# EDGAR Filing Document

**Accession Number:** 0001263043
**File Stem:** 0001193125-26-225063
**Filing Date:** 2026-5
**Character Count:** 684432
**Document Hash:** 15586ea75a745e132d2268b4425b2af8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-225063.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001193125-26-225063

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260515

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SHINHAN FINANCIAL GROUP CO LTD
- **CENTRAL INDEX KEY:** 0001263043
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31798
- **FILM NUMBER:** 26981869

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 120 2-GA TAEPYUNG RO JUNG GU
- **CITY:** SEOUL100-102
- **PROVINCE COUNTRY:** M5
- **ZIP:** 00000
- **BUSINESS PHONE:** 82263603000

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 120 2-GA TAEPYUNG RO JUNG GU
- **STREET 2:** SEOUL 100-102
- **CITY:** SEOUL
- **PROVINCE COUNTRY:** M5
- **ZIP:** 00000

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

——————————

**FORM 6-K**

——————————

**REPORT OF FOREIGN PRIVATE ISSUER**

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

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the Month of May 2026**

**Commission File Number: 001-31798**

——————————

**SHINHAN FINANCIAL GROUP CO., LTD.**

**(Translation of registrant's name into English)**

——————————

**20, Sejong-daero 9-gil, Jung-gu, Seoul 04513, Korea <br>(Address of principal executive offices)**

——————————

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

Form 20-F  Form 40-F 

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**INDEX**

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| | |
|:---|:---|
| &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;1.<br>2. | &nbsp;&nbsp;Summary of 1Q 2026 Business Report<br>Exhibit 99.1 Shinhan Financial Group Review Report for the 1Q 2026 (Consolidated) |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Exhibit 99.2 Shinhan Financial Group Review Report for the 1Q 2026 (Separate) |

---

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**Summary of 1Q 2026 Business Report**

On May 15, 2026, Shinhan Financial Group ("SFG") filed its 1Q 2026 Business Report (the "Business Report") with the Financial Services Commission of Korea and the Korea Exchange pursuant to the Financial Investment Services and Capital Market Act of Korea. This is the summary of the Business Report translated into English. Non-material or previously disclosed information are omitted or abridged.

The financial information in this report has been prepared in accordance with Korean International Financial Reporting Standards.

**Table of Contents**

1. Introduction of the Group

2. Business Results

3. Other Financial Information

4. Independent Auditor

5. Corporate Governance

6. Major Shareholders and Market Price Information of our Common Shares and ADRs

7. Directors, Executive Officers and Employees

8. Related Party Transactions

9. Internal Control

10. Contingencies

11. Material Information after the reporting period

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**1. Introduction of the Group**

***Business Objective***

Shinhan Financial Group is a financial holding company that was established in September 1, 2001, through a stock transfer from the Shinhan Bank, Shinhan Securities Co., Ltd., Shinhan Capital Co., Ltd., and Shinhan BNP Paribas Asset Management Co., Ltd. The primary business objectives of the company includes the control and management of financial business, as well as financial support for its subsidiaries.

On September 10, 2001, the company was listed on the Korea Stock Exchange and on September 16, 2003, the company was registered with the U.S. Securities and Exchange Commission(SEC), where its American Depositary Shares(ADSs) were listed on the New York Stock Exchange(NYSE).

***Company History*** 

Not required to be disclosed in quarterly reports. Please refer to the business report for FY2025 submitted on March 18, 2026 for your references.

***Overview of the Business Group***

Not required to be disclosed in quarterly reports. Please refer to the business report for FY2025 submitted on March 18, 2026 for your references.

***Credit Ratings***

Not required to be disclosed in quarterly reports. Please refer to the business report for FY2025 submitted on March 18, 2026 for your references.

***Capital Structure***

Not required to be disclosed in quarterly reports. Please refer to the business report for FY2025 submitted on March 18, 2026 for your references.

------

***Dividends***

On July 26, 2024, we announced a value-up plan and set 2027 as the target year for achieving the following key targets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% of ROE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% of shareholder return ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Reduction of the total issued shares by 50 million shares

According to the assessment results of the implementation of the value-up plan in 2025, we maintained a stable CET1 ratio exceeding 13%. Our ROE improved by 67 basis points year-on-year, reaching 9.11%, and our shareholder return ratio exceeded the targeted 50%, reaching 50.2%. We also reduced the number of our issued and outstanding shares by approximately 25 million by January 2026, demonstrating solid progress in implementing the plan.

We have now set new targets of the value-up plan and advanced its execution methodology, taking into account changes in the overall environment – early achievement of the original targets including the shareholder return ratio, the enactment of legislation on separate taxation of dividend income, and the trend of PBR improvement among domestic banking and financial holding companies. This new value-up plan is named as "Shinhan Value-Up +++ (Triple Plus)." Each year, we will set out our goals for the next three years based on an annual review of the appropriateness of our targets.

- New Targets: While maintaining the existing 2027 targets, we will provide updated guidance for the next three-year period annually. In addition, we will present and communicate principles for the allocation between growth and shareholder returns, as well as a formula for the shareholder return ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% or more of ROE (target range 10–12%);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% or more of the shareholder return ratio (presenting a predictable shareholder return policy based on the above formula); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13% or more of the CET1 ratio (stable management in line with regulatory and market environment).<br>

To achieve the above goals, we will advance the execution methodology while focusing on the following strategic priorities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Improving the achievability of ROE targets by strengthening the ROTCE-ROC value chain, which is our unique methodology; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Reviewing the shareholder return mix strategies in consideration of tax reforms and the PBR level.

With the restructuring of the value-up plan, we aim to enhance core profitability at a fast pace based on a stable CET1 ratio, while implementing more sustainable and predictable growth and shareholder return policies.

This value-up plan was adopted by resolution of the Board of Directors on April 23, 2026. We will continue to assess the progress of the implementation and communicate any updates or changes to this plan after deliberation and resolution by the Board of Directors.

For further details regarding the Company's Corporate Value-up Plan, please refer to the voluntary disclosure titled '2026 Value-up Plan of Shinhan Financial Group Co., Ltd' announced on April 23, 2026.

2026 Quarterly Dividend Record Dates and Expected Payment Dates

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Quarter** | &nbsp;&nbsp;**Dividend Record Date** | &nbsp;&nbsp;**Expected Payment Date** |
| &nbsp;&nbsp;Q1 2026 | &nbsp;&nbsp;April 30, 2026 | &nbsp;&nbsp;May 29, 2026 |

---

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<u>Q2 2026</u> <u>July 30, 2026</u> <u>August 28, 2026</u> <br> <u>Q3 2026</u> <u>November 3, 2026</u> <u>November 27, 2026</u>

Note) The dividend amount for each quarter will be determined at the Board meeting held before each respective record date. The expected payment dates may subject to change based on consultations with relevant institutions.

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;(KRW million) | &nbsp;&nbsp;(KRW million) |
| &nbsp;&nbsp;**Items** | &nbsp;&nbsp;**1Q FY2026**<br>**(Jan. 1 ~ Mar. 31)** | &nbsp;&nbsp;**FY2025**<br>**(Jan. 1 ~ Dec. 31)** | &nbsp;&nbsp;**FY2024**<br>**(Jan. 1 ~ Dec. 31)** |
| &nbsp;&nbsp;Par value per share (Won) | &nbsp;&nbsp;5000 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;5000 |
| &nbsp;&nbsp;(Consolidated) Net Income | &nbsp;&nbsp;1622594 | &nbsp;&nbsp;4971561 | &nbsp;&nbsp;4450177 |
| &nbsp;&nbsp;(Separate) Net Income | &nbsp;&nbsp; 2360316  | &nbsp;&nbsp; 2385457  | &nbsp;&nbsp;1619867 |
| &nbsp;&nbsp;(Consolidated) Earnings per share (Won) | &nbsp;&nbsp; 3327  | &nbsp;&nbsp; 9812  | &nbsp;&nbsp;8441 |
| &nbsp;&nbsp;Total Cash dividends | &nbsp;&nbsp; 348750  | &nbsp;&nbsp; 1245730  | &nbsp;&nbsp;1088042 |
| &nbsp;&nbsp;Total Stock dividends | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;(Consolidated) Cash dividend payout ratio (%) | &nbsp;&nbsp; 21.49  | &nbsp;&nbsp; 25.06  | &nbsp;&nbsp;24.45 |
| &nbsp;&nbsp;Cash dividend yield (%) – common shares | &nbsp;&nbsp;0.74  | &nbsp;&nbsp;3.01  | &nbsp;&nbsp;4.26 |
| &nbsp;&nbsp;Cash dividend yield (%) – preferred shares | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Stock dividend yield (%) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Cash dividend per share (Won) – common shares | &nbsp;&nbsp;740 | &nbsp;&nbsp;2590 | &nbsp;&nbsp;2160 |
| &nbsp;&nbsp;Cash dividend per share (Won) – preferred shares | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Stock dividend per share | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

---

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**2. Business Results**

***Operating Results*** 

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) |
|  | &nbsp;&nbsp;**1Q FY 2026**<br>**(Jan. 1 ~ Mar. 31)** | &nbsp;&nbsp;**FY 2025**<br>**(Jan. 1 ~ Dec. 31)** | &nbsp;&nbsp;**FY 2024**<br>**(Jan. 1 ~ Dec. 31)** |
| &nbsp;&nbsp;Net interest income | &nbsp;&nbsp;3024  | &nbsp;&nbsp; 11695  | &nbsp;&nbsp; 11402  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;7072  | &nbsp;&nbsp; 27989  | &nbsp;&nbsp; 29209  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;4048  | &nbsp;&nbsp; 16294  | &nbsp;&nbsp; 17807  |
| &nbsp;&nbsp;Net fees and commission income | &nbsp;&nbsp;941  | &nbsp;&nbsp; 2921  | &nbsp;&nbsp; 2715  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income | &nbsp;&nbsp;1362  | &nbsp;&nbsp; 4564  | &nbsp;&nbsp; 4295  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission expense | &nbsp;&nbsp;421  | &nbsp;&nbsp; 1643  | &nbsp;&nbsp; 1581  |
| &nbsp;&nbsp;Net insurance income | &nbsp;&nbsp;-147  | &nbsp;&nbsp;-136  | &nbsp;&nbsp; 884  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance income | &nbsp;&nbsp;953  | &nbsp;&nbsp; 3611  | &nbsp;&nbsp; 3393  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | &nbsp;&nbsp;1100  | &nbsp;&nbsp; 3746  | &nbsp;&nbsp; 2509  |
| &nbsp;&nbsp;Net gain(loss) on securities and FX trading/derivatives | &nbsp;&nbsp;935  | &nbsp;&nbsp; 3134  | &nbsp;&nbsp; 2038  |
| &nbsp;&nbsp;Provision for credit loss and impairment loss | &nbsp;&nbsp;-513  | &nbsp;&nbsp;-2012  | &nbsp;&nbsp;-2104  |
| &nbsp;&nbsp;Net other operating income(expense) | &nbsp;&nbsp;-540  | &nbsp;&nbsp;-2176  | &nbsp;&nbsp;-2360  |
| &nbsp;&nbsp;General and administrative expenses | &nbsp;&nbsp;1545  | &nbsp;&nbsp; 6403  | &nbsp;&nbsp; 6116  |
| &nbsp;&nbsp;**Net operating income** | &nbsp;&nbsp;2155  | &nbsp;&nbsp; 7023  | &nbsp;&nbsp; 6459  |
| &nbsp;&nbsp;Equity method income | &nbsp;&nbsp;49  | &nbsp;&nbsp; 221  | &nbsp;&nbsp;-24  |
| &nbsp;&nbsp;Other non-operating income(expense), net | &nbsp;&nbsp;18  | &nbsp;&nbsp;-316  | &nbsp;&nbsp;-406  |
| &nbsp;&nbsp;**Profit before income taxes** | &nbsp;&nbsp;2221  | &nbsp;&nbsp; 6929  | &nbsp;&nbsp; 6029  |
| &nbsp;&nbsp;Income tax expense | &nbsp;&nbsp;572  | &nbsp;&nbsp; 1845  | &nbsp;&nbsp; 1471  |
| &nbsp;&nbsp;**Consolidated net profit** | &nbsp;&nbsp;1649  | &nbsp;&nbsp; 5085  | &nbsp;&nbsp; 4558  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net profit attributable to equity holders of the Group | &nbsp;&nbsp;1623  | &nbsp;&nbsp; 4972  | &nbsp;&nbsp; 4450  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net profit attributable to non-controlling interest | &nbsp;&nbsp;27  | &nbsp;&nbsp; 113  | &nbsp;&nbsp; 108  |
| &nbsp;&nbsp;1) Some of the totals may not sum due to rounding numbers. | &nbsp;&nbsp;1) Some of the totals may not sum due to rounding numbers. | &nbsp;&nbsp;1) Some of the totals may not sum due to rounding numbers. | &nbsp;&nbsp;1) Some of the totals may not sum due to rounding numbers. |

---

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***Source and Use of Funds***

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Consolidated Basis**<br>**(KRW billion, %)** | &nbsp;&nbsp;**Consolidated Basis**<br>**(KRW billion, %)** | &nbsp;&nbsp;**1Q 2026** | &nbsp;&nbsp;**1Q 2026** | &nbsp;&nbsp;**1Q 2026** | &nbsp;&nbsp;**1Q 2026** | &nbsp;&nbsp;**FY 2025** | &nbsp;&nbsp;**FY 2025** | &nbsp;&nbsp;**FY 2025** | &nbsp;&nbsp;**FY 2025** | &nbsp;&nbsp;**FY 2024** | &nbsp;&nbsp;**FY 2024** | &nbsp;&nbsp;**FY 2024** | &nbsp;&nbsp;**FY 2024** |
| &nbsp;&nbsp;**Consolidated Basis**<br>**(KRW billion, %)** | &nbsp;&nbsp;**Consolidated Basis**<br>**(KRW billion, %)** | &nbsp;&nbsp;**Jan. 01 ~ Mar. 31** | &nbsp;&nbsp;**Jan. 01 ~ Mar. 31** | &nbsp;&nbsp;**Jan. 01 ~ Mar. 31** | &nbsp;&nbsp;**Jan. 01 ~ Mar. 31** | &nbsp;&nbsp;**Jan. 01 ~ Dec. 31** | &nbsp;&nbsp;**Jan. 01 ~ Dec. 31** | &nbsp;&nbsp;**Jan. 01 ~ Dec. 31** | &nbsp;&nbsp;**Jan. 01 ~ Dec. 31** | &nbsp;&nbsp;**Jan. 01 ~ Dec. 31** | &nbsp;&nbsp;**Jan. 01 ~ Dec. 31** | &nbsp;&nbsp;**Jan. 01 ~ Dec. 31** | &nbsp;&nbsp;**Jan. 01 ~ Dec. 31** |
| &nbsp;&nbsp;**Consolidated Basis**<br>**(KRW billion, %)** | &nbsp;&nbsp;**Consolidated Basis**<br>**(KRW billion, %)** | &nbsp;&nbsp;**Average**<br>**Balance**<sup>1)</sup> | &nbsp;&nbsp;**Propor-tions**<br>**(%)** | &nbsp;&nbsp;**Interest**<br>**Paid** | &nbsp;&nbsp;**Interest**<br>**Rate**<br>**(%)** | &nbsp;&nbsp;**Average**<br>**Balance**<sup>1)</sup> | &nbsp;&nbsp;**Propor-tions**<br>**(%)** | &nbsp;&nbsp;**Interest**<br>**Paid** | &nbsp;&nbsp;**Interest**<br>**Rate**<br>**(%)** | &nbsp;&nbsp;**Average**<br>**Balance**<sup>1)</sup> | &nbsp;&nbsp;**Propor-tions**<br>**(%)** | &nbsp;&nbsp;**Interest**<br>**Paid** | &nbsp;&nbsp;**Interest**<br>**Rate**<br>**(%)** |
| &nbsp;&nbsp;Source | &nbsp;&nbsp;Deposits | &nbsp;&nbsp;456449.5 | &nbsp;&nbsp;57.0 | &nbsp;&nbsp;2258.9 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;430736.9 | &nbsp;&nbsp;56.6 | &nbsp;&nbsp;9202.3 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;403986.6 | &nbsp;&nbsp;55.9 | &nbsp;&nbsp;10220.8 | &nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;Source | &nbsp;&nbsp;Borrowings | &nbsp;&nbsp;55659.7 | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;396.3 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;52442.2 | &nbsp;&nbsp;6.9 | &nbsp;&nbsp;1534.8 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;54754.3 | &nbsp;&nbsp;7.6 | &nbsp;&nbsp;1862.4 | &nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;Source | &nbsp;&nbsp;Debt Securities Issued | &nbsp;&nbsp;90575.7 | &nbsp;&nbsp;11.3 | &nbsp;&nbsp;822.7 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;91752.3 | &nbsp;&nbsp;12.1 | &nbsp;&nbsp;3347.4 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;87474.4 | &nbsp;&nbsp;12.1 | &nbsp;&nbsp;3422.0 | &nbsp;&nbsp;3.9 |
| &nbsp;&nbsp;Source | &nbsp;&nbsp;Other Liabilities | &nbsp;&nbsp;137757.8 | &nbsp;&nbsp;17.2 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;126732.1 | &nbsp;&nbsp;16.6 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;119008.3 | &nbsp;&nbsp;16.5 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Source | &nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;740442.7 | &nbsp;&nbsp;92.4 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;701663.5 | &nbsp;&nbsp;92.1 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;665223.6 | &nbsp;&nbsp;92.0 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Source | &nbsp;&nbsp;Total Stockholder's Equity | &nbsp;&nbsp;60923.3 | &nbsp;&nbsp;7.6 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;59862.9 | &nbsp;&nbsp;7.9 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;57655.6 | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Source | &nbsp;&nbsp;Total Liabilities & SE | &nbsp;&nbsp;801366.0 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;761526.4 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;722879.2 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Use | &nbsp;&nbsp;Cash & Due from Banks | &nbsp;&nbsp;40602.1 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;208.0 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;42566.8 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;782.5 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;38020.3 | &nbsp;&nbsp;5.3 | &nbsp;&nbsp;780.2 | &nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;Use | &nbsp;&nbsp;Loans | &nbsp;&nbsp;472931.0 | &nbsp;&nbsp;59.0 | &nbsp;&nbsp;5330.3 | &nbsp;&nbsp;4.6 | &nbsp;&nbsp;455659.5 | &nbsp;&nbsp;59.8 | &nbsp;&nbsp;21419.3 | &nbsp;&nbsp;4.7 | &nbsp;&nbsp;434102.2 | &nbsp;&nbsp;60.1 | &nbsp;&nbsp;22542.6 | &nbsp;&nbsp;5. |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans in KRW | &nbsp;&nbsp;367287.5 | &nbsp;&nbsp;45.8 | &nbsp;&nbsp;3803.1 | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;356117.1 | &nbsp;&nbsp;46.8 | &nbsp;&nbsp;15398.7 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;339139.5 | &nbsp;&nbsp;46.9 | &nbsp;&nbsp;16520.0 | &nbsp;&nbsp;4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans in Foreign Currency | &nbsp;&nbsp;54668.2 | &nbsp;&nbsp;6.8 | &nbsp;&nbsp;638.2 | &nbsp;&nbsp;4.7 | &nbsp;&nbsp;49607.3 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;2461.5 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;44188.9 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;2402.3 | &nbsp;&nbsp;5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Card Accounts | &nbsp;&nbsp;28588.3 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;578.3 | &nbsp;&nbsp;8.2 | &nbsp;&nbsp;28528.8 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;2331.9 | &nbsp;&nbsp;8.2 | &nbsp;&nbsp;27982.2 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;2256.0 | &nbsp;&nbsp;8.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | &nbsp;&nbsp;22387.0 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;310.7 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;21406.3 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;1227.3 | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;22791.6 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;1364.3 | &nbsp;&nbsp;6.0 |
| &nbsp;&nbsp;FVPL Financial Assets | &nbsp;&nbsp;44679.7 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;418.2 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;44793.8 | &nbsp;&nbsp;5.9 | &nbsp;&nbsp;1499.1 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;44711.6 | &nbsp;&nbsp;6.2 | &nbsp;&nbsp;1693.1 | &nbsp;&nbsp;3.8 |
| &nbsp;&nbsp;FVOCI Financial Assets | &nbsp;&nbsp;101567.3 | &nbsp;&nbsp;12.7 | &nbsp;&nbsp;774.5 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;95525.5 | &nbsp;&nbsp;12.5 | &nbsp;&nbsp;2888.3 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;88378.8 | &nbsp;&nbsp;12.2 | &nbsp;&nbsp;2744.1 | &nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;AC Financial Assets | &nbsp;&nbsp;31611.4 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;250.2 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;32462.5 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;1044.1 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;35015.5 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;1101.7 | &nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;Other Assets | &nbsp;&nbsp;109974.5 | &nbsp;&nbsp;13.7 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;90518.3 | &nbsp;&nbsp;11.9 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;82650.8 | &nbsp;&nbsp;11.4 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Total Assets | &nbsp;&nbsp;801366.0 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;761526.4 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;722879.2 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

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Notes :

1)Consolidated basis

2)The "Average Balance" is the arithmetric mean of the ending balance of each quarter

.

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**3. Other Financial Information**

**1) Capital Adequacy**

***Consolidated BIS Ratio (Shinhan Financial Group)***

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| | | | |
|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;(KRW billion) |
|  | &nbsp;&nbsp;**Mar. 31, 2026** | &nbsp;&nbsp;**Dec. 31, 2025** | &nbsp;&nbsp;**Dec. 31, 2024** |
| &nbsp;&nbsp;Aggregate Amount of Equity Capital (A) | &nbsp;&nbsp;57363.3  | &nbsp;&nbsp;56260.6  | &nbsp;&nbsp;53903.4  |
| &nbsp;&nbsp;Risk-Weighted Assets (B) | &nbsp;&nbsp;365001.9  | &nbsp;&nbsp;352907.6  | &nbsp;&nbsp;342375.3  |
| &nbsp;&nbsp;BIS Ratio (A/B) | &nbsp;&nbsp;15.72% | &nbsp;&nbsp;15.94% | &nbsp;&nbsp;15.74% |
| &nbsp;&nbsp;Note:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Calculated in accordance with Basel III |  |  |  |

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***Capital Adequacy Ratios (Subsidiaries)***

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;(%) |
| &nbsp;&nbsp;**Subsidiary** | &nbsp;&nbsp;**Capital Adequacy Ratio** | &nbsp;&nbsp;**Mar. 31, 2026** | &nbsp;&nbsp;**Dec. 31 2025** | &nbsp;&nbsp;**Dec. 31, 2024** |
| &nbsp;&nbsp;Shinhan Bank | &nbsp;&nbsp;BIS Capital Adequacy Ratio | &nbsp;&nbsp;17.1  | &nbsp;&nbsp;17.4  | &nbsp;&nbsp;17.6  |
| &nbsp;&nbsp;Shinhan Card | &nbsp;&nbsp;Adjusted Equity Capital Ratio | &nbsp;&nbsp;20.9  | &nbsp;&nbsp;20.8  | &nbsp;&nbsp;20.0  |
| &nbsp;&nbsp;Shinhan Securities | &nbsp;&nbsp;Net Capital Ratio | &nbsp;&nbsp;1986.5 | &nbsp;&nbsp;1924.7 | &nbsp;&nbsp;1345.0  |
| &nbsp;&nbsp;Shinhan Life Insurance | &nbsp;&nbsp;Risk Based Capital Ratio(K-ICS) | &nbsp;&nbsp;200.6  | &nbsp;&nbsp;206.0  | &nbsp;&nbsp;205.7  |
| &nbsp;&nbsp;Shinhan Capital | &nbsp;&nbsp;Adjusted Equity Capital Ratio | &nbsp;&nbsp;19.5  | &nbsp;&nbsp;19.5  | &nbsp;&nbsp;19.3  |
| &nbsp;&nbsp;Shinhan Asset Management | &nbsp;&nbsp;Equity Capital (KRW billion) | &nbsp;&nbsp;256.1  | &nbsp;&nbsp;287.6  | &nbsp;&nbsp;316.6  |
| &nbsp;&nbsp;Shinhan Asset Management | &nbsp;&nbsp;Minimum Capital Requirement (KRW billion) | &nbsp;&nbsp;55.1  | &nbsp;&nbsp;54.2  | &nbsp;&nbsp;50.1  |
| &nbsp;&nbsp;Jeju Bank | &nbsp;&nbsp;BIS Capital Adequacy Ratio | &nbsp;&nbsp;15.9  | &nbsp;&nbsp;16.2  | &nbsp;&nbsp;17.6  |
| &nbsp;&nbsp;Shinhan Savings Bank | &nbsp;&nbsp;BIS Capital Adequacy Ratio | &nbsp;&nbsp;18.4  | &nbsp;&nbsp;19.9  | &nbsp;&nbsp;20.1  |
| &nbsp;&nbsp;Shinhan Asset Trust | &nbsp;&nbsp;Net Capital Ratio | &nbsp;&nbsp;660.8  | &nbsp;&nbsp;443.5  | &nbsp;&nbsp;519.1  |
| &nbsp;&nbsp;Shinhan EZ Gen. Insurance | &nbsp;&nbsp;Risk Based Capital Ratio(K-ICS) | &nbsp;&nbsp;210.9  | &nbsp;&nbsp;231.2  | &nbsp;&nbsp;159.2  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes : <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Basel III was applied in calculating Shinhan Bank and Jeju Bank's BIS Capital Adequacy Ratio.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Basel I was applied in calculating Shinhan Savings Bank's BIS Capital Adequacy Ratio.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life and Shinhan EZ General Insurance upgraded its insurance risk measurement system in anticipation of a new regulatory solvency regime for insurance companies, the Korean-Insurance Capital Standard (the "K-ICS"). As of the date of submission of the 1Q Report in 2026, the above payment capacity ratio is preliminary calculated, and the finally confirmed ratio will be amended and disclosed in Shinhan Life's 1Q 2026 business report and Shinhan EZ General Insurance's 1Q 2026 management disclosure. | &nbsp;&nbsp;&nbsp;&nbsp;Notes : <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Basel III was applied in calculating Shinhan Bank and Jeju Bank's BIS Capital Adequacy Ratio.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Basel I was applied in calculating Shinhan Savings Bank's BIS Capital Adequacy Ratio.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life and Shinhan EZ General Insurance upgraded its insurance risk measurement system in anticipation of a new regulatory solvency regime for insurance companies, the Korean-Insurance Capital Standard (the "K-ICS"). As of the date of submission of the 1Q Report in 2026, the above payment capacity ratio is preliminary calculated, and the finally confirmed ratio will be amended and disclosed in Shinhan Life's 1Q 2026 business report and Shinhan EZ General Insurance's 1Q 2026 management disclosure. | &nbsp;&nbsp;&nbsp;&nbsp;Notes : <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Basel III was applied in calculating Shinhan Bank and Jeju Bank's BIS Capital Adequacy Ratio.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Basel I was applied in calculating Shinhan Savings Bank's BIS Capital Adequacy Ratio.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life and Shinhan EZ General Insurance upgraded its insurance risk measurement system in anticipation of a new regulatory solvency regime for insurance companies, the Korean-Insurance Capital Standard (the "K-ICS"). As of the date of submission of the 1Q Report in 2026, the above payment capacity ratio is preliminary calculated, and the finally confirmed ratio will be amended and disclosed in Shinhan Life's 1Q 2026 business report and Shinhan EZ General Insurance's 1Q 2026 management disclosure. | &nbsp;&nbsp;&nbsp;&nbsp;Notes : <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Basel III was applied in calculating Shinhan Bank and Jeju Bank's BIS Capital Adequacy Ratio.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Basel I was applied in calculating Shinhan Savings Bank's BIS Capital Adequacy Ratio.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life and Shinhan EZ General Insurance upgraded its insurance risk measurement system in anticipation of a new regulatory solvency regime for insurance companies, the Korean-Insurance Capital Standard (the "K-ICS"). As of the date of submission of the 1Q Report in 2026, the above payment capacity ratio is preliminary calculated, and the finally confirmed ratio will be amended and disclosed in Shinhan Life's 1Q 2026 business report and Shinhan EZ General Insurance's 1Q 2026 management disclosure. | &nbsp;&nbsp;&nbsp;&nbsp;Notes : <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Basel III was applied in calculating Shinhan Bank and Jeju Bank's BIS Capital Adequacy Ratio.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Basel I was applied in calculating Shinhan Savings Bank's BIS Capital Adequacy Ratio.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life and Shinhan EZ General Insurance upgraded its insurance risk measurement system in anticipation of a new regulatory solvency regime for insurance companies, the Korean-Insurance Capital Standard (the "K-ICS"). As of the date of submission of the 1Q Report in 2026, the above payment capacity ratio is preliminary calculated, and the finally confirmed ratio will be amended and disclosed in Shinhan Life's 1Q 2026 business report and Shinhan EZ General Insurance's 1Q 2026 management disclosure. |

---

------

**2) Liquidity**

***Won Liquidity Ratio***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | &nbsp;&nbsp;(KRW billion, %) | &nbsp;&nbsp;(KRW billion, %) | &nbsp;&nbsp;(KRW billion, %) |
| &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Mar. 31, 2026** | &nbsp;&nbsp;**Mar. 31, 2026** | &nbsp;&nbsp;**Mar. 31, 2026** | &nbsp;&nbsp;**Dec. 31, 2025** | &nbsp;&nbsp;**Dec. 31, 2025** | &nbsp;&nbsp;**Dec. 31, 2025** | &nbsp;&nbsp;**Dec. 31, 2024** | &nbsp;&nbsp;**Dec. 31, 2024** | &nbsp;&nbsp;**Dec. 31, 2024** |
| &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Won Assets** | &nbsp;&nbsp;**Won Liabilities** | &nbsp;&nbsp;**Won Liquidity Ratio(%)** | &nbsp;&nbsp;**Won Assets** | &nbsp;&nbsp;**Won Liabilities** | &nbsp;&nbsp;**Won Liquidity Ratio(%)** | &nbsp;&nbsp;**Won Liabilities** | &nbsp;&nbsp;**Won Liabilities** | &nbsp;&nbsp;**Won Liquidity Ratio(%)** |
| &nbsp;&nbsp;Shinhan Financial Group | &nbsp;&nbsp;3390.6 | &nbsp;&nbsp;959.5 | &nbsp;&nbsp;353.4 | &nbsp;&nbsp;934.2 | &nbsp;&nbsp;149.7 | &nbsp;&nbsp;623.9 | &nbsp;&nbsp;1051.7 | &nbsp;&nbsp;56.4 | &nbsp;&nbsp;1865.9 |
| &nbsp;&nbsp;Shinhan Card | &nbsp;&nbsp;21013.8 | &nbsp;&nbsp;6056.1 | &nbsp;&nbsp;347.0 | &nbsp;&nbsp;21507.1 | &nbsp;&nbsp;6786.6 | &nbsp;&nbsp;316.9 | &nbsp;&nbsp;21546.6 | &nbsp;&nbsp;6077.3 | &nbsp;&nbsp;354.5 |
| &nbsp;&nbsp;Shinhan Securities | &nbsp;&nbsp;24536.2 | &nbsp;&nbsp;19973.9 | &nbsp;&nbsp;122.8 | &nbsp;&nbsp;23577.5 | &nbsp;&nbsp;18417.5 | &nbsp;&nbsp;128.0 | &nbsp;&nbsp;23664.4 | &nbsp;&nbsp;18128.1 | &nbsp;&nbsp;130.5 |
| &nbsp;&nbsp;Shinhan Life Insurance | &nbsp;&nbsp;4327.4 | &nbsp;&nbsp;1387.7 | &nbsp;&nbsp;311.8 | &nbsp;&nbsp;5034.1 | &nbsp;&nbsp;1371.5 | &nbsp;&nbsp;367.0 | &nbsp;&nbsp;5635.7 | &nbsp;&nbsp;1359.9 | &nbsp;&nbsp;414.4 |
| &nbsp;&nbsp;Shinhan Capital | &nbsp;&nbsp;1906.6 | &nbsp;&nbsp;975.8 | &nbsp;&nbsp;195.4 | &nbsp;&nbsp;2218.8 | &nbsp;&nbsp;830.6 | &nbsp;&nbsp;267.1 | &nbsp;&nbsp;2529.0 | &nbsp;&nbsp;1084.1 | &nbsp;&nbsp;233.3 |
| &nbsp;&nbsp;Shinhan Savings Bank | &nbsp;&nbsp;729.2 | &nbsp;&nbsp;635.5 | &nbsp;&nbsp;114.7 | &nbsp;&nbsp;604.6 | &nbsp;&nbsp;544.3 | &nbsp;&nbsp;111.1 | &nbsp;&nbsp;608.4 | &nbsp;&nbsp;480.2 | &nbsp;&nbsp;126.7 |
| &nbsp;&nbsp;Shinhan Asset Trust | &nbsp;&nbsp;240.0 | &nbsp;&nbsp;123.7 | &nbsp;&nbsp;194.0 | &nbsp;&nbsp;61.7 | &nbsp;&nbsp;15.3 | &nbsp;&nbsp;402.8 | &nbsp;&nbsp;186.3 | &nbsp;&nbsp;11.0 | &nbsp;&nbsp;1686.2 |
| &nbsp;&nbsp;Shinhan EZ General Insurance | &nbsp;&nbsp;92.9 | &nbsp;&nbsp;18.9 | &nbsp;&nbsp;491.8 | &nbsp;&nbsp;111.9 | &nbsp;&nbsp;17.0 | &nbsp;&nbsp;659.4 | &nbsp;&nbsp;73.1 | &nbsp;&nbsp;9.9 | &nbsp;&nbsp;736.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes: <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Financial Group: Due within 1 month<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life Insurance and EZ General Insurance: (Won assets due within 3 months /3 months average of Claim payments)\*100<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Card, Shinhan Securities, Shinhan Capital, Shinhan Savings Bank and Shinhan Asset Trust : Due within 3 months<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015 <br>to reflect the recent amendments to detailed regulations on supervision of banking business.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life Insurance recorded a decline in its liquidity ratio following the amendment to the Insurance Business Supervision Regulations on December 31, 2024, which narrowed the scope of assets recognized as liquid - such as government bonds with maturities exceeding three months now classified as only 30% liquid. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes: <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Financial Group: Due within 1 month<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life Insurance and EZ General Insurance: (Won assets due within 3 months /3 months average of Claim payments)\*100<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Card, Shinhan Securities, Shinhan Capital, Shinhan Savings Bank and Shinhan Asset Trust : Due within 3 months<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015 <br>to reflect the recent amendments to detailed regulations on supervision of banking business.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life Insurance recorded a decline in its liquidity ratio following the amendment to the Insurance Business Supervision Regulations on December 31, 2024, which narrowed the scope of assets recognized as liquid - such as government bonds with maturities exceeding three months now classified as only 30% liquid. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes: <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Financial Group: Due within 1 month<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life Insurance and EZ General Insurance: (Won assets due within 3 months /3 months average of Claim payments)\*100<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Card, Shinhan Securities, Shinhan Capital, Shinhan Savings Bank and Shinhan Asset Trust : Due within 3 months<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015 <br>to reflect the recent amendments to detailed regulations on supervision of banking business.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life Insurance recorded a decline in its liquidity ratio following the amendment to the Insurance Business Supervision Regulations on December 31, 2024, which narrowed the scope of assets recognized as liquid - such as government bonds with maturities exceeding three months now classified as only 30% liquid. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes: <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Financial Group: Due within 1 month<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life Insurance and EZ General Insurance: (Won assets due within 3 months /3 months average of Claim payments)\*100<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Card, Shinhan Securities, Shinhan Capital, Shinhan Savings Bank and Shinhan Asset Trust : Due within 3 months<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015 <br>to reflect the recent amendments to detailed regulations on supervision of banking business.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life Insurance recorded a decline in its liquidity ratio following the amendment to the Insurance Business Supervision Regulations on December 31, 2024, which narrowed the scope of assets recognized as liquid - such as government bonds with maturities exceeding three months now classified as only 30% liquid. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes: <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Financial Group: Due within 1 month<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life Insurance and EZ General Insurance: (Won assets due within 3 months /3 months average of Claim payments)\*100<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Card, Shinhan Securities, Shinhan Capital, Shinhan Savings Bank and Shinhan Asset Trust : Due within 3 months<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015 <br>to reflect the recent amendments to detailed regulations on supervision of banking business.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life Insurance recorded a decline in its liquidity ratio following the amendment to the Insurance Business Supervision Regulations on December 31, 2024, which narrowed the scope of assets recognized as liquid - such as government bonds with maturities exceeding three months now classified as only 30% liquid. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes: <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Financial Group: Due within 1 month<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life Insurance and EZ General Insurance: (Won assets due within 3 months /3 months average of Claim payments)\*100<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Card, Shinhan Securities, Shinhan Capital, Shinhan Savings Bank and Shinhan Asset Trust : Due within 3 months<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015 <br>to reflect the recent amendments to detailed regulations on supervision of banking business.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life Insurance recorded a decline in its liquidity ratio following the amendment to the Insurance Business Supervision Regulations on December 31, 2024, which narrowed the scope of assets recognized as liquid - such as government bonds with maturities exceeding three months now classified as only 30% liquid. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes: <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Financial Group: Due within 1 month<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life Insurance and EZ General Insurance: (Won assets due within 3 months /3 months average of Claim payments)\*100<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Card, Shinhan Securities, Shinhan Capital, Shinhan Savings Bank and Shinhan Asset Trust : Due within 3 months<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015 <br>to reflect the recent amendments to detailed regulations on supervision of banking business.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life Insurance recorded a decline in its liquidity ratio following the amendment to the Insurance Business Supervision Regulations on December 31, 2024, which narrowed the scope of assets recognized as liquid - such as government bonds with maturities exceeding three months now classified as only 30% liquid. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes: <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Financial Group: Due within 1 month<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life Insurance and EZ General Insurance: (Won assets due within 3 months /3 months average of Claim payments)\*100<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Card, Shinhan Securities, Shinhan Capital, Shinhan Savings Bank and Shinhan Asset Trust : Due within 3 months<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015 <br>to reflect the recent amendments to detailed regulations on supervision of banking business.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life Insurance recorded a decline in its liquidity ratio following the amendment to the Insurance Business Supervision Regulations on December 31, 2024, which narrowed the scope of assets recognized as liquid - such as government bonds with maturities exceeding three months now classified as only 30% liquid. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes: <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Financial Group: Due within 1 month<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life Insurance and EZ General Insurance: (Won assets due within 3 months /3 months average of Claim payments)\*100<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Card, Shinhan Securities, Shinhan Capital, Shinhan Savings Bank and Shinhan Asset Trust : Due within 3 months<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015 <br>to reflect the recent amendments to detailed regulations on supervision of banking business.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life Insurance recorded a decline in its liquidity ratio following the amendment to the Insurance Business Supervision Regulations on December 31, 2024, which narrowed the scope of assets recognized as liquid - such as government bonds with maturities exceeding three months now classified as only 30% liquid. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes: <br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Financial Group: Due within 1 month<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life Insurance and EZ General Insurance: (Won assets due within 3 months /3 months average of Claim payments)\*100<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Card, Shinhan Securities, Shinhan Capital, Shinhan Savings Bank and Shinhan Asset Trust : Due within 3 months<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015 <br>to reflect the recent amendments to detailed regulations on supervision of banking business.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Life Insurance recorded a decline in its liquidity ratio following the amendment to the Insurance Business Supervision Regulations on December 31, 2024, which narrowed the scope of assets recognized as liquid - such as government bonds with maturities exceeding three months now classified as only 30% liquid. |

---

***Liquidity Coverage Ratio***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | &nbsp;&nbsp;(KRW billion, %) | &nbsp;&nbsp;(KRW billion, %) | &nbsp;&nbsp;(KRW billion, %) |
| &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Mar. 31, 2026** | &nbsp;&nbsp;**Mar. 31, 2026** | &nbsp;&nbsp;**Mar. 31, 2026** | &nbsp;&nbsp;**Dec. 31, 2025** | &nbsp;&nbsp;**Dec. 31, 2025** | &nbsp;&nbsp;**Dec. 31, 2025** | &nbsp;&nbsp;**Dec. 31, 2024** | &nbsp;&nbsp;**Dec. 31, 2024** | &nbsp;&nbsp;**Dec. 31, 2024** |
| &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**High Quality Liquid Assets** | &nbsp;&nbsp;**Net Cash Outflows** | &nbsp;&nbsp;**Liquidity Coverage Ratio(%)\*** | &nbsp;&nbsp;**High Quality Liquid Assets** | &nbsp;&nbsp;**Net Cash Outflows** | &nbsp;&nbsp;**Liquidity Coverage Ratio(%)** | &nbsp;&nbsp;**High Quality Liquid Assets** | &nbsp;&nbsp;**Net Cash Outflows** | &nbsp;&nbsp;**Liquidity Coverage Ratio(%)** |
| &nbsp;&nbsp;Shinhan Bank | &nbsp;&nbsp;98504.1 | &nbsp;&nbsp;93002.8 | &nbsp;&nbsp;106.0 | &nbsp;&nbsp;99551.4 | &nbsp;&nbsp;95016.8 | &nbsp;&nbsp;104.8 | &nbsp;&nbsp;90658.4  | &nbsp;&nbsp;87753.4  | &nbsp;&nbsp;103.3  |
| &nbsp;&nbsp;Jeju Bank | &nbsp;&nbsp;1156.1 | &nbsp;&nbsp;778.4 | &nbsp;&nbsp;150.5 | &nbsp;&nbsp;1090.1 | &nbsp;&nbsp;907.0 | &nbsp;&nbsp;120.9 | &nbsp;&nbsp;939.4  | &nbsp;&nbsp;770.1  | &nbsp;&nbsp;122.7  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Coverage Ratios are the arithmetic mean of daily LCRs.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June 2022 to 90.0% by end of September 2022, to 92.5% by end of June, 2023, to 95.0% by end of December 2023, to 97.5% by end of December 2024. From 2025 onwards, the regulatory minimum is back to 100% after normalized process.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Coverage Ratios are the arithmetic mean of daily LCRs.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June 2022 to 90.0% by end of September 2022, to 92.5% by end of June, 2023, to 95.0% by end of December 2023, to 97.5% by end of December 2024. From 2025 onwards, the regulatory minimum is back to 100% after normalized process.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Coverage Ratios are the arithmetic mean of daily LCRs.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June 2022 to 90.0% by end of September 2022, to 92.5% by end of June, 2023, to 95.0% by end of December 2023, to 97.5% by end of December 2024. From 2025 onwards, the regulatory minimum is back to 100% after normalized process.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Coverage Ratios are the arithmetic mean of daily LCRs.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June 2022 to 90.0% by end of September 2022, to 92.5% by end of June, 2023, to 95.0% by end of December 2023, to 97.5% by end of December 2024. From 2025 onwards, the regulatory minimum is back to 100% after normalized process.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Coverage Ratios are the arithmetic mean of daily LCRs.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June 2022 to 90.0% by end of September 2022, to 92.5% by end of June, 2023, to 95.0% by end of December 2023, to 97.5% by end of December 2024. From 2025 onwards, the regulatory minimum is back to 100% after normalized process.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Coverage Ratios are the arithmetic mean of daily LCRs.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June 2022 to 90.0% by end of September 2022, to 92.5% by end of June, 2023, to 95.0% by end of December 2023, to 97.5% by end of December 2024. From 2025 onwards, the regulatory minimum is back to 100% after normalized process.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Coverage Ratios are the arithmetic mean of daily LCRs.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June 2022 to 90.0% by end of September 2022, to 92.5% by end of June, 2023, to 95.0% by end of December 2023, to 97.5% by end of December 2024. From 2025 onwards, the regulatory minimum is back to 100% after normalized process.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Coverage Ratios are the arithmetic mean of daily LCRs.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June 2022 to 90.0% by end of September 2022, to 92.5% by end of June, 2023, to 95.0% by end of December 2023, to 97.5% by end of December 2024. From 2025 onwards, the regulatory minimum is back to 100% after normalized process.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Coverage Ratios are the arithmetic mean of daily LCRs.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June 2022 to 90.0% by end of September 2022, to 92.5% by end of June, 2023, to 95.0% by end of December 2023, to 97.5% by end of December 2024. From 2025 onwards, the regulatory minimum is back to 100% after normalized process.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Liquidity Coverage Ratios are the arithmetic mean of daily LCRs.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June 2022 to 90.0% by end of September 2022, to 92.5% by end of June, 2023, to 95.0% by end of December 2023, to 97.5% by end of December 2024. From 2025 onwards, the regulatory minimum is back to 100% after normalized process.  |

---

***Foreign Currency (FC) Liquidity Ratio***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | (USD millions, %) | (USD millions, %) | (USD millions, %) |
| **Company** | **March. 31, 2026** | **March. 31, 2026** | **March. 31, 2026** | **Dec. 31, 2025** | **Dec. 31, 2025** | **Dec. 31, 2025** | **Dec. 31, 2024** | **Dec. 31, 2024** | **Dec. 31, 2024** |
| **Company** | **FC**<br>**Assets** | **FC Liabilities** | **FC Liquidity Ratio(%)** | **FC**<br>**Assets** | **FC Liabilities** | **FC Liquidity Ratio(%)** | **FC**<br>**Assets** | **FC**<br>**Liabilities** | **FC Liquidity Ratio(%)** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Shinhan Financial Group | 328.2  | - | NA | 540.7 | 523.5 | 103.3 | 531.4  | 519.2  | 102.4  |
| Shinhan Bank | 72538.5 | 67669.6 | 107.2 | 77073.0 | 71832.5 | 107.3 | 63127.9  | 56347.0  | 112.0  |
| Shinhan Life Insurance | 2862.4 | 366.4 | 781.2 | 2707.4 | 243.6 | 1111.7 | 2074.0  | 163.0  | 1272.3  |
| Shinhan Securities | 9961.0 | 8567.7 | 116.3 | 9534.0 | 8026.4 | 118.8 | 11083.7  | 9616.5  | 115.3  |
| Shinhan Capital | 235.8 | 202.2 | 116.6 | 54.5 | 1.7 | 3273.5 | 79.7  | 0.6  | 13741.7  |
| Jeju Bank | 12.9 | 2.9 | 450.4 | 13.5 | 5.6 | 240.4 | 10.1  | 0.8  | 1295.2  |
| &nbsp;&nbsp;&nbsp;Notes :<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Bank and Jeju Bank's foreign currency liquidity ratio is based on the application of the liquidity weight. | &nbsp;&nbsp;&nbsp;Notes :<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Bank and Jeju Bank's foreign currency liquidity ratio is based on the application of the liquidity weight. | &nbsp;&nbsp;&nbsp;Notes :<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Bank and Jeju Bank's foreign currency liquidity ratio is based on the application of the liquidity weight. | &nbsp;&nbsp;&nbsp;Notes :<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Bank and Jeju Bank's foreign currency liquidity ratio is based on the application of the liquidity weight. | &nbsp;&nbsp;&nbsp;Notes :<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Bank and Jeju Bank's foreign currency liquidity ratio is based on the application of the liquidity weight. | &nbsp;&nbsp;&nbsp;Notes :<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Bank and Jeju Bank's foreign currency liquidity ratio is based on the application of the liquidity weight. | &nbsp;&nbsp;&nbsp;Notes :<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Bank and Jeju Bank's foreign currency liquidity ratio is based on the application of the liquidity weight. | &nbsp;&nbsp;&nbsp;Notes :<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Bank and Jeju Bank's foreign currency liquidity ratio is based on the application of the liquidity weight. | &nbsp;&nbsp;&nbsp;Notes :<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Bank and Jeju Bank's foreign currency liquidity ratio is based on the application of the liquidity weight. | &nbsp;&nbsp;&nbsp;Notes :<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months.<br>&nbsp;&nbsp;&nbsp;&nbsp;▪Shinhan Bank and Jeju Bank's foreign currency liquidity ratio is based on the application of the liquidity weight. |

---

***Foreign Currency (FC) Liquidity Coverage Ratio***

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;(%) |
| &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**1Q 2026**  | &nbsp;&nbsp;**FY 2025**  | &nbsp;&nbsp;**FY 2024**  |
| &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Jan. 1 ~ Mar. 31** | &nbsp;&nbsp;**Jan. 1 ~ Dec. 31** | &nbsp;&nbsp;**Jan. 1 ~ Dec. 31** |
| &nbsp;&nbsp;Shinhan Bank | &nbsp;&nbsp;172.6 | &nbsp;&nbsp;185.0 | &nbsp;&nbsp;148.8  |

---

Notes :

&nbsp;&nbsp;&nbsp;&nbsp;▪Foreign Currency Liquidity Coverage Ratio started from January 2017, and is calculated by quarterly average.

------

**3) Asset Quality**

 ***SFG Consolidated Basis***

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) |
|  | &nbsp;&nbsp;**Mar. 31, 2026** | &nbsp;&nbsp;**Dec. 31, 2025** | &nbsp;&nbsp;**Dec. 31, 2024** |
| &nbsp;&nbsp;Total Loans | &nbsp;&nbsp;491346.4  | &nbsp;&nbsp;478739.9 | &nbsp;&nbsp;452826.9  |
| &nbsp;&nbsp;Substandard & Below | &nbsp;&nbsp;4080.9 | &nbsp;&nbsp;3536.6 | &nbsp;&nbsp;3562.4  |
| &nbsp;&nbsp;Substandard & Below Ratio | &nbsp;&nbsp;0.83% | &nbsp;&nbsp;0.74% | &nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;Non-Performing Loans | &nbsp;&nbsp;3524.4 | &nbsp;&nbsp;3067.6 | &nbsp;&nbsp;2974.7  |
| &nbsp;&nbsp;NPL Ratio | &nbsp;&nbsp;0.72% | &nbsp;&nbsp;0.64% | &nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;Substandard & Below Coverage Ratio | &nbsp;&nbsp;112.87% | &nbsp;&nbsp;126.55% | &nbsp;&nbsp;132.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan Loss Allowance  | &nbsp;&nbsp;4606.2 | &nbsp;&nbsp;4475.4 | &nbsp;&nbsp;4719.3  |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard & Below Loans | &nbsp;&nbsp;4080.9 | &nbsp;&nbsp;3536.6 | &nbsp;&nbsp;3562.4  |

---

***Separate Basis*** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (%) | **Mar. 31 2026** | **Mar. 31 2026** | **Mar. 31 2026** | **Dec. 31 2025** | **Dec. 31 2025** | **Dec. 31 2025** | **Dec. 31 2024** | **Dec. 31 2024** | **Dec. 31 2024** |
| (%) | **Substandard & Below Ratio** | **NPL Ratio** | **Substandard & Below Coverage Ratio** | **Substandard & Below Ratio** | **NPL Ratio** | **Substandard & Below Coverage Ratio** | **Substandard & Below Ratio** | **NPL Ratio** | **Substandard & Below Coverage Ratio** <sup>1)</sup> |
| Shinhan Financial Group | - | - | - | - | - | - | - | - | - |
| Shinhan Bank | 0.30 | 0.27 | 162 | 0.28 | 0.25 | 173 | 0.24 | 0.18 | 202 |
| Shinhan Card | 1.25 | 0.61 | 227 | 1.16 | 0.57 | 234 | 1.32 | 0.80 | 243 |
| Shinhan Securites | 10.00 | 10.00 | 63 | 10.62 | 10.62 | 76 | 18.30 | 18.30 | 70 |
| Shinhan Life Insurance | 2.87 | 0.38 | 53 | 0.54 | 0.38 | 235 | 0.32 | 0.32 | 393 |
| Shinhan Capital | 3.30 | 2.58 | 104 | 2.30 | 2.26 | 144 | 3.98 | 2.35 | 75 |
| Jeju Bank | 1.50 | 1.46 | 91 | 1.57 | 1.54 | 86 | 1.32 | 1.22 | 114 |
| Shinhan Savings Bank | 5.95 | 10.75 | 92 | 6.24 | 11.98 | 91 | 7.90 | 13.16 | 72 |
| Shinhan Asset Trust | 90.38 | 72.32 | 34 | 86.17 | 64.06 | 38 | 75.15 | 52.31 | 43 |

---

------

**4) Debt to Equity Ratios**

***Shinhan Financial Group (Separate Basis)*** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) |
|  | &nbsp;&nbsp;**Mar. 31, 2026** | &nbsp;&nbsp;**Dec. 31, 2025** | &nbsp;&nbsp;**Dec. 31, 2024** |
| &nbsp;&nbsp;Debt | &nbsp;&nbsp;11340.1 | &nbsp;&nbsp;11458.4  | &nbsp;&nbsp;11324.1  |
| &nbsp;&nbsp;Equity | &nbsp;&nbsp;27807.7 | &nbsp;&nbsp;26335.5  | &nbsp;&nbsp;26348.2  |
| &nbsp;&nbsp;Debt to Equity Ratio | &nbsp;&nbsp;40.78% | &nbsp;&nbsp;43.51% | &nbsp;&nbsp;42.98% |

---

***Twenty Largest Exposures by Borrower***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) |
| &nbsp;&nbsp;**As of March 31, 2026**<br>**Consolidated basis** | &nbsp;&nbsp;**Loans in Won** | &nbsp;&nbsp;**Loans in Foreign Currency** | &nbsp;&nbsp;**Securities** | &nbsp;&nbsp;**Guarantees and Acceptances** | &nbsp;&nbsp;**Others** | &nbsp;&nbsp;**Total Exposures** |
| &nbsp;&nbsp;Korea Electric Power Corporation | &nbsp;&nbsp; 0.4  | &nbsp;&nbsp; 129.0  | &nbsp;&nbsp; 3037.0  | &nbsp;&nbsp; 88.7  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 3255.1  |
| &nbsp;&nbsp;KEB Hana Bank | &nbsp;&nbsp; 1373.3  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 1746.2  | &nbsp;&nbsp; 49.7  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 3169.1  |
| &nbsp;&nbsp;Samsung Electronics | &nbsp;&nbsp; -  | &nbsp;&nbsp; 2714.5  | &nbsp;&nbsp; 4.2  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 2718.7  |
| &nbsp;&nbsp;Woori Bank | &nbsp;&nbsp; 1482.8  | &nbsp;&nbsp; 10.5  | &nbsp;&nbsp; 1032.2  | &nbsp;&nbsp; 0.0  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 2525.6  |
| &nbsp;&nbsp;LG Display | &nbsp;&nbsp; 1117.0  | &nbsp;&nbsp; 665.7  | &nbsp;&nbsp; 10.0  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 1792.7  |
| &nbsp;&nbsp;Nong Hyup Bank | &nbsp;&nbsp; 344.8  | &nbsp;&nbsp; 245.3  | &nbsp;&nbsp; 1066.5  | &nbsp;&nbsp; 21.2  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 1677.8  |
| &nbsp;&nbsp;KB Bank | &nbsp;&nbsp; 825.2  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 746.9  | &nbsp;&nbsp; 10.0  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 1582.2  |
| &nbsp;&nbsp;Lotte Hotel | &nbsp;&nbsp; 66.6  | &nbsp;&nbsp; 645.9  | &nbsp;&nbsp; 129.5  | &nbsp;&nbsp; 735.8  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 1577.9  |
| &nbsp;&nbsp;Songpa Biz-Cluster PFV | &nbsp;&nbsp; 1405.1  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 7.2  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 1412.3  |
| &nbsp;&nbsp;HD Hyundai Heavy Industries Co., Ltd. | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 0.1  | &nbsp;&nbsp; 1409.8  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 1409.8  |
| &nbsp;&nbsp;Samsung Heavy Industries Co., Ltd. | &nbsp;&nbsp; 20.0  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 9.9  | &nbsp;&nbsp; 1347.3  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 1377.2  |
| &nbsp;&nbsp;Hyundai Rotem Company | &nbsp;&nbsp; 2.1  | &nbsp;&nbsp; 26.0  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 1323.0  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 1351.1  |
| &nbsp;&nbsp;S-Oil | &nbsp;&nbsp; 579.6  | &nbsp;&nbsp; 342.1  | &nbsp;&nbsp; 348.3  | &nbsp;&nbsp; 13.0  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 1283.0  |
| &nbsp;&nbsp;Hanwha Corporation | &nbsp;&nbsp; 800.5  | &nbsp;&nbsp; 185.8  | &nbsp;&nbsp; 185.1  | &nbsp;&nbsp; 71.2  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 1242.5  |
| &nbsp;&nbsp;KT | &nbsp;&nbsp; 77.6  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 1037.0  | &nbsp;&nbsp; 117.0  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 1231.5  |
| &nbsp;&nbsp;LIG Defense&Aerospace | &nbsp;&nbsp; 6.3  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 19.9  | &nbsp;&nbsp; 1162.9  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 1189.1  |
| &nbsp;&nbsp;Mirae Asset Securities | &nbsp;&nbsp; 700.3  | &nbsp;&nbsp; 22.7  | &nbsp;&nbsp; 310.3  | &nbsp;&nbsp; 100.0  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 1133.3  |
| &nbsp;&nbsp;Kiwoom Securities Co., Ltd. | &nbsp;&nbsp; 576.0  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 504.8  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 1080.9  |
| &nbsp;&nbsp;Lotte Chemical Corporation | &nbsp;&nbsp; 280.0  | &nbsp;&nbsp; 209.8  | &nbsp;&nbsp; 79.6  | &nbsp;&nbsp; 434.1  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 1003.6  |
| &nbsp;&nbsp;Meritz Securities Co., Ltd. | &nbsp;&nbsp; 548.2  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 418.8  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 967.0  |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp; **10205.9**  | &nbsp;&nbsp; **5197.4**  | &nbsp;&nbsp; **10693.5**  | &nbsp;&nbsp; **6883.5**  | &nbsp;&nbsp; **-**  | &nbsp;&nbsp; **32980.2**  |
| &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding |

---

------

***Exposure to ten Main Debtor Groups***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) |
| &nbsp;&nbsp;**As of Mar. 31, 2026**<br>**Consolidated basis** | &nbsp;&nbsp;**Loans in Won** | &nbsp;&nbsp;**Loans in Foreign Currency** | &nbsp;&nbsp;**Securities** | &nbsp;&nbsp;**Guarantees and Acceptances** | &nbsp;&nbsp;**Others** | &nbsp;&nbsp;**Total**<br>**Exposures** |
| &nbsp;&nbsp;Samsung | &nbsp;&nbsp; 540.8  | &nbsp;&nbsp; 4664.0  | &nbsp;&nbsp; 662.3  | &nbsp;&nbsp; 2222.5  | &nbsp;&nbsp; 0.0  | &nbsp;&nbsp; 8089.7  |
| &nbsp;&nbsp;Lotte | &nbsp;&nbsp; 2487.9  | &nbsp;&nbsp; 1353.6  | &nbsp;&nbsp; 843.9  | &nbsp;&nbsp; 1598.6  | &nbsp;&nbsp; 0.1  | &nbsp;&nbsp; 6284.1  |
| &nbsp;&nbsp;Hyundai Motor Company | &nbsp;&nbsp; 1274.5  | &nbsp;&nbsp; 1351.5  | &nbsp;&nbsp; 1086.6  | &nbsp;&nbsp; 1548.1  | &nbsp;&nbsp; 0.0  | &nbsp;&nbsp; 5260.7  |
| &nbsp;&nbsp;Hanwha | &nbsp;&nbsp; 1795.8  | &nbsp;&nbsp; 786.0  | &nbsp;&nbsp; 1283.8  | &nbsp;&nbsp; 980.7  | &nbsp;&nbsp; 0.3  | &nbsp;&nbsp; 4846.6  |
| &nbsp;&nbsp;SK | &nbsp;&nbsp; 1561.3  | &nbsp;&nbsp; 947.8  | &nbsp;&nbsp; 1677.6  | &nbsp;&nbsp; 475.0  | &nbsp;&nbsp; 0.0  | &nbsp;&nbsp; 4661.7  |
| &nbsp;&nbsp;LS | &nbsp;&nbsp; 337.1  | &nbsp;&nbsp; 1481.3  | &nbsp;&nbsp; 447.0  | &nbsp;&nbsp; 1301.9  | &nbsp;&nbsp; 0.0  | &nbsp;&nbsp; 3567.3  |
| &nbsp;&nbsp;LG | &nbsp;&nbsp; 1516.1  | &nbsp;&nbsp; 877.0  | &nbsp;&nbsp; 510.8  | &nbsp;&nbsp; 336.1  | &nbsp;&nbsp; 0.0  | &nbsp;&nbsp; 3240.1  |
| &nbsp;&nbsp;HD Hyundai | &nbsp;&nbsp; 500.3  | &nbsp;&nbsp; 51.7  | &nbsp;&nbsp; 172.9  | &nbsp;&nbsp; 2334.3  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 3059.2  |
| &nbsp;&nbsp;POSCO | &nbsp;&nbsp; 759.0  | &nbsp;&nbsp; 851.9  | &nbsp;&nbsp; 187.2  | &nbsp;&nbsp; 10.7  | &nbsp;&nbsp; 0.0  | &nbsp;&nbsp; 1808.8  |
| &nbsp;&nbsp;KT | &nbsp;&nbsp; 134.8  | &nbsp;&nbsp; 82.9  | &nbsp;&nbsp; 1175.5  | &nbsp;&nbsp; 200.6  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 1593.8  |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp; **10907.7**  | &nbsp;&nbsp; **12447.7**  | &nbsp;&nbsp; **8047.7**  | &nbsp;&nbsp; **11008.5**  | &nbsp;&nbsp; **0.4**  | &nbsp;&nbsp; **42411.9**  |
| &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding | &nbsp;&nbsp;Note) Some of the totals may not sum due to rounding |

---

------

***Top Twenty Non-Performing Loans***

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) | &nbsp;&nbsp;(KRW billion) |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Gross Principal Outstanding** | &nbsp;&nbsp;**Substandard & Below** | &nbsp;&nbsp;**Allowance for Loan Losses** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;Other financial service activities n.e.c. | &nbsp;&nbsp;159.0 | &nbsp;&nbsp;159.0 | &nbsp;&nbsp;112.0 |
| &nbsp;&nbsp;B | &nbsp;&nbsp;Other financial service activities n.e.c. | &nbsp;&nbsp;99.6 | &nbsp;&nbsp;99.6 | &nbsp;&nbsp;19.4 |
| &nbsp;&nbsp;C | &nbsp;&nbsp;Other financial investment business | &nbsp;&nbsp;65.0 | &nbsp;&nbsp;65.0 | &nbsp;&nbsp;12.2 |
| &nbsp;&nbsp;D | &nbsp;&nbsp;Cable boradcasting | &nbsp;&nbsp;64.9 | &nbsp;&nbsp;64.9 | &nbsp;&nbsp;64.9 |
| &nbsp;&nbsp;E | &nbsp;&nbsp;Development and subdividing of non-residential building | &nbsp;&nbsp;49.0 | &nbsp;&nbsp;49.0 | &nbsp;&nbsp;38.3 |
| &nbsp;&nbsp;F | &nbsp;&nbsp;Manufacture of rail locomotives and rolling stock | &nbsp;&nbsp;48.8 | &nbsp;&nbsp;47.4 | &nbsp;&nbsp;38.7 |
| &nbsp;&nbsp;G | &nbsp;&nbsp;Development and subdividing of non-residential building | &nbsp;&nbsp;49.4 | &nbsp;&nbsp;47.4 | &nbsp;&nbsp;19.5 |
| &nbsp;&nbsp;H | &nbsp;&nbsp;Development and subdividing of other real estate | &nbsp;&nbsp;30.0 | &nbsp;&nbsp;30.0 | &nbsp;&nbsp;4.5 |
| &nbsp;&nbsp;I | &nbsp;&nbsp;Other financial service activities n.e.c. | &nbsp;&nbsp;52.1 | &nbsp;&nbsp;29.8 | &nbsp;&nbsp;14.8 |
| &nbsp;&nbsp;J | &nbsp;&nbsp;Other financial service activities n.e.c. | &nbsp;&nbsp;27.7 | &nbsp;&nbsp;27.7 | &nbsp;&nbsp;7.4 |
| &nbsp;&nbsp;K | &nbsp;&nbsp;Advertising agencies | &nbsp;&nbsp;27.1 | &nbsp;&nbsp;27.1 | &nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;L | &nbsp;&nbsp;Museum activities | &nbsp;&nbsp;20.0 | &nbsp;&nbsp;20.0 | &nbsp;&nbsp;0.0 |
| &nbsp;&nbsp;M | &nbsp;&nbsp;Other financial service activities n.e.c. | &nbsp;&nbsp;20.0 | &nbsp;&nbsp;20.0 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;N | &nbsp;&nbsp;Development and subdividing of non-residential building | &nbsp;&nbsp;19.5 | &nbsp;&nbsp;19.5 | &nbsp;&nbsp;9.9 |
| &nbsp;&nbsp;O | &nbsp;&nbsp;Other financial service activities n.e.c. | &nbsp;&nbsp;19.0 | &nbsp;&nbsp;19.0 | &nbsp;&nbsp;19.0 |
| &nbsp;&nbsp;P | &nbsp;&nbsp;Development and subdividing of non-residential building | &nbsp;&nbsp;16.6 | &nbsp;&nbsp;16.6 | &nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;Q | &nbsp;&nbsp;Development and subdividing of residential buildings | &nbsp;&nbsp;15.5 | &nbsp;&nbsp;15.5 | &nbsp;&nbsp;5.4 |
| &nbsp;&nbsp;R | &nbsp;&nbsp;Other financial service activities n.e.c. | &nbsp;&nbsp;15.0 | &nbsp;&nbsp;15.0 | &nbsp;&nbsp;15.0 |
| &nbsp;&nbsp;S | &nbsp;&nbsp;Development and subdividing of other real estate | &nbsp;&nbsp;15.0 | &nbsp;&nbsp;15.0 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;T | &nbsp;&nbsp;Non-specialized wholesale trade | &nbsp;&nbsp;14.1 | &nbsp;&nbsp;14.1 | &nbsp;&nbsp;14.1 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**827.2** | &nbsp;&nbsp;**801.5** | &nbsp;&nbsp;**399.7** |
| &nbsp;&nbsp;Notes : <br>&nbsp;&nbsp;&nbsp;&nbsp;•Consolidated basis as of Mar. 31, 2026<br>&nbsp;&nbsp;&nbsp;&nbsp;•Some of the totals may not sum due to rounding. | &nbsp;&nbsp;Notes : <br>&nbsp;&nbsp;&nbsp;&nbsp;•Consolidated basis as of Mar. 31, 2026<br>&nbsp;&nbsp;&nbsp;&nbsp;•Some of the totals may not sum due to rounding. | &nbsp;&nbsp;Notes : <br>&nbsp;&nbsp;&nbsp;&nbsp;•Consolidated basis as of Mar. 31, 2026<br>&nbsp;&nbsp;&nbsp;&nbsp;•Some of the totals may not sum due to rounding. | &nbsp;&nbsp;Notes : <br>&nbsp;&nbsp;&nbsp;&nbsp;•Consolidated basis as of Mar. 31, 2026<br>&nbsp;&nbsp;&nbsp;&nbsp;•Some of the totals may not sum due to rounding. | &nbsp;&nbsp;Notes : <br>&nbsp;&nbsp;&nbsp;&nbsp;•Consolidated basis as of Mar. 31, 2026<br>&nbsp;&nbsp;&nbsp;&nbsp;•Some of the totals may not sum due to rounding. |

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**4. Independent Auditor**

***Audit Opinion for the last 3 years***

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1Q 2026** | &nbsp;&nbsp;**FY 2025** | &nbsp;&nbsp;**FY 2024** |
| &nbsp;&nbsp;Independent Auditor | &nbsp;&nbsp;PWC Samil<br>Accounting Corp. | &nbsp;&nbsp;KPMG Samjong<br>Accounting Corp. | &nbsp;&nbsp;KPMG Samjong<br>Accounting Corp. |
| &nbsp;&nbsp;Audit Opinion | &nbsp;&nbsp;- | &nbsp;&nbsp;Unqualified | &nbsp;&nbsp;Unqualified |
| &nbsp;&nbsp;Note) The review of the 1<sup>st</sup> quarter of 2026 by the external auditor did not identify any matters that would cause the interim financial statements, prepared in accordance with K-IFRS, to be considered not fairly presented in all material respects. | &nbsp;&nbsp;Note) The review of the 1<sup>st</sup> quarter of 2026 by the external auditor did not identify any matters that would cause the interim financial statements, prepared in accordance with K-IFRS, to be considered not fairly presented in all material respects. | &nbsp;&nbsp;Note) The review of the 1<sup>st</sup> quarter of 2026 by the external auditor did not identify any matters that would cause the interim financial statements, prepared in accordance with K-IFRS, to be considered not fairly presented in all material respects. | &nbsp;&nbsp;Note) The review of the 1<sup>st</sup> quarter of 2026 by the external auditor did not identify any matters that would cause the interim financial statements, prepared in accordance with K-IFRS, to be considered not fairly presented in all material respects. |

---

***Compensation to the Independent Auditor for Audit and Review Services***

The following is a description of the fees for audit and review services performed by our independent auditor for the last three years in connection with our financial statements preparation.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Auditor** | **Payment** <sup>1)</sup> **<br>(KRW mil.)** | **Details** | **Working hours** |
| 1Q 2026 | PWC Samil<br>Accounting Corp. | 1,047<br>(annualized basis) | Review/Audit of Financial Statements | 1,339<br>Hours |
| 1Q 2026 | PWC Samil<br>Accounting Corp. | 129<br>(annualized basis) | K-IFRS Report Package Audit for Shinhan Savings Bank | 126<br>Hours |
| FY 2025 | KPMG Samjong<br>Accounting Corp. | 1,025<br>(annualized basis) | Review/Audit of Financial Statements | 9,107<br>Hours |
| FY 2025 | KPMG Samjong<br>Accounting Corp. | 135<br>(annualized basis) | K-IFRS Report Package Audit for Shinhan Savings Bank | 1,115<br>Hours |
| FY 2024 | KPMG Samjong<br>Accounting Corp. | 1,025<br>(annualized basis) | Review/Audit of Financial Statements | 9,071<br>Hours |
| FY 2024 | KPMG Samjong<br>Accounting Corp. | 135<br>(annualized basis) | K-IFRS Report Package Audit for Shinhan Savings Bank | 1,144<br>Hours |
| &nbsp;&nbsp;1) Excluding value-added taxes. | &nbsp;&nbsp;1) Excluding value-added taxes. | &nbsp;&nbsp;1) Excluding value-added taxes. | &nbsp;&nbsp;1) Excluding value-added taxes. | &nbsp;&nbsp;1) Excluding value-added taxes. |

---

***Change of External Auditor***

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial<br>Year** | **Changed Company** | **Previous Auditor** | **Changed Auditor** | **Detail** |
| FY2026 | Shinhan Financial Group Co., Ltd. | KPMG Samjong<br>Accounting  | PWC Samil <br>Accounting  | Expiration of the audit  |

---

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Corp. Corp. contract term

Note) Pursuant to the Act on External Audit of Stock Companies, etc. and its enforcement decree, the audit contract term of KPMG Samjong, designated as the external auditor for Shinhan Financial Group for the 23<sup>rd</sup> to 25<sup>th</sup> fiscal year has expired. Accordingly, the external auditor for the 26<sup>th</sup> fiscal year of Shinhan Financial Group and its subsidiaries has been changed from KPMG Samjong to PWC Samil.

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**5. Corporate Governance**

***Board of Directors and committees of the Board of Directors***

Our board of directors, which currently consists of one executive director, one non-executive director and nine outside directors, has the ultimate responsibility for the management of our affairs.

• **Committees of the Board of Directors**

We currently have eight management committees that serve under the board:

-the Committee for Recommending Candidates for CEO;

-the Audit Committee;

-the Committee for Recommending Candidates for Independent Directors and Members of Audit Committee;

-the Risk Management Committee;

-the Remuneration Committee;

-the Environment, Social and Governance (ESG) Strategy Committee;

-the Subsidiary's CEO Recommendation Committee; and

-the Internal Control Committee.

Each committee member is appointed by the board of directors, except for members of the Audit Committee, who are elected at the general meeting of shareholders.

***Committee for Recommending Candidates for CEO***

The Committee for Recommending Candidates for CEO currently consists of five directors: Choi Young Gwon (Chairman), Kwak Su Keun, Kim Jo Seol, Park Jong Bok and Bae Hoon. However, for the meeting for the final selection of candidates for the CEO position, all outside directors are called to participate in the committee, and in this case, all outside directors are considered to be part of the committee. This committee is responsible for matters concerning the recommendation of candidates for the CEO position, including establishing and reviewing our management succession plan and its operation, setting and evaluating the qualifications and criteria for the CEO and CEO candidate pool and other matters necessary for improving our overall corporate governance structure. The chairman of the committee must be an outside director, and the incumbent CEO may be restricted from participating and voting on matters related to the CEO selection.

***Audit Committee***

The Audit Committee currently consists of four outside directors: Lim Seung Yeon (Chairman), Kwak Su Keun, Bae Hoon and Choi Young Gwon. The committee oversees our financial reporting and approves the appointment of, and interaction with, our independent auditors and our internal audit-related officers. The committee also reviews our financial information, audit examinations, key financial statement issues and the administration of our financial affairs by the board of directors. The committee examines the agenda, and financial statements and other reports to be submitted by the board of directors, for each general meeting of shareholders. The committee holds regular meetings every quarter.

***Committee for Recommending Candidates for Independent Directors and Members of Audit Committee*** 

The Committee for Recommending Candidates for Independent Directors and Members of Audit Committee currently consists of four outside directors: Yang In Jip (Chairman), Kim Jo Seol, Lim Seung Yeon and Chun Myo Sang. Members of this committee will be appointed by our board of directors only to the extent necessary to recommend and nominate candidates for our outside director positions and audit committee members, and related matters. However, when the process for final recommendation of outside director and audit committee member candidates commences, all outside directors are called to participate in the committee, and in this case, all outside directors are considered to be part of the committee. The committee meetings are called by the committee's chairman, who must be an outside director. This committee is responsible for matters relating to: (i) establishment, review and reinforcement of policies for outside director and audit committee member selection, (ii) recommendation of outside director and audit committee member candidates for approval at the general shareholders' meeting and (iii) continual recruitment and screening of potential outside director candidates.

***Risk Management Committee***

The Risk Management Committee currently consists of three outside directors: Song Seong Joo (Chairman), Park Jong Bok and Yang In Jip. The committee oversees and makes determinations on all issues relating to our comprehensive risk management function. In order to ensure our stable financial condition and to maximize our profits, the committee monitors our overall risk exposure and reviews our compliance with risk policies and risk limits. In addition, the committee reviews risk and control strategies and policies, evaluates whether each risk is at an adequate level, establishes or abolishes

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risk management divisions, reviews risk-based capital allocations, and reviews the plans and evaluation relating to our internal controls. The committee holds regular meetings every quarter.

***Remuneration Committee***

The Remuneration Committee currently consists of three outside directors: Park Jong Bok (Chairman), Lim Seung Yeon and Chun Myo Sang. This committee is responsible for reviewing and approving the management's evaluation and compensation programs. At least one-half of the members of this committee must be outside directors, and currently all members of this committee are outside directors. The committee meetings are called by the committee's chairman, who must be an outside director.

***Environmental, Social and Governance (ESG) Strategy Committee***

The ESG Strategy Committee currently consists of five directors: Song Seong Joo (Chairman), Kim Jo Seol, Chun Myo Sang, Jung Sang Hyuk and Jin Okdong. This committee is responsible for setting the corporate policy for sustainable management, corporate disclosure of sustainability reports and discussing specific business agenda in relation to socially responsible management and other matters such as corporate strategy regarding climate change.

***Subsidiary's CEO Recommendation Committee***

The Subsidiary's CEO Recommendation Committee currently consists of five directors: Jin Okdong (Chairman), Kwak Su Keun, Bae Hoon, Song Seong Joo and Yang In Jip. This committee is responsible for matters relating to the evaluation of subsidiary management leadership, establishment of subsidiary CEO qualifications, verification and recommendation of subsidiary CEO candidates and other matters deemed necessary by the committee.

***Internal Control Committee***

The Internal Control Committee currently consists of four directors: Choi Young Gwon (Chairman), Bae Hoon, Song Seong Joo and Yang In Jip. This committee is responsible for reviewing and approving matters concerning internal controls, including establishing our internal control policies and strategies. The committee also monitors and evaluates whether executive officers are appropriately performing their management and reporting duties regarding internal controls in accordance with the relevant regulations, and may demand necessary remedial actions in the event of any deficiencies.

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**6. Major Shareholder and Market Price Information of our Common Shares and ADRs** 

***Major Shareholders of Shinhan Financial Group (as of Mar. 31, 2026)***

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**No. of Common Shares owned**<sup>2)</sup> | &nbsp;&nbsp;**Ownership%**<sup>1)</sup> |
| &nbsp;&nbsp;National Pension Service | &nbsp;&nbsp;42747919 | &nbsp;&nbsp;9.01% |
| &nbsp;&nbsp;1) Ownership% is based on rounding numbers of third decimal place <br>2) The number of common shares owned and ownership is based on shareholder registry as of end of March 2026 | &nbsp;&nbsp;1) Ownership% is based on rounding numbers of third decimal place <br>2) The number of common shares owned and ownership is based on shareholder registry as of end of March 2026 | &nbsp;&nbsp;1) Ownership% is based on rounding numbers of third decimal place <br>2) The number of common shares owned and ownership is based on shareholder registry as of end of March 2026 |

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***Common Shares Traded on the Korea Exchange***

Not required to be disclosed in quarterly reports. Please refer to the business report for FY2025 submitted on March 18, 2026 for your reference.

***American Depositary Receipts traded on the New York Stock Exchange*** 

Not required to be disclosed in quarterly reports. Please refer to the business report for FY2025 submitted on March 18, 2026 for your reference.

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**7. Directors, Executive Officers and Employees**

***Directors and Executive Officers*** 

1) Executive Director

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Date of Birth** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Executive**<br>**Director Since** | &nbsp;&nbsp;**Date Term Ends**<sup>(1)</sup> |
| *Jin Okdong* | Feb. 21, 1961 | Chief Executive Officer | March 23, 2023 | March 2029 |

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*Note*: The date on which the term will end will be the date of the general shareholders' meeting in the relevant year.

*Jin Okdong* is our Chief Executive Officer. Prior to his election, Mr. Jin served as the chief executive officer of Shinhan Bank from 2019 to 2023. Mr. Jin served as the deputy president of Shinhan Financial Group from 2017 to 2018, the deputy president of Shinhan Bank in 2017 and the chief executive officer of Shinhan Bank Japan from 2015 to 2016. Mr. Jin received a master's degree in business administration from Chung Ang University.

2) Non-Executive and Outside Directors

Non-executive directors are directors who are not our employees and do not hold executive officer positions with us. Outside directors are non-executive directors who also satisfy the independence requirements set forth under the Financial Investment Services and Capital Markets Act. Our non-executive directors and outside directors are selected based on the candidates' expertise in diverse areas, such as law, finance, economics, management and accounting. Currently, one non-executive director and nine outside directors are in office, all of whom were nominated by our board of directors and approved at a general meeting of shareholders.

Our non-executive and outside directors are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Date of Birth** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Director Since** | &nbsp;&nbsp;**Date Term Ends**<sup>(1)</sup> |
| *Jung Sang Hyuk* | Nov. 26, 1964 | Non-Executive Director | March 23, 2023 | March 2027 |
| *Kwak Su Keun* | Aug. 16, 1953 | Outside Director and <br>Chairman of the Board of Directors | March 25, 2021 | March 2027 |
| *Bae Hoon* | Mar. 30, 1953 | Outside Director | March 25, 2021 | March 2027 |
| *Kim Jo Seol* | Dec. 5, 1957 | Outside Director | March 24, 2022 | March 2027 |
| *Song Seongjoo* | Mar. 26, 1971 | Outside Director | March 26, 2024 | March 2027 |
| *Choi Young-Gwon* | Jul. 16, 1964 | Outside Director | March 26, 2024 | March 2027 |
| *Yang In Jip* | Jul. 16, 1957 | Outside Director | March 26, 2025 | March 2027 |
| *Chun Myo Sang* | May 20, 1980 | Outside Director | March 26, 2025 | March 2027 |
| *Park Jong Bok* | May. 29, 1955 | Outside Director | March 26, 2026 | March 2028 |
| *Lim Seung Yeon* | Jul. 18, 1973 | Outside Director | March 26, 2026 | March 2028 |

---

*Note:* The date on which each term will end will be the date of the general shareholders' meeting in the relevant year.

*Jung Sang Hyuk* has been our non-executive director since March 23, 2023. Mr. Jung was the chief executive officer of Shinhan Bank and previously served as the deputy president of Shinhan Bank from 2020 to 2023. Mr. Jung received a bachelor's degree in economics from Seoul National University.

*Kwak Su Keun* has been our outside director since March 25, 2021 and the chairman of our board of directors since March 26, 2026. Mr. Kwak currently serves as an honorary professor of accounting at Seoul National University, Business School and chair of Corporate Governance Advisory Board at Korea Listed Companies Association. Mr. Kwak received a doctoral degree in business administration from University of North Carolina Chapel Hill.

*Bae Hoon* has been our outside director since March 25, 2021. Mr. Bae is a lawyer and Certified Public Accountant in Japan and currently serves as a representative attorney at Orbis Legal Profession Corporation. Mr. Bae received a master's degree in business administration from Kobe University.

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*Kim Jo Seol* has been our outside director since March 24, 2022. Ms. Kim is a professor who teaches economics at Osaka University of Commerce and an economist with a high awareness of Northeast Asian economics. Ms. Kim received a doctoral degree in economics from Osaka City University.

*Song Seong Joo* has been as our outside director since March 26, 2024. Ms. Song has served as a professor of statistics at Korea University since 2008 and is also the Director of the Korea Risk Management Society. Ms. Song was previously an advisory professor at the Economic Statistics Division of the Bank of Korea. Ms. Song received a doctoral degree in statistics from the University of Chicago.

*Choi Young Gwon* has been as our outside director since March 26, 2024. Mr. Choi currently serves as the Chairman of the Korea Society of Financial Analysts and previously served as the chief executive officer of Woori Asset Management from 2019 to 2023. Mr. Choi received a doctoral degree in business administration, specializing in financial management, from Soongsil University.

*Yang In Jip* has been our outside director since March 26, 2025. Mr. Yang is the founder and currently serves as the chief executive officer and chairman of Onycom, Inc. Mr. Yang received a master of business administration degree from the University of Southern California.

*Chun Myo Sang* has been our outside director since March 26, 2025. Ms. Chun currently serves as the Head of Planning and Administration at SmartNews Inc. and is a Certified Public Accountant in Japan. Ms. Chun previously served as a manager at KPMG FAS and as a research and accounting advisor at the Development Bank of Japan. Ms. Chun received a master of business administration degree from the University of Southern California.

*Park Jong Bok* has been our outside director since March 26, 2026. Mr. Park previously served as the chief executive officer, the head of retail banking and the head of the retail channel business of SC Bank Korea. Mr. Park received a bachelor's degree in economics from Kyung Hee University.

*Lim Seung Yeon* has been our outside director since March 26, 2026. Ms. Lim has served as a professor of business at Kookmin University since 2011, and previously served as an outside director and a member of the audit committee of Kakao Games Corp. Ms. Lim received a doctoral degree in business administration from Seoul National University.

Any director wishing to enter into a transaction with Shinhan Financial Group or any of its subsidiaries in his or her personal capacity is required to obtain the prior approval of our board of directors. The director having an interest in the transaction may not vote at the meeting of our board of directors at which the relevant transaction is subject to vote for approval.

3) Executive Officers

In addition to the executive directors who are also our executive officers, we currently have the following executive officers.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Date of Birth** | &nbsp;&nbsp;**Date of Birth** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Position** |
| Koh Seogheon | Koh Seogheon | Sept. 27, 1968 | Sept. 27, 1968 | Deputy President and Chief Strategy Officer |
| Jang Jeong Hoon | Jang Jeong Hoon | May 30, 1971 | May 30, 1971 | Deputy President and Chief Financial Officer |
| Lee Een-kyoon | Lee Een-kyoon | Apr. 1, 1967 | Apr. 1, 1967 | Deputy President and Chief Operation Officer |
| Park Hyun Joo | Park Hyun Joo | Apr. 22, 1965 | Apr. 22, 1965 | Deputy President and Chief Consumer Protection Officer |
| Choi Hyuck Jae | Choi Hyuck Jae | Aug. 15, 1970 | Aug. 15, 1970 | Deputy President and Chief AI Officer and Chief Digital Officer |
| Ra Hoon | Ra Hoon | Mar. 19, 1969 | Mar. 19, 1969 | Executive Director and Chief Risk Officer |
| Lee Young Ho | Lee Young Ho | Oct. 17, 1970 | Oct. 17, 1970 | Executive Director and Chief Compliance Officer |
| Kim Jion | Kim Jion | May. 12, 1968 | May. 12, 1968 | Executive Director and Chief Audit Officer |
| Kim Junhwan | Kim Junhwan | Jun. 23, 1972 | Jun. 23, 1972 | Executive Director and Head of Digital Market Sensing Part |

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None of the executive officers have any significant activities outside Shinhan Financial Group.

*Koh Seogheon* has been our deputy president and chief strategy officer since January 1, 2022. Mr. Koh previously served as the head of business management division and strategic planning team of Shinhan Financial Group. Mr. Koh received a bachelor's degree in economics from Seoul National University.

*Jang Jeong Hoon* has been our deputy president and chief financial officer since January 1, 2026. Mr. Jang previously served as the deputy president of Shinhan Securities. Mr. Jang received an M.B.A. from Washington University in St. Louis.

*Lee Een-kyoon* has been our deputy president and chief operation officer since January 1, 2019. Mr. Lee previously served as the head of the management support team and the head of the secretary's office of Shinhan Bank. Mr. Lee received a bachelor's degree in English literature from Hanyang University.

*Park Hyun Ju* has been our deputy president and chief consumer protection officer since July 1, 2023. Ms. Park previously served as the head of Consumer Protection Division of Shinhan Bank. Ms. Park graduated from Seoul Girl's Commercial High School.

*Choi Hyuck Jae* has been our deputy president and chief AI officer and chief digital officer since October 1, 2025. Mr. Choi previously served as an executive director of Shinhan Bank. Mr. Choi received a master's degree in human resource management from Korea University.

*Ra Hoon* has been our executive director and chief risk officer since January 1, 2026. Mr. Ra previously served as the head of the risk management group of Shinhan Bank. Mr. Ra received a bachelor's degree in statistics from Korea University.

*Lee Youngho* has been our executive director and chief compliance officer since January 1, 2025. Mr. Lee previously served as a general manager of the compliance department and the chief compliance officer of Shinhan Bank. Mr. Lee received a bachelor's degree in law from Sogang University.

*Kim Jion* has been our executive director and chief audit officer since January 1, 2024. Ms. Kim previously served as the head of the PRM marketing team of Shinhan Bank. Ms. Kim received a bachelor's degree in economics from Yonsei University.

*Kim Junhwan* has been our executive director and head of digital market sensing part since January 1, 2024. Mr. Kim previously served as the head of the digital innovation team of Shinhan Bank. Mr. Kim received a doctor's degree in computer application design studies from Korea Advanced Institute of Science & Technology.

There are no family relationships among our directors and/or executive officers.

***Compensation to Directors***

Not required to be disclosed in quarterly reports. Please refer to the business report for FY2025 submitted on March 18, 2026 for your reference.

***Compensation to Non-registered directors***

Not required to be disclosed in quarterly reports. Please refer to the business report for FY2025 submitted on March 18, 2026 for your reference.

***Stock Options***

Not required to be disclosed in quarterly reports. Please refer to the business report for FY2025 submitted on March 18, 2026 for your reference.

***Employees***

Not required to be disclosed in quarterly reports. Please refer to the business report for FY2025 submitted on March 18, 2026 for your reference.

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**8. Related Party Transactions**

***Loans to Subsidiaries***

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (KRW billion) | (KRW billion) | (KRW billion) | (KRW billion) | (KRW billion) | (KRW billion) | (KRW billion) | (KRW billion) | (KRW billion) | (KRW billion) |
| Loans to Subsidiaries<br>(in KRW bil.) | Type | Origination<br>Date | Maturity<br>Date | Lending<br>Rate | Beginning Balance<br>(Jan. 1, 2026) | Decrease | Increase | Others | Ending Balance<br>(Mar. 31, 2026) |
| Shinhan Card | Loan | 2019-04-18 | 2026-04-18 | 2.09% | 100 | - | - | - | 100 |
| Shinhan Card | Loan | 2019-10-22 | 2026-10-22 | 1.81% | 60 | - | - | - | 60 |
| Shinhan Card | Loan | 2021-02-18 | 2026-02-18 | 1.54% | 150 | 150 | - | - | - |
| Shinhan Card | Loan | 2021-02-24 | 2026-02-24 | 1.62% | 150 | 150 | - | - | - |
| Shinhan Card | Loan | 2021-11-11 | 2026-11-11 | 2.55% | 10 | - | - | - | 10 |
| Shinhan Card | Loan | 2022-07-18 | 2027-07-18 | 4.25% | 100 | - | - | - | 100 |
| Shinhan Card | Loan | 2023-04-21 | 2028-04-21 | 4.21% | 100 | - | - | - | 100 |
| Shinhan Card | Loan | 2025-03-25 | 2028-03-25 | 2.97% | 100 | - | - | - | 100 |
| Shinhan Card | Loan | 2025-03-25 | 2030-03-25 | 3.02% | 100 |  | - | - | 100 |
| Shinhan Card | Loan | 2025-07-18 | 2028-07-18 | 2.73% | 100 | - | - | - | 100 |
| Shinhan Card | Loan | 2025-07-18 | 2030-07-18 | 2.92% | 70 | - | - | - | 70 |
| Shinhan Card | Loan | 2025-09-17 | 2028-09-17 | 2.76% | 100 | - | - | - | 100 |
| Shinhan Card | Loan | 2025-09-17 | 2030-09-17 | 2.90% | 50 | - | - | - | 50 |
| Shinhan Card | Loan | 2025-10-29 | 2028-10-29 | 2.87% | 80 | - | - | - | 80 |
| Shinhan Card | Loan | 2025-10-29 | 2030-10-29 | 3.02% | 70 | - | - | - | 70 |
| Shinhan Card | Loan | 2021-05-26 | 2026-05-12 | 1.53% | 43 | - | - | 2 | 45 |
| Shinhan Card | Financial assets at FVPL | 2022-03-17 | 2052-03-17 | 4.01% | 404 | - | - | -2 | 402 |
| Shinhan Card | Financial assets at FVPL | 2023-02-14 | 2053-02-14 | 5.28% | 310 | - | - | -5 | 305 |
| Shinhan Securities | Loan | 2025-07-29 | 2030-07-29 | 5.13% | 703 | - | - | 38 | 741 |
| Shinhan Securities | Financial assets at FVPL | 2021-06-14 | Perpetual Bond | 2.93% | 383 | - | - | 24 | 407 |
| Shinhan<br>Capital | Loan | 2021-03-16 | 2026-03-16 | 1.83% | 150 | 150 | - | - | - |
| Shinhan<br>Capital | Loan | 2025-04-22 | 2028-04-22 | 2.77% | 100 | - | - | - | 100 |
| Shinhan<br>Capital | Loan | 2025-12-04 | 2028-12-04 | 3.35% | 60 | - | - | - | 60 |
| Shinhan<br>Capital | Loan | 2026-03-16 | 2029-03-16 | 3.72% | - | - | 150 | - | 150 |
| Shinhan<br>Capital | Loan | 2021-05-13 | 2026-05-12 | 1.53% | 287 | - | - | 16 | 303 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | 149 | | | | 149 |
|  | Financial assets at FVPL<br>Financial assets at FVPL | 2021-07-28<br>2025-04-22 | 2051-07-28<br>2055-04-22 | 3.38%<br>3.78% | 99 | -<br>- | -<br>- | -<br>-2 | 97 |
| Shinhan Savings Bank | Loan | 2021-04-26 | 2026-04-26 | 1.85% | 50 | - | - | - | 50 |
| Shinhan Savings Bank | Loan | 2021-05-28 | 2026-05-28 | 1.99% | 50 | - | - | - | 50 |
| Shinhan DS | Loan | 2025-01-31 | 2026-01-30 | 3.08% | 10 | 10 | - | - | - |
| Shinhan DS | Loan | 2026-01-30 | 2026-07-31 | 3.05% | - | - | 5 | - | 5 |
| Shinhan DS | Loan | 2026-01-30 | 2027-01-29 | 3.11% | - | - | 5 | - | 5 |
| Shinhan Venture | Loan | 2025-02-26 | 2026-02-26 | 3.02% | 60 | 60 | - | - | - |
| Shinhan Venture | Loan | 2026-02-26 | 2027-02-26 | 3.25% |  | - | 60 | - | 60 |
| Shinhan Asset Trust | Loan | 2024-03-25 | 2027-03-25 | 3.76% | 100 | - | - | - | 100 |
| Shinhan Asset Trust | Financial assets at FVPL | 2024-05-23 | 2054-05-23 | 4.71% | 97 | - | - | - | 97 |
| Shinhan Asset Trust | Financial assets at FVPL | 2024-10-29 | 2054-10-29 | 4.10% | 51 | - | - | - | 51 |
| Shinhan Asset Trust | Financial assets at FVPL | 2026-01-30 | 2056-01-30 | 4.16% | - | - | 100 | - | 100 |
| **Total** | **Total** | **Total** | **Total** | **Total** | **4446** | **520** | **320** | **71** | **4317** |

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**9. Internal Control**

Not required to be disclosed in quarterly reports. Please refer to the business report for FY2025 submitted on March 18, 2026 for your reference.

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**10. Contingencies**

Please refer to attached Exhibit 99.1 Shinhan Financial Group Review Report for the 1Q 2026(Consolidated), note 29. commitments and contingencies.

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**11. Material Information after the reporting period**

***1) Shinhan Financial Group resolved to pay quarterly cash dividends***

On April 23, 2026, the Board of Directors of Shinhan Financial Group made a resolution to pay quarterly cash dividends.

- Dividend Amount : KRW 740 per share

- Record date : April 30, 2026

- Expected payment date : May 29, 2026

Please refer to Form 6-K submitted to Edgar system on April 23, 2026.

***2) 2026 Value-up Plan of Shinhan Financial Group***

On April 23, 2026, Shinhan Financial Group announced 2026 Value-up Plan.

We have now set new targets of the value-up plan and advanced its execution methodology, taking into account changes in the overall environment – early achievement of the original targets including the shareholder return ratio, the enactment of legislation on separate taxation of dividend income, and the trend of PBR improvement among domestic banking and financial holding companies. This new value-up plan is named as "Shinhan Value-Up +++ (Triple Plus)." Each year, we will set out our goals for the next three years based on an annual review of the appropriateness of our targets.

- New Targets: While maintaining the existing 2027 targets, we will provide updated guidance for the next three-year period annually. In addition, we will present and communicate principles for the allocation between growth and shareholder returns, as well as a formula for the shareholder return ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% or more of ROE (target range 10–12%);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% or more of the shareholder return ratio (presenting a predictable shareholder return policy based on the above formula); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13% or more of the CET1 ratio (stable management in line with regulatory and market environment).

Please refer to Form 6-K submitted to Edgar system on April 23, 2026.

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**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.

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| | | |
|:---|:---|:---|
|  | Shinhan Financial Group Co., Ltd. | Shinhan Financial Group Co., Ltd. |
|  | (Registrant) | (Registrant) |
| &nbsp;&nbsp;&nbsp;&nbsp;Date: May 15, 2026 | By: | /s/ JANG Jeong Hoon |
|  | Name: JANG Jeong Hoon | Name: JANG Jeong Hoon |
|  | Title: Chief Financial Officer | Title: Chief Financial Officer |

---

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## Exhibit 99.1

**SHINHAN FINANCIAL GROUP CO., LTD.** 

**AND SUBSIDIARIES**

Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

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

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Contents

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| | |
|:---|:---|
|  | **Page** |
| Report on Review of Condensed Consolidated Interim Financial Statements | 1  |
| Condensed Consolidated Interim Statements of Financial Position | 3 |
| Condensed Consolidated Interim Statements of Comprehensive Income | 4 |
| Condensed Consolidated Interim Statements of Changes in Equity | 6  |
| Condensed Consolidated Interim Statements of Cash Flows | 10 |
| Notes to the Condensed Consolidated Interim Financial Statements | 12 |

---

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**<u>Report on Review of Condensed Consolidated Interim Financial Statements</u>**

(English Translation of a Report Originally Issued in Korean)

To the Shareholders and Board of Directors of

Shinhan Financial Group Co., Ltd.:

**Reviewed Financial Statements**

We have reviewed the accompanying condensed consolidated interim financial statements of Shinhan Financial Group Co., Ltd. and its subsidiaries (collectively referred to as the "Group"). These condensed consolidated interim financial statements consist of the condensed consolidated interim statement of financial position of the Group as at March 31, 2026, and the related condensed consolidated interim statements of comprehensive income, changes in equity and cash flows for the three-month periods ended March 31, 2026, and material accounting policy information and other selected explanatory notes, expressed in Korean won.

**Management's Responsibility for the Financial Statements**

Management is responsible for the preparation and presentation of these condensed consolidated interim financial statements in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (Korean IFRS) 1034 *Interim Financial Reporting*, and for such internal control as management determines is necessary to enable the preparation of condensed consolidated interim financial statements that are free from material misstatement, whether due to fraud or error.

**Auditor's Responsibility**

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

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

**Conclusion**

Based on our review, nothing has come to our attention that causes us to believe the accompanying condensed consolidated interim financial statements are not prepared, in all material respects, in accordance with Korean IFRS 1034 *Interim Financial Reporting*.

**Other Matters**

The condensed consolidated interim statements of comprehensive income, changes in equity and cash flows for the three-month period ended March 31, 2025, presented herein for comparative purposes, were reviewed by another auditor whose report dated May 15, 2025. Based on their review, nothing has come to their attention that causes them to believe the accompanying condensed consolidated interim financial statements do not present fairly, in all material respects, in accordance with Korean IFRS 1034 *Interim Financial Reporting.*

The consolidated statement of financial position as at December 31, 2025, and the consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, not presented herein, were audited by another auditor who expressed an unqualified opinion on those statements on March 3, 2026. The consolidated statement of financial position as at December 31, 2025, presented herein for comparative purposes, is consistent, in all material respects, with the above audited consolidated statement of financial position as at December 31, 2025.

Review standards and their application in practice vary among countries. The procedures and practices used in the Republic of Korea to review such financial statements may differ from those generally accepted and applied in other countries.

------

/s/ Samil PricewaterhouseCoopers

Seoul, Korea

May 15, 2026

&nbsp;&nbsp;This report is effective as of May 15, 2026, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying condensed consolidated interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that there is a possibility that the above review report may have to be revised to reflect the impact of such subsequent events or circumstances, if any.<br>

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Condensed Consolidated Interim Statements of Financial Position**

As of March 31, 2025 and December 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;*(In millions of won)* | &nbsp;&nbsp;**Note** |  | &nbsp;&nbsp;**March 31, 2026 (Unaudited)** <br>| &nbsp;&nbsp;**December 31, 2025**<br>|
| &nbsp;&nbsp;&nbsp;**Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks at amortized cost | &nbsp;&nbsp;4, 7 | &nbsp;&nbsp;W | &nbsp;&nbsp;40203086 | &nbsp;&nbsp;39742605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss  | &nbsp;&nbsp;4, 8 |  | &nbsp;&nbsp;79037737 | &nbsp;&nbsp;78053377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets | &nbsp;&nbsp;4, 9 |  | &nbsp;&nbsp;12101971 | &nbsp;&nbsp;7153950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at fair value through other comprehensive income | &nbsp;&nbsp;4, 10 |  | &nbsp;&nbsp;104194552 | &nbsp;&nbsp;103216950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at amortized cost  | &nbsp;&nbsp;4, 10 |  | &nbsp;&nbsp;31260884 | &nbsp;&nbsp;31944368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans at amortized cost  | &nbsp;&nbsp;4, 11 |  | &nbsp;&nbsp;477752638 | &nbsp;&nbsp;464773880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment |  |  | &nbsp;&nbsp;4174461 | &nbsp;&nbsp;4153186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets |  |  | &nbsp;&nbsp;5993232 | &nbsp;&nbsp;5893158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;12 |  | &nbsp;&nbsp;2529691 | &nbsp;&nbsp;2639202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current tax assets |  |  | &nbsp;&nbsp;35045 | &nbsp;&nbsp;68609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets |  |  | &nbsp;&nbsp;209702 | &nbsp;&nbsp;209718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment property |  |  | &nbsp;&nbsp;616191 | &nbsp;&nbsp;611620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net defined benefit assets | &nbsp;&nbsp;16 |  | &nbsp;&nbsp;403661 | &nbsp;&nbsp;353097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance contract assets | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;885 | &nbsp;&nbsp;760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance contract assets | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;455260 | &nbsp;&nbsp;603442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;4, 11 |  | &nbsp;&nbsp;57688407 | &nbsp;&nbsp;46524351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale |  |  | &nbsp;&nbsp;61143 | &nbsp;&nbsp;71212 |
| &nbsp;&nbsp;&nbsp;**Total assets** |  | &nbsp;&nbsp;W | &nbsp;&nbsp;816718546 | &nbsp;&nbsp;786013485 |
| &nbsp;&nbsp;&nbsp;**Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | &nbsp;&nbsp;4 | &nbsp;&nbsp;W | &nbsp;&nbsp;462030453 | &nbsp;&nbsp;447648971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities at fair value through profit or loss | &nbsp;&nbsp;4, 13 |  | &nbsp;&nbsp;2958931 | &nbsp;&nbsp;2312487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities designated at fair value through profit or loss | &nbsp;&nbsp;4, 14 |  | &nbsp;&nbsp;6605239 | &nbsp;&nbsp;6378064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities | &nbsp;&nbsp;4, 9 |  | &nbsp;&nbsp;11985937 | &nbsp;&nbsp;7020846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | &nbsp;&nbsp;4 |  | &nbsp;&nbsp;56182097 | &nbsp;&nbsp;55394834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued | &nbsp;&nbsp;4, 15 |  | &nbsp;&nbsp;87603422 | &nbsp;&nbsp;92991422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net defined benefit liabilities | &nbsp;&nbsp;16 |  | &nbsp;&nbsp;17794 | &nbsp;&nbsp;17820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisions | &nbsp;&nbsp;17 |  | &nbsp;&nbsp;1269876 | &nbsp;&nbsp;1363345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current tax liabilities |  |  | &nbsp;&nbsp;722000 | &nbsp;&nbsp;763377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities |  |  | &nbsp;&nbsp;816344 | &nbsp;&nbsp;446799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance contract liabilities | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;47988453 | &nbsp;&nbsp;50471303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance contract liabilities | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;31144 | &nbsp;&nbsp;56378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment contract liabilities | &nbsp;&nbsp;4 |  | &nbsp;&nbsp;1314260 | &nbsp;&nbsp;1536393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | &nbsp;&nbsp;4 |  | &nbsp;&nbsp;75717025 | &nbsp;&nbsp;59237657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities held for sale |  |  | &nbsp;&nbsp;1208 | &nbsp;&nbsp;1465 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** |  |  | &nbsp;&nbsp;755244183 | &nbsp;&nbsp;725641161 |
| &nbsp;&nbsp;&nbsp;**Equity** | &nbsp;&nbsp;20 |  |  |  |
| &nbsp;&nbsp;Share capital |  |  | &nbsp;&nbsp;2969641  | &nbsp;&nbsp;2969641  |
| &nbsp;&nbsp;&nbsp;Hybrid bonds |  |  | &nbsp;&nbsp;4719886  | &nbsp;&nbsp;4749837  |
| &nbsp;&nbsp;&nbsp;Capital surplus |  |  | &nbsp;&nbsp;2232781  | &nbsp;&nbsp;12098558  |
| &nbsp;&nbsp;&nbsp;Capital adjustments |  |  | &nbsp;&nbsp;(772638) | &nbsp;&nbsp;(1180080) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss |  |  | &nbsp;&nbsp;(2107196) | &nbsp;&nbsp;(2474813) |
| &nbsp;&nbsp;&nbsp;Retained earnings  |  |  | &nbsp;&nbsp;52016605  | &nbsp;&nbsp;41796129  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity attributable to shareholders of the Parent Company |  |  | &nbsp;&nbsp;59059079 | &nbsp;&nbsp;57959272  |
| &nbsp;&nbsp;&nbsp;Non-controlling interests |  |  | &nbsp;&nbsp;2415284  | &nbsp;&nbsp;2413052  |
| &nbsp;&nbsp;&nbsp;**Total equity** |  |  | &nbsp;&nbsp;61474363  | &nbsp;&nbsp;60372324  |
| &nbsp;&nbsp;&nbsp;**Total liabilities and equity** |  | &nbsp;&nbsp;W | &nbsp;&nbsp;816718546 | &nbsp;&nbsp;786013485 |

---

*See accompanying notes to the condensed consolidated interim financial statements.*

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Condensed Consolidated Interim Statements of Comprehensive Income**

For the three-month periods ended March 31, 2026 and 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;**Three-month periods ended March 31** | &nbsp;&nbsp;**Three-month periods ended March 31** |
| &nbsp;&nbsp;*(In millions of won)* | &nbsp;&nbsp;**Note** |  | &nbsp;&nbsp;**2026 (Unaudited)** | &nbsp;&nbsp;**2025 (Unaudited)** |
| &nbsp;&nbsp;Interest income |  | &nbsp;&nbsp;W | &nbsp;&nbsp;7072131  | &nbsp;&nbsp;7067924  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  |  | &nbsp;&nbsp;(4047988) | &nbsp;&nbsp;(4213036)  |
| &nbsp;&nbsp;**Net interest income** | &nbsp;&nbsp;22 |  | &nbsp;&nbsp;3024143 | &nbsp;&nbsp;2854888  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  |  | &nbsp;&nbsp;1361879  | &nbsp;&nbsp;1053432  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission expense |  |  | &nbsp;&nbsp;(421053) | &nbsp;&nbsp;(375286) |
| &nbsp;&nbsp;**Net fees and commission income** | &nbsp;&nbsp;23 |  | &nbsp;&nbsp;940826 | &nbsp;&nbsp;678146  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance income |  |  | &nbsp;&nbsp;881584  | &nbsp;&nbsp;816068  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance income |  |  | &nbsp;&nbsp;52194  | &nbsp;&nbsp;26501  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance service expense |  |  | &nbsp;&nbsp;(610128) | &nbsp;&nbsp;(554505) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance service expense |  |  | &nbsp;&nbsp;(47253) | &nbsp;&nbsp;(33758) |
| &nbsp;&nbsp;**Net insurance income** | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;276397 | &nbsp;&nbsp;254306  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance finance income |  |  | &nbsp;&nbsp;18961  | &nbsp;&nbsp;20718  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance finance expense |  |  | &nbsp;&nbsp;(442542) | &nbsp;&nbsp;(75274) |
| &nbsp;&nbsp;**Net insurance finance expense** | &nbsp;&nbsp;19 |  | &nbsp;&nbsp;(423581) | &nbsp;&nbsp;(54556)  |
| &nbsp;&nbsp;Dividend income |  |  | &nbsp;&nbsp;70861  | &nbsp;&nbsp;71411  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on financial instruments at fair value through profit or loss  |  |  | &nbsp;&nbsp;588959  | &nbsp;&nbsp;510235  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) on financial instruments designated at fair value through profit or loss  |  |  | &nbsp;&nbsp;119923  | &nbsp;&nbsp;(156845) |
| &nbsp;&nbsp;Net gain on foreign currency transaction |  |  | &nbsp;&nbsp;89019  | &nbsp;&nbsp;135338  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on disposal of securities at fair value through other comprehensive income | &nbsp;&nbsp;10 |  | &nbsp;&nbsp;21066  | &nbsp;&nbsp;74543  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on disposal of securities at amortized cost | &nbsp;&nbsp;10 |  | &nbsp;&nbsp;(14) | &nbsp;&nbsp;(27) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | &nbsp;&nbsp;24 |  | &nbsp;&nbsp;(520112) | &nbsp;&nbsp;(439351) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | &nbsp;&nbsp;25 |  | &nbsp;&nbsp;(1545405) | &nbsp;&nbsp;(1413958) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses, net |  |  | &nbsp;&nbsp;(487629) | &nbsp;&nbsp;(569916) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income** |  |  | &nbsp;&nbsp;2154453 | &nbsp;&nbsp;1944214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity method income | &nbsp;&nbsp;12 |  | &nbsp;&nbsp;48839  | &nbsp;&nbsp;39447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-operating income |  |  | &nbsp;&nbsp;18090  | &nbsp;&nbsp;21897 |
| &nbsp;&nbsp;**Profit before income tax expense** |  |  | &nbsp;&nbsp;2221382  | &nbsp;&nbsp;2005558  |
| &nbsp;&nbsp;Income tax expense | &nbsp;&nbsp;27 |  | &nbsp;&nbsp;572234  | &nbsp;&nbsp;488512 |
| &nbsp;&nbsp;**Profit for the period** |  | &nbsp;&nbsp;W | &nbsp;&nbsp;1649148  | &nbsp;&nbsp;1517046 |

---

*See accompanying notes to the condensed consolidated interim financial statements.*

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Condensed Consolidated Interim Statements of Comprehensive Income (Continued)** 

For the three-month periods ended March 31, 2026 and 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Three-month periods ended March 31** | **Three-month periods ended March 31** |
| *(In millions of won, except earnings per share data)* | **Note** |  | **2026(Unaudited)** | **2025(Unaudited)** |
| &nbsp;&nbsp;&nbsp;**Other comprehensive income (loss) for the period,** <br>**net of income tax** | 20 |  |  |  |
| Items that are or may be reclassified to profit or loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valuation gain (loss) on securities at fair value through other comprehensive income |  | W | (1933965) | 777036  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in other comprehensive income (loss) of associates |  |  | 1055  | (4427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments for foreign operations |  |  | 340629  | 5007  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized fair value of cash flow hedges |  |  | (127130) | 47802  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net finance income (expense) on insurance contract assets (liabilities) |  |  | 2030489  | (1413304) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net finance expense on reinsurance contract assets (liabilities) |  |  | (78621) | (6374) |
|  |  |  | 232457 | (594260)  |
| Items that will not be reclassified to profit or loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurements of net defined benefit liability (asset) |  |  | (412) | 200  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in other comprehensive loss of associates |  |  | (3) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valuation gain on securities at fair value through other comprehensive income  |  |  | 137282  | 60415  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on disposal of securities at fair value through other comprehensive income  |  |  | 683  | (467) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in own credit risk on financial liabilities designated at fair value through profit or loss |  |  | (1660) | (547) |
|  |  |  | 135890 | 59601  |
| &nbsp;&nbsp;&nbsp;Total other comprehensive income (loss), net of income tax |  |  | 368347 | (534659)  |
| **Total comprehensive income for the period** |  | W | 2017495 | 982387  |
| **Profit attributable to:** |  |  |  |  |
| Shareholders of the Parent Company |  | W | 1622594  | 1488346  |
| Non-controlling interests |  |  | 26554  | 28700  |
|  |  | W | 1649148 | 1517046  |
| &nbsp;&nbsp;&nbsp;**Total comprehensive income attributable to:** |  |  |  |  |
| Shareholders of the Parent Company |  | W | 1989996  | 953628  |
| Non-controlling interests |  |  | 27499  | 28759  |
|  |  | W | 2017495 | 982387 |
| **Earnings per share:** | 28 |  |  |  |
| Basic and diluted earnings per share in won |  | W | 3327 | 2917 |

---

*See accompanying notes to the condensed consolidated interim financial statements.*

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Condensed Consolidated Interim Statements of Changes in Equity**

For the three-month period ended March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  |  | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** |  |  |
|  |  | **Share Capital** | **Hybrid** <br>**bonds** | &nbsp;&nbsp;**Capital**<br>**surplus** | **Capital**<br>**adjustments** | **Accumulated** <br>**other compre-hensive income (loss)** | **Retained earnings** | **Sub-total** | **Non-controlling interests** | **Total** |
| **Balance at January 1, 2025** | W | 2969641 | 4600121  | 12094968  | (807114) | (1824440) | 39020580 | 56053756 | 2767277 | 58821033 |
| **Total comprehensive income** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Profit for the period |  | - | - | - | - | - | 1488346  | 1488346  | 28700  | 1517046  |
| **Other comprehensive income (loss), net of income tax:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on valuation and disposal of securities at fair value through other comprehensive income  |  | - | - | - | - | 836758  | - | 836758  | 226  | 836984  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in other comprehensive loss of associates |  | - | - | - | - | (4427) | - | (4427)  | - | (4427)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments for foreign operations |  | - | - | - | - | 5174  | - | 5174  | (167) | 5007  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized fair value of cash flow hedges |  | - | - | - | - | 47802  | - | 47802  | - | 47802  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net finance expense on insurance contract assets (liabilities) |  | - | - | - | - | (1413304) | - | (1413304) | - | (1413304)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net finance expense on reinsurance contract assets (liabilities) |  | - | - | - | - | (6374) | - | (6374) | - | (6374) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurements of net defined benefit liability (asset) |  | - | - | - | - | 200  | - | 200  | - | 200  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in own credit risk on financial liabilities designated at fair value through profit or loss |  | - | - | - | - | (547) | - | (547) | - | (547) |
| Total other comprehensive income (loss) |  | - | - | - | - | (534718)  | - | (534718)  | 59  | (534659)  |
| **Total comprehensive income (loss)** |  | - | - | - | - | (534718)  | 1488346  | 953628  | 28759  | 982387  |
| **Other changes in equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | - | - | - | - | - | (267755) | (267755) | - | (267755)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends to hybrid bonds |  | - | - | - | - | - | (42590) | (42590) | - | (42590)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of hybrid bonds |  | - | 398835  | - | - | - | - | 398835  | - | 398835  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer to retained earnings of redemption loss of hybrid bonds |  | - | - | - | 524 | - | (524) | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of treasury shares (Note 20) |  | - | - | - | (276260)  | - | - | (276260) | - | (276260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement of treasury shares (Note 20) |  | - | - | - | - | - | (3) | (3) | - | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in other capital adjustments |  | - | - | - | (1054)  | - | (672) | (1726) | - | (1726) |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Condensed Consolidated Interim Statements of Changes in Equity**

For the three-month period ended March 31, 2025

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Condensed Consolidated Interim Statements of Changes in Equity (Continued)**

For the three-month period ended March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  |  | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** |  |  |
|  |  | **Share Capital** | **Hybrid** <br>**bonds** | &nbsp;&nbsp;**Capital**<br>**surplus** | **Capital**<br>**adjustments** | **Accumulated** <br>**other compre-hensive income (loss)** | **Retained earnings** | **Sub-total** | **Non-controlling interests** | **Total** |
| **Other changes in equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in other non-controlling interests |  | - | - | - | - | - | - | - | (266335)  | (266335)  |
|  |  | - | 398835  | - | (276790) | - | (311544)  | (189499)  | (266335)  | (455834)  |
| &nbsp;&nbsp;&nbsp;**Reclassification of OCI to retained earnings** |  | - | - | - | - | 1348  | (1348)  | - | - | - |
| **Balance at March 31, 2025** | W | 2969641  | 4998956 | 12094968 | (1083904)  | (2357810)  | 40196034  | 56817885  | 2529701  | 59347586  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Condensed Consolidated Interim Statements of Changes in Equity (Continued)**

For the three-month period ended March 31, 2026

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** |  |  |
|  |  | **Share Capital** | **Hybrid** <br>**bonds** | &nbsp;&nbsp;**Capital**<br>**surplus** | **Capital**<br>**adjustments** | **Accumulated** <br>**other compre-hensive income (loss)** | **Retained earnings** | **Sub-total** | **Non-controlling interests** | **Total** |
| **Balance at January 1, 2026** | W | 2969641  | 4749837  | 12098558  | (1180080) | (2474813) | 41796129  | 57959272  | 2413052  | 60372324  |
| **Total comprehensive income** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Profit for the period |  | - | - | - | - | - | 1622594  | 1622594  | 26554  | 1649148  |
| **Other comprehensive income (loss), net of income tax:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on valuation and disposal of securities at fair value through other comprehensive income  |  | - | - | - | - | (1794205) | - | (1794205) | (1795) | (1796000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in other comprehensive income of associates |  | - | - | - | - | 1052  | - | 1052  | - | 1052  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments for foreign operations |  | - | - | - | - | 337889  | - | 337889  | 2740  | 340629  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized fair value of cash flow hedges |  | - | - | - | - | (127130) | - | (127130) | - | (127130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net finance income on insurance contract assets (liabilities) |  | - | - | - | - | 2030489  | - | 2030489  | - | 2030489  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net finance expense on reinsurance contract assets (liabilities) |  | - | - | - | - | (78621) | - | (78621) | - | (78621) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurements of net defined benefit liability (asset) |  | - | - | - | - | (412) | - | (412) | - | (412) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in own credit risk on financial liabilities designated at fair value through profit or loss |  | - | - | - | - | (1660) | - | (1660) | - | (1660) |
| Total other comprehensive income |  | - | - | - | - | 367402  | - | 367402  | 945  | 368347  |
| **Total comprehensive income** |  | - | - | - | - | 367402  | 1622594  | 1989996  | 27499  | 2017495  |
| **Other changes in equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | - | - | - | - | - | (417502) | (417502) | - | (417502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends to hybrid bonds |  | - | - | - | - | - | (44051) | (44051) | - | (44051) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of hybrid bonds |  | - | 399058  | - | - | - | - | 399058  | - | 399058  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of hybrid bonds |  | - | (429009) | - | (991) | - | - | (430000) | - | (430000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer to retained earnings of redemption loss of hybrid bonds |  | - | - | - | 3059  | - | (3059) | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of treasury shares (Note 20) |  | - | - | - | (395618) | - | - | (395618) | - | (395618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement of treasury shares (Note 20) |  | - | - | - | 800000  | - | (800000) | - | - | - |

---

**March 31, 2026**<br>

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Condensed Consolidated Interim Statements of Changes in Equity (Continued)**

For the three-month period ended March 31, 2026

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** | **Equity attributable to equity holders of Shinhan Financial Group Co., Ltd.** |  |  |
|  |  | **Share Capital** | **Hybrid** <br>**bonds** | &nbsp;&nbsp;**Capital**<br>**surplus** | **Capital**<br>**adjustments** | **Accumulated** <br>**other compre-hensive income (loss)** | **Retained earnings** | **Sub-total** | **Non-controlling interests** | **Total** |
| **Other changes in equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification of share premium to retained earnings |  | - | - | (9865923) | - | - | 9865923  | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in other capital adjustments |  | - | - | 146  | 992  | - | - | 1138  | - | 1138  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in other non-controlling interests |  | - | - | - | - | - | (3214) | (3214) | (25267) | (28481) |
|  |  | - | (29951) | (9865777) | 407442  | - | 8598097  | (890189) | (25267) | (915456) |
| **Reclassification of OCI to retained earnings** |  | - | - | - | - | 215  | (215) | - | - | - |
| **Balance at March 31, 2026** | W | 2969641  | 4719886  | 2232781  | (772638) | (2107196) | 52016605  | 59059079  | 2415284  | 61474363  |

---

*See accompanying notes to the condensed consolidated interim financial statements.*

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Condensed Consolidated Interim Statements of Cash Flows**

For the three-month periods ended March 31, 2026 and 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Three-month periods ended March 31** | **Three-month periods ended March 31** |
| *(In millions of won)* | **Note** |  | **2026 (Unaudited)** | **2025 (Unaudited)** |
| **Cash flows from operating activities** |  |  |  |  |
| Profit for the period |  | W | 1649148 | 1517046 |
| Adjustments for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 22 |  | (7072131) | (7067924)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 22 |  | 4047988  | 4213036  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 21 |  | (70861) | (71411) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 27 |  | 572234  | 488512  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net fees and commission expense |  |  | 85672  | 95799  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net insurance income | 18 |  | (276397) | (254306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net insurance finance expense | 19 |  | 423581  | 54556  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on financial instruments at fair value through profit or loss  |  |  | 48719  | (137816) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on derivatives |  |  | (243754) | (219147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on foreign currency translation |  |  | (42294) | (28523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on financial instruments designated at fair value through profit or loss  |  |  | (143751) | 97795  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on disposal of securities at fair value through other comprehensive income | 10 |  | (21066) | (74543) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss on disposal of securities at amortized cost | 10 |  | 14  | 27  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 24 |  | 520112  | 439351  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee benefits |  |  | 56477  | 34946  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and other amortization | 25 |  | 313179  | 331677  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expense |  |  | 119994  | 189369  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity method income, net | 12 |  | (48839) | (39447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-operating expense |  |  | 14865  | 4617  |
|  |  |  | (1716258) | (1943432)  |
| Changes in assets and liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from banks at amortized cost |  |  | 1191092  | 871087  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at fair value through profit or loss |  |  | (971309) | (2697028) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from banks at fair value through profit or loss |  |  | (2355) | 105  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans at fair value through profit or loss |  |  | (493962) | 98188  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial instruments designated at fair value through profit or loss |  |  | 368636  | (492183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments |  |  | 167694  | 239245  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans at amortized cost  |  |  | (7452124) | 4477743  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance contract assets |  |  | (124) | 3327  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance contract assets |  |  | 148182  | 9658  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets |  |  | (11111451) | (4786130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits |  |  | 13497253  | (5182107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net defined benefit liabilities |  |  | (86014) | (155681) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions |  |  | (78463) | (101508) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance contract liabilities |  |  | (142473) | (326271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance contract liabilities |  |  | (127986) | 17540  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment contract liabilities |  |  | (235167) | (165096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities |  |  | 15654607 | 12071899  |
|  |  |  | 10326036 | 3882788  |
| Income taxes paid |  |  | (237507) | (244100) |
| Interest received |  |  | 6866867  | 6983378  |
| Interest paid |  |  | (3477926) | (3730028) |
| Dividends received |  |  | 36862  | 39117  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash inflow from operating activities** |  | W | 13447222 | 6504769  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Condensed Consolidated Interim Statements of Cash Flows (Continued)**

For the three-month periods ended March 31, 2026 and 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Three-month periods ended March 31** | **Three-month periods ended March 31** |
| *(In millions of won)* | **Note** |  | **2026(Unaudited)** | **2025(Unaudited)** |
| **Cash flows from investing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of financial instruments at fair value through profit or loss |  | W | 1239539  | 1000910  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of financial instruments at fair value through profit or loss |  |  | (1131106) | (1179511) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of securities at fair value through other comprehensive income |  |  | 10233269  | 13467240  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of securities at fair value through other comprehensive income  |  |  | (15907250) | (12931977) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of securities at amortized cost  |  |  | 1614994  | 1597589  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of securities at amortized cost |  |  | (855360) | (1322151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of property and equipment |  |  | 2117  | 4384  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of property and equipment |  |  | (38775) | (40723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of intangible assets |  |  | 1077  | 2665  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of intangible assets |  |  | (263577) | (118281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of investments in associates |  |  | 157486  | 174136  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of investments in associates |  |  | (27896) | (99517) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash inflow from loss of control |  |  | (2405) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash outflow from acquisition of control |  |  | (78956) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of investment property |  |  | (168) | (761) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of assets held for sale |  |  | 13155  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in other assets |  |  | 8579  | (13017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in other liabilities |  |  | - | (248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from settlement of hedging derivative financial instruments  |  |  | 33132  | 5642  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of settlement of hedging derivative financial instruments  |  |  | (126668) | (23903) |
| **Net cash inflow (outflow) from investing activities** |  | W | (5128813) | 522477  |
| **Cash flows from financing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of hybrid bonds |  | W | 399058  | 398835  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of hybrid bonds |  |  | (430000) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in borrowings |  |  | (917332) | 546312  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from debt securities issued |  |  | 6037453  | 7404090  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt securities issued |  |  | (12293388) | (11607576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in other liabilities |  |  | (25311) | (39)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid |  |  | (52771) | (48668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from settlement of hedging derivative financial instruments  |  |  | 710654  | 662637  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of settlement of hedging derivative financial instruments  |  |  | (640511) | (609735) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of treasury shares |  |  | (395618) | (276260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense for retirement of treasury shares |  |  | - | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in non-controlling interests |  |  | (24625) | (268891) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of lease liabilities |  |  | (86460) | (72647) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash inflow (outflow) from financing activities** |  |  | (7718851) | (3871945)  |
| &nbsp;&nbsp;**Effect of exchange rate changes on cash and cash equivalents held** |  |  | 295672 | (3016)  |
| **Increase in cash and cash equivalents**  |  |  | 895230 | 3152285  |
| &nbsp;&nbsp;&nbsp;**Changes in cash and cash equivalents included in assets held for sale** |  |  | 2782 | - |
| **Cash and cash equivalents at the beginning of the period** | 30 |  | 35295123 | 35247543  |
| **Cash and cash equivalents at the end of the period** | 30 | W | 36193135 | 38399828  |

---

See accompanying notes to the condensed consolidated interim financial statements.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

**1. <u>Reporting entity</u>**

Shinhan Financial Group Co., Ltd., the Parent Company, and its subsidiaries included in consolidation (collectively the "Group") are summarized as follows:

(a) The Parent Company

Shinhan Financial Group Co., Ltd. (the "Parent Company", "Company" and Shinhan Financial Group) was incorporated on September 1, 2001 for the main purposes of controlling, managing and funding Shinhan Bank, Shinhan Securities Co., Ltd., Shinhan Capital Co., Ltd. and Shinhan BNP Asset Management Co., Ltd. by way of share transfers. The total share capital amounted to W 1,461,721 million. Also, Shinhan Financial Group's shares have been listed on the Korea Exchange since September 10, 2001 and Shinhan Financial Group's American Depositary Shares have been registered with the Securities and Exchange Commission (SEC) and listed on the New York Stock Exchange since September 16, 2003.

(b) Ownership of Shinhan Financial Group and its major consolidated subsidiaries as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Date of financial information** | **Ownership (%)** | **Ownership (%)** |
| **Investor** | **Investee (\*1)** | **Location** | **Date of financial information** | **March 31,**<br>**2026** | **December 31, 2025** |
| &nbsp;&nbsp;Shinhan Financial Group Co., Ltd. | &nbsp;&nbsp;Shinhan Bank | Korea | March 31 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan Card Co., Ltd. | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan Securities Co., Ltd. | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan Life Insurance Co., Ltd. | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan Capital Co., Ltd. | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Jeju Bank | 〃 | 〃 | 64.0 | 64.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan Asset Management Co., Ltd.  | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;SHC Management Co., Ltd. | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan DS | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan Savings Bank | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan Asset Trust Co., Ltd. | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan Fund Partners Co., Ltd. | 〃 | 〃 | 99.8 | 99.8 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan REITs Management Co., Ltd. | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan Venture Investment Co., Ltd. | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan EZ General Insurance Co., Ltd. | 〃 | 〃 | 91.7 | 91.7 |
| &nbsp;&nbsp;Shinhan Bank | &nbsp;&nbsp;Shinhan Bank America | USA | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan Bank Europe GmbH | Germany | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan Bank Cambodia | Cambodia | 〃 | 97.5 | 97.5 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan Bank Kazakhstan Limited | Kazakhstan | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan Bank Canada | Canada | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan Bank (China) Limited | China | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan Bank Japan | Japan | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan Bank Vietnam Limited | Vietnam | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Banco Shinhan de Mexico | Mexico | 〃 | 99.9 | 99.9 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;PT Bank Shinhan Indonesia | Indonesia | 〃 | 99.0 | 99.0 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

**1. <u>Reporting entity (continued)</u>**

(b) Ownership of Shinhan Financial Group and its major consolidated subsidiaries as of March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Date of financial information** | **Ownership (%)** | **Ownership (%)** |
| **Investor** | **Investee (\*1)** | **Location** | **Date of financial information** | **March 31,**<br>**2026** | **December 31, 2025** |
| &nbsp;&nbsp;KIRAM HO CHI MINH OFFICE General Private Placement Real Estate Investment Trust (USD) | &nbsp;&nbsp;HIEP HIEP THANH Investment Company Limited | Vietnam | March 31 | 100.0 | 100.0 |
| &nbsp;&nbsp;HIEP HIEP THANH Investment Company Limited | &nbsp;&nbsp;Khoi Phat Investment Company Limited | Vietnam | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;Shinhan Bank Japan | &nbsp;&nbsp;SBJ DNX | Japan | 〃 | 90.0 | 90.0 |
| &nbsp;&nbsp;Shinhan Card Co., Ltd. | &nbsp;&nbsp;Shinhan Credit Information Co., Ltd. | Korea | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;LLP MFO Shinhan Finance | Kazakhstan | 〃 | 72.1 | 72.1 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;PT. Shinhan Indo Finance | Indonesia | 〃 | 76.3 | 76.3 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan Microfinance Co., Ltd. | Myanmar | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan Vietnam Finance Co., Ltd. | Vietnam | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;Shinhan Securities Co., Ltd. | &nbsp;&nbsp;Shinhan Securities America Inc. (\*2) | USA | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan Securities Asia Ltd. | Hong Kong | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan Securities Vietnam Co., Ltd. | Vietnam | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;PT. Shinhan Sekuritas Indonesia | Indonesia | 〃 | 99.0 | 99.0 |
| &nbsp;&nbsp;Shinhan Life Insurance Co., Ltd. | &nbsp;&nbsp;Shinhan Financial Plus Co., Ltd. | Korea | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan LifeCare Co., Ltd. | 〃 | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Shinhan Life Insurance Vietnam Co., Ltd. | Vietnam | 〃 | 100.0 | 100.0 |
| &nbsp;&nbsp;Shinhan DS | &nbsp;&nbsp;Shinhan DS Vietnam Co., Ltd. | Vietnam | 〃 | 100.0 | 100.0 |

---

(\*1) Subsidiaries such as trusts, beneficiary certificates, special purpose companies, partnerships and private equity funds which are not actually operating their own business are excluded.

(\*2) As of March 31, 2026, the disposal is in progress, and the assets were classified as held for sale in the prior period.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

**1. <u>Reporting entity (continued)</u>**

(c) Consolidated structured entities

Consolidated structured entities are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Consolidated structured entities** | **Description** |
| &nbsp;&nbsp;Trust | &nbsp;&nbsp;Shinhan Bank (including development trust) and 17 others  | A trust is consolidated when the Group as a trustee is exposed to significant variable returns, if principal or interest amounts of the entrusted properties falls below guaranteed amount, the Group should compensate it, and the Group has the ability to affect those returns. |
| &nbsp;&nbsp;Asset-Backed Securitization<br>| &nbsp;&nbsp;Tiger Eyes 3 Co., Ltd. and 152 others | An entity for asset backed securitization is consolidated when the Group has sole decision-making authority to dispose assets or change the conditions of the assets, and the Group is substantially exposed to, or has rights to significant variable returns by providing credit enhancement and purchases of subordinated securities. |
| &nbsp;&nbsp;Structured Financing | &nbsp;&nbsp;- | An entity established for structured financing relating to real estate, shipping, or mergers and acquisitions is consolidated when, due to events such as the counterparty's default, normal operations become no longer feasible and the Group, as the largest credit provider to the entity, has sole decision-making authority of these entities due to the entities default, and is substantially exposed to, or has rights to significant variable returns. |
| &nbsp;&nbsp;Investment Fund | &nbsp;&nbsp;One Shinhan Future's Fund and 195 others | An investment fund is consolidated, when the Group manages or invests assets of the investment funds on behalf of other investors as a collective investor or a business executive, or has the ability to dismiss the manager of the investment funds, and is substantially exposed to, or has rights to, the significant variable returns. |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

**1. <u>Reporting entity (continued)</u>**

(d) Summarized financial information of the subsidiaries

i) The summarized financial information of the Parent Company and the Group's major subsidiaries as of March 31, 2026 and December 31, 2025 is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** |
| **Investees (\*1), (\*2)** |  | &nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;**Total Equity** | &nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;**Total Equity** |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group (separate) | W  | 39147801  | 11340138  | 27807663  | 37793827  | 11458367  | 26335460  |
| &nbsp;&nbsp;&nbsp;Shinhan Bank |  | 616839536  | 579086825  | 37752711  | 596967318  | 558513573  | 38453745  |
| &nbsp;&nbsp;&nbsp;Shinhan Card Co., Ltd. |  | 42800481  | 34370296  | 8430185  | 43186732  | 34686850  | 8499882  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities Co., Ltd. |  | 64744138  | 58844814  | 5899324  | 54077820  | 48280415  | 5797405  |
| &nbsp;&nbsp;&nbsp;Shinhan Life Insurance Co., Ltd. |  | 58047960  | 51529766  | 6518194  | 59661505  | 53455107  | 6206398  |
| &nbsp;&nbsp;&nbsp;Shinhan Capital Co., Ltd. |  | 12403304  | 10076195  | 2327109  | 12482497  | 10166788  | 2315709  |
| &nbsp;&nbsp;&nbsp;Jeju Bank |  | 8361346  | 7719244  | 642102  | 8019927  | 7372657  | 647270  |
| &nbsp;&nbsp;&nbsp;Shinhan Asset Management Co., Ltd. |  | 359791  | 98539  | 261252  | 381311  | 87974  | 293337  |
| &nbsp;&nbsp;&nbsp;SHC Management Co., Ltd. |  | 10530  | 7  | 10523  | 10480  | - | 10480  |
| &nbsp;&nbsp;&nbsp;Shinhan DS |  | 131999  | 61836  | 70163  | 131276  | 64456  | 66820  |
| &nbsp;&nbsp;&nbsp;Shinhan Savings Bank |  | 3419502  | 3048352  | 371150  | 2982788  | 2603718  | 379070  |
| &nbsp;&nbsp;&nbsp;Shinhan Asset Trust Co., Ltd.  |  | 1120647  | 700454  | 420193  | 881518  | 564731  | 316787  |
| &nbsp;&nbsp;&nbsp;Shinhan Fund Partners Co., Ltd |  | 111124  | 22690  | 88434  | 112911  | 23555  | 89356  |
| &nbsp;&nbsp;&nbsp;Shinhan REITs Management Co., Ltd. |  | 82907  | 5997  | 76910  | 83488  | 7920  | 75568  |
| &nbsp;&nbsp;&nbsp;Shinhan Venture Investment Co., Ltd. |  | 194339  | 96648  | 97691  | 192749  | 103912  | 88837  |
| &nbsp;&nbsp;&nbsp;Shinhan EZ General Insurance Co., Ltd. |  | 347441  | 184238  | 163203  | 361063  | 185342  | 175721  |

---

(\*1) The summarized financial information of the consolidated subsidiaries are based on consolidated financial statements, if applicable.

(\*2) Subsidiaries such as trusts, beneficiary certificates, special purpose companies, partnerships and private equity funds which are not actually operating their own business are excluded.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**1. <u>Reporting entity (continued)</u>**

ii) The summarized income statement information of the Parent Company and the Group's major subsidiaries for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
| **Investees (\*1), (\*2)** |  | **Operating**<br>**Revenue** | **Net Income (\*3)** | **Comprehensive**<br>**Income (\*3)** | **Operating**<br>**Revenue** | **Net Income (\*3)** | **Comprehensive**<br>**Income (\*3)** |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group (separate) | W  | 2600949  | 2360316  | 2360316  | 2621336  | 2499281  | 2499281  |
| &nbsp;&nbsp;&nbsp;Shinhan Bank |  | 18156749  | 1157576  | 1207588  | 9690434  | 1128284  | 1252683  |
| &nbsp;&nbsp;&nbsp;Shinhan Card Co., Ltd. |  | 1697189  | 116673  | 175788  | 1469158  | 136878  | 146942  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities Co., Ltd. |  | 5341836  | 288360  | 298704  | 2683617  | 107851  | 105717  |
| &nbsp;&nbsp;&nbsp;Shinhan Life Insurance Co., Ltd. |  | 2733789  | 103145  | 311796  | 1745742  | 165172  | (524073) |
| &nbsp;&nbsp;&nbsp;Shinhan Capital Co., Ltd. |  | 417705  | 61799  | 69068  | 284098  | 31329  | 28733  |
| &nbsp;&nbsp;&nbsp;Jeju Bank |  | 94629  | 4210  | 62  | 91130  | 2904  | 3751  |
| &nbsp;&nbsp;&nbsp;Shinhan Asset Management Co., Ltd. |  | 57006  | 18315  | 18315  | 42850  | 8892  | 8892  |
| &nbsp;&nbsp;&nbsp;SHC Management Co., Ltd. |  | - | 43  | 43  | - | 50  | 50  |
| &nbsp;&nbsp;&nbsp;Shinhan DS |  | 77783  | 3077  | 3343  | 77245  | 2515  | 2443  |
| &nbsp;&nbsp;&nbsp;Shinhan Savings Bank |  | 65810  | 6707  | 7085  | 61228  | 6782  | 7338  |
| &nbsp;&nbsp;&nbsp;Shinhan Asset Trust Co., Ltd. |  | 23352  | 5862  | 5832  | 29947  | 5425  | 5409  |
| &nbsp;&nbsp;&nbsp;Shinhan Fund Partners Co., Ltd. |  | 25074  | 7632  | 7632  | 17044  | 3680  | 3680  |
| &nbsp;&nbsp;&nbsp;Shinhan REITs Management Co., Ltd. |  | 3290  | 1344  | 1342  | 2846  | (185) | (186) |
| &nbsp;&nbsp;&nbsp;Shinhan Venture Investment Co., Ltd. |  | 19002  | 8848  | 8854  | 8332  | (456) | (439) |
| &nbsp;&nbsp;&nbsp;Shinhan EZ General Insurance Co., Ltd. |  | 41197  | (9683) | (12518) | 32246  | (4603) | (4527) |

---

(\*1) The summarized financial information of the consolidated subsidiaries is based on consolidated financial statements, if applicable.

(\*2) Subsidiaries such as trusts, beneficiary certificates, special purpose companies, partnerships and private equity funds which are not actually operating their own business are excluded.

(\*3) This amount includes non-controlling interests.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

**2. <u>Basis of preparation</u>**

**(a) Statement of compliance**

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

The condensed consolidated interim financial statements of the Group are prepared in accordance with Korean International Financial Reporting Standards ("K-IFRS"). These financial statements are prepared under K-IFRS No. 1034, '*Interim Financial Reporting'* and contain less information than required in the annual consolidated financial statements. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the last annual consolidated financial statements as of and for the year ended December 31, 2025.

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

The preparation of the condensed consolidated interim financial statements in conformity with K-IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, incomes, and expenses. If the estimates and assumptions based on management's best judgment as of the end of the interim reporting period are different from the actual environment, these estimates and actual results may be different.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Income tax expense in the interim period is measured by applying the expected annual income tax rate, i.e. the estimated average annual effective income tax rate.

In preparing the condensed consolidated interim financial statements, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as of and for the year ended December 31, 2025 except for the method of estimation used to determine the income tax expense for the interim period.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

**3. <u>Material accounting policies</u>**

(a) The Group applies the same accounting policies as those applied in the preparation of the annual consolidated financial statements for the year ended December 31, 2025, except for the following amendments first applied from January 1, 2026, as described in Note 2(b).

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

To address questions raised in practice and incorporate new requirements, Korean IFRS No. 1109 'Financial Instruments' and No. 1107 'Financial Instruments: Disclosures' have been amended. There is no significant impact on the consolidated financial statements from these amendments.

- Permit a financial liability to be regarded as settled (derecognized) through an electronic payment system before the settlement date, provided that specified criteria are met.

- Clarify and add further guidance for assessing whether financial assets meet the criterion of consisting solely of payments of principal and interest (SPPI).

- Require disclosure, by each class of financial instruments, of the effects of contractual terms that may change the timing or amount of contractual cash flows, as well as the extent of the entity's exposure.

- Require additional disclosures for equity instruments designated at FVOCI.

*ii) Annual Improvements to K-IFRS Volume 11*

Annual Improvements to K-IFRS Volume 11 are effective for annual reporting periods beginning on or after January 1, 2026. There is no significant impact on the consolidated financial statements from these amendments.

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

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

and Guidance on implementing K-IFRS No. 1107

- K-IFRS No. 1109 '*Financial Instruments'* – Derecognition of lease liabilities and transaction price

- K-IFRS No. 1110 *'Consolidated Financial Statements'* – Determination of 'de facto agent'

- K-IFRS No. 1007 '*Statement of Cash Flows*' – Cost method

*iii) Amendments to K-IFRS No. 1109 'Financial Instruments' and K-IFRS No. 1107 'Financial Instruments: Disclosures' - Contracts referencing nature-dependent electricity*

Contracts referencing nature-dependent electricity were defined as contracts in which an entity is exposed to variability in the underlying volume of electricity because the source of electricity generation depends on uncontrollable natural conditions (e.g., weather). It was also clarified that contracts to purchase or sell nature-dependent electricity are subject to assessment for the own-use exemption. In addition, the hedge accounting requirements were amended to allow the variable nominal amount of forecast nature-dependent electricity transactions to be designated as a hedged item, and related disclosure requirements were added. There is no significant impact on the consolidated financial statements from these amendments.

(b) As of March 31, 2026, the newly enacted and disclosed but not yet effective new K-IFRS are as follows:

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

K-IFRS No. 1118, 'Presentation and Disclosure in Financial Statements', replaces K-IFRS 1001, 'Presentation of Financial Statements'. K-IFRS No. 1118 is expected to enhance comparability of financial performance among similar entities by providing information useful to users of financial statements in analyzing and comparing an entity's performance, with a particular focus on the statement of profit or loss.

When the Group prepares its financial statements in accordance with K-IFRS No. 1118, the principal accounting policies that may result in significant differences from the current financial statements are as follows. These matters

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

do not include all possible differences that may arise and are subject to change based on further analysis.<br>

**<u>3. Material accounting policies (continued)</u>**

(b) As of March 31, 2026, the newly enacted and disclosed but not yet effective new K-IFRS are as follows (continued):

*i) K-IFRS No. 1118 'Presentation and Disclosure in Financial Statements'(continued)*

K-IFRS No. 1118 requires all income and expenses included in the statement of profit or loss to be classified into one of five categories: operating, investing, financing, income tax, and discontinued operations. The Standard classifies all income and expenses not included in the investing, financing, income tax, or discontinued operations categories as operating, and defines operating profit or loss as a residual measure.<br>**<br> The Group is required to assess its main business activities in order to classify income and expenses into categories. If the Group's main business activities include investing in a particular type of asset or providing financing to customers, certain income and expenses that would otherwise have been classified in the investing or financing categories are classified in the operating category.<br>Accordingly, operating profit or loss under K-IFRS No. 1118 may differ significantly from operating profit or loss as defined under K-IFRS No. 1001, which is defined as operating revenue less operating expenses. K-IFRS No. 1118 requires disclosure in the notes of operating profit or loss as determined under K-IFRS No. 1001, as well as a reconciliation of the differences between operating profit or loss under K-IFRS No. 1118 and that under K-IFRS No. 1001.<br>

In addition, K-IFRS No. 1118 requires the presentation of the following subtotals in the statement of profit or loss: 'operating profit or loss', comprising all income and expenses classified in the operating category; 'profit or loss before financing and income tax', comprising operating profit or loss and all income and expenses classified in the investing category; and 'profit or loss'. However, if the Group's main business activity is to provide financing to customers, the presentation of 'profit or loss before financing and income tax' may not be required, depending on the accounting policy elected.

K-IFRS No. 1118 introduces disclosure requirements for management-defined performance measures (MPMs), which are used by management in public communications outside the financial statements to convey management's view of the entity's overall financial performance. MPMs are defined as subtotals of income and expenses that are not specified in paragraph 118 of K-IFRS No. 1118 and are not otherwise required to be presented or disclosed by the Standard.

If MPMs are used, the Group is required to disclose the reasons for using such measures, how they are calculated, a reconciliation to the most directly comparable subtotal specified by K-IFRS No. 1118, the tax effects of each reconciling item, and the effects on non-controlling interests.

As a result of the issuance of K-IFRS No. 1118, certain amendments were made to K-IFRS No. 1007, 'Statement of Cash Flows'. Under these amendments, the starting point for determining cash flows from operating activities using the indirect method has been changed from profit for the period to operating profit or loss, and the option to classify cash flows related to interest and dividends has been removed.

K-IFRS No. 1118 is effective for annual periods beginning on or after January 1, 2027, with early adoption permitted. Entities are required to apply the Standard retrospectively in accordance with K-IFRS No. 1008, 'Accounting Policies, Changes in Accounting Estimates and Errors'. Accordingly, comparative information for the year ending December 31, 2026 will be restated in accordance with K-IFRS No. 1118. Amendments to K-IFRS No. 1007 and K-IFRS No. 1033 resulting from the issuance of K-IFRS No. 1118, as well as amendments to K-IFRS No. 1008 and K-IFRS No. 1107, become effective upon application of K-IFRS No. 1118.

The Group has not applied K-IFRS No. 1118 as its mandatory effective date has not yet been reached, and it plans to present its first interim financial statements for the period ending March 31, 2027 in accordance with K-IFRS No. 1118.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

Based on information available as of March 31, 2026, the Group is conducting a preliminary overall assessment of the impact of adopting K-IFRS No. 1118.

**4. <u>Financial risk management</u>**

**(a) Overview**

The Shinhan Financial Group (the "Group") manages various risks that may arise within the business sector and the major risks to which the Group is exposed include credit risk, market risk, interest rate risk, and liquidity risk. These risks are recognized, measured, controlled, and reported in accordance with risk management guidelines established at the Parent Company level and the subsidiary level.

*i) Risk management principles* 

The risk management principles of the Group are as follows:

- All business activities take into account the balance of risks and profits within a predetermined risk appetite.

- The Parent Company shall present the Group Risk Management Model Standards, supervise their compliance and have responsibility and authority for group-level monitoring.

- Operate a risk-related decision-making system that enhances management's involvement.

- Organize and operate risk management organizations independent of the business sector.

- Operate a performance management system that clearly considers risks when making business decisions.

- Aim for preemptive and practical risk management functions.

- Share a cautious view to prepare for possible deterioration of the situation.

*ii) Risk management organization*

The fundamental policies for risk management of the Group are established by the Board of Directors of the Parent Company, while the basic risk management strategies are established by the Risk Management Committee (the "Group Risk Management Committee") within the Parent Company's Board of Directors. The Group's Chief Risk Officer (CRO) assists the Group Risk Management Committee and consults the risk management policies and strategies of the group and each subsidiary through the Group Risk Council, which includes the Chief Risk Officer of each subsidiary. The subsidiary implements the risk management policies and strategies of the Group through each company's risk management committee, risk-related committee, and risk management organization, and consistently establishes and implements the detailed risk policies and strategies of the subsidiary. The risk management team of the Parent Company assists the Group's Chief Risk Officer for risk management and supervision.

The Group has a hierarchical limit system to manage the risks of the Group to an appropriate level. The Group Risk Management Committee sets the risk limits that can be acceptable by the Group and each subsidiary, while the Risk Management Committee and the management-level risk Committees of each subsidiary set and manage detailed risk limits by risk, department, desk, and product types.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

**4. <u>Financial risk management (continued)</u>**

**(a) Overview (continued)**

*ii) Risk management organization (continued)*

*ii-1) Group Risk Management Committee*

The Committee establishes the risk management framework for the Parent Company and each of its subsidiaries and comprehensively manages Group-wide risk-related matters, including the establishment of the Group's fundamental risk management policies and strategies and the approval of limits. The Committee consists of directors of the Parent Company.

The resolution of the Committee is as follows:

-Establish risk management basic policy in line with management strategy

-Determine the level of risk that can be assumed by the Group and each subsidiary

-Approve appropriate investment limit or loss allowance limit

-Enact and amend the Group Risk Management Regulations and the Group Risk Council Regulations

-Matters concerning risk management organization structure and division of duties

-Matters concerning the operation of the risk management system

-Matters concerning the establishment of various limits and approval of limits

-Make decisions on approval of the FSS's internal rating based approach for non-retail and retail credit rating systems

-Matters concerning risk disclosure policy

-Crisis situation analysis results, related capital management plan and financing plan

-Matters deemed necessary by the board of directors

-Matters required by external regulations such as the Financial Services Commission and other regulations and guidelines

-Matters deemed necessary by the Chairman

The resolution of the Group Risk Management Committee is reported to the Board of Directors.<br>

*ii-2) Group Risk Management Council*

<br>In order to maintain the Group's risk management policies and strategies consistently, the Group resolves matters necessary to discuss overall risk-related issues and to implement the policies set by the Group Risk Management Committee. The members are chaired by the Group's chief risk officer and shall consist of the chief risk officers of major subsidiaries.

*iii) Group Risk Management System*

*iii-1) Management of the Risk Capital*

Risk capital refers to the capital required to compensate for the potential loss (risk) if it is actually realized. Risk capital management refers to the management of the risk assets considering its risk appetite, which is a datum point on the level of risk burden compared to available capital, so as to maintain the risk capital at an appropriate level. The Parent Company and its subsidiaries establish and operate a risk planning process to reflect the risk plan in advance when establishing financial and business plans for risk capital management and establish a risk limit management system to control risk to an appropriate level.<br>

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

**4. <u>Financial risk management (continued)</u>**

**(a) Overview (continued)**

*iii) Group Risk Management System (continued)* 

*iii-2) Risk Monitoring*

In order to proactively manage risks by periodically identifying risk factors that can affect the Group's business environment, the Group has established a multi-dimensional risk monitoring system. Each subsidiary is required to report to the Parent Company on key issues that affect risk management at the Group level. The Parent Company prepares weekly, monthly and ad-hoc monitoring reports for Group management, including the CRO.

In addition, the Risk Dashboard is operated to derive abnormal symptoms through three-dimensional monitoring of major portfolios, increased risks, and external environmental changes of assets for each subsidiary. If necessary, the Group takes preemptive risk management to establish and implement countermeasures.

*iii-3) Risk Reviewing*

When conducting new product, new business and major policy changes, risk factors are reviewed by using a pre-defined checklist to prevent indiscriminate promotion of business that is not easy to judge risk and to support rational decision making. The subsidiary's risk management department conducts a preliminary review and post-monitoring process on products, services, and projects to be pursued in the business division. In case of matters that are linked or jointly promoted with other subsidiaries, the risk reviews are carried out after prior-consultation with the risk management department of the Parent Company.

*iii-4) Crisis Management*

The Group maintains a group wide crisis management system to detect the signals of any risk crisis preemptively and, in the event of a crisis actually happening, to respond on a timely, efficient and flexible basis so as to ensure the Group's survival as a going concern. Each subsidiary maintains crisis planning for four levels of contingencies, namely, 'cautious', 'alert', 'imminent crisis' and 'crisis', determination of which is made based on quantitative and qualitative monitoring and consequence analysis, and upon the happening of any such contingency, is required to respond according to a prescribed contingency plan. At the Parent Company level, the Parent Company maintains and installs a crisis detection and response system which is applied consistently group-wide, and upon the happening of any contingency at two or more subsidiaries level, the Parent Company directly takes charge of the situation so that the Company manages it on a concerted group wide basis.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk**

Credit risk is the risk of potential economic loss that may be caused if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and is the largest risk which the Group faces. The Group's credit risk management encompasses all areas of credit that may result in potential economic loss, including not just transactions that are recorded on the balance sheet, but also off-balance-sheet transactions such as guarantees, loan commitments and derivative transactions.

Shinhan Bank's basic policy on credit risk management is determined by the Risk Policy Committee. The Risk Policy Committee consists of the chairman of the Chief Risk Officer (CRO), Chief Credit Officer (CCO), the head of the business group, and the head of the risk management department. The Risk Policy Committee decides the credit risk management plan and the direction of the loan policy for the entire bank. Apart from the Risk Policy Committee, the Credit Review Committee is established to separate credit monitoring, such as large loans and limit approval, and is composed of the chairman, the CCO, the CRO and the head of the group in charge of the credit-related business group, the head of the credit planning department, and the senior examination team to enhance the credit quality of the loan and profitability of operation.

Shinhan Bank's credit risk management includes processes such as credit evaluation, credit monitoring and supervision, credit risk measurement of counterparties and limit management processes and credit risk measurements for portfolios. All loan customers of Shinhan Bank are evaluated and managed with credit ratings. Retail customers are evaluated by summing up customer information from Shinhan Bank's internal information and external credit information, and the corporate customers are evaluated by considering financial and non-financial items such as industrial risk, operating risk, and management risk. The evaluated credit rating is used for credit approval, limit management, pricing, credit loss provisioning, etc., and is the basis for credit risk management. The credit evaluation system is divided into an evaluation system for retail customers, a small office home office ("SOHO") evaluation system, and an evaluation system for corporate customers. It is subdivided and refined by each model to reflect the Basel III requirements. The corporate credit decision is based on a collective decision-making system, making objective and prudent decisions. In the case of a general credit of loans, the credit is approved based on the consultation between branch RM's (Relationship Manager) and loan officers of each business division's headquarters. In the case of a large or important credit, the credit is approved by the review council. In particular, the Credit Review Committee, the highest decision-making body for loan approvals, reviews for important loans such as large loans. Credits for retail customers are monitored by an automated credit scoring system (CSS) based on objective statistical methods and bank credit policies.

Shinhan Bank operates a regular monitoring system for the regular management of individual loans. The loan officers and RM's evaluate the adequacy of the result of the loan review by automatically searching for anticipated insolvent companies among business loan partners, and if necessary, the credit rating of the corporate is adjusted. In accordance with these procedures, corporate customers are classified either as an early warning company, an observation company, or a normal company, and then managed differently according to management guidelines for each risk classification, thereby mitigating the risk of insolvency of the loan at an early stage. The financial analysis support system affiliated with a professional credit rating agency supports credit screening and management, and the credit planning department calculates and manages industrial grades and analyzes and provides industry trends and company information. In order to control the credit risk for the credit portfolio to an appropriate level, credit VaR limits are set and managed for each business and business sector, and to prepare for the credit risk caused by biased exposure to specific sectors, the Group sets and manages exposure limits for each sector by party, industry, country, etc.

Shinhan Card Co., Ltd.'s basic policy on credit risk is determined by the Risk Management Committee. The Risk Management Committee (RMC) consists of the Chief Risk Officer (CRO) as the chairperson, along with the heads of business and supporting groups, related department heads, and the Risk Management Manager. Apart from the RMC, a credit committee in charge of monitoring corporate credits and other important credits over a certain amount, has been established to separate credit policy decisions from credit monitoring.

Shinhan Card Co., Ltd.'s credit rating system is divided into ASS (Application Scoring System) and BSS (Behavior Scoring System). Unless a customer falls under "rejection due to policy" (such circumstances include delinquency

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

of other credit card companies) and his/her credit rating is above a certain rate, an application of ASS is approved. There is a separate screening criterion for credit card customers, who have maintained a long-term relationship with the Group and have a good credit history. In addition, the elements of credit ratings are used as the basis for setting limits when issuing cards. The BSS, which is recalculated monthly, predicts the delinquency probability of cardholders, and is utilized to monitor member and portfolio risk.

*i) Techniques, assumptions, and input variables used to measure impairment*

*i-1) Determining significant increases in credit risk since initial recognition*

At the end of each reporting period, the Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Group uses the change in the risk of default occurring over the expected life of the financial instrument instead of the change in the amount of expected credit losses. To make the assessment, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable information, that is available without undue cost or effort and is indicative of significant increases in credit risk since initial recognition. Information includes the default experience data held by the Group and analysis by an internal credit rating expert.

1Measuring the risk of default

The Group assigns an internal credit risk rating to each individual exposure based on observable data and historical experiences that have been found to have a reasonable correlation with the risk of default. The internal credit risk rating is determined by considering both qualitative and quantitative factors that indicate the risk of default, which may vary depending on the nature of the exposure and the type of borrower.

2Measuring term structure of probability of default

Internal credit risk ratings are the main variable input to determine the duration structure for the risk of default. The Group accumulates information after analyzing the information regarding exposure to credit risk and default information by the type of product and borrower and results of internal credit risk assessment. For some portfolios, the Group uses information obtained from external credit rating agencies when performing these analyses. The Group applies statistical techniques to estimate the probability of default for the remaining life of the exposure from the accumulated data and to estimate changes in the estimated probability of default over time.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*i) Techniques, assumptions, and input variables used to measure impairment (continued)*

*i-1) Determining significant increases in credit risk since initial recognition (continued)*

3Significant increases in credit risk

The Group uses the indicators defined as per portfolio to determine the significant increase in credit risk and such indicators generally consist of changes in the risk of default estimated from changes in the internal credit risk rating, qualitative factors, days of delinquency, and others. The method used to determine whether credit risk of financial instruments has significantly increased after the initial recognitions is summarized as follows:

---

| | | |
|:---|:---|:---|
| **Corporate exposures** | **Retail exposures** | **Card exposures** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant change in credit ratings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant change in credit ratings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant change in credit ratings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continued past due more than 30 days | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continued past due more than 30 days | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continued past due more than 7 days (personal card) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan classification of 'precautionary' or below | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan classification of 'precautionary' or below | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan classification of 'precautionary' or below |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower with early warning signals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower with early warning signals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specific pool segment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Negative net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specific pool segment |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adverse audit opinion or disclaimer of opinion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collective loans for housing for which the constructors are insolvent |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest coverage ratio below 1 for a consecutive period of three years or negative cash flows from operating activities for a consecutive period of two years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans with identified indicators for significant increases in other credit risk |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans with identified indicators for significant increases in other credit risk |  |  |

---

The Group assumes that the credit risk of the financial instrument has been increased significantly since initial recognition if a specific exposure is past due more than 30 days (except, for card exposures if it is past due more than 7 days). The Group counts the number of days past due from the earliest date on which the Group fails to fully receive the contractual payments from the borrower, and does not take into account any grace period granted to the borrower.

The Group regularly reviews the criteria for determining if there has been a significant increase in credit risk from the following perspective:

- A significant increase in credit risk shall be identified prior to the occurrence of default.

- The criteria established to judge the significant increase in credit risk shall have a more predictive power than the criteria for days of delinquency.

- As a result of applying the judgment criteria, management would not expect frequent movement between the 12-month expected credit loss accumulation target and the entire period expected credit loss accumulation target.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*i) Techniques, assumptions, and input variables used to measure impairment (continued)*

*i-2) Modified financial assets*

If the contractual cash flows on a financial asset have been modified through renegotiation and the financial asset is not derecognized, the Group assesses whether there has been a significant increase in the credit risk of the financial instrument by comparing the risk of a default occurring at initial recognition based on the original, unmodified contractual terms and the risk of a default occurring at the reporting date based on the modified contractual terms.

The Group may adjust the contractual cash flows of loans to customers who are in financial difficulties in order to manage the risk of default and enhance the collectability (hereinafter referred to as 'debt restructuring'). These adjustments generally involve extension of maturity, changes in interest payment schedule, and changes in other contractual terms.

Debt restructuring is a qualitative indicator of a significant increase in credit risk, and the Group recognizes lifetime expected credit losses for the exposure expected to be the subject of such adjustments. If a borrower faithfully makes payments of contractual cash flows that are modified in accordance with the debt restructuring or if the borrower's internal credit rating has recovered to the level prior to the recognition of the lifetime expected credit losses, the Group recognizes the 12-month expected credit losses for that exposure again.

*i-3) Risk of default*

The Group considers a financial asset to be in default if it meets one or more of the following conditions:

- If a borrower is overdue 90 days or more from the contractual payment date

- If the Group judges that it is not possible to recover principal and interest without enforcing the collateral on a financial asset

The Group uses the following indicators when determining whether a borrower is in default:

- Qualitative factors (e.g. breach of contractual terms),

- Quantitative factors (e.g. if the same borrower does not perform more than one payment obligations to the Group, the number of days past due per payment obligation. However, in the case of a specific portfolio, the Group uses the number of days past due for each financial instrument),

- Internal observation data and external data

The definition of default applied by the Group generally conforms to the definition of default defined for regulatory capital management purposes; however, depending on the situations, the information used to determine whether a default has occurred, and the extent thereof may vary.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*i) Techniques, assumptions, and input variables used to measure impairment (continued)*

*i-4) Reflection of forward-looking information*

The Group reflects future forward-looking information presented by a group of internal experts based on various information when measuring expected credit losses. The Group utilizes economic forecasts disclosed by domestic and foreign research institutes, governments, and public institutions to predict forward-looking information.

The Group reflects future macroeconomic conditions anticipated from a neutral standpoint that is free from bias in measuring expected credit losses. Expected credit losses in this respect reflect conditions that are most likely to occur and are based on the same assumptions that the Group used in its business plan and management strategy.

The Group analyzed data from its past experience, derived correlations between major macroeconomic variables and credit risks required for predicting credit risk and credit loss for each portfolio, and then reflected future forecast information through regression estimation. To reflect external and internal economic uncertainties, the Group has incorporated the final forward-looking information by reviewing an additional worst-case scenario along with the three existing scenarios of upside, central and downside.

---

| | |
|:---|:---|
| **Major macroeconomic variables** | **Correlation between credit risks** |
| GDP growth rate | (-) |
| Private consumption growth rate | (-) |
| Equipment investment growth rate | (-) |
| Consumer price index growth rate | (+) |
| Balance on current account | (-) |

---

The predicted correlations between the macroeconomic variables and the risk of default, used by the Group, are derived based on long-term data over the past ten years.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*i) Techniques, assumptions, and input variables used to measure impairment (continued)*

*i-5) Measurement of expected credit losses*

Key variables used in measuring expected credit losses are as follows:

- Probability of default ("PD")

- Loss given default ("LGD")

- Exposure at default ("EAD")

These variables have been estimated from historical experience data by using the statistical techniques developed internally by the Group and have been adjusted to reflect forward-looking information.

Estimates of PD over a specified period are estimated by reflecting characteristics of counterparties and their exposure, based on a statistical model at a specific point of time. The Group uses its own information to develop a statistical credit assessment model used for the estimation, and additional information observed in the market is considered for some portfolios such as a group of large corporates. When a counterparty or exposure is concentrated in specific grades, the method of measuring PD for those grades is adjusted, and the PD for each rating grade is estimated by taking into account the contractual maturity of the exposure.

LGD refers to the expected loss in the event of a default. The Group calculates LGD based on the experience recovery rate measured from past default exposures. The model for measuring LGD is developed to reflect type of collateral, seniority of collateral, type of borrower, and cost of recovery. In particular, LGD for retail loan products uses loan to value (LTV) as a key variable. The recovery rate reflected in the LGD calculation is based on the present value of recovery amount, discounted at the effective interest rate.

EAD refers to the expected exposure at the time of default. The Group derives EAD reflecting a rate at which the current exposure is expected to be used additionally up to the point of default within the contractual limit. EAD of financial assets is equal to the total carrying amount of the asset, and EAD of loan commitments or financial guarantee contracts is calculated as the sum of the amount expected to be used in the future.

In measuring expected credit losses on financial assets, the Group uses the contractual maturity as the period subject to expected credit loss measurement. The contractual maturity is computed taking into account the extension right held by the borrower.

Risk factors of PD for each reporting period, and those of LGD and EAD, are collectively estimated according to the following criteria:

- Type of products

- Internal credit risk rating

- Type of collateral

- Loan to value ("LTV")

- Industry that the borrower belongs to

- Location of the borrower or collateral

- Days of delinquency

The criteria for classifying groups is periodically reviewed to maintain homogeneity of the group and adjusted if necessary. The Group uses external benchmark information to supplement internal information for a particular portfolio that did not have sufficient internal data accumulated from the past experience.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*i) Techniques, assumptions and input variables used to measure impairment (continued)*

*i-6) Write-off of financial assets*

The Group writes off a portion of or entire loan or debt security that is not expected to receive its principal and interest. In general, the Group conducts write-off when it is deemed that the borrower has no sufficient resources or income to repay the principal and interest. The decision to write off follows the internal regulations of the Group and, if necessary, is carried out after obtaining approval from external institutions. Apart from write-off, the Group may continue to exercise its right of collection under its own recovery policy even after the write-off of financial assets.

*ii) Maximum exposure to credit risk*

Exposure to credit risk is related to due from banks, loans, investments in debt securities, derivative transactions, off-balance sheet items such as loan commitment. The exposures of due from banks and loans are classified into government, bank, corporation or retail based on the exposure classification criteria of Basel III credit risk weights, and the net carrying amount, excluding deductible items such as provisions, is presented as the maximum amount that can be exposed by credit risk.

Details of the maximum exposure to credit risk for financial instruments held as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from banks and loans at amortized cost (\*1), (\*3): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks | W | 14456404  | 12658709  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail |  | 208974128  | 208308298  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government/Public sector/Central bank |  | 27297694  | 26417332  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporations |  | 236510689  | 226554125  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Card receivable |  | 27531432  | 27695043  |
|  |  | 514770347 | 501633507 |
| Due from banks and loans at FVTPL (\*3): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks |  | 210933  | 169972  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporations |  | 1751386  | 1286144  |
|  |  | 1962319 | 1456116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at FVTPL |  | 71016988  | 71727860  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at FVOCI |  | 101938641  | 101282906  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at amortized cost (\*1) |  | 31260884  | 31944368  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative assets |  | 12101971  | 7153950  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial assets (\*1), (\*2) |  | 54418904  | 43323340  |
| Guarantee contracts |  | 27345542  | 26221968  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan commitments and other credit liabilities |  | 224464975  | 220317053  |
|  | W | 1039280571 | 1005061068  |

---

(\*1) The maximum exposure amounts for due from banks, loans, securities at amortized cost and other financial assets at amortized cost are the net carrying amount after deducting the allowance for credit losses.

(\*2) Other financial assets mainly comprise of accounts receivable, accrued income, deposits, domestic exchange settlement debit and suspense payments.

(\*3) Classified as similar credit risk group based on calculation of the BIS ratio under new Basel Capital Accord (Basel III).

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*iii) Impairment information by credit risk of financial assets*

Details of impaired financial assets due to credit risk as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **12-month expected credit losses** | **12-month expected credit losses** | &nbsp;&nbsp;**Lifetime expected credit losses** | &nbsp;&nbsp;**Lifetime expected credit losses** | &nbsp;&nbsp;**Lifetime expected credit losses** | **Total** | **Allowances** | **Net** | **Mitigation of credit risk due to collateral** |
|  |  | &nbsp;&nbsp;**Grade 1**  | **Grade 2**  | &nbsp;&nbsp;**Grade 1**  | &nbsp;&nbsp;**Grade 2**  | &nbsp;&nbsp;**Impaired** | **Total** | **Allowances** | **Net** | **Mitigation of credit risk due to collateral** |
| &nbsp;&nbsp;&nbsp;Due from banks and loans at amortized cost: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;W | 11890115  | 2382658  | 200886  | 148  | - | 14473807  | (17403) | 14456404  | 796  |
| &nbsp;&nbsp;&nbsp; Retail |  | 188656020  | 6765657  | 9168418  | 4166846  | 1309938  | 210066879  | (1092751) | 208974128  | 162789742  |
| &nbsp;&nbsp;&nbsp; Government/Public sector/Central bank |  | 24399884  | 2551155  | 358858  | 4  | - | 27309901  | (12207) | 27297694  | 2597  |
| &nbsp;&nbsp;&nbsp; Corporations |  | 127008145  | 60979191  | 23774997  | 24621435  | 2513410  | 238897178  | (2386489) | 236510689  | 130387932  |
| &nbsp;&nbsp;&nbsp; Card receivable |  | 20554852  | 4349758  | 1046641  | 2003006  | 531905  | 28486162  | (954730) | 27531432  | 15165  |
|  |  | 372509016  | 77028419  | 34549800  | 30791439  | 4355253  | 519233927  | (4463580) | 514770347  | 293196232  |
| &nbsp;&nbsp;&nbsp;Securities at FVOCI (\*) |  | 91164515  | 10737306  | - | 36820  | - | 101938641  | - | 101938641  | - |
| &nbsp;&nbsp;&nbsp;Securities at amortized cost |  | 29217179  | 2052544  | - | - | - | 31269723  | (8839) | 31260884  | - |
|  | W | 492890710  | 89818269  | 34549800  | 30828259  | 4355253  | 652442291  | (4472419) | 647969872  | 293196232  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*iii) Impairment information by credit risk of financial assets (continued)*

Details of impaired financial assets due to credit risk as of March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | **12-month expected credit losses** | **12-month expected credit losses** | &nbsp;&nbsp;**Lifetime expected credit losses** | &nbsp;&nbsp;**Lifetime expected credit losses** | &nbsp;&nbsp;**Lifetime expected credit losses** | **Total** | **Allowances** | **Net** | **Mitigation of credit risk due to collateral** |
|  |  | &nbsp;&nbsp;**Grade 1**  | **Grade 2**  | &nbsp;&nbsp;**Grade 1**  | &nbsp;&nbsp;**Grade 2**  | &nbsp;&nbsp;**Impaired** | **Total** | **Allowances** | **Net** | **Mitigation of credit risk due to collateral** |
| &nbsp;&nbsp;&nbsp;Due from banks and loans at amortized cost: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;W | 11039981  | 1445815  | 183147  | 121  | - | 12669064  | (10355) | 12658709  | 171  |
| &nbsp;&nbsp;&nbsp; Retail |  | 188215501  | 6674522  | 9227654  | 3991054  | 1252699  | 209361430  | (1053132) | 208308298  | 162423106  |
| &nbsp;&nbsp;&nbsp; Government/Public sector/Central bank |  | 23669547  | 2468610  | 290730  | 11  | - | 26428898  | (11566) | 26417332  | 2597  |
| &nbsp;&nbsp;&nbsp; Corporations |  | 121819093  | 56460975  | 22692064  | 25790138  | 2091404  | 228853674  | (2299549) | 226554125  | 126763442  |
| &nbsp;&nbsp;&nbsp; Card receivable |  | 20649246  | 4449746  | 1060430  | 1976109  | 481682  | 28617213  | (922170) | 27695043  | 18139  |
|  |  | 365393368  | 71499668  | 33454025  | 31757433  | 3825785  | 505930279  | (4296772) | 501633507  | 289207455  |
| &nbsp;&nbsp;&nbsp;Securities at FVOCI (\*) |  | 90408440  | 10847635  | - | 26831  | - | 101282906  | - | 101282906  | - |
| &nbsp;&nbsp;&nbsp;Securities at amortized cost |  | 30031575  | 1921484  | - | - | - | 31953059  | (8691) | 31944368  | - |
|  | W | 485833383  | 84268787  | 33454025  | 31784264  | 3825785  | 639166244  | (4305463) | 634860781  | 289207455  |

---

(\*) Provision for credit losses recognized as other comprehensive income of securities at fair value through other comprehensive income amounted to W 58,254 million and W 60,301 million as of March 31, 2026 and December 31, 2025.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*iv) Credit risk exposures per credit grade of off-balance sheet items*

The credit risk exposure for off-balance sheet items such as guarantees, loan commitments, and other credit-related liabilities as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Grade 1** | **Grade 2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.1** | **Impaired** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantee contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12-month expected credit losses | W | 21808487  | 4748016  |  | - | 26556503  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifetime expected credit losses |  | 664243  | 114174  |  | - | 778417  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impaired |  | - | - |  | 10622  | 10622  |
|  |  | 22472730  | 4862190  |  | 10622  | 27345542  |
| &nbsp;&nbsp;Loan commitments and other credit-related liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12-month expected credit losses |  | 189092895  | 23222901  |  | - | 212315796  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifetime expected credit losses |  | 9539623  | 2513689  |  | - | 12053312  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impaired  |  | - | - |  | 95867  | 95867  |
|  |  | 198632518  | 25736590  |  | 95867  | 224464975  |
|  | W | 221105248  | 30598780  |  | 106489  | 251810517  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | **Grade 1** | **Grade 2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.1** | **Impaired** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantee contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12-month expected credit losses | W | 20555651  | 4535466  |  | - | 25091117  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifetime expected credit losses |  | 964695  | 154378  |  | - | 1119073  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impaired |  | - | - |  | 11778  | 11778  |
|  |  | 21520346  | 4689844  |  | 11778  | 26221968  |
| &nbsp;&nbsp;Loan commitments and other credit-related liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12-month expected credit losses |  | 185899148  | 22774387  |  | - | 208673535  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifetime expected credit losses |  | 8896231  | 2642174  |  | - | 11538405  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impaired  |  | - | - |  | 105113  | 105113  |
|  |  | 194795379  | 25416561  |  | 105113  | 220317053  |
|  | W | 216315725  | 30106405  |  | 116891  | 246539021  |

---

*v) Credit qualities are classified based on the internal credit rating as follows:*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type of Borrower** | &nbsp;&nbsp;&nbsp;**Grade 1** | &nbsp;&nbsp;&nbsp;**Grade 2** |
| &nbsp;&nbsp;&nbsp;Individuals | Probability of default below 2.25% for each pool | Probability of default 2.25% or above for each pool |
| &nbsp;&nbsp;&nbsp;Government/Public agency/Central bank | OECD sovereign credit rating of 6 or above  | OECD sovereign credit rating of below 6  |
| &nbsp;&nbsp;&nbsp;Banks and Corporations<br>(Including card receivables) | Internal credit rating of BBB+ or above | Internal credit rating of below BBB+ |
| &nbsp;&nbsp;&nbsp;Card receivables (Individuals)<br>| Behavior scoring system of 7 grade or above | Behavior scoring system of below 7 grade  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*vi) Concentration by industry sector*

An analysis of concentration by industry sector of financial instrument, net of allowance, as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** |
| &nbsp;&nbsp;&nbsp;**Classification (\*)** |  | **Finance and insurance** | &nbsp;&nbsp;**Manu-**<br>**facturing** | &nbsp;&nbsp;**Retail and wholesale** | **Real estate and business** | **Construction service** | &nbsp;&nbsp;**Lodging and Restaurant** | &nbsp;&nbsp;**Other** | **Retail**<br>**customers** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;Due from banks and loans at amortized cost: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;14197342  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;259062  | &nbsp;&nbsp;- | &nbsp;&nbsp;14456404  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail |  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;208974128  | &nbsp;&nbsp;208974128  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government/Public sector/Central bank |  | &nbsp;&nbsp;26960755  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;336939  | &nbsp;&nbsp;- | &nbsp;&nbsp;27297694  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporations |  | &nbsp;&nbsp;23481817  | &nbsp;&nbsp;67146910  | &nbsp;&nbsp;24504628  | &nbsp;&nbsp;49627479  | &nbsp;&nbsp;5155097  | &nbsp;&nbsp;7218953  | &nbsp;&nbsp;59375805  | &nbsp;&nbsp;- | &nbsp;&nbsp;236510689  |
| &nbsp;&nbsp;&nbsp;&nbsp;Card receivable |  | &nbsp;&nbsp;66577  | &nbsp;&nbsp;347914  | &nbsp;&nbsp;234417  | &nbsp;&nbsp;78159  | &nbsp;&nbsp;50547  | &nbsp;&nbsp;27002  | &nbsp;&nbsp;1292052  | &nbsp;&nbsp;25434764  | &nbsp;&nbsp;27531432  |
|  |  | &nbsp;&nbsp;64706491  | &nbsp;&nbsp;67494824  | &nbsp;&nbsp;24739045  | &nbsp;&nbsp;49705638  | &nbsp;&nbsp;5205644  | &nbsp;&nbsp;7245955  | &nbsp;&nbsp;61263858  | &nbsp;&nbsp;234408892  | &nbsp;&nbsp;514770347  |
| &nbsp;&nbsp;&nbsp;Due from banks and loans at FVTPL |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks |  | &nbsp;&nbsp;42117  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;99339  | &nbsp;&nbsp;- | &nbsp;&nbsp;69477  | &nbsp;&nbsp;- | &nbsp;&nbsp;210933  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporations |  | &nbsp;&nbsp;886865  | &nbsp;&nbsp;674218  | &nbsp;&nbsp;3011  | &nbsp;&nbsp;109831  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;77461  | &nbsp;&nbsp;- | &nbsp;&nbsp;1751386  |
|  |  | &nbsp;&nbsp;928982  | &nbsp;&nbsp;674218  | &nbsp;&nbsp;3011  | &nbsp;&nbsp;109831  | &nbsp;&nbsp;99339  | &nbsp;&nbsp;- | &nbsp;&nbsp;146938  | &nbsp;&nbsp;- | &nbsp;&nbsp;1962319  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*vi) Concentration by industry sector (continued)*

An analysis of concentration by industry sector of financial instrument, net of allowance, as of March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** |
| &nbsp;&nbsp;&nbsp;**Classification (\*)** |  | **Finance and insurance** | &nbsp;&nbsp;**Manu-**<br>**facturing** | &nbsp;&nbsp;**Retail and wholesale** | **Real estate and business** | **Construction service** | &nbsp;&nbsp;**Lodging and Restaurant** | &nbsp;&nbsp;**Other** | **Retail**<br>**customers** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at FVTPL | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;32207668  | &nbsp;&nbsp;4395141  | &nbsp;&nbsp;1556384  | &nbsp;&nbsp;2262877  | &nbsp;&nbsp;274553  | &nbsp;&nbsp;74479  | &nbsp;&nbsp;30245886  | &nbsp;&nbsp;- | &nbsp;&nbsp;71016988  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets |  | &nbsp;&nbsp;9651589  | &nbsp;&nbsp;1652956  | &nbsp;&nbsp;109911  | &nbsp;&nbsp;72621  | &nbsp;&nbsp;948  | &nbsp;&nbsp;6  | &nbsp;&nbsp;613616  | &nbsp;&nbsp;324  | &nbsp;&nbsp;12101971  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at FVOCI |  | &nbsp;&nbsp;46059045  | &nbsp;&nbsp;2415958  | &nbsp;&nbsp;560412  | &nbsp;&nbsp;1595333  | &nbsp;&nbsp;667765  | &nbsp;&nbsp;22840  | &nbsp;&nbsp;50617288  | &nbsp;&nbsp;- | &nbsp;&nbsp;101938641  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at amortized cost |  | &nbsp;&nbsp;7136418  | &nbsp;&nbsp;83090  | &nbsp;&nbsp;- | &nbsp;&nbsp;863409  | &nbsp;&nbsp;269341  | &nbsp;&nbsp;- | &nbsp;&nbsp;22908626  | &nbsp;&nbsp;- | &nbsp;&nbsp;31260884  |
|  |  | &nbsp;&nbsp;160690193  | &nbsp;&nbsp;76716187  | &nbsp;&nbsp;26968763  | &nbsp;&nbsp;54609709  | &nbsp;&nbsp;6517590  | &nbsp;&nbsp;7343280  | &nbsp;&nbsp;165796212  | &nbsp;&nbsp;234409216  | &nbsp;&nbsp;733051150  |
| &nbsp;&nbsp;&nbsp;Off-balance sheet items |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guarantee contracts |  | &nbsp;&nbsp;5733009  | &nbsp;&nbsp;13065946  | &nbsp;&nbsp;3841538  | &nbsp;&nbsp;207412  | &nbsp;&nbsp;224206  | &nbsp;&nbsp;61308  | &nbsp;&nbsp;4211050  | &nbsp;&nbsp;1073  | &nbsp;&nbsp;27345542  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan commitments and other credit-related liabilities |  | &nbsp;&nbsp;19309861  | &nbsp;&nbsp;31984102  | &nbsp;&nbsp;10617345  | &nbsp;&nbsp;7638183  | &nbsp;&nbsp;2134829  | &nbsp;&nbsp;419240  | &nbsp;&nbsp;21413341  | &nbsp;&nbsp;130948074  | &nbsp;&nbsp;224464975  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;25042870  | &nbsp;&nbsp;45050048  | &nbsp;&nbsp;14458883  | &nbsp;&nbsp;7845595  | &nbsp;&nbsp;2359035  | &nbsp;&nbsp;480548  | &nbsp;&nbsp;25624391  | &nbsp;&nbsp;130949147  | &nbsp;&nbsp;251810517  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*vi) Concentration by industry sector (continued)*

An analysis of concentration by industry sector of financial instrument, net of allowance, as of March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** |
| &nbsp;&nbsp;&nbsp;**Classification (\*)** |  | **Finance and insurance** | &nbsp;&nbsp;**Manu-**<br>**facturing** | &nbsp;&nbsp;**Retail and wholesale** | **Real estate and business** | **Construction service** | &nbsp;&nbsp;**Lodging and Restaurant** | &nbsp;&nbsp;**Other** | **Retail**<br>**customers** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;Due from banks and loans at amortized cost: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;12359288  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;299421  | &nbsp;&nbsp;- | &nbsp;&nbsp;12658709  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail |  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;208308298  | &nbsp;&nbsp;208308298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Government/Public sector/Central bank |  | &nbsp;&nbsp;26140603  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;276729  | &nbsp;&nbsp;- | &nbsp;&nbsp;26417332  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporations |  | &nbsp;&nbsp;22523203  | &nbsp;&nbsp;63353165  | &nbsp;&nbsp;23759226  | &nbsp;&nbsp;47411346  | &nbsp;&nbsp;5764311  | &nbsp;&nbsp;7205522  | &nbsp;&nbsp;56537352  | &nbsp;&nbsp;- | &nbsp;&nbsp;226554125  |
| &nbsp;&nbsp;&nbsp;&nbsp;Card receivable |  | &nbsp;&nbsp;78300  | &nbsp;&nbsp;330944  | &nbsp;&nbsp;274289  | &nbsp;&nbsp;75757  | &nbsp;&nbsp;48900  | &nbsp;&nbsp;28196  | &nbsp;&nbsp;1329882  | &nbsp;&nbsp;25528775  | &nbsp;&nbsp;27695043  |
|  |  | &nbsp;&nbsp;61101394  | &nbsp;&nbsp;63684109  | &nbsp;&nbsp;24033515  | &nbsp;&nbsp;47487103  | &nbsp;&nbsp;5813211  | &nbsp;&nbsp;7233718  | &nbsp;&nbsp;58443384  | &nbsp;&nbsp;233837073  | &nbsp;&nbsp;501633507  |
| &nbsp;&nbsp;&nbsp;Due from banks and loans at FVTPL |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks |  | &nbsp;&nbsp;40862  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;99327  | &nbsp;&nbsp;- | &nbsp;&nbsp;29783  | &nbsp;&nbsp;- | &nbsp;&nbsp;169972  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporations |  | &nbsp;&nbsp;575478  | &nbsp;&nbsp;399668  | &nbsp;&nbsp;3004  | &nbsp;&nbsp;156286  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;151708  | &nbsp;&nbsp;- | &nbsp;&nbsp;1286144  |
|  |  | &nbsp;&nbsp;616340  | &nbsp;&nbsp;399668  | &nbsp;&nbsp;3004  | &nbsp;&nbsp;156286  | &nbsp;&nbsp;99327  | &nbsp;&nbsp;- | &nbsp;&nbsp;181491  | &nbsp;&nbsp;- | &nbsp;&nbsp;1456116  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*vi) Concentration by industry sector (continued)*

An analysis of concentration by industry sector of financial instrument, net of allowance, as of March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** |
| &nbsp;&nbsp;&nbsp;**Classification (\*)** |  | **Finance and insurance** | &nbsp;&nbsp;**Manu-**<br>**facturing** | &nbsp;&nbsp;**Retail and wholesale** | **Real estate and business** | **Construction service** | &nbsp;&nbsp;**Lodging and Restaurant** | &nbsp;&nbsp;**Other** | **Retail**<br>**customers** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at FVTPL | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;35054770  | &nbsp;&nbsp;3090284  | &nbsp;&nbsp;1399374  | &nbsp;&nbsp;3087667  | &nbsp;&nbsp;242695  | &nbsp;&nbsp;29279  | &nbsp;&nbsp;28823791  | &nbsp;&nbsp;- | &nbsp;&nbsp;71727860  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets |  | &nbsp;&nbsp;6068491  | &nbsp;&nbsp;829304  | &nbsp;&nbsp;13573  | &nbsp;&nbsp;19948  | &nbsp;&nbsp;2272  | &nbsp;&nbsp;329  | &nbsp;&nbsp;219516  | &nbsp;&nbsp;517  | &nbsp;&nbsp;7153950  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at FVOCI |  | &nbsp;&nbsp;45699181  | &nbsp;&nbsp;2242382  | &nbsp;&nbsp;465133  | &nbsp;&nbsp;1733913  | &nbsp;&nbsp;749831  | &nbsp;&nbsp;22340  | &nbsp;&nbsp;50370126  | &nbsp;&nbsp;- | &nbsp;&nbsp;101282906  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at amortized cost |  | &nbsp;&nbsp;7108253  | &nbsp;&nbsp;9985  | &nbsp;&nbsp;- | &nbsp;&nbsp;843938  | &nbsp;&nbsp;280851  | &nbsp;&nbsp;- | &nbsp;&nbsp;23701341  | &nbsp;&nbsp;- | &nbsp;&nbsp;31944368  |
|  |  | &nbsp;&nbsp;155648429  | &nbsp;&nbsp;70255732  | &nbsp;&nbsp;25914599  | &nbsp;&nbsp;53328855  | &nbsp;&nbsp;7188187  | &nbsp;&nbsp;7285666  | &nbsp;&nbsp;161739649  | &nbsp;&nbsp;233837590  | &nbsp;&nbsp;715198707  |
| &nbsp;&nbsp;&nbsp;Off-balance sheet items |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guarantee contracts |  | &nbsp;&nbsp;5659966  | &nbsp;&nbsp;12554311  | &nbsp;&nbsp;3633251  | &nbsp;&nbsp;290565  | &nbsp;&nbsp;214178  | &nbsp;&nbsp;60372  | &nbsp;&nbsp;3808447  | &nbsp;&nbsp;878  | &nbsp;&nbsp;26221968  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan commitments and other credit-related liabilities |  | &nbsp;&nbsp;18227705  | &nbsp;&nbsp;31211151  | &nbsp;&nbsp;10863979  | &nbsp;&nbsp;6914971  | &nbsp;&nbsp;2269120  | &nbsp;&nbsp;444003  | &nbsp;&nbsp;20103475  | &nbsp;&nbsp;130282649  | &nbsp;&nbsp;220317053  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;23887671  | &nbsp;&nbsp;43765462  | &nbsp;&nbsp;14497230  | &nbsp;&nbsp;7205536  | &nbsp;&nbsp;2483298  | &nbsp;&nbsp;504375  | &nbsp;&nbsp;23911922  | &nbsp;&nbsp;130283527  | &nbsp;&nbsp;246539021  |

---

(\*) The amounts by industry sector are presented as the net carrying amount after deducting allowances for loan losses.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(c) Market risk** 

*i) Market risk management from trading positions*

*i-1) Concept of Market risk*

Market risk is defined as the risk of loss of trading account position of financial institutions due to changes on market price, such as interest rates, exchange rates and stock prices, etc. and is divided into general market risks and individual risks. A general market risk refers to a loss from price variability caused by events affecting the market as a whole, such as interest rates, exchange rates and stock prices; and an individual risk refers to a loss from price variability related to individual events of securities issuer, such as bonds and stocks. Structural foreign exchange positions refer to foreign exchange positions that, with the approval of the Governor of the Financial Supervisory Service, are excluded from the calculation of market risk regulatory capital, relating to amounts invested in foreign currencies such as capital contributions to overseas branches and Capital A (Gap-gi-geum).

*i-2) Market Risk Management Method*

The basic principle of market risk management in the trading sector is to maintain the maximum possible loss due to market risk within a certain level. To this end, the Group sets and operates VaR limits, investment limits, position limits, sensitivity limits, and loss limits from the portfolio to individual desks. These limits are managed daily by the department in charge of risk management, independent from the operating department.

Trading positions refer to all transactions for holding purposes such as short-term resale, profit seeking through short-term price fluctuations, risk-free arbitrage, and risk hedging. Trading positions refer to securities, foreign exchange positions, and derivative financial instruments held for the purpose of obtaining short-term trading gains. As a method of measuring market risk, VaR (Value at Risk) is typical, and it is a statistical measurement of the potential maximum loss that can occur due to changes in market conditions. VaR calculates the standardized approach market risk using the Group Market Risk Measurement System, and Shinhan Bank calculates the standardized approach market risk using its own model market risk calculation system. The Group and Shinhan Bank exclude structural foreign exchange positions, approved by the Governor of the Financial Supervisory Service, from the calculation of market risk under the standardized approach. Shinhan Securities Co., Ltd. uses its own market risk calculation system to calculate historical simulation VaR and the Group market risk system to calculate standardized approach market risk.

Stress tests are conducted to supplement risk measurement by statistical methods and to manage losses that may arise from rapid changes in the economic environment.

Shinhan Bank measures the risk of trading account products by applying market risk standardized approach. The trading account calculates market risk if it is for holding purposes such as short-term resale, profit seeking through short-term price fluctuations, risk-free arbitrage, and risk hedging. The standardized approach is a risk calculation methodology proposed by the Basel Committee on Banking Supervision (BCBS) of the Bank for International

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(c) Market risk (continued)**

*i-2) Market risk management method (continued)*

Settlements (BIS). In Korea, the Basel III standards for market risk have been incorporated into the Detailed Regulations on Banking Supervision since 2023, and the Group complies with these regulations. Under the Basel III

standardized approach, market risk is calculated by aggregating sensitivity risk, default risk, and residual risk. Sensitivity risk measures coverage of general interest rates, credit spreads, stocks, commodity, delta and vega of foreign exchange, and curvature. Delta refers to the change in product value due to changes in the price of the underlying asset, and vega refers to the change in product value due to changes in the volatility of the underlying asset. Curvature is defined as a loss that exceeds the delta risk in the event of an upward or downward shock to the underlying asset. Sensitivity risk is designed to measure both linear and non-linear risks of factors affecting value fluctuations regardless of the characteristics of the product. Default risk measures the discrete default risk of the underlying asset that cannot be captured in sensitivity risk. Complete offsetting between purchase and sale exposures of the same borrower is possible. Residual risk is a concept that calculates additional risk because sensitivity risk and default risk are not accurately measured when there is a special profit/loss structure or the underlying asset is special.

Trading position data is automatically interfaced into management system, and the system conducts VaR measurement and manages the limit. In addition, Shinhan Bank sets loss limit, sensitivity limit, investment limit, stress limit, etc. for Trading Department and desks, and monitors daily.

Shinhan Securities Co., Ltd. measures daily market risk by applying historical simulation VaR method of 99.9% confidence level-based VaR. It also measures market risk standardized approach to ensure consistent market risk management at the Group level. Historical simulation VaR method does not require assumption on a particular distribution since the method derives scenarios directly from historical market data, and measures non-linear products, such as options, in details. In addition to the VaR limit, Shinhan Securities Co., Ltd. sets and manages issuance and transaction limit, and stop-loss limit for each department.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(c) Market risk (continued)**

*ii) Interest rate risk management from non-trading positions*

*ii-1) Principle*

Interest rate risk refers to the possibility of a decrease in net interest income or in net asset value that occurs when interest rates fluctuate unfavorably from the Group's financial position. The Group manages changes in net interest income or net asset value that occur due to changes in interest rates by early predicting the factors of interest rate risk fluctuation related to the Group's net interest income and net asset value through the interest rate risk management.

*ii-2) Managements* 

The Group's major financial subsidiaries manage interest rate risks independently by the risk management organization and the treasury department, and have internal regulations on interest rate risk management strategies, procedures, organization, measurement, and major assumptions.

One of the key indicators of managing interest rate risk is the Earnings at Risk (EaR) from an earning perspective and the Value at Risk (VaR) from an economic value perspective. Interest rate VaR represents the maximum anticipated loss in a net present value calculation, whereas interest rate EaR represents the maximum anticipated loss in a net interest income calculation for the immediately following one-year period, in each case, as a result of negative movements in interest rates.

Each subsidiary's interest rate risk measurement method varies depending on industry-specific regulations. However, interest rate VaR and interest rate EaR are measured using internal methodologies or IRRBB (Interest Rate Risk in the Banking Book). Interest rate risk limits are set based on interest rate VaR and monitored accordingly. In accordance with the amendments to the Detailed Enforcement Rules of the Financial Holding Companies Supervisory Regulations, the Group measures its interest rate risk using the standardized approach of IRRBB under Basel III, which measures interest rate risk more precisely than the existing BIS standard framework by segmenting interest rate maturities, reflecting customer behavior models, and diversifying interest rate shocks. The interest rate VaR scenario based IRRBB measures ① parallel up shock ② parallel down shock ③ steepener shock ④ flattener shock ⑤ short rate up shock ⑥ short rate down shock. By the parallel up shock and parallel down shock, the interest rate EaR scenario measures the scenario value with the largest loss as interest rate risk. Under the existing BIS standard framework, ± 200bp parallel shock scenario is applied to all currency. However, as the shock width is set differently by currency and period, interest rate risk is measured significantly by the IRRBB (e.g. (KRW) Parallel ± 225bp, Short Term ± 350bp, Long Term ± 225bp, (USD) Parallel ± 200bp, Short Term ± 300bp, Long Term ± 225bp). In the IRRBB method, the existing interest rate VaR and the interest rate EaR are expressed as △ EVE (Economic Value of Equity) and △ NII (Net Interest Income), respectively.

Since impacts of each subsidiary on changes of interest rates are differentiated by portfolios, the Group is preparing to respond proactively while monitoring the financial market and regulatory environment, and making efforts to hedge or reduce interest rate risk. In addition, the subsidiaries conduct the crisis analysis on changes in market interest rates and report it to management and the Group.

In particular, through its ALM (Asset and Liability Management) system, Shinhan Bank measures and manages its interest rate risk based on various analytical measures such as interest rate gap, duration gap and NPV (Net Present Value) and NII (Net Interest Income) simulations, and monitors on a monthly basis its interest rate VaR limits, interest rate EaR (Earnings at Risk) limits and interest rate gap ratio limits.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(c) Market risk (continued)**

*iii) Foreign exchange risk*

Exposure to foreign exchange risk can be defined as the difference (net position) between assets and liabilities presented in foreign currency, including derivative financial instruments linked to foreign exchange rate. Foreign exchange risk is a factor that causes market risk of the trading position and is managed by the Group under the market risk management system.

The management of Shinhan Bank's foreign exchange position is centralized at the S&T Center. The desks and dealers of this department manage the overall position of spot foreign exchange or foreign exchange derivatives within the established market risk and foreign exchange position limits. Shinhan Bank sets a limit for net open positions by currency and the limits for currencies other than the U.S. dollars (USD), Japanese yen (JPY), Euros (EUR) and Chinese yuan (CNY) are set in order to minimize exposures from the other foreign exchange trading.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(d) Liquidity risk**

Liquidity risk refers to the risk of unexpected losses (such as the disposal of assets at abnormal prices, high interest-rate financing, etc.) or insolvency due to inconsistency in funding periods between assets and liabilities or a sudden outflow of funds.

Each subsidiary seeks to minimize liquidity risk through early detection of risk factors related to the sourcing and managing of funding that may cause volatility in liquidity by ensuring that it maintains an appropriate level of liquidity through systematic management. At the Group level, the Group manages liquidity risk by conducting monthly stress tests that compare liquidity requirements under normal situations against those under three types of stress situations, namely, the inherent crisis, crisis in the external market and a combination of internal and external crisis. Therefore, the Group is monitoring for any anomalies in terms of liquidity in preparation for potential crisis situations during normal times.

In particular, after the bankruptcy of Silicon Valley Bank, the Group has been strengthening its capability to respond to liquidity crises by conducting crisis situation analysis applying bank run scenarios to the banks and savings bank subsidiaries. The Group has established and reviewed emergency funding plans, accordingly.

In addition, in order to pre-emptively and comprehensively manage liquidity risk, the Group measures and monitors liquidity risk management using various indices, including the 'limit management index', 'early warning index' and 'monitoring index'.

Shinhan Bank applies the following basic principles for liquidity risk management:

- Raise funding in sufficient amounts, at the optimal time at reasonable costs;

- Maintain risk at appropriate levels and pre-emptively manage them through a prescribed risk limit system and an early warning signal detection system;

- Secure stable sources of revenue and minimize actual losses by implementing an effective asset-liability management system based on diversified sources of funding with varying maturities;

- Monitor and manage daily and intra-daily liquidity positions and risk exposures for timely payment and settlement of financial obligations due under both normal and crisis situations;

- Conduct periodic contingency analysis to prepare for any potential liquidity crisis and establish and implement emergency plans in the event of a crisis; and

- Consider liquidity-related costs, benefits and risks in determining the pricing of the Group's products and services, employee performance evaluations and approval of launching of new products and services.

Shinhan Card Co., Ltd. sets and operates a level that can withstand a 3-month credit crunch for end-of-month liquidity. The Group defines and manages the level of 'cautious', 'alert', 'imminent crisis', and 'crisis' and risk for the real liquidity gap ratio, liquidity buffer ratio, and ratio of ABS (asset backed securities) to borrowings which are major indicators related to liquidity risk. A contingency plan has been established to prepare for a crisis.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(d) Liquidity risk (continued)**

The details of the composition of non-derivative financial liabilities and derivative financial instruments by remaining period as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** |
| &nbsp;&nbsp;&nbsp;**Classification (\*1)** |  | **1 month or less (\*3)** | **1~3**<br>**months** | **3~6** <br>**months** | **6 months**<br>**~ 1 year** | **1~5** <br>**years** | &nbsp;&nbsp;**5 years or more** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;**Non-derivative financial liabilities:** |  |  |  |  |  |  |  |  |
| Liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits (\*2) | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;238024048  | &nbsp;&nbsp;58370541  | &nbsp;&nbsp;56080753  | &nbsp;&nbsp;87615031  | &nbsp;&nbsp;29141075  | &nbsp;&nbsp;1681328  | &nbsp;&nbsp;470912776  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities at fair value through profit or loss |  | &nbsp;&nbsp;2958931  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;2958931  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings |  | &nbsp;&nbsp;14833378 | &nbsp;&nbsp;6646438 | &nbsp;&nbsp;6455666 | &nbsp;&nbsp;10359399 | &nbsp;&nbsp;13590229 | &nbsp;&nbsp;5407874 | &nbsp;&nbsp;57292984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued |  | &nbsp;&nbsp;5470737  | &nbsp;&nbsp;8307424  | &nbsp;&nbsp;6654570  | &nbsp;&nbsp;15230035  | &nbsp;&nbsp;53979967  | &nbsp;&nbsp;3843525  | &nbsp;&nbsp;93486258  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities designated at fair value through profit or loss |  | &nbsp;&nbsp;412291  | &nbsp;&nbsp;1035727  | &nbsp;&nbsp;617581  | &nbsp;&nbsp;1472015  | &nbsp;&nbsp;1583169  | &nbsp;&nbsp;1545956  | &nbsp;&nbsp;6666739  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment contract liabilities |  | &nbsp;&nbsp;37651  | &nbsp;&nbsp;77463  | &nbsp;&nbsp;13330  | &nbsp;&nbsp;154956  | &nbsp;&nbsp;1030860  | &nbsp;&nbsp;- | &nbsp;&nbsp;1314260  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities |  | &nbsp;&nbsp;67770853 | &nbsp;&nbsp;94196  | &nbsp;&nbsp;47527  | &nbsp;&nbsp;668136  | &nbsp;&nbsp;1192899  | &nbsp;&nbsp;272435  | &nbsp;&nbsp;70046046 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;329507889 | &nbsp;&nbsp;74531789 | &nbsp;&nbsp;69869427 | &nbsp;&nbsp;115499572 | &nbsp;&nbsp;100518199 | &nbsp;&nbsp;12751118 | &nbsp;&nbsp;702677994 |
| &nbsp;&nbsp;&nbsp;Off-balance sheet items (\*3): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guarantee contracts | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;27345542  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;27345542  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan commitments and other credit-related liabilities |  | &nbsp;&nbsp;224464975  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;224464975  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;251810517  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;251810517  |
| &nbsp;&nbsp;&nbsp;**Derivatives:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | W | &nbsp;&nbsp;943030  | &nbsp;&nbsp;16529  | &nbsp;&nbsp;501  | &nbsp;&nbsp;(388347) | &nbsp;&nbsp;(2403575) | &nbsp;&nbsp;(72190) | &nbsp;&nbsp;(1904052) |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(d) Liquidity risk (continued)**

The details of the composition of non-derivative financial liabilities and derivative financial instruments by remaining period as of March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** |
| &nbsp;&nbsp;&nbsp;**Classification (\*1)** |  | **1 month or less (\*3)** | **1~3**<br>**months** | **3~6** <br>**months** | **6 months**<br>**~ 1 year** | **1~5** <br>**years** | &nbsp;&nbsp;**5 years or more** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;**Non-derivative financial liabilities:** |  |  |  |  |  |  |  |  |
| Liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits (\*2) | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;231520722  | &nbsp;&nbsp;54103105  | &nbsp;&nbsp;54526232  | &nbsp;&nbsp;84041299  | &nbsp;&nbsp;30677571  | &nbsp;&nbsp;2274736  | &nbsp;&nbsp;457143665  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities at fair value through profit or loss |  | &nbsp;&nbsp;2212215  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;100272  | &nbsp;&nbsp;2312487  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings |  | &nbsp;&nbsp;16797623  | &nbsp;&nbsp;6963957  | &nbsp;&nbsp;6221726  | &nbsp;&nbsp;8478193  | &nbsp;&nbsp;11924157  | &nbsp;&nbsp;6074035  | &nbsp;&nbsp;56459691  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued |  | &nbsp;&nbsp;6230564  | &nbsp;&nbsp;8486174  | &nbsp;&nbsp;9202855  | &nbsp;&nbsp;15052890  | &nbsp;&nbsp;56411740  | &nbsp;&nbsp;3889537  | &nbsp;&nbsp;99273760  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities designated at fair value through profit or loss |  | &nbsp;&nbsp;399298  | &nbsp;&nbsp;977019  | &nbsp;&nbsp;854498  | &nbsp;&nbsp;1180049  | &nbsp;&nbsp;1423212  | &nbsp;&nbsp;1586327  | &nbsp;&nbsp;6420403  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment contract liabilities |  | &nbsp;&nbsp;189704  | &nbsp;&nbsp;10554  | &nbsp;&nbsp;91041  | &nbsp;&nbsp;159182  | &nbsp;&nbsp;1085912  | &nbsp;&nbsp;- | &nbsp;&nbsp;1536393  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities |  | &nbsp;&nbsp;51214836  | &nbsp;&nbsp;162838  | &nbsp;&nbsp;74360  | &nbsp;&nbsp;602583  | &nbsp;&nbsp;1318935  | &nbsp;&nbsp;225282  | &nbsp;&nbsp;53598834  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;308564962  | &nbsp;&nbsp;70703647  | &nbsp;&nbsp;70970712  | &nbsp;&nbsp;109514196  | &nbsp;&nbsp;102841527  | &nbsp;&nbsp;14150189  | &nbsp;&nbsp;676745233  |
| &nbsp;&nbsp;&nbsp;Off-balance sheet items (\*3): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guarantee contracts | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;26221968  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;26221968  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan commitments and other credit-related liabilities |  | &nbsp;&nbsp;220317053  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;220317053  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;246539021  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;246539021  |
| &nbsp;&nbsp;&nbsp;**Derivatives:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | W | &nbsp;&nbsp;771588  | &nbsp;&nbsp;(810792) | &nbsp;&nbsp;(29804) | &nbsp;&nbsp;(93500) | &nbsp;&nbsp;(2117259) | &nbsp;&nbsp;(76279) | &nbsp;&nbsp;(2356046) |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(d) Liquidity risk (continued)**

The details of the composition of non-derivative financial liabilities and derivative financial instruments by remaining period as of March 31, 2026 and December 31, 2025 are as follows (continued):

(\*1) These amounts include cash flows of principal and interest on financial liabilities.

(\*2) Demand deposits amounting to W 176,322,382 million and W 172,840,773 million as of March 31, 2026 and December 31, 2025 are included in the 'Less than 1 month' category, respectively.

(\*3) Although the Group's guarantee contracts, loan commitments, and other credit offerings have contractual maturities, the Group is required to fulfill its obligations immediately upon a counterparty's request for payment, and therefore are classified into the earliest maturity time band.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(e) Capital risk management**

The Group is required, in accordance with the Financial Holding Companies Act, to maintain a total capital ratio based on consolidated risk-weighted assets of at least 8% (hereinafter referred to as the "Basel III capital ratio"). In addition, following the implementation of enhanced Basel III capital regulations from 2016, the required BIS capital ratio to be maintained in order to strengthen loss-absorbing capacity has been increased to a maximum of 14%. This requirement reflects the minimum regulatory ratio plus the additional accumulation of a capital conservation buffer (2.5%p), a domestic systemically important bank ("D-SIB") buffer (1.0%p), and a countercyclical capital buffer (2.5%p). The countercyclical capital buffer may be imposed up to a maximum of 2.5%p during periods of excessive credit growth. In Korea, the countercyclical capital buffer requirement was increased from 0%p to 1%p effective May 1, 2024. Accordingly, as of March 31, 2026, the BIS capital ratio additionally required to enhance loss-absorbing capacity is 12.5%, which reflects the application of the capital conservation buffer (2.5%p), the D-SIB buffer (1.0%p), and the countercyclical capital buffer (1.0%p).

The Basel III capital ratio refers to an internationally harmonized standard for capital adequacy regulation established under the "International Convergence of Capital Measurement and Capital Standards" issued by the Basel Committee on Banking Supervision of the Bank for International Settlements ("BIS"). The ratio is calculated as:

(Common Equity Tier 1 capital (net of regulatory deductions) + Additional Tier 1 capital + Tier 2 capital) ÷ Risk-weighted assets

Common Equity Tier 1 capital is the first line of capital available to absorb losses of a financial holding company and ranks last in priority upon liquidation. It is not redeemable prior to liquidation and consists of share capital, capital surplus, retained earnings, and other components. Additional Tier 1 capital consists of perpetual capital instruments that meet certain regulatory requirements. Tier 2 capital consists of capital instruments that are available to absorb losses upon liquidation, subject to specific regulatory criteria. Regulatory deduction items are assets or capital items held by the Group that do not contribute to loss-absorbing capacity and, unless otherwise specified, are deducted from Common Equity Tier 1 capital.

As of March 31, 2026, the Group maintains an adequate capital ratio in accordance with the BIS capital adequacy requirements.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value**

The fair values of financial instruments being traded in an active market are determined by the published market prices of each period end. The published market prices of financial instruments being held by the Group are based on the trading agencies' notifications.

If the market for a financial instrument is not active, such as OTC (Over- The-Counter market) derivatives, fair value is determined either by using a valuation technique or independent third-party valuation service. The Group uses its judgment to select a variety of methods and make rational assumptions that are mainly based on market conditions existing at the end of each reporting period.

The fair value of financial instruments is determined by using valuation techniques; a method of using recent transactions between independent parties with reasonable judgment and willingness to trade, a method of referring to the current fair value of other financial instruments that are substantially identical, discounted cash flow model and option pricing models. For example, the fair value of an interest rate swap is calculated as the present value of the expected future cash flows, and the fair value of foreign exchange forward contract is calculated by applying the public forward exchange rate at the end of the reporting period.

The Group classifies and discloses fair value of financial instruments into the following three-level hierarchy:

Level 1: Financial instruments measured at quoted prices from active markets are classified as fair value level 1.

Level 2: Financial instruments measured using valuation techniques where all significant inputs are observable market data are classified as level 2.

Level 3: Financial instruments measured using valuation techniques where one or more significant inputs are not based on observable market data are classified as level 3.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*i) Financial instruments measured at fair value*

i-1) The fair value hierarchy of financial instruments presented at their fair values in the statements of financial position as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Level 1** | **Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | **Total** |
| **Financial assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from banks at FVTPL | W | - | 42117  | - | 42117  |
| &nbsp;&nbsp;&nbsp;Loans at FVTPL  |  | - | 874873  | 1045329  | 1920202  |
| &nbsp;&nbsp;&nbsp;Securities at FVTPL: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities and other securities |  | 11133798  | 41593140  | 17738175  | 70465113  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities |  | 3768533  | 505424  | 1784473  | 6058430  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold/silver deposits |  | 551875  | - | - | 551875  |
|  |  | 15454206  | 42098564  | 19522648  | 77075418  |
| &nbsp;&nbsp;&nbsp;Derivative assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading |  | 67568  | 10383245  | 740454  | 11191267  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedging |  | - | 910704  | - | 910704  |
|  |  | 67568  | 11293949  | 740454  | 12101971  |
| &nbsp;&nbsp;&nbsp;Securities at FVOCI: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities |  | 38394262  | 63535240  | 9139  | 101938641  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities |  | 1164322  | - | 1091589  | 2255911  |
|  |  | 39558584  | 63535240  | 1100728  | 104194552  |
|  | W | 55080358  | 117844743  | 22409159  | 195334260  |
| **Financial liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial liabilities at FVTPL: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold | W | 1261337  | - | - | 1261337  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold/silver deposits |  | 1697594  | - | - | 1697594  |
|  |  | 2958931  | - | - | 2958931  |
| &nbsp;&nbsp;&nbsp;Financial liabilities designated at FVTPL: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative-linked securities sold |  | - | 224599  | 6111954  | 6336553  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued |  | - | 268686  | - | 268686  |
|  |  | - | 493285  | 6111954  | 6605239  |
| &nbsp;&nbsp;&nbsp;Derivative liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading |  | 113758  | 9699947  | 568471  | 10382176  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedging |  | - | 1378926  | 224835  | 1603761  |
|  |  | 113758  | 11078873  | 793306  | 11985937  |
|  | W | 3072689  | 11572158  | 6905260  | 21550107  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*i) Financial instruments measured at fair value (continued)*

i-1) The fair value hierarchy of financial instruments presented at their fair values in the statements of financial position as of March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | **Level 1** | **Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | **Total** |
| **Financial assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from banks at FVTPL | W | - | 40862  | - | 40862  |
| &nbsp;&nbsp;Loans at FVTPL |  | - | 506781  | 908473  | 1415254  |
| &nbsp;&nbsp;Securities at FVTPL: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities and other securities |  | 12198754  | 41464110  | 17441328  | 71104192  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities |  | 2900162  | 461978  | 1507261  | 4869401  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold/silver deposits |  | 623668  | - | - | 623668  |
|  |  | 15722584  | 41926088  | 18948589  | 76597261  |
| &nbsp;&nbsp;&nbsp;Derivative assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading |  | 63896  | 5876734  | 596229  | 6536859  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedging |  | - | 617091  | - | 617091  |
|  |  | 63896  | 6493825  | 596229  | 7153950  |
| &nbsp;&nbsp;&nbsp;Securities at FVOCI: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities |  | 37077188  | 64196579  | 9139  | 101282906  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities |  | 998372  | - | 935672  | 1934044  |
|  |  | 38075560  | 64196579  | 944811  | 103216950  |
|  | W | 53862040  | 113164135  | 21398102  | 188424277  |
| **Financial liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial liabilities at FVTPL: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold | W | 790416  | - | - | 790416  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold/silver deposits |  | 1522071  | - | - | 1522071  |
|  |  | 2312487  | - | - | 2312487  |
| &nbsp;&nbsp;&nbsp;Financial liabilities designated at FVTPL: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative-linked securities sold |  | - | 255532  | 5834683  | 6090215  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued |  | - | 287849  | - | 287849  |
|  |  | - | 543381  | 5834683  | 6378064  |
| &nbsp;&nbsp;&nbsp;Derivative liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading |  | 38222  | 5540526  | 293655  | 5872403  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedging |  | - | 994626  | 153817  | 1148443  |
|  |  | 38222  | 6535152  | 447472  | 7020846  |
|  | W | 2350709  | 7078533  | 6282155  | 15711397  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*i) Financial instruments measured at fair value (continued)*

i-2) Classification of financial instruments as fair value level 3

The Group uses the value from evaluators who are qualified, external, and independent to determine the fair value for Group's assets at the end of each reporting period. Changes in carrying amounts of financial instruments classified as Level 3 for the three-month period ended March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | Financial<br>asset<br>at FVTPL | Securities<br>at FVOCI | &nbsp;&nbsp;&nbsp;Financial<br> liabilities<br> designated<br>at FVTPL | Held for trading | Held for trading | Held for hedging | Held for hedging |
|  |  | Financial<br>asset<br>at FVTPL | Securities<br>at FVOCI | &nbsp;&nbsp;&nbsp;Financial<br> liabilities<br> designated<br>at FVTPL | Derivative <br>assets | Derivative <br>liabilities | Derivative<br>assets | Derivative<br>liabilities |
| Beginning balance | W | 19857062  | 944811  | (5834683) | 596229  | (293655) | - | (153817) |
| &nbsp;&nbsp;&nbsp;Recognized in total comprehensive income for the period: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Recognized in profit (loss) for the period (\*1) |  | 384712 | - | 75487  | 137223  | (293165) | - | (71018) |
| &nbsp;&nbsp;&nbsp;Recognized in other comprehensive income (loss) for the period |  | 832  | 155917  | (2288) | - | - | - | - |
|  |  | 385544  | 155917  | 73199  | 137223  | (293165) | - | (71018) |
| &nbsp;&nbsp;&nbsp;Purchase |  | 1845383  | - | - | 15735  | (8292) | - | - |
| &nbsp;&nbsp;&nbsp;Issue |  | - | - | (1713423) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Settlement |  | (1495706) | - | 1362953  | (8733) | 26641  | - | - |
| &nbsp;&nbsp;&nbsp;Transfer to level3 (\*2) |  | 23987 | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer out of level3 (\*2) |  | (48293) | - | - | - | - | - | - |
| Ending balance | W | 20567977  | 1100728  | (6111954) | 740454  | (568471) | - | (224835) |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*i) Financial instruments measured at fair value (continued)*

i-2) Classification of financial instruments as fair value level 3 (continued)

The Group uses the value from evaluators who are qualified and external independent to determine the fair value for Group's assets at the end of each reporting period. Changes in carrying amounts of financial instruments classified as Level 3 for the three-month period ended March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | Financial<br>asset<br>at FVTPL | Securities<br>at FVOCI | &nbsp;&nbsp;&nbsp;Financial<br> liabilities<br> designated<br>at FVTPL | Held for trading | Held for trading | Held for hedging | Held for hedging |
|  |  | Financial<br>asset<br>at FVTPL | Securities<br>at FVOCI | &nbsp;&nbsp;&nbsp;Financial<br> liabilities<br> designated<br>at FVTPL | Derivative <br>assets | Derivative <br>liabilities | Derivative<br>assets | Derivative<br>liabilities |
| Beginning balance | W | 18632327  | 922191  | (7139257) | 719177  | (536855) | - | (207697) |
| &nbsp;&nbsp;&nbsp;Recognized in total comprehensive income for the year: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Recognized in profit (loss) for the period (\*1) |  | 8721 | - | (225030) | 95523  | 155722  | - | 36007  |
| &nbsp;&nbsp;&nbsp;Recognized in other comprehensive income (loss) for the year |  | (531) | 69448  | (4165) | - | - | - | - |
|  |  | 8190  | 69448  | (229195) | 95523  | 155722  | - | 36007  |
| &nbsp;&nbsp;&nbsp;Purchase |  | 5875977  | 6324  | - | 87869  | (30005) | - | (13580) |
| &nbsp;&nbsp;&nbsp;Issue |  | - | - | (6407756) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Settlement |  | (4667721) | (62292) | 7941525  | (306359) | 117483  | - | 31453  |
| &nbsp;&nbsp;&nbsp;Transfer to level3 (\*2) |  | 65173  | 9140  | - | 23  | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer out of level3 (\*2) |  | (56884) | - | - | (4) | - | - | - |
| Ending balance | W | 19857062  | 944811  | (5834683) | 596229  | (293655) | - | (153817) |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*i) Financial instruments measured at fair value (continued)*

(\*1) Recognized profit or loss of the changes in carrying amount of financial instruments classified as Level 3 for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are included in the accounts of the consolidated statements of comprehensive income, of which the amounts and the related accounts are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** |
|  |  | Amounts recognized in profit or loss | Recognized profit or loss from the financial instruments held as of March 31 |
| &nbsp;&nbsp;&nbsp;Net gain on financial assets at FVTPL  | W | 228770 | 255388 |
| &nbsp;&nbsp;&nbsp;Net gain on financial liabilities designated at FVTPL |  | 75487  | 83573  |
| &nbsp;&nbsp;&nbsp;Net other operating expense |  | (71018) | (71018) |
|  | W | 233239  | 267943 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** |
|  |  | Amounts recognized in profit or loss | Recognized profit or loss from the financial instruments held as of December 31 |
| &nbsp;&nbsp;&nbsp;Net gain on financial assets at FVTPL  | W | 259966  | 250113  |
| &nbsp;&nbsp;&nbsp;Net gain (loss) on financial liabilities designated at FVTPL |  | (225030) | 2884  |
| &nbsp;&nbsp;&nbsp;Net other operating income |  | 36007  | 36007  |
|  | W | 70943  | 289004  |

---

(\*2) Transfers between levels result from changes in the availability of observable market data for the financial instruments. The Group recognizes such transfers at the end of the reporting period in which the change occurs.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*i) Financial instruments measured at fair value (continued)*

*i-3) Valuation techniques and significant inputs not observable in markets* 

1Valuation techniques and inputs used in measuring the fair value of financial instruments classified as level 2 as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| &nbsp;&nbsp;**Type of financial instrument** | **Valuation technique** |  | &nbsp;&nbsp;&nbsp;**Carrying**<br>**value** | **Significant inputs** |
| &nbsp;&nbsp;**Assets** |  |  |  |  |
| &nbsp;&nbsp;Financial assets at FVTPL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities | DCF, NAV,<br>Option model (\*) | W | 42510130 | &nbsp;&nbsp;Discount rate, interest rate, stock price, etc. |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | NAV,<br>Option model (\*) |  | 505424  | &nbsp;&nbsp;Price of underlying assets such as stocks, bonds, etc., dividend yield |
|  |  |  | 43015554 |  |
| &nbsp;&nbsp;Derivative assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading | Option model (\*), Implied forward interest rate, DCF |  | 10383245 | &nbsp;&nbsp;Discount rate, foreign exchange rate, volatility, stock price, commodity index, etc. |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedging | Option model (\*), Implied forward interest rate, DCF |  | 910704 | &nbsp;&nbsp;Discount rate, foreign exchange rate, volatility, stock price, commodity index, etc. |
|  |  |  | 11293949  |  |
| &nbsp;&nbsp;Securities at FVOCI |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities | DCF,<br>Option model (\*) |  | 63535240 | &nbsp;&nbsp;Interest rate, discount rate, etc. |
|  |  | W | 117844743 |  |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |
| &nbsp;&nbsp;Financial liabilities designated at FVTPL  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative-linked securities sold | Option model (\*), NAV | W | 224599  | Underlying asset price |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued  | Option model (\*), NAV |  | 268686  | Discount rate, volatility |
|  |  |  | 493285  |  |
| &nbsp;&nbsp;Derivative liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading | Option model (\*),<br>Implied forward interest rate, DCF |  | 9699947  | &nbsp;&nbsp;Discount rate, foreign exchange rate, volatility, stock price and commodity index, etc. |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedging | Option model (\*),<br>Implied forward interest rate, DCF |  | 1378926  | &nbsp;&nbsp;Discount rate, foreign exchange rate, volatility, stock price and commodity index, etc. |
|  |  |  | 11078873  |  |
|  |  | W | 11572158 |  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*i) Financial instruments measured at fair value (continued)*

*i-3) Valuation techniques and significant inputs not observable in markets (continued)*

1Valuation techniques and inputs used in measuring the fair value of financial instruments classified as level 2 as of March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| &nbsp;&nbsp;**Type of financial instrument** | **Valuation technique** |  | &nbsp;&nbsp;&nbsp;**Carrying**<br>**value** | **Significant inputs** |
| &nbsp;&nbsp;**Assets** |  |  |  |  |
| &nbsp;&nbsp;Financial assets at FVTPL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities | DCF, NAV,<br>Option model (\*) | W | 42011753 | &nbsp;&nbsp;Discount rate, interest rate, stock price, etc. |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | NAV,<br>Option model (\*) |  | 461978 | &nbsp;&nbsp;Price of underlying assets such as stocks, bonds, etc., dividend yield |
|  |  |  | 42473731 |  |
| &nbsp;&nbsp;Derivative assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading | Option model (\*), Implied forward interest rate, DCF |  | 5876734 | &nbsp;&nbsp;Discount rate, foreign exchange rate, volatility, stock price, commodity index, etc. |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedging | Option model (\*), Implied forward interest rate, DCF |  | 617091 | &nbsp;&nbsp;Discount rate, foreign exchange rate, volatility, stock price, commodity index, etc. |
|  |  |  | 6493825 |  |
| &nbsp;&nbsp;Securities at FVOCI |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities | DCF,<br>Option model (\*) |  | 64196579 | &nbsp;&nbsp;Interest rate, discount rate, etc. |
|  |  | W | 113164135 |  |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |
| &nbsp;&nbsp;Financial liabilities designated at FVTPL  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative-linked securities sold | Option model (\*), NAV | W | 255532 | Underlying asset price |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued  | Option model (\*), NAV |  | 287849 | Discount rate, volatility |
|  |  |  | 543381 |  |
| &nbsp;&nbsp;Derivative liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading | Option model (\*),<br>Implied forward interest rate, DCF |  | 5540526 | &nbsp;&nbsp;Discount rate, foreign exchange rate, volatility, stock price and commodity index, etc. |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedging | Option model (\*),<br>Implied forward interest rate, DCF |  | 994626 | &nbsp;&nbsp;Discount rate, foreign exchange rate, volatility, stock price and commodity index, etc. |
|  |  |  | 6535152 |  |
|  |  | W | 7078533 |  |

---

(\*) Option models applied to measure fair value include the Black-Scholes model, Hull-White model and methods such as Monte Carlo simulation are applied to some products depending on the product type.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*i) Financial instruments measured at fair value (continued)*

i-3) Valuation techniques and significant inputs not observable in markets (continued)

2Valuation techniques and significant inputs, but not observable, used in measuring the fair value of financial instruments classified as level 3 as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Type of financial instrument** | **Valuation technique** |  | &nbsp;&nbsp;&nbsp;**Carrying**<br>**Value (\*2)** | **Significant unobservable inputs** | **Range** |
| **Financial assets** |  |  |  |  |  |
| Financial assets at FVTPL |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities | DCF, NAV, Option model (\*1), Income approach, Dividend discount model (DDM) | W | 18783504 | The volatility of the underlying asset,<br>Discount rate,<br>Correlations<br>Growth rate,<br>Interest rate volatility,<br>Liquidation Value | 0.61~73.36%<br> 3.98~11.52%<br> 31.11~68.71%<br> 0.00%<br> 0.51~0.95%<br> -1.00~1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | DCF, NAV, Option model (\*1),<br>Comparable company analysis, Transaction case price, Dividend discount model (DDM),<br>Cost method |  | 1784473 | The volatility of the underlying asset,<br>Discount rate,<br>Growth rate,<br>Interest rate volatility,<br>Liquidation Value | <br>0.00~97.28%<br> 3.15~45.16%<br> 0.00%<br> 0.51~0.95%<br> 0.00% |
|  |  |  | 20567977 |  |  |
| Derivative assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity and foreign exchange related | Option model (\*1) |  | 19162  | The volatility of the underlying asset,<br>Correlations | 19.42~67.44%<br> 30.33~83.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate related |  |  | 248787  | The volatility of the underlying asset,<br>Correlations | 0.49~1.65%<br> -38.10~64.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit and commodity related |  |  | 472505  | The volatility of the underlying asset, Correlations,<br>Hazard Rate | 29.54~30.16%<br> 99.58~99.78%<br> 0.01~10.25% |
|  |  |  | 740454  |  |  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*i) Financial instruments measured at fair value (continued)*

i-3) Valuation techniques and significant inputs not observable in markets (continued)

2Valuation techniques and significant inputs, but not observable, used in measuring the fair value of financial instruments classified as level 3 as of March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Type of financial instrument** | **Valuation technique** |  | &nbsp;&nbsp;&nbsp;**Carrying**<br>**Value (\*2)** | **Significant unobservable inputs** | **Range** |
| **Financial assets** |  |  |  |  |  |
| Securities at FVOCI |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities | Option model (\*1) | W | 9139 | Discount rate,<br>Interest rate volatility | 6.23%<br> 7.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | DCF, NAV, Option model (\*1),<br>Comparable company analysis,<br>Cost method |  | 1091589 | The volatility of the underlying asset,<br> Discount rate,<br>Growth rate,<br>Interest rate volatility,<br> Liquidation Value | 16.82~26.25%<br> 4.35~14.15%<br> 0.00%<br> 0.51~0.95%<br> 0.00% |
|  |  |  | 1100728 |  |  |
|  |  | W | 22409159 |  |  |
| **Financial liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;Financial liabilities designated at fair value through profit or loss |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity related | Option model (\*1) | W | 6111954 | The volatility of the underlying asset,<br>Correlations | 0.49~61.22%<br> -38.10~74.77% |
| Derivative liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity and foreign exchange related | Option model (\*1) |  | 62481 | The volatility of the underlying asset,<br>Correlations | 8.15~61.22%<br> 29.93~74.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate related | Option model (\*1) |  | 627184 | The volatility of the underlying asset,<br>Regression coefficient,<br>Correlations | 0.49~1.65%<br> 0.01~1.41%<br> -38.10~90.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit and commodity related | Option model (\*1) |  | 103641 | The volatility of the underlying asset, Correlations,<br>Hazard Rate | 1.36~1.65%<br> -11.82~64.21%<br> 0.33~10.25% |
|  |  |  | 793306 |  |  |
|  |  | W | 6905260 |  |  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*i) Financial instruments measured at fair value (continued)*

i-3) Valuation techniques and significant inputs not observable in markets (continued)

2Valuation techniques and significant inputs, but not observable, used in measuring the fair value of financial instruments classified as level 3 as of March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Type of financial instrument** | **Valuation technique** |  | &nbsp;&nbsp;&nbsp;**Carrying**<br>**Value (\*2)** | **Significant unobservable inputs** | **Range** |
| **Financial assets** |  |  |  |  |  |
| Financial assets at FVTPL |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities | DCF, NAV, Option model (\*1), Income approach | W | 18349801  | The volatility of the underlying asset,<br>Discount rate,<br>Correlations<br>Growth rate,<br>Interest rate volatility,<br>Liquidation Value | 0.50~67.94%<br>4.04~17.95%<br>31.11~69.16%<br>0.00%<br>0.46~0.70%<br> 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | DCF, NAV, Option model (\*1),<br>Comparable company analysis, Transaction case price, Dividend discount model (DDM),<br>Cost method |  | 1507261  | The volatility of the underlying asset,<br>Discount rate,<br>Growth rate,<br>Interest rate volatility,<br>Liquidation Value | <br>0.00~68.67%<br> 3.14~45.20%<br>0.00%<br> 0.46~0.70%<br>0.00% |
|  |  |  | 19857062  |  |  |
| Derivative assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity and foreign exchange related | Option model (\*1) |  | 25130  | The volatility of the underlying asset,<br>Correlations | 10.63~61.54%<br>30.33~82.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate related |  |  | 71254  | The volatility of the underlying asset,<br>Correlations | 0.48~1.51%<br>-70.00~61.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit and commodity related |  |  | 499845  | The volatility of the underlying asset, Correlations,<br>Hazard Rate | 30.76~31.08%<br> 99.63%<br> 0.08~9.29% |
|  |  |  | 596229  |  |  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*i) Financial instruments measured at fair value (continued)*

i-3) Valuation techniques and significant inputs not observable in markets (continued)

2Valuation techniques and significant inputs, but not observable, used in measuring the fair value of financial instruments classified as level 3 as of March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Type of financial instrument** | **Valuation technique** |  | &nbsp;&nbsp;&nbsp;**Carrying**<br>**Value (\*2)** | **Significant unobservable inputs** | **Range** |
| **Financial assets** |  |  |  |  |  |
| Securities at FVOCI |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities | Option model (\*1) | W | 9139  | Discount rate,<br>Interest rate volatility | 6.23%<br> 7.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | DCF, NAV, Option model (\*1),<br>Comparable company analysis,<br>Cost method |  | 935672  | The volatility of the underlying asset, Discount rate,<br>Growth rate,<br>Interest rate volatility,<br> Liquidation Value | 23.87%<br>4.23~16.33%<br>0.00%<br>0.46~0.70%<br>0.00% |
|  |  |  | 944811  |  |  |
|  |  | W | 21398102  |  |  |
| **Financial liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;Financial liabilities designated at fair value through profit or loss |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity related | Option model (\*1) | W | 5834683 | The volatility of the underlying asset,<br>Correlations | 0.48~61.54%<br>-70.00~82.07% |
| Derivative liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity and foreign exchange related | Option model (\*1) |  | 21150  | The volatility of the underlying asset,<br>Correlations | 8.20~61.54%<br>0.23~82.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate related | Option model (\*1) |  | 335811  | The volatility of the underlying asset,<br>Regression coefficient,<br>Correlations | 0.48~1.51%<br>0.01~0.98%<br>-70.00~90.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit and commodity related | Option model (\*1) |  | 90511  | The volatility of the underlying asset, Correlations,<br>Hazard Rate | 0.65~1.51%<br>-70.00~61.85%<br>0.21~9.22% |
|  |  |  | 447472  |  |  |
|  |  | W | 6282155  |  |  |

---

(\*1) Option models applied to measure fair value include the Black-Scholes model, Hull-White model and methods such as Monte Carlo simulation are applied to some products depending on the product type.

(\*2) Valuation techniques and input variables are not disclosed for items whose carrying amounts are considered to approximate fair value.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*i) Financial instruments measured at fair value (continued)*

*i-4) Sensitivity for changing in unobservable inputs*

For level 3 fair value measurement, changing one or more of the unobservable inputs used to reasonably possible alternative assumptions would have the following effects on profit or loss, or other comprehensive income as of March 31, 2026 and December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** |
|  |  | **Favorable** <br>**changes** | **Unfavorable**<br>**changes** |
| **Financial assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Effects on profit or loss for the period (\*1), (\*2): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at FVTPL | W | 33718  | (29520) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets |  | 30964  | (29024) |
| &nbsp;&nbsp;Securities at FVOCI (\*2) |  | 61420  | (43824) |
|  | W | 126102  | (102368) |
| **Financial liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Effects on profit or loss for the period (\*1): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities designated at FVTPL | W | 26380  | (28864) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities |  | 17157  | (16966) |
|  | W | 43537  | (45830) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** |
|  |  | **Favorable** <br>**changes** | **Unfavorable**<br>**changes** |
| **Financial assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Effects on profit or loss for the period (\*1), (\*2): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at FVTPL | W | 35062  | (34827) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets |  | 15446  | (14723) |
| &nbsp;&nbsp;Securities at FVOCI (\*2) |  | 60531  | (42863) |
|  | W | 111039  | (92413) |
| **Financial liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Effects on profit or loss for the period (\*1): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities designated at FVTPL | W | 14685  | (14764) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities |  | 6889  | (7538) |
|  | W | 21574  | (22302) |

---

(\*1) Fair value changes are calculated by increasing or decreasing the volatility of the underlying asset (-10~10%p) or correlations (-10~10%p), a significant unobservable input.

(\*2) Fair value changes are calculated by increasing or decreasing the growth rate and discount rate, which are significant unobservable inputs, from -1%p to 1%p.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*ii) Financial instruments measured at amortized cost*

ii-1) The method of calculating the fair value of financial instruments measured at amortized cost is as follows:

---

| | |
|:---|:---|
| **Type** | **Measurement methods of fair value** |
| &nbsp;&nbsp;Cash and due from banks | The carrying amount and the fair value for cash are identical and most amounts due from banks are floating interest rate deposits or overnight deposits of short-term instruments. For this reason, the book value is used as a proxy for fair value. |
| Loans | The fair value of the loans is measured by discounting the expected cash flow using a discount rate that reflects the market interest rate and the credit risk of the borrower. |
| Securities  | An external professional evaluation agency is used to calculate the valuation amount using the market information. The agency calculates the fair value based on active market prices, and DCF model is used to calculate the fair value if there is no quoted price. |
| Deposits and borrowings | The carrying amount and the fair value for demand deposits, cash management account deposits, call money as short-term instrument are identical. The remaining liabilities and borrowings were calculated as fair value by discounting contractual cash flows at the market interest rate that reflects the residual risk. |
| Debt securities issued | Where available, the fair value of deposits and borrowings is based on the published price quotations in an active market. In case there is no data for an active market price, it is measured by discounting the contractual cash flow at the market interest rate that reflects the residual risk. |
| &nbsp;&nbsp;Investment contract liabilities | The carrying amount of accumulated pension benefits of retirement pension contract holders, as defined under the Insurance Business Act and the Regulations on Supervision of Insurance Business, is used as a proxy for fair value as reliable estimates of expected future cash flows are not available. |
| &nbsp;&nbsp;Other financial assets and other financial liabilities | The carrying amount is measured at fair value for short-term and suspense accounts, such as spot exchange, inter-bank fund transfer, and domestic exchange of payments, and for the remaining financial instruments, the present value is calculated by discounting the contractual cash flows at the market interest rate that reflects the residual risk. |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*ii) Financial instruments measured at amortized cost (continued)*

ii-2) The carrying amount and the fair value of financial instruments measured at amortized cost as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  |  | **Carrying amount** | **Fair value**  | **Carrying amount** | **Fair value**  |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;Due from banks at amortized cost (\*) | W | 37017710  | 36924671  | 36859627  | 36793298  |
| Loans at amortized cost |  | 477752638  | 478409965  | 464773880  | 466291620  |
| Securities at amortized cost: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Government bonds |  | 21985079  | 21132434  | 22779176  | 22300505  |
| &nbsp;&nbsp;&nbsp;Financial institution bonds |  | 1870073  | 1875080  | 1837790  | 1851292  |
| &nbsp;&nbsp;&nbsp;Corporation bonds |  | 7405732  | 7201420  | 7327402  | 7239123  |
|  |  | 31260884  | 30208934  | 31944368  | 31390920  |
| Other financial assets |  | 54418904  | 54754030  | 43323340  | 43674984  |
|  | W | 600450136  | 600297600  | 576901215  | 578150822  |
| Liabilities: |  |  |  |  |  |
| Deposit liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Demand deposits | W | 176322382  | 176322383  | 172840773  | 172840773  |
| &nbsp;&nbsp;&nbsp;Time deposits |  | 248246939  | 247845698  | 238328250  | 238238605  |
| &nbsp;&nbsp;&nbsp;Certificate of deposit |  | 16416019  | 16395037  | 17001339  | 16970158  |
| &nbsp;&nbsp;&nbsp;Issued bill deposit |  | 9076225  | 9073810  | 8921064  | 8920096  |
| &nbsp;&nbsp;&nbsp;CMA deposits |  | 5128263  | 5128263  | 4889093  | 4889093  |
| &nbsp;&nbsp;&nbsp;Others |  | 6840625  | 6840585  | 5668452  | 5668466  |
|  |  | 462030453  | 461605776  | 447648971  | 447527191  |
| Borrowing debts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Call-money |  | 1428630  | 1428630  | 1437100  | 1437100  |
| &nbsp;&nbsp;&nbsp;Bills sold |  | 10334  | 10297  | 11887  | 11846  |
| &nbsp;&nbsp;&nbsp;Bonds sold under repurchase agreements |  | 12425113  | 12425113  | 14988698  | 14988698  |
| &nbsp;&nbsp;&nbsp;Notes issued |  | 198516  | 198516  | - | - |
| &nbsp;&nbsp;&nbsp;Borrowings |  | 42119504  | 42002976  | 38957149  | 38924550  |
|  |  | 56182097  | 56065532  | 55394834  | 55362194  |
| Debt securities issued: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings in Korean won |  | 69927088  | 69124711  | 74937216  | 74697509 |
| &nbsp;&nbsp;&nbsp;Borrowings in foreign currency |  | 17676334  | 17846392  | 18054206  | 18273309  |
|  |  | 87603422  | 86971103  | 92991422  | 92970818 |
| Investment contract liabilities |  | 1314260  | 1314260  | 1536393  | 1536393  |
| Other financial liabilities |  | 74402682  | 74322491  | 57890911  | 57832606  |
|  | W | 681532914  | 680279162  | 655462531  | 655229202 |

---

(\*) Cash is not included.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*ii) Financial instruments measured at amortized cost (continued)*

ii-3) The fair value hierarchy of financial assets and liabilities which are not measured at their fair values in the statements of financial position but disclosed with their fair value as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| &nbsp;&nbsp;Due from banks at amortized cost (\*) | W | 368765  | 36555906  | - | 36924671  |
| Loans at amortized cost |  | - | 556660  | 477853305  | 478409965  |
| Securities at amortized cost: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Government bonds |  | 9816551  | 11315883  | - | 21132434  |
| &nbsp;&nbsp;&nbsp;Financial institution bonds |  | 30171  | 1844909  | - | 1875080  |
| &nbsp;&nbsp;&nbsp;Corporation bonds |  | - | 7201420  | - | 7201420  |
|  |  | 9846722  | 20362212  | - | 30208934  |
| Other financial assets |  | - | 32941260  | 21812770  | 54754030  |
|  | W | 10215487  | 90416038  | 499666075  | 600297600  |
| Liabilities: |  |  |  |  |  |
| Deposit liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Demand deposits | W | - | 176322383  | - | 176322383  |
| &nbsp;&nbsp;&nbsp;Time deposits |  | - | - | 247845698  | 247845698  |
| &nbsp;&nbsp;&nbsp;Certificate of deposit |  | - | - | 16395037  | 16395037  |
| &nbsp;&nbsp;&nbsp;Issued bill deposit |  | - | - | 9073810  | 9073810  |
| &nbsp;&nbsp;&nbsp;CMA deposits |  | - | 5128263  | - | 5128263  |
| &nbsp;&nbsp;&nbsp;Other |  | - | 6797017  | 43568  | 6840585  |
|  |  | - | 188247663  | 273358113  | 461605776  |
| Borrowing debts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Call-money |  | - | 1428630  | - | 1428630  |
| &nbsp;&nbsp;&nbsp;Bills sold |  | - | - | 10297  | 10297  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds sold under repurchase agreements |  | - | - | 12425113  | 12425113  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes issued |  | - | - | 198516  | 198516  |
| &nbsp;&nbsp;&nbsp;Borrowings |  | - | 109550  | 41893426  | 42002976  |
|  |  | - | 1538180  | 54527352  | 56065532  |
| Debt securities issued: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings in won |  | - | 37103226  | 32021485  | 69124711  |
| &nbsp;&nbsp;&nbsp;Borrowings in foreign currency |  | - | 11720277  | 6126115  | 17846392  |
|  |  | - | 48823503  | 38147600  | 86971103  |
| Investment contract liabilities |  | - | - | 1314260  | 1314260  |
| Other financial liabilities |  | - | 26172173  | 48150318  | 74322491  |
|  | W | - | 264781519  | 415497643  | 680279162  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(f) Measurement of fair value (continued)**

*ii) Financial instruments measured at amortized cost (continued)*

ii-3) The fair value hierarchy of financial assets and liabilities which are not measured at their fair values in the statements of financial position but disclosed with their fair value as of March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| &nbsp;&nbsp;Due from banks at amortized cost (\*) | W | 269329 | 36523969 | - | 36793298 |
| Loans at amortized cost |  | - | 700039 | 465591581 | 466291620 |
| Securities at amortized cost: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Government bonds |  | 10815330 | 11485175 | - | 22300505 |
| &nbsp;&nbsp;&nbsp;Financial institution bonds |  | 80367 | 1770925 | - | 1851292 |
| &nbsp;&nbsp;&nbsp;Corporation bonds |  | - | 7239123 | - | 7239123 |
|  |  | 10895697 | 20495223 | - | 31390920 |
| Other financial assets |  | - | 29465771 | 14209213 | 43674984 |
|  | W | 11165026 | 87185002 | 479800794 | 578150822 |
| Liabilities: |  |  |  |  |  |
| Deposit liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Demand deposits | W | - | 172840773 | - | 172840773 |
| &nbsp;&nbsp;&nbsp;Time deposits |  | - | - | 238238605 | 238238605 |
| &nbsp;&nbsp;&nbsp;Certificate of deposit |  | - | - | 16970158 | 16970158 |
| &nbsp;&nbsp;&nbsp;Issued bill deposit |  | - | - | 8920096 | 8920096 |
| &nbsp;&nbsp;&nbsp;CMA deposits |  | - | 4889093 | - | 4889093 |
| &nbsp;&nbsp;&nbsp;Other |  | - | 5625593 | 42873 | 5668466 |
|  |  | - | 183355459 | 264171732 | 447527191 |
| Borrowing debts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Call-money |  | - | 1437100 | - | 1437100 |
| &nbsp;&nbsp;&nbsp;Bills sold |  | - | - | 11846 | 11846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds sold under repurchase agreements |  | - | - | 14988698 | 14988698 |
| &nbsp;&nbsp;&nbsp;Borrowings |  | - | 108795 | 38815755 | 38924550 |
|  |  | - | 1545895 | 53816299 | 55362194 |
| Debt securities issued: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings in won |  | - | 40127224 | 34570285 | 74697509 |
| &nbsp;&nbsp;&nbsp;Borrowings in foreign currency |  | - | 12618554 | 5654755 | 18273309 |
|  |  | - | 52745778 | 40225040 | 92970818 |
| Investment contract liabilities |  | - | - | 1536393 | 1536393 |
| Other financial liabilities |  | - | 22535595 | 35297011 | 57832606 |
|  | W | - | 260182727 | 395046475 | 655229202 |

---

(\*) Cash is not included.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(g) Classification by categories of financial instruments**

Financial assets and liabilities are measured at fair value or amortized cost. The financial instruments measured at fair value or amortized costs are measured in accordance with the Group's valuation methodologies, which are described in Note 4. (f) Measurement of fair value.

The carrying amounts of each category of financial assets and financial liabilities as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Financial assets at FVTPL** | **Financial assets at FVOCI** | **Financial assets at amortized cost** | **Derivatives held for hedging** | **Total** |
| Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks at amortized cost | W | - | - | 40203086  | - | 40203086  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from banks at FVTPL |  | 42117  | - | - | - | 42117  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at FVTPL |  | 77075418  | - | - | - | 77075418  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives assets |  | 11191267  | - | - | 910704  | 12101971  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans at FVTPL |  | 1920202  | - | - | - | 1920202  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans at amortized cost |  | - | - | 477752638  | - | 477752638  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at FVOCI |  | - | 104194552  | - | - | 104194552  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at amortized cost |  | - | - | 31260884  | - | 31260884  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  | - | - | 54418904  | - | 54418904  |
|  | W | 90229004  | 104194552  | 603635512  | 910704  | 798969772  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Financial liabilities at FVTPL** | **Financial liabilities designated at FVTPL** | **Financial liabilities at amortized cost** | **Derivatives held for hedging** | **Total** |
| Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits  | W | - | - | 462030453  | - | 462030453  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities at FVTPL |  | 2958931  | - | - | - | 2958931  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities designated at FVTPL |  | - | 6605239  | - | - | 6605239  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives liabilities |  | 10382176  | - | - | 1603761  | 11985937  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings |  | - | - | 56182097  | - | 56182097  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued |  | - | - | 87603422  | - | 87603422  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment contract liabilities |  | - | - | 1314260  | - | 1314260  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  | - | - | 74402682  | - | 74402682  |
|  | W | 13341107  | 6605239  | 681532914  | 1603761  | 703083021  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**4. <u>Financial risk management (continued)</u>**

**(g) Classification by categories of financial instruments (continued)**

The carrying amounts of each category of financial assets and financial liabilities as of March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | **Financial assets at FVTPL** | **Financial assets at FVOCI** | **Financial assets at amortized cost** | **Derivatives held for hedging** | **Total** |
| Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks at amortized cost | W | - | - | 39742605  | - | 39742605  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from banks at FVTPL |  | 40862  | - | - | - | 40862  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at FVTPL |  | 76597261  | - | - | - | 76597261  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives assets |  | 6536859  | - | - | 617091  | 7153950  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans at FVTPL |  | 1415254  | - | - | - | 1415254  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans at amortized cost |  | - | - | 464773880  | - | 464773880  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at FVOCI |  | - | 103216950  | - | - | 103216950  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at amortized cost |  | - | - | 31944368  | - | 31944368  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  | - | - | 43323340  | - | 43323340  |
|  | W | 84590236  | 103216950  | 579784193  | 617091  | 768208470  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | **Financial liabilities at FVTPL** | **Financial liabilities designated at FVTPL** | **Financial liabilities at amortized cost** | **Derivatives held for hedging** | **Total** |
| Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits  | W | - | - | 447648971  | - | 447648971  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities at FVTPL |  | 2312487  | - | - | - | 2312487  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities designated at FVTPL |  | - | 6378064  | - | - | 6378064  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives liabilities |  | 5872403  | - | - | 1148443  | 7020846  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings |  | - | - | 55394834  | - | 55394834  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued |  | - | - | 92991422  | - | 92991422  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment contract liabilities |  | - | - | 1536393  | - | 1536393  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  | - | - | 57890911  | - | 57890911  |
|  | W | 8184890  | 6378064  | 655462531  | 1148443  | 671173928  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**5. <u>Changes in subsidiaries</u>**

(a) There are no major subsidiaries included in or excluded from the consolidated financial statements during the three-month period ended March 31, 2026 and the year ended December 31, 2025.

**6. <u>Operating segments</u>**

(a) Segment information

General descriptions of operating segments as of March 31, 2026 are as follows:

---

| | |
|:---|:---|
| **Segment** | **Description** |
| Banking<br>| Credit to customers, lending to and receiving deposits from customers, and its accompanying work |
| Credit card | Sales of credit cards, short-term and long-term card loan services, installment financing, lease and its accompanying work |
| Securities | Securities trading, consignment trading, underwriting and its accompanying work |
| Insurance | Life insurance business, non-life insurance business and its accompanying work |
| Credit | Facility rental, new technology business financing, others and its accompanying work |
| Others | Business segments that do not belong to the above segments, such as real estate trust, investment advisory services, venture business investment and other remaining business |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**6. <u>Operating segments (continued)</u>**

(b) The operating income (expense) and net income by operating segment for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** |
|  |  | **Banking** | &nbsp;&nbsp;**Credit card** | &nbsp;&nbsp;**Securities** | **Insurance** | **Credit** | &nbsp;&nbsp;**Others** | &nbsp;&nbsp;**Consolidation adjustment** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;Net interest income (expense) | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;2446403  | &nbsp;&nbsp;489230  | &nbsp;&nbsp;131736  | &nbsp;&nbsp;(52298) | &nbsp;&nbsp;28286  | &nbsp;&nbsp;18675  | &nbsp;&nbsp;(37889) | &nbsp;&nbsp;3024143  |
| &nbsp;&nbsp;&nbsp;Net fees and commission income (expense) |  | &nbsp;&nbsp;283932  | &nbsp;&nbsp;215779  | &nbsp;&nbsp;330438  | &nbsp;&nbsp;(1585) | &nbsp;&nbsp;3559  | &nbsp;&nbsp;104099  | &nbsp;&nbsp;4604  | &nbsp;&nbsp;940826  |
| &nbsp;&nbsp;&nbsp;Reversal (provision) of credit losses |  | &nbsp;&nbsp;(204429) | &nbsp;&nbsp;(237361) | &nbsp;&nbsp;46  | &nbsp;&nbsp;(8088) | &nbsp;&nbsp;(49463) | &nbsp;&nbsp;(20422) | &nbsp;&nbsp;(395) | &nbsp;&nbsp;(520112) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses |  | &nbsp;&nbsp;(963952) | &nbsp;&nbsp;(232162) | &nbsp;&nbsp;(238149) | &nbsp;&nbsp;(42240) | &nbsp;&nbsp;(14597) | &nbsp;&nbsp;(109602) | &nbsp;&nbsp;55297  | &nbsp;&nbsp;(1545405) |
| &nbsp;&nbsp;&nbsp;Other income (expense), net |  | &nbsp;&nbsp;(129293) | &nbsp;&nbsp;(59528) | &nbsp;&nbsp;162336  | &nbsp;&nbsp;239012  | &nbsp;&nbsp;83230  | &nbsp;&nbsp;127806  | &nbsp;&nbsp;(168562) | &nbsp;&nbsp;255001  |
| &nbsp;&nbsp;&nbsp;Operating income (expense) |  | &nbsp;&nbsp;1432661  | &nbsp;&nbsp;175958  | &nbsp;&nbsp;386407  | &nbsp;&nbsp;134801  | &nbsp;&nbsp;51015  | &nbsp;&nbsp;120556  | &nbsp;&nbsp;(146945) | &nbsp;&nbsp;2154453  |
| &nbsp;&nbsp;&nbsp;Equity method income (loss) |  | &nbsp;&nbsp;6780  | &nbsp;&nbsp;4330  | &nbsp;&nbsp;222  | &nbsp;&nbsp;(517) | &nbsp;&nbsp;23352  | &nbsp;&nbsp;14099  | &nbsp;&nbsp;573  | &nbsp;&nbsp;48839  |
| &nbsp;&nbsp;&nbsp;Income tax expense |  | &nbsp;&nbsp;331258  | &nbsp;&nbsp;45249  | &nbsp;&nbsp;97015  | &nbsp;&nbsp;36162  | &nbsp;&nbsp;12537  | &nbsp;&nbsp;39337  | &nbsp;&nbsp;10676  | &nbsp;&nbsp;572234  |
| &nbsp;&nbsp;&nbsp;Profit for the period | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;1137309  | &nbsp;&nbsp;141150  | &nbsp;&nbsp;288359  | &nbsp;&nbsp;93462  | &nbsp;&nbsp;61799  | &nbsp;&nbsp;97554  | &nbsp;&nbsp;(170485) | &nbsp;&nbsp;1649148  |
| &nbsp;&nbsp;&nbsp;Shareholders of the Parent Company | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;1136864  | &nbsp;&nbsp;139926  | &nbsp;&nbsp;288358  | &nbsp;&nbsp;93462  | &nbsp;&nbsp;61799  | &nbsp;&nbsp;97555  | &nbsp;&nbsp;(195370) | &nbsp;&nbsp;1622594  |
| &nbsp;&nbsp;&nbsp;Non-controlling interests |  | &nbsp;&nbsp;445  | &nbsp;&nbsp;1224  | &nbsp;&nbsp;1  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;(1) | &nbsp;&nbsp;24885  | &nbsp;&nbsp;26554  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**6. <u>Operating segments (continued)</u>**

(b) The operating income (expense) and net income by operating segment for the three-month periods ended March 31, 2026 and 2025 are as follows (continued):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**March 31, 2025** | &nbsp;&nbsp;**March 31, 2025** | &nbsp;&nbsp;**March 31, 2025** | &nbsp;&nbsp;**March 31, 2025** | &nbsp;&nbsp;**March 31, 2025** | &nbsp;&nbsp;**March 31, 2025** | &nbsp;&nbsp;**March 31, 2025** | &nbsp;&nbsp;**March 31, 2025** |
|  |  | **Banking** | &nbsp;&nbsp;**Credit card** | &nbsp;&nbsp;**Securities** | **Insurance** | **Credit** | &nbsp;&nbsp;**Others** | &nbsp;&nbsp;**Consolidation adjustment** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;Net interest income (expense) | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;2268627  | &nbsp;&nbsp;488953  | &nbsp;&nbsp;132419  | &nbsp;&nbsp;(35633)  | &nbsp;&nbsp;25501  | &nbsp;&nbsp;22716  | &nbsp;&nbsp;(47695)  | &nbsp;&nbsp;2854888  |
| &nbsp;&nbsp;&nbsp;Net fees and commission income (expense) |  | &nbsp;&nbsp;241826  | &nbsp;&nbsp;194571  | &nbsp;&nbsp;145082  | &nbsp;&nbsp;(957)  | &nbsp;&nbsp;5175  | &nbsp;&nbsp;82952  | &nbsp;&nbsp;9497  | &nbsp;&nbsp;678146  |
| &nbsp;&nbsp;&nbsp;Reversal (provision) of credit losses |  | &nbsp;&nbsp;(124761)  | &nbsp;&nbsp;(255698)  | &nbsp;&nbsp;(13515) | &nbsp;&nbsp;(1677)  | &nbsp;&nbsp; (24196)  | &nbsp;&nbsp;(19959)  | &nbsp;&nbsp;455  | &nbsp;&nbsp; (439351) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses |  | &nbsp;&nbsp;(923832)  | &nbsp;&nbsp;(201270)  | &nbsp;&nbsp;(190346)  | &nbsp;&nbsp;(44608)  | &nbsp;&nbsp;(13500)  | &nbsp;&nbsp;(95901)  | &nbsp;&nbsp;55499  | &nbsp;&nbsp;(1413958)  |
| &nbsp;&nbsp;&nbsp;Other income (expense), net |  | &nbsp;&nbsp;(35320)  | &nbsp;&nbsp;(15602)  | &nbsp;&nbsp;43997  | &nbsp;&nbsp;309507  | &nbsp;&nbsp;43603  | &nbsp;&nbsp;44126  | &nbsp;&nbsp;(125822)  | &nbsp;&nbsp;264489  |
| &nbsp;&nbsp;&nbsp;Operating income (expense) |  | &nbsp;&nbsp;1426540  | &nbsp;&nbsp;210954  | &nbsp;&nbsp;117637  | &nbsp;&nbsp;226632 | &nbsp;&nbsp;36583  | &nbsp;&nbsp;33934  | &nbsp;&nbsp;(108066)  | &nbsp;&nbsp;1944214 |
| &nbsp;&nbsp;&nbsp;Equity method income (loss) |  | &nbsp;&nbsp;(4722) | &nbsp;&nbsp;(2009) | &nbsp;&nbsp;15957  | &nbsp;&nbsp;(232) | &nbsp;&nbsp;1443  | &nbsp;&nbsp;(651) | &nbsp;&nbsp;29661  | &nbsp;&nbsp;39447  |
| &nbsp;&nbsp;&nbsp;Income tax expense |  | &nbsp;&nbsp;341397  | &nbsp;&nbsp;52863  | &nbsp;&nbsp;35460  | &nbsp;&nbsp;58339  | &nbsp;&nbsp;6688  | &nbsp;&nbsp;8474  | &nbsp;&nbsp;(14709)  | &nbsp;&nbsp;488512  |
| &nbsp;&nbsp;&nbsp;Profit for the period | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;1105531  | &nbsp;&nbsp;162535  | &nbsp;&nbsp;107851  | &nbsp;&nbsp;160569  | &nbsp;&nbsp;31329  | &nbsp;&nbsp;22213  | &nbsp;&nbsp;(72982)  | &nbsp;&nbsp;1517046  |
| &nbsp;&nbsp;&nbsp;Shareholders of the Parent Company | &nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;1105320  | &nbsp;&nbsp;161359  | &nbsp;&nbsp;107852  | &nbsp;&nbsp;160569  | &nbsp;&nbsp;31329  | &nbsp;&nbsp;22213  | &nbsp;&nbsp;(100296)  | &nbsp;&nbsp;1488346  |
| &nbsp;&nbsp;&nbsp;Non-controlling interests |  | &nbsp;&nbsp;211  | &nbsp;&nbsp;1176  | &nbsp;&nbsp;(1) | &nbsp;&nbsp;- |  |  | &nbsp;&nbsp;27314  | &nbsp;&nbsp;28700 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**6. <u>Operating segments (continued)</u>**

(c) Net interest income from external customers by segment and inter-segment net interest income for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Banking** | **Credit card** | **Securities** | **Insurance** | **Credit** | **Others** | **Consolidation adjustment (\*)** | **Total** |
| Net interest income from: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;External customers (\*) | W | 2443815  | 504045  | 140389  | (50324) | 31439  | (3162) | (42059) | 3024143  |
| &nbsp;&nbsp;&nbsp;Inter-segment transactions |  | 2588  | (14815) | (8653) | (1974) | (3153) | 21837  | 4170  | - |
|  | W | 2446403  | 489230  | 131736  | (52298) | 28286  | 18675  | (37889) | 3024143  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  |  | **Banking** | **Credit card** | **Securities** | **Insurance** | **Credit** | **Others** | **Consolidation adjustment (\*)** | **Total** |
| Net interest income from: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;External customers (\*) | W | 2268836  | 501609  | 135426  | (34097) | 30581  | 4690  | (52157) | 2854888  |
| &nbsp;&nbsp;&nbsp;Inter-segment transactions |  | (209) | (12656) | (3007) | (1536) | (5080) | 18026  | 4462  | - |
|  | W | 2268627  | 488953  | 132419  | (35633) | 25501  | 22716  | (47695) | 2854888  |

---

(\*) Consolidated adjustments to net interest income from external customers relate to the fair value measurement of securities and other assets arising from business combination accounting.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**6. <u>Operating segments (continued)</u>**

(d) Net fee and commission income from external customers by segment and inter-segment net fees and commission income for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Banking** | **Credit card** | **Securities** | **Insurance** | **Credit** | **Others** | **Consolidation adjustment** | **Total** |
| &nbsp;&nbsp;&nbsp;Net fee and commission income from: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;External customers | W | 292815  | 226849  | 332591  | 1706  | 3501  | 83363  | 1  | 940826  |
| &nbsp;&nbsp;&nbsp;Inter-segment transactions |  | (8883) | (11070) | (2153) | (3291) | 58  | 20736  | 4603  | - |
|  | W | 283932  | 215779  | 330438  | (1585) | 3559  | 104099  | 4604  | 940826  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  |  | **Banking** | **Credit card** | **Securities** | **Insurance** | **Credit** | **Others** | **Consolidation adjustment** | **Total** |
| &nbsp;&nbsp;&nbsp;Net fee and commission income from: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;External customers | W | 253870  | 208143  | 146930  | 1235  | 4834  | 63134  | - | 678146  |
| &nbsp;&nbsp;&nbsp;Inter-segment transactions |  | (12044) | (13572) | (1848) | (2192) | 341  | 19818  | 9497  | - |
|  | W | 241826  | 194571  | 145082  | (957) | 5175  | 82952  | 9497  | 678146  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**7. <u>Cash and due from banks at amortized cost</u>**

Restricted due from banks in accordance with Related Regulations or Acts as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** | **Related regulations or acts** |
| &nbsp;&nbsp;&nbsp;Deposits denominated in Korean won: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserve deposits | W | 14968378  | 8164072  | Article 55 of the Bank of Korea Act |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | 1030001  | 1727588  | Article 74 of the Capital Markets and Financial Investment Business Act, etc. |
|  |  | 15998379  | 9891660  |  |
| &nbsp;&nbsp;&nbsp;Deposits denominated in foreign currency |  | 3803740  | 8367341  | Articles of the Bank of Korea Act, New York State Banking Act, derivatives related, etc. |
|  | W | 19802119  | 18259001  |  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**8. <u>Financial assets at fair value through profit or loss</u>**

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** |
| Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt instruments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governments  | W | 8896832  | 8933644  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial institutions |  | 6309852  | 8572717  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporations |  | 16033175  | 15340624  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stocks with put option |  | 616501  | 620258  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity investment with put option |  | 5812282  | 5737916  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficiary certificates |  | 16229084  | 16068876  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial papers |  | 7535654  | 8605755  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMA |  | 4745408  | 3694196  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others (\*) |  | 4286325  | 3530206  |
|  |  | 70465113  | 71104192  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity instruments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stocks |  | 5506377  | 4370515  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity investment |  | 5630  | 5981  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  | 546423  | 492905  |
|  |  | 6058430  | 4869401  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold/silver deposits |  | 551875  | 623668  |
|  | W | 77075418  | 76597261  |
| Loans |  | 1920202  | 1415254  |
| Due from banks |  | 42117  | 40862  |
|  | W | 79037737  | 78053377  |

---

(\*) As of March 31, 2026 and December 31, 2025, restricted deposits for investor deposits (trusts) amounted to W 3,711,994 million and W 2,965,469 million, respectively.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**9. <u>Derivatives</u>**

(a) The notional amounts of derivatives outstanding as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** |
| **Foreign currency related:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency forwards | W | 206287776  | 186552883  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 77290982  | 68522136  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency options |  | 4439022  | 3410253  |
|  |  | 288017780  | 258485272  |
| &nbsp;&nbsp;&nbsp;Exchange traded: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency futures |  | 1918345  | 1982556  |
|  |  | 289936125  | 260467828  |
| **Interest rate related:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate forwards and swaps |  | 70122115  | 65847009  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate options |  | 2554000  | 926000  |
|  |  | 72676115  | 66773009  |
| &nbsp;&nbsp;&nbsp;Exchange traded: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate futures |  | 4583436  | 3962031  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps (\*) |  | 206113088  | 175593544  |
|  |  | 210696524  | 179555575  |
|  |  | 283372639  | 246328584  |
| **Credit related:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit swaps |  | 5939631  | 5079897  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total return swaps |  | 742521  | 841964  |
|  |  | 6682152  | 5921861  |
| **Equity related:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity swaps and forwards |  | 5021096  | 2811480  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity options |  | 2225782  | 2283749  |
|  |  | 7246878  | 5095229  |
| &nbsp;&nbsp;&nbsp;Exchange traded: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity futures |  | 1972544  | 1357692  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity options |  | 780752  | 492549  |
|  |  | 2753296  | 1850241  |
|  |  | 10000174  | 6945470  |
| **Commodity related:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity swaps and forwards |  | 2931083 | 1698190 |
| &nbsp;&nbsp;&nbsp;Exchange traded: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity futures and options |  | 494868  | 249235  |
|  |  | 3425951  | 1947425  |
| **Hedge:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency forwards |  | 3825907  | 3713759  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 10045487  | 9059479  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate forwards and swaps |  | 13120811  | 13612757  |
|  |  | 26992205  | 26385995  |
|  | W | 620409246 | 547997163  |

---

(\*) The notional amounts of derivatives outstanding that are to be settled in the 'Central Counter Party (CCP)'system.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**9. <u>Derivatives (continued)</u>**

(b) Fair values of derivatives as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  |  | **Assets** | **Liabilities** | **Assets** | **Liabilities** |
| **Foreign currency related:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency forwards | W | 6037077  | 3884611  | 3384263  | 2215089  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 2587779  | 4741885  | 1703067  | 2625865  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency options |  | 35547  | 39695  | 9043  | 18497  |
|  |  | 8660403  | 8666191  | 5096373  | 4859451  |
| &nbsp;&nbsp;&nbsp;Exchange traded: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency futures |  | 86  | 6876  | 107  | 3365  |
|  |  | 8660489  | 8673067  | 5096480  | 4862816  |
| **Interest rate related:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate forwards and swaps |  | 1496266  | 1103426  | 817433  | 754732  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate options |  | 26114  | 67126  | - | 29468  |
|  |  | 1522380  | 1170552  | 817433  | 784200  |
| &nbsp;&nbsp;&nbsp;Exchange traded: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate futures |  | 4588  | 1477  | 1605  | 808  |
|  |  | 1526968  | 1172029  | 819038  | 785008  |
| **Credit related:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit swaps |  | 40022  | 11317  | 40643  | 7187  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return swaps |  | 431450  | 5874  | 458469  | 6510  |
|  |  | 471472  | 17191  | 499112  | 13697  |
| **Equity related:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity swap and forwards |  | 298822  | 300721  | 43121  | 48500  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity options |  | 5593  | 15105  | 5880  | 17480  |
|  |  | 304415  | 315826  | 49001  | 65980  |
| &nbsp;&nbsp;&nbsp;Exchange traded: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity futures |  | 3643  | 18663  | 10401  | 663  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity options |  | 45045  | 26113  | 43595  | 24835  |
|  |  | 48688  | 44776  | 53996  | 25498  |
|  |  | 353103  | 360602  | 102997  | 91478  |
| **Commodity related:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity swaps and forwards |  | 165029  | 98658  | 11044  | 110854  |
| &nbsp;&nbsp;&nbsp;Exchange traded: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity futures and options |  | 14206  | 60629  | 8188  | 8550  |
|  |  | 179235  | 159287  | 19232  | 119404  |
| **Hedge:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency forwards |  | 5211  | 291063  | 18997  | 176304  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 850530  | 474080  | 521120  | 344888  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate forwards and swaps |  | 54963  | 838618  | 76974  | 627251  |
|  |  | 910704  | 1603761  | 617091  | 1148443  |
|  | W | 12101971  | 11985937  | 7153950  | 7020846  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**9. <u>Derivatives (continued)</u>**

(c) Gain or loss on valuation of derivatives for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| **Foreign currency related:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency forwards | W | 1220463  | 196874  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | (1363039) | 5153  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency options  |  | 10887  | 874  |
|  |  | (131689) | 202901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency futures |  | (3491) | (2400) |
|  |  | (135180) | 200501 |
| **Interest rate related:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate forwards and swaps |  | 309101  | (110142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate options  |  | (8090) | (696) |
|  |  | 301011  | (110838) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate futures and others |  | 2320  | (3571) |
|  |  | 303331  | (114409) |
| **Credit related:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Over the counter: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit swaps |  | (8651) | 15771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total return swaps |  | (25289) | - |
|  |  | (33940) | 15771 |
| **Equity related:** |  |  |  |
| &nbsp;&nbsp;Over the counter: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity swap and forwards |  | 8501  | 84566  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity options |  | 844  | (390)  |
|  |  | 9345  | 84176 |
| &nbsp;&nbsp;Exchange traded: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity futures |  | (15020) | (8864) |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity options |  | 22016  | 1468  |
|  |  | 6996  | (7396) |
|  |  | 16341  | 76780 |
| **Commodity related:** |  |  |  |
| &nbsp;&nbsp;Over the counter: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commodity swaps and forwards |  | 138557 | 46746 |
| &nbsp;&nbsp;Exchange traded: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commodity futures and options |  | (45355) | (6242) |
|  |  | 93202  | 40504 |
| **Hedge** |  | (275530) | 107812 |
|  | W | (31776) | 326959 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**9. <u>Derivatives (continued)</u>**

(d) The notional amounts and the average hedge ratios for hedging instruments as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **1 year or less** | **1~2**<br>**years** | **2~3**<br>**years** | **3~4**<br>**years** | **4~5** <br>**years** | **5 years or more** | **Total** |
| &nbsp;&nbsp;&nbsp;**Interest rate risk:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Notional values: | W | 2290241  | 2383845  | 2179899  | 1862033  | 469087  | 3935706  | 13120811  |
| &nbsp;&nbsp;&nbsp; Average price condition (\*1) |  | 3.37% | 4.39% | 4.58% | 3.94% | 2.95% | 3.94% | 3.99% |
| &nbsp;&nbsp;&nbsp; Average hedge ratio: |  | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| **Exchange risk: (\*2)** |  |  |  |  |  |  |  |  |
| Notional values: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 5674157 | 2305327 | 3806263  | 1755858  | 1452090  | 983809  | 15977504  |
| &nbsp;&nbsp;Average hedge ratio: |  | 100% | 100% | 100% | 100% | 100% | 100% | 100% |

---

(\*1) Interest rate swaps consist of 3M CD, USD SOFR, 3M USD Libor, 3M Euribor, 3M AUD Bond and 3M JPY TONAR.

(\*2) The average exchange rates of net investment hedge instruments are USD/KRW 1,336.20, JPY/KRW 9.41, EUR/KRW 1,518.85, GBP/KRW 1,480.94, AUD/KRW 900.95, CAD/KRW 1,057.94, SEK/KRW 131.64.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**9. <u>Derivatives (continued)</u>**

(d) The notional amounts and the average hedge ratios for hedging instruments as of March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | **1 year or less** | **1~2**<br>**years** | **2~3**<br>**years** | **3~4**<br>**years** | **4~5** <br>**years** | **5 years or more** | **Total** |
| &nbsp;&nbsp;&nbsp;**Interest rate risk:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Notional values: | W | 2485060  | 2219475  | 2553701  | 2008399  | 450481  | 3895641  | 13612757  |
| &nbsp;&nbsp;&nbsp; Average price condition (\*1) |  | 1.86% | 1.60% | 1.75% | 1.73% | 1.14% | 0.42% | 1.34% |
| &nbsp;&nbsp;&nbsp; Average hedge ratio: |  | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| **Exchange risk: (\*2)** |  |  |  |  |  |  |  |  |
| Notional values: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 4344598  | 3288511  | 3353841  | 1941689  | 992587  | 747109  | 14668335  |
| &nbsp;&nbsp;Average hedge ratio: |  | 100% | 100% | 100% | 100% | 100% | 100% | 100% |

---

(\*1) Interest rate swaps consist of 3M CD, USD SOFR, 3M USD Libor, 3M Euribor, 3M AUD Bond and 3M JPY TONAR.

(\*2) The average exchange rates of net investment hedge instruments are USD/KRW 1,307.41, JPY/KRW 9.43, EUR/KRW 1,487.33, GBP/KRW 1,568.02, AUD/KRW 896.37, CAD/KRW 999.37 and SEK/KRW 131.64.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**10. <u>Securities at fair value through other comprehensive income and securities at amortized cost</u>** 

(a) Details of securities at FVOCI and securities at amortized cost as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;**Securities at FVOCI:** |  |  |  |
| Debt securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government bonds | W | 44019571  | 44038340  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial institutions bonds |  | 36162696  | 35435282  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds and others |  | 21756374  | 21809284  |
|  |  | 101938641  | 101282906  |
| Equity securities (\*): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stocks |  | 2054991  | 1830922  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity investments |  | 594  | 594  |
| &nbsp;&nbsp;&nbsp;&nbsp;Others |  | 200326  | 102528  |
|  |  | 2255911  | 1934044  |
|  |  | 104194552  | 103216950  |
| &nbsp;&nbsp;**Securities at amortized cost:** |  |  |  |
| Debt securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government bonds |  | 21985079  | 22779176  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial institutions bonds |  | 1870073  | 1837790  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds and others |  | 7405732  | 7327402  |
|  |  | 31260884  | 31944368  |
|  | W | 135455436  | 135161318  |

---

(\*) The equity securities are designated as FVOCI, as the Group has exercised the FVOCI option for reasons including policy-driven holding requirements.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**10. <u>Securities at fair value through other comprehensive income and securities at amortized cost (continued)</u>**

(b) Changes in carrying amount of debt securities at fair value through other comprehensive income and securities at amortized cost for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Debt securities at FVOCI** | **Debt securities at FVOCI** | **Debt securities at FVOCI** | **Debt securities at amortized cost** | **Debt securities at amortized cost** | **Debt securities at amortized cost** |
|  |  | **12-month expected credit losses** | **Lifetime expected**<br> **credit losses** | **Total** | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected** <br>**credit losses** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning balance | W | 101256075  | 26831  | 101282906  | 31953059  | - | 31953059  |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | (18669) | 18669  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) (\*) |  | 664415  | (8680) | 655735  | (683336) | - | (683336) |
| Ending balance | W | 101901821  | 36820  | 101938641  | 31269723  | - | 31269723  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | **Debt securities at FVOCI** | **Debt securities at FVOCI** | **Debt securities at FVOCI** | **Debt securities at amortized cost** | **Debt securities at amortized cost** | **Debt securities at amortized cost** |
|  |  | **12-month expected credit losses** | **Lifetime expected**<br> **credit losses** | **Total** | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected**<br>**credit losses** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning balance | W | 91955452  | 60758  | 92016210  | 33322543  | 3644  | 33326187  |
| &nbsp;&nbsp;&nbsp;Transfer (from) to 12-month expected credit losses |  | 5276  | (5276) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | (2939) | 2939  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) (\*) |  | 9298286  | (31590) | 9266696  | (1369484) | (3644) | (1373128) |
| Ending balance | W | 101256075  | 26831  | 101282906  | 31953059  | - | 31953059  |

---

(\*) Includes the effects of purchases, disposals, redemptions, valuations, changes in foreign exchange rates, and the amortization of fair value adjustments recognized through business combination accounting, among others.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**10. <u>Securities at fair value through other comprehensive income and securities at amortized cost (continued)</u>**

(c) Changes in allowance for credit losses of debt securities at fair value through other comprehensive income and securities at amortized cost for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Debt securities at FVOCI** | **Debt securities at FVOCI** | **Debt securities at FVOCI** | **Debt securities at amortized cost** | **Debt securities at amortized cost** | **Debt securities at amortized cost** |
|  |  | **12-month expected credit losses** | **Lifetime expected credit losses** | **Total** | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected credit losses** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning balance | W | 57762  | 2539  | 60301  | 8691  | - | 8691  |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | (8) | 8  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Provision (reversal) |  | 1468  | (2472) | (1004) | 157  | - | 157  |
| &nbsp;&nbsp;&nbsp;Disposal and others (\*) |  | (1089) | 46  | (1043) | (9) | - | (9) |
| Ending balance | W | 58133  | 121  | 58254  | 8839  | - | 8839  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | **Debt securities at FVOCI** | **Debt securities at FVOCI** | **Debt securities at FVOCI** | **Debt securities at amortized cost** | **Debt securities at amortized cost** | **Debt securities at amortized cost** |
|  |  | **12-month expected credit losses** | **Lifetime expected credit losses** | **Total** | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected credit losses** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning balance | W | 38250  | 96  | 38346  | 10137  | 51  | 10188  |
| &nbsp;&nbsp;&nbsp;Transfer (from) to 12-month expected credit losses |  | 17  | (17) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | (3) | 3  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Provision (reversal) |  | 23479  | 2437  | 25916  | (1196) | (47) | (1243) |
| &nbsp;&nbsp;&nbsp;Disposal and others (\*) |  | (3981) | 20  | (3961) | (250) | (4) | (254) |
| Ending balance | W | 57762  | 2539  | 60301  | 8691  | - | 8691  |

---

(\*) Includes the effects of restructuring of loans, debt-to-equity swaps, and changes in foreign exchange rates, among others.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**10. <u>Securities at fair value through other comprehensive income and securities at amortized cost (continued)</u>**

(d) Gains and losses on disposal of securities at fair value through other comprehensive income and securities at amortized cost for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| Gain on disposal of securities at FVOCI | W | 39891  | 101757  |
| Loss on disposal of securities at FVOCI |  | (18825) | (27214) |
| Gain on disposal of securities at amortized cost (\*) |  | 5  | 1  |
| Loss on disposal of securities at amortized cost (\*) |  | (19) | (28) |
|  | W | 21052  | 74516  |

---

(\*) The reason for the disposal of securities measured at amortized cost includes partial repayment of the bonds, among others.

(e) Income or loss on equity securities at fair value through other comprehensive income

The Group recognized dividends, amounting to W 40,629 million and W 32,708 million, related to equity securities designated at fair value through other comprehensive income for the three-month periods ended March 31, 2026 and 2025, respectively.

The details of disposal of equity securities designated at fair value through other comprehensive income for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Fair value at the date of disposal** | **Fair value at the date of disposal** | **Cumulative net gain (loss) at the time of disposal** | **Cumulative net gain (loss) at the time of disposal** |
|  |  | **March 31, 2026** | **March 31, 2025** | **March 31, 2026** | **March 31, 2025** |
| Stocks | W | 160341 | 36490 | 930  | (645) |
| Contingent convertible bonds  |  | 1687 | 1687 | 11  | 11 |
|  | W | 162028  | 38177 | 941  | (634) |

---

(\*) The reason for the disposal of stocks at fair value through other comprehensive income includes the disposal of stocks acquired through debt-to-equity swaps, and the cumulative valuation gains and losses were reclassified to retained earnings.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**11. <u>Loans at amortized cost, etc.</u>** 

(a) The composition of loans at amortized cost by customer as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**December 31, 2025** |
| &nbsp;&nbsp;&nbsp;Retail loans | &nbsp;&nbsp;W | &nbsp;&nbsp;174051623  | &nbsp;&nbsp;173568321 |
| &nbsp;&nbsp;&nbsp;Corporate loans (\*) |  | &nbsp;&nbsp;272390958  | &nbsp;&nbsp;259593754 |
| &nbsp;&nbsp;&nbsp;Public and other loans |  | &nbsp;&nbsp;4745326  | &nbsp;&nbsp;4845465  |
| &nbsp;&nbsp;&nbsp;Loans between banks |  | &nbsp;&nbsp;1759545  | &nbsp;&nbsp;1691536  |
| &nbsp;&nbsp;&nbsp;Credit card receivables |  | &nbsp;&nbsp;28522563  | &nbsp;&nbsp;28653978  |
|  |  | &nbsp;&nbsp;481470015  | &nbsp;&nbsp;468353054  |
| &nbsp;&nbsp;&nbsp;Discount |  | &nbsp;&nbsp;(24111) | &nbsp;&nbsp;(26251) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred loan origination costs |  | &nbsp;&nbsp;748581  | &nbsp;&nbsp;727749  |
|  |  | &nbsp;&nbsp;482194485  | &nbsp;&nbsp;469054552  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Allowance for credit losses |  | &nbsp;&nbsp;(4441847) | &nbsp;&nbsp;(4280672) |
|  | &nbsp;&nbsp;W | &nbsp;&nbsp;477752638  | &nbsp;&nbsp;464773880  |

---

(\*) Includes SOHO loans, among others.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**11. <u>Loans at amortized cost, etc. (continued)</u>**

(b) Changes in carrying amounts of loans at amortized cost, etc. for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | **Due from banks at amortized cost** <br>**and other financial assets** | **Due from banks at amortized cost** <br>**and other financial assets** | **Due from banks at amortized cost** <br>**and other financial assets** | **Total** |
|  |  | **12-month expected credit losses** | **Lifetime expected**<br> **credit losses** | &nbsp;&nbsp;**Impaired financial asset** | **12-month expected** <br>**credit losses** | **Lifetime expected**<br> **credit losses** | **Impaired financial asset** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;W | 400019377  | 65209460  | 3825715  | 80303547  | 219944  | 181787  | 549759830  |
| &nbsp;&nbsp;&nbsp;Transfer (from) to 12 months expected credit losses |  | 6540393  | (6495361) | (45032) | 12010  | (9837) | (2173) | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | (5718729) | 5800600  | (81871) | (11990) | 12333  | (343) | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to credit- impaired financial assets |  | (294703) | (908679) | 1203382  | (3975) | (5845) | 9820  | - |
| &nbsp;&nbsp;&nbsp;Net increase and decrease (\*1) |  | 11953418  | 1746098  | 21382  | 11241619  | 11906  | 21865  | 24996288  |
| &nbsp;&nbsp;&nbsp;Charge off (\*2) |  | - | - | (368224) | - | - | (20471) | (388695) |
| &nbsp;&nbsp;&nbsp;Disposal  |  | - | (12568) | (200173) | - | (23) | (278) | (213042) |
| &nbsp;&nbsp;&nbsp;Ending balance | W | 412499756  | 65339550  | 4355179  | 91541211  | 228478  | 190207  | 574154381  |

---

(\*1) Includes the effects of the issuance, collection, restructuring of loans, debt-to-equity swaps, and changes in foreign exchange rates, among others.

(\*2) The amount of uncollected loans currently in recovery (principal and interest) is W 10,835,703 million, which is written off as of March 31, 2026.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**11. <u>Loans at amortized cost, etc. (continued)</u>**

(b) Changes in carrying amounts of loans at amortized cost, etc. for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | **Due from banks at amortized cost** <br>**and other financial assets** | **Due from banks at amortized cost** <br>**and other financial assets** | **Due from banks at amortized cost** <br>**and other financial assets** | **Total** |
|  |  | **12-month expected credit losses** | **Lifetime expected**<br> **credit losses** | &nbsp;&nbsp;**Impaired financial asset** | **12-month expected** <br>**credit losses** | **Lifetime expected**<br> **credit losses** | **Impaired financial asset** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;W | 384078752  | 66060111  | 3722306  | 61488945  | 235252  | 217158  | 515802524  |
| &nbsp;&nbsp;&nbsp;Transfer (from) to 12 months expected credit losses |  | 17609453  | (17573814) | (35639) | 33235  | (33122) | (113) | -  |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | (21713358) | 22047397  | (334039) | (50051) | 50130  | (79) | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to credit- impaired financial assets |  | (1674648) | (1325647) | 3000295  | (6288) | (16627) | 22915  | -  |
| &nbsp;&nbsp;&nbsp;Net increase and decrease (\*1) |  | 21729176  | (3938393) | 1122288  | 18837706  | (14525) | 41033  | 37777285  |
| &nbsp;&nbsp;&nbsp;Charge off (\*2) |  | -  | -  | (2027917) | - | - | (92749) | (2120666) |
| &nbsp;&nbsp;&nbsp;Disposal  |  | (9998) | (60194) | (1621579) | - | (1164) | (6378) | (1699313) |
| &nbsp;&nbsp;&nbsp;Ending balance | W | 400019377  | 65209460  | 3825715  | 80303547  | 219944  | 181787  | 549759830  |

---

(\*1) Includes the effects of the issuance, collection, restructuring of loans, debt-to-equity swaps, and changes in foreign exchange rates, among others.

(\*2) The amount of uncollected loans currently in recovery (principal and interest) is W 10,682,802 million, which is written off as of December 31, 2025.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**11. <u>Loans at amortized cost, etc. (continued)</u>**

(c) Changes in allowances for credit losses of loans at amortized cost, etc. for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | **Due from banks at amortized cost** <br>**and other financial assets** | **Due from banks at amortized cost** <br>**and other financial assets** | **Due from banks at amortized cost** <br>**and other financial assets** | **Total** |
|  |  | **12-month expected credit losses** | **Lifetime expected**<br> **credit losses** | &nbsp;&nbsp;**Impaired financial asset** | **12-month expected** <br>**credit losses** | **Lifetime expected**<br> **credit losses** | **Impaired financial asset** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning allowance | &nbsp;&nbsp;&nbsp;W | 1197354  | 1423810  | 1659508  | 398799  | 10410  | 148207  | 4838088  |
| &nbsp;&nbsp;&nbsp;Transfer (from) to 12-months expected credit losses |  | 129259  | (118813) | (10446) | 806  | (285) | (521) | -  |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | (54724) | 77499  | (22774) | (132) | 155  | (24) | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to credit- impaired financial assets |  | (16115) | (167880) | 183995  | (928) | (1621) | 2549  | - |
| &nbsp;&nbsp;&nbsp;Provision (reversal)  |  | (48373) | 194261  | 347834  | (1535) | 3536  | 23329  | 519052  |
| &nbsp;&nbsp;&nbsp;Charge off |  | - | - | (368224) | - | - | (20471) | (388695) |
| &nbsp;&nbsp;&nbsp;Amortization of discount |  | - | - | (9507) | - | - | - | (9507) |
| &nbsp;&nbsp;&nbsp;Disposal |  | - | (6415) | (74185) | - | (1) | (8) | (80609) |
| &nbsp;&nbsp;&nbsp;Collection  |  | - | - | 82458  | - | - | 668  | 83126  |
| &nbsp;&nbsp;&nbsp;Others (\*) |  | 12419  | 7809  | 23097  | (8406) | 2  | (668) | 34253  |
| &nbsp;&nbsp;&nbsp;Ending allowance | W | 1219820  | 1410271  | 1811756  | 388604  | 12196  | 153061  | 4995708  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**11. <u>Loans at amortized cost, etc. (continued)</u>**

(c) Changes in allowances for credit losses of loans at amortized cost, etc. for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | **Due from banks at amortized cost** <br>**and other financial assets** | **Due from banks at amortized cost** <br>**and other financial assets** | **Due from banks at amortized cost** <br>**and other financial assets** | **Total** |
|  |  | **12-month expected credit losses** | **Lifetime expected**<br> **credit losses** | &nbsp;&nbsp;**Impaired financial asset** | **12-month expected** <br>**credit losses** | **Lifetime expected**<br> **credit losses** | **Impaired financial asset** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning allowance | &nbsp;&nbsp;&nbsp;W | 1270300  | 1531751  | 1763880  | 394484  | 14752  | 186410  | 5161577  |
| &nbsp;&nbsp;&nbsp;Transfer (from) to 12-months expected credit losses |  | 280731  | (277432) | (3299) | 654  | (613) | (41) | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | (117140) | 161670  | (44530) | (869) | 891  | (22) | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to credit- impaired financial assets |  | (35152) | (215919) | 251071  | (1957) | (5084) | 7041  | - |
| &nbsp;&nbsp;&nbsp;Provision (reversal)  |  | (191921) | 235264  | 1970794  | 4759  | 507  | 64769  | 2084172  |
| &nbsp;&nbsp;&nbsp;Charge off |  | - | - | (2027917) | -  | - | (92749) | (2120666) |
| &nbsp;&nbsp;&nbsp;Amortization of discount |  | - | - | (39119) |  |  |  | (39119) |
| &nbsp;&nbsp;&nbsp;Disposal |  | - | (3758) | (545618) | - | (37) | (5663) | (555076) |
| &nbsp;&nbsp;&nbsp;Collection  |  | - | - | 343795  | - | - | 2688  | 346483  |
| &nbsp;&nbsp;&nbsp;Others (\*) |  | (9464) | (7766) | (9549) | 1728  | (6) | (14226) | (39283) |
| &nbsp;&nbsp;&nbsp;Ending allowance | W | 1197354  | 1423810  | 1659508  | 398799  | 10410  | 148207  | 4838088  |

---

(\*) Includes the effects of restructuring of loans, debt-to-equity swaps, and changes in foreign exchange rates, among others.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**12. <u>Investments in associates</u>**

(a) Investments in associates as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investees** | **Country** | &nbsp;&nbsp;&nbsp;**Reporting**<br>**date** | **Ownership (%)** | **Ownership (%)** |
| &nbsp;&nbsp;&nbsp;**Investees** | **Country** | &nbsp;&nbsp;&nbsp;**Reporting**<br>**date** | **March** <br>**31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;BNP Paribas Cardif Life Insurance (\*1), (\*7) | Korea | December 31, 2025 | &nbsp;&nbsp;&nbsp;14.99 | &nbsp;&nbsp;&nbsp;14.99 |
| &nbsp;&nbsp;&nbsp;Shinhan-Neoplux Energy Newbiz Fund (\*1) | Korea | December 31, 2025 | &nbsp;&nbsp;&nbsp;31.66 | &nbsp;&nbsp;&nbsp;31.66 |
| &nbsp;&nbsp;&nbsp;Shinhan-Albatross Technology Investment Fund (\*1) | Korea | December 31, 2025 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00 |
| &nbsp;&nbsp;&nbsp;Shinhan Praxis K-Growth Global Private Equity Fund (\*7) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;14.15 | &nbsp;&nbsp;&nbsp;14.15 |
| &nbsp;&nbsp;&nbsp;Kiwoom Milestone Professional Private Real Estate Trust 19 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00 |
| &nbsp;&nbsp;&nbsp;Shinhan Global Healthcare Fund 1 (\*7) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp;&nbsp;4.41 |
| &nbsp;&nbsp;&nbsp;Koramco Europe Core Private Placement Real Estate Fund No.2-2 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;44.02 | &nbsp;&nbsp;&nbsp;44.02 |
| &nbsp;&nbsp;&nbsp;Shinhan-Nvestor Liquidity Solution Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;24.92 | &nbsp;&nbsp;&nbsp;24.92 |
| &nbsp;&nbsp;&nbsp;Nomura-Rifa Private Real Estate Investment Trust 19 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;31.20 | &nbsp;&nbsp;&nbsp;31.20 |
| &nbsp;&nbsp;&nbsp;Genesis North America Power Company No.1 PEF | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;39.91 | &nbsp;&nbsp;&nbsp;43.84 |
| &nbsp;&nbsp;&nbsp;Korea Finance Security Co., Ltd. (\*1), (\*7) | Korea | December 31, 2025 | &nbsp;&nbsp;&nbsp;14.91 | &nbsp;&nbsp;&nbsp;14.91 |
| &nbsp;&nbsp;&nbsp;MIEL CO., LTD. (\*1), (\*2) | Korea | December 31, 2025 | &nbsp;&nbsp;&nbsp;28.77 | &nbsp;&nbsp;&nbsp;28.77 |
| &nbsp;&nbsp;&nbsp;AIP Transportation Specialized Privately Placed Fund Trust #1 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;35.73 | &nbsp;&nbsp;&nbsp;35.73 |
| &nbsp;&nbsp;&nbsp;Kiwoom-Shinhan Innovation Fund I | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00 |
| &nbsp;&nbsp;&nbsp;Samchully Midstream Private Placement Special Asset Fund 5-4 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;41.67 | &nbsp;&nbsp;&nbsp;41.67 |
| &nbsp;&nbsp;&nbsp;MK Ventures-K Clavis Growth Capital Venture Fund 1 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;26.67 | &nbsp;&nbsp;&nbsp;26.67 |
| &nbsp;&nbsp;&nbsp;Vestas Qualified Investors Private Real Estate Fund Investment Trust No.37 (\*4) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;60.00 | &nbsp;&nbsp;&nbsp;60.00 |
| &nbsp;&nbsp;&nbsp;Milestone Private Real Estate Fund 3  | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;32.06 | &nbsp;&nbsp;&nbsp;32.06 |
| &nbsp;&nbsp;&nbsp;Nomura-Rifa Private Real Estate Investment Trust 31 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;31.31 | &nbsp;&nbsp;&nbsp;31.31 |
| &nbsp;&nbsp;&nbsp;FuturePlay-Shinhan TechInnovation Fund 1 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00 |
| &nbsp;&nbsp;&nbsp;Vogo Realty Partners Private Real Estate Fund V | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;21.64 | &nbsp;&nbsp;&nbsp;21.64 |
| &nbsp;&nbsp;&nbsp;Korea Credit Bureau (\*1), (\*7) | Korea | December 31, 2025 | &nbsp;&nbsp;&nbsp;9.00 | &nbsp;&nbsp;&nbsp;9.00 |
| &nbsp;&nbsp;&nbsp;Goduck Gangil1 PFV Co., Ltd. (\*1), (\*7) | Korea | December 31, 2025 | &nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;1.04 |
| &nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. (\*1), (\*7), (\*8) | Korea | December 31, 2025 | &nbsp;&nbsp;&nbsp;25.00 | &nbsp;&nbsp;&nbsp;25.00 |
| &nbsp;&nbsp;&nbsp;NH-amundi global infra private fund 16 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00 |
| &nbsp;&nbsp;&nbsp;SH BNCT Professional Investment Type Private Special Asset Investment Trust (\*9) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;72.50 | &nbsp;&nbsp;&nbsp;72.50 |
| &nbsp;&nbsp;&nbsp;IGIS Real-estate Private Investment Trust No.33 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;24.18 | &nbsp;&nbsp;&nbsp;24.18 |
| &nbsp;&nbsp;&nbsp;Fidelis Global Private Real Estate Trust No.2 (\*6) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;79.63 | &nbsp;&nbsp;&nbsp;79.63 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(a) Investments in associates as of March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investees** | **Country** | &nbsp;&nbsp;&nbsp;**Reporting**<br>**date** | **Ownership (%)** | **Ownership (%)** |
| &nbsp;&nbsp;&nbsp;**Investees** | **Country** | &nbsp;&nbsp;&nbsp;**Reporting**<br>**date** | **March** <br>**31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;AIP EURO PRIVATE REAL ESTATE TRUST No. 12 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;28.70 | &nbsp;&nbsp;&nbsp;28.70 |
| &nbsp;&nbsp;&nbsp;Shinhan Global Healthcare Fund 2 (\*7) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;13.68 | &nbsp;&nbsp;&nbsp;13.68 |
| &nbsp;&nbsp;&nbsp;Shinhan AIM Real Estate Fund No.1 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;21.01 | &nbsp;&nbsp;&nbsp;21.01 |
| &nbsp;&nbsp;&nbsp;SH Daegu Green Power Cogeneration System Professional Investment Type Private Special Asset Investment Trust  | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;22.02 | &nbsp;&nbsp;&nbsp;22.02 |
| &nbsp;&nbsp;&nbsp;SH Sangju YC Expressway Professional Investment Type Private Special Asset Investment Trust | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;29.19 | &nbsp;&nbsp;&nbsp;29.19 |
| &nbsp;&nbsp;&nbsp;SH Global Infrastructure Professional Investment Type Private Special Asset Investment Trust No.7-2 (\*6) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;71.43 | &nbsp;&nbsp;&nbsp;71.43 |
| &nbsp;&nbsp;&nbsp;Korea Omega-Shinhan Project Fund I | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00 |
| &nbsp;&nbsp;&nbsp;Samsung SRA Real Estate Professional Private 45 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;25.00 | &nbsp;&nbsp;&nbsp;25.00 |
| &nbsp;&nbsp;&nbsp;IBK Global New Renewable Energy Special Asset Professional Private2 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;28.98 | &nbsp;&nbsp;&nbsp;28.98 |
| &nbsp;&nbsp;&nbsp;Kakao-Shinhan 1st TNYT Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;48.62 | &nbsp;&nbsp;&nbsp;48.62 |
| &nbsp;&nbsp;&nbsp;Pacific Private Placement Real Estate Fund No.40 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;24.73 | &nbsp;&nbsp;&nbsp;24.73 |
| &nbsp;&nbsp;&nbsp;LB Scotland Amazon Fulfillment Center Fund 29 (\*4) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;65.00 | &nbsp;&nbsp;&nbsp;65.00 |
| &nbsp;&nbsp;&nbsp;JR AMC Hungary Budapest Office Fund 16 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;34.87 | &nbsp;&nbsp;&nbsp;34.87 |
| &nbsp;&nbsp;&nbsp;Gyeonggi-Neoplux Superman Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;21.76 | &nbsp;&nbsp;&nbsp;21.76 |
| &nbsp;&nbsp;&nbsp;NewWave 6th Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;30.00 | &nbsp;&nbsp;&nbsp;30.00 |
| &nbsp;&nbsp;&nbsp;Neoplux No.3 Private Equity Fund (\*3) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;10.00 |
| &nbsp;&nbsp;&nbsp;PCC Amberstone Private Equity Fund I | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;21.67 | &nbsp;&nbsp;&nbsp;21.67 |
| &nbsp;&nbsp;&nbsp;KIAMCO POWERLOAN TRUST 4<sup>TH</sup> | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;47.37 | &nbsp;&nbsp;&nbsp;47.37 |
| &nbsp;&nbsp;&nbsp;Neoplux Market-Frontier Secondary Fund (\*3) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;19.74 | &nbsp;&nbsp;&nbsp;19.74 |
| &nbsp;&nbsp;&nbsp;KIAMCO Vietnam Solar Special Asset Private Investment Trust | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00 |
| &nbsp;&nbsp;&nbsp;SHINHAN-NEO Core Industrial Technology Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;49.75 | &nbsp;&nbsp;&nbsp;49.75 |
| &nbsp;&nbsp;&nbsp;SHBNPP Green New Deal Energy Professional Investment Type Private Special Asset Investment Trust No.2 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;30.00 | &nbsp;&nbsp;&nbsp;30.00 |
| &nbsp;&nbsp;&nbsp;Eum Private Equity Fund No.7 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;21.00 | &nbsp;&nbsp;&nbsp;21.00 |
| &nbsp;&nbsp;&nbsp;AJ-KOSNET Semicon One Venture Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;22.22 | &nbsp;&nbsp;&nbsp;22.22 |
| &nbsp;&nbsp;&nbsp;Genesis Eco No.1 PEF | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;29.00 | &nbsp;&nbsp;&nbsp;29.00 |
| &nbsp;&nbsp;&nbsp;SHINHAN-NEO Market-Frontier 2nd Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;42.7 | &nbsp;&nbsp;&nbsp;42.70 |
| &nbsp;&nbsp;&nbsp;Ulmus SHC innovation investment fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;24.04 | &nbsp;&nbsp;&nbsp;24.04 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(a) Investments in associates as of March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investees** | **Country** | &nbsp;&nbsp;&nbsp;**Reporting**<br>**date** | **Ownership (%)** | **Ownership (%)** |
| &nbsp;&nbsp;&nbsp;**Investees** | **Country** | &nbsp;&nbsp;&nbsp;**Reporting**<br>**date** | **March** <br>**31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;T Core Industrial Technology 1st Venture PEF | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;31.47 | &nbsp;&nbsp;&nbsp;31.47 |
| &nbsp;&nbsp;&nbsp;Kiwoom-Shinhan Innovation Fund 2 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;42.86 | &nbsp;&nbsp;&nbsp;42.86 |
| &nbsp;&nbsp;&nbsp;ETRI Holdings-Shinhan 1st Unicorn Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00 |
| &nbsp;&nbsp;&nbsp;AVES 1st Corporate Recovery Private Equity Fund (\*4) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;76.19 | &nbsp;&nbsp;&nbsp;76.19 |
| &nbsp;&nbsp;&nbsp;Reverent-Shinhan Vista Fund (\*3) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;13.41 | &nbsp;&nbsp;&nbsp;13.41 |
| &nbsp;&nbsp;&nbsp;JS Shinhan Private Equity Fund (\*3) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;3.85 |
| &nbsp;&nbsp;&nbsp;META TB ESG Private Equity Fund I | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;27.40 | &nbsp;&nbsp;&nbsp;27.40 |
| &nbsp;&nbsp;&nbsp;Shinhan VC tomorrow venture fund 1 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;39.62 | &nbsp;&nbsp;&nbsp;39.62 |
| &nbsp;&nbsp;&nbsp;Stonebridge-Shinhan Unicorn Secondary Fund  | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;26.01 | &nbsp;&nbsp;&nbsp;26.01 |
| &nbsp;&nbsp;&nbsp;Tres-Yujin Trust  | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00 |
| &nbsp;&nbsp;&nbsp;Capstone REITs No.26 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00 |
| &nbsp;&nbsp;&nbsp;JB Incheon-Bucheon REITS No.54 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;39.31 | &nbsp;&nbsp;&nbsp;39.31 |
| &nbsp;&nbsp;&nbsp;KB Oaktree Trust No.3 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;33.33 | &nbsp;&nbsp;&nbsp;33.33 |
| &nbsp;&nbsp;&nbsp;SH Real Estate Loan Investment Type Private Real Estate Investment Trust No.2 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;29.73 | &nbsp;&nbsp;&nbsp;29.73 |
| &nbsp;&nbsp;&nbsp;Shinhan JigaeNamsan Road Private Special Asset Investment Trust | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;24.85 | &nbsp;&nbsp;&nbsp;24.85 |
| &nbsp;&nbsp;&nbsp;KB Distribution Private Real Estate 3-1 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;37.50 | &nbsp;&nbsp;&nbsp;37.50 |
| &nbsp;&nbsp;&nbsp;Pacific Private Investment Trust No.49-1 (\*5) | Korea | - | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;79.28 |
| &nbsp;&nbsp;&nbsp;KIWOOM Real estate private placement fund for normal investors No. 31 (\*6) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;60.00 | &nbsp;&nbsp;&nbsp;60.00 |
| &nbsp;&nbsp;&nbsp;RIFA Real estate private placement fund for normal investors No. 51  | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;40.00 | &nbsp;&nbsp;&nbsp;40.00 |
| &nbsp;&nbsp;&nbsp;Shinhan-Kunicorn first Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;38.31 | &nbsp;&nbsp;&nbsp;38.31 |
| &nbsp;&nbsp;&nbsp;Shinhan-Quantum Startup Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;49.18 | &nbsp;&nbsp;&nbsp;49.18 |
| &nbsp;&nbsp;&nbsp;Korea Investment develop seed Trust No.1 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;40.00 | &nbsp;&nbsp;&nbsp;40.00 |
| &nbsp;&nbsp;&nbsp;STIC ALT Global II Private Equity Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;21.74 | &nbsp;&nbsp;&nbsp;21.74 |
| &nbsp;&nbsp;&nbsp;DDI LVC Master Real Estate Investment Trust Co., Ltd. (\*1), (\*7) | Korea | December 31, 2025 | &nbsp;&nbsp;&nbsp;15.00 | &nbsp;&nbsp;&nbsp;15.00 |
| &nbsp;&nbsp;&nbsp;Find-Green New Deal 2nd Equity Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;22.57 | &nbsp;&nbsp;&nbsp;22.57 |
| &nbsp;&nbsp;&nbsp;ShinhanFitrin 1st Technology Business Investment Association (\*3) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;16.17 | &nbsp;&nbsp;&nbsp;16.17 |
| &nbsp;&nbsp;&nbsp;Koramco Private Real Estate Fund 143 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;30.30 | &nbsp;&nbsp;&nbsp;30.30 |
| &nbsp;&nbsp;&nbsp;Korea Investment Top Mezzanine Private Real Estate Trust No.1 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;22.22 | &nbsp;&nbsp;&nbsp;22.22 |
| &nbsp;&nbsp;&nbsp;LB YoungNam Logistics Private Trust No.40 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;25.00 | &nbsp;&nbsp;&nbsp;25.00 |
| &nbsp;&nbsp;&nbsp;Shinhan-Cognitive Start-up Fund L.P. | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;32.79 | &nbsp;&nbsp;&nbsp;32.77 |
| &nbsp;&nbsp;&nbsp;Logisvalley Shinhan REIT Co., Ltd. (\*1) | Korea | December 31, 2025 | &nbsp;&nbsp;&nbsp;20.27 | &nbsp;&nbsp;&nbsp;20.27 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(a) Investments in associates as of March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investees** | **Country** | &nbsp;&nbsp;&nbsp;**Reporting**<br>**date** | **Ownership (%)** | **Ownership (%)** |
| &nbsp;&nbsp;&nbsp;**Investees** | **Country** | &nbsp;&nbsp;&nbsp;**Reporting**<br>**date** | **March** <br>**31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;Shinhan-G.N.Tech Smart Innovation Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00 |
| &nbsp;&nbsp;&nbsp;Shinhan-Gene and New Normal First Mover Venture Investment Equity Fund 1st | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00 |
| &nbsp;&nbsp;&nbsp;Korea Investment Green Newdeal Infra Trust No.1 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;27.97 | &nbsp;&nbsp;&nbsp;27.97 |
| &nbsp;&nbsp;&nbsp;BTS 2nd Private Equity Fund (\*1) | Korea | December 31, 2025 | &nbsp;&nbsp;&nbsp;26.00 | &nbsp;&nbsp;&nbsp;26.00 |
| &nbsp;&nbsp;&nbsp;NH-J&-IBKC Label Technology Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;27.81 | &nbsp;&nbsp;&nbsp;27.81 |
| &nbsp;&nbsp;&nbsp;Shinhan-Sneak Peek Bio&Healthcare Bounce Back Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00 |
| &nbsp;&nbsp;&nbsp;Shinhan-iSquare Venture PEF 1st | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;40.00 | &nbsp;&nbsp;&nbsp;40.00 |
| &nbsp;&nbsp;&nbsp;Nextrade Co., Ltd. (\*7) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;8.00 | &nbsp;&nbsp;&nbsp;8.00 |
| &nbsp;&nbsp;&nbsp;IBKC-Behigh Fund 1st | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;29.73 | &nbsp;&nbsp;&nbsp;29.73 |
| &nbsp;&nbsp;&nbsp;DS-Shinhan-JBWoori New Media New Technology Investment Fund No.1 (\*5) | Korea | - | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;20.83 |
| &nbsp;&nbsp;&nbsp;VOGO Debt Strategy General Private Real Estate Investment Trust No. 18 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;28.57 | &nbsp;&nbsp;&nbsp;28.57 |
| &nbsp;&nbsp;&nbsp;KORAMCO REITS Mezzanine Trust No.38 (\*5) | Korea | - | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;75.00 |
| &nbsp;&nbsp;&nbsp;TogetherKorea Private Investment Trust No. 6 (\*1), (\*6) | Korea | December 31, 2025 | &nbsp;&nbsp;&nbsp;99.98 | &nbsp;&nbsp;&nbsp;99.98 |
| &nbsp;&nbsp;&nbsp;TogetherKorea Private Investment Trust No. 7 (\*1), (\*6) | Korea | December 31, 2025 | &nbsp;&nbsp;&nbsp;99.98 | &nbsp;&nbsp;&nbsp;99.98 |
| &nbsp;&nbsp;&nbsp;Kiwoom Materials, Parts and Equipment 3 New Technology Business Investment Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;34.75 | &nbsp;&nbsp;&nbsp;34.75 |
| &nbsp;&nbsp;&nbsp;Penture K-Content Investment Fund (\*7) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;19.78 | &nbsp;&nbsp;&nbsp;19.78 |
| &nbsp;&nbsp;&nbsp;2023 shinhan-JB Woori-Daishin Listed enterprise Mezzanine New Technology Investment Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;30.00 | &nbsp;&nbsp;&nbsp;30.00 |
| &nbsp;&nbsp;&nbsp;Hana Alternative Investment Kosmes PCBO General PEF No. 1 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;37.04 | &nbsp;&nbsp;&nbsp;37.04 |
| &nbsp;&nbsp;&nbsp;Shinhan-Timefolio Bio Accelerator Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;48.39 | &nbsp;&nbsp;&nbsp;48.39 |
| &nbsp;&nbsp;&nbsp;Shinhan M&A-ESG Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;23.33 | &nbsp;&nbsp;&nbsp;23.33 |
| &nbsp;&nbsp;&nbsp;SHINHAN Mid and SMALL-SIZED OFFICE VALUE-ADDED MO REIT Co., Ltd. | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;28.43 | &nbsp;&nbsp;&nbsp;28.43 |
| &nbsp;&nbsp;&nbsp;Shinhan Time Secondary Blind Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;47.50 | &nbsp;&nbsp;&nbsp;47.50 |
| &nbsp;&nbsp;&nbsp;Shinhan DS Secondary Investment Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;49.83 | &nbsp;&nbsp;&nbsp;49.83 |
| &nbsp;&nbsp;&nbsp;Shinhan-OpenWater Pre-IPO Fund-1 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00 |
| &nbsp;&nbsp;&nbsp;Shinhan-CJ TechInnovation Fund 1st | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;40.00 | &nbsp;&nbsp;&nbsp;40.00 |
| &nbsp;&nbsp;&nbsp;Shinhan-Eco Venture Fund 2nd | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;40.00 | &nbsp;&nbsp;&nbsp;40.00 |
| &nbsp;&nbsp;&nbsp;Heungkuk-Shinhan The First Visionary Fund No.1 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;40.00 | &nbsp;&nbsp;&nbsp;40.00 |
| &nbsp;&nbsp;&nbsp;Koreainvestment-Shinhan-LEP K beauty | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;22.96 | &nbsp;&nbsp;&nbsp;22.96 |
| &nbsp;&nbsp;&nbsp;Shinhan HB Wellness 1st Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;48.54 | &nbsp;&nbsp;&nbsp;48.54 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(a) Investments in associates as of March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investees** | **Country** | &nbsp;&nbsp;&nbsp;**Reporting**<br>**date** | **Ownership (%)** | **Ownership (%)** |
| &nbsp;&nbsp;&nbsp;**Investees** | **Country** | &nbsp;&nbsp;&nbsp;**Reporting**<br>**date** | **March** <br>**31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;Korea real Asset Fund No.3 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;28.57 | &nbsp;&nbsp;&nbsp;28.57 |
| &nbsp;&nbsp;&nbsp;Timefolio Tech Fund I | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;21.18 | &nbsp;&nbsp;&nbsp;21.18 |
| &nbsp;&nbsp;&nbsp;PineStreet Global Corporate FoF XIII-2 (\*6) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;100.00 |
| &nbsp;&nbsp;&nbsp;IGIS Yongsan Office General Private Real Estate Investment Trust 518 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;26.22 | &nbsp;&nbsp;&nbsp;26.22 |
| &nbsp;&nbsp;&nbsp;SH K-REITs Infra Real Estate Investment Trust (FoFs) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;23.30 | &nbsp;&nbsp;&nbsp;23.30 |
| &nbsp;&nbsp;&nbsp;Samsung-Dunamu Innovation IT Fund No.1 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;22.99 | &nbsp;&nbsp;&nbsp;22.99 |
| &nbsp;&nbsp;&nbsp;Time Robotics fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;29.86 | &nbsp;&nbsp;&nbsp;29.86 |
| &nbsp;&nbsp;&nbsp;Ascent-Welcome Fund2 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;27.65 | &nbsp;&nbsp;&nbsp;27.65 |
| &nbsp;&nbsp;&nbsp;Igis General PE Real Estate Investment Trust 517-1 (\*6) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;96.77 | &nbsp;&nbsp;&nbsp;96.71 |
| &nbsp;&nbsp;&nbsp;SH Ulmus M.P.E. Innovative Venture Fund 7 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;28.57 | &nbsp;&nbsp;&nbsp;28.57 |
| &nbsp;&nbsp;&nbsp;Consus Osansegyo No.2 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00 |
| &nbsp;&nbsp;&nbsp;Shinhan AIM Private Fund of Fund 9-B | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;25.00 | &nbsp;&nbsp;&nbsp;25.00 |
| &nbsp;&nbsp;&nbsp;Shinhan General Private Real Estate Investment Trust No.3 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;20.75 | &nbsp;&nbsp;&nbsp;20.75 |
| &nbsp;&nbsp;&nbsp;Paros Kosdaq Venture General Private Investment Trust No. 5  | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;29.45 | &nbsp;&nbsp;&nbsp;29.45 |
| &nbsp;&nbsp;&nbsp;Shinhan-soo secondary Fund (\*6) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;77.61 | &nbsp;&nbsp;&nbsp;77.61 |
| &nbsp;&nbsp;&nbsp;TECHFIN RATINGS Co., Ltd. (\*1) | Korea | December 31, 2025 | &nbsp;&nbsp;&nbsp;45.00 | &nbsp;&nbsp;&nbsp;45.00 |
| &nbsp;&nbsp;&nbsp;Songpa biz cluster PFV Co., Ltd. (\*1), (\*7), (\*10) | Korea | December 31, 2025 | &nbsp;&nbsp;&nbsp;27.40 | &nbsp;&nbsp;&nbsp;27.40 |
| &nbsp;&nbsp;&nbsp;Planeta PTE LTD | Singapore | March 31, 2026 | &nbsp;&nbsp;&nbsp;33.33 | &nbsp;&nbsp;&nbsp;33.33 |
| &nbsp;&nbsp;&nbsp;The E&Shinhan New Growth Up Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00 |
| &nbsp;&nbsp;&nbsp;HHR Special Situation Real Estate Private Investment Trust No. 13 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;20.00 | &nbsp;&nbsp;&nbsp;20.00 |
| &nbsp;&nbsp;&nbsp;Shinhan-GB FutureFlow Fund L.P. | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;50.00 |
| &nbsp;&nbsp;&nbsp;Credila Financial Services (\*1), (\*7) | India | December 31, 2025 | &nbsp;&nbsp;&nbsp;10.06 | &nbsp;&nbsp;&nbsp;10.06 |
| &nbsp;&nbsp;&nbsp;Shinhan-DS Mezzanine Fund 1 (\*7) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;15.09 | &nbsp;&nbsp;&nbsp;15.09 |
| &nbsp;&nbsp;&nbsp;Shinhan Time BM sobujang Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;29.41 | &nbsp;&nbsp;&nbsp;29.41 |
| &nbsp;&nbsp;&nbsp;Tigris Fund No. 58 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;20.83 | &nbsp;&nbsp;&nbsp;20.83 |
| &nbsp;&nbsp;&nbsp;Shinhan Market-Frontier Fund Ⅲ | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;44.02 | &nbsp;&nbsp;&nbsp;44.02 |
| &nbsp;&nbsp;&nbsp;Fine North America Credit Private Mixed Asset Investment Trust 22 (\*6) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;58.82 | &nbsp;&nbsp;&nbsp;58.82 |
| &nbsp;&nbsp;&nbsp;IGIS Private Real Estate Investment No.454 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;24.04 | &nbsp;&nbsp;&nbsp;24.04 |
| &nbsp;&nbsp;&nbsp;IGIS Private Real Estate Investment No.462 (\*6) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;69.20 | &nbsp;&nbsp;&nbsp;69.20 |
| &nbsp;&nbsp;&nbsp;XSKONA Battery Alliance Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;27.00 | &nbsp;&nbsp;&nbsp;27.00 |
| &nbsp;&nbsp;&nbsp;BNW Recharge Private Equity Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;21.13 | &nbsp;&nbsp;&nbsp;21.13 |
| &nbsp;&nbsp;&nbsp;United Partners Realasset Fund No.14 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;33.33 | &nbsp;&nbsp;&nbsp;33.33 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(a) Investments in associates as of March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investees** | **Country** | &nbsp;&nbsp;&nbsp;**Reporting**<br>**date** | **Ownership (%)** | **Ownership (%)** |
| &nbsp;&nbsp;&nbsp;**Investees** | **Country** | &nbsp;&nbsp;&nbsp;**Reporting**<br>**date** | **March** <br>**31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.14 (\*7) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;7.67 | &nbsp;&nbsp;&nbsp;7.67 |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.15 (\*7) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;7.79 | &nbsp;&nbsp;&nbsp;7.79 |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.16 (\*7) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;7.67 | &nbsp;&nbsp;&nbsp;7.67 |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.17 (\*7) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;7.40 | &nbsp;&nbsp;&nbsp;7.40 |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.18 (\*7) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;6.39 | &nbsp;&nbsp;&nbsp;6.39 |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.19 (\*7) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;6.55 | &nbsp;&nbsp;&nbsp;6.55 |
| &nbsp;&nbsp;&nbsp;SH US Buyback&High Dividend Security Feeder Investment Trust(H)[Equity] (\*7) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;19.91 | &nbsp;&nbsp;&nbsp;19.91 |
| &nbsp;&nbsp;&nbsp;SH Prestige High Dividend Security Feeder No.1[Equity] | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;23.92 | &nbsp;&nbsp;&nbsp;23.92 |
| &nbsp;&nbsp;&nbsp;IGIS Real Estate General Private Feeder Investment Company No.562 (\*6) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;88.46 | &nbsp;&nbsp;&nbsp;88.46 |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.21 (\*7) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;4.97 |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.22 (\*7) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;4.97 |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.23 (\*7) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;4.97 |
| &nbsp;&nbsp;&nbsp;Finflow (\*7) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;15.00 | &nbsp;&nbsp;&nbsp;15.00 |
| &nbsp;&nbsp;&nbsp;Fireant Media and Digital Service Joint Stock Company (\*7) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;17.66 | &nbsp;&nbsp;&nbsp;17.66 |
| &nbsp;&nbsp;&nbsp;Newmain 13 Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;20.00 | &nbsp;&nbsp;&nbsp;20.00 |
| &nbsp;&nbsp;&nbsp;PharosBH Fund | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;23.08 | &nbsp;&nbsp;&nbsp;23.08 |
| &nbsp;&nbsp;&nbsp;ST EIP Holdings Inc. | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;49.00 | &nbsp;&nbsp;&nbsp;49.00 |
| &nbsp;&nbsp;&nbsp;AMP Capital Global Infrastructure Fund II B L (\*5) | Korea | - | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;1.50 |
| &nbsp;&nbsp;&nbsp;Post CR REITS No.1 (\*6) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;70.00 | &nbsp;&nbsp;&nbsp;70.00 |
| &nbsp;&nbsp;&nbsp;SH US Long Term Treasury Plus Security Feeder Investment Trust(H)[Bond-FoFs] | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;23.30 | &nbsp;&nbsp;&nbsp;23.30 |
| &nbsp;&nbsp;&nbsp;CSQUARED Venture Investment Private No.19 | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;21.43 | &nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Atomos Specialty No.1 Private Equity Fund (\*7) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;ShinhanHelio Black Private Equity Eund (\*3) | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;19.67 | &nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;CSQUAED Venture Fund 20th | Korea | March 31, 2026 | &nbsp;&nbsp;&nbsp;46.67 | &nbsp;&nbsp;&nbsp;- |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

(a) Investments in associates as of March 31, 2026 and December 31, 2025 are as follows (continued):

(\*1) As the financial statements as of March 31, 2026 were not available, the most recent financial statements available after the reporting date were used in applying the equity method. Significant transactions and events that occurred during the period have been appropriately reflected.

(\*2) Shares were acquired through a debt-to-equity swap during the rehabilitation process. Although voting rights could not be exercised during the rehabilitation process, normal voting rights became exercisable as the rehabilitation process ended before March 31, 2026. Therefore, it has been reclassified from financial assets measured at fair value through profit or loss (FVTPL) to investments in associates.

(\*3) As a managing partner, the Group has a significant influence over the investees.

(\*4) As a limited partner, the Group does not have an ability to participate in policy-making processes to obtain economic benefit from the investees that would allow the Group to control the entity.

(\*5) Excluded from the investments in associates due to full or partial disposal of shares, or loss of significant influence during the current period.

(\*6) Although the Group has a significant influence with ownership percentage more than 50%, the Group classifies these investments as investments in associates, as it lacks the practical ability to direct the financial and operating policy-making processes, thereby not having de facto control.

(\*7) Although the ownership percentages are less than 20%, the Group applies the equity method accounting since it participates in policy-making processes and therefore can exercise significant influence on investees.

(\*8) The rate of Group's voting rights is 4.65%.

(\*9) Although the Group has a significant influence with ownership percentage more than 50%, the contribution was classified as investments in associates as the Group is not exposed to variable returns due to the payment guarantee for the entire investment amount.

(\*10) The rate of Group's voting rights is 19.86%.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** |
| **Investees** |  | **Beginning**<br>**balance** | **Investment**<br>**And dividend** | **Equity method**<br>**Income (loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;BNP Paribas Cardif Life Insurance | W | 36477  | - | (2472) | (81) | - | 33924  |
| &nbsp;&nbsp;&nbsp;Shinhan-Neoplux Energy Newbiz Fund |  | 13022  | - | 660  | - | - | 13682  |
| &nbsp;&nbsp;&nbsp;Shinhan-Albatross Technology Investment Fund |  | 5666  | (3) | (2115) | - | - | 3548  |
| &nbsp;&nbsp;&nbsp;Shinhan Praxis K-Growth Global Private Equity Fund |  | 3690  | (4929) | 1460  | - | - | 221  |
| &nbsp;&nbsp;&nbsp;Kiwoom Milestone Professional Private Real Estate Trust 19 (\*) |  | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Shinhan Global Healthcare Fund 1 (\*) |  | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Koramco Europe Core Private Placement Real Estate Fund No.2-2 (\*) |  | 5426  | - | (352) | - | - | 5074  |
| &nbsp;&nbsp;&nbsp;Shinhan-Nvestor Liquidity Solution Fund |  | 3729  | - | 85  | - | - | 3814  |
| &nbsp;&nbsp;&nbsp;Nomura-Rifa Private Real Estate Investment Trust 19 (\*) |  | - | (47) | 47  | - | - | - |
| &nbsp;&nbsp;&nbsp;Genesis North America Power Company No.1 PEF |  | 6071  | (6072) | 514  | - | - | 513  |
| &nbsp;&nbsp;&nbsp;Korea Finance Security Co., Ltd. |  | 3849  | - | (52) | - | - | 3797  |
| &nbsp;&nbsp;&nbsp;MIEL CO., LTD. (\*) |  | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;AIP Transportation Specialized Privately Placed Fund Trust #1 |  | 62771  | - | 1218  | - | - | 63989  |
| &nbsp;&nbsp;&nbsp;Kiwoom-Shinhan Innovation Fund I |  | 7754  | - | 60  | - | - | 7814  |
| &nbsp;&nbsp;&nbsp;Samchully Midstream Private Placement Special Asset Fund 5-4 |  | 34947  | - | 5  | - | - | 34952  |
| &nbsp;&nbsp;&nbsp;MK Ventures-K Clavis Growth Capital Venture Fund 1 (\*) |  | 2  | - | (1) | - | - | 1  |
| &nbsp;&nbsp;&nbsp;Vestas Qualified Investors Private Real Estate Fund Investment Trust No.37 |  | 32087  | - | (332) | - | - | 31755  |
| &nbsp;&nbsp;&nbsp;Milestone Private Real Estate Fund 3 |  | 21276  | - | (508) | - | - | 20768  |
| &nbsp;&nbsp;&nbsp;Nomura-Rifa Private Real Estate Investment Trust 31 (\*) |  | 6086  | - | - | - | (6086) | - |
| &nbsp;&nbsp;&nbsp;FuturePlay-Shinhan TechInnovation Fund 1 |  | 6302  | (908) | (141) | - | - | 5253  |
| &nbsp;&nbsp;&nbsp;Vogo Realty Partners Private Real Estate Fund V |  | 10271  | 542  | (542) | - | - | 10271  |
| &nbsp;&nbsp;&nbsp;Korea Credit Bureau |  | 10138  | - | 513  | - | - | 10651  |
| &nbsp;&nbsp;&nbsp;Goduck Gangil1 PFV Co., Ltd. (\*) |  | 63  | - | (2) | - | - | 61  |
| &nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. |  | 34954  | - | (7730) | - | - | 27224  |
| &nbsp;&nbsp;&nbsp;NH-amundi global infra private fund 16 (\*) |  | 27800  | - | - | - | - | 27800  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** |
| **Investees** |  | **Beginning**<br>**balance** | **Investment**<br>**And dividend** | **Equity method**<br>**Income (loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;SH BNCT Professional Investment Type Private Special Asset Investment Trust | W | 206003  | (7023) | 2323  | - | - | 201303  |
| &nbsp;&nbsp;&nbsp;IGIS Real-estate Private Investment Trust No.33 |  | 6764  | (233) | 114  | - | - | 6645  |
| &nbsp;&nbsp;&nbsp;Fidelis Global Private Real Estate Trust No.2 (\*) |  | 551  | - | - | - | - | 551  |
| &nbsp;&nbsp;&nbsp;AIP EURO PRIVATE REAL ESTATE TRUST No. 12 (\*) |  | 16852  | - | - | - | - | 16852  |
| &nbsp;&nbsp;&nbsp;Shinhan Global Healthcare Fund 2 (\*) |  | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Shinhan AIM Real Estate Fund No.1 |  | 6504  | (6476) | (4) | - | - | 24  |
| &nbsp;&nbsp;&nbsp;SH Daegu Green Power Cogeneration System Professional Investment Type Private Special Asset Investment Trust |  | 39273  | (228) | 450  | - | - | 39495  |
| &nbsp;&nbsp;&nbsp;SH Sangju YC Expressway Professional Investment Type Private Special Asset Investment Trust |  | 19782  | - | (345) | - | - | 19437  |
| &nbsp;&nbsp;&nbsp;SH Global Infrastructure Professional Investment Type Private Special Asset Investment Trust No.7-2 |  | 15672  | (90) | 871  | - | - | 16453  |
| &nbsp;&nbsp;&nbsp;Korea Omega-Shinhan Project Fund I |  | 5363  | - | (27) | - | - | 5336  |
| &nbsp;&nbsp;&nbsp;Samsung SRA Real Estate Professional Private 45 |  | 29031  | - | 305  | - | - | 29336  |
| &nbsp;&nbsp;&nbsp;IBK Global New Renewable Energy Special Asset Professional Private2 |  | 28048  | - | 88  | - | - | 28136  |
| &nbsp;&nbsp;&nbsp;Kakao-Shinhan 1st TNYT Fund |  | 23806  | - | (1534) | - | - | 22272  |
| &nbsp;&nbsp;&nbsp;Pacific Private Placement Real Estate Fund No.40 |  | 19052  | - | 184  | - | - | 19236  |
| &nbsp;&nbsp;&nbsp;LB Scotland Amazon Fulfillment Center Fund 29 |  | 22937  | - | 245  | - | - | 23182  |
| &nbsp;&nbsp;&nbsp;JR AMC Hungary Budapest Office Fund 16 |  | 14357  | 783  | 1236  | - | - | 16376  |
| &nbsp;&nbsp;&nbsp;Gyeonggi-Neoplux Superman Fund |  | 4208  | - | (724) | - | - | 3484  |
| &nbsp;&nbsp;&nbsp;NewWave 6th Fund |  | 9836  | - | 5655  | - | - | 15491  |
| &nbsp;&nbsp;&nbsp;Neoplux No.3 Private Equity Fund |  | 10209  | (210) | 478  | - | - | 10477  |
| &nbsp;&nbsp;&nbsp;PCC Amberstone Private Equity Fund I |  | 8017  | (1620) | (253) | - | - | 6144  |
| &nbsp;&nbsp;&nbsp;KIAMCO POWERLOAN TRUST 4TH |  | 46800  | (1126) | 221  | - | - | 45895  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** |
| **Investees** |  | **Beginning**<br>**balance** | **Investment**<br>**And dividend** | **Equity method**<br>**Income (loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;Neoplux Market-Frontier Secondary Fund | W | 5562  | - | 510  | - | - | 6072  |
| &nbsp;&nbsp;&nbsp;KIAMCO Vietnam Solar Special Asset Private Investment Trust |  | 6902  | - | 373  | - | - | 7275  |
| &nbsp;&nbsp;&nbsp;SHINHAN-NEO Core Industrial Technology Fund |  | 7100  | - | (69) | - | - | 7031  |
| &nbsp;&nbsp;&nbsp;SHBNPP Green New Deal Energy Professional Investment Type Private Special Asset Investment Trust No.2 |  | 20158  | (805) | 209  | - | - | 19562  |
| &nbsp;&nbsp;&nbsp;Eum Private Equity Fund No.7 |  | 9534  | - | 425  | - | - | 9959  |
| &nbsp;&nbsp;&nbsp;AJ-KOSNET Semicon One Venture Fund |  | 3161  | - | (13) | - | - | 3148  |
| &nbsp;&nbsp;&nbsp;Genesis Eco No.1 PEF |  | 8772  | - | (37) | - | - | 8735  |
| &nbsp;&nbsp;&nbsp;SHINHAN-NEO Market-Frontier 2nd Fund |  | 24618  | - | (577) | - | - | 24041  |
| &nbsp;&nbsp;&nbsp;Ulmus SHC innovation investment fund |  | 5607  | - | (119) | - | - | 5488  |
| &nbsp;&nbsp;&nbsp;T Core Industrial Technology 1st Venture PEF |  | 3056  | - | 111  | - | - | 3167  |
| &nbsp;&nbsp;&nbsp;Kiwoom-Shinhan Innovation Fund 2 |  | 12679  | (6453) | 1439  | - | - | 7665  |
| &nbsp;&nbsp;&nbsp;ETRI Holdings-Shinhan 1st Unicorn Fund |  | 4124  | - | (21) | - | - | 4103  |
| &nbsp;&nbsp;&nbsp;AVES 1st Corporate Recovery Private Equity Fund |  | 4498  | - | 19  | - | - | 4517  |
| &nbsp;&nbsp;&nbsp;Reverent-Shinhan Vista Fund |  | 3763  | - | 6  | - | - | 3769  |
| &nbsp;&nbsp;&nbsp;JS Shinhan Private Equity Fund |  | 6262  | (2970) | (275) | - | - | 3017  |
| &nbsp;&nbsp;&nbsp;Meta TB ESG Private Equity Fund I |  | 5592  | - | (46) | - | - | 5546  |
| &nbsp;&nbsp;&nbsp;Shinhan VC tomorrow venture fund 1 |  | 102540  | (5012) | 18810  | - | - | 116338  |
| &nbsp;&nbsp;&nbsp;Stonebridge-Shinhan Unicorn Secondary Fund |  | 13082  | - | (142) | - | - | 12940  |
| &nbsp;&nbsp;&nbsp;Tres-Yujin Trust |  | 13146  | - | 103  | - | - | 13249  |
| &nbsp;&nbsp;&nbsp;Capstone REITs No.26 |  | 5069  | - | - | - | - | 5069  |
| &nbsp;&nbsp;&nbsp;JB Incheon-Bucheon REITS No.54 |  | 5785  | - | 137  | - | - | 5922  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** |
| **Investees** |  | **Beginning**<br>**balance** | **Investment**<br>**And dividend** | **Equity method**<br>**Income (loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;KB Oaktree Trust No.3 | W | 9314  | (1710) | 158  | - | - | 7762  |
| &nbsp;&nbsp;&nbsp;SH Real Estate Loan Investment Type Private Real Estate Investment Trust No.2 |  | 31548  | (14854) | 841  | - | - | 17535  |
| &nbsp;&nbsp;&nbsp;Shinhan JigaeNamsan Road Private Special Asset Investment Trust |  | 40296  | (226) | 381  | - | - | 40451  |
| &nbsp;&nbsp;&nbsp;KB Distribution Private Real Estate 3-1 (\*) |  | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Pacific Private Investment Trust No.49-1 |  | 36678  | (36678) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;KIWOOM Real estate private placement fund for normal investors No. 31 (\*) |  | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;RIFA Real estate private placement fund for normal investors No. 51 (\*) |  | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Shinhan-Kunicorn first Fund |  | 7701  | - | (54) | - | - | 7647  |
| &nbsp;&nbsp;&nbsp;Shinhan-Quantum Startup Fund |  | 5548  | - | (1355) | - | - | 4193  |
| &nbsp;&nbsp;&nbsp;Korea Investment develop seed Trust No.1 |  | 10730  | - | (37) | - | - | 10693  |
| &nbsp;&nbsp;&nbsp;STIC ALT Global II Private Equity Fund |  | 9793  | - | 50  | - | - | 9843  |
| &nbsp;&nbsp;&nbsp;DDI LVC Master Real Estate Investment Trust Co., Ltd. |  | 4659  | - | (173) | - | - | 4486  |
| &nbsp;&nbsp;&nbsp;Find-Green New Deal 2nd Equity Fund |  | 4726  | - | (57) | - | - | 4669  |
| &nbsp;&nbsp;&nbsp;ShinhanFitrin 1st Technology Business Investment Association |  | 3934  | - | 36  | - | - | 3970  |
| &nbsp;&nbsp;&nbsp;Koramco Private Real Estate Fund 143 |  | 8092  | (1413) | (5) | - | - | 6674  |
| &nbsp;&nbsp;&nbsp;Korea Investment Top Mezzanine Private Real Estate Trust No.1 |  | 3040  | - | (171) | - | - | 2869  |
| &nbsp;&nbsp;&nbsp;LB YoungNam Logistics Private Trust No.40 |  | 9712  | - | 152  | - | - | 9864  |
| &nbsp;&nbsp;&nbsp;Shinhan-Cognitive Start-up Fund L.P. |  | 4147  | (720) | (295) | - | - | 3132  |
| &nbsp;&nbsp;&nbsp;Logisvalley Shinhan REIT Co., Ltd. |  | 3245  | - | (23) | - | - | 3222  |
| &nbsp;&nbsp;&nbsp;Shinhan-G.N.Tech Smart Innovation Fund |  | 10974  | (4290) | 1296  | - | - | 7980  |
| &nbsp;&nbsp;&nbsp;Shinhan-Gene and New Normal First Mover Venture Investment Equity Fund 1st |  | 8192  | (900) | (40) | - | - | 7252  |
| &nbsp;&nbsp;&nbsp;Korea Investment Green Newdeal Infra Trust No.1 |  | 17439  | - | (19) | - | - | 17420  |
| &nbsp;&nbsp;&nbsp;BTS 2nd Private Equity Fund |  | 10938  | 1375  | 557  | - | - | 12870  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** |
| **Investees** |  | **Beginning**<br>**balance** | **Investment**<br>**And dividend** | **Equity method**<br>**Income (loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;NH-J&-IBKC Label Technology Fund | W | 8281  | - | (436) | - | - | 7845  |
| &nbsp;&nbsp;&nbsp;Shinhan-Sneak Peek Bio&Healthcare Bounce Back Fund |  | 3953  | - | (87) | - | - | 3866  |
| &nbsp;&nbsp;&nbsp;Shinhan-iSquare Venture PEF 1st |  | 3301  | 50  | (144) | - | - | 3207  |
| &nbsp;&nbsp;&nbsp;Nextrade Co., Ltd. |  | 9700  | - | - | - | - | 9700  |
| &nbsp;&nbsp;&nbsp;IBKC-Behigh Fund 1st |  | 3096  | - | (18) | - | - | 3078  |
| &nbsp;&nbsp;&nbsp;DS-Shinhan-JBWoori New Media New Technology Investment Fund No.1 |  | 7160  | (7552) | 392  | - | - | - |
| &nbsp;&nbsp;&nbsp;VOGO Debt Strategy General Private Real Estate Investment Trust No. 18 |  | 10153  | (633) | 240  | - | - | 9760  |
| &nbsp;&nbsp;&nbsp;KORAMCO REITS Mezzanine Trust No.38 |  | 3533  | (3460) | (73) | - | - | - |
| &nbsp;&nbsp;&nbsp;TogetherKorea Private Investment Trust No. 6 |  | 5540  | - | 28  | - | - | 5568  |
| &nbsp;&nbsp;&nbsp;TogetherKorea Private Investment Trust No. 7 |  | 5540  | - | 28  | - | - | 5568  |
| &nbsp;&nbsp;&nbsp;Kiwoom Materials, Parts and Equipment 3 New Technology Business Investment Fund Kiwoom Materials, Parts and Equipment 3 New Technology Business Investment Fund |  | 4175  | (1564) | 472  | - | - | 3083  |
| &nbsp;&nbsp;&nbsp;Penture K-Content Investment Fund |  | 16080  | - | (37) | - | - | 16043  |
| &nbsp;&nbsp;&nbsp;2023 shinhan-JB Woori-Daishin Listed enterprise Mezzanine New Technology Investment Fund |  | 10733  | - | 812  | - | - | 11545  |
| &nbsp;&nbsp;&nbsp;Hana Alternative Investment Kosmes PCBO General PEF No. 1 |  | 5283  | (132) | (83) | - | - | 5068  |
| &nbsp;&nbsp;&nbsp;Shinhan-Timefolio Bio Accelerator Fund |  | 17112  | (5700) | 8891  | - | - | 20303  |
| &nbsp;&nbsp;&nbsp;Shinhan M&A-ESG Fund |  | 9053  | - | (51) | - | - | 9002  |
| &nbsp;&nbsp;&nbsp;Shinhan Mid and Small-Sized Office Value-Added MO REIT Co., Ltd. |  | 19548  | (272) | 377  | - | - | 19653  |
| &nbsp;&nbsp;&nbsp;Shinhan Time Secondary Blind Fund |  | 11138  | (1805) | 542  | - | - | 9875  |
| &nbsp;&nbsp;&nbsp;Shinhan DS Secondary Investment Fund |  | 31178  | 1240  | (2594) | - | - | 29824  |
| &nbsp;&nbsp;&nbsp;Shinhan-OpenWater Pre-IPO Fund-1 |  | 6566  | - | 646  | - | - | 7212  |
| &nbsp;&nbsp;&nbsp;Shinhan-CJ TechInnovation Fund 1st |  | 4421  | - | (444) | - | - | 3977  |
| &nbsp;&nbsp;&nbsp;Shinhan-Eco Venture Fund 2nd |  | 3584  | - | (89) | - | - | 3495  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** |
| **Investees** |  | **Beginning**<br>**balance** | **Investment**<br>**And dividend** | **Equity method**<br>**Income (loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;Heungkuk-Shinhan The First Visionary Fund No.1 | W | 7055  | - | (51) | - | - | 7004  |
| &nbsp;&nbsp;&nbsp;Koreainvestment-Shinhan-LEP K beauty |  | 7074  | (1639) | 895  | - | - | 6330  |
| &nbsp;&nbsp;&nbsp;Shinhan HB Wellness 1st Fund |  | 5690  | - | 93  | - | - | 5783  |
| &nbsp;&nbsp;&nbsp;Korea real Asset Fund No.3 |  | 18680  | - | 703  | - | - | 19383  |
| &nbsp;&nbsp;&nbsp;Timefolio Tech Fund I |  | 3039  | - | 22  | - | - | 3061  |
| &nbsp;&nbsp;&nbsp;PineStreet Global Corporate FoF XIII-2 |  | 8142  | 492  | 389  | - | - | 9023  |
| &nbsp;&nbsp;&nbsp;IGIS Yongsan Office General Private Real Estate Investment Trust 518 |  | 14006  | - | (619) | - | - | 13387  |
| &nbsp;&nbsp;&nbsp;SH K-REITs Infra Real Estate Investment Trust (FoFs) |  | 3182  | (262) | 109  | - | - | 3029  |
| &nbsp;&nbsp;&nbsp;Samsung-Dunamu Innovation IT Fund No.1 |  | 4005  | - | 56  | - | - | 4061  |
| &nbsp;&nbsp;&nbsp;Time Robotics fund |  | 3630  | - | 189  | - | - | 3819  |
| &nbsp;&nbsp;&nbsp;Ascent-Welcome Fund2 |  | 7103  | - | 176  | - | - | 7279  |
| &nbsp;&nbsp;&nbsp;Igis General PE Real Estate Investment Trust 517-1 |  | 54975  | - | (603) | - | - | 54372  |
| &nbsp;&nbsp;&nbsp;SH Ulmus M.P.E. Innovative Venture Fund 7 |  | 2933  | - | 95  | - | - | 3028  |
| &nbsp;&nbsp;&nbsp;Consus Osansegyo No.2 |  | 8009  | - | 1  | - | - | 8010  |
| &nbsp;&nbsp;&nbsp;Shinhan AIM Private Fund of Fund 9-B |  | 43596  | (973) | 1247  | - | - | 43870  |
| &nbsp;&nbsp;&nbsp;Shinhan General Private Real Estate Investment Trust No.3 |  | 29389  | (1702) | 869  | - | - | 28556  |
| &nbsp;&nbsp;&nbsp;Paros Kosdaq Venture General Private Investment Trust No. 5 |  | 3638  | (1362) | (307) | - | - | 1969  |
| &nbsp;&nbsp;&nbsp;Shinhan-soo secondary Fund |  | 17442  | - | (71) | - | - | 17371  |
| &nbsp;&nbsp;&nbsp;TECHFIN RATINGS Co., Ltd. |  | 23040  | - | (1031) | - | - | 22009  |
| &nbsp;&nbsp;&nbsp;Songpa biz cluster PFV Co., Ltd. |  | 12927  | - | (117) | - | - | 12810  |
| &nbsp;&nbsp;&nbsp;Planeta PTE LTD |  | 12239  | - | 670  | - | - | 12909  |
| &nbsp;&nbsp;&nbsp;The E&Shinhan New Growth Up Fund |  | 7496  | - | (376) | - | - | 7120  |
| &nbsp;&nbsp;&nbsp;HHR Special Situation Real Estate Private Investment Trust No. 13 |  | 3216  | (111) | 12  | - | - | 3117  |
| &nbsp;&nbsp;&nbsp;Shinhan-GB FutureFlow Fund L.P. |  | 8082  | 95  | (162) | 255  | - | 8270  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

 **12. <u>Investments in associates (continued)</u>**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** |
| **Investees** |  | **Beginning**<br>**balance** | **Investment**<br>**And dividend** | **Equity method**<br>**Income (loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;Credila Financial Services | W | 265814  | - | 5442  | 1320  | - | 272576  |
| &nbsp;&nbsp;&nbsp;Shinhan-DS Mezzanine Fund 1 |  | 3643  | - | 59  | - | - | 3702  |
| &nbsp;&nbsp;&nbsp;Shinhan Time BM sobujang Fund |  | 3371  | - | 102  | - | - | 3473  |
| &nbsp;&nbsp;&nbsp;Tigris Fund No. 58 |  | 3809  | (2315) | 79  | - | - | 1573  |
| &nbsp;&nbsp;&nbsp;Shinhan Market-Frontier Fund Ⅲ |  | 22476  | - | 732  | - | - | 23208  |
| &nbsp;&nbsp;&nbsp;Fine North America Credit Private Mixed Asset Investment Trust 22 |  | 5883  | (54) | (105) | - | - | 5724  |
| &nbsp;&nbsp;&nbsp;IGIS Private Real Estate Investment No.454 |  | 3362  | - | (2) | - | - | 3360  |
| &nbsp;&nbsp;&nbsp;IGIS Private Real Estate Investment No.462 |  | 4377  | - | (15) | - | - | 4362  |
| &nbsp;&nbsp;&nbsp;XSKONA Battery Alliance Fund |  | 2913  | - | 1337  | - | - | 4250  |
| &nbsp;&nbsp;&nbsp;BNW Recharge Private Equity Fund |  | 4482  | - | (214) | - | - | 4268  |
| &nbsp;&nbsp;&nbsp;United Partners Realasset Fund No.14 |  | 10068  | (60) | (6) | - | - | 10002  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.14 |  | 16396  | - | 427  | - | - | 16823  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.15 |  | 15854  | - | 150  | - | - | 16004  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.16 |  | 15977  | - | 251  | - | - | 16228  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.17 |  | 7225  | - | 108  | - | - | 7333  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.18 |  | 14873  | - | (256) | - | - | 14617  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.19 |  | 7567  | - | (18) | - | - | 7549  |
| &nbsp;&nbsp;&nbsp;SH US Buyback&High Dividend Security Feeder Investment Trust(H)[Equity] |  | 4388  | - | (220) | - | - | 4168  |
| &nbsp;&nbsp;&nbsp;SH Prestige High Dividend Security Feeder No.1[Equity] |  | 6770  | - | 1450  | - | - | 8220  |
| &nbsp;&nbsp;&nbsp;IGIS Real Estate General Private Feeder Investment Company No.562 |  | 21218  | - | (389) | - | - | 20829  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.21 |  | 14689  | - | (3665) | - | - | 11024  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.22 |  | 15439  | - | (3843) | - | - | 11596  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.23 |  | 14554  | - | (4438) | - | - | 10116  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

 **12. <u>Investments in associates (continued)</u>**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** |
| **Investees** |  | **Beginning**<br>**balance** | **Investment**<br>**And dividend** | **Equity method**<br>**Income (loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;Finflow | W | 7038  | - | (114) | (44) | - | 6880  |
| &nbsp;&nbsp;&nbsp;Fireant Media and Digital Service Joint Stock Company |  | 4721  | - | 382  | - | - | 5103  |
| &nbsp;&nbsp;&nbsp;ST EIP Holdings Inc. |  | 1295  | - | 2022  | - | - | 3317  |
| &nbsp;&nbsp;&nbsp;PharosBH Fund |  | 2925  | - | 660  | - | - | 3585  |
| &nbsp;&nbsp;&nbsp;ST EIP Holdings Inc. |  | 53138  | (720) | 2886  | - | - | 55304  |
| &nbsp;&nbsp;&nbsp;AMP Capital Global Infrastructure Fund II B L |  | 23072  | (23072) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Post CR REITS No.1 |  | 3500  | - | - | - | - | 3500  |
| &nbsp;&nbsp;&nbsp;SH US Long Term Treasury Plus Security Feeder Investment Trust(H)[Bond-FoFs] |  | 4733  | - | (66) | - | - | 4667  |
| &nbsp;&nbsp;&nbsp;CSQUARED Venture Investment Private No.19 |  | - | 3000  | 4  | - | - | 3004  |
| &nbsp;&nbsp;&nbsp;Atomos Specialty No.1 Private Equity Fund |  | - | 4900  | 34  | - | - | 4934  |
| &nbsp;&nbsp;&nbsp;ShinhanHelio Black Private Equity Eund |  | - | 6000  | (12) | - | - | 5988  |
| &nbsp;&nbsp;&nbsp;CSQUAED Venture Fund 20th |  | - | 7000  | - | - | - | 7000  |
| &nbsp;&nbsp;&nbsp;Others |  | 168754  | (20807) | 13833  | - | - | 161780  |
|  | W | 2639202  | (153714) | 48839  | 1450  | (6086) | 2529691  |

---

(\*) Due to cumulative unrealized losses incurred since initial acquisition, this item was recognized as an impairment loss.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
| **Investees** |  | **Beginning**<br>**balance** | **Investment**<br>**And dividend** | **Equity method**<br>**Income (loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;BNP Paribas Cardif Life Insurance | W | 36436  | - | (2105) | 2146  | - | 36477  |
| &nbsp;&nbsp;&nbsp;Shinhan-Neoplux Energy Newbiz Fund |  | 14612  | - | (1590) | - | - | 13022  |
| &nbsp;&nbsp;&nbsp;Shinhan-Albatross Technology Investment Fund |  | 8672  | (2017) | (989) | - | - | 5666  |
| &nbsp;&nbsp;&nbsp;VOGO Debt Strategy Qualified IV Private |  | 3713  | (1863) | (12) | - | - | 1838  |
| &nbsp;&nbsp;&nbsp;Shinhan-Midas Donga Secondary Fund |  | 3152  | (915) | (528) | - | - | 1709  |
| &nbsp;&nbsp;&nbsp;ShinHan – Soo Young Entrepreneur Investment Fund |  | 3381  | (1340) | (297) | - | - | 1744  |
| &nbsp;&nbsp;&nbsp;Shinhan Praxis K-Growth Global Private Equity Fund |  | 3690  | - | - | - | - | 3690  |
| &nbsp;&nbsp;&nbsp;Kiwoom Milestone Professional Private Real Estate Trust 19 (\*) |  | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Shinhan Global Healthcare Fund 1 (\*) |  | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;KB NA Hickory Private Special Asset Fund |  | 17493  | (17628) | 135  | - | - | - |
| &nbsp;&nbsp;&nbsp;Koramco Europe Core Private Placement Real Estate Fund No.2-2 (\*) |  | 6815  | - | (618) | - | (771) | 5426  |
| &nbsp;&nbsp;&nbsp;Shinhan-Nvestor Liquidity Solution Fund |  | 5126  | (1250) | (147) | - | - | 3729  |
| &nbsp;&nbsp;&nbsp;Shinhan AIM FoF Fund 1-A |  | 9804  | (9813) | 10  | - | - | 1  |
| &nbsp;&nbsp;&nbsp;IGIS Global Credit Fund 150-1 |  | 4989  | (2979) | (1017) | - | - | 993  |
| &nbsp;&nbsp;&nbsp;Nomura-Rifa Private Real Estate Investment Trust 19 (\*) |  | 1939  | (13) | 80  | - | (2006) | - |
| &nbsp;&nbsp;&nbsp;Genesis North America Power Company No.1 PEF |  | 6802  | (1254) | 523  | - | - | 6071  |
| &nbsp;&nbsp;&nbsp;SH MAIN Professional Investment Type Private Mixed Asset Investment Trust No.3 |  | 9402  | (11201) | 1799  | - | - | - |
| &nbsp;&nbsp;&nbsp;Korea Finance Security Co., Ltd. |  | 3542  | - | 307  | - | - | 3849  |
| &nbsp;&nbsp;&nbsp;MIEL CO., LTD. (\*) |  | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;AIP Transportation Specialized Privately Placed Fund Trust #1 |  | 58807  | 1505  | 2459  | - | - | 62771  |
| &nbsp;&nbsp;&nbsp;Kiwoom-Shinhan Innovation Fund I |  | 7979  | - | (225) | - | - | 7754  |
| &nbsp;&nbsp;&nbsp;Samchully Midstream Private Placement Special Asset Fund 5-4 |  | 39484  | (1871) | (2666) | - | - | 34947  |
| &nbsp;&nbsp;&nbsp;MK Ventures-K Clavis Growth Capital Venture Fund 1 (\*) |  | 3  | - | (1) | - | - | 2  |
| &nbsp;&nbsp;&nbsp;Vestas Qualified Investors Private Real Estate Fund Investment Trust No.37 |  | 35413  | (1678) | (1648) | - | - | 32087  |
| &nbsp;&nbsp;&nbsp;Milestone Private Real Estate Fund 3  |  | 19120  | 1789  | 367  | - | - | 21276  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
| **Investees** |  | **Beginning**<br>**balance** | **Investment**<br>**And dividend** | **Equity method**<br>**Income (loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;Nomura-Rifa Private Real Estate Investment Trust 31  | W | 6343  | (98) | (159) | - | - | 6086  |
| &nbsp;&nbsp;&nbsp;FuturePlay-Shinhan TechInnovation Fund 1 |  | 5785  | - | 517  | - | - | 6302  |
| &nbsp;&nbsp;&nbsp;Stonebridge Corporate 1st Fund |  | 3977  | (3367) | (610) | - | - | - |
| &nbsp;&nbsp;&nbsp;Vogo Realty Partners Private Real Estate Fund V |  | 10662  | (225) | (166) | - | - | 10271  |
| &nbsp;&nbsp;&nbsp;Korea Credit Bureau  |  | 7574  | (90) | 2654  | - | - | 10138  |
| &nbsp;&nbsp;&nbsp;Goduck Gangil1 PFV Co., Ltd. (\*) |  | 96  | (25) | (8) | - | - | 63  |
| &nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. |  | 37616  | - | (2662) | - | - | 34954  |
| &nbsp;&nbsp;&nbsp;NH-amundi global infra private fund 16 (\*) |  | 32968  | 6422  | (9385) | - | (2205) | 27800  |
| &nbsp;&nbsp;&nbsp;SH BNCT Professional Investment Type Private Special Asset Investment Trust |  | 225708  | (29542) | 9837  | - | - | 206003  |
| &nbsp;&nbsp;&nbsp;IGIS Real-estate Private Investment Trust No.33 |  | 15632  | (9746) | 878  | - | - | 6764  |
| &nbsp;&nbsp;&nbsp;Goduck Gangil10 PFV Co., Ltd. |  | 6165  | (1030) | (379) | (4756) | - | - |
| &nbsp;&nbsp;&nbsp;Fidelis Global Private Real Estate Trust No.2 (\*) |  | 551  | - | - | - | - | 551  |
| &nbsp;&nbsp;&nbsp;AIP EURO PRIVATE REAL ESTATE TRUST No. 12 (\*) |  | 24644  | - | - | - | (7792) | 16852  |
| &nbsp;&nbsp;&nbsp;Shinhan Global Healthcare Fund 2 (\*) |  | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Shinhan AIM Real Estate Fund No.1 |  | 2884  | - | 3620  | - | - | 6504  |
| &nbsp;&nbsp;&nbsp;SH Daegu Green Power Cogeneration System Professional Investment Type Private Special Asset Investment Trust  |  | 39491  | (858) | 640  | - | - | 39273  |
| &nbsp;&nbsp;&nbsp;SH Sangju YC Expressway Professional Investment Type Private Special Asset Investment Trust |  | 21947  | 11  | (2176) | - | - | 19782  |
| &nbsp;&nbsp;&nbsp;SH Global Infrastructure Professional Investment Type Private Special Asset Investment Trust No.7-2  |  | 15770  | (521) | 423  | - | - | 15672  |
| &nbsp;&nbsp;&nbsp;Korea Omega-Shinhan Project Fund I |  | 19473  | (31903) | 17793  | - | - | 5363  |
| &nbsp;&nbsp;&nbsp;Samsung SRA Real Estate Professional Private 45 |  | 30276  | (2887) | 1642  | - | - | 29031  |
| &nbsp;&nbsp;&nbsp;IBK Global New Renewable Energy Special Asset Professional Private2 |  | 33098  | (5805) | 755  | - | - | 28048  |
| &nbsp;&nbsp;&nbsp;VS Cornerstone Fund |  | 3225  | (3618) | 393  | - | - | - |
| &nbsp;&nbsp;&nbsp;Kakao-Shinhan 1st TNYT Fund |  | 23678  | - | 128  | - | - | 23806  |
| &nbsp;&nbsp;&nbsp;Pacific Private Placement Real Estate Fund No.40 |  | 11623  | (747) | 8176  | - | - | 19052  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
| **Investees** |  | **Beginning**<br>**balance** | **Investment**<br>**And dividend** | **Equity method**<br>**Income (loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;LB Scotland Amazon Fulfillment Center Fund 29  | W | 18848  | 6351  | (2262) | - | - | 22937  |
| &nbsp;&nbsp;&nbsp;JR AMC Hungary Budapest Office Fund 16 |  | 13187  | 1127  | 43  | - | - | 14357  |
| &nbsp;&nbsp;&nbsp;Gyeonggi-Neoplux Superman Fund |  | 4138  | - | 70  | - | - | 4208  |
| &nbsp;&nbsp;&nbsp;NewWave 6th Fund |  | 10708  | - | (872) | - | - | 9836  |
| &nbsp;&nbsp;&nbsp;Neoplux No.3 Private Equity Fund |  | 12152  | (20) | (1923) | - | - | 10209  |
| &nbsp;&nbsp;&nbsp;PCC Amberstone Private Equity Fund I |  | 14540  | (6457) | (66) | - | - | 8017  |
| &nbsp;&nbsp;&nbsp;KIAMCO POWERLOAN TRUST 4TH |  | 48703  | (2796) | 893  | - | - | 46800  |
| &nbsp;&nbsp;&nbsp;Mastern Opportunity Seeking Real Estate Fund II |  | 5272  | (4873) | 749  | - | - | 1148  |
| &nbsp;&nbsp;&nbsp;Neoplux Market-Frontier Secondary Fund  |  | 8175  | - | (2613) | - | - | 5562  |
| &nbsp;&nbsp;&nbsp;Synergy Green New Deal 1st New Technology Business Investment Fund |  | 10857  | (10841) | (16) | - | - | - |
| &nbsp;&nbsp;&nbsp;KIAMCO Vietnam Solar Special Asset Private Investment Trust |  | 7103  | - | (201) | - | - | 6902  |
| &nbsp;&nbsp;&nbsp;SHINHAN-NEO Core Industrial Technology Fund |  | 8111  | - | (1011) | - | - | 7100  |
| &nbsp;&nbsp;&nbsp;SHBNPP Green New Deal Energy Professional Investment Type Private Special Asset Investment Trust No.2 |  | 21710  | (2514) | 962  | - | - | 20158  |
| &nbsp;&nbsp;&nbsp;Eum Private Equity Fund No.7 |  | 9156  | (405) | 783  | - | - | 9534  |
| &nbsp;&nbsp;&nbsp;Kiwoom Hero No.4 Private Equity Fund |  | 4197  | (9523) | 5326  | - | - | - |
| &nbsp;&nbsp;&nbsp;AJ-KOSNET Semicon One Venture Fund |  | 3212  | - | (51) | - | - | 3161  |
| &nbsp;&nbsp;&nbsp;Shinhan Smilegate Global PEF I |  | 3882  | (3882) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Genesis Eco No.1 PEF |  | 11077  | - | (2305) | - | - | 8772  |
| &nbsp;&nbsp;&nbsp;SHINHAN-NEO Market-Frontier 2nd Fund |  | 27499  | (4014) | 1133  | - | - | 24618  |
| &nbsp;&nbsp;&nbsp;J& Moorim Jade Investment Fund |  | 5353  | (7579) | 2226  | - | - | - |
| &nbsp;&nbsp;&nbsp;Ulmus SHC innovation investment fund |  | 4305  | - | 1302  | - | - | 5607  |
| &nbsp;&nbsp;&nbsp;T Core Industrial Technology 1st Venture PEF |  | 2995  | - | 61  | - | - | 3056  |
| &nbsp;&nbsp;&nbsp;TI First Property Private Investment Trust 1 |  | 3102  | (4248) | 2046  | - | - | 900  |
| &nbsp;&nbsp;&nbsp;Kiwoom-Shinhan Innovation Fund 2 |  | 10227  | (3771) | 6223  | - | - | 12679  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
| **Investees** |  | **Beginning**<br>**balance** | **Investment**<br>**And dividend** | **Equity method**<br>**Income (loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;ETRI Holdings-Shinhan 1st Unicorn Fund | W | 4696  | (500) | (72) | - | - | 4124  |
| &nbsp;&nbsp;&nbsp;SJ ESG Innovative Growth Fund |  | 3115  | (2458) | (657) | - | - | - |
| &nbsp;&nbsp;&nbsp;AVES 1st Corporate Recovery Private Equity Fund |  | 4523  | - | (25) | - | - | 4498  |
| &nbsp;&nbsp;&nbsp;Reverent-Shinhan Vista Fund  |  | 3409  | 54  | 300  | - | - | 3763  |
| &nbsp;&nbsp;&nbsp;JS Shinhan Private Equity Fund  |  | 6381  | - | (119) | - | - | 6262  |
| &nbsp;&nbsp;&nbsp;Meta TB ESG Private Equity Fund I |  | 5683  | - | (91) | - | - | 5592  |
| &nbsp;&nbsp;&nbsp;Shinhan VC tomorrow venture fund 1 |  | 70633  | 2214  | 29693  | - | - | 102540  |
| &nbsp;&nbsp;&nbsp;H-IOTA Fund |  | 9377  | (9615) | 238  | - | - | - |
| &nbsp;&nbsp;&nbsp;Stonebridge-Shinhan Unicorn Secondary Fund  |  | 13587  | (2002) | 1497  | - | - | 13082  |
| &nbsp;&nbsp;&nbsp;Tres-Yujin Trust  |  | 13031  | - | 115  | - | - | 13146  |
| &nbsp;&nbsp;&nbsp;Shinhan-Time mezzanine blind Fund |  | 16426  | (16504) | 78  | - | - | - |
| &nbsp;&nbsp;&nbsp;Capstone REITs No.26 |  | 5369  | - | (300) | - | - | 5069  |
| &nbsp;&nbsp;&nbsp;JB Incheon-Bucheon REITS No.54 |  | 4967  | - | 818  | - | - | 5785  |
| &nbsp;&nbsp;&nbsp;Hankook Smart Real Asset Investment Trust No.3 |  | 6006  | (1515) | (2408) | - | - | 2083  |
| &nbsp;&nbsp;&nbsp;JB Hwaseong-Hadong REITs No.53 |  | 4974  | (5195) | 1014  | - | - | 793  |
| &nbsp;&nbsp;&nbsp;KB Oaktree Trust No.3 |  | 9888  | (1118) | 544  | - | - | 9314  |
| &nbsp;&nbsp;&nbsp;KAI-The Square Fund 1 (\*) |  | 125  | - | 30  | - | (144) | 11  |
| &nbsp;&nbsp;&nbsp;SH Real Estate Loan Investment Type Private Real Estate Investment Trust No.2 |  | 52797  | (24390) | 3141  | - | - | 31548  |
| &nbsp;&nbsp;&nbsp;Shinhan JigaeNamsan Road Private Special Asset Investment Trust |  | 39645  | (901) | 1552  | - | - | 40296  |
| &nbsp;&nbsp;&nbsp;KB Distribution Private Real Estate 3-1 (\*) |  | 24079  | - | (939) | - | (23140) | - |
| &nbsp;&nbsp;&nbsp;Pacific Private Investment Trust No.49-1  |  | 28000  | - | 8678  | - | - | 36678  |
| &nbsp;&nbsp;&nbsp;KIWOOM Real estate private placement fund for normal investors No. 31 (\*) |  | 8032  | - | 14  | - | (8046) | - |
| &nbsp;&nbsp;&nbsp;RIFA Real estate private placement fund for normal investors No. 51 (\*) |  | 5371  | - | 9  | - | (5380) | - |
| &nbsp;&nbsp;&nbsp;Shinhan-Kunicorn first Fund |  | 9424  | - | (1723) | - | - | 7701  |
| &nbsp;&nbsp;&nbsp;Shinhan-Quantum Startup Fund |  | 5665  | - | (117) | - | - | 5548  |
| &nbsp;&nbsp;&nbsp;Shinhan Simone Fund Ⅰ |  | 3422  | (1962) | 36  | - | - | 1496  |
| &nbsp;&nbsp;&nbsp;Korea Investment develop seed Trust No.1 |  | 10145  | (527) | 1112  | - | - | 10730  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
| **Investees** |  | **Beginning**<br>**balance** | **Investment**<br>**And dividend** | **Equity method**<br>**Income (loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;Tiger Green alpha Trust No.29  | W | 29992  | (31100) | 1108  | - | - | - |
| &nbsp;&nbsp;&nbsp;STIC ALT Global II Private Equity Fund |  | 9841  | (217) | 169  | - | - | 9793  |
| &nbsp;&nbsp;&nbsp;DDI LVC Master Real Estate Investment Trust Co., Ltd. |  | 5800  | - | (1141) | - | - | 4659  |
| &nbsp;&nbsp;&nbsp;Find-Green New Deal 2nd Equity Fund |  | 4324  | - | 402  | - | - | 4726  |
| &nbsp;&nbsp;&nbsp;ShinhanFitrin 1st Technology Business Investment Association  |  | 4232  | - | (298) | - | - | 3934  |
| &nbsp;&nbsp;&nbsp;Koramco Private Real Estate Fund 143 |  | 6669  | - | 1423  | - | - | 8092  |
| &nbsp;&nbsp;&nbsp;Korea Investment Top Mezzanine Private Real Estate Trust No.1 |  | 9876  | (5701) | (1135) | - | - | 3040  |
| &nbsp;&nbsp;&nbsp;LB YoungNam Logistics Private Trust No.40 |  | 9625  | (600) | 687  | - | - | 9712  |
| &nbsp;&nbsp;&nbsp;Shinhan-Cognitive Start-up Fund L.P. |  | 4209  | - | (62) | - | - | 4147  |
| &nbsp;&nbsp;&nbsp;Cornerstone J&M Fund I |  | 3414  | (4109) | 695  | - | - | - |
| &nbsp;&nbsp;&nbsp;Logisvalley Shinhan REIT Co., Ltd.  |  | 3389  | - | (144) | - | - | 3245  |
| &nbsp;&nbsp;&nbsp;Shinhan-G.N.Tech Smart Innovation Fund |  | 13004  | (4160) | 2130  | - | - | 10974  |
| &nbsp;&nbsp;&nbsp;Shinhan-Gene and New Normal First Mover Venture Investment Equity Fund 1st |  | 6758  | 1800  | (366) | - | - | 8192  |
| &nbsp;&nbsp;&nbsp;Korea Investment Green Newdeal Infra Trust No.1 |  | 16096  | 1418  | (75) | - | - | 17439  |
| &nbsp;&nbsp;&nbsp;BTS 2nd Private Equity Fund |  | 10159  | 806  | (27) | - | - | 10938  |
| &nbsp;&nbsp;&nbsp;NH-J&-IBKC Label Technology Fund |  | 9646  | (5396) | 4031  | - | - | 8281  |
| &nbsp;&nbsp;&nbsp;Shinhan-Sneak Peek Bio&Healthcare Bounce Back Fund |  | 3916  | (1150) | 1187  | - | - | 3953  |
| &nbsp;&nbsp;&nbsp;Shinhan-iSquare Venture PEF 1st |  | 4237  | (874) | (62) | - | - | 3301  |
| &nbsp;&nbsp;&nbsp;Aurum Goldrush ESG Private Fund No. 1 |  | 3007  | - | (438) | - | - | 2569  |
| &nbsp;&nbsp;&nbsp;Capstone Develop Frontier Trust |  | 8049  | (7607) | (442) | - | - | - |
| &nbsp;&nbsp;&nbsp;Nextrade Co., Ltd. |  | 9700  | - | - | - | - | 9700  |
| &nbsp;&nbsp;&nbsp;IBKC-Behigh Fund 1st |  | 3160  | - | (64) | - | - | 3096  |
| &nbsp;&nbsp;&nbsp;ON No.1 Private Equity Fund |  | 5712  | (6020) | 308  | - | - | - |
| &nbsp;&nbsp;&nbsp;Digital New Deal Kappa Private Equity Fund |  | 4747  | (5534) | 787  | - | - | - |
| &nbsp;&nbsp;&nbsp;DS-Shinhan-JBWoori New Media New Technology Investment Fund No.1 |  | 9646  | (4304) | 1818  | - | - | 7160  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
| **Investees** | **Beginning**<br>**balance** | **Investment**<br>**And dividend** | **Equity method**<br>**Income (loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;VOGO Debt Strategy General Private Real Estate Investment Trust No. 18 | 11324  | (1916) | 745  | - | - | 10153  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
| **Investees** |  | **Beginning**<br>**balance** | **Investment**<br>**And dividend** | **Equity method**<br>**Income (loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;KORAMCO REITS Mezzanine Trust No.38 | W | 3278  | (87) | 342  | - | - | 3533  |
| &nbsp;&nbsp;&nbsp;TogetherKorea Private Investment Trust No. 6  |  | 5423  | - | 117  | - | - | 5540  |
| &nbsp;&nbsp;&nbsp;TogetherKorea Private Investment Trust No. 7  |  | 5423  | - | 117  | - | - | 5540  |
| &nbsp;&nbsp;&nbsp;Kiwoom Materials, Parts and Equipment 3 New Technology Business Investment Fund |  | 4219  | - | (44) | - | - | 4175  |
| &nbsp;&nbsp;&nbsp;Penture K-Content Investment Fund |  | 11319  | 8000  | (3239) | - | - | 16080  |
| &nbsp;&nbsp;&nbsp;2023 shinhan-JB Woori-Daishin Listed enterprise Mezzanine New Technology Investment Fund |  | 13468  | (5790) | 3055  | - | - | 10733  |
| &nbsp;&nbsp;&nbsp;Hana Alternative Investment Kosmes PCBO General PEF No. 1 |  | 5125  | (528) | 686  | - | - | 5283  |
| &nbsp;&nbsp;&nbsp;Shinhan-Timefolio Bio Accelerator Fund |  | 11707  | (6060) | 11465  | - | - | 17112  |
| &nbsp;&nbsp;&nbsp;Shinhan M&A-ESG Fund |  | 6454  | 1946  | 653  | - | - | 9053  |
| &nbsp;&nbsp;&nbsp;Shinhan Mid and Small-Sized Office Value-Added MO REIT Co., Ltd. |  | 18804  | (472) | 1216  | - | - | 19548  |
| &nbsp;&nbsp;&nbsp;KDBC meta-enter New Technology investment fund |  | 6797  | (7000) | 203  | - | - | - |
| &nbsp;&nbsp;&nbsp;Shinhan Time Secondary Blind Fund |  | 4637  | 2375  | 4126  | - | - | 11138  |
| &nbsp;&nbsp;&nbsp;Shinhan DS Secondary Investment Fund |  | 2439  | 7087  | 21652  | - | - | 31178  |
| &nbsp;&nbsp;&nbsp;Shinhan-OpenWater Pre-IPO Fund-1 |  | 5666  | (2450) | 3350  | - | - | 6566  |
| &nbsp;&nbsp;&nbsp;Shinhan-CJ TechInnovation Fund 1st |  | 4595  | - | (174) | - | - | 4421  |
| &nbsp;&nbsp;&nbsp;Shinhan-Eco Venture Fund 2nd |  | 3957  | (330) | (43) | - | - | 3584  |
| &nbsp;&nbsp;&nbsp;Heungkuk-Shinhan The First Visionary Fund No.1 |  | 6497  | 505  | 53  | - | - | 7055  |
| &nbsp;&nbsp;&nbsp;Koreainvestment-Shinhan-LEP K beauty |  | 10264  | (2938) | (252) | - | - | 7074  |
| &nbsp;&nbsp;&nbsp;Shinhan HB Wellness 1st Fund |  | 5326  | - | 364  | - | - | 5690  |
| &nbsp;&nbsp;&nbsp;Korea real Asset Fund No.3 |  | 16552  | 1046  | 1082  | - | - | 18680  |
| &nbsp;&nbsp;&nbsp;Timefolio Tech Fund I |  | 2990  | - | 49  | - | - | 3039  |
| &nbsp;&nbsp;&nbsp;PineStreet Global Corporate FoF XIII-2 |  | 3743  | 3273  | 1126  | - | - | 8142  |
| &nbsp;&nbsp;&nbsp;IGIS Yongsan Office General Private Real Estate Investment Trust 518 |  | 17144  | (726) | (2412) | - | - | 14006  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
| **Investees** |  | **Beginning**<br>**balance** | **Investment**<br>**And dividend** | **Equity method**<br>**Income (loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;SH K-REITs Infra Real Estate Investment Trust (FoFs) | W | 2813  | (176) | 545  | - | - | 3182  |
| &nbsp;&nbsp;&nbsp;Samsung-Dunamu Innovation IT Fund No.1 |  | 3750  | - | 255  | - | - | 4005  |
| &nbsp;&nbsp;&nbsp;Time Robotics fund |  | 3778  | (72) | (76) | - | - | 3630  |
| &nbsp;&nbsp;&nbsp;Ascent-Welcome Fund2 |  | 8460  | (1659) | 302  | - | - | 7103  |
| &nbsp;&nbsp;&nbsp;Newmain I funds |  | 9364  | (9254) | (110) | - | - | - |
| &nbsp;&nbsp;&nbsp;Igis General PE Real Estate Investment Trust 517-1 |  | 54902  | 3000  | (2927) | - | - | 54975  |
| &nbsp;&nbsp;&nbsp;SH Ulmus M.P.E. Innovative Venture Fund 7 |  | 3032  | - | (99) | - | - | 2933  |
| &nbsp;&nbsp;&nbsp;Consus Osansegyo No.2 |  | 8009  | - | - | - | - | 8009  |
| &nbsp;&nbsp;&nbsp;Shinhan AIM Private Fund of Fund 9-B |  | 36741  | 5053  | 1802  | - | - | 43596  |
| &nbsp;&nbsp;&nbsp;Shinhan General Private Real Estate Investment Trust No.3 |  | 26706  | 660  | 2023  | - | - | 29389  |
| &nbsp;&nbsp;&nbsp;Paros Kosdaq Venture General Private Investment Trust No. 5  |  | 6590  | (3062) | 110  | - | - | 3638  |
| &nbsp;&nbsp;&nbsp;Shinhan-soo secondary Fund |  | 16737  | - | 705  | - | - | 17442  |
| &nbsp;&nbsp;&nbsp;TECHFIN RATINGS Co., Ltd. |  | 25610  | - | (2570) | - | - | 23040  |
| &nbsp;&nbsp;&nbsp;Songpa biz cluster PFV Co., Ltd. |  | 13364  | - | (437) | - | - | 12927  |
| &nbsp;&nbsp;&nbsp;Planeta PTE LTD |  | 11341  | - | 898  | - | - | 12239  |
| &nbsp;&nbsp;&nbsp;The E&Shinhan New Growth Up Fund |  | 3518  | 2580  | 1398  | - | - | 7496  |
| &nbsp;&nbsp;&nbsp;HHR Special Situation Real Estate Private Investment Trust No. 13 |  | 2749  | (224) | 691  | - | - | 3216  |
| &nbsp;&nbsp;&nbsp;Shinhan-GB FutureFlow Fund L.P. |  | 5150  | 2996  | (313) | 249  | - | 8082  |
| &nbsp;&nbsp;&nbsp;Credila Financial Services |  | 263116  | 3240  | 20059  | (20601) | - | 265814  |
| &nbsp;&nbsp;&nbsp;Shinhan-DS Mezzanine Fund 1 |  | 2869  | - | 774  | - | - | 3643  |
| &nbsp;&nbsp;&nbsp;Shinhan Time BM sobujang Fund |  | 1405  | 1750  | 216  | - | - | 3371  |
| &nbsp;&nbsp;&nbsp;Tigris Fund No. 58 |  | 1977  | (1420) | 3252  | - | - | 3809  |
| &nbsp;&nbsp;&nbsp;Shinhan Market-Frontier Fund Ⅲ |  | 12791  | 8804  | 881  | - | - | 22476  |
| &nbsp;&nbsp;&nbsp;DB IPO HighYield Fund 1 |  | 4278  | (4342) | 64  | - | - | - |
| &nbsp;&nbsp;&nbsp;Exponential SQUARE Private Investment Trust No.1 |  | 5208  | (5668) | 460  | - | - | - |
| &nbsp;&nbsp;&nbsp;Fine North America Credit Private Mixed Asset Investment Trust 22 |  | 4613  | 807  | 463  | - | - | 5883  |
| &nbsp;&nbsp;&nbsp;IGIS Private Real Estate Investment No.454 |  | 3368  | - | (6) | - | - | 3362  |
| &nbsp;&nbsp;&nbsp;IGIS Private Real Estate Investment No.462 |  | 4433  | - | (56) | - | - | 4377  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**12. <u>Investments in associates (continued)</u>**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
| **Investees** |  | **Beginning**<br>**balance** | **Investment**<br>**And dividend** | **Equity method**<br>**Income (loss)** | **Change in**<br>**other comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;**Impairment**<br>**loss** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending**<br>**balance** |
| &nbsp;&nbsp;&nbsp;BNW Recharge Private Equity Fund | W | 7138  | - | (2656) | - | - | 4482  |
| &nbsp;&nbsp;&nbsp;United Partners Realasset Fund No.14 |  | 9998  | (65) | 135  | - | - | 10068  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.12 |  | 17977  | (17977) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.13 |  | 12035  | (12035) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.14 |  | 13711  | - | 2685  | - | - | 16396  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.15 |  | 13738  | - | 2116  | - | - | 15854  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.16 |  | 13290  | - | 2687  | - | - | 15977  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.17 |  | 5378  | - | 1847  | - | - | 7225  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.18 |  | 10925  | - | 3948  | - | - | 14873  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.19 |  | 5052  | - | 2515  | - | - | 7567  |
| &nbsp;&nbsp;&nbsp;SH US Buyback&High Dividend Security Feeder Investment Trust(H)[Equity] |  | 4197  | (326) | 517  | - | - | 4388  |
| &nbsp;&nbsp;&nbsp;SH Prestige High Dividend Security Feeder No.1[Equity] |  | 2579  | 1962  | 2229  | - | - | 6770  |
| &nbsp;&nbsp;&nbsp;IGIS Real Estate General Private Feeder Investment Company No.562 |  | - | 23000  | (1782) | - | - | 21218  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.21 |  | - | 15700  | (1011) | - | - | 14689  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.22 |  | - | 15700  | (261) | - | - | 15439  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.23 |  | - | 15700  | (1146) | - | - | 14554  |
| &nbsp;&nbsp;&nbsp;Finflow  |  | - | 7058  | (20) | - | - | 7038  |
| &nbsp;&nbsp;&nbsp;Fireant Media and Digital Service Joint Stock Company  |  | - | 4925  | (204) | - | - | 4721  |
| &nbsp;&nbsp;&nbsp;ST EIP Holdings Inc. |  | - | 51873  | 1265  | - | - | 53138  |
| &nbsp;&nbsp;&nbsp;AMP Capital Global Infrastructure Fund II B L |  | - | 24243  | (1171) | - | - | 23072  |
| &nbsp;&nbsp;&nbsp;Post CR REITS No.1  |  | - | 3500  | - | - | - | 3500  |
| &nbsp;&nbsp;&nbsp;SH US Long Term Treasury Plus Security Feeder Investment Trust(H)[Bond-FoFs] |  | - | 4781  | (48) | - | - | 4733  |
| &nbsp;&nbsp;&nbsp;Others |  | 187092  | (74374) | 47885  | - | (1) | 160602  |
|  | W | 2752980  | (262556) | 221225  | (22962) | (49485) | 2639202  |

---

(\*) Due to cumulative unrealized losses incurred since initial acquisition, this item was recognized as an impairment loss.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**13. <u>Financial liabilities at fair value through profit or loss</u>**

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** |
| Securities sold:  |  |  |  |
| Stocks | W | 15,695 | 11,360  |
| &nbsp;&nbsp;Bonds |  | 1,245,642 | 779,056  |
|  |  | 1,261,337 | 790,416  |
| Gold/silver deposits |  | 1,697,594 | 1,522,071  |
|  | W | 2,958,931 | 2,312,487  |

---

**14. <u>Financial liabilities designated at fair value through profit or loss</u>**

(a) Financial liabilities designated at fair value through profit or loss as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** | **Reason for designation** |
| &nbsp;&nbsp;Derivative-linked securities sold | W | 6336553 | 6090215  | Compound financial instrument |
| &nbsp;&nbsp;Debt securities issued  |  | 268686 | 287849  | Fair value measurement<br>and management |
|  | W | 6605239 | 6378064  |  |

---

(\*) The Group designated the financial liabilities at the initial recognition (or subsequently) in accordance with paragraph 6.7.1 of K-IFRS No. 1109 as financial liabilities at fair value through profit or loss.

Maximum credit risk exposure of the financial liabilities designated at fair value through profit or loss amounts to W 6,605,239 million as of March 31, 2026. Decrease in values of the liability due to credit risk changes is W 2,290 million for the three-month period ended March 31, 2026 and the accumulated changes in values are W (-) 7,215 million as of March 31, 2026.

(b) The difference between the carrying value of financial liabilities designated at fair value through profit or loss and the amount required to be paid at contractual maturity as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** |
| Expiration payment | W | 6075196  | 6140775  |
| Carrying amount |  | 6605239  | 6378064  |
| Difference from carrying amount | W | (530043) | (237289) |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**15. <u>Debt securities issued</u>**

Debt securities issued as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Interest<br>rate (%)** |  | **Amount** | **Interest<br>rate (%)** |  | **Amount** |
| Debt securities issued in Korean won: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued | 0.00~12.50 | &nbsp;&nbsp;W | 67272988  | 0.00~9.50 | &nbsp;&nbsp;W | 72212922  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debt securities issued | 2.20~5.20 |  | 3000073  | 2.20~5.20 |  | 3014773  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on fair value hedges | &nbsp;&nbsp;- |  | (273574) | &nbsp;&nbsp;- |  | (195980) |
| &nbsp;&nbsp;&nbsp;&nbsp;Discount on debt securities issued | &nbsp;&nbsp;- |  | (72399) | &nbsp;&nbsp;- |  | (94499) |
|  |  |  | 69927088  |  |  | 74937216  |
| Debt securities issued in foreign currencies: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued | 1.23~5.40 |  | 14173772  | 0.98~5.40 |  | 14012181  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debt securities issued | 3.75~5.75 |  | 3668178  | 3.75~5.75 |  | 4186893  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on fair value hedges | &nbsp;&nbsp;- |  | (108643) | &nbsp;&nbsp;- |  | (87714) |
| &nbsp;&nbsp;&nbsp;&nbsp;Discount on debt securities issued | &nbsp;&nbsp;- |  | (56973) | &nbsp;&nbsp;- |  | (57154) |
|  |  |  | 17676334  |  |  | 18054206  |
|  |  | &nbsp;&nbsp;W | 87603422  |  | &nbsp;&nbsp;W | 92991422  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**16. <u>Defined benefit plans</u>**

The Group has operated a defined benefit plan and calculates defined benefit obligations based on the employee's pension compensation benefits and service period.

(a) Defined benefit obligations and plan assets as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** |
| Present value of defined benefit obligations | W | &nbsp;&nbsp;&nbsp;&nbsp; 2192651  | &nbsp;&nbsp;&nbsp;&nbsp;2313168  |
| Fair value of plan assets |  | &nbsp;&nbsp;&nbsp;&nbsp;(2578518) | &nbsp;&nbsp;&nbsp;&nbsp;(2648445) |
| &nbsp;&nbsp;Recognized liability (asset) for defined benefit obligations (\*) | W | &nbsp;&nbsp;&nbsp;&nbsp;(385867) | &nbsp;&nbsp;&nbsp;&nbsp;(335277) |

---

(\*) The asset for defined benefit obligation of W 385,867 million as of March 31, 2026 is the net defined benefit assets of W 403,661 million less the net defined liabilities of W 17,794 million. In addition, the asset for defined benefit obligation of W 335,277 million as of December 31, 2025 is the net defined benefit assets of W 353,097 million less the net defined liabilities of W 17,820 million.

(b) Net income relating to defined benefit liabilities for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| Current service cost | W | &nbsp;&nbsp;&nbsp;&nbsp;39364  | &nbsp;&nbsp;&nbsp;&nbsp;41520 |
| Net interest income |  | &nbsp;&nbsp;&nbsp;&nbsp;(5786) | &nbsp;&nbsp;&nbsp;&nbsp;(4533)  |
| Settlement |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194) | &nbsp;&nbsp;&nbsp;&nbsp;59 |
|  | W | &nbsp;&nbsp;&nbsp;&nbsp;33384  | &nbsp;&nbsp;&nbsp;&nbsp;37046 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**17. <u>Provisions</u>**

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** |
| Asset retirement obligations | W | &nbsp;&nbsp;&nbsp;&nbsp;107120  | &nbsp;&nbsp;&nbsp;&nbsp;106125  |
| Expected loss related to litigation |  | &nbsp;&nbsp;&nbsp;&nbsp;83972  | &nbsp;&nbsp;&nbsp;&nbsp;144173  |
| Unused lines of credit |  | &nbsp;&nbsp;&nbsp;&nbsp;308949  | &nbsp;&nbsp;&nbsp;&nbsp;305955  |
| Guarantee contracts issued |  | &nbsp;&nbsp;&nbsp;&nbsp;114483  | &nbsp;&nbsp;&nbsp;&nbsp;111307  |
| Financial guarantee contracts issued |  | &nbsp;&nbsp;&nbsp;&nbsp;96573  | &nbsp;&nbsp;&nbsp;&nbsp;93693  |
| Non-financial guarantee contracts issued |  | &nbsp;&nbsp;&nbsp;&nbsp;17910  | &nbsp;&nbsp;&nbsp;&nbsp;17614  |
| Others (\*1), (\*2) |  | &nbsp;&nbsp;&nbsp;&nbsp;655352  | &nbsp;&nbsp;&nbsp;&nbsp;695785  |
|  | W | &nbsp;&nbsp;&nbsp;&nbsp;1269876 | &nbsp;&nbsp;&nbsp;&nbsp;1363345  |

---

(\*1) As of March 31, 2026 and December 31, 2025, the Group recognizes a provision of W 285,056 million and W 305,237 million, respectively, an estimated amount which is highly probable to be paid for customer losses expected due to delays in redemption of Lime CI funds, etc.

(\*2) As of March 31, 2026 and December 31, 2025, the Group recognizes a provision of W 7,622 million and W 8,643 million for the estimated customer compensation amount related to equity-linked products based on the Hong Kong H-Index (Hang Seng China Enterprises Index).

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**17. <u>Provisions (continued)</u>**

(b) Changes in provision for unused lines of credit and financial guarantee contracts issued for the three-month period ended March 31, 2026 and the year ended December 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | &nbsp;&nbsp;**Unused lines of credit** | &nbsp;&nbsp;**Unused lines of credit** | &nbsp;&nbsp;**Unused lines of credit** | **Financial guarantee contracts issued** | **Financial guarantee contracts issued** | **Financial guarantee contracts issued** | **Total** |
|  |  | &nbsp;&nbsp;**12-month expected<br>credit losses** | **Lifetime expected<br>credit losses** | &nbsp;&nbsp;**Impaired financial asset** | **12-month expected credit losses** | **Lifetime expected<br>credit losses** | **Impaired financial asset** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;W | 209890  | 92942  | 3123  | 82138  | 11554  | 1  | 399648  |
| &nbsp;&nbsp;&nbsp;Transfer (from) to 12-month expected credit losses |  | 27923  | (27847) | (76) | 546  | (546) | - | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | (8580) | 8610  | (30) | (197) | 197  | - | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to impaired financial asset |  | (288) | (803) | 1091  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Provided (reversed) |  | (21245) | 23945  | (1140) | 311  | 36  | - | 1907  |
| &nbsp;&nbsp;&nbsp;Change in foreign exchange rate |  | 1104  | 287  | - | 1321  | 92  | - | 2804  |
| Other (\*) |  | 42  | 1  | - | 2424  | (1303) | (1) | 1163  |
| &nbsp;&nbsp;&nbsp;Ending balance | W | 208846  | 97135  | 2968  | 86543  | 10030  | - | 405522  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**17. <u>Provisions (continued)</u>**

(b) Changes in provision for unused lines of credit and financial guarantee contracts issued for the three-month period ended March 31, 2026 and the year ended December 31, 2025 are as follows (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | &nbsp;&nbsp;**Unused lines of credit** | &nbsp;&nbsp;**Unused lines of credit** | &nbsp;&nbsp;**Unused lines of credit** | **Financial guarantee contracts issued** | **Financial guarantee contracts issued** | **Financial guarantee contracts issued** | **Total** |
|  |  | &nbsp;&nbsp;**12-month expected<br>credit losses** | **Lifetime expected<br>credit losses** | &nbsp;&nbsp;**Impaired financial asset** | **12-month expected credit losses** | **Lifetime expected<br>credit losses** | **Impaired financial asset** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;W | 229415  | 88843  | 93017  | 80780  | 6296  | 12  | 498363  |
| &nbsp;&nbsp;&nbsp;Transfer (from) to 12-month expected credit losses |  | 48121  | (47999) | (122) | 1420  | (1420) | - | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | (13183) | 13237  | (54) | (3336) | 3336  | - | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to impaired financial asset |  | (767) | (972) | 1739  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Provided (reversed) |  | (50312) | 40278  | (91457) | (3308) | (1077) | (3) | (105879) |
| &nbsp;&nbsp;&nbsp;Change in foreign exchange rate |  | (3089) | (445) | - | (333) | (154) | 1  | (4020) |
| Other (\*) |  | (295) | - | - | 6915  | 4573  | (9) | 11184  |
| &nbsp;&nbsp;&nbsp;Ending balance | W | 209890  | 92942  | 3123  | 82138  | 11554  | 1  | 399648  |

---

(\*) Includes the effects of new financial guarantee contracts initially measured at fair value, expirations of such contracts, and changes in discount rates, among others.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**18. <u>Insurance contracts liabilities and others</u>**

(a) Insurance contract liabilities as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** |
| Insurance contract assets | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(760) |
| Insurance contract liabilities |  | &nbsp;&nbsp;&nbsp;&nbsp;47988453  | &nbsp;&nbsp;&nbsp;&nbsp;50471303  |
| Net insurance contract liabilities (assets) | W | &nbsp;&nbsp;&nbsp;&nbsp;47987568  | &nbsp;&nbsp;&nbsp;&nbsp;50470543  |
| Reinsurance contract assets | W | &nbsp;&nbsp;&nbsp;&nbsp;455260  | &nbsp;&nbsp;&nbsp;&nbsp;603442  |
| Reinsurance contract liabilities |  | &nbsp;&nbsp;&nbsp;&nbsp;(31144) | &nbsp;&nbsp;&nbsp;&nbsp;(56378) |
| Net reinsurance contract assets (liabilities) | W | &nbsp;&nbsp;&nbsp;&nbsp;424116  | &nbsp;&nbsp;&nbsp;&nbsp;547064  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**18. <u>Insurance contracts liabilities and others (continued)</u>**

(b) Details of insurance profits and losses for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  |  | Retroactive modification method | Fair value method | Other | Total |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | &nbsp;&nbsp;&nbsp;&nbsp;Expected insurance claims and other expected insurance service expenses | W | 186752  | 163294  | 119243  | 469289  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Change in risk adjustment |  | 10934  | 9119  | 18598  | 38651  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Amortization of contractual service margin  |  | 83239  | 63529  | 83128  | 229896  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Recoveries of insurance acquisition cash flows  |  | 21631  | 63  | 100240  | 121934  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Other |  | (2528) | 500  | (3868) | (5896) |
|  |  |  | 300028  | 236505  | 317341  | 853874  |
| Premium allocation approach | Premium allocation approach |  | 6654  | - | 21056  | 27710  |
| **Insurance income subtotal** | **Insurance income subtotal** |  | 306682  | 236505  | 338397  | 881584  |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | &nbsp;&nbsp;&nbsp;&nbsp;Incurred claims and other incurred insurance service expenses |  | 182667  | 87378  | 112617  | 382662  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Changes in fulfilment cash flows for incurred claims |  | 6074  | 56009  | 34600  | 96683  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Losses on onerous contracts |  | (375) | (42369) | 12561  | (30183) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Amortization of insurance acquisition cash flows |  | 21631  | 63  | 100240  | 121934  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Other |  | (2518) | 947  | 7854  | 6283  |
|  |  |  | 207479  | 102028  | 267872  | 577379  |
| Premium allocation approach | Premium allocation approach |  | 8103  | - | 24646  | 32749  |
| **Insurance service expenses subtotal** | **Insurance service expenses subtotal** |  | 215582  | 102028  | 292518  | 610128  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**18. <u>Insurance contracts liabilities and others (continued)</u>**

(b) Details of insurance profits and losses for the three-month periods ended March 31, 2026 and 2025 are as follows (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  |  | Retroactive modification method | Fair value method | Other | Total |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | Incurred reinsurance claims | W | - | 19511  | 31047  | 50558  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Changes in fulfilment cash flows for incurred claims |  | - | (7115) | (1936) | (9051) |
|  | Other |  | - | 313  | 306  | 619  |
|  |  |  | - | 12709  | 29417  | 42126  |
| Premium allocation approach | Premium allocation approach |  | 3487  | - | 6581  | 10068  |
| **Reinsurance income subtotal** | **Reinsurance income subtotal** |  | 3487  | 12709  | 35998  | 52194  |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | &nbsp;&nbsp;&nbsp;&nbsp;Expected reinsurance claims |  | - | 9037  | 16842  | 25879  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Change in risk adjustment |  | - | 553  | 1190  | 1743  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Amortization of contractual service margin |  | - | 1763  | 8366  | 10129  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Other |  | - | (203) | (1046) | (1249) |
|  |  |  | - | 11150  | 25352  | 36502  |
| Premium allocation approach | Premium allocation approach |  | 2681  | - | 8070  | 10751  |
| **Reinsurance service expenses subtotal** | **Reinsurance service expenses subtotal** |  | 2681  | 11150  | 33422  | 47253  |
|  |  | W | 91906  | 136036  | 48455  | 276397  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**18. <u>Insurance contracts liabilities and others (continued)</u>**

(b) Details of insurance profits and losses for the three-month periods ended March 31, 2026 and 2025 are as follows (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  |  |  | Retroactive modification method | Fair value method | Other | Total |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | &nbsp;&nbsp;&nbsp;&nbsp;Expected insurance claims and other expected insurance service expenses | W | 189825  | 165785  | 69492  | 425102  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Change in risk adjustment |  | 15194  | 10923  | 17882  | 43999  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Amortization of contractual service margin  |  | 93140  | 65245  | 70472  | 228857  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Recoveries of insurance acquisition cash flows  |  | 24455  | 85  | 74489  | 99029  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Other (\*) |  | (2973) | 29  | (2094) | (5038) |
|  |  |  | 319641  | 242067  | 230241  | 791949  |
| Premium allocation approach | Premium allocation approach |  | 24061 | - | 58  | 24119  |
| **Insurance income subtotal** | **Insurance income subtotal** |  | 343702 | 242067  | 230299  | 816068  |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | &nbsp;&nbsp;&nbsp;&nbsp;Incurred claims and other incurred insurance service expenses |  | 184263  | 87093  | 64495  | 335851  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Changes in fulfilment cash flows for incurred claims |  | 9906  | 68213  | 21184  | 99303  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Losses on onerous contracts |  | 3983  | (7814) | 11184  | 7353  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Amortization of insurance acquisition cash flows |  | 24526  | 85  | 74418  | 99029  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Other (\*) |  | (2752) | 254  | (7145) | (9643) |
|  |  |  | 219926 | 147831  | 164136  | 531893  |
| Premium allocation approach | Premium allocation approach |  | 23499 | - | (887)  | 22612  |
| **Insurance service expenses subtotal** | **Insurance service expenses subtotal** |  | 243425 | 147831 | 163249 | 554505 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**18. <u>Insurance contracts liabilities and others (continued)</u>**

(b) Details of insurance profits and losses for the three-month periods ended March 31, 2026 and 2025 are as follows (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  |  |  | Retroactive modification method | Fair value method | Other | Total |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | Incurred reinsurance claims | W | 34 | 14673 | 10970 | 25677 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Changes in fulfilment cash flows for incurred claims |  | 21 | (5793) | 904  | (4868) |
|  | Other (\*) |  | (10) | 105  | (172) | (77) |
|  |  |  | 45 | 8985  | 11702  | 20732  |
| Premium allocation approach | Premium allocation approach |  | 5769 | - | - | 5769  |
| **Reinsurance income subtotal** | **Reinsurance income subtotal** |  | 5814 | 8985  | 11702  | 26501  |
| &nbsp;&nbsp;&nbsp;Unapplied premium allocation approach | &nbsp;&nbsp;&nbsp;&nbsp;Expected reinsurance claims |  | - | 9267  | 8505  | 17772  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Change in risk adjustment |  | - | 948  | 652  | 1600  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Amortization of contractual service margin |  | - | 2695  | 3809  | 6504  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Other (\*) |  | - | 55  | (185) | (130) |
|  |  |  | - | 12965  | 12781  | 25746  |
| Premium allocation approach | Premium allocation approach |  | 8012 | - | - | 8012  |
| **Reinsurance service expenses subtotal** | **Reinsurance service expenses subtotal** |  | 8012 | 12965 | 12781 | 33758 |
|  |  | W | 98079 | 90256 | 65971 | 254306 |

---

(\*) Other includes allocations of loss components, among others.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**19. <u>Insurance finance income and expense</u>** 

Insurance finance income or expense for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| Insurance finance income |  |  |  |
| &nbsp;&nbsp;Insurance contract |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of foreign exchange rate changes | W | &nbsp;&nbsp;&nbsp;&nbsp;66  | &nbsp;&nbsp;&nbsp;&nbsp; 676  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | &nbsp;&nbsp;&nbsp;&nbsp;18811  | &nbsp;&nbsp;&nbsp;&nbsp;19910  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18877  | &nbsp;&nbsp;&nbsp;&nbsp;20586  |
| &nbsp;&nbsp;Reinsurance contract |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The change in non-performance risk by reinsurer |  | &nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;139 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;132 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18961 | &nbsp;&nbsp;&nbsp;&nbsp;20718  |
| Insurance finance expense |  |  |  |
| &nbsp;&nbsp;Insurance contract |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of foreign exchange rate changes |  | &nbsp;&nbsp;&nbsp;&nbsp;24657  | &nbsp;&nbsp;&nbsp;&nbsp;37  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | &nbsp;&nbsp;&nbsp;&nbsp;417885  | &nbsp;&nbsp;&nbsp;&nbsp;75237  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;442542  | &nbsp;&nbsp;&nbsp;&nbsp;75274 |
| **Insurance finance income (expense)** | W | &nbsp;&nbsp;&nbsp;&nbsp;(423581) | &nbsp;&nbsp;&nbsp;&nbsp;(54556) |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**20. <u>Equity</u>**

(a) Equity as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Share Capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary shares (\*1) | W | 2695586  | 2695586  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred shares (\*1), (\*2) |  | 274055  | 274055  |
|  |  | 2969641 | 2969641  |
| Hybrid bond |  | 4719886 | 4749837  |
| Capital surplus: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share premium |  | 1486821  | 11352744  |
| &nbsp;&nbsp;&nbsp;&nbsp;Others  |  | 745960  | 745814  |
|  |  | 2232781 | 12098558 |
| Capital adjustments |  | (772638) | (1180080) |
| Accumulated other comprehensive income, net of tax: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on financial assets at FVOCI |  | (5547875) | (3752987) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in other comprehensive loss of associates |  | (9983) | (11035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments for foreign operations |  | 490428  | 152539  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss from cash flow hedges |  | (296827) | (169697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurement of net defined benefit liabilities (assets) |  | (348918) | (348506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in own credit risk on financial liabilities designated under fair value option |  | (5230) | (4468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net finance income on insurance contract assets (liabilities) |  | 3831763  | 1801274  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net finance income on reinsurance contract assets (liabilities) |  | (220554) | (141933) |
|  |  | (2107196) | (2474813) |
| Retained earnings |  | 52016605 | 41796129 |
| Non-controlling interest |  | 2415284  | 2413052 |
|  | W | 61474363  | 60372324 |

---

(\*1) Due to the retirement of shares using retained earnings, etc., the Group's share capital differs from the aggregate par value of its issued shares.

(\*2) All redeemable convertible preferred shares previously issued by the Group have been redeemed from earnings, and therefore, although preferred share capital exists, no preferred shares are outstanding.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**20. <u>Equity (continued)</u>**

(b) Hybrid bonds

Hybrid bonds classified as other equity instruments of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Issue date** | **Maturity date** | **Interest rate (%)** |  | **March 31, 2026** | **December 31, 2025** |
| Hybrid bonds in KRW | September 15, 2017 | Perpetual bond | 4.25 | W | 89783  | 89783 |
| Hybrid bonds in KRW | April 13, 2018 | Perpetual bond | 4.56 |  | 14955  | 14955 |
| Hybrid bonds in KRW | March 16, 2021 | Perpetual bond | 2.94 |  | - | 429009 |
| Hybrid bonds in KRW | March 16, 2021 | Perpetual bond | 3.30 |  | 169581  | 169581 |
| Hybrid bonds in KRW | January 25, 2022 | Perpetual bond | 3.90 |  | 560438  | 560438 |
| Hybrid bonds in KRW | January 25, 2022 | Perpetual bond | 4.00 |  | 37853  | 37853 |
| Hybrid bonds in KRW | August 26, 2022 | Perpetual bond | 4.93 |  | 343026  | 343026 |
| Hybrid bonds in KRW | August 26, 2022 | Perpetual bond | 5.15 |  | 55803  | 55803 |
| Hybrid bonds in KRW | January 30, 2023 | Perpetual bond | 5.14 |  | 398831  | 398831 |
| Hybrid bonds in KRW | July 13, 2023 | Perpetual bond | 5.40 |  | 498815  | 498815 |
| Hybrid bonds in KRW | January 31, 2024 | Perpetual bond | 4.49 |  | 398833  | 398833 |
| Hybrid bonds in KRW | September 12, 2024 | Perpetual bond | 4.00 |  | 399033  | 399033 |
| Hybrid bonds in KRW | February 13, 2025 | Perpetual bond | 3.90 |  | 398835  | 398835 |
| Hybrid bonds in KRW | September 9, 2025 | Perpetual bond | 3.26 |  | 399035  | 399035 |
| Hybrid bonds in KRW | March 16, 2026 | Perpetual bond | 4.20 |  | 399058  | - |
| Hybrid bonds in USD | May 12, 2021 | Perpetual bond | 2.88 |  | 556007  | 556007 |
|  |  |  |  | W | 4719886  | 4749837 |

---

(\*) For the three-month period ended March 31, 2026, the deduction for capital related to hybrid bonds issued is W 942 million.

The hybrid bonds above can be repaid early after 5 or 10 years from the date of issuance, and the Group has an unconditional right to extend the maturity under the same condition or change them to perpetual bonds.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**20. <u>Equity (continued)</u>**

(c) Treasury shares

Changes in treasury shares for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **The number of shares** |  | **Carrying amount** | **The number of shares** |  | **Carrying amount** |
| Beginning balance | 8337535 | W | 600001  | 4585561 | W | 250000 |
| Acquisition | 4573039 |  | 395618  | 21702365 |  | 1250001  |
| Retirement (\*) | (10840573) |  | (800000) | (17950391) |  | (900000) |
| Ending balance | 2070001 | W | 195619  | 8337535 | W | 600001 |

---

(\*) For the three-month period ended March 31, 2026, the Group acquired treasury shares for retirement and completed the retirement of 10,840,573 shares on February 6, 2026. For the year ended December 31, 2025, the Group acquired treasury shares for retirement and completed the retirement of 7,603,260 shares and 10,347,131 shares on April 29, 2025 and June 26, 2025, respectively.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**20. <u>Equity (continued)</u>**

(d) Accumulated other comprehensive income

Changes in accumulated other comprehensive income for the three-month period ended March 31, 2026 and the year ended December 31, 2025 are as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | Items that are or may be reclassified to profit or loss | Items that are or may be reclassified to profit or loss | Items that are or may be reclassified to profit or loss | Items that are or may be reclassified to profit or loss | Items that are or may be reclassified to profit or loss | Items that are or may be reclassified to profit or loss | Items that will not be reclassified to profit or loss | Items that will not be reclassified to profit or loss | Items that will not be reclassified to profit or loss | Items that will not be reclassified to profit or loss | Total |
|  |  | Valuation gains (losses) on securities at FVOCI | Equity in other comprehensive income (expense) of<br>associates | Foreign currency translation<br>adjustments<br>for foreign<br>operations | Net gain (loss) from cash flow<br>hedges | Net finance income (expense) on insurance contract assets <br>(liabilities) | Net finance <br>Income (expense) on reinsurance contract assets <br>(liabilities) | Remeasurements of the defined benefit<br>plans | Equity in other comprehensive income (expense) of<br>associates | Valuation<br>gains<br>(losses) <br>on <br>securities at<br>FVOCI | Gain (loss)<br>on financial<br>liabilities<br>designated at<br>FVTPL<br>attributable to<br>changes in<br>credit risk | Total |
| &nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;W | (4081244) | (11044) | 152539  | (169697) | 1801274  | (141933) | (348506) | 9  | 328257  | (4468) | (2474813) |
| &nbsp;&nbsp;&nbsp;Change due to fair value  |  | (2626813) | (42) | - | - | 2800884  | (108441) | - | (4) | 189308  | (2290) | 252602  |
| Reclassification: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change due to impairment or disposal |  | (55207) | - | - | - | - | - | - | - | - | - | (55207) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of hedge accounting |  | - | - | - | (299626) | - | - | - | - | - | - | (299626) |
| &nbsp;&nbsp;Hedging |  | 13686  | - | (115764) | 125583  | - | - | - | - | - | - | 23505  |
| &nbsp;&nbsp;&nbsp;Effects from changes in foreign exchange rate |  | - | 1497  | 446845  | - | - | - | - | - | 5983  | - | 454325  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**20. <u>Equity (continued)</u>**

(d) Accumulated other comprehensive income (continued)

Changes in accumulated other comprehensive income for the three-month period ended March 31, 2026 and the year ended December 31, 2025 are as follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | Items that are or may be reclassified to profit or loss | Items that are or may be reclassified to profit or loss | Items that are or may be reclassified to profit or loss | Items that are or may be reclassified to profit or loss | Items that are or may be reclassified to profit or loss | Items that are or may be reclassified to profit or loss | Items that will not be reclassified to profit or loss | Items that will not be reclassified to profit or loss | Items that will not be reclassified to profit or loss | Items that will not be reclassified to profit or loss | Total |
|  | Valuation gains (losses) on securities at FVOCI | Equity in other comprehensive income (expense) of<br>associates | Foreign currency translation<br>adjustments<br>for foreign<br>operations | Net gain (loss) from cash flow<br>hedges | Net finance income (expense) on insurance contract assets <br>(liabilities) | Net finance <br>Income (expense) on reinsurance contract assets <br>(liabilities) | Remeasurements of the defined benefit<br>plans | Equity in other comprehensive income (expense) of<br>associates | Valuation<br>gains<br>(losses) <br>on <br>securities at<br>FVOCI | Gain (loss)<br>on financial<br>liabilities<br>designated at<br>FVTPL<br>attributable to<br>changes in<br>credit risk | Total |
| &nbsp;&nbsp;&nbsp;Remeasurements of the net defined benefit plans | &nbsp;&nbsp;&nbsp;- | - | - | - | - | - | (561) | - | - | - | (561) |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 734369  | (400) | 9548  | 46913  | (770395) | 29820  | 149  | 1  | (57326) | 630  | (6691) |
| &nbsp;&nbsp;&nbsp;Amount transferred to retained earnings due to disposal | - | - | - | - | - | - | - | - | (683) | 898  | 215  |
| &nbsp;&nbsp;&nbsp;Non-controlling interests | 1795  | - | (2740) | - | - | - | - | - | - | - | (945) |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

Ending balance W <u>(6,013,414)</u>   <u>(9,989)</u>   <u>490,428 </u>   <u>(296,827)</u>   <u>3,831,763 </u>   <u>(220,554)</u>   <u>(348,918)</u>   <u>6 </u>   <u>465,539 </u>   <u>(5,230)</u>   <u>(2,107,196)</u>

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**20. <u>Equity (continued)</u>**

(d) Accumulated other comprehensive income (continued)

Changes in accumulated other comprehensive income for the three-month period ended March 31, 2026 and the year ended December 31, 2025 are as follows (continued):

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | Items that are or may be reclassified to profit or loss | Items that are or may be reclassified to profit or loss | Items that are or may be reclassified to profit or loss | Items that are or may be reclassified to profit or loss | Items that are or may be reclassified to profit or loss | Items that are or may be reclassified to profit or loss | Items that will not be reclassified to profit or loss | Items that will not be reclassified to profit or loss | Items that will not be reclassified to profit or loss | Items that will not be reclassified to profit or loss | Total |
|  |  | Gain (loss) on securities at FVOCI | Equity in other comprehensive income (expense) of<br>associates | Foreign currency translation<br>adjustments<br>for foreign<br>operations | Net gain (loss) from cash flow<br>hedges | Net finance income (expense) on insurance contract assets <br>(liabilities) | Net finance <br>Income (expense) on reinsurance contract assets <br>(liabilities) | Remeasurements of the defined benefit<br>plans | Equity in other comprehensive income (expense) of<br>associates | Valuation<br>gains<br>(losses) <br>on <br>securities at<br>FVOCI | Gain (loss)<br>on financial<br>liabilities<br>designated at<br>FVTPL<br>attributable to<br>changes in<br>credit risk | Total |
| &nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;W | (2482668) | 5692  | 296489  | 3406  | 532388  | 11750  | (354087) | 9  | 168150  | (5569) | (1824440) |
| &nbsp;&nbsp;&nbsp;Change due to fair value  |  | (2181955) | (24731) | - | - | 1748614  | (211730) | - | - | 225514  | (4163) | (448451) |
| Reclassification: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change due to impairment or disposal |  | (47293) | 662  | - | - | - | - | - | - | - | - | (46631) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of hedge accounting |  | - | - | - | (27149) | - | - | - | - | - | - | (27149) |
| &nbsp;&nbsp;Hedging |  | (19262) | - | 59096  | (216152) | - | - | - | - | - | - | (176318) |
| &nbsp;&nbsp;&nbsp;Effects from changes in foreign exchange rate |  | - | 1107  | (199597) | - | - | - | - | - | (696) | - | (199186) |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**20. <u>Equity (continued)</u>**

(d) Accumulated other comprehensive income (continued)

Changes in accumulated other comprehensive income for the three-month period ended March 31, 2026 and the year ended December 31, 2025 are as follows (continued):

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | Items that are or may be reclassified to profit or loss | Items that are or may be reclassified to profit or loss | Items that are or may be reclassified to profit or loss | Items that are or may be reclassified to profit or loss | Items that are or may be reclassified to profit or loss | Items that are or may be reclassified to profit or loss | Items that will not be reclassified to profit or loss | Items that will not be reclassified to profit or loss | Items that will not be reclassified to profit or loss | Items that will not be reclassified to profit or loss | Total |
|  |  | Gain (loss) on securities at FVOCI | Equity in other comprehensive income (expense) of<br>associates | Foreign currency translation<br>adjustments<br>for foreign<br>operations | Net gain (loss) from cash flow<br>hedges | Net finance income (expense) on insurance contract assets <br>(liabilities) | Net finance <br>Income (expense) on reinsurance contract assets <br>(liabilities) | Remeasurements of the defined benefit<br>plans | Equity in other comprehensive income (expense) of<br>associates | Gain<br>(loss) on securities at<br>FVOCI | Gain (loss)<br>on financial<br>liabilities<br>designated at<br>FVTPL<br>attributable to<br>changes in<br>credit risk | Total |
| &nbsp;&nbsp;&nbsp;Remeasurements of the net defined benefit plans |  | &nbsp;&nbsp;&nbsp;- | - | - | - | - | - | (181) | - | - | - | (181) |
| &nbsp;&nbsp;&nbsp;Deferred income taxes |  | 648218  | 6226  | (3787) | 70198  | (479728) | 58047  | 5505  | - | (61788) | 1511  | 244402  |
| &nbsp;&nbsp;&nbsp;Amount transferred to retained earnings due to disposal |  | - | - | - | - | - | - | - | - | (2923) | 3753  | 830  |
| &nbsp;&nbsp;&nbsp;Non-controlling interests |  | 1716  | - | 338  | - | - | - | 257  | - | - | - | 2311  |
| &nbsp;&nbsp;&nbsp;Ending balance | &nbsp;&nbsp;&nbsp;&nbsp;W | (4081244) | (11044) | 152539  | (169697) | 1801274  | (141933) | (348506) | 9  | 328257  | (4468) | (2474813) |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**20. <u>Equity (continued)</u>**

(e) Regulatory reserve for loan losses

In accordance with Regulations for the Supervision of Financial Institutions, the Group reserves the difference between allowance for credit losses by K-IFRS and that as required by the Regulations at the account of regulatory reserve for loan losses in retained earnings.

*i) Changes in regulatory reserve for loan losses including non-controlling interests as of March 31, 2026 and December 31, 2025 are as follows:*

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** |
| Beginning balance | W | 4,243,565  | 3,969,339  |
| Expected regulatory reserve for loan losses  |  | 165,488  | 274,226  |
| Ending balance | W | 4,409,053  | 4,243,565  |

---

*ii) Profit attributable to equity holders of Shinhan Financial Group and earnings per share after factoring in regulatory reserve for loan losses for the three-month periods ended March 31, 2026 and 2025 are as follows:*

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| &nbsp;&nbsp;Profit for the period | W | 1622594  | 1488346  |
| Provision for regulatory reserve for loan losses |  | (165068) | (64833) |
| &nbsp;&nbsp;Profit adjusted for regulatory reserve | W | 1457526 | 1423513  |
| &nbsp;&nbsp;&nbsp;Basic and diluted earnings per share adjusted for regulatory reserve (\*) |  | 2979 | 2872 |

---

(\*) Dividends for hybrid bonds are deducted.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**20. <u>Equity (continued)</u>**

(f) Dividends

By resolutions of the 25th general meeting of stockholders, the annual dividends declared to be paid by the Parent Company to the shareholders of the Company in respect of the year ended December 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  |  | **Total dividends** |
| Ordinary shares (W 880 per share) | W | 417502 |

---

**21. <u>Operating revenue</u>**

Operating revenue for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| &nbsp;&nbsp;Interest income | W | 7072131  | 7067924  |
| &nbsp;&nbsp;Fees and commission income |  | 1361879  | 1053432  |
| &nbsp;&nbsp;Insurance income |  | 881584  | 816068  |
| &nbsp;&nbsp;Reinsurance income |  | 52194  | 26501  |
| &nbsp;&nbsp;Insurance finance income |  | 18961  | 20718  |
| &nbsp;&nbsp;Dividend income |  | 70861  | 71411  |
| &nbsp;&nbsp;Net gain on financial instruments measured at fair value through profit or loss |  | 2113004  | 1077599  |
| &nbsp;&nbsp;Gain on trading derivatives measured at fair value through profit or loss |  | 11516059  | 4476904  |
| &nbsp;&nbsp;Net gain on financial instruments designated at fair value through profit or loss |  | 222920  | 62711  |
| &nbsp;&nbsp;Net gain on foreign currency transaction |  | 4343869  | 864468  |
| &nbsp;&nbsp;Net gain on disposal of securities at fair value through other comprehensive income |  | 39891  | 101757  |
| &nbsp;&nbsp;Net gain on disposal of securities at amortized cost |  | 5  | 1  |
| &nbsp;&nbsp;Reversal of credit losses |  | 1004  | 11435  |
| &nbsp;&nbsp;Gain related to hedging derivates |  | 534790  | 195244  |
| &nbsp;&nbsp;Other operating income |  | 263280  | 269866  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 28492432  | 16116039 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**22. <u>Net interest income</u>**

Net interest income for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| &nbsp;&nbsp;**Interest income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and due from banks at amortized cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 207613  | 189060  |
| &nbsp;&nbsp;&nbsp;Deposit at FVTPL |  | 391  | 135  |
| &nbsp;&nbsp;&nbsp;Securities at FVTPL |  | 418184  | 391405  |
| &nbsp;&nbsp;&nbsp;Securities at FVOCI |  | 774471  | 701233  |
| &nbsp;&nbsp;&nbsp;Securities at amortized cost |  | 250247  | 264413  |
| &nbsp;&nbsp;&nbsp;Loans at amortized cost |  | 5301064  | 5409245  |
| &nbsp;&nbsp;&nbsp;Loans at FVTPL |  | 22825  | 27606  |
| &nbsp;&nbsp;&nbsp;Insurance finance interest income |  | 61657  | 49342  |
| &nbsp;&nbsp;&nbsp;Others |  | 35679  | 35485  |
|  |  | 7072131  | 7067924  |
| &nbsp;&nbsp;**Interest expense:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits |  | 2258891  | 2408680  |
| &nbsp;&nbsp;&nbsp;Financial liabilities designated at FVTPL |  | 3916  | 3328  |
| &nbsp;&nbsp;&nbsp;Borrowings |  | 396964  | 399121  |
| &nbsp;&nbsp;&nbsp;Debt securities issued |  | 818770  | 850430  |
| &nbsp;&nbsp;&nbsp;Insurance finance interest expenses |  | 477181  | 464680  |
| &nbsp;&nbsp;&nbsp;Others |  | 92266  | 86797  |
|  |  | 4047988  | 4213036  |
| &nbsp;&nbsp;Net interest income | W | 3024143 | 2854888  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**23. <u>Net fees and commission income</u>**

Net fees and commission income for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| **Fees and commission income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit placement fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 14562  | 15441  |
| &nbsp;&nbsp;&nbsp;Commission received as electronic charge receipt |  | 37174  | 37351  |
| &nbsp;&nbsp;&nbsp;Brokerage fees |  | 312254  | 91518  |
| &nbsp;&nbsp;&nbsp;Commission received as agency  |  | 50321  | 44289  |
| &nbsp;&nbsp;&nbsp;Investment banking fees |  | 29357  | 63333  |
| &nbsp;&nbsp;&nbsp;Commission received in foreign exchange activities |  | 116461  | 94552  |
| &nbsp;&nbsp;&nbsp;Trust management fees |  | 75771  | 58602  |
| &nbsp;&nbsp;&nbsp;Credit card fees |  | 324811  | 277059  |
| &nbsp;&nbsp;&nbsp;Operating lease fees |  | 155124  | 170242  |
| &nbsp;&nbsp;&nbsp;Others |  | 246044  | 201045  |
|  |  | 1361879  | 1053432  |
| **Fees and commission expense:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit-related fees |  | 11323  | 10832  |
| &nbsp;&nbsp;&nbsp;Credit card fees |  | 254087  | 240966  |
| &nbsp;&nbsp;&nbsp;Others |  | 155643  | 123488  |
|  |  | 421053  | 375286  |
| Net fees and commission income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 940826 | 678146  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**24. <u>Provision for credit losses</u>**

Provision for credit losses on financial assets for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance provided:  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans at amortized cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | (493722) | (418538) |
| &nbsp;&nbsp;&nbsp;Other financial assets at amortized cost |  | (25330) | (31357) |
| &nbsp;&nbsp;&nbsp;Securities at fair value through other comprehensive income |  | - | (891)  |
| &nbsp;&nbsp;&nbsp;Unused lines of credit and financial guarantee |  | (1907) | - |
| &nbsp;&nbsp;&nbsp;Securities at amortized cost |  | (157) | - |
|  |  | (521116) | (450786)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance reversed: |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities at fair value through other comprehensive income |  | 1004  | - |
| &nbsp;&nbsp;&nbsp;Securities at amortized cost |  | - | 72  |
| &nbsp;&nbsp;&nbsp;Unused lines of credit and financial guarantee |  | - | 11363 |
|  |  | 1004  | 11435 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | (520112) | (439351)  |

---

**25. <u>General and administrative expenses</u>**

General and administrative expenses for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| Employee benefits: |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries  | W | 882344 | 821332  |
| &nbsp;&nbsp;&nbsp;Severance benefits: |  |  |  |
| &nbsp;&nbsp;&nbsp;Defined contribution |  | 14463  | 11569  |
| &nbsp;&nbsp;&nbsp;Defined benefit |  | 29751  | 32354  |
|  |  | 44214 | 43923 |
| &nbsp;&nbsp;&nbsp;Termination benefits |  | 30464 | 1944  |
|  |  | 957022 | 867199  |
| Entertainment |  | 9830  | 9817  |
| Depreciation |  | 137042  | 136897  |
| Amortization |  | 77944  | 75962  |
| Taxes and utility bills |  | 109790  | 56412  |
| Advertising |  | 48619  | 50857  |
| Research |  | 6818  | 6763  |
| Others |  | 198340  | 210051  |
|  | W | 1545405  | 1413958  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**26. <u>Share-based payments</u>**

(a) Performance shares granted as of March 31, 2026 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Expired** | **Not expired** |
| Type | Cash-settled share-based payment | Cash-settled share-based payment |
| Performance conditions | Relative stock price linked (20.0%), management index (80.0%) | Relative stock price linked (20.0%), management index (80.0%) |
| Exercising period | 4 years from the commencement date of the year <br>to which the grant date belongs | 4 years from the commencement date of the year <br>to which the grant date belongs |
| Estimated number of shares vested at March 31, 2026 | 186,576 shares | 2,142,112 shares |
| Fair value per share in Korean won (\*)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W 37,387, W 37,081,<br>W 38,156, W 50,444 and<br>W 77,757 for the expiration of exercising period from 2021 to 2025 | W 87,700 |

---

(\*) Based on performance-based stock compensation, the reference stock price (the arithmetic average of the weighted average share price of transaction volume for the past two months, the past one month, and the past one week from the day before the base date) of four years after the commencement of the grant year is paid in cash, and the fair value of the reference stock price to be paid in the future is assessed as the closing price of the settlement.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**26. <u>Share-based payments (continued)</u>**

(b) Share-based compensation costs for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Employees of** | **Employees of** |  |
|  |  | **Parent Company** | **Subsidiaries** | **Total** |
| Performance share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 3383 | 25315 | 28698 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  |  | **Employees of** | **Employees of** |  |
|  |  | **Parent Company** | **Subsidiaries** | **Total** |
| Performance share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 337 | 644 | 981 |

---

(c) Accrued expenses recognized related to share-based payment transactions as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Parent Company** | **Subsidiaries** | **Total** |
| Performance share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 19196 | 176793 | 195989 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | **Parent Company** | **Subsidiaries** | **Total** |
| Performance share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 22537 | 197518 | 220055 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**27. <u>Income tax expense</u>**

(a) Income tax expense for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| Current income tax expense | W | 205705 | 298010  |
| Temporary differences (\*) |  | 371779 | (16104) |
| &nbsp;&nbsp;&nbsp;Income tax recognized in other comprehensive income (\*) |  | (5250) | 206606  |
| Income tax expense | W | 572234 | 488512 |
| Effective tax rate | % | 25.76 | 24.36 |

---

(\*) Due to the implementation of the global minimum tax law, the current income tax expense as of March 31, 2026, and December 31, 2025, is W 613 million and W 936 million, respectively. The Group does not recognize deferred tax assets and liabilities related to global minimum tax laws by applying the temporary exception provision for deferred tax in K-IFRS No. 1012.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**28. <u>Earnings per share</u>**

Basic and diluted earnings per share for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| &nbsp;&nbsp;Profit attributable to equity holders of Shinhan Financial Group | W | 1622594 | 1488346 |
| &nbsp;&nbsp;Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends to hybrid bonds |  | (44051) | (42590)  |
| Profit attributable to ordinary shareholders | W | 1578543 | 1445756 |
| &nbsp;&nbsp;Weighted average number of ordinary shares outstanding (\*) |  | 474460127 | 495588643 |
| Basic and diluted earnings per share in won | W | 3327 | 2917 |

---

(\*) As of March 31, 2026, the number of ordinary shares issued by the Group is 474,654,361 shares, and the weighted average number of outstanding shares reflects changes such as the acquisition and retirement of treasury shares for the three-month periods ended March 31, 2026 and 2025.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**29. <u>Commitments and contingencies</u>**

(a) Guarantees, acceptances and lines of credit as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantees and purchase agreements: |  |  |  |
| &nbsp;&nbsp;&nbsp;Outstanding guarantees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 19318998  | 18642539  |
| &nbsp;&nbsp;&nbsp;Contingent guarantees  |  | 4973278  | 4917473  |
| &nbsp;&nbsp;&nbsp;ABS and ABCP purchase agreements |  | 3039844  | 2649382  |
|  |  | 27332120  | 26209394  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitments to extend credit: |  |  |  |
| &nbsp;&nbsp;&nbsp;Loan commitments in won |  | 97236711  | 95042772  |
| &nbsp;&nbsp;&nbsp;Loan commitments in foreign currency |  | 26390949  | 25559545  |
| &nbsp;&nbsp;&nbsp;Unused lines of credit |  | 94257480  | 93230869  |
| &nbsp;&nbsp;&nbsp;Other agreements |  | 6579835  | 6483867  |
|  |  | 224464975  | 220317053  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endorsed bills: |  |  |  |
| &nbsp;&nbsp;&nbsp;Secured endorsed bills |  | 13422  | 12574  |
| &nbsp;&nbsp;&nbsp;Unsecured endorsed bills |  | 11970924  | 10560935  |
|  |  | 11984346  | 10573509  |
|  | W | 263781441  | 257099956  |

---

(b) Legal contingencies

As of March 31, 2026, the Group is involved with 1,262 pending lawsuits as a defendant with total litigation fee of W 1,250,417 million.

As of March 31, 2026, the Group has recorded W 83,972 million and W 5,763 million, respectively, as other provisions and insurance contract liabilities for litigations, etc., which have been decided to lose at the first trial. The outcome of the remaining litigations other than those accounted for provisions, etc. are not expected to have a material impact on the consolidated financial statements, but additional losses may result from future litigation.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**29. <u>Commitments and contingencies (continued)</u>**

(c) As a Prime Brokerage Service (PBS) provider, Shinhan Securities Co., Ltd. entered into a total return swap (TRS) agreement, derivatives that exchange profits and losses from underlying assets such as stocks, bonds, and funds, with a fund managed by Lime Asset Management (the "Lime Fund"). Through the TRS agreement with Shinhan Securities Co., Ltd., the Lime Fund invested approximately USD 200 million in the IIG Global Trade Finance Fund, IIG Trade Finance Fund, and IIG Trade Finance Fund–FX Hedge (hereinafter referred to as the "IIG Fund") between May and September 2017. In 2019, under the management instructions of Lime Asset Management, Shinhan Securities Co., Ltd. made an in-kind investment of the IIG Fund into LAM Enhanced Finance III L.P. (the "LAM III Fund") and acquired beneficiary certificates of the LAM III Fund. The recoverable value of the LAM III Fund's beneficiary certificates is dependent on the recoverable value of the IIG Fund previously invested in kind. In November 2019, the IIG Fund was subject to a registration cancellation and asset freeze by the U.S. Securities and Exchange Commission (SEC).

In its interim inspection report issued in February 2020, the Financial Supervisory Service (FSS) stated that Shinhan Securities Co., Ltd. was involved in concealing losses and committing fraud in connection with the Lime Fund while operating TRS agreements, and a related prosecution investigation has since been ongoing. On November 12, 2021, the Financial Services Commission (FSC) finalized institutional sanctions against Shinhan Securities Co., Ltd., including a six-month ban on the sale of new private equity funds. In addition, the former director of Prime Brokerage Services at Shinhan Securities Co., Ltd. was arrested and indicted on charges of fraud and violation of the Financial Investment Services and Capital Markets Act. The director was subsequently found guilty.

On January 22, 2021, the prosecution indicted Shinhan Securities Co., Ltd. for violations of the Financial Investment Services and Capital Markets Act arising from the actions of the former director of its Prime Brokerage Services (PBS) division. Subsequently, on March 15, 2023, the court imposed a fine of W 50 million on Shinhan Securities for breach of its supervisory duties.

Taking into consideration the resolutions of the Board of Directors and the results of the dispute settlement committee of the Financial Supervisory Service, Shinhan Securities Co., Ltd. has completed, or plans to carry out, compensation and liquidity support for certain products, including the Lime Trade Finance Fund.

(d) From May 2014 to November 2019, Shinhan Securities Co., Ltd. sold trust instruments related to the Gen2 project. As of December 31, 2025, redemptions for the entire outstanding balance of approximately W 420 billion have been suspended, and repayments have been delayed. In accordance with a resolution of the Board of Directors dated September 28, 2021, Shinhan Securities Co., Ltd. decided to compensate customers who agreed to the suspension of redemption by paying 40% of their invested principal, with the remaining balance to be settled upon recovery of the underlying investments. On August 29, 2023, the Board of Directors resolved to proceed with a private settlement under a post-settlement arrangement. Furthermore, on December 8, 2023, the Board resolved to proceed with private settlements under a post-settlement arrangement for the NH-UK Peterborough Power Plant Trust product, and on September 2, 2025, the Complaints Review Committee resolved to apply the same approach to the Lime M360 Fund and other related trust products.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**29. <u>Commitments and contingencies (continued)</u>**

(e) Shinhan Asset Trust Co., Ltd. is engaged in completion-guaranteed land trust projects, under which the company assumes responsibility for ensuring project completion in the event the contractor fails to do so. If Shinhan Asset Trust Co., Ltd. fails to fulfill this obligation, it is liable to compensate financial institutions for any losses incurred. For the period ended March 31, 2026, Shinhan Asset Trust Co., Ltd. had entered into agreements for a total of 5 projects (including those already completed), such as a studio apartment development in Sincheon-dong, Siheung-si, Gyeonggi Province, under a management-type land trust with a guaranteed completion clause. As of March 31, 2026, the total project financing (PF) commitment amount from financial institutions related to these projects was W 228,100 million, and the outstanding PF loan balance amounted to W 191,396 million.

As of March 31, 2026, the guaranteed completion deadlines for 3 project sites (including completed ones) have passed. The total project financing (PF) loan commitment limits for these sites amount to W 90,600 million, with loan balances of W 64,796 million.

Shinhan Asset Trust Co., Ltd. continuously assesses the impact of off-balance sheet commitments to ensure that they are appropriately reflected in the financial statements, if necessary.

(f) As of March 31, 2026, Shinhan Asset Trust Co., Ltd. may lend a portion of the total project cost to the trust account in relation to loan-type land trust agreements, etc., and the maximum commitment amount of PF loans (unused limit) is W 244,850 million. Regarding the project, Shinhan Asset Trust Co., Ltd. is not unconditionally obligated to provide trust account loans. Instead, such decisions are made after comprehensively considering factors such as the proprietary account and the cash flow plans of each trust project.

(g) As of March 31, 2026, Shinhan Securities Co., Ltd. is under investigation by the Korea Fair Trade Commission regarding alleged unfair collusion among financial institutions*.*

(h) Shinhan Bank, in accordance with the *Dual Recourse Bonds Act* and the covered bond issuance program agreement, separately registers and manages a cover pool to secure the repayment of covered bonds. To maintain the eligibility of the cover pool, Shinhan Bank performs a collateral maintenance ratio test on each calculation date to ensure that the adjusted total collateral amount remains at or above a specified percentage (minimum collateral ratio) of the outstanding issuance balance. In addition, from 12 months prior to the maturity of covered bonds, Shinhan Bank conducts a pre-maturity liquidity test and has agreed to pre-accumulate liquidity assets necessary for repayment at maturity upon the occurrence of certain events, such as a credit rating downgrade.

As of March 31, 2026 and December 31, 2025, the carrying amounts of covered bonds issued by Shinhan Bank are W 1,972,045 million and W 1,916,820 million, respectively. The carrying amounts of the cover pools (including residential mortgage loans and liquidity assets) established to comply with the above agreements are W 3,456,793 million and W 3,647,109 million, respectively.

(i) Shinhan Card Co., Ltd. is currently subject to an investigation by the supervisory authorities in connection with the leakage of personal information of merchant representatives that occurred between March 2022 and May 2025. The outcome of the investigation cannot be reasonably estimated as of March 31, 2026.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**30. <u>Statement of cash flows</u>**

Cash and cash equivalents in the consolidated statements of cash flows as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** |
| Cash and due from banks at amortized cost | W | 40224820 | 39758705 |
| &nbsp;&nbsp;Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from banks with a maturity over three months from date of acquisition |  | (847091) | (966755) |
| &nbsp;&nbsp;&nbsp;Restricted due from banks |  | (3184594) | (3496827) |
|  |  | (4031685) | (4463582) |
|  | W | 36193135 | 35295123  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**31. <u>Related parties</u>**

Intra-group balances, and income and expenses arising from intra-group transactions are eliminated in preparing the consolidated financial statements. In accordance with K-IFRS No. 1024, the Group defines the retirement benefit plans of the associates, key management and their families, the consolidation group and related parties as the scope of related parties. The amount of profit and loss, receivable balance and payable balance between the Group and the related parties are disclosed. For details of the associates and joint ventures, refer to 'Note 12'.

(a) Balances with the related parties as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Related party** | **Account** |  | **March 31, 2026** | **December 31, 2025** |
| **Investments in associates:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas Cardif Life Insurance | Credit card loans | W | 192  | 190  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | ACL |  | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Accrued income |  | 12  | 14  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Deposits |  | 4058  | 3855  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Allowance for Undrawn Commitment |  | 1  | 1  |
| &nbsp;&nbsp;&nbsp;&nbsp;ICSF (The Korea's Information Center for Savings & Finance) | Credit card loans |  | 2  | 1  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Deposits |  | 9  | 4  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura-Rifa Private Real Estate Investment Trust 19 | Loans |  | 11400  | 11400  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;ACL |  | (3778) | (3781) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Accrued income |  | 44  | 47  |
| &nbsp;&nbsp;&nbsp;&nbsp;Korea Finance Security Co., Ltd. | &nbsp;&nbsp;&nbsp;Deposits |  | 121  | 123  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Credit card loans |  | 5  | 7  |
| &nbsp;&nbsp;&nbsp;&nbsp;Korea Credit Bureau | &nbsp;&nbsp;&nbsp;Deposits |  | 1002  | 1671  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Credit card loans |  | 671  | 907  |
| &nbsp;&nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. | &nbsp;&nbsp;&nbsp;Loans |  | 538400  | 519800  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;ACL |  | (4227) | (3990) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Accrued income |  | 95  | 93  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Allowance for Undrawn Commitment |  | 761  | 771  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Deposits |  | 1  | 1  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Unearned revenue |  | 351  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Goduck Gangil10 PFV Co., Ltd. | Deposits |  | 182  | 340  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Global Healthcare Fund 2 | Deposits |  | 1  | 1  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future-Creation Neoplux Venture Capital Fund | Account receivables |  | 3600  | 3600  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Neoplux Energy Newbiz Fund  | Account receivables |  | 643  | 643  |
| &nbsp;&nbsp;&nbsp;&nbsp;SHINHAN-NEO Core Industrial Technology Fund | Account receivables |  | 63  | 288  |
| &nbsp;&nbsp;&nbsp;&nbsp;Neoplux No.3 Private Equity Fund | Account receivables |  | - | 9240  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wave Technology | Deposits |  | 39  | 106  |
| &nbsp;&nbsp;&nbsp;&nbsp;SHINHAN-NEO Market-Frontier 2nd Fund | Account receivables |  | 332  | 1485  |
| &nbsp;&nbsp;&nbsp;&nbsp;iPIXEL Co., Ltd. | Credit card loans |  | 18  | 10  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Deposits |  | 1  | 74  |
| &nbsp;&nbsp;&nbsp;&nbsp;NewWave 6th Fund | Account receivables |  | 165  | 791  |
| &nbsp;&nbsp;&nbsp;&nbsp;DDI LVC Master Real Estate Investment Trust Co., Ltd. | Deposits |  | 766  | 784  |
| &nbsp;&nbsp;&nbsp;&nbsp;Logisvalley Shinhan REIT Co., Ltd. | Loans |  | 33000  | 33000  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | ACL |  | (29) | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Accrued income |  | 38  | 75  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Deposits |  | 1097  | 932  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**31. <u>Related parties (continued)</u>**

(a) Balances with the related parties as of March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Related party** | **Account** |  | **March 31, 2026** | **December 31, 2025** |
| **Investments in associates (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Albatross Technology Investment Fund | &nbsp;&nbsp;&nbsp;Deposits | W | 4081  | 2331  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan VC tomorrow venture fund 1 | &nbsp;&nbsp;&nbsp;Account receivables |  | 795  | 2992  |
| &nbsp;&nbsp;&nbsp;&nbsp;JS Shinhan Private Equity Fund | &nbsp;&nbsp;&nbsp;Accrued income |  | - | 289  |
| &nbsp;&nbsp;&nbsp;&nbsp;NH-J&-IBKC Label Technology Fund | &nbsp;&nbsp;&nbsp;Deposits |  | 44  | 44  |
| &nbsp;&nbsp;&nbsp;&nbsp;SH K-REITs Infra Real Estate Investment Trust (FoFs) | &nbsp;&nbsp;&nbsp;Accrued income |  | 5  | 5  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-CJ TechInnovation Fund 1st | &nbsp;&nbsp;&nbsp;Deposits |  | 1500  | 3500  |
| &nbsp;&nbsp;&nbsp;&nbsp;SH US Buyback&High Dividend Security Feeder Investment Trust(H)[Equity] | &nbsp;&nbsp;&nbsp;Accrued income |  | 12  | 14  |
| &nbsp;&nbsp;&nbsp;&nbsp;SH Prestige High Dividend Security Feeder No.1[Equity] | &nbsp;&nbsp;&nbsp;Accrued income |  | 50  | 34  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan General Private Real Estate Investment Trust No.3 | &nbsp;&nbsp;&nbsp;Accrued income |  | 48  | 50  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capstone REITs No.26 | &nbsp;&nbsp;&nbsp;Loans |  | 20000  | 20000  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;ACL |  | (21) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Accrued income |  | 90  | 93  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Mid and Small-Sized Office Value-Added MO REIT Co., Ltd. | &nbsp;&nbsp;&nbsp;Accrued income |  | 227  | 146  |
| &nbsp;&nbsp;&nbsp;&nbsp;PineStreet Global Corporate FoF XIII-2 | &nbsp;&nbsp;&nbsp;Derivative assets |  | 600  | 469  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Derivative liabilities |  | 4  | 17  |
| &nbsp;&nbsp;&nbsp;&nbsp;CASCADETECH INC | &nbsp;&nbsp;&nbsp;Deposits |  | 13  | 11  |
| &nbsp;&nbsp;&nbsp;&nbsp;Songpa biz cluster PFV Co., Ltd. | &nbsp;&nbsp;&nbsp;Loans |  | 1405103  | 70272  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;ACL |  | (2050) | (521) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Accrued income |  | 80  | 129  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Deposits |  | 436  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Unearned revenue |  | 289  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;STIC ALT Global II Private Equity Fund | &nbsp;&nbsp;&nbsp;Deposits |  | 546  | 805  |
| &nbsp;&nbsp;&nbsp;&nbsp;TECHFIN RATINGS Co., Ltd.  | &nbsp;&nbsp;&nbsp;Credit card loans |  | 36  | 28  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;ACL |  | (1) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Deposits |  | 7508  | 13548  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Allowance for Undrawn Commitment |  | 2  | 1  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura-Rifa Private Real Estate Investment Trust 31 | &nbsp;&nbsp;&nbsp;Loans |  | 13860  | 13860  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;ACL |  | (56) | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;Pacific Private Placement Real Estate Fund No.40 | &nbsp;&nbsp;&nbsp;Loans |  | 14000  | 14000  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;ACL |  | (99) | (99) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Accrued income |  | 147  | 152  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-DS Mezzanine Fund 1 | &nbsp;&nbsp;&nbsp;Unearned revenue |  | 22  | 88  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Csquared Mezzanine Fund 1 | &nbsp;&nbsp;&nbsp;Unearned revenue |  | 9  | 19  |
| &nbsp;&nbsp;&nbsp;&nbsp;KR Seocho Co., Ltd. | &nbsp;&nbsp;&nbsp;Loans |  | 11871  | 11871  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;ACL |  | (232) | (228) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Accrued income |  | 1967  | 1691  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Dev healthcare Fund I | &nbsp;&nbsp;&nbsp;Unearned revenue |  | 64  | 8  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credila Financial Services | &nbsp;&nbsp;&nbsp;Loans |  | 17484  | 19895  |
| 〃 | &nbsp;&nbsp;&nbsp;ACL |  | (68) | (78) |
| 〃 | &nbsp;&nbsp;&nbsp;Deposits |  | 2406  | 3196  |

---

**31. <u>Related parties (continued)</u>**

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

(a) Balances with the related parties as of March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Related party** | **Account** |  | **March 31, 2026** | **December 31, 2025** |
| **Investments in associates (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Rio Green Private Equity Fund | &nbsp;&nbsp;&nbsp;Account receivables | W | - | 79  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Deposits |  | 650  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;D2U 12th Fund | &nbsp;&nbsp;&nbsp;Deposits |  | 400  | 400  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finflow | &nbsp;&nbsp;&nbsp;Deposits |  | 329  | 574  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fireant Media and Digital Service Joint Stock Company | &nbsp;&nbsp;&nbsp;Deposits |  | 3  | 4  |
| &nbsp;&nbsp;&nbsp;&nbsp;SH US Long Term Treasury Plus Security Feeder Investment Trust(H)[Bond-FoFs] | &nbsp;&nbsp;&nbsp;Accrued income |  | 3  | 4  |
| &nbsp;&nbsp;&nbsp;&nbsp;IGIS Yongsan Office General Private Real Estate Investment Trust 518 | &nbsp;&nbsp;&nbsp;Loans |  | 20000  | 20000  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;ACL |  | (141) | (141) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Accrued income |  | 134  | 140  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-BNK Global Fund I | &nbsp;&nbsp;&nbsp;Unearned revenue |  | 33  | 44  |
| &nbsp;&nbsp;&nbsp;&nbsp;IGIS No. 574 Real Estate General Private Investment Company | &nbsp;&nbsp;&nbsp;Loans |  | 9000  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;ACL |  | (151) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Unearned revenue |  | 433  | - |
| &nbsp;&nbsp;&nbsp;**Key management personnel and their immediate relatives:** |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Loans |  | 4066  | 4558  |
|  | Assets |  | 2097404  | 753419  |
|  | Liabilities | W | 27162  | 33253  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**31. <u>Related parties (continued)</u>**

(b) Transactions with the related parties for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Related party** | **Account** |  | **March 31, 2026** | **March 31, 2025** |
| **Investments in associates:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas Cardif Life Insurance | &nbsp;&nbsp;&nbsp;Fees and commission income | W | 820  | 329  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Interest expense |  | (2) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Albatross Technology Investment Fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | - | 274  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Interest expense |  | (2) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Nvestor Liquidity Solution Fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | - | 174  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-PS Investment Fund No.1 | &nbsp;&nbsp;&nbsp;Fees and commission income |  | - | 5  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura-Rifa Private Real Estate Investment Trust 19 | &nbsp;&nbsp;&nbsp;Interest income |  | 137  | 103  |
|  | &nbsp;&nbsp;&nbsp;Reversal of credit losses |  | 3  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;SHBNPP MAIN Professional Investment Type Private Mixed Asset Investment Trust No.3 (\*1) | &nbsp;&nbsp;&nbsp;Fees and commission income |  | - | 57  |
| &nbsp;&nbsp;&nbsp;&nbsp;Korea Finance Security Co., Ltd. | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 1  | 1  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other administrative expense |  | (36) | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;ShinHan – Soo Young Entrepreneur Investment Fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 54  | 77  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kiwoom-Shinhan Innovation Fund I  | &nbsp;&nbsp;&nbsp;Fees and commission income |  | - | 28  |
| &nbsp;&nbsp;&nbsp;&nbsp;FuturePlay-Shinhan TechInnovation Fund 1 | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 150  | 179  |
| &nbsp;&nbsp;&nbsp;&nbsp;Korea Credit Bureau | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 1406  | 595  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Fees and commission expense |  | (1265) | (1066) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other administrative expense |  | (131) | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Interest expense |  | (6) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. | &nbsp;&nbsp;&nbsp;Interest income |  | 8801  | 15091  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Reversal of (provision for) credit losses |  | (238) | 474  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Reversal of allowance for undrawn commitments |  | 10  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Goduck Gangil10 PFV Co., Ltd. | &nbsp;&nbsp;&nbsp;Interest expense |  | - | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;Korea Omega-Shinhan Project Fund I | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 27  | 35  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sparklabs-Shinhan Opportunity Fund 1 | &nbsp;&nbsp;&nbsp;Fees and commission income |  | - | 1  |
| &nbsp;&nbsp;&nbsp;&nbsp;EDNCENTRAL Co., Ltd. (\*1) | &nbsp;&nbsp;&nbsp;Interest income |  | - | 217  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Fees and commission income |  | - | 9  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Interest expense |  | - | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Provision for credit losses |  | - | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Kakao-Shinhan 1st TNYT Fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 52  | 72  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future-Creation Neoplux Venture Capital Fund | &nbsp;&nbsp;&nbsp;Interest income |  | 46  | 19  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gyeonggi-Neoplux Superman Fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | - | 120  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Neoplux Energy Newbiz Fund  | &nbsp;&nbsp;&nbsp;Fees and commission income |  | - | 169  |
| &nbsp;&nbsp;&nbsp;&nbsp;NewWave 6th Fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 3935  | 202  |
| &nbsp;&nbsp;&nbsp;&nbsp;SHINHAN-NEO Core Industrial Technology Fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 63  | 75  |
| &nbsp;&nbsp;&nbsp;&nbsp;Neoplux No.3 Private Equity Fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | - | 613  |
| &nbsp;&nbsp;&nbsp;&nbsp;SHINHAN-NEO Market-Frontier 2nd Fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 332  | 384  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**31. <u>Related parties (continued)</u>**

(b) Transactions with the related parties for the three-month periods ended March 31, 2026 and 2025 are as follows (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Related party** | **Account** |  | **March 31, 2026** | **March 31, 2025** |
| **Investments in associates (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SWK-Shinhan New Technology Investment Fund 1<sup>st</sup> | &nbsp;&nbsp;&nbsp;Fees and commission income | &nbsp;&nbsp;W | 5  | 15  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ulmus SHC innovation investment fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 16  | 16  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Praxis K-Growth Global Private Equity Fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 4354  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Kiwoom-Shinhan Innovation Fund 2 | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 168  | 96  |
| &nbsp;&nbsp;&nbsp;&nbsp;ETRI Holdings-Shinhan 1st Unicorn Fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 19  | 19  |
| &nbsp;&nbsp;Shinhan VC tomorrow venture fund 1 | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 795  | 677  |
| &nbsp;&nbsp;&nbsp;&nbsp;JS Shinhan Private Equity Fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 170  | 148  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Kunicorn first Fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 261  | 261  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Quantum Startup Fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 20  | 35  |
| &nbsp;&nbsp;&nbsp;&nbsp;ShinhanFitrin 1st Technology Business Investment Association | &nbsp;&nbsp;&nbsp;Fees and commission income |  | - | 19  |
| &nbsp;&nbsp;&nbsp;&nbsp;Logisvalley Shinhan REIT Co., Ltd. | &nbsp;&nbsp;&nbsp;Interest income |  | 391  | 420  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 38  | 38  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Dev healthcare Fund I | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 18  | 11  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Cognitive Start-up Fund L.P. | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 130  | 120  |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Commerce New Technology Investment Fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | - | 7  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan WWG Energy Fund New Technology Investment Fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | - | 11  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-G.N.Tech Smart Innovation Fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 65  | 65  |
| &nbsp;&nbsp;Shinhan Time 1st Investment fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 26  | 26  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan SGC ESG Investment Fund 1st | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 2  | 28  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-iSquare Venture PEF 1st | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 25  | 25  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Gene and New Normal First Mover Venture Investment Equity Fund 1st | &nbsp;&nbsp;&nbsp;Fees and commission income |  | - | 207  |
| &nbsp;&nbsp;&nbsp;&nbsp;DS-Shinhan-JBWoori New Media New Tehcnology Investment Fund No.1 (\*2) | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 6  | 216  |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 shinhan-JB Woori-Daishin Listed enterprise Mezzanine New Technology Investment Fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 23  | 53  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan M&A-ESG Fund | Fees and commission income |  | 285  | 285  |
| &nbsp;&nbsp;&nbsp;&nbsp;SH US Buyback&High Dividend Security Feeder Investment Trust(H)[Equity] | Fees and commission income |  | 20  | 18  |
| &nbsp;&nbsp;&nbsp;&nbsp;SH Prestige High Dividend Security Feeder No.1[Equity] | Fees and commission income |  | 69  | 18  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Time Secondary Blind Fund | Fees and commission income |  | 23  | 49  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-OpenWater Pre-IPO Fund-1 | Fees and commission income |  | 100  | 100  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-CJ TechInnovation Fund 1st | Fees and commission income |  | 49  | 49  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Interest expense |  | (19) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Eco Venture Fund 2nd | Fees and commission income |  | 25  | 25  |
| &nbsp;&nbsp;&nbsp;&nbsp;Heungkuk-Shinhan The First Visionary Fund No.1 | Fees and commission income |  | 200  | 200  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan HB Wellness 1st Fund | Fees and commission income |  | 19  | 19  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan JN Wave Investment fund | Fees and commission income |  | - | 4  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**31. <u>Related parties (continued)</u>**

(b) Transactions with the related parties for the three-month periods ended March 31, 2026 and 2025 are as follows (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Related party** | **Account** |  | **March 31, 2026** | **March 31, 2025** |
| **Investments in associates (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan General Private Real Estate Investment Trust No.3 | &nbsp;&nbsp;&nbsp;Fees and commission income | &nbsp;&nbsp;W | 53  | 49  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Timefolio Bio Accelerator Fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 307  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortress-Shinhan Investment fund No.1 | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 1  | 1  |
| &nbsp;&nbsp;&nbsp;&nbsp;SH Ulmus M.P.E. Innovative Venture Fund 7 | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 23  | 23  |
| &nbsp;&nbsp;&nbsp;&nbsp;SHINHAN Mid and SMALL-SIZED OFFICE VALUE-ADDED MO REIT Co., Ltd. | Fees and commission income |  | 21  | 21  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-GB FutureFlow Fund L.P. | Fees and commission income |  | - | 74  |
| &nbsp;&nbsp;&nbsp;&nbsp;LB Scotland Amazon Fulfillment Center Fund 29 | Derivative-related income |  | - | 190  |
| &nbsp;&nbsp;Shinhan AIM FoF Fund 1-A | Derivative-related income |  | - | 150  |
| &nbsp;&nbsp;&nbsp;&nbsp;PineStreet Global Corporate FoF XIII-2 | Derivative-related income |  | 172  | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Derivative-related expense |  | (4) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Regent investment fund No.1 | Fees and commission income |  | 84  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-soo secondary Fund | Fees and commission income |  | 56  | 56  |
| &nbsp;&nbsp;&nbsp;&nbsp;The E&Shinhan New Growth Up Fund | Fees and commission income |  | 40  | 40  |
| &nbsp;&nbsp;&nbsp;&nbsp;TECHFIN RATINGS Co., Ltd. | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 1  | 1  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Interest expense |  | (79) | (170) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Provision for credit losses |  | (1)  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Provision for allowance for undrawn commitments |  | (1) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Songpa Biz-Cluster PFV Co., Ltd. | &nbsp;&nbsp;&nbsp;Interest income |  | 9313  | 385  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 523  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Provision for credit losses |  | (1528) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura-Rifa Private Real Estate Investment Trust 31 | Interest income |  | 178  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Provision for credit losses |  | (1) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Pacific Private Placement Real Estate Fund No.40 | Interest income |  | 363  | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-DS Mezzanine Fund 1 | Fees and commission income |  | 65  | 65  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Csquared Mezzanine Fund 1 | Fees and commission income |  | 10  | 10  |
| &nbsp;&nbsp;&nbsp;&nbsp;KR Seocho Co., Ltd. | Interest income |  | 276  | 334  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Provision for credit losses |  | (5) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Market-Frontier Fund Ⅲ | Fees and commission income |  | 395  | 390  |
| &nbsp;&nbsp;&nbsp;&nbsp;SH K-REITs Infra Real Estate Investment Trust (FoFs) | Fees and commission income |  | 16  | 16  |
| &nbsp;&nbsp;&nbsp;&nbsp;KB Distribution Private Real Estate 3-1 | Interest income |  | - | 21  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capstone REITs No.26 | Interest income |  | 247  | 247  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credila Financial Services | Interest income |  | 344  | 552  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Fees and commission income |  | - | 9  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Reversal of (provision for) credit losses |  | 9  | (105) |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | Interest expense |  | (35) | - |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**31. <u>Related parties (continued)</u>**

(b) Transactions with the related parties for the three-month periods ended March 31, 2026 and 2025 are as follows (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Related party** | **Account** |  | **March 31, 2026** | **March 31, 2025** |
| **Investments in associates (continued):** |  |  |  |  |
| &nbsp;&nbsp;Shinhan Rio Green Private Equity Fund | &nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;W | - | (7) |
| &nbsp;&nbsp;Startup Korea Vision 2024 Fund | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 214  | 173  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-Soo Investment Green Wiz Investment Association | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 125  | 162  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finflow | Fees and commission expense |  | (500) | - |
| &nbsp;&nbsp;〃 | Other administrative expense |  | (162) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;D2U 12th Fund | Interest expense |  | (3) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;SH US Long Term Treasury Plus Security Feeder Investment Trust(H)[Bond-FoFs] | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 9  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;IGIS Yongsan Office General Private Real Estate Investment Trust 518 | &nbsp;&nbsp;&nbsp;Interest income |  | 299  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;IGIS No. 574 Real Estate General Private Investment Company | &nbsp;&nbsp;&nbsp;Interest income |  | 198  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 251  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Provision for credit losses |  | (151) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-BNK Global Fund I | &nbsp;&nbsp;&nbsp;Fees and commission income |  | 11  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Key management personnel and their close family members** |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Interest income |  | 44 | 100 |
|  |  | &nbsp;&nbsp;&nbsp;W | 32638 | 24542 |

---

(\*1) Excluded from the associates due to disposal and liquidation for the year ended December 31, 2025.

(\*2) Excluded from the associates due to disposal and liquidation for the three-month period ended March 31, 2026.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**31. <u>Related parties (continued)</u>** 

(c) Key management personnel compensation

Key management personnel compensation for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| Short-term employee benefits | W | 6,333 | 5,778  |
| Severance benefits |  | 164 | 183  |
| Share-based payments (\*) |  | 6,423 | 1,520  |
|  | W | 12,920 | 7,481  |

---

(\*) The above share-based compensation expenses are costs related to share-based compensation arrangements that are still within the vesting period.

(d) The guarantees and purchase agreement provided between the related parties as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Amount of guarantees** | **Amount of guarantees** |  |
| **Guarantor** | **Guaranteed Parties** |  | **March 31,** <br>**2026** | **December 31, 2025** | **Account** |
| Shinhan Bank | &nbsp;&nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. | W | 1211600  | 1226300  | Unused lines of credit for loans |
| 〃 | &nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel |  | 1295  | 989  | Unused lines of credit for loans |
| Shinhan Life Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. |  | 169600  | 171700  | Unused lines of credit for loans |
| Shinhan Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. |  | 4000  | 4100  | Unused lines of credit for loans |
| 〃 | &nbsp;&nbsp;&nbsp;&nbsp;Songpa biz cluster PFV Co., Ltd. |  | 17300  | 30000  | Unused lines of credit for loans |
| Shinhan Capital | &nbsp;&nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. |  | 60600  | 61300  | Unused lines of credit for loans |
| Shinhan Card Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas Cardif Life Insurance |  | 808  | 810  | Unused lines of credit for credit card |
| The Group | &nbsp;&nbsp;&nbsp;&nbsp;Structured entities |  | 114646 | 131704 | Purchase agreement |
| The Group | &nbsp;&nbsp;&nbsp;&nbsp;Structured entities |  | 6914  | 6286  | Derivatives agreement |
|  |  | W | 1586763 | 1633189 |  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**31. <u>Related parties (continued)</u>** 

(e) Details of collaterals provided by the related parties as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Amount of assets pledged** | **Amount of assets pledged** |
| **Provided to** | **Provided by** | **Pledged assets** |  | **March 31, 2026** | **December 31, 2025** |
| Shinhan Bank | &nbsp;&nbsp;&nbsp;&nbsp;Logisvalley Shinhan REIT Co., Ltd. | Collateral trust | W | 39600  | 39600  |
| Shinhan Bank | &nbsp;&nbsp;&nbsp;&nbsp;Nomura-Rifa Private Real Estate Investment Trust 31 | Collateral trust |  | 16632  | 16632  |
| Shinhan Bank | &nbsp;&nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. | Collateral trust |  | 1440000  | 1440000  |
| Shinhan Bank | &nbsp;&nbsp;&nbsp;&nbsp;〃 | Shares |  | 7529  | 7529  |
| Shinhan Bank |  |  |  | 1447529  | 1447529  |
| Shinhan Bank | &nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel | Properties |  | 7778  | 9103  |
| Shinhan Bank | &nbsp;&nbsp;&nbsp;&nbsp;〃 | Deposits, etc. |  | 1688  | 1783  |
| Shinhan Bank | &nbsp;&nbsp;&nbsp;&nbsp;〃 | Guarantee |  | 809  | 980  |
| Shinhan Bank |  |  |  | 10275  | 11866  |
|  |  |  | W | 1514036  | 1515627  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**31. <u>Related parties (continued)</u>**

(f) Significant loans and financing transactions with related parties

i) Details of significant loan transactions with related parties for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Classification** | **Company** |  | **Beginning** | **Loan** | &nbsp;&nbsp;&nbsp;**Collection** | **Others** | **Ending** |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;Nomura-Rifa Private Real Estate Investment Trust 19 | W | 11400  | - | - | - | 11400  |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. |  | 519800  | 73300  | (54700) | - | 538400  |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;Logisvalley Shinhan REIT Co., Ltd. |  | 33000  | - | - | - | 33000  |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;Nomura-Rifa Private Real Estate Investment Trust 31 |  | 13860  | 53  | (53) | - | 13860  |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;Pacific Private Placement Real Estate Fund No.40 |  | 14000  | - | - | - | 14000  |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;KR Seocho Co., Ltd. |  | 11871  | - | - | - | 11871  |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;Songpa biz cluster PFV Co., Ltd. |  | 70272  | 1334831  | - | - | 1405103  |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;Capstone REITs No.26 |  | 20000  | - | - | - | 20000  |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;Credila Financial Services |  | 19895  | - | (2411) | - | 17484  |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;IGIS Yongsan Office General Private Real Estate Investment Trust 518 |  | 20000  | - | - | - | 20000  |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;IGIS No. 574 Real Estate General Private Investment Company |  | - | 9000  | - | - | 9000  |
| **Key Management Personnel** | **Key Management Personnel** |  | 4559  | 870  | (1362) | - | 4067  |
| **Total** | **Total** | W | 738657  | 1418054  | (58526) | - | 2098185  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**31. <u>Related parties (continued)</u>**

(f) Significant loans and financing transactions with related parties (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Classification** | **Company** |  | **Beginning** | **Loan** | &nbsp;&nbsp;&nbsp;**Collection** | **Others** | **Ending** |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;Nomura-Rifa Private Real Estate Investment Trust 19 | W | 11700  | - | (300) | - | 11400  |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;SBC PFV Co., Ltd. |  | 984600  | 1270300  | (1735100) | - | 519800  |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;Logisvalley Shinhan REIT Co., Ltd. |  | 33000  | - | - | - | 33000  |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;Nomura-Rifa Private Real Estate Investment Trust 31 |  | 14000  | - | (140) | - | 13860  |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;Pacific Private Placement Real Estate Fund No.40 |  | 14000  | - | - | - | 14000  |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;KR Seocho Co., Ltd. |  | 11871  | - | - | - | 11871  |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;Songpa biz cluster PFV Co., Ltd. |  | 22424  | 47848  | - | - | 70272  |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;KB Distribution Private Real Estate 3-1 |  | 2000  | - | (2000) | - | - |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;Capstone REITs No.26 |  | 20000  | - | - | - | 20000  |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;EDNCENTRAL Co., Ltd. (\*) |  | 25400  | 7930  | - | (33330) | - |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;Credila Financial Services |  | - | 26567  | (6672) | - | 19895  |
| &nbsp;&nbsp;&nbsp;**Investments in associates** | &nbsp;&nbsp;&nbsp;IGIS Yongsan Office General Private Real Estate Investment Trust 518 |  | 20000  | - | - | - | 20000  |
| **Key Management Personnel** | **Key Management Personnel** |  | 3403  | 3747  | (2591) | - | 4559  |
| **Total** | **Total** | W | 1162398  | 1356392  | (1746803) | (33330) | 738657  |

---

(\*) Excluded from associates due to the loss of significant influence during the year ended December 31, 2025, and the year-end balance has been reclassified under 'Others'.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**31. <u>Related parties (continued)</u>**

(f) Significant loans and financing transactions with related parties (continued)

ii) Details of significant borrowing and repayment transactions with related parties for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** |
| &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;&nbsp;&nbsp;**Company** |  | &nbsp;&nbsp;**Beginning** | &nbsp;&nbsp;**Borrowing** | &nbsp;&nbsp;**Repayment** | &nbsp;&nbsp;**Ending** |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Rio Green Private Equity Fund | &nbsp;&nbsp;W | &nbsp;&nbsp;- | &nbsp;&nbsp;650  | &nbsp;&nbsp;- | &nbsp;&nbsp;650  |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;TECHFIN RATINGS Co., Ltd. |  | &nbsp;&nbsp;13500  | &nbsp;&nbsp;7500  | &nbsp;&nbsp;(13500) | &nbsp;&nbsp;7500  |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-CJ TechInnovati-on Fund 1st |  | &nbsp;&nbsp;3500  | &nbsp;&nbsp;1500  | &nbsp;&nbsp;(3500) | &nbsp;&nbsp;1500  |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;D2U 12th Fund |  | &nbsp;&nbsp;400  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;400  |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;Korea Credit Bureau |  | &nbsp;&nbsp;1000  | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;1000  |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;Korea Finance Security Co., Ltd. |  | &nbsp;&nbsp;- | &nbsp;&nbsp;100  | &nbsp;&nbsp;- | &nbsp;&nbsp;100  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;W | &nbsp;&nbsp;18400  | &nbsp;&nbsp;9750  | &nbsp;&nbsp;(17000) | &nbsp;&nbsp;11150  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** |
| &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;&nbsp;&nbsp;**Company** |  | &nbsp;&nbsp;**Beginning** | &nbsp;&nbsp;**Borrowing** | &nbsp;&nbsp;**Repayment** | &nbsp;&nbsp;**Ending** |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;NH-J&-IBKC Label Technology Fund | &nbsp;&nbsp;W | &nbsp;&nbsp;59  | &nbsp;&nbsp;- | &nbsp;&nbsp;(59) | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Rio Green Private Equity Fund |  | &nbsp;&nbsp;- | &nbsp;&nbsp;4600  | &nbsp;&nbsp;(4600) | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;TECHFIN RATINGS Co., Ltd. |  | &nbsp;&nbsp;18000  | &nbsp;&nbsp;24500  | &nbsp;&nbsp;(29000) | &nbsp;&nbsp;13500  |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;Shinhan-CJ TechInnovati-on Fund 1st |  | &nbsp;&nbsp;3100  | &nbsp;&nbsp;14500  | &nbsp;&nbsp;(14100) | &nbsp;&nbsp;3500  |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;D2U 12th Fund |  | &nbsp;&nbsp;- | &nbsp;&nbsp;900  | &nbsp;&nbsp;(500) | &nbsp;&nbsp;400  |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;Meta TB ESG Private Equity Fund I |  | &nbsp;&nbsp;- | &nbsp;&nbsp;300  | &nbsp;&nbsp;(300) | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Deposits (\*) | &nbsp;&nbsp;Investments in associates | &nbsp;&nbsp;&nbsp;&nbsp;Korea Credit Bureau |  | &nbsp;&nbsp;- | &nbsp;&nbsp;1000  | &nbsp;&nbsp;- | &nbsp;&nbsp;1000  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;W | &nbsp;&nbsp;21159  | &nbsp;&nbsp;45800  | &nbsp;&nbsp;(48559) | &nbsp;&nbsp;18400 |

---

(\*) Settlement balances between related parties and payable deposits with frequent movements are excluded.

------

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

**Notes to the Condensed Consolidated Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**32. <u>Subsequent events</u>**

The Parent Company decided to pay a quarterly dividend of W 740 per share for ordinary shares by a resolution of the board of directors on April 23, 2026. The total amount of dividends is W 348,750 million, and the record date for the dividend is April 30, 2026.

------

## Exhibit 99.2

**SHINHAN FINANCIAL GROUP CO., LTD.** 

Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

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

------

Contents

---

| | |
|:---|:---|
|  | **Page** |
| Report on Review of Condensed Separate Interim Financial Statements | 1 |
| Condensed Separate Interim Statements of Financial Position | 3 |
| Condensed Separate Interim Statements of Comprehensive Income | 4 |
| Condensed Separate Interim Statements of Changes in Equity | 5 |
| Condensed Separate Interim Statements of Cash Flows | 6 |
| Notes to the Condensed Separate Interim Financial Statements | 8 |

---

------

**<u>Report on Review of Condensed Separate Interim Financial Statements</u>**

(English Translation of a Report Originally Issued in Korean)

To the Shareholders and Board of Directors of

Shinhan Financial Group Co., Ltd.:

**Reviewed Financial Statements** 

We have reviewed the accompanying condensed separate interim financial statements of Shinhan Financial Group Co., Ltd. (the "Company"). These condensed separate interim financial statements consist of the condensed separate interim statement of financial position of the Company as at March 31, 2026, and the related condensed separate interim statements of comprehensive income, changes in equity and cash flows for the three-month periods ended March 31, 2026, and material accounting policy information and other selected explanatory notes, expressed in Korean won.

**Management's Responsibility for the Financial Statements**

Management is responsible for the preparation and presentation of these condensed separate interim financial statements in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (Korean IFRS) 1034 *Interim Financial Reporting*, and for such internal control as management determines is necessary to enable the preparation of condensed separate interim financial statements that are free from material misstatement, whether due to fraud or error.

**Auditor's Responsibility**

Our responsibility is to express a conclusion on these condensed separate interim financial statements based on our review.

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

**Conclusion**

Based on our review, nothing has come to our attention that causes us to believe the accompanying condensed separate interim financial statements are not prepared, in all material respects, in accordance with Korean IFRS 1034 *Interim Financial Reporting*.

**Other Matters**

The condensed separate interim statements of comprehensive income, changes in equity and cash flows for the three-month period ended March 31, 2025, presented herein for comparative purposes, were reviewed by another auditor whose report dated May 15, 2025. Based on their review, nothing has come to their attention that causes them to believe the accompanying condensed separate interim financial statements do not present fairly, in all material respects, in accordance with Korean IFRS 1034 *Interim Financial Reporting.*

The separate statement of financial position as at December 31, 2025, and the separate statements of comprehensive income, changes in equity and cash flows for the year then ended, not presented herein, were audited by another auditor who expressed an unqualified opinion on those statements on March 3, 2026. The separate statement of financial position as at December 31, 2025, presented herein for comparative purposes, is consistent, in all material respects, with the above audited separate statement of financial position as at December 31, 2025.

Review standards and their application in practice vary among countries. The procedures and practices used in the Republic of Korea to review such financial statements may differ from those generally accepted and applied in other countries.

/s/ Samil PricewaterhouseCoopers

------

May 15, 2026

Seoul, Korea

&nbsp;&nbsp;This report is effective as of May 15, 2026, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying condensed separate interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that there is a possibility that the above review report may have to be revised to reflect the impact of such subsequent events or circumstances, if any.<br>

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Condensed Separate Interim Statements of Financial Position**

As of March 31, 2026 and December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of won)* | **Note** |  | **March 31, 2026 (Unaudited)** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks at amortized cost | 4, 5, 24 | W | 54928  | 2589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss | 4, 6, 24 |  | 4692373  | 3160174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans at amortized cost | 4, 7, 24 |  | 2708344  | 2951878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment | 24 |  | 4905  | 4833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | 24 |  | 6906  | 7114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in subsidiaries | 8 |  | 30723705  | 30723705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net defined benefit assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |  | 5077  | 9676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets |  |  | - | 6388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 4, 7, 24 |  | 951563  | 927470 |
| **Total assets** |  | W | 39147801 | 37793827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 4, 9 |  | 9823  | 9975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued | 4, 10, 24 |  | 9918030  | 10457205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities |  |  | 18829  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 4, 24 |  | 1393456  | 991187 |
| **Total liabilities** |  |  | 11340138  | 11458367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity** | 12 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share capital |  |  | 2969641  | 2969641  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hybrid bonds |  |  | 4719886  | 4749837  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital surplus |  |  | 1484821  | 11350744  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital adjustments |  |  | (242110) | (647347) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss |  |  | (11363) | (11363) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings  |  |  | 18886788  | 7923948  |
| **Total equity** |  |  | 27807663  | 26335460 |
| **Total liabilities and equity** |  | W | 39147801 | 37793827 |

---

*See accompanying notes to the condensed separate interim financial statements.*

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Condensed Separate Interim Statements of Comprehensive Income**

For the three-month periods ended March 31, 2026 and 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Three-month periods ended March 31** | **Three-month periods ended March 31** |
| *(In millions of won, except earnings per share data)* | **Note** |  | **2026 (Unaudited)** | **2025 (Unaudited)** |
| &nbsp;&nbsp;&nbsp;Interest income | 21, 24 | W | 23686  | 21581  |
| &nbsp;&nbsp;&nbsp;Interest expense | 24 |  | (85017) | (83318) |
| **Net interest expense** | 13 |  | (61331) | (61737) |
| &nbsp;&nbsp;&nbsp;Fees and commission income | 21, 24 |  | 17759  | 17759  |
| &nbsp;&nbsp;&nbsp;Fees and commission expense | 24 |  | (231) | (147) |
| **Net fees and commission income**  | 14 |  | 17528 | 17612 |
| &nbsp;&nbsp;&nbsp;Dividend income | 15, 21, 24 |  | 2462513 | 2560051  |
| &nbsp;&nbsp;&nbsp;Net gain (loss) on financial assets at fair value through profit or loss  | 21 |  | (141) | 17297  |
| &nbsp;&nbsp;&nbsp;Net gain (loss) on foreign currency transaction | 21 |  | 1643  | 366  |
| &nbsp;&nbsp;&nbsp;Reversal of credit losses | 16, 2124 |  | 77  | 73  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 17, 24 |  | (33773) | (29687) |
| **Operating income** |  |  | 2386516 | 2503975 |
| **Non-operating expenses** |  |  | (370) | (3102) |
| **Profit before income tax** |  |  | 2386146 | 2500873 |
| &nbsp;&nbsp;&nbsp;Income tax expense  | 19 |  | 25830 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Profit for the period** |  |  | 2360316 | 2499281 |
| &nbsp;&nbsp;&nbsp;**Other comprehensive income (loss) for the period, net of income tax** |  |  | - | - |
| Items that will not be reclassified to profit or loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Remeasurements of net defined benefit asset |  |  | - | - |
| &nbsp;&nbsp;&nbsp;**Total comprehensive income for the period** |  | W | 2360316 | 2499281 |
| **Earnings per share:** | 20 |  |  |  |
| Basic and diluted earnings per share in won |  | W | 4882 | 4957 |

---

*See accompanying notes to the condensed separate interim financial statements.* 

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SHINHAN FINANCIAL GROUP CO., LTD.

**Condensed Separate Interim Statements of Changes in Equity**

For the three-month periods ended March 31, 2026 and 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Share Capital** | **Hybrid Bonds** | **Capital surplus** | **Capital**<br>**adjustments** | **Accumulated**<br>**other comprehensive loss** | **Retained earnings** | **Total**<br>**equity** |
| &nbsp;&nbsp;**Balance at January 1, 2025** | W | 2969641 | 4600121 | 11350744 | (296024) | (9307) | 7733000 | 26348175 |
| &nbsp;&nbsp;&nbsp;**Total comprehensive income for the period:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit for the period |  | - | - | - | - | - | 2499281 | 2499281 |
|  |  | - | - | - | - | - | 2499281 | 2499281 |
| &nbsp;&nbsp;**Transactions with owners:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | - | - | - | - | - | (267755) | (267755) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend to hybrid bonds |  | - | - | - | - | - | (42590) | (42590) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer to retained earnings of redemption loss of hybrid bonds |  | - | - | - | 524 | - | (524) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of hybrid bonds |  | - | 398835 | - | - | - | - | 398835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of treasury shares |  | - | - | - | (276260) | - | - | (276260) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retirement of treasury shares |  | - | - | - | - | - | (3) | (3) |
|  |  | - | 398835 | - | (275736) | - | (310872) | (187773) |
| &nbsp;&nbsp;**Balance at March 31, 2025**<br>**(Unaudited)** | W | 2969641 | 4998956 | 11350744 | (571760) | (9307) | 9921409 | 28659683 |

---

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SHINHAN FINANCIAL GROUP CO., LTD.

**Condensed Separate Interim Statements of Changes in Equity (continued)**

For the three-month periods ended March 31, 2026 and 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Share Capital** | **Hybrid Bonds** | **Capital surplus** | **Capital**<br>**adjustments** | **Accumulated other comprehensive loss** | **Retained earnings** | **Total**<br>**equity** |
| &nbsp;&nbsp;**Balance at January 1, 2026** | W | 2969641  | 4749837  | 11350744  | (647347) | (11363) | 7923948  | 26335460  |
| &nbsp;&nbsp;&nbsp;**Total comprehensive income for the period:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit for the period |  | - | - | - | - | - | 2360316  | 2360316  |
|  |  | - | - | - | - | - | 2360316  | 2360316  |
| &nbsp;&nbsp;**Transactions with owners:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | - | - | - | - | - | (417502) | (417502) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend to hybrid bonds |  | - | - | - | - | - | (44051) | (44051) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of hybrid bonds |  | - | (429009) | - | (991) | - | - | (430000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer to retained earnings of redemption loss of hybrid bonds |  | - | - | - | 1846  | - | (1846) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of hybrid bonds |  | - | 399058  | - | - | - | - | 399058  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of treasury shares |  | - | - | - | (395618) | - | - | (395618) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retirement of treasury shares |  | - | - | - | 800000  | - | (800000) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of share premium to retained earnings |  | - | - | (9865923) | - | - | 9865923  | - |
|  |  | - | (29951) | (9865923) | 405237  | - | 8602524  | (888113) |
| &nbsp;&nbsp;**Balance at March 31, 2026**<br>**(Unaudited)** | W | 2969641  | 4719886  | 1484821  | (242110) | (11363) | 18886788  | 27807663  |

---

*See accompanying notes to the condensed separate interim financial statements.*

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SHINHAN FINANCIAL GROUP CO., LTD.

**Condensed Separate Interim Statements of Cash Flows**

For the three-month periods ended March 31, 2026 and 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Three-month periods ended March 31** | **Three-month periods ended March 31** |
| *(In millions of won)* | **Note** |  | **2026 (Unaudited)** | **2025 (Unaudited)** |
| **Cash flows from operating activities** |  |  |  |  |
| Profit for the period |  | W | 2360316 | 2499281 |
| Adjustments for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 13, 21 |  | (23686) | (21581) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 13 |  | 85017  | 83318  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 15, 21 |  | (2462513) | (2560051) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 19 |  | 25830  | 1592  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on financial assets at fair value through profit or loss |  |  | 4639  | (9872) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reversal of credit losses | 16, 21 |  | (77) | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee benefits |  |  | 3844  | 690  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 17 |  | 1083  | 1043  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on foreign currency transaction |  |  | (8141) | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating expenses |  |  | (11) | 2270  |
|  |  |  | (2374015) | (2502692) |
| Changes in assets and liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss |  |  | (1406731) | (2034449) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets |  |  | 160  | (751) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net defined benefit asset |  |  | (721) | (235) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities |  |  | (9441) | (7557) |
|  |  |  | (1416733) | (2042992) |
| Income tax paid |  |  | (1832) | (1820) |
| Interest received |  |  | 31459  | 32335 |
| Interest paid |  |  | (104856) | (102764) |
| Dividend received |  |  | 2456589  | 2554854 |
| **Net cash inflow from operating activities** |  |  | 950928 | 436202 |
| **Cash flows from investing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of financial assets at fair value through profit or loss |  |  | (100000) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Lending of loans at amortized cost |  |  | (219769) | (269693) |
| &nbsp;&nbsp;&nbsp;&nbsp;Collection of loans at amortized cost |  |  | 520000  | 790300  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of property and equipment |  |  | (184) | (53) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of intangible assets |  |  | (70) | (377) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in other assets |  |  | - | (8225) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of investments in subsidiaries |  |  | - | (100054) |
| **Net cash inflow from investing activities** |  | W | 199977 | 411898 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Condensed Separate Interim Statements of Cash Flows (Continued)**

For the three-month periods ended March 31, 2026 and 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Three-month periods ended March 31** | **Three-month periods ended March 31** |
| *(In millions of won)* | **Note** |  | **2026 (Unaudited)** | **2025 (Unaudited)** |
| **Cash flows from financing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of hybrid bonds |  | W | 399058  | 398835  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of hybrid bonds |  |  | (430000) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of debt securities |  |  | 748652  | 599030  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of debt securities issued |  |  | (1367450) | (1285000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in borrowings  |  |  | 109774  | 9700  |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in borrowings |  |  | (110000) | (20000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid |  |  | (52771) | (48668) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of treasury shares |  |  | (395618) | (276260) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retirement of treasury shares |  |  | - | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of leased liabilities |  |  | (189) | (171) |
| **Net cash inflow from financing activities** |  |  | (1098544) | (622537) |
| **Net increase (decrease) in cash and cash equivalents** |  |  | 52361 | 225563 |
| **Cash and cash equivalents at the beginning of the period** | 23 |  | 2587 | 151204 |
| **Cash and cash equivalents at the end of the period** | 23 | W | 54948 | 376767 |

---

*See accompanying notes to the condensed separate interim financial statements.* 

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

**<u>1. Reporting entity</u>**

Shinhan Financial Group Co., Ltd. (the "Company") was incorporated on September 1, 2001 for the purpose of controlling and managing companies operating in the financial industry and providing financial support to its subsidiaries.

In addition, the shares have been listed on the Korea Exchange since September 10, 2001, and the Company was registered with the Securities and Exchange Commission (SEC) on September 16, 2003, and on the same date, its American Depositary Shares (ADS) were listed on the New York Stock Exchange (NYSE).

**<u>2. Basis of preparation</u>**

(a)**Statement of compliance**

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

The condensed separate interim financial statements have been prepared in accordance with Korean International Financial Reporting Standards ("K-IFRS"), as prescribed in *the Act on External Audit of Stock Companies* of the Republic of Korea. These financial statements were prepared in accordance with K-IFRS No.1034, *'Interim Financial Reporting'* as part of the period covered by the Company's K-IFRS annual financial statements and contain less information than required in the annual separate financial statements. Selective comments include a description of transactions or events that are significant in understanding the changes in the financial position and management performance of the Company that occurred after December 31, 2025.

The condensed separate interim financial statements of the Company are separate financial statements prepared in accordance with K-IFRS No.1027 'Separate Financial Statements', in which a parent, an investor in an associate or participant in a joint venture account for its investment on the basis of direct equity interest rather than on the basis of the investee's reported performance and net assets.

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

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

Estimates and underlying assumptions about estimates 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. Income tax expense in the interim period is measured by applying the expected annual income tax rate, i.e. the estimated average annual effective income tax rate.

In preparing the condensed separate interim financial statements, the significant judgments made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the separate financial statements as of and for the year ended December 31, 2025 except for the method of estimation used to determine the income tax expense for the interim period.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

**<u>3. Material accounting policies</u>**

(a) The Company applies the same accounting policies as in the preparation of the annual separate financial statements for the year ended December 31, 2025, except for the following amendments first applied from January 1, 2026, as described in Note 2(b).

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

To address questions raised in practice and incorporate new requirements, Korean IFRS No. 1109 'Financial Instruments' and No. 1107 'Financial Instruments: Disclosures' have been amended. There is no significant impact on the separate financial statements from these amendments.

- Permit a financial liability to be regarded as settled (derecognized) through an electronic payment system before the settlement date, provided that specified criteria are met.

- Clarify and add further guidance for assessing whether financial assets meet the criterion of consisting solely of payments of principal and interest (SPPI).

- Require disclosure, by each class of financial instruments, of the effects of contractual terms that may change the timing or amount of contractual cash flows, as well as the extent of the entity's exposure.

- Require additional disclosures for equity instruments designated at FVOCI.

*ii) Annual Improvements to K-IFRS Volume 11*

Annual Improvements to K-IFRS Volume 11 are effective for annual reporting periods beginning on or after January 1, 2026. There is no significant impact on the separate financial statements from these amendments.

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

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

and Guidance on implementing K-IFRS No. 1107

- K-IFRS No. 1109 '*Financial Instruments'* – Derecognition of lease liabilities and transaction price

- K-IFRS No. 1110 *'Consolidated Financial Statements'* – Determination of 'de facto agent'

- K-IFRS No. 1007 '*Statement of Cash Flows*' – Cost method

*iii) Amendments to K-IFRS No. 1109 'Financial Instruments' and K-IFRS No. 1107 'Financial Instruments: Disclosures' - Contracts referencing nature-dependent electricity*

Contracts referencing nature-dependent electricity were defined as contracts in which an entity is exposed to variability in the underlying volume of electricity because the source of electricity generation depends on uncontrollable natural conditions (e.g., weather). It was also clarified that contracts to purchase or sell nature-dependent electricity are subject to assessment for the own-use exemption. In addition, the hedge accounting requirements were amended to allow the variable nominal amount of forecast nature-dependent electricity transactions to be designated as a hedged item, and related disclosure requirements were added. There is no significant impact on the separate financial statements from these amendments.

(b)As of March 31, 2026, the newly enacted and disclosed but not yet effective new K-IFRS are as follows:

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

K-IFRS No. 1118, 'Presentation and Disclosure in Financial Statements', replaces K-IFRS 1001, 'Presentation of Financial Statements'. K-IFRS No. 1118 is expected to enhance comparability of financial performance among similar entities by providing information useful to users of financial statements in analyzing and comparing an entity's performance, with a particular focus on the statement of profit or loss.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

**<u>3. Material accounting policies (continued)</u>**

(b) As of March 31, 2026, the newly enacted and disclosed but not yet effective new K-IFRS are as follows (continued):

*i) K-IFRS No. 1118 'Presentation and Disclosure in Financial Statements'(continued)*

When the Company prepares its financial statements in accordance with K-IFRS No. 1118, the principal accounting policies that may result in significant differences from the current financial statements are as follows. These matters do not include all possible differences that may arise and are subject to change based on further analysis.<br>K-IFRS No. 1118 requires all income and expenses included in the statement of profit or loss to be classified into one of five categories: operating, investing, financing, income tax, and discontinued operations. The Standard classifies all income and expenses not included in the investing, financing, income tax, or discontinued operations categories as operating, and defines operating profit or loss as a residual measure.<br>**<br> The Company is required to assess its main business activities in order to classify income and expenses into categories. If the Company's main business activities include investing in a particular type of asset or providing financing to customers, certain income and expenses that would otherwise have been classified in the investing or financing categories are classified in the operating category.<br>Accordingly, operating profit or loss under K-IFRS No. 1118 may differ significantly from operating profit or loss as defined under K-IFRS No. 1001, which is generally calculated as operating revenue less operating expenses. K-IFRS No. 1118 requires disclosure in the notes of operating profit or loss as determined under K-IFRS No. 1001, as well as a reconciliation of the differences between operating profit or loss under K-IFRS No. 1118 and that under K-IFRS No. 1001.<br>

In addition, K-IFRS No. 1118 requires the presentation of the following subtotals in the statement of profit or loss: 'operating profit or loss', comprising all income and expenses classified in the operating category; 'profit or loss before financing and income tax', comprising operating profit or loss and all income and expenses classified in the investing category; and 'profit or loss'. However, if the Company's main business activity is to provide financing to customers, the presentation of 'profit or loss before financing and income tax' may not be required, depending on the accounting policy elected.

K-IFRS No. 1118 introduces disclosure requirements for management-defined performance measures (MPMs), which are used by management in public communications outside the financial statements to convey management's view of the entity's overall financial performance. MPMs are defined as subtotals of income and expenses that are not specified in paragraph 118 of K-IFRS No. 1118 and are not otherwise required to be presented or disclosed by the Standard.

If MPMs are used, the Company is required to disclose the reasons for using such measures, how they are calculated, a reconciliation to the most directly comparable subtotal specified by K-IFRS No. 1118, the tax effects of each reconciling item, and the effects on non-controlling interests.

As a result of the issuance of K-IFRS No. 1118, certain amendments were made to K-IFRS No. 1007, 'Statement of Cash Flows'. Under these amendments, the starting point for determining cash flows from operating activities using the indirect method has been changed from profit for the period to operating profit or loss, and the option to classify cash flows related to interest and dividends has been removed.

K-IFRS No. 1118 is effective for annual periods beginning on or after January 1, 2027, with early adoption permitted. Entities are required to apply the Standard retrospectively in accordance with K-IFRS No. 1008, 'Accounting Policies, Changes in Accounting Estimates and Errors'. Accordingly, comparative information for the year ending December 31, 2026 will be restated in accordance with K-IFRS No. 1118. Amendments to K-IFRS No. 1007 and K-IFRS No. 1033 resulting from the issuance of K-IFRS No. 1118, as well as amendments to K-IFRS No. 1008 and K-IFRS No. 1107, become effective upon application of K-IFRS No. 1118.

The Company has not applied K-IFRS No. 1118 as its mandatory effective date has not yet been reached, and it plans to present its first interim financial statements for the period ending March 31, 2027 in accordance with K-IFRS No. 1118. Based on information available as of March 31, 2026, the Company is conducting a preliminary overall assessment of the impact of adopting K-IFRS No. 1118.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

**<u>4. Financial risk management</u>**

**(a) Overview**

The Company manages various risks that may arise within the business sector of Shinhan Financial Group Co., Ltd. (the "Group") and the major risks to which the Group is exposed include credit risk, market risk, interest rate risk, and liquidity risk. These risks are recognized, measured, controlled and reported in accordance with risk management guidelines established at the parent company level and the subsidiary level.

*i) Risk management principles*

The risk management principles of the Group are as follows:

- All business activities take into account the balance of risks and profits within a predetermined risk appetite.

- The parent company shall present the Group Risk Management Model Standard, supervise their compliance, and have responsibility and authority for group-level monitoring.

- Operate a risk-related decision-making system that enhances management's involvement.

- Organize and operate risk management organizations independent of the business sector.

- Operate a performance management system that clearly considers risks when making business decisions.

- Aim for preemptive and practical risk management functions.

- Share a cautious view to prepare for possible deterioration of the situation.

*ii) Risk management organization*

The fundamental policies for risk management of the Group are established by the Board of Directors of the parent company, while the basic risk management strategies are established by the Risk Management Committee (the "Group Risk Management Committee") within the parent company's Board of Directors. The Group's Chief Risk Officer (CRO) assists the Group Risk Management Committee and consults the risk management policies and strategies of the group and each subsidiary through the Group Risk Council, which includes the Chief Risk Officer of each subsidiary. The subsidiaries implement the risk management policies and strategies of the Group through their risk management committees, risk-related committees, and risk management organizations, and consistently establish and implement the detailed risk management policies and strategies. The risk management department of the Company assists the Group's Chief Risk Officer for risk management and supervision.

The Company has a hierarchical limit system to manage the risks of the Group to an appropriate level. The Group Risk Management Committee sets the risk limits that can be acceptable by the Group and each subsidiary, while the Risk Management Committee and the management-level risk Committees of each subsidiary set and manage detailed risk limits by risk, department, desk, and product types.

*ii-1) Group Risk Management Committee* 

The Committee establishes the risk management framework for the Company and each of its subsidiaries and comprehensively manages Group-wide risk-related matters, including the establishment of the Group's fundamental risk management policies and strategies and the approval of limits. The Committee consists of directors of the parent company.

The resolution of the Committee is as follows:

- Establish risk management basic policy in line with management strategy

- Determine the level of risk that can be assumed by the Group and each subsidiary

- Approve the appropriate investment limits or loss allowance limit

- Enact and amend the Group Risk Management Regulations and the Group Risk Council Regulations

- Matters concerning risk management organizational structure and division of duties

- Matters concerning the operation of the risk management system

- Matters concerning the establishment of various limits and approval of limits

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

**<u>4. Financial risk management (continued)</u>**

**(a) Overview (continued)**

*ii-1) Group Risk Management Committee(continued)*

- Make decisions on approval of the FSS's internal rating based approach for non-retail and retail credit rating systems

- Matters concerning risk disclosure policy

- Crisis situation analysis results and related capital management plans and financing plans

- Matters deemed necessary by the Board of Directors

- Matters required by external regulations such as the Financial Services Commission and other regulations and guidelines

- Matters deemed necessary by the Chairman

*ii-2) Group Risk Management Council*

In order to maintain the Group's risk management policies and strategies consistently, the Company resolves matters necessary to discuss overall risk-related issues and to implement the policies set by the Group Risk Management Committee. The members are chaired by the Group's Chief Risk Officer and shall consist of the Chief Risk Officers of major subsidiaries.

*iii) Group Risk Management System* 

*iii-1) Management of the Risk Capital*

Risk capital refers to the capital required to compensate for the potential loss (risk) if it is actually realized. Risk capital management refers to the management of the risk assets considering its risk appetite, which is a datum point on the level of risk burden compared to available capital, so as to maintain the risk capital at an appropriate level. The Company and its subsidiaries establish and operate a risk planning process to reflect the risk plan in advance when establishing financial and business plans for risk capital management and establish a risk limit management system to control risk to an appropriate level.

*iii-2) Risk monitoring*

In order to proactively manage risks by periodically identifying risk factors that can affect the Group's business environment, the Company has established a multi-dimensional risk monitoring system. Each subsidiary is required to report to the Company on key issues that affect risk management at the Group level. The Company prepares weekly, monthly and ad-hoc monitoring reports for Group management, including the CRO.

In addition, the Risk Dashboard is operated to derive abnormal symptoms through three-dimensional monitoring of major portfolios, increased risks, and external environmental changes of assets for each subsidiary. If necessary, the Company takes preemptive risk management to establish and implement countermeasures.

*iii-3) Risk reviewing*

When promoting new products and businesses or implementing major policy changes, risk factors are reviewed using a pre-defined checklist to prevent the promotion of businesses where risks are difficult to assess and to support rational decision-making.

The risk management departments of subsidiaries conduct prior reviews of new products, services, and business initiatives and monitor associated risks on an ongoing basis after implementation. In cases involving multiple subsidiaries or joint initiatives, the relevant risk management departments are required to consult with the risk management function of the parent company prior to conducting risk reviews.

*iii-4) Crisis management*

The Company maintains a groupwide crisis management system to detect the signals of any risk crisis preemptively and, in the event of a crisis actually happening, to respond on a timely, efficient and flexible basis so as to ensure the Group's survival as a going concern. Each subsidiary maintains crisis planning for four levels of contingencies, namely, 'cautious', 'alert', 'imminent crisis' and 'crisis', determination of which is made based on quantitative and qualitative monitoring and consequence analysis, and upon the

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

**<u>4. Financial risk management (continued)</u>**

**(a) Overview (continued)**

*iii-4) Crisis management (continued)*

happening of any such contingency, is required to respond according to a prescribed contingency plan. At the parent company level, the Company maintains and installs a crisis detection and response system which is applied consistently group-wide, and upon the happening of any contingency at two or more subsidiary levels, the Company directly takes charge of the situation so that the Company manages it on a concerted group wide basis.

**(b) Credit risk** 

Credit risk is the risk of potential economic loss that may be caused if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and is the largest risk which the Company faces. The Company's credit risk management encompasses all areas of credit that may result in potential economic loss, including not just transactions that are recorded on the balance sheet, but also off-balance-sheet transactions such as guarantees, loan commitments and derivative transactions.

*i) Techniques, assumptions and input variables used to measure impairment*

*i-1) Determining significant increases in credit risk since initial recognition*

At the end of each reporting period, the Company assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Company uses the change in the risk of a default occurring over the expected life of the financial instrument instead of the change in the amount of expected credit losses. To make the assessment, the Company compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable information, that is available without undue cost or effort, and is indicative of significant increases in credit risk since initial recognition. Information includes the default experience data held by the Company and analysis by an internal credit rating expert.

1Measuring the risk of default

The Company assigns an internal credit risk rating to each individual exposure based on observable data and historical experiences that have been found to have a reasonable correlation with the risk of default. The internal credit risk rating is determined by considering both qualitative and quantitative factors that indicate the risk of default, which may vary depending on the nature of the exposure and the type of borrower.

2Measuring term structure of probability of default

Internal credit rating is a key input variable for determining term structure of probability of default. The Company accumulates information after analyzing the information regarding exposure to credit risk and default information by the type of product and borrower and results of internal credit risk assessment. For some portfolios, the Company uses information obtained from external credit rating agencies when performing these analyses. The Company applies statistical techniques to estimate the probability of default for the remaining life of the exposure from the accumulated data and to estimate changes in the estimated probability of default over time.

3Significant increases in credit risk

The Company uses the indicators defined as per portfolio to determine the significant increase in credit risk, and such indicators generally consist of changes in the risk of default estimated from changes in the internal credit risk rating, qualitative factors, days of delinquency, and others.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

**<u>4. Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*i) Techniques, assumptions and input variables used to measure impairment (continued)*

*i-2) Risk of default*

The Company considers a financial asset to be in default if it meets one or more of the following conditions:

- If a borrower is overdue by 90 days or more from the contractual payment date,

- If the Company judges that it is not possible to recover principal and interest without enforcing the collateral on a financial asset

The Company uses the following indicators when determining whether a borrower is in default:

- Qualitative factors (e.g. breach of contractual terms),

- Quantitative factors (e.g. if the same borrower does not perform more than one payment obligations to the Company, the number of days past due per payment obligation. However, in the case of a specific portfolio, the Company uses the number of days past due for each financial instrument)

- Internal observation data and external data

The definition of default applied by the Company generally conforms to the definition of default defined for regulatory capital management purposes; however, depending on the situations, the information used to determine whether a default has occurred and the extent thereof may vary.

*i-3) Reflection of forward-looking information*

The Company reflects forward-looking information presented by internal experts based on a variety of information when measuring expected credit losses. For the purpose of estimating this forward-looking information, the Company utilizes the economic outlook published by domestic and overseas research institutes or government and public agencies.

The Company analyzed data from its past experience, derived correlations between major macroeconomic variables and credit risks required for predicting credit risk and credit loss for each portfolio, and then reflected future forecast information through regression estimation.

---

| | |
|:---|:---|
| **Key macroeconomic variables** | **Correlation between credit risks** |
| GDP growth rate  | (-) |
| Private consumption index growth rate  | (-) |
| Index of equipment investment growth rate  | (-) |
| Consumer price index growth rate  | (+) |
| Balance on current account ($0.1 billion) | (-) |

---

The predicted correlations between the macroeconomic variables and the risk of default, used by the Company, are derived based on long-term data over the past ten years.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

**<u>4. Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*i) Techniques, assumptions and input variables used to measure impairment (continued)*

*i-4) Measurement of expected credit losses*

Key variables used in measuring expected credit losses are as follows:

- Probability of default ("PD")

- Loss given default ("LGD")

- Exposure at default ("EAD")

These variables have been estimated from historical experience data by using the statistical techniques developed internally by the Company and have been adjusted to reflect forward-looking information.

Estimates of PD over a specified period are estimated by reflecting characteristics of counterparties and their exposure, based on a statistical model at a specific point of time. The Company uses its own information to develop a statistical credit assessment model used for the estimation, and additional information observed in the market is considered for some portfolios such as a group of large corporates. When a counterparty or exposure is concentrated in specific grades, the method of measuring PD for those grades is adjusted, and the PD for each rating grade is estimated by taking into account the contractual maturity of the exposure.

LGD refers to the expected loss in the event of a default. The Company calculates LGD based on the experience recovery rate measured from past default exposures. The model for measuring LGD is developed to reflect type of collateral, seniority of collateral, type of borrower, and cost of recovery. In particular, LGD for retail loan products uses loan to value (LTV) as a key variable. The recovery rate reflected in the LGD calculation is based on the present value of recovery amount, discounted at the effective interest rate.

EAD refers to the expected exposure at the time of default. The Company derives EAD reflecting a rate at which the current exposure is expected to be used additionally up to the point of default within the contractual limit. EAD of financial assets is equal to the total carrying amount of the assets, and EAD of loan commitments or financial guarantee contracts is calculated as the sum of the amount expected to be used in the future.

In measuring expected credit losses on financial assets, the Company uses the contractual maturity as the period subject to expected credit loss measurement. The contractual maturity is computed taking into account the extension right held by the borrower.

Risk factors of PD, LGD and EAD are collectively estimated according to the following criteria:

- Type of products

- Internal credit risk rating

- Type of collateral

- Loan to value ("LTV")

- Industry that the borrower belongs to

- Location of the borrower or collateral

- Days of delinquency

The criteria for classifying groups are periodically reviewed to maintain homogeneity within groups and adjusted if necessary. The Company uses external benchmark information to supplement internal data for portfolios where sufficient historical data is not available internally.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>4. Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*i) Techniques, assumptions and input variables used to measure impairment (continued)*

*i-5) Write-off of financial assets*

The Company writes off a portion of or entire loan or debt security for which the Company does not expect to receive its principal and interest. In general, the Company writes off the balance when it is deemed that the borrower has no sufficient resources or income to repay the principal and interest. Such determination on write-off is carried out in accordance with the internal rules of the Company and is carried out with the approval of the Financial Supervisory Service, if necessary. The Company may continue to exercise its right of collection under its own recovery policy even after the write-off of financial assets.

*ii) Maximum exposure to credit risk*

The maximum exposure to credit risk of financial instruments, excluding equity instruments, as of March 31, 2026 and December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **March 31, 2026** | **December 31, 2025** |
| Due from banks and loans at amortized cost (\*1): | Banks | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54928  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2589  |
| Due from banks and loans at amortized cost (\*1): | Corporations |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708344  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2951878  |
| Due from banks and loans at amortized cost (\*1): |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763272  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954467  |
| Financial assets at fair value through profit or loss | Financial assets at fair value through profit or loss |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084940  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667654  |
| Other financial assets at amortized cost (\*1), (\*2) | Other financial assets at amortized cost (\*1), (\*2) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951163  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927158  |
|  |  | W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6799375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5549279 |

---

(\*1) The maximum exposure amounts for due from banks, loans, and other financial assets at amortized cost are the net carrying amount after deducting the allowance for credit losses.

(\*2) Other financial assets mainly comprise accounts receivable, accrued income, and guarantee deposits.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>4. Financial risk management (continued)</u>**

**(b) Credit risk (continued)**

*iii) Impairment information by credit risk of financial assets*

Details of impairment of financial assets measured at amortized cost as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12-month ECL** | **Lifetime ECL** | **Gross amount** | **Allowance** | **Total, net** |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from banks and loans at amortized cost (\*): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks | &nbsp;&nbsp;W | 54951  | - | 54951  | (23) | 54928  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporations |  | 2709468  | - | 2709468  | (1124) | 2708344  |
|  |  | 2764419  | - | 2764419  | (1147) | 2763272  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets at amortized cost |  | 951539  | - | 951539  | (376) | 951163  |
|  | &nbsp;&nbsp;W | 3715958  | - | 3715958  | (1523) | 3714435  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12-month ECL** | **Lifetime ECL** | **Gross amount** | **Allowance** | **Total, net** |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from banks and loans at amortized cost (\*): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks | &nbsp;&nbsp;W | 2590  | - | 2590  | (1) | 2589  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporations |  | 2953103  | - | 2953103  | (1225) | 2951878  |
|  |  | 2955693  | - | 2955693  | (1226) | 2954467  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets at amortized cost |  | 927532  | - | 927532  | (374) | 927158  |
|  | &nbsp;&nbsp;W | 3883225  | - | 3883225  | (1600) | 3881625  |

---

(\*) Credit quality of due from banks and loans is divided into Prime and Normal. Credit quality of due from banks and loans as of March 31, 2026 and December 31, 2025 is classified as Prime. The distinction between Prime grade and Normal grade is as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Type of Borrower** | **Corporations and banks** |
| &nbsp;&nbsp;Grade: 1. Prime | Internal credit rating of BBB+ or above |
| &nbsp;&nbsp;Grade: 2. Normal | Internal credit rating of below BBB+ |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>4. Financial risk management (continued)</u>**

 **(c) Liquidity risk**

Liquidity risk refers to the risk of unexpected losses (such as the disposal of assets at abnormal prices, high interest-rate financing, etc.) or insolvency due to inconsistency in funding periods between assets and liabilities or a sudden outflow of funds.

In accordance with the Financial Holding Companies Act, the Company manages liquidity such that, at each month-end, the total amount of assets with a residual maturity of one month or less in the statement of financial position exceeds the total amount of liabilities with a residual maturity of one month or less.

The maturity analysis of non-derivative financial liabilities as of March 31, 2026 and December 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **1 month or less** | **1 month ~** <br>**3 months** | **3 months ~** <br>**6 months** | **6 months ~** <br>**1 year** | **1 year ~** <br>**5 years** | **More than** <br>**5 years** | **Total** |
| &nbsp;&nbsp;&nbsp;**Non-derivative**<br> **financial liabilities (\*)** |  |  |  |  |  |  |  |  |
| Liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | W | - | - | 5000  | 5000  | - | - | 10000  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued |  | 256792  | 391036  | 650093  | 725788  | 8635499  | 147196  | 10806404  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities |  | 430460  | 9684  | 78143  | 68645  | 129622  | - | 716554  |
|  | W | 687252  | 400720  | 733236  | 799433  | 8765121  | 147196  | 11532958  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | **1 month or less** | **1 month ~** <br>**3 months** | **3 months ~** <br>**6 months** | **6 months ~** <br>**1 year** | **1 year ~** <br>**5 years** | **More than** <br>**5 years** | **Total** |
| &nbsp;&nbsp;&nbsp;**Non-derivative**<br> **financial liabilities (\*)** |  |  |  |  |  |  |  |  |
| Liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | W | 10000  | - | - | - | - | - | 10000  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued |  | 880482  | 591353  | 581788  | 816521  | 8337526  | 148540  | 11356210  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities |  | 27733  | 64960  | 7235  | 4987  | 159489  | - | 264404  |
|  | W | 918215  | 656313  | 589023  | 821508  | 8497015  | 148540  | 11630614  |

---

(\*) These amounts include both principal and interest cash flows of financial liabilities.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>4. Financial risk management (continued)</u>** 

**(d) Measurement for the fair value of financial instruments** 

The fair values of financial instruments being traded in an active market are determined by the published market prices of each period end. The published market prices of financial instruments being held by the Company are based on the trading agencies' notifications.

If the market for a financial instrument is not active, such as OTC (Over-The-Counter market) derivatives, fair value is determined either by using a valuation technique or independent third-party valuation service. The Company uses its judgment to select a variety of methods and make rational assumptions that are mainly based on market conditions existing at the end of each reporting period.

The fair value of financial instruments is determined using various valuation techniques, including recent transactions between independent parties conducted on an arm's length basis, reference to the current fair value of other substantially identical financial instruments where available, discounted cash flow methods, and option pricing models.

The Company classifies and discloses fair value of financial instruments into the following three-level hierarchy:

Level 1: Financial instruments measured at quoted prices from active markets are classified as fair value level 1.

Level 2: Financial instruments measured using valuation techniques where all significant inputs are observable market data are classified as level 2.

Level 3: Financial instruments measured using valuation techniques where one or more significant inputs are not based on observable market data are classified as level 3.

*i) Financial instruments measured at fair value* 

*i-1) The fair value hierarchy of financial assets measured at fair value as of March 31, 2026 and December 31, 2025 is as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Level 1** | **Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss | W | - | 3084940  | 1607433  | 4692373  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | **Level 1** | **Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss | W | - | 1667654  | 1492520  | 3160174  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>4. Financial risk management (continued)</u>** 

**(d) Measurement for the fair value of financial instruments (continued)**

*i) Financial instruments measured at fair value (continued)*

*i-2) Classification of financial instruments as fair value level 3*

Changes in carrying amounts of financial instruments classified as Level 3 for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;**March 31, 2026** |
|  |  | &nbsp;&nbsp;&nbsp;**Financial assets at FVTPL** |
| &nbsp;&nbsp;Beginning balance | W | 1,492,520  |
| Recognized in profit or loss  |  | 14,913  |
| &nbsp;&nbsp;Purchases |  | 100,000  |
| &nbsp;&nbsp;Settlement |  | - |
| &nbsp;&nbsp;Ending balance | W | 1,607,433  |

---

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
|  |  | &nbsp;&nbsp;&nbsp;**Financial assets at FVTPL** |
| &nbsp;&nbsp;Beginning balance | W | 1483122  |
| Recognized in profit or loss  |  | 9398  |
| &nbsp;&nbsp;Purchases |  | 100000  |
| &nbsp;&nbsp;Settlement |  | (100000) |
| &nbsp;&nbsp;Ending balance | W | 1492520  |

---

*i-3) Valuation techniques and input variables unobservable in markets* 

i-3-1) Valuation techniques and input variables used in measuring the fair value of financial instruments classified as level 2 as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Type of financial instrument** | &nbsp;&nbsp;**Valuation techniques** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Carrying amount** | &nbsp;&nbsp;**Inputs** |
| **2026** | Financial assets at fair value through profit or loss | &nbsp;&nbsp;Net asset valuation approach | Beneficiary certificates | &nbsp;&nbsp;3084940 | Prices of underlying assets such as bonds |
| **2025** | Financial assets at fair value through profit or loss | &nbsp;&nbsp;Net asset valuation approach | Beneficiary certificates | &nbsp;&nbsp;1667654 | Prices of underlying assets such as bonds |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>4. Financial risk management (continued)</u>** 

**(d) Measurement for the fair value of financial instruments (continued)**

*i) Financial instruments measured at fair value (continued)*

*i-3) Valuation techniques and input variables unobservable in markets (continued)*

i-3-2) Valuation techniques and significant inputs, but not observable, used in measuring the fair value of financial instruments classified as level 3 as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | &nbsp;&nbsp;**Valuation**<br>**technique** | &nbsp;&nbsp;**Type of financial instrument** |  | &nbsp;&nbsp;**Carrying amount** | &nbsp;&nbsp;**Significant unobservable**<br>**input** | **Range of estimates for unobservable input** |
|  | &nbsp;&nbsp;**Valuation**<br>**technique** | &nbsp;&nbsp;**Type of financial instrument** |  | &nbsp;&nbsp;**Carrying amount** | &nbsp;&nbsp;**Significant unobservable**<br>**input** | **Range of estimates for unobservable input** |
|  | &nbsp;&nbsp;**Valuation**<br>**technique** | &nbsp;&nbsp;**Type of financial instrument** |  | &nbsp;&nbsp;**Carrying amount** | &nbsp;&nbsp;**Significant unobservable**<br>**input** | **Range of estimates for unobservable input** |
| **Financial assets** | **Financial assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss | Option model (\*) | &nbsp;&nbsp;Hybrid bonds | &nbsp;&nbsp;W | 1607433 | &nbsp;&nbsp;Volatility of<br>interest rate | 0.51%~1.43% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | &nbsp;&nbsp;**Valuation**<br>**technique** | &nbsp;&nbsp;**Type of financial instrument** |  | &nbsp;&nbsp;**Carrying amount** | &nbsp;&nbsp;**Significant unobservable**<br>**input** | **Range of estimates for unobservable input** |
|  | &nbsp;&nbsp;**Valuation**<br>**technique** | &nbsp;&nbsp;**Type of financial instrument** |  | &nbsp;&nbsp;**Carrying amount** | &nbsp;&nbsp;**Significant unobservable**<br>**input** | **Range of estimates for unobservable input** |
|  | &nbsp;&nbsp;**Valuation**<br>**technique** | &nbsp;&nbsp;**Type of financial instrument** |  | &nbsp;&nbsp;**Carrying amount** | &nbsp;&nbsp;**Significant unobservable**<br>**input** | **Range of estimates for unobservable input** |
| **Financial assets** | **Financial assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss | Option model (\*) | &nbsp;&nbsp;Hybrid bonds | &nbsp;&nbsp;W | 1492520 | &nbsp;&nbsp;Volatility of<br>interest rate | 0.46%~0.86% |

---

(\*) It is calculated by applying the Hull-White model method.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>4. Financial risk management (continued)</u>**

**(d) Measurement for the fair value of financial instruments (continued)**

*i) Financial instruments measured at fair value (continued)*

*i-4) Sensitivity to changes in unobservable inputs*

For Level 3 fair value measurements, the effects on profit or loss of changes in unobservable inputs to reasonably possible alternative assumptions as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Profit (loss) for the period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Profit (loss) for the period** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Favorable change** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Unfavorable change** |
| Recognized in profit or loss (\*) | &nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss | W | 372 | (342) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Profit (loss) for the year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Profit (loss) for the year** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Favorable change** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Unfavorable change** |
| Recognized in profit or loss (\*) | &nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss | W | 207 | (233) |

---

(\*) Fair value changes are calculated based on a 10% increase or decrease in interest rate volatility, which is a significant unobservable input.

*ii) Financial instruments measured at amortized cost*

ii-1) Methods for determining the fair value of financial instruments measured at amortized cost

---

| | |
|:---|:---|
| **Type** | **Measurement methods of fair value** |
| Due from banks | The carrying amount and fair value of cash are identical. Most due from banks are floating-rate deposits or overnight deposits with very short maturities; accordingly, the carrying amount is used as a proxy for fair value.  |
| Loans | The fair value of the loans is measured by discounting the expected cash flow using a discount rate that reflects the market interest rate and the credit risk of the borrower. |
| &nbsp;&nbsp;Borrowings and debt securities issued | The fair value is based on quoted prices in active markets. Where such prices are not available, fair value is determined as the present value of contractual cash flows discounted using a market interest rate adjusted for residual risk. |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>4. Financial risk management (continued)</u>**

**(d) Measurement for the fair value of financial instruments (continued)**

*ii) financial instruments measured at amortized cost (continued)*

ii-2) The carrying amounts and fair value of the financial instruments measured at amortized cost as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying amount** | **Fair value** | **Carrying amount** | **Fair value** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;Due from banks at amortized cost | W | 54928  | 54928  | 2589  | 2589  |
| &nbsp;&nbsp;Loans at amortized cost |  | 2708344  | 2851842  | 2951878  | 3109700  |
| &nbsp;&nbsp;Other financial assets |  | 951163  | 951163  | 927158  | 927158  |
|  | W | 3714435  | 3857933  | 3881625  | 4039447  |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;Borrowings | W | 9823  | 9824  | 9975  | 9976  |
| &nbsp;&nbsp;Debt securities issued |  | 9918030  | 9837931  | 10457205  | 10492523  |
| &nbsp;&nbsp;Other financial liabilities |  | 761241  | 761241  | 329942  | 329942  |
|  | W | 10689094  | 10608996  | 10797122  | 10832441  |

---

ii-3) The fair value hierarchy of financial instruments that are not measured at fair value in the statement of financial position but for which fair values are disclosed as of March 31, 2026 and December 31, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Level 1** | **Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | **Total** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from banks at amortized cost | W | 54925  | 3  | - | 54928  |
| &nbsp;&nbsp;Loans at amortized cost |  | - | - | 2851842  | 2851842  |
| &nbsp;&nbsp;Other financial assets |  | - | - | 951163  | 951163  |
|  | W | 54925  | 3  | 3803005  | 3857933  |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;Borrowings | W | - | 9824  | - | 9824  |
| &nbsp;&nbsp;Debt securities issued |  | - | 9837931  | - | 9837931  |
| &nbsp;&nbsp;Other financial liabilities |  | - | - | 761241  | 761241  |
|  | W | - | 9847755  | 761241  | 10608996  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | **Level 1** | **Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | **Total** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from banks at amortized cost | W | 2586  | 3  | - | 2589  |
| &nbsp;&nbsp;Loans at amortized cost |  | - | - | 3109700  | 3109700  |
| &nbsp;&nbsp;Other financial assets |  | - | - | 927158  | 927158  |
|  | W | 2586  | 3  | 4036858  | 4039447  |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;Borrowings | W | - | 9976  | - | 9976  |
| &nbsp;&nbsp;Debt securities issued |  | - | 10492523  | - | 10492523  |
| &nbsp;&nbsp;Other financial liabilities |  | - | - | 329942  | 329942  |
|  | W | - | 10502499  | 329942  | 10832441  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>4. Financial risk management (continued)</u>**

**(d) Measurement for the fair value of financial instruments (continued)**

*ii) financial instruments measured at amortized cost (continued)*

ii-4) Valuation techniques and inputs used in measuring the fair value of financial instruments not measured at fair value but classified as Level 2 or Level 3 for fair value disclosures as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** |
|  | **Valuation technique** |  | **Fair value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Inputs** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from banks at amortized cost | - | W | 3  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans at amortized cost | DCF |  | 2851842  | Discount rate |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | DCF |  | 951163  | Discount rate |
|  |  | W | 3803008  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;Borrowings | DCF | W | 9824  | Discount rate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued | DCF |  | 9837931  | Discount rate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities | DCF |  | 761241  | Discount rate |
|  |  | W | 10608996  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
|  | **Valuation technique** |  | **Fair value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Inputs** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from banks at amortized cost | - | W | 3  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans at amortized cost | DCF |  | 3109700  | Discount rate |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | DCF |  | 927158  | Discount rate |
|  |  | W | 4036861  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;Borrowings | DCF | W | 9976  | Discount rate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued | DCF |  | 10492523  | Discount rate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities | DCF |  | 329942  | Discount rate |
|  |  | W | 10832441  |  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>4. Financial risk management (continued)</u>**

**(e) Classification by categories of financial instruments**

Financial assets and liabilities are measured at fair value or amortized cost. The carrying amounts of each category of financial assets and financial liabilities as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Financial assets at fair value through profit or loss** | **Financial assets**<br>**at amortized cost** | **Financial liabilities**<br>**at amortized cost** |
| &nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks at amortized cost | W | - | 54928  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss |  | 4692373  | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans at amortized cost |  | - | 2708344  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial assets at amortized cost |  | - | 951163  | - |
|  | W | 4692373  | 3714435  | - |
| &nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings | W | - | - | 9823  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued |  | - | - | 9918030  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities |  | - | - | 761241  |
|  | W | - | - | 10689094  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | **Financial assets at fair value through profit or loss** | **Financial assets**<br>**at amortized cost** | **Financial liabilities**<br>**at amortized cost** |
| &nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks at amortized cost | W | - | 2589  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss |  | 3160174  | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans at amortized cost |  | - | 2951878  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial assets at amortized cost |  | - | 927158  | - |
|  | W | 3160174  | 3881625  | - |
| &nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings | W | - | - | 9975  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued |  | - | - | 10457205  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities |  | - | - | 329942  |
|  | W | - | - | 10797122  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>5. Cash and due from banks</u>**

(a) Cash and due from banks by type

Details of cash and due from banks by type as of March 31, 2026 and December 31, 2025, are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** |
| Due from banks at amortized cost | W | 54951  | 2590  |
| Less: allowance |  | (23) | (1) |
|  | W | 54928  | 2589  |

---

(b) Details of restricted due from banks in accordance with the Banking Act and other relevant laws and regulations as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** |
| Checking account guarantee deposit | W | 3 | 3 |

---

**<u>6. Financial assets at fair value through profit or loss</u>**

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** |
| Beneficiary certificates |  |  |  |
| Beneficiary certificates in Korean won | W | 2941796  | 907013  |
| Beneficiary certificates in foreign currency |  | 143144  | 760641  |
|  |  | 3084940  | 1667654  |
| Hybrid Bonds |  |  |  |
| Hybrid Bonds in Korean won |  | 1200173  | 1108884  |
| Hybrid Bonds in foreign currency |  | 407260  | 383636  |
|  | W | 1607433  | 1492520  |
|  |  | 4692373  | 3160174  |

---

**<u>7. Loans at amortized cost</u>**

(a) Loans at amortized cost as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** |
| Corporate loans (Working Capital loan) | W | 2709468  | 2953103  |
| Less: allowance |  | (1124) | (1225) |
|  | W | 2708344  | 2951878  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>7. Loans at amortized cost (continued)</u>**

(b) Changes in loans at amortized cost and other assets for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** |  |
|  |  | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected credit losses**  | &nbsp;&nbsp;**Credit-impaired financial asset** | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected credit losses** | **Credit-impaired financial asset** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;W | 2953103  | - | - | 930122  | - | - | 3883225  |
| &nbsp;&nbsp;&nbsp;Transfer (from) to 12-month expected credit losses |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to credit- impaired financial assets |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Origination |  | 220000  | - | - | - | - | - | 220000  |
| &nbsp;&nbsp;&nbsp;Collection |  | (520000) | - | - | - | - | - | (520000) |
| &nbsp;&nbsp;&nbsp;Others (\*) |  | 56365  | - | - | 76368  | - | - | 132733  |
| &nbsp;&nbsp;&nbsp;Ending balance | W | 2709468  | - | - | 1006490  | - | - | 3715958  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** |  |
|  |  | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected credit losses**  | &nbsp;&nbsp;**Credit-impaired financial asset** | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected credit losses** | **Credit-impaired financial asset** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;W | 3838903  | - | - | 640160  | - | - | 4479063  |
| &nbsp;&nbsp;&nbsp;Transfer (from) to 12-month expected credit losses |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to credit- impaired financial assets |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Origination |  | 1576004  | - | - | - | - | - | 1576004  |
| &nbsp;&nbsp;&nbsp;Collection |  | (2480890) | - | - | - | - | - | (2480890) |
| &nbsp;&nbsp;&nbsp;Others (\*) |  | 19086  | - | - | 289962  | - | - | 309048  |
| &nbsp;&nbsp;&nbsp;Ending balance | W | 2953103  | - | - | 930122  | - | - | 3883225  |

---

(\*) Other changes are due to dividends receivables from subsidiaries, consolidation tax receivables, accrued income, changes in foreign exchange rate, etc.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>7. Loans at amortized cost (continued)</u>**

(c) Changes in the allowance for credit losses on loans at amortized cost and other assets for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** |  |
|  |  | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected credit losses** | &nbsp;&nbsp;**Credit-impaired financial asset** | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected credit losses** | **Credit-impaired financial asset** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;W | 1225  | - | - | 375  | - | - | 1600  |
| &nbsp;&nbsp;&nbsp;Transfer (from) to 12-month expected credit losses |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to credit- impaired financial assets |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Provision (reversal) |  | (101) | - | - | 24  | - | - | (77) |
| &nbsp;&nbsp;&nbsp;Ending balance | W | 1124  | - | - | 399  | - | - | 1523  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | &nbsp;&nbsp;**Loans at amortized cost** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** | **Due from banks at amortized cost and other financial assets** |  |
|  |  | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected credit losses** | &nbsp;&nbsp;**Credit-impaired financial asset** | &nbsp;&nbsp;**12-month expected credit losses** | **Lifetime expected credit losses** | **Credit-impaired financial asset** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;W | 1605  | - | - | 261  | - | - | 1866  |
| &nbsp;&nbsp;&nbsp;Transfer (from) to 12-month expected credit losses |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to lifetime expected credit losses |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Transfer (from) to credit- impaired financial assets |  | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Provision (reversal) |  | (380) | - | - | 114  | - | - | (266) |
| &nbsp;&nbsp;&nbsp;Ending balance | W | 1225  | - | - | 375  | - | - | 1600  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>8. Investments in subsidiaries</u>**

Investments in subsidiaries as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Investees** | &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Reporting** <br>**month** | &nbsp;&nbsp;**Ownership** <br>**Interest (%)** |  | **Carrying amount** | &nbsp;&nbsp;**Ownership** <br>**Interest (%)** |  | **Carrying amount** |
| Shinhan Bank | Korea | December | 100.0  |  | 13617579  | 100.0  |  | 13617579  |
| Shinhan Card Co., Ltd. | Korea | December | 100.0  |  | 7919672  | 100.0  |  | 7919672  |
| Shinhan Securities Co., Ltd. | Korea | December | 100.0  |  | 3001420  | 100.0  |  | 3001420  |
| Shinhan Life Insurance Co., Ltd.  | Korea | December | 100.0  |  | 4204526  | 100.0  |  | 4204526  |
| Shinhan Capital Co., Ltd. | Korea | December | 100.0  |  | 558921  | 100.0  |  | 558921  |
| &nbsp;&nbsp;&nbsp;Shinhan Asset Management Co., Ltd. | Korea | December | 100.0  |  | 326206  | 100.0  |  | 326206  |
| &nbsp;&nbsp;&nbsp;Jeju Bank | Korea | December | 64.0  |  | 179643  | 64.0  |  | 179643  |
| &nbsp;&nbsp;&nbsp;Shinhan Savings Bank | Korea | December | 100.0  |  | 157065  | 100.0  |  | 157065  |
| &nbsp;&nbsp;&nbsp;Shinhan Asset Trust Co., Ltd. | Korea | December | 100.0  |  | 364789  | 100.0  |  | 364789  |
| Shinhan DS | Korea | December | 100.0  |  | 23026  | 100.0  |  | 23026  |
| &nbsp;&nbsp;Shinhan Fund Partners Co., Ltd. | Korea | December | 99.8  |  | 50092  | 99.8  |  | 50092  |
| &nbsp;&nbsp;Shinhan REITs Management Co., Ltd. | Korea | December | 100.0  |  | 30000  | 100.0  |  | 30000  |
| &nbsp;&nbsp;Shinhan Venture Investment Co., Ltd. | Korea | December | 100.0  |  | 75840  | 100.0  |  | 75840  |
| &nbsp;&nbsp;Shinhan EZ General Insurance Co., Ltd. | Korea | December | 91.7  |  | 206271  | 91.7  |  | 206271  |
| &nbsp;&nbsp;SHC Management Co., Ltd. | Korea | December | 100.0  |  | 8655  | 100.0  |  | 8655  |
|  |  |  |  | W | 30723705  |  | W | 30723705  |

---

**<u>9. Borrowings</u>** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lender** | **Period** | **Interest**<br>**rate (%)** |  | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings<br>in Korean won | &nbsp;&nbsp;&nbsp;&nbsp;DB Financial Investment<br>Co., LTD. | &nbsp;&nbsp;&nbsp;2025.01.31<br>~2026.01.30 | 3.01 | W | - | 9975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings<br>in Korean won | &nbsp;&nbsp;Kyobo Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;2026.01.30<br>~2026.07.31 | 2.99 |  | 4950 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings<br>in Korean won | &nbsp;&nbsp;〃 | 2026.01.30<br>~2027.01.29 | 3.04 |  | 4873 | - |
|  |  |  |  | W | 9823 | 9975 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>10. Debt securities issued</u>**

Debt securities issued as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Interest**<br>**rate (%)** |  | **Amount** | **Interest**<br>**rate (%)** |  | **Amount** |
| Debt securities issued in Korean won: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued | 1.43 ~ 6.17 | W | 8420000  | 1.43 ~ 6.17 | W | 8320000  |
| &nbsp;&nbsp;&nbsp;&nbsp;Discount |  |  | (7012) |  |  | (6665) |
|  |  |  | 8412988  |  |  | 8313335  |
| Debt securities issued in foreign currency: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued | 4.60 ~ 5.06 |  | 1513400 | 1.37 ~ 5.06 |  | 2152350  |
| &nbsp;&nbsp;&nbsp;&nbsp;Discount  |  |  | (8358) |  |  | (8480) |
|  |  |  | 1505042  |  |  | 2143870  |
|  |  | W | 9918030  |  | W | 10457205  |

---

**<u>11. Net defined benefit assets and liabilities</u>**

(a) Defined benefit obligations and plan assets as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** |
| Present value of defined benefit obligations | W | 30778 | 26483 |
| Fair value of plan assets |  | (35855) | (36159) |
| &nbsp;&nbsp;Net defined benefit liability (asset) | W | (5077) | (9676) |

---

(b) Profit or loss related to defined benefit plans for the three-month periods ended March 31, 2026 and 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| Current service costs | W | 522 | 442 |
| Net interest income |  | (61) | (89) |
|  | W | 461 | 353 |

---

(\*) Profit or loss related to defined benefit plans is included in general and administrative expenses.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won, except per share data)

**<u>12. Equity</u>**

(a) Equity as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** |
| Share Capital |  |  |  |
| &nbsp;&nbsp;Ordinary shares (\*1) | W | 2695586  | 2695586 |
| &nbsp;&nbsp;Preferred shares (\*1), (\*2) |  | 274055  | 274055 |
|  |  | 2969641  | 2969641 |
| Hybrid bonds |  | 4719886 | 4749837 |
| Capital surplus |  |  |  |
| &nbsp;&nbsp;Share premium |  | 1484821 | 11350744 |
| Capital adjustments |  | (242110) | (647347) |
| Accumulated other comprehensive loss |  | (11363) | (11363) |
| Retained earnings |  |  |  |
| &nbsp;&nbsp;Legal reserve (\*3) |  | 2969641  | 2969641 |
| &nbsp;&nbsp;Regulatory reserve for loan losses |  | 17708  | 20462 |
| &nbsp;&nbsp;Other legal reserves |  | 2000  | 2000 |
| &nbsp;&nbsp;Unappropriated retained earnings |  | 15897439  | 4931845 |
|  |  | 18886788  | 7923948 |
|  | W | 27807663  | 26335460 |

---

(\*1) Due to the retirement of shares using retained earnings, etc., the Company's capital differs from the aggregate par value of its issued shares.

(\*2) All redeemable convertible preferred shares and similar instruments previously issued by the Company have been redeemed through retained earnings. Accordingly, although preferred share capital remains outstanding, there are no preferred shares currently issued and outstanding.

(\*3) As of March 31, 2026, retained earnings include a legal reserve that is restricted from being distributed as dividends under applicable laws and regulations. In accordance with Article 53 of the Financial Holding Companies Act, the Company is required to appropriate at least 10% of net income as a legal reserve each time dividends are declared, until such reserve equals 100% of its share capital. This reserve may only be used to offset accumulated deficits or to be capitalized.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won, except per share data)

**<u>12. Equity (continued)</u>**

(b) Hybrid bonds

Hybrid bonds classified as other equity instruments as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Issue date** | **Maturity date** | **Interest rate (%)** |  | **March 31, 2026** | **December 31, 2025** |
| Hybrid bonds in KRW | September 15, 2017 | Perpetual bond | 4.25 | W | 89783  | 89783 |
| Hybrid bonds in KRW | April 13, 2018 | Perpetual bond | 4.56 |  | 14955  | 14955 |
| Hybrid bonds in KRW | March 16, 2021 | Perpetual bond | 2.94 |  | - | 429009 |
| Hybrid bonds in KRW | March 16, 2021 | Perpetual bond | 3.30 |  | 169581  | 169581 |
| Hybrid bonds in KRW | January 25, 2022 | Perpetual bond | 3.90 |  | 560438  | 560438 |
| Hybrid bonds in KRW | January 25, 2022 | Perpetual bond | 4.00 |  | 37853  | 37853 |
| Hybrid bonds in KRW | August 26, 2022 | Perpetual bond | 4.93 |  | 343026  | 343026 |
| Hybrid bonds in KRW | August 26, 2022 | Perpetual bond | 5.15 |  | 55803  | 55803 |
| Hybrid bonds in KRW | January 30, 2023 | Perpetual bond | 5.14 |  | 398831  | 398831 |
| Hybrid bonds in KRW | July 13, 2023 | Perpetual bond | 5.40 |  | 498815  | 498815 |
| Hybrid bonds in KRW | January 31, 2024 | Perpetual bond | 4.49 |  | 398833  | 398833 |
| Hybrid bonds in KRW | September 12, 2024 | Perpetual bond | 4.00 |  | 399033  | 399033 |
| Hybrid bonds in KRW | February 13, 2025 | Perpetual bond | 3.90 |  | 398835  | 398835 |
| Hybrid bonds in KRW | September 9, 2025 | Perpetual bond | 3.26 |  | 399035  | 399035 |
| Hybrid bonds in KRW | March 16, 2026 | Perpetual bond | 4.20 |  | 399058  | - |
| Hybrid bonds in USD | May 12, 2021 | Perpetual bond | 2.88 |  | 556007  | 556007 |
|  |  |  |  | W | 4719886  | 4749837 |

---

(\*) For the period ended March 31, 2026, the deduction for capital related to hybrid bond issued is W 942 million.

The hybrid bonds may be redeemed early after 5 or 10 years from the date of issuance, and are either perpetual in nature or may have their maturity extended under the same terms.

(c) Capital adjustments

i) Changes in accumulated capital adjustments for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;Beginning balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | (647347) | (296024) |
| &nbsp;&nbsp;Disposal of retained earnings |  | 1846 | 524 |
| &nbsp;&nbsp;Redemption of hybrid bonds |  | (991) | (1846) |
| &nbsp;&nbsp;Acquisition of treasury shares |  | (395618) | &nbsp;&nbsp;&nbsp;(1250001) |
| &nbsp;&nbsp;Retirement of treasury shares |  | 800000 | 900000 |
| &nbsp;&nbsp;Ending balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | (242110) | (647347) |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won, except per share data)

**<u>12. Equity (continued)</u>**

ii) Changes in treasury shares for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Beginning balance** | **Acquisition** | **Disposal** | **Retirement (\*)** | **Ending balance** |
| &nbsp;&nbsp;The number of shares |  | 8337535 | 4573039 | - | (10840573) | 2070001 |
| Carrying amount | W | 600001 | 395618 | - | (800000) | 195619 |

---

(\*) For the period ended March 31, 2026, the Company acquired treasury shares for retirement and completed the retirement of 10,840,573 shares on February 6, 2026.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | **Beginning balance** | **Acquisition** | **Disposal** | **Retirement (\*)** | **Ending balance** |
| &nbsp;&nbsp;The number of shares |  | 4585561  | 21702365 | - | (17950391) | 8337535 |
| Carrying amount | W | 250000  | 1250001 | - | (900000) | 600001 |

---

(\*) For the year ended December 31, 2025, the Company acquired treasury shares for retirement and completed the retirement of 7,603,260 shares and 10,347,131 shares on April 29, 2025 and June 26, 2025, respectively.

(d) Accumulated other comprehensive income (loss)

Changes in accumulated other comprehensive income (loss) for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** |
| Beginning balance | W | (11363) | (9307) |
| Remeasurements of net defined benefit liability (asset) |  | - | (3028) |
| Tax effect |  | - | 972 |
| Ending balance | W | (11363) | (11363) |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won, except per share data)

**<u>12. Equity (continued)</u>**

(e) Regulatory reserve for loan losses

In accordance with the Supervisory Regulations on Financial Holding Companies (the "Regulations"), when the allowance for credit losses under K-IFRS is less than the minimum required under the Regulations, the Company appropriates the shortfall as a regulatory reserve for loan losses at each reporting date.

i) Regulatory reserve for loan losses as of March 31, 2026 and December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** |
| Beginning balance | W | 17708 | 20462 |
| Expected regulatory reserve for loan losses |  | (757) | (2754) |
| Ending balance | W | 16951 | 17708 |

---

ii) Profit and earnings per share after adjustment for the regulatory reserve for loan losses for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| Profit for the period | W | 2360316 | 2499281 |
| Provision for regulatory reserve for loan losses |  | 757 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit adjusted for regulatory reserve | W | 2361073 | 2500084 |
| &nbsp;&nbsp;Basic and diluted earnings per share adjusted for regulatory reserve (\*) | W | 4883 | 4959 |

---

(\*) Dividends for hybrid bonds are deducted.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>13. Net interest expense</u>**

Net interest expense for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| Interest income: |  |  |  |
| &nbsp;&nbsp;Cash and due from banks at amortized cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 769  | 1870  |
| &nbsp;&nbsp;Loans at amortized cost |  | 22774  | 19564  |
| &nbsp;&nbsp;Others |  | 143  | 147 |
|  |  | 23686  | 21581 |
| Interest expense: |  |  |  |
| &nbsp;&nbsp;Borrowings  |  | (142) | (134) |
| &nbsp;&nbsp;Debt securities issued  |  | (84869) | (83176) |
| &nbsp;&nbsp;Others |  | (6) | (8) |
|  |  | (85017) | (83318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest expense | W | (61331) | (61737) |

---

**<u>14. Net fees and commission income</u>**

Net fees and commission income for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| Fees and commission income: |  |  |  |
| &nbsp;&nbsp;Royalty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 17759 | 17759 |
| &nbsp;&nbsp;Others |  | - | - |
|  |  | 17759 | 17759 |
| Fees and commission expense: |  |  |  |
| &nbsp;&nbsp;Others |  | (231) | (147) |
| Net fees and commission income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 17528 | 17612 |

---

**<u>15. Dividend income</u>**

Dividend income for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| Dividend from subsidiaries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 2,447,136  | 2,545,456 |
| Dividend to hybrid bonds |  | 15,377  | 14,595 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 2,462,513  | 2,560,051 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>16. Reversal of credit losses</u>**

Reversal of credit losses for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| Reversal of credit losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 77 | 73 |

---

**<u>17. General and administrative expenses</u>**

General and administrative expenses for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| Salaries: |  |  |  |
| &nbsp;&nbsp;Salary expenses and bonuses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 15803  | 10831  |
| &nbsp;&nbsp;Severance benefits |  | 461  | 353  |
| Rent |  | 647  | 501  |
| Lease |  | 37  | 37  |
| Entertainment |  | 476  | 388  |
| Depreciation |  | 807  | 832  |
| Amortization |  | 276  | 211  |
| Taxes and dues |  | 310  | 339  |
| Advertising |  | 10597  | 9533  |
| Others |  | 4359  | 6662 |
|  | W | 33773  | 29687 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won, except per share data)

**<u>18. Share-based payments</u>**

(a) Performance shares granted as of March 31, 2026 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Expired** | **Not expired** |
| Type | Cash-settled share-based payment | Cash-settled share-based payment |
| Performance conditions  | Relative stock price linked (20.0%), management index (80.0%) | Relative stock price linked (20.0%), management index (80.0%) |
| Exercising period | 4 years from the commencement date of the year to which the grant date belongs | 4 years from the commencement date of the year to which the grant date belongs |
| Estimated number of shares vested at March 31, 2026 | 186576 | 2142112 |
| Fair value per share in Korean won (\*)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W 37,387, W 37,081, <br>W 38,156, W 50,444 and W 77,757 for the expiration of the exercising period from 2021 to 2025 | W 87,700 |

---

(\*) Based on performance-based stock compensation, the reference stock price (the arithmetic average of the weighted average share price of transaction volume for the past two months, the previous one month, and the past one week) of four years after the commencement of the grant year is paid in cash, and the fair value of the reference stock to be paid in the future is assessed as the closing price of the settlement.

(b) Share-based compensation costs

The share-based compensation costs for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Employees of** | **Employees of** |  |
|  |  | **Shinhan Financial Group** | **Subsidiaries** | **Total** |
| Performance shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 3383 | 25315 | 28698 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  |  | **Employees of** | **Employees of** |  |
|  |  | **Shinhan Financial Group** | **Subsidiaries** | **Total** |
| Performance shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 337 | 644 | 981 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won, except per share data)

**<u>18. Share-based payments (continued)</u>**

(c) Share-based compensation payable

In accordance with the share-based compensation agreements by the Company, the share-based compensation payable as of March 31, 2026 and December 31, 2025 are as follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Accrued expense** | **Accrued expense** |  |
|  |  | **Shinhan Financial Group** | **Subsidiaries (\*)** | **Total** |
| Performance shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 19196 | 176793 | 195989 |

---

(\*) The Company recognizes W 176,793 million to be preserved from the subsidiary as the amount to be paid to the executives and employees of the subsidiary.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | **Accrued expense** | **Accrued expense** |  |
|  |  | **Shinhan Financial Group** | **Subsidiaries (\*)** | **Total** |
| Performance shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 22537 | 197518 | 220055 |

---

(\*) The Company recognizes W 197,518 million to be preserved from the subsidiary as the amount to be paid to the executives and employees of the subsidiary.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>19. Income taxes</u>**

Income tax expense for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| Current income tax expense (\*) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 613 | 936 |
| Temporary differences (\*) |  | 25217 | 656 |
| &nbsp;&nbsp;Income tax recognized directly in equity |  | - | - |
| Income tax expense | W | 25830 | 1592 |

---

(\*) Due to the application of the global minimum tax, income tax expense of W 613 million and W 936 million was recognized for the current and prior quarters, respectively. The Company does not recognize deferred tax assets and liabilities associated with the Global Minimum Corporate Tax Act by applying the temporary exception to deferred tax in K-IFRS No.1012.

**<u>20. Earnings per share</u>**

Basic and diluted earnings per share for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| Net profit for the period | W | 2360316 | 2499281 |
| Less:  |  |  |  |
| &nbsp;&nbsp;Dividends to hybrid bond |  | (44051) | (42590) |
| &nbsp;&nbsp;Profit attributable to ordinary shareholders | W | 2316265 | 2456691 |
| &nbsp;&nbsp;Weighted average number of ordinary shares outstanding (\*) |  | 474460127 | 495588643 |
| Basic and diluted earnings per share in Korean won | W | 4882 | 4957 |

---

(\*) The number of ordinary shares issued by the Company is 474,654,361 shares as of March 31, 2026. The above weighted average number of ordinary shares outstanding is calculated by reflecting changes in treasury shares that are acquired and retired, etc., during the current and prior quarters.

**<u>21. Operating income</u>**

Operating income for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| Dividend income | W | 2462513 | 2560051  |
| Fees and commission income |  | 17759 | 17759  |
| Interest income |  | 23686 | 21581  |
| Gains on financial instruments at FVTPL |  | 9029 | 17297  |
| Gains on foreign currency transaction |  | 87885 | 4575  |
| Reversal of credit losses |  | 77 | 73 |
|  | W | 2600949 | 2621336 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>22. Commitments and contingencies</u>**

The commitments with financial institutions for the three-month periods ended March 31, 2026 and for the year ended December 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial institutions |  | **Borrowing Limit** | **Balance after Execution** | **Borrowing Limit** | **Balance after Execution** |
| &nbsp;&nbsp;Borrowing agreement in Korean won | &nbsp;&nbsp;Korea Development Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 100000  | - | 100000  | - |
| &nbsp;&nbsp;Borrowing agreement in Korean won | &nbsp;&nbsp;Kookmin Bank |  | 200000  | - | 200000  | - |
| &nbsp;&nbsp;Borrowing agreement in Korean won | &nbsp;&nbsp;Hana Bank |  | 200000  | - | 200000  | - |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 500000  | - | 500000  | - |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>23. Statement of cash flows</u>**

(a) Cash and cash equivalents in the condensed separate statement of cash flows as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;Due from banks with a maturity less than three months from date of acquisition | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 54,948 | 2,587 |

---

(b) Changes in liabilities arising from financing activities for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Borrowings** | **Debentures** | **Lease liabilities** | **Total** |
| &nbsp;&nbsp;**Balance at January 1, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 9975  | 10457205  | 855  | 10468035  |
| &nbsp;&nbsp;&nbsp;Changes from cash flows |  | (226) | (618798) | (189) | (619213) |
| &nbsp;&nbsp;&nbsp;Changes from non-cash flows: |  |  |  |  |  |
| &nbsp;&nbsp;Amortization of discount on debentures |  | 74  | 1716  | 6  | 1796  |
| &nbsp;&nbsp;Foreign currency difference |  | - | 77907  | - | 77907  |
| Other changes: |  | - | - | 106  | 106  |
| &nbsp;&nbsp;**Balance at March 31, 2026** | W | 9823  | 9918030  | 778  | 9928631  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  |  | **Borrowings** | **Debentures** | **Lease liabilities** | **Total** |
| &nbsp;&nbsp;**Balance at January 1, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 19914  | 10731336  | 843  | 10752093  |
| &nbsp;&nbsp;&nbsp;Changes from cash flows |  | (10300) | (685970) | (171) | (696441) |
| &nbsp;&nbsp;&nbsp;Changes from non-cash flows: |  |  |  |  |  |
| &nbsp;&nbsp;Amortization of discount on debentures |  | 134  | 2295  | 7  | 2436  |
| &nbsp;&nbsp;Foreign currency difference |  | - | (4479) | - | (4479) |
| Other changes: |  | - | 2273 | 123 | 2396 |
| &nbsp;&nbsp;**Balance at March 31, 2025** | W | 9748 | 10045455 | 802 | 10056005 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>24. Related party transactions</u>**

The Company defines subsidiaries, key managements, and their families as a range of related parties in accordance with K-IFRS No.1024, and discloses the amount of transactions between the Company and related parties and the balance of receivables and payables. For details of subsidiaries, refer to 'Note 8'.

(a) Significant transactions with the related parties for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Related party** | &nbsp;&nbsp;**Account** |  | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2025** |
| &nbsp;&nbsp;***Revenue:*** |  |  |  |  |
| &nbsp;&nbsp;Shinhan Bank | &nbsp;&nbsp;Interest income | &nbsp;&nbsp;W | &nbsp;&nbsp;142  | &nbsp;&nbsp;147  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;11610  | &nbsp;&nbsp;11610  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Dividend income |  | &nbsp;&nbsp;1887383  | &nbsp;&nbsp;1662952  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Reversal of credit losses |  | &nbsp;&nbsp;3  | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Shinhan Card Co., Ltd. | &nbsp;&nbsp;Interest income |  | &nbsp;&nbsp;8606  | &nbsp;&nbsp;9194  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;3335  | &nbsp;&nbsp;3335  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Dividend income |  | &nbsp;&nbsp;246390  | &nbsp;&nbsp;294030  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Reversal of credit losses |  | &nbsp;&nbsp;125  | &nbsp;&nbsp;537  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Other non-operating income |  | &nbsp;&nbsp;6  | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Shinhan Securities Co., Ltd. | &nbsp;&nbsp;Interest income |  | &nbsp;&nbsp;9172  | &nbsp;&nbsp;4931  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;881  | &nbsp;&nbsp;881  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  | &nbsp;&nbsp;193670  | &nbsp;&nbsp;92415  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Reversal of credit losses |  | &nbsp;&nbsp;- | &nbsp;&nbsp;367  |
| &nbsp;&nbsp;Shinhan Life Insurance Co., Ltd. | &nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;1220  | &nbsp;&nbsp;1220  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Dividend income |  | &nbsp;&nbsp;- | &nbsp;&nbsp;378307  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Reversal of credit losses |  | &nbsp;&nbsp;1  | &nbsp;&nbsp;2  |
| &nbsp;&nbsp;Shinhan Capital Co., Ltd. | &nbsp;&nbsp;Interest income |  | &nbsp;&nbsp;3109  | &nbsp;&nbsp;3290  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;498  | &nbsp;&nbsp;498  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Dividend income |  | &nbsp;&nbsp;56335  | &nbsp;&nbsp;31382  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Reversal of credit losses |  | &nbsp;&nbsp;- | &nbsp;&nbsp;185  |
| &nbsp;&nbsp;Jeju Bank | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;10  | &nbsp;&nbsp;10  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  | &nbsp;&nbsp;2420  | &nbsp;&nbsp;2420  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Reversal of credit losses |  | &nbsp;&nbsp;- | &nbsp;&nbsp;1  |
| &nbsp;&nbsp;Shinhan Asset Management Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;41  | &nbsp;&nbsp;41  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  | &nbsp;&nbsp;50400  | &nbsp;&nbsp;79200  |
| &nbsp;&nbsp;Shinhan DS | &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | &nbsp;&nbsp;76  | &nbsp;&nbsp;81  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;4  | &nbsp;&nbsp;4  |
| &nbsp;&nbsp;Shinhan Fund Partners Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;26  | &nbsp;&nbsp;26  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  | &nbsp;&nbsp;8536  | &nbsp;&nbsp;7669  |
| &nbsp;&nbsp;Shinhan Savings Bank | &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | &nbsp;&nbsp;476  | &nbsp;&nbsp;664  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;81  | &nbsp;&nbsp;81  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  | &nbsp;&nbsp;15000  | &nbsp;&nbsp;10000  |
| &nbsp;&nbsp;Shinhan REITs Management Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;19  | &nbsp;&nbsp;19  |
| &nbsp;&nbsp;Shinhan Asset Trust Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | &nbsp;&nbsp;939  | &nbsp;&nbsp;939  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;24  | &nbsp;&nbsp;24  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  | &nbsp;&nbsp;2380  | &nbsp;&nbsp;1676  |
| &nbsp;&nbsp;Shinhan Venture Investment Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | &nbsp;&nbsp;462  | &nbsp;&nbsp;522  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission income |  | &nbsp;&nbsp;10  | &nbsp;&nbsp;10  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Reversal of credit losses |  | &nbsp;&nbsp;- | &nbsp;&nbsp;25 |
|  |  | &nbsp;&nbsp;W | &nbsp;&nbsp;2503390  | &nbsp;&nbsp;2598695 |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>24. Related party transactions (continued)</u>**

(a) Significant transactions with the related parties for the three-month periods ended March 31, 2026 and 2025 are as follows (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Related party** | &nbsp;&nbsp;&nbsp;&nbsp;**Account** |  | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2025** |
| &nbsp;&nbsp;***Expense:*** |  |  |  |  |
| &nbsp;&nbsp;Shinhan Bank | &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | &nbsp;&nbsp;W | &nbsp;&nbsp;336  | &nbsp;&nbsp;335  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses |  | &nbsp;&nbsp;- | &nbsp;&nbsp;44  |
| &nbsp;&nbsp;Shinhan Card Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Interest expenses  |  | &nbsp;&nbsp;1  | &nbsp;&nbsp;1  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses |  | &nbsp;&nbsp;19  | &nbsp;&nbsp;14  |
| &nbsp;&nbsp;Shinhan Securities Co., Ltd. | &nbsp;&nbsp;Interest expenses |  | &nbsp;&nbsp;49  | &nbsp;&nbsp;46  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Fees and commission expense (\*) |  | &nbsp;&nbsp;105  | &nbsp;&nbsp;150  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;Provision for credit losses |  | &nbsp;&nbsp;20  | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Shinhan Life Insurance Co., Ltd. | &nbsp;&nbsp;Interest expenses |  | &nbsp;&nbsp;- | &nbsp;&nbsp;110  |
| &nbsp;&nbsp;Shinhan Capital Co., Ltd. | &nbsp;&nbsp;Provision for credit losses |  | &nbsp;&nbsp;8  | &nbsp;&nbsp;- |
| &nbsp;&nbsp; Shinhan Asset Management Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses |  | &nbsp;&nbsp;1  | &nbsp;&nbsp;63  |
| &nbsp;&nbsp; Shinhan DS | &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses |  | &nbsp;&nbsp;620  | &nbsp;&nbsp;468  |
| &nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses |  | &nbsp;&nbsp;- | &nbsp;&nbsp;2  |
| &nbsp;&nbsp; Shinhan Fund Partners Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses |  | &nbsp;&nbsp;1  | &nbsp;&nbsp;1  |
| &nbsp;&nbsp; Shinhan Savings Bank | &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses |  | &nbsp;&nbsp;- | &nbsp;&nbsp;535  |
| &nbsp;&nbsp; Shinhan Asset Trust Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses |  | &nbsp;&nbsp;- | &nbsp;&nbsp;304  |
|  |  | &nbsp;&nbsp;W | &nbsp;&nbsp;1160  | &nbsp;&nbsp;2073 |

---

(\*) It consists of commissions paid for acquisitions of hybrid bonds, and was directly deducted from the equity.

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>24. Related party transactions (continued)</u>**

(b) Significant balances with the related parties as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Creditor** | **Debtor** | **Account** |  | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;***Assets:*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Financial Group Co., Ltd. | &nbsp;&nbsp;&nbsp;Shinhan Bank | &nbsp;&nbsp;&nbsp;Cash and due from banks | W | 63  | 17  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Property and equipment |  | 433  | - |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other assets |  | 629033  | 637533  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Card Co., Ltd. | &nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss (\*1) |  | 706658  | 713983  |
|  | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Loans |  | 1085402  | 1383047  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Reserve for loan losses |  | (450) | (574) |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Property and equipment |  | 118  | 44  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other assets |  | 112721  | 115259  |
| &nbsp;&nbsp;&nbsp;〃 | Shinhan Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss (\*2) |  | 407261  | 383636  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Loans |  | 741566  | 703101  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Reserve for loan losses |  | (308) | (292) |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other assets |  | 70557  | 60923  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Life Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;Other assets |  | 29695  | 33116  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Capital Co., Ltd. | &nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss (\*3) |  | 246838  | 247939  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Loans |  | 612680  | 596980  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Reserve for loan losses |  | (254) | (248) |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other assets |  | 38837  | 35563  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Asset Management Co., Ltd. | &nbsp;&nbsp;&nbsp;Other assets |  | 12639  | 10430  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Jeju Bank | &nbsp;&nbsp;&nbsp;Other assets |  | 6136  | 3879  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan DS | &nbsp;&nbsp;&nbsp;Loans |  | 9820  | 9975  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Reserve for loan losses |  | (4) | (4) |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Property and equipment |  | 142  | 158  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Intangible assets |  | 174  | 126  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other assets |  | 2690  | 1965  |

---

------

SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>24. Related party transactions (continued)</u>**

(b) Significant balances with the related parties March 31, 2026 and December 31, 2025 are as follows (continued):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Creditor** | &nbsp;&nbsp;&nbsp;**Debtor** | &nbsp;&nbsp;&nbsp;**Account** |  | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;***Assets:*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Financial Group Co., Ltd. | &nbsp;&nbsp;&nbsp;Shinhan Fund Partners<br>Co., Ltd. | &nbsp;&nbsp;&nbsp;Other assets | W | 7338  | 5141  |
| &nbsp;&nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Savings Bank | &nbsp;&nbsp;&nbsp;Loans |  | 100000  | 100000  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Reserve for loan losses |  | (41) | (41) |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other assets |  | 11685  | 11402  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan Asset Trust Co., Ltd.. | &nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss (\*4) |  | 246677  | 146962  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Loans |  | 100000  | 100000  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Reserve for loan losses |  | (41) | (41) |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other assets |  | 4741  | 4291  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan REITs Management Co., Ltd. | &nbsp;&nbsp;&nbsp;Other assets |  | 1091  | 994  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Venture Investment <br>Co., Ltd. | &nbsp;&nbsp;&nbsp;Loans |  | 60000  | 60000  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Reserve for loan losses |  | (25) | (25) |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other assets |  | 1080  | 813  |
| &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Shinhan EZ General Insurance, Co., Ltd. | &nbsp;&nbsp;&nbsp;Other assets |  | 343  | 348  |
|  |  |  | W | 5245295  | 5366400  |
| &nbsp;&nbsp;&nbsp;***Liabilities:*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Bank. | &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Financial Group <br>Co., Ltd. | &nbsp;&nbsp;&nbsp;Other liabilities | W | 1868  | 1707  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Card Co., Ltd. | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other liabilities |  | 485  | 610  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Securities Co., Ltd | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other liabilities |  | 24235  | 6403  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Life Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other liabilities |  | 68467  | 6460  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Capital Co., Ltd. | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other liabilities |  | 23  | 25  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Asset Management Co., Ltd. | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other liabilities |  | 3  | 3  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan DS | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other liabilities |  | 2  | 108  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Savings Bank | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other liabilities |  | - | 5  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan REITs Management Co., Ltd. | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other liabilities |  | 238  | 87  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Venture Investment Co., Ltd. | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other liabilities |  | 1434  | 1434  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan EZ General Insurance Co., Ltd | &nbsp;&nbsp;&nbsp;〃 | &nbsp;&nbsp;&nbsp;Other liabilities |  | 53  | - |
|  |  |  | W | 96808 | 16842  |

---

**<u>24. Related party transactions (continued)</u>**

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SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

(b) Significant balances with the related parties March 31, 2026 and December 31, 2025 are as follows (continued):

(\*1) The amount represents the carrying amount of hybrid bonds purchased and includes fair value losses recognized in profit or loss of W 7,325 million and W 4,508 million for the period ended March 31, 2026 and for the year ended December 31, 2025, respectively.

(\*2) The amount represents the carrying amount of hybrid bonds purchased and includes fair value gains recognized in profit or loss of W 2,636 million and W 23,998 million for the period ended March 31, 2026 and for the year ended December 31, 2025, respectively.

(\*3) The amount represents the carrying amount of hybrid bonds purchased and includes fair value losses recognized in profit or loss of W 1,101 million and gains recognized in profit or loss of W 2,103 million for the period ended March 31, 2026 and for the year ended December 31, 2025, respectively.

(\*4) The amount represents the carrying amount of hybrid bonds purchased and includes fair value losses recognized in profit or loss of W 285 million and W 3,764 million for the period ended March 31, 2026 and for the year ended December 31, 2025, respectively.

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SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>24. Related party transactions (continued)</u>**

(c) Right-of-use assets and lease liabilities recognised through lease transactions with related parties as of March 31, 2026 and December 31, 2025 are as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Related parties** |  | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;**Right-of-use assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Bank | W | 433 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Card Co., Ltd. |  | 118 | 44  |
|  | W | 551  | 44  |
| &nbsp;&nbsp;&nbsp;**Lease liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Card Co., Ltd. |  | 125  | 49  |
|  | W | 125  | 49  |

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(d) Financing transaction ****

<br> Major financing transactions with related parties for the three-month periods ended March 31, 2026 and for the year ended December 31, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Beginning balance** | **Loan** | **Acquisition (\*1)** | **Collection** | **Others (\*2)** | **Ending balance** |
| &nbsp;&nbsp;Shinhan Card Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 2097029  | - | - | (300000) | (4970) | 1792059  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities Co., Ltd. |  | 1086736  | - | - | - | 62089  | 1148825  |
| &nbsp;&nbsp;&nbsp;Shinhan Capital Co., Ltd. |  | 844920  | 150000  | - | (150000) | 14599  | 859519  |
| &nbsp;&nbsp;&nbsp;Shinhan Asset Trust Co., Ltd. |  | 246961  | - | 100000  | - | (285) | 346676  |
| &nbsp;&nbsp;&nbsp;Shinhan Savings Bank  |  | 100000  | - | - | - | - | 100000  |
| &nbsp;&nbsp;&nbsp;Shinhan DS |  | 9977  | 10000  | - | (10000) | (155) | 9822  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Venture Investment Co., Ltd. |  | 60000  | 60000  | - | (60000) | - | 60000  |
|  | W | 4445623  | 220000  | 100000  | (520000) | 71278  | 4316901  |

---

(\*1) The purchase amount of hybrid bonds issued by subsidiaries.

(\*2) Other transactions are amounts resulting from financial asset valuation and disposal, foreign currency translation, among others.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | **Beginning balance** | **Loan** | **Acquisition (\*1)** | **Collection** | **Others (\*2)** | **Ending balance** |
| &nbsp;&nbsp;Shinhan Card Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | 2570590  | 670000  | - | (1138000) | (5561) | 2097029  |
| &nbsp;&nbsp;&nbsp;Shinhan Securities Co., Ltd. |  | 1231335  | 676004  | - | (862890) | 42287  | 1086736  |
| &nbsp;&nbsp;&nbsp;Shinhan Capital Co., Ltd. |  | 1049461  | 160000  | 100000  | (460000) | (4541) | 844920  |
| &nbsp;&nbsp;&nbsp;Shinhan Asset Trust Co., Ltd. |  | 250725  | - | - | - | (3764) | 246961  |
| &nbsp;&nbsp;&nbsp;Shinhan Savings Bank  |  | 150000  | - | - | (50000) | - | 100000  |
| &nbsp;&nbsp;&nbsp;Shinhan DS |  | 9970  | 10000  | - | (10000) | 7  | 9977  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Venture Investment Co., Ltd. |  | 59944  | 60000  | - | (60000) | 56  | 60000  |
|  | W | 5322025  | 1576004  | 100000  | (2580890) | 28484  | 4445623  |

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(\*1) The purchase amount of hybrid bonds issued by subsidiaries.

(\*2) Other transactions are amounts resulting from financial asset valuation and foreign currency translation, among others.

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SHINHAN FINANCIAL GROUP CO., LTD.

**Notes to the Condensed Separate Interim Financial Statements**

March 31, 2026 and 2025 (Unaudited), and December 31, 2025

(In millions of won)

**<u>24. Related party transactions (continued)</u>**

(e) Management Compensation

Compensation for key management executives for the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2025** |
| Short-term employee benefits  | W | 1,139  | 1,076 |
| Severance benefits |  | 13  | 32 |
| Share-based payment expenses (\*) |  | 1,638  | 340 |
|  | W | 2,790  | 1,448 |

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(\*) Expenses recognized during the vesting period under the agreement on share-based payments.

(f) Shinhan Securities Co., Ltd., the subsidiary, acquired debt securities and hybrid bonds of W 130 billion and W 145 billion issued by the Company for the three-month periods ended March 31, 2026 and 2025, respectively.

(g) As of March 31, 2026, the deposit of credit card use provided by Shinhan Card Co., Ltd., a subsidiary company, is W 4,000 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>25. Subsequent events</u>**

At the Board of Directors meeting held on April 23, 2026, the Company resolved to pay a quarterly cash dividend of W 740 per ordinary share. The total amount of dividends is W 348,750 million, and the dividend record date is April 30, 2026.

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