 50 | 50 | 50 |
|  Sungwon Co., Ltd. | 117 | 0.07% |  | 29 | 29 | 29 |
|  IMHWA Corp. | 329 | 0.11% |  | 5 | 5 | 5 |
|  DALIM Special Vehicle Co., Ltd. | 58 | 0.08% |  | 10 | 10 | 10 |
|  Moonkyung Silica Co., Ltd. | 42 | 0.56% |  |  |  |  |
|  Sungkwang Timber Co., Ltd. | 3 | 0.08% |  | 5 | 5 | 5 |
|  KS Remicon Co., Ltd. | 12 | 0.04% |  | 3 | 3 | 3 |
|  Pyungsan SI Co., Ltd. | 434 | 0.01% |  | 4 | 4 | 4 |
|  Samgong Development Co., Ltd. | 12 | 0.01% |  | 7 | 7 | 7 |
|  Joongang Development Co., Ltd. | 540 | 0.12% |  | 8 | 8 | 8 |
|  Newasia Co., Ltd. | 12906 | 0.23% |  | 32 | 32 | 32 |
|  MSE Co., Ltd. | 429 | 0.13% |  | 9 | 9 | 9 |
|  Ilrim Nano Tec Co., Ltd. | 1520 | 0.07% |  | 15 | 15 | 15 |
|  Ilsuk Co., Ltd. | 152 | 0.17% |  | 10 | 10 | 10 |
|  Zyle Daewoo Motor Sales Co., Ltd. | 22 | 0.00% |  |  |  |  |
|  Daewoo Development Co., Ltd. | 8 | 0.00% |  |  |  |  |
|  Seyang Inc. | 537 | 0.05% |  | 27 | 30 | 30 |
|  Seungri Enterprise Co., Ltd. | 93 | 0.05% |  | 3 | 3 | 3 |
|  Shin-E P&C Co., Ltd. | 1569 | 0.64% |  | 110 | 2 | 2 |
|  Ejung Ad Co., Ltd. | 132 | 0.09% |  | 3 | 3 | 3 |
|  Solvus Co., Ltd. | 1056 | 0.04% |  | 3 | 3 | 3 |
|  Myung Co., Ltd. | 89 | 0.05% |  | 2 | 2 | 2 |
|  Biwang Industry Co., Ltd. | 406 | 0.04% |  | 2 | 2 | 2 |
|  Young Sung Co., Ltd. | 89 | 0.40% |  | 27 | 27 | 27 |
|  Yuil Industrial Electronics Co., Ltd. | 804 | 0.32% |  | 16 | 16 | 16 |
|  Woojin Industry Corporation | 3 | 0.00% |  | 16 | 16 | 16 |
|  Kwang Sung Industry Co., Ltd. | 325 | 0.35% |  | 7 | 7 | 7 |
|  Woojoo Environment Ind. Co., Ltd. | 101 | 0.11% |  | 13 | 13 | 13 |
|  Hyungji Esquire Co., Ltd. | 61 | 0.02% |  | 22 | 23 | 23 |
|  Morado Co., Ltd. | 209 | 0.04% |  | 2 | 2 | 2 |
|  Myung Sung Tex Co., Ltd. | 20 | 0.00% |  | 2 | 2 | 2 |
|  Kwang Sung Co., Ltd. | 610 | 0.53% |  | 31 | 31 | 31 |
|  Seen Business and Technology co., Ltd. | 29424 | 0.73% |  | 147 | 7 | 7 |
|  Woobang Co., Ltd. | 8 | 0.00% |  | 8 | 8 | 8 |
|  Shin Pyung Co., Ltd. | 6 | 0.03% |  | 3 | 3 | 3 |
|  JMC Heavy Industries Co., Ltd. | 2724 | 0.10% |  | 27 | 2 | 2 |
|  Najin Steel Co., Ltd. | 37 | 0.06% |  | 5 | 5 | 5 |
|  Sinkwang Industry Co., Ltd. | 1091 | 1.68% |  | 5 | 6 | 6 |
|  Elephant & Friends Co., Ltd. | 563 | 0.61% |  | 3 | 3 | 3 |
|  Mireco Co., Ltd. | 109 | 0.25% |  | 11 | 11 | 11 |
|  L&K Industry Co., Ltd. | 1615 | 0.60% |  | 24 | 24 | 24 |
|  JO Tech Co., Ltd. | 1263 | 0.62% |  | 25 | 25 | 25 |
|  Kendae Printing Co., Ltd. | 422 | 0.60% |  | 21 | 21 | 21 |
|  Dauning Co., Ltd. | 231 | 0.41% |  | 6 | 6 | 6 |
|  Korea Trecision Co., Ltd. | 22 | 0.45% |  | 5 | 5 | 5 |
|  Hurim Biocell Co., Ltd. | 1021 | 0.00% |  | 5 | 5 | 5 |
|  Beer Yeast Korea Inc. | 1388 | 0.43% |  | 7 | 7 | 7 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  B CON Co., Ltd. | 96 | 1.16% | W | 6 | 6 | 6 |
|  Ace Integration Co., Ltd. | 105 | 0.09% |  | 23 | 23 | 23 |
|  AceInti Agricultural Co., Ltd. | 16 | 0.02% |  | 5 | 5 | 5 |
|  KyungDong Co., Ltd. | 130 | 0.01% |  | 1 | 1 | 1 |
|  ChunWon Development Co., Ltd. | 193 | 0.19% |  | 39 | 39 | 39 |
|  SungLim Industrial Co., Ltd. | 29 | 0.03% |  | 1 | 1 | 1 |
|  Korea Minerals Co., Ltd. | 191 | 0.05% |  | 135 | 1 | 1 |
|  HyoDong Development Co., Ltd. | 128 | 0.16% |  | 25 | 1 | 1 |
|  JoHyun Co., Ltd. | 350 | 1.56% |  | 18 | 18 | 18 |
|  KC Co., Ltd. | 5107 | 0.17% |  | 26 | 26 | 26 |
|  SeongJi Industrial Co., Ltd. | 41 | 0.05% |  | 1 | 1 | 1 |
|  Seyang Precision Ind.Co., Ltd. | 829 | 0.23% |  | 41 | 41 | 41 |
|  Dooriwon Food System Co., Ltd. | 13 | 0.27% |  | 1 | 1 | 1 |
|  Sung Kwang Co., Ltd. | 23 | 0.37% |  | 6 | 6 | 6 |
|  Shinheung petrol. Co., Ltd. | 699 | 0.14% |  | 35 | 35 | 35 |
|  Samsung Tech Co., Ltd. | 486 | 1.28% |  | 97 | 36 | 36 |
|  Sevenvalley JC | 24 | 0.02% |  | 12 | 12 | 12 |
|  Han Young Technology Company Co., Ltd. | 35 | 0.00% |  |  |  |  |
|  Ptotronics Co., Ltd. | 843 | 0.42% |  | 84 | 6 | 6 |
|  Hyundaitech Co., Ltd. | 1363 | 0.87% |  | 27 | 27 | 27 |
|  Dasan Material Co., Ltd. | 29 | 0.04% |  | 22 | 22 | 22 |
|  Fish World Co., Ltd. | 47 | 0.21% |  | 2 | 2 | 2 |
|  Samdo Industry Electric Co.,Ltd. | 48 | 0.02% |  |  |  |  |
|  Shinsei Trading Co., Ltd. | 64 | 0.72% |  | 5 | 5 | 5 |
|  Dynamic Co., Ltd. | 111 | 0.19% |  | 3 | 3 | 3 |
|  Green Alchemy Co.,Ltd. | 38202 | 1.48% |  | 191 | 17 | 17 |
|  KM Leatech Co., Ltd. | 1648 | 0.98% |  | 8 | 8 | 8 |
|  Semist Co.,Ltd. | 555 | 0.80% |  | 3 | 3 | 3 |
|  Sewon Bus Co.,Ltd. | 12 | 0.00% |  |  |  |  |
|  Enertec Co., Ltd. | 7937 | 0.19% |  | 44 | 44 | 44 |
|  Bellie Doughnuts Co., Ltd. | 169 | 0.19% |  | 10 | 10 | 10 |
|  Choheung packing Co., Ltd. | 61 | 0.13% |  | 12 | 12 | 12 |
|  Jaewoo Co., Ltd. | 359 | 0.24% |  | 12 | 11 | 11 |
|  Wooyang HC Co., Ltd | 1375 | 0.01% |  | 159 | 13 | 13 |
|  TheYeonriji Co., Ltd. | 116 | 0.10% |  | 6 | 6 | 6 |
|  Flusys Co., Ltd. | 9 | 0.08% |  | 2 | 2 | 2 |
|  DongSeo Electronics Co., Ltd. | 347 | 0.07% |  | 17 | 17 | 17 |
|  Daewoo Display Co., Ltd. | 177 | 0.03% |  | 5 | 5 | 5 |
|  NTS Co., Ltd. | 143 | 0.22% |  | 36 | 36 | 36 |
|  AID CO., Ltd. | 1212 | 0.57% |  | 36 | 36 | 36 |
|  Changwon Eco-friendly farming Corp. | 3 | 0.01% |  |  |  |  |
|  Kumo Hitech Co., Ltd. | 6697 | 0.53% |  | 100 | 32 | 32 |
|  Kyung Pyo Industry Co., Ltd. | 186 | 0.76% |  | 19 | 19 | 19 |
|  Doosung Heavy Industries Co., Ltd. | 53 | 0.06% |  | 5 | 5 | 5 |
|  Samjoo Hightech Co., Ltd. | 522 | 0.08% |  | 3 | 3 | 3 |
|  Samkwang Chemical Co., Ltd. | 204 | 1.27% |  | 51 | 51 | 51 |
|  Shinseung Chemical Industy Co., Ltd. | 5 | 0.01% |  | 60 |  |  |
|  KJ Alloy Co., Ltd. | 368 | 0.20% |  | 7 | 7 | 7 |
|  SM Hi-tech Co., Ltd. | 22 | 0.39% |  | 22 | 22 | 22 |
|  Puruen Environment Co., Ltd. | 967 | 1.34% |  | 20 | 20 | 20 |
|  Miretech Co., Ltd. | 9111 | 0.27% |  | 18 | 18 | 18 |
|  Sejin Hightech Co., Ltd. | 17980 | 0.16% |  | 18 | 18 | 18 |
|  Eun Sung Enterprise Co., Ltd. | 1131 | 0.72% |  | 17 | 17 | 17 |
|  Shinyoung Textiles Co., Ltd. | 523 | 1.01% |  | 52 | 23 | 23 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  Ilwoo Steel Co., Ltd. | 41 | 0.28% | W | 16 | 17 | 17 |
|  Dong-un Tech Co., Ltd. | 1159 | 6.28% |  | 81 | 34 | 34 |
|  Wongwang Door Corp. | 575 | 1.00% |  | 29 | 29 | 29 |
|  Eanskorea Co., Ltd. | 39 | 0.05% |  | 2 | 2 | 2 |
|  Youngdongseafood Co., Ltd. | 165 | 0.33% |  | 8 | 8 | 8 |
|  Hyunwoo Winstar Co., Ltd. | 1 | 0.00% |  |  |  |  |
|  Sungchang Tech Co., Ltd. | 159 | 0.31% |  | 10 | 19 | 19 |
|  Yuchang Industry Co., Ltd. | 90 | 0.11% |  | 5 | 5 | 5 |
|  Jeongpum Co., Ltd. | 322 | 0.35% |  | 16 | 16 | 16 |
|  Korea Steel Power Co., Ltd. | 2761 | 1.88% |  | 55 | 2 | 2 |
|  Caffe Bene Co.,Ltd. | 1908 | 0.03% |  | 9 | 9 | 9 |
|  Jinhung Packaging Co., Ltd. | 4329 | 3.02% |  | 22 | 22 | 22 |
|  Donglim Eng Co., Ltd. | 26 | 0.11% |  | 3 | 3 | 3 |
|  SIP Co., Ltd. | 274 | 0.55% |  | 7 | 7 | 7 |
|  Daeji Product Co., Ltd. | 15 | 0.05% |  | 1 |  |  |
|  SSET Co., Ltd. | 181 | 0.30% |  | 18 | 18 | 18 |
|  Sewon PM Tech Co., Ltd. | 963 | 1.11% |  | 48 | 48 | 48 |
|  Dawon Yuhwa Co., Ltd. | 506 | 1.94% |  | 25 | 25 | 25 |
|  Ewon materials Co., Ltd. | 834 | 0.51% |  | 83 | 6 | 6 |
|  KMLC Co., Ltd. | 281 | 0.14% |  | 22 | 22 | 22 |
|  Seinfood Co., Ltd. | 13 | 0.17% |  | 7 | 7 | 7 |
|  TaeSung Eco-Tech. Co., Ltd. | 1368 | 4.55% |  | 34 | 34 | 34 |
|  Kukex Inc. | 639 | 0.05% |  | 3 | 3 | 3 |
|  Chang won Engineering Co., Ltd. | 22 | 0.00% |  | 4 | 4 | 4 |
|  Samsung Silup Co., Ltd. | 47 | 0.19% |  | 5 | 5 | 5 |
|  Samwon Bio Tech Co., Ltd. | 390 | 0.25% |  | 6 | 6 | 6 |
|  IZU KOREA Co., Ltd. | 48 | 0.00% |  | 2 | 2 | 2 |
|  Dongdo CNP Co., Ltd. | 234 | 0.36% |  | 6 | 6 | 6 |
|  S.I.T. Co.,Ltd | 2213 | 0.44% |  | 22 | 22 | 22 |
|  Taejin Hiech Co., Ltd. | 78 | 0.26% |  | 3 | 3 | 3 |
|  Headone Co.,Ltd. | 69 | 0.12% |  | 7 | 7 | 7 |
|  E-Won Solutech Co., Ltd. | 158 | 0.16% |  | 40 | 40 | 40 |
|  KPL Circuit Co., Ltd. | 283 | 0.08% |  | 14 | 14 | 14 |
|  Road Solar Co., Ltd. | 12 | 0.00% |  |  |  |  |
|  Han Mi Flexible Co., Ltd. | 143 | 0.20% |  | 43 | 43 | 43 |
|  Millennium PNT Co., Ltd. | 227 | 0.37% |  | 6 | 6 | 6 |
|  Dae Myung Co., Ltd. | 114 | 0.08% |  | 3 | 3 | 3 |
|  Young San Heavy Industries Co., Ltd. | 74 | 0.11% |  | 7 | 7 | 7 |
|  Samchungwon Co., Ltd. | 15 | 0.24% |  | 2 | 2 | 2 |
|  Wooyang Frozen Foods Co., Ltd. | 66 | 0.82% |  | 27 | 27 | 27 |
|  Nanomic Co., Ltd. | 94 | 0.63% |  | 38 | 38 | 38 |
|  Samsung Nonferrous Metal Co., Ltd. | 89 | 0.26% |  | 9 | 9 | 9 |
|  Daewha Fuel Pump Ind., Ltd. | 83 | 0.05% |  | 10 | 10 | 10 |
|  WorldCnM Inc. | 131 | 1.09% |  | 10 | 10 | 10 |
|  Superone Co., Ltd. | 1585 | 1.45% |  | 8 | 8 | 8 |
|  Buyoung Panji Co., Ltd. | 478 | 0.44% |  | 12 | 12 | 12 |
|  International Paint Korea Co., Ltd. | 111 | 0.48% |  | 11 | 11 | 11 |
|  EI Lighting Co., Ltd. | 358 | 0.36% |  | 18 | 18 | 18 |
|  Yooseung Co., Ltd. | 10 | 0.08% |  | 1 | 1 | 1 |
|  Sungkwang Co., Ltd. | 48 | 0.35% |  | 2 | 2 | 2 |
|  Ajin KSB Co., Ltd. | 204 | 0.31% |  | 18 | 18 | 18 |
|  Sewon Ceramic Co., Ltd. | 530 | 1.01% |  | 5 | 5 | 5 |
|  Choyang Tech Co., Ltd. | 465 | 1.01% |  | 23 | 23 | 23 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  TK Co., Ltd. | 307 | 0.70% | W | 15 | 15 | 15 |
|  Arari Co., Ltd. | 14 | 0.05% |  | 1 | 1 | 1 |
|  C&S Corporation Co., Ltd. | 1304 | 0.01% |  | 13 | 13 | 13 |
|  Global The One of Korea Co., Ltd. | 62 | 0.06% |  | 3 | 3 | 3 |
|  Steellife Co., Ltd. | 85 | 0.06% |  | 4 | 4 | 4 |
|  Geumhan Co., Ltd. | 498 | 0.24% |  | 7 | 7 | 7 |
|  Mokgan Co., Ltd. | 5 | 0.02% |  | 1 | 1 | 1 |
|  Wenex Co., Ltd. | 373 | 0.53% |  | 19 | 19 | 19 |
|  Sulim Co., Ltd. | 30 | 0.20% |  | 6 | 6 | 6 |
|  Shinkwang Engineering | 24 | 0.36% |  | 2 | 2 | 2 |
|  Ek Cookware Co., Ltd. | 60 | 0.04% |  | 1 | 1 | 1 |
|  KTTW Co., Ltd. | 28 | 0.05% |  | 2 | 2 | 2 |
|  Avajar Co., Ltd. | 1061 | 0.01% |  | 1 | 1 | 1 |
|  Woosung I.B. Co., Ltd. | 7071 | 0.07% |  | 14 | 14 | 14 |
|  CAP Korea Co., Ltd. | 16 | 0.30% |  | 3 | 3 | 3 |
|  MSM Co., Ltd. | 25 | 0.08% |  |  |  |  |
|  Ddpopstyle Co., Ltd. | 22 | 0.14% |  |  |  |  |
|  Finemetal Co., Ltd. | 49 | 0.08% |  | 1 | 1 | 1 |
|  Sungkyeong Co., Ltd. | 52 | 0.24% |  | 2 | 2 | 2 |
|  Newko Co., Ltd. | 331 | 0.06% |  | 10 | 10 | 10 |
|  Dongsung Mulsan Co., Ltd. | 137 | 0.34% |  | 14 | 14 | 14 |
|  Pizzakorea Co., Ltd. | 42 | 0.18% |  | 9 | 9 | 9 |
|  Geumdani Co., Ltd. | 2377 | 1.82% |  | 36 | 36 | 36 |
|  Mezzanine I-pack Co., Ltd. | 38 | 0.02% |  | 1 | 1 | 1 |
|  Ltop Co., Ltd. | 36 | 0.06% |  | 7 | 7 | 7 |
|  Simile Aluminium Co., Ltd. | 428 | 0.31% |  | 9 | 9 | 9 |
|  GT Tooling Co., Ltd. | 604 | 0.17% |  | 6 | 6 | 6 |
|  Team Korea Co., Ltd. | 4782 | 0.37% |  | 24 | 24 | 24 |
|  Donghwa TCA Co., Ltd. | 1012 | 0.30% |  | 25 | 25 | 25 |
|  Hankook Piaget Co., Ltd. | 4 | 0.01% |  |  |  |  |
|  Coco Food Co., Ltd. | 648 | 1.24% |  | 32 | 32 | 32 |
|  Woori Industry Co., Ltd. | 102 | 1.05% |  | 20 | 20 | 20 |
|  Ssangyong Youngweol Plant Service&Engineering Co., Ltd. | 83 | 0.07% |  | 4 | 1 | 1 |
|  SH Co., Ltd. | 39 | 0.20% |  | 8 | 8 | 8 |
|  Daeyoung Co., Ltd. | 75 | 0.01% |  | 8 | 8 | 8 |
|  Getron Co., Ltd. | 7259 | 0.20% |  | 36 | 4 | 4 |
|  Jungmun Co., Ltd. | 19 | 0.26% |  | 2 | 2 | 2 |
|  JM Tech Co., Ltd. | 403 | 0.67% |  | 81 | 10 | 10 |
|  Choigang-gujo Co., Ltd. | 61 | 0.45% |  | 6 | 1 | 1 |
|  Hosungsteel Co., Ltd. | 323 | 0.26% |  | 14 | 3 | 3 |
|  Uktae IND. Co., Ltd. | 140 | 0.12% |  | 7 | 1 | 1 |
|  JFC Co., Ltd. | 16 | 0.01% |  | 2 | 2 | 2 |
|  Hyundai Tech Co., Ltd. | 28 | 0.69% |  | 10 | 10 | 10 |
|  Daeil Co., Ltd. | 301 | 0.42% |  | 15 | 2 | 2 |
|  Daehyeon Recycle Co., Ltd. | 59 | 0.61% |  | 12 | 12 | 12 |
|  Metal Link Inc. Co., Ltd. | 709 | 0.17% |  | 35 | 4 | 4 |
|  Pipetec Korea Co., Ltd. | 50 | 0.07% |  | 10 | 1 | 1 |
|  SungJin Tech Co., Ltd. | 803 | 1.20% |  | 24 | 8 | 8 |
|  Yujin E&C Co., Ltd. | 29 | 0.18% |  | 6 |  |  |
|  Daishin Logistics Co., Ltd. | 13 | 0.09% |  | 1 | 1 | 1 |
|  JinSung Engineering Co., Ltd. | 18 | 0.30% |  | 18 | 18 | 18 |
|  Yongho Industry Co., Ltd. | 157 | 0.22% |  | 32 | 2 | 2 |
|  Wow tech Co., Ltd. | 369 | 0.75% |  | 11 | 11 | 11 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  World Power Tech Co., Ltd. | 16 | 0.28% | W | 24 | 24 | 24 |
|  PBM Auto Co., Ltd. | 1001 | 1.06% |  | 10 | 10 | 10 |
|  K2 Motors Co., Ltd. | 54 | 0.28% |  | 1 | 1 | 1 |
|  CL Tech Co., Ltd. | 801 | 2.25% |  | 40 | 40 | 40 |
|  Mirae Industry Co., Ltd. | 39 | 0.04% |  | 6 | 6 | 6 |
|  Gentak Korea Co., Ltd. | 301 | 0.31% |  | 8 | 8 | 8 |
|  Sungjin Chemical Co., Ltd. | 118 | 0.36% |  | 4 | 4 | 4 |
|  LMAT Co., Ltd. | 198 | 0.04% |  | 20 | 20 | 20 |
|  Poong Lim Industrial Co., Ltd. | 25 | 0.00% |  | 38 | 38 | 38 |
|  Dae Sung GeoTech Co., Ltd. | 631 | 1.28% |  | 32 | 32 | 32 |
|  Saeheemang Co., Ltd. | 756 | 0.60% |  | 15 | 15 | 15 |
|  Vornech Co., Ltd. | 431 | 0.37% |  | 11 | 2 | 2 |
|  Woojin Formtech Co., Ltd. | 76 | 0.08% |  | 8 | 1 | 1 |
|  Korea Engineer Manufacturing Co., Ltd. | 114 | 0.26% |  | 6 | 1 | 1 |
|  Sinwa J&K Co., Ltd. | 476 | 0.28% |  | 5 | 5 | 5 |
|  Owon E&G Co., Ltd. | 132 | 0.20% |  | 4 | 4 | 4 |
|  Guseong Co., Ltd. | 141 | 0.20% |  | 4 | 4 | 4 |
|  Irefarm Co., Ltd. | 45 | 0.30% |  | 3 | 3 | 3 |
|  Haenarae Agricultural Corp. | 15 | 0.03% |  | 2 | 2 | 2 |
|  DECO&E Co., Ltd. | 1261 | 0.00% |  | 2 | 2 | 2 |
|  Design Beyond Co., Ltd. | 17 | 0.19% |  | 2 | 2 | 2 |
|  LBK Co., Ltd. | 8 | 0.05% |  | 2 | 2 | 2 |
|  Duckwon industrial Co., Ltd. | 32 | 0.43% |  | 13 | 13 | 13 |
|  ASPT Co., Ltd. | 64 | 0.82% |  | 19 | 19 | 19 |
|  SIMA Co., Ltd. | 29 | 0.05% |  | 3 | 3 | 3 |
|  Jingkang Resources Co., Ltd. | 90 | 1.57% |  | 13 | 13 | 13 |
|  CIC Tech Co., Ltd. | 96 | 0.54% |  | 10 | 10 | 10 |
|  Fourever Co., Ltd. | 44 | 0.10% |  | 4 | 4 | 4 |
|  Myungil Metal Co., Ltd. | 80 | 0.10% |  | 4 | 4 | 4 |
|  Daeshin ECM Co., Ltd. | 182 | 0.30% |  | 9 | 9 | 9 |
|  Greencarbon Co., Ltd. | 79 | 0.06% |  | 1 | 1 | 1 |
|  Sunkoo Co., Ltd. | 4 | 0.10% |  | 2 | 2 | 2 |
|  Jians Construction Co., Ltd. | 45 | 0.01% |  | 2 | 4 | 4 |
|  DH trading Co., Ltd. | 891 | 0.04% |  | 178 |  |  |
|  Sangsin Co., Ltd. | 29 | 0.09% |  | 16 | 16 | 16 |
|  Steel focus Co., Ltd. | 154 | 0.20% |  | 5 | 5 | 5 |
|  Kamada Korea Co., Ltd. | 437 | 0.33% |  | 23 | 23 | 23 |
|  Fosys Co., Ltd. | 19 | 0.08% |  | 4 | 4 | 4 |
|  GB precision Co., Ltd. | 137 | 0.57% |  | 1 | 1 | 1 |
|  Ewon Art Co., Ltd. | 185 | 0.61% |  | 9 | 9 | 9 |
|  DI Tech Co., Ltd. | 3 | 0.00% |  | 1 |  |  |
|  Hans AD Co., Ltd. | 33 | 0.35% |  | 2 | 2 | 2 |
|  Chaegim Environment Development Co., Ltd. | 158 | 0.01% |  | 4 | 3 | 3 |
|  Daesung Stain Co., Ltd. | 32 | 0.32% |  | 2 | 1 | 1 |
|  U&I Co., Ltd. | 50 | 0.22% |  | 5 | 5 | 5 |
|  World One Co., Ltd. | 401 | 0.58% |  | 10 | 10 | 10 |
|  Yewon Co., Ltd. | 24 | 0.02% |  | 1 | 1 | 1 |
|  TSNT Co., Ltd. | 119 | 0.00% |  | 24 | 24 | 24 |
|  Shinsung Tech Co., Ltd. | 314 | 0.01% |  | 16 | 16 | 16 |
|  Loft Garden Co., Ltd. | 1 | 0.04% |  |  |  |  |
|  Handon Co., Ltd. | 74 | 0.25% |  | 11 | 11 | 11 |
|  GH Tech Co., Ltd. | 82 | 0.22% |  | 3 | 3 | 3 |
|  Daeo Co., Ltd. | 13 | 0.23% |  | 4 | 4 | 4 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  Bokwang Co., Ltd. | 76 | 0.00% | W | 15 | 15 | 15 |
|  Samkum Industry Co., Ltd. | 201 | 0.48% |  | 40 | 40 | 40 |
|  Dyntex Korea Co., Ltd. | 75 | 0.28% |  | 15 | 15 | 15 |
|  Mirae Engineering Co., Ltd. | 66 | 0.15% |  | 1 | 1 | 1 |
|  Ilshin Tech Co., Ltd. | 36 | 0.00% |  | 7 | 7 | 7 |
|  Sukwon Co., Ltd. | 2885 | 0.59% |  | 29 | 29 | 29 |
|  White&Clean Foods Co., Ltd. | 330 | 0.00% |  | 3 | 3 | 3 |
|  Michang Cable Co., Ltd. | 1096 | 0.13% |  | 16 | 16 | 16 |
|  G.M Foods Co., Ltd. | 57 | 0.16% |  | 9 | 9 | 9 |
|  Wecan Global Inc. Co., Ltd. | 165 | 0.08% |  | 8 | 8 | 8 |
|  Daeju Steel Co., Ltd. | 11 | 0.20% |  | 1 |  |  |
|  Hyundai Glass Co., Ltd. | 860 | 0.83% |  | 43 | 43 | 43 |
|  MEC Co., Ltd. | 16468 | 1.17% |  | 41 | 41 | 41 |
|  Daeyeoneco Co., Ltd. | 151 | 0.00% |  | 15 | 15 | 15 |
|  Hyesung Cable&Communication Inc. | 762 | 0.39% |  | 38 | 38 | 38 |
|  Sangjin Co., Ltd. | 428 | 0.35% |  | 21 | 21 | 21 |
|  Iksan-guwon Co., Ltd. | 563 | 0.00% |  | 11 | 11 | 11 |
|  Korea Remicon Co., Ltd. | 36 | 0.03% |  | 5 | 5 | 5 |
|  New Tech Co., Ltd. | 23 | 0.15% |  | 2 | 2 | 2 |
|  Segeon Co., Ltd. | 124 | 0.00% |  | 4 | 4 | 4 |
|  MS Tech Co., Ltd. | 9 | 0.15% |  | 1 | 1 | 1 |
|  J.I Steel Co., Ltd. | 21 | 0.00% |  | 2 | 2 | 2 |
|  HNT Co., Ltd. | 172 | 0.00% |  | 9 | 9 | 9 |
|  Taejin Co., Ltd. | 27 | 0.08% |  | 3 | 3 | 3 |
|  Macroad Co., Ltd. | 953 | 0.17% |  | 10 | 10 | 10 |
|  Woongjin Energy Co., Ltd. | 94 | 0.00% |  | 9 | 9 | 9 |
|  Eunsung Industrial Co., Ltd. | 3 | 0.03% |  |  |  |  |
|  KPE Co., Ltd. | 51 | 0.19% |  | 13 | 13 | 13 |
|  Dongbangfarms Co., Ltd. | 904 | 0.55% |  | 40 | 4 | 4 |
|  Altron Jeonju Co., Ltd. | 34846 | 1.34% |  | 697 | 5 | 5 |
|  K Shipbuilding Co., Ltd. | 8622 | 0.25% |  | 1078 | 1078 | 1078 |
|  Shinjin International Corporation Co., Ltd. | 4 | 0.01% |  | 1 | 1 | 1 |
|  RMK Co., Ltd. | 63 | 0.90% |  | 22 | 22 | 22 |
|  Andong Trading Corporation Co., Ltd. | 42 | 0.00% |  | 2 | 2 | 2 |
|  Seokjin E&T Co., Ltd. | 81 | 0.06% |  | 8 | 8 | 8 |
|  Seohan Food Co., Ltd. | 83 | 0.19% |  | 2 | 2 | 2 |
|  JSL Co., Ltd. | 51 | 0.49% |  | 3 | 3 | 3 |
|  Seil Textile Co., Ltd. | 16 | 0.15% |  | 3 | 3 | 3 |
|  Sungdo Pack Co., Ltd. | 15 | 0.06% |  | 1 | 1 | 1 |
|  Coffeenie Co., Ltd. | 2 | 0.00% |  |  |  |  |
|  Medi Pharma Plan Co., Ltd. | 1075 | 0.26% |  | 108 | 7 | 7 |
|  Woori Ascon Co., Ltd. | 25 | 0.34% |  | 10 | 10 | 10 |
|  Cheonwoo E.P.S Co., Ltd. | 371 | 1.10% |  | 19 | 19 | 19 |
|  Koa Tech Co., Ltd. | 1244 | 0.77% |  | 12 | 12 | 12 |
|  SKE Cable Co., Ltd. | 120 | 0.08% |  | 6 | 6 | 6 |
|  Hi Korea Co., Ltd. | 1845 | 1.94% |  | 185 | 21 | 21 |
|  Daeheung Engineering Co., Ltd. | 65 | 0.01% |  | 1 | 1 | 1 |
|  Etapol Co., Ltd. | 1361 | 0.54% |  | 41 | 41 | 41 |
|  Yoongwon Korea Co., Ltd. | 157 | 1.47% |  | 31 | 31 | 31 |
|  Avoh Ceramic&Bath Co., Ltd. | 173 | 0.14% |  | 3 | 3 | 3 |
|  Dongyang R.P.F. Industrial Co., Ltd. | 59 | 0.03% |  | 2 | 2 | 2 |
|  Yuil Engineering Co., Ltd. | 14 | 0.03% |  | 1 | 1 | 1 |
|  Taesan Co., Ltd. | 146 | 0.69% |  | 35 | 35 | 35 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  Thermo Tec Co., Ltd. | 446 | 0.03% | W | 4 | 4 | 4 |
|  DaeYang Hydro Co., Ltd. | 6 | 0.02% |  | 1 | 1 | 1 |
|  SangMoo Steel Co., Ltd. | 24 | 0.04% |  | 2 | 2 | 2 |
|  Jungin Distribution Co., Ltd. | 17 | 0.00% |  | 3 | 3 | 3 |
|  TheSun Co., Ltd. | 77 | 0.06% |  | 1 | 1 | 1 |
|  ChoungHwa Precise Co., Ltd. | 428 | 0.08% |  | 43 | 4 | 4 |
|  Snopa Co., Ltd. | 458 | 0.01% |  | 5 | 5 | 5 |
|  SKD Korea Co., Ltd. | 40 | 0.28% |  | 20 | 20 | 20 |
|  Samhyup Co., Ltd. | 376 | 0.91% |  | 38 | 38 | 38 |
|  Gogang Aluminum Co., Ltd. | 828 | 1.52% |  | 41 | 41 | 41 |
|  Taekwang Paper Board Co., Ltd. | 133 | 0.49% |  | 23 | 23 | 23 |
|  NY Tech Co., Ltd. | 33 | 0.15% |  | 2 | 2 | 2 |
|  Dongbang Metal Co., Ltd. | 1985 | 0.32% |  | 20 | 20 | 20 |
|  Samwang Co., Ltd. | 170 | 0.25% |  | 17 | 17 | 17 |
|  Guseul Co., Ltd. | 89 | 0.23% |  | 9 | 9 | 9 |
|  Gaone International Co., Ltd. | 54 | 0.29% |  | 14 | 14 | 14 |
|  Dongyang Pratech Co., Ltd. | 265 | 1.21% |  | 29 | 29 | 29 |
|  Samjin Placo Co., Ltd. | 661 | 0.52% |  | 33 | 33 | 33 |
|  MS Steel Industrial Co., Ltd. | 167 | 0.40% |  | 8 | 8 | 8 |
|  STS Global Co., Ltd. | 9 | 0.04% |  |  |  |  |
|  Y Tech Co., Ltd. | 855 | 0.65% |  | 34 | 34 | 34 |
|  J&J Tech Co. | 14 | 0.22% |  | 1 | 1 | 1 |
|  Shield Board Co., Ltd. | 165 | 0.15% |  | 3 | 3 | 3 |
|  SFC International Co., Ltd. | 11 | 0.01% |  | 1 | 1 | 1 |
|  Hana ITM Inc. | 8443 | 0.70% |  | 84 | 84 | 84 |
|  Jeuvis Co., Ltd. | 191 | 0.30% |  | 2 | 2 | 2 |
|  JBM Co., Ltd. | 662 | 0.34% |  | 20 | 20 | 20 |
|  Jungwoo Metal Solution Co., Ltd. | 27 | 0.08% |  | 2 | 2 | 2 |
|  MS Precision Co., Ltd. | 220 | 0.16% |  | 22 | 22 | 22 |
|  YM Tech Co., Ltd. | 2 | 0.01% |  |  |  |  |
|  C&C ENG Co., Ltd. | 439 | 1.59% |  | 22 | 22 | 22 |
|  Daejoo E&G Co., Ltd. | 133 | 0.00% |  | 27 | 27 | 27 |
|  Taeyoung Precision Co., Ltd. | 31 | 0.22% |  |  |  |  |
|  Shin Heung Precision Co., Ltd. | 93 | 4.63% |  | 4 | 4 | 4 |
|  TaeGwang P&C Co., Ltd. | 530 | 0.90% |  | 13 | 13 | 13 |
|  KyeongGwang Tech Co., Ltd. | 244 | 1.04% |  | 7 | 7 | 7 |
|  Wonil Image Maker Inc. | 16 | 0.04% |  |  |  |  |
|  Vehicle System Co., Ltd. | 225 | 0.19% |  | 23 | 23 | 23 |
|  Moohan Enterprise Co., Ltd. | 63 | 0.12% |  | 3 | 3 | 3 |
|  C&A Industries Co., Ltd. | 42062 | 0.26% |  | 21 | 21 | 21 |
|  CH Solution Co., Ltd. | 1456 | 0.16% |  | 4 | 4 | 4 |
|  Value Invest Korea Co., Ltd. | 8 | 0.00% |  | 2 | 2 | 2 |
|  HNT Co., Ltd. | 8567 | 0.09% |  | 9 | 9 | 9 |
|  Sunquen Co., Ltd. | 4 | 0.01% |  |  |  |  |
|  Shabath Co., Ltd. | 48 | 0.04% |  | 6 | 6 | 6 |
|  Woori Elec Co., Ltd. | 102 | 0.17% |  | 6 | 6 | 6 |
|  Dong-Yang Special Casting Co., Ltd. | 1027 | 0.41% |  | 21 | 21 | 21 |
|  Haegang Industry Co., Ltd. | 1687 | 1.13% |  | 25 | 25 | 25 |
|  Daone Co., Ltd. | 860 | 0.23% |  | 9 | 9 | 9 |
|  Yeowoon Co., Ltd. | 3 | 0.00% |  | 1 | 1 | 1 |
|  Evertrue Co., Ltd. | 15 | 0.00% |  |  | 1 | 1 |
|  Libechen Co., Ltd. | 151 | 0.13% |  | 8 | 8 | 8 |
|  Hongin Co., Ltd. | 149 | 0.22% |  | 45 | 45 | 45 |
|  Bolim Co., Ltd. | 37 | 0.10% |  | 5 | 5 | 5 |
|  Neo Life Co., Ltd. | 19 | 0.04% |  |  |  |  |
|  T-Eng Co., Ltd. | 123 | 1.05% |  | 25 | 25 | 25 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  Badanuri | 8 | 0.10% | W | 2 | 2 | 2 |
|  Ki Soo Precision Co., Ltd. | 325 | 0.44% |  | 98 | 27 | 27 |
|  DNGV | 5516 | 0.14% |  | 11 | 11 | 11 |
|  BJ Korea | 446 | 0.81% |  | 40 | 40 | 40 |
|  R&S Co., Ltd. | 291 | 0.61% |  | 4 | 4 | 4 |
|  Daekyoung Co., Ltd. | 85 | 0.66% |  | 17 | 17 | 17 |
|  Dongyang Environment | 141 | 0.38% |  | 7 | 7 | 7 |
|  KEE Co., Ltd. | 64 | 0.63% |  | 13 | 13 | 13 |
|  Asia Platech Co., Ltd. | 932 | 3.59% |  | 47 | 47 | 47 |
|  HyoChang Industrial Co., Ltd | 10930 | 0.59% |  | 5 | 5 | 5 |
|  Semin Environmental Design Co., Ltd. | 14 | 0.04% |  |  |  |  |
|  JungAng PNA Co., Ltd. | 385 | 0.61% |  | 8 | 8 | 8 |
|  CNEGS Co., Ltd. | 80 | 0.07% |  | 7 | 7 | 7 |
|  HaeDeuRim Co., Ltd. | 70 | 0.41% |  | 11 | 11 | 11 |
|  CMTI Co., Ltd. | 65 | 0.15% |  | 2 | 2 | 2 |
|  JMT Co., Ltd. | 6133 | 0.39% |  | 15 | 15 | 15 |
|  SeJung Precision Industrial Co., Ltd. | 141 | 0.43% |  | 14 | 14 | 14 |
|  SGTech | 30 | 0.66% |  | 3 | 3 | 3 |
|  OhBakSaDatkeom Co., Ltd. | 52 | 0.23% |  | 3 | 3 | 3 |
|  GeumChangHwaseom Co., Ltd. | 119 | 1.02% |  | 12 | 12 | 12 |
|  SeongMinSusan Co., Ltd. | 371 | 0.09% |  | 4 | 4 | 4 |
|  DreamFact Co., Ltd. | 77 | 0.10% |  | 3 | 3 | 3 |
|  DonEWorld Co., Ltd. | 125 | 0.68% |  | 10 | 10 | 10 |
|  DongSuh Co., Ltd. | 18 | 0.23% |  | 2 | 2 | 2 |
|  Dondodam Co., Ltd. | 262 | 0.34% |  | 13 | 13 | 13 |
|  Vision Food Co., Ltd. | 1732 | 1.00% |  | 87 | 87 | 87 |
|  A One Metal Co., Ltd. | 156 | 0.89% |  | 16 | 16 | 16 |
|  ECO Plus Co., Ltd. | 2786 | 0.91% |  | 3 | 3 | 3 |
|  Seong An Synthetics Co., Ltd. | 200684 | 2.91% |  | 2007 | 2007 | 2007 |
|  DaeWoon Tech Co., Ltd. | 106 | 0.26% |  | 3 | 3 | 3 |
|  KoWEEO Co., Ltd. | 38 | 0.05% |  | 2 | 2 | 2 |
|  IK Co., Ltd. | 14 | 0.06% |  | 1 | 1 | 1 |
|  Eco Join Co., Ltd. | 145 | 0.03% |  | 2 | 2 | 2 |
|  Yuk Hwawon Co., Ltd. | 567 | 0.25% |  | 12 | 12 | 12 |
|  Yun Hwawon FND Co., Ltd. | 496 | 0.84% |  | 25 | 25 | 25 |
|  GoRyeoInSam Co., Ltd. | 197 | 0.41% |  | 30 | 30 | 30 |
|  HyeJin IND Co., Ltd. | 77 | 0.26% |  | 4 | 4 | 4 |
|  Cheongsong JungAng Aluminum Co., Ltd. | 1300 | 0.14% |  | 20 | 20 | 20 |
|  Easy Tape Co., Ltd. | 144 | 0.30% |  | 14 | 14 | 14 |
|  Gyeonganaseukon | 51 | 0.85% |  | 10 | 10 | 10 |
|  Biseullo Co., Ltd. | 11 | 0.03% |  | 1 | 1 | 1 |
|  Cest Co., Ltd. | 152 | 1.43% |  | 76 | 76 | 76 |
|  MDT Co., Ltd. | 57 | 0.30% |  | 6 | 6 | 6 |
|  KDP Sieori Co., Ltd. | 511 | 0.50% |  | 6 | 6 | 6 |
|  KREMS Co., Ltd. | 868 | 0.81% |  | 347 | 347 | 347 |
|  Hanam Industrial Co., Ltd. | 87 | 0.80% |  | 13 | 13 | 13 |
|  R Light Co., Ltd. | 437 | 0.41% |  | 5 | 5 | 5 |
|  Daewon SNP Co., Ltd. | 2656 | 0.44% |  | 93 | 93 | 93 |
|  Goryeo Filter Co.,Ltd. | 31 | 0.07% |  | 2 | 2 | 2 |
|  Daehan Special Metal Co., Ltd. | 2326 | 5.89% |  | 931 | 931 | 931 |
|  Hungaforming Co., Ltd. | 397 | 0.64% |  | 20 | 20 | 20 |
|  HyeopJin PL Co., Ltd. | 7889 | 0.72% |  | 39 | 39 | 39 |
|  Seun Co., Ltd. | 61 | 0.69% |  | 3 | 3 | 3 |
|  AOS Co., Ltd. | 25 | 0.16% |  | 1 | 1 | 1 |
|  SamHan Industrial Co., Ltd. | 215 | 0.45% |  | 3 | 3 | 3 |
|  YangJI EnterPrise Co., Ltd. | 16 | 0.04% |  | 3 | 3 | 3 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  GyungNam Metal Co., Ltd. | 698 | 0.07% | W | 17 | 17 | 17 |
|  Yoolim industrial Co., Ltd. | 1560 | 1.98% |  | 234 | 234 | 234 |
|  Haemirae Co., Ltd. | 57 | 0.25% |  | 4 | 4 | 4 |
|  KROPC Co., Ltd. | 1297 | 1.19% |  | 26 | 26 | 26 |
|  Mirae Seesco Co. Ltd. | 17 | 0.04% |  | 2 | 2 | 2 |
|  SungMin Industrial Co., Ltd. | 229 | 2.80% |  | 34 | 34 | 34 |
|  Kunyang Co., Ltd. | 44 | 0.12% |  | 4 | 4 | 4 |
|  CAT Co., Ltd. | 40 | 0.27% |  | 3 | 3 | 3 |
|  JeongJin Nurimaru Co., Ltd. | 218 | 1.08% |  | 33 | 33 | 33 |
|  GeunHo Precision Co., Ltd. | 1770 | 0.98% |  | 133 | 133 | 133 |
|  HwaIn Inemtek Co., Ltd. | 327 | 0.60% |  | 43 | 43 | 43 |
|  TS Steel Co., Ltd. | 202 | 0.13% |  | 20 | 20 | 20 |
|  SaeHan Food Co., Ltd. | 23 | 0.40% |  | 5 | 5 | 5 |
|  SamYeong Engineer Co., Ltd. | 501 | 0.55% |  | 10 | 10 | 10 |
|  GumYoung General Co., Ltd. | 6522 | 0.06% |  | 13 | 13 | 13 |
|  SaeUm Global Co., Ltd. | 207 | 0.06% |  | 5 | 5 | 5 |
|  Work life balance Co., Ltd. | 9 | 0.92% |  | 1 | 1 | 1 |
|  YuJin Hightech Co., Ltd. | 152 | 0.58% |  | 15 | 15 | 15 |
|  GOC Co., Ltd. | 4415 | 0.16% |  | 44 | 44 | 44 |
|  Fraijour Queen Co., Ltd. | 73 | 0.56% |  | 3 | 3 | 3 |
|  Wnt Co., Ltd. | 57 | 0.19% |  | 6 | 6 | 6 |
|  Tae Gwang Engineer Co., Ltd. | 406 | 2.60% |  | 41 | 41 | 41 |
|  GSB Co., Ltd. | 370 | 1.03% |  | 37 | 37 | 37 |
|  MCI Co., Ltd. | 760 | 0.12% |  | 23 | 23 | 23 |
|  Wonchang steel Co., Ltd. | 66 | 0.16% |  | 7 | 7 | 7 |
|  GukWon Construction Co., Ltd. | 9 | 0.00% |  |  |  |  |
|  Friend Co., Ltd. | 2745 | 0.46% |  | 55 | 55 | 55 |
|  AppleLind Networks Co., Ltd. | 2417 | 0.12% |  | 11 | 11 | 11 |
|  HSC Co., Ltd. | 7174 | 2.69% |  | 36 | 36 | 36 |
|  ChangShin Plant Co., Ltd. | 108 | 1.40% |  | 22 | 22 | 22 |
|  PyeongKang Precision Co., Ltd. | 3 | 0.01% |  |  |  |  |
|  ShinSung Co., Ltd. | 66 | 0.58% |  | 13 | 13 | 13 |
|  DreamHightech Co., Ltd. | 137 | 0.16% |  | 7 | 7 | 7 |
|  WooHo Construction Co., Ltd. | 35 | 0.02% |  | 2 | 2 | 2 |
|  |  |  |  | 352191 | 309709 | 309709 |
|  **Debt securities (\*1)** |  |  |  |  |  |  |
|  Aron Flying Ship Co., Ltd. |  |  | W | 491 | 535 | 535 |
|  Ino Platech Co., Ltd. |  |  |  | 1080 | 1194 | 1194 |
|  Daebon Tech Co., Ltd. |  |  |  | 3000 | 3316 | 3316 |
|  |  |  |  | 4571 | 5045 | 5045 |
|  |  |  | W | 683192 | 674850 | 674850 |

---

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

---

| | |
|:---|:---|
| (\*2) | The Group has estimated the fair value of Set Holding by using the income approach and has recognized the difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the year ended December 31, 2024.  |

---

---

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

---

(\*4) During the year ended December 31, 2024, BDI Co., Ltd. was delisted as the Court dismissed the application for temporary injunction requiring the suspension of delisting decision and others.

---

| | |
|:---|:---|
| (\*5) | The entity is undergoing corporate rehabilitation procedures during the year ended December 31, 2024, and the Group cannot hold significant influence over the entity until the corporate rehabilitation procedures are completed. Therefore, investments in the entity were reclassified as financial assets at fair value through other comprehensive income.  |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**Financial assets at amortized cost as of December 31, 2025 and 2024 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Financial assets**<br>**at amortized cost** | **Financial assets**<br>**at amortized cost** | **Book**<br>**value** |
|  Government bonds | W | 1423 | 1423 |
|  Others |  | 29694 | 29694 |
|  | W | 31117 | 31117 |
|  Current | W | 21663 | 21663 |
|  Non-current |  | 9454 | 9454 |
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Financial assets**<br>**at amortized cost** | **Financial assets**<br>**at amortized cost** | **Book**<br>**value** |
|  Government bonds | W | 1160 | 1160 |
|  Others |  | 29073 | 29073 |
|  | W | 30233 | 30233 |
|  Current | W | 20418 | 20418 |
|  Non-current |  | 9815 | 9815 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**12.** **Derivatives** 

**(1)** **Derivatives as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  **Derivative assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward | W | 76 |  | 12153 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap |  | 833715 | 927127 | 733374 | 1630570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap |  | 2441 | 174195 | 9571 | 176138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*2,3) |  |  | 97996 | 5456 | 123902 |
|  | W | 836232 | 1199318 | 760554 | 1930610 |
|  **Derivative liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward | W | 9078 |  | 132 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap |  | 4786 | 23761 | 1640 | 36328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap |  |  | 37560 | 127 | 76356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*1,2,4,5) |  | 38255 | 52059 | 22015 | 148227 |
|  | W | 52119 | 113380 | 23914 | 260911 |

---

---

| | |
|:---|:---|
| (\*1) | In relation to the agreement to purchase hybrid bonds issued by Samcheok Eco Materials Co., Ltd., a joint venture of the Group, the performance obligation as of December 31, 2025 which amounts to W23,494 million (W26,422 million as of December 31, 2024) to the underwriter of the bonds was recorded as other derivative liabilities.  |

---

---

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

---

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

---

| | |
|:---|:---|
| (\*4) | The Group entered into a Price Return Swap (PRS) contract to exchange gains or losses arising from fluctuations in the stock price of its subsidiary, KEPCO Engineering & Construction Company, Inc. The settlement of the PRS contract was completed during the year ended December 31, 2025, and the Group recognized a gain on transaction of derivative instruments of W37,572 million for the year ended December 31, 2025.  |

---

(\*5) The Group recorded the fair value of derivatives in accordance with the shareholders' agreement of its joint venture, Wadi Noor Solar Power, as other derivative liabilities.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

(2) Currency forward contracts which are not designated as hedging instruments as of December 31, 2025 are as
follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* |
| **Counterparty** | **Contract**<br>**date** | **Maturity**<br>**date** | **Contract amounts** | **Contract amounts** | **Contract amounts** | **Contract**<br>**exchange rate**<br>**(in won)** | **Contract**<br>**exchange rate**<br>**(in won)** |
| **Counterparty** | **Contract**<br>**date** | **Maturity**<br>**date** | **Pay** | **Pay** | **Receive** | **Contract**<br>**exchange rate**<br>**(in won)** | **Contract**<br>**exchange rate**<br>**(in won)** |
|  Morgan Stanley | 2025.12.11 | 2026.01.02 | W | 16110 | USD11,000 | W | 1464.50 |
|  JP Morgan | 2025.12.19 | 2026.01.15 |  | 5911 | USD4,000 |  | 1477.80 |
|  Mizuho Bank | 2025.12.24 | 2026.01.13 |  | 7349 | USD5,000 |  | 1469.80 |
|  Hana Bank | 2025.12.24 | 2026.01.16 |  | 14698 | USD10,000 |  | 1469.80 |
|  Woori Bank | 2025.12.24 | 2026.01.20 |  | 14701 | USD10,000 |  | 1470.10 |
|  Kyongnam Bank | 2025.12.24 | 2026.01.09 |  | 14703 | USD10,000 |  | 1470.30 |
|  Busan Bank | 2025.12.26 | 2026.01.23 |  | 14390 | USD10,000 |  | 1439.00 |
|  Shinhan Bank | 2025.12.29 | 2026.01.26 |  | 15773 | USD11,000 |  | 1433.87 |
|  MUFG | 2025.07.16 | 2026.01.16 |  | 6585 | JPY700,000 |  | 9.41 |
|  MUFG | 2025.09.04 | 2026.01.08 |  | 6621 | JPY700,000 |  | 9.46 |
|  MUFG | 2025.10.10 | 2026.01.15 |  | 6540 | JPY700,000 |  | 9.34 |
|  MUFG | 2025.10.16 | 2026.01.20 |  | 6617 | JPY700,000 |  | 9.45 |
|  MUFG | 2025.10.27 | 2026.01.27 |  | 6591 | JPY700,000 |  | 9.42 |
|  MUFG | 2025.10.30 | 2026.01.29 |  | 6545 | JPY700,000 |  | 9.35 |
|  MUFG | 2025.12.02 | 2026.01.05 |  | 10272 | USD7,000 |  | 1467.45 |
|  JP Morgan | 2025.12.02 | 2026.01.05 |  | 2491 | USD1,700 |  | 1465.10 |
|  MUFG | 2025.12.03 | 2026.01.05 |  | 8800 | USD6,000 |  | 1466.65 |
|  JP Morgan | 2025.12.05 | 2026.01.09 |  | 13824 | USD9,400 |  | 1470.60 |
|  MUFG | 2025.12.08 | 2026.01.12 |  | 7335 | USD5,000 |  | 1467.02 |
|  JP Morgan | 2025.12.08 | 2026.01.12 |  | 7335 | USD5,000 |  | 1467.00 |
|  Nonghyup Bank | 2025.12.08 | 2026.01.12 |  | 4392 | USD3,000 |  | 1463.90 |
|  MUFG | 2025.12.09 | 2026.01.13 |  | 10278 | USD7,000 |  | 1468.35 |
|  MUFG | 2025.12.10 | 2026.01.14 |  | 7342 | USD5,000 |  | 1468.35 |
|  JP Morgan | 2025.12.10 | 2026.01.14 |  | 7342 | USD5,000 |  | 1468.35 |
|  MUFG | 2025.12.11 | 2026.01.15 |  | 7337 | USD5,000 |  | 1467.45 |
|  MUFG | 2025.12.24 | 2026.01.29 |  | 7292 | USD5,000 |  | 1458.35 |
|  Nonghyup Bank | 2025.12.24 | 2026.01.29 |  | 7267 | USD5,000 |  | 1453.45 |
|  MUFG | 2025.12.26 | 2026.01.30 |  | 7232 | USD5,000 |  | 1446.30 |
|  JP Morgan | 2025.12.29 | 2026.02.05 |  | 6421 | JPY700,000 |  | 9.17 |
|  MUFG | 2025.12.30 | 2026.02.06 |  | 7169 | USD5,000 |  | 1433.75 |
|  JP Morgan | 2025.12.30 | 2026.02.02 |  | 14338 | USD10,000 |  | 1433.80 |
|  Nonghyup Bank | 2025.12.30 | 2026.02.06 |  | 7170 | USD5,000 |  | 1433.90 |
|  Bank of America | 2025.12.19 | 2026.01.27 |  | 7379 | USD5,000 |  | 1475.89 |
|  Citi Bank | 2025.11.24 | 2026.01.07 |  | 7365 | USD5,000 |  | 1472.90 |
|  Citi Bank | 2025.12.16 | 2026.01.27 |  | 5865 | USD4,000 |  | 1466.20 |
|  Kookmin Bank | 2025.12.04 | 2026.01.07 |  | 7325 | USD5,000 |  | 1464.90 |
|  MUFG | 2025.11.27 | 2026.01.07 |  | 4379 | USD3,000 |  | 1459.80 |
|  SMBC | 2025.12.22 | 2026.02.06 |  | 8850 | USD6,000 |  | 1475.05 |
|  Nonghyup Bank | 2025.12.30 | 2026.02.06 |  | 7151 | USD5,000 |  | 1430.10 |
|  Mizuho Bank | 2025.11.26 | 2026.01.07 |  | 8753 | USD6,000 |  | 1458.90 |
|  Mizuho Bank | 2025.12.08 | 2026.01.27 |  | 5852 | USD4,000 |  | 1463.10 |
|  Mizuho Bank | 2025.12.24 | 2026.02.06 |  | 8760 | USD6,000 |  | 1459.95 |
|  Mizuho Bank | 2025.12.30 | 2026.01.07 |  | USD2,501 | 3649 |  | 1458.90 |
|  Busan Bank | 2025.12.23 | 2026.01.09 |  | 14944 | USD10,112 |  | 1477.90 |
|  Shinhan Bank | 2025.12.24 | 2026.02.06 |  | 10255 | USD7,000 |  | 1465.00 |
|  Hana Bank | 2025.12.08 | 2026.01.27 |  | 5856 | USD4,000 |  | 1464.00 |
|  Bank of America | 2025.11.13 | 2026.02.10 |  | 500 | USD344 |  | 1456.50 |
|  MUFG | 2025.11.26 | 2026.02.26 |  | 3039 | USD2,093 |  | 1451.65 |
|  Shinhan Bank | 2025.12.08 | 2026.02.25 |  | 1156 | USD790 |  | 1462.28 |
|  Woori Bank | 2025.12.11 | 2026.02.25 |  | 1259 | USD862 |  | 1460.70 |
|  Hana Bank | 2025.12.11 | 2026.02.25 |  | 5841 | USD4,000 |  | 1460.20 |
|  MUFG | 2025.12.11 | 2026.02.25 |  | 7305 | USD5,000 |  | 1461.00 |
|  HSBC | 2025.12.24 | 2026.03.19 |  | 4088 | USD2,784 |  | 1468.20 |
|  Shinhan Bank | 2025.12.24 | 2026.03.17 |  | 10238 | USD7,000 |  | 1462.60 |
|  Bank of America | 2025.12.24 | 2026.03.19 |  | 7328 | USD5,000 |  | 1465.50 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Currency forward contracts which are not designated as hedging instruments as of December 31, 2025 are as follows Continued:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* |
| **Counterparty** | **Contract date** | **Maturity**<br>**date** | **Contract amounts** | **Contract amounts** | **Contract amounts** | **Contract**<br>**exchange rate**<br>**(in won)** | **Contract**<br>**exchange rate**<br>**(in won)** |
| **Counterparty** | **Contract date** | **Maturity**<br>**date** | **Pay** | **Pay** | **Receive** | **Contract**<br>**exchange rate**<br>**(in won)** | **Contract**<br>**exchange rate**<br>**(in won)** |
|  JP Morgan | 2025.12.24 | 2026.03.19 | W | 7329 | USD5,000 | W | 1465.70 |
|  Nonghyup Bank | 2025.12.24 | 2026.03.19 |  | 7326 | USD5,000 |  | 1465.20 |
|  Busan Bank | 2025.12.24 | 2026.03.19 |  | 7329 | USD5,000 |  | 1465.80 |
|  MUFG | 2025.12.24 | 2026.03.19 |  | 7328 | USD5,000 |  | 1465.55 |
|  Woori Bank | 2025.12.24 | 2026.03.19 |  | 7328 | USD5,000 |  | 1465.60 |
|  HSBC | 2025.12.24 | 2026.03.17 |  | 10183 | USD7,000 |  | 1454.75 |
|  Shinhan Bank | 2025.12.24 | 2026.03.19 |  | 7273 | USD5,000 |  | 1454.55 |
|  Hana Bank | 2025.12.24 | 2026.03.19 |  | 7281 | USD5,000 |  | 1456.20 |
|  Bank of America | 2025.12.24 | 2026.03.17 |  | 7284 | USD5,000 |  | 1456.85 |
|  Woori Bank | 2025.12.24 | 2026.03.17 |  | 7266 | USD5,000 |  | 1453.10 |
|  Shinhan Bank | 2025.12.26 | 2026.03.30 |  | 7213 | USD5,000 |  | 1442.55 |
|  JP Morgan | 2025.12.26 | 2026.03.30 |  | 7195 | USD5,000 |  | 1438.90 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **Currency swap contracts which are not designated as hedging instruments as of December 31, 2025 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* |
| **Counterparty** | **Contract year** | **Contract amount** | **Contract amount** | **Contract interest rate** | **Contract interest rate** | **Contract<br>exchange rate**<br>**(in won)** |
| **Counterparty** | **Contract year** | **Pay** | **Receive** | **Pay** | **Receive** | **Contract<br>exchange rate**<br>**(in won)** |
|  Standard Chartered | 2014~2029 | 102470 | USD100,000 | 3.14% | 3.57% | 1024.70 |
|  Woori Bank | 2019~2027 | 21708 | USD19,417 | 5.04% | 6.75% | 1118.00 |
|  Kookmin Bank | 2020~2026 | 76355 | USD70,445 | 5.83% | 6.00% | 1083.90 |
|  Woori Bank | 2021~2026 | 118170 | USD100,000 | 1.11% | 1.13% | 1181.70 |
|  Korea Development Bank | 2021~2026 | 118170 | USD100,000 | 1.11% | 1.13% | 1181.70 |
|  Hana Bank | 2021~2026 | 118170 | USD100,000 | 1.11% | 1.13% | 1181.70 |
|  JP Morgan | 2022~2027 | 128600 | USD100,000 | 3.56% | 4.00% | 1286.00 |
|  Woori Bank | 2022~2027 | 128600 | USD100,000 | 3.56% | 4.00% | 1286.00 |
|  Kookmin Bank | 2022~2027 | 128600 | USD100,000 | 3.56% | 4.00% | 1286.00 |
|  Korea Development Bank | 2022~2026 | 283820 | USD200,000 | 4.67% | 5.38% | 1419.10 |
|  Hana Bank | 2022~2026 | 141910 | USD100,000 | 4.68% | 5.38% | 1419.10 |
|  Woori Bank | 2022~2026 | 141910 | USD100,000 | 4.68% | 5.38% | 1419.10 |
|  JP Morgan | 2022~2026 | 141910 | USD100,000 | 4.69% | 5.38% | 1419.10 |
|  Korea Development Bank | 2022~2028 | 283820 | USD200,000 | 5.12% | 5.50% | 1419.10 |
|  Woori Bank | 2022~2028 | 141910 | USD100,000 | 5.13% | 5.50% | 1419.10 |
|  Hana Bank | 2023~2026 | 256000 | USD200,000 | 3.97% | 5.38% | 1280.00 |
|  Shinhan Bank | 2023~2026 | 192000 | USD150,000 | 3.99% | 5.38% | 1280.00 |
|  Kookmin Bank | 2023~2026 | 128000 | USD100,000 | 4.03% | 5.38% | 1280.00 |
|  Korea Development Bank | 2023~2026 | 256000 | USD200,000 | 4.04% | 5.38% | 1280.00 |
|  Bank of America | 2023~2026 | 128000 | USD100,000 | 4.04% | 5.38% | 1280.00 |
|  Standard Chartered | 2023~2026 | 128000 | USD100,000 | 4.04% | 5.38% | 1280.00 |
|  Woori Bank | 2023~2026 | 192000 | USD150,000 | 4.05% | 5.38% | 1280.00 |
|  Shinhan Bank | 2024~2027 | 133060 | USD100,000 | 3.53% | 4.88% | 1330.60 |
|  Kookmin Bank | 2024~2027 | 133060 | USD100,000 | 3.53% | 4.88% | 1330.60 |
|  Korea Development Bank | 2024~2027 | 864890 | USD650,000 | 3.53% | 4.88% | 1330.60 |
|  Bank of America | 2024~2027 | 133060 | USD100,000 | 3.53% | 4.88% | 1330.60 |
|  Standard Chartered | 2024~2027 | 133060 | USD100,000 | 3.53% | 4.88% | 1330.60 |
|  IBK Securities Co., Ltd. | 2024~2027 | 199590 | USD150,000 | 3.53% | 4.88% | 1330.60 |
|  Shinhan Bank | 2024~2034 | 138010 | USD100,000 | 3.64% | 5.13% | 1380.10 |
|  Hana Bank | 2024~2034 | 138010 | USD100,000 | 3.69% | 5.13% | 1380.10 |
|  Woori Bank | 2024~2034 | 119958 | USD86,920 | 3.74% | 5.13% | 1380.10 |
|  Shinhan Bank | 2025~2030 | 146320 | USD100,000 | 3.18% | 4.13% | 1463.20 |
|  Hana Bank | 2025~2030 | 438960 | USD300,000 | 3.21% | 4.13% | 1463.20 |
|  Kookmin Bank | 2025~2028 | 292640 | USD200,000 | 2.99% | SOFR + 0.62% | 1463.20 |
|  Bank of America | 2025~2028 | 219480 | USD150,000 | 2.99% | SOFR + 0.62% | 1463.20 |
|  Hana Bank | 2025~2028 | 146320 | USD100,000 | 3.00% | SOFR + 0.62% | 1463.20 |
|  Korea Development Bank | 2025~2028 | 73160 | USD50,000 | 3.02% | SOFR + 0.62% | 1463.20 |
|  Shinhan Bank | 2025~2028 | 146320 | USD100,000 | 3.02% | SOFR + 0.62% | 1463.20 |
|  Woori Bank | 2017~2027 | 111610 | USD100,000 | 2.25% | 3.13% | 1116.10 |
|  Korea Development Bank | 2017~2027 | 111610 | USD100,000 | 2.31% | 3.13% | 1116.10 |
|  Hana Bank | 2017~2027 | 111610 | USD100,000 | 2.31% | 3.13% | 1116.10 |
|  Korea Development Bank | 2018~2028 | 108600 | HKD800,000 | 2.69% | 3.35% | 135.75 |
|  Shinhan Bank | 2018~2028 | 115388 | HKD850,000 | 2.66% | 3.35% | 135.75 |
|  Korea Development Bank | 2019~2027 | 119978 | CHF100,000 | 1.43% | 0.05% | 1199.78 |
|  Woori Bank | 2021~2026 | 222800 | USD200,000 | 0.93% | 1.25% | 1114.00 |
|  Shinhan Bank | 2021~2026 | 111400 | USD100,000 | 0.92% | 1.25% | 1114.00 |
|  Korea Development Bank | 2021~2026 | 111399 | USD100,000 | 0.93% | 1.25% | 1114.00 |
|  Nonghyup Bank | 2021~2026 | 111400 | USD100,000 | 0.93% | 1.25% | 1114.00 |
|  Woori Bank | 2022~2027 | 262000 | USD200,000 | 3.62% | 4.25% | 1310.00 |
|  Export-Import Bank of Korea | 2022~2027 | 131000 | USD100,000 | 3.63% | 4.25% | 1310.00 |
|  Kookmin Bank | 2022~2027 | 131000 | USD100,000 | 3.62% | 4.25% | 1310.00 |
|  Hana Bank | 2022~2027 | 131000 | USD100,000 | 3.61% | 4.25% | 1310.00 |
|  Korea Development Bank | 2022~2027 | 262000 | USD200,000 | 3.63% | 4.25% | 1310.00 |
|  Export-Import Bank of Korea | 2022~2032 | 349829 | HKD1,935,000 | 4.87% | 5.16% | 180.79 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **Currency swap contracts which are not designated as hedging instruments as of December 31, 2025 are as follows, continued:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* |
| **Counterparty** | **Contract year** | **Contract amount** | **Contract amount** | **Contract amount** | **Contract interest rate** | **Contract interest rate** | **Contract<br>exchange rate**<br>**(in won)** | **Contract<br>exchange rate**<br>**(in won)** |
| **Counterparty** | **Contract year** | **Pay** | **Pay** | **Receive** | **Pay** | **Receive** | **Contract<br>exchange rate**<br>**(in won)** | **Contract<br>exchange rate**<br>**(in won)** |
|  JP Morgan | 2022~2032 | W | 75194 | HKD 415,000 | 5.00% | 5.16% | W | 181.19 |
|  Export-Import Bank of Korea | 2023~2030 |  | 172982 | HKD1,037,000 | 4.25% | 4.51% |  | 166.81 |
|  Hana Bank | 2024~2028 |  | 128940 | USD100,000 | 3.73% | 5.00% |  | 1289.40 |
|  JP Morgan | 2024~2028 |  | 128940 | USD100,000 | 3.85% | 5.00% |  | 1289.40 |
|  Korea Development Bank | 2024~2028 |  | 257880 | USD200,000 | 3.80% | 5.00% |  | 1289.40 |
|  Korea Development Bank | 2024~2028 |  | 128940 | USD100,000 | 3.69% | 5.00% |  | 1289.40 |
|  Hana Bank | 2024~2029 |  | 138540 | USD100,000 | 3.15% | 4.63% |  | 1385.40 |
|  Shinhan Bank | 2024~2029 |  | 138540 | USD100,000 | 3.15% | 4.63% |  | 1385.40 |
|  Kookmin Bank | 2024~2029 |  | 138540 | USD100,000 | 3.16% | 4.63% |  | 1385.40 |
|  Woori Bank | 2024~2029 |  | 138540 | USD100,000 | 3.17% | 4.63% |  | 1385.40 |
|  Korea Development Bank | 2024~2029 |  | 138540 | USD100,000 | 3.19% | 4.63% |  | 1385.40 |
|  Credit Agricole | 2025~2028 |  | 218963 | HKD1,166,000 | 2.85% | 4.10% |  | 187.79 |
|  Korea Development Bank | 2025~2030 |  | 556560 | USD400,000 | 2.75% | SOFR + 0.79% |  | 1391.40 |
|  Hana Bank | 2025~2030 |  | 139140 | USD100,000 | 2.75% | SOFR + 0.79% |  | 1391.40 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(4)** **Currency swap contracts which are designated as hedging instruments as of December 31, 2025 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* |
| **Counterparty** | **Contract year** | **Contract amount** | **Contract amount** | **Contract amount** | **Contract interest rate** | **Contract interest rate** | **Contract<br>exchange rate**<br>**(in won)** | **Contract<br>exchange rate**<br>**(in won)** |
| **Counterparty** | **Contract year** | **Pay** | **Pay** | **Receive** | **Pay** | **Receive** | **Contract<br>exchange rate**<br>**(in won)** | **Contract<br>exchange rate**<br>**(in won)** |
|  Korea Development Bank | 2020~2026 | W | 118910 | USD100,000 | 0.61% | 1.00% | W | 1189.10 |
|  Hana Bank | 2020~2026 |  | 118910 | USD100,000 | 0.61% | 1.00% |  | 1189.10 |
|  Woori Bank | 2020~2026 |  | 118910 | USD100,000 | 0.62% | 1.00% |  | 1189.10 |
|  Nomura | 2017~2037 |  | 52457 | EUR 40,000 | 2.60% | 1.70% |  | 1311.42 |
|  Nomura | 2017~2037 |  | 59423 | SEK 450,000 | 2.62% | 2.36% |  | 132.05 |
|  Kookmin Bank | 2021~2026 |  | 114230 | USD100,000 | 1.27% | 1.25% |  | 1142.30 |
|  Korea Development Bank | 2021~2026 |  | 114230 | USD100,000 | 1.27% | 1.25% |  | 1142.30 |
|  Hana Bank | 2021~2026 |  | 114230 | USD100,000 | 1.27% | 1.25% |  | 1142.30 |
|  Korea Development Bank | 2022~2027 |  | 123710 | USD100,000 | 3.41% | 3.63% |  | 1237.10 |
|  Woori Bank | 2022~2027 |  | 123710 | USD100,000 | 3.41% | 3.63% |  | 1237.10 |
|  JP Morgan | 2022~2027 |  | 123710 | USD100,000 | 3.41% | 3.63% |  | 1237.10 |
|  Woori Bank | 2021~2026 |  | 220600 | USD200,000 | 0.47% | 0.75% |  | 1103.00 |
|  Shinhan Bank | 2021~2026 |  | 220600 | USD200,000 | 0.47% | 0.75% |  | 1103.00 |
|  Hana Bank | 2021~2026 |  | 55150 | USD50,000 | 0.48% | 0.75% |  | 1103.00 |
|  Shinhan Bank | 2023~2026 |  | 132930 | USD100,000 | 4.07% | 5.38% |  | 1329.30 |
|  Nonghyup Bank | 2023~2026 |  | 132930 | USD100,000 | 4.05% | 5.38% |  | 1329.30 |
|  Kookmin Bank | 2023~2026 |  | 132930 | USD100,000 | 4.07% | 5.38% |  | 1329.30 |
|  Woori Bank | 2023~2028 |  | 259000 | USD200,000 | 3.83% | 4.88% |  | 1295.00 |
|  Korea Development Bank | 2023~2028 |  | 129500 | USD100,000 | 3.85% | 4.88% |  | 1295.00 |
|  Bank of America | 2023~2028 |  | 64750 | USD50,000 | 3.85% | 4.88% |  | 1295.00 |
|  Woori Bank | 2025~2031 |  | 142900 | USD100,000 | 2.93% | 4.00% |  | 1429.00 |
|  Hana Bank | 2025~2031 |  | 142900 | USD100,000 | 2.93% | 4.00% |  | 1429.00 |
|  Shinhan Bank | 2025~2031 |  | 71450 | USD50,000 | 2.94% | 4.00% |  | 1429.00 |
|  Bank of America  | 2025~2031 |  | 71450 | USD50,000 | 2.94% | 4.00% |  | 1429.00 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(5)** **Interest rate swap contracts which are not designated as hedging instruments as of December 31, 2025 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* |  |  |  | **Contract interest rate per annum** | **Contract interest rate per annum** |
| **Counterparty** | **Contract year** | **Contract amount** | **Contract amount** | **Pay** | **Receive** |
|  Nomura (\*1) | 2018~2038 | W | 30000 | 3M CD + 0.10% | 3.75% |
|  Hana Bank | 2022~2027 |  | 200000 | 3.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M CD + 0.61% |
|  Hana Bank | 2022~2027 |  | 200000 | 3.04% | 3M CD + 0.58% |
|  Hana Bank | 2022~2027 |  | 250000 | 3.38% | 3M CD + 0.59% |
|  Nomura | 2022~2027 |  | 200000 | 3.55% | 3M CD + 0.60% |
|  Shinhan Bank | 2022~2027 |  | 150000 | 3.53% | 3M CD + 0.55% |
|  Hana Bank | 2022~2027 |  | 200000 | 3.70% | 3M CD + 0.59% |
|  Nomura | 2022~2027 |  | 300000 | 3.89% | 3M CD + 0.67% |
|  Hana Bank | 2022~2027 |  | 200000 | 3.93% | 3M CD + 0.67% |
|  Nomura | 2022~2027 |  | 200000 | 3.80% | 3M CD + 0.68% |
|  Nomura | 2022~2027 |  | 300000 | 4.04% | 3M CD + 0.60% |
|  Hana Bank | 2022~2027 |  | 100000 | 4.68% | 3M CD + 1.04% |
|  Hana Bank | 2022~2027 |  | 100000 | 5.45% | 3M CD + 1.20% |
|  Shinhan Bank | 2023~2028 |  | 200000 | 4.27% | 3M CD + 0.76% |
|  Shinhan Bank | 2023~2028 |  | 50000 | 4.27% | 3M CD + 0.76% |
|  Nomura | 2023~2028 |  | 250000 | 4.13% | 3M CD + 0.73% |
|  Hana Bank | 2023~2028 |  | 200000 | 3.74% | 3M CD + 0.51% |
|  Hana Bank | 2023~2028 |  | 100000 | 4.19% | 3M CD + 0.50% |
|  Shinhan Bank | 2023~2028 |  | 300000 | 3.81% | 3M CD + 0.70% |
|  Hana Bank | 2023~2028 |  | 200000 | 3.95% | 3M CD + 0.50% |
|  Shinhan Bank | 2024~2029 |  | 200000 | 3.84% | 3M CD + 0.50% |
|  Hana Bank | 2024~2027 |  | 250000 | 3.72% | 3M CD + 0.34% |
|  Hana Bank | 2024~2027 |  | 250000 | 3.77% | 3M CD + 0.31% |
|  Hana Bank | 2024~2027 |  | 250000 | 3.31% | 3M CD + 0.31% |
|  Hana Bank | 2024~2027 |  | 200000 | 3.46% | 3M CD + 0.53% |
|  Nomura | 2024~2027 |  | 200000 | 3.38% | 3M CD + 0.50% |
|  Hana Bank | 2024~2027 |  | 300000 | 3.18% | 3M CD + 0.53% |
|  Hana Bank | 2025~2030 |  | 200000 | 3.28% | 3M CD + 0.57% |
|  Hana Bank | 2025~2030 |  | 200000 | 3.28% | 3M CD + 0.62% |
|  Shinhan Bank | 2025~2030 |  | 200000 | 2.82% | 3M CD + 0.50% |
|  Hana Bank | 2025~2028 |  | 200000 | 2.86% | 3M CD + 0.45% |
|  Hana Bank | 2025~2028 |  | 200000 | 2.85% | 3M CD + 0.25% |
|  Shinhan Bank | 2025~2026 |  | 100000 | 3.30% | 3M CD + 0.45% |
|  Nomura | 2017~2032 |  | 52457 | Floating rate + 2.55% | 2.60% |
|  Nomura | 2017~2032 |  | 59423 | Floating rate + 2.57% | 2.62% |
|  Nomura (\*2) | 2021~2041 |  | 30000 | 1.84% | 2.60% |
|  Nomura (\*3) | 2021~2041 |  | 50000 | 1.87% | 2.38% |
|  MUFG | 2022~2048 |  | USD155,941 | 3M SOFR | 3.71% |
|  Mizuho Capital Markets LLC | 2022~2048 |  | USD155,941 | 3M SOFR | 1.05% |
|  NORD LB Bank | 2022~2036 |  | USD16,121 | 1.83% | 6M SOFR |
|  Rabobank | 2022~2036 |  | USD19,619 | 1.83% | 6M SOFR |
|  Mizuho Capital Markets LLC | 2024~2045 |  | USD77,399 | 3M USD Synthetic Libor | 1.14% |

---

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

---

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

---

---

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

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(6)** **Interest rate swap contracts which are designated as hedging instruments as of December 31, 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In thousands of foreign currencies* |  |  | **Contract interest rate per annum** | **Contract interest rate per annum** |
| **Counterparty** | **Contract year** | **Contract amount** | **Pay** | **Receive** |
|  Export-Import Bank of Korea | 2015~2031 | USD11,021 | 2.67% | SOFR + 0.43% |
|  ING Bank | 2015~2031 | USD27,178 | 2.67% | SOFR + 0.43% |
|  BNP Paribas | 2015~2031 | USD28,994 | 2.67% | SOFR + 0.43% |
|  BNP Paribas | 2009~2027 | USD22,923 | 4.16% | 6M USD Synthetic Libor |
|  KFW | 2009~2027 | USD22,923 | 4.16% | 6M USD Synthetic Libor |
|  Export-Import Bank of Korea | 2016~2036 | USD51,095 | 3.00% | 6M USD Synthetic Libor |
|  SMTB | 2025~2036 | JPY3,557,580 | 1.82% | 6M TIBOR + 0.55% |

---

**(7)** **Gains and losses on valuation and transaction of derivatives for each of the two years in the period ended December 31, 2025 are as follows and they are included as finance income and expenses in the consolidated statements of comprehensive income (loss):** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **Net income effects of<br>valuation gain (loss)** | **Net income effects of<br>valuation gain (loss)** | **Net income effects of<br>valuation gain (loss)** | **Net income effects of<br>transaction gain (loss)** | **Net income effects of<br>transaction gain (loss)** | **Accumulated other**<br>**comprehensive income (loss) (\*)** | **Accumulated other**<br>**comprehensive income (loss) (\*)** |
|  | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Currency forward | W | (8968) | 12021 | (5565) | 78237 |  |  |
|  Currency swap |  | 26014 | 2058411 | (64409) | 190000 | 67527 | 18622 |
|  Interest rate swap |  | 45451 | 21270 | 3015 | 18834 | (4549) | 1684 |
|  Other derivatives |  | 19575 | 12009 | 37572 | 15586 |  |  |
|  | W | 82072 | 2103711 | (29387) | 302657 | 62978 | 20306 |

---

(\*) For each of the two years ended December 31, 2025 and 2024, the net gain on valuation of derivatives applying cash flow hedge accounting of W 34,663 million and W11,870 million, net of tax, is included in other comprehensive income, respectively.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**13.** **Other Financial Assets** 

**(1)** **Other financial assets as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Loans | W | 101773 | 992012 | 115161 | 901953 |
|  Less: allowance for doubtful accounts |  | (5191) | (66807) | (5156) | (66838) |
|  Less: present value discount |  | (984) | (34275) | (1084) | (35888) |
|  |  | 95598 | 890930 | 108921 | 799227 |
|  Long-term / short-term financial instruments |  | 1997644 | 884487 | 1147929 | 812211 |
|  | W | 2093242 | 1775417 | 1256850 | 1611438 |

---

**(2)** **Loans as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Face value** | **Face value** | **Allowance for<br>doubtful accounts** | **Present value<br>discount** | **Carrying value** |
|  **Short-term loans** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for tuition | W | 34290 | (5155) | (984) | 28151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for housing |  | 40515 |  |  | 40515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other loans |  | 26968 | (36) |  | 26932 |
|  |  | 101773 | (5191) | (984) | 95598 |
|  **Long-term loans** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for tuition |  | 326941 | (983) | (34275) | 291683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for housing |  | 243651 |  |  | 243651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for related parties |  | 359519 | (24218) |  | 335301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other loans |  | 61901 | (41606) |  | 20295 |
|  |  | 992012 | (66807) | (34275) | 890930 |
|  | W | 1093785 | (71998) | (35259) | 986528 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Face value** | **Face value** | **Allowance for<br>doubtful accounts** | **Present value<br>discount** | **Carrying value** |
|  **Short-term loans** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for tuition | W | 34484 | (5156) | (1084) | 28244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for housing |  | 43171 |  |  | 43171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other loans |  | 37506 |  |  | 37506 |
|  |  | 115161 | (5156) | (1084) | 108921 |
|  **Long-term loans** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for tuition |  | 364685 | (4888) | (35888) | 323909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for housing |  | 266208 |  |  | 266208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for related parties |  | 260227 | (61950) |  | 198277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other loans |  | 10833 |  |  | 10833 |
|  |  | 901953 | (66838) | (35888) | 799227 |
|  | W | 1017114 | (71994) | (36972) | 908148 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**13.** **Other Financial Assets, Continued** 

**(3)** **Changes in the allowance for doubtful accounts of loans for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2024** |
|  Beginning balance | W | 71994 | 80793 |
|  Bad debt expense (Reversal of bad debt allowance) |  | (3455) | 3727 |
|  Write-off |  | (447) | (12526) |
|  Others |  | 3906 |  |
|  Ending balance | W | 71998 | 71994 |

---

**(4)** **Long-term and short-term financial instruments as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Time deposits | W | 1602572 | 155487 | 823806 | 135995 |
|  CD |  | 40000 |  | 40000 |  |
|  Others |  | 355072 | 729000 | 284123 | 676216 |
|  | W | 1997644 | 884487 | 1147929 | 812211 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**14.** **Inventories** 

**Inventories as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Acquisition cost** | **Acquisition cost** | **Valuation allowance** | **Book value** |
|  Raw materials | W | 5299493 | (670) | 5298823 |
|  Merchandises |  | 3447 |  | 3447 |
|  Work-in-progress |  | 213919 |  | 213919 |
|  Finished goods |  | 93379 |  | 93379 |
|  Supplies |  | 3564892 |  | 3564892 |
|  Inventories-in-transit |  | 962337 |  | 962337 |
|  Other inventories |  | 15927 |  | 15927 |
|  | W | 10153394 | (670) | 10152724 |
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Acquisition cost** | **Acquisition cost** | **Valuation allowance** | **Book value** |
|  Raw materials | W | 4914250 | (1573) | 4912677 |
|  Merchandises |  | 1733 |  | 1733 |
|  Work-in-progress |  | 220110 |  | 220110 |
|  Finished goods |  | 96390 | (630) | 95760 |
|  Supplies |  | 3358831 |  | 3358831 |
|  Inventories-in-transit |  | 1160238 |  | 1160238 |
|  Other inventories |  | 19887 |  | 19887 |
|  | W | 9771439 | (2203) | 9769236 |

---

The reversal of the allowance for loss on inventory valuation included in cost of sales for each of the two years in the period ended December 31, 2025 amounts to W6,477 million and W9,182 million, respectively.

The amounts of loss from inventory valuation included in other gains or losses for each of the two years in the period ended December 31, 2025 were W4,944 million and W9,941 million, respectively.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**Non-financial assets as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Advanced payments | W | 632235 | 634986 | 467156 | 66174 |
|  Prepaid expenses |  | 416297 | 236141 | 431087 | 221922 |
|  Others (\*) |  | 313098 | 142124 | 369671 | 40108 |
|  | W | 1361630 | 1013251 | 1267914 | 328204 |

---

(\*) Details of others as of December 31, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Greenhouse gas<br> emissions rights | W | 107550 |  | 211969 |  |
|  Other quick assets |  | 205548 | 142124 | 157702 | 40108 |
|  | W | 313098 | 142124 | 369671 | 40108 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Consolidated subsidiaries as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Subsidiaries** | **Key operation activities** | **Location** | **Percentage of ownership (%)** | **Percentage of ownership (%)** |
| **Subsidiaries** | **Key operation activities** | **Location** | **As of December 31,<br>2025** | **As of December 31,<br>2024** |
|  Korea Hydro & Nuclear Power Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Korea South-East Power Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Korea Midland Power Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Korea Western Power Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Korea Southern Power Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Korea East-West Power Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  KEPCO Engineering & Construction Company, Inc. (\*1) | Engineering and construction for utility plant and others | Korea | 51.00% | 51.00% |
|  KEPCO Plant Service & Engineering Co., Ltd. | Utility plant maintenance and others | Korea | 51.00% | 51.00% |
|  KEPCO Nuclear Fuel Co., Ltd. | Nuclear fuel | Korea | 96.36% | 96.36% |
|  KEPCO KDN Co., Ltd. | Electric power information technology and others | Korea | 100.00% | 100.00% |
|  KEPCO International HongKong Ltd. | Holding company | Hong Kong | 100.00% | 100.00% |
|  KEPCO International Philippines Inc. | Holding company | Philippines | 100.00% | 100.00% |
|  KEPCO Gansu International Ltd. | Holding company | Hong Kong | 100.00% | 100.00% |
|  KEPCO Philippines Holdings Inc. | Holding company | Philippines | 100.00% | 100.00% |
|  KEPCO Philippines Corporation | Operation of utility plant | Philippines | 100.00% | 100.00% |
|  KEPCO Ilijan Corporation | Construction and operation of utility plant | Philippines | 51.00% | 51.00% |
|  KEPCO Neimenggu International Ltd. | Holding company | Hong Kong | 100.00% | 100.00% |
|  KEPCO Shanxi International Ltd. | Holding company | Hong Kong | 100.00% | 100.00% |
|  KOMIPO Global Pte Ltd. | Holding company | Singapore | 100.00% | 100.00% |
|  KEPCO Netherlands B.V. | Holding company | Netherlands | 100.00% | 100.00% |
|  KEPCO Australia Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOSEP Australia Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOMIPO Australia Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOWEPO Australia Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOSPO Australia Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KEPCO Middle East Holding Company | Holding company | Bahrain | 100.00% | 100.00% |
|  Qatrana Electric Power Company | Construction and operation of utility plant | Jordan | 80.00% | 80.00% |
|  KHNP Canada Energy Ltd. | Holding company | Canada | 100.00% | 100.00% |
|  KEPCO Bylong Australia Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  Korea Waterbury Uranium Limited Partnership | Resources development | Canada | 80.82% | 80.12% |
|  KEPCO Holdings de Mexico | Holding company | Mexico | 100.00% | 100.00% |
|  KST Electric Power Company, S.A.P.I. de C.V. | Construction and operation of utility plant | Mexico | 56.00% | 56.00% |
|  KEPCO Energy Service Company | Operation of utility plant | Mexico | 100.00% | 100.00% |
|  KEPCO Netherlands S3 B.V. | Holding company | Netherlands | 100.00% | 100.00% |
|  PT. KOMIPO Pembangkitan Jawa Bali | Operation of utility plant | Indonesia | 51.00% | 51.00% |
|  PT. Cirebon Power Service (\*2) | Operation of utility plant | Indonesia | 27.50% | 27.50% |
|  KOWEPO International Corporation | Operation of utility plant | Philippines | 99.99% | 99.99% |
|  KOSPO Jordan LLC | Operation of utility plant | Jordan | 100.00% | 100.00% |
|  EWP America Inc. | Holding company | USA | 100.00% | 100.00% |
|  EWP Renewable Corporation | Holding company | USA | 100.00% | 100.00% |
|  KNF Canada Energy Limited | Holding company | Canada | 100.00% | 100.00% |
|  EWP Barbados 1 SRL | Holding company | Barbados | 100.00% | 100.00% |
|  California Power Holdings, LLC | Power generation | USA | 100.00% | 100.00% |
|  Gyeonggi Green Energy Co., Ltd. | Power generation | Korea | 62.01% | 62.01% |
|  PT. Tanggamus Electric Power | Power generation | Indonesia | 52.50% | 52.50% |
|  Gyeongju Wind Power Co., Ltd. | Power generation | Korea | 70.00% | 70.00% |
|  KOMIPO America Inc. | Holding company | USA | 100.00% | 100.00% |
|  PT. EWP Indonesia | Holding company | Indonesia | 99.99% | 99.99% |
|  KEPCO Netherlands J3 B.V. | Holding company | Netherlands | 100.00% | 100.00% |
|  Korea Offshore Wind Power Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Global One Pioneer B.V. | Holding company | Netherlands | 100.00% | 100.00% |
|  Global Energy Pioneer B.V. | Holding company | Netherlands | 100.00% | 100.00% |
|  Mira Power Limited (\*3) | Power generation | Pakistan | 76.00% | 76.00% |
|  KOSEP Material Co., Ltd. | Recycling fly ashes | Korea | 86.22% | 86.22% |
|  Commerce and Industry Energy Co., Ltd. (\*4) | RDF Power generation | Korea |  | 85.03% |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Consolidated subsidiaries as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Subsidiaries** | **Key operation activities** | **Location** | **Percentage of ownership (%)** | **Percentage of ownership (%)** |
| **Subsidiaries** | **Key operation activities** | **Location** | **As of December 31,<br>2025** | **As of December 31,<br>2024** |
|  KEPCO KPS Philippines Corp. | Utility plant maintenance and others | Philippines | 99.99% | 99.99% |
|  KOSPO Chile SpA | Holding company | Chile | 100.00% | 100.00% |
|  Hee Mang Sunlight Power Co., Ltd. | Operation of utility plant | Korea | 100.00% | 100.00% |
|  Fujeij Wind Power Company | Operation of utility plant | Jordan | 100.00% | 100.00% |
|  KOSPO Youngnam Power Co., Ltd. | Operation of utility plant | Korea | 100.00% | 100.00% |
|  Chitose Solar Power Plant LLC | Power generation | Japan | 65.00% | 65.00% |
|  KEPCO ES Co., Ltd. | Energy service | Korea | 100.00% | 100.00% |
|  KEPCO Solar Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  KOSPO Power Services Ltda. | Utility plant maintenance and others | Chile | 65.00% | 65.00% |
|  Energy New Industry Specialized Investment Private Investment Trust | Holding company | Korea | 99.01% | 99.01% |
|  KOEN Bylong Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOMIPO Bylong Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOWEPO Bylong Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOSPO Bylong Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  EWP Bylong Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOWEPO Lao International | Utility plant maintenance and others | Laos | 100.00% | 100.00% |
|  KEPCO Mangilao Holdings LLC | Holding company | USA | 100.00% | 100.00% |
|  Mangilao Investment LLC (\*6) | Holding company | USA | 69.21% | 69.55% |
|  KEPCO Mangilao Solar, LLC | Power generation | USA | 100.00% | 100.00% |
|  Jeju Hanlim Offshore Wind Co., Ltd. | Power generation | Korea | 79.03% | 79.03% |
|  PT. Siborpa Eco Power | Construction and operation of utility plant | Indonesia | 55.00% | 55.00% |
|  BSK E-New Industry Fund VII | Holding company | Korea | 81.67% | 81.67% |
|  e-New Industry LB Fund 1 | Holding company | Korea | 76.11% | 76.11% |
|  Songhyun e-New Industry Fund | Holding company | Korea | 80.65% | 80.65% |
|  BSK E-New Industry Fund X | Holding company | Korea | 66.80% | 66.80% |
|  PT. Korea Energy Indonesia | Utility plant maintenance and others | Indonesia | 95.00% | 95.00% |
|  KOLAT SpA | Utility plant maintenance and others | Chile | 100.00% | 100.00% |
|  KEPCO California, LLC | Holding company | USA | 100.00% | 100.00% |
|  KEPCO Mojave Holdings, LLC | Holding company | USA | 100.00% | 100.00% |
|  Incheon Fuel Cell Co., Ltd. | Power generation | Korea | 60.00% | 60.00% |
|  KOEN Service Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  KOMIPO Service Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  KOWEPO Service Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  KOSPO Service Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  EWP Service Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  PT. KOMIPO Energy Indonesia | Utility plant maintenance and others | Indonesia | 95.00% | 95.00% |
|  KNF Partners Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  KOSPO USA Inc. | Holding company | USA | 100.00% | 100.00% |
|  KOSPO Niles LLC (formerly, Nambu USA LLC) | Holding company | USA | 100.00% | 100.00% |
|  Tamra Offshore Wind Power Co., Ltd. | Power generation | Korea | 63.00% | 63.00% |
|  KEPCO MCS Co., Ltd. | Electric meter reading and others | Korea | 100.00% | 100.00% |
|  KEPCO FMS Co., Ltd. | Security service and others | Korea | 100.00% | 100.00% |
|  Firstkeepers Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  Secutec Co., Ltd. | Security service | Korea | 100.00% | 100.00% |
|  SE Green Energy Co., Ltd. (\*8) | Power generation | Korea | 100.00% | 84.80% |
|  Mangilao Intermediate Holdings LLC | Holding company | USA | 100.00% | 100.00% |
|  KEPCO CSC Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  KOAK Power Limited | Hydro power facility maintenance | Pakistan | 100.00% | 100.00% |
|  KOMIPO Europe B.V. | Holding company | Netherlands | 100.00% | 100.00% |
|  Haenanum Energy Fund | Holding company | Korea | 99.64% | 99.64% |
|  Paju Ecoenergy Co., Ltd. (\*8) | Power generation | Korea | 93.68% | 89.00% |
|  Guam Ukudu Power LLC | Power generation | USA | 100.00% | 100.00% |
|  K-SOLAR SHINAN Co., Ltd. | Power generation | Korea | 90.00% | 90.00% |
|  KPS Partners Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  KEPCO E&C Service Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  Moha solar Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Ogiri Solar Power Co., Ltd. | Power generation | Korea | 70.00% | 70.00% |
|  KHNP USA LLC | Holding company | USA | 100.00% | 100.00% |
|  KOMIPO Vanphong Power Service LLC | Utility plant maintenance and others | Vietnam | 100.00% | 100.00% |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Consolidated subsidiaries as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Subsidiaries** | **Key operation activities** | **Location** | **Percentage of ownership (%)** | **Percentage of ownership (%)** |
| **Subsidiaries** | **Key operation activities** | **Location** | **As of December 31,<br>2025** | **As of December 31,<br>2024** |
|  Energy Innovation Fund I | Holding company | Korea | 71.91% | 71.91% |
|  KHNP Chile SpA | Holding company | Chile | 100.00% | 100.00% |
|  Yeong Yang Apollon Photovoltaic Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Yeong Yang Corporation Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  SolarVader Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Yeong Yang Innovation Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Yeong Yang Horus Photovoltaic Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Yeong Yang Solar Management Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  LSG Hydro Power Limited | Holding company | Pakistan | 99.99% | 99.99% |
|  KOEN Bio Co., Ltd. | Wood pellet utilization business | Korea | 70.00% | 70.00% |
|  KOMIPO Energy Solution America, LLC | Holding company | USA | 100.00% | 100.00% |
|  Elara Investment Holdings, LLC (\*5) | Holding company | USA | 0.10% | 0.10% |
|  Elara Equity Holdings, LLC | Holding company | USA | 54.00% | 54.00% |
|  Elara Class B Holdings, LLC | Holding company | USA | 100.00% | 100.00% |
|  Elara Class B Member, LLC | Holding company | USA | 100.00% | 100.00% |
|  Elara Development Holdings, LLC | Holding company | USA | 100.00% | 100.00% |
|  KOMIPO Development, LLC | Holding company | USA | 100.00% | 100.00% |
|  Elara Energy Holdings, LLC | Holding company | USA | 61.62% | 61.62% |
|  Elara Energy Project, LLC | Power generation | USA | 100.00% | 100.00% |
|  KOMIPO Iberian Solar Group, S.L.U. | Holding company | Spain | 100.00% | 100.00% |
|  Jeongam Wind Power Co., Ltd. | Power generation | Korea | 80.00% | 80.00% |
|  KOWEPO Europe B.V. | Holding company | Netherlands | 100.00% | 100.00% |
|  CVS Equity Holdings, LLC | Holding company | USA | 80.96% | 80.96% |
|  CVS Class B Holdings, LLC | Holding company | USA | 100.00% | 100.00% |
|  CVS Development Holdings, LLC | Holding company | USA | 100.00% | 100.00% |
|  CVS Development, LLC | Holding company | USA | 100.00% | 100.00% |
|  CVS Class B Member, LLC | Holding company | USA | 100.00% | 100.00% |
|  CVS Energy Holdings, LLC | Holding company | USA | 62.62% | 62.62% |
|  Concho Valley Energy, LLC | Holding company | USA | 100.00% | 100.00% |
|  Concho Valley Solar, LLC | Power generation | USA | 100.00% | 100.00% |
|  Yeongdeok Sunrise Wind Power Co., Ltd. | Power generation | Korea | 70.00% | 70.00% |
|  UI Carbon-Neutrality Fund | Holding company | Korea | 78.97% | 78.97% |
|  KA Power Limited | Power generation | Pakistan | 100.00% | 100.00% |
|  Western Power Changgi Solar Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  EWP Australia Pty., Ltd. | Holding company | Australia | 100.00% | 100.00% |
|  Columboola Solar Farm Hold Co Pty., Ltd. (\*3,6) | Holding company | Australia | 74.04% | 74.04% |
|  Digital Innovation Growth Fund | Holding company | Korea | 76.92% | 76.92% |
|  J Wind First, LLC (\*7) | Company specializing in liquidation | Korea |  |  |
|  KEPCO Holding Company | Holding company | Saudi Arabia | 100.00% | 100.00% |
|  KEPCO for Maintenance Company | Utility plant maintenance and others | Saudi Arabia | 100.00% | 100.00% |
|  KOSPO Trumbull LLC | Holding company | USA | 100.00% | 100.00% |
|  Changjuk Wind Power Co., Ltd. | Power generation | Korea | 73.00% | 73.00% |
|  Chile Solar JV SpA | Power generation | Chile | 100.00% | 100.00% |
|  KEPCO KPS South Africa Pty., Ltd. | Utility plant maintenance and others | Republic of South Africa | 98.96% | 98.96% |
|  KOWEPO Holding Limited | Holding company | United Arab Emirates | 100.00% | 100.00% |
|  Magna Energy New Industrial Fund | Holding company | Korea | 71.30% | 71.30% |
|  Columboola Solar Farm Nominees Pty., Ltd. (\*3) | Power generation | Australia | 100.00% | 100.00% |
|  Columboola Solar Farm Op Trust (\*3) | Power generation | Australia | 100.00% | 100.00% |
|  Columboola Solar Farm Fin Co Pty., Ltd. (\*3) | Holding company | Australia | 100.00% | 100.00% |
|  EWP ESS Holdings, LLC | Holding company | USA | 100.00% | 100.00% |
|  Fairhaven ESS LLC | Holding company | USA | 100.00% | 100.00% |
|  KOSPO Rutile, LLC | Holding company | USA | 100.00% | 100.00% |
|  Sprott Chile Solar I SpA | Holding company | Chile |  | 100.00% |
|  KEPCO Yona America LLC | Holding company | USA | 100.00% |  |
|  KEPCO SADAWI - FZCO | Holding company | United Arab Emirates | 100.00% |  |
|  EWP Yona America LLC | Holding company | USA | 100.00% |  |
|  KOMIPO Middle East Energy L.L.C-FZ | Holding company | United Arab Emirates | 100.00% |  |
|  Nuclear Energy Industry Growth Fund II | Holding company | Korea | 99.99% |  |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Consolidated subsidiaries as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | |
|:---|:---|
| (\*1) | Considering treasury stocks, the effective percentage of ownership is 51.24%. The Group sold a portion of its stocks in the subsidiary (14.77%) during the year ended December 31, 2023.  |

---

---

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

---

---

| | |
|:---|:---|
| (\*3) | As of December 31, 2025, the annual reporting period of all subsidiaries ends on December 31, except for Mira Power Limited, Columboola Solar Farm Hold Co Pty., Ltd., Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust and Columboola Solar Farm Fin Co Pty., Ltd.  |

---

(\*4) During the year ended December 31, 2025, the investment was reclassified from a subsidiary to an associate due to a partial disposal of shares.

---

| | |
|:---|:---|
| (\*5) | The effective percentage of ownership is less than 50%. However, this subsidiary is included in the consolidated financial statements as the Group has control over the board of directors under the shareholders' agreement.  |

---

---

| | |
|:---|:---|
| (\*6) | Excluding preferred stocks, the percentage of ownership with voting rights is 100%.  |

---

(\*7) Liquidated during the current period.

(\*8) The ownership interest changed due to a disproportionate capital reduction with consideration during the year ended December 31, 2025.

**(2)** **The subsidiaries included in and excluded from the scope of consolidation for the year ended December 31, 2025 are as follows:** 

---

| | |
|:---|:---|
| **Subsidiaries** | **Reason** |
|  KEPCO Yona America LLC | New investment |
|  KEPCO SADAWI – FZCO | New investment |
|  EWP Yona America LLC | New investment |
|  KOMIPO Middle East Energy L.L.C-FZ | New investment |
|  Nuclear Energy Industry Growth Fund II | New investment |

---

---

| | |
|:---|:---|
| **Subsidiaries** | **Reason** |
|  Commerce and Industry Energy Co., Ltd. | Loss of control due to a partial disposal of shares |
|  J Wind First, LLC | Liquidation |
|  SPROTT CHILE SOLAR I SpA | Liquidation |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **The summarized financial information of consolidated subsidiaries as of and for each of the two years in the period ended December 31, 2025 is as follows:** 

---

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

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **The summarized financial information of consolidated subsidiaries as of and for each of the two years in the period ended December 31, 2025 is as follows, continued:** 

---

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

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **The summarized financial information of consolidated subsidiaries as of and for each of the two years in the period ended December 31, 2025 is as follows, continued:** 

---

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

---

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

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

---

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

---

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

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **The summarized financial information of consolidated subsidiaries as of and for each of the two years in the period ended December 31, 2025 is as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** |
| **Subsidiaries** | **Total**<br>**Assets** | **Total**<br>**Assets** | **Total**<br>**liabilities** | **Sales** | **Profit (loss)**<br>**for the period** |
|  Korea Hydro & Nuclear Power Co., Ltd. | W | 72508359 | 47082862 | 13447880 | 567267 |
|  Korea South-East Power Co., Ltd. |  | 13203109 | 6447903 | 6527922 | 382336 |
|  Korea Midland Power Co., Ltd. |  | 14849596 | 9513087 | 7088426 | 225196 |
|  Korea Western Power Co., Ltd. |  | 13309836 | 7708730 | 6193922 | 361725 |
|  Korea Southern Power Co., Ltd. |  | 13184059 | 7101465 | 6430487 | 311530 |
|  Korea East-West Power Co., Ltd. |  | 12287969 | 5592569 | 5322832 | 467885 |
|  KEPCO Engineering & Construction Company, Inc. |  | 945384 | 367910 | 553363 | 58513 |
|  KEPCO Plant Service & Engineering Co., Ltd. |  | 1675776 | 355479 | 1534269 | 170967 |
|  KEPCO Nuclear Fuel Co., Ltd. |  | 1060367 | 562604 | 397595 | 48061 |
|  KEPCO KDN Co., Ltd. |  | 846361 | 222119 | 781646 | 215791 |
|  KEPCO International HongKong Ltd. |  | 149757 | 1611 |  | 7596 |
|  KEPCO International Philippines Inc. |  | 13720 | 78 |  | 40427 |
|  KEPCO Gansu International Ltd. |  | 8233 | 693 |  | (5) |
|  KEPCO Philippines Holdings Inc. |  | 202810 | 173 |  | 49999 |
|  KEPCO Philippines Corporation |  | 2990 | 4 |  | 120 |
|  KEPCO Ilijan Corporation |  | 58752 | 615 |  | 4549 |
|  KEPCO Neimenggu International Ltd. |  | 323519 | 4839 |  | 10891 |
|  KEPCO Shanxi International Ltd. |  | 811971 | 366377 |  | 13677 |
|  KOMIPO Global Pte Ltd. |  | 454052 | 2716 |  | 15618 |
|  KEPCO Netherlands B.V. |  | 155632 | 109 |  | 4237 |
|  KEPCO Australia Pty., Ltd. |  | 226 |  |  | (4017) |
|  KOSEP Australia Pty., Ltd. |  | 55461 | 7847 | 31935 | 10139 |
|  KOMIPO Australia Pty., Ltd. |  | 94760 | 3214 | 31935 | 6253 |
|  KOWEPO Australia Pty., Ltd. |  | 93353 | 2736 | 31935 | 4978 |
|  KOSPO Australia Pty., Ltd. |  | 39606 | 3221 | 31935 | 8768 |
|  KEPCO Middle East Holding Company |  | 136740 | 129721 |  | (7668) |
|  Qatrana Electric Power Company |  | 554387 | 207773 | 28465 | 24062 |
|  KHNP Canada Energy Ltd. |  | 180220 | 20431 |  | 506 |
|  KEPCO Bylong Australia Pty., Ltd. |  | 45420 | 552861 |  | (69620) |
|  Korea Waterbury Uranium Limited Partnership |  | 20773 | 62 |  | (142) |
|  KEPCO Holdings de Mexico |  | 670 | 3025 |  | (1032) |
|  KST Electric Power Company, S.A.P.I. de C.V. |  | 654086 | 532766 | 67656 | 24713 |
|  KEPCO Energy Service Company |  | 2257 | 1198 | 9361 | 146 |
|  KEPCO Netherlands S3 B.V. |  | 81554 | 19084 |  | 978 |
|  PT. KOMIPO Pembangkitan Jawa Bali |  | 18014 | 3684 | 21567 | 969 |
|  PT. Cirebon Power Service |  | 3004 | 823 | 10515 | 586 |
|  KOWEPO International Corporation |  |  | 11 |  |  |
|  KOSPO Jordan LLC |  | 36620 | 22271 | 17477 | 4312 |
|  EWP America Inc. (\*1) |  | 49381 | 3120 | 14888 | 332 |
|  KNF Canada Energy Limited |  | 2337 | 30 |  | (67) |
|  EWP Barbados 1 SRL |  | 469387 | 1463 |  | 28937 |
|  Gyeonggi Green Energy Co., Ltd. |  | 160060 | 226650 | 60769 | (31941) |
|  PT. Tanggamus Electric Power |  | 232963 | 155119 | 6136 | 4216 |
|  Gyeongju Wind Power Co., Ltd. |  | 87987 | 41547 | 18550 | 5817 |
|  KOMIPO America Inc. (\*2) |  | 633218 | 328237 | 18806 | 9662 |
|  PT. EWP Indonesia |  | 101015 | 84 |  | 6115 |
|  KEPCO Netherlands J3 B.V. |  | 174130 | 15748 |  | 7378 |
|  Korea Offshore Wind Power Co., Ltd. |  | 336687 | 131463 | 41489 | 14607 |
|  Global One Pioneer B.V. |  | 150 | 64 |  | (130) |
|  Global Energy Pioneer B.V. |  | 363 | 69 |  | (131) |
|  Mira Power Limited |  | 443556 | 332629 | 4213 | 11499 |
|  KOSEP Material Co., Ltd. |  | 6111 | 539 | 5016 | 1108 |
|  Commerce and Industry Energy Co., Ltd. |  | 65954 | 25841 | 35054 | (3638) |
|  KEPCO KPS Philippines Corp. |  | 6403 | 594 | 7372 | 422 |
|  KOSPO Chile SpA |  | 186200 | 83705 |  | (1185) |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **The summarized financial information of consolidated subsidiaries as of and for each of the two years in the period ended December 31, 2025 is as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** |
| **Subsidiaries** | **Total**<br>**assets** | **Total**<br>**assets** | **Total**<br>**liabilities** | **Sales** | **Profit (loss)**<br>**for the period** |
|  Hee Mang Sunlight Power Co., Ltd. | W | 5875 | 2355 | 567 | 46 |
|  Fujeij Wind Power Company |  | 245967 | 171610 |  | 14962 |
|  KOSPO Youngnam Power Co., Ltd. |  | 371946 | 257626 | 412037 | 10275 |
|  Chitose Solar Power Plant LLC |  | 93435 | 78709 | 14453 | 2553 |
|  KEPCO ES Co., Ltd. |  | 318648 | 6087 | 6384 | 8758 |
|  KEPCO Solar Co., Ltd. |  | 240555 | 29240 | 20788 | 6210 |
|  KOSPO Power Services Ltda. |  | 8118 | 6363 | 17005 | 1924 |
|  Energy New Industry Specialized Investment Private Investment Trust (\*3) |  | 483585 | 3358 |  | 22608 |
|  KOEN Bylong Pty., Ltd. |  | 15 | 165 |  | (12) |
|  KOMIPO Bylong Pty., Ltd. |  | 15 | 172 |  | (17) |
|  KOWEPO Bylong Pty., Ltd. |  | 15 | 168 |  | (17) |
|  KOSPO Bylong Pty., Ltd. |  | 202 | 425 |  | (57) |
|  EWP Bylong Pty., Ltd. |  | 15 | 13 |  | 2 |
|  KOWEPO Lao International |  | 17335 | 2247 | 11891 | 4823 |
|  KEPCO Mangilao Holdings LLC |  | 99669 | 52732 | 810 | (7804) |
|  Mangilao Investment LLC |  | 224646 | 18 |  |  |
|  KEPCO Mangilao Solar, LLC |  | 226509 | 247 | 16907 | 3634 |
|  Jeju Hanlim Offshore Wind Co., Ltd. |  | 590613 | 524640 | 10872 | (5067) |
|  PT. Siborpa Eco Power |  | 13877 | 3 |  | (38) |
|  PT. Korea Energy Indonesia |  | 9146 | 5524 | 4550 | 1171 |
|  KOLAT SpA |  | 49452 | 406 | 2880 | 1090 |
|  KEPCO California, LLC |  | 52627 | 7464 | 645 | (507) |
|  KEPCO Mojave Holdings, LLC |  | 101912 | 90646 |  | (3950) |
|  Incheon Fuel Cell Co., Ltd. |  | 249022 | 233049 | 91097 | (5805) |
|  KOEN Service Co., Ltd. |  | 10072 | 7186 | 39482 | 323 |
|  KOMIPO Service Co., Ltd. |  | 8123 | 4728 | 38415 | 657 |
|  KOWEPO Service Co., Ltd. |  | 8422 | 6678 | 40875 | 314 |
|  KOSPO Service Co., Ltd. |  | 7199 | 4593 | 32422 | 949 |
|  EWP Service Co., Ltd. |  | 5291 | 3851 | 27101 | 27 |
|  PT. KOMIPO Energy Indonesia |  | 5177 | 1273 | 6433 | 874 |
|  KNF partners Co., Ltd. |  | 2875 | 1182 | 6700 | 286 |
|  KOSPO USA Inc. |  | 725984 | 321 |  | (6099) |
|  KOSPO Niles LLC (formerly, Nambu USA LLC) |  | 326651 | 51 |  | 9947 |
|  Tamra Offshore Wind Power Co., Ltd. |  | 112747 | 74809 | 19937 | 1551 |
|  KEPCO MCS Co., Ltd. |  | 94305 | 67881 | 292011 | (9033) |
|  KEPCO FMS Co., Ltd. |  | 16330 | 18815 | 108560 | 1126 |
|  Firstkeepers Co., Ltd. |  | 24800 | 13930 | 95836 | 4546 |
|  Secutec Co., Ltd. |  | 17416 | 11980 | 78011 | 1968 |
|  SE Green Energy Co., Ltd. |  | 126012 | 93330 | 41251 | 178 |
|  Mangilao Intermediate Holdings LLC |  | 230079 | 126833 |  | (1277) |
|  KEPCO CSC Co., Ltd. |  | 17430 | 11516 | 49443 | 2944 |
|  KOAK Power Limited |  | 16961 | 322 |  | (75) |
|  KOMIPO Europe B.V. |  | 84899 | 123 | 890 | (6403) |
|  Haenanum Energy Fund |  | 7415 | 3 | 493 | 445 |
|  Paju Ecoenergy Co., Ltd. |  | 61836 | 2635 | 16306 | 697 |
|  Guam Ukudu Power LLC |  | 940137 | 960812 | 112782 | (39280) |
|  K-SOLAR SHINAN Co., Ltd. |  | 279204 | 263030 | 34148 | 907 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **The summarized financial information of consolidated subsidiaries as of and for each of the two years in the period ended December 31, 2025 is as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** |
| **Subsidiaries** | **Total**<br>**assets** | **Total**<br>**assets** | **Total**<br>**liabilities** | **Sales** | **Profit (loss)**<br>**for the period** |
|  KPS Partners Co., Ltd. | W | 4264 | 2298 | 14053 | 487 |
|  KEPCO E&C Service Co., Ltd. |  | 8437 | 1738 | 16861 | 1578 |
|  Moha solar Co., Ltd. |  | 25946 | 28391 |  | (273) |
|  Ogiri Solar Power Co., Ltd. |  | 1077 | 21 | 77 | 55 |
|  KHNP USA LLC |  | 2170 | 400 | 1196 | 186 |
|  KOMIPO Vanphong Power Service LLC |  | 39147 | 3592 | 26235 | 9951 |
|  Energy Innovation Fund I |  | 40554 | 894 |  | (899) |
|  KHNP Chile SpA |  | 6081 | 4818 |  | (60) |
|  Yeong Yang Apollon Photovoltaic Co., Ltd. |  | 1422 | 1324 | 194 | (4) |
|  Yeong Yang Corporation Co., Ltd. |  | 1403 | 1314 | 190 | (12) |
|  SolarVader Co., Ltd. |  | 1413 | 1317 | 195 | (12) |
|  Yeong Yang Innovation Co., Ltd. |  | 1407 | 1314 | 188 | 1 |
|  Yeong Yang Horus Photovoltaic Co., Ltd. |  | 1395 | 1314 | 184 | (3) |
|  Yeong Yang Solar Management Co., Ltd. |  | 1415 | 1318 | 198 | (23) |
|  LSG Hydro Power Limited |  | 629 | 12 |  | (187) |
|  KOEN Bio Co., Ltd. |  | 1179 | 683 | 1570 | 90 |
|  KOMIPO Iberian Solar Group, S.L.U. |  | 76858 | 69709 |  | (3786) |
|  Jeongam Wind Power Co., Ltd. |  | 70772 | 60170 | 7094 | (2113) |
|  KOWEPO Europe B.V. |  | 35 | 3511 |  | (181) |
|  Yeongdeok Sunrise Wind Power Co., Ltd. |  | 112863 | 87437 | 7717 | 3555 |
|  KA Power Limited |  | 6620 | 3375 |  | (207) |
|  Western Power Changgi Solar Co., Ltd. |  | 43393 | 36938 | 6461 | 321 |
|  EWP Australia Pty., Ltd. |  | 67756 | 358 |  | 12457 |
|  Columboola Solar Farm Hold Co Pty., Ltd. (\*4) |  | 342603 | 222480 | 8349 | 20622 |
|  Digital Innovation Growth Fund |  | 11989 | 172 |  | 1745 |
|  J Wind First, LLC |  | 54456 | 54456 | 2992 |  |
|  KEPCO Holding Company |  | 3727 |  |  | (35) |
|  KEPCO for Maintenance Company |  | 12192 | 10078 | 2726 | 1838 |
|  KOSPO Trumbull LLC |  | 336425 |  |  |  |
|  Changjuk Wind Power Co., Ltd. |  | 25434 | 2815 | 5983 | 686 |
|  Chile Solar JV SpA |  | 96796 | 81288 | 9862 | (5411) |
|  KEPCO KPS South Africa Pty., Ltd. |  | 10784 | 4688 | 19713 | 266 |
|  KOWEPO Holding Limited |  | 9108 | 888 |  | 7679 |
|  KOSPO Rutile, LLC |  | 147 |  |  |  |
|  Sprott Chile Solar I SpA |  | 8682 | 27 |  | 1 |

---

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

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

---

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

---

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

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(4)** **Significant restrictions on the Group's abilities to its subsidiaries as of December 31, 2025 are as follows:** 

---

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

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(4)** **Significant restrictions on the Group's abilities to its subsidiaries as of December 31, 2025 are as follows, continued:** 

---

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

---

**(5)** **As of December 31, 2025, the Group has following commitments unrecognized in relation to its subsidiaries as per its shareholders' agreements:** 

---

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

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(6)** **Details of non-controlling interests prior to intra-company eliminations as of and for each of the two years in the period ended December 31, 2025 are as follows:** 

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** |
| **Description** | **KEPCO Ilijan<br>Corporation** | **KEPCO Ilijan<br>Corporation** | **KEPCO Plant<br>Service &<br>Engineering<br>Co., Ltd.** | **KEPCO<br>Engineering &**<br>**Construction<br>Company, Inc.** | **Others** | **Total** |
|  Percentage of ownership |  | 49.00% | 49.00% | 48.76% |  |  |
|  Current assets | W | 58291 | 1033936 | 568226 | 1284969 | 2945422 |
|  Non-current assets |  | 461 | 641840 | 377158 | 4814101 | 5833560 |
|  Current liabilities |  | (280) | (341918) | (359629) | (1282746) | (1984573) |
|  Non-current liabilities |  | (335) | (13561) | (8281) | (2578521) | (2600698) |
|  Net assets |  | 58137 | 1320297 | 577474 | 2237803 | 4193711 |
|  Book value of non-controlling interests |  | 28487 | 646946 | 281576 | 490588 | 1447597 |
|  Sales |  |  | 1534269 | 553363 | 1032246 | 3119878 |
|  Profit for the period |  | 4549 | 170967 | 58513 | 120682 | 354711 |
|  Profit for the period attributable to non-controlling interests |  | 2229 | 83774 | 28531 | 15736 | 130270 |
|  Cash flows from operating activities |  | 5034 | 538151 | 46528 | 345168 | 934881 |
|  Cash flows from investing activities |  |  | (379243) | (31761) | (195587) | (606591) |
|  Cash flows from financing activities before dividends to non-controlling interests |  | (64696) | (63535) | (11104) | (161447) | (300782) |
|  Dividends to non-controlling interests |  | (36759) | (47584) | (9552) | (43321) | (137216) |
|  Effect of exchange rate fluctuation |  | 12321 | 1362 | 447 | 28762 | 42892 |
|  Net increase (decrease) in cash and cash equivalents |  | (84100) | 49151 | (5442) | (26425) | (66816) |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Details of goodwill as of December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** |
|  Acquisition cost | W | 101885 | 101761 |
|  Less: accumulated impairment |  | (2582) | (2582) |
|  Carrying book value | W | 99303 | 99179 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Changes in goodwill for each of the two years in the period ended December 31, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Beginning** | **Beginning** | **Increase** | **Decrease** | **Impairment** | **Others** | **Ending** |
|  Acquisition cost | W | 101761 |  |  |  | 124 | 101885 |
|  Less: accumulated impairment |  | (2582) |  |  |  |  | (2582) |
|  Carrying book value | W | 99179 |  |  |  | 124 | 99303 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Beginning** | **Beginning** | **Increase** | **Decrease** | **Impairment** | **Others** | **Ending** |
|  Acquisition cost | W | 101738 |  |  |  | 23 | 101761 |
|  Less: accumulated impairment |  | (2582) |  |  |  |  | (2582) |
|  Carrying book value | W | 99156 |  |  |  | 23 | 99179 |

---

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

During the year ended December 31, 2025, the Group sold a portion of its stake in Commerce and Industry Energy Co., Ltd. and reclassified it from a subsidiary to an associate. The Group has completed the liquidation process of J Wind First, LLC and SPROTT CHILE SOLAR I SpA for the year ended December 31, 2025. The Group has completed the liquidation process of PT. KOWEPO Sumsel Operation and Maintenance Services and KEPCO Lebanon SARL for the year ended December 31, 2024.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Investees** | **Key operation activities** | **Location** | **Percentage of<br>ownership** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book**<br>**value** |
|  Korea Gas Corporation (\*9) | Importing and wholesaling LNG | Korea | 20.47% | W | 94500 | 2283535 |
|  Korea Electric Power Industrial Development Co., Ltd. | Electricity metering and others | Korea | 29.00% |  | 4727 | 31642 |
|  Gangwon Wind Power Co., Ltd. (\*1) | Power generation | Korea | 15.00% |  | 5725 | 12373 |
|  Hyundai Green Power Co., Ltd. | Power generation equipment consignment and operation service | Korea | 29.00% |  | 88885 | 86549 |
|  Korea Power Exchange (\*2) | Management of power market and others | Korea | 100.00% |  | 127839 | 262069 |
|  Taebaek Guinemi Wind Power Co., Ltd. (\*26) | Power generation | Korea | 67.25% |  | 12637 | 14877 |
|  Daeryun Power Co., Ltd. (\*1) | Power generation | Korea | 6.85% |  | 46373 | 34475 |
|  KNH Solar Co., Ltd. | Power generation | Korea | 27.00% |  | 1296 | 1687 |
|  SPC Power Corporation (\*27) | Power generation | Philippines | 38.00% |  | 20635 | 107067 |
|  Gemeng International Energy Co., Ltd. | Power generation | China | 42.00% |  | 516007 | 812292 |
|  PT. Cirebon Electric Power | Power generation | Indonesia | 27.50% |  | 40365 | 162112 |
|  KNOC Nigerian East Oil Co., Ltd. (\*3) | Resources development | Nigeria | 14.63% |  | 12 |  |
|  KNOC Nigerian West Oil Co., Ltd. (\*3) | Resources development | Nigeria | 14.63% |  | 12 |  |
|  PT Wampu Electric Power | Power generation | Indonesia | 46.00% |  | 21292 | 36516 |
|  PT. Bayan Resources TBK | Resources development | Indonesia | 20.00% |  | 615860 | 731714 |
|  S-Power Co., Ltd. | Power generation | Korea | 49.00% |  | 132300 | 200335 |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. | Power generation | Laos | 25.00% |  | 87426 | 65612 |
|  PT. Mutiara Jawa | Manufacturing and operating floating coal terminal | Indonesia | 29.00% |  | 2978 | 4399 |
|  Noeul Green Energy Co., Ltd. | Power generation | Korea | 29.00% |  | 1740 |  |
|  Goseong Green Power Co., Ltd. | Power generation | Korea | 29.00% |  | 262740 | 276085 |
|  Gangneung Eco Power Co., Ltd. | Power generation | Korea | 29.00% |  | 261000 | 227683 |
|  Shin Pyeongtaek Power Co., Ltd. | Power generation | Korea | 40.00% |  | 72000 | 148586 |
|  Haeng Bok Do Si Photovoltaic Power Co., Ltd. | Power generation | Korea | 28.00% |  | 194 | 274 |
|  Dongducheon Dream Power Co., Ltd. (\*4) | Power generation | Korea | 33.61% |  | 148105 | 102321 |
|  Jinbhuvish Power Generation Pvt. Ltd. (\*1) | Power generation | India | 5.16% |  | 9000 |  |
|  Daejung Offshore Wind Power Co., Ltd. | Power generation | Korea | 46.59% |  | 5190 | 1355 |
|  GS Donghae Electric Power Co., Ltd. | Power generation | Korea | 34.00% |  | 204000 | 286796 |
|  Daegu Photovoltaic Co., Ltd. | Power generation | Korea | 29.00% |  | 1230 | 2417 |
|  Busan Green Energy Co., Ltd. | Power generation | Korea | 29.00% |  | 5243 | 1711 |
|  Hansuwon KNP Co., Ltd. | Electric material agency | Korea | 28.98% |  | 537 | 965 |
|  Korea Electric Power Corporation Fund (\*5) | Developing electric enterprises | Korea | 98.09% |  | 9480 | 14892 |
|  Energy Infra Asset Management Co., Ltd. (\*31) | Asset management | Korea | 9.90% |  | 297 | 1399 |
|  YaksuESS Co., Ltd. | Installing ESS related equipment | Korea | 29.00% |  | 210 | 31 |
|  Nepal Water & Energy Development Company Private Limited (\*6, 29) | Construction and operation of utility plant | Nepal | 66.10% |  | 110332 | 192705 |
|  Gwangyang Green Energy Co., Ltd. | Power generation | Korea | 20.00% |  | 26800 | 23781 |
|  PND solar Co., Ltd. | Power generation | Korea | 29.00% |  | 1250 | 1938 |
|  Hyundai Eco Energy Co., Ltd. (\*1) | Power generation | Korea | 19.00% |  | 3610 | 9159 |
|  YeongGwang Yaksu Wind Electric Co., Ltd. (\*1) | Power generation | Korea | 9.63% |  | 533 | 61 |
|  Green Energy Electricity Generation Co., Ltd. | Power generation | Korea | 29.00% |  | 1189 | 230 |
|  Korea Energy Solutions Co., Ltd. | R & D | Korea | 20.00% |  | 300 | 139 |
|  ITR Co., Ltd. (\*29, 30) | R & D | Korea | 8.03% |  | 50 |  |
|  STN Co., Ltd. | Technical testing and consulting | Korea | 20.00% |  | 25 | 354 |
|  Indeck Niles Development, LLC | Power generation | USA | 50.00% |  | 249274 | 363675 |
|  Indeck Niles Asset Management, LLC | Power generation | USA | 33.33% |  |  | 55 |
|  Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 | Holding company | Korea | 49.00% |  | 6047 | 6059 |
|  Suwon New Power Co., Ltd. | Power generation | Korea | 39.90% |  | 798 | 801 |
|  Gwangbaek Solar Power Investment Co., Ltd. | Power generation | Korea | 44.00% |  | 4757 | 5236 |
|  Go deok Clean Energy Co., Ltd. | Fuel cell generation | Korea | 40.00% |  | 5560 | 5479 |
|  SureDataLab Co., Ltd.(\*29) | R & D | Korea | 0.35% |  | 126 | 3 |
|  SEP Co., Ltd. | R & D | Korea | 21.26% |  | 27 |  |
|  Hankook Electric Power Information Co., Ltd. (\*11) | R & D | Korea | 16.16% |  | 38 | 291 |
|  Tronix Co., Ltd. (\*11) | R & D | Korea | 12.50% |  | 75 | 65 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Investees** | **Key operation activities** | **Location** | **Percentage of<br>ownership** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book**<br>**value** |
|  O2&B Global Co., Ltd. | R & D | Korea | 20.00% | W | 25 |  |
|  Muan Sunshine Solar Power Plant Co., Ltd. | Power generation | Korea | 20.00% |  | 1570 | 2778 |
|  Bigeum Resident Photovoltaic Power Co., Ltd. | Power generation | Korea | 27.31% |  | 11214 | 7569 |
|  Goesan Solar Park Co., Ltd. | Power generation | Korea | 29.00% |  | 1276 | 2926 |
|  Saemangeum Heemang Photovoltaic Co., Ltd. | Power generation | Korea | 35.00% |  | 11022 | 16913 |
|  Bitgoel Eco Energy Co., Ltd. | Power generation | Korea | 49.25% |  | 7880 | 12977 |
|  Jeju Gimnyeong Wind Power Co., Ltd. | Power generation | Korea | 30.00% |  | 714 |  |
|  Seoroseoro Sunny Power Plant Co., Ltd. | Power generation | Korea | 42.58% |  | 706 | 1135 |
|  Muan Solar park Co., Ltd. | Power generation | Korea | 20.00% |  | 4400 | 8093 |
|  YuDang Solar Co., Ltd. | Power generation | Korea | 20.00% |  | 360 | 696 |
|  Anjwa Smart Farm & Solar City Co., Ltd. | Power generation | Korea | 20.00% |  | 5651 | 9477 |
|  KPE Green Energy Co., Ltd. | Power generation | Korea | 25.36% |  | 3910 | 9096 |
|  G.GURU Co., Ltd.(\*29) | R & D | Korea | 14.42% |  | 493 |  |
|  UD4M Co., Ltd. (\*8) | R & D | Korea | 12.50% |  | 75 | 120 |
|  Dongbu Highway Solar Co., Ltd. | Power generation | Korea | 20.00% |  | 190 | 523 |
|  Seobu Highway Solar Co., Ltd. | Power generation | Korea | 20.00% |  | 195 | 683 |
|  Korea Energy Data Co., Ltd. | R & D | Korea | 29.37% |  | 60 |  |
|  Gangneung Sacheon Fuel Cell Co., Ltd. | Power generation | Korea | 41.00% |  | 5695 | 9205 |
|  Taebaek Gadeoksan Wind Power Co., Ltd. | Power generation | Korea | 34.00% |  | 12570 | 26456 |
|  Chuncheon Green Energy Co., Ltd. | Power generation | Korea | 45.00% |  | 9540 | 15829 |
|  Yeomsubong Wind Power Co., Ltd. | Power generation | Korea | 29.00% |  | 1411 | 325 |
|  Yeongyang Wind Power Corporation II | Power generation | Korea | 30.00% |  | 7965 | 13406 |
|  Haeparang Energy Co., Ltd. | Power generation | Korea | 25.00% |  | 2241 | 2714 |
|  Saemangeum Sebit Power Plant Co., Ltd. (\*10) | Power generation | Korea | 55.14% |  | 21037 | 37662 |
|  PlatformN. Co., Ltd. | R & D | Korea | 29.58% |  | 105 |  |
|  PT. Cirebon Energi Prasarana (\*7) | Power generation | Indonesia | 10.00% |  | 26710 | 94005 |
|  Green Radiation Co., Ltd. (\*11,39) | R & D | Korea | 8.74% |  | 20 | 20 |
|  Future Convergence Technology Laboratory. Co., Ltd. | R & D | Korea | 20.12% |  | 76 | 20 |
|  Eco Motion Co., Ltd. | R & D | Korea | 20.00% |  | 90 | 334 |
|  REC's Innovation Co., Ltd. (\*31) | R & D | Korea | 11.04% |  | 81 | 197 |
|  ACE | R & D | Korea | 20.00% |  | 25 | 4 |
|  Environment and Energy Co., Ltd. (\*11) | R & D | Korea | 10.54% |  | 11 | 1 |
|  Santiago Solar Power SpA | Power generation | Chile | 50.00% |  | 13851 | 8008 |
|  Yanggu Floating Photovoltaic Power Plant Inc. | Power generation | Korea | 29.00% |  | 904 | 851 |
|  Power Embedded | R & D | Korea | 23.33% |  | 70 | 57 |
|  Changwon SG Energy Co., Ltd. (\*11) | Power generation | Korea | 18.78% |  | 900 | 673 |
|  Donpyung Technology. Co., Ltd. | R & D | Korea | 20.00% |  | 125 | 295 |
|  HORANG ENERGY Inc. | Power generation | Korea | 40.00% |  | 4240 | 4209 |
|  Hoenggye Renewable Energy Co., Ltd | Power generation | Korea | 36.12% |  | 2375 | 2375 |
|  Haman Green Energy Co., Ltd. | Power generation | Korea | 35.00% |  | 4771 | 5776 |
|  Songsan Green Energy Co., Ltd. (\*6) | Power generation | Korea | 60.00% |  | 8400 | 11450 |
|  SkyPic Inc. | R & D | Korea | 20.00% |  | 26 | 30 |
|  HyChangwon Fuel Cell. Co., Ltd. | Power generation | Korea | 40.00% |  | 9396 | 8643 |
|  Dreams Co.,Ltd. (\*11) | R & D | Korea | 11.00% |  | 11 | 3 |
|  DEEPAI Co.,Ltd. (\*11, 36) | R & D | Korea | 1.20% |  | 11 | 8 |
|  Amaala Sustainable Company for Energy LLC (\*7) | Power generation | Saudi Arabia | 10.00% |  | 18 | 18 |
|  Remal First Holding Company | Holding company | Saudi Arabia | 30.00% |  | 1 |  |
|  Naseem First Holding Company | Holding company | Saudi Arabia | 30.00% |  | 1 |  |
|  Cheonwang Green Energy Co., Ltd. | Power generation | Korea | 40.00% |  | 652 | 494 |
|  Namjeju Bitdream Energy Co., Ltd. | Power generation | Korea | 50.00% |  | 5325 | 5260 |
|  Jeju Bukchon BESS Power Plant Co., Ltd. | Power generation | Korea | 41.00% |  | 3690 | 2480 |
|  Commerce and Industry Energy Co., Ltd. | Power generation | Korea | 24.46% |  | 498 | 498 |
|  KI Tech Co., Ltd. | R & D | Korea | 24.70% |  | 247 | 171 |
|  Enlight Energy Advanced Industry Venture Fund | Holding company | Korea | 28.00% |  | 3150 | 3150 |
|  Gunsan Green Energy Co., Ltd. | Power generation | Korea | 42.63% |  | 2043 | 2043 |
|  |  |  |  | W | 3408649 | 6851456 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Investees** | **Key operation activities** | **Location** | **Percentage of<br>ownership** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book**<br>**value** |
|  Shuweihat Asia Power Investment B.V. | Holding company | Netherlands | 49.00% | W | 44405 | 82230 |
|  Shuweihat Asia Operation & Maintenance Company (\*12) | Maintenance of utility plant | Cayman | 55.00% |  | 30 | 2837 |
|  Waterbury Lake Uranium L.P. (\*13,29) | Resources development | Canada | 29.45% |  | 24985 | 28576 |
|  ASM-BG Investicii AD | Power generation | Bulgaria | 50.00% |  | 9846 | 20491 |
|  RES Technology AD | Power generation | Bulgaria | 50.00% |  | 11922 | 16672 |
|  KV Holdings, Inc. (\*27) | Power generation | Philippines | 40.00% |  | 2103 | 6374 |
|  KEPCO SPC Power Corporation (\*12,27) | Construction and operation of utility plant | Philippines | 60.00% |  | 94579 | 119443 |
|  Gansu Datang Yumen Wind Power Co., Ltd. | Power generation | China | 40.00% |  | 16621 | 8029 |
|  Datang Chifeng Renewable Power Co., Ltd. | Power generation | China | 40.00% |  | 121928 | 212130 |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. | Power generation | China | 40.00% |  | 39872 | 49501 |
|  Rabigh Electricity Company(\*13) | Power generation | Saudi arabia | 40.00% |  | 109743 | 285805 |
|  Rabigh Operation & Maintenance Company Limited | Maintenance of utility plant | Saudi arabia | 40.00% |  | 70 | 10091 |
|  Jamaica Public Service Company Limited | Power generation | Jamaica | 40.00% |  | 301910 | 412277 |
|  KW Nuclear Components Co., Ltd. | Manufacturing | Korea | 45.00% |  | 833 | 22365 |
|  Busan Shinho Solar Power Co., Ltd. | Power generation | Korea | 25.00% |  | 2100 | 6260 |
|  Global Trade Of Power System Co., Ltd. (\*14) | Exporting products and technology of small or medium business by proxy | Korea | 29.00% |  | 290 | 708 |
|  Expressway Solar-light Power Generation Co., Ltd. | Power generation | Korea | 50.00% |  | 1856 | 4658 |
|  Amman Asia Electric Power Company (\*12) | Power generation | Jordan | 60.00% |  | 111476 | 274751 |
|  KAPES, Inc. (\*12) | R & D | Korea | 51.00% |  | 5629 |  |
|  Honam Wind Power Co., Ltd. | Power generation | Korea | 29.00% |  | 3480 | 4898 |
|  Korea Power Engineering Service Co., Ltd. | Construction and service | Korea | 29.00% |  | 290 | 6404 |
|  Chun-cheon Energy Co., Ltd. | Power generation | Korea | 29.90% |  | 52700 | 36703 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. (\*14) | Power generation | Korea | 15.00% |  | 3000 | 3835 |
|  Nghi Son 2 Power LLC | Power generation | Vietnam | 50.00% |  | 175261 | 566700 |
|  Kelar S.A. (\*12) | Power generation | Chile | 65.00% |  | 78060 | 153294 |
|  PT. Tanjung Power Indonesia | Power generation | Indonesia | 35.00% |  | 57039 | 98221 |
|  Incheon New Power Co., Ltd. (\*16) | Power generation | Korea | 29.00% |  | 461 | 455 |
|  Seokmun Energy Co., Ltd. | Power generation | Korea | 29.00% |  | 15370 | 14565 |
|  Daehan Wind Power PSC | Power generation | Jordan | 50.00% |  | 7493 | 25095 |
|  Barakah One Company (\*17) | Power generation | UAE | 18.00% |  | 1794166 | 1672507 |
|  Nawah Energy Company (\*17) | Operation of utility plant | UAE | 18.00% |  | 296 | 392 |
|  MOMENTUM | International thermonuclear experimental reactor construction management | France | 33.33% |  | 1 | 106 |
|  Daegu Green Power Co., Ltd. (\*18) | Power generation | Korea | 29.00% |  | 46225 | 31119 |
|  Yeonggwang Wind Power Co., Ltd. | Power generation | Korea | 46.00% |  | 17475 | 29258 |
|  Chester Solar IV SpA (\*15) | Power generation | Chile | 90.00% |  | 2776 | 5349 |
|  Chester Solar V SpA (\*15) | Power generation | Chile | 90.00% |  | 634 | 756 |
|  Diego de Almagro Solar SpA (\*15) | Power generation | Chile | 90.00% |  | 2902 | 4920 |
|  South Jamaica Power Company Limited | Power generation | Jamaica | 20.00% |  | 20430 | 48675 |
|  Daesan Green Energy Co., Ltd. | Power generation | Korea | 35.00% |  | 17850 | 21755 |
|  RE Holiday Holdings LLC | Power generation | USA | 50.00% |  | 42948 | 80631 |
|  RE Pioneer Holdings LLC | Power generation | USA | 50.00% |  | 27891 | 48831 |
|  RE Barren Ridge 1 Holdings LLC | Power generation | USA | 50.00% |  | 28021 | 54825 |
|  RE Astoria 2 LandCo LLC | Power generation | USA | 50.00% |  | 5188 | 8137 |
|  RE Barren Ridge LandCo LLC | Power generation | USA | 50.00% |  | 2187 | 2870 |
|  Laurel SpA (\*15) | Power generation | Chile | 90.00% |  | 2156 | 3092 |
|  KIAMCO KOWEPO Bannerton Hold Co Pty Ltd (\*14) | Power generation | Australia | 12.37% |  | 4095 | 906 |
|  Cheong-Song Noraesan Wind Power Co., Ltd. (\*13) | Power generation | Korea | 29.01% |  | 3200 | 4120 |
|  Chester Solar I SpA (\*15) | Power generation | Chile | 90.00% |  | 1316 | 3417 |
|  Solar Philippines Calatagan Corporation | Power generation | Philippines | 38.00% |  | 47903 | 61113 |
|  Saemangeum Solar Power Co., Ltd. (\*19) | Power generation | Korea | 81.01% |  | 26400 | 23123 |
|  Chungsongmeon BongSan wind power Co., Ltd. (\*14) | Power generation | Korea | 29.00% |  | 2900 | 2304 |
|  Jaeun Resident Wind Power Plant Co., Ltd. (\*14) | Power generation | Korea | 29.00% |  | 2494 |  |
|  Dangjin Eco Power Co., Ltd. | Power generation | Korea | 34.00% |  | 25661 | 27150 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Investees** | **Key operation activities** | **Location** | **Percentage of<br>ownership** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book**<br>**value** |
|  Haemodum Solar Co., Ltd. | Power generation | Korea | 49.00% | W | 2940 | 3151 |
|  Yangyang Wind Power Co., Ltd. | Power generation | Korea | 50.00% |  | 12000 | 15131 |
|  HORUS SOLAR, S.A. DE C.V. (\*20) | Renewable power generation | Mexico | 14.95% |  | 5068 | 2645 |
|  RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. (\*20) | Renewable power generation | Mexico | 14.95% |  | 3678 | 4602 |
|  SUNMEX RENOVABLES, S.A. DE C.V. (\*20) | Renewable power generation | Mexico | 14.95% |  | 1678 | 3405 |
|  Stavro Holding II A.B. | Holding company | Sweden | 20.00% |  | 18566 | 18062 |
|  Solaseado Solar Power Co., Ltd. | Power generation | Korea | 39.00% |  | 7020 | 26553 |
|  Yeongam Solar Power Co., Ltd. (\*14) | Power generation | Korea | 19.00% |  | 6460 | 12215 |
|  Samsu Wind Power Co., Ltd. (\*14) | Power generation | Korea | 19.00% |  | 2637 | 3310 |
|  Pulau Indah Power Plant Sdn. Bhd. | Power generation | Malaysia | 25.00% |  | 44545 | 56997 |
|  NH-Amundi Global Infrastructure Investment Private Investment Trust 21 | Holding company | Korea | 29.53% |  | 22636 | 11001 |
|  Shin-han BNPP Private Investment Trust for East-West Sunlight Dream (\*12) | Holding company | Korea | 90.00% |  | 14325 | 15023 |
|  PT Barito Wahana Tenaga | Power generation | Indonesia | 30.61% |  | 59574 | 225828 |
|  Cheongna Energy Co., Ltd. (\*19) | Generating and distributing vapor and hot/cold water | Korea | 50.10% |  | 49344 | 67846 |
|  Naepo Green Energy Co., Ltd. | Power generation | Korea | 29.20% |  | 29200 | 59242 |
|  Boim Combined Heat and Power Generation Co., Ltd. (\*21) | Power generation | Korea | 30.66% |  | 71070 |  |
|  OneEnergy Asia Limited | Power generation | Vietnam | 40.00% |  | 296872 | 494403 |
|  KAS INVESTMENT I LLC (\*13) | Holding company | USA | 29.89% |  | 23437 | 13 |
|  KAS INVESTMENT II LLC (\*13) | Holding company | USA | 29.89% |  | 23343 | 13 |
|  Energyco Co., Ltd. | Power generation | Korea | 29.00% |  | 1659 | 2629 |
|  CAES, LLC | Holding company | USA | 36.00% |  | 19414 | 18098 |
|  Hapcheon Floating Photovoltaic Power Plant Inc. (\*14) | Power generation | Korea | 49.00% |  | 7512 | 12792 |
|  Busan Industrial Solar Power Co., Ltd. | Power generation | Korea | 28.02% |  | 510 | 1351 |
|  Bitsolar Energy Co., Ltd. | Power generation | Korea | 27.10% |  | 352 |  |
|  Pulau Indah O&M Sdn. Bhd. (\*14) | Power generation | Malaysia | 40.00% |  |  | 62 |
|  Guadalupe Solar SpA (\*22) | Power generation | Chile | 60.00% |  | 1397 | 2277 |
|  Omisan Wind Power Co., Ltd. | Power generation | Korea | 42.00% |  | 10752 | 12204 |
|  Foresight Iberian Solar Group Holding, S.L. (\*22) | Power generation | Spain | 75.00% |  | 10564 |  |
|  Yeongwol Eco Wind Co., Ltd. | Power generation | Korea | 29.00% |  | 3089 | 631 |
|  Gurae Resident Power Co., Ltd. | Power generation | Korea | 29.00% |  | 386 | 408 |
|  Cheongju Eco Park Co., Ltd. | Power generation | Korea | 29.00% |  | 5858 | 11017 |
|  Enel X Midland Photovoltaic, LLC | Power generation | Korea | 20.00% |  | 2211 | 2822 |
|  Geumsungsan Wind Power Co., Ltd. | Power generation | Korea | 29.00% |  | 6531 | 7538 |
|  KEPCO KPS CARABAO Corp. (\*16) | Utility plant maintenance | Philippines | 40.00% |  | 93 |  |
|  Prime Swedish Holding AB | Holding company | Sweden | 45.00% |  | 35410 | 38664 |
|  Goheung New Energy Co., Ltd. | Power generation | Korea | 46.15% |  | 12959 | 18238 |
|  Gunsan Land Solar Co., Ltd. (\*22,28) | Power generation | Korea | 75.29% |  | 19091 | 23822 |
|  International Offshore Power Transmission Holding Company Limited | Undersea transmission network operation | UAE | 35.00% |  |  |  |
|  Pyeongchang Wind Power Co., Ltd. (\*25) | Power generation | Korea | 58.00% |  | 9329 | 12851 |
|  Eumseong Eco Park Co., Ltd. | Power generation | Korea | 29.00% |  | 5741 | 11625 |
|  Changwon Nu-ri Energy Co., Ltd. (\*14) | Fuel cell generation | Korea | 61.00% |  | 8095 | 9486 |
|  PungBack Wind Farm Corporation (\*24) | Power generation | Korea | 32.89% |  | 7885 | 6367 |
|  Trumbull Asset Management, LLC (\*25) | Holding company | USA | 78.00% |  | 1 | 1228 |
|  S-Power Chile SpA | Power generation | Chile | 50.00% |  | 127 | 538 |
|  Seungmun Green Energy | Power generation | Korea | 33.00% |  | 8973 | 12457 |
|  Seobusambo highway photovoltaics Co., Ltd. (\*23) | Power generation | Korea | 80.00% |  | 3020 | 3524 |
|  Yangyang Suri Wind Power Co., Ltd.(\*13) | Power generation | Korea | 29.00% |  | 10498 | 9568 |
|  KEPCO for Power Company (\*32) | Power generation | Saudi<br>arabia | 60.00% |  | 3083 | 12983 |
|  Taebaek Wind Power Co., Ltd. (\*33) | Power generation | Korea | 60.00% |  | 11494 | 12637 |
|  Kumyang Eco Park Co., Ltd. | Power generation | Korea | 29.00% |  | 3663 | 6874 |
|  Jeongeup Green Power Co., Ltd. (\*34) | Power generation | Korea | 44.86% |  | 9600 | 6724 |
|  Hadong E-factory Co., Ltd.(\*13) | Power generation | Korea | 29.99% |  | 350 | 340 |
|  Namyangju Combined Heat and Power Co., Ltd. (\*35) | Generating and distributing vapor and hot/cold water | Korea | 70.10% |  | 149313 | 147146 |
|  Samcheok Eco Materials Co., Ltd. (\*37) | Recycling fly ashes | Korea | 25.54% |  | 686 |  |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Investees** | **Key operation activities** | **Location** | **Percentage of<br>ownership** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book**<br>**value** |
|  Wadi Noor Solar Power Company SAOC | Power generation | Oman | 50.00% |  | 847 |  |
|  Fairhaven Energy Storage LLC | Power generation | USA | 35.00% |  | 1505 |  |
|  Rutile BESS Holdings, LLC | Holding company | USA | 50.00% |  | 21572 | 19099 |
|  Trumbull Development Partners, LLC(\*38) | Holding company | USA | 56.23% |  | 415467 | 439268 |
|  Imha Floating Photovoltaic Power Plant Inc.(\*13) | Power generation | Korea | 49.00% |  | 7174 | 5627 |
|  EDFR KOWEPO AJBAN PV HOLDING LIMITED | Holding company | UAE | 50.00% |  | 1 | 854 |
|  Roof One Energy Co., Ltd. | Holding company | Korea | 48.00% |  | 2000 | 1933 |
|  Taean Haetdeulwon Solar Power Co., Ltd. | Power generation | Korea | 45.00% |  | 7992 | 8637 |
|  Haetbyeotgil Solar Power Co., Ltd. | Power generation | Korea | 30.00% |  | 704 | 732 |
|  Seongseo Neulpureun Energy Co., Ltd. | Power generation | Korea | 49.80% |  | 797 | 681 |
|  Luluah SKY Energy Holding Ltd. (\*34) | Power generation | Qatar | 15.00% |  | 103 | 63 |
|  KES Yona Holdings LLC (\*38) | Holding company | USA | 80.00% |  |  |  |
|  Siraj AlTaqa AlNazifa | Power generation | Saudi Arabia | 20.00% |  |  |  |
|  Nour Ibri Solar Power Company | Power generation | Oman | 30.77% |  | 364 | 373 |
|  Lucy Equity Holdings, LLC | Power generation | Oman | 20.00% |  | 9612 |  |
|  |  |  |  |  | 4950644 | 6512332 |
|  |  |  |  | W | 8359293 | 13363788 |

---

---

| | |
|:---|:---|
| (\*1) | The effective percentage of ownership is less than 20%. However, the Group can exercise significant influence by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Group's financial and operating policy of the board of directors.  |

---

---

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

---

---

| | |
|:---|:---|
| (\*3) | The effective percentage of ownership is less than 20%. However, the Group can exercise significant influence by virtue of its contractual right to appoint one out of four members of the steering committee of the entity. Moreover, the Group has significant financial transactions, which can affect its significant influence on the entity.  |

---

---

| | |
|:---|:---|
| (\*4) | The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock.  |

---

---

| | |
|:---|:---|
| (\*5) | The effective percentage of ownership is more than 50% but the Group does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate.  |

---

---

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

---

---

| | |
|:---|:---|
| (\*7) | The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Group exercises significant influence over the decisions related to finance and operation.  |

---

---

| | |
|:---|:---|
| (\*8) | The effective percentage of ownership is 14.29% due to the acquisition of treasury stocks. The effective percentage of ownership is less than 20%. However, the Group exercises significant influence over the decisions related to finance and operation by virtue of right to nominate directors to the board of directors of the entity.  |

---

---

| | |
|:---|:---|
| (\*9) | The effective percentage of ownership is 21.66%, considering hybrid bonds.  |

---

---

| | |
|:---|:---|
| (\*10) | The effective percentage of ownership is more than 50% but the Group does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate.  |

---

---

| | |
|:---|:---|
| (\*11) | The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Group exercises significant influence over the entity.  |

---

---

| | |
|:---|:---|
| (\*12) | The effective percentage of ownership is more than 50%. However, according to the shareholders' agreement, all critical financial and operating decisions must be agreed to by all ownership parties and the Group can exercise same voting rights as other shareholders at the board of directors. Accordingly, the entities are classified as joint ventures.  |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | |
|:---|:---|
| (\*13) | The effective percentage of ownership is less than 50%. However, the investment is classified as a joint venture because decisions regarding significant financial and operating policies require the unanimous consent of all parties sharing control.  |

---

(\*14) According to the shareholders' agreement, the parties have joint control over all decisions related to finance and operation. Accordingly, the entity is classified as joint ventures.

---

| | |
|:---|:---|
| (\*15) | Although the Group holds majority of shares in the entities marked above by acquiring additional shares for the year ended December 31, 2024, the entities are classified as joint ventures due to the shareholders' agreement requiring unanimous approval from the entities' board of directors for making material decisions on financial and operational policies.  |

---

(\*16) The joint arrangement which the Group has joint control is structured through a separate company. The parties have joint control over the joint arrangement are classified as joint ventures, judging that they have rights to the net assets of the arrangement.

---

| | |
|:---|:---|
| (\*17) | The effective percentage of ownership is less than 50%. However, decisions in relevant activities must be agreed by ownership parties. Accordingly, the entity is classified as joint ventures.  |

---

---

| | |
|:---|:---|
| (\*18) | Although the nominal percentage of ownership is 29%, the effective percentage of ownership is 54.24%, considering the interest of financial investors as a liability component.  |

---

---

| | |
|:---|:---|
| (\*19) | The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.  |

---

---

| | |
|:---|:---|
| (\*20) | The effective percentage of ownership is less than 50%. However, according to the shareholders' agreement, decisions related principal operation must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.  |

---

---

| | |
|:---|:---|
| (\*21) | According to the Boim Combined Heat and Power Generation Co., Ltd. Investment Agreement signed in March 2011, the Group has a commitment to guarantee principal and certain returns on shares of REC's Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.). held by NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation. Since NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation have put option regarding their share of the entity, the Group was deemed to have acquired an additional 15.6% stake. As a result, the effective percentage of ownership is 46.3% in the current and prior period. In accordance with shareholders' agreement signed during the current period, the Group has joint control with other investors in making important financial and operation decisions, so it has been reclassified from an associate to a joint venture.  |

---

---

| | |
|:---|:---|
| (\*22) | The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.  |

---

---

| | |
|:---|:---|
| (\*23) | Although the effective percentage of ownership is more than 50%, decisions in relevant activities must be agreed by all members of the board of directors.  |

---

---

| | |
|:---|:---|
| (\*24) | The effective percentage of ownership is 37%, considering potential common stock.  |

---

---

| | |
|:---|:---|
| (\*25) | The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all members of the board of directors. Accordingly, the entity is classified as a joint venture.  |

---

---

| | |
|:---|:---|
| (\*26) | The effective percentage of ownership is more than 50%. However, by the shareholders' agreement, the Group does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision committee. Accordingly, the entity is classified as an associate.  |

---

(\*27) The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation, and KV Holdings, Inc. and the timing of and proceeds from such sales transaction is not specified as of December 31, 2025.

---

| | |
|:---|:---|
| (\*28) | The nominal percentage of ownership is 75.29% and the effective percentage of ownership is 53.83%, as the Group has an obligation to provide excessive dividend income to Gunsan City when a certain rate of return defined in the shareholders' agreement is met.  |

---

(\*29) During the period ended December 31, 2025, the Group's ownership interest in the entity changed due to a disproportionate capital increase by the financial investors.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | |
|:---|:---|
| (\*30) | Although the Group's effective percentage of ownership is less than 20%, the entity has been classified as an associate as the Group has significant influence on the entity considering the fact that ordinary resolutions passed at the shareholders' meeting require the majority decision and the Group has the right to elect the entity's directors.  |

---

---

| | |
|:---|:---|
| (\*31) | Although the Group's effective percentage of ownership is less than 20%, the Group can exercise significant influence on the entity through its contractual right to appoint one director to the entity's board of directors.  |

---

---

| | |
|:---|:---|
| (\*32) | Although the Group's effective percentage of ownership is more than 50%, the entity is classified as a joint venture since the entity's material financial and operational decisions require unanimous agreement of members in the board of directors due to the shareholders' agreement.  |

---

---

| | |
|:---|:---|
| (\*33) | Although the Group's effective percentage of ownership is more than 50%, the entity is classified as a joint venture considering the minimum number of the entity's board of directors' members required to agree for making decision on material financial and operational policies due to the joint shareholders' agreement.  |

---

---

| | |
|:---|:---|
| (\*34) | Although the Group's effective percentage of ownership is less than 50%, the entity is reclassified as a joint venture considering the Group can exercise significant influence on the entity due to the Group's contractual right to appoint a director to the entity's board of directors and the minimum number of the entity's board of directors members required to agree for making decision on material financial and operational policies in accordance with the joint shareholders' agreement .  |

---

---

| | |
|:---|:---|
| (\*35) | Although the Group's effective percentage of ownership is more than 50%, the entity is classified as a joint venture since the entity's material financial and operational decisions require unanimous agreement of members in the board of directors.  |

---

---

| | |
|:---|:---|
| (\*36) | The effective ownership interest is 1.32%, considering convertible redeemable preferred shares.  |

---

---

| | |
|:---|:---|
| (\*37) | Although the Group's effective percentage of ownership is less than 50%, the entity is reclassified as a joint venture considering the minimum number of the entity's board of directors' members required to agree for making decision on material financial and operational policies as the joint shareholders' agreement revised in the year ended December 31, 2024.  |

---

---

| | |
|:---|:---|
| (\*38) | Although the Group's effective percentage of ownership is more than 50%, the entity is classified as a joint venture since the entity's material financial and operational decisions require unanimous agreement of the representative committee due to the shareholders' agreement.  |

---

---

| | |
|:---|:---|
| (\*39) | The effective ownership interest is 10%, considering convertible redeemable preferred shares.  |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Investees** | **Key operation activities** | **Location** | **Percentage of<br>ownership** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book**<br>**value** |
|  Korea Gas Corporation (\*9) | Importing and wholesaling LNG | Korea | 20.47% | W | 94500 | 2289304 |
|  Korea Electric Power Industrial Development Co., Ltd. | Electricity metering and others | Korea | 29.00% |  | 4727 | 30177 |
|  Gangwon Wind Power Co., Ltd. (\*1) | Power generation | Korea | 15.00% |  | 5725 | 11693 |
|  Hyundai Green Power Co., Ltd. | Power generation equipment consignment and operation service | Korea | 29.00% |  | 88885 | 87393 |
|  Korea Power Exchange (\*2) | Management of power market and others | Korea | 100.00% |  | 127839 | 273962 |
|  Taebaek Guinemi Wind Power Co., Ltd. (\*26) | Power generation | Korea | 67.25% |  | 12637 | 13559 |
|  Daeryun Power Co., Ltd. (\*1) | Power generation | Korea | 6.85% |  | 46373 | 31093 |
|  KNH Solar Co., Ltd. | Power generation | Korea | 27.00% |  | 1296 | 2165 |
|  SPC Power Corporation (\*27) | Power generation | Philippines | 38.00% |  | 20635 | 107574 |
|  Gemeng International Energy Co., Ltd. | Power generation | China | 42.00% |  | 516007 | 728338 |
|  PT. Cirebon Electric Power | Power generation | Indonesia | 27.50% |  | 40365 | 157530 |
|  KNOC Nigerian East Oil Co., Ltd. (\*3) | Resources development | Nigeria | 14.63% |  | 12 |  |
|  KNOC Nigerian West Oil Co., Ltd. (\*3) | Resources development | Nigeria | 14.63% |  | 12 |  |
|  PT Wampu Electric Power | Power generation | Indonesia | 46.00% |  | 21292 | 39268 |
|  PT. Bayan Resources TBK | Resources development | Indonesia | 20.00% |  | 615860 | 717376 |
|  S-Power Co., Ltd. | Power generation | Korea | 49.00% |  | 132300 | 180372 |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. | Power generation | Laos | 25.00% |  | 87426 | 73065 |
|  PT. Mutiara Jawa | Manufacturing and operating floating coal terminal | Indonesia | 29.00% |  | 2978 | 5735 |
|  Noeul Green Energy Co., Ltd. | Power generation | Korea | 29.00% |  | 1740 |  |
|  Goseong Green Power Co., Ltd. | Power generation | Korea | 29.00% |  | 262740 | 284542 |
|  Gangneung Eco Power Co., Ltd. | Power generation | Korea | 29.00% |  | 261000 | 241814 |
|  Shin Pyeongtaek Power Co., Ltd. | Power generation | Korea | 40.00% |  | 72000 | 139059 |
|  Haeng Bok Do Si Photovoltaic Power Co., Ltd. | Power generation | Korea | 28.00% |  | 194 | 360 |
|  Dongducheon Dream Power Co., Ltd. (\*4) | Power generation | Korea | 33.61% |  | 148105 | 91351 |
|  Jinbhuvish Power Generation Pvt. Ltd. (\*1) | Power generation | India | 5.16% |  | 9000 |  |
|  Daejung Offshore Wind Power Co., Ltd. | Power generation | Korea | 46.59% |  | 5190 | 1490 |
|  GS Donghae Electric Power Co., Ltd. | Power generation | Korea | 34.00% |  | 204000 | 279432 |
|  Daegu Photovoltaic Co., Ltd. | Power generation | Korea | 29.00% |  | 1230 | 2535 |
|  Busan Green Energy Co., Ltd. | Power generation | Korea | 29.00% |  | 5243 | 2334 |
|  Hansuwon KNP Co., Ltd. | Electric material agency | Korea | 28.98% |  | 537 | 674 |
|  Korea Electric Power Corporation Fund (\*5) | Developing electric enterprises | Korea | 98.09% |  | 11210 | 13353 |
|  Energy Infra Asset Management Co., Ltd. (\*31) | Asset management | Korea | 9.90% |  | 297 | 1268 |
|  YaksuESS Co., Ltd. | Installing ESS related equipment | Korea | 29.00% |  | 210 | 162 |
|  Nepal Water & Energy Development Company Private Limited (\*6) | Construction and operation of utility plant | Nepal | 68.88% |  | 110332 | 170955 |
|  Gwangyang Green Energy Co., Ltd. | Power generation | Korea | 20.00% |  | 26800 | 24217 |
|  PND solar Co., Ltd. | Power generation | Korea | 29.00% |  | 1250 | 1735 |
|  Hyundai Eco Energy Co., Ltd. (\*1) | Power generation | Korea | 19.00% |  | 3610 | 8493 |
|  YeongGwang Yaksu Wind Electric Co., Ltd. (\*1) | Power generation | Korea | 9.63% |  | 533 | 41 |
|  Green Energy Electricity Generation Co., Ltd. | Power generation | Korea | 29.00% |  | 1189 |  |
|  Korea Energy Solutions Co., Ltd. | R & D | Korea | 20.00% |  | 300 | 197 |
|  ITR Co., Ltd. (\*30) | R & D | Korea | 8.70% |  | 50 |  |
|  STN Co., Ltd. | Technical testing and consulting | Korea | 20.00% |  | 25 | 407 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Investees** | **Key operation activities** | **Location** | **Percentage of<br>ownership** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book**<br>**value** |
|  Indeck Niles Development, LLC | Power generation | USA | 50.00% | W | 249274 | 370970 |
|  Indeck Niles Asset Management, LLC | Power generation | USA | 33.33% |  |  | 60 |
|  Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 | Holding company | Korea | 49.00% |  | 6108 | 6119 |
|  Suwon New Power Co., Ltd. | Power generation | Korea | 39.90% |  | 798 | 914 |
|  Gwangbaek Solar Power Investment Co., Ltd. | Power generation | Korea | 44.00% |  | 4757 | 5155 |
|  Go deok Clean Energy Co., Ltd. | Fuel cell generation | Korea | 40.00% |  | 5560 | 5301 |
|  SureDataLab Co., Ltd. | R & D | Korea | 23.95% |  | 126 | 48 |
|  SEP Co., Ltd. | R & D | Korea | 21.26% |  | 27 |  |
|  Hankook Electric Power Information Co., Ltd. (\*11) | R & D | Korea | 16.16% |  | 38 | 212 |
|  Tronix Co., Ltd. (\*11) | R & D | Korea | 12.50% |  | 75 | 146 |
|  O2&B Global Co., Ltd. | R & D | Korea | 20.00% |  | 25 |  |
|  Muan Sunshine Solar Power Plant Co., Ltd. | Power generation | Korea | 20.00% |  | 1570 | 2772 |
|  Bigeum Resident Photovoltaic Power Co., Ltd. (\*29) | Power generation | Korea | 27.31% |  | 11214 | 7908 |
|  Goesan Solar Park Co., Ltd. | Power generation | Korea | 29.00% |  | 1276 | 3133 |
|  Saemangeum Heemang Photovoltaic Co., Ltd. | Power generation | Korea | 35.00% |  | 11022 | 16137 |
|  Bitgoel Eco Energy Co., Ltd. | Power generation | Korea | 49.25% |  | 7880 | 13701 |
|  Jeju Gimnyeong Wind Power Co., Ltd. | Power generation | Korea | 30.00% |  | 714 | 250 |
|  Seoroseoro Sunny Power Plant Co., Ltd. | Power generation | Korea | 42.58% |  | 706 | 1030 |
|  Muan Solar park Co., Ltd. | Power generation | Korea | 20.00% |  | 4400 | 6267 |
|  YuDang Solar Co., Ltd. | Power generation | Korea | 20.00% |  | 360 | 617 |
|  Anjwa Smart Farm & Solar City Co., Ltd. | Power generation | Korea | 20.00% |  | 5651 | 8298 |
|  KPE Green Energy Co., Ltd. | Power generation | Korea | 25.36% |  | 3910 | 8230 |
|  G.GURU Co., Ltd. | R & D | Korea | 24.65% |  | 493 | 34 |
|  UD4M Co., Ltd. (\*8) | R & D | Korea | 12.50% |  | 75 | 121 |
|  Dongbu Highway Solar Co., Ltd. | Power generation | Korea | 20.00% |  | 190 | 512 |
|  Seobu Highway Solar Co., Ltd. | Power generation | Korea | 20.00% |  | 195 | 579 |
|  Korea Energy Data Co., Ltd. | R & D | Korea | 29.37% |  | 60 | 23 |
|  Gangneung Sacheon Fuel Cell Co., Ltd. | Power generation | Korea | 41.00% |  | 5695 | 9306 |
|  Taebaek Gadeoksan Wind Power Co., Ltd. | Power generation | Korea | 34.00% |  | 12570 | 22909 |
|  Chuncheon Green Energy Co., Ltd. | Power generation | Korea | 45.00% |  | 9540 | 17672 |
|  Yeomsubong Wind Power Co., Ltd. | Power generation | Korea | 29.00% |  | 1411 | 603 |
|  Yeongyang Wind Power Corporation II | Power generation | Korea | 30.00% |  | 7965 | 11301 |
|  Haeparang Energy Co., Ltd. | Power generation | Korea | 25.00% |  | 2241 | 1950 |
|  Saemangeum Sebit Power Plant Co., Ltd. (\*10) | Power generation | Korea | 55.14% |  | 21037 | 37110 |
|  PlatformN. Co., Ltd. | R & D | Korea | 29.58% |  | 105 |  |
|  PT. Cirebon Energi Prasarana (\*7) | Power generation | Indonesia | 10.00% |  | 26710 | 96846 |
|  Green Radiation Co., Ltd. (\*11) | R & D | Korea | 9.00% |  | 20 |  |
|  Future Convergence Technology Laboratory. Co., Ltd. | R & D | Korea | 20.12% |  | 76 | 22 |
|  Eco Motion Co., Ltd. | R & D | Korea | 20.00% |  | 90 | 229 |
|  REC's Innovation Co., Ltd. (\*31) | R & D | Korea | 11.04% |  | 81 | 155 |
|  ACE | R & D | Korea | 20.00% |  | 25 | 5 |
|  Environment and Energy Co., Ltd. (\*11) | R & D | Korea | 10.54% |  | 11 | 3 |
|  Santiago Solar Power SpA | Power generation | Chile | 50.00% |  | 13851 | 6961 |
|  Yanggu Floating Photovoltaic Power Plant Inc. | Power generation | Korea | 29.00% |  | 904 | 846 |
|  Power Embedded | R & D | Korea | 23.33% |  | 70 | 68 |
|  Changwon SG Energy Co., Ltd. (\*11) | Power generation | Korea | 18.78% |  | 900 | 682 |
|  Donpyung Technology. Co., Ltd. | R & D | Korea | 20.00% |  | 125 | 281 |
|  HORANG ENERGY Inc. | Power generation | Korea | 40.00% |  | 4240 | 3808 |
|  Hoenggye Renewable Energy Co., Ltd | Power generation | Korea | 36.12% |  | 2375 | 2375 |
|  Haman Green Energy Co., Ltd. | Power generation | Korea | 35.00% |  | 4771 | 2810 |
|  Songsan Green Energy Co., Ltd. (\*6) | Power generation | Korea | 60.00% |  | 8400 | 7908 |
|  SkyPic Inc. | R & D | Korea | 20.00% |  | 26 | 26 |
|  HyChangwon Fuel Cell. Co., Ltd. | Power generation | Korea | 40.00% |  | 9396 | 9278 |
|  Dreams Co.,Ltd. (\*11) | R & D | Korea | 11.00% |  | 11 | 11 |
|  DEEPAI Co.,Ltd. (\*11, 36) | R & D | Korea | 1.20% |  | 11 | 11 |
|  Amaala Sustainable Company for Energy LLC (\*7) | Power generation | Saudi Arabia | 10.00% |  | 18 | 18 |
|  |  |  |  | W | 3394833 | 6704754 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Investees** | **Key operation activities** | **Location** | **Percentage of<br>ownership** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book**<br>**value** |
|  Shuweihat Asia Power Investment B.V. | Holding company | Netherlands | 49.00% | W | 44405 | 86450 |
|  Shuweihat Asia Operation & Maintenance Company (\*12) | Maintenance of utility plant | Cayman | 55.00% |  | 30 | 2138 |
|  Waterbury Lake Uranium L.P. (\*13) | Resources development | Canada | 29.68% |  | 20753 | 23756 |
|  ASM-BG Investicii AD | Power generation | Bulgaria | 50.00% |  | 9846 | 16936 |
|  RES Technology AD | Power generation | Bulgaria | 50.00% |  | 11922 | 15069 |
|  KV Holdings, Inc. (\*27) | Power generation | Philippines | 40.00% |  | 2103 | 6921 |
|  KEPCO SPC Power Corporation (\*12,27) | Construction and operation of utility plant | Philippines | 60.00% |  | 94579 | 159139 |
|  Gansu Datang Yumen Wind Power Co., Ltd. | Power generation | China | 40.00% |  | 16621 | 7919 |
|  Datang Chifeng Renewable Power Co., Ltd. | Power generation | China | 40.00% |  | 121928 | 204516 |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. | Power generation | China | 40.00% |  | 39872 | 48325 |
|  Rabigh Electricity Company(\*13) | Power generation | Saudi arabia | 40.00% |  | 109743 | 269893 |
|  Rabigh Operation & Maintenance Company Limited | Maintenance of utility plant | Saudi arabia | 40.00% |  | 70 | 8311 |
|  Jamaica Public Service Company Limited | Power generation | Jamaica | 40.00% |  | 301910 | 412616 |
|  KW Nuclear Components Co., Ltd. | Manufacturing | Korea | 45.00% |  | 833 | 18758 |
|  Busan Shinho Solar Power Co., Ltd. | Power generation | Korea | 25.00% |  | 2100 | 6993 |
|  Global Trade Of Power System Co., Ltd. (\*14) | Exporting products and technology of small or medium business by proxy | Korea | 29.00% |  | 290 | 696 |
|  Expressway Solar-light Power Generation Co., Ltd. | Power generation | Korea | 50.00% |  | 1856 | 5771 |
|  Amman Asia Electric Power Company (\*12) | Power generation | Jordan | 60.00% |  | 111476 | 268864 |
|  KAPES, Inc. (\*12) | R & D | Korea | 51.00% |  | 5629 |  |
|  Honam Wind Power Co., Ltd. | Power generation | Korea | 29.00% |  | 3480 | 4833 |
|  Korea Power Engineering Service Co., Ltd. | Construction and service | Korea | 29.00% |  | 290 | 6054 |
|  Chun-cheon Energy Co., Ltd. | Power generation | Korea | 29.90% |  | 52700 | 36599 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. (\*14) | Power generation | Korea | 15.00% |  | 3000 | 3729 |
|  Nghi Son 2 Power LLC | Power generation | Vietnam | 50.00% |  | 175261 | 563079 |
|  Kelar S.A. (\*12) | Power generation | Chile | 65.00% |  | 78060 | 152367 |
|  PT. Tanjung Power Indonesia | Power generation | Indonesia | 35.00% |  | 57039 | 100580 |
|  Incheon New Power Co., Ltd. (\*16) | Power generation | Korea | 29.00% |  | 461 | 302 |
|  Seokmun Energy Co., Ltd. | Power generation | Korea | 29.00% |  | 15370 | 15456 |
|  Daehan Wind Power PSC | Power generation | Jordan | 50.00% |  | 7493 | 21327 |
|  Barakah One Company (\*17) | Power generation | UAE | 18.00% |  | 118 |  |
|  Nawah Energy Company (\*17) | Operation of utility plant | UAE | 18.00% |  | 296 | 392 |
|  MOMENTUM | International thermonuclear experimental reactor construction management | France | 33.33% |  | 1 | 195 |
|  Daegu Green Power Co., Ltd. (\*18) | Power generation | Korea | 29.00% |  | 46225 | 30513 |
|  Yeonggwang Wind Power Co., Ltd. | Power generation | Korea | 46.00% |  | 17475 | 26146 |
|  Chester Solar IV SpA (\*15) | Power generation | Chile | 90.00% |  | 2776 | 1452 |
|  Chester Solar V SpA (\*15) | Power generation | Chile | 90.00% |  | 634 | 262 |
|  Diego de Almagro Solar SpA (\*15) | Power generation | Chile | 90.00% |  | 2902 | 1700 |
|  South Jamaica Power Company Limited | Power generation | Jamaica | 20.00% |  | 20430 | 48760 |
|  Daesan Green Energy Co., Ltd. | Power generation | Korea | 35.00% |  | 17850 | 25331 |
|  RE Holiday Holdings LLC | Power generation | USA | 50.00% |  | 42948 | 89780 |
|  RE Pioneer Holdings LLC | Power generation | USA | 50.00% |  | 27891 | 55622 |
|  RE Barren Ridge 1 Holdings LLC | Power generation | USA | 50.00% |  | 28021 | 59806 |
|  RE Astoria 2 LandCo LLC | Power generation | USA | 50.00% |  | 5188 | 8119 |
|  RE Barren Ridge LandCo LLC | Power generation | USA | 50.00% |  | 2187 | 2857 |
|  Laurel SpA (\*15) | Power generation | Chile | 90.00% |  | 2156 | 1432 |
|  KIAMCO KOWEPO Bannerton Hold Co Pty Ltd (\*14) | Power generation | Australia | 12.37% |  | 4095 | 1149 |
|  Cheong-Song Noraesan Wind Power Co., Ltd. (\*13) | Power generation | Korea | 29.01% |  | 3200 | 4317 |
|  Chester Solar I SpA (\*15) | Power generation | Chile | 90.00% |  | 1316 | 1649 |
|  Solar Philippines Calatagan Corporation | Power generation | Philippines | 38.00% |  | 47903 | 63695 |
|  Saemangeum Solar Power Co., Ltd. (\*19) | Power generation | Korea | 81.01% |  | 26400 | 23277 |
|  Chungsongmeon BongSan wind power Co., Ltd. (\*14) | Power generation | Korea | 29.00% |  | 2900 | 2590 |
|  Jaeun Resident Wind Power Plant Co., Ltd. (\*14) | Power generation | Korea | 29.00% |  | 2494 | 2045 |
|  DE Energia SpA | Power generation | Chile | 49.00% |  | 8364 | 11062 |
|  Dangjin Eco Power Co., Ltd. | Power generation | Korea | 34.00% |  | 25661 | 26867 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Investees** | **Key operation activities** | **Location** | **Percentage of<br>ownership** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book**<br>**value** |
|  Haemodum Solar Co., Ltd. | Power generation | Korea | 49.00% | W | 2940 | 3230 |
|  Yangyang Wind Power Co., Ltd. | Power generation | Korea | 50.00% |  | 12000 | 11640 |
|  HORUS SOLAR, S.A. DE C.V. (\*20) | Renewable power generation | Mexico | 14.95% |  | 5068 | 1488 |
|  RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. (\*20) | Renewable power generation | Mexico | 14.95% |  | 3678 | 4452 |
|  SUNMEX RENOVABLES, S.A. DE C.V. (\*20) | Renewable power generation | Mexico | 14.95% |  | 1678 | 1687 |
|  Stavro Holding II A.B. | Holding company | Sweden | 20.00% |  | 18566 | 16459 |
|  Solaseado Solar Power Co., Ltd. | Power generation | Korea | 39.00% |  | 7020 | 22793 |
|  Yeongam Solar Power Co., Ltd. (\*14) | Power generation | Korea | 19.00% |  | 6460 | 11828 |
|  Samsu Wind Power Co., Ltd. (\*14) | Power generation | Korea | 19.00% |  | 2637 | 2851 |
|  Pulau Indah Power Plant Sdn. Bhd. | Power generation | Malaysia | 25.00% |  | 39052 | 50721 |
|  NH-Amundi Global Infrastructure Investment Private Investment Trust 21 | Holding company | Korea | 29.53% |  | 20857 | 15433 |
|  Shin-han BNPP Private Investment Trust for East-West Sunlight Dream (\*12) | Holding company | Korea | 90.00% |  | 14848 | 15496 |
|  PT Barito Wahana Tenaga | Power generation | Indonesia | 30.61% |  | 59574 | 207565 |
|  Cheongna Energy Co., Ltd. (\*19) | Generating and distributing vapor and hot/cold water | Korea | 50.10% |  | 49344 | 46158 |
|  Naepo Green Energy Co., Ltd. | Power generation | Korea | 29.20% |  | 29200 | 48031 |
|  Boim Combined Heat and Power Generation Co., Ltd. (\*21) | Power generation | Korea | 30.66% |  | 71070 |  |
|  OneEnergy Asia Limited | Power generation | Vietnam | 40.00% |  | 258011 | 465349 |
|  KAS INVESTMENT I LLC (\*13) | Holding company | USA | 29.89% |  | 23437 | 6078 |
|  KAS INVESTMENT II LLC (\*13) | Holding company | USA | 29.89% |  | 23343 | 6040 |
|  Energyco Co., Ltd. | Power generation | Korea | 29.00% |  | 1659 | 2322 |
|  CAES, LLC | Holding company | USA | 36.00% |  | 19414 | 20659 |
|  Hapcheon Floating Photovoltaic Power Plant Inc. (\*14) | Power generation | Korea | 49.00% |  | 7512 | 11334 |
|  Busan Industrial Solar Power Co., Ltd. | Power generation | Korea | 28.02% |  | 510 | 1160 |
|  Bitsolar Energy Co., Ltd. | Power generation | Korea | 27.10% |  | 352 |  |
|  Pulau Indah O&M Sdn. Bhd. (\*14) | Power generation | Malaysia | 40.00% |  |  |  |
|  Guadalupe Solar SpA (\*22) | Power generation | Chile | 60.00% |  | 1397 | 781 |
|  Omisan Wind Power Co., Ltd. | Power generation | Korea | 42.00% |  | 10752 | 10859 |
|  Foresight Iberian Solar Group Holding, S.L. (\*22) | Power generation | Spain | 75.00% |  | 10564 |  |
|  Yeongwol Eco Wind Co., Ltd. | Power generation | Korea | 29.00% |  | 3089 | 890 |
|  Gurae Resident Power Co., Ltd. | Power generation | Korea | 29.00% |  | 386 | 333 |
|  Cheongju Eco Park Co., Ltd. | Power generation | Korea | 29.00% |  | 5858 | 10636 |
|  Enel X Midland Photovoltaic, LLC | Power generation | Korea | 20.00% |  | 2211 | 2715 |
|  Geumsungsan Wind Power Co., Ltd. | Power generation | Korea | 29.00% |  | 6531 | 7840 |
|  KEPCO KPS CARABAO Corp. (\*16) | Utility plant maintenance | Philippines | 40.00% |  | 93 |  |
|  Prime Swedish Holding AB | Holding company | Sweden | 45.00% |  | 35410 | 37559 |
|  Goheung New Energy Co., Ltd. | Power generation | Korea | 46.15% |  | 12959 | 15768 |
|  Gunsan Land Solar Co., Ltd. (\*22,28) | Power generation | Korea | 75.29% |  | 19091 | 23163 |
|  CapMan Lynx SCA, SICAR | Holding company | Luxembourg | 50.00% |  | 9601 |  |
|  International Offshore Power Transmission Holding Company Limited | Undersea transmission network operation | UAE | 35.00% |  |  | 11038 |
|  Pyeongchang Wind Power Co., Ltd. (\*25) | Power generation | Korea | 58.00% |  | 9329 | 12147 |
|  Eumseong Eco Park Co., Ltd. | Power generation | Korea | 29.00% |  | 5741 | 11613 |
|  Changwon Nu-ri Energy Co., Ltd. (\*14) | Fuel cell generation | Korea | 61.00% |  | 8095 | 7658 |
|  PungBack Wind Farm Corporation (\*24) | Power generation | Korea | 32.89% |  | 7885 | 7760 |
|  Trumbull Asset Management, LLC (\*25) | Holding company | USA | 78.00% |  | 1 | 1297 |
|  S-Power Chile SpA | Power generation | Chile | 50.00% |  | 127 | 159 |
|  Seungmun Green Energy | Power generation | Korea | 33.00% |  | 8973 | 12745 |
|  Seobusambo highway photovoltaics Co., Ltd. (\*23) | Power generation | Korea | 80.00% |  | 3020 | 3309 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Investees** | **Key operation activities** | **Location** | **Percentage of<br>ownership** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book**<br>**value** |
|  Yangyang Suri Wind Power Co., Ltd.(\*13) | Power generation | Korea | 29.00% | W | 10498 | 8643 |
|  KEPCO for Power Company (\*32) | Power generation | Saudi arabia | 60.00% |  | 3083 | 17906 |
|  Taebaek Wind Power Co., Ltd. (\*33) | Power generation | Korea | 60.00% |  | 11494 | 14759 |
|  Jeonju Bio Green Energy Co., Ltd.(\*22) | Power generation | Korea | 65.00% |  | 3250 | 2566 |
|  Kumyang Eco Park Co., Ltd. | Power generation | Korea | 29.00% |  | 3663 | 3841 |
|  Jeongeup Green Power Co., Ltd. (\*34) | Power generation | Korea | 44.86% |  | 9600 | 8846 |
|  Hadong E-factory Co., Ltd.(\*13) | Power generation | Korea | 29.99% |  | 350 | 344 |
|  Namyangju Combined Heat and Power Co., Ltd. (\*35) | Generating and distributing vapor and hot/cold water | Korea | 70.10% |  | 53977 | 51768 |
|  Samcheok Eco Materials Co., Ltd. (\*37) | Recycling fly ashes | Korea | 25.54% |  | 686 |  |
|  Wadi Noor Solar Power Company SAOC | Power generation | Oman | 50.00% |  | 847 | 1392 |
|  Fairhaven Energy Storage LLC | Power generation | USA | 35.00% |  | 1505 |  |
|  Rutile BESS Holdings, LLC | Holding company | USA | 50.00% |  | 106 | 1 |
|  Trumbull Development Partners, LLC | Holding company | USA | 56.23% |  | 304836 | 355379 |
|  Imha Floating Photovoltaic Power Plant Inc.(\*13) | Power generation | Korea | 49.00% |  | 7174 | 6351 |
|  EDFR KOWEPO AJBAN PV HOLDING LIMITED | Holding company | UAE | 50.00% |  | 1 | 85 |
|  Roof One Energy Co., Ltd. | Holding company | Korea | 48.00% |  | 2000 | 2000 |
|  |  |  |  |  | 2880964 | 4581340 |
|  |  |  |  | W | 6275797 | 11286094 |

---

---

| | |
|:---|:---|
| (\*1) | The effective percentage of ownership is less than 20%. However, the Group can exercise significant influence by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Group's financial and operating policy of the board of directors.  |

---

---

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

---

---

| | |
|:---|:---|
| (\*3) | The effective percentage of ownership is less than 20%. However, the Group can exercise significant influence by virtue of its contractual right to appoint one out of four members of the steering committee of the entity. Moreover, the Group has significant financial transactions, which can affect its significant influence on the entity.  |

---

---

| | |
|:---|:---|
| (\*4) | The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock.  |

---

---

| | |
|:---|:---|
| (\*5) | The effective percentage of ownership is more than 50% but the Group does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate.  |

---

---

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

---

---

| | |
|:---|:---|
| (\*7) | The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Group exercises significant influence over the decisions related to finance and operation.  |

---

---

| | |
|:---|:---|
| (\*8) | The effective percentage of ownership is 14.29% due to the acquisition of treasury stocks. The effective percentage of ownership is less than 20%. However, the Group exercises significant influence over the decisions related to finance and operation by virtue of right to nominate directors to the board of directors of the entity.  |

---

---

| | |
|:---|:---|
| (\*9) | The effective percentage of ownership is 21.66%, considering hybrid bonds.  |

---

---

| | |
|:---|:---|
| (\*10) | The effective percentage of ownership is more than 50% but the Group does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate.  |

---

---

| | |
|:---|:---|
| (\*11) | The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Group exercises significant influence over the entity.  |

---

---

| | |
|:---|:---|
| (\*12) | The effective percentage of ownership is more than 50%. However, according to the shareholders' agreement, all critical financial and operating decisions must be agreed to by all ownership parties and the Group can exercise same voting rights as other shareholders at the board of directors. Accordingly, the entities are classified as joint ventures.  |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | |
|:---|:---|
| (\*13) | The effective percentage of ownership is less than 50%. However, the entity is classified as a joint venture, because all consent was required to make decisions on related activities.  |

---

(\*14) According to the shareholders' agreement, the parties have joint control over all decisions related to finance and operation. Accordingly, the entity is classified as joint ventures.

---

| | |
|:---|:---|
| (\*15) | Although the Group holds majority of shares in the entities marked above by acquiring additional shares for the year ended December 31, 2024, the entities are classified as joint ventures due to the shareholders' agreement requiring unanimous approval from the entities' board of directors for making material decisions on financial and operational policies.  |

---

(\*16) The joint arrangement which the Group has joint control is structured through a separate company. The parties have joint control over the joint arrangement are classified as joint ventures, judging that they have rights to the net assets of the arrangement.

---

| | |
|:---|:---|
| (\*17) | The effective percentage of ownership is less than 50%. However, decisions in relevant activities must be agreed by ownership parties. Accordingly, the entity is classified as joint ventures.  |

---

---

| | |
|:---|:---|
| (\*18) | Although the nominal percentage of ownership is 29%, the effective percentage of ownership is 54.24%, considering the interest of financial investors as a liability component.  |

---

---

| | |
|:---|:---|
| (\*19) | The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.  |

---

---

| | |
|:---|:---|
| (\*20) | The effective percentage of ownership is less than 50%. However, according to the shareholders' agreement, decisions related principal operation must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.  |

---

---

| | |
|:---|:---|
| (\*21) | According to the Boim Combined Heat and Power Generation Co., Ltd. Investment Agreement signed in March 2011, the Group has a commitment to guarantee principal and certain returns on shares of REC's Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.). held by NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation. Since NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation have put option regarding their share of the entity, the Group was deemed to have acquired an additional 15.6% stake. As a result, the effective percentage of ownership is 46.3% in the current and prior period. In accordance with shareholders' agreement signed during the current period, the Group has joint control with other investors in making important financial and operation decisions, so it has been reclassified from an associate to a joint venture.  |

---

---

| | |
|:---|:---|
| (\*22) | The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.  |

---

---

| | |
|:---|:---|
| (\*23) | Although the effective percentage of ownership is more than 50%, decisions in relevant activities must be agreed by all members of the board of directors.  |

---

---

| | |
|:---|:---|
| (\*24) | The effective percentage of ownership is 37%, considering potential common stock.  |

---

---

| | |
|:---|:---|
| (\*25) | The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all members of the board of directors. Accordingly, the entity is classified as a joint venture.  |

---

---

| | |
|:---|:---|
| (\*26) | The effective percentage of ownership is more than 50%. However, by the shareholders' agreement, the Group does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision committee. Accordingly, the entity is classified as an associate.  |

---

(\*27) The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation, and KV Holdings, Inc. and the timing of and proceeds from such sales transaction is not specified as of December 31, 2024.

---

| | |
|:---|:---|
| (\*28) | The nominal percentage of ownership is 75.29% and the effective percentage of ownership is 56.91%, as the Group has an obligation to provide excessive dividend income to Gunsan City when a certain rate of return defined in the shareholders' agreement is met.  |

---

(\*29) During the year ended December 31, 2024, the long-term loan to Bigeum Resident Photovoltaic Power Co., Ltd. was converted into equity.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | |
|:---|:---|
| (\*30) | Although the Group's effective percentage of ownership is less than 20%, the entity has been classified as an associate as the Group has significant influence on the entity considering the fact that ordinary resolutions passed at the shareholders' meeting require the majority decision and the Group has the right to elect the entity's directors.  |

---

---

| | |
|:---|:---|
| (\*31) | Although the Group's effective percentage of ownership is less than 20%, the Group can exercise significant influence on the entity through its contractual right to appoint one director to the entity's board of directors.  |

---

---

| | |
|:---|:---|
| (\*32) | Although the Group's effective percentage of ownership is more than 50%, the entity is classified as a joint venture since the entity's material financial and operational decisions require unanimous agreement of members in the board of directors due to the shareholders' agreement.  |

---

---

| | |
|:---|:---|
| (\*33) | Although the Group's effective percentage of ownership is more than 50%, the entity is classified as a joint venture considering the minimum number of the entity's board of directors' members required to agree for making decision on material financial and operational policies due to the joint shareholders' agreement.  |

---

---

| | |
|:---|:---|
| (\*34) | Although the Group's effective percentage of ownership is less than 50%, the entity is reclassified as a joint venture considering the Group can exercise significant influence on the entity due to the Group's contractual right to appoint a director to the entity's board of directors and the minimum number of the entity's board of directors members required to agree for making decision on material financial and operational policies in accordance with the joint shareholders' agreement .  |

---

---

| | |
|:---|:---|
| (\*35) | Although the Group's effective percentage of ownership is more than 50%, the entity is classified as a joint venture since the entity's material financial and operational decisions require unanimous agreement of members in the board of directors.  |

---

---

| | |
|:---|:---|
| (\*36) | The effective ownership interest is 1.32%, considering convertible redeemable preferred shares.  |

---

---

| | |
|:---|:---|
| (\*37) | Although the Group's effective percentage of ownership is less than 50%, the entity is reclassified as a joint venture considering the minimum number of the entity's board of directors' members required to agree for making decision on material financial and operational policies as the joint shareholders' agreement revised in the year ended December 31, 2024.  |

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **The fair values of investments in associates which are actively traded in an open market as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | | | | |
| **Investees** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  Korea Electric Power Industrial Development Co., Ltd. | W | 98511 |  | 88489 |
|  Korea Gas Corporation |  | 742770 |  | 655830 |
|  SPC Power Corporation |  | 134901 |  | 130063 |
|  PT. Bayan Resources TBK |  | 8959467 |  | 12298501 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
| **Investees** | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Disposals** | **Dividends<br>received** | **Share of<br>profit**<br>**(loss)** | **Other<br>comprehen-<br>sive income<br>(loss)** | **Others** | **Ending balance** |
|  Korea Gas Corporation | W | 2289304 |  |  | (27500) | 28811 | (5964) | (1116) | 2283535 |
|  Korea Electric Power Industrial Development Co., Ltd. |  | 30177 |  |  | (3470) | 4779 |  | 156 | 31642 |
|  Gangwon Wind Power Co., Ltd. |  | 11693 |  |  | (1420) | 2100 |  |  | 12373 |
|  Hyundai Green Power Co., Ltd. |  | 87393 |  |  | (3555) | 2678 |  | 33 | 86549 |
|  Korea Power Exchange |  | 273962 |  |  |  | (5173) |  | (6720) | 262069 |
|  Taebaek Guinemi Wind Power Co., Ltd. |  | 13559 |  |  |  | 1318 |  |  | 14877 |
|  Daeryun Power Co., Ltd. |  | 31093 |  |  |  | 3381 |  | 1 | 34475 |
|  KNH Solar Co., Ltd. |  | 2165 |  |  | (108) | (370) |  |  | 1687 |
|  SPC Power Corporation |  | 107574 |  |  | (16876) | 20767 | (4398) |  | 107067 |
|  Gemeng International Energy Co., Ltd. |  | 728338 |  |  | (19510) | 87732 | 15732 |  | 812292 |
|  PT. Cirebon Electric Power |  | 157530 |  |  |  | 8270 | (3688) |  | 162112 |
|  KNOC Nigerian East Oil Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  KNOC Nigerian West Oil Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  PT Wampu Electric Power |  | 39268 |  |  | (3928) | 1699 | (523) |  | 36516 |
|  PT. Bayan Resources TBK |  | 717376 |  |  | (109528) | 142742 | (18784) | (92) | 731714 |
|  S-Power Co., Ltd. |  | 180372 |  |  |  | 19962 | 1 |  | 200335 |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. |  | 73065 |  |  |  | (4845) | (2608) |  | 65612 |
|  PT. Mutiara Jawa |  | 5735 |  |  | (850) | (188) | (298) |  | 4399 |
|  Noeul Green Energy Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  Goseong Green Power Co., Ltd. |  | 284542 |  |  |  | (8457) |  |  | 276085 |
|  Gangneung Eco Power Co., Ltd. |  | 241814 |  |  |  | (14131) |  |  | 227683 |
|  Shin Pyeongtaek Power Co., Ltd. |  | 139059 |  |  |  | 9523 |  | 4 | 148586 |
|  Haeng Bok Do Si Photovoltaic Power Co., Ltd. |  | 360 |  |  | (104) | 18 |  |  | 274 |
|  Dongducheon Dream Power Co., Ltd. |  | 91351 |  |  |  | 10975 |  | (5) | 102321 |
|  Jinbhuvish Power Generation Pvt. Ltd. |  |  |  |  |  |  |  |  |  |
|  Daejung Offshore Wind Power Co., Ltd. |  | 1490 |  |  |  | (135) |  |  | 1355 |
|  GS Donghae Electric Power Co., Ltd. |  | 279432 |  |  | (12029) | 19675 |  | (282) | 286796 |
|  Daegu Photovoltaic Co., Ltd. |  | 2535 |  |  | (443) | 325 |  |  | 2417 |
|  Busan Green Energy Co., Ltd. |  | 2334 |  |  |  | (636) |  | 13 | 1711 |
|  Hansuwon KNP Co., Ltd. |  | 674 |  |  | (13) | 304 |  |  | 965 |
|  Korea Electric Power Corporation Fund |  | 13353 |  | (1730) |  | 3459 | (190) |  | 14892 |
|  Energy Infra Asset Management Co., Ltd. |  | 1268 |  |  |  | 131 |  |  | 1399 |
|  YaksuESS Co., Ltd. |  | 162 |  |  |  | (131) |  |  | 31 |
|  Nepal Water & Energy Development Company Private Limited |  | 170955 |  |  |  | 25028 | (3278) |  | 192705 |
|  Gwangyang Green Energy Co., Ltd. |  | 24217 |  |  |  | (436) |  |  | 23781 |
|  PND solar Co., Ltd. |  | 1735 |  |  |  | 203 |  |  | 1938 |
|  Hyundai Eco Energy Co., Ltd. |  | 8493 |  |  | (578) | 1244 |  |  | 9159 |
|  YeongGwang Yaksu Wind Electric Co., Ltd. |  | 41 |  |  |  | 20 |  |  | 61 |
|  Green Energy Electricity Generation Co., Ltd. |  |  |  |  |  | 230 |  |  | 230 |
|  Korea Energy Solutions Co., Ltd. |  | 197 |  |  |  | (58) |  |  | 139 |
|  ITR Co., Ltd. |  |  |  |  |  | (41) |  | 41 |  |
|  STN Co., Ltd. |  | 407 |  |  |  | (53) |  |  | 354 |
|  Indeck Niles Development, LLC |  | 370970 |  |  | (37126) | 60484 | (30653) |  | 363675 |
|  Indeck Niles Asset Management, LLC |  | 60 |  |  | (410) | 406 | (1) |  | 55 |
|  Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 |  | 6119 |  | (61) | (553) | 554 |  |  | 6059 |
|  Suwon New Power Co., Ltd. |  | 914 |  |  |  | (113) |  |  | 801 |
|  Gwangbaek Solar Power Investment Co., Ltd. |  | 5155 |  |  | (307) | 388 |  |  | 5236 |
|  Go deok Clean Energy Co., Ltd. |  | 5301 |  |  |  | 178 |  |  | 5479 |
|  SureDataLab Co., Ltd. |  | 48 |  |  |  | (49) |  | 4 | 3 |
|  SEP Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  Hankook Electric Power Information Co., Ltd. |  | 212 |  |  |  | 79 |  |  | 291 |
|  Tronix Co., Ltd. |  | 146 |  |  |  | (81) |  |  | 65 |
|  O2&B Global Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  Muan Sunshine Solar Power Plant Co., Ltd. |  | 2772 |  |  | (520) | 526 |  |  | 2778 |
|  Bigeum Resident Photovoltaic Power Co., Ltd. |  | 7908 |  |  |  | (339) |  |  | 7569 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2025 are as follows, continued:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
| **Investees** | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Disposals** | **Dividends<br>received** | **Share of<br>profit**<br>**(loss)** | **Other<br>comprehen-<br>sive income<br>(loss)** | **Others** | **Ending balance** |
|  Goesan Solar Park Co., Ltd. | W | 3133 |  |  | (400) | 193 |  |  | 2926 |
|  Saemangeum Heemang Photovoltaic Co., Ltd. |  | 16137 |  |  | (1102) | 1878 |  |  | 16913 |
|  Bitgoel Eco Energy Co., Ltd. |  | 13701 |  |  | (835) | 111 |  |  | 12977 |
|  Jeju Gimnyeong Wind Power Co., Ltd. |  | 250 |  |  |  | (250) |  |  |  |
|  Seoroseoro Sunny Power Plant Co., Ltd. |  | 1030 |  |  |  | 105 |  |  | 1135 |
|  Muan Solar park Co., Ltd. |  | 6267 |  |  | (1380) | 2049 |  | 1157 | 8093 |
|  YuDang Solar Co., Ltd. |  | 617 |  |  |  | 79 |  |  | 696 |
|  Anjwa Smart Farm & Solar City Co., Ltd. |  | 8298 |  |  |  | 1179 |  |  | 9477 |
|  KPE Green Energy Co., Ltd. |  | 8230 |  |  |  | 866 |  |  | 9096 |
|  G.GURU Co., Ltd. |  | 34 |  |  |  | (48) |  | 14 |  |
|  UD4M Co., Ltd. |  | 121 |  |  |  | (1) |  |  | 120 |
|  Dongbu Highway Solar Co., Ltd. |  | 512 |  |  |  | 11 |  |  | 523 |
|  Seobu Highway Solar Co., Ltd. |  | 579 |  |  |  | 104 |  |  | 683 |
|  Korea Energy Data Co., Ltd. |  | 23 |  |  |  | (23) |  |  |  |
|  Gangneung Sacheon Fuel Cell Co., Ltd. |  | 9306 |  |  |  | (101) |  |  | 9205 |
|  Taebaek Gadeoksan Wind Power Co., Ltd. |  | 22909 |  |  | (2891) | 6438 |  |  | 26456 |
|  Chuncheon Green Energy Co., Ltd. |  | 17672 |  |  |  | (1843) |  |  | 15829 |
|  Yeomsubong Wind Power Co., Ltd. |  | 603 |  |  |  | (278) |  |  | 325 |
|  Yeongyang Wind Power Corporation II |  | 11301 |  |  |  | 2105 |  |  | 13406 |
|  Haeparang Energy Co., Ltd. |  | 1950 |  |  |  | 765 | (1) |  | 2714 |
|  Saemangeum Sebit Power Plant Co., Ltd. |  | 37110 |  |  |  | 552 |  |  | 37662 |
|  PlatformN. Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  PT. Cirebon Energi Prasarana |  | 96846 |  |  |  | 3341 | (6182) |  | 94005 |
|  Green Radiation Co., Ltd. |  |  |  |  |  | 20 |  |  | 20 |
|  Future Convergence Technology Laboratory. Co., Ltd. |  | 22 |  |  |  | (2) |  |  | 20 |
|  Eco Motion Co., Ltd. |  | 229 |  |  |  | 105 |  |  | 334 |
|  REC's Innovation Co., Ltd. |  | 155 |  |  |  | 42 |  |  | 197 |
|  ACE |  | 5 |  |  |  | (1) |  |  | 4 |
|  Environment and Energy Co., Ltd. |  | 3 |  |  |  | (5) | 3 |  | 1 |
|  Santiago Solar Power SpA |  | 6961 |  |  |  | 496 | 551 |  | 8008 |
|  Yanggu Floating Photovoltaic Power Plant Inc. |  | 846 |  |  |  | 5 |  |  | 851 |
|  Power Embedded |  | 68 |  |  |  | (11) |  |  | 57 |
|  Changwon SG Energy Co., Ltd. |  | 682 |  |  |  | (9) |  |  | 673 |
|  Donpyung Technology. Co., Ltd. |  | 281 |  |  |  | 14 |  |  | 295 |
|  HORANG ENERGY Inc. |  | 3808 |  |  |  | 401 |  |  | 4209 |
|  Hoenggye Renewable Energy Co., Ltd |  | 2375 |  |  |  |  |  |  | 2375 |
|  Haman Green Energy Co., Ltd. |  | 2810 |  |  |  | 2966 |  |  | 5776 |
|  Songsan Green Energy Co., Ltd. |  | 7908 |  |  |  | 3542 |  |  | 11450 |
|  SkyPic Inc. |  | 26 |  |  |  | 4 |  |  | 30 |
|  HyChangwon Fuel Cell. Co., Ltd. |  | 9278 |  |  |  | (635) |  |  | 8643 |
|  Dreams Co.,Ltd. |  | 11 |  |  |  | (8) |  |  | 3 |
|  DEEPAI Co.,Ltd. |  | 11 |  |  |  | (3) |  |  | 8 |
|  Amaala Sustainable Company for Energy LLC |  | 18 |  |  |  |  |  |  | 18 |
|  Remal First Holding Company |  |  | 1 |  |  | (1) |  |  |  |
|  Naseem First Holding Company |  |  | 1 |  |  | (1) |  |  |  |
|  Cheonwang Green Energy Co., Ltd. |  |  | 652 |  |  | (158) |  |  | 494 |
|  Namjeju Bitdream Energy Co., Ltd. |  |  | 5325 |  |  | (65) |  |  | 5260 |
|  Jeju Bukchon BESS Power Plant Co., Ltd. |  |  | 3690 |  |  | (1157) | (53) |  | 2480 |
|  Commerce and Industry Energy Co., Ltd. |  |  |  |  |  |  |  | 498 | 498 |
|  KI Tech Co., Ltd. |  |  | 247 |  |  | (76) |  |  | 171 |
|  Enlight Energy Advanced Industry Venture Fund |  |  | 3150 |  |  |  |  |  | 3150 |
|  Gunsan Green Energy Co., Ltd. |  |  | 2043 |  |  |  |  |  | 2043 |
|  |  | 6704754 | 15109 | (1791) | (245436) | 445448 | (60334) | (6294) | 6851456 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2025 are as follows, continued:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
| **Investees** | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Disposals** | **Dividends<br>received** | **Share of<br>profit**<br>**(loss)** | **Other<br>comprehen-<br>sive income<br>(loss)** | **Others** | **Ending balance** |
|  Shuweihat Asia Power Investment B.V. | W | 86450 |  |  | (1087) | 1699 | (4832) |  | 82230 |
|  Shuweihat Asia Operation & Maintenance Company |  | 2138 |  |  | (622) | 1368 | (47) |  | 2837 |
|  Waterbury Lake Uranium L.P. |  | 23756 | 4232 |  |  | 17 | 571 |  | 28576 |
|  ASM-BG Investicii AD |  | 16936 |  |  |  | 1954 | 1720 | (119) | 20491 |
|  RES Technology AD |  | 15069 |  |  |  | 118 | 1489 | (4) | 16672 |
|  KV Holdings, Inc. |  | 6921 |  |  |  | 891 | (1438) |  | 6374 |
|  KEPCO SPC Power Corporation |  | 159139 |  |  | (39832) | 6106 | (5970) |  | 119443 |
|  Gansu Datang Yumen Wind Power Co., Ltd. |  | 7919 |  |  |  | (31) | 141 |  | 8029 |
|  Datang Chifeng Renewable Power Co., Ltd. |  | 204516 |  |  |  | 3974 | 3640 |  | 212130 |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. |  | 48325 |  |  |  | 330 | 846 |  | 49501 |
|  Rabigh Electricity Company |  | 269893 |  |  | (1696) | 28441 | (10833) |  | 285805 |
|  Rabigh Operation & Maintenance Company Limited |  | 8311 |  |  | (1835) | 3080 | 535 |  | 10091 |
|  Jamaica Public Service Company Limited |  | 412616 |  |  | (9700) | 14193 | (5435) | 603 | 412277 |
|  KW Nuclear Components Co., Ltd. |  | 18758 |  |  | (833) | 4440 |  |  | 22365 |
|  Busan Shinho Solar Power Co., Ltd. |  | 6993 |  |  | (1250) | 517 |  |  | 6260 |
|  Global Trade Of Power System Co., Ltd. |  | 696 |  |  |  | 12 |  |  | 708 |
|  Expressway Solar-light Power Generation Co., Ltd. |  | 5771 |  |  | (650) | (463) |  |  | 4658 |
|  Amman Asia Electric Power Company |  | 268864 |  |  |  | 17500 | (11613) |  | 274751 |
|  KAPES, Inc. |  |  |  |  | (1904) | 1904 |  |  |  |
|  Honam Wind Power Co., Ltd. |  | 4833 |  |  | (435) | 500 |  |  | 4898 |
|  Korea Power Engineering Service Co., Ltd. |  | 6054 |  |  | (203) | 541 |  | 12 | 6404 |
|  Chun-cheon Energy Co., Ltd. |  | 36599 |  |  |  | 104 |  |  | 36703 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. |  | 3729 |  |  |  | 106 |  |  | 3835 |
|  Nghi Son 2 Power LLC |  | 563079 |  |  |  | 44061 | (40440) |  | 566700 |
|  Kelar S.A. |  | 152367 |  |  |  | 7027 | (6100) |  | 153294 |
|  PT. Tanjung Power Indonesia |  | 100580 |  |  | (4785) | 7202 | (4229) | (547) | 98221 |
|  Incheon New Power Co., Ltd. |  | 302 |  |  |  | 153 |  |  | 455 |
|  Seokmun Energy Co., Ltd. |  | 15456 |  |  |  | (891) |  |  | 14565 |
|  Daehan Wind Power PSC |  | 21327 |  |  |  | 3521 | 247 |  | 25095 |
|  Barakah One Company |  |  | 1794047 |  |  | (92162) | (29378) |  | 1672507 |
|  Nawah Energy Company |  | 392 |  |  |  | 8 | (8) |  | 392 |
|  MOMENTUM |  | 195 |  |  | (203) | 98 | 16 |  | 106 |
|  Daegu Green Power Co., Ltd. |  | 30513 |  |  |  | 583 |  | 23 | 31119 |
|  Yeonggwang Wind Power Co., Ltd. |  | 26146 |  |  |  | 3112 |  |  | 29258 |
|  Chester Solar IV SpA |  | 1452 |  |  |  | 3681 | 216 |  | 5349 |
|  Chester Solar V SpA |  | 262 |  |  |  | 477 | 17 |  | 756 |
|  Diego de Almagro Solar SpA |  | 1700 |  |  |  | 2980 | 240 |  | 4920 |
|  South Jamaica Power Company Limited |  | 48760 |  |  | (3618) | 4568 | (1035) |  | 48675 |
|  Daesan Green Energy Co., Ltd. |  | 25331 |  |  |  | (3575) |  | (1) | 21755 |
|  RE Holiday Holdings LLC |  | 89780 |  |  |  | (6460) | (2689) |  | 80631 |
|  RE Pioneer Holdings LLC |  | 55622 |  |  |  | (5430) | (1361) |  | 48831 |
|  RE Barren Ridge 1 Holdings LLC |  | 59806 |  |  | (1663) | (1781) | (1537) |  | 54825 |
|  RE Astoria 2 LandCo LLC |  | 8119 |  |  | (414) | 626 | (194) |  | 8137 |
|  RE Barren Ridge LandCo LLC |  | 2857 |  |  | (164) | 245 | (68) |  | 2870 |
|  Laurel SpA |  | 1432 |  |  |  | 1562 | 98 |  | 3092 |
|  KIAMCO KOWEPO Bannerton Hold Co Pty Ltd |  | 1149 |  |  |  | 1 | (244) |  | 906 |
|  Cheong-Song Noraesan Wind Power Co., Ltd. |  | 4317 |  |  | (692) | 495 |  |  | 4120 |
|  Chester Solar I SpA |  | 1649 |  |  |  | 1581 | 187 |  | 3417 |
|  Solar Philippines Calatagan Corporation |  | 63695 |  |  | (6480) | 6258 | (2360) |  | 61113 |
|  Saemangeum Solar Power Co., Ltd. |  | 23277 |  |  |  | (154) |  |  | 23123 |
|  Chungsongmeon BongSan wind power Co., Ltd. |  | 2590 |  |  |  | (286) |  |  | 2304 |
|  Jaeun Resident Wind Power Plant Co., Ltd. |  | 2045 |  |  |  | (2045) |  |  |  |
|  DE Energia SpA |  | 11062 |  | (9409) | (1653) |  |  |  |  |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2025 are as follows, continued:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
| **Investees** | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Disposals** | **Dividends<br>received** | **Share of<br>profit**<br>**(loss)** | **Other<br>comprehen-<br>sive income<br>(loss)** | **Others** | **Ending balance** |
|  Dangjin Eco Power Co., Ltd. | W | 26867 |  |  |  | 263 | 18 | 2 | 27150 |
|  Haemodum Solar Co., Ltd. |  | 3230 |  |  | (235) | 156 |  |  | 3151 |
|  Yangyang Wind Power Co., Ltd. |  | 11640 |  |  |  | 3491 |  |  | 15131 |
|  HORUS SOLAR, S.A. DE C.V. |  | 1488 |  |  |  | 1313 | (156) |  | 2645 |
|  RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. |  | 4452 |  |  |  | 461 | (311) |  | 4602 |
|  SUNMEX RENOVABLES, S.A. DE C.V. |  | 1687 |  |  |  | 1409 | 309 |  | 3405 |
|  Stavro Holding II A.B. |  | 16459 |  |  |  | (1227) | 1144 | 1686 | 18062 |
|  Solaseado Solar Power Co., Ltd. |  | 22793 |  |  |  | 3760 |  |  | 26553 |
|  Yeongam Solar Power Co., Ltd. |  | 11828 |  |  |  | 387 |  |  | 12215 |
|  Samsu Wind Power Co., Ltd. |  | 2851 |  |  | (121) | 580 |  |  | 3310 |
|  Pulau Indah Power Plant Sdn. Bhd. |  | 50721 | 5493 |  |  | 2464 | (1681) |  | 56997 |
|  NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |  | 15433 | 1779 |  |  | (6211) |  |  | 11001 |
|  Shin-han BNPP Private Investment Trust for East-West Sunlight Dream |  | 15496 |  | (523) | (905) | 955 |  |  | 15023 |
|  PT Barito Wahana Tenaga |  | 207565 |  |  |  | 37915 | (19652) |  | 225828 |
|  Cheongna Energy Co., Ltd. |  | 46158 |  |  |  | 21688 |  |  | 67846 |
|  Naepo Green Energy Co., Ltd. |  | 48031 |  |  | (13432) | 24643 |  |  | 59242 |
|  Boim Combined Heat and Power Generation Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  OneEnergy Asia Limited |  | 465349 | 38861 |  |  | 26030 | (35837) |  | 494403 |
|  KAS INVESTMENT I LLC |  | 6078 |  |  |  | (6522) | 457 |  | 13 |
|  KAS INVESTMENT II LLC |  | 6040 |  |  |  | (6481) | 454 |  | 13 |
|  Energyco Co., Ltd. |  | 2322 |  |  |  | 307 |  |  | 2629 |
|  CAES, LLC |  | 20659 |  |  | (742) | (1235) | (141) | (443) | 18098 |
|  Hapcheon Floating Photovoltaic Power Plant Inc. |  | 11334 |  |  |  | 1457 |  | 1 | 12792 |
|  Busan Industrial Solar Power Co., Ltd. |  | 1160 |  |  |  | 191 |  |  | 1351 |
|  Bitsolar Energy Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  Pulau Indah O&M Sdn. Bhd. |  |  |  |  |  | 59 | 3 |  | 62 |
|  Guadalupe Solar SpA |  | 781 |  |  |  | 1355 | 141 |  | 2277 |
|  Omisan Wind Power Co., Ltd. |  | 10859 |  |  |  | 1345 |  |  | 12204 |
|  Foresight Iberian Solar Group Holding, S.L. |  |  |  |  |  | (8169) | (833) | 9002 |  |
|  Yeongwol Eco Wind Co., Ltd. |  | 890 |  |  |  | (259) |  |  | 631 |
|  Gurae Resident Power Co., Ltd. |  | 333 |  |  |  | 75 |  |  | 408 |
|  Cheongju Eco Park Co., Ltd. |  | 10636 |  |  |  | 381 |  |  | 11017 |
|  Enel X Midland Photovoltaic, LLC |  | 2715 |  |  |  | 107 |  |  | 2822 |
|  Geumsungsan Wind Power Co., Ltd. |  | 7840 |  |  |  | (302) |  |  | 7538 |
|  KEPCO KPS CARABAO Corp. |  |  |  |  |  |  |  |  |  |
|  Prime Swedish Holding AB |  | 37559 |  |  | (203) | (2301) | 3609 |  | 38664 |
|  Goheung New Energy Co., Ltd. |  | 15768 |  |  |  | 2470 |  |  | 18238 |
|  Gunsan Land Solar Co., Ltd. |  | 23163 |  |  | (3011) | 3670 |  |  | 23822 |
|  CapMan Lynx SCA, SICAR |  |  |  |  |  |  |  |  |  |
|  International Offshore Power Transmission Holding Company Limited |  | 11038 |  |  |  | (133) | (10905) |  |  |
|  Pyeongchang Wind Power Co., Ltd. |  | 12147 |  |  |  | 700 |  | 4 | 12851 |
|  Eumseong Eco Park Co., Ltd. |  | 11613 |  |  |  | 12 |  |  | 11625 |
|  Changwon Nu-ri Energy Co., Ltd. |  | 7658 |  |  |  | 1825 |  | 3 | 9486 |
|  PungBack Wind Farm Corporation |  | 7760 |  |  |  | (1393) |  |  | 6367 |
|  Trumbull Asset Management, LLC |  | 1297 |  |  |  | (37) | (32) |  | 1228 |
|  S-Power Chile SpA |  | 159 |  |  |  | 361 | 18 |  | 538 |
|  Seungmun Green Energy |  | 12745 |  |  |  | (288) |  |  | 12457 |
|  Seobusambo highway photovoltaics Co., Ltd. |  | 3309 |  |  |  | 215 |  |  | 3524 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2025 are as follows, continued:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  *In millions of won* |  |  |  |  |  |  |  |  |  |
| **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
| **Investees** | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Disposals** | **Dividends<br>received** | **Share of<br>profit**<br>**(loss)** | **Other<br>comprehen-<br>sive income<br>(loss)** | **Others** | **Ending balance** |
|  Yangyang Suri Wind Power Co., Ltd. | W | 8643 |  |  |  | 925 |  |  | 9568 |
|  Kepco for Power Company |  | 17906 |  |  |  | 292 | (5215) |  | 12983 |
|  Taebaek Wind Power Co., Ltd. |  | 14759 |  |  | (2399) | 277 |  |  | 12637 |
|  Jeonju Bio Green Energy Co., Ltd. |  | 2566 |  | (1776) |  | (790) |  |  |  |
|  Kumyang Eco Park Co., Ltd. |  | 3841 |  |  |  | 3033 |  |  | 6874 |
|  Jeongeup Green Power Co., Ltd. |  | 8846 |  |  |  | (2122) |  |  | 6724 |
|  Hadong E-factory Co., Ltd. |  | 344 |  |  |  | (4) |  |  | 340 |
|  Namyangju Combined Heat and Power Co., Ltd. |  | 51768 | 95336 |  |  | 36 | 6 |  | 147146 |
|  Wadi Noor Solar Power Company SAOC |  | 1392 |  |  |  | 726 | (2118) |  |  |
|  Samcheok Eco Materials Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  Fairhaven Energy Storage LLC |  |  |  |  |  |  |  |  |  |
|  Rutile BESS Holdings, LLC |  | 1 | 21466 |  |  | (2274) | (94) |  | 19099 |
|  Trumbull Development Partners, LLC |  | 355379 | 110631 |  |  | (11696) | (15046) |  | 439268 |
|  Imha Floating Photovoltaic Power Plant Inc. |  | 6351 |  |  |  | (724) |  |  | 5627 |
|  EDFR KOWEPO AJBAN PV HOLDING LIMITED |  | 85 |  |  |  | (49) | 818 |  | 854 |
|  Roof One Energy Co., Ltd. |  | 2000 |  |  |  | (67) |  |  | 1933 |
|  Taean Haetdeulwon Solar Power Co., Ltd. |  |  | 7992 |  |  | 663 | (18) |  | 8637 |
|  Haetbyeotgil Solar Power Co., Ltd. |  |  | 704 |  |  | 28 |  |  | 732 |
|  Seongseo Neulpureun Energy Co., Ltd. |  |  | 797 |  |  | (116) |  |  | 681 |
|  Luluah SKY Energy Holding Ltd. |  |  | 103 |  |  | (44) | 4 |  | 63 |
|  KES Yona Holdings LLC |  |  |  |  |  |  |  |  |  |
|  Siraj AlTaqa AlNazifa |  |  |  |  |  |  |  |  |  |
|  Nour Ibri Solar Power Company |  |  | 364 |  |  |  | 9 |  | 373 |
|  Lucy Equity Holdings, LLC |  |  | 9612 |  |  | (1110) | (8532) | 30 |  |
|  |  | 4581340 | 2091417 | (11708) | (100767) | 155227 | (213429) | 10252 | 6512332 |
|  | W | 11286094 | 2106526 | (13499) | (346203) | 600675 | (273763) | 3958 | 13363788 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2025 are as follows, continued:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
| **Investees** | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Disposals** | **Dividends<br>received** | **Share of<br>profit**<br>**(loss)** | **Other<br>comprehen-<br>sive income<br>(loss)** | **Others** | **Ending balance** |
|  Korea Gas Corporation | W | 1970643 |  |  |  | 248385 | 36628 | 33648 | 2289304 |
|  Korea Electric Power Industrial Development Co., Ltd. |  | 29500 |  |  | (2801) | 3124 |  | 354 | 30177 |
|  YTN Co., Ltd. |  | 52303 |  | (52303) |  |  |  |  |  |
|  Gangwon Wind Power Co., Ltd. |  | 12001 |  |  | (1420) | 1112 |  |  | 11693 |
|  Hyundai Green Power Co., Ltd. |  | 118173 |  |  | (3555) | 2712 |  | (29937) | 87393 |
|  Korea Power Exchange |  | 274286 |  |  |  | 2768 | (59) | (3033) | 273962 |
|  Taebaek Guinemi Wind Power Co., Ltd. |  | 13530 |  |  |  | 29 |  |  | 13559 |
|  Daeryun Power Co., Ltd. |  | 26834 |  |  |  | 4301 |  | (42) | 31093 |
|  KNH Solar Co., Ltd. |  | 3194 |  |  | (1620) | 591 |  |  | 2165 |
|  SPC Power Corporation |  | 78931 |  |  | (13529) | 13412 | 28760 |  | 107574 |
|  Gemeng International Energy Co., Ltd. |  | 705812 |  |  | (22908) | (33472) | 78870 | 36 | 728338 |
|  PT. Cirebon Electric Power |  | 134259 |  |  |  | 4144 |  | 19127 | 157530 |
|  KNOC Nigerian East Oil Co., Ltd. |  |  |  |  |  | (12334) | 1621 | 10713 |  |
|  KNOC Nigerian West Oil Co., Ltd. |  |  |  |  |  | 1519 | 1475 | (2994) |  |
|  PT Wampu Electric Power |  | 34555 |  |  | (3765) | 3495 | 152 | 4831 | 39268 |
|  PT. Bayan Resources TBK |  | 619207 |  |  | (168698) | 187634 | 79332 | (99) | 717376 |
|  S-Power Co., Ltd. |  | 162765 |  |  |  | 17607 |  |  | 180372 |
|  Pioneer Gas Power Limited |  |  |  |  |  |  |  |  |  |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. |  | 116378 |  |  |  | (20217) | 11861 | (34957) | 73065 |
|  PT. Mutiara Jawa |  | 5168 |  |  |  | 103 | 464 |  | 5735 |
|  Samcheok Eco Materials Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  Noeul Green Energy Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  Goseong Green Power Co., Ltd. |  | 287624 |  |  |  | (3026) |  | (56) | 284542 |
|  Gangneung Eco Power Co., Ltd. |  | 254929 |  |  |  | (13115) |  |  | 241814 |
|  Shin Pyeongtaek Power Co., Ltd. |  | 145026 |  |  | (30080) | 24145 |  | (32) | 139059 |
|  Haeng Bok Do Si Photovoltaic Power Co., Ltd. |  | 294 |  |  |  | 66 |  |  | 360 |
|  Dongducheon Dream Power Co., Ltd. |  | 87203 |  |  |  | 4141 |  | 7 | 91351 |
|  Jinbhuvish Power Generation Pvt. Ltd. |  |  |  |  |  |  |  |  |  |
|  Daejung Offshore Wind Power Co., Ltd. |  | 1483 |  |  |  | 7 |  |  | 1490 |
|  GS Donghae Electric Power Co., Ltd. |  | 259085 |  |  |  | 20323 |  | 24 | 279432 |
|  Daegu Photovoltaic Co., Ltd. |  | 2804 |  |  | (344) | 75 |  |  | 2535 |
|  Busan Green Energy Co., Ltd. |  | 3259 |  |  |  | (910) |  | (15) | 2334 |
|  Hansuwon KNP Co., Ltd. |  | 467 |  |  |  | 207 |  |  | 674 |
|  Korea Electric Power Corporation Fund |  | 23421 |  | (9637) |  | 479 | (910) |  | 13353 |
|  Energy Infra Asset Management Co., Ltd. |  | 1213 |  |  | (89) | 144 |  |  | 1268 |
|  Daegu clean Energy Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  YaksuESS Co., Ltd. |  | 285 |  |  |  | (123) |  |  | 162 |
|  Nepal Water & Energy Development Company Private Limited |  | 110573 |  |  |  | 7392 | 52990 |  | 170955 |
|  Gwangyang Green Energy Co., Ltd. |  | 24638 |  |  |  | (421) |  |  | 24217 |
|  PND solar Co., Ltd. |  | 1510 |  |  |  | 225 |  |  | 1735 |
|  Hyundai Eco Energy Co., Ltd. |  | 7947 |  |  | (477) | 1024 |  | (1) | 8493 |
|  YeongGwang Yaksu Wind Electric Co., Ltd. |  | 133 |  |  |  | (92) |  |  | 41 |
|  Green Energy Electricity Generation Co., Ltd. |  | 8 |  |  |  | (8) |  |  |  |
|  Korea Energy Solutions Co., Ltd. |  | 170 |  |  |  | 27 |  |  | 197 |
|  ITR Co., Ltd. |  |  |  |  |  | (12) |  | 12 |  |
|  STN Co., Ltd. |  | 391 |  |  |  | 16 |  |  | 407 |
|  Indeck Niles Development, LLC |  | 335401 |  | (14551) | (10591) | 12909 | 47802 |  | 370970 |
|  Indeck Niles Asset Management, LLC |  | 93 |  |  | (416) | 373 | 10 |  | 60 |
|  Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 |  | 6496 |  | (374) | (360) | 358 | (1) |  | 6119 |
|  Suwon New Power Co., Ltd. |  | 1022 |  |  |  | (108) |  |  | 914 |
|  Gwangbaek Solar Power Investment Co., Ltd. |  | 5155 |  |  | (523) | 523 |  |  | 5155 |
|  Go deok Clean Energy Co., Ltd. |  | 4723 |  |  |  | 578 |  |  | 5301 |
|  SureDataLab Co., Ltd. |  | 114 |  |  |  | (66) |  |  | 48 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2025 are as follows, continued:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
| **Investees** | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Disposals** | **Dividends<br>received** | **Share of<br>profit**<br>**(loss)** | **Other<br>comprehen-<br>sive income<br>(loss)** | **Others** | **Ending balance** |
|  SEP Co., Ltd. | W |  |  |  |  |  |  |  |  |
|  Hankook Electric Power Information Co., Ltd. |  | 214 |  |  |  | (2) |  |  | 212 |
|  Tronix Co., Ltd. |  | 220 |  |  |  | (74) |  |  | 146 |
|  O2&B Global Co., Ltd. |  | 21 |  |  |  | (21) |  |  |  |
|  Muan Sunshine Solar Power Plant Co., Ltd. |  | 2822 |  |  | (560) | 510 |  |  | 2772 |
|  Bigeum Resident Photovoltaic Power Co., Ltd. |  |  | 9525 |  |  | (1560) | (57) |  | 7908 |
|  Goesan Solar Park Co., Ltd. |  | 2877 |  |  |  | 256 |  |  | 3133 |
|  Saemangeum Heemang Photovoltaic Co., Ltd. |  | 14420 |  |  |  | 1717 |  |  | 16137 |
|  Bitgoel Eco Energy Co., Ltd. |  | 12394 |  |  | (1905) | 3212 | 13 | (13) | 13701 |
|  Jeju Gimnyeong Wind Power Co., Ltd. |  | 246 |  |  |  | 4 |  |  | 250 |
|  Seoroseoro Sunny Power Plant Co., Ltd. |  | 941 |  |  |  | 89 |  |  | 1030 |
|  Muan Solar park Co., Ltd. |  | 6830 |  |  | (1400) | 837 |  |  | 6267 |
|  YuDang Solar Co., Ltd. |  | 570 |  |  | (60) | 110 |  | (3) | 617 |
|  Anjwa Smart Farm & Solar City Co., Ltd. |  | 7665 |  |  |  | 633 |  |  | 8298 |
|  KPE Green Energy Co., Ltd. |  | 7779 |  |  |  | 451 |  |  | 8230 |
|  G.GURU Co., Ltd. |  | 167 |  |  |  | (133) |  |  | 34 |
|  UD4M Co., Ltd. |  | 150 |  |  |  | (29) |  |  | 121 |
|  Dongbu Highway Solar Co., Ltd. |  | 380 |  |  |  | 132 |  |  | 512 |
|  Seobu Highway Solar Co., Ltd. |  | 406 |  |  |  | 173 |  |  | 579 |
|  Korea Energy Data Co., Ltd. |  | 36 |  |  |  | (13) |  |  | 23 |
|  Gangneung Sacheon Fuel Cell Co., Ltd. |  | 7870 |  |  |  | 1436 |  |  | 9306 |
|  KOSTURE Co., Ltd. |  | 8 |  | (7) |  | (1) |  |  |  |
|  Taebaek Gadeoksan Wind Power Co., Ltd. |  | 19426 |  |  | (1767) | 5250 |  |  | 22909 |
|  Chuncheon Green Energy Co., Ltd. |  | 8900 |  |  |  | 8772 |  |  | 17672 |
|  Yeomsubong Wind Power Co., Ltd. |  | 871 |  |  |  | (268) |  |  | 603 |
|  Yeongyang Wind Power Corporation II |  | 10100 |  |  |  | 1201 |  |  | 11301 |
|  Haeparang Energy Co., Ltd. |  | 2104 |  |  |  | (154) |  |  | 1950 |
|  Saemangeum Sebit Power Plant Co., Ltd. |  | 37191 |  |  |  | (81) |  |  | 37110 |
|  Boulder Solar III, LLC |  | 754 |  | (754) |  |  |  |  |  |
|  PlatformN. Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  PT. Cirebon Energi Prasarana |  | 76597 |  |  |  | 6051 | 2782 | 11416 | 96846 |
|  Green Radiation Co., Ltd. |  | 26 |  |  |  | (26) |  |  |  |
|  Future Convergence Technology Laboratory. Co., Ltd. |  | 36 |  |  |  | (14) |  |  | 22 |
|  Eco Motion Co., Ltd. |  | 267 |  |  |  | (38) |  |  | 229 |
|  REC's Innovation Co., Ltd. |  | 120 |  |  |  | 59 |  | (24) | 155 |
|  ACE |  | 2 |  |  |  | 3 |  |  | 5 |
|  Environment and Energy Co., Ltd. |  | 9 |  |  |  | (4) | (2) |  | 3 |
|  Santiago Solar Power SpA |  | 11769 |  |  |  | (4877) | 69 |  | 6961 |
|  Yanggu Floating Photovoltaic Power Plant Inc. |  | 760 |  |  |  | 86 |  |  | 846 |
|  Power Embedded |  | 70 |  |  |  | (2) |  |  | 68 |
|  Changwon SG Energy Co., Ltd. |  | 783 |  |  |  | (101) |  |  | 682 |
|  Donpyung Technology. Co., Ltd. |  | 254 |  |  |  | 27 |  |  | 281 |
|  HORANG ENERGY Inc. |  | 4149 |  |  |  | (341) |  |  | 3808 |
|  Hoenggye Renewable Energy Co., Ltd |  | 2375 |  |  |  |  |  |  | 2375 |
|  Haman Green Energy Co., Ltd. |  | 2981 |  |  |  | (145) | (26) |  | 2810 |
|  Songsan Green Energy Co., Ltd. |  | 8323 |  |  |  | (415) |  |  | 7908 |
|  SkyPic Inc. |  |  | 26 |  |  |  |  |  | 26 |
|  HyChangwon Fuel Cell. Co., Ltd. |  |  | 9396 |  |  | (118) |  |  | 9278 |
|  Dreams Co.,Ltd. |  |  | 11 |  |  |  |  |  | 11 |
|  DEEPAI Co.,Ltd. |  |  | 11 |  |  |  |  |  | 11 |
|  Amaala Sustainable Company for Energy LLC |  |  | 18 |  |  |  |  |  | 18 |
|  |  | 6176889 | 18987 | (77626) | (266868) | 502636 | 341774 | 8962 | 6704754 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2025 are as follows, continued:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
| **Investees** | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Disposals** | **Dividends<br>received** | **Share of<br>profit**<br>**(loss)** | **Other<br>comprehen-<br>sive income<br>(loss)** | **Others** | **Ending balance** |
|  Shuweihat Asia Power Investment B.V. | W | 69902 |  |  |  | 1709 | 14839 |  | 86450 |
|  Shuweihat Asia Operation & Maintenance Company |  | 1818 |  |  | (1200) | 1262 | 258 |  | 2138 |
|  Waterbury Lake Uranium L.P. |  | 22612 |  |  |  | 74 | 1070 |  | 23756 |
|  ASM-BG Investicii AD |  | 14739 |  |  |  | 1413 | 784 |  | 16936 |
|  RES Technology AD |  | 14383 |  |  |  | (145) | 831 |  | 15069 |
|  KV Holdings, Inc. |  | 5186 |  |  | (989) | 720 | 574 | 1430 | 6921 |
|  KEPCO SPC Power Corporation |  | 196544 |  |  | (28591) | 16714 | (25528) |  | 159139 |
|  Gansu Datang Yumen Wind Power Co., Ltd. |  | 6315 |  |  |  | 812 | 792 |  | 7919 |
|  Datang Chifeng Renewable Power Co., Ltd. |  | 186739 |  |  | (10624) | 7772 | 20629 |  | 204516 |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. |  | 43207 |  |  | (591) | 813 | 4896 |  | 48325 |
|  Rabigh Electricity Company |  | 235051 |  |  | (7270) | 17147 | 24965 |  | 269893 |
|  Rabigh Operation & Maintenance Company Limited |  | 4964 |  |  |  | 2461 | 886 |  | 8311 |
|  Jamaica Public Service Company Limited |  | 349866 |  |  | (15215) | 28849 | 49463 | (347) | 412616 |
|  KW Nuclear Components Co., Ltd. |  | 18680 |  |  | (833) | 911 |  |  | 18758 |
|  Busan Shinho Solar Power Co., Ltd. |  | 6669 |  |  | (667) | 991 |  |  | 6993 |
|  Global Trade Of Power System Co., Ltd. |  | 615 |  |  |  | 81 |  |  | 696 |
|  Expressway Solar-light Power Generation Co., Ltd. |  | 5187 |  |  |  | 584 |  |  | 5771 |
|  Amman Asia Electric Power Company |  | 223424 |  |  | (8171) | 20485 | 33126 |  | 268864 |
|  KAPES, Inc. |  |  |  |  | (1095) | 1095 |  |  |  |
|  Honam Wind Power Co., Ltd. |  | 4743 |  |  | (435) | 525 |  |  | 4833 |
|  Korea Power Engineering Service Co., Ltd. |  | 5708 |  |  |  | 419 |  | (73) | 6054 |
|  Chun-cheon Energy Co., Ltd. |  | 35083 |  |  |  | 1516 |  |  | 36599 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. |  | 3443 |  |  |  | 286 |  |  | 3729 |
|  Nghi Son 2 Power LLC |  | 417989 |  |  |  | 45889 | 99201 |  | 563079 |
|  Kelar S.A. |  | 131529 |  |  |  | 4739 | (2498) | 18597 | 152367 |
|  PT. Tanjung Power Indonesia |  | 90151 |  |  | (8349) | 6138 | 14122 | (1482) | 100580 |
|  Incheon New Power Co., Ltd. |  | 298 |  |  |  | 4 |  |  | 302 |
|  Seokmun Energy Co., Ltd. |  | 16591 |  |  |  | (1135) |  |  | 15456 |
|  Daehan Wind Power PSC |  | 16426 |  |  |  | 1779 | 3122 |  | 21327 |
|  Barakah One Company |  |  |  |  |  |  |  |  |  |
|  Nawah Energy Company |  | 330 |  |  |  | 14 | 48 |  | 392 |
|  MOMENTUM |  | 209 |  |  | (225) | 196 | 15 |  | 195 |
|  Daegu Green Power Co., Ltd. |  | 26430 |  |  |  | 4103 |  | (20) | 30513 |
|  Yeonggwang Wind Power Co., Ltd. |  | 23380 |  |  |  | 2766 |  |  | 26146 |
|  Chester Solar IV SpA |  | 484 | 1076 |  |  | (216) | 108 |  | 1452 |
|  Chester Solar V SpA |  | 191 | 108 |  |  | (66) | 29 |  | 262 |
|  Diego de Almagro Solar SpA |  | 954 | 810 |  |  | (160) | 96 |  | 1700 |
|  South Jamaica Power Company Limited |  | 43109 |  |  | (2895) | 2704 | 5842 |  | 48760 |
|  Daesan Green Energy Co., Ltd. |  | 22191 |  |  |  | 3144 |  | (4) | 25331 |
|  RE Holiday Holdings LLC |  | 84092 |  |  |  | (3139) | 8827 |  | 89780 |
|  RE Pioneer Holdings LLC |  | 54081 |  |  |  | (2910) | 4451 |  | 55622 |
|  RE Barren Ridge 1 Holdings LLC |  | 58154 |  |  | (1966) | (1546) | 5164 |  | 59806 |
|  RE Astoria 2 LandCo LLC |  | 6937 |  |  | (404) | 594 | 992 |  | 8119 |
|  RE Barren Ridge LandCo LLC |  | 2441 |  |  | (170) | 237 | 349 |  | 2857 |
|  Laurel SpA |  | 613 | 934 |  |  | (228) | 113 |  | 1432 |
|  KIAMCO KOWEPO Bannerton Hold Co Pty Ltd |  | 3719 |  |  |  | 9 | 435 | (3014) | 1149 |
|  Cheong-Song Noraesan Wind Power Co., Ltd. |  | 3756 |  |  |  | 560 |  | 1 | 4317 |
|  Chester Solar I SpA |  | 1238 | 134 |  |  | 184 | 93 |  | 1649 |
|  Solar Philippines Calatagan Corporation |  | 58130 |  |  | (6107) | 6523 | 5149 |  | 63695 |
|  Saemangeum Solar Power Co., Ltd. |  | 23419 |  |  |  | (142) |  |  | 23277 |
|  Chungsongmeon BongSan wind power Co., Ltd. |  | 2665 |  |  |  | (75) |  |  | 2590 |
|  Jaeun Resident Wind Power Plant Co., Ltd. |  | 2214 |  |  |  | (169) |  |  | 2045 |
|  DE Energia SpA |  | 9703 |  |  |  |  | 1359 |  | 11062 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2025 are as follows, continued:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
| **Investees** | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Disposals** | **Dividends<br>received** | **Share of<br>profit**<br>**(loss)** | **Other<br>comprehen-<br>sive income<br>(loss)** | **Others** | **Ending balance** |
|  Dangjin Eco Power Co., Ltd. | W | 26753 |  |  |  | 253 | (139) |  | 26867 |
|  Haemodum Solar Co., Ltd. |  | 3122 |  |  |  | 108 |  |  | 3230 |
|  Yangyang Wind Power Co., Ltd. |  | 10435 |  |  |  | 1209 |  | (4) | 11640 |
|  HORUS SOLAR, S.A. DE C.V. |  | 11181 |  |  |  | (9636) | (57) |  | 1488 |
|  RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. |  | 10935 |  |  |  | (6540) | 57 |  | 4452 |
|  SUNMEX RENOVABLES, S.A. DE C.V. |  | 3541 |  |  |  | (1724) | (130) |  | 1687 |
|  Stavro Holding II A.B. |  | 18263 |  |  |  | (2326) | (676) | 1198 | 16459 |
|  Solaseado Solar Power Co., Ltd. |  | 17953 |  |  |  | 4840 |  |  | 22793 |
|  Yeongam Solar Power Co., Ltd. |  | 9637 |  |  |  | 2191 |  |  | 11828 |
|  Samsu Wind Power Co., Ltd. |  | 3022 |  |  | (301) | 130 |  |  | 2851 |
|  Pulau Indah Power Plant Sdn. Bhd. |  | 25603 | 14713 |  |  | (816) | 11221 |  | 50721 |
|  NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |  | 21897 | 959 |  |  | (6896) |  | (527) | 15433 |
|  Shin-han BNPP Private Investment Trust for East-West Sunlight Dream |  | 15487 |  | (68) | (87) | 164 |  |  | 15496 |
|  PT Barito Wahana Tenaga |  | 156994 |  |  |  | 24435 | 26136 |  | 207565 |
|  Cheongna Energy Co., Ltd. |  | 25549 |  |  |  | 20609 |  |  | 46158 |
|  Naepo Green Energy Co., Ltd. |  | 5285 |  |  |  | 32284 |  | 10462 | 48031 |
|  Boim Combined Heat and Power Generation Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  OneEnergy Asia Limited |  | 289966 | 62880 |  |  | 47346 | 65157 |  | 465349 |
|  KAS INVESTMENT I LLC |  | 15784 |  |  |  | (12916) | 3210 |  | 6078 |
|  KAS INVESTMENT II LLC |  | 15709 |  |  |  | (12867) | 3198 |  | 6040 |
|  Energyco Co., Ltd. |  | 2140 |  |  |  | 182 |  |  | 2322 |
|  CAES, LLC |  | 20380 |  |  | (663) | 340 | (1687) | 2289 | 20659 |
|  Hapcheon Floating Photovoltaic Power Plant Inc. |  | 10348 |  |  | (661) | 1647 |  |  | 11334 |
|  Busan Industrial Solar Power Co., Ltd. |  | 1058 |  |  |  | 102 |  |  | 1160 |
|  Bitsolar Energy Co., Ltd. |  | 352 |  |  |  |  |  | (352) |  |
|  Pulau Indah O&M Sdn. Bhd. |  |  |  |  |  |  |  |  |  |
|  Guadalupe Solar SpA |  | 1200 |  |  |  | (431) | 12 |  | 781 |
|  Omisan Wind Power Co., Ltd. |  | 10229 |  |  |  | 630 |  |  | 10859 |
|  Foresight Iberian Solar Group Holding, S.L. |  | 8119 |  |  |  | (5852) | (2626) | 359 |  |
|  Yeongwol Eco Wind Co., Ltd. |  | 4024 |  |  |  | (3134) |  |  | 890 |
|  Gurae Resident Power Co., Ltd. |  | 569 |  |  |  | (236) |  |  | 333 |
|  Cheongju Eco Park Co., Ltd. |  | 9072 |  |  |  | 1564 |  |  | 10636 |
|  Enel X Midland Photovoltaic, LLC |  | 2542 |  |  |  | 173 |  |  | 2715 |
|  Geumsungsan Wind Power Co., Ltd. |  | 5515 |  |  |  | 2325 |  |  | 7840 |
|  KEPCO KPS CARABAO Corp. |  |  |  |  |  |  |  |  |  |
|  Prime Swedish Holding AB |  | 38789 |  |  |  | (3782) |  | 2552 | 37559 |
|  Goheung New Energy Co., Ltd. |  | 15736 |  |  |  | 32 |  |  | 15768 |
|  Gunsan Land Solar Co., Ltd. |  | 22429 |  |  |  | 734 |  |  | 23163 |
|  CapMan Lynx SCA, SICAR |  |  |  |  |  |  |  |  |  |
|  International Offshore Power Transmission Holding Company Limited |  | 1423 |  |  |  | (65) | 9680 |  | 11038 |
|  Pyeongchang Wind Power Co., Ltd. |  | 12228 |  |  |  | (81) |  |  | 12147 |
|  Eumseong Eco Park Co., Ltd. |  | 8386 |  |  |  | 3227 |  |  | 11613 |
|  Changwon Nu-ri Energy Co., Ltd. |  | 8027 |  |  |  | (369) |  |  | 7658 |
|  PungBack Wind Farm Corporation |  | 7940 |  |  |  | (180) |  |  | 7760 |
|  Trumbull Asset Management, LLC |  | 936 |  |  |  | 212 | 149 |  | 1297 |
|  S-Power Chile SpA |  | 64 |  |  |  | 74 | 21 |  | 159 |
|  Seungmun Green Energy |  | 9757 |  |  |  | 2988 |  |  | 12745 |
|  Seobusambo highway photovoltaics Co., Ltd. |  | 3580 |  |  |  | (271) |  |  | 3309 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2025 are as follows, continued:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
| **Investees** | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Disposals** | **Dividends<br>received** | **Share of<br>profit**<br>**(loss)** | **Other<br>comprehen-<br>sive income<br>(loss)** | **Others** | **Ending balance** |
|  Yangyang Suri Wind Power Co., Ltd. | W | 9608 |  |  |  | (912) | (53) |  | 8643 |
|  Kepco for Power Company |  | 435 |  |  |  | (570) | 18041 |  | 17906 |
|  Taebaek Wind Power Co., Ltd. |  | 13932 |  |  |  | 827 |  |  | 14759 |
|  Jeonju Bio Green Energy Co., Ltd. |  | 3195 |  |  |  | (629) |  |  | 2566 |
|  Kumyang Eco Park Co., Ltd. |  | 3663 |  |  |  | 178 |  |  | 3841 |
|  Jeongeup Green Power Co., Ltd. |  | 1560 | 8040 |  |  | (1473) |  | 719 | 8846 |
|  Hadong E-factory Co., Ltd. |  | 349 |  |  |  | (5) |  |  | 344 |
|  Namyangju Combined Heat and Power Co., Ltd. |  | 3850 | 50127 |  |  | (1519) | (690) |  | 51768 |
|  Wadi Noor Solar Power Company SAOC |  | 846 |  |  |  | (5170) | 5716 |  | 1392 |
|  Samcheok Eco Materials Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  Fairhaven Energy Storage LLC |  |  | 1505 |  |  | (854) | 29 | (680) |  |
|  Rutile BESS Holdings, LLC |  |  | 106 |  |  | (106) | 1 |  | 1 |
|  Trumbull Development Partners, LLC |  |  | 304836 |  |  | 7976 | 42567 |  | 355379 |
|  Imha Floating Photovoltaic Power Plant Inc. |  |  | 7174 |  |  | (823) |  |  | 6351 |
|  EDFR KOWEPO AJBAN PV HOLDING LIMITED |  |  | 1 |  |  | (72) | 156 |  | 85 |
|  Roof One Energy Co., Ltd. |  |  | 2000 |  |  |  |  |  | 2000 |
|  |  | 3485699 | 455403 | (68) | (97509) | 252816 | 453895 | 31104 | 4581340 |
|  | W | 9662588 | 474390 | (77694) | (364377) | 755452 | 795669 | 40066 | 11286094 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(4)** **The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2025 is as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** |
| **Investees** | **Total assets** | **Total assets** | **Total liabilities** | **Sales** | **Profit (loss) for**<br>**the year** |
|  Korea Gas Corporation | W | 53627847 | 42828922 | 35727336 | 132251 |
|  Korea Electric Power Industrial Development Co., Ltd. |  | 204592 | 95482 | 392361 | 7224 |
|  Gangwon Wind Power Co., Ltd. |  | 283460 | 201297 | 27005 | 13997 |
|  Hyundai Green Power Co., Ltd. |  | 656989 | 256336 | 111887 | 9787 |
|  Korea Power Exchange |  | 350477 | 88408 | 126117 | 2817 |
|  Taebaek Guinemi Wind Power Co., Ltd. |  | 35835 | 17788 | 7003 | 1995 |
|  Daeryun Power Co., Ltd. |  | 1102566 | 587322 | 393540 | 48372 |
|  KNH Solar Co., Ltd. |  | 6333 | 84 | 1123 | (977) |
|  SPC Power Corporation |  | 313540 | 31783 | 73796 | 55063 |
|  Gemeng International Energy Co., Ltd. |  | 8504351 | 5688462 | 3149333 | 222146 |
|  PT. Cirebon Electric Power |  | 724772 | 135272 | 304258 | 30071 |
|  KNOC Nigerian East Oil Co., Ltd. |  | 30204 | 124852 |  | (36) |
|  KNOC Nigerian West Oil Co., Ltd. |  | 32566 | 119596 |  | (36) |
|  PT Wampu Electric Power |  | 190896 | 111514 | 19113 | 3694 |
|  PT. Bayan Resources TBK |  | 4842617 | 1149228 | 4874768 | 1118309 |
|  S-Power Co., Ltd. |  | 664275 | 253454 | 660755 | 40452 |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. |  | 1533443 | 1127607 | 213673 | (23055) |
|  PT. Mutiara Jawa |  | 19680 | 4511 | 12404 | 488 |
|  Noeul Green Energy Co., Ltd. |  | 100122 | 108399 | 45739 | 4940 |
|  Goseong Green Power Co., Ltd. |  | 4953795 | 3966676 | 1307686 | (17519) |
|  Gangneung Eco Power Co., Ltd. |  | 5413851 | 4752300 | 932084 | (27205) |
|  Shin Pyeongtaek Power Co., Ltd. |  | 1021409 | 625341 | 697349 | 22149 |
|  Haeng Bok Do Si Photovoltaic Power Co., Ltd. |  | 1155 | 182 | 433 | 81 |
|  Dongducheon Dream Power Co., Ltd. |  | 1266052 | 928870 | 1123208 | 31456 |
|  Jinbhuvish Power Generation Pvt. Ltd. |  | 63124 | 13036 |  |  |
|  Daejung Offshore Wind Power Co., Ltd. |  | 5254 | 2345 |  | (253) |
|  GS Donghae Electric Power Co., Ltd. |  | 1794220 | 950702 | 544701 | 57866 |
|  Daegu Photovoltaic Co., Ltd. |  | 11373 | 3037 | 2990 | 714 |
|  Busan Green Energy Co., Ltd. |  | 137848 | 131949 | 58189 | (2194) |
|  Hansuwon KNP Co., Ltd. |  | 5591 | 1706 | 10944 | 1051 |
|  Korea Electric Power Corporation Fund |  | 15199 | 21 | 3155 | 3522 |
|  Energy Infra Asset Management Co., Ltd. |  | 15316 | 1181 | 5081 | 1328 |
|  YaksuESS Co., Ltd. |  | 4297 | 4194 | 716 | (454) |
|  Nepal Water & Energy Development Company Private Limited |  | 868222 | 578041 | 146768 | 25127 |
|  Gwangyang Green Energy Co., Ltd. |  | 628711 | 509896 |  | (2182) |
|  PND solar Co., Ltd. |  | 30067 | 23914 | 5511 | 753 |
|  Hyundai Eco Energy Co., Ltd. |  | 145984 | 98906 | 24404 | 6734 |
|  YeongGwang Yaksu Wind Electric Co., Ltd. |  | 34792 | 34993 | 5925 | 205 |
|  Green Energy Electricity Generation Co., Ltd. |  | 67107 | 68999 | 5270 | 2158 |
|  Korea Energy Solutions Co., Ltd. |  | 1018 | 321 | 443 | (239) |
|  ITR Co., Ltd. |  | 824 | 840 | 330 | (622) |
|  STN Co., Ltd. |  | 1620 | 116 | 796 | (200) |
|  Indeck Niles Development, LLC |  | 1208801 | 685577 | 456748 | 123823 |
|  Indeck Niles Asset Management, LLC |  | 198 | 34 | 1237 | 1220 |
|  Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 |  | 12695 | 330 | 1162 | 1130 |
|  Suwon New Power Co., Ltd. |  | 14354 | 11698 | 4868 | 206 |
|  Gwangbaek Solar Power Investment Co., Ltd. |  | 240317 | 229134 | 8849 | 883 |
|  Go deok Clean Energy Co., Ltd. |  | 135051 | 121354 | 46357 | 836 |
|  SureDataLab Co., Ltd. |  | 1016 | 161 | 2225 | 319 |
|  SEP Co., Ltd. |  | 45 | 118 |  | (1) |
|  Hankook Electric Power Information Co., Ltd. |  | 2957 | 1157 | 2701 | 388 |
|  Tronix Co., Ltd. |  | 3875 | 3351 | 3044 | (95) |
|  O2&B Global Co., Ltd. |  | 550 | 650 | 22 | (84) |
|  Muan Sunshine Solar Power Plant Co., Ltd. |  | 119120 | 107703 | 15446 | 2628 |
|  Bigeum Resident Photovoltaic Power Co., Ltd. |  | 414475 | 386764 | 40124 | (3556) |
|  Goesan Solar Park Co., Ltd. |  | 46279 | 36188 | 6120 | 667 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(4)** **The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2025 is as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** |
| **Investees** | **Total assets** | **Total assets** | **Total liabilities** | **Sales** | **Profit (loss) for**<br>**the year** |
|  Saemangeum Heemang Photovoltaic Co., Ltd. | W | 143972 | 97762 | 22920 | 5389 |
|  Bitgoel Eco Energy Co., Ltd. |  | 70965 | 44509 | 24840 | 1403 |
|  Jeju Gimnyeong Wind Power Co., Ltd. |  | 49262 | 49515 | 11339 | (1085) |
|  Seoroseoro Sunny Power Plant Co., Ltd. |  | 6578 | 3959 | 1039 | 248 |
|  Muan Solar park Co., Ltd. |  | 182811 | 143971 | 31033 | 8707 |
|  YuDang Solar Co., Ltd. |  | 18046 | 14567 | 3501 | 635 |
|  Anjwa Smart Farm & Solar City Co., Ltd. |  | 226781 | 183481 | 37958 | 6197 |
|  KPE Green Energy Co., Ltd. |  | 132729 | 97030 | 35620 | 3392 |
|  G.GURU Co., Ltd. |  | 32 | 43 | 159 | (252) |
|  UD4M Co., Ltd. |  | 1352 | 511 | 1416 | (283) |
|  Dongbu Highway Solar Co., Ltd. |  | 18237 | 15877 | 2700 | 55 |
|  Seobu Highway Solar Co., Ltd. |  | 15871 | 12456 | 2837 | 519 |
|  Korea Energy Data Co., Ltd. |  | 104 | 131 | 33 | (119) |
|  Gangneung Sacheon Fuel Cell Co., Ltd. |  | 141398 | 119159 | 40919 | 110 |
|  Taebaek Gadeoksan Wind Power Co., Ltd. |  | 187427 | 109615 | 35363 | 22390 |
|  Chuncheon Green Energy Co., Ltd. |  | 214160 | 179102 | 59398 | (1376) |
|  Yeomsubong Wind Power Co., Ltd. |  | 50729 | 50458 | 6151 | (961) |
|  Yeongyang Wind Power Corporation II |  | 138971 | 101318 | 20537 | 7014 |
|  Haeparang Energy Co., Ltd. |  | 66397 | 55619 | 7339 | 3063 |
|  Saemangeum Sebit Power Plant Co., Ltd. |  | 143281 | 75139 | 20428 | 1003 |
|  PlatformN. Co., Ltd. |  | 62 | 128 |  | (4) |
|  PT. Cirebon Energi Prasarana |  | 3650107 | 2710061 | 525647 | 33411 |
|  Green Radiation Co., Ltd. |  | 1030 | 865 | 1037 | 47 |
|  Future Convergence Technology Laboratory. Co., Ltd. |  | 381 | 280 | 18 | (29) |
|  Eco Motion Co., Ltd. |  | 2399 | 727 | 888 | 524 |
|  REC's Innovation Co., Ltd. |  | 3081 | 1296 | 1803 | 382 |
|  ACE |  | 162 | 117 | 9 | (1) |
|  Environment and Energy Co., Ltd. |  | 8 |  |  | (22) |
|  Santiago Solar Power SpA |  | 90913 | 74898 | 6657 | 862 |
|  Yanggu Floating Photovoltaic Power Plant Inc. |  | 14940 | 12006 | 2018 | 17 |
|  Power Embedded |  | 396 | 156 | 177 | (49) |
|  Changwon SG Energy Co., Ltd. |  | 4564 | 1065 | 3744 | (51) |
|  Donpyung Technology. Co., Ltd. |  | 3283 | 1683 | 1310 | 73 |
|  HORANG ENERGY Inc. |  | 111959 | 101998 | 32082 | 1003 |
|  Hoenggye Renewable Energy Co., Ltd |  | 87568 | 84838 | 85 | (53) |
|  Haman Green Energy Co., Ltd. |  | 140112 | 123610 | 35401 | 8469 |
|  Songsan Green Energy Co., Ltd. |  | 143642 | 124676 | 42284 | 5904 |
|  SkyPic Inc. |  | 171 | 21 | 27 | 16 |
|  HyChangwon Fuel Cell. Co., Ltd. |  | 198733 | 177417 |  | (1585) |
|  Dreams Co.,Ltd. |  | 181 | 202 | 212 | (120) |
|  DEEPAI Co.,Ltd. |  | 1006 | 848 | 434 | (56) |
|  Amaala Sustainable Company for Energy LLC |  | 2004265 | 1932575 | 947226 | 4539 |
|  Remal First Holding Company |  | 1 | 25106 |  | (116) |
|  Naseem First Holding Company |  | 1 | 27233 |  | (116) |
|  Cheonwang Green Energy Co., Ltd. |  | 1428 | 300 |  | (405) |
|  Namjeju Bitdream Energy Co., Ltd. |  | 57629 | 47523 |  | (383) |
|  Jeju Bukchon BESS Power Plant Co., Ltd. |  | 71424 | 65375 |  | (2646) |
|  Commerce and Industry Energy Co., Ltd. |  | 61355 | 28832 | 10732 | (3487) |
|  KI Tech Co., Ltd. |  | 949 | 9 |  | (59) |
|  Enlight Energy Advanced Industry Venture Fund |  | 11235 |  |  |  |
|  Gunsan Green Energy Co., Ltd. |  | 4792 |  |  |  |
|  Shuweihat Asia Power Investment B.V. |  | 167992 | 177 |  | (405) |
|  Shuweihat Asia Operation & Maintenance Company |  | 5494 | 337 | 3822 | 2488 |
|  Waterbury Lake Uranium L.P. |  | 97380 | 355 |  |  |
|  ASM-BG Investicii AD |  | 70715 | 29734 | 14792 | 3904 |
|  RES Technology AD |  | 57211 | 23867 | 8946 | 232 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(4)** **The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2025 is as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** |
| **Investees** | **Total assets** | **Total assets** | **Total liabilities** | **Sales** | **Profit (loss) for**<br>**the year** |
|  KV Holdings, Inc. | W | 15937 | 1 | 2218 | 2227 |
|  KEPCO SPC Power Corporation |  | 234570 | 35498 | 159381 | 10392 |
|  Gansu Datang Yumen Wind Power Co., Ltd. |  | 63125 | 43052 | 9624 | 15 |
|  Datang Chifeng Renewable Power Co., Ltd. |  | 827575 | 297251 | 111688 | 13150 |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. |  | 179775 | 56023 | 27350 | 986 |
|  Rabigh Electricity Company |  | 2473573 | 1667517 | 367680 | 66776 |
|  Rabigh Operation & Maintenance Company Limited |  | 30894 | 5667 | 37205 | 6783 |
|  Jamaica Public Service Company Limited |  | 2903070 | 1910042 | 1530704 | 41735 |
|  KW Nuclear Components Co., Ltd. |  | 57137 | 7045 | 23272 | 9869 |
|  Busan Shinho Solar Power Co., Ltd. |  | 25970 | 928 | 5980 | 2070 |
|  Global Trade Of Power System Co., Ltd. |  | 2812 | 371 | 3288 | 258 |
|  Expressway Solar-light Power Generation Co., Ltd. |  | 9440 | 123 | 1807 | (7) |
|  Amman Asia Electric Power Company |  | 758903 | 300985 | 30651 | 29223 |
|  KAPES, Inc. |  | 340957 | 300260 | 97232 | 2904 |
|  Honam Wind Power Co., Ltd. |  | 26339 | 9559 | 6339 | 1725 |
|  Korea Power Engineering Service Co., Ltd. |  | 23970 | 1888 | 12625 | 1528 |
|  Chun-cheon Energy Co., Ltd. |  | 499150 | 375580 | 363995 | 325 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. |  | 67345 | 41815 | 11161 | 1004 |
|  Nghi Son 2 Power LLC |  | 4243607 | 3110208 | 824849 | 87686 |
|  Kelar S.A. |  | 678813 | 448065 | 114267 | 15295 |
|  PT. Tanjung Power Indonesia |  | 695407 | 414774 | 105871 | 20516 |
|  Incheon New Power Co., Ltd. |  | 1839 | 271 | 2982 | 528 |
|  Seokmun Energy Co., Ltd. |  | 187425 | 137202 | 49595 | (3034) |
|  Daehan Wind Power PSC |  | 170626 | 120436 | 18885 | 7040 |
|  Barakah One Company |  | 45516321 | 37236879 | 2373596 | 171548 |
|  Nawah Energy Company |  | 868133 | 865957 | 772745 |  |
|  MOMENTUM |  | 9650 | 9333 | 21021 | 293 |
|  Daegu Green Power Co., Ltd. |  | 450953 | 356158 | 258151 | 1309 |
|  Yeonggwang Wind Power Co., Ltd. |  | 210262 | 147728 | 31232 | 7664 |
|  Chester Solar IV SpA |  | 13024 | 8315 | 4241 | 3935 |
|  Chester Solar V SpA |  | 4356 | 3854 | 592 | 455 |
|  Diego de Almagro Solar SpA |  | 18266 | 13498 | 4396 | 3120 |
|  South Jamaica Power Company Limited |  | 522505 | 279114 | 287408 | 22842 |
|  Daesan Green Energy Co., Ltd. |  | 205850 | 143693 | 76220 | (8563) |
|  RE Holiday Holdings LLC |  | 334702 | 173439 | 16417 | (7622) |
|  RE Pioneer Holdings LLC |  | 251486 | 153824 | 14708 | (7711) |
|  RE Barren Ridge 1 Holdings LLC |  | 206966 | 97315 | 12685 | (1673) |
|  RE Astoria 2 LandCo LLC |  | 16543 | 269 | 1105 | 1081 |
|  RE Barren Ridge LandCo LLC |  | 5847 | 108 | 428 | 423 |
|  Laurel SpA |  | 11722 | 9406 | 1591 | 1338 |
|  KIAMCO KOWEPO Bannerton Hold Co Pty Ltd |  | 31790 | 165 |  | 35 |
|  Cheong-Song Noraesan Wind Power Co., Ltd. |  | 50178 | 36187 | 7672 | 2257 |
|  Chester Solar I SpA |  | 12543 | 9090 | 1559 | 1338 |
|  Solar Philippines Calatagan Corporation |  | 162588 | 46665 | 22752 | 11978 |
|  Saemangeum Solar Power Co., Ltd. |  | 34546 | 6001 |  | (189) |
|  Chungsongmeon BongSan wind power Co., Ltd. |  | 137596 | 135793 | 1270 | (1059) |
|  Jaeun Resident Wind Power Plant Co., Ltd. |  | 89657 | 92275 | 4325 | (6348) |
|  Dangjin Eco Power Co., Ltd. |  | 90477 | 11629 | 3642 | 767 |
|  Haemodum Solar Co., Ltd. |  | 20139 | 13708 | 2208 | 319 |
|  Yangyang Wind Power Co., Ltd. |  | 147912 | 117737 | 20896 | 6052 |
|  HORUS SOLAR, S.A. DE C.V. |  | 188294 | 194547 | 27527 | 7556 |
|  RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. |  | 264327 | 248063 | 18937 | 3082 |
|  SUNMEX RENOVABLES, S.A. DE C.V. |  | 227521 | 204770 |  | 9430 |
|  Stavro Holding II A.B. |  | 90561 | 252 |  | (6134) |
|  Solaseado Solar Power Co., Ltd. |  | 333609 | 268850 | 44123 | 11125 |
|  Yeongam Solar Power Co., Ltd. |  | 304249 | 244031 | 34691 | 4600 |
|  Samsu Wind Power Co., Ltd. |  | 61652 | 44229 | 9689 | 3058 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(4)** **The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2025 is as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** |
| **Investees** | **Total assets** | **Total assets** | **Total liabilities** | **Sales** | **Profit (loss) for**<br>**the year** |
|  Pulau Indah Power Plant Sdn. Bhd. | W | 1430289 | 1224872 | 489648 | 4541 |
|  NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |  | 39023 | 1768 | 10 | (21032) |
|  Shin-han BNPP Private Investment Trust for East-West Sunlight Dream |  | 17254 | 562 | 1109 | 1061 |
|  PT Barito Wahana Tenaga |  | 737706 |  |  | 100948 |
|  Cheongna Energy Co., Ltd. |  | 495919 | 364410 | 160101 | 43278 |
|  Naepo Green Energy Co., Ltd. |  | 759180 | 568084 | 427122 | 80207 |
|  Boim Combined Heat and Power Generation Co., Ltd. |  | 415646 | 479035 | 125925 | (5332) |
|  OneEnergy Asia Limited |  | 3529252 | 2357026 | 139025 | 61186 |
|  KAS INVESTMENT I LLC |  | 44 |  | (21877) | (21816) |
|  KAS INVESTMENT II LLC |  | 44 |  | (21739) | (21678) |
|  Energyco Co., Ltd. |  | 55110 | 48903 | 6690 | 1058 |
|  CAES, LLC |  | 42153 |  |  | (3434) |
|  Hapcheon Floating Photovoltaic Power Plant Inc. |  | 76375 | 50349 | 11958 | 3044 |
|  Busan Industrial Solar Power Co., Ltd. |  | 18060 | 14274 | 2461 | 542 |
|  Bitsolar Energy Co., Ltd. |  | 64606 | 70583 | 8300 |  |
|  Pulau Indah O&M Sdn. Bhd. |  | 5656 | 5500 | 7573 | 157 |
|  Guadalupe Solar SpA |  | 11481 | 7850 | 2295 | 1857 |
|  Omisan Wind Power Co., Ltd. |  | 176949 | 148288 | 21238 | 2784 |
|  Foresight Iberian Solar Group Holding, S.L. |  | 208506 | 223478 | 8598 | (1312) |
|  Yeongwol Eco Wind Co., Ltd. |  | 94294 | 98423 | 9156 | (2875) |
|  Gurae Resident Power Co., Ltd. |  | 12581 | 11340 | 1552 | (24) |
|  Cheongju Eco Park Co., Ltd. |  | 136937 | 99619 | 36505 | 1314 |
|  Enel X Midland Photovoltaic, LLC |  | 14482 | 374 | 2376 | 533 |
|  Geumsungsan Wind Power Co., Ltd. |  | 153201 | 129123 | 18692 | 253 |
|  KEPCO KPS CARABAO Corp. |  | 246 | 687 |  | (50) |
|  Prime Swedish Holding AB |  | 151330 | 69152 | 10691 | (5114) |
|  Goheung New Energy Co., Ltd. |  | 172504 | 135334 | 29501 | 4993 |
|  Gunsan Land Solar Co., Ltd. |  | 136335 | 94558 | 22160 | 5228 |
|  International Offshore Power Transmission Holding Company Limited |  | 145797 | 146009 |  | (613) |
|  Pyeongchang Wind Power Co., Ltd. |  | 51801 | 29643 | 10502 | 1308 |
|  Eumseong Eco Park Co., Ltd. |  | 141344 | 103247 | 35958 | 200 |
|  Changwon Nu-ri Energy Co., Ltd. |  | 150789 | 135244 | 22907 | 2694 |
|  PungBack Wind Farm Corporation |  | 225511 | 211235 | 5405 | (3808) |
|  Trumbull Asset Management, LLC |  | 2576 | 1002 | 4332 | (48) |
|  S-Power Chile SpA |  | 3460 | 2694 | 1481 | 875 |
|  Seungmun Green Energy |  | 138284 | 100535 | 38641 | (872) |
|  Seobusambo highway photovoltaics Co., Ltd. |  | 10027 | 5622 | 1313 | 110 |
|  Yangyang Suri Wind Power Co., Ltd. |  | 252661 | 219668 |  | (1103) |
|  KEPCO for Power Company |  | 704847 | 683209 |  | (9) |
|  Taebaek Wind Power Co., Ltd. |  | 24758 | 3696 | 6274 | 895 |
|  Kumyang Eco Park Co., Ltd. |  | 143281 | 119773 | 38929 | 6128 |
|  Jeongeup Green Power Co., Ltd. |  | 70905 | 59659 |  | (4733) |
|  Hadong E-factory Co., Ltd. |  | 2335 | 1220 |  | (13) |
|  Namyangju Combined Heat and Power Co., Ltd. |  | 211193 | 1559 |  | 51 |
|  Samcheok Eco Materials Co., Ltd. |  | 21858 | 2714 | 6662 | 2616 |
|  Wadi Noor Solar Power Company SAOC |  | 562304 | 555715 | 47038 | 980 |
|  Fairhaven Energy Storage LLC |  | 2042 |  |  |  |
|  Rutile BESS Holdings, LLC |  | 41785 | 3587 |  | (4548) |
|  Trumbull Development Partners, LLC |  | 1812101 | 1121329 | 10137 | (20709) |
|  Imha Floating Photovoltaic Power Plant Inc. |  | 79588 | 68199 | 4372 | (1477) |
|  EDFR KOWEPO AJBAN PV HOLDING LIMITED |  | 11723 | 10016 |  | 148 |
|  Roof One Energy Co., Ltd. |  | 32551 | 28596 | 2379 | 658 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(4)** **The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2025 is as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** | **As of and for the year ended December 31, 2025** |
| **Investees** | **Total assets** | **Total assets** | **Total liabilities** | **Sales** | **Profit (loss) for**<br>**the year** |
|  Taean Haetdeulwon Solar Power Co., Ltd. | W | 98868 | 81256 | 9857 | 988 |
|  Haetbyeotgil Solar Power Co., Ltd. |  | 11520 | 9112 | 467 | 68 |
|  Seongseo Neulpureun Energy Co., Ltd. |  | 1395 | 28 |  | (233) |
|  Luluah SKY Energy Holding Ltd. |  | 716 | 293 |  | (292) |
|  KES Yona Holdings LLC |  |  |  |  |  |
|  Siraj AlTaqa AlNazifa |  |  |  |  |  |
|  Nour Ibri Solar Power Company |  | 1184 |  |  |  |
|  Lucy Equity Holdings, LLC |  | 274705 | 423262 |  | (16) |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(4)** **The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2025 is as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** |
| **Investees** | **Total assets** | **Total assets** | **Total liabilities** | **Sales** | **Profit (loss) for**<br>**the year** |
|  Korea Gas Corporation | W | 57669638 | 46843282 | 38388740 | 1148985 |
|  Korea Electric Power Industrial Development Co., Ltd. |  | 213423 | 109367 | 361690 | 14587 |
|  Gangwon Wind Power Co., Ltd. |  | 123787 | 46156 | 23400 | 7415 |
|  Hyundai Green Power Co., Ltd. |  | 698653 | 295095 | 109081 | 9354 |
|  Korea Power Exchange |  | 365652 | 91690 | 120586 | 1795 |
|  Taebaek Guinemi Wind Power Co., Ltd. |  | 35917 | 19831 | 5155 | 213 |
|  Daeryun Power Co., Ltd. |  | 1117771 | 651892 | 397332 | 61893 |
|  KNH Solar Co., Ltd. |  | 8110 | 93 | 2671 | 2359 |
|  SPC Power Corporation |  | 301805 | 18716 | 72191 | 35657 |
|  Gemeng International Energy Co., Ltd. |  | 8301632 | 5803020 | 2907291 | (66765) |
|  PT. Cirebon Electric Power |  | 742634 | 169796 | 281041 | 15070 |
|  KNOC Nigerian East Oil Co., Ltd. |  | 30834 | 127760 |  | (31) |
|  KNOC Nigerian West Oil Co., Ltd. |  | 33230 | 122351 |  | (31) |
|  PT Wampu Electric Power |  | 209724 | 124358 | 19146 | 7598 |
|  PT. Bayan Resources TBK |  | 5338900 | 2100603 | 4700051 | 1285816 |
|  S-Power Co., Ltd. |  | 739732 | 369429 | 734607 | 35889 |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. |  | 1414921 | 979112 | 182433 | (81032) |
|  PT. Mutiara Jawa |  | 28266 | 8489 | 13455 | 4094 |
|  Noeul Green Energy Co., Ltd. |  | 95570 | 108793 | 47999 | 4787 |
|  Goseong Green Power Co., Ltd. |  | 5129641 | 4125053 | 1310775 | 2823 |
|  Gangneung Eco Power Co., Ltd. |  | 5359845 | 4667564 | 635026 | (10547) |
|  Shin Pyeongtaek Power Co., Ltd. |  | 1052048 | 678140 | 841818 | 58855 |
|  Haeng Bok Do Si Photovoltaic Power Co., Ltd. |  | 1666 | 385 | 476 | 135 |
|  Dongducheon Dream Power Co., Ltd. |  | 1350004 | 1044020 | 1360809 | 10453 |
|  Jinbhuvish Power Generation Pvt. Ltd. |  | 67903 | 14023 |  |  |
|  Daejung Offshore Wind Power Co., Ltd. |  | 5419 | 2220 |  | 53 |
|  GS Donghae Electric Power Co., Ltd. |  | 1910960 | 1089101 | 535012 | 59776 |
|  Daegu Photovoltaic Co., Ltd. |  | 11767 | 3025 | 3805 | 908 |
|  Busan Green Energy Co., Ltd. |  | 142943 | 134894 | 66924 | (3140) |
|  Hansuwon KNP Co., Ltd. |  | 4324 | 1444 | 7949 | 716 |
|  Korea Electric Power Corporation Fund |  | 13676 | 67 | 1880 | 488 |
|  Energy Infra Asset Management Co., Ltd. |  | 14037 | 1229 | 5003 | 1450 |
|  YaksuESS Co., Ltd. |  | 5295 | 4738 | 749 | (423) |
|  Nepal Water & Energy Development Company Private Limited |  | 666316 | 419386 | 123848 | 10732 |
|  Gwangyang Green Energy Co., Ltd. |  | 547208 | 426210 |  | (2105) |
|  PND solar Co., Ltd. |  | 32025 | 26570 | 5331 | 737 |
|  Hyundai Eco Energy Co., Ltd. |  | 157873 | 114299 | 25081 | 5963 |
|  YeongGwang Yaksu Wind Electric Co., Ltd. |  | 36659 | 37065 | 5194 | (953) |
|  Green Energy Electricity Generation Co., Ltd. |  | 81798 | 85848 | 1942 | (1392) |
|  Korea Energy Solutions Co., Ltd. |  | 1303 | 318 | 1209 | 146 |
|  ITR Co., Ltd. |  | 720 | 898 | 130 | (510) |
|  STN Co., Ltd. |  | 1870 | 99 | 666 | 108 |
|  Indeck Niles Development, LLC |  | 1234170 | 704296 | 284855 | 32491 |
|  Indeck Niles Asset Management, LLC |  | 211 | 32 | 1157 | 1120 |
|  Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 |  | 12665 | 178 | 722 | 689 |
|  Suwon New Power Co., Ltd. |  | 15427 | 13338 | 5072 | (229) |
|  Gwangbaek Solar Power Investment Co., Ltd. |  | 260641 | 249642 | 9658 | 1188 |
|  Go deok Clean Energy Co., Ltd. |  | 130520 | 117267 | 49187 | 1465 |
|  SureDataLab Co., Ltd. |  | 660 | 461 | 675 | (291) |
|  SEP Co., Ltd. |  | 45 | 118 |  | (1) |
|  Hankook Electric Power Information Co., Ltd. |  | 2381 | 991 | 2135 | 58 |
|  Tronix Co., Ltd. |  | 4824 | 3659 | 2578 | 42 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(4)** **The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2025 is as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** |
| **Investees** | **Total assets** | **Total assets** | **Total liabilities** | **Sales** | **Profit (loss) for**<br>**the year** |
|  O2&B Global Co., Ltd. | W | 453 | 485 | 149 | (104) |
|  Muan Sunshine Solar Power Plant Co., Ltd. |  | 128131 | 116742 | 16246 | 2552 |
|  Bigeum Resident Photovoltaic Power Co., Ltd. |  | 441227 | 412276 | 10812 | (6845) |
|  Goesan Solar Park Co., Ltd. |  | 48924 | 38119 | 6143 | 884 |
|  Saemangeum Heemang Photovoltaic Co., Ltd. |  | 149528 | 105535 | 22600 | 4049 |
|  Bitgoel Eco Energy Co., Ltd. |  | 79709 | 51776 | 28110 | 6064 |
|  Jeju Gimnyeong Wind Power Co., Ltd. |  | 53335 | 52503 | 10889 | 13 |
|  Seoroseoro Sunny Power Plant Co., Ltd. |  | 6680 | 4309 | 1035 | 208 |
|  Muan Solar park Co., Ltd. |  | 188303 | 158595 | 27641 | 5152 |
|  YuDang Solar Co., Ltd. |  | 18321 | 15238 | 3506 | 589 |
|  Anjwa Smart Farm & Solar City Co., Ltd. |  | 237359 | 199954 | 36948 | 3530 |
|  KPE Green Energy Co., Ltd. |  | 135307 | 103023 | 41289 | 2131 |
|  G.GURU Co., Ltd. |  | 273 | 133 | 103 | (535) |
|  UD4M Co., Ltd. |  | 1076 | 227 | 1142 | (170) |
|  Dongbu Highway Solar Co., Ltd. |  | 16139 | 13833 | 2665 | 656 |
|  Seobu Highway Solar Co., Ltd. |  | 16323 | 13428 | 2737 | 863 |
|  Korea Energy Data Co., Ltd. |  | 212 | 134 | 167 | (104) |
|  Gangneung Sacheon Fuel Cell Co., Ltd. |  | 148460 | 125975 | 45534 | 5768 |
|  Taebaek Gadeoksan Wind Power Co., Ltd. |  | 187927 | 120551 | 32534 | 15536 |
|  Chuncheon Green Energy Co., Ltd. |  | 234506 | 195354 | 68010 | 11494 |
|  Yeomsubong Wind Power Co., Ltd. |  | 45468 | 44236 |  | (924) |
|  Yeongyang Wind Power Corporation II |  | 136360 | 105721 | 18376 | 4005 |
|  Haeparang Energy Co., Ltd. |  | 63749 | 56030 | 758 | (620) |
|  Saemangeum Sebit Power Plant Co., Ltd. |  | 160225 | 93086 | 20376 | (147) |
|  PlatformN. Co., Ltd. |  | 162 | 223 | 430 | 139 |
|  PT. Cirebon Energi Prasarana |  | 3831992 | 2863534 | 543340 | 60512 |
|  Green Radiation Co., Ltd. |  | 521 | 663 | 613 | (272) |
|  Future Convergence Technology Laboratory. Co., Ltd. |  | 384 | 277 |  | (83) |
|  Eco Motion Co., Ltd. |  | 1830 | 684 | 350 | 82 |
|  REC's Innovation Co., Ltd. |  | 2921 | 1518 | 1010 | 232 |
|  ACE |  | 359 | 308 | 27 | 14 |
|  Environment and Energy Co., Ltd. |  | 31 |  |  | (36) |
|  Santiago Solar Power SpA |  | 85063 | 71139 | 4862 | (9488) |
|  Yanggu Floating Photovoltaic Power Plant Inc. |  | 15300 | 12382 | 2259 | 210 |
|  Power Embedded |  | 400 | 112 |  | (7) |
|  Changwon SG Energy Co., Ltd. |  | 4878 | 1328 | 3342 | (539) |
|  Donpyung Technology. Co., Ltd. |  | 2205 | 673 | 2317 | 135 |
|  HORANG ENERGY Inc. |  | 94637 | 85678 |  | (947) |
|  Hoenggye Renewable Energy Co., Ltd |  | 43206 | 43942 |  | (62) |
|  Haman Green Energy Co., Ltd. |  | 122937 | 114908 |  | (1165) |
|  Songsan Green Energy Co., Ltd. |  | 120001 | 106939 | 121 | (692) |
|  SkyPic Inc. |  | 167 | 37 | 3 | (7) |
|  HyChangwon Fuel Cell. Co., Ltd. |  | 114580 | 91679 |  | (309) |
|  Dreams Co.,Ltd. |  | 233 | 183 | 208 | (49) |
|  DEEPAI Co.,Ltd. |  | 813 | 449 | 240 | (319) |
|  Amaala Sustainable Company for Energy LLC |  | 697354 | 697158 |  |  |
|  Shuweihat Asia Power Investment B.V. |  | 176569 | 137 |  | (370) |
|  Shuweihat Asia Operation & Maintenance Company |  | 4215 | 328 | 3574 | 2293 |
|  Waterbury Lake Uranium L.P. |  | 80803 | 761 |  |  |
|  ASM-BG Investicii AD |  | 68437 | 34565 | 12815 | 2824 |
|  RES Technology AD |  | 57356 | 27219 | 7395 | (292) |
|  KV Holdings, Inc. |  | 17304 | 1 | 1778 | 1799 |
|  KEPCO SPC Power Corporation |  | 291538 | 26307 | 190296 | 28108 |
|  Gansu Datang Yumen Wind Power Co., Ltd. |  | 63240 | 43443 | 10721 | 944 |
|  Datang Chifeng Renewable Power Co., Ltd. |  | 900001 | 388711 | 115297 | 17722 |

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(4)** **The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2025 is as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** |
| **Investees** | **Total assets** | **Total assets** | **Total liabilities** | **Sales** | **Profit (loss) for**<br>**the year** |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. | W | 180827 | 60016 | 26678 | 2031 |
|  Rabigh Electricity Company |  | 2651843 | 1873439 | 353677 | 63270 |
|  Rabigh Operation & Maintenance Company Limited |  | 40983 | 20205 | 30841 | 5840 |
|  Jamaica Public Service Company Limited |  | 2649022 | 1656068 | 1490606 | 76611 |
|  KW Nuclear Components Co., Ltd. |  | 47498 | 5423 | 6919 | 2510 |
|  Busan Shinho Solar Power Co., Ltd. |  | 28837 | 865 | 8452 | 3963 |
|  Global Trade Of Power System Co., Ltd. |  | 2976 | 574 | 3635 | 290 |
|  Expressway Solar-light Power Generation Co., Ltd. |  | 11709 | 168 | 3219 | 1214 |
|  Amman Asia Electric Power Company |  | 791478 | 343371 | 22776 | 34047 |
|  KAPES, Inc. |  | 299380 | 257858 | 43699 | 6224 |
|  Honam Wind Power Co., Ltd. |  | 29174 | 12618 | 6508 | 1810 |
|  Korea Power Engineering Service Co., Ltd. |  | 22701 | 1828 | 12983 | 1444 |
|  Chun-cheon Energy Co., Ltd. |  | 533211 | 409989 | 430679 | 4890 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. |  | 69249 | 44422 | 12636 | 2156 |
|  Nghi Son 2 Power LLC |  | 4412970 | 3286814 | 921504 | 91777 |
|  Kelar S.A. |  | 715489 | 486293 | 112110 | 9733 |
|  PT. Tanjung Power Indonesia |  | 754514 | 467144 | 106081 | 17705 |
|  Incheon New Power Co., Ltd. |  | 1267 | 227 | 2777 | 36 |
|  Seokmun Energy Co., Ltd. |  | 192083 | 138787 | 51233 | (4558) |
|  Daehan Wind Power PSC |  | 173637 | 130982 | 18496 | 3584 |
|  Barakah One Company |  | 43235235 | 45056439 | 1636730 | (53778) |
|  Nawah Energy Company |  | 701247 | 699068 | 566077 | 40 |
|  MOMENTUM |  | 7422 | 6836 | 22770 | 586 |
|  Daegu Green Power Co., Ltd. |  | 493595 | 399918 | 338750 | 7344 |
|  Yeonggwang Wind Power Co., Ltd. |  | 217987 | 162218 | 32114 | 7971 |
|  Chester Solar IV SpA |  | 12649 | 12309 | 1941 | (676) |
|  Chester Solar V SpA |  | 4260 | 4321 | 631 | (176) |
|  Diego de Almagro Solar SpA |  | 16301 | 15161 | 2625 | (667) |
|  South Jamaica Power Company Limited |  | 532323 | 288501 | 250519 | 14460 |
|  Daesan Green Energy Co., Ltd. |  | 225765 | 153391 | 110002 | 5960 |
|  RE Holiday Holdings LLC |  | 363750 | 184188 | 20251 | (1413) |
|  RE Pioneer Holdings LLC |  | 272900 | 161657 | 13343 | (3168) |
|  RE Barren Ridge 1 Holdings LLC |  | 224922 | 105310 | 12905 | (1301) |
|  RE Astoria 2 LandCo LLC |  | 16514 | 276 | 1060 | 848 |
|  RE Barren Ridge LandCo LLC |  | 5826 | 110 | 411 | 342 |
|  Laurel SpA |  | 10897 | 10471 | 1522 | (557) |
|  KIAMCO KOWEPO Bannerton Hold Co Pty Ltd |  | 33736 | 150 |  | 70 |
|  Cheong-Song Noraesan Wind Power Co., Ltd. |  | 53374 | 38705 | 6788 | 1599 |
|  Chester Solar I SpA |  | 12935 | 11454 | 1395 | (745) |
|  Solar Philippines Calatagan Corporation |  | 166126 | 37872 | 19412 | 8733 |
|  Saemangeum Solar Power Co., Ltd. |  | 34377 | 5643 |  | (176) |
|  Chungsongmeon BongSan wind power Co., Ltd. |  | 86708 | 83921 |  | (399) |
|  Jaeun Resident Wind Power Plant Co., Ltd. |  | 95657 | 88605 |  | (380) |
|  DE Energia SpA |  | 32263 | 24853 |  | 3163 |
|  Dangjin Eco Power Co., Ltd. |  | 90750 | 12732 | 3645 | 743 |
|  Haemodum Solar Co., Ltd. |  | 21036 | 14444 | 2060 | 232 |
|  Yangyang Wind Power Co., Ltd. |  | 146697 | 123504 | 11948 | 2334 |
|  HORUS SOLAR, S.A. DE C.V. |  | 170018 | 184014 | 35080 | (43774) |
|  RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. |  | 238276 | 223019 | 19178 | (37720) |
|  SUNMEX RENOVABLES, S.A. DE C.V. |  | 182159 | 170906 |  | (15771) |
|  Stavro Holding II A.B. |  | 82407 | 114 |  | (11632) |
|  Solaseado Solar Power Co., Ltd. |  | 347831 | 292737 | 46361 | 12443 |
|  Yeongam Solar Power Co., Ltd. |  | 318641 | 260459 | 34509 | 10880 |
|  Samsu Wind Power Co., Ltd. |  | 61678 | 46675 | 7051 | 682 |
|  Pulau Indah Power Plant Sdn. Bhd. |  | 1054236 | 873923 | 40818 | (2896) |
|  NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |  | 52533 | 271 | 3054 | (23354) |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(4)** **The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2025 is as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** | **As of and for the year ended December 31, 2024** |
| **Investees** | **Total assets** | **Total assets** | **Total liabilities** | **Sales** | **Profit (loss) for**<br>**the year** |
|  Shin-han BNPP Private Investment Trust for East-West Sunlight Dream | W | 17251 | 33 | 227 | 182 |
|  PT Barito Wahana Tenaga |  | 678043 |  |  | 74744 |
|  Cheongna Energy Co., Ltd. |  | 463574 | 375343 | 142400 | 41124 |
|  Naepo Green Energy Co., Ltd. |  | 738857 | 586152 | 467225 | 124830 |
|  Boim Combined Heat and Power Generation Co., Ltd. |  | 421954 | 480084 | 139134 | 294 |
|  OneEnergy Asia Limited |  | 3237191 | 2137600 | 424036 | 100781 |
|  KAS INVESTMENT I LLC |  | 20361 | 28 | (40343) | (43213) |
|  KAS INVESTMENT II LLC |  | 20233 | 28 | (40189) | (43048) |
|  Energyco Co., Ltd. |  | 50310 | 45161 | 6221 | 629 |
|  CAES, LLC |  | 49267 |  |  | 946 |
|  Hapcheon Floating Photovoltaic Power Plant Inc. |  | 76903 | 53853 | 12361 | 3992 |
|  Busan Industrial Solar Power Co., Ltd. |  | 18236 | 15133 | 2262 | 191 |
|  Bitsolar Energy Co., Ltd. |  | 68249 | 74213 | 8300 | (390) |
|  Pulau Indah O&M Sdn. Bhd. |  | 1 | 2 |  | 24 |
|  Guadalupe Solar SpA |  | 10477 | 9339 | 1408 | (574) |
|  Omisan Wind Power Co., Ltd. |  | 180001 | 154541 | 4785 | 1480 |
|  Foresight Iberian Solar Group Holding, S.L. |  | 187118 | 194881 | 3262 | (13206) |
|  Yeongwol Eco Wind Co., Ltd. |  | 99288 | 102522 | 7118 | (5518) |
|  Gurae Resident Power Co., Ltd. |  | 12845 | 11861 | 1490 | (101) |
|  Cheongju Eco Park Co., Ltd. |  | 145162 | 109158 | 37392 | 2415 |
|  Enel X Midland Photovoltaic, LLC |  | 13694 | 119 | 2470 | 865 |
|  Geumsungsan Wind Power Co., Ltd. |  | 143725 | 118608 | 21048 | 7349 |
|  KEPCO KPS CARABAO Corp. |  | 226 | 835 |  | (513) |
|  Prime Swedish Holding AB |  | 143102 | 62354 | 8911 | (8404) |
|  Goheung New Energy Co., Ltd. |  | 174255 | 142437 | 28059 | 2190 |
|  Gunsan Land Solar Co., Ltd. |  | 144887 | 104284 | 22154 | 4939 |
|  CapMan Lynx SCA, SICAR |  | 3319 | 134790 |  | (4808) |
|  International Offshore Power Transmission Holding Company Limited |  | 33191 | 1650 |  | (213) |
|  Pyeongchang Wind Power Co., Ltd. |  | 55697 | 34754 | 9261 | (536) |
|  Eumseong Eco Park Co., Ltd. |  | 149904 | 111846 | 45239 | 9512 |
|  Changwon Nu-ri Energy Co., Ltd. |  | 71179 | 58630 | 333 | (606) |
|  PungBack Wind Farm Corporation |  | 148157 | 130116 |  | (536) |
|  Trumbull Asset Management, LLC |  | 2572 | 910 | 4501 | 486 |
|  S-Power Chile SpA |  | 2779 | 2778 | 1369 | 108 |
|  Seungmun Green Energy |  | 142213 | 103593 | 46712 | 9026 |
|  Seobusambo highway photovoltaics Co., Ltd. |  | 10245 | 6108 | 1214 | 26 |
|  Yangyang Suri Wind Power Co., Ltd. |  | 210853 | 181052 |  | (5391) |
|  KEPCO for Power Company |  | 644110 | 614267 |  | (1058) |
|  Taebaek Wind Power Co., Ltd. |  | 28067 | 3468 | 6431 | 2169 |
|  Jeonju Bio Green Energy Co., Ltd. |  | 4130 | 181 |  | (967) |
|  Kumyang Eco Park Co., Ltd. |  | 125961 | 112910 | 3169 | 615 |
|  Jeongeup Green Power Co., Ltd. |  | 22939 | 6960 |  | (2767) |
|  Hadong E-factory Co., Ltd. |  | 2331 | 1204 |  | (17) |
|  Namyangju Combined Heat and Power Co., Ltd. |  | 75474 | 1899 |  | (2410) |
|  Samcheok Eco Materials Co., Ltd. |  | 21109 | 1981 | 3352 | (1357) |
|  Wadi Noor Solar Power Company SAOC |  | 492407 | 481139 |  | (1477) |
|  Fairhaven Energy Storage LLC |  | 2071 | 82 |  | (14) |
|  Rutile BESS Holdings, LLC |  | 7353 | 7350 |  | (211) |
|  Trumbull Development Partners, LLC |  | 1582082 | 1042712 |  | 14174 |
|  Imha Floating Photovoltaic Power Plant Inc. |  | 36412 | 23546 |  | (1679) |
|  EDFR KOWEPO AJBAN PV HOLDING LIMITED |  | 37776 | 37606 |  | (143) |
|  Roof One Energy Co., Ltd. |  | 9305 | 5209 |  | (46) |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(5)** **The financial information of associates and joint ventures reconciled to the Group's investments in consolidated financial statements as of December 31, 2025 and 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* | *In millions of won* | *In millions of won* |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Investees** | **Net assets** | **Net assets** | **Percentage of<br>ownership (\*)** | **Share in**<br>**net assets** | **Investment**<br>**differential** | **Intercompany**<br>**transaction** | **Others** | **Book**<br>**value** |
|  Korea Gas Corporation | W | 10798925 | 21.66% | 2339047 |  |  | (55512) | 2283535 |
|  Korea Electric Power Industrial Development Co., Ltd. |  | 109110 | 29.00% | 31642 |  |  |  | 31642 |
|  Gangwon Wind Power Co., Ltd. |  | 82163 | 15.00% | 12324 | 49 |  |  | 12373 |
|  Hyundai Green Power Co., Ltd. |  | 400653 | 29.00% | 116189 |  |  | (29640) | 86549 |
|  Korea Power Exchange |  | 262069 | 100.00% | 262069 |  |  |  | 262069 |
|  Taebaek Guinemi Wind Power Co., Ltd. |  | 18047 | 67.25% | 12136 | 2741 |  |  | 14877 |
|  Daeryun Power Co., Ltd. |  | 515244 | 6.85% | 35295 |  |  | (820) | 34475 |
|  KNH Solar Co., Ltd. |  | 6249 | 27.00% | 1687 |  |  |  | 1687 |
|  SPC Power Corporation |  | 281757 | 38.00% | 107067 |  |  |  | 107067 |
|  Gemeng International Energy Co., Ltd. |  | 2815889 | 42.00% | 1182674 |  |  | (370382) | 812292 |
|  PT. Cirebon Electric Power |  | 589500 | 27.50% | 162112 |  |  |  | 162112 |
|  KNOC Nigerian East Oil Co., Ltd. |  | (94648) | 14.63% | (13847) |  |  | 13847 |  |
|  KNOC Nigerian West Oil Co., Ltd. |  | (87030) | 14.63% | (12732) |  |  | 12732 |  |
|  PT Wampu Electric Power |  | 79382 | 46.00% | 36516 |  |  |  | 36516 |
|  PT. Bayan Resources TBK |  | 3693389 | 20.00% | 738678 | 69416 |  | (76380) | 731714 |
|  S-Power Co., Ltd. |  | 410821 | 49.00% | 201302 |  | (967) |  | 200335 |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. |  | 405836 | 25.00% | 101459 | 305 | (905) | (35247) | 65612 |
|  PT. Mutiara Jawa |  | 15169 | 29.00% | 4399 |  |  |  | 4399 |
|  Noeul Green Energy Co., Ltd. |  | (8277) | 29.00% | (2401) |  |  | 2401 |  |
|  Goseong Green Power Co., Ltd. |  | 987119 | 29.00% | 286264 |  | (10179) |  | 276085 |
|  Gangneung Eco Power Co., Ltd. |  | 661551 | 29.00% | 191850 | 45212 | (9379) |  | 227683 |
|  Shin Pyeongtaek Power Co., Ltd. |  | 396068 | 40.00% | 158428 | 3559 | (13401) |  | 148586 |
|  Haeng Bok Do Si Photovoltaic Power Co., Ltd. |  | 973 | 28.00% | 272 |  |  | 2 | 274 |
|  Dongducheon Dream Power Co., Ltd. |  | 337182 | 34.01% | 114675 | 1757 | (1529) | (12582) | 102321 |
|  Jinbhuvish Power Generation Pvt. Ltd. |  | 50088 | 5.20% | 2605 |  |  | (2605) |  |
|  Daejung Offshore Wind Power Co., Ltd. |  | 2909 | 46.59% | 1355 |  |  |  | 1355 |
|  GS Donghae Electric Power Co., Ltd. |  | 843518 | 34.00% | 286796 |  |  |  | 286796 |
|  Daegu Photovoltaic Co., Ltd. |  | 8336 | 29.00% | 2417 |  |  |  | 2417 |
|  Busan Green Energy Co., Ltd. |  | 5899 | 29.00% | 1711 |  |  |  | 1711 |
|  Hansuwon KNP Co., Ltd. |  | 3885 | 28.98% | 1125 |  |  | (160) | 965 |
|  Korea Electric Power Corporation Fund |  | 15178 | 98.09% | 14889 |  |  | 3 | 14892 |
|  Energy Infra Asset Management Co., Ltd. |  | 14135 | 9.90% | 1399 |  |  |  | 1399 |
|  YaksuESS Co., Ltd. |  | 103 | 29.00% | 30 | 1 |  |  | 31 |
|  Nepal Water & Energy Development Company Private Limited |  | 290181 | 66.12% | 191868 | 837 |  |  | 192705 |
|  Gwangyang Green Energy Co., Ltd. |  | 118815 | 20.00% | 23763 | 18 |  |  | 23781 |
|  PND solar Co., Ltd. |  | 6153 | 29.00% | 1784 | 154 |  |  | 1938 |
|  Hyundai Eco Energy Co., Ltd. |  | 47078 | 19.00% | 8945 | 214 |  |  | 9159 |
|  YeongGwang Yaksu Wind Electric Co., Ltd. |  | (201) | 9.63% | (19) | 300 |  | (220) | 61 |
|  Green Energy Electricity Generation Co., Ltd. |  | (1892) | 29.00% | (549) | 779 |  |  | 230 |
|  Korea Energy Solutions Co., Ltd. |  | 697 | 20.00% | 139 |  |  |  | 139 |
|  ITR Co., Ltd. |  | (16) | 8.03% | (1) |  |  | 1 |  |
|  STN Co., Ltd. |  | 1504 | 20.00% | 301 | 53 |  |  | 354 |
|  Indeck Niles Development, LLC |  | 523224 | 50.00% | 261613 | 97643 |  | 4419 | 363675 |
|  Indeck Niles Asset Management, LLC |  | 164 | 33.33% | 55 |  |  |  | 55 |
|  Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 |  | 12365 | 49.00% | 6059 |  |  |  | 6059 |
|  Suwon New Power Co., Ltd. |  | 2656 | 30.15% | 801 |  |  |  | 801 |
|  Gwangbaek Solar Power Investment Co., Ltd. |  | 11183 | 44.00% | 4920 | 316 |  |  | 5236 |
|  Go deok Clean Energy Co., Ltd. |  | 13697 | 40.00% | 5479 |  |  |  | 5479 |
|  SureDataLab Co., Ltd. |  | 855 | 0.35% | 3 |  |  |  | 3 |
|  SEP Co., Ltd. |  | (73) | 21.26% | (15) |  |  | 15 |  |
|  Hankook Electric Power Information Co., Ltd. |  | 1800 | 16.16% | 291 |  |  |  | 291 |
|  Tronix Co., Ltd. |  | 524 | 12.50% | 65 |  |  |  | 65 |
|  O2&B Global Co., Ltd. |  | (100) | 20.00% | (20) |  |  | 20 |  |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(5)** **The financial information of associates and joint ventures reconciled to the Group's investments in consolidated financial statements as of December 31, 2025 and 2024 is as follows, continued:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Investees** | **Net assets** | **Net assets** | **Percentage of<br>ownership (\*)** | **Share in**<br>**net assets** | **Investment**<br>**differential** | **Intercompany**<br>**transaction** | **Others** | **Book**<br>**value** |
|  Muan Sunshine Solar Power Plant Co., Ltd. | W | 11417 | 20.00% | 2284 | 494 |  |  | 2778 |
|  Bigeum Resident Photovoltaic Power Co., Ltd. |  | 27711 | 27.31% | 7569 |  |  |  | 7569 |
|  Goesan Solar Park Co., Ltd. |  | 10091 | 29.00% | 2926 |  |  |  | 2926 |
|  Saemangeum Heemang Photovoltaic Co., Ltd. |  | 46210 | 35.00% | 16174 | 739 |  |  | 16913 |
|  Bitgoel Eco Energy Co., Ltd. |  | 26456 | 49.05% | 12977 |  |  |  | 12977 |
|  Jeju Gimnyeong Wind Power Co., Ltd. |  | (253) | 30.00% | (76) |  |  | 76 |  |
|  Seoroseoro Sunny Power Plant Co., Ltd. |  | 2619 | 42.58% | 1115 | 20 |  |  | 1135 |
|  Muan Solar park Co., Ltd. |  | 38840 | 20.00% | 7768 | 325 |  |  | 8093 |
|  YuDang Solar Co., Ltd. |  | 3479 | 20.00% | 696 |  |  |  | 696 |
|  Anjwa Smart Farm & Solar City Co., Ltd. |  | 43300 | 20.00% | 8661 | 816 |  |  | 9477 |
|  KPE Green Energy Co., Ltd. |  | 35699 | 25.36% | 9052 | 44 |  |  | 9096 |
|  G.GURU Co., Ltd. |  | (11) | 14.42% | (2) |  |  | 2 |  |
|  UD4M Co., Ltd. |  | 841 | 14.29% | 120 |  |  |  | 120 |
|  Dongbu Highway Solar Co., Ltd. |  | 2360 | 20.00% | 473 | 50 |  |  | 523 |
|  Seobu Highway Solar Co., Ltd. |  | 3415 | 20.00% | 683 |  |  |  | 683 |
|  Korea Energy Data Co., Ltd. |  | (27) | 29.37% | (8) |  |  | 8 |  |
|  Gangneung Sacheon Fuel Cell Co., Ltd. |  | 22239 | 41.00% | 9118 | 87 |  |  | 9205 |
|  Taebaek Gadeoksan Wind Power Co., Ltd. |  | 77812 | 34.00% | 26456 |  |  |  | 26456 |
|  Chuncheon Green Energy Co., Ltd. |  | 35058 | 45.00% | 15776 | 53 |  |  | 15829 |
|  Yeomsubong Wind Power Co., Ltd. |  | 271 | 29.00% | 79 | 246 |  |  | 325 |
|  Yeongyang Wind Power Corporation II |  | 37653 | 30.00% | 11296 | 2110 |  |  | 13406 |
|  Haeparang Energy Co., Ltd. |  | 10778 | 25.00% | 2694 | 20 |  |  | 2714 |
|  Saemangeum Sebit Power Plant Co., Ltd. |  | 68142 | 55.00% | 37480 | 182 |  |  | 37662 |
|  PlatformN. Co., Ltd. |  | (66) | 29.58% | (20) |  |  | 20 |  |
|  PT. Cirebon Energi Prasarana |  | 940046 | 10.00% | 94005 |  |  |  | 94005 |
|  Green Radiation Co., Ltd. |  | 165 | 10.00% | 17 | 3 |  |  | 20 |
|  Future Convergence Technology Laboratory. Co., Ltd. |  | 101 | 20.12% | 20 |  |  |  | 20 |
|  Eco motion Co., Ltd. |  | 1672 | 20.00% | 334 |  |  |  | 334 |
|  REC's Innovation Co., Ltd. |  | 1785 | 11.04% | 197 |  |  |  | 197 |
|  ACE |  | 45 | 20.00% | 9 |  | (5) |  | 4 |
|  Environment and Energy Co., Ltd. |  | 8 | 10.54% | 1 |  |  |  | 1 |
|  Santiago Solar Power SpA |  | 16015 | 50.00% | 8008 |  |  |  | 8008 |
|  Yanggu Floating Photovoltaic Power Plant Inc. |  | 2934 | 29.00% | 851 |  |  |  | 851 |
|  Power Embedded |  | 240 | 23.33% | 56 | 1 |  |  | 57 |
|  Changwon SG Energy Co., Ltd. |  | 3499 | 18.78% | 658 | 15 |  |  | 673 |
|  Donpyung Technology. Co., Ltd. |  | 1600 | 20.00% | 320 |  | (25) |  | 295 |
|  HORANG ENERGY Inc. |  | 9961 | 40.00% | 3985 | 224 |  |  | 4209 |
|  Hoenggye Renewable Energy Co., Ltd |  | 2730 | 36.12% | 986 | 2375 |  | (986) | 2375 |
|  Haman Green Energy Co., Ltd. |  | 16502 | 35.00% | 5776 |  |  |  | 5776 |
|  Songsan Green Energy Co., Ltd. |  | 18966 | 60.00% | 11379 | 71 |  |  | 11450 |
|  SkyPic Inc. |  | 150 | 20.00% | 30 |  |  |  | 30 |
|  HyChangwon Fuel Cell. Co., Ltd. |  | 21316 | 40.00% | 8526 | 117 |  |  | 8643 |
|  Dreams Co.,Ltd. |  | (21) | 11.00% | (2) | 5 |  |  | 3 |
|  DEEPAI Co.,Ltd. |  | 158 | 1.32% | 2 | 6 |  |  | 8 |
|  Amaala Sustainable Company for Energy LLC |  | 71690 | 10.00% | 7169 |  |  | (7151) | 18 |
|  Remal First Holding Company |  | (25105) | 30.00% | (7532) |  |  | 7532 |  |
|  Naseem First Holding Company |  | (27232) | 30.00% | (8170) |  |  | 8170 |  |
|  Cheonwang Green Energy Co., Ltd. |  | 1128 | 40.00% | 451 | 46 |  | (3) | 494 |
|  Namjeju Bitdream Energy Co., Ltd. |  | 10106 | 50.00% | 5053 | 207 |  |  | 5260 |
|  Jeju Bukchon BESS Power Plant Co., Ltd. |  | 6049 | 41.00% | 2480 |  |  |  | 2480 |
|  Commerce and Industry Energy Co., Ltd. |  | 32523 | 24.46% | 7954 |  |  | (7456) | 498 |
|  KI Tech Co., Ltd. |  | 940 | 24.70% | 232 |  | (61) |  | 171 |
|  Enlight Energy Advanced Industry Venture Fund |  | 11235 | 28.04% | 3150 |  |  |  | 3150 |
|  Gunsan Green Energy Co., Ltd. |  | 4792 | 42.63% | 2043 |  |  |  | 2043 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(5)** **The financial information of associates and joint ventures reconciled to the Group's investments in consolidated financial statements as of December 31, 2025 and 2024 is as follows, continued:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
| **Investees** | **Net assets** | **Net assets** | **Percentage of<br>ownership (\*)** | **Share in**<br>**net assets** | **Investment**<br>**differential** | **Intercompany**<br>**transaction** | **Others** | **Book**<br>**value** |
|  Shuweihat Asia Power Investment B.V. | W | 167815 | 49.00% | 82230 |  |  |  | 82230 |
|  Shuweihat Asia Operation & Maintenance Company |  | 5157 | 55.00% | 2837 |  |  |  | 2837 |
|  Waterbury Lake Uranium L.P. |  | 97025 | 29.45% | 28576 |  |  |  | 28576 |
|  ASM-BG Investicii AD |  | 40981 | 50.00% | 20491 |  |  |  | 20491 |
|  RES Technology AD |  | 33344 | 50.00% | 16672 |  |  |  | 16672 |
|  KV Holdings, Inc. |  | 15936 | 40.00% | 6374 |  |  |  | 6374 |
|  KEPCO SPC Power Corporation |  | 199072 | 60.00% | 119443 |  |  |  | 119443 |
|  Gansu Datang Yumen Wind Power Co., Ltd. |  | 20073 | 40.00% | 8029 |  |  |  | 8029 |
|  Datang Chifeng Renewable Power Co., Ltd. |  | 530324 | 40.00% | 212130 |  |  |  | 212130 |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. |  | 123752 | 40.00% | 49501 |  |  |  | 49501 |
|  Rabigh Electricity Company |  | 806056 | 40.00% | 322423 |  | (35813) | (805) | 285805 |
|  Rabigh Operation & Maintenance Company Limited |  | 25227 | 40.00% | 10091 |  |  |  | 10091 |
|  Jamaica Public Service Company Limited |  | 993028 | 40.00% | 397211 | 29357 |  | (14291) | 412277 |
|  KW Nuclear Components Co., Ltd. |  | 50092 | 45.00% | 22541 |  |  | (176) | 22365 |
|  Busan Shinho Solar Power Co., Ltd. |  | 25042 | 25.00% | 6260 |  |  |  | 6260 |
|  Global Trade Of Power System Co., Ltd. |  | 2441 | 29.00% | 708 |  |  |  | 708 |
|  Expressway Solar-light Power Generation Co., Ltd. |  | 9317 | 50.00% | 4658 |  |  |  | 4658 |
|  Amman Asia Electric Power Company |  | 457918 | 60.00% | 274751 |  |  |  | 274751 |
|  KAPES, Inc. |  | 40697 | 51.00% | 20755 |  | (31563) | 10808 |  |
|  Honam Wind Power Co., Ltd. |  | 16780 | 29.00% | 4866 | 32 |  |  | 4898 |
|  Korea Power Engineering Service Co., Ltd. |  | 22082 | 29.00% | 6404 |  |  |  | 6404 |
|  Chun-cheon Energy Co., Ltd. |  | 123570 | 29.90% | 36948 | 3 |  | (248) | 36703 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. |  | 25530 | 15.00% | 3829 | 6 |  |  | 3835 |
|  Nghi Son 2 Power LLC |  | 1133399 | 50.00% | 566700 |  |  |  | 566700 |
|  Kelar S.A. |  | 230748 | 65.00% | 149986 | 3308 |  |  | 153294 |
|  PT. Tanjung Power Indonesia |  | 280633 | 35.00% | 98221 |  |  |  | 98221 |
|  Incheon New Power Co., Ltd. |  | 1568 | 29.00% | 455 |  |  |  | 455 |
|  Seokmun Energy Co., Ltd. |  | 50223 | 29.00% | 14565 |  |  |  | 14565 |
|  Daehan Wind Power PSC |  | 50190 | 50.00% | 25095 |  |  |  | 25095 |
|  Barakah One Company |  | 8279442 | 18.00% | 1490300 |  | 182207 |  | 1672507 |
|  Nawah Energy Company |  | 2176 | 18.00% | 392 |  |  |  | 392 |
|  MOMENTUM |  | 317 | 33.33% | 106 |  |  |  | 106 |
|  Daegu Green Power Co., Ltd. |  | 94795 | 54.24% | 51416 | 84 |  | (20381) | 31119 |
|  Yeonggwang Wind Power Co., Ltd. |  | 62534 | 46.00% | 28766 | 492 |  |  | 29258 |
|  Chester Solar IV SpA |  | 4709 | 90.00% | 4237 | 1112 |  |  | 5349 |
|  Chester Solar V SpA |  | 502 | 90.00% | 452 | 304 |  |  | 756 |
|  Diego de Almagro Solar SpA |  | 4768 | 90.00% | 4291 | 629 |  |  | 4920 |
|  South Jamaica Power Company Limited |  | 243391 | 20.00% | 48678 |  |  | (3) | 48675 |
|  Daesan Green Energy Co., Ltd. |  | 62157 | 35.00% | 21755 |  |  |  | 21755 |
|  RE Holiday Holdings LLC |  | 161263 | 50.00% | 80631 |  |  |  | 80631 |
|  RE Pioneer Holdings LLC |  | 97662 | 50.00% | 48831 |  |  |  | 48831 |
|  RE Barren Ridge 1 Holdings LLC |  | 109651 | 50.00% | 54825 |  |  |  | 54825 |
|  RE Astoria 2 LandCo LLC |  | 16274 | 50.00% | 8137 |  |  |  | 8137 |
|  RE Barren Ridge LandCo LLC |  | 5739 | 50.00% | 2870 |  |  |  | 2870 |
|  Laurel SpA |  | 2316 | 90.00% | 2084 | 1008 |  |  | 3092 |
|  KIAMCO KOWEPO Bannerton Hold Co Pty Ltd |  | 31625 | 12.37% | 3912 | 9 |  | (3015) | 906 |
|  Cheong-Song Noraesan Wind Power Co., Ltd. |  | 13991 | 29.01% | 4059 | 61 |  |  | 4120 |
|  Chester Solar I SpA |  | 3453 | 90.00% | 3108 | 309 |  |  | 3417 |
|  Solar Philippines Calatagan Corporation |  | 115923 | 38.00% | 44050 |  |  | 17063 | 61113 |
|  Saemangeum Solar Power Co., Ltd. |  | 28545 | 81.01% | 23123 |  |  |  | 23123 |
|  Chungsongmeon BongSan wind power Co., Ltd. |  | 1803 | 29.00% | 522 | 1782 |  |  | 2304 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(5)** **The financial information of associates and joint ventures reconciled to the Group's investments in consolidated financial statements as of December 31, 2025 and 2024 is as follows, continued:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Investees** | **Net assets** | **Net assets** | **Percentage of<br>ownership (\*)** | **Share in**<br>**net assets** | **Investment**<br>**differential** | **Intercompany**<br>**transaction** | **Others** | **Book**<br>**value** |
|  Jaeun Resident Wind Power Plant Co., Ltd. | W | (2618) | 29.00% | (759) |  |  | 759 |  |
|  Dangjin Eco Power Co., Ltd. |  | 78848 | 34.00% | 26809 | 341 |  |  | 27150 |
|  Haemodum Solar Co., Ltd. |  | 6431 | 49.00% | 3151 |  |  |  | 3151 |
|  Yangyang Wind Power Co., Ltd. |  | 30175 | 50.00% | 15088 | 43 |  |  | 15131 |
|  HORUS SOLAR, S.A. DE C.V. |  | (6253) | 14.95% | (935) | 3580 |  |  | 2645 |
|  RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. |  | 16264 | 14.95% | 2431 | 2171 |  |  | 4602 |
|  SUNMEX RENOVABLES, S.A. DE C.V. |  | 22751 | 14.95% | 3400 | 5 |  |  | 3405 |
|  Stavro Holding II A.B. |  | 90309 | 20.00% | 18062 |  |  |  | 18062 |
|  Solaseado Solar Power Co., Ltd. |  | 64759 | 38.90% | 25192 | 1361 |  |  | 26553 |
|  Yeongam Solar Power Co., Ltd. |  | 60218 | 19.00% | 11442 | 773 |  |  | 12215 |
|  Samsu Wind Power Co., Ltd. |  | 17423 | 19.00% | 3310 |  |  |  | 3310 |
|  Pulau Indah Power Plant Sdn. Bhd. |  | 205417 | 25.00% | 51354 | 5643 |  |  | 56997 |
|  NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |  | 37255 | 29.53% | 11001 | 527 |  | (527) | 11001 |
|  Shin-han BNPP Private Investment Trust for East-West Sunlight Dream |  | 16692 | 90.00% | 15023 |  |  |  | 15023 |
|  PT Barito Wahana Tenaga |  | 737706 | 30.61% | 225828 |  |  |  | 225828 |
|  Cheongna Energy Co., Ltd. |  | 131509 | 50.10% | 65886 | 3137 | (1177) |  | 67846 |
|  Naepo Green Energy Co., Ltd. |  | 191096 | 29.20% | 55800 |  |  | 3442 | 59242 |
|  Boim Combined Heat and Power Generation Co., Ltd. |  | (63389) | 46.30% | (29349) |  | (743) | 30092 |  |
|  OneEnergy Asia Limited |  | 1172226 | 40.00% | 468891 | 25512 |  |  | 494403 |
|  KAS INVESTMENT I LLC |  | 44 | 29.89% | 13 |  |  |  | 13 |
|  KAS INVESTMENT II LLC |  | 44 | 29.89% | 13 |  |  |  | 13 |
|  Energyco Co., Ltd. |  | 6207 | 29.00% | 1800 | 829 |  |  | 2629 |
|  CAES, LLC |  | 42153 | 36.00% | 15175 | 2923 |  |  | 18098 |
|  Hapcheon Floating Photovoltaic Power Plant Inc. |  | 26026 | 49.00% | 12753 | 39 |  |  | 12792 |
|  Busan Industrial Solar Power Co., Ltd. |  | 3786 | 28.02% | 1061 | 290 |  |  | 1351 |
|  Bitsolar Energy Co., Ltd. |  | (5977) | 27.10% | (1620) |  |  | 1620 |  |
|  Pulau Indah O&M Sdn. Bhd. |  | 156 | 40.00% | 62 |  |  |  | 62 |
|  Guadalupe Solar SpA |  | 3631 | 60.00% | 2179 | 98 |  |  | 2277 |
|  Omisan Wind Power Co., Ltd. |  | 28661 | 42.00% | 12038 | 166 |  |  | 12204 |
|  Foresight Iberian Solar Group Holding, S.L. |  | (14972) | 75.00% | (11229) | 1427 |  | 9802 |  |
|  Yeongwol Eco Wind Co., Ltd. |  | (4129) | 29.00% | (1197) | 1828 |  |  | 631 |
|  Gurae Resident Power Co., Ltd. |  | 1241 | 29.00% | 360 | 48 |  |  | 408 |
|  Cheongju Eco Park Co., Ltd. |  | 37318 | 29.00% | 10822 | 195 |  |  | 11017 |
|  Enel X Midland Photovoltaic, LLC |  | 14108 | 20.00% | 2822 |  |  |  | 2822 |
|  Geumsungsan Wind Power Co., Ltd. |  | 24078 | 29.00% | 6982 | 556 |  |  | 7538 |
|  KEPCO KPS CARABAO Corp. |  | (441) | 40.00% | (176) |  |  | 176 |  |
|  Prime Swedish Holding AB |  | 82178 | 45.00% | 36980 | 1684 |  |  | 38664 |
|  Goheung New Energy Co., Ltd. |  | 37170 | 46.15% | 17154 | 1084 |  |  | 18238 |
|  Gunsan Land Solar Co., Ltd. |  | 41777 | 53.83% | 22488 |  |  | 1334 | 23822 |
|  International Offshore Power Transmission Holding Company Limited |  | (212) | 35.00% | (74) | (2) |  | 76 |  |
|  Pyeongchang Wind Power Co., Ltd. |  | 22158 | 58.00% | 12851 |  |  |  | 12851 |
|  Eumseong Eco Park Co., Ltd. |  | 38097 | 29.00% | 11048 | 577 |  |  | 11625 |
|  Changwon Nu-ri Energy Co., Ltd. |  | 15545 | 61.00% | 9483 | 3 |  |  | 9486 |
|  PungBack Wind Farm Corporation |  | 14276 | 37.00% | 5282 | 1085 |  |  | 6367 |
|  Trumbull Asset Management, LLC |  | 1574 | 78.00% | 1228 |  |  |  | 1228 |
|  S-Power Chile SpA |  | 766 | 50.00% | 383 | 155 |  |  | 538 |
|  Seungmun Green Energy |  | 37749 | 33.00% | 12457 |  |  |  | 12457 |
|  Seobusambo highway photovoltaics Co., Ltd. |  | 4405 | 80.00% | 3524 |  |  |  | 3524 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(5)** **The financial information of associates and joint ventures reconciled to the Group's investments in consolidated financial statements as of December 31, 2025 and 2024 is as follows, continued:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Investees** | **Net assets** | **Net assets** | **Percentage of<br>ownership (\*)** | **Share in**<br>**net assets** | **Investment**<br>**differential** | **Intercompany**<br>**transaction** | **Others** | **Book**<br>**value** |
|  Yangyang Suri Wind Power Co., Ltd. | W | 32993 | 29.00% | 9568 |  |  |  | 9568 |
|  KEPCO for Power Company |  | 21638 | 60.00% | 12983 |  |  |  | 12983 |
|  Taebaek Wind Power Co., Ltd. |  | 21062 | 60.00% | 12637 |  |  |  | 12637 |
|  Kumyang Eco Park Co., Ltd. |  | 23508 | 29.00% | 6818 | 56 |  |  | 6874 |
|  Jeongeup Green Power Co., Ltd. |  | 11246 | 44.86% | 5045 | 1679 |  |  | 6724 |
|  Hadong E-factory Co., Ltd. |  | 1115 | 29.99% | 334 | 6 |  |  | 340 |
|  Namyangju Combined Heat and Power Co., Ltd. |  | 209634 | 70.10% | 146953 | 193 |  |  | 147146 |
|  Samchuck |  | 19144 | 25.54% | 4889 |  |  | (4889) |  |
|  Wadi Noor Solar Power Company SAOC |  | 6589 | 50.00% | 3295 | 9 | (4015) | 711 |  |
|  Fairhaven Energy Storage LLC |  | 2042 | 35.00% | 715 |  |  | (715) |  |
|  Rutile BESS Holdings, LLC |  | 38198 | 50.00% | 19099 |  |  |  | 19099 |
|  Trumbull Development Partners, LLC |  | 690772 | 56.23% | 388421 | 50847 |  |  | 439268 |
|  Imha Floating Photovoltaic Power Plant Inc. |  | 11389 | 49.00% | 5581 | 46 |  |  | 5627 |
|  EDFR KOWEPO AJBAN PV HOLDING LIMITED |  | 1707 | 50.00% | 854 |  |  |  | 854 |
|  Roof One Energy Co., Ltd. |  | 3955 | 48.00% | 1899 | 34 |  |  | 1933 |
|  Taean Haetdeulwon Solar Power Co., Ltd. |  | 17612 | 45.00% | 7925 | 712 |  |  | 8637 |
|  Haetbyeotgil Solar Power Co., Ltd. |  | 2408 | 30.00% | 723 | 9 |  |  | 732 |
|  Seongseo Neulpureun Energy Co., Ltd. |  | 1367 | 49.81% | 681 |  |  |  | 681 |
|  Luluah SKY Energy Holding Ltd. |  | 423 | 15.00% | 63 |  |  |  | 63 |
|  KES Yona Holdings LLC |  |  | 0.00% |  |  |  |  |  |
|  Siraj AlTaqa AlNazifa |  |  | 0.00% |  |  |  |  |  |
|  Nour Ibri Solar Power Company |  | 1184 | 30.77% | 364 |  |  | 9 | 373 |
|  Lucy Equity Holdings, LLC |  | (148557) | 20.00% | (29711) | 1268 |  | 28443 |  |

---

---

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

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(5)** **The financial information of associates and joint ventures reconciled to the Group's investments in condensed consolidated financial statements as of December 31, 2025 and 2024 is as follows, continued:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *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** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Investees** | **Net assets** | **Net assets** | **Percentage of<br>ownership (\*)** | **Share in**<br>**net assets** | **Investment**<br>**differential** | **Intercompany**<br>**transaction** | **Others** | **Book**<br>**value** |
|  Korea Gas Corporation | W | 10826356 | 21.66% | 2344989 |  |  | (55685) | 2289304 |
|  Korea Electric Power Industrial Development Co., Ltd. |  | 104056 | 29.00% | 30177 |  |  |  | 30177 |
|  Gangwon Wind Power Co., Ltd. |  | 77631 | 15.00% | 11644 | 49 |  |  | 11693 |
|  Hyundai Green Power Co., Ltd. |  | 403558 | 29.00% | 117033 |  |  | (29640) | 87393 |
|  Korea Power Exchange |  | 273962 | 100.00% | 273962 |  |  |  | 273962 |
|  Taebaek Guinemi Wind Power Co., Ltd. |  | 16086 | 67.25% | 10818 | 2741 |  |  | 13559 |
|  Daeryun Power Co., Ltd. |  | 465879 | 6.85% | 31913 |  |  | (820) | 31093 |
|  KNH Solar Co., Ltd. |  | 8017 | 27.00% | 2165 |  |  |  | 2165 |
|  SPC Power Corporation |  | 283089 | 38.00% | 107574 |  |  |  | 107574 |
|  Gemeng International Energy Co., Ltd. |  | 2498612 | 42.00% | 1049417 |  |  | (321079) | 728338 |
|  PT. Cirebon Electric Power |  | 572838 | 27.50% | 157530 |  |  |  | 157530 |
|  KNOC Nigerian East Oil Co., Ltd. |  | (96926) | 14.63% | (14180) |  |  | 14180 |  |
|  KNOC Nigerian West Oil Co., Ltd. |  | (89121) | 14.63% | (13038) |  |  | 13038 |  |
|  PT Wampu Electric Power |  | 85366 | 46.00% | 39268 |  |  |  | 39268 |
|  PT. Bayan Resources TBK |  | 3238297 | 20.00% | 647659 | 146097 |  | (76380) | 717376 |
|  S-Power Co., Ltd. |  | 370303 | 49.00% | 181448 |  | (1076) |  | 180372 |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. |  | 435809 | 25.00% | 108953 | 305 | (946) | (35247) | 73065 |
|  PT. Mutiara Jawa |  | 19777 | 29.00% | 5735 |  |  |  | 5735 |
|  Noeul Green Energy Co., Ltd. |  | (13223) | 29.00% | (3835) |  |  | 3835 |  |
|  Goseong Green Power Co., Ltd. |  | 1004588 | 29.00% | 291331 |  | (6789) |  | 284542 |
|  Gangneung Eco Power Co., Ltd. |  | 692281 | 29.00% | 200761 | 46872 | (5819) |  | 241814 |
|  Shin Pyeongtaek Power Co., Ltd. |  | 373908 | 40.00% | 149563 | 3559 | (14064) | 1 | 139059 |
|  Haeng Bok Do Si Photovoltaic Power Co., Ltd. |  | 1281 | 28.00% | 359 |  |  | 1 | 360 |
|  Dongducheon Dream Power Co., Ltd. |  | 305984 | 34.01% | 104065 | 1757 | (1889) | (12582) | 91351 |
|  Jinbhuvish Power Generation Pvt. Ltd. |  | 53880 | 5.16% | 2780 |  |  | (2780) |  |
|  Daejung Offshore Wind Power Co., Ltd. |  | 3199 | 46.59% | 1490 |  |  |  | 1490 |
|  GS Donghae Electric Power Co., Ltd. |  | 821859 | 34.00% | 279432 |  |  |  | 279432 |
|  Daegu Photovoltaic Co., Ltd. |  | 8742 | 29.00% | 2535 |  |  |  | 2535 |
|  Busan Green Energy Co., Ltd. |  | 8049 | 29.00% | 2334 |  |  |  | 2334 |
|  Hansuwon KNP Co., Ltd. |  | 2880 | 28.98% | 835 |  |  | (161) | 674 |
|  Korea Electric Power Corporation Fund |  | 13609 | 98.09% | 13349 |  |  | 4 | 13353 |
|  Energy Infra Asset Management Co., Ltd. |  | 12808 | 9.90% | 1268 |  |  |  | 1268 |
|  YaksuESS Co., Ltd. |  | 557 | 29.00% | 161 | 1 |  |  | 162 |
|  Nepal Water & Energy Development Company Private Limited |  | 246930 | 68.88% | 170083 | 872 |  |  | 170955 |
|  Gwangyang Green Energy Co., Ltd. |  | 120998 | 20.00% | 24199 | 18 |  |  | 24217 |
|  PND solar Co., Ltd. |  | 5455 | 29.00% | 1582 | 154 |  | (1) | 1735 |
|  Hyundai Eco Energy Co., Ltd. |  | 43574 | 19.00% | 8279 | 214 |  |  | 8493 |
|  YeongGwang Yaksu Wind Electric Co., Ltd. |  | (406) | 9.63% | (39) | 300 |  | (220) | 41 |
|  Green Energy Electricity Generation Co., Ltd. |  | (4050) | 29.00% | (1175) | 779 |  | 396 |  |
|  Korea Energy Solutions Co., Ltd. |  | 985 | 20.00% | 197 |  |  |  | 197 |
|  ITR Co., Ltd. |  | (178) | 8.70% | (15) |  |  | 15 |  |
|  STN Co., Ltd. |  | 1771 | 20.00% | 354 | 53 |  |  | 407 |
|  Indeck Niles Development, LLC |  | 529874 | 50.00% | 264936 | 101361 |  | 4673 | 370970 |
|  Indeck Niles Asset Management, LLC |  | 179 | 33.33% | 60 |  |  |  | 60 |
|  Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 |  | 12487 | 49.00% | 6119 |  |  |  | 6119 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(5)** **The financial information of associates and joint ventures reconciled to the Group's investments in consolidated financial statements as of December 31, 2025 and 2024 is as follows, continued:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *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** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Investees** | **Net assets** | **Net assets** | **Percentage of<br>ownership (\*)** | **Share in**<br>**net assets** | **Investment**<br>**differential** | **Intercompany**<br>**transaction** | **Others** | **Book**<br>**value** |
|  Suwon New Power Co., Ltd. | W | 2089 | 30.15% | 630 |  | 284 |  | 914 |
|  Gwangbaek Solar Power Investment Co., Ltd. |  | 10999 | 44.00% | 4839 | 316 |  |  | 5155 |
|  Go deok Clean Energy Co., Ltd. |  | 13253 | 40.00% | 5301 |  |  |  | 5301 |
|  SureDataLab Co., Ltd. |  | 199 | 23.95% | 48 |  |  |  | 48 |
|  SEP Co., Ltd. |  | (73) | 21.26% | (15) |  |  | 15 |  |
|  Hankook Electric Power Information Co., Ltd. |  | 1390 | 16.16% | 225 |  |  | (13) | 212 |
|  Tronix Co., Ltd. |  | 1165 | 12.50% | 146 |  |  |  | 146 |
|  O2&B Global Co., Ltd. |  | (32) | 20.00% | (6) |  |  | 6 |  |
|  Muan Sunshine Solar Power Plant Co., Ltd. |  | 11389 | 20.00% | 2278 | 494 |  |  | 2772 |
|  Bigeum Resident Photovoltaic Power Co., Ltd. |  | 28951 | 27.31% | 7908 |  |  |  | 7908 |
|  Goesan Solar Park Co., Ltd. |  | 10805 | 29.00% | 3133 |  |  |  | 3133 |
|  Saemangeum Heemang Photovoltaic Co., Ltd. |  | 43993 | 35.00% | 15398 | 739 |  |  | 16137 |
|  Bitgoel Eco Energy Co., Ltd. |  | 27933 | 49.05% | 13701 |  |  |  | 13701 |
|  Jeju Gimnyeong Wind Power Co., Ltd. |  | 832 | 30.00% | 250 |  |  |  | 250 |
|  Seoroseoro Sunny Power Plant Co., Ltd. |  | 2371 | 42.58% | 1010 | 20 |  |  | 1030 |
|  Muan Solar park Co., Ltd. |  | 29708 | 20.00% | 5942 | 325 |  |  | 6267 |
|  YuDang Solar Co., Ltd. |  | 3083 | 20.00% | 617 |  |  |  | 617 |
|  Anjwa Smart Farm & Solar City Co., Ltd. |  | 37405 | 20.00% | 7482 | 816 |  |  | 8298 |
|  KPE Green Energy Co., Ltd. |  | 32284 | 25.36% | 8186 | 44 |  |  | 8230 |
|  G.GURU Co., Ltd. |  | 140 | 24.65% | 34 |  |  |  | 34 |
|  UD4M Co., Ltd. |  | 849 | 14.29% | 121 |  |  |  | 121 |
|  Dongbu Highway Solar Co., Ltd. |  | 2306 | 20.00% | 462 | 50 |  |  | 512 |
|  Seobu Highway Solar Co., Ltd. |  | 2895 | 20.00% | 579 |  |  |  | 579 |
|  Korea Energy Data Co., Ltd. |  | 78 | 29.37% | 23 |  |  |  | 23 |
|  Gangneung Sacheon Fuel Cell Co., Ltd. |  | 22485 | 41.00% | 9219 | 87 |  |  | 9306 |
|  Taebaek Gadeoksan Wind Power Co., Ltd. |  | 67376 | 34.00% | 22909 |  |  |  | 22909 |
|  Chuncheon Green Energy Co., Ltd. |  | 39152 | 45.00% | 17619 | 53 |  |  | 17672 |
|  Yeomsubong Wind Power Co., Ltd. |  | 1232 | 29.00% | 357 | 246 |  |  | 603 |
|  Yeongyang Wind Power Corporation II |  | 30639 | 30.00% | 9191 | 2110 |  |  | 11301 |
|  Haeparang Energy Co., Ltd. |  | 7719 | 25.00% | 1930 | 20 |  |  | 1950 |
|  Saemangeum Sebit Power Plant Co., Ltd. |  | 67139 | 55.00% | 36928 | 182 |  |  | 37110 |
|  PlatformN. Co., Ltd. |  | (61) | 29.58% | (18) |  |  | 18 |  |
|  PT. Cirebon Energi Prasarana |  | 968458 | 10.00% | 96846 |  |  |  | 96846 |
|  Green Radiation Co., Ltd. |  | (142) | 10.00% | (14) | 3 |  | 11 |  |
|  Future Convergence Technology Laboratory. Co., Ltd. |  | 107 | 20.12% | 22 |  |  |  | 22 |
|  Eco motion Co., Ltd. |  | 1146 | 20.00% | 229 |  |  |  | 229 |
|  REC's Innovation Co., Ltd. |  | 1403 | 11.04% | 155 |  |  |  | 155 |
|  ACE |  | 51 | 20.00% | 10 |  | (5) |  | 5 |
|  Environment and Energy Co., Ltd. |  | 31 | 10.54% | 3 |  |  |  | 3 |
|  Santiago Solar Power SpA |  | 13924 | 50.00% | 6961 |  |  |  | 6961 |
|  Yanggu Floating Photovoltaic Power Plant Inc. |  | 2918 | 29.00% | 846 |  |  |  | 846 |
|  Power Embedded |  | 288 | 23.33% | 67 | 1 |  |  | 68 |
|  Changwon SG Energy Co., Ltd. |  | 3550 | 18.78% | 667 | 15 |  |  | 682 |
|  Donpyung Technology. Co., Ltd. |  | 1532 | 20.00% | 306 |  | (25) |  | 281 |
|  HORANG ENERGY Inc. |  | 8959 | 40.00% | 3584 | 224 |  |  | 3808 |
|  Hoenggye Renewable Energy Co., Ltd |  | (736) | 36.12% | (266) | 2375 |  | 266 | 2375 |
|  Haman Green Energy Co., Ltd. |  | 8029 | 35.00% | 2810 |  |  |  | 2810 |
|  Songsan Green Energy Co., Ltd. |  | 13062 | 60.00% | 7837 | 71 |  |  | 7908 |
|  SkyPic Inc. |  | 130 | 20.00% | 26 |  |  |  | 26 |
|  HyChangwon Fuel Cell. Co., Ltd. |  | 22901 | 40.00% | 9161 | 117 |  |  | 9278 |
|  Dreams Co.,Ltd. |  | 50 | 11.00% | 6 | 5 |  |  | 11 |
|  DEEPAI Co.,Ltd. |  | 364 | 1.32% | 5 | 6 |  |  | 11 |
|  Amaala Sustainable Company for Energy LLC |  | 196 | 10.00% | 20 |  |  | (2) | 18 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(5)** **The financial information of associates and joint ventures reconciled to the Group's investments in consolidated financial statements as of December 31, 2025 and 2024 is as follows, continued:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
| **Investees** | **Net assets** | **Net assets** | **Percentage of<br>ownership (\*)** | **Share in**<br>**net assets** | **Investment**<br>**differential** | **Intercompany**<br>**transaction** | **Others** | **Book<br>value** |
|  Shuweihat Asia Power Investment B.V. | W | 176432 | 49.00% | 86450 |  |  |  | 86450 |
|  Shuweihat Asia Operation & Maintenance Company |  | 3887 | 55.00% | 2138 |  |  |  | 2138 |
|  Waterbury Lake Uranium L.P. |  | 80042 | 29.68% | 23756 |  |  |  | 23756 |
|  ASM-BG Investicii AD |  | 33872 | 50.00% | 16936 |  |  |  | 16936 |
|  RES Technology AD |  | 30137 | 50.00% | 15069 |  |  |  | 15069 |
|  KV Holdings, Inc. |  | 17303 | 40.00% | 6921 |  |  |  | 6921 |
|  KEPCO SPC Power Corporation |  | 265231 | 60.00% | 159139 |  |  |  | 159139 |
|  Gansu Datang Yumen Wind Power Co., Ltd. |  | 19797 | 40.00% | 7919 |  |  |  | 7919 |
|  Datang Chifeng Renewable Power Co., Ltd. |  | 511290 | 40.00% | 204516 |  |  |  | 204516 |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. |  | 120811 | 40.00% | 48325 |  |  |  | 48325 |
|  Rabigh Electricity Company |  | 778404 | 40.00% | 311362 |  | (40752) | (717) | 269893 |
|  Rabigh Operation & Maintenance Company Limited |  | 20778 | 40.00% | 8311 |  |  |  | 8311 |
|  Jamaica Public Service Company Limited |  | 992954 | 40.00% | 397182 | 29357 |  | (13923) | 412616 |
|  KW Nuclear Components Co., Ltd. |  | 42075 | 45.00% | 18934 |  |  | (176) | 18758 |
|  Busan Shinho Solar Power Co., Ltd. |  | 27972 | 25.00% | 6993 |  |  |  | 6993 |
|  Global Trade Of Power System Co., Ltd. |  | 2402 | 29.00% | 696 |  |  |  | 696 |
|  Expressway Solar-light Power Generation Co., Ltd. |  | 11541 | 50.00% | 5771 |  |  |  | 5771 |
|  Amman Asia Electric Power Company |  | 448107 | 60.00% | 268864 |  |  |  | 268864 |
|  KAPES, Inc. |  | 41522 | 51.00% | 21176 |  | (25107) | 3931 |  |
|  Honam Wind Power Co., Ltd. |  | 16556 | 29.00% | 4801 | 32 |  |  | 4833 |
|  Korea Power Engineering Service Co., Ltd. |  | 20873 | 29.00% | 6054 |  |  |  | 6054 |
|  Chun-cheon Energy Co., Ltd. |  | 123222 | 29.90% | 36843 | 3 |  | (247) | 36599 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. |  | 24827 | 15.00% | 3723 | 6 |  |  | 3729 |
|  Nghi Son 2 Power LLC |  | 1126156 | 50.00% | 563079 |  |  |  | 563079 |
|  Kelar S.A. |  | 229196 | 65.00% | 148978 | 3389 |  |  | 152367 |
|  PT. Tanjung Power Indonesia |  | 287370 | 35.00% | 100580 |  |  |  | 100580 |
|  Incheon New Power Co., Ltd. |  | 1040 | 29.00% | 302 |  |  |  | 302 |
|  Seokmun Energy Co., Ltd. |  | 53296 | 29.00% | 15456 |  |  |  | 15456 |
|  Daehan Wind Power PSC |  | 42655 | 50.00% | 21327 |  |  |  | 21327 |
|  Barakah One Company |  | (1821204) | 18.00% | (327817) |  | 153104 | 174713 |  |
|  Nawah Energy Company |  | 2179 | 18.00% | 392 |  |  |  | 392 |
|  MOMENTUM |  | 586 | 33.33% | 195 |  |  |  | 195 |
|  Daegu Green Power Co., Ltd. |  | 93677 | 54.24% | 50810 | 84 |  | (20381) | 30513 |
|  Yeonggwang Wind Power Co., Ltd. |  | 55769 | 46.00% | 25654 | 492 |  |  | 26146 |
|  Chester Solar IV SpA |  | 340 | 90.00% | 306 | 1146 |  |  | 1452 |
|  Chester Solar V SpA |  | (61) | 90.00% | (55) | 317 |  |  | 262 |
|  Diego de Almagro Solar SpA |  | 1140 | 90.00% | 1026 | 674 |  |  | 1700 |
|  South Jamaica Power Company Limited |  | 243822 | 20.00% | 48764 |  |  | (4) | 48760 |
|  Daesan Green Energy Co., Ltd. |  | 72374 | 35.00% | 25331 |  |  |  | 25331 |
|  RE Holiday Holdings LLC |  | 179562 | 50.00% | 89780 |  |  |  | 89780 |
|  RE Pioneer Holdings LLC |  | 111243 | 50.00% | 55622 |  |  |  | 55622 |
|  RE Barren Ridge 1 Holdings LLC |  | 119612 | 50.00% | 59806 |  |  |  | 59806 |
|  RE Astoria 2 LandCo LLC |  | 16238 | 50.00% | 8119 |  |  |  | 8119 |
|  RE Barren Ridge LandCo LLC |  | 5716 | 50.00% | 2857 |  |  |  | 2857 |
|  Laurel SpA |  | 426 | 90.00% | 382 | 1050 |  |  | 1432 |
|  KIAMCO KOWEPO Bannerton Hold Co Pty Ltd |  | 33586 | 12.37% | 4155 | 9 |  | (3015) | 1149 |
|  Cheong-Song Noraesan Wind Power Co., Ltd. |  | 14669 | 29.01% | 4256 | 61 |  |  | 4317 |
|  Chester Solar I SpA |  | 1481 | 90.00% | 1333 | 316 |  |  | 1649 |
|  Solar Philippines Calatagan Corporation |  | 128254 | 38.00% | 48737 |  |  | 14958 | 63695 |
|  Saemangeum Solar Power Co., Ltd. |  | 28734 | 81.01% | 23277 |  |  |  | 23277 |
|  Chungsongmeon BongSan wind power Co., Ltd. |  | 2787 | 29.00% | 808 | 1782 |  |  | 2590 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(5)** **The financial information of associates and joint ventures reconciled to the Group's investments in consolidated financial statements as of December 31, 2025 and 2024 is as follows, continued:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *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** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Investees** | **Net assets** | **Net assets** | **Percentage of<br>ownership (\*)** | **Share in**<br>**net assets** | **Investment**<br>**differential** | **Intercompany**<br>**transaction** | **Others** | **Book<br>value** |
|  Jaeun Resident Wind Power Plant Co., Ltd. | W | 7052 | 29.00% | 2045 |  |  |  | 2045 |
|  DE Energia SpA |  | 7410 | 49.00% | 3631 |  |  | 7431 | 11062 |
|  Dangjin Eco Power Co., Ltd. |  | 78018 | 34.00% | 26526 | 341 |  |  | 26867 |
|  Haemodum Solar Co., Ltd. |  | 6592 | 49.00% | 3230 |  |  |  | 3230 |
|  Yangyang Wind Power Co., Ltd. |  | 23193 | 50.00% | 11597 | 43 |  |  | 11640 |
|  HORUS SOLAR, S.A. DE C.V. |  | (13996) | 14.95% | (2092) | 3580 |  |  | 1488 |
|  RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. |  | 15257 | 14.95% | 2281 | 2171 |  |  | 4452 |
|  SUNMEX RENOVABLES, S.A. DE C.V. |  | 11253 | 14.95% | 1682 | 5 |  |  | 1687 |
|  Stavro Holding II A.B. |  | 82293 | 20.00% | 16459 |  |  |  | 16459 |
|  Solaseado Solar Power Co., Ltd. |  | 55094 | 38.90% | 21432 | 1361 |  |  | 22793 |
|  Yeongam Solar Power Co., Ltd. |  | 58182 | 19.00% | 11055 | 773 |  |  | 11828 |
|  Samsu Wind Power Co., Ltd. |  | 15003 | 19.00% | 2851 |  |  |  | 2851 |
|  Pulau Indah Power Plant Sdn. Bhd. |  | 180313 | 25.00% | 45078 | 5643 |  |  | 50721 |
|  NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |  | 52262 | 29.53% | 15433 | 527 |  | (527) | 15433 |
|  Shin-han BNPP Private Investment Trust for East-West Sunlight Dream |  | 17218 | 90.00% | 15496 |  |  |  | 15496 |
|  PT Barito Wahana Tenaga |  | 678043 | 30.61% | 207565 |  |  |  | 207565 |
|  Cheongna Energy Co., Ltd. |  | 88231 | 50.10% | 44204 | 3137 | (1183) |  | 46158 |
|  Naepo Green Energy Co., Ltd. |  | 152705 | 29.20% | 44590 |  |  | 3441 | 48031 |
|  Boim Combined Heat and Power Generation Co., Ltd. |  | (58130) | 46.30% | (27938) |  | (785) | 28723 |  |
|  OneEnergy Asia Limited |  | 1099591 | 40.00% | 439837 | 25512 |  |  | 465349 |
|  KAS INVESTMENT I LLC |  | 20333 | 29.89% | 6078 |  |  |  | 6078 |
|  KAS INVESTMENT II LLC |  | 20205 | 29.89% | 6040 |  |  |  | 6040 |
|  Energyco Co., Ltd. |  | 5149 | 29.00% | 1493 | 829 |  |  | 2322 |
|  CAES, LLC |  | 49267 | 36.00% | 17736 | 2923 |  |  | 20659 |
|  Hapcheon Floating Photovoltaic Power Plant Inc. |  | 23050 | 49.00% | 11295 | 39 |  |  | 11334 |
|  Busan Industrial Solar Power Co., Ltd. |  | 3103 | 28.02% | 870 | 290 |  |  | 1160 |
|  Bitsolar Energy Co., Ltd. |  | (5964) | 27.10% | (1616) | 352 |  | 1264 |  |
|  Pulau Indah O&M Sdn. Bhd. |  | (1) | 40.00% |  |  |  |  |  |
|  Guadalupe Solar SpA |  | 1138 | 60.00% | 683 | 98 |  |  | 781 |
|  Omisan Wind Power Co., Ltd. |  | 25460 | 42.00% | 10693 | 166 |  |  | 10859 |
|  Foresight Iberian Solar Group Holding, S.L. |  | (7763) | 75.00% | (5822) | 1427 |  | 4395 |  |
|  Yeongwol Eco Wind Co., Ltd. |  | (3234) | 29.00% | (938) | 1828 |  |  | 890 |
|  Gurae Resident Power Co., Ltd. |  | 984 | 29.00% | 285 | 48 |  |  | 333 |
|  Cheongju Eco Park Co., Ltd. |  | 36004 | 29.00% | 10441 | 195 |  |  | 10636 |
|  Enel X Midland Photovoltaic, LLC |  | 13575 | 20.00% | 2715 |  |  |  | 2715 |
|  Geumsungsan Wind Power Co., Ltd. |  | 25117 | 29.00% | 7284 | 556 |  |  | 7840 |
|  KEPCO KPS CARABAO Corp. |  | (609) | 40.00% | (244) |  |  | 244 |  |
|  Prime Swedish Holding AB |  | 80748 | 45.00% | 36336 | 1223 |  |  | 37559 |
|  Goheung New Energy Co., Ltd. |  | 31818 | 46.15% | 14684 | 1084 |  |  | 15768 |
|  Gunsan Land Solar Co., Ltd. |  | 40603 | 51.94% | 21090 |  |  | 2073 | 23163 |
|  CapMan Lynx SCA, SICAR |  | (131471) | 50.00% | (65735) |  |  | 65735 |  |
|  International Offshore Power Transmission Holding Company Limited |  | 31541 | 35.00% | 11040 | (2) |  |  | 11038 |
|  Pyeongchang Wind Power Co., Ltd. |  | 20943 | 58.00% | 12147 |  |  |  | 12147 |
|  Eumseong Eco Park Co., Ltd. |  | 38058 | 29.00% | 11036 | 577 |  |  | 11613 |
|  Changwon Nu-ri Energy Co., Ltd. |  | 12549 | 61.00% | 7655 | 3 |  |  | 7658 |
|  PungBack Wind Farm Corporation |  | 18041 | 37.00% | 6675 | 1085 |  |  | 7760 |
|  Trumbull Asset Management, LLC |  | 1662 | 78.00% | 1297 |  |  |  | 1297 |
|  S-Power Chile SpA |  | 1 | 50.00% | 1 | 158 |  |  | 159 |
|  Seungmun Green Energy |  | 38620 | 33.00% | 12745 |  |  |  | 12745 |
|  Seobusambo highway photovoltaics Co., Ltd. |  | 4137 | 80.00% | 3309 |  |  |  | 3309 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(5)** **The financial information of associates and joint ventures reconciled to the Group's investments in consolidated financial statements as of December 31, 2025 and 2024 is as follows, continued:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *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** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Investees** | **Net assets** | **Net assets** | **Percentage of<br>ownership (\*)** | **Share in**<br>**net assets** | **Investment**<br>**differential** | **Intercompany**<br>**transaction** | **Others** | **Book<br>value** |
|  Yangyang Suri Wind Power Co., Ltd. | W | 29801 | 29.00% | 8643 |  |  |  | 8643 |
|  KEPCO for Power Company |  | 29843 | 60.00% | 17906 |  |  |  | 17906 |
|  Taebaek Wind Power Co., Ltd. |  | 24599 | 60.00% | 14759 |  |  |  | 14759 |
|  Jeonju Bio Green Energy Co., Ltd. |  | 3949 | 65.00% | 2566 |  |  |  | 2566 |
|  Kumyang Eco Park Co., Ltd. |  | 13051 | 29.00% | 3785 | 56 |  |  | 3841 |
|  Jeongeup Green Power Co., Ltd. |  | 15979 | 44.86% | 7167 | 1679 |  |  | 8846 |
|  Hadong E-factory Co., Ltd. |  | 1127 | 29.99% | 338 | 6 |  |  | 344 |
|  Namyangju Combined Heat and Power Co., Ltd. |  | 73575 | 70.10% | 51575 | 193 |  |  | 51768 |
|  Samchuck |  | 19128 | 25.54% | 4885 |  |  | (4885) |  |
|  Wadi Noor Solar Power Company SAOC |  | 11268 | 50.00% | 5634 | 9 | (4251) |  | 1392 |
|  Fairhaven Energy Storage LLC |  | 1989 | 35.00% | 696 |  |  | (696) |  |
|  Rutile BESS Holdings, LLC |  | 3 | 50.00% | 1 |  |  |  | 1 |
|  Trumbull Development Partners, LLC |  | 539370 | 56.23% | 303288 | 52091 |  |  | 355379 |
|  Imha Floating Photovoltaic Power Plant Inc. |  | 12866 | 49.00% | 6305 | 46 |  |  | 6351 |
|  EDFR KOWEPO AJBAN PV HOLDING LIMITED |  | 170 | 50.00% | 85 |  |  |  | 85 |
|  Roof One Energy Co., Ltd. |  | 4096 | 48.00% | 1966 | 34 |  |  | 2000 |

---

---

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

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(6)** **The share of losses of associates and joint ventures that has not been recognized due to the discontinuation of loss recognition as of December 31, 2025 and 2024 is as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Unrecognized equity<br>interest** | **Unrecognized equity<br>interest** | **Accumulated**<br>**unrecognized<br>equity interest** | **Unrecognized<br>equity interest** | **Accumulated**<br>**unrecognized<br>equity interest** |
|  Boim Combined Heat and Power Generation Co., Ltd. | W | 2394 | 31117 | 769 | 28723 |
|  Samcheok Eco Materials Co., Ltd. |  | (5) | 5321 | 895 | 5326 |
|  Barakah One Company |  | (174713) |  | 33994 | 174713 |
|  KAPES, Inc. |  | 6877 | 10808 | 916 | 3931 |
|  ITR Co., Ltd. |  | (14) | 1 | 14 | 15 |
|  SEP Co., Ltd. |  |  | 15 |  | 15 |
|  Noeul Green Energy Co., Ltd. |  | (1434) | 2401 | (1377) | 3835 |
|  PlatformN. Co., Ltd. |  | 2 | 20 | (44) | 18 |
|  KEPCO KPS CARABAO Corp. |  | (68) | 176 | 207 | 244 |
|  Bitsolar Energy Co., Ltd. |  | 356 | 1620 | 1264 | 1264 |
|  Green Energy Electricity Generation Co., Ltd. |  | (396) |  | 396 | 396 |
|  O2&B Global Co., Ltd. |  | 14 | 20 | 6 | 6 |
|  Pulau Indah O&M Sdn. Bhd. |  | (1) |  | 1 | 1 |
|  Foresight Iberian Solar Group Holding, S.L. (\*2) |  | 5407 | 9802 | 4395 | 4395 |
|  Green Radiation Co., Ltd., |  | (11) |  | 11 | 11 |
|  Hoenggye Renewable Energy Co., Ltd., |  | (266) |  | 266 | 266 |
|  CapMan Lynx SCA, SICAR (\*) |  | (31090) |  | 31090 | 31090 |
|  G.GURU Co., Ltd. |  | 2 | 2 |  |  |
|  International Offshore Power Transmission<br> Holding Company Limited |  | 76 | 76 |  |  |
|  Jeju Gimnyeong Wind Power Co., Ltd. |  | 76 | 76 |  |  |
|  Korea Energy Data Co., Ltd. |  | 8 | 8 |  |  |
|  Wadi Noor Solar Power Company SAOC |  | 711 | 711 |  |  |
|  Jaeun Resident Wind Power Plant Co., Ltd. |  | 759 | 759 |  |  |
|  Lucy Equity Holdings, LLC |  | 3538 | 3538 |  |  |
|  Remal First Holding Company |  | 7532 | 7532 |  |  |
|  Naseem First Holding Company |  | 8170 | 8170 |  |  |
|  KNOC Nigerian East Oil Co., Ltd. (\*2) |  | (333) | 13847 | 14180 | 14180 |
|  KNOC Nigerian West Oil Co., Ltd. (\*2) |  | (306) | 12732 | 13038 | 13038 |

---

(\*1) Liquidated during the period.

---

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

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(7)** **As of December 31, 2025, shareholders' agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows:** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(7)** **As of December 31, 2025, shareholders' agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows, continued:** 

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

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

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

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

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

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

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(8)** **Significant restrictions on the Group's abilities on associates and joint ventures as of December 31, 2025 are as follows:** 

---

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

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(8)** **Significant restrictions on the Group's abilities on associates or joint ventures as of December 31, 2025 are as follows, continued:** 

---

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

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(8)** **Significant restrictions on the Group's abilities on associates or joint ventures as of December 31, 2025 are as follows, continued:** 

---

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

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(8)** **Significant restrictions on the Group's abilities on associates or joint ventures as of December 31, 2025 are as follows, continued:** 

---

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

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Property, plant and equipment as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Acquisition cost** | **Acquisition cost** | **Government**<br>**grants** | **Accumulated**<br>**depreciation** | **Accumulated<br>impairment**<br>**losses** | **Book**<br>**value** |
|  Land | W | 14867112 | (27392) |  | (30756) | 14808964 |
|  Buildings |  | 27544929 | (38077) | (13779225) | (7119) | 13720508 |
|  Structures |  | 93340759 | (149558) | (40552716) | (18678) | 52619807 |
|  Machinery |  | 126564408 | (94337) | (70384493) | (546317) | 55539261 |
|  Ships |  | 17870 |  | (9199) |  | 8671 |
|  Vehicles |  | 538604 | (2683) | (402753) | (116) | 133052 |
|  Equipment |  | 2641393 | (1868) | (2191439) | (376) | 447710 |
|  Tools |  | 1495250 | (982) | (1305965) | (1) | 188302 |
|  Construction-in-progress |  | 36779508 | (230573) |  | (22795) | 36526140 |
|  Right-of-use assets |  | 5441389 |  | (2809452) |  | 2631937 |
|  Asset retirement costs |  | 18347513 |  | (9302981) | (146422) | 8898110 |
|  Others |  | 18380931 |  | (16151855) |  | 2229076 |
|  | W | 345959666 | (545470) | (156890078) | (772580) | 187751538 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Acquisition cost** | **Acquisition cost** | **Government**<br>**grants** | **Accumulated**<br>**depreciation** | **Accumulated<br>impairment**<br>**losses** | **Book**<br>**value** |
|  Land | W | 14577296 | (27403) |  | (29241) | 14520652 |
|  Buildings |  | 26217223 | (41718) | (12812659) | (7103) | 13355743 |
|  Structures |  | 89573695 | (149737) | (37762078) | (18678) | 51643202 |
|  Machinery |  | 122610077 | (105546) | (65120941) | (533405) | 56850185 |
|  Ships |  | 17870 |  | (7336) |  | 10534 |
|  Vehicles |  | 452812 | (2745) | (371245) | (116) | 78706 |
|  Equipment |  | 2512223 | (3915) | (2073752) | (375) | 434181 |
|  Tools |  | 1428994 | (1306) | (1255257) | (1) | 172430 |
|  Construction-in-progress |  | 31307153 | (223566) |  | (22795) | 31060792 |
|  Right-of-use assets |  | 6031076 |  | (2984680) |  | 3046396 |
|  Asset retirement costs |  | 18283796 |  | (8388929) | (146423) | 9748444 |
|  Others |  | 17198254 |  | (15136756) |  | 2061498 |
|  | W | 330210469 | (555936) | (145913633) | (758137) | 182982763 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Changes in property, plant and equipment for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Depreciation** | **Impairment** | **Others** | **Ending**<br>**balance** |
|  Land | W | 14548055 | 3397 | (14757) |  |  | 299661 | 14836356 |
|  (Government grants) |  | (27403) |  | 11 |  |  |  | (27392) |
|  Buildings |  | 13397461 | 29671 | (27419) | (1008638) | (16) | 1367526 | 13758585 |
|  (Government grants) |  | (41718) |  | 4 | 3937 |  | (300) | (38077) |
|  Structures |  | 51792939 | 8593 | (304274) | (3015461) |  | 4287568 | 52769365 |
|  (Government grants) |  | (149737) |  | 687 | 9552 |  | (10060) | (149558) |
|  Machinery |  | 56955731 | 477443 | (238182) | (6371551) | (14246) | 4824403 | 55633598 |
|  (Government grants) |  | (105546) |  | 384 | 15011 |  | (4186) | (94337) |
|  Ships |  | 10534 |  |  | (1863) |  |  | 8671 |
|  Vehicles |  | 81451 | 5482 | (108) | (49732) |  | 98642 | 135735 |
|  (Government grants) |  | (2745) |  | 6 | 1309 |  | (1253) | (2683) |
|  Equipment |  | 438096 | 88890 | (166) | (212174) |  | 134932 | 449578 |
|  (Government grants) |  | (3915) |  |  | 2119 |  | (72) | (1868) |
|  Tools |  | 173736 | 36172 | (48) | (78791) |  | 58215 | 189284 |
|  (Government grants) |  | (1306) |  |  | 437 |  | (113) | (982) |
|  Construction-in-progress |  | 31284358 | 15728954 | (65) |  |  | (10256534) | 36756713 |
|  (Government grants) |  | (223566) | 4685 |  |  |  | (11692) | (230573) |
|  Right-of-use assets |  | 3046396 | 100430 | (5876) | (477663) |  | (31350) | 2631937 |
|  Asset retirement costs |  | 9748444 |  |  | (1437687) |  | 587353 | 8898110 |
|  Others |  | 2061498 | 2849 |  | (1007904) |  | 1172633 | 2229076 |
|  | W | 182982763 | 16486566 | (589803) | (13629099) | (14262) | 2515373 | 187751538 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Changes in property, plant and equipment for each of the two years in the period ended December 31, 2025 are as follows, continued:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Depreciation** | **Impairment** | **Others** | **Ending**<br>**balance** |
|  Land | W | 14398088 | 28390 | (38162) |  |  | 159739 | 14548055 |
|  (Government grants) |  | (27404) |  | 1 |  |  |  | (27403) |
|  Buildings |  | 13360204 | 3767 | (13366) | (984288) | (1351) | 1032495 | 13397461 |
|  (Government grants) |  | (46227) |  |  | 4508 |  | 1 | (41718) |
|  Structures |  | 50890001 | 16201 | (303046) | (2873012) | (9154) | 4071949 | 51792939 |
|  (Government grants) |  | (157881) |  | 1330 | 9458 |  | (2644) | (149737) |
|  Machinery |  | 53817046 | 341652 | (199670) | (6311423) | (735) | 9308861 | 56955731 |
|  (Government grants) |  | (119824) |  | 522 | 16076 |  | (2320) | (105546) |
|  Ships |  | 12365 |  |  | (1865) |  | 34 | 10534 |
|  Vehicles |  | 83374 | 4311 | (223) | (43837) |  | 37826 | 81451 |
|  (Government grants) |  | (2837) |  | 8 | 1233 |  | (1149) | (2745) |
|  Equipment |  | 430875 | 84020 | (236) | (210376) |  | 133813 | 438096 |
|  (Government grants) |  | (5932) |  |  | 2118 |  | (101) | (3915) |
|  Tools |  | 164474 | 32825 | (68) | (82603) |  | 59108 | 173736 |
|  (Government grants) |  | (62) |  |  | 341 |  | (1585) | (1306) |
|  Construction-in-progress |  | 32008502 | 14335323 |  |  |  | (15059467) | 31284358 |
|  (Government grants) |  | (173474) | 6806 | 75 |  |  | (56973) | (223566) |
|  Right-of-use assets |  | 3363743 | 132495 | (2252) | (538995) |  | 91405 | 3046396 |
|  Asset retirement costs |  | 9733574 |  |  | (1809280) |  | 1824150 | 9748444 |
|  Others |  | 2146930 | 1704 |  | (1011161) |  | 924025 | 2061498 |
|  | W | 179875535 | 14987494 | (555087) | (13833106) | (11240) | 2519167 | 182982763 |

---

**(3)** For the year ended December 31, 2025, the Group's subsidiaries including Korea
Hydro & Nuclear Power Co., Ltd. recognized proceeds and costs from selling items produced before the assets' intended use. As a result, W 7,038 million (W 101,609 million for the year ended
December 31, 2024) was recognized as revenue and W 23,041 million (W 77,549 million for the year ended December 31, 2024) was recognized as cost of sales in profit or loss, respectively.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Acquisition<br>cost** | **Government<br>grants** | **Accumulated<br>depreciation** | **Book**<br>**value** |
|  Land | W210,509 |  |  | 210509 |
|  Buildings | 32517 | (22) | (14020) | 18475 |
|  | W243,026 | (22) | (14020) | 228984 |

---

**(2) Changes in investment properties for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Disposal** | **Depreciation** | **Others** | **Ending<br>balance** |
|  Land | W | 210509 |  |  | 7532 | 218041 |
|  Buildings |  | 18497 |  | (1082) | 3338 | 20753 |
|  (Government grants) |  | (22) |  |  |  | (22) |
|  | W | 228984 |  | (1082) | 10870 | 238772 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Disposal** | **Depreciation** | **Others** | **Ending<br>balance** |
|  Land | W | 172594 |  |  | 37915 | 210509 |
|  Buildings |  | 12955 |  | (683) | 6225 | 18497 |
|  (Government grants) |  | (22) |  | 1 | (1) | (22) |
|  | W | 185527 |  | (682) | 44139 | 228984 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **Income and expenses related to investment properties for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Rental income | W | 12394 | 11594 |
|  Operating and maintenance expenses related to rental income |  | (1103) | (716) |
|  | W | 11291 | 10878 |

---

**(4)** **Fair values of investment properties as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Book value** | **Book value** | **Fair value** | **Fair value** | **Book value** | **Book value** | **Fair value** | **Fair value** |
|  Land | W | 218041 |  | 363922 |  | 210509 |  | 337379 |
|  Buildings |  | 20731 |  | 24126 |  | 18475 |  | 19094 |
|  | W | 238772 |  | 388048 |  | 228984 |  | 356473 |

---

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

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

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Changes in the total contract amount in which revenue is not yet recognized for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase<br>(decrease) (\*)** | **Recognized<br>as**<br>**revenue** | **Ending<br>balance** |
|  Nuclear power plant construction in overseas and others | W | 6136773 | 28724681 | (673693) | 34187761 |

---

(\*) For the year ended December 31, 2025, the increased balance of contracts from new orders is W 29,718,160 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W 993,479 million.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase<br>(decrease) (\*)** | **Recognized<br>as**<br>**revenue** | **Ending<br>balance** |
|  Nuclear power plant construction in overseas and others | W | 5795600 | 1190281 | (849108) | 6136773 |

---

(\*) For the year ended December 31, 2024, the increased balance of contracts from new orders is W1,299,281 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W109,000 million.

**(2)** **Accumulated earned revenue, expense and others related to the Group's construction contracts in progress as of December 31, 2025 and 2024 are as follows:** 

---

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

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Accumulated<br>earned revenue** | **Accumulated<br>earned revenue** | **Accumulated**<br>**expense** | **Accumulated**<br>**expense** | **Accumulated**<br>**profit** | **Accumulated**<br>**profit** | **Unearned**<br>**advance receipts** | **Unearned**<br>**advance receipts** |
|  Nuclear power plant construction in overseas and others | W | 24255432 |  | 24008579 |  | 246853 |  | 80069 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **The gross amounts due from customers recognized as contract assets and due to customers recognized as contract liabilities for contract works as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Contract<br>assets (\*1)** | **Contract<br>assets (\*1)** | **Contract<br>liabilities (\*2)** | **Contract<br>assets (\*1)** | **Contract<br>liabilities (\*2)** |
|  Nuclear power plant construction in overseas and others | W | 538057 | 363521 | 1159085 | 161778 |

---

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

---

| | |
|:---|:---|
| (\*2) | Included in non-financial liabilities as advance received in the consolidated statements of financial position. The revenue recognized for the year ended December 31, 2025 from the amounts included in contract liabilities at the end of the prior year was W134,174 million.  |

---

**(4)** The contracts with customers state that the disclosure of information related to UAE nuclear power plant
construction project, Egypt Eldaba nuclear power plant construction projects, construction of retubing and refurbishment for Cernavoda NPP Unit1 refurbishment project in Romania, and Dukovany nuclear power plant construction projects (Units 5 and 6)
in the Czech Republic, such as rate of progress, unbilled construction, impairment losses, etc. is not allowed without consent from the customers. The customers did not agree to disclose such information. Accordingly, the Group did not disclose such
information based on KIFRS 1115 129.2(2) as it is probable that the purchasers may file a lawsuit for breach of contract if the Group does so. Also, the Group reported to the audit committee that those items will not be disclosed in the notes to the
consolidated financial statements.

---

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

---

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

**(5)** The Group is in discussion with the contracting parties about the prolongation costs and liquidated
damages for the UAE nuclear power plant project. As of December 31, 2025, the Group recognized the amount of estimated outflow of resources embodying economic benefits related to the prolongation costs as provisions.

**(6)** **The operating segment information related to the contracts for which the Group recognizes revenue based on the percentage-of-completion on a cost-based input method for the year ended December 31, 2025 is as follows:** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Effect from changes in accounting estimates** | **Effect from changes in accounting estimates** | **Effect from changes in accounting estimates** | **Effect from changes in accounting estimates** | **Effect from changes in accounting estimates** | **Effect from changes in accounting estimates** | **Effect from changes in accounting estimates** | **Contract assets from**<br>**construction contracts** | **Contract assets from**<br>**construction contracts** | **Trade receivables from**<br>**construction contracts** | **Trade receivables from**<br>**construction contracts** |
|  | **Expected<br>loss on<br>construction<br>contracts** | **Expected<br>loss on<br>construction<br>contracts** | **The effect<br>on profit or<br>loss of<br>changes in<br>estimates<br>of contract<br>revenue and<br>contract<br>costs** | **Amounts<br>recognized<br>in current**<br>**profit or<br>loss** | **Amounts<br>to be<br>recognized<br>in future<br>profit or<br>loss** | **Changes in<br>estimated total<br>contract costs** | **Revenue**<br>**recognized from<br>performance**<br>**obligations satisfied<br>in previous periods** | **Gross** | **Allowance**<br>**for<br>doubtful**<br>**accounts** | **Gross** | **Allowance**<br>**for<br>doubtful**<br>**accounts** |
|  Transmission and distribution | W | 12814 | (227497) | (227473) | (24) | 321193 |  | 351593 |  |  |  |
|  Electric power generation (Nuclear) |  | 1434601 | (2465749) | (1537333) | (928416) | 1730523 |  | 116720 |  | 117102 |  |
|  Plant maintenance & engineering Service and others |  | 2268 | 10099 | (12722) | 22821 | 13494 | 14514 | 67033 | 1 | 45890 | 13336 |
|  Others |  |  |  |  |  |  |  | 2711 |  | 18631 | 49 |
|  | W | 1449683 | (2683147) | (1777528) | (905619) | 2065210 | 14514 | 538057 | 1 | 181623 | 13385 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Intangible assets as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Acquisition<br>cost** | **Acquisition<br>cost** | **Government<br>grants** | **Accumulated<br>amortization** | **Accumulated<br>impairment<br>losses** | **Book**<br>**value** |
|  Software | W | 1237800 | (804) | (1064876) | (19) | 172101 |
|  Copyrights, patents rights and other industrial rights |  | 57100 |  | (42168) |  | 14932 |
|  Mining rights |  | 626449 |  | (16125) | (601636) | 8688 |
|  Development expenditures |  | 1033744 | (540) | (965175) |  | 68029 |
|  Intangible assets under development |  | 125687 | (5044) |  |  | 120643 |
|  Usage rights of donated assets and others |  | 602139 |  | (470762) | (136) | 131241 |
|  Leasehold rights |  | 28185 |  | (25959) | (538) | 1688 |
|  Greenhouse gas emissions rights |  | 108300 |  |  |  | 108300 |
|  Others |  | 631396 | (136) | (243363) | (12224) | 375673 |
|  | W | 4450800 | (6524) | (2828428) | (614553) | 1001295 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Acquisition<br>cost** | **Acquisition<br>cost** | **Government<br>grants** | **Accumulated<br>amortization** | **Accumulated<br>impairment<br>losses** | **Book**<br>**value** |
|  Software | W | 1156641 | (844) | (976633) | (19) | 179145 |
|  Copyrights, patents rights and other industrial rights |  | 107040 |  | (71231) | (9178) | 26631 |
|  Mining rights |  | 670083 |  | (66938) | (573723) | 29422 |
|  Development expenditures |  | 1011550 | (939) | (937877) |  | 72734 |
|  Intangible assets under development |  | 96544 | (3473) |  | (8903) | 84168 |
|  Usage rights of donated assets and others |  | 592680 |  | (459165) | (136) | 133379 |
|  Leasehold rights |  | 28185 |  | (25216) | (538) | 2431 |
|  Greenhouse gas emissions rights |  | 135534 |  |  |  | 135534 |
|  Others |  | 620366 | (229) | (224410) | (12253) | 383474 |
|  | W | 4418623 | (5485) | (2761470) | (604750) | 1046918 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(2)** **Changes in intangible assets for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Amortization** | **Impairment** | **Others** | **Ending<br>balance** |
|  Software | W | 179989 | 23008 | (2267) | (89309) | 40 | 61444 | 172905 |
|  (Government grants) |  | (844) |  |  | 342 |  | (302) | (804) |
|  Copyrights, patents rights and other industrial rights |  | 26631 | 390 | (12) | (4937) | (8348) | 1208 | 14932 |
|  Mining rights |  | 29422 | 30 | (972) | (1569) |  | (18223) | 8688 |
|  Development expenditures |  | 73673 |  |  | (27901) |  | 22797 | 68569 |
|  (Government grants) |  | (939) |  |  | 496 |  | (97) | (540) |
|  Intangible assets under development |  | 87641 | 75291 |  |  | (30) | (37215) | 125687 |
|  (Government grants) |  | (3473) |  |  |  |  | (1571) | (5044) |
|  Usage rights of donated assets and others |  | 133379 |  |  | (11599) |  | 9461 | 131241 |
|  Leasehold rights |  | 2431 |  |  | (743) |  |  | 1688 |
|  Greenhouse gas emissions rights |  | 135534 | 1523 |  |  |  | (28757) | 108300 |
|  Others |  | 383703 | 2251 | (1350) | (23483) | (58) | 14746 | 375809 |
|  (Government grants) |  | (229) |  |  | 93 |  |  | (136) |
|  | W | 1046918 | 102493 | (4601) | (158610) | (8396) | 23491 | 1001295 |
| *In millions of won* | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Amortization** | **Impairment** | **Others** | **Ending<br>balance** |
|  Software | W | 197841 | 18249 | (4) | (88985) |  | 52888 | 179989 |
|  (Government grants) |  | (413) |  |  | 229 |  | (660) | (844) |
|  Copyrights, patents rights and other industrial rights |  | 23491 | 576 | (44) | (4846) |  | 7454 | 26631 |
|  Mining rights |  | 32165 |  | (100) | (5798) |  | 3155 | 29422 |
|  Development expenditures |  | 55434 |  |  | (25830) |  | 44069 | 73673 |
|  (Government grants) |  | (2121) |  |  | 1364 |  | (182) | (939) |
|  Intangible assets under development |  | 86013 | 69878 |  | (14) |  | (68236) | 87641 |
|  (Government grants) |  | (2458) |  |  |  |  | (1015) | (3473) |
|  Usage rights of donated assets and others |  | 145251 | 36 |  | (11903) |  | (5) | 133379 |
|  Leasehold rights |  | 3929 |  |  | (960) | (538) |  | 2431 |
|  Greenhouse gas emissions rights |  | 107086 | 123 |  | (416) |  | 28741 | 135534 |
|  Others |  | 388088 | 3997 | (394) | (26501) | (364) | 18877 | 383703 |
|  (Government grants) |  | (322) |  |  | 93 |  |  | (229) |
|  | W | 1033984 | 92859 | &nbsp;&nbsp;&nbsp;&nbsp;(542) | (163567) | &nbsp;&nbsp;&nbsp;&nbsp;(902) | 85086 | 1046918 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **Significant specific intangible assets as of December 31, 2025 and 2024 are as follows:** 

*In millions of won and thousands of Australian dollars* 

---

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

---

---

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

---

*In millions of won and thousands of Australian dollars* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Type** | **Description** | **Currency** | **Amount** | **Remaining useful lives** |
|  Software | S/4HANA ERP license | KRW | 4276 | 2 years and 11 months |
|  Copyrights, patents rights and other industrial rights | Contributions to APR NRC DC | KRW | 12523 | 3 years |
|  Mining rights | Mining rights of Bylong mine | AUD |  | — (\*) |
|  Usage rights of donated assets and others | Sejong Haengbogdosi sharing charge | KRW | 8697 | 1 year and 11 months |
|  | Right of use electricity and gas supply facility (Community district of Songdo) | KRW | 5799 | 5 years and 6 months |
|  Others | Occupancy and use of public waters | KRW | 65389 | 12 years and 1 month |
|  | Greenhouse gas emissions rights | KRW | 135534 |  |
|  | Business rights | KRW | 143216 | 24 years and 11 months |

---

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

**(4)** For each of the two years in the period ended December 31, 2025, the Group recognized
research and development expenses of W 794,917 million and W 773,931 million, respectively.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**Trade and other payables as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31. 2025** | **As of December 31. 2025** | **As of December 31. 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Trade payables | W | 3543008 |  | 4494504 |  |
|  Non-trade payables |  | 2413056 | 1298781 | 2224036 | 1432421 |
|  Accrued expenses |  | 2066595 | 39309 | 1983697 | 22259 |
|  Leasehold deposits received |  | 5448 | 956 | 3211 | 3237 |
|  Other deposits received |  | 82116 | 38788 | 97276 | 45012 |
|  Lease liabilities |  | 510105 | 2640775 | 603492 | 3095964 |
|  Dividends payable |  | 1319 |  | 5063 |  |
|  Others (\*) |  | 24 | 10199 | 36 | 10348 |
|  | W | 8621671 | 4028808 | 9411315 | 4609241 |

---

(\*) Details of others as of December 31, 2025 and 2024 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31. 2025** | **As of December 31. 2025** | **As of December 31. 2025** | **As of December 31. 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Current** | **Current** | **Non-current** | **Non-current** | **Current** | **Current** | **Non-current** | **Non-current** |
|  Advance received from local governments | W |  |  | 2689 |  |  |  | 2689 |
|  Others |  | 24 |  | 7510 |  | 36 |  | 7659 |
|  | W | 24 |  | 10199 |  | 36 |  | 10348 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Borrowings and debt securities as of December 31, 2025 and 2024 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of December 31. 2025** | **As of December 31. 2025** | **As of December 31, 2024** |
|  **Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term borrowings | W | 9979420 | 9122792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term borrowings |  | 8744156 | 8434330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of debt securities |  | 27173916 | 26908467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: current portion of discount on long-term borrowings |  | (2054) | (16537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: current portion of discount on debt securities |  | (8468) | (7100) |
|  |  | 45886970 | 44441952 |
|  **Non-current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term borrowings |  | 3317261 | 3153867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 80769677 | 85149391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: discount on long-term borrowings |  | (42487) | (35071) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: discount on debt securities |  | (162129) | (176739) |
|  |  | 83882322 | 88091448 |
|  | W | 129769292 | 132533400 |

---

**(2)** **Repayment schedules of borrowings and debt securities as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | | | | |
|  | **As of December 31. 2025** | **As of December 31. 2025** | **As of December 31. 2025** | **As of December 31. 2025** |
| **Type** | **Borrowings** | **Borrowings** | **Debt Securities** | **Debt Securities** |
|  Less than 1 year |  | W18,723,576 |  | 27173916 |
|  1~ 5 years |  | 1268982 |  | 59991872 |
|  More than 5 years |  | 2048279 |  | 20777805 |
|  |  | W22,040,837 |  | 107943593 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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** |
| **Type** | **Borrowings** | **Borrowings** | **Debt Securities** | **Debt Securities** |
|  Less than 1 year |  | W17,557,122 |  | 26908467 |
|  1~ 5 years |  | 1488840 |  | 63087182 |
|  More than 5 years |  | 1665027 |  | 22062209 |
|  |  | W20,710,989 |  | 112057858 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(3)** **Short-term borrowings as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |  |  |  |  |  |
|  |  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Type** | **Creditor** | **Interest rate (%)** | **Maturity** | **Foreign**<br>**currency** | **Local<br>currency** | **Local<br>currency** |
|  Local short-term borrowings | Yuanta Securities Co., Ltd. and others | 2.82 ~ 3.65 | 2026.01.02 ~ 2026.05.18 |  | W | 7018433 |
|  Local short-term borrowings | Nonghyup Bank and others | 3M CD + 0.62 ~<br>0.80 | 2026.05.27 ~ 2026.07.11 |  |  | 2600000 |
|  Local short-term borrowings | Korea Development Bank | Short-term loan base<br>interest rate + 1.03 | 2026.02.24 |  |  | 30000 |
|  Local short-term borrowings | Export-Import Bank of Korea | 2.97 ~ 3.30 | 2026.09.18 ~ 2026.12.29 |  |  | 30000 |
|  Foreign short-term borrowings | Hana Bank and others | SOFR(1M) + 0.40 ~ 0.90 | 2026.08.11 ~ 2026.11.25 | USD 49,165 |  | 70547 |
|  Local bank overdraft | Nonghyup Bank | 3.26 | 2026.01.08 |  |  | 183300 |
|  Local bank overdraft | Hana Bank | 1yr bank debenture<br> rate+1.07 | 2026.10.31 |  |  | 47140 |
|  |  |  |  |  | W | 9979420 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of USD* | *In millions of won and thousands of USD* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Type** | **Creditor** | **Interest rate (%)** | **Maturity** | **Foreign**<br>**currency** | **Local<br>currency** | **Local<br>currency** |
|  Local short-term borrowings | Yuanta Securities Co., Ltd. and others | 3.27 ~ 4.60 | 2025.01.07 ~ 2025.12.31 |  | W | 4953348 |
|  Local short-term borrowings | Nonghyup Bank and others | 3M CD + 0.23 ~<br> 0.65 4.17 | 2025.01.02<br> ~ 2025.11.20 |  |  | 3934600 |
|  Foreign short-term borrowings | Hana Bank | SOFR(1M) + 0.90 | 2025.08.12 | USD 40,000 |  | 58800 |
|  Local bank overdraft | Korea Development Bank | 3.85 | 2025.04.28 |  |  | 100000 |
|  Local bank overdraft | Woori Bank and others | Standard overdraft rate +<br>1.37 4.20 | 2025.02.21 ~ 2025.03.28 |  |  | 76044 |
|  |  |  |  |  | W | 9122792 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(4)** **Long-term borrowings as of December 31, 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* |
|  |  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Type** | **Type** | **Interest rate (%)** | **Maturity** | **Foreign**<br>**currency** | **Local<br>currency** | **Local<br>currency** |
|  **Local long-term borrowings** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Development Bank | Others | 0.50 | 2025~2044 |  | W | 1097 |
|  | Facility | 4.60~4.94 | 2028~2042 |  |  | 46340 |
|  | Facility | CB rate+0.90 | 2029 |  |  | 7457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hana Bank and others | Commercial Paper | 3M CD + 0.31~1.20 | 2025~2030 |  |  | 8350000 |
|  | Facility | 4.60 | 2028 |  |  | 3578 |
|  | Facility | 3yr KTB rate-1.25 | 2025~2028 |  |  | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Export-Import Bank of<br> Korea | Project loans | 1.00 | 2026 |  |  | 1473 |
|  | Facility | 1.32 | 2026~2028 |  |  | 48000 |
|  | Operating funds | 3M bank debenture rate+0.66 | 2026 |  |  | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Energy Agency | Development of power resources | 3yr KTB rate-2.25<br> 1.75 | 2028 |  |  | 6438 |
|  | Project loans |  | 2033 |  |  | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shinhan Bank and others | Facility | CB rate+0.90~1.10 | 2028~2029 |  |  | 10586 |
|  | Others | 3.95 | 2034 |  |  | 61820 |
|  | Others | Standard overdraft rate+1.00 | 2034 |  |  | 61820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kookmin Bank | Facility | 4.36~5.93 | 2030~2037 |  |  | 161114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Bank | Facility | 3M CD+1.90<br>4.66~5.20 | 2034~2042 |  |  | 92963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBK | Facility | 4.00~5.80 | 2042~2044 |  |  | 30690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonghyup Bank | Facility | 5.60~5.70 | 2030~2041 |  |  | 39093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | Facility | 3.30~6.80 | 2028~2042 |  |  | 768821 |
|  | Facility | CB rate+1.10<br> 1.75~5.70 | 2028~2041 |  |  | 20549 |
|  | Others | 4.40~7.90 | 2038~2039 |  |  | 79296 |
|  | Others | 2.00~5.41 | 2031~2034 |  |  | 49819 |
|  |  |  |  |  | W | 9893978 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(4)** **Long-term borrowings as of December 31, 2025 and 2024 are as follows, continued:** 

---

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

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(4)** **Long-term borrowings as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
|  |  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Type** | **Type** | **Interest rate (%)** | **Maturity** | **Foreign**<br>**currency** | **Local<br>currency** | **Local<br>currency** |
|  **Local long-term borrowings** | **Local long-term borrowings** | **Local long-term borrowings** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Development Bank | Others | 0.50 | 2025~2044 |  | W | 1424 |
|  | Facility | 2.60~4.94 | 2025~2042 |  |  | 51960 |
|  | Facility | CB rate+0.90 | 2029 |  |  | 9486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hana Bank and others | Commercial Paper | 3M CD+0.31~1.20 | 2025~2029 |  |  | 7550000 |
|  | Facility | 4.60 | 2028 |  |  | 4904 |
|  | Facility | 3yr KTB rate-1.25 | 2028 |  |  | 2492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Export-Import Bank of Korea | Project loans | 1.00 | 2026 |  |  | 4419 |
|  | Facility | 1.32 | 2025~2028 |  |  | 64000 |
|  | Operating funds | 3M bank debenture<br>rate+0.66 | 2026 |  |  | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Energy Agency | Development of power<br> resources | 3yr KTB rate-2.25<br> 1.75 | 2025~2028 |  |  | 7494 |
|  | Project loans |  | 2033 |  |  | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shinhan Bank and others | Facility | CB rate+0.90~1.10 | 2028~2029 |  |  | 13995 |
|  | Operating funds | 6M bank debenture<br>rate+0.93~1.03 | 2025~2027 |  |  | 50000 |
|  | Others | 3.95 | 2034 |  |  | 67733 |
|  | Others | Standard overdraft rate+1.00 | 2034 |  |  | 67733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kookmin Bank | Facility | 3M CD+1.79<br> 5.53~5.63 | 2030~2037 |  |  | 167945 |
|  | Operating funds | 1yr bank debenture<br>rate+0.78 | 2025 |  |  | 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Bank | Facility | 3M CD+1.90<br>5.12~5.61 | 2034~2042 |  |  | 100071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBK | Facility | 4.00~5.80 | 2042~2044 |  |  | 30690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonghyup Bank | Facility | 5.53~5.63 | 2030~2041 |  |  | 36351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | Facility | 3.30~6.80 | 2028~2042 |  |  | 801687 |
|  | Facility | CB rate+1.10 2.25~5.63 | 2028~2041 |  |  | 24517 |
|  | PF Refinancing | CB rate+1.25 | 2030 |  |  | 5726 |
|  | PF Refinancing | 4.10 | 2030 |  |  | 15905 |
|  | Securitized debts (\*) | 3M CD+1.80 | 2025 |  |  | 54236 |
|  | Others | 4.40~7.90 | 2025~2039 |  |  | 113362 |
|  | Others | 2.00~6.15 | 2031~2034 |  |  | 49826 |
|  |  |  |  |  | W | 9367153 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(4)** **Long-term borrowings as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |
|  |  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Type** | **Type** | **Interest rate (%)** | **Maturity** | **Foreign**<br>**currency** | **Foreign**<br>**currency** | **Local<br>currency** | **Local<br>currency** |
|  **Foreign long-term borrowings** | **Foreign long-term borrowings** | **Foreign long-term borrowings** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Energy Agency | Project loans |  | 2026 | USD | 8744 | W | 12853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Export-Import Bank of Korea and others | Direct Loan and others | 6M Synthetic<br>Libor+1.80~3.20 | 2036 | USD | 72163 |  | 106080 |
|  | Direct Loan and others | 6M Synthetic<br>Libor+2.25~3.70 | 2027 | JOD | 44126 |  | 91437 |
|  | Facility | SOFR+0.43 1M SOFR+1.83 | 2029~2031 | USD | 112672 |  | 165628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Development Bank and others | EBL | 1M SOFR+0.86 | 2025 | USD | 149592 |  | 219900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO E&C and others | Shareholder's loan | 5.60~8.00 | 2025~2026 | USD | 10145 |  | 14914 |
|  | Shareholder's loan | 8.00 | 2031 | JOD | 4853 |  | 10056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Life Insurance and others | Syndicated Loan | 3.10~8.00 | 2025~2032 | JPY | 3937987 |  | 36878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Bank and others | Syndicated Loan | JPY 6M Tibor+1.84 | 2025 | JPY | 2178069 |  | 20397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solar Construction <br>Lending, LLC | Facility | 5.00 | 2025 | USD | 28303 |  | 41605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kiwoom Solar Power Professional Investor Private Placement Investment Trust V | Senior borrowing | 3.90 | 2029 | EUR | 38139 |  | 58304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IFC and others | Facility | 3M SOFR+1.60~1.99<br>6M SOFR+5.00<br>6.19~7.22 | 2026~2032 | USD | 772852 |  | 1136092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanwha US Solar Private Fund 1 and others | Facility | 6.00 | 2038 | USD | 60743 |  | 89292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DBS Bank and others | Facility | 1M BBSY+1.40~2.25 | 2025 | AUD | 178729 |  | 163301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonghyup Bank and others | Facility | 10.40 | 2039 | USD | 36943 |  | 54307 |
|  |  |  |  |  |  |  | 2221044 |
|  |  |  |  |  |  |  | 11588197 |
|  Less: discount on long-term borrowings | Less: discount on long-term borrowings | Less: discount on long-term borrowings |  |  |  |  | (51608) |
|  Less: current portion of long-term borrowings | Less: current portion of long-term borrowings | Less: current portion of long-term borrowings |  |  |  |  | (8434330) |
|  Add: current portion of discount on long-term borrowings | Add: current portion of discount on long-term borrowings | Add: current portion of discount on long-term borrowings |  |  |  |  | 16537 |
|  |  |  |  |  |  | W | 3118796 |

---

(\*) The main reasons for early repayment of securitized debts as of December 31, 2024 are as follows:

---

| | |
|:---|:---|
| **Type** | **Details** |
| Non-payment of proceeds | Where the consignor fails to pay the principal to the trustee |
| Guarantees for supplemental funding | Where the consignor fails to fulfill guarantees for supplemental funding |
| Additional trust obligation | Where the consignor fails to fulfill the additional trust obligation |
| Event of default | In case the event of default occurs under the ABL loan agreement |

---

The Group is responsible for collateral obligations (fund supplementation) and liability guarantees for entrusted assets.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(5)** **Local debt securities as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* |  |  |  |  |
|  | **Issue date** | **Maturity** | **Interest rate<br>(%)** | **As of December 31,<br>2025** | **As of December 31,<br>2025** | **As of December 31,<br>2024** |
|  Electricity Bonds | 2012.03.27~2025.11.06 | 2026.01.03~2052.04.21 | 1.48~5.69 | W | 59850000 | 63960000 |
|  Corporate Bonds (\*) | 2009.10.16~2025.12.01 | 2026.01.16~2054.06.28 | 1.29~10.00 |  | 29957353 | 28727353 |
|  Corporate Bonds | 2021.05.26~2023.12.28 | 2041.05.25~2043.09.15 | 1.75~3.78 |  | 41578 | 41578 |
|  |  |  |  |  | 89848931 | 92728931 |
|  Less: discount on local debt securities | Less: discount on local debt securities | Less: discount on local debt securities |  |  | (52559) | (51149) |
|  Less: current portion of local debt securities | Less: current portion of local debt securities | Less: current portion of local debt securities | Less: current portion of local debt securities |  | (21801584) | (22621584) |
|  Add: current portion of discount on local debt securities | Add: current portion of discount on local debt securities | Add: current portion of discount on local debt securities | Add: current portion of discount on local debt securities |  | 2163 | 2124 |
|  |  |  |  | W | 67996951 | 70058322 |

---

---

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

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(6)** **Foreign debt securities as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |  |  |  |  |
|  |  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Type** | **Issue date** | **Maturity** | **Interest rate (%)** | **Foreign**<br>**currency** | **Foreign**<br>**currency** | **Local currency** | **Local currency** |
| FY-96 | 1996.04.01~1996.12.06 | 2026.12.01~2096.04.01 | 6.00~7.95 | USD | 278701 | W | 399908 |
| FY-97 | 1997.01.31~1997.08.04 | 2027.02.01~2027.08.01 | 6.75~7.00 | USD | 314717 |  | 451587 |
| FY-04 | 2004.04.23 | 2034.04.23 | 5.13 | USD | 286920 |  | 411702 |
| FY-14 | 2014.07.30 | 2029.07.30 | 3.57 | USD | 100000 |  | 143490 |
| FY-17 | 2017.07.25 | 2027.07.25 | 3.13 | USD | 300000 |  | 430470 |
| FY-17 | 2017.10.30 | 2037.10.30 | 1.70 | EUR | 40000 |  | 67429 |
| FY-17 | 2017.11.16 | 2037.11.16 | 2.36 | SEK | 450000 |  | 70187 |
| FY-18 | 2018.03.13 | 2028.03.13 | 3.35 | HKD | 1650000 |  | 304277 |
| FY-19 | 2019.07.19 | 2027.07.19 | 0.05 | CHF | 100000 |  | 181197 |
| FY-19 | 2019.12.19 | 2037.12.31 | 3.30~5.70 | USD | 310682 |  | 445798 |
| FY-20 | 2020.08.03 | 2026.02.03 | 0.61 | USD | 300000 |  | 430470 |
| FY-21 | 2021.01.27 | 2026.01.27 | 0.75 | USD | 450000 |  | 645705 |
| FY-21 | 2021.04.27 | 2026.04.27 | 1.25 | USD | 500000 |  | 717450 |
| FY-21 | 2021.08.09 | 2026.08.09 | 1.25 | USD | 300000 |  | 430470 |
| FY-21 | 2021.09.24 | 2026.09.24 | 1.13 | USD | 300000 |  | 430470 |
| FY-22 | 2022.04.21 | 2027.04.21 | 3.63 | USD | 300000 |  | 430470 |
| FY-22 | 2022.06.14 | 2027.06.14 | 4.00 | USD | 300000 |  | 430470 |
| FY-22 | 2022.07.27 | 2027.07.27 | 4.25 | USD | 700000 |  | 1004430 |
| FY-22 | 2022.10.06 | 2026.04.06~2028.04.06 | 5.38~5.50 | USD | 800000 |  | 1147920 |
| FY-22 | 2022.10.06~2022.11.01 | 2032.10.06 | 5.16 | HKD | 2350000 |  | 433364 |
| FY-23 | 2023.06.07 | 2030.06.07 | 4.51 | HKD | 1037000 |  | 191233 |
| FY-23 | 2023.07.12 | 2028.07.12 | 4.88 | USD | 350000 |  | 502215 |
| FY-23 | 2023.07.18 | 2028.07.18 | 5.00 | USD | 500000 |  | 717450 |
| FY-23 | 2023.07.31 | 2026.07.31 | 5.38 | USD | 1000000 |  | 1434900 |
| FY-23 | 2023.09.21 | 2026.09.21 | 5.38 | USD | 300000 |  | 430470 |
| FY-24 | 2024.01.31 | 2027.01.31 | 4.88 | USD | 1200000 |  | 1721880 |
| FY-24 | 2024.07.29 | 2029.07.29 | 4.63 | USD | 500000 |  | 717450 |
| FY-25 | 2025.02.13 | 2028.02.13 | 4.75 | USD | 400000 |  | 573960 |
| FY-25 | 2025.03.05 | 2028.03.05 | 4.10 | HKD | 1166000 |  | 215022 |
| FY-25 | 2025.07.30 | 2030.07.30 | SOFR+0.79 | USD | 500000 |  | 717450 |
| FY-25 | 2025.11.04 | 2031.05.04 | 4.00 | USD | 300000 |  | 430470 |
| FY-25 | 2025.11.12 | 2028.11.12 | Compounded Daily SOFR+0.62 | USD | 600000 |  | 860939 |
| FY-25 | 2025.11.12 | 2030.11.12 | 4.13 | USD | 400000 |  | 573959 |
|  |  |  |  |  |  |  | 18094662 |
|  Less: discount on foreign debt securities | Less: discount on foreign debt securities | Less: discount on foreign debt securities | Less: discount on foreign debt securities | Less: discount on foreign debt securities | Less: discount on foreign debt securities |  | (118038) |
|  Less: current portion of foreign debt securities | Less: current portion of foreign debt securities | Less: current portion of foreign debt securities | Less: current portion of foreign debt securities | Less: current portion of foreign debt securities | Less: current portion of foreign debt securities |  | (5372332) |
|  Add: current portion of discount on foreign debt securities | Add: current portion of discount on foreign debt securities | Add: current portion of discount on foreign debt securities | Add: current portion of discount on foreign debt securities | Add: current portion of discount on foreign debt securities | Add: current portion of discount on foreign debt securities |  | 6305 |
|  |  |  |  |  |  | W | 12610597 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(6)** **Foreign debt securities as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |  |  |  |  |
|  |  |  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Type** | **Issue date** | **Maturity** | **Interest rate (%)** | **Foreign**<br>**currency** | **Foreign**<br>**currency** | **Local<br>currency** | **Local<br>currency** |
| FY-96 | 1996.04.01~1996.12.06 | 2026.12.01~2096.04.01 | 6.00~7.95 | USD | 278701 | W | 409690 |
| FY-97 | 1997.01.31~1997.08.04 | 2027.02.01~2027.08.01 | 6.75~7.00 | USD | 314717 |  | 462634 |
| FY-04 | 2004.04.23 | 2034.04.23 | 5.13 | USD | 286920 |  | 421772 |
| FY-14 | 2014.07.30 | 2029.07.30 | 3.57 | USD | 100000 |  | 147000 |
| FY-15 | 2015.06.15 | 2025.06.15 | 3.25 | USD | 300000 |  | 441000 |
| FY-17 | 2017.07.25 | 2027.07.25 | 3.13 | USD | 300000 |  | 441000 |
| FY-17 | 2017.10.30 | 2037.10.30 | 1.70 | EUR | 40000 |  | 61149 |
| FY-17 | 2017.11.16 | 2037.11.16 | 2.36 | SEK | 450000 |  | 59954 |
| FY-18 | 2018.03.13 | 2028.03.13 | 3.35 | HKD | 1650000 |  | 312345 |
| FY-19 | 2019.07.19 | 2027.07.19 | 0.05 | CHF | 100000 |  | 162638 |
| FY-19 | 2019.12.19 | 2037.12.31 | 3.30~5.70 | USD | 326929 |  | 480586 |
| FY-20 | 2020.02.03 | 2025.02.03 | 2.13 | USD | 300000 |  | 441000 |
| FY-20 | 2020.05.06 | 2025.05.06 | 1.75 | USD | 500000 |  | 735000 |
| FY-20 | 2020.06.15 | 2025.06.15 | 1.13 | USD | 500000 |  | 735000 |
| FY-20 | 2020.08.03 | 2026.02.03 | 1.00 | USD | 300000 |  | 441000 |
| FY-21 | 2021.01.27 | 2026.01.27 | 0.75 | USD | 450000 |  | 661500 |
| FY-21 | 2021.04.27 | 2026.04.27 | 1.25 | USD | 500000 |  | 735000 |
| FY-21 | 2021.08.09 | 2026.08.09 | 1.25 | USD | 300000 |  | 441000 |
| FY-21 | 2021.09.24 | 2026.09.24 | 1.13 | USD | 300000 |  | 441000 |
| FY-22 | 2022.04.21 | 2027.04.21 | 3.63 | USD | 300000 |  | 441000 |
| FY-22 | 2022.05.06 | 2025.05.06 | 3.60 | USD | 500000 |  | 735000 |
| FY-22 | 2022.06.14 | 2025.06.14~2027.06.14 | 3.63~4.00 | USD | 800000 |  | 1176000 |
| FY-22 | 2022.06.28 | 2025.06.28 | 4.13 | USD | 300000 |  | 441000 |
| FY-22 | 2022.07.27 | 2027.07.27 | 4.25 | USD | 700000 |  | 1029000 |
| FY-22 | 2022.10.06 | 2026.04.06~2028.04.06 | 5.38~5.50 | USD | 800000 |  | 1176000 |
| FY-22 | 2022.10.06~2022.11.01 | 2032.10.06 | 5.16 | HKD | 2350000 |  | 444855 |
| FY-23 | 2023.06.07 | 2030.06.07 | 4.51 | HKD | 1037000 |  | 196304 |
| FY-23 | 2023.07.12 | 2028.07.12 | 4.88 | USD | 350000 |  | 514500 |
| FY-23 | 2023.07.18 | 2028.07.18 | 5.00 | USD | 500000 |  | 735000 |
| FY-23 | 2023.07.31 | 2026.07.31 | 5.38 | USD | 1000000 |  | 1470000 |
| FY-23 | 2023.09.21 | 2026.09.21 | 5.38 | USD | 300000 |  | 441000 |
| FY-24 | 2024.01.31 | 2027.01.31 | 4.88 | USD | 1200000 |  | 1764000 |
| FY-24 | 2024.07.29 | 2029.07.29 | 4.63 | USD | 500000 |  | 735000 |
|  |  |  |  |  |  |  | 19328927 |
|  Less: discount on foreign debt securities | Less: discount on foreign debt securities | Less: discount on foreign debt securities | Less: discount on foreign debt securities | Less: discount on foreign debt securities | Less: discount on foreign debt securities |  | (132690) |
|  Less: current portion of foreign debt securities | Less: current portion of foreign debt securities | Less: current portion of foreign debt securities | Less: current portion of foreign debt securities | Less: current portion of foreign debt securities | Less: current portion of foreign debt securities |  | (4286883) |
|  Add: current portion of discount on foreign debt securities | Add: current portion of discount on foreign debt securities | Add: current portion of discount on foreign debt securities | Add: current portion of discount on foreign debt securities | Add: current portion of discount on foreign debt securities | Add: current portion of discount on foreign debt securities |  | 4976 |
|  |  |  |  |  |  | W | 14914330 |

---

**(7)** **Changes in borrowings and debt securities for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Borrowings** | **Borrowings** | **Debt**<br>**Securities** | **Total** | **Borrowings** | **Debt**<br>**Securities** | **Total** |
|  Beginning balance | W | 20659381 | 111874019 | 132533400 | 19839652 | 113792178 | 133631830 |
|  Cash flow |  | 1506642 | (3447638) | (1940996) | 604841 | (4211164) | (3606323) |
|  Effect of exchange rate fluctuations |  | (176794) | (666627) | (843421) | 250661 | 2294022 | 2544683 |
|  Others |  | 7067 | 13242 | 20309 | (35773) | (1017) | (36790) |
|  | W | 21996296 | 107772996 | 129769292 | 20659381 | 111874019 | 132533400 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**24.** **Lease** 

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

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

The Group applies the short-term leases recognition exemption to its lease contracts that have a lease term of 12 months or less from the commencement date, and recognized W195,791 million and W152,644 million respectively, as expense for each of the two years in the period ended December 31, 2025. The Group also applies the leases of low-value assets recognition exemption to lease contracts with underlying assets considered to be low value (i.e., approximately less than W5 million), and recognized W4,008 million and W3,121 million respectively, as expense for each of the two years in the period ended December 31, 2025. The Group has lease contracts for various items such as consecutive voyage charter contracts, power purchase agreements (PPA), real estate lease contracts including buildings, switchyard, and land for electric substation, vehicles, and other equipment.

**(2)** **Right-of-use assets as of December 31, 2025 and 2024 are as follows:** 

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Acquisition**<br>**Cost** | **Acquisition**<br>**Cost** | **Accumulated**<br>**depreciation** | **Book**<br>**value** |
|  Land | W | 1017114 | (339512) | 677602 |
|  Buildings |  | 214258 | (108417) | 105841 |
|  Structures |  | 52983 | (12124) | 40859 |
|  Machinery |  | 54654 | (27594) | 27060 |
|  Ships |  | 3946265 | (2015172) | 1931093 |
|  Vehicles |  | 59402 | (38482) | 20920 |
|  Others (\*) |  | 686400 | (443379) | 243021 |
|  | W | 6031076 | (2984680) | 3046396 |

---

(\*) Including a power purchase agreement ("PPA") with CGN Yulchon Generation Co., Ltd.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

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

**(3)** **Changes in right-of-use assets for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase** | **Depreciation** | **Decrease** | **Others** | **Ending<br>balance** |
|  Land | W | 677602 | 9402 | (59793) | (2035) | (200) | 624976 |
|  Buildings |  | 105841 | 25783 | (41921) | (2282) | 6220 | 93641 |
|  Structures |  | 40859 | 1889 | (8433) | (96) | 4966 | 39185 |
|  Machinery |  | 27060 | 1364 | (6515) | (19) | 786 | 22676 |
|  Ships |  | 1931093 | 9688 | (316823) |  | (59669) | 1564289 |
|  Vehicles |  | 20920 | 21280 | (15498) | (1444) | (512) | 24746 |
|  Others |  | 243021 | 31024 | (28680) |  | 17059 | 262424 |
|  | W | 3046396 | 100430 | (477663) | (5876) | (31350) | 2631937 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase** | **Depreciation** | **Decrease** | **Others** | **Ending<br>balance** |
|  Land | W | 655860 | 12369 | (65245) | (117) | 74735 | 677602 |
|  Buildings |  | 90573 | 61397 | (48371) | (399) | 2641 | 105841 |
|  Structures |  | 37356 | 4115 | (4595) |  | 3983 | 40859 |
|  Machinery |  | 5943 | 26200 | (7083) |  | 2000 | 27060 |
|  Ships |  | 2313305 |  | (363032) | (1656) | (17524) | 1931093 |
|  Vehicles |  | 25491 | 11042 | (14167) | (77) | (1369) | 20920 |
|  Others |  | 235215 | 17372 | (36502) | (3) | 26939 | 243021 |
|  | W | 3363743 | 132495 | (538995) | (2252) | 91405 | 3046396 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

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

**(4)** **Lease liabilities as of December 31, 2025 and 2024 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** |
|  Less than 1 year | W | 526324 | 632878 |
|  1 ~ 5 years |  | 1614003 | 1817340 |
|  More than 5 years |  | 1407310 | 1670416 |
|  |  | 3547637 | 4120634 |
|  Less: present value discounts and others |  | (396757) | (421178) |
|  Present value of lease payment | W | 3150880 | 3699456 |

---

**(5)** **Details of the liquidity classification of lease liabilities as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  Current lease liabilities | W | 510105 |  | 603492 |
|  Non-current lease liabilities |  | 2640775 |  | 3095964 |
|  | W | 3150880 |  | 3699456 |

---

**(6)** **Changes in lease liabilities for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase** | **Decrease** | **Interest<br>expenses** | **Others (\*)** | **Ending<br>balance** |
|  Lease liabilities | W | 3699456 | 90362 | (626586) | 76935 | (89287) | 3150880 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase** | **Decrease** | **Interest<br>expenses** | **Others (\*)** | **Ending<br>balance** |
|  Lease liabilities | W | 3807880 | 119161 | (695466) | 82638 | 385243 | 3699456 |

---

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

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

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

**(7)** **Details of expense relating to lease contracts as lessee for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Depreciation of right-of-use assets | W | 477663 | 538995 |
|  Interest expenses of lease liabilities |  | 76935 | 82638 |
|  Lease expenses for short-term leases |  | 195791 | 152644 |
|  Lease expenses for leases of low-value assets |  | 4008 | 3121 |
|  Variable lease payments |  | 5169 | 12420 |
|  | W | 759566 | 789818 |

---

**(8)** The total cash outflow related to the lease contracts amounts to W 831,553 million
and W 863,651 million, for each of the two years in the period ended December 31, 2025, respectively.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

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

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

The Group has entered into power purchase agreements ("PPA") with Jordan Electric Power Company to provide a 373MW level Qatrana gas-fired combined power plant over a 25-year lease term, and an 89.1MW level Fujeij wind power plant over a 20-year lease term. In addition, the Group provides 11 energy storage system installation projects and 295 energy efficiency contracts as finance leases with lease terms ranging from 3 to 11 years. Also, the Group has entered into a PPA with the Comision Federal de Electricidad in Mexico to provide for 25 years (from December 2013 to November 2038) all electricity generated from the power plant after completion of its construction and receives revenue consisting of fixed charges (for capital cost recovery) and variable costs over the contracted period.

**(2)** **Profits and losses related to finance leases for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2025** | **For the year ended<br>December 31, 2024** | **For the year ended<br>December 31, 2024** |
|  Finance income on the net investment in the lease | W | 118903 |  | 120770 |

---

**(3)** **The maturity analysis of the lease payments receivable and reconciliation of the undiscounted lease payments to the net investment in the lease as of December 31, 2025 and 2024 is as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** |
|  Less than 1 year | W | 217872 | 213300 |
|  1 ~ 2 years |  | 206023 | 217747 |
|  2 ~ 3 years |  | 194195 | 204867 |
|  3 ~ 4 years |  | 184626 | 193379 |
|  4 ~ 5 years |  | 187851 | 184436 |
|  More than 5 years |  | 1218793 | 1420807 |
|  |  | 2209360 | 2434536 |
|  Less: unearned finance income |  | (932072) | (1078138) |
|  Net investment in the lease (\*) | W | 1277288 | 1356398 |

---

---

| | |
|:---|:---|
| (\*) | Including the present value of unguaranteed residual value amounting to W34,047 million and W31,857 million, as of December 31, 2025 and 2024, respectively.  |

---

The implicit interest rate for a lease term is determined on the lease contract date. The implicit interest rate of the finance lease contracts is from 0.00% up to 17.37% per year as of December 31, 2025 (0.00%~17.15% as of December 31, 2024).

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

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

**(4)** **Changes in the allowance for doubtful accounts of finance lease receivables for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Beginning balance | W | 5255 | 5256 |
|  Bad debt expense |  | 1977 |  |
|  Write-off |  | (230) |  |
|  Reversal |  |  | (1) |
|  Ending balance | W | 7002 | 5255 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(1)** **Employment benefit obligations as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  Net defined benefit asset | W | 104344 |  | 40425 |
|  Net defined benefit obligations |  | 1380352 |  | 1449837 |
|  Other long-term employee benefit obligations |  | 1500 |  | 1710 |

---

**(2)** **Principal assumptions used for actuarial valuation as of December 31, 2025 and 2024 are as follows:** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2024** |
|  Discount rate | 3.38% ~ 5.44% | 3.38% ~ 5.06% |
|  Future salary and benefit levels | 4.83% | 4.83% |
|  Weighted average duration | 9.65 years | 9.89 years |

---

**(3)** **Details of expense relating to defined benefit plans for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2024** |
|  Current service cost | W | 486139 | 430308 |
|  Interest cost |  | 173362 | 184169 |
|  Expected return on plan assets |  | (124639) | (141108) |
|  | W | 534862 | 473369 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2024** | **For the year ended**<br>**December 31, 2024** |
|  Cost of sales | W | 384386 |  | 340165 |
|  Selling and administrative expenses |  | 99838 |  | 87815 |
|  Others including construction-in-progress |  | 50638 |  | 45389 |
|  | W | 534862 |  | 473369 |

---

In addition, for each of the two years in the period ended December 31, 2025, benefit expenses which the Group paid for the defined contribution plan in accordance with ratio defined in the Group's retirement benefit plan are classified as follows: W95,639 million and W87,998 million as cost of sales; W22,729 million and W 16,221 million as selling and administrative expenses; and W17,749 million and W15,701 million as construction-in-progress and others.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(4)** **Details of defined benefit obligations as of December 31, 2025 and 2024 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** |
|  Present value of defined benefit obligation from funded plans | W | 4978795 | 4960645 |
|  Fair value of plan assets |  | (3702787) | (3551233) |
|  Net liabilities incurred from defined benefit plans | W | 1276008 | 1409412 |

---

**(5)** **Changes in the present value of defined benefit obligations for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2024** |
|  Beginning balance | W | 4960645 | 4312702 |
|  Current service cost |  | 486139 | 430308 |
|  Interest cost |  | 173362 | 184169 |
|  Remeasurement component |  | 32568 | 425671 |
|  Actual payments |  | (673863) | (392336) |
|  Others |  | (56) | 131 |
|  Ending balance | W | 4978795 | 4960645 |

---

**(6)** **Changes in the fair value of plan assets for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2024** |
|  Beginning balance | W | 3551233 | 3349480 |
|  Expected return |  | 124639 | 141108 |
|  Remeasurement component |  | (12236) | (10030) |
|  Contributions by the employers |  | 350970 | 254763 |
|  Actual payments |  | (311819) | (184088) |
|  Ending balance | W | 3702787 | 3551233 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

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

**(7)** **Details of the fair value of plan assets as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  Equity instruments | W | 879 |  | 2308 |
|  Debt instruments |  | 527278 |  | 413522 |
|  Bank deposits |  | 275590 |  | 452158 |
|  Others (\*) |  | 2899040 |  | 2683245 |
|  | W | 3702787 |  | 3551233 |

---

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

For each of the two years in the period ended December 31, 2025, actual returns on plan assets amounted to W112,403 million and W131,078 million, respectively.

**(8)** **Remeasurement components recognized in other comprehensive income (loss) for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2024** |
|  Actuarial loss (gain) from changes in financial assumptions | W | (172587) | 320582 |
|  Actuarial loss from experience adjustments, etc. |  | 205155 | 105089 |
|  Expected loss |  | 12236 | 10030 |
|  | W | 44804 | 435701 |

---

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

In addition, gain(loss) on accumulated remeasurement component amounting to W8,027 million and W(95,694) million have been recognized as other comprehensive income or loss as of December 31, 2025 and 2024, respectively.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**26.** **Provisions** 

**(1)** **Provisions as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| *In millions of won* | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Employment benefits |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for employment benefits | W | 1145049 |  | 1093625 |  |
|  Litigation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litigation provisions |  | 10114 | 342213 | 9350 | 479071 |
|  Decommissioning cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nuclear plants |  | 55874 | 24121023 | 79501 | 23192872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spent fuel |  | 700694 | 2044650 | 799384 | 2124361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radioactive waste |  | 72616 | 1699429 | 84485 | 1677306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCBs |  |  | 14073 |  | 39389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other recovery provisions |  |  | 55843 |  | 50407 |
|  Others |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power plant regional support program |  | 132818 |  | 130256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transmission regional support program (\*) |  | 344824 |  | 302631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for financial guarantee |  | 21815 | 28894 | 26440 | 4484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for greenhouse gas emissions obligations |  | 151187 |  | 156463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for onerous contracts |  | 1448037 | 1656 | 434 | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 87215 | 555919 | 111402 | 267811 |
|  | W | 4170243 | 28863700 | 2793971 | 27837034 |

---

(\*) As of December 31, 2025 and 2024, the Group recognized reimbursement assets of W 46,069 million and W 46,444 million, respectively, in connection with the provisions for support projects for areas adjacent to transmission and substation facilities.

**(2)** **Changes in provisions for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase in<br>provision** | **Payment** | **Reversal** | **Others** | **Ending**<br>**balance** |
|  Employment benefits |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for employment benefits | W | 1093625 | 1364058 | (1301555) | (11079) |  | 1145049 |
|  Litigation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litigation provisions |  | 488421 | 44700 | (167170) | (13638) | 14 | 352327 |
|  Decommissioning cost |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nuclear plants |  | 23272373 | 1005286 | (63355) | (37407) |  | 24176897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spent fuel |  | 2923745 | 578601 | (411377) | (345625) |  | 2745344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radioactive waste |  | 1761791 | 108910 | (56879) | (41777) |  | 1772045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCBs |  | 39389 | 1144 | (19958) | (6502) |  | 14073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other recovery provisions |  | 50407 | 18963 | (1290) | (280) | (11957) | 55843 |
|  Others |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power plant regional support program |  | 130256 | 59769 | (57207) |  |  | 132818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transmission regional support program |  | 302631 | 212701 | (170508) |  |  | 344824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for financial guarantee |  | 30924 | 45864 | (22553) | (3347) | (179) | 50709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for RPS |  |  | 1107704 | (1101002) | (6702) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for greenhouse gas emissions obligations |  | 156463 | 247135 | (241024) | (7204) | (4183) | 151187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for onerous contracts |  | 1767 | 1448691 |  | (765) |  | 1449693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 379213 | 308807 | (44620) | (147) | (119) | 643134 |
|  | W | 30631005 | 6552333 | (3658498) | (474473) | (16424) | 33033943 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**26.** **Provisions, Continued** 

**(2)** **Changes in provisions for each of the two years in the period ended December 31, 2025 are as follows, continued:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase in<br>provision** | **Payment** | **Reversal** | **Others** | **Ending**<br>**balance** |
|  Employment benefits |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for employment benefits | W | 999691 | 1226957 | (1127746) | (5379) | 102 | 1093625 |
|  Litigation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litigation provisions |  | 177018 | 373328 | (26040) | (35885) |  | 488421 |
|  Decommissioning cost |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nuclear plants |  | 21646887 | 1692508 | (66971) |  | (51) | 23272373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spent fuel |  | 2925734 | 842753 | (463388) | (381354) |  | 2923745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radioactive waste |  | 1908085 | 113342 | (56907) | (202729) |  | 1761791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCBs |  | 57944 | 7049 | (25604) |  |  | 39389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other recovery provisions |  | 36082 | 4479 | (879) |  | 10725 | 50407 |
|  Others |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power plant regional support program |  | 130034 | 55761 | (55539) |  |  | 130256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transmission regional support program |  | 256006 | 202882 | (156257) |  |  | 302631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for financial guarantee |  | 49992 | 11347 | (25723) | (5086) | 394 | 30924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for RPS |  | 36074 | 891143 | (862039) | (65178) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for greenhouse gas emissions obligations |  | 18672 | 164438 | (17659) | (5611) | (3377) | 156463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for onerous contracts |  | 2733 | 348 |  | (1314) |  | 1767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 290217 | 294606 | (126693) | (1127) | (77790) | 379213 |
|  | W | 28535169 | 5880941 | (3011445) | (703663) | (69997) | 30631005 |

---

**(3)** **Greenhouse gas emissions rights (allowances) and obligations:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Allowances allocated free of charge from the government for each compliance year in the commitment period as of
December 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In ten thousands of tons(tCO2-eq)* | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** |
|  | **2021** | **2022** | **2023** | **2024** | **2025** | **Total** |
|  Allowances received free of charge from the government | 15831 | 14542 | 14575 | 12451 | 11838 | 69237 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Changes in greenhouse gas emissions rights for each of the two years in the period ended December 31, 2025
are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In ten thousands of tons(tCO2-eq), millions of won* | *In ten thousands of tons(tCO2-eq), millions of won* | *In ten thousands of tons(tCO2-eq), millions of won* | *In ten thousands of tons(tCO2-eq), millions of won* |  |  |  |
|  | **3rd commitment period** | **3rd commitment period** | **3rd commitment period** | **3rd commitment period** | **3rd commitment period** | **3rd commitment period** |
|  | **2024** | **2024** | **2025** | **2025** | **Total** | **Total** |
|  | **Quantity** | **Amount** | **Quantity** | **Amount** | **Quantity** | **Amount** |
|  Beginning (\*1) | 13784 | 129571 | 11402 | 68476 | 25186 | 198047 |
|  Purchase (Sell) | 1833 | 176441 | 1823 | 179183 | 3656 | 355624 |
|  Government Submission | (13884) | (159199) | (2858) | (240001) | (16742) | (399200) |
|  Carry Forward (Borrowing) | (1708) | (146813) | 1275 | 92621 | (433) | (54192) |
|  ETC |  |  | 25 | 7271 | 25 | 7271 |
|  Ending (\*2) | 25 |  | 11667 | 107550 | 11692 | 107550 |

---

(\*1) Changes in emission rights due to allowances additionally allocated or cancelled are reflected.

---

| | |
|:---|:---|
| (\*2) | Current greenhouse gas emissions rights represent those expected to be surrendered to the government or sold within one year from the end of the reporting period. Non-current greenhouse gas emissions rights, amounting to W 108,300 million, are classified as other intangible assets (See Note 21).  |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**26.** **Provisions, Continued** 

**(3)** **Greenhouse gas emissions rights and obligations, continued:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Changes in greenhouse gas emissions rights for each of the two years in the period ended December 31, 2025
are as follows, continued:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In ten thousands of tons(tCO2-eq), millions of won* | *In ten thousands of tons(tCO2-eq), millions of won* | *In ten thousands of tons(tCO2-eq), millions of won* | *In ten thousands of tons(tCO2-eq), millions of won* | *In ten thousands of tons(tCO2-eq), millions of won* | *In ten thousands of tons(tCO2-eq), millions of won* | *In ten thousands of tons(tCO2-eq), millions of won* | *In ten thousands of tons(tCO2-eq), millions of won* |  |
|  | **3rd commitment period** | **3rd commitment period** | **3rd commitment period** | **3rd commitment period** | **3rd commitment period** | **3rd commitment period** | **3rd commitment period** | **3rd commitment period** |
|  | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** | **Total** | **Total** |
|  | **Quantity** | **Amount** | **Quantity** | **Amount** | **Quantity** | **Amount** | **Quantity** | **Amount** |
|  Beginning (\*) | 14829 | 25128 | 11952 | 99968 | 9288 | 6873 | 36069 | 131969 |
|  Purchase (Sell) | 1536 | 135837 | 1674 | 174991 |  |  | 3210 | 310828 |
|  Government Submission | (14780) | (39968) | (657) | (53727) |  |  | (15437) | (93695) |
|  Carry Forward (Borrowing) | (1585) | (129188) | 1043 | 44430 | 828 | 128417 | 286 | 43659 |
|  ETC |  | 8191 |  | (53693) |  | 244 |  | (45258) |
|  Ending |  |  | 14012 | 211969 | 10116 | 135534 | 24128 | 347503 |

---

(\*) Changes in emission rights due to allowances additionally allocated or cancelled are reflected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Group does not have greenhouse gas emissions rights pledged as collateral as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Group does not hold any greenhouse gas emissions rights prepared for generating a profit from short-term
fluctuations in price as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The estimated greenhouse gas emission of the Group for the year ended December 31, 2025 is 11,401 ten
thousand tons.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**27.** **Government Grants** 

**(1)** **Government grants as of December 31, 2025 and 2024 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** |
|  Land | W | 27392 | 27403 |
|  Buildings |  | 38077 | 41718 |
|  Structures |  | 149558 | 149737 |
|  Machinery |  | 94337 | 105546 |
|  Vehicles |  | 2683 | 2745 |
|  Equipment |  | 1868 | 3915 |
|  Tools |  | 982 | 1306 |
|  Construction-in-progress |  | 230573 | 223566 |
|  Investment properties |  | 22 | 22 |
|  Software |  | 804 | 844 |
|  Development expenditures |  | 540 | 939 |
|  Intangible assets under development |  | 5044 | 3473 |
|  Other intangible assets |  | 136 | 229 |
|  | W | 552016 | 561443 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**27.** **Government Grants, Continued** 

**(2)** **Changes in government grants for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Receipt** | **Acquisition** | **Offset the<br>items of<br>depreciation<br>expense and<br>others** | **Disposal** | **Revenue** | **Others** | **Ending<br>balance** |
|  Cash | W |  | 25019 |  |  |  | 224 | (25243) |  |
|  Land |  | 27403 |  |  |  | (11) |  |  | 27392 |
|  Buildings |  | 41718 |  |  | (3937) | (4) |  | 300 | 38077 |
|  Structures |  | 149737 |  |  | (9552) | (687) |  | 10060 | 149558 |
|  Machinery |  | 105546 |  |  | (15011) | (384) |  | 4186 | 94337 |
|  Vehicles |  | 2745 |  |  | (1309) | (6) |  | 1253 | 2683 |
|  Equipment |  | 3915 |  |  | (2119) |  |  | 72 | 1868 |
|  Tools |  | 1306 |  |  | (437) |  |  | 113 | 982 |
|  Construction-in-progress |  | 223566 |  | (4685) |  |  |  | 11692 | 230573 |
|  Investment properties |  | 22 |  |  |  |  |  |  | 22 |
|  Software |  | 844 |  |  | (342) |  |  | 302 | 804 |
|  Development expenditures |  | 939 |  |  | (496) |  |  | 97 | 540 |
|  Intangible assets under development |  | 3473 |  |  |  |  |  | 1571 | 5044 |
|  Other intangible assets |  | 229 |  |  | (93) |  |  |  | 136 |
|  | W | 561443 | 25019 | (4685) | (33296) | (1092) | 224 | 4403 | 552016 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Receipt** | **Acquisition** | **Offset the<br>items of<br>depreciation<br>expense and<br>others** | **Disposal** | **Revenue** | **Others** | **Ending<br>balance** |
|  Cash | W |  | 59503 |  |  |  | 4789 | (64292) |  |
|  Land |  | 27404 |  |  |  | (1) |  |  | 27403 |
|  Buildings |  | 46227 |  |  | (4508) |  |  | (1) | 41718 |
|  Structures |  | 157881 |  |  | (9458) | (1330) |  | 2644 | 149737 |
|  Machinery |  | 119824 |  |  | (16076) | (522) |  | 2320 | 105546 |
|  Vehicles |  | 2837 |  |  | (1233) | (8) |  | 1149 | 2745 |
|  Equipment |  | 5932 |  |  | (2118) |  |  | 101 | 3915 |
|  Tools |  | 62 |  |  | (341) |  |  | 1585 | 1306 |
|  Construction-in-progress |  | 173474 |  | (6806) |  | (75) |  | 56973 | 223566 |
|  Investment properties |  | 22 |  |  | (1) |  |  | 1 | 22 |
|  Software |  | 413 |  |  | (229) |  |  | 660 | 844 |
|  Development expenditures |  | 2121 |  |  | (1364) |  |  | 182 | 939 |
|  Intangible assets under development |  | 2458 |  |  |  |  |  | 1015 | 3473 |
|  Other intangible assets |  | 322 |  |  | (93) |  |  |  | 229 |
|  | W | 538977 | 59503 | (6806) | (35421) | (1936) | 4789 | 2337 | 561443 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**27.** **Government Grants, Continued** 

**(3)** **Changes in government grants for specific business projects for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of Won* | *In millions of Won* |  |  |  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
| **Department** | **Business Name** | **Description** | **Period** | **Budget** | **Beginning<br>Balance** | **Received** | **Used** | **Return** | **Others** | **Ending<br>Balance** |
|  Ministry of Employment and Labor | Support for the installation of workplace daycare centers | Support for the installation of workplace daycare centers (2021) | 2023.01.01~2023.12.31 | 1491 | 1 | —  | —  |  | —  | 1 |
|  Ministry of Trade, Industry and Energy | Electricity supply business in rural areas | Electricity supply business in rural areas (Support for Losses in Local Government Operations, 2024) | 2024.01.01~2024.12.31 | 161429 | —  | 18828 | (18828) |  | —  | —  |
|  Ministry of Industry and Trade | Temporary electricity bill support for small business owners | Temporary electricity bill support for small business owners (2024) | 2024.02.15~2024.12.31 | 178753 | 28074 | 19058 | (41772) |  | —  | 5360 |
|  Ministry of SMEs and Startups |  | Construction of the Integrated Control System for Renewable Energy in Transmission Area | 2024.02.13~2026.03.31 | 5601 | —  | 195 | (196) |  | 32 | 31 |
|  Ministry of Employment and Labor | Support for the installation of workplace daycare centers | Support for the installation of workplace daycare centers (2025) | 2025.01.01~2025.07.09 | 80 | —  | 80 | (80) |  | —  | —  |
|  Ministry of Climate, Energy and Environment | Electricity supply business in rural areas | Electricity supply business in rural areas (Government Fiscal Loans, 2025) Electricity supply business in rural areas | 2025.01.01~2026.12.31 | 122 | —  | 111 | (111) |  | —  | —  |
|  Ministry of Climate, Energy and Environment | Electricity supply business in rural areas | (Capital Expenditure for Rural Electrification Support and New Connections, 2025) | 2025.01.01~2026.12.31 | 20987 | —  | 9789 | (9789) |  | —  | —  |
|  Ministry of Climate, Energy and Environment | Electricity supply business in rural areas | Electricity supply business in rural areas (Support for for self-generation Facilities, 2025) | 2025.01.01~2026.12.31 | 93925 | —  | 86747 | (86747) |  | —  | —  |
|  Ministry of Climate, Energy and Environment | Renewable Energy Generation Difference Support | Renewable Energy Generation Difference Support (2025) | 2025.01.01~2025.12.31 | 30913 | —  | 29901 | (29901) |  | —  | —  |
|  Ministry of Climate, Energy and Environment | Operating expenses for regional projects around the power plant | Operating expenses for regional projects around the power plant (2025) Energy Industry Cooperation: Improving | 2025.01.01~2025.12.31 | 436 | —  | 61 | (61) |  | —  | —  |
|  Ministry of Climate, Energy and Environment | Official Development Assistance (ODA) | Efficiency through the Utilization of Distribution Automation Systems (DAS) in the Dominican Republic Energy Industry Cooperation: Support for | 2025.01.01~2026.12.31 | 6752 | —  | 788 | (788) |  | —  | —  |
|  Ministry of Climate, Energy and Environment | Official Development Assistance (ODA) | Modernizing Grid Operations based on Distribution Automation Systems (DAS) in the Central-Southern Region of Honduras | 2025.01.01~2026.12.31 | 10468 | —  | 222 | (222) |  | —  | —  |
|  Saemangeum Development and Investment Agency | Construction of Power Infrastructure for the Saemangeum Secondary Battery Specialized Complex | Construction of Power Infrastructure for the Saemangeum Secondary Battery Specialized Complex | 2025.01.01~2026.12.31 | 6542 | —  | 1730 | (1730) |  | —  | —  |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**27.** **Government Grants, Continued** 

**(3)** **Changes in government grants for specific business projects for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
| <br>**Business Name** | <br>**Description** | <br>**Period** |<br>**Budget** | **Beginning<br>Balance** | **Received** | **Used** | **Return** | **Others** | **Ending<br>Balance** |
|  Temporary electricity bill support for small business owners | Temporary electricity bill support for small business owners | 2021.04.01 ~ 2022.06.30 | 211235 | 1069 | —  | (791) | (278) |  | —  |
|  Support for the installation of workplace daycare centers | Support for the installation of workplace daycare centers | 2023.01.01 ~ 2023.12.31 | 1491 | —  | 1 | —  | —  |  | 1 |
|  Support for underground power line installation | Daebul Industrial Complex Underground Power Line Project (Phase 1) (Subsidy) | 2023.01.01 ~ 2025.12.31 | 3492 | —  | 3492 | (3492) | —  |  | —  |
|  Construction of the Integrated Control System for Renewable Energy in Transmission Area | Construction of the Integrated Control System for Renewable Energy in Transmission Area | 2023.01.01 ~ 2023.12.31 | 490 | —  | 213 | (213) | —  |  | —  |
|  Construction of the Integrated Control System for Renewable Energy in Power Distribution Sector | Construction of the Integrated Control System for Renewable Energy in Power Distribution Sector | 2023.01.01 ~ 2023.12.31 | 2510 | 2 | 203 | (205) | —  |  | —  |
|  Temporary electricity bill support for small business owners | Temporary electricity bill support for small business owners (2024) | 2024.02.15 ~ 2024.12.31 | 178753 | —  | 156058 | (127984) | —  |  | 28074 |
|  Electricity supply business in rural areas | Electricity supply business in rural areas (Support for Losses in Local Government Operations, 2024) | 2024.01.01 ~ 2024.12.31 | 161429 | —  | 170276 | (170276) | —  |  | —  |
|  Renewable Energy Generation Difference Support | Renewable Energy Generation Difference Support (2024) | 2024.01.01 ~ 2024.12.31 | 52170 | —  | 51413 | (51413) | —  |  | —  |
|  Operating expenses for regional projects around the power plant | Operating expenses for regional projects around the power plant (2024) | 2024.01.02 ~ 2024.12.31 | 428 | —  | 61 | (61) | —  |  | —  |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**28.** **Deferred Revenue** 

**Changes in deferred revenues for each of the two years in the period ended December 31, 2025 are as follows which are included in current and non-current non-financial liabilities in the consolidated statements of financial position:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2024** |
|  Beginning balance | W | 13652565 | 11548855 |
|  Increase |  | 1308338 | 2924341 |
|  Recognized as revenue |  | (861760) | (820631) |
|  Ending balance | W | 14099143 | 13652565 |

---

**29.** **Non-financial Liabilities** 

**Non-financial liabilities as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Advance received | W | 3742661 | 423445 | 3531207 | 354218 |
|  Unearned revenue |  | 56306 | 18364 | 37062 | 14910 |
|  Deferred revenue |  | 826003 | 13273140 | 776988 | 12875577 |
|  Withholdings |  | 300016 | 1024 | 271425 | 2296 |
|  Others |  | 1880185 | 10186 | 1710459 | 34519 |
|  | W | 6805171 | 13726159 | 6327141 | 13281520 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**30.** **Contributed Capital** 

**(1)** **Details of share capital as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* |
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Shares**<br>**authorized**<br>**(in shares)** | **Shares issued**<br>**(in shares)** | **Par value**<br>**per share**<br>**(in won)** | **Par value**<br>**per share**<br>**(in won)** | **Owned by<br>government (\*)** | **Owned by<br>others** | **Total** |
|  Common shares | 1200000000 | 641964077 | W | 5000 | 1640385 | 1569435 | 3209820 |

---

(\*) Korea Development Bank's interest of W1,056,176 million is included.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* |
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Shares**<br>**authorized**<br>**(in shares)** | **Shares issued**<br>**(in shares)** | **Par value**<br>**per share**<br>**(in won)** | **Par value**<br>**per share**<br>**(in won)** | **Owned by<br>government (\*)** | **Owned by<br>others** | **Total** |
|  Common shares | 1200000000 | 641964077 | W | 5000 | 1640385 | 1569435 | 3209820 |

---

(\*) Korea Development Bank's interest of W1,056,176 million is included.

**(2)** **Details in the number of floating capital stock for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Number of shares* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** | **For the year ended<br>December 31, 2024** |
|  Beginning balance |  | 641964077 |  | 641964077 |
|  Ending balance |  | 641964077 |  | 641964077 |

---

**(3)** **Details of share premium as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  Share premium | W | 843758 |  | 843758 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**31.** **Retained Earnings and Dividends Paid** 

**(1)** **Details of retained earnings as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  Legal reserve (\*) | W | 1604910 |  | 1604910 |
|  Voluntary reserves |  | 567469 |  |  |
|  Retained earnings before appropriations |  | 26328205 |  | 18523337 |
|  Retained earnings | W | 28500584 |  | 20128247 |

---

---

| | |
|:---|:---|
| (\*) | The KEPCO Act (Article 14) requires KEPCO to appropriate a legal reserve equal to at least 20 percent of net income for each accounting period until the reserve equals 50 percent of KEPCO's common stock. The legal reserve is not available for cash dividends; however, this reserve may be credited to paid-in capital or offset against accumulated deficit by the resolution of the shareholders.  |

---

**(2)** **Details of voluntary reserves as of December 31, 2025 and 2024 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** |
|  Reserve for business expansion | W | 567469 |  |
|  | W | 567469 |  |

---

**(3)** **Changes in retained earnings for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Beginning balance | W | 20128247 | 16338262 |
|  Profit for the year attributed to owners of the controlling company |  | 8544918 | 3491698 |
|  Changes in equity method retained earnings |  | (5944) | (6346) |
|  Remeasurements of defined benefit liability, net of tax |  | (29899) | (281761) |
|  Transfer of revaluation reserve |  |  | 586394 |
|  Dividend paid |  | (136738) |  |
|  Ending balance | W | 28500584 | 20128247 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**31.** **Retained Earnings and Dividends Paid, Continued** 

**(4)** **Dividends paid for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Number of**<br>**shares issued**<br>**(in shares)** | **Number of**<br>**treasury stocks**<br>**(in shares)** | **Number of**<br>**shares eligible for**<br>**dividends (in shares)** | **Dividends paid**<br>**per share**<br>**(in won)** | **Dividends paid**<br>**per share**<br>**(in won)** | **Dividends**<br>**paid** |
|  Common shares | 641964077 |  | 641964077 | W | 213 | 136738 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Number of**<br>**shares issued**<br>**(in shares)** | **Number of**<br>**treasury stocks**<br>**(in shares)** | **Number of**<br>**shares eligible for**<br>**dividends (in shares)** | **Dividends paid**<br>**per share**<br>**(in won)** | **Dividends**<br>**paid** |
|  Common shares | 641964077 |  | 641964077 | W |  |

---

**(5)** **Changes in retained earnings of investments in associates and joint ventures for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Beginning balance | W | (17420) | (11074) |
|  Changes |  | (5944) | (6346) |
|  Ending balance | W | (23364) | (17420) |

---

**(6)** **Changes in remeasurement components related to defined benefit liability for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Beginning balance | W | (95694) | 29229 |
|  Changes |  | (47266) | (421327) |
|  Income tax effect |  | 17367 | 139566 |
|  Transfer to reserve for business expansion |  | 133620 | 156838 |
|  Ending balance | W | 8027 | (95694) |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**32.** **Statement of Appropriation of Retained Earnings** 

For the year ended December 31, 2024, KEPCO's retained earnings were appropriated on March 26, 2025. For the year ended December 31, 2025, KEPCO's retained earnings are expected to be appropriated on March 25, 2026. The statements of appropriation of retained earnings of KEPCO, the controlling company, for each of the two years in the period ended December 31, 2025, respectively, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won except for dividends per share* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
| I. Unappropriated retained earnings Unappropriated retained earnings carried over from prior years | W |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net profit |  | 7249900 | 829339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of the defined benefit plan |  | (20426) | (125132) |
|  |  | 7229474 | 704207 |
| II. Transfer from voluntary reserves |  |  |  |
| III. Subtotal (I + II) |  | 7229474 | 704207 |
| IV. Appropriation of retained earnings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (government, individuals)<br>Amount of dividends per share (%): Current year – W1,542 (30.84%)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior year – W213 (4.26%) |  | (989909) | (136738) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary reserves |  | (6239565) | (567469) |
|  |  | (7229474) | (704207) |
| V. Unappropriated retained earnings to be carried over forward to subsequent year |  |  |  |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**33.** **Hybrid Bonds** 

**Hybrid bonds classified as equity (non-controlling interests) as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **Issuer** | **Hybrid bond** | **Issued date** | **Maturity** | **Yield (%)** | **As of<br>December 31, 2025** | **As of<br>December 31, 2024** |
|  Korea South-East Power Co., Ltd. (\*1, 2) | 2nd hybrid bond | 2012.12.07 | 2042.12.06 | 5.10 | W | 230000 |
|  Expense of issuance |  |  |  |  |  | (627) |
|  |  |  |  |  | W | 229373 |

---

---

| | |
|:---|:---|
| (\*1) | Bondholders may not require prepayment in any case, and the Group has a call option to repay all of these bonds on or after 12 years from the date of issuance of the bonds, or on each interest payment date henceforth. In addition, there is a step-up clause from the date of the initial call option exercise. Although these instruments have contractual maturity dates, the contractual agreements allow the Group to indefinitely extend the maturity dates and defer the payment of interest without modification to the other terms of the instruments. When the Group decides not to pay dividends on common shares, they are not required to pay interest on the hybrid bonds. From December 7, 2024, the date when the call option becomes exercisable for the first time, the interest rate has increased from 4.44% to 5.10% due to the application of the step-up provision.  |

---

(\*2) 2nd hybrid bond was redeemed during the year ended December 31, 2025.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**34.** **Other Components of Equity** 

**(1)** **Other components of equity as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  Other capital surplus | W | 1566635 |  | 1600812 |
|  Accumulated other comprehensive income |  | 1340560 |  | 1424014 |
|  Other equity |  | 12708585 |  | 12708585 |
|  | W | 15615780 |  | 15733411 |

---

**(2)** **Changes in other capital surplus for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
| *In millions of won* | **Gains on<br>disposal of**<br>**treasury**<br>**stocks** | **Gains on<br>disposal of**<br>**treasury**<br>**stocks** | **Others** | **Total** | **Gains on**<br>**disposal of**<br>**treasury**<br>**stocks** | **Others** | **Total** |
|  Beginning balance | W | 387524 | 1213288 | 1600812 | 387524 | 1213277 | 1600801 |
|  Additional paid-in capital of subsidiaries |  |  | (855) | (855) |  | (7) | (7) |
|  Equity transaction within the consolidated entity |  |  | (33322) | (33322) |  | 18 | 18 |
|  Ending balance | W | 387524 | 1179111 | 1566635 | 387524 | 1213288 | 1600812 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**34.** **Other Components of Equity, Continued** 

**(3)** **Changes in accumulated other comprehensive income (loss) for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Financial assets at**<br>**fair value through**<br>**other**<br>**comprehensive**<br>**income**<br>**valuation reserve** | **Financial assets at**<br>**fair value through**<br>**other**<br>**comprehensive**<br>**income**<br>**valuation reserve** | **Shares of other<br>comprehensive**<br>**income of**<br>**investments in**<br>**associates and joint<br>ventures** | **Reserve<br>for overseas<br>operations**<br>**translation<br>credit** | **Reserve for**<br>**gain (loss) on<br>valuation of**<br>**derivatives** | **Total** |
|  Beginning balance | W | 80757 | 1597958 | (231946) | (22755) | 1424014 |
|  Changes in the unrealized fair value of financial assets at FVOCI, net of tax |  | 143888 |  |  |  | 143888 |
|  Shares of other comprehensive loss of associates and joint ventures, net of tax |  |  | (257793) |  |  | (257793) |
|  Foreign currency translation of foreign operations, net of tax |  |  |  | (5032) |  | (5032) |
|  Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |  |  |  |  | 35483 | 35483 |
|  Ending balance | W | 224645 | 1340165 | (236978) | 12728 | 1340560 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Financial assets at**<br>**fair value through**<br>**other**<br>**comprehensive**<br>**income**<br>**valuation reserve** | **Financial assets at**<br>**fair value through**<br>**other**<br>**comprehensive**<br>**income**<br>**valuation reserve** | **Shares of other<br>comprehensive**<br>**income of**<br>**investments in**<br>**associates and joint<br>ventures** | **Reserve<br>for overseas<br>operations**<br>**translation<br>credit** | **Reserve for**<br>**gain (loss) on<br>valuation of**<br>**derivatives** | **Total** |
|  Beginning balance | W | (20002) | 943733 | (331570) | (34731) | 557430 |
|  Changes in the unrealized fair value of financial assets at FVOCI, net of tax |  | 100759 |  |  |  | 100759 |
|  Shares of other comprehensive income of associates and joint ventures, net of tax |  |  | 654225 |  |  | 654225 |
|  Foreign currency translation of foreign operations, net of tax |  |  |  | 99624 |  | 99624 |
|  Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |  |  |  |  | 11976 | 11976 |
|  Ending balance | W | 80757 | 1597958 | (231946) | (22755) | 1424014 |

---

**(4)** **Other equity as of December 31, 2025 and 2024 is as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** |
|  Statutory revaluation reserve | W | 12708704 | 12708704 |
|  Changes in other equity |  | (119) | (119) |
|  | W | 12708585 | 12708585 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**35.** **Sales** 

**Details of sales for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Domestic** | **Domestic** | **Overseas** | **Total** | **Domestic** | **Overseas** | **Total** |
|  **[Type of goods and services]** | **[Type of goods and services]** | **[Type of goods and services]** | **[Type of goods and services]** |  |  |  |  |
|  Sales of goods | W | 94771926 | 395871 | 95167797 | 90659090 | 359622 | 91018712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricity |  | 93004580 |  | 93004580 | 88889764 |  | 88889764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heat supply |  | 342123 |  | 342123 | 363154 |  | 363154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 1425223 | 395871 | 1821094 | 1406172 | 359622 | 1765794 |
|  Sales related to rendering of services |  | 475616 | 250480 | 726096 | 482251 | 228194 | 710445 |
|  Sales related to construction services |  | 185467 | 488226 | 673693 | 145496 | 703612 | 849108 |
|  Revenue related to transfer of assets from customers |  | 861760 |  | 861760 | 820631 |  | 820631 |
|  | W | 96294769 | 1134577 | 97429346 | 92107468 | 1291428 | 93398896 |
|  **[Timing of revenue recognition]** |  |  |  |  |  |  |  |
|  Performance obligations satisfied at a point in time | W | 94771926 | 395871 | 95167797 | 90659090 | 359622 | 91018712 |
|  Performance obligations satisfied over time |  | 1522843 | 738706 | 2261549 | 1448378 | 931806 | 2380184 |
|  | W | 96294769 | 1134577 | 97429346 | 92107468 | 1291428 | 93398896 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**36.** **Selling and Administrative Expenses** 

**(1)** **Selling and administrative expenses for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Salaries | W | 1220937 | 1180379 |
|  Retirement benefit expense |  | 122567 | 104036 |
|  Welfare and benefit expense |  | 196532 | 151840 |
|  Insurance expense |  | 34783 | 30460 |
|  Depreciation |  | 238291 | 231114 |
|  Amortization of intangible assets |  | 82897 | 88920 |
|  Bad debt expense |  | 82402 | 35232 |
|  Commission |  | 455435 | 429977 |
|  Advertising expense |  | 38523 | 32205 |
|  Training expense |  | 9388 | 8911 |
|  Vehicle maintenance expense |  | 9548 | 9218 |
|  Publishing expense |  | 3087 | 2857 |
|  Business development expense |  | 2938 | 2687 |
|  Rent expense |  | 63562 | 48474 |
|  Telecommunication expense |  | 9673 | 9406 |
|  Transportation expense |  | 1142 | 1108 |
|  Taxes and dues |  | 100765 | 98714 |
|  Expendable supplies expense |  | 9809 | 6976 |
|  Water, light and heating expense |  | 14784 | 15009 |
|  Repairs and maintenance expense |  | 173738 | 197942 |
|  Ordinary development expense |  | 186947 | 217975 |
|  Travel expense |  | 21491 | 18726 |
|  Clothing expense |  | 10777 | 11216 |
|  Survey and analysis expense |  | 738 | 871 |
|  Membership fee |  | 2168 | 1709 |
|  Others |  | 141055 | 134064 |
|  | W | 3233977 | 3070026 |

---

**(2)** **Other selling and administrative expenses for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Accommodation development expenses | W | 38751 | 48902 |
|  Miscellaneous wages |  | 35503 | 33020 |
|  Litigation and filing expenses |  | 20047 | 22578 |
|  Compensation for damages |  | 8544 | 7653 |
|  Outsourcing expenses |  | 1779 | 1368 |
|  Reward expenses |  | 2951 | 2764 |
|  Overseas market development expenses |  | 1780 | 1378 |
|  Others |  | 31700 | 16401 |
|  | W | 141055 | 134064 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**37.** **Other Income and Expenses** 

**(1)** **Other income for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Reversal of other provisions | W | 8847 | 35317 |
|  Reversal of other allowance for bad debt |  | 4101 | 17699 |
|  Gains on government grants |  | 224 | 4789 |
|  Gains on assets contributed |  | 4505 | 29968 |
|  Gains on liabilities exempted |  | 914 | 504 |
|  Compensation and reparations revenue |  | 99976 | 84682 |
|  Revenue from foundation fund |  | 245 | 58 |
|  Rental income |  | 209400 | 204277 |
|  Others |  | 97091 | 100060 |
|  | W | 425303 | 477354 |

---

**(2)** **Details of "others" of other income for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Refund of claim for rectification | W | 10585 | 1512 |
|  Maintenance expenses on lease building |  | 801 | 109 |
|  Training expenses |  | 3218 | 2486 |
|  Deposit redemption |  | 223 | 252 |
|  Reversal of expenses on litigation |  | 6817 | 45751 |
|  Gains on guarantee contracts |  | 85 | 85 |
|  Others |  | 75362 | 49865 |
|  | W | 97091 | 100060 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**37.** **Other Income and Expenses, Continued** 

**(3)** **Other expenses for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Compensation and indemnification expense | W | 2174 | 234 |
|  Accretion expenses of other provisions |  | 6441 | 5841 |
|  Depreciation expenses on investment properties |  | 1082 | 682 |
|  Depreciation expenses on idle assets |  | 3614 | 3642 |
|  Other bad debt expense |  | 4700 | 42776 |
|  Donations |  | 145798 | 324694 |
|  Others |  | 79578 | 87819 |
|  | W | 243387 | 465688 |

---

**(4)** **Details of "others" of other expense for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Operating expenses related to the idle assets | W | 761 | 1741 |
|  Research grants |  | 254 | 662 |
|  Supporting expenses on farming and fishing village |  | 12833 | 15344 |
|  Operating expenses on fitness center |  | 5277 | 10116 |
|  Expenses on adjustment of research and development grants |  | 655 | 392 |
|  Taxes and dues |  | 10506 | 18065 |
|  Expenses on R&D supporting |  | 205 | 41 |
|  Others |  | 49087 | 41458 |
|  | W | 79578 | 87819 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**38.** **Other Gains (Losses)** 

**(1)** **Composition of other gains (losses) for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Other gains |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on disposal of property, plant and equipment | W | 285525 | 85990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on disposal of intangible assets |  | 18 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of impairment loss on intangible assets |  | 42 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on foreign currency translation |  | 22283 | 77269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on foreign currency transactions |  | 110496 | 74520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on insurance proceeds |  | 1840 | 3411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 434280 | 273745 |
|  Other losses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on disposal of property, plant and equipment |  | (112692) | (112018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on disposal of intangible assets |  | (13) | (111) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment of property, plant and equipment |  | (14262) | (11240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment of intangible assets |  | (8439) | (902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on foreign currency translation |  | (37045) | (29225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on foreign currency transactions |  | (128384) | (148381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | (214676) | (128215) |
|  | W | 338973 | 84884 |

---

**(2)** **Details of "others" of other gains for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Gains on disposal of inventories | W | 41403 | 18789 |
|  Gains on proxy collection of TV license fee |  | 22359 | 33191 |
|  Gains on compensation of impaired electric poles |  | 289 | 688 |
|  Gains on harbor facilities dues |  | 3806 | 3710 |
|  Gains on technical fees |  | 2166 | 1836 |
|  Reversal of occupation development training fees |  | 935 | 1466 |
|  Gains on disposal of waste |  | 4728 | 2950 |
|  Gain on insurance settlement: |  | 736 |  |
|  Gains on tax rebate |  | 1642 | 206 |
|  Gains on other commission |  | 2623 | 1945 |
|  Others |  | 353593 | 208964 |
|  | W | 434280 | 273745 |

---

**(3)** **Details of "others" of other losses for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Losses on valuation of inventories | W | 4944 | 9941 |
|  Losses on disposal of inventories |  | 15804 | 15494 |
|  Losses due to disaster |  | 17651 | 5761 |
|  Losses on rounding adjustment of electric charge surtax |  | 1383 | 1351 |
|  Others |  | 174894 | 95668 |
|  | W | 214676 | 128215 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**39.** **Finance Income** 

**(1)** **Finance income for each of the two years in the period ended December 31, 2025 is as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended**<br>**December 31, 2024** |
|  Interest income | W | 440386 | 467525 |
|  Dividend income |  | 26137 | 70601 |
|  Gains on disposal of financial assets |  | 58115 | 45493 |
|  Gains on valuation of financial assets at fair value through profit or loss |  | 133082 | 83408 |
|  Gains on valuation of derivatives |  | 314700 | 2231533 |
|  Gains on transaction of derivatives |  | 258795 | 362119 |
|  Gains on foreign currency translation |  | 500074 | 142723 |
|  Gains on foreign currency transactions |  | 303706 | 35893 |
|  Others |  | 3148 | 8882 |
|  | W | 2038143 | 3448177 |

---

**(2)** **Interest income included in finance income for each of the two years in the period ended December 31, 2025 is as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended**<br>**December 31, 2024** |
|  Cash and cash equivalents | W | 95671 | 102505 |
|  Financial assets at fair value through profit or loss |  | 40506 | 54385 |
|  Financial assets at amortized cost |  | 3561 | 2859 |
|  Loans |  | 39279 | 45511 |
|  Short-term financial instrument |  | 56022 | 31766 |
|  Long-term financial instrument |  | 24270 | 20562 |
|  Other financial assets |  | 370 | 262 |
|  Trade and other receivables |  | 180707 | 209675 |
|  | W | 440386 | 467525 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**40.** **Finance Expenses** 

**(1)** **Finance expenses for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended**<br>**December 31, 2024** |
|  Interest expense | W | 4339560 | 4665095 |
|  Losses on disposal of financial assets |  | 3525 | 434 |
|  Losses on valuation of financial assets at fair value through profit or loss |  | 24983 | 14247 |
|  Losses on valuation of derivatives |  | 232628 | 127822 |
|  Losses on transaction of derivatives |  | 288182 | 59462 |
|  Losses on foreign currency translation |  | 78206 | 2557597 |
|  Losses on foreign currency transactions |  | 50325 | 90485 |
|  Others |  | 21342 | 20086 |
|  | W | 5038751 | 7535228 |

---

**(2)** **Interest expense included in finance expenses for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended**<br>**December 31, 2024** |
|  Trade and other payables | W | 162569 | 191918 |
|  Short-term borrowings |  | 329111 | 395773 |
|  Long-term borrowings |  | 451529 | 465352 |
|  Debt securities |  | 3541732 | 3857917 |
|  Other financial liabilities |  | 704342 | 668115 |
|  |  | 5189283 | 5579075 |
|  Less: Capitalized borrowing costs |  | (849723) | (913980) |
|  | W | 4339560 | 4665095 |

---

Capitalization rates for each of the two years in the period ended December 31, 2025 are 2.04%~4.00% and 2.39%~4.94%, respectively

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**41.** **Income Taxes** 

**(1)** **Income tax expenses (benefits) for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  **Current income tax expense** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of income tax | W | 2012555 | 1301275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustment in respect of prior years due to change in estimate |  | (82133) | (44892) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current income tax directly recognized in equity |  | (53243) | (128337) |
|  |  | 1877179 | 1128046 |
|  **Deferred tax expense (benefit)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Generation and realization of temporary differences |  | 4455 | (1561484) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes of unrecognized tax losses, tax credit and temporary differences for prior periods |  | 48957 | (7740) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in deferred tax on tax losses carryforwards |  | 1053591 | 2012537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax credit carryforwards |  | 18359 | 72371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount due to change in tax rate or regulations |  | (82267) | (9169) |
|  |  | 1043095 | 506515 |
|  Income tax expense (benefit) | W | 2920274 | 1634561 |

---

**(2)** **Reconciliations between actual income tax expense (benefit) and amount computed by applying the statutory tax rate to income (loss) before income taxes for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | |
|:---|:---|:---|
| *In millions of won* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Profit before income tax | W |  |
|  Income tax expense at applicable tax rate (2025: 26.92%, 2024: 25.93%) |  |  |
|  Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of applying gradual tax rate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of non-taxable income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of non-deductible expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of tax losses that are not recognized as deferred tax asset |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effects of tax credits and deduction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of unrecognized deferred tax asset, net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of change in deferred tax due to change in tax rate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deduction of deferred tax assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax related to investments in subsidiaries and associates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others, net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustment in respect of prior years due to change in estimate |  |  |
|  Income tax expense | W |  |

---

---

| | |
|:---|:---|
| (\*) | The average effective tax rate for each of the two years in the period ended December 31, 2025 is 25.20% and 31.10%, respectively  |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**41.** **Income Taxes, Continued** 

**(3)** **Income tax recognized as other comprehensive income (loss) for each of the two years in the period ended December 31, 2025 is as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Income tax recognized as other comprehensive income (loss) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuation of financial assets at fair value through other comprehensive income | W | (68449) | (61807) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |  | (28316) | (8435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of defined benefit obligations |  | 17367 | 139566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in associates |  | 15865 | (134639) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 10290 | (63022) |
|  | W | (53243) | (128337) |

---

**(4)** **Changes in deferred tax assets (liabilities) recognized in the statements of financial position for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Beginning**<br>**balance** | **Beginning**<br>**balance** | **Amounts<br>recognized<br>in profit or<br>loss** | **Amount<br>recognized in<br>other<br>comprehensive<br>income (loss)** | **Amounts**<br>**recognized**<br>**directly**<br>**in equity** | **Ending**<br>**balance** |
|  **Deferred tax on temporary differences** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term employee benefits | W | 863353 | (364037) | 17367 |  | 516683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash flow hedge |  | (156115) | 54250 | (28316) |  | (130181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in subsidiaries, associates and joint ventures |  | (7850272) | (556478) | 15865 |  | (8390885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment |  | (7469734) | (827785) |  |  | (8297519) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance lease |  | (225013) | (38008) |  |  | (263021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets |  | (26573) | (3) |  |  | (26576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss |  | (730) | 880 |  |  | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through other comprehensive income |  | (16339) | (8489) | (68449) |  | (93277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue |  | 1862318 | 797179 |  |  | 2659497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions |  | 7603648 | 975554 |  |  | 8579202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doubtful receivables |  | 2264 | 107 |  |  | 2371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other finance liabilities |  | 17431 | (17662) |  |  | (231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains or losses on foreign exchange translation |  | 215275 | (51782) |  |  | 163493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for doubtful accounts |  | 67821 | 2500 |  |  | 70321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | (14532) | (1517) |  |  | (16049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special deduction for property, plant and equipment |  | (211318) | (8149) |  |  | (219467) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 1320120 | 130394 | 10290 |  | 1460804 |
|  |  | (4018396) | 86954 | (53243) |  | (3984685) |
|  **Deferred tax on unused tax losses and tax credit** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unused tax losses |  | 11300587 | (1012460) |  |  | 10288127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excess of donation limit |  | 42210 | (42210) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax credit |  | 167751 | (22136) |  |  | 145615 |
|  |  | 11510548 | (1076806) |  |  | 10433742 |
|  | W | 7492152 | (989852) | (53243) |  | 6449057 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**41.** **Income Taxes, Continued** 

**(4)** **Changes in deferred tax assets (liabilities) recognized in the statements of financial position for each of the two years in the period ended December 31, 2025 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Beginning**<br>**balance** | **Beginning**<br>**balance** | **Amounts<br>recognized<br>in profit or<br>loss** | **Amount<br>recognized in<br>other<br>comprehensive<br>income (loss)** | **Amounts**<br>**recognized**<br>**directly**<br>**in equity** | **Ending**<br>**balance** |
|  **Deferred tax on temporary differences** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term employee benefits | W | 339284 | 384503 | 139566 |  | 863353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash flow hedge |  | (20855) | (126825) | (8435) |  | (156115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in subsidiaries, associates and joint ventures |  | (7117637) | (597996) | (134639) |  | (7850272) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment |  | (7007277) | (462457) |  |  | (7469734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance lease |  | (225696) | 683 |  |  | (225013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets |  | (23405) | (3168) |  |  | (26573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss |  | (1742) | 1012 |  |  | (730) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through other comprehensive income |  | 27358 | 18110 | (61807) |  | (16339) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue |  | 156400 | 1705918 |  |  | 1862318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions |  | 7041660 | 561988 |  |  | 7603648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doubtful receivables |  | 2400 | (136) |  |  | 2264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other finance liabilities |  | 17992 | (561) |  |  | 17431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains or losses on foreign exchange translation |  | 128010 | 87265 |  |  | 215275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for doubtful accounts |  | 55743 | 12078 |  |  | 67821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 33935 | (48467) |  |  | (14532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special deduction for property, plant and equipment |  | (211860) | 542 |  |  | (211318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 1216228 | 166914 | (63022) |  | 1320120 |
|  |  | (5589462) | 1699403 | (128337) |  | (4018396) |
|  **Deferred tax on unused tax losses and tax credit** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unused tax losses |  | 13338743 | (2038156) |  |  | 11300587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excess of donation limit |  | 46322 | (4112) |  |  | 42210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax credit |  | 203064 | (35313) |  |  | 167751 |
|  |  | 13588129 | (2077581) |  |  | 11510548 |
|  | W | 7998667 | (378178) | (128337) |  | 7492152 |

---

**(5)** **Deferred tax assets (liabilities) recognized in the statements of financial position as of December 31, 2025 and 2024 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** |
|  Deferred tax assets | W | 12950032 | 13436624 |
|  Deferred tax liabilities |  | (6500975) | (5944472) |
|  | W | 6449057 | 7492152 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**41.** **Income Taxes, Continued** 

**(6)** **Details of deductible temporary differences, tax losses and unused tax credits for which no deferred tax assets were recognized as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  Deductible temporary differences and others | W | 1373128 |  | 1287886 |
|  Tax loss carryforwards and unused tax credits (\*) |  | 29360 |  | 128764 |
|  | W | 1402488 |  | 1416650 |

---

(\*) The expiration dates of unused tax credits for which no deferred tax assets have been recognized are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  Less than 1 year | W |  |  |  |
|  1 ~ 2 years |  |  |  |  |
|  2 ~ 3 years |  | 11500 |  |  |
|  Over 3 years |  | 17860 |  | 128764 |
|  | W | 29360 |  | 128764 |

---

**(7)** **Pillar Two Model Rules** 

The Group has assessed the potential exposure arising from the Pillar Two legislation based on the financial information for 2025. Based on the assessment carried out so far, the Group has identified its potential exposure to Pillar Two income taxes on profits earned from its constituent entities operating in Nepal, Pakistan, Vietnam, and other jurisdictions where the expected Pillar Two effective tax rate is likely to be lower than 15%. As a result, the Group expects that KEPCO and its constituent entities operating therein will pay additional Pillar Two income taxes on the profit from such constituent entities.

The current income tax expense recognized for the year ended December 31, 2025 in relation with the additional Pillar Two income taxes amounts to approximately W6,715 million. The Group has applied the mandatory exception to recognition and disclosure of deferred taxes arising from Pillar Two income taxes.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**42.** **Assets Held-for-Sale** 

**(1)** **Assets held-for-sale as of December 31, 2025 and 2024 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  Land (\*) | W |  | 31766 |
|  Buildings (\*) |  |  | 13881 |
|  Structures |  |  | 1 |
|  | W |  | 45648 |

---

---

| | |
|:---|:---|
| (\*) | The board of directors of Korea Electric Power Corporation, the controlling company, made a resolution to sell the Uijeongbu substation, and reclassified the buildings and land as assets held-for-sale expecting its carrying amount would be recovered through a sale transaction during the year ended December 31, 2022. KEPCO completed the sale during the year ended December 31, 2025.  |

---

(2) Although the Group entered into a contract to sell the site of the Majang Materials Center during the year
ended December 31, 2025, the asset was not classified as assets held-for-sale as of December 31, 2025, as it was not considered highly probable that the sale would be completed within one year **.** 

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**43.** **Expenses Classified by Nature** 

**Expenses classified by nature for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Selling and<br>administrative expenses** | **Selling and<br>administrative expenses** | **Cost of sales** | **Total** |
|  Raw materials used | W |  | 18642916 | 18642916 |
|  Power purchase |  |  | 34052707 | 34052707 |
|  Salaries |  | 1220937 | 4947070 | 6168007 |
|  Retirement benefit expense |  | 122567 | 480025 | 602592 |
|  Welfare and benefit expense |  | 196532 | 622677 | 819209 |
|  Insurance expense |  | 34783 | 135051 | 169834 |
|  Depreciation |  | 238291 | 13387194 | 13625485 |
|  Amortization of intangible assets |  | 82897 | 75713 | 158610 |
|  Bad debt expense |  | 82402 |  | 82402 |
|  Commission |  | 455435 | 378471 | 833906 |
|  Advertising expense |  | 38523 | 14137 | 52660 |
|  Training expense |  | 9388 | 19723 | 29111 |
|  Vehicle maintenance expense |  | 9548 | 9311 | 18859 |
|  Publishing expense |  | 3087 | 2964 | 6051 |
|  Business promotion expense |  | 2938 | 2791 | 5729 |
|  Rent expense |  | 63562 | 234486 | 298048 |
|  Telecommunication expense |  | 9673 | 10206 | 19879 |
|  Transportation expense |  | 1142 | 76466 | 77608 |
|  Taxes and dues |  | 100765 | 622768 | 723533 |
|  Expendable supplies expense |  | 9809 | 57049 | 66858 |
|  Water, light and heating expense |  | 14784 | 39807 | 54591 |
|  Repairs and maintenance expense |  | 173738 | 3167758 | 3341496 |
|  Ordinary development expense |  | 186947 | 607970 | 794917 |
|  Travel expense |  | 21491 | 72845 | 94336 |
|  Clothing expense |  | 10777 | 10083 | 20860 |
|  Survey and analysis expense |  | 738 | 4577 | 5315 |
|  Membership fee |  | 2168 | 16422 | 18590 |
|  Others |  | 141055 | 3013625 | 3154680 |
|  | W | 3233977 | 80704812 | 83938789 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**43.** **Expenses Classified by Nature, Continued** 

**Expenses classified by nature for each of the two years in the period ended December 31, 2025 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Selling and<br>administrative expenses** | **Selling and<br>administrative expenses** | **Cost of sales** | **Total** |
|  Raw materials used | W |  | 21070280 | 21070280 |
|  Power purchase |  |  | 34659893 | 34659893 |
|  Salaries |  | 1180379 | 4887006 | 6067385 |
|  Retirement benefit expense |  | 104036 | 428163 | 532199 |
|  Welfare and benefit expense |  | 151840 | 546124 | 697964 |
|  Insurance expense |  | 30460 | 130904 | 161364 |
|  Depreciation |  | 231114 | 13598350 | 13829464 |
|  Amortization of intangible assets |  | 88920 | 74647 | 163567 |
|  Bad debt expense |  | 35232 | 0 | 35232 |
|  Commission |  | 429977 | 426976 | 856953 |
|  Advertising expense |  | 32205 | 11359 | 43564 |
|  Training expense |  | 8911 | 17156 | 26067 |
|  Vehicle maintenance expense |  | 9218 | 9416 | 18634 |
|  Publishing expense |  | 2857 | 2750 | 5607 |
|  Business promotion expense |  | 2687 | 2627 | 5314 |
|  Rent expense |  | 48474 | 182358 | 230832 |
|  Telecommunication expense |  | 9406 | 9920 | 19326 |
|  Transportation expense |  | 1108 | 52532 | 53640 |
|  Taxes and dues |  | 98714 | 624475 | 723189 |
|  Expendable supplies expense |  | 6976 | 50451 | 57427 |
|  Water, light and heating expense |  | 15009 | 42180 | 57189 |
|  Repairs and maintenance expense |  | 197942 | 2750014 | 2947956 |
|  Ordinary development expense |  | 217975 | 555956 | 773931 |
|  Travel expense |  | 18726 | 74843 | 93569 |
|  Clothing expense |  | 11216 | 9299 | 20515 |
|  Survey and analysis expense |  | 871 | 4382 | 5253 |
|  Membership fee |  | 1709 | 15995 | 17704 |
|  Others |  | 134064 | 1726104 | 1860168 |
|  | W | 3070026 | 81964160 | 85034186 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**44.** **Earnings Per Share** 

**(1)** **Basic earnings per share for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In won* | | | | |
| **Type** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** | **For the year ended<br>December 31, 2024** |
|  Basic earnings per share | W | 13311 |  | 5439 |

---

**(2)** **Profits for the periods and the weighted average number of common shares used in the calculation of basic earnings per share for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won except number of shares* |  |  |  |
| **Type** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Profit attributable to controlling interest | W | 8544918 | 3491698 |
|  Profit used in the calculation of total basic earnings per share |  | 8544918 | 3491698 |
|  Weighted average number of common shares |  | 641964077 | 641964077 |

---

**(3)** **The weighted average number of common shares used in the calculation of basic earnings per share for each of the two years in the period ended December 31, 2025 is as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In number of shares* | | | | |
| **Type** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** | **For the year ended<br>December 31, 2024** |
|  The number of common shares issued at beginning of the year |  | 641964077 |  | 641964077 |
|  Weighted average number of common shares |  | 641964077 |  | 641964077 |

---

**(4)** **There are no potential dilutive instruments, thus diluted earnings per share are same as basic earnings per share for each of the two years in the period ended December 31, 2025.** 

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**45.** **Risk Management** 

The Group manages various risks that may arise from each business segment, primarily focusing on credit risk, market risk, interest rate risk, and liquidity risk. These risks are identified, measured, managed, and reported in accordance with the Group's established basic policy for risk management.

**(1)** **Capital risk management** 

The Group manages its capital to ensure the ability to continue as a going concern while minimizing the cost of capital and maximizing returns to shareholders. The management of the Group periodically reviews the capital structure and maintains an optimal capital mix through short and long-term borrowings and equity issuances. The capital structure consists of net debt (calculated as borrowings less cash and cash equivalents) and equity. The Group's overall capital risk management policy remains consistent with the prior year.

Details of the Group's capital management accounts as of December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** |
|  Total borrowings and debt securities | W | 129769292 | 132533400 |
|  Cash and cash equivalents |  | 2240811 | 2382979 |
|  Net borrowings and debt securities |  | 127528481 | 130150421 |
|  Total equity |  | 49322944 | 41362833 |
|  Debt to equity ratio |  | 258.56% | 314.66% |

---

**(2)** **Financial risk management** 

The Group is exposed to various risks related to its financial instruments, such as market risk (currency risk, interest rate risk, price risk), and credit risk. The Group monitors and manages the financial risks relating to the operations of the Group through internal risk reports which analyze exposures by degree and magnitude of risks. The Group uses derivative financial instruments to hedge certain risk exposures. The Group's overall financial risk management strategy remains consistent with the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises primarily from the sales activities, securities and derivatives. In addition, credit risk exposure may exist within financial guarantees and unused line of credits. As these financial institutions the Group makes transactions with are reputable financial institutions, the credit risk from them is considered limited. The Group decides credit transaction limits based on evaluation of client's credit, through information obtained from the credit bureau and disclosed financial position at committing contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Credit risk management

Electricity sales, the main operations of the Group are the necessity for daily life and industrial activities of Korean nationals and have importance as one of the national key industries. The Group dominates the domestic market supplying electricity to customers. The Group is not exposed to significant credit risk as customers of the Group are diverse and are from various industries and areas. The Group uses publicly available information and its own internal data related to trade receivables, to rate its major customers and to measure the credit risk that a counter party will default on a contractual obligation. For the incurred but not recognized loss, it is measured considering overdue period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Impairment and allowance account

In accordance with the Group policies, individual material financial assets are assessed on a regular basis. Trade receivables that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Value of the acquired collateral (including the confirmation of feasibility) and estimated collectible amounts are included in this assessment.

Allowance for bad debts assessed on a collective basis is recognized for (i) the group of assets which individually are not material and (ii) incurred but not recognized losses that are assessed using statistical methods, judgment and past experience.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**45.** **Risk Management, Continued** 

**(2)** **Financial risk management, continued** 

Book values of the financial assets represent the maximum exposed amounts of the credit risk. Details of the Group's level of maximum exposure to credit risk as of December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** |
|  Cash and cash equivalents | W | 2240811 | 2382979 |
|  Financial assets at fair value through profit or loss (\*1) |  | 1800539 | 2013948 |
|  Derivative assets (trading) |  | 1548015 | 1846527 |
|  Financial assets at fair value through other comprehensive income (debt securities) |  | 4794 | 5045 |
|  Financial assets at amortized cost |  | 31117 | 30233 |
|  Loans |  | 986528 | 908148 |
|  Long-term/short-term financial instruments |  | 2882131 | 1960140 |
|  Derivative assets (applying hedge accounting) |  | 487535 | 844637 |
|  Trade and other receivables |  | 15742665 | 15373625 |
|  Financial guarantee contracts (\*2) |  | 4091813 | 5151554 |

---

(\*1) Equity investments held by the Group are excluded.

---

| | |
|:---|:---|
| (\*2) | Maximum exposure associated with the financial guarantee contracts is the maximum amounts of the obligation.  |

---

For the year ended December 31, 2025, there are no financial assets and non-financial assets that were acquired through the exercise of the right of collateralized assets and reinforcement of credit arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Market risk

Market risk is the risk that the Group's fair values of the financial instruments or future cash flows are affected by the changes in the market. Market risk consists of interest rate risk, currency risk and other price risk.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**45.** **Risk Management, Continued** 

**(2)** **Financial risk management, continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Sensitivity analysis

Significant assets and liabilities with uncertainties in underlying assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Defined benefit obligation

A sensitivity analysis of defined benefit obligation assuming a 1%p increase and decrease in the actuarial valuation assumptions as of December 31, 2025 and 2024 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Type** | **Accounts** | **1%p Increase** | **1%p Increase** | **1%p Decrease** | **1%p Increase** | **1%p Decrease** |
| &nbsp;&nbsp; Future salary<br> increases | Increase (decrease) in<br> defined benefit obligation | W | 460237 | (412611) | 473627 | (413799) |
|  Discount rate | Increase (decrease) in defined benefit obligation |  | (427236) | 491119 | (429517) | 506031 |

---

Changes in retirement benefit costs assuming a 1%p increase and decrease in discount rate on plan asset for each of the two years in the period ended December 31, 2025 are W32,726 million and W36,602 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Provisions

The underlying assumptions to estimate provisions as of December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Accounts** | **Type** | **As of December 31, 2025** | **As of December 31, 2024** |
|  PCBs | Inflation rate | 3.29% | 2.80% |
|  | Discount rate | 3.24% | 2.90% |
|  Nuclear plants | Inflation rate | 2.04% | 2.02% |
|  | Discount rate | 2.89% | 2.78% |
|  Spent fuel | Inflation rate | 2.04% | 1.91% |
|  | Discount rate | 2.47% | 2.49% |
|  Radioactive waste | Inflation rate | 2.45% | 3.32% |
|  | Discount rate | 4.03% | 4.17% |

---

A sensitivity analysis of provisions assuming a 0.1%p increase and decrease in the underlying assumptions as of December 31, 2025 and 2024 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Type** | **Accounts** | **0.1%p**<br>**Increase** | **0.1%p**<br>**Increase** | **0.1%p**<br>**Decrease** | **0.1%p**<br>**Increase** | **0.1%p**<br>**Decrease** |
|  Discount rate | PCBs | W | (17) | 17 | (58) | 58 |
|  | Nuclear plants |  | (478760) | 495645 | (464727) | 481899 |
|  | Spent fuel |  | (147517) | 157989 | (129983) | 130679 |
|  | Radioactive waste |  | (13625) | 14951 | (11363) | 11478 |
|  Inflation rate | PCBs |  | 17 | (17) | 58 | (58) |
|  | Nuclear plants |  | 523954 | (506787) | 507814 | (490386) |
|  | Spent fuel |  | 158525 | (148263) | 133847 | (128527) |
|  | Radioactive waste |  | 14868 | (13625) | 11167 | (11075) |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**45.** **Risk Management, Continued** 

**(2)** **Financial risk management, continued** 

Management judgment effected by uncertainties in underlying assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Foreign currency risk

The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The carrying amounts of the Group's foreign currency denominated monetary assets and monetary liabilities as of December 31, 2025 and 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In thousands of foreign<br>currencies* | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Type** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2025** | **As of December 31, 2024** |
|  AED | 51617 | 33465 | 4927 | 8795 |
|  AUD | 49 | 26 |  | 64 |
|  BDT | 2251 | 2252 |  |  |
|  BWP | 726 | 768 |  |  |
|  EGP | 759561 | 203044 |  |  |
|  CAD | 579 | 2 |  | 61 |
|  CHF |  |  | 99946 | 100686 |
|  DOP | 6378 | 7772 |  |  |
|  EUR | 89734 | 20433 | 44482 | 47829 |
|  GBP | 90 | 139 |  | 4 |
|  HKD |  |  | 6286899 | 5093862 |
|  IDR | 37788922 | 37830902 | 49014235 | 4027099 |
|  INR | 1175785 | 1037437 | 161578 | 225042 |
|  JOD | 646 | 902 | 433 | 49128 |
|  JPY | 60443 | 23798 | 746066 | 7483199 |
|  KZT | 1485 | 1510 |  |  |
|  MGA | 7038637 | 5452745 | 577908 | 248175 |
|  MMK | 188021 | 188021 |  |  |
|  MYR | 2805 | 2805 |  |  |
|  PHP | 71400 | 19401 |  |  |
|  PKR | 64839210 | 68734242 | 10418 | 10418 |
|  RON | 748 |  |  |  |
|  SAR | 1069 | 1087 |  |  |
|  SEK |  |  | 449349 | 449302 |
|  SGD | 1783 | 291 |  | 110 |
|  USD | 1356230 | 1651765 | 13851077 | 15364685 |
|  UYU | 93414 | 99189 | 1285 | 1141 |
|  VND | 772198 | 733338 |  | 587003 |
|  ZAR | 84167 | 79897 |  |  |

---

A sensitivity analysis on the Group's income for the period assuming a 10% increase and decrease in currency exchange rates as of December 31, 2025 and 2024 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Type** | **10% Increase** | **10% Increase** | **10% Decrease** | **10% Increase** | **10% Decrease** |
|  Increase (decrease) of profit before income tax | W | (1885349) | 1885349 | (2114808) | 2114808 |
|  Increase (decrease) of shareholder's equity (\*) |  | (1885349) | 1885349 | (2114808) | 2114808 |

---

(\*) The effect on the shareholder's equity excludes the impact of income taxes.

The sensitivity analysis above is conducted for monetary assets and liabilities denominated in foreign currencies other than functional currency, without consideration of hedge effect of related derivatives, as of December 31, 2025 and 2024.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**45.** **Risk Management, Continued** 

**(2)** **Financial risk management, continued** 

To manage its foreign currency risk related to foreign currency denominated receivables and payables, the Group has a policy to enter into currency swap agreements. In addition, to manage its foreign currency risk related to foreign currency denominated expected sales transactions and purchase transactions, the Group enters into currency forward agreements.

There is an economic relationship between the hedged item and the hedging instrument as the terms of cross-currency swap agreement are consistent with the terms of expected transaction (repayment of foreign debt securities and others). The hedging ratio is 1:1 as the risk of cross-currency swap agreement matches the hedged item. As of December 31, 2025, the hedging instrument (cross-currency swap) hedges the risk of the hedged item (repayment of foreign debt securities and others).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Interest rate risk

The Group is exposed to interest rate risk due to its borrowing with floating interest rates. A 1%p increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management's assessment of the reasonably possible change in interest rates.

The Group's borrowings and debt securities with floating interest rates as of December 31, 2025 and 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | | | | |
| **Type** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  Short-term borrowings | W | 2747687 |  | 4069444 |
|  Long-term borrowings |  | 10787203 |  | 10112707 |
|  Debt securities |  | 1619967 |  | 41578 |
|  | W | 15154857 |  | 14223729 |

---

A sensitivity analysis on the Group's borrowings and debt securities assuming a 1%p increase and decrease in interest rates for each of the two years in the period ended December 31, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2024** | **For the year ended**<br>**December 31, 2024** |
| **Type** | **1%p Increase** | **1%p Increase** | **1%p Decrease** | **1%p Increase** | **1%p Decrease** |
|  Increase (decrease) of profit before income tax | W | (151549) | 151549 | (142237) | 142237 |
|  Increase (decrease) of shareholder's equity (\*) |  | (151549) | 151549 | (142237) | 142237 |

---

(\*) The effect on the shareholder's equity excludes the impact of income taxes.

The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. To manage this, the Group enters into interest rate swaps, in which it agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. The above analysis measures the interest rate risk before reflecting the hedge effect by related derivatives.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**45.** **Risk Management, Continued** 

**(2)** **Financial risk management, continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Electricity rates risk

The Group is exposed to electricity rates risk due to changes in government regulations and policies on national power supply schemes and electricity billing rates, in consideration of the national economy.

A sensitivity analysis on the Group's income for the period assuming a 1% increase and decrease in price of electricity for each of the two years in the period ended December 31, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
| **Type** | **1% Increase** | **1% Increase** | **1% Decrease** | **1% Increase** | **1% Decrease** |
|  Increase (decrease) of profit before income tax | W | 930046 | (930046) | 888898 | (888898) |
|  Increase (decrease) of shareholder's equity (\*) |  | 930046 | (930046) | 888898 | (888898) |

---

(\*) The effect on the shareholder's equity excludes the impact of income taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Liquidity risk

The Group has established an appropriate liquidity risk management framework for the management of the Group's short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by continuously monitoring forecasted and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

In addition, the Group has established credit lines on its trade financing and bank overdrafts, and through payment guarantees it has received, it maintains an adequate credit (borrowing) line. In addition, for large-scale capital investments, the Group minimizes liquidity risk by aligning the funding maturity through the use of internally generated funds or long-term borrowings.

The expected maturities of non-derivative financial liabilities as of December 31, 2025 and 2024 in detail are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Type** | **Less than**<br>**1 year** | **Less than**<br>**1 year** | **1~2 Years** | **2~5 Years** | **More than**<br>**5 years** | **Total** |
|  Borrowings | W | 20100531 | 597717 | 792513 | 2512018 | 24002779 |
|  Debt securities |  | 29172320 | 28897889 | 37383870 | 24539981 | 119994060 |
|  Lease liabilities |  | 526324 | 473319 | 1140684 | 1407310 | 3547637 |
|  Trade and other payables (\*1) |  | 8111566 | 343906 | 618231 | 425896 | 9499599 |
|  Financial guarantee contracts (\*2) |  | 4091813 |  |  |  | 4091813 |
|  | W | 62002554 | 30312831 | 39935298 | 28885205 | 161135888 |

---

(\*1) Excludes lease liabilities.

---

| | |
|:---|:---|
| (\*2) | The total amount represents the maximum exposure that the Group would be obliged to bear in the event of a financial guarantee occurrence, allocated to the earliest period in which the guarantee may be called upon. As of December 31, 2025, the Group has recognized W50,709 million as a provision for financial guarantee contracts.  |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**45.** **Risk Management, Continued** 

**(2)** **Financial risk management, continued** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Type** | **Less than**<br>**1 year** | **Less than**<br>**1 year** | **1~2 Years** | **2~5 Years** | **More than**<br>**5 years** | **Total** |
|  Borrowings | W | 18887527 | 430883 | 1300087 | 2032303 | 22650800 |
|  Debt securities |  | 28967125 | 29601867 | 39451207 | 28885833 | 126906032 |
|  Lease liabilities |  | 632878 | 553030 | 1264310 | 1670416 | 4120634 |
|  Trade and other payables (\*1) |  | 8807823 | 354778 | 631653 | 526846 | 10321100 |
|  Financial guarantee contracts (\*2) |  | 3156187 | 1712801 | 270806 | 11760 | 5151554 |
|  | W | 60451540 | 32653359 | 42918063 | 33127158 | 169150120 |

---

(\*1) Excludes lease liabilities.

---

| | |
|:---|:---|
| (\*2) | The total amount represents the maximum exposure that the Group would be obliged to bear in the event of a financial guarantee occurrence, and it is classified by maturity of the guarantee contracts. The maximum amount of guarantee that may be called upon at the earliest period is W5,151,554 million. As of December 31, 2024, the Group has recognized W30,924 million as a provision for financial guarantee contracts.  |

---

As the Group manages liquidity based on net assets and net liabilities, information about non-derivative financial assets should be included in the disclosure for better understanding of liquidity risk management.

The expected maturities of non-derivative financial assets as of December 31, 2025 and 2024 in detail are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Type** | **Less than**<br>**1 year** | **Less than**<br>**1 year** | **1~5 Years** | **More than**<br>**5 years** | **Other (\*)** | **Total** |
|  Cash and cash equivalents | W | 2240811 |  |  |  | 2240811 |
|  Financial assets at fair value through other comprehensive income |  |  |  |  | 885173 | 885173 |
|  Financial assets at amortized cost |  | 21663 | 9454 |  |  | 31117 |
|  Loans and receivables |  | 96582 | 420903 | 344853 | 159449 | 1021787 |
|  Long-term/short-term financial Instruments |  | 1997644 | 19423 |  | 865064 | 2882131 |
|  Financial assets at fair value through profit or loss |  | 1309159 | 325496 | 681967 | 487841 | 2804463 |
|  Trade and other receivables |  | 12840965 | 2063420 | 4768062 |  | 19672447 |
|  | W | 18506824 | 2838696 | 5794882 | 2397527 | 29537929 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Type** | **Less than**<br>**1 year** | **Less than**<br>**1 year** | **1~5 Years** | **More than**<br>**5 years** | **Other (\*)** | **Total** |
|  Cash and cash equivalents | W | 2382979 |  |  |  | 2382979 |
|  Financial assets at fair value through other comprehensive income |  |  |  |  | 674850 | 674850 |
|  Financial assets at amortized cost |  | 20418 | 1333 | 8482 |  | 30233 |
|  Loans and receivables |  | 110005 | 347251 | 369851 | 118013 | 945120 |
|  Long-term/short-term financial Instruments |  | 1147929 | 583 |  | 811628 | 1960140 |
|  Financial assets at fair value through profit or loss |  | 1467954 | 346982 | 780130 | 494710 | 3089776 |
|  Trade and other receivables |  | 12245159 | 1506085 | 2126928 |  | 15878172 |
|  | W | 17374444 | 2202234 | 3285391 | 2099201 | 24961270 |

---

(\*) The maturities cannot be presently determined.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**45.** **Risk Management, Continued** 

**(2)** **Financial risk management, continued** 

Derivative liabilities classified by maturity periods from reporting date to maturity dates as per the contracts as of December 31, 2025 and 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Type** | **Less than**<br>**1 year** | **Less than**<br>**1 year** | **1~2<br>Years** | **2~5<br>Years** | **More than**<br>**5 years** | **Total** |
|  Net settlement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Trading | W |  |  |  |  |  |
|  Gross settlement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Trading and others |  | (53973) | (14327) | (10395) | (89024) | (167719) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Hedging |  |  |  |  | (126) | (126) |
|  | W | (53973) | (14327) | (10395) | (89150) | (167845) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Type** | **Less than**<br>**1 year** | **Less than**<br>**1 year** | **1~2<br>Years** | **2~5<br>Years** | **More than**<br>**5 years** | **Total** |
|  Net settlement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Trading | W |  |  |  |  |  |
|  Gross settlement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Trading and others |  | (46087) | (61259) | (73017) | (31760) | (212123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Hedging |  |  |  |  | (4895) | (4895) |
|  | W | (46087) | (61259) | (73017) | (36655) | (217018) |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**45.** **Risk Management, Continued** 

**(3)** **Fair value risk** 

The fair value of the Group's actively-traded financial instruments (i.e., FVTPL, FVOCI, etc.) is based on the traded market-price as of the reporting period end. The fair value of the Group's financial assets is the amount which the asset could be exchanged for or the amount a liability could be settled for.

The fair values of financial instruments where no active market exists or where quoted prices are not otherwise available are determined by using valuation techniques. Valuation techniques include using recent arm's length market transactions between knowledgeable, willing parties, if available, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis and option pricing models. If there is a valuation technique commonly used by market participants to price the instrument and that technique has been demonstrated to provide reliable estimates of prices obtained in actual market transactions, the Group uses that technique.

For trade receivables and payables, the Group considers the carrying value net of impairment as fair value. While for disclosure purposes, the fair value of financial liabilities is estimated by discounting the future contractual cash flows based on current market interest rates applied to similar financial instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Fair values and book values of financial assets and liabilities as of December 31, 2025 and 2024 are as
follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Type** | **Book value** | **Book value** | **Fair value** | **Book value** | **Fair value** |
|  **Assets recognized at fair value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through other comprehensive income | W | 885173 | 885173 | 674850 | 674850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets (trading) |  | 1548015 | 1548015 | 1846527 | 1846527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets (applying hedge accounting) |  | 487535 | 487535 | 844637 | 844637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss |  | 1995226 | 1995226 | 2176172 | 2176172 |
|  | W | 4915949 | 4915949 | 5542186 | 5542186 |
|  **Assets carried at amortized cost** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at amortized cost | W | 31117 | 31117 | 30233 | 30233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and receivables |  | 986528 | 986528 | 908148 | 908148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other receivables |  | 15742665 | 15742665 | 15373625 | 15373625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term financial instruments |  | 884487 | 884487 | 812211 | 812211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term financial instruments |  | 1997644 | 1997644 | 1147929 | 1147929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents |  | 2240811 | 2240811 | 2382979 | 2382979 |
|  | W | 21883252 | 21883252 | 20655125 | 20655125 |
|  **Liabilities recognized at fair value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities (trading) | W | 165373 | 165373 | 279932 | 279932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities (applying hedge accounting) |  | 126 | 126 | 4893 | 4893 |
|  | W | 165499 | 165499 | 284825 | 284825 |
|  **Liabilities carried at amortized cost** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secured borrowings | W | 1245289 | 1245289 | 1443125 | 1443125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured bond |  | 107772996 | 106751304 | 111874019 | 110798858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities |  | 3150880 | 3150880 | 3699456 | 3699456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured borrowings |  | 20520567 | 20473189 | 19040213 | 18994676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other payables (\*) |  | 9499599 | 9499599 | 10321100 | 10321100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overdraft |  | 230440 | 230440 | 176043 | 176043 |
|  | W | 142419771 | 141350701 | 146553956 | 145433258 |

---

(\*) Excludes lease liabilities.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**45.** **Risk Management, Continued** 

**(3)** **Fair value risk, continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Interest rates used for determining fair value

The interest rates used to discount estimated cash flows, when applicable, are based on the government yield curve at the reporting date plus an adequate credit spread.

The discount rates used for calculating fair value as of December 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
| **Type** | **As of December 31, 2025** | **As of December 31, 2024** |
|  Derivatives | 0.00% ~ 4.88% | 0.03% ~ 4.88% |
|  Borrowings and debt securities | 0.33% ~ 5.50% | 0.96% ~ 5.84% |
|  Leases | 0.00% ~ 17.37% | 0.00% ~ 17.15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Fair value hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, classified as Level 1, 2 or 3, based on the degree to which the fair value is observable.

---

| | |
|:---|:---|
| Level 1: | Unadjusted quoted prices in active markets for identical assets or liabilities; |
| Level 2: | Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and |
| Level 3: | Inputs that are not based on observable market data. |

---

Fair values of financial instruments by hierarchy level as of December 31, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Type** | **Level 1** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets at fair value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through other comprehensive income | W | 517251 |  | 367922 | 885173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets |  |  | 1937554 | 97996 | 2035550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss |  |  | 1988813 | 6413 | 1995226 |
|  | W | 517251 | 3926367 | 472331 | 4915949 |
|  **Financial liabilities at fair value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | W |  | 75185 | 90314 | 165499 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Type** | **Level 1** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets at fair value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through other comprehensive income | W | 360096 |  | 314754 | 674850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets |  |  | 2691164 |  | 2691164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss |  |  | 2169300 | 6872 | 2176172 |
|  | W | 360096 | 4860464 | 321626 | 5542186 |
|  **Financial liabilities at fair value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | W |  | 284825 |  | 284825 |

---

The fair value of financial assets traded in the market (including those measured at FVTPL and FVOCI) is measured at the closing bid price quoted at the end of the reporting period. Meanwhile, the fair value of unmarketable financial assets (including those measured at FVTPL and FVOCI) is calculated using the fair value measurement performed by external pricing service agents. In addition, the Group considered the major economic indicators and economic environment of the derivatives to be evaluated, and measured the fair value of the derivatives using a discounted cash flow model that reflects the Group's credit risk.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**45.** **Risk Management, Continued** 

**(3)** **Fair value risk, continued** 

Changes in financial assets and liabilities which are classified as level 3 for each of the two years in the period ended December 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Reclassified<br>category** | **Valuation** | **Disposal** | **Foreign<br>currency<br>translation<br>and others** | **Ending<br>balance** |
|  **Financial assets at fair value** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss Cooperative | W | 6872 |  |  | (459) |  |  | 6413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through other comprehensive income Unlisted securities |  | 309709 |  |  | 52343 | (10) | 1086 | 363128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 5045 |  |  | (251) |  |  | 4794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  | 7496 | 129359 | 8293 | (53373) | 6221 | 97996 |
|  **Financial liabilities at fair value** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  | 3 | 170244 | (11282) | (67752) | (899) | 90314 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Reclassified<br>category** | **Valuation** | **Disposal** | **Foreign<br>currency<br>translation<br>and others** | **Ending<br>balance** |
|  **Financial assets at fair value** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss Cooperative | W | 6735 |  | 22 | 115 |  |  | 6872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through other comprehensive income Unlisted securities |  | 212762 | 4000 |  | 88256 |  | 4691 | 309709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 4627 |  |  | 418 |  |  | 5045 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**46.** **Service Concession Arrangements** 

**(1)** **Hydroelectric Power Generation at Semangka, Indonesia** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Significant terms and concession period of the arrangement

Regarding Semangka hydroelectric power-generation business in Indonesia, the Group has entered into a contract with PT. Perusahaan Listrik Negara (the "PT PLN") whereby the Group shall provide electricity generated for about 30 years (2018 ~ 2048) subsequent to the completion of plant construction and shall receive tariff rates designed to recover capital cost, fixed O&M cost, water usage cost, variable O&M cost and special facilities cost during the concession period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2018 to 2048. At the end of the concession period, PT PLN has an option to take over the ownership of the power plant from the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Classification method

This project allows PT PLN to acquire ownership of the plant after the end of the 30 years concession period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Group's expected future collections of service concession arrangements as of December 31, 2025
are as follows:

---

| | | |
|:---|:---|:---|
| *In millions of won* | | |
| **Type** | **Amounts** | **Amounts** |
|  Less than 1 year | W | 35968 |
|  1 ~ 2 years |  | 36013 |
|  2 ~ 3 years |  | 36184 |
|  Over 3 years |  | 512761 |
|  | W | 620926 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**46.** **Service Concession Arrangements, Continued** 

**(2)** **Pakistan Gulpur Hydropower Project** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Significant terms and concession period of the arrangement

The Group has entered into a contract with CPPAg (Central Power Purchasing Agency Guarantee Limited) whereby the Group shall provide electricity generated for approximately 30 years (2020 ~ 2050) subsequent to the completion of plant construction and shall receive tariff rates designed to recover capital cost, variable O&M cost, fixed O&M cost, water usage cost, insurance cost and others during the concession period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2020 to 2050. The Government of Pakistan has an option to take over the ownership of the power plant from the Group after the concession period has elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Classification method

This project allows the Government of Pakistan to acquire ownership of the plant after the end of the concession period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Group's expected future collections of service concession arrangements as of December 31, 2025
are as follows:

---

| | | |
|:---|:---|:---|
| *In millions of won* | | |
| **Type** | **Amounts** | **Amounts** |
|  Less than 1 year | W | 80668 |
|  1 ~ 2 years |  | 80668 |
|  2 ~ 3 years |  | 80668 |
|  Over 3 years |  | 843303 |
|  | W | 1085307 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**46.** **Service Concession Arrangements, Continued** 

**(3)** **Guam Ukudu Combined thermal power plant Project** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Significant terms and concession period of the arrangement

The Group has entered into a contract with Guam Power Authority whereby the Group shall provide electricity generated for approximately 25 years (from 2025 to 2050) subsequent to the completion of plant construction and shall receive tariff rates designed to recover variable O&M cost, fixed O&M cost and others during the concession period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2025 to 2050. The Guam Power Authority takes over the ownership of the power plant from the Group after the concession period has elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Classification method

This project allows the Guam Power Authority to acquire ownership of the plant after the end of the concession period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Group's expected future collections of service concession arrangements as of December 31, 2025
are as follows:

---

| | | |
|:---|:---|:---|
| *In millions of won* | | |
| **Type** | **Amounts** | **Amounts** |
|  Less than 1 year | W | 115706 |
|  1 ~ 2 years |  | 116741 |
|  2 ~ 3 years |  | 117818 |
|  Over 3 years |  | 2815444 |
|  | W | 3165709 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**47.** **Related Parties** 

**(1)** **The Group's related parties as of December 31, 2025 are as follows:** 

---

| | |
|:---|:---|
| **Type** | **Related party** |
| Parent | Republic of Korea government |
| Subsidiaries<br> (169 subsidiaries) | Korea Hydro & Nuclear Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Midland Power Co., Ltd., Korea Western Power Co., Ltd., Korea Southern Power Co., Ltd., Korea East-West Power Co., Ltd., KEPCO Engineering & Construction Company, Inc., KEPCO Plant Service & Engineering Co., Ltd., KEPCO Nuclear Fuel Co., Ltd., KEPCO KDN Co., Ltd., Gyeonggi Green Energy Co., Ltd., Korea Offshore Wind Power Co., Ltd., KOSEP Material Co., Ltd., KEPCO International HongKong Ltd., KEPCO International Philippines Inc., KEPCO Philippines Corporation, KEPCO Ilijan Corporation, KEPCO Gansu International Ltd., KEPCO Philippines Holdings Inc., KEPCO Neimenggu International Ltd., KEPCO Australia Pty., Ltd., KEPCO Shanxi International Ltd., KOMIPO Global Pte Ltd., KOSEP Australia Pty., Ltd., KOMIPO Australia Pty., Ltd., KOWEPO Australia Pty., Ltd., KOSPO Australia Pty., Ltd., KEPCO Netherlands B.V., KEPCO Middle East Holding Company, Qatrana Electric Power Company, KOWEPO International Corporation, KOSPO Jordan LLC, Korea Waterbury Uranium Limited Partnership, PT. Cirebon Power Service, EWP America Inc., KHNP Canada Energy Ltd., KEPCO Bylong Australia Pty., Ltd., KNF Canada Energy Limited, KEPCO Holdings de Mexico, KST Electric Power Company, S.A.P.I. de C.V., KEPCO Energy Service Company, KEPCO Netherlands S3 B.V., PT. KOMIPO Pembangkitan Jawa Bali, EWP Barbados 1 SRL, PT. Tanggamus Electric Power, KOMIPO America Inc., PT. EWP Indonesia, KEPCO Netherlands J3 B.V., Global One Pioneer B.V., Global Energy Pioneer B.V., Mira Power Limited, KEPCO KPS Philippines Corp., KOSPO Chile SpA, Gyeongju Wind Power Co., Ltd., California Power Holdings, LLC, EWP Renewable Corporation, Hee Mang Sunlight Power Co., Ltd., Fujeij Wind Power Company, KOSPO Youngnam Power Co., Ltd., Chitose Solar Power Plant LLC., KEPCO Solar Co., Ltd., KEPCO ES Co., Ltd., KOSPO Power Services Ltda., KOEN Bylong Pty., Ltd., KOWEPO Bylong Pty., Ltd., KOSPO Bylong Pty., Ltd., EWP Bylong Pty., Ltd., KOWEPO Lao International, KOMIPO Bylong Pty., Ltd., Energy New Industry Specialized Investment Private Investment Trust., KEPCO Mangilao Holdings LLC, Mangilao Investment LLC, KEPCO Mangilao Solar, LLC, Jeju Hanlim Offshore Wind Co., Ltd., PT. Siborpa Eco Power, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund VII, PT. Korea Energy Indonesia, KOLAT SpA, KEPCO California, LLC, KEPCO Mojave Holdings, LLC, Incheon Fuel Cell Co., Ltd., KOEN Service Co., Ltd., KOMIPO Service Co., Ltd., KOWEPO Service Co., Ltd., KOSPO Service Co., Ltd., EWP Service Co., Ltd., PT. KOMIPO Energy Indonesia, KNF Partners Co., Ltd., KOSPO USA Inc., KOSPO Niles LLC (formerly, Nambu USA LLC), Tamra Offshore Wind Power Co., Ltd., KEPCO MCS Co., Ltd., KEPCO FMS Co., Ltd., Firstkeepers Co., Ltd., Secutec Co., Ltd., SE Green Energy Co., Ltd., Mangilao Intermediate Holdings LLC, KEPCO CSC Co., Ltd., KOAK Power Limited, KOMIPO Europe B.V., Haenanum Energy Fund, Paju Ecoenergy Co., Ltd., Guam Ukudu Power LLC, K-SOLAR SHINAN Co., Ltd., KPS Partners Co., Ltd., KEPCO E&C Service Co., Ltd., Moha solar Co., Ltd., KHNP USA LLC, KOMIPO Vanphong Power Service LLC, Ogiri Solar Power Co., Ltd., BSK E-New Industry Fund X, Energy Innovation Fund I, KHNP Chile SpA, Yeong Yang Apollon Photovoltaic Co., Ltd., Yeong Yang Corporation Co., Ltd., SolarVader Co., Ltd., Yeong Yang Innovation Co., Ltd., Yeong Yang Horus Photovoltaic Co., Ltd., Yeong Yang Solar Management Co., Ltd., LSG Hydro Power Limited, KOEN Bio Co., Ltd., KOMIPO Energy Solution America, LLC, Elara Investment Holdings, LLC, Elara Equity Holdings, LLC, Elara Class B Holdings, LLC, Elara Class B Member, LLC, Elara Development Holdings, LLC, KOMIPO Development, LLC, Elara Energy Holdings, LLC, Elara Energy Project, LLC, KOMIPO Iberian Solar Group, S.L.U., KOWEPO Europe B.V., CVS Equity Holdings, LLC, CVS Class B Holdings, LLC, CVS Development Holdings, LLC, CVS Development, LLC, CVS Class B Member, LLC, CVS Energy Holdings, LLC, Concho Valley Energy, LLC, Concho Valley Solar, LLC, Jeongam Wind Power Co., Ltd., Yeongdeok Sunrise Wind Power Co., Ltd., UI Carbon-Neutrality Fund, KA Power Limited, Western Power Changgi Solar Co., Ltd., Digital Innovation Growth Fund, EWP Australia Pty., Ltd., Columboola Solar Farm Hold Co Pty., Ltd., KEPCO Holding Company, KEPCO for Maintenance Company, KOSPO Trumbull LLC, Changjuk Wind Power Co., Ltd., KEPCO KPS South Africa Pty., Ltd., Chile Solar JV SpA, KOWEPO Holding Limited, Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust, Columboola Solar Farm Fin Co Pty., Ltd., Magna Energy New Industrial Fund, EWP ESS Holdings, LLC, Fairhaven ESS LLC, KOSPO Rutile, LLC, KEPCO Yona America LLC, EWP Yona America LLC, KEPCO SADAWI – FZCO, KOMIPO Middle East Energy L.L.C-FZ, Nuclear Energy Industry Growth Fund II |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**47.** **Related Parties, Continued** 

**(1)** **The Group's related parties as of December 31, 2025 are as follows, continued:** 

---

| | |
|:---|:---|
| **Type** | **Related party** |
| Associates<br> (107 entities)<br> (\*1) | Dongducheon Dream Power Co., Ltd., Korea Gas Corporation, Daegu Photovoltaic Co., Ltd., Haeng Bok Do Si Photovoltaic Power Co., Ltd., Korea Electric Power Industrial Development Co., Ltd., Goseong Green Power Co., Ltd., Gangneung Eco Power Co., Ltd., Shin Pyeongtaek Power Co., Ltd., Noeul Green Energy Co., Ltd., Gangwon Wind Power Co., Ltd., Gwangyang Green Energy Co., Ltd., Hyundai Green Power Co., Ltd., Korea Power Exchange, Taebaek Guinemi Wind Power Co., Ltd., Daeryun Power Co., Ltd., KNH Solar Co., Ltd., S-Power Co., Ltd., SPC Power Corporation, Gemeng International Energy Co., Ltd., PT. Cirebon Electric Power, KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co., Ltd., PT Wampu Electric Power, PT. Bayan Resources TBK, Nepal Water & Energy Development Company Private Limited, Xe-Pian Xe-Namnoy Power Co., Ltd., PT. Mutiara Jawa, Jinbhuvish Power Generation Pvt. Ltd., Daejung Offshore Wind Power Co., Ltd., GS Donghae Electric Power Co., Ltd., Busan Green Energy Co., Ltd., Hansuwon KNP Co., Ltd., Korea Electric Power Corporation Fund, Energy Infra Asset Management Co., Ltd., Yaksu ESS Co., Ltd., PND Solar Co., Ltd., Hyundai Eco Energy Co., Ltd., YeongGwang Yaksu Wind Electric Co., Ltd., Green Energy Electricity Generation Co., Ltd., Korea Energy Solutions Co., Ltd., ITR Co., Ltd., STN Co., Ltd., Indeck Niles Development, LLC, Indeck Niles Asset Management, LLC, Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1, Suwon New Power Co., Ltd., Gwangbaek Solar Power Investment Co., Ltd., Godeok Clean Energy Co., Ltd., SureDataLab Co., Ltd., SEP Co., Ltd., Hankook Electric Power Information Co., Ltd., Tronix Co., Ltd., O2&B Global Co., Ltd., Muan Sunshine Solar Power Plant Co., Ltd., Bigeum Resident Photovoltaic Power Co., Ltd., Goesan Solar park Co., Ltd., Saemangeum Heemang Photovoltaic Co., Ltd., Bitgoel Eco Energy Co., Ltd., Jeju Gimnyeong Wind Power Co., Ltd., Seoroseoro Sunny Power Plant Co., Ltd., Muan Solar Park Co., Ltd., YuDang Solar Co., Ltd., Anjwa Smart Farm & Solar City Co., Ltd., KPE Green Energy Co., Ltd., G.GURU Co., Ltd., UD4M Co., Ltd., Dongbu Highway Solar Co., Ltd., Seobu Highway Solar Co., Ltd., Korea Energy Data Co., Ltd., Gangneung Sacheon Fuel Cell Co., Ltd., Taebaek Gadeoksan Wind Power Co., Ltd., Chuncheon Green Energy Co., Ltd., Yeomsubong Wind Power Co., Ltd., Yeongyang Wind Power Corporation II, Haeparang Energy Co., Ltd., Saemangeum Sebit Power Plant Co., Ltd., PlatformN. Co., Ltd., PT. Cirebon Energi Prasarana, Future Convergence Technology Laboratory. Co., Ltd., ECO Motion Co., Ltd., REC's Innovation Co., Ltd., ACE, Co., Ltd., Environment and Energy Co., Ltd., Green Radiation Co., Ltd., Santiago Solar Power SpA, Yanggu Floating Photovoltaic Power Plant Inc., Changwon SG energy Co., Ltd., Donpyung Technology. Co., Ltd., Power Embedded, HORANG ENERGY Inc., Hoenggye Renewable Energy Co., Ltd., Haman Green Energy Co., Ltd., Songsan Green Energy Co., Ltd., SkyPic Inc., HyChangwon Fuel Cell. Co., Ltd., Dreams Co.,Ltd., DEEPAI Co.,Ltd., Amaala Sustainable Company for Energy, Remal First Holding Company, Naseem First Holding Company,Cheonwang Green Energy Co., Ltd., Namjeju Bitdream Energy Co., Ltd., Jeju Bukchon BES Power Co., Ltd., Commerce and Industry Energy Co., Ltd., Gunsan Green Energy Co., Ltd., KI Tech Co., Ltd., Enlight Energy Advanced Industry Venture Fund |
| Joint ventures<br> (122 entities)<br> (\*1) | Daegu Green Power Co., Ltd., KEPCO SPC Power Corporation, KAPES, Inc., Honam Wind Power Co., Ltd., Korea Power Engineering Service Co., Ltd., Seokmun Energy Co., Ltd., Incheon New Power Co., Ltd., Chun-cheon Energy Co., Ltd., Yeonggwangbaeksu Wind Power Co., Ltd., KW Nuclear Components Co., Ltd., Busan Shinho Solar Power Co., Ltd., Global Trade Of Power System Co., Ltd., Expressway Solar-light Power Generation Co., Ltd., Gansu Datang Yumen Wind Power Co., Ltd., Datang Chifeng Renewable Power Co., Ltd., Rabigh Electricity Company, Rabigh Operation & Maintenance Company Limited, Datang KEPCO Chaoyang Renewable Power Co., Ltd., Shuweihat Asia Power Investment B.V., Shuweihat Asia Operation & Maintenance Company, Waterbury Lake Uranium L.P., ASM-BG Investicii AD, RES Technology AD, Jamaica Public Service Company Limited, KV Holdings, Inc., Amman Asia Electric Power Company, Kelar S.A., PT. Tanjung Power Indonesia, Nghi Son 2 Power LLC, Daehan Wind Power PSC, MOMENTUM, Barakah One Company, Nawah Energy Company, Yeonggwang Wind Power Co., Ltd., Chester Solar IV SpA, Chester Solar V SpA, Diego de Almagro Solar SpA, South Jamaica Power Company Limited, Daesan Green Energy Co., Ltd., RE Holiday Holdings LLC, RE Pioneer Holdings LLC, RE Barren Ridge 1 Holdings LLC, RE Astoria 2 LandCo LLC, RE Barren Ridge LandCo LLC, Laurel SpA, KIAMCO KOWEPO Bannerton Hold Co Pty Ltd, Cheong-Song Noraesan Wind Power Co., Ltd., Chester Solar I SpA, Solar Philippines Calatagan Corporation, Saemangeum Solar Power Co., Ltd., Chungsongmeon BongSan wind power Co., Ltd., Jaeun Resident Wind Power Plant Co., Ltd., Dangjin Eco Power Co., Ltd., Haemodum Solar Co., Ltd., Yangyang Wind Power Co., Ltd., Horus Solar, S.A. de C.V., Recursos Solares PV de Mexico II, S.A. de C.V., Sunmex Renovables, S.A. de C.V., Stavro Holding II A.B., Solaseado Solar Power Co., Ltd., Yeongam Solar Power Co., Ltd., Samsu Wind Power Co., Ltd., Pulau Indah Power Plant Sdn. Bhd., NH-Amundi Global Infrastructure Investment Private Investment Trust 21, Shin-han BNPP Private Investment Trust for East-West Sunlight Dream, PT Barito Wahana Tenaga, Cheongna Energy Co., Ltd., Boim Combined Heat and Power Generation Co., Ltd., OneEnergy Asia Limited, KAS INVESTMENT I LLC, KAS INVESTMENT II LLC, Energyco Co., Ltd., CAES, LLC, Hapcheon Floating Photovoltaic Power Plant Inc., Busan Industrial Solar Power Co., Ltd., Bitsolar Energy Co., Ltd., Naepo Green Energy Co., Ltd., Pulau Indah O&M Sdn. Bhd., Guadalupe Solar SpA, Omisan Wind Power Co., Ltd., Foresight Iberian Solar Group Holding, S.L., Yeongwol Eco Wind Co., Ltd., Gurae Resident Power Co., Ltd., Cheongju Eco Park Co., Ltd., Prime Swedish Holding AB, Enel X Midland Photovoltaic, LLC, Geumsungsan Wind Power Co., Ltd., KEPCO KPS CARABAO Corp., Goheung New Energy Co., Ltd., Gunsan Land Solar Co., Ltd., International Offshore Power Transmission Holding Company Limited, Eumseong Eco Park Co., Ltd., Changwon Nu-ri Energy Co., Ltd., PungBack Wind Farm Corporation, Seobusambo highway photovoltaics Co., Ltd., Seokmun Green Energy, Pyeongchang Wind Power Co., Ltd., Trumbull Asset Management, LLC, S-Power Chile SpA, Taebaek Wind Power Co., Ltd., Yangyang Suri Wind Power Co., Ltd., KEPCO for Power Company, Kumyang Eco Park Co., Ltd., Jeongeup Green Power Co., Ltd., Hadong E-factory Co., Ltd., Namyangju Combined Heat and Power Co., Ltd., Wadi Noor Solar Power Company SAOC, Fairhaven Energy Storage LLC, Rutile BESS Holdings, LLC, Trumbull Development Partners, LLC, Samcheok Eco Materials Co., Ltd., Imha Floating Photovoltaic Power Plant Inc., Roof One Energy Co., Ltd., EDFR KOWEPO AJBAN PV HOLDING LIMITED, Taean Haetdeulwon Solar Co., Ltd., Haetbyeotgil Solar Co., Ltd., KES Yona Holdings L.L.C, Siraj AlTaqa AlNazifa, Seongseo Neulpureun Energy Co., Ltd., Luluah SKY Energy Holding Ltd., Nour Ibri Solar Power Company, Lucy Equity Holdings, LLC |
| Others <br>(1 entity) | Korea Development Bank |

---

---

| | |
|:---|:---|
| (\*1) | Subsidiaries of associates and joint ventures are included**.**  |

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**47.** **Related Parties, Continued** 

**(2)** **Transactions between the Group and its subsidiaries are eliminated during the consolidation and are not disclosed in notes.** 

**(3)** **The related party transactions for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* |  | **Sales and others** | **Sales and others** | **Sales and others** |
| **Company name** | **Transaction type** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Korea Gas Corporation | Electricity sales | W | 332646 | 149095 |
|  Goseong Green Power Co., Ltd. | Electricity sales |  | 632703 | 612327 |
|  Dongducheon Dream Power Co., Ltd. | Electricity sales |  | 18573 | 17151 |
|  Saemangeum Sebit Power Plant Co., Ltd. | Electricity sales |  | 1555 | 1693 |
|  Daejung Offshore Wind Power Co., Ltd. | Electricity sales |  | 90 | 87 |
|  Namjeju Bitdream Energy Co., Ltd. | Rental income |  | 35 |  |
|  Daegu Photovoltaic Co., Ltd. | Electricity sales |  | 443 | 344 |
|  Haeng Bok Do Si Photovoltaic Power Co., Ltd. | Electricity sales |  | 107 | 3 |
|  Korea Electric Power Industrial Development Co., Ltd. | Service |  | 10204 | 11180 |
|  Gangneung Eco Power Co., Ltd. | Fuel sales |  | 594273 | 494428 |
|  Shin Pyeongtaek Power Co., Ltd. | Electricity sales |  | 23344 | 55610 |
|  Noeul Green Energy Co., Ltd. | Electricity sales |  | 7941 | 8009 |
|  Busan Green Energy Co., Ltd. | Electricity sales |  | 5787 | 11794 |
|  Hansuwon KNP Co., Ltd. | Dividends |  | 13 |  |
|  Energy Infra Asset Management Co., Ltd. | Electricity sales |  |  | 89 |
|  Gangwon Wind Power Co., Ltd. | Electricity sales |  | 1549 | 1736 |
|  Gwangyang Green Energy Co., Ltd. | Electricity sales |  | 2546 | 1479 |
|  Bigeum Resident Photovoltaic Power Co., Ltd. | Electricity sales |  | 478 | 919 |
|  Yanggu Floating Photovoltaic Power Plant Inc. | Electricity sales |  |  | 6 |
|  Goesan Solar Park Co., Ltd. | Electricity sales |  | 400 |  |
|  Hyundai Green Power Co., Ltd. | Electricity sales and design service |  | 6815 | 6659 |
|  Korea Power Exchange | Service |  | 37156 | 78346 |
|  Taebaek Guinemi Wind Power Co., Ltd. | Electricity sales |  | 30 | 26 |
|  Daeryun Power Co., Ltd. | Electricity sales |  | 51 | 3628 |
|  Commerce and Industry Energy Co., Ltd. | Rental income and others |  | 338 |  |
|  GS Donghae Electric Power Co., Ltd. | Electricity sales |  | 22018 | 9284 |
|  KNH Solar Co., Ltd. | Electricity sales |  | 124 | 1635 |
|  S-Power Co., Ltd. | Service |  | 2470 | 2359 |
|  Chuncheon Green Energy Co., Ltd. | Electricity sales |  | 21446 | 11010 |
|  Yeomsubong Wind Power Co., Ltd. | Electricity sales |  | 20 |  |
|  Yeongyang Wind Power Corporation II | Comission |  | 150 | 150 |
|  PND solar Co., Ltd. | Electricity sales |  | 35 | 348 |
|  Hyundai Eco Energy Co., Ltd. | Electricity sales |  | 928 | 833 |
|  YeongGwang Yaksu Wind Electric Co., Ltd. | Electricity sales |  | 156 | 237 |
|  Taebaek Gadeoksan Wind Power Co., Ltd. | Electricity sales |  | 3852 | 2464 |
|  Korea Energy Solutions Co., Ltd. | Electricity sales |  | 2 | 2 |
|  STN Co., Ltd. | Others |  |  | 1 |
|  Green Energy Electricity Generation Co., Ltd. | Electricity sales |  | 1 |  |
|  Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 | Others |  | 553 | 360 |
|  Bitgoel Eco Energy Co., Ltd. | Electricity sales |  | 2206 | 3377 |
|  Jeju Gimnyeong Wind Power Co., Ltd. | Electricity sales |  | 610 | 458 |
|  Seoroseoro Sunny Power Plant Co., Ltd. | Electricity sales |  | 2 | 2 |
|  Muan Solar Park Co., Ltd. | Electricity sales |  | 1742 | 1797 |
|  YuDang Solar Co., Ltd. | Electricity sales |  |  | 60 |
|  Anjwa Smart Farm & Solar City Co., Ltd. | Electricity sales |  | 973 | 971 |
|  KPE Green Energy Co., Ltd. | Others |  | 290 | 226 |
|  Saemangeum Heemang Photovoltaic Co., Ltd. | Electricity sales |  | 1288 | 2232 |
|  UD4M Co., Ltd. | Electricity sales |  | 4 | 8 |
|  Dongbu Highway Solar Co., Ltd. | Electricity sales |  | 11 | 11 |
|  Seobu Highway Solar Co., Ltd. | Electricity sales |  | 12 | 13 |
|  Songsan Green Energy Co., Ltd. | Interest income/ Dividends income |  | 320 | 174 |

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**47.** **Related Parties, Continued** 

**(3)** **Related party transactions for each of the two years in the period ended December 31, 2025 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* |  | **Sales and others** | **Sales and others** | **Sales and others** |
| **Company name** | **Transaction type** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  DEEPAI Co.,Ltd. | Others | W | 1 |  |
|  KI Tech Co., Ltd. | R & D |  | 247 |  |
|  Jeju Bukchon BESS Power Plant Co., Ltd. | Power generation |  | 1161 |  |
|  Gwangbaek Solar Power Investment Co., Ltd. | Electricity sales |  | 307 | 523 |
|  Go deok Clean Energy Co., Ltd. | Electricity sales |  | 3120 | 11376 |
|  Changwon SG Energy Co., Ltd. | Electricity sales |  | 11 | 9 |
|  Suwon New Power Co., Ltd. | Electricity sales |  | 15 | (102) |
|  Donpyung Technology. Co., Ltd. | Others |  | 1 |  |
|  Hankook Electric Power Information Co., Ltd. | Others |  | 45 |  |
|  HyChangwon Fuel Cell. Co., Ltd. | Others |  | 478 |  |
|  HORANG ENERGY Inc. | REC sales |  | 130 |  |
|  Muan Sunshine Solar Power Plant Co., Ltd. | Electricity sales |  | 584 | 630 |
|  Hoenggye Renewable Energy Co., Ltd. | Others |  | 11 |  |
|  Gangneung Sacheon Fuel Cell Co., Ltd. | Electricity sales |  | 12814 | 8343 |
|  15 Associates (Overseas) | Others |  | 201938 | 243651 |
|  Daegu Green Power Co., Ltd. | Electricity sales |  | 2483 | 2385 |
|  Seobusambo highway photovoltaics Co., Ltd. | Electricity sales |  | 22 | 20 |
|  Yangyang Suri Wind Power Co., Ltd. | Service |  | 201 | 202 |
|  KAPES, Inc. | Commission |  | 2237 | 1531 |
|  Honam Wind Power Co., Ltd. | Electricity sales |  | 487 | 529 |
|  Korea Power Engineering Service Co., Ltd. | Service |  | 358 | 777 |
|  Seokmun Energy Co., Ltd. | Service |  | 1897 | 1774 |
|  Incheon New Power Co., Ltd. | Others |  | 16 | 26 |
|  Naepo Green Energy Co., Ltd. | Electricity sales |  | 17270 | 3972 |
|  Chun-cheon Energy Co., Ltd. | Electricity sales |  | 3152 | 968 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. | Electricity sales |  | 2031 | 2031 |
|  Samcheok Eco Materials Co., Ltd. | Electricity sales |  | 248 |  |
|  Cheongna Enrergy Co., Ltd. | Others |  | 38724 | 38349 |
|  Namyangju Combined Heat and Power Co., Ltd. | Service |  | 4245 | 2493 |
|  Yeonggwang Wind Power Co., Ltd. | Electricity sales |  | 977 | 943 |
|  Seungmun Green Energy | Electricity sales |  | 62 | 79 |
|  KW Nuclear Components Co., Ltd. | Service |  | 1587 | 1645 |
|  Boim Combined Heat and Power Generation Co., Ltd. | Service |  | 3497 | 2073 |
|  Taebaek Wind Power Co., Ltd. | Others |  | 2436 | 41 |
|  Roof One Energy Co., Ltd. | Others |  | 1 |  |
|  Pyeongchang Wind Power Co., Ltd. | Electricity sales |  | 52 | 771 |
|  Busan Shinho Solar Power Co., Ltd. | Electricity sales |  | 1284 | 699 |
|  Expressway Solar-light Power Generation Co., Ltd. | Electricity sales |  | 650 |  |
|  Goheung New Energy Co., Ltd. | Electricity sales |  | 233 | 3106 |
|  Gunsan Land Solar Co., Ltd. | Electricity sales |  | 3905 | 944 |
|  Daesan Green Energy Co., Ltd. | Electricity sales |  | 674 | 426 |
|  Cheong-Song Noraesan Wind Power Co., Ltd. | Electricity sales |  | 726 | 38 |
|  Chungsongmeon BongSan wind power Co., Ltd. | Electricity sales |  | 45 | 1 |
|  Saemangeum Solar Power Co., Ltd. | Electricity sales |  | 39 |  |
|  Dangjin Eco Power Co., Ltd. | Electricity sales |  | 42 | 42 |
|  Yangyang Wind Power Co., Ltd. | Electricity sales |  | 111 | 238 |
|  Energyco Co., Ltd. | Electricity sales |  | 55 | 161 |
|  Hapcheon Floating Photovoltaic Power Plant Inc. | Electricity sales |  | 178 | 905 |
|  Busan Industrial Solar Power Co., Ltd. | Electricity sales |  | 22 | 23 |
|  Bitsolar Energy Co., Ltd. | Electricity sales |  | 460 | 464 |
|  Omisan Wind Power Co., Ltd. | Electricity sales |  | 527 | 279 |
|  Changwon Nu-ri Energy Co., Ltd. | Service |  | 366 | 171 |
|  Jeonju Bio Green Energy Co., Ltd. | Service |  | 12 | 170 |
|  Haemodum Solar Co., Ltd. | Electricity sales |  | 275 | 39 |

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**47.** **Related Parties, Continued** 

**(3)** **Related party transactions for each of the two years in the period ended December 31, 2025 are as follows, continued:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* |  | **Sales and others** | **Sales and others** |
| **Company name** | **Transaction type** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Yeongam Solar Power Co., Ltd. | Electricity sales | 506 | 545 |
|  Samsu Wind Power Co., Ltd. | Electricity sales | 122 | 301 |
|  Solaseado Solar Power Co., Ltd. | Electricity sales | 1855 | 1870 |
|  Shin-han BNPP Private Investment Trust for East-West Sunlight Dream | Dividends income | 905 | 87 |
|  Yeongwol Eco Wind Co., Ltd. | Electricity sales | 210 |  |
|  Gurae Resident Power Co., Ltd. | Electricity sales | 14 |  |
|  Cheongju Eco Park Co., Ltd. | Electricity sales | 1013 | 316 |
|  Enel X Midland Photovoltaic, LLC | Electricity sales | 12 | 11 |
|  Geumsungsan Wind Power Co., Ltd. | Electricity sales | 57 | 58 |
|  Eumseong Eco Park Co., Ltd. | Electricity sales | 20 | 19 |
|  Taean Haetdeulwon Solar Power Co., Ltd. | Electricity sales and others | 73 |  |
|  41 Joint ventures (Overseas) | Others | 346183 | 518941 |
|  Korea Development Bank | Electricity sales | 5622 | 4368 |
|  | Interest income | 4704 | 10324 |

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**47.** **Related Parties, Continued** 

**(3)** **Related party transactions for each of the two years in the period ended December 31, 2025 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* |  | **Purchase and others** | **Purchase and others** | **Purchase and others** |
| **Company name** | **Transaction type** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Korea Gas Corporation | Electricity sales | W | 4959219 | 6623974 |
|  Goseong Green Power Co., Ltd. | Electricity sales |  | 1298250 | 1301710 |
|  Dongducheon Dream Power Co., Ltd. | Electricity sales |  | 1123263 | 1360837 |
|  Saemangeum Sebit Power Plant Co., Ltd. | Electricity sales |  | 19821 | 19753 |
|  Haman Green Energy Co., Ltd. | REC Purchase |  | 14237 |  |
|  Cheonwang Green Energy Co., Ltd. | Others |  | 652 |  |
|  Daegu Photovoltaic Co., Ltd. | Electricity sales |  | 2762 | 3815 |
|  Haeng Bok Do Si Photovoltaic Power Co., Ltd. | Electricity sales |  | 419 | 427 |
|  Korea Electric Power Industrial Development Co., Ltd. | Service |  | 338796 | 317114 |
|  Gangneung Eco Power Co., Ltd. | Others |  | 122 | 1134 |
|  Shin Pyeongtaek Power Co., Ltd. | Electricity sales |  | 709267 | 843056 |
|  Noeul Green Energy Co., Ltd. | Electricity sales |  | 24177 | 20833 |
|  Busan Green Energy Co., Ltd. | Electricity sales |  | 26552 | 28272 |
|  Energy Infra Asset Management Co., Ltd. | Others |  | 2546 | 2631 |
|  Yaksu ESS Co., Ltd. | Electricity sales |  | 716 | 749 |
|  Gangwon Wind Power Co., Ltd. | Electricity sales |  | 27005 | 23400 |
|  Bigeum Resident Photovoltaic Power Co., Ltd. | Others |  | 4880 | 285 |
|  Yanggu Floating Photovoltaic Power Plant Inc. | Electricity sales |  | 692 | 562 |
|  Goesan Solar park Co., Ltd. | Electricity sales |  | 6120 | 6143 |
|  Korea Power Exchange | Service |  | 104365 | 90549 |
|  Taebaek Guinemi Wind Power Co., Ltd. | Electricity sales |  | 7003 | 5155 |
|  Daeryun Power Co., Ltd. | Electricity sales |  | 262924 | 282968 |
|  Commerce and Industry Energy Co., Ltd. | Othes |  | 6071 |  |
|  GS Donghae Electric Power Co., Ltd. | Electricity sales |  | 530717 | 519119 |
|  KNH Solar Co., Ltd. | Electricity sales |  | 1123 | 2671 |
|  S-Power Co., Ltd. | Service |  | 622968 | 693948 |
|  Chuncheon Green Energy Co., Ltd. | Electricity sales |  | 62637 | 39333 |
|  Yeomsubong Wind Power Co., Ltd. | Electricity sales |  | 8358 |  |
|  Yeongyang Wind Power Corporation II | Comission |  | 19954 | 17898 |
|  Haeparang Energy Co., Ltd. | Electricity sales |  | 7051 |  |
|  PND solar Co., Ltd. | Electricity sales |  | 5392 | 5231 |
|  Hyundai Eco Energy Co., Ltd. | Electricity sales |  | 27475 | 26253 |
|  YeongGwang Yaksu Wind Electric Co., Ltd. | Electricity sales |  | 9168 | 7415 |
|  Taebaek Gadeoksan Wind Power Co., Ltd. | Electricity sales |  | 34039 | 32549 |
|  Korea Energy Solutions Co., Ltd. | Electricity sales |  | 132 | 132 |
|  ITR Co., Ltd. | Others |  | 5 |  |
|  STN Co., Ltd. | Others |  |  | 8 |
|  Green Energy Electricity Generation Co., Ltd. | Electricity sales |  | 5171 | 1966 |
|  Bitgoel Eco Energy Co., Ltd. | Service and others |  | 24457 | 32413 |
|  Jeju Gimnyeong Wind Power Co., Ltd. | Electricity sales |  | 10630 | 10161 |
|  Seoroseoro Sunny Power Plant Co., Ltd. | REC and others |  | 1050 | 991 |
|  Muan Solar Park Co., Ltd. | REC and others |  | 19145 | 17825 |
|  YuDang Solar Co., Ltd. | REC and others |  | 2186 | 2020 |
|  Anjwa Smart Farm & Solar City Co., Ltd. | Electricity sales |  | 21490 | 19494 |
|  KPE Green Energy Co., Ltd. | Others |  | 36047 | 41197 |
|  Saemangeum Heemang Photovoltaic Co., Ltd. | Electricity sales |  | 4655 | 2745 |
|  G.GURU Co., Ltd. | Electricity sales |  | 115 |  |
|  Dongbu Highway Solar Co., Ltd. | Electricity sales |  | 3931 | 2951 |
|  Seobu Highway Solar Co., Ltd. | Electricity sales |  | 2879 | 2899 |
|  REC's Innovation Co., Ltd. | Interest income/ Dividends income |  | 12 | 23 |
|  Dreams Co.,Ltd. | Others |  | 33 | 30 |
|  DEEPAI Co.,Ltd. | Others |  | 30 | 30 |
|  KI Tech Co., Ltd. | R & D |  | 247 |  |
|  Green Radiation Co., Ltd. | Ordinary development expense |  | 85 | 45 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**47.** **Related Parties, Continued** 

**(3)** **Related party transactions for each of the two years in the period ended December 31, 2025 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* |  | **Purchase and others** | **Purchase and others** | **Purchase and others** |
| **Company name** | **Transaction type** | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2024** |
|  Gwangbaek Solar Power Investment Co., Ltd. | Electricity sales | W | 590 | 499 |
|  Go deok Clean Energy Co., Ltd. | Electricity sales |  | 28814 | 35055 |
|  Changwon SG Energy Co., Ltd. | Electricity sales |  | 1657 | 1080 |
|  SureDataLab Co., Ltd. | Others |  |  | 72 |
|  HORANG ENERGY Inc. | Others |  | 12984 |  |
|  Muan Sunshine Solar Power Plant Co., Ltd. | Electricity sales |  | 15223 | 15697 |
|  Gangneung Sacheon Fuel Cell Co., Ltd. | Electricity sales |  | 41821 | 32689 |
|  PlatformN. Co., Ltd. | Others |  |  | 237 |
|  15 Associates (Overseas) | Others |  | 113947 | 98753 |
|  Daegu Green Power Co., Ltd. | Electricity sales |  | 246605 | 328485 |
|  Seobusambo highway photovoltaics Co., Ltd. | Electricity sales |  | 1045 | 825 |
|  Haetbyeotgil Sunlight Co., Ltd. | Others |  | 704 |  |
|  KAPES, Inc. | Commission |  | 198464 | 23924 |
|  Honam Wind Power Co., Ltd. | Electricity sales |  | 6617 | 7148 |
|  Korea Power Engineering Service Co., Ltd. | Others |  |  | 551 |
|  Seokmun Energy Co., Ltd. | Others |  | 46553 | 51924 |
|  Chun-cheon Energy Co., Ltd. | Electricity sales |  | 363960 | 430697 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. | Electricity sales |  | 13503 | 12294 |
|  Samcheok Eco Materials Co., Ltd. (\*1) | Electricity sales |  | 6117 | 3282 |
|  Cheongna Energy Co., Ltd. | Service |  | 62 | 60 |
|  Yeonggwang Wind Power Co., Ltd. | Electricity sales |  | 30501 | 31712 |
|  Seungmun Green Energy | Electricity sales |  | 21373 | 25725 |
|  KW Nuclear Components Co., Ltd. | Service |  | 22817 | 6880 |
|  Boim Combined Heat and Power Generation Co., Ltd. | Service |  | 6324 | 3038 |
|  Taebaek Wind Power Co., Ltd. | Service |  | 6182 | 6327 |
|  Pyeongchang Wind Power Co., Ltd. | Electricity sales |  | 5074 | 3079 |
|  Busan Shinho Solar Power Co., Ltd. | Electricity sales |  | 6854 | 8467 |
|  Global Trade Of Power System Co., Ltd. | Service |  | 529 | 511 |
|  Expressway Solar-light Power Generation Co., Ltd. | Electricity sales |  | 1500 | 3165 |
|  Goheung New Energy Co., Ltd. | Electricity sales |  | 12547 | 10133 |
|  Gunsan Land Solar Co., Ltd. | Electricity sales |  | 4655 | 2752 |
|  Daesan Green Energy Co., Ltd. | Electricity sales |  | 124074 | 154623 |
|  Cheong-Song Noraesan Wind Power Co., Ltd. | Electricity sales |  | 2959 | 2048 |
|  Chungsongmeon BongSan wind power Co., Ltd. | Electricity sales |  | 10 |  |
|  Saemangeum Solar Power Co., Ltd. | Electricity sales |  | 218 |  |
|  Dangjin Eco Power Co., Ltd. | Electricity sales |  | 3443 | 3645 |
|  Yangyang Wind Power Co., Ltd. | Service and Electricity sales |  | 7299 | 3599 |
|  Energyco Co., Ltd. | Electricity sales |  | 6294 | 5788 |
|  Hapcheon Floating Photovoltaic Power Plant Inc. | Service and REC |  | 5343 | 4759 |
|  Busan Industrial Solar Power Co., Ltd. | Electricity sales |  | 2497 | 2493 |
|  Bitsolar Energy Co., Ltd. | Electricity sales |  | 12940 | 9072 |
|  Omisan Wind Power Co., Ltd. | Electricity sales |  | 9500 | 638 |
|  Haemodum Solar Co., Ltd. | Electricity sales |  | 718 | 544 |
|  Yeongam Solar Power Co., Ltd. | Electricity sales |  | 36198 | 24004 |
|  Samsu Wind Power Co., Ltd. | Electricity sales |  | 9268 | 6864 |
|  Solaseado Solar Power Co., Ltd. | Electricity sales |  | 33059 | 24899 |
|  Yeongwol Eco Wind Co., Ltd. | Electricity sales |  | 3974 | 2496 |
|  Gurae Resident Power Co., Ltd. | Electricity sales |  | 676 | 476 |
|  Cheongju Eco Park Co., Ltd. | Electricity sales |  | 38416 | 34601 |
|  Enel X Midland Photovoltaic, LLC | Electricity sales |  | 3196 | 3200 |
|  Geumsungsan Wind Power Co., Ltd | Electricity sales |  | 6055 |  |
|  Eumseong Eco Park Co., Ltd. | Electricity sales |  | 23194 | 26372 |
|  Taean Haetdeulwon Solar Power Co., Ltd. | REC Purchase and others |  | 1948 |  |
|  41 Joint ventures (Overseas) | Others |  | 22436 | 14796 |
|  Korea Development Bank | Interest expense |  | 50658 | 7839 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**47.** **Related Parties, Continued** 

**(4)** **Receivables and payables arising from the related party transactions as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  | **Receivables** | **Receivables** | **Receivables** | **Payables** | **Payables** |
| **Company name** | **Type** | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2024** | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2024** |
|  Korea Gas Corporation | Trade receivables | W | 15486 | 15766 |  |  |
|  | Non-trade receivables and others |  | 447 | 404 |  |  |
|  | Trade payables |  |  |  | 381353 | 482008 |
|  | Non-trade payables and others |  |  |  | 466 | 1486 |
|  Goseong Green Power Co., Ltd. | Trade receivables |  | 69535 | 30732 |  |  |
|  | Non-trade receivables and others |  | 16 | 1438 |  |  |
|  | Trade payables |  |  |  | 112314 | 162719 |
|  | Non-trade payables and others |  |  |  | 41070 | 45174 |
|  Dongducheon Dream Power Co., Ltd. | Trade receivables |  | 1254 | 6350 |  |  |
|  | Non-trade receivables and others |  | 637 | 637 |  |  |
|  | Trade payables |  |  |  | 58610 | 114962 |
|  | Non-trade payables and others |  |  |  |  | 29 |
|  Saemangeum Sebit Power Plant Co., Ltd. | Trade receivables |  | 132 | 156 |  |  |
|  | Non-trade receivables and others |  | 40 | 47 |  |  |
|  | Trade payables |  |  |  | 1736 | 1499 |
|  | Non-trade payables and others |  |  |  | 11 |  |
|  Green Radiation Co., Ltd. | Non-trade payables and others |  |  |  |  | 30 |
|  Daejung Offshore Wind Power Co., Ltd. | Non-trade receivables and others |  | 438 | 349 |  |  |
|  Daegu Photovoltaic Co., Ltd. | Trade payables |  |  |  | 219 | 108 |
|  | Non-trade payables and others |  |  |  | 1 |  |
|  Haeng Bok Do Si Photovoltaic Power Co., Ltd. | Trade receivables |  |  |  |  |  |
|  Korea Electric Power Industrial | Trade receivables |  | 57 | 123 |  |  |
|  Development Co., Ltd. | Trade payables |  |  |  | 21 | 1291 |
|  | Non-trade payables and others |  |  |  | 4563 | 8832 |
|  Gangneung Eco Power Co., Ltd. | Trade receivables |  | 29354 | 8142 |  |  |
|  | Non-trade payables and others |  |  |  | 1071 | 105 |
|  Shin Pyeongtaek Power Co., Ltd. | Trade receivables |  | 2634 | 1720 |  |  |
|  | Non-trade receivables and others |  | 1514 | 5812 |  |  |
|  | Trade payables |  |  |  | 42688 | 77222 |
|  | Non-trade payables and others |  |  |  | 85 | 2450 |
|  Noeul Green Energy Co., Ltd. | Trade receivables |  | 4 | 5 |  |  |
|  | Non-trade receivables and others |  | 35447 | 27043 |  |  |
|  | Non-trade payables and others |  |  |  | 3428 | 3699 |
|  Busan Green Energy Co., Ltd. | Trade receivables |  | 2 | 1 |  |  |
|  | Non-trade receivables and others |  | 50846 | 43790 |  |  |
|  | Non-trade payables and others |  |  |  | 3688 | 4799 |
|  Energy Infra Asset Management Co., Ltd. | Non-trade payables and others |  |  |  |  | 1 |
|  Yaksu ESS Co., Ltd. | Trade payables |  |  |  | 496 | 923 |
|  Gangwon Wind Power Co., Ltd. | Trade receivables |  | 8 | 10 |  |  |
|  | Trade payables |  |  |  | 3367 | 4023 |
|  Gwangyang Green Energy Co., Ltd. | Trade receivables |  | 990 | 1040 |  |  |
|  | Non-trade receivables and others |  | 252 | 1016 |  |  |
|  Bigeum Resident Photovoltaic Power Co., Ltd. | Trade receivables |  | 48 | 273 |  |  |
|  | Non-trade receivables and others |  | 1796 | 1796 |  |  |
|  Hyundai Green Power Co., Ltd. | Trade receivables |  | 1057 | 893 |  |  |
|  Korea Power Exchange | Trade receivables |  | 5022 | 2434 |  |  |
|  | Non-trade receivables and others |  | 4 |  |  |  |
|  | Trade payables |  |  |  |  | 2688 |
|  | Non-trade payables and others |  |  |  | 3583 | 1571 |
|  Taebaek Guinemi Wind Power Co., Ltd. | Non-trade receivables and others |  | 3 |  |  |  |
|  | Trade payables |  |  |  | 487 | 840 |
|  | Non-trade payables and others |  |  |  | 373 | 167 |
|  Daeryun Power Co., Ltd. | Trade payables |  |  |  | 28426 | 35392 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**47.** **Related Parties, Continued** 

**(4)** **Receivables and payables arising from related party transactions as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  | **Receivables** | **Receivables** | **Receivables** | **Payables** | **Payables** |
| **Company name** | **Type** | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2024** | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2024** |
|  GS Donghae Electric Power Co., Ltd. | Trade receivables | W | 975 | 22 |  |  |
|  | Non-trade receivables and others |  | 109 | 109 |  |  |
|  | Trade payables |  |  |  | 154984 | 90468 |
|  | Non-trade payables and others |  |  |  | 17 |  |
|  KNH Solar Co., Ltd. | Trade receivables |  | 1 |  |  |  |
|  S-Power Co., Ltd. | Trade receivables |  | 360 | 264 |  |  |
|  | Non-trade receivables and others |  | 60 | 54 |  |  |
|  | Trade payables |  |  |  | 49089 | 73377 |
|  | Non-trade payables and others |  |  |  |  | 19 |
|  Chuncheon Green Energy Co., Ltd. | Non-trade receivables and others |  | 31676 | 10870 |  |  |
|  | Non-trade payables and others |  |  |  | 14305 | 8881 |
|  Yeomsubong Wind Power Co., Ltd. | Trade receivables |  | 1 |  |  |  |
|  Yeongyang Wind Power Corporation II | Trade payables |  |  |  | 3594 | 3978 |
|  Haeparang Energy Co., Ltd. | Trade payables |  |  |  | 1429 |  |
|  PND solar Co., Ltd. | Trade payables |  |  |  | 507 | 418 |
|  Hyundai Eco Energy Co., Ltd. | Trade receivables |  | 26 | 25 |  |  |
|  | Trade payables |  |  |  | 540 | 647 |
|  | Non-trade payables and others |  |  |  |  |  |
|  YeongGwang Yaksu Wind Electric Co., Ltd. | Trade receivables |  | 6 | 7 |  |  |
|  | Non-trade receivables and others |  | 2725 | 2858 |  |  |
|  | Trade payables |  |  |  | 1195 | 1034 |
|  | Non-trade payables and others |  |  |  | 413 |  |
|  Taebaek Gadeoksan Wind Power Co., Ltd. | Non-trade receivables and others |  | 54 | 62 |  |  |
|  | Trade payables |  |  |  | 11649 | 9249 |
|  | Non-trade payables and others |  |  |  | 1919 | 1 |
|  Korea Energy Solutions Co., Ltd. | Trade receivables |  |  |  |  |  |
|  Green Energy Electricity Generation Co., Ltd. | Trade payables |  |  |  | 555 |  |
|  | Non-trade payables and others |  |  |  |  |  |
|  Bitgoel Eco Energy Co., Ltd. | Trade payables |  |  |  | 175 | 5394 |
|  | Non-trade receivables and others |  | 1395 | 2 |  |  |
|  | Non-trade payables and others |  |  |  |  | 1458 |
|  Jeju Gimnyeong Wind Power Co., Ltd. | Non-trade receivables and others |  | 118 | 143 |  |  |
|  | Trade payables |  |  |  | 1783 | 2152 |
|  | Non-trade payables and others |  |  |  | 7 | 5 |
|  Muan Solar Park Co., Ltd. | Trade receivables |  | 28 |  |  |  |
|  | Non-trade receivables and others |  | 3 | 4 |  |  |
|  Gunsan Green Energy Co., Ltd. | Non-trade payables and others |  |  |  | 2670 |  |
|  Songsan Green Energy Co., Ltd. | Trade receivables |  | 1 |  |  |  |
|  | Non-trade payables and others |  |  |  | 7202 |  |
|  Anjwa Smart Farm & Solar City Co., Ltd. | Trade receivables |  | 34 |  |  |  |
|  | Non-trade payables and others |  |  |  | 2297 | 1797 |
|  KPE Green Energy Co., Ltd. | Trade receivables |  | 3514 | 1 |  |  |
|  | Non-trade receivables and others |  |  | 130 |  |  |
|  | Trade payables |  |  |  | 4693 | 5521 |
|  Saemangeum Heemang Photovoltaic Co., Ltd. | Non-trade receivables and others |  |  | 1 |  |  |
|  | Non-trade payables and others |  |  |  |  |  |
|  UD4M Co., Ltd. | Trade receivables |  |  |  |  |  |
|  Dongbu Highway Solar Co., Ltd. | Trade receivables |  | 1 | 1 |  |  |
|  | Trade payables |  |  |  | 244 | 241 |
|  | Non-trade payables and others |  |  |  |  | 1 |
|  Seobu Highway Solar Co., Ltd. | Trade receivables |  | 1 | 1 |  |  |
|  | Trade payables |  |  |  | 355 | 231 |
|  | Non-trade payables and others |  |  |  |  | 2 |
|  Songsan Green Energy Co., Ltd. | Non-trade receivables and others |  | 193 | 190 |  |  |
|  Dreams Co.,Ltd. | Non-trade receivables and others |  | 1 | 1 |  |  |
|  | Non-trade payables and others |  |  |  |  | 30 |

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**47.** **Related Parties, Continued** 

**(4)** **Receivables and payables arising from related party transactions as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  | **Receivables** | **Receivables** | **Receivables** | **Payables** | **Payables** |
| **Company name** | **Type** | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2024** | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2024** |
|  DEEPAI Co.,Ltd. | Non-trade receivables and others | W | 1 | 1 |  |  |
|  | Non-trade payables and others |  |  |  |  | 30 |
|  Jeju Bukchon BES Power Co., Ltd. | Non-trade receivables and others |  | 177 |  |  |  |
|  Go deok Clean Energy Co., Ltd. | Non-trade receivables and others |  | 12818 | 10118 |  |  |
|  | Non-trade payables and others |  |  |  | 5187 | 3022 |
|  Suwon New Power Co., Ltd. | Trade receivables |  | 1 |  |  |  |
|  | Non-trade payables and others |  |  |  |  | 1 |
|  Donpyung Technology. Co., Ltd. | Trade receivables |  |  |  |  |  |
|  HORANG ENERGY Inc. | Trade receivables |  | 6 |  |  |  |
|  Muan Sunshine Solar Power Plant Co., Ltd. | Trade payables |  |  |  | 2015 | 1954 |
|  Gangneung Sacheon Fuel Cell Co., Ltd. | Trade receivables |  |  | 8343 |  |  |
|  | Non-trade receivables and others |  | 20731 |  |  |  |
|  | Non-trade payables and others |  |  |  | 6278 | 3201 |
|  8 Associates (Overseas) | Non-trade receivables and others |  | 19061 | 59651 |  |  |
|  | Trade payables |  |  |  | 5899 |  |
|  Daegu Green Power Co., Ltd. | Trade receivables |  | 223 | 182 |  |  |
|  | Non-trade receivables and others |  | 456 | 503 |  |  |
|  | Trade payables |  |  |  | 10877 | 25622 |
|  Seobusambo highway photovoltaics Co., Ltd. | Trade receivables |  | 1 | 1 |  |  |
|  | Non-trade receivables and others |  | 4 | 4 |  |  |
|  Yangyang Suri Wind Power Co., Ltd. | Non-trade receivables and others |  | 56 | 55 |  |  |
|  | Non-trade payables and others |  |  |  | 1 |  |
|  KAPES, Inc. | Trade receivables |  | 4 | 4 |  |  |
|  | Non-trade receivables and others |  | 161784 | 90088 |  |  |
|  | Non-trade payables and others |  |  |  | 9072 | 3041 |
|  Honam Wind Power Co., Ltd. | Trade payables |  |  |  | 437 | 515 |
|  Korea Power Engineering Service Co., Ltd. | Trade receivables |  |  |  |  |  |
|  | Non-trade receivables and others |  | 7 | 52 |  |  |
|  Seokmun Energy Co., Ltd. | Trade receivables |  | 37 | 35 |  |  |
|  | Non-trade receivables and others |  | 10358 | 862 |  |  |
|  | Trade payables |  |  |  | 6027 | 7156 |
|  Incheon New Power Co., Ltd. | Trade receivables |  |  | 9 |  |  |
|  Naepo Green Energy Co., Ltd. | Trade receivables |  | 199 | 325 |  |  |
|  | Non-trade receivables and others |  | 308 | 458 |  |  |
|  Chun-cheon Energy Co., Ltd. | Trade receivables |  | 307 |  |  |  |
|  | Non-trade receivables and others |  | 222 |  |  |  |
|  | Trade payables |  |  |  | 23654 | 35325 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. | Trade receivables |  | 184 | 9 |  |  |
|  | Non-trade receivables and others |  |  | 178 |  |  |
|  | Trade payables |  |  |  | 687 | 962 |
|  Samcheok Eco Materials Co., Ltd. | Trade receivables |  | 26 |  |  |  |
|  Cheongna Energy Co., Ltd. | Trade receivables |  | 4479 | 7033 |  |  |
|  | Non-trade receivables and others |  | 2228 | 3229 |  |  |
|  | Non-trade payables and others |  |  |  |  | 8 |
|  Yeonggwang Wind Power Co., Ltd. | Trade receivables |  | 12 | 12 |  |  |
|  | Non-trade receivables and others |  | 60 | 58 |  |  |
|  | Trade payables |  |  |  | 4660 | 4591 |
|  Seungmun Green Energy | Non-trade receivables and others |  | 35 | 34 |  |  |
|  | Non-trade payables and others |  |  |  | 2566 |  |
|  KW Nuclear Components Co., Ltd. | Trade receivables |  | 5 |  |  |  |
|  | Non-trade receivables and others |  | 16 |  |  |  |
|  Boim Combined Heat and Power Generation Co., Ltd. | Trade receivables |  | 46 | 47 |  |  |
|  | Non-trade receivables and others |  | 5045 | 3208 |  |  |
|  | Trade payables |  |  |  | 861 | 445 |
|  | Non-trade payables and others |  |  |  | 27834 | 13824 |

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**47.** **Related Parties, Continued** 

**(4)** **Receivables and payables arising from related party transactions as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  | **Receivables** | **Receivables** | **Receivables** | **Payables** | **Payables** |
| **Company name** | **Type** | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2024** | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2024** |
|  Taebaek Wind Power Co., Ltd. | Trade payables | W |  |  | 387 | 691 |
|  | Non-trade payables and others |  |  |  | 275 | 184 |
|  | Trade receivables |  | 3 |  |  |  |
|  Busan Shinho Solar Power Co., Ltd. | Trade receivables |  | 4 | 3 |  |  |
|  | Trade payables |  |  |  | 451 | 915 |
|  Global Trade Of Power System Co., Ltd. | Non-trade payables and others |  |  |  |  | 7 |
|  Expressway Solar-light Power Generation<br> Co., Ltd. | Trade payables |  |  |  |  | 432 |
|  Goheung New Energy Co., Ltd. | Trade receivables |  | 25 | 21 |  |  |
|  | Non-trade receivables and others |  |  | 8 |  |  |
|  | Non-trade payables and others |  |  |  | 411 |  |
|  Gunsan Land Solar Co., Ltd. | Non-trade receivables and others |  | 268 | 217 |  |  |
|  | Non-trade payables and others |  |  |  |  |  |
|  Daesan Green Energy Co., Ltd. | Trade receivables |  | 12 | 4 |  |  |
|  | Non-trade receivables and others |  | 220 | 211 |  |  |
|  | Trade payables |  |  |  | 2804 | 3819 |
|  Cheong-Song Noraesan Wind Power<br> Co., Ltd. | Trade receivables |  | 2 |  |  |  |
|  Chungsongmeon BongSan wind power Co., Ltd. | Trade receivables |  | 6 |  |  |  |
|  | Non-trade receivables and others |  | 87 |  |  |  |
|  Saemangeum Solar Power Co., Ltd. | Non-trade receivables and others |  | 4437 | 4368 |  |  |
|  Dangjin Eco Power Co., Ltd. | Trade receivables |  | 4 | 4 |  |  |
|  | Trade payables |  |  |  | 273 | 282 |
|  | Non-trade payables and others |  |  |  |  | 181 |
|  Yangyang Wind Power Co., Ltd. | Non-trade receivables and others |  | 273 | 163 |  |  |
|  Energyco Co., Ltd. | Trade receivables |  |  |  |  |  |
|  | Non-trade receivables and others |  | 1 | 124 |  |  |
|  | Trade payables |  |  |  | 524 | 432 |
|  Hapcheon Floating Photovoltaic Power Plant Inc. | Trade receivables |  | 11 | 12 |  |  |
|  | Non-trade receivables and others |  |  | 59 |  |  |
|  Busan Industrial Solar Power Co., Ltd. | Trade receivables |  | 2 | 2 |  |  |
|  | Trade payables |  |  |  | 82 | 240 |
|  | Non-trade payables and others |  |  |  | 6 |  |
|  Bitsolar Energy Co., Ltd. | Trade receivables |  | 11 | 12 |  |  |
|  | Non-trade receivables and others |  | 767 | 444 |  |  |
|  | Trade payables |  |  |  | 426 | 207 |
|  | Non-trade payables and others |  |  |  | 361 |  |
|  Omisan Wind Power Co., Ltd. | Trade receivables |  | 6 |  |  |  |
|  | Non-trade receivables and others |  | 563 | 146 |  |  |
|  Changwon Nu-ri Energy Co., Ltd. | Non-trade receivables and others |  | 197 | 188 |  |  |
|  | Non-trade payables and others |  |  |  | 4405 |  |
|  Jeonju Bio Green Energy Co., Ltd. | Non-trade receivables and others |  |  | 187 |  |  |
|  Haemodum Solar Co., Ltd. | Trade receivables |  | 1 | 1 |  |  |
|  | Non-trade payables and others |  |  |  | 1 |  |
|  Yeongam Solar Power Co., Ltd. | Trade receivables |  | 48 | 48 |  |  |
|  | Trade payables |  |  |  | 4764 | 5723 |
|  | Non-trade payables and others |  |  |  | 2246 |  |
|  Samsu Wind Power Co., Ltd. | Trade payables |  |  |  | 1963 | 1834 |
|  | Non-trade payables and others |  |  |  |  |  |
|  Solaseado Solar Power Co., Ltd. | Non-trade receivables and others |  | 18 | 15 |  |  |
|  Shin-han BNPP Private Investment Trust for East-West Sunlight Dream | Non-trade receivables and others |  | 381 |  |  |  |
|  Yeongwol Eco Wind Co., Ltd. | Trade receivables |  | 5 |  |  |  |
|  | Non-trade receivables and others |  | 82 |  |  |  |
|  Gurae Resident Power Co., Ltd. | Non-trade receivables and others |  | 4 |  |  |  |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**47.** **Related Parties, Continued** 

**(4)** **Receivables and payables arising from related party transactions as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  | **Receivables** | **Receivables** | **Receivables** | **Payables** | **Payables** |
| **Company name** | **Type** | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2024** | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2024** |
|  Cheongju Eco Park Co., Ltd. | Non-trade receivables and others | W | 16117 | 13461 |  |  |
|  | Trade payables |  |  |  | 6906 | 9105 |
|  | Non-trade payables and others |  |  |  |  | 2853 |
|  Enel X Midland Photovoltaic, LLC | Trade receivables |  | 1 | 1 |  |  |
|  | Trade payables |  |  |  | 124 | 204 |
|  | Non-trade payables and others |  |  |  |  | 59 |
|  Geumsungsan Wind Power Co., Ltd. | Trade receivables |  | 3 | 3 |  |  |
|  Taean Haetdeulwon Solar Power Co., Ltd. | Non-trade payables and others |  |  |  | 399 |  |
|  27 Joint ventures (Overseas) | Trade receivables |  | 361770 | 271219 |  |  |
|  | Non-trade receivables and others |  | 62446 | 59839 |  |  |
|  | Non-trade payables and others |  |  |  | 43464 | 34932 |
|  Korea Development Bank | Interest receivables |  | 1642 |  |  |  |
|  | Non-trade receivables and others |  | 32354 | 34138 |  |  |
|  | Non-trade payables and others |  |  |  | 44 | 231 |
|  | Derivatives and others |  | 183662 | 273627 | 1085 | 2421 |

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**47.** **Related Parties, Continued** 

**(5)** **Loans arising from the related party transactions as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |  |  |  |  |
| **Type** | **Company name** | **Beginning<br>balance** | **Beginning<br>balance** | **Loans** | **Collection** | **Others** | **Ending**<br>**balance** |
|  Associates | KNOC Nigerian East Oil Co., Ltd.,<br> KNOC Nigerian West Oil Co., Ltd. | W | 33066 | 710 |  |  | 33776 |
|  | (Allowance for doubtful accounts) |  | (33066) | (710) |  |  | (33776) |
|  Associates | Xe-Pian Xe-Namnoy Power Co., Ltd. |  | 26606 |  |  | (635) | 25971 |
|  Associates | PT. Cirebon Energi Prasarana |  | 38865 | 10412 | (1642) | 3039 | 50674 |
|  Associates | Daejung Offshore Wind Power Co., Ltd. |  | 1000 |  |  |  | 1000 |
|  Associates | Bitgoel Eco Energy Co., Ltd. |  | 26625 |  | (4118) |  | 22507 |
|  Associates | Saemangeum Sebit Power Plant Co., Ltd. |  | 27550 |  | (5748) |  | 21802 |
|  Associates | Remal First Holding Company |  |  | 1 |  |  | 1 |
|  Associates | Naseem First Holding Company |  |  | 1 |  |  | 1 |
|  Associates | Jeju Bukchon BES Power Co., Ltd. |  |  | 7380 |  |  | 7380 |
|  Associates | Gunsan Green Energy Co., Ltd. |  |  | 627 |  |  | 627 |
|  Joint ventures | Solaseado Solar Power Co., Ltd. |  | 34929 |  | (999) |  | 33930 |
|  Joint ventures | Recursos Solares PV de Mexico II S.A. de C.V. |  | 14313 | 1512 |  | (275) | 15550 |
|  Joint ventures | Horus Solar S.A. de C.V. |  | 13677 | 3413 |  | (296) | 16794 |
|  Joint ventures | Sunmex Renovables S.A. de C.V. |  | 21793 | 2529 |  | (463) | 23859 |
|  Joint ventures | Kelar S.A |  | 19291 | 11397 | (10) | (12358) | 18320 |
|  Joint ventures | DE energia SpA |  | 8420 |  | (8420) |  |  |
|  Joint ventures | Daehan Wind Power PSC |  | 16956 |  | (1767) | (411) | 14778 |
|  Joint ventures | Bitsolar Energy Co., Ltd. |  | 3165 |  |  |  | 3165 |
|  Joint ventures | Daesan Green Energy Co., Ltd. |  | 2491 | 811 |  |  | 3302 |
|  Joint ventures | Yangyang Wind Power Co., Ltd. |  | 3257 |  |  |  | 3257 |
|  Joint ventures | Nghi Son 2 Power LLC |  | 168601 |  | (19429) | (4245) | 144927 |
|  Joint ventures | Guadalupe Solar SpA |  | 3352 |  | (198) | (81) | 3073 |
|  Joint ventures | Forsight Iberian Solar Group Holding, S.L. |  | 71137 | 3018 |  | (1944) | 72211 |
|  Joint ventures | Capman Lynx SCA, SICAR |  | 35210 |  |  | (35210) |  |
|  | (Allowance for doubtful accounts) |  | (35210) |  |  | 35210 |  |
|  Joint ventures | S-Power Chile SpA |  | 294 |  |  | (7) | 287 |
|  Joint ventures | Omisan Wind Power Co., Ltd. |  | 8894 |  |  |  | 8894 |
|  Joint ventures | Gurae Resident Power Co., Ltd. |  |  | 106 |  |  | 106 |
|  Joint ventures | Yeongwol Eco Wind Co., Ltd. |  |  | 2178 |  |  | 2178 |
|  Joint ventures | KAS Investment I LLC |  | 7517 |  |  | (184) | 7333 |
|  Joint ventures | KAS Investment II LLC |  | 7567 |  |  | (176) | 7391 |
|  Joint ventures | Chungsongmeon BongSan Wind Power Co., Ltd. |  |  | 5563 |  |  | 5563 |
|  |  | W | 526300 | 48948 | (42331) | (18036) | 514881 |

---

**(6)** **Borrowings arising from the related party transactions as of December 31, 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* |
| **Related parties** | **Type** | **Beginning**<br>**balance** | **Beginning**<br>**balance** | **Borrowings** | **Repayment** | **Others** | **Ending**<br>**balance** |
|  Korea Development | Facility | W | 84653 |  | (9416) | (295) | 74942 |
|  Bank | Others |  | 1424 |  | (327) |  | 1097 |
|  | Operating funds |  | 100000 | 637711 | (607711) |  | 130000 |
|  | EBL and others |  | 149862 | 2521 | (52012) | (681) | 99690 |
|  |  | W | 335939 | 640232 | (669466) | (976) | 305729 |

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**47.** **Related Parties, Continued** 

**(7)** **Guarantees provided to the related parties as of December 31, 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |
| **Primary guarantor** | **Principal obligor** | **Type of guarantees** | **Credit limit** | **Creditor** |
|  Korea Electric Power Corporation | Shuweihat Asia Operation & Maintenance Company | Performance guarantees | USD 11,000 | Shuweihat Asia Power Investment B.V. |
|  Korea Electric Power Corporation | Rabigh Operation & Maintenance Company Limited | Performance guarantees | USD 1,387 | Rabigh Electricity Company |
|  Korea Electric Power Corporation | Rabigh Electricity Company | Performance guarantees | SAR 4,151 | Hana Bank |
|  Korea Electric Power Corporation | Nghi Son 2 Power LLC | Certification of payment on L/C | USD 44,350 | SMBC Singapore and others |
|  Korea Electric Power Corporation | Barakah One Company | Performance guarantees and others | USD 3,876,233 | FAB and others |
|  Korea Electric Power Corporation | RE Holiday Holdings LLC | Performance guarantees (\*9) | USD 203,981 | EFS Renewables Holdings, LLC, CA-CIB and others |
|  Korea Electric Power Corporation | RE Pioneer Holdings LLC | Performance guarantees | USD 106,873 | EFS Renewables Holdings, LLC |
|  Korea Electric Power Corporation | Shuweihat Asia Power Investment B.V. | Certification of payment on L/C | USD 9,800 | Hana Bank |
|  Korea Electric Power Corporation | Amman Asia Electric Power Company | Certification of payment on L/C | USD 13,200 | Hana Bank |
|  Korea Electric Power Corporation | Horus Solar, S.A. de C.V. | Other performance guarantees | USD 1,165 | CENACE |
|  |  | Other performance guarantees | MXN 14,843 | CENACE and others |
|  Korea Electric Power Corporation | Recursos Solares PV de Mexico II, S.A. de C.V. | Other performance guarantees | MXN 1,518 | SEMARNAT |
|  Korea Electric Power Corporation | Sunmex Renovables, S.A. de C.V. | Other performance guarantees | USD 9,078 | CFE Transmission |
|  |  | Other performance guarantees | MXN 4,929 | CFE Transmission<br> and others |
|  Korea Electric Power Corporation | International Offshore Power Transmission Holding Company Limited | Performance guarantees | USD 52,500 | Mizuho Bank |
|  |  | Other performance guarantees | USD 7,000 | Credit Agricole |
|  Korea Electric Power Corporation | KEPCO for Power Company | Other performance guarantees | USD 70,000 | SMBC Seoul |
|  Korea Electric Power Corporation | Remal Energy Company | Debt Guarantee | USD 146,400 | DBS BANK Ltd. (Hong Kong) |
|  Korea Electric Power Corporation | Naseem Energy Company | Debt Guarantee | USD 146,400 | DBS BANK Ltd. (Hong Kong) |
|  Korea Western Power Co., Ltd. | Cheongna Energy Co., Ltd. | Collateralized money invested | KRW 28,202 | Kookmin Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea Western Power Co., Ltd. | Dongducheon Dream Power Co., Ltd. | Collateralized money invested (\*5) | KRW 53,233 | Kookmin Bank and others |
|  |  | Debt Guarantee | KRW 18,200 | HY western 1st co., Ltd |
|  Korea Western Power Co., Ltd. | PT.Mutiara Jawa | Collateralized money invested |  | Woori Bank |
|  Korea Western Power Co., Ltd. | Rabigh Operation & Maintenance Company Limited | Performance guarantees and others | SAR 11,200 | National Bank of Kuwait |
|  Korea Western Power Co., Ltd. | Xe-Pian Xe-Namnoy Power Co., Ltd. | Collateralized money invested | KRW 72,509 | Krung Thai Bank |
|  |  | Impounding bonus guarantees (\*10) | USD 5,000 | SK Eco Plant Co., Ltd. |
|  Korea Western Power Co., Ltd. | Haeng Bok Do Si Photovoltaic Power Co., Ltd. | Collateralized money invested | KRW 194 | Nonghyup Bank |
|  Korea Western Power Co., Ltd. | Shin Pyeongtaek Power Co., Ltd. | Collateralized money invested | KRW 72,000 | Kookmin Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea Western Power Co., Ltd. | Haemodum Solar Co., Ltd. | Collateralized money invested | KRW 2,940 | Nonghyup Bank |
|  Korea Western Power Co., Ltd. | Seoroseoro Sunny Power Plant Co., Ltd. | Collateralized money invested | KRW 706 | Hana Bank and others |
|  Korea Western Power Co., Ltd. | Muan Solar Park Co., Ltd. | Collateralized money invested | KRW 4,400 | IBK and others |
|  Korea Western Power Co.,<br> Ltd. | YuDang Solar Co., Ltd. | Collateralized money invested | KRW 360 | Hana Bank and others |
|  Korea Western Power Co., Ltd. | Anjwa Smart Farm & Solar City Co., Ltd. | Collateralized money invested | KRW 5,651 | Hana Bank and others |
|  Korea Western Power Co.,<br> Ltd. | Hapcheon Floating Photovoltaic Power Plant Inc. | Collateralized money invested | KRW 7,512 | Nonghyup Bank |

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**47.** **Related Parties, Continued** 

**(7)** **Guarantees provided to the related parties as of December 31, 2025 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |
| **Primary guarantor** | **Principal obligor** | **Type of guarantees** | **Credit limit** | **Creditor** |
|  Korea Western Power Co., Ltd. | Yeongwol Eco Wind Co., Ltd. | Collateralized money invested | KRW 3,089 | Hana Bank and others |
|  Korea Western Power Co., Ltd. | Gurae Resident Power Co., Ltd. | Collateralized money invested | KRW 386 | Hana Bank and others |
|  Korea Western Power Co., Ltd. | Gunsan Land Solar Co., Ltd. | Collateralized money invested | KRW 19,091 | Hana Bank and others |
|  Korea Western Power Co., Ltd. | Seobusambo highway photovoltaics Co., Ltd. | Collateralized money invested | KRW 3,020 | Hana Bank and others |
|  Korea Western Power Co., Ltd. | Eumseong Eco Park Co., Ltd. | Collateralized money invested | KRW 5,741 | Kyobo Life Insurance Co., Ltd.<br> and others |
|  Korea Western Power Co., Ltd. | PungBack Wind Farm Corporation | Collateralized money invested | KRW 7,885 | Hanwha Life Insurance Co., Ltd. and others |
|  Korea Western Power Co., Ltd. | Wadi Noor Solar Power Company | Loan payment guarantee | USD 54,855 | DBS Bank |
|  Korea Western Power Co., Ltd. | EDFR KOWEPO AJBAN HOLDING LIMITED | Loan payment guarantee | USD 57,090 | First Abu Dhabi Bank |
|  Korea Western Power Co., Ltd. | Taean Haetdeulwon Solar Co., Ltd. | Collateralized money invested | KRW 7,992 | Kookmin Bank and others |
|  Korea East-West Power Co., Ltd. | Seokmun Energy Co., Ltd. | Collateralized money invested | KRW 14,565 | Kookmin Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea East-West Power Co., Ltd. | Chun-cheon Energy Co., Ltd. | Collateralized money invested | KRW 36,703 | Kookmin Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea East-West Power Co., Ltd. | Honam Wind Power Co., Ltd. | Collateralized money invested | KRW 4,898 | Shinhan Bank and others |
|  Korea East-West Power Co., Ltd. | GS Donghae Electric Power Co., Ltd. | Collateralized money invested | KRW 286,796 | Korea Development Bank and others |
|  Korea East-West Power Co., Ltd. | Yeonggwangbaeksu Wind Power Co., Ltd. | Collateralized money invested | KRW 3,835 | Kookmin Bank and others |
|  |  | Collateralized money invested |  |  |
|  Korea East-West Power Co., Ltd. | Daesan Green Energy Co., Ltd. | Collateralized money invested | KRW 21,755 | IBK |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea East-West Power Co., Ltd. | Taebaek Gadeoksan Wind Power Co., Ltd. | Collateralized money invested | KRW 26,456 | Hana Bank and others |
|  Korea East-West Power Co., Ltd. | PT. Tanjung Power Indonesia | Other guarantees(\*14) | USD 3,150 | PT. Adaro Indonesia |
|  |  | Guarantees for supplemental funding (\*1) |  | Sumitomo mitsui banking and others |
|  |  | Collateralized money invested | KRW 98,221 | MUFG and others |
|  Korea East-West Power Co., Ltd. | South Jamaica Power Company Limited | Performance guarantees (\*13) | USD 14,400 | Hana Bank |
|  |  | Collateralized money invested | KRW 48,675 | JCSD Trustee Services Limited and others |
|  Korea East-West Power Co., Ltd. | Cheongju Eco Park Co., Ltd. | Collateralized money invested | KRW 11,017 | Kyobo Life Insurance Co., Ltd. and others |
|  Korea East-West Power Co., Ltd. | Busan Industrial Solar Power Co., Ltd. | Collateralized money invested | KRW 1,351 | Shinhan Bank and others |
|  Korea East-West Power Co., Ltd. | Yangyang Wind Power Co., Ltd. | Collateralized money invested | KRW 15,131 | Hana Bank and others |
|  |  | Collateralized money invested(\*1) |  |  |
|  Korea East-West Power Co., Ltd. | Goheung New Energy Co., Ltd. | Collateralized money invested | KRW 5,572 | Woori Bank and others |
|  Korea East-West Power Co., Ltd.  | Yanggu Floating Photovoltaic Power Plant Inc. | Collateralized money invested | KRW 851 | Korea Development Bank |
|  Korea East-West Power Co., Ltd.  | Hoenggye Renewable Energy Co., Ltd. | Collateralized money invested | KRW 2,375 | IBK |
|  |  | Collateralized money invested(\*1) |  |  |

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**47.** **Related Parties, Continued** 

**(7)** **Guarantees provided to the related parties as of December 31, 2025 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |
| **Primary guarantor** | **Principal obligor** | **Type of guarantees** | **Credit limit** | **Creditor** |
|  Korea East-West Power Co., Ltd.  | Kumyang Eco Park Co., Ltd. | Collateralized money invested | KRW 6,874 | Woori Bank and others |
|  Korea East-West Power Co., Ltd.  | Amaala Sustaninable Company for Energy LLC | Loan payment guarantee (\*7) | USD 38,054 | FAB |
|  |  | Collateralized money invested | KRW 18 | First Abu Dhabi Bank PJSC |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea East-West Power Co., Ltd.  | KPE Green Energy Co., Ltd. | Collateralized money invested | KRW 9,096 | Hana Bank and others |
|  Korea East-West Power Co., Ltd.  | Yeonggwang Wind Power Co., Ltd. | Collateralized money invested | KRW 29,258 | KDB Capital Corp. and others |
|  Korea East-West Power Co., Ltd.  | Bitsolar Energy Co., Ltd. | Collateralized money invested |  | Mirae Asset Life Insurance Co., Ltd. and others |
|  Korea East-West Power Co., Ltd.  | Jeju Bukchon BES Power Co., Ltd. | Collateralized money invested | KRW 2,480 | Woori Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea Southern Power Co., Ltd. | Daeryun Power Co., Ltd. | Collateralized money invested | KRW 34,475 | Korea Development Bank and others |
|  Korea Southern Power Co., Ltd. | Daegu Green Power Co., Ltd. | Collateralized money invested | KRW 31,119 | Shinhan Bank and others |
|  |  | Performance guarantees |  |  |
|  Korea Southern Power Co., Ltd. | Kelar S.A. | Performance guarantees | USD 26,520 | Hana Bank, MUFG |
|  |  | Payment guarantees (\*11) | USD 11,707 | Hana Bank |
|  Korea Southern Power Co., Ltd. | Daehan Wind Power PSC | Payment guarantees (\*6) | USD 2,000 | Hana Bank |
|  |  | Performance guarantees (\*15) | USD 1,800 | Shinhan Bank |
|  |  | Collateralized money invested | KRW 25,095 | Standard Chartered |
|  Korea Southern Power Co., Ltd. | Pyeongchang Wind Power Co., Ltd. | Collateralized money invested | KRW 12,851 | Woori Bank, Shinhan Bank and others |
|  |  | Performance guarantees |  |  |
|  Korea Southern Power Co., Ltd. | Taebaek Guinemi Wind Power Co., Ltd. | Collateralized money invested | KRW 14,878 | IBK |
|  Korea Southern Power Co., Ltd. | Samcheok Eco Materials Co., Ltd. | Payment guarantees (\*2) |  | KIS SF the 22nd Co., Ltd. |
|  |  | Performance guarantees |  | HC elementary materials |
|  Korea Southern Power Co., Ltd. | Solaseado Solar Power Co., Ltd. | Collateralized money invested | KRW 19,781 | Kookmin Bank and others |
|  Korea Southern Power Co., Ltd. | Naepo Green Energy Co., Ltd. | Collateralized money invested | KRW 59,242 | IBK and others |
|  |  | Performance guarantees |  |  |
|  Korea Southern Power Co., Ltd. | Omisan Wind Power Co., Ltd. | Collateralized money invested | KRW 12,204 | Shinhan Bank and others |
|  |  | Performance guarantees and guarantees for supplemental funding (\*1) |  |  |
|  Korea Southern Power Co., Ltd. | Geumsungsan Wind Power Co., Ltd. | Collateralized money invested | KRW 7,538 | Kookmin Bank and others |
|  Korea Southern Power Co., Ltd. | HORANG ENERGY Inc. | Collateralized money invested | KRW 4,209 | Woori Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea Southern Power Co., Ltd. | Haman Green Energy Co., Ltd. | Collateralized money invested | KRW 5,776 | Hana Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea Southern Power Co., Ltd. | Jeongeup Green Power Co., Ltd. | Collateralized money invested | KRW 6,724 | Mirae Asset Securities Co., Ltd. |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea Southern Power Co., Ltd. | HyChangwon Fuel Cell. Co., Ltd. | Collateralized money invested | KRW 8,643 | Woori Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea Southern Power Co., Ltd. | Roof One Energy Co., Ltd. | Collateralized money invested | KRW 1,933 | Woori Bank |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea Southern Power Co., Ltd. | Namjeju Bitdream Energy Co., Ltd. | Collateralized money invested | KRW 5,260 | Woori Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea Southern Power Co., Ltd. | Cheonwang Green Energy Co., Ltd. | Collateralized money invested | KRW 494 | Samsung Fire & Marine Insurance Co., Ltd. and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea Southern Power Co., Ltd. | Haetbyeotgil Sunlight Co., Ltd. | Collateralized money invested | KRW 732 | Kyobo Life Insurance Co.,Ltd. |
|  |  | Guarantees for supplemental funding (\*1) |  | Heungkuk Asset Management |
|  Korea Southern Power Co., Ltd. | Rutile BESS. LLC | Payment guarantees | USD 13,000 | Nonghyup Bank, JP Morgan Chase Bank |
|  KOSPO Power Services Ltda. | Kelar S.A. | Performance guarantees | USD 1,348 | Scotia bank |
|  KOSPO Chile SpA | Kelar S.A. | Collateralized money invested | KRW<br>153,294 | Export-Import Bank of Korea and others |
|  KOSPO Chile SpA | Chester Solar I SpA | Collateralized money invested | KRW 3,417 | IBK |
|  KOSPO Chile SpA | Chester Solar IV SpA | Collateralized money invested | KRW 5,349 | IBK |
|  KOSPO Chile SpA | Chester Solar V SpA | Collateralized money invested | KRW 756 | IBK |
|  KOSPO Chile SpA | Diego de Almagro Solar SpA | Collateralized money invested | KRW 4,920 | IBK |
|  KOSPO Chile SpA | Laurel SpA | Collateralized money invested | KRW 3,092 | IBK |
|  Korea Midland Power Co., Ltd. | YeongGwang Yaksu Wind Electric Co., Ltd. | Collateralized money invested | KRW 61 | IBK and others |
|  Korea Midland Power Co., Ltd. | Hyundai Green Power Co., Ltd. | Collateralized money invested | KRW 86,549 | Korea Development Bank and others |
|  Korea Midland Power Co., Ltd. | PT. Cirebon Electric Power | Debt guarantees | USD 3,795 | Mizuho Bank |
|  Korea Midland Power Co., Ltd. | PT Wampu Electric Power | Debt guarantees | USD 4,253 | PT. Bank KB Bukopin |
|  Korea Midland Power Co., Ltd. | Green Energy Electricity Generation Co., Ltd. | Collateralized money invested | KRW 230 | IBK |
|  Korea Midland Power Co., Ltd. | Gwangbaek Solar Power Investment Co., Ltd. | Collateralized money invested | KRW 5,236 | Kyobo Life Insurance Co., Ltd. and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**47.** **Related Parties, Continued** 

**(7)** **Guarantees provided to the related parties as of December 31, 2025 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |
| **Primary guarantor** | **Principal obligor** | **Type of guarantees** | **Credit limit** | **Creditor** |
|  Korea Midland Power Co., Ltd. | Yaksu ESS Co., Ltd. | Collateralized money invested | KRW 31 | IBK |
|  Korea Midland Power Co., Ltd. | Muan Sunshine Solar Power Plant Co., Ltd. | Collateralized money invested | KRW 2,778 | IBK |
|  Korea Midland Power Co., Ltd. | Goesan Solar park Co., Ltd. | Collateralized money invested | KRW 2,926 | IBK |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea Midland Power Co., Ltd. | Bitgoel Eco Energy Co., Ltd. | Collateralized money invested | KRW 7,672 | IBK and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea Midland Power Co., Ltd. | Energyco Co., Ltd. | Collateralized money invested | KRW 2,629 | Nonghyup Bank |
|  Korea Midland Power Co., Ltd. | Dongbu Highway Solar Co., Ltd. | Collateralized money invested | KRW 523 | Shinhan Bank |
|  Korea Midland Power Co., Ltd. | Seobu Highway Solar Co., Ltd. | Collateralized money invested | KRW 683 | Shinhan Bank |
|  Korea Midland Power Co., Ltd. | Yeongyang Wind Power Corporation II | Collateralized money invested | KRW 13,406 | Korea Development Bank and others |
|  Korea Midland Power Co., Ltd. | Haeparang Energy Co., Ltd. | Collateralized money invested | KRW 2,714 | Templeton Hana Asset |
|  Korea Midland Power Co., Ltd. | Saemangeum Sebit Power Plant Co., Ltd. | Collateralized money invested | KRW 28,114 | IBK and others |
|  Korea Midland Power Co., Ltd. | Yeomsubong Wind Power Co., Ltd. | Collateralized money invested | KRW 325 | Korea Development Bank |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea Midland Power Co., Ltd. | Commerce and Industry Energy Co., Ltd. | Collateralized money invested | KRW 498 | IBK and others |
|  Korea Midland Power Co., Ltd. | Ibri III Solar IPP | Performance Guarantee | OMR 2,750 | Oman Power and Water Procurement Company SAOC |
|  |  | Performance Guarantee | USD 17,300 | Shinhan Bank |
|  |  | Performance Guarantee | USD 600 | Shinhan Bank |
|  Korea South-East Power Co., Ltd. | Boim Combined Heat and Power Generation Co., Ltd. | Collateralized money invested (\*3,4) |  | IBK |
|  |  | Guarantees for supplemental funding and others (\*1,16) | KRW 76,800 | UniCredit Bulbank and others |
|  Korea South-East Power Co., Ltd. | RES Technology AD | Collateralized money invested (\*4) | EUR 7,210 | UniCredit Bulbank and others |
|  Korea South-East Power Co., Ltd. | ASM-BG Investicii AD | Collateralized money invested (\*4) | EUR 5,735 | UniCredit Bulbank and others |
|  Korea South-East Power Co., Ltd. | Goseong Green Power Co., Ltd. | Collateralized money invested (\*4) | KRW 276,085 | Kyobo Life Insurance Co., Ltd. and others |
|  Korea South-East Power Co., Ltd. | Gangneung Eco Power Co., Ltd. | Collateralized money invested (\*4) | KRW 227,683 | Kyobo Life Insurance Co., Ltd. and others |
|  Korea South-East Power Co., Ltd. | PND Solar Co., Ltd. | Collateralized money invested (\*4) | KRW 1,938 | Korea Investment & Securities Co., Ltd. |
|  Korea South-East Power Co., Ltd. | Hyundai Eco Energy Co., Ltd. | Collateralized money invested (\*4) | KRW 9,159 | Samsung Life Insurance and others |
|  Korea South-East Power Co., Ltd. | Jaeun Resident Wind Power Plant Co., Ltd. | Collateralized money invested (\*4) |  | IBK |
|  Korea South-East Power Co., Ltd. | Chungsongmeon BongSan wind power Co., Ltd. | Collateralized money invested (\*4) | KRW 2,304 | Kyobo Life Insurance Co., Ltd. and others |
|  Korea South-East Power Co., Ltd. | Yeongam Solar Power Co., Ltd. | Collateralized money invested (\*4) | KRW 12,215 | Kookmin Bank and others |
|  Korea South-East Power Co., Ltd. | Samsu Wind Power Co., Ltd. | Collateralized money invested (\*4) | KRW 3,310 | Shinhan Bank and others |
|  Korea South-East Power Co., Ltd. | Saemangeum Heemang Photovoltaic Co., Ltd. | Collateralized money invested (\*4) | KRW 16,913 | Woori Bank and others |
|  Korea South-East Power Co., Ltd. | Nepal Water & Energy Development Company Private Limited | Collateralized money invested (\*4) | USD 95,960 | International Finance |
|  |  | Business reserve payment guarantee | USD 33,333 | Corporation and others |
|  Korea South-East Power Co., Ltd. | Santiago Solar Power SpA | Debt guarantees (\*8) | USD 8,000 | Nonghyup Bank and others |
|  Korea Hydro & Nuclear Power Co., Ltd. | Noeul Green Energy Co., Ltd. | Collateralized money invested |  | Hana Bank and others |
|  Korea Hydro & Nuclear Power Co., Ltd. | Busan Green Energy Co., Ltd. | Collateralized money invested | KRW 1,711 | Shinhan Bank and others |
|  Korea Hydro & Nuclear Power Co., Ltd. | Godeok Clean Energy Co., Ltd. | Collateralized money invested | KRW 5,479 | Kookmin Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea Hydro & Nuclear Power Co., Ltd. | Cheong-Song Noraesan Wind Power Co., Ltd. | Collateralized money invested | KRW 4,119 | Woori Bank and others |
|  Korea Hydro & Nuclear Power Co., Ltd. | Gwangyang Green Energy Co., Ltd. | Collateralized money invested | KRW 23,781 | Shinhan Bank and others |
|  Korea Hydro & Nuclear Power Co., Ltd. | Gangneung Sacheon Fuel Cell Co., Ltd. | Collateralized money invested | KRW 9,205 | Hana Bank and others |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**47.** **Related Parties, Continued** 

**(7)** **Guarantees provided to the related parties as of December 31, 2025 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |
| **Primary guarantor** | **Principal obligor** | **Type of guarantees** | **Credit limit** | **Creditor** |
|  Korea Hydro & Nuclear Power Co., Ltd. | Chuncheon Green Energy Co., Ltd. | Collateralized money invested | KRW 15,830 | Hana Bank and others |
|  Korea Hydro & Nuclear Power Co., Ltd. | Yangyang Suri Wind Power Co., Ltd. | Collateralized money invested | KRW 9,569 | Kookmin Bank and others |
|  Korea Hydro & Nuclear Power Co., Ltd. | Bigeum Resident Photovoltaic Power Co., Ltd. | Collateralized money invested | KRW 7,569 | Kookmin Bank and others |
|  Korea Hydro & Nuclear Power Co., Ltd. | Songsan Green Energy Co., Ltd. | Collateralized money invested | KRW 11,450 | Hana Bank and others |
|  Korea Hydro & Nuclear Power Co., Ltd. | Changwon Nu-ri Energy Co., Ltd. | Collateralized money invested | KRW 9,485 | Hana Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  | Hana Bank and others |
|  Korea Hydro & Nuclear Power Co., Ltd. | Imha Floating Photovoltaic Power Plant Inc. | Collateralized money invested | KRW 5,627 | Hana Bank and others |
|  Korea Hydro & Nuclear Power Co., Ltd. | KAS INVESTMENT I LLC | Payment guarantees (\*12) | USD 9,770 | WOORI AMERICA BANK |
|  Korea Hydro & Nuclear Power Co., Ltd. | KAS INVESTMENT II LLC | Payment guarantees (\*12) | USD 9,730 | WOORI AMERICA BANK |

---

(\*1) The Group guarantees to provide supplemental funding for business with respect to excessive business expenses or insufficient repayment of borrowings.

---

| | |
|:---|:---|
| (\*2) | Samcheok Eco Materials Co., Ltd., a joint venture of the Group has issued the hybrid bonds. If the bonds are not repaid by December 8, 2026, the parent company and shareholders must purchase the bonds from the acquirer. As of December 31, 2025, derivative liabilities of W23,494 million were recognized in relation to this obligation. Meanwhile, the Group has entered into an agreement to compensate for potential losses in connection with the fulfillment of the obligated supply volume under the coal ash supply obligation agreement.  |

---

(\*3) The Group recognized an impairment loss on all of the equity securities of Boim Combined Heat and Power Generation Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is W47,067 million.

---

| | |
|:---|:---|
| (\*4) | The agreement includes an obligation to contribute, in proportion to the equity interest, any excess amount over the threshold in the event that the non-recognized portion of the guaranteed company's capital expenditure exceeds the prescribed limit.  |

---

(\*5) The common stocks of Dongducheon Dream Power Co., Ltd. held by the Group were pledged as collateral.

(\*6) The Group provided a payment guarantee to Jordan Tafila wind power project for opening L/C for Debt Service Reserve Account (DSRA).

(\*7) The Group provided EBL payment and EBL hedging guarantee to Amaala Sustainable Company for Energy LLC, an associate of the Group.

---

| | |
|:---|:---|
| (\*8) | The Group has issued a guaranteed letter of credit in the amount of USD 8,000 thousand under the interlender loan agreement with Santiago Solar Power SpA.  |

---

(\*9) The credit limits of guarantees to RE Holiday Holdings LLC include the credit limits of guarantees to their subsidiaries.

---

| | |
|:---|:---|
| (\*10) | Xe-Pian Xe-Namnoy Power Co., Ltd., an associate of the Group, has entered a contract to pay an incentive type of impounding bonus to SK Eco Plant Co., Ltd. when the Xe-Pian Xe-Namnoy Dam is completed. If Xe-Pian Xe-Namnoy Power Co., Ltd. fails to pay SK Eco Plant Co., Ltd., the Group guarantees the payment, and the amount is USD 5,000 thousand.  |

---

(\*11) The Group provided a payment guarantee to Chile Kelar project for opening L/C for Debt Service Reserve Account (DSRA), and others.

(\*12) The credit limits of guarantees to KAS INVESTMENT I LLC, KAS INVESTMENT II LLC include the credit limits of guarantees to their subsidiaries.

(\*13) The payment guarantee is related to the gas combined cycle power project of South Jamaica Power Company Limited, a joint venture of the Group.

(\*14) The payment guarantees for the water source modification cost of PT. Tanjung Power Indonesia, a joint venture of the Group, has not yet been executed.

(\*15) The Group has provided a performance guarantee in connection with the Tafila Wind Power Project in Jordan.

---

| | |
|:---|:---|
| (\*16) | In accordance with the agreement, the Group has recognized the estimated amount required for the fulfillment of the obligation as other provisions, amounting to W13,498 million.  |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**47.** **Related Parties, Continued** 

**(8)** **Guarantees received from the related parties as of December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **Primary Guarantor** | **Type of guarantees** | **Credit limit** | **Credit limit** |
|  KAPES, Inc. | Defect guarantees | W | 16081 |
|  | Performance guarantees |  | 35926 |
|  | Advance payment guarantee |  | 248042 |

---

**(9)** **Derivatives transactions with the related parties as of December 31, 2025 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* |
| **Counterparty** | **Contract year** | **Contract amounts** | **Contract amounts** | **Contract amounts** | **Contract interest rate**<br>**per annum** | **Contract interest rate**<br>**per annum** | **Contract**<br>**exchange**<br>**rate (in won)** | **Contract**<br>**exchange**<br>**rate (in won)** |
| **Counterparty** | **Contract year** | **Pay** | **Pay** | **Receive** | **Pay** | **Receive** | **Contract**<br>**exchange**<br>**rate (in won)** | **Contract**<br>**exchange**<br>**rate (in won)** |
|  Korea Development Bank | 2021~2026 | W | 118170 | USD 100,000 | 1.11% | 1.13% | W | 1181.70 |
|  | 2022~2026 |  | 283820 | USD 200,000 | 4.67% | 5.38% |  | 1419.10 |
|  | 2022~2028 |  | 283820 | USD 200,000 | 5.12% | 5.50% |  | 1419.10 |
|  | 2023~2026 |  | 256000 | USD 200,000 | 4.04% | 5.38% |  | 1280.00 |
|  | 2024~2027 |  | 864890 | USD 650,000 | 3.53% | 4.88% |  | 1330.60 |
|  | 2025~2028 |  | 73160 | USD 50,000 | 3.02% | SOFR + 0.62% |  | 1463.20 |
|  | 2017~2027 |  | 111610 | USD 100,000 | 2.31% | 3.13% |  | 1116.10 |
|  | 2018~2028 |  | 108600 | HKD 800,000 | 2.69% | 3.35% |  | 135.75 |
|  | 2019~2027 |  | 119978 | CHF 100,000 | 1.43% | 0.05% |  | 1199.78 |
|  | 2021~2026 |  | 111399 | USD 100,000 | 0.93% | 1.25% |  | 1114.00 |
|  | 2022~2027 |  | 262000 | USD 200,000 | 3.63% | 4.25% |  | 1310.00 |
|  | 2024~2028 |  | 257880 | USD 200,000 | 3.80% | 5.00% |  | 1289.40 |
|  | 2024~2028 |  | 128940 | USD 100,000 | 3.69% | 5.00% |  | 1289.40 |
|  | 2024~2029 |  | 138540 | USD 100,000 | 3.19% | 4.63% |  | 1385.40 |
|  | 2025~2030 |  | 556560 | USD 400,000 | 2.75% | SOFR + 0.79% |  | 1391.40 |
|  | 2020~2026 |  | 118910 | USD 100,000 | 0.61% | 1.00% |  | 1189.10 |
|  | 2021~2026 |  | 114230 | USD 100,000 | 1.27% | 1.25% |  | 1142.30 |
|  | 2022~2027 |  | 123710 | USD 100,000 | 3.41% | 3.63% |  | 1237.10 |
|  | 2023~2028 |  | 129500 | USD 100,000 | 3.85% | 4.88% |  | 1295.00 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**47.** **Related Parties, Continued** 

**(10)** **During the year ended December 31, 2025, the Group acquired financial instruments amounting to KRW 120,000 million from Korea Development Bank, an other related party, and disposed of financial instruments amounting to KRW 80,000 million.** 

**(11)** **The Group considers all standing directors of the Board who serve as executive officers responsible for planning, operations and/or control of business activities, as key management personnel. The Group recorded salaries and other compensations related to the key management personnel as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | | | | |
| **Type** | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2024** | **For the year ended**<br>**December 31, 2024** |
|  Salaries | W | 1407 |  | 1064 |
|  Retirement benefits |  | 62 |  | 36 |
|  | W | 1469 |  | 1100 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**48.** **Statement of Cash Flows** 

**(1)** **Significant non-cash transactions for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* |  |  |  |
| **Transactions** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
|  Transfer from construction-in-progress to other assets | W | 10256534 | 15059467 |
|  Recognition of asset retirement cost and related provision for decommissioning costs |  | 591433 | 1821415 |
|  Transfer from provision for disposal of used nuclear fuel to accrued expenses |  | 411377 | 463388 |
|  Transfer from long-term borrowings to current portion of long-term borrowings |  | 8742102 | 8417793 |
|  Transfer from debt securities to current portion of debt securities |  | 27165448 | 26901367 |
|  Transfer from inventory to stored nuclear fuel |  | 1194976 | 1002036 |
|  Recognition of right-of-use assets and others |  | 100430 | 132495 |

---

**(2)** **Changes in liabilities incurred from financing activities for each of the two years in the period ended December 31, 2025 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  |  |  |  | **Non-cash changes** | **Non-cash changes** |  |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Cash flows** | **Increase** | **Effect of<br>exchange rate**<br>**fluctuations<br>and others** | **Ending<br>balance** |
|  Borrowings | W | 20659381 | 1506642 |  | (169727) | 21996296 |
|  Debt securities |  | 111874019 | (3447638) |  | (653385) | 107772996 |
|  Lease liabilities |  | 3699456 | (549651) | 90362 | (89287) | 3150880 |
|  Dividends Payable |  | 5063 | (216780) |  | 213036 | 1319 |
|  Derivative liabilities (assets), net |  | (2406338) | 621571 |  | (85283) | (1870050) |
|  | W | 133831581 | (2085856) | 90362 | (784646) | 131051441 |
| *In millions of won* | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  |  |  |  | **Non-cash changes** | **Non-cash changes** |  |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Cash flows** | **Increase** | **Effect of<br>exchange rate**<br>**fluctuations<br>and others** | **Ending<br>balance** |
|  Borrowings | W | 19839652 | 604841 |  | 214888 | 20659381 |
|  Debt securities |  | 113792178 | (4211164) |  | 2293005 | 111874019 |
|  Lease liabilities |  | 3807880 | (612828) | 119161 | 385243 | 3699456 |
|  Dividends Payable |  | 4574 | (126902) |  | 127391 | 5063 |
|  Derivative liabilities (assets), net |  | (554147) | 545483 |  | (2397674) | (2406338) |
|  |  | W136,890,137 | (3800570) | 119161 | 622853 | 133831581 |

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**49.** **Commitments for Expenditure** 

**(1)** **The commitments for acquisition of property, plant and equipment as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Contracts** | **Commitment<br>amounts** | **Commitment<br>amounts** | **Remaining**<br>**liability balances** | **Commitment<br>amounts** | **Remaining liability<br>balances** |
|  Purchase of cable (PVC, 1C, 2000SQ) 153,000M and others (Shin-Bupyung-Youngseo) | W | 57226 | 417 | 57226 | 417 |
|  Purchase of GIS (362kV, 6300A, 63kA) 23CB – Youngseo S/S |  | 37081 | 8394 | 37168 | 15109 |
|  Purchase of GIS (362kV, 6300A, 63kA) 27CB – Kwangyang S/S |  | 37744 | 140 | 37744 | 140 |
|  Purchase of cable (PVC, 1C, 2500SQ) 100,548M and others (Kyungin Construction) |  | 58271 | 746 | 58271 | 746 |
|  Purchase of GIS (362kV, 6300A, 63kA) 25CB – Migeum S/S |  | 35282 | 4749 | 35282 | 13476 |
|  Purchase of cable (PVC, 1C, 2000SQ) 5,862M and others (Baekun-Gwangyanghang) |  | 35016 | 703 | 35016 | 703 |
|  Purchase of cable (PVC, 1C, 2500SQ) 57,868M and others (Goduk-Seoansung) |  | 40937 | 654 | 40937 | 654 |
|  Purchase of cable (PVC, 1C, 2000SQ) 87,732M and others (Eulwangboonki) |  | 36446 | 1015 | 36446 | 1015 |
|  Purchase of GIS (362kV,6300A,63kA) Type 18 – Wolsung S/Y |  | 33057 | 16045 | 33057 | 16045 |
|  System stabilization ESS equipment (Bubuk S/S) Type 1 |  | 221939 | 42137 | 221939 | 42137 |
|  System stabilization ESS equipment (Yeongcheon S/S) Type 1 |  | 72779 | 16975 | 72779 | 16975 |
|  System stabilization ESS equipment (Yesan S/S) Type 1 |  | 56174 | 11471 | 56174 | 11471 |
|  System stabilization ESS equipment (Hamyang S/S) Type 1 |  | 35764 | 11468 | 35764 | 11468 |
|  Concrete pole (10M, general purpose, 500KGF) 90,000 ea and four other equipment |  |  |  | 59473 | 36464 |
|  Purchase of cable (PVC, 1C, 2500SQ) 53,856M and others (Shinchungjuboonki) |  |  |  | 31925 | 7756 |
|  Purchase of GIS (362kV, 6300A, 63kA) Type 31 – East Seoul S/S |  | 38520 | 38520 | 39060 | 39060 |
|  Purchase of cable (PVC, 1C, 2000SQ) 68,613M and others (Dongducheon-Yangju) |  | 40933 | 15651 | 40933 | 28790 |
|  Purchase of HVDC cable (PE, 2500SQ) 31,551M and others |  | 40323 | 31810 | 40323 | 40323 |
|  Purchase of HVDC cable (PE, 2500SQ) 30,883M and others |  | 40130 | 31505 | 40130 | 40130 |
|  Stationary reactive power compensation device (Phase 3, ±500MVAR) – Shin Jecheon S/S |  | 39300 | 39300 | 39300 | 39300 |
|  Stationary reactive power compensation device (STATCOM, phase 3, ±500MVAR) – East coast #1C/S |  | 37600 | 37600 | 37600 | 37600 |
|  AMIGO, 1P2W, 60(5)A, Electronic, Class 1.0, 220V, 1,031,728 EA - Annual Unit Price |  |  |  | 43054 | 38404 |
|  Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) – Shin Gapyeong S/S |  | 40590 | 40590 | 40590 | 40590 |
|  Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) – Shin Namwon S/S |  | 37100 | 37100 | 37100 | 37100 |
|  Steel Pipe Towers (500kV HVDC), 6,105 tons – Donghae–Shingapyeong (Section 2) |  | 32381 | 11453 | 25214 | 25214 |
|  Steel Pipe Towers (500kV HVDC), 6,143 tons – Donghae–Shingapyeong (Section 3) |  | 31184 | 14490 | 25372 | 25372 |
|  Purchase of GIS (362kV, 6300A, 63kA) Type 16 and others - East coast #1C/S |  | 41000 | 40700 |  |  |
|  Purchase of cable (PVC, 1C, 2500SQ) 55,593M and others (Shin Anseong–Dong Yongin) |  | 38086 | 10334 |  |  |
|  Concrete pole (10M, general purpose, 500KGF) 70,000 ea and five other equipment |  | 31838 | 18411 |  |  |
|  AMIGO, 1P2W, 60(5)A, Electronic, Class 1.0, 220V, 709,616 units – Annual Unit Price (General) |  | 40475 | 29546 |  |  |
|  AMIGO, 3P4W, 120(10)A, Electronic, Class 1.0, 220V, 422,751 units – Annual Unit Price (General) |  | 42252 | 12262 |  |  |
|  Purchase of cable (PVC, 1C, 2000SQ) 74,647M and others (East Seoul#2-Tancheon) |  | 30471 | 30471 |  |  |
|  Purchase of cable (PE,1C,2500SQ) 69,720M and others (Saemangeum-Dongbieung) |  | 30607 | 20679 |  |  |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**49.** **Commitments for Expenditure, Continued** 

**(1)** **The commitments for acquisition of property, plant and equipment as of December 31, 2025 and 2024 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Contracts** | **Commitment<br>amounts** | **Remaining**<br>**liability balances** | **Commitment<br>amounts** | **Remaining liability<br>balances** |
|  Stationary reactive power compensation device<br> (Phase 3, ±500MVAR) – East coast #2C/S | 36400 | 36400 |  |  |
|  Purchase of GIS (800KV,8000A,50KA) Type 7– Dangjin Thermal Power Plant | 63903 | 63903 |  |  |
|  765kV Power Transformer 3Bank(15Tank) - Dangjin Thermal Power Plant | 61100 | 61100 |  |  |
|  Purchase of cable (PVC, 1C, 2000SQ) 61,641M and others (Shin Gangseoboonki) | 52204 | 52204 |  |  |
|  Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) Type2- Shin Okcheon S/S | 58650 | 58650 |  |  |
|  Construction of Saeul Units (#3,4) | 11718217 | 921006 | 11718217 | 1748342 |
|  Construction of Shin-Hanul Units (#3,4) | 12343245 | 10205627 | 12343245 | 10964638 |
|  Other 55 contracts | 2245116 | 1583953 | 2033913 | 1744217 |
|  Purchase of equipment for the construction project of Boryeong indoor coal storage yard | 371978 | 134735 | 357479 | 241751 |
|  Purchase of main machine for Boryeong New Complex Unit 1 | 282623 | 29970 | 286299 | 177988 |
|  Boryeong New Complex Unit 1 Construction Project | 221475 | 93617 | 202552 | 161753 |
|  Haman Combined Power Block Conditional Purchase Agreement | 586983 | 514447 | 581790 | 543509 |
|  Purchase of gas turbine and turbine equipment of Gimpo combined heat & power plant | 123989 | 9820 | 123495 | 15603 |
|  Purchase of steam turbine, HRSG and POWER BLOCK of Gimpo combined heat & power plant |  |  | 220864 | 101 |
|  Construction of Gimpo combined heat & power plant | 223697 | 7184 | 223660 | 8795 |
|  Purchase of gas turbines, steam turbines, and accessories for Gumi natural gas power plant | 198029 | 18973 | 198029 | 29417 |
|  Purchase of heat recovery boiler and accessories for Gumi natural gas power plant | 65918 | 9336 | 65918 | 12574 |
|  Construction of Gumi natural gas power plant | 301684 | 24569 | 246110 | 96708 |
|  Installation of natural gas supply facility at Gumi natural gas power plant |  |  | 83801 | 45019 |
|  Construction of Gongju natural gas power plant | 224392 | 120972 | 203849 | 190840 |
|  Purchase of natural gas main machine and accessories at Gongju natural gas power plant | 310322 | 257822 | 305829 | 273338 |
|  Purchase of main equipment and ancillary facilities for the Yeosu Natural Gas Power Plant. | 288250 | 232221 |  |  |
|  Purchase of gas turbines and accessories for Asan combined heat & power plant | 123000 | 123000 |  |  |
|  Purchase of coal handling machine for construction of Samcheok Units (#1,2) | 327569 | 2110 | 326395 | 5905 |
|  Purchase of main equipment for Shin-Sejong combined thermal power plant | 234392 | 2862 | 234392 | 2670 |
|  Hadong Thermal Power Plant Indoor Coal Storage Yard Residual Project Purchase | 61859 | 49504 |  |  |
|  Purchase of Samcheok hydrogen compound co-firing facility infrastructure | 128820 | 64989 | 128820 | 90876 |
|  Construction of Andong Combined Unit 2 Power Plant | 185647 | 132297 | 181593 | 175029 |
|  Purchase of main equipment for Andong Combined Unit 2 | 279771 | 125852 | 279773 | 230694 |
|  Service of designing Hadong Combined Unit 1 | 32289 | 26988 | 31593 | 26351 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**49.** **Commitments for Expenditure, Continued** 

**(2)** **As of December 31, 2025, details of contracts for inventory purchase commitment are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| **Type** | **Periods** | **Periods** | **Contracted quantity** |
|  Concentrate |  | 2025 ~ 2033 | 20,737 Ton U3O8 |
|  Conversion |  | 2025 ~ 2030 | 17,392 Ton U |
|  Enrichment |  | 2025 ~ 2035 | 27,829 Ton SWU |

---

In addition, the contracted quantity of the molded uranium between Korea Hydro & Nuclear Power Co., Ltd. and KEPCO Nuclear Fuel Co., Ltd., which are subsidiaries of the Group, is 1,370 Ton U (contract periods: 2024 ~ 2033).

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**50.** **Contingencies and Commitments** 

**(1)** **Ongoing litigations and arbitrations related with contingent liabilities and contingent assets as of December 31, 2025 and 2024 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Number of cases** | **Number of cases** | **Amount** | **Amount** | **Number of cases** | **Number of cases** | **Amount** | **Amount** |
|  As the defendant |  | 706 | W | 799646 |  | 722 | W | 884402 |
|  As the plaintiff |  | 244 |  | 531459 |  | 264 |  | 769772 |

---

As of December 31, 2025, the Group is involved in five litigation matters and two arbitration proceedings.

1) The Group is the defendant against a number of litigations. The following is ongoing litigation pertaining to the Group which can potentially be significant:

As of December 31, 2025, the Group is a defendant in a total of 14 lawsuits regarding ordinary wages and 9 lawsuits regarding other wage-related matters pending in various courts, including the Supreme Court of Korea. The aggregate amount of claims filed against the Group in these wage-related lawsuits is W 198,628 million, and the Group has recognized provisions for litigation amounting to W 196,504 million as of December 31, 2025. While the ultimate outcomes of the lawsuits for which no provisions have been recognized are not currently predictable, the Group's management believes that the results of such proceedings will not have a material adverse effect on the Group's results of operations or financial position.

2) There are 10 arbitration cases pertaining to the Group as of December 31, 2025 and the significant arbitration cases are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① During the year ended December 2025, Hyosung Heavy Industries Co., Ltd. filed an arbitration request with the
Korean Commercial Arbitration Board (KCAB) against the Group in connection with the 200MW Voltage Source Converter (VSC) HVDC technology development agreement and the related acquisition costs. As of December 31, 2025, the Group is unable to
reasonably estimate the amount or timing of any potential resource outflows that may result from the final outcome of this arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② The Group is currently engaged in arbitration proceedings at the KCAB against S-Energy Co., Ltd. to confirm the
latter's obligation to pay compensation for the shortfall in guaranteed power output of certain solar power facilities. As of the end of the current period, the Group cannot reasonably estimate the probability or the amount of any potential
inflow of economic benefits arising from the outcome of this arbitration.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**50.** **Contingencies and Commitments, Continued** 

**(2)** **Guarantees of payments and commitments provided to other companies as of December 31, 2025 are as follows:** 

1) The Group has provided the syndicate of lenders of PT Indo Raya Tenaga, the business corporation of PT Barito Wahana Tenaga, a guarantee by establishing the right of pledge on the shares of PT Barito Wahana Tenaga for project financing of PT Barito Wahana Tenaga as of December 31, 2025.

2) The Group has outstanding borrowings with a limit of USD 264,800 thousand from its creditors such as International Finance Corporation. Regarding the borrowing contract, the Group has guaranteed capital contribution of USD 69,808 thousand and additional contribution up to USD 19,000 thousand for contingencies, if any. In relation to this financial agreement, the Group is providing its entire shares in Mira Power Limited and business-related PP&E as collateral to the lenders. 

3) The Group has provided USD 6,015 thousand for a debt guarantee to Export-Import Bank of Korea, BNP Paribas and ING Bank, to guarantee the payment of debt related to hydroelectric power business of Tanggamus, Indonesia.

4) The Group has provided USD 4,253 thousand for a debt guarantee to PT. Bank KB Bukopin, to guarantee the payment of debt related to hydroelectric power business of Wampu, Indonesia.

5) The Group has provided RBC Community Investments Impact Renewables HoldCo-1, LLC a performance guarantee regarding weatherization in relation with tax investors up to USD 3,000 thousand for the power plant construction for Concho Valley solar power project in the United States.

6) The Group has provided EUR 7,031 thousand for a performance guarantee to Microsoft through Kookmin Bank, to guarantee the implementation of the power plant construction for Guba Buget wind power project in Sweden.

7) The Group has provided Axia Power Holdings B.V. and others a performance guarantee up to USD 54,000 thousand for the implementation of Cirebon thermal power generation project in Indonesia.

8) The Group has provided Nonghyup Bank a debt guarantee up to USD 3,795 thousand to guarantee Debt Service Reserve Account (DSRA) for Mizuho bank, related to the Cirebon power plant business of PT. Cirebon Electric Power in Indonesia.

9) The Group has provided PT Perusahaan Listrik Negara a performance guarantee up to IDR 35,599,935 thousand for the implementation of Tanjung Jati power plant operation project in Indonesia.

10) The Group has provided USD 30,000 thousand for a performance guarantee to Morgan Stanley Capital Group Inc., to guarantee the electricity purchase contract in relation to photovoltaic power generation project in USA.

11) The Group has provided Morgan Stanley Renewables Inc. a guarantee up to USD 70,000 thousand for the fulfillment of subscription obligation regarding photovoltaic power generation project in USA.

12) The Group has provided Hana Bank a debt guarantee up to USD 40,000 thousand to guarantee Equity Bridge Loan for Concho Valley solar business in the United States.

13) The Group has provided Van Phong Power Company, Ltd. a performance guarantee up to USD 5,000 thousand for the operation maintenance project in Van Phong, Vietnam.

14) The Group has provided RBC Community Investments Impact Renewables HoldCo-1, LLC a guarantee for up to USD 62,800 thousand for the fulfillment of subscription obligation regarding Concho Valley solar power project in the United States.

15) The Group has provided a performance guarantee of USD 4,413 thousand to Mondelez Global, LLC, as a guarantee for the U.S. Rusi solar power project undertaken by Concho County Solar 1, LLC.

16) The Group has provided an equity commitment guarantee of OMR 17,515 thousand to Natixis in connection with the Oman Ibri 3 Solar Project, which is being developed by its subsidiary, KOMIPO Middle East Energy L.L.C. FZ.

17) The Group has provided a performance guarantee of OMR 667 thousand to HSBC Seoul, in connection with the bid bond for the Oman Al Kamil Solar Project conducted by a consortium consisting of Abu Dhabi Future Energy Company PJSC (Masdar), KOMIPO, and Al Khadra.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**50.** **Contingencies and Commitments, Continued** 

**(3)** **Credit lines provided by financial institutions and others as of December 31, 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* |  |  |  |  |
| **Commitments** | **Financial institutions** | **Currency** | **Credit<br>limit** | **Used amount** |
|  Commitments on Bank-overdraft | Nonghyup Bank and others | KRW | 1780500 | 388873 |
|  Limit amount available for CP | Hana Bank and others | KRW | 8380000 | 8380000 |
|  General Loan, etc. | Nonghyup Bank and others | KRW | 2600000 | 2600000 |
|  Limit amount available for card | Nonghyup Card and others | KRW | 48458 | 4351 |
|  Loan limit | Korea Development Bank and others | KRW | 3067095 | 1845751 |
|  | DBS Bank and others | USD | 1760000 |  |
|  Certification of payment on payables from foreign country | Nonghyup Bank | USD | 8700 | 4020 |
|  Certification of payment on L/C | Shinhan Bank and others | USD | 1292634 | USD 323,645 |
|  |  |  |  | EUR 5,150 |
|  | Kookmin Bank and others | EUR | 8431 | 7461 |
|  | Shinhan Bank | JPY | 526241 | 118950 |
|  Certification of Performance guarantee on contract | Hana Bank and others | KRW | 170168 | 108989 |
|  | First Abu Dhabi Bank and others | USD | 1874849 | 388118 |
|  | SMTB | JPY | 6500000 | 440000 |
|  | Hana Bank and others | EUR | 377623 | 6342 |
|  | Hana Bank | INR | 27117 | 27117 |
|  | Hana Bank | OMR | 6250 |  |
|  | First Abu Dhabi Bank | AED | 52500 | 52500 |
|  | Saudi National Bank and others | SAR | 124151 | 123657 |
|  Certification of bidding | Korea Software<br> Financial Cooperative | KRW | 43806 |  |
|  | Hana Bank and others | USD | 14200 | 9000 |
|  | Bank Muscat | OMR | 3750 | 3750 |
|  Advance payment bond, Warranty bond, Retention bond and others | Seoul Guarantee Insurance | KRW | 110226 | 110226 |
|  | Saudi National Bank and others | USD | 705517 | 667341 |
|  | Saudi National Bank | SAR | 42505 | 42505 |
|  | Shinhan Bank and others | MXN | 21290 | 21290 |
|  Others (\*) | Nonghyup Bank and others | KRW | 624149 | 210779 |
|  | Nonghyup Bank and others | USD | 575137 | 162799 |
|  | Shinhan Bank | QAR | 155213 |  |
|  | Standard Chartered | AED | 50 | 50 |
|  Secured loan of credit sales | Nonghyup Bank and others | KRW | 284500 |  |
|  Inclusive credit | Hana Bank and others | KRW | 28000 | 3954 |
|  | Hana Bank and others | USD | 35000 | USD 6,913 |
|  |  |  |  | INR 273,832 |
|  |  |  |  | AED 1,446 |
|  Equity Bridge Loan Guarantee | First Abu Dhabi Bank<br> and others | USD | 1102993 | 955893 |
|  Trade finance | DBS Bank and others | USD | 600000 |  |

---

(\*) As of December 31, 2025, the Group has entered into a credit extension agreement for derivatives transactions with Nonghyup Bank, Hana Bank and Woori Bank as ancillary to currency swap transactions.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**50.** **Contingencies and Commitments, Continued** 

**(4)** **As of December 31, 2025, promissory notes and assets provided as collaterals or pledges to financial institutions by the Group are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |  |  |  |
| **Obligor** | **Creditor** | **Assets provided as security (\*2)** | **Currency** | **Amount** | **Description** |
|  Mira Power Limited | International Finance Corporation and others | Property, plant and Equipment and others | USD | 264800 | Collateral for borrowings (\*1) |
|  Tamra Offshore Wind Power Co., Ltd. | Kyobo Life Insurance Co., Ltd. and others | Property, plant and equipment and others | KRW | 132000 | Collateral for borrowings (\*1) |
|  Gyeonggi Green Energy Co., Ltd. | Korea Development Bank and others | Cash and cash equivalents and others | KRW | 251600 | Collateral for borrowings (\*1) |
|  Jeongam Wind Power Co., Ltd. | KDB Capital Corporation and others | Cash and cash equivalents and others | KRW | 230716 | Collateral for borrowings |
|  Gyeongju Wind Power Co., Ltd. | Shinhan Bank and others | Property, plant and equipment and others | KRW | 68400 | Collateral for borrowings (\*1) |
|  Korea Offshore Wind Power Co., Ltd. | Woori Bank and others | Property, plant and equipment and others | KRW | 244500 | Collateral for borrowings (\*1) |
|  Qatrana Electric Power Company | The Islamic Development Bank and others | Finance lease receivable and property, plant and equipment and others | USD | 32667 | Collateral for borrowings (\*1) |
|  KST Electric Power Company, S.A.P.I. de C.V. | Export–Import Bank of Korea and others | Finance lease receivable and property, plant and equipment and others | USD | 310682 | Collateral for debt securities (\*1) |
|  Incheon Fuel Cell Co., Ltd. | Kookmin Bank and others | Cash and cash equivalents and others | KRW | 230800 | Collateral for borrowings (\*1) |
|  K-SOLAR SHINAN Co., Ltd. | Kyobo Life Insurance Co., Ltd. and others | Property, plant and equipment and others | KRW | 274780 | Collateral for borrowings (\*1) |
|  KOSPO Youngnam Power Co., Ltd. | Shinhan Bank and others | Cash and cash equivalents and others | KRW | 744120 | Collateral for borrowings |
|  Jeju Hanlim Offshore Wind Co., Ltd. | Kookmin Bank and others | Property, plant and equipment and others | KRW | 37232 | Collateral for borrowings |
|  Western Power Changgi Solar Co., Ltd. | Samsung Life Insurance and others | Property, plant and equipment and others | KRW | 45000 | Collateral for borrowings (\*1) |
|  Yeongdeok Sunrise Wind Power Co., Ltd. | Korea Development Bank and others | Property, plant and equipment and others | KRW | 96240 | Collateral for borrowings (\*1) |
|  Chitose Solar Power Plant LLC | SMTB | Cash and cash equivalents and others | JPY | 594963 | Collateral for borrowings |
|  Mangilao Intermediate Holdings LLC | Mizuho Bank and others | Trade receivable and others | USD | 83147 | Collateral for borrowings (\*1) |

---

---

| | |
|:---|:---|
| (\*1) | This is based on the amount of loan commitment limit.  |

---

(\*2) As of December 31, 2025, the Group has established guarantees for pledge for transfer of rights of long-term borrowings, pledge for insurance claims, factory foundation mortgages, deposit pledges, etc.

The Group has W1,197 million of project loans from the Korea Energy Agency as of December 31, 2025. The Group has provided a promissory note as a repayment guarantee.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**50.** **Contingencies and Commitments, Continued** 

**(5)** The Group temporarily suspended operations of the Gangneung hydroelectric generating plant, with a
carrying amount of W 55,707 million as of December 31, 2025, to improve the quality of water used in generating electricity. The expenses related to the suspension of operations of W 761 million and
depreciation on the idle assets of W 3,614 million are recorded in other expenses for the year ended December 31, 2025. Regarding the improvement of water quality, the results of damages compensation for the local residents
cannot be reasonably estimated, and the Group is in negotiations with Gangneung City and related stakeholders to restart the Gangneung hydroelectric generating plant as of December 31, 2025.

**(6)** As the government of the Republic of Korea announced the suspension of operation in Gaeseong Industrial
District, it is uncertain if the Group can exercise the property rights for the Group's facility in Gaeseong Industrial District as of December 31, 2025. Accordingly, the book value of the facility, amounting to W 11,778 million, was recognized as an impairment loss, and trade receivables related to companies residing in the Gaeseong Industrial District were fully written off. As of December 31, 2025, the Group cannot make
reasonable estimation on whether assets will be recovered or utilized in regular way related thereto.

**(7)** As of December 31, 2025, the Group owns land at 6171-1 Nuri-ri, Yeongi-myeon, Sejong Special Self-Governing City as PP&E with limited ownership, and its book value is W 64,371 million.

**(8)** The Korea Institute of Energy Technology(KENTECH) was established in April, 2020, in accordance with the
"Basic plan for the establishment of KENTECH (July, 2019)". By the special law to create KENTECH, the Group, government, and local government may contribute to the fund. The Group will decide whether to contribute to the fund on a board
resolution after consulting with relevant organizations considering its financial situation by year.

**(9)** The ongoing armed conflict in Ukraine started in February 2022 and relevant sanctions against Russia imposed by
the international community can impact not only sanctioned entities but also the entities doing business directly or indirectly with Ukraine or Russia and the entities exposed directly or indirectly to industries or economy of Russia or Ukraine. The
Group cannot make reasonable estimation of the financial impact of the recent conflict in Ukraine on the future events.

**(10)** The Group believes that a potential obligation related to mutual cooperation contributions exists in connection
with nuclear power plants whose design life is approaching expiration. The amount and terms of such mutual cooperation contributions have not been agreed upon, and accordingly, the likelihood of an outflow of economic benefits resulting from the
settlement of such obligation cannot be reasonably estimated, as of December 31, 2025.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**51.** **Subsequent Events** 

**(1)** Subsequent to December 31, 2025, KEPCO borrowed long-term borrowings for the purposes of operation
and details related thereto are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **Company** | **Type** | **Issue date** | **Maturity** | **Interest rate (%)** | **Amount** | **Amount** |
|  Korea Electric Power Corporation | Local long-term borrowings<br>(Mid- to long-term CP (\*)) | 2026.01.22 | 2029.01.22 | 3M CD + 0.34 | W | 200000 |
|  Korea Electric Power Corporation | Local long-term borrowings<br>(Mid- to long-term CP (\*)) | 2026.02.04 | 2029.02.02 | 3M CD + 0.36 |  | 200000 |
|  Korea Electric Power Corporation | Local long-term borrowings<br>(Mid- to long-term CP (\*)) | 2026.02.12 | 2029.02.09 | 3M CD + 0.40 |  | 200000 |

---

(\*) The maturity of mid- to long-term CPs corresponds to contract period of commercial paper repurchase agreements.

**(2)** Subsequent to December 31, 2025, KEPCO and its subsidiaries, Korea South-East Power Co., Ltd.,
Korea Western Power Co., Ltd. and Korea Southern Power Co., Ltd., issued bonds denominated in Korean won and USD for the purpose of operation funding and details related thereto are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |
| **Company** | **Type** | **Issue date** | **Maturity** | **Interest rate (%)** | **Amount** | **Amount** |
|  Korea Electric Power Corporation | #1536 Corporate bond | 2026.01.06 | 2028.01.06 | 2.98 | W | 200000 |
|  | #1537 Corporate bond | 2026.01.06 | 2029.01.05 | 3.15 |  | 100000 |
|  | #1538 Corporate bond | 2026.01.12 | 2028.01.12 | 2.99 |  | 200000 |
|  | #1539 Corporate bond | 2026.01.12 | 2029.01.12 | 3.15 |  | 200000 |
|  | #1540 Corporate bond | 2026.01.19 | 2028.01.19 | 3.11 |  | 120000 |
|  | #1541 Corporate bond | 2026.01.19 | 2029.01.19 | 3.32 |  | 250000 |
|  | #1542 Corporate bond | 2026.01.27 | 2028.01.25 | 3.20 |  | 30000 |
|  | #1543 Corporate bond | 2026.01.27 | 2029.01.26 | 3.41 |  | 100000 |
|  | #1544 Corporate bond | 2026.01.27 | 2031.01.27 | 3.65 |  | 80000 |
|  | #1545 Corporate bond | 2026.02.03 | 2028.02.03 | 3.35 |  | 50000 |
|  | #1546 Corporate bond | 2026.02.03 | 2029.02.02 | 3.54 |  | 120000 |
|  | #1547 Corporate bond | 2026.02.03 | 2031.02.03 | 3.80 |  | 130000 |
|  | #1548 Corporate bond | 2026.02.10 | 2028.02.10 | 3.44 |  | 70000 |
|  | #1549 Corporate bond | 2026.02.10 | 2029.02.09 | 3.65 |  | 100000 |
|  | #1550 Corporate bond | 2026.02.10 | 2031.02.10 | 3.86 |  | 170000 |
|  | #1551 Corporate bond | 2026.02.24 | 2028.02.24 | 3.28 |  | 110000 |
|  | #1552 Corporate bond | 2026.02.24 | 2029.02.23 | 3.51 |  | 230000 |
|  | #1553 Corporate bond | 2026.02.24 | 2031.02.24 | 3.71 |  | 100000 |
|  | #1554 Corporate bond | 2026.03.05 | 2028.03.03 | 3.31 |  | 120000 |
|  | #1555 Corporate bond | 2026.03.05 | 2029.03.05 | 3.52 |  | 110000 |
|  | #1556 Corporate bond | 2026.03.05 | 2031.03.05 | 3.71 |  | 70000 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**51.** **Subsequent Events, Continued** 

**(2)** Subsequent to December 31, 2025, KEPCO and its subsidiaries, Korea South-East Power Co., Ltd.,
Korea Midland Power Co., Ltd., Korea Western Power Co., Ltd. and Korea Southern Power Co., Ltd., issued bonds denominated in Korean won and USD for the purpose of operation funding and details related thereto are as follows, continued:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |
| **Company** | **Type** | **Issue date** | **Maturity** | **Interest rate (%)** | **Amount** | **Amount** |
|  Korea South-East Power Co., Ltd | #69-1 Corporate bond | 2026.01.20 | 2028.01.19 | 3.15 | W | 150000 |
|  | #69-2 Corporate bond | 2026.01.20 | 2029.01.19 | 3.40 |  | 90000 |
|  | #69-3 Corporate bond | 2026.01.20 | 2031.01.20 | 3.68 |  | 70000 |
|  | #70-1 Corporate bond | 2026.01.30 | 2028.01.25 | 3.26 |  | 110000 |
|  | #70-2 Corporate bond | 2026.01.30 | 2029.01.30 | 3.47 |  | 110000 |
|  | #70-3 Corporate bond | 2026.01.30 | 2031.01.30 | 3.78 |  | 80000 |
|  Korea Midland Power Co., Ltd. | #75 Corporate bond | 2026.02.12 | 2028.02.11 | 3.56 |  | 100000 |
|  Korea Western Power Co., Ltd. | #75-1 Corporate bond | 2026.01.27 | 2029.01.26 | 3.43 |  | 100000 |
|  | #75-2 Corporate bond | 2026.01.27 | 2031.01.27 | 3.73 |  | 90000 |
|  | #76-1 Corporate bond | 2026.02.12 | 2029.02.09 | 3.63 |  | 100000 |
|  | #76-2 Corporate bond | 2026.02.12 | 2031.02.12 | 3.91 |  | 110000 |
|  | Electronic short-term bonds | 2026.01.06 | 2026.03.13 | 2.86 |  | 150000 |
|  | Electronic short-term bonds | 2026.01.14 | 2026.03.26 | 2.89 |  | 150000 |
|  | Electronic short-term bonds | 2026.01.26 | 2026.02.25 | 3.04 |  | 80000 |
|  Korea Southern Power Co., Ltd. | #82-1 Corporate bond | 2026.01.23 | 2029.01.23 | 3.38 |  | 70000 |
|  | #82-2 Corporate bond | 2026.01.23 | 2031.01.21 | 3.69 |  | 30000 |
|  | #83-1 Corporate bond | 2026.02.13 | 2029.02.09 | 3.64 |  | 60000 |
|  | #83-2 Corporate bond | 2026.02.13 | 2031.02.13 | 3.87 |  | 80000 |
|  | #83-3 Corporate bond | 2026.02.13 | 2036.02.13 | 4.11 |  | 20000 |

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**(3)** An armed conflict that began in the Middle East in February 2026 has led to increased geopolitical and
economic uncertainty. These developments may affect entities with direct or indirect operations in the affected region, or those exposed to the economies of the countries involved. This situation is considered a non-adjusting event after the reporting period. At this time, the Group is unable to reasonably estimate the potential financial impact that the evolving situation in the Middle East may have on its financial
position or results of operations.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

**December 31, 2025 and 2024** 

**52.** **Adjusted Operating Profit (Loss)** 

The operating profit (loss) in the Group's consolidated statements of comprehensive income or loss prepared in accordance with KIFRS included in this report differs from that in its consolidated statements of comprehensive income or loss prepared in accordance with IFRS as issued by IASB. The table below sets forth a reconciliation of the Group's results from operating activities as presented in the Group's consolidated statements of comprehensive income or loss prepared in accordance with KIFRS for each of the two years in the period ended December 31, 2025 to the operating profit or loss as presented in the Group's consolidated statements of comprehensive income or loss prepared in accordance with IFRS as issued by IASB for each of the corresponding periods.

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| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2025** | **2025** | **2024** |
|  **Operating profit on the consolidated statements of comprehensive income** | W | 13490557 | 8364710 |
|  **Add** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of other provisions |  | 8847 | 35317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of other allowance for bad debt |  | 4101 | 17699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on government grants |  | 224 | 4789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on assets contributed |  | 4505 | 29968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on liabilities exempted |  | 914 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation and reparations revenue |  | 99976 | 84682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from foundation fund |  | 245 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rental income |  | 209400 | 204277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 97091 | 100060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other gains |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on disposal of property, plant and equipment |  | 285525 | 85990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on disposal of intangible assets |  | 18 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of impairment losses on intangible assets |  | 42 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on foreign currency translation |  | 22283 | 77269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on foreign currency transactions |  | 110496 | 74520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on insurance proceeds |  | 1840 | 3411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 434280 | 273745 |
|  **Deduct** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation and indemnification expense |  | (2174) | (234) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion expenses of other provisions |  | (6441) | (5841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation expenses on investment properties |  | (1082) | (682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation expenses on idle assets |  | (3614) | (3642) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other bad debt expense |  | (4700) | (42776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations |  | (145798) | (324694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | (79578) | (87819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other losses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on disposal of property, plant and equipment |  | (112692) | (112018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on disposal of intangible assets |  | (13) | (111) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on impairment of property, plant and equipment |  | (14262) | (11240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on impairment of intangible assets |  | (8439) | (902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on foreign currency translation |  | (37045) | (29225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on foreign currency transactions |  | (128384) | (148381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | (214676) | (128215) |
|  **Adjusted operating profit** | W | 14011446 | 8461260 |

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##### [**Table of Contents**](#toc)
**Independent Auditors' Report of** 

**Internal Control over Financial Reporting** 

(English translation of a report originally issued in Korean)

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

**Korea Electric Power Corporation** 

**Opinion on Internal Control over Financial Reporting for Consolidation Purposes** 

We have audited Korea Electric Power Corporation and its subsidiaries (the "Group")' internal control over financial reporting ("ICFR") for consolidation purposes as of December 31, 2025 based on the criteria established in the Conceptual Framework for Designing and Operating ICFR ("ICFR Design and Operation Framework") issued by the Operating Committee of Internal Control over Financial Reporting in the Republic of Korea (the "ICFR Committee").

In our opinion, the Group maintained, in all material respects, effective internal control over financial reporting for consolidation purposes as of December 31, 2025, based on ICFR Design and Operation Framework.

We also have audited, in accordance with Korean Standards on Auditing (KSAs), the consolidated financial statements of the Group, which comprise the consolidated statement of financial position as of December 31, 2025, the consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising material accounting policy information and our report dated March 10, 2026 expressed an unmodified opinion on those consolidated financial statements.

**Basis for Opinion on Internal Control over Financial Reporting for Consolidation Purposes** 

We conducted our audit in accordance with KSAs. Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Internal Control over Financial Reporting for Consolidation Purposes section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the internal control over financial reporting in Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

**Responsibilities of Management and Those Charged with Governance for the Internal Control over Financial Reporting for Consolidation Purposes** 

The Group's management is responsible for designing, operating and maintaining effective internal control over financial reporting for consolidation purposes and for its assessment of the effectiveness of internal control over financial reporting for consolidation purposes, included in the accompanying Management's annual report on internal control over financial reporting.

Those charged with governance are responsible for overseeing the Group's internal control over financial reporting for consolidation purposes.

**Auditors' Responsibilities for the Audit of the Internal Control over Financial Reporting for Consolidation Purposes** 

Our responsibility is to express an opinion on the Group's internal control over financial reporting for consolidation purposes based on our audit. We conducted our audit in accordance with KSAs. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting for consolidation purposes was maintained in all material respects.

Our audit of internal control over financial reporting for consolidation purposes included obtaining an understanding of internal control over financial reporting for consolidation purposes, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

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##### [**Table of Contents**](#toc)
**Definition and Limitations of Internal Control over Financial Reporting for Consolidation Purposes** 

A company's internal control over financial reporting for consolidation purposes is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with Korean International Financial Reporting Standards ("K-IFRS"). A company's internal control over financial reporting for consolidation purposes includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Group; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with K-IFRS, and that receipts and expenditures of the Group are being made only in accordance with authorizations of management and directors of the Group; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Group's assets that could have a material effect on the consolidated financial statements.

Because of its inherent limitations, internal control over financial reporting for consolidation purposes may not prevent or detect material misstatements in the consolidated financial statements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The engagement partner on the audit resulting in this independent auditors' report is Jung Soo Lee.

![LOGO](g793123g0312215636652.jpg)

Seoul, Korea

March 10, 2026

This report is effective as of March 10, 2026, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the internal control over financial reporting. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

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##### [**Table of Contents**](#toc)
**Management's annual report on** 

**the effectiveness of internal control over financial reporting** 

(English translation of a report originally issued in Korean)

**To the Shareholders, Board of Directors and Audit Committee of Korea Electric Power Corporation** 

We, as the Chief Executive Officer ("CEO") and Internal Control over Financial Reporting ("ICFR") Officer of Korea Electric Power Corporation and its subsidiaries (collectively referred to as the "Group"), assessed the status of the design and operation of the Group's ICFR for consolidation purposes for the year ended December 31, 2025.

The Group's management including the CEO and ICFR Officer is responsible for designing and operating ICFR. We, as the CEO and ICFR Officer (collectively, "We", "Our" or "Us"), evaluated whether the ICFR has been effectively designed and operated to prevent and detect error or fraud which may cause material misstatement of the consolidated financial statements to ensure preparation and disclosure of reliable financial information.

We used the *Conceptual Framework for Design and Operation of ICFR* established by the Operating Committee of ICFR in Korea (the "ICFR Committee") as the criteria for the design and operation of the Group's ICFR. We also conducted an evaluation of ICFR based on the *Management Guideline for Evaluation and Reporting of ICFR* established by the ICFR Committee.

Based on our assessment of ICFR operation, we concluded that the Group's ICFR has been appropriately designed and is operating effectively in all material respects as of December 31, 2025, in accordance with the Conceptual Framework for Design and Operation of ICFR.

We certify that this report does not contain any untrue statement of a fact, or omit to state a fact necessary to be presented herein. We also certify that this report does not contain or present any statements which might cause material misunderstandings of the readers, and we have reviewed and verified this report with sufficient care.

February 19, 2026

(Appendix)

• Results of the Implementation of Remediation Plans for Material Weaknesses Reported in the Prior Fiscal Year: Not
applicable

• Internal Control Activities Performed by the Company to Address Fraud Risks Related to Cash and Embezzlement

/s/ Dong-Cheol Kim

President/CEO

/s/ Heung-Bok Oh

Internal Control over Financial Reporting Officer

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##### [**Table of Contents**](#toc)
**(Appendix) Internal Control Activities Performed by the Company to Address Fraud Risks Related to Cash and Embezzlement** 

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| | | | |
|:---|:---|:---|:---|
| **Control Category** | **Control Activities Performed by the Company** | **In-Scope Company** | **Results of Design and Operating Effectiveness Assessment<br>(Performing Department and Timing, etc.)** |
| Entity Level Controls | <br>The Company has established and operates an ethical reporting system to prevent fraudulent activities, including embezzlement. | KEPCO, KHNP<br>and 9 other companies | Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc. |
|  | <br>In order to communicate management's commitment to ethical management, the Company publicly disseminates its Code of Ethics and related policies across the organization. | KEPCO, KHNP<br>and 9 other companies | Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.) |
|  | <br> The Company performs oversight activities related to employee misconduct and the supervision of the internal control over financial reporting through its internal audit department. | KEPCO, KHNP<br>and 9 other companies | Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.) |
| Treasury Controls | <br>The registration and termination of bank accounts are performed subject to appropriate approval procedures. | KEPCO, KHNP<br>and 9 other companies | Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.) |
|  | ****<br> The head of the treasury department periodically reviews and approves the list of bank accounts and related balances. | KEPCO, KHNP<br>and 9 other companies | Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.) |
|  | <br>The head of the treasury department periodically reviews and manages dormant bank accounts. | KEPCO, KHNP<br>and 9 other companies | Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.) |
|  | <br>The head of the treasury department reviews and approves the results of comparisons between company-owned bank accounts identified through financial institutions and those registered in the Company's systems to verify completeness and consistency. | KEPCO, KHNP<br>and 9 other companies | Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.) |
|  | **Cash-on-Hand and Bank Balances>** <br>The head of the treasury department reviews daily cash reports and verifies that bank account balances reconcile with the Company's recorded cash balances, and approves the results of such review. | KEPCO, KHNP<br>and 9 other companies | Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.) |
|  | <br>The personnel responsible for foreign currency transactions disburse foreign currency payments only after reconciling accounting vouchers, relevant supporting documents, and foreign remittance requests, and obtaining approval from the authorized approver. | KEPCO, KHNP<br>and 8 other companies | Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.) |
|  | <br>Fund disbursements, including those executed through firm banking systems, are approved by appropriate authorized approvers, and the roles of transaction initiator and approver are segregated. | KEPCO, KHNP<br>and 9 other companies | Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.) |
|  | <br>Physical access to corporate seals is restricted, and the use of such seals is permitted only after obtaining approval from an appropriate authorized approver. | KEPCO, KHNP<br>and 9 other companies | Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.) |
|  | <br>The head of the financing department reviews and approves the appropriateness of key terms set forth in proposals for borrowings and bond issuances, and submits such matters to the Board of Directors when board approval is required. | KEPCO, KHNP<br>and 7 other companies | Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.) |
|  | ****<br> The Company's systems are configured to prevent transfers to bank accounts that are not registered in the vendor bank account master. | KEPCO, KHNP<br>and 9 other companies | Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.) |
| Other Process Level Controls | <br> Business personnel obtain approval from an appropriate approver by submitting the required supporting documents when creating or modifying a vendor disbursement bank account. The treasury department reviews whether key information is consistent with the supporting documentation and approves the request. | KEPCO, KHNP<br>and 9 other companies | Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.) |

---