Form 6-K

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

under the Securities Exchange Act of 1934

For the Month of June 2026

Commission File Number 001-13372

KOREA ELECTRIC POWER CORPORATION

(Translation of registrant’s name into English)

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

(Address of principal executive offices)

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

Form 20-F ☒ Form 40-F ☐

QUARTERLY BUSINESS REPORT

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

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

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

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

I.	Company Overview

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

2.	Information of the company

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

(Phone number) 82-61-345-4218

(Website) http://www.kepco.co.kr

3.	Major businesses

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

•

development of electric power resources;

•

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

•

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

•

overseas business related to the businesses mentioned above;

•

investment or contributions related to the businesses mentioned above;

•

development and operation of certain real estate holdings; and

•

other businesses entrusted by the government.

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

4.	Consolidated subsidiaries


	(As of March 31, 2026)

Listed	Unlisted	Total
2	167	169

5.	Major changes in management

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

6.	Changes in major shareholders

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

7.	Information regarding KEPCO shares

Issued share capital: 3.2 trillion Won (Authorized capital: 6 trillion Won)

Total number of issued shares: 641,964,077

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

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

II.

Business Overview

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

(In billions of Won)


	January to March 2025				January to March 2026
	Sales		Operating profit		Sales		Operating profit
Electricity sales		23,861		1,901		23,709		2,087
Nuclear generation		4,275		1,285		3,916		1,463
Thermal generation		7,029		577		7,157		260
Plant maintenance & engineering service		670		31		787		74
Others⁽¹⁾		563		23		582		27
Subtotal		36,398		3,817		36,151		3,911
Adjustment for related- party transactions		-12,174		-63		-11,753		-127

Total		24,224		3,754		24,398		3,784

Note:

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

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


					(In Won per kWh)

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

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


Company	Volume (GWh)		Expense (In billions of Won)
KHNP		38,772		3,653
KOSEP		8,964		1,129
KOMIPO		10,445		1,466
KOWEPO		9,492		1,287
KOSPO		9,313		1,400
EWP		9,541		1,284
Others		56,529		7,601
Closing adjustment		—		1,410

Total		143,057		19,230

4.	Intellectual property as of March 31, 2026


	Patents		Utility models		Designs		Trademarks		Total
KEPCO		5,905		35		135		57		6,132
Generation subsidiaries		4,555		42		93		269		4,959

Total		10,460		77		228		326		11,091

III.

Financial Information

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

(In billions of Won)


Consolidated statements of comprehensive income							Consolidated statements of financial position
	January to March 2025		January to March 2026		Change			December 31, 2025		March 31, 2026		Change
Sales		24,224		24,398		174	Total assets		254,927		257,788		2,861
Operating profit (loss)		3,754		3,784		30	Total liabilities		205,605		206,378		773
Net income (loss)		2,362		2,519		157	Total equity		49,323		51,410		2,087

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

(In billions of Won)


Separate statements of comprehensive income							Separate statements of financial position
	January to March 2025		January to March 2026		Change			December 31, 2025		March 31, 2026		Change
Sales		23,861		23,709		-152	Total assets		144,616		146,011		1,365
Operating profit (loss)		1,901		2,087		186	Total liabilities		118,046		117,207		-839
Net income (loss)		2,824		3,239		415	Total equity		26,571		28,804		2,233

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

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

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

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

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

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


Date	Agenda	Results	Type

January 23, 2026	Approval of amendment to the Rules on Employment	Approved as proposed	Resolution

January 29, 2026	Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia	Deferred	Resolution

January 30, 2026	Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia	Approved as proposed	Resolution



February 26, 2026	Approval of the maximum aggregate amount of remuneration for directors in 2026	Approved as proposed	Resolution
	Approval of amendment to the Articles of Incorporation	Approved as proposed	Resolution
	Approval to call for the annual general meeting of shareholders for the fiscal year 2025	Approved as proposed	Resolution
	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders	Approved as proposed	Resolution
	Approval of consolidated and separate financial statements for the fiscal year 2025	Approved as proposed	Resolution
	Approval of amendment to the construction of a new integrated office building for the Gangwon Regional Headquarters	Approved as proposed	Resolution
	Approval of amendment to the Management Performance Agreement	Approved as proposed	Resolution
	Report on internal control over financial reporting for the fiscal year 2025	Accepted as reported	Report
	Report on the evaluation of internal control over financial reporting for the fiscal year 2025	Accepted as reported	Report
	Report on audit results for 2025	Accepted as reported	Report

March 12, 2026	Approval of amendment to the Terms and Conditions for Electricity Supply and Rules for Operation	Approved as proposed	Resolution

	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders	Approved as proposed	Resolution

March 27, 2026	Approval of amendments to Operational Regulations of ESG Committee	Approved as proposed	Resolution
	Approval of contribution to Korea Institute of Energy Technology in 2026	Approved as amended	Resolution
	Report on Matters Related to the Ministry of Trade, Industry and Resources’ Recommendations for the UAE Nuclear Power Plant Project	Accepted as reported	Report

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

Date

Agenda

Han,
Jin-
Hyun

Kim,
Jong-
Woon

Kim,
Jun-Ki

Kim,
Sung-
Eun

Lee,
Sung-
Ho

Cho,
Seong-
Jin

Kang,
Hoon

Lee,
Heung-
Ryul

January 23, 2026

Approval of amendment to the Rules on Employment

For

January 29, 2026

Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia

Deferred

Absent

Deferred

Absent

Deferred

January 30, 2026

Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia

For

Absent

For

February 26, 2026

Approval of the maximum aggregate amount of remuneration for directors in 2026

For

Approval of amendment to the Articles of Incorporation

For

Approval to call for the annual general meeting of shareholders for the fiscal year 2025

For

Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders

For

Approval of consolidated and separate financial statements for the fiscal year 2025

For

Absent

For

Approval of amendment to the construction of a new integrated office building for the Gangwon Regional Headquarters

For

Approval of amendment to the Management Performance Agreement

For

Report on internal control over financial reporting for the fiscal year 2025

Agenda for Report

Report on the evaluation of internal control over financial reporting for the fiscal year 2025

Agenda for Report

Report on audit results for 2025

Agenda for Report

March 12, 2026

Approval of amendment to the Terms and Conditions for Electricity Supply and Rules for Operation

For

March 27, 2026

Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders

For

Absent

For

Approval of amendments to Operational Regulations of ESG Committee

For

Absent

For

Approval of contribution to Korea Institute of Energy Technology in 2026

For

Absent

For

Report on Matters Related to the Ministry of Trade, Industry and Resources’ Recommendations for the UAE Nuclear Power Plant Project

Agenda for Report

Attendance Rate

100

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

Date

Agenda

Kim,
Dong-
Cheol

Jun,
Young-
Sang

Oh,
Heung-Bok

Jung,
Chi-Gyo

Ahn,
Jung-Eun

Seo,
Chul-Soo

January 23, 2026

Approval of amendment to the Rules on Employment

For

Absent

For

January 29, 2026

Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia

Deferred

January 30, 2026

Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia

For

Against

For

February 26, 2026

Approval of the maximum aggregate amount of remuneration for directors in 2026

For

Approval of amendment to the Articles of Incorporation

For

Approval to call for the annual general meeting of shareholders for the fiscal year 2025

For

Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders

For

Approval of consolidated and separate financial statements for the fiscal year 2025

For

Approval of amendment to the construction of a new integrated office building for the Gangwon Regional Headquarters

For

Approval of amendment to the Management Performance Agreement

For

Report on internal control over financial reporting for the fiscal year 2025

Agenda for Report

Report on the evaluation of internal control over financial reporting for the fiscal year 2025

Agenda for Report

Report on audit results for 2025

Agenda for Report

March 12, 2026

Approval of amendment to the Terms and Conditions for Electricity Supply and Rules for Operation

For

March 27, 2026

Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders

For

Approval of amendments to Operational Regulations of ESG Committee

For

Approval of contribution to Korea Institute of Energy Technology in 2026

Abstention

For

Report on Matters Related to the Ministry of Trade, Industry and Resources’ Recommendations for the UAE Nuclear Power Plant Project

Agenda for Report

Attendance Rate

100

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


Date	Agenda	Results	Type
January 22, 2026	Approval of appointment of independent auditors of subsidiaries	Approved as proposed	Resolution
	Approval of annual audit plans for 2026	Approved as proposed	Resolution
	Approval of amendments to guidelines of internal audit regulations	Approved as proposed	Resolution
	Approval of amendments to guidelines for demanding disciplinary measures	Approved as proposed	Resolution
	Amendments to the standards for voluntary reporting of drunk driving and audit processing	Approved as proposed	Resolution
	Report on independence of independent auditors	Accepted as reported	Report
	Report on audit education plans in 2026	Accepted as reported	Report
	Report on audit results for December of 2025	Accepted as reported	Report

February 25, 2026	Approval of the consolidated and separate financial statements and business report for the fiscal year 2025	Approved as proposed	Resolution
	Report on internal control over financial reporting for the fiscal year 2025	Accepted as reported	Report
	Report on the evaluation on internal control over financial reporting for the fiscal year 2025	Accepted as reported	Report
	Report on the progress of the year-end financial statement audit by the independent auditor for the fiscal year 2025	Accepted as reported	Report
	Report on audit results for 2025	Accepted as reported	Report

March 13, 2026	Approval of amendments to guideline for parctice for KEPCO executives and staff members	Approved as proposed	Resolution
	Approval of auditor’s report for the annual general meeting of shareholders	Approved as proposed	Resolution
	Report on audit results by the independent auditor for the fiscal year 2025	Accepted as reported	Report
	Report on audit results for January and February of 2026	Accepted as reported	Report

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

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


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

Attendance Rate		0%	100%	100%

V. Shareholder’s Meetings

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


Type	Agenda	Results
Annual General Meeting held on March 25, 2026	Approval of the consolidated and separate financial statements for the fiscal year 2025	Approved as proposed

	Approval of the maximum aggregate amount of remuneration for directors in 2026	Approved as proposed

	Approval of amendment to the Articles of Incorporation	Approved as proposed

VI. Shareholders

1. List of shareholders as of March 31, 2026


		Number of shareholders		Shares owned		Percentage of total (%)
Government of the Republic of Korea			1		116,841,794		18.20
Korea Development Bank			1		211,235,264		32.90
Subtotal 2					328,077,058		51.10
National Pension Service			1		46,005,483		7.17
Public (Non-Koreans)	Common Shares		2,179		125,318,232		19.52
Public (Non-Koreans)	American depositary shares (ADS)		1		14,564,475		2.27
Public (Koreans)			910,047		127,998,829		19.94
Total			912,230		641,964,077		100.00

•

Percentages are based on issued shares of common stock.

•

All of our shareholder have equal voting rights.

•

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

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

1. Employees

(In thousands of Won)

Type

Number of employees

Average
continuous
service year

Total
salaries

Average
salaries
per person

Regular

Non-regular

Total

Male

17,006

106

17,112

15.0

414,042,027

23,926

Female

5,204

5,301

14.6

112,102,111

20,957

Total

22,210

203

22,413

14.9

526,144,138

23,225

VIII. Other Information Necessary for the Protection of Investors

1. Pending legal proceedings as of March 31, 2026

(In billions of Won)


Type	Number of lawsuits		Amount claimed
Lawsuits where KEPCO and its subsidiaries are engaged as the defendants		710		819
Lawsuits where KEPCO and its subsidiaries are engaged as the plaintiffs		252		527

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

Sanctions by Law Enforcement and Judicial Authorities


Prosecution Date	Subject		Sanctions	Relevant laws (charges)	Proceedings
Prosecution Date	Position	Tenure	Sanctions	Relevant laws (charges)	Proceedings
June 30, 2021	CEO(Former)	4yrs	Prosecution with detention	The Act on the Aggravated Punishment, etc. of specific economic crimes(Occupational breach of trust), The Criminal Act	In the progress in the district court

April 9, 2024	The head of a power plant(Former)	29yrs	Prosecution with detention	Occupational embezzlement, The Criminal Act	In the progress in the high court

January 3, 2025	KHNP		Prosecution with detention	Nuclear Safety Act(Vicarious Liability Provision)	In the progress in the district court

September 18, 2025	KHNP		Administrative Fine (4 million Won)	The Act on the Protection and Investigation of Buried Cultural Heritage (Vicarious Liability Provision)	Fine Payment

Sanctions by Administrative Authorities


Date	Subject	Sanctions	Grounds and Applicable Laws	Proceedings
January 15, 2025	KHNP HANBIT Nuclear Power Site	Administrative Fine (10 million Won)	Act of Physical Protection and Radiological Emergency Preparedness for Nuclear Facilities, etc. Article 14 (Book and Records)	Fine Payment

January 15, 2025	KHNP HANUL Nuclear Power Site	Administrative Fine (8 million Won)	Act of Physical Protection and Radiological Emergency Preparedness for Nuclear Facilities, etc. Article 14 (Book and Records)	Fine Payment

March 6, 2025	KHNP	Corrective Action	Act on the Fairness of Subcontract Transactions Article 3-4 Paragraph(1) Prohibition of unfair contractual terms	Implementation of Corrective Actions to prevent recurrence

June 16, 2025	KHNP HANUL Nuclear Power Site	Administrative Fine (0.25 million Won)	Groundwater Act Article 9 Failure to conduct a geotechnical investigation	Fine Payment

June 26, 2025	KHNP	Administrative Fine (144 million Won)	Nuclear Safety Act Article 70 and 119 The Enforcement Decree of Nuclear Safety ACT Article 107 and 178	Fine Payment

July 10, 2025	KHNP HANUL Nuclear Power Site	Administrative Fine (8 million Won)	Act of Physical Protection and Radiological Emergency Preparedness for Nuclear Facilities, etc. Article 14 (Book and Records)	Fine Payment

December 16, 2025	KHNP HANUL Nuclear Power Site	Administrative Fine (12 million Won)	Nuclear Safety Act Article 25	Fine Payment

January 2, 2026	KHNP HANUL Nuclear Power Site	Penalty Surcharge (10.5 billion Won)	Nuclear Safety Act Article 20, 21 and 26	Surcharge Payment

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

Date

Sanction

Authorities

Resolution Number

Case Name

Proceedings

Febrary 20, 2025

Korea Fair Trade Commission

Resolution2025-029

Case concerning unlawful collussion between KEPCO KDN and Exem CO,. Ltd. in the procurement bid for additional storage materials for unstructured data at KEPCO

Corrective Actions and fine(39 million Won)

SIGNATURES

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


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

Date: June 16, 2026

KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Condensed consolidated interim financial statements

March 31, 2026 and 2025

(Unaudited)

with the independent auditors’ review report

TABLE OF CONTENTS


	Page
Independent auditors’ review report

Condensed consolidated interim statements of financial position		1

Condensed consolidated interim statements of comprehensive income		3

Condensed consolidated interim statements of changes in equity		5

Condensed consolidated interim statements of cash flows		7

Notes to the condensed consolidated interim financial statements		9

Independent Auditors’ Review Report

(English translation of a report originally issued in Korean)

To the Board of Directors and Shareholders of

Korea Electric Power Corporation

Reviewed Financial Statements

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

Management’s Responsibility

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

Auditors’ Review Responsibility

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

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

Conclusion

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

Other Matters

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

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

LOGO

Seoul, Korea

May 15, 2026

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of financial position

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


In millions of won	*Note*	March 31, 2026		December 31, 2025
Assets
Current assets
Cash and cash equivalents	5,6,7,44	W	2,014,211		2,240,811
Current financial assets, net	5,6,9,11,12,13,44,45,46		5,267,319		4,250,164
Trade and other receivables, net	5,8,20,24,44,45,46		11,680,232		12,618,480
Inventories, net	14		10,031,180		10,152,724
Current income tax assets			93,837		91,579
Current non-financial assets	15		1,541,609		1,361,630
Assets held-for-sale	41		—		—

Total current assets			30,628,388		30,715,388

Non-current assets
Non-current financial assets, net	5,6,9,10,11,12,13,44,46		5,056,599		4,565,561
Non-current trade and other receivables, net	5,8,20,44,45,46		3,284,995		3,124,185
Property, plant and equipment, net	18,24,27,48		189,545,370		187,751,538
Investment properties, net	19,27		195,110		238,772
Goodwill, net	16		99,337		99,303
Intangible assets other than goodwill, net	21,27		1,024,940		1,001,295
Investments in associates	4,17		7,167,996		6,851,456
Investments in joint ventures	4,17		6,866,488		6,512,332
Defined benefit assets, net	25		130,637		104,344
Deferred tax assets			12,742,424		12,950,032
Non-current non-financial assets	15		1,045,697		1,013,251

Total non-current assets			227,159,593		224,212,069

Total assets	4	W	257,787,981		254,927,457

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of financial position, Continued

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


In millions of won	*Note*	March 31, 2026		December 31, 2025
Liabilities
Current liabilities
Trade and other payables	5,22,24,44,46	W	10,047,033		8,621,671
Current financial liabilities	5,12,23,44,46		48,314,830		45,939,089
Current income tax liabilities			1,608,275		1,571,143
Current non-financial liabilities	20,28,29		6,990,835		6,805,171
Current provisions	26,44		4,423,146		4,170,243

Total current liabilities			71,384,119		67,107,317

Non-current liabilities
Non-current trade and other payables	5,22,24,44,46		4,032,953		4,028,808
Non-current financial liabilities	5,12,23,44,46		80,014,748		83,995,702
Non-current non-financial liabilities	28,29		14,109,914		13,726,159
Employee benefits liabilities, net	25,44		1,181,836		1,381,852
Deferred tax liabilities			6,559,428		6,500,975
Non-current provisions	26,44		29,094,908		28,863,700

Total non-current liabilities			134,993,787		138,497,196

Total liabilities	4	W	206,377,906		205,604,513

Equity
Contributed capital	1,30,44
Share capital		W	3,209,820		3,209,820
Share premium			843,758		843,758

			4,053,578		4,053,578

Retained earnings	31
Legal reserves			1,604,910		1,604,910
Voluntary reserves			6,807,034		567,469
Unappropriated retained earnings			21,668,255		26,328,205

			30,080,199		28,500,584

Other components of equity	33
Other capital surplus			1,566,635		1,566,635
Accumulated other comprehensive income			1,851,127		1,340,560
Other equity			12,708,585		12,708,585

			16,126,347		15,615,780

Equity attributable to owners of the controlling company			50,260,124		48,169,942
Non-controlling interests	16,32		1,149,951		1,153,002

Total equity		W	51,410,075		49,322,944

Total liabilities and equity		W	257,787,981		254,927,457

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of comprehensive income

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


In millions of won, except per share information	*Note*		March 31, 2026			March 31, 2025
Sales		4,34,44,46
Sale of goods		2	W	23,774,925			23,809,449
Sales of services				172,463			146,692
Sales of construction services		20		225,278			56,197
Revenue related to transfer of assets from customers		28		225,821			211,646

				24,398,487			24,223,984

Cost of sales		14,25,42,46
Cost of sales of goods				(19,483,149	)		(19,195,043	)
Cost of sales of services				(123,813	)		(141,105	)
Cost of sales of construction services				(291,309	)		(420,796	)

				(19,898,271	)		(19,756,944	)

Gross profit				4,500,216			4,467,040

Selling and administrative expenses		25,35,42,46		(716,047	)		(713,433	)

Operating profit		4		3,784,169			3,753,607

Other income		36		156,635			92,807

Other expenses		36		(78,040	)		(19,878	)

Other gains, net		37		11,704			98,572

Finance income		5,12,38		1,297,079			413,301

Finance expenses		5,12,39		(2,078,485	)		(1,231,655	)

Profit (loss) related to associates, joint ventures and subsidiaries		4,16,17
Share of profit of associates and joint ventures				379,566			318,456
Gain on disposal of investments in associates and joint ventures				23			41
Share of loss of associates and joint ventures				(76,542	)		(193,377	)
Loss on impairment of investments in associates and joint ventures				(1,077	)		—

				301,970			125,120

Profit before income tax				3,395,032			3,231,874

Income tax expense		40		(876,025	)		(870,166	)

Profit for the period			W	2,519,007			2,361,708

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of comprehensive income, Continued

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


In millions of won, except per share information	*Note*		March 31, 2026		March 31, 2025
Other comprehensive income (loss), net of tax		5,12,25,31,33
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans		25,31	W	70,990		(100,137	)
Share of other comprehensive income (loss) of associates and joint ventures		31		10,500		(248	)
Net change in fair value of financial assets at fair value through other comprehensive income (loss)		33		61,572		(39,754	)
Items that are or may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting		5,12,33		9,050		10,463
Foreign currency translation of foreign operations		33		84,050		24,557
Share of other comprehensive income (loss) of associates and joint ventures		33		384,917		(52,419	)

Other comprehensive income (loss) for the period				621,079		(157,538	)

Total comprehensive income for the period			W	3,140,086		2,204,170

Profit attributable to:		43
Owners of the controlling company			W	2,492,746		2,328,246
Non-controlling interests				26,261		33,462

			W	2,519,007		2,361,708

Total comprehensive income attributable to:
Owners of the controlling company			W	3,080,091		2,177,767
Non-controlling interests				59,995		26,403

			W	3,140,086		2,204,170

Earnings per share (in won)		43
Basic and diluted earnings per share			W	3,883		3,627

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of changes in equity

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


In millions of won	Equity attributable to owners of the controlling company											Non- controlling interests
	Contributed capital		Retained earnings			Other components of equity			Subtotal			Non- controlling interests			Total equity
Balance as of January 1, 2025	W	4,053,578		20,128,247			15,733,411			39,915,236			1,447,597			41,362,833
Total comprehensive income (loss) for the period
Profit for the period		—		2,328,246			—			2,328,246			33,462			2,361,708
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax		—		(94,441	)		—			(94,441	)		(5,696	)		(100,137	)
Share of other comprehensive loss of associates and joint ventures, net of tax		—		(248	)		—			(248	)		—			(248	)
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax		—		—			(39,752	)		(39,752	)		(2	)		(39,754	)
Items that may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—		—			11,230			11,230			(767	)		10,463
Foreign currency translation of foreign operations, net of tax		—		—			25,151			25,151			(594	)		24,557
Share of other comprehensive loss of associates and joint ventures, net of tax		—		—			(52,419	)		(52,419	)		—			(52,419	)
Transactions with owners of the Group, recognized directly in equity
Dividends paid		—		(136,738	)		—			(136,738	)		(74,241	)		(210,979	)
Additional paid-in capital and others		—		—			245			245			(5,960	)		(5,715	)
Equity transactions within the consolidated entity		—		—			81			81			(7,140	)		(7,059	)
Dividends paid for hybrid bonds		—		—			—			—			(2,128	)		(2,128	)
Repayment of hybrid bonds		—		—			—			—			(230,000	)		(230,000	)

Balance as of March 31, 2025	W	4,053,578		22,225,066			15,677,947			41,956,591			1,154,531			43,111,122

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of changes in equity, Continued

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


In millions of won	Equity attributable to owners of the controlling company										Non- controlling interests
	Contributed capital		Retained earnings			Other components of equity		Subtotal			Non- controlling interests			Total equity
Balance as of January 1, 2026	W	4,053,578		28,500,584			15,615,780		48,169,942			1,153,002			49,322,944
Total comprehensive income for the period
Profit for the period		—		2,492,746			—		2,492,746			26,261			2,519,007
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax		—		66,278			—		66,278			4,712			70,990
Share of other comprehensive income of associates and joint ventures, net of tax		—		10,500			—		10,500			—			10,500
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax		—		—			61,569		61,569			3			61,572
Items that may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—		—			8,983		8,983			67			9,050
Foreign currency translation of foreign operations, net of tax		—		—			55,098		55,098			28,952			84,050
Share of other comprehensive loss of associates and joint ventures, net of tax		—		—			384,917		384,917			—			384,917
Transactions with owners of the Group, recognized directly in equity
Dividends paid		—		(989,909	)		—		(989,909	)		(62,944	)		(1,052,853	)
Additional paid-in capital and others		—		—			—		—			5			5
Equity transactions within the consolidated entity		—		—			—		—			(107	)		(107	)

Balance as of March 31, 2026	W	4,053,578		30,080,199			16,126,347		50,260,124			1,149,951			51,410,075

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of cash flows

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


In millions of won	March 31, 2026			March 31, 2025
Cash flows from operating activities
Profit for the period	W	2,519,007			2,361,708
Adjustments to reconcile profit for the period to net cash provided by operating activities:
Income tax expense		876,025			870,166
Depreciation		3,330,940			3,493,162
Amortization		39,353			40,299
Retirement benefit expense		111,449			112,443
Bad debt expense (Reversal of bad debt allowance)		(9,687	)		10,875
Interest expense		1,029,726			1,117,124
Loss on disposal of financial assets		1			735
Loss on disposal of property, plant and equipment		19,949			37,158
Loss on abandonment of property, plant and equipment		24,981			34,971
Loss on impairment of property, plant and equipment		825			—
Loss on impairment of intangible assets		1,115			—
Loss on disposal of intangible assets		—			13
Increase in provisions, net		437,029			762,929
Loss (Gain) on foreign currency translation, net		914,518			(26,487	)
Gain on valuation of financial assets at fair value through profit or loss		(16,321	)		(14,609	)
Loss on valuation of financial assets at fair value through profit or loss		13,990			215
Gain on derivatives		(1,051,704	)		(81,689	)
Gain on valuation of investments in associates and joint ventures, net		(303,024	)		(125,079	)
Gain on disposal of financial assets		(15,046	)		(10,564	)
Gain on disposal of property, plant and equipment		(1,701	)		(5,363	)
Gain on disposal of associates and joint ventures		(23	)		(41	)
Loss on impairment of investments in associates and joint ventures		1,077			—
Interest income		(96,955	)		(111,988	)
Dividend income		(20,075	)		(13,551	)
Others, net		(29,450	)		(104,736	)

		5,256,992			5,985,983

Changes in working capital:
Trade receivables		1,220,168			1,069,490
Non-trade receivables		(159,220	)		(134,013	)
Accrued income		128,585			69,228
Other receivables		36,901			30,026
Other current assets		(362,041	)		(382,332	)
Inventories		(461,727	)		(456,199	)
Other non-current assets		163,783			(98,859	)
Trade payables		625,136			(675,647	)
Non-trade payables		93,193			47,840
Accrued expenses		(249,624	)		(99,797	)
Other current liabilities		244,217			799,853
Other non-current liabilities		374,390			260,656
Investments in associates and joint ventures (dividends received)		251,211			38,623
Provisions		(310,638	)		(325,163	)
Payments of employee benefit obligations		(263,363	)		(103,229	)
Plan assets		(620	)		(5	)

	W	1,330,351			40,472

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of cash flows, Continued

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


In millions of won	March 31, 2026			March 31, 2025
Cash generated from operating activities	W	9,106,350			8,388,163
Dividends received		20,075			13,508
Interest paid		(1,209,557	)		(1,184,055	)
Interest received		86,107			81,476
Income taxes paid		(695,956	)		(545,998	)

Net cash flows provided by operating activities		7,307,019			6,753,094

Cash flows from investing activities
Proceeds from disposals of investments in associates and joint ventures		8,145			12,086
Acquisition of investments in associates and joint ventures		(127,384	)		(1,934,522	)
Proceeds from disposals of property, plant and equipment		78,040			58,494
Acquisition of property, plant and equipment		(4,193,355	)		(3,772,784	)
Proceeds from disposals of intangible assets		—			498
Acquisition of intangible assets		(34,591	)		(19,232	)
Proceeds from disposals of financial assets		1,858,235			2,676,313
Acquisition of financial assets		(2,572,622	)		(4,134,278	)
Increase in loans		(53,772	)		(46,357	)
Collection of loans		58,894			139,380
Increase in deposits		(59,102	)		(41,850	)
Decrease in deposits		56,196			39,198
Proceeds from disposals of assets held-for-sale		—			14,363
Receipt of government grants		5,321			4,954
Other cash outflow from investing activities, net		(122,239	)		(52,128	)

Net cash flows used in investing activities		(5,098,234	)		(7,055,865	)

Cash flows from financing activities
Repayment of short-term borrowings, net		(461,587	)		(203,040	)
Proceeds from long-term borrowings		644,302			461,841
Proceeds from debt securities		4,346,005			8,481,212
Repayment of long-term borrowings		(298,530	)		(51,929	)
Repayment of debt securities		(6,846,425	)		(7,942,524	)
Payment of lease liabilities		(157,349	)		(188,632	)
Settlement of derivative instruments, net		318,351			46,860
Change in non-controlling interests		5			(11,133	)
Repayment of hybrid bond		—			(230,000	)
Dividends paid for hybrid bond		—			(2,128	)
Other cash outflow from financing activities, net		(1,549	)		—

Net cash flows provided by (used in) financing activities		(2,456,777	)		360,527

Net increase (decrease) in cash and cash equivalents before effect of exchange rate fluctuations		(247,992	)		57,756
Effect of exchange rate fluctuations on cash held		21,392			2,245

Net increase (decrease) in cash and cash equivalents		(226,600	)		60,001
Cash and cash equivalents as of January 1, 2026 and 2025		2,240,811			2,382,979

Cash and cash equivalents as of March 31, 2026 and 2025	W	2,014,211			2,442,980

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements

March 31, 2026 and 2025 (unaudited)

1.	Reporting Entity (Description of the controlling company)

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

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


	Number of shares (in shares)		Percentage of ownership
The Government of the Republic of Korea		116,841,794		18.20	%
Korea Development Bank		211,235,264		32.90	%
Other (*)		313,887,019		48.90	%

		641,964,077		100.00	%

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

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

2.	Basis of Preparation

(1)

Statement of compliance

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

(2)

Basis of measurement

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

•

financial instruments at fair value through profit or loss;

•

financial instruments at fair value through other comprehensive income;

•

derivative financial instruments are measured at fair value; and

•

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

(3)

Functional and presentation currency

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

2.	Basis of Preparation, Continued

(4)

Use of estimates and judgments

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

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

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

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

(i)

Useful lives of property, plant and equipment, intangible assets other than goodwill and estimations on provision for decommissioning costs.

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

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

(ii)

Deferred tax

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

(iii)

Valuations of financial instruments at fair values

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

2.	Basis of Preparation, Continued

(4)

Use of estimates and judgments, continued

(iii)

Valuations of financial instruments at fair values, Continued

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

(iv)

Defined employee benefit liabilities

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

(v)

Unbilled revenue

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

(vi)

Construction contracts

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

(vii)

Impairment of non-financial assets other than goodwill

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

2.	Basis of Preparation, Continued

(5)

Changes in accounting policies

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

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

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

•

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

•

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

•

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

•

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

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

2) Annual Improvements to KIFRS Accounting Standards - Volume 11

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

•

KIFRS 1101, “First-time Adoption of Korean International Financial Reporting Standards”: Application of hedge accounting by a first-time adopter;

•

KIFRS 1107, “Financial Instruments: Disclosures”: Gain or loss on derecognition and implementation guidance;

•

KIFRS 1109, “Financial Instruments”: Derecognition accounting for lease liabilities and the definition of transaction price;

•

KIFRS 1110, “Consolidated Financial Statements”: Determination of a “de facto” agent; and

•

KIFRS 1007, “Statement of Cash Flows”: Cost method.

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

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

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

•

Clarification of the application of the “own-use” requirements to contracts within the scope of the amendments;

•

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

•

Introduction of new disclosure requirements to enable investors to understand the impact of such contracts on the entity’s financial performance and cash flows.

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

2.	Basis of Preparation, Continued

(6)

New accounting standards and interpretations not yet adopted

1) KIFRS 1118, “Presentation and Disclosure in Financial Statements”

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

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

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

•

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

•

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

① Structure of the statement of profit or loss

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

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

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

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

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

② Management-defined Performance Measures (MPMs)

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

2.	Basis of Preparation, Continued

(6)

New accounting standards and interpretations not yet adopted, continued

③ Principles of aggregation and disaggregation

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

④ Amendments to other standards

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

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

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

3.	Material Accounting Policies

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

4.	Segment, Geographic and Other Information

(1)

Segment determination and explanation of the measurements

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

4.	Segment, Geographic and Other Information, Continued

(2)

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


In millions of won
For the three-month period ended March 31, 2026
Segment	Total segment revenue			Intersegment revenue			Revenue from external customers		Operating profit (loss)			Depreciation and amortization			Interest income			Interest expense			Profit (loss) related to associates, joint ventures and subsidiaries
Transmission and distribution	W	23,709,159			475,796			23,233,363		2,086,729			1,170,931			22,727			603,374			229,391
Electric power generation (Nuclear)		3,916,388			3,649,885			266,503		1,462,503			1,097,758			16,430			205,675			(1,469	)
Electric power generation (Non-nuclear)		7,157,046			6,587,548			569,498		260,181			1,040,472			9,688			170,308			73,954
Plant maintenance & engineering service		787,381			631,048			156,333		73,917			41,832			6,204			1,604			94
Others		581,523			408,733			172,790		27,421			59,405			56,877			70,301			—
Consolidation adjustments		(11,753,010	)		(11,753,010	)		—		(126,582	)		(40,105	)		(14,971	)		(21,536	)		—

	W	24,398,487			—			24,398,487		3,784,169			3,370,293			96,955			1,029,726			301,970

In millions of won
For the three-month period ended March 31, 2025
Segment	Total segment revenue			Intersegment revenue			Revenue from external customers		Operating profit (loss)			Depreciation and amortization			Interest income			Interest expense			Profit (loss) related to associates, joint ventures and subsidiaries
Transmission and distribution	W	23,861,484			573,045			23,288,439		1,900,916			1,110,839			31,207			685,537			44,440
Electric power generation (Nuclear)		4,274,879			4,264,934			9,945		1,285,494			1,332,043			13,149			207,947			(14,182	)
Electric power generation (Non-nuclear)		7,029,030			6,371,859			657,171		576,602			1,034,045			10,352			165,349			94,646
Plant maintenance & engineering service		669,609			558,920			110,689		30,759			42,369			8,755			2,021			216
Others		563,004			405,264			157,740		22,962			62,442			63,113			78,154			—
Consolidation adjustments		(12,174,022	)		(12,174,022	)		—		(63,126	)		(48,277	)		(14,588	)		(21,884	)		—

	W	24,223,984			—			24,223,984		3,753,607			3,533,461			111,988			1,117,124			125,120

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

4.	Segment, Geographic and Other Information, Continued

(3)

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


In millions of won
As of March 31, 2026
Segment	Segment assets			Investments in associates and joint ventures		Acquisition of non-current assets			Segment liabilities
Transmission and distribution	W	146,011,326			9,097,212		2,118,183			117,207,063
Electric power generation (Nuclear)		78,116,705			228,542		973,480			51,370,675
Electric power generation (Non-nuclear)		61,404,076			4,706,895		864,649			35,707,963
Plant maintenance & engineering service		4,462,224			1,835		39,905			1,555,388
Others		17,793,762			—		33,809			7,075,517
Consolidation adjustments		(50,000,112	)		—		131,467			(6,538,700	)

	W	257,787,981			14,034,484		4,161,493			206,377,906


In millions of won
As of December 31, 2025
Segment	Segment assets			Investments in associates and joint ventures		Acquisition of non-current assets			Segment liabilities
Transmission and distribution	W	144,616,479			8,606,616		9,077,814			118,045,718
Electric power generation (Nuclear)		76,378,365			169,728		2,532,322			49,741,461
Electric power generation (Non-nuclear)		63,352,471			4,585,612		4,634,208			35,395,912
Plant maintenance & engineering service		4,363,345			1,832		202,142			1,346,629
Others		17,125,478			—		254,262			6,885,650
Consolidation adjustments		(50,908,681	)		—		(111,689	)		(5,810,857	)

	W	254,927,457			13,363,788		16,589,059			205,604,513

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

4.	Segment, Geographic and Other Information, Continued

(4)

Geographic information

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


In millions of won	Revenue from external customers				*Non-current assets (2)**
Geographical unit	For the three-month period ended March 31, 2026		For the three-month period ended March 31, 2025		As of March 31, 2026		As of December 31, 2025
Domestic	W	24,003,806		24,017,059		199,012,680		196,736,382
Overseas (*1)		394,681		206,925		6,932,258		6,731,565

	W	24,398,487		24,223,984		205,944,938		203,467,947

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

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

(5)

Information on significant customers

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

5.	Classification of Financial Instruments

(1)

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


In millions of won	As of March 31, 2026
	Financial assets at fair value through profit or loss		Financial assets at fair value through other comprehensive income		Financial assets at amortized cost		Derivative assets (applying hedge accounting)		Total
Current assets
Cash and cash equivalents	W	—		—		2,014,211		—		2,014,211
Current financial assets
Current financial assets at fair value through profit or loss		2,960,497		—		—		—		2,960,497
Current financial assets at amortized cost		—		—		22,051		—		22,051
Current derivative assets		928,724		—		—		167,929		1,096,653
Loans		—		—		109,797		—		109,797
Other financial assets and others		—		—		1,078,321		—		1,078,321
Trade and other receivables		—		—		11,680,232		—		11,680,232

		3,889,221		—		14,904,612		167,929		18,961,762

Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss		698,311		—		—		—		698,311
Non-current financial assets at fair value through other comprehensive income		—		956,240		—		—		956,240
Non-current financial assets at amortized cost		—		—		8,916		—		8,916
Non-current derivative assets		1,414,877		—		—		239,048		1,653,925
Loans		—		—		839,360		—		839,360
Other financial assets and others		—		—		899,847		—		899,847
Trade and other receivables		—		—		3,284,995		—		3,284,995

		2,113,188		956,240		5,033,118		239,048		8,341,594

	W	6,002,409		956,240		19,937,730		406,977		27,303,356

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

5.	Classification of Financial Instruments, Continued

(1)

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


In millions of won	As of December 31, 2025
	Financial assets at fair value through profit or loss		Financial assets at fair value through other comprehensive income		Financial assets at amortized cost		Derivative assets (applying hedge accounting)		Total
Current assets
Cash and cash equivalents	W	—		—		2,240,811		—		2,240,811
Current financial assets
Current financial assets at fair value through profit or loss		1,299,027		—		—		—		1,299,027
Current financial assets at amortized cost		—		—		21,663		—		21,663
Current derivative assets		492,028		—		—		344,204		836,232
Loans		—		—		95,598		—		95,598
Other financial assets		—		—		1,997,644		—		1,997,644
Trade and other receivables		—		—		12,618,480		—		12,618,480

		1,791,055		—		16,974,196		344,204		19,109,455

Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss		696,199		—		—		—		696,199
Non-current financial assets at fair value through other comprehensive income		—		885,173		—		—		885,173
Non-current financial assets at amortized cost		—		—		9,454		—		9,454
Non-current derivative assets		1,055,987		—		—		143,331		1,199,318
Loans		—		—		890,930		—		890,930
Other financial assets		—		—		884,487		—		884,487
Trade and other receivables		—		—		3,124,185		—		3,124,185

		1,752,186		885,173		4,909,056		143,331		7,689,746

	W	3,543,241		885,173		21,883,252		487,535		26,799,201

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

5.	Classification of Financial Instruments, Continued

(2)

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


In millions of won	As of March 31, 2026
	Financial liabilities at fair value through profit or loss		Financial liabilities recognized at amortized cost		Derivative liabilities (applying hedge accounting)		Total
Current liabilities
Borrowings	W	—		18,794,901		—		18,794,901
Debt securities		—		29,475,648		—		29,475,648
Derivative liabilities		44,281		—		—		44,281
Trade and other payables		—		10,047,033		—		10,047,033

		44,281		58,317,582		—		58,361,863

Non-current liabilities
Borrowings		—		3,312,646		—		3,312,646
Debt securities		—		76,627,952		—		76,627,952
Derivative liabilities		74,017		—		133		74,150
Trade and other payables		—		4,032,953		—		4,032,953

		74,017		83,973,551		133		84,047,701

	W	118,298		142,291,133		133		142,409,564


In millions of won	As of December 31, 2025
	Financial liabilities at fair value through profit or loss		Financial liabilities recognized at amortized cost		Derivative liabilities (applying hedge accounting)		Total
Current liabilities
Borrowings	W	—		18,721,522		—		18,721,522
Debt securities		—		27,165,448		—		27,165,448
Derivative liabilities		52,119		—		—		52,119
Trade and other payables		—		8,621,671		—		8,621,671

		52,119		54,508,641		—		54,560,760

Non-current liabilities
Borrowings		—		3,274,774		—		3,274,774
Debt securities		—		80,607,548		—		80,607,548
Derivative liabilities		113,254		—		126		113,380
Trade and other payables		—		4,028,808		—		4,028,808

		113,254		87,911,130		126		88,024,510

	W	165,373		142,419,771		126		142,585,270

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

5. Classification of Financial Instruments, Continued

(3)

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


In millions of won		For the three- month period ended March 31, 2026			For the three- month period ended March 31, 2025
Cash and cash equivalents	Interest income	W	17,347			28,930
Cash and cash equivalents	Gain (loss) on foreign currency transactions and translations		526			(6,689	)
Financial assets at fair value through profit or loss	Interest income		8,434			7,639
	Dividend income		156			62
	Gain on valuation of financial assets		2,331			14,394
	Gain on disposal of financial assets		15,045			9,829
Financial assets at fair value through other comprehensive income	Dividend income		19,919			13,489
	Gain (loss) on valuation of financial assets at fair value through other comprehensive income (equity, before tax)		70,833			(53,081	)
Financial assets at amortized cost	Interest income		71,174			75,419
Financial assets at amortized cost	Loss on disposal of financial assets		(1	)		(1	)
	Bad debt expense (Reversal of bad debt allowance)		(9,687	)		10,875
	Gain on foreign currency transactions and translations		56,926			5,992
Derivatives	Gain on valuation of derivatives (profit or loss)		949,109			37,008
	Gain on valuation of derivatives (equity, before tax)		16,081			19,901
	Gain on transaction of derivatives		102,595			44,681
Financial liabilities carried at amortized cost	Interest expense of borrowings and debt securities		788,764			904,184
	Interest expense of trade and other payables		22,996			43,529
	Interest expense of others		217,966			169,411
	Other finance income		782			831
	Other finance expenses		(2,702	)		442
	Gain (loss) on foreign currency transactions and translations		(1,005,280	)		89,517

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

6.	Restricted Deposits

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


In millions of won		As of March 31, 2026		As of December 31, 2025
Cash and cash equivalents	Escrow accounts	W	3,208		3,082
	Deposits for government project and others		23,738		27,023
	Collateral provided for borrowings		302,811		263,685
	Collateral provided for lawsuit		2		2
	Deposits for transmission regional support program		7,162		3,498
	Deposits for other business purposes		23,739		22,064
Short-term financial instruments	Restriction on withdrawal related to ‘win-win growth program’ for small and medium enterprises and others		296,500		292,500
	Collateral provided for borrowings		23,614		23,614
	Bid Bond		69,070		68,010
Non-current financial assets at fair value through profit or loss	Decommissioning costs of nuclear power plants		243,637		257,649
Long-term financial instruments	Guarantee deposits for banking accounts at overseas branches		1		1
	Collateral provided for borrowings		26,153		18,245
	Decommissioning costs of nuclear power plants		750,000		730,004
	Small and Medium Enterprise Development Fund		—		4,000
Long-term deposit	Court Deposit		4,588		4,588
Other non-current financial assets	Deposits for other business purposes		6,406		6,359

		W	1,780,629		1,724,324

7.	Cash and Cash Equivalents

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


In millions of won	As of March 31, 2026		As of December 31, 2025
Cash	W	8,653		10,982
Other demand deposits		1,662,802		1,562,485
Short-term deposits classified as cash equivalents		282,026		558,775
Short-term investments classified as cash equivalents		60,730		108,569

	W	2,014,211		2,240,811

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

8.	Trade and Other Receivables

(1)

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


In millions of won	As of March 31, 2026
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Trade receivables	W	10,634,847		(199,656	)		—			10,435,191
Other receivables		1,293,957		(44,309	)		(4,607	)		1,245,041

		11,928,804		(243,965	)		(4,607	)		11,680,232

Non-current assets
Trade receivables		1,098,451		(93,626	)		(82,619	)		922,206
Other receivables		2,471,021		(91,474	)		(16,758	)		2,362,789

		3,569,472		(185,100	)		(99,377	)		3,284,995

	W	15,498,276		(429,065	)		(103,984	)		14,965,227


In millions of won	As of December 31, 2025
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Trade receivables	W	11,811,493		(186,596	)		—			11,624,897
Other receivables		1,039,679		(42,415	)		(3,681	)		993,583

		12,851,172		(229,011	)		(3,681	)		12,618,480

Non-current assets
Trade receivables		1,037,726		(93,718	)		(83,101	)		860,907
Other receivables		2,395,952		(118,479	)		(14,195	)		2,263,278

		3,433,678		(212,197	)		(97,296	)		3,124,185

	W	16,284,850		(441,208	)		(100,977	)		15,742,665

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

8.	Trade and Other Receivables, Continued

(2)

Other receivables as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won	As of March 31, 2026
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Non-trade receivables	W	646,299		(37,669	)		(968	)		607,662
Accrued income		79,768		—			—			79,768
Deposits		273,775		—			(3,639	)		270,136
Finance lease receivables (*1)		102,583		(5,347	)		—			97,236
Others		191,532		(1,293	)		—			190,239

		1,293,957		(44,309	)		(4,607	)		1,245,041

Non-current assets
Non-trade receivables		408,609		(49,510	)		(5,435	)		353,664
Accrued income		66,107		(6,506	)		—			59,601
Deposits		527,980		(414	)		(11,323	)		516,243
Finance lease receivables (*2)		1,231,815		(1,699	)		—			1,230,116
Others		236,510		(33,345	)		—			203,165

		2,471,021		(91,474	)		(16,758	)		2,362,789

	W	3,764,978		(135,783	)		(21,365	)		3,607,830

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

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


In millions of won	As of December 31, 2025
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Non-trade receivables	W	478,822		(36,074	)		(474	)		442,274
Accrued income		43,123		—			—			43,123
Deposits		268,090		—			(3,207	)		264,883
Finance lease receivables (*1)		104,600		(5,048	)		—			99,552
Others		145,044		(1,293	)		—			143,751

		1,039,679		(42,415	)		(3,681	)		993,583

Non-current assets
Non-trade receivables		401,390		(76,770	)		(5,096	)		319,524
Accrued income		65,615		(6,320	)		—			59,295
Deposits		516,519		(414	)		(9,099	)		507,006
Finance lease receivables (*2)		1,172,687		(1,954	)		—			1,170,733
Others		239,741		(33,021	)		—			206,720

		2,395,952		(118,479	)		(14,195	)		2,263,278

	W	3,435,631		(160,894	)		(17,876	)		3,256,861

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

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

(3)

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

8.	Trade and Other Receivables, Continued

(4)

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


In millions of won	As of March 31, 2026			As of December 31, 2025
Trade receivables not overdue	W	11,346,415			12,472,407

Trade receivables overdue and impairment—reviewed:		386,883			376,812

Less than 60 days		15,087			15,256
60 ~ 90 days		58,173			54,093
90 ~ 120 days		15,216			21,317
120 days ~ 1 year		62,628			65,435
More than 1 year		235,779			220,711

		11,733,298			12,849,219
Less: allowance for doubtful accounts		(293,282	)		(280,314	)
Less: Present value discount		(82,619	)		(83,101	)

	W	11,357,397			12,485,804

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

(5)

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


In millions of won	For the three-month period ended March 31, 2026						For the year ended December 31, 2025
	Trade receivables			Other receivables			Trade receivables			Other receivables
Beginning balance	W	280,314			160,894			260,774			140,168
Bad debts expense		16,149			—			84,625			8,155
Write-off		(6,902	)		(224	)		(37,639	)		(14,675	)
Reversal		(267	)		(25,513	)		(2,223	)		(4,101	)
Others		3,988			626			(25,223	)		31,347

Ending balance	W	293,282			135,783			280,314			160,894

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

9.	Financial Assets at Fair Value through Profit or Loss

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


In millions of won	As of March 31, 2026				As of December 31, 2025
	Current		Non-current		Current		Non-current
Financial assets at fair value through profit or loss
Beneficiary certificate	W	322		135,344		320		125,837
Cooperative		—		6,580		—		6,413
Others (*)		2,960,175		424,766		1,298,707		428,389

		2,960,497		566,690		1,299,027		560,639

Financial assets designated as at fair value through profit or loss
Debt with embedded derivatives		—		131,621		—		135,560

	W	2,960,497		698,311		1,299,027		696,199

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

10.

Financial Assets at Fair Value through Other Comprehensive Income

(1)

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


In millions of won	For the three-month period ended March 31, 2026
	Beginning balance		Acquisition		Disposal			Valuation			Others		Ending balance
Equity securities
Listed	W	517,251		—		—			71,023			1		588,275
Unlisted		363,128		—		—			(190	)		233		363,171

		880,379		—		—			70,833			234		951,446

Debt securities
Corporate bond		4,794		—		—			—			—		4,794

	W	885,173		—		—			70,833			234		956,240

Current financial assets at fair value through other comprehensive income	W	—		—		—			—			—		—
Non-current financial assets at fair value through other comprehensive income		885,173		—		—			70,833			234		956,240

In millions of won	For the year ended December 31, 2025
	Beginning balance		Acquisition		Disposal			Valuation			Others		Ending balance
Equity securities
Listed	W	360,096		—		(3,091	)		160,245			1		517,251
Unlisted		309,709		—		(10	)		52,343			1,086		363,128

		669,805		—		(3,101	)		212,588			1,087		880,379

Debt securities
Corporate bond		5,045		—		—			(251	)		—		4,794

	W	674,850		—		(3,101	)		212,337			1,087		885,173

Current financial assets at fair value through other comprehensive income	W	—		—		—			—			—		—
Non-current financial assets at fair value through other comprehensive income		674,850		—		(3,101	)		212,337			1,087		885,173

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

10.

Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2)

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


In millions of won	As of March 31, 2026
	Shares (in shares)		Ownership			Acquisition cost		Book value		Fair value
Listed
Korea District Heating Corp.		2,264,068		19.55	%	W	173,201		163,466		163,466
KG Mobility Co., Ltd.		12,205		0.01	%		428		41		41
SM Korea Line Corp.		180		0.00	%		1		—		—
Namkwang Engineering & Construction Co., Ltd.		121		0.00	%		15		1		1
Bumyang Construction Co., Ltd.		35		0.00	%		2		—		—
ELCOMTEC Co., Ltd.		32,875		0.04	%		217		23		23
PAN Ocean Co., Ltd.		1,492		0.00	%		14		7		7
Codes Combine Co., Ltd.		291		0.00	%		1		1		1
PT Almatri Resources Indonesia		480,000,000		1.60	%		65,028		110,341		110,341
Denison Mines Corp.		58,284,000		7.46	%		84,134		312,186		312,186
Paladin Energy		10,760		0.01	%		41		130		130
KS Industry Co., Ltd		1,457		0.01	%		38		2		2
Vitzrosys Co., Ltd.		399		0.00	%		2		—		—
EMnI Co., Ltd.		628		0.00	%		25		1		1
Vissem electronics, Co., Ltd.		301		0.00	%		11		2		2
KC Industry Co., Ltd.		139		0.00	%		6		—		—
Ihsung CNI Co., Ltd.		142,860		4.43	%		1,500		716		716
Aone Alform Co., Ltd.		2,672		0.04	%		19		3		3
Kodaco Co., Ltd.		131,698		0.85	%		1,317		1,354		1,354
QAID Co., Ltd. (formerly Winia Aid Co., Ltd.)		147		0.00	%		1		1		1

							326,001		588,275		588,275

Unlisted (*1)
Set Holding (*2)		1,100,220		2.50	%		229,255		310,808		310,808
SGC Greenpower Co., Ltd.		580,000		5.00	%		2,900		5,806		5,806
Le Soleil KHNP LLC		137,600		19.00	%		1,376		1,376		1,376
Ihsung CNI Co., Ltd.		127,660		3.96	%		1,500		2,144		2,144
H Robotics Co., Ltd.		903,601		7.05	%		4,000		400		400
Good Tcells Co., Ltd.		11,364		0.33	%		500		630		630
IPS Bio Co., Ltd.		1,975		3.13	%		1,000		873		873
Nine B Co., Ltd.		5,000		4.96	%		1,000		1,000		1,000
Orano Expansion		5,742,405		4.72	%		—		—		—
Common Computer Co., Ltd.		3,856		1.64	%		1,000		862		862
Fine Powerex Co., Ltd.		72,633		4.45	%		1,500		1,714		1,714
Agencore Co., Ltd.		175,779		6.31	%		2,200		2,934		2,934
SamHong Machinery Co., Ltd.		1,543,837		9.13	%		7,000		15,099		15,099
Aloha Factory Co., Ltd.		2,970		3.70	%		1,000		639		639
Dailyshot Co., Ltd.		1,695		1.64	%		1,001		1,205		1,205
Mediquitous Co., Ltd.		5,080		0.48	%		1,250		1,546		1,546
Black Materials Co., Ltd.		37,038		8.31	%		500		431		431
Monit Co., Ltd.		333,334		14.29	%		1,000		853		853
3i Powergen Inc.(*6)		—		15.00	%		1,482		—		—
Enersys Co., Ltd.		9,763		19.62	%		2,050		337		337
Kalman Co., Ltd.		23,172		9.54	%		1,000		821		821
Himet Co., Ltd.		1,754,386		13.93	%		5,000		4,182		4,182
PT.KedapSayaaq		671		10.00	%		18,540		—		—
Joongang Platec Co., Ltd.		3,591		0.75	%		72		35		35
Pioneer Gas Power Limited (*5)		123,200,010		38.50	%		49,831		—		—
Bobaek C&S Co., Ltd.		13,246		0.87	%		2,000		2,000		2,000
BDI Co., Ltd. (*3,4)		6,390,478		32.50	%		—		—		—
Hwan Young Steel Co., Ltd. and others (*7)		—		—			11,679		7,476		7,476

							349,636		363,171		363,171

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

10.

Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2)

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


In millions of won	As of March 31, 2026
	Shares (in shares)		Ownership		Acquisition cost		Book value		Fair value
Debt securities (*1)
Aron Flying Ship Co., Ltd.		—		—	W	491		—		—
Ino Platech Co., Ltd.		—		—		1,080		1,278		1,278
Daebon Tech Co., Ltd.		—		—		3,000		3,516		3,516

						4,571		4,794		4,794

					W	680,208		956,240		956,240

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

(*2)

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

(*3)

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

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

(*5)

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

10.

Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2)

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


In millions of won	As of December 31, 2025
	Shares (in shares)		Ownership			Acquisition cost		Book value		Fair value
Listed
Korea District Heating Corp.		2,264,068		19.55	%	W	173,201		218,255		218,255
KG Mobility Co., Ltd.		12,205		0.01	%		428		43		43
SM Korea Line Corp.		180		0.00	%		1		—		—
Namkwang Engineering & Construction Co., Ltd.		46		0.00	%		15		—		—
Bumyang Construction Co., Ltd.		35		0.00	%		2		—		—
ELCOMTEC Co., Ltd.		32,875		0.04	%		217		26		26
PAN Ocean Co., Ltd.		1,492		0.00	%		14		6		6
Codes Combine Co., Ltd.		291		0.00	%		1		1		1
PT Almatri Resources Indonesia		480,000,000		1.60	%		65,028		74,369		74,369
Denison Mines Corp.		58,284,000		7.46	%		84,134		222,278		222,278
Paladin Energy		10,760		0.01	%		41		98		98
KS Industry Co., Ltd		1,457		0.01	%		38		1		1
Vitzrosys Co., Ltd.		399		0.00	%		2		—		—
EMnI Co., Ltd.		628		0.00	%		25		1		1
Vissem electronics, Co., Ltd.		301		0.00	%		11		2		2
KC Industry Co., Ltd.		139		0.00	%		6		—		—
Ihsung CNI Co., Ltd.		142,860		4.43	%		1,500		813		813
Aone Alform Co., Ltd.		2,672		0.04	%		19		3		3
Kodaco Co., Ltd.		131,698		0.85	%		1,317		1,354		1,354
QAID Co., Ltd. (formerly Winia Aid Co., Ltd.)		129		0.00	%		1		1		1

							326,001		517,251		517,251

Unlisted (*1)
Set Holding (*2)		1,100,220		2.50	%		229,255		310,808		310,808
SGC Greenpower Co., Ltd.		580,000		5.00	%		2,900		5,807		5,807
Le Soleil KHNP LLC		137,600		19.00	%		1,376		1,376		1,376
Ihsung CNI Co., Ltd.		127,660		3.96	%		1,500		2,144		2,144
H Robotics Co., Ltd.		903,601		7.05	%		4,000		399		399
Good Tcells Co., Ltd.		11,364		0.33	%		500		630		630
IPS Bio Co., Ltd.		1,975		3.13	%		1,000		873		873
Nine B Co., Ltd.		5,000		4.96	%		1,000		1,000		1,000
Orano Expansion		5,742,405		4.72	%		—		—		—
Common Computer Co., Ltd.		3,856		1.64	%		1,000		862		862
Fine Powerex Co., Ltd.		72,633		4.45	%		1,500		1,714		1,714
Agencore Co., Ltd.		175,779		6.31	%		2,200		2,934		2,934
SamHong Machinery Co., Ltd.		1,543,837		9.13	%		7,000		15,099		15,099
Aloha Factory Co., Ltd.		2,970		3.70	%		1,000		639		639
Dailyshot Co., Ltd.		1,695		1.64	%		1,001		1,205		1,205
Mediquitous Co., Ltd.		5,080		0.48	%		1,250		1,546		1,546
Black Materials Co., Ltd.		37,038		8.31	%		500		431		431
Monit Co., Ltd.		333,334		14.29	%		1,000		853		853
3i Powergen Inc.(*6)		—		15.00	%		1,482		—		—
Enersys Co., Ltd.		9,763		19.62	%		2,050		337		337
Kalman Co., Ltd.		23,172		9.54	%		1,000		821		821
Himet Co., Ltd.		1,754,386		13.93	%		5,000		4,182		4,182
PT.KedapSayaaq		671		10.00	%		18,540		—		—
Joongang Platec Co., Ltd.		3,591		0.75	%		72		35		35
Pioneer Gas Power Limited (*5)		123,200,010		38.50	%		49,831		—		—
Bobaek C&S Co., Ltd.		13,246		0.87	%		2,000		2,000		2,000
BDI Co., Ltd. (*3,4)		6,390,478		32.50	%		—		—		—
Hwan Young Steel Co., Ltd. and others (*7)		—		—			11,631		7,433		7,433

							349,588		363,128		363,128

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

10.

Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2)

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


In millions of won	As of December 31, 2025
	Shares (in shares)		Ownership		Acquisition cost		Book value		Fair value
Debt securities (*1)
Aron Flying Ship Co., Ltd.		—		—	W	491		—		—
Ino Platech Co., Ltd.		—		—		1,080		1,278		1,278
Daebon Tech Co., Ltd.		—		—		3,000		3,516		3,516

						4,571		4,794		4,794

					W	680,160		885,173		885,173

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

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

(*3)

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

(*5)

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

11.

Financial Assets at Amortized Cost

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


In millions of won	As of March 31, 2026
	Financial assets at amortized cost		Book value
Government bonds	W	1,412		1,412
Others		29,555		29,555

	W	30,967		30,967

Current	W	22,051		22,051
Non-current		8,916		8,916

In millions of won	As of December 31, 2025
	Financial assets at amortized cost		Book value
Government bonds	W	1,423		1,423
Others		29,694		29,694

	W	31,117		31,117
Current	W	21,663		21,663

Non-current		9,454		9,454

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

12.

Derivatives

(1)

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


In millions of won	As of March 31, 2026				As of December 31, 2025
	Current		Non-current		Current		Non-current
Derivative assets
Currency forward	W	4,244		—		76		—
Currency swap		1,086,387		1,329,791		833,715		927,127
Interest rate swap		6,022		221,264		2,441		174,195
Others (*2,3)		—		102,870		—		97,996

	W	1,096,653		1,653,925		836,232		1,199,318

Derivative liabilities
Currency forward	W	199		—		9,078		—
Currency swap		5,827		3,778		4,786		23,761
Interest rate swap		—		16,303		—		37,560
Others (*1,2,4)		38,255		54,069		38,255		52,059

	W	44,281		74,150		52,119		113,380

(*1)

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

(*2)

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

12.

Derivatives, Continued

(2)

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

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


Counterparty	Contract date		Maturity date		Contract amounts				Contract exchange rate (in won)
Counterparty	Contract date		Maturity date		Pay		Receive		Contract exchange rate (in won)
JP Morgan		2026.03.10		2026.04.03	W USD	11,504		16,838	W	1,463.65
JP Morgan		2026.03.10		2026.04.02		5,894	USD	4,000		1,473.60
Morgan Stanley		2026.03.13		2026.04.07		7,443	USD	5,000		1,488.60
Kyongnam Bank		2026.03.13		2026.04.10		14,885	USD	10,000		1,488.50
Kyongnam Bank		2026.03.18		2026.04.14		14,827	USD	10,000		1,482.70
Hana Bank		2026.03.20		2026.04.16		10,419	USD	7,000		1,488.40
Kyongnam Bank		2026.03.27		2026.04.17		15,096	USD	10,000		1,509.60
Korea Development Bank		2026.03.11		2026.04.03		11,733	USD	8,000		1,466.57
Korea Development Bank		2026.03.19		2026.04.03		10,495	USD	7,000		1,499.31
JP Morgan		2026.03.31		2026.04.02		3,059	USD	2,000		1,529.70
JP Morgan		2026.03.26		2026.06.30	USD	7,452		11,187		1,501.35
Bank of America		2026.03.27		2026.04.13		54,508	USD	36,206		1,505.50
JP Morgan		2026.03.10		2026.04.13		8,622	USD	5,864		1,470.33
Kookmin Bank		2026.03.30		2026.05.08		9,089	USD	6,000		1,514.80
MUFG		2026.03.17		2026.04.23		4,472	USD	3,000		1,490.60
Kyongnam Bank		2026.03.12		2026.04.13		5,923	USD	4,000		1,480.85
Nonghyup Bank		2026.03.18		2026.04.23		8,905	USD	6,000		1,484.10
Mizuho Bank		2026.03.25		2026.04.28		5,971	USD	4,000		1,492.85
Busan Bank		2026.03.25		2026.04.28		11,947	USD	8,000		1,493.40
Shinhan Bank		2026.03.27		2026.04.28		9,033	USD	6,000		1,505.53
Hana Bank		2026.03.17		2026.06.19		701	USD	473		1,483.00
Hana Bank		2026.03.24		2026.06.19		8,941	USD	6,000		1,490.20
HSBC		2026.03.31		2026.07.03		7,548	USD	5,000		1,509.50

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

12. Derivatives, Continued

(3)

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

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


Counterparty	Contract year	Contract amount				Contract interest rate						Contract exchange rate (in won)
Counterparty	Contract year	Pay		Receive		Pay			Receive			Contract exchange rate (in won)
Standard Chartered	2014~2029	W	102,470	USD	100,000		3.14	%		3.57	%	W	1,024.70
Woori Bank	2019~2027		21,708	USD	19,417		5.04	%		6.75	%		1,118.00
Kookmin Bank	2020~2026		76,355	USD	70,445		5.83	%		6.00	%		1,083.90
Woori Bank	2021~2026		118,170	USD	100,000		1.11	%		1.13	%		1,181.70
Korea Development Bank	2021~2026		118,170	USD	100,000		1.11	%		1.13	%		1,181.70
Hana Bank	2021~2026		118,170	USD	100,000		1.11	%		1.13	%		1,181.70
JP Morgan	2022~2027		128,600	USD	100,000		3.56	%		4.00	%		1,286.00
Woori Bank	2022~2027		128,600	USD	100,000		3.56	%		4.00	%		1,286.00
Kookmin Bank	2022~2027		128,600	USD	100,000		3.56	%		4.00	%		1,286.00
Korea Development Bank	2022~2026		283,820	USD	200,000		4.67	%		5.38	%		1,419.10
Hana Bank	2022~2026		141,910	USD	100,000		4.68	%		5.38	%		1,419.10
Woori Bank	2022~2026		141,910	USD	100,000		4.68	%		5.38	%		1,419.10
JP Morgan	2022~2026		141,910	USD	100,000		4.69	%		5.38	%		1,419.10
Korea Development Bank	2022~2028		283,820	USD	200,000		5.12	%		5.50	%		1,419.10
Woori Bank	2022~2028		141,910	USD	100,000		5.13	%		5.50	%		1,419.10
Hana Bank	2023~2026		256,000	USD	200,000		3.97	%		5.38	%		1,280.00
Shinhan Bank	2023~2026		192,000	USD	150,000		3.99	%		5.38	%		1,280.00
Kookmin Bank	2023~2026		128,000	USD	100,000		4.03	%		5.38	%		1,280.00
Korea Development Bank	2023~2026		256,000	USD	200,000		4.04	%		5.38	%		1,280.00
Bank of America	2023~2026		128,000	USD	100,000		4.04	%		5.38	%		1,280.00
Standard Chartered	2023~2026		128,000	USD	100,000		4.04	%		5.38	%		1,280.00
Woori Bank	2023~2026		192,000	USD	150,000		4.05	%		5.38	%		1,280.00
Shinhan Bank	2024~2027		133,060	USD	100,000		3.53	%		4.88	%		1,330.60
Kookmin Bank	2024~2027		133,060	USD	100,000		3.53	%		4.88	%		1,330.60
Korea Development Bank	2024~2027		864,890	USD	650,000		3.53	%		4.88	%		1,330.60
Bank of America	2024~2027		133,060	USD	100,000		3.53	%		4.88	%		1,330.60
Standard Chartered	2024~2027		133,060	USD	100,000		3.53	%		4.88	%		1,330.60
IBK Securities Co., Ltd.	2024~2027		199,590	USD	150,000		3.53	%		4.88	%		1,330.60
Shinhan Bank	2024~2034		138,010	USD	100,000		3.64	%		5.13	%		1,380.10
Hana Bank	2024~2034		138,010	USD	100,000		3.69	%		5.13	%		1,380.10
Woori Bank	2024~2034		119,958	USD	86,920		3.74	%		5.13	%		1,380.10
Kookmin Bank	2025~2028		292,640	USD	200,000		2.99	%		Compounded Daily SOFR + 0.62	%		1,463.20
Bank of America	2025~2028		219,480	USD	150,000		2.99	%		Compounded Daily SOFR + 0.62	%		1,463.20
Hana Bank	2025~2028		146,320	USD	100,000		3.00	%		Compounded Daily SOFR + 0.62	%		1,463.20
Korea Development Bank	2025~2028		73,160	USD	50,000		3.02	%		Compounded Daily SOFR + 0.62	%		1,463.20
Shinhan Bank	2025~2028		146,320	USD	100,000		3.02	%		Compounded Daily SOFR + 0.62	%		1,463.20
Shinhan Bank	2025~2030		146,320	USD	100,000		3.18	%		4.13	%		1,463.20
Hana Bank	2025~2030		438,960	USD	300,000		3.21	%		4.13	%		1,463.20
Woori Bank	2017~2027		111,610	USD	100,000		2.25	%		3.13	%		1,116.10
Korea Development Bank	2017~2027		111,610	USD	100,000		2.31	%		3.13	%		1,116.10
Hana Bank	2017~2027		111,610	USD	100,000		2.31	%		3.13	%		1,116.10
Korea Development Bank	2018~2028		108,600	HKD	800,000		2.69	%		3.35	%		135.75
Shinhan Bank	2018~2028		115,387	HKD	850,000		2.66	%		3.35	%		135.75
Korea Development Bank	2019~2027		119,978	CHF	100,000		1.43	%		0.05	%		1,199.78
Woori Bank	2021~2026		222,800	USD	200,000		0.93	%		1.25	%		1,114.00
Shinhan Bank	2021~2026		111,400	USD	100,000		0.92	%		1.25	%		1,114.00
Korea Development Bank	2021~2026		111,400	USD	100,000		0.93	%		1.25	%		1,114.00
Nonghyup Bank	2021~2026		111,400	USD	100,000		0.93	%		1.25	%		1,114.00
Woori Bank	2022~2027		262,000	USD	200,000		3.62	%		4.25	%		1,310.00
Export-Import Bank of Korea	2022~2027		131,000	USD	100,000		3.63	%		4.25	%		1,310.00
Kookmin Bank	2022~2027		131,000	USD	100,000		3.62	%		4.25	%		1,310.00
Hana Bank	2022~2027		131,000	USD	100,000		3.61	%		4.25	%		1,310.00
Korea Development Bank	2022~2027		262,000	USD	200,000		3.63	%		4.25	%		1,310.00
Export-Import Bank of Korea	2022~2032		349,829	HKD	1,935,000		4.87	%		5.16	%		180.79

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

12.

Derivatives, Continued

(3)

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

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


Counterparty	Contract year	Contract amount				Contract interest rate						Contract exchange rate (in won)
Counterparty	Contract year	Pay		Receive		Pay			Receive			Contract exchange rate (in won)
JP Morgan	2022~2032	W	75,194	HKD	415,000		5.00	%		5.16	%	W	181.19
Export-Import Bank of Korea	2023~2030		172,982	HKD	1,037,000		4.25	%		4.51	%		166.81
Hana Bank	2024~2028		128,940	USD	100,000		3.73	%		5.00	%		1,289.40
JP Morgan	2024~2028		128,940	USD	100,000		3.85	%		5.00	%		1,289.40
Korea Development Bank	2024~2028		257,880	USD	200,000		3.80	%		5.00	%		1,289.40
Korea Development Bank	2024~2028		128,940	USD	100,000		3.69	%		5.00	%		1,289.40
Hana Bank	2024~2029		138,540	USD	100,000		3.15	%		4.63	%		1,385.40
Shinhan Bank	2024~2029		138,540	USD	100,000		3.15	%		4.63	%		1,385.40
Kookmin Bank	2024~2029		138,540	USD	100,000		3.16	%		4.63	%		1,385.40
Woori Bank	2024~2029		138,540	USD	100,000		3.17	%		4.63	%		1,385.40
Korea Development Bank	2024~2029		138,540	USD	100,000		3.19	%		4.63	%		1,385.40
Credit Agricole	2025~2028		218,963	HKD	1,166,000		2.85	%		4.10	%		187.79
Korea Development Bank	2025~2030		556,560	USD	400,000		2.75	%		SOFR + 0.79	%		1,391.40
Hana Bank	2025~2030		139,140	USD	100,000		2.76	%		SOFR + 0.79	%		1,391.40

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

12.

Derivatives, Continued

(4)

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

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


Counterparty	Contract year	Contract amount				Contract interest rate						Contract exchange rate (in won)
Counterparty	Contract year	Pay		Receive		Pay			Receive			Contract exchange rate (in won)
Nomura	2017~2037	W	52,457	EUR	40,000		2.60	%		1.70	%	W	1,311.42
Nomura	2017~2037		59,423	SEK	450,000		2.62	%		2.36	%		132.05
Kookmin Bank	2021~2026		114,230	USD	100,000		1.27	%		1.25	%		1,142.30
Korea Development Bank	2021~2026		114,230	USD	100,000		1.27	%		1.25	%		1,142.30
Hana Bank	2021~2026		114,230	USD	100,000		1.27	%		1.25	%		1,142.30
Korea Development Bank	2022~2027		123,710	USD	100,000		3.41	%		3.63	%		1,237.10
Woori Bank	2022~2027		123,710	USD	100,000		3.41	%		3.63	%		1,237.10
JP Morgan	2022~2027		123,710	USD	100,000		3.41	%		3.63	%		1,237.10
Shinhan Bank	2023~2026		132,930	USD	100,000		4.07	%		5.38	%		1,329.30
Nonghyup Bank	2023~2026		132,930	USD	100,000		4.05	%		5.38	%		1,329.30
Kookmin Bank	2023~2026		132,930	USD	100,000		4.07	%		5.38	%		1,329.30
Woori Bank	2023~2028		259,000	USD	200,000		3.83	%		4.88	%		1,295.00
Korea Development Bank	2023~2028		129,500	USD	100,000		3.85	%		4.88	%		1,295.00
Bank of America	2023~2028		64,750	USD	50,000		3.85	%		4.88	%		1,295.00
Woori Bank	2025~2031		142,900	USD	100,000		2.93	%		4.00	%		1,429.00
Hana Bank	2025~2031		142,900	USD	100,000		2.93	%		4.00	%		1,429.00
Shinhan Bank	2025~2031		71,450	USD	50,000		2.94	%		4.00	%		1,429.00
Bank of America	2025~2031		71,450	USD	50,000		2.94	%		4.00	%		1,429.00

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

12.

Derivatives, Continued

(5)

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

In millions of won and thousands of foreign currencies


Counterparty	Contract year		Contract amount		Contract interest rate per annum
Counterparty	Contract year		Contract amount		Pay		Receive
Nomura (*1)		2018~2038	W	30,000		3M CD + 0.10%		3.75	%
Hana Bank		2022~2027		200,000		3.02%		3M CD + 0.61	%
Hana Bank		2022~2027		200,000		3.04%		3M CD + 0.58	%
Hana Bank		2022~2027		250,000		3.38%		3M CD + 0.59	%
Nomura		2022~2027		200,000		3.55%		3M CD + 0.60	%
Shinhan Bank		2022~2027		150,000		3.53%		3M CD + 0.55	%
Hana Bank		2022~2027		200,000		3.70%		3M CD + 0.59	%
Nomura		2022~2027		300,000		3.89%		3M CD + 0.67	%
Hana Bank		2022~2027		200,000		3.93%		3M CD + 0.67	%
Nomura		2022~2027		200,000		3.80%		3M CD + 0.68	%
Nomura		2022~2027		300,000		4.04%		3M CD + 0.60	%
Hana Bank		2022~2027		100,000		4.68%		3M CD + 1.04	%
Hana Bank		2022~2027		100,000		5.45%		3M CD + 1.20	%
Shinhan Bank		2023~2028		200,000		4.27%		3M CD + 0.76	%
Shinhan Bank		2023~2028		50,000		4.27%		3M CD + 0.76	%
Nomura		2023~2028		250,000		4.13%		3M CD + 0.73	%
Hana Bank		2023~2028		200,000		3.74%		3M CD + 0.51	%
Hana Bank		2023~2028		100,000		4.19%		3M CD + 0.50	%
Shinhan Bank		2023~2028		300,000		3.81%		3M CD + 0.70	%
Hana Bank		2023~2028		200,000		3.95%		3M CD + 0.50	%
Shinhan Bank		2024~2029		200,000		3.84%		3M CD + 0.50	%
Hana Bank		2024~2027		250,000		3.72%		3M CD + 0.34	%
Hana Bank		2024~2027		250,000		3.77%		3M CD + 0.31	%
Hana Bank		2024~2027		250,000		3.31%		3M CD + 0.31	%
Hana Bank		2024~2027		200,000		3.46%		3M CD + 0.53	%
Nomura		2024~2027		200,000		3.38%		3M CD + 0.50	%
Hana Bank		2024~2027		300,000		3.18%		3M CD + 0.53	%
Hana Bank		2025~2028		200,000		2.86%		3M CD + 0.45	%
Hana Bank		2025~2028		200,000		2.85%		3M CD + 0.25	%
Shinhan Bank		2025~2026		100,000		3.30%		3M CD + 0.45	%
Hana Bank		2025~2030		200,000		3.28%		3M CD + 0.57	%
Hana Bank		2025~2030		200,000		3.28%		3M CD + 0.62	%
Shinhan Bank		2025~2030		200,000		2.82%		3M CD + 0.50	%
Nomura		2017~2032		52,457		Floating rate + 2.55%		2.60	%
Nomura		2017~2032		59,423		Floating rate + 2.57%		2.62	%
Nomura (*2)		2021~2041		30,000		1.84%		2.60	%
Nomura (*3)		2021~2041		50,000		1.87%		2.38	%
MUFG		2022~2048	USD	155,941		3M SOFR		3.71	%
Mizuho Capital Markets LLC		2022~2048	USD	155,941		3M SOFR		1.05	%
NORD LB Bank		2022~2036	USD	16,121		1.83%		6M SOFR
Rabobank		2022~2036	USD	19,619		1.83%		6M SOFR
Mizuho Capital Markets LLC		2024~2045	USD	77,399		3M USD Synthetic Libor		1.14	%

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

12.

Derivatives, Continued

(6)

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

In thousands of foreign currencies

Counterparty

Contract interest rate per annum

Contract year

Contract
amount

Pay

Receive

Export-Import Bank of Korea

2015~2031

USD

11,021

2.67

SOFR + 0.43%

ING Bank

2015~2031

USD

27,178

2.67

SOFR + 0.43%

BNP Paribas

2015~2031

USD

28,994

2.67

SOFR + 0.43%

BNP Paribas

2009~2027

USD

22,923

4.16

6M USD Synthetic Libor

KFW

2009~2027

USD

22,923

4.16

6M USD Synthetic Libor

Export-Import Bank of Korea

2016~2036

USD

51,095

3.00

6M USD Synthetic Libor

SMTB

2025~2036

JPY

3,557,580

1.82

6M TIBOR + 0.55%

(7)

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


In millions of won	Net income effects of valuation gain (loss)					Net income effects of transaction gain (loss)						Accumulated other *comprehensive income (loss) (1)**
	For the three- month period ended March 31, 2026		For the three- month period ended March 31, 2025			For the three- month period ended March 31, 2026			For the three- month period ended March 31, 2025			For the three- month period ended March 31, 2026		For the three- month period ended March 31, 2025
Currency forward	W	4,045		3,334			22,021			(9,669	)		—		—
Currency swap		882,093		47,822			86,209			45,653			15,281		22,574
Interest rate swap		62,971		(22,503	)		(5,635	)		(792	)		800		(2,673	)
Other derivatives(*2)		—		8,355			—			9,489			—		—

	W	949,109		37,008			102,595			44,681			16,081		19,901

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

(*2)

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

13.

Loans and Other Financial Instruments

(1)

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


In millions of won	As of March 31, 2026						As of December 31, 2025
	Current			Non-current			Current			Non-current
Loans	W	115,905			944,197			101,773			992,012
Less: allowance for doubtful accounts		(5,156	)		(68,573	)		(5,191	)		(66,807	)
Less: present value discount		(952	)		(36,264	)		(984	)		(34,275	)

		109,797			839,360			95,598			890,930

Long-term / short-term financial instruments		1,078,321			899,847			1,997,644			884,487

	W	1,188,118			1,739,207			2,093,242			1,775,417

(2)

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


In millions of won	As of March 31, 2026
	Face value		Allowance for doubtful accounts			Present value discount			Carrying value
Short-term loans
Loans for tuition	W	33,693		(5,156	)		(952	)		27,585
Loans for housing		42,783		—			—			42,783
Other loans		39,429		—			—			39,429

		115,905		(5,156	)		(952	)		109,797

Long-term loans
Loans for tuition		335,143		(930	)		(36,264	)		297,949
Loans for housing		236,616		—			—			236,616
Loans for related parties		307,545		(24,861	)		—			282,684
Other loans		64,893		(42,782	)		—			22,111

		944,197		(68,573	)		(36,264	)		839,360

	W	1,060,102		(73,729	)		(37,216	)		949,157


In millions of won	As of December 31, 2025
	Face value		Allowance for doubtful accounts			Present value discount			Carrying value
Short-term loans
Loans for tuition	W	34,290		(5,155	)		(984	)		28,151
Loans for housing		40,515		—			—			40,515
Other loans		26,968		(36	)		—			26,932

		101,773		(5,191	)		(984	)		95,598

Long-term loans
Loans for tuition		326,941		(983	)		(34,275	)		291,683
Loans for housing		243,651		—			—			243,651
Loans for related parties		359,519		(24,218	)		—			335,301
Other loans		61,901		(41,606	)		—			20,295

		992,012		(66,807	)		(34,275	)		890,930

	W	1,093,785		(71,998	)		(35,259	)		986,528

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

13.

Loans and Other Financial Instruments, Continued

(3)

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


In millions of won	For the three-month period ended March 31, 2026			For the year ended December 31, 2025
Beginning balance	W	71,998			71,994
Bad debt expense (Reversal of bad debt allowance)		(56	)		(3,455	)
Write-off		—			(447	)
Others		1,787			3,906

Ending balance	W	73,729			71,998

(4)

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


In millions of won	As of March 31, 2026				As of December 31, 2025
	Current		Non-current		Current		Non-current
Time deposits	W	677,019		136,694		1,602,572		155,487
CD		80,862		—		40,000		—
Others		320,440		763,153		355,072		729,000

	W	1,078,321		899,847		1,997,644		884,487

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

14.

Inventories

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


In millions of won	As of March 31, 2026
	Acquisition cost		Valuation allowance			Book value
Raw materials	W	5,166,437		(670	)		5,165,767
Merchandises		3,714		—			3,714
Work-in-progress		236,022		—			236,022
Finished goods		36,880		—			36,880
Supplies		3,666,498		—			3,666,498
Inventories-in-transit		903,085		—			903,085
Other inventories		19,214		—			19,214

	W	10,031,850		(670	)		10,031,180


In millions of won	As of December 31, 2025
	Acquisition cost		Valuation allowance			Book value
Raw materials	W	5,299,493		(670	)		5,298,823
Merchandises		3,447		—			3,447
Work-in-progress		213,919		—			213,919
Finished goods		93,379		—			93,379
Supplies		3,564,892		—			3,564,892
Inventories-in-transit		962,337		—			962,337
Other inventories		15,927		—			15,927

	W	10,153,394		(670	)		10,152,724

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

15.

Non-Financial Assets

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


In millions of won	As of March 31, 2026				As of December 31, 2025
	Current		Non-current		Current		Non-current
Advanced payments	W	743,742		641,223		632,235		634,986
Prepaid expenses		453,349		225,858		416,297		236,141
Others (*)		344,518		178,616		313,098		142,124

	W	1,541,609		1,045,697		1,361,630		1,013,251

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


In millions of won	As of March 31, 2026				As of December 31, 2025
	Current		Non-current		Current		Non-current
Greenhouse gas emissions rights	W	167,841		—		107,550		—
Other quick assets		176,677		178,616		205,548		142,124

	W	344,518		178,616		313,098		142,124

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries

(1)

Consolidated subsidiaries as of March 31, 2026 and December 31, 2025 are as follows:


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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(1)

Consolidated subsidiaries as of March 31, 2026 and December 31, 2025 are as follows, continued:


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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(1)

Consolidated subsidiaries as of March 31, 2026 and December 31, 2025 are as follows, continued:


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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(1)

Consolidated subsidiaries as of March 31, 2026 and December 31, 2025 are as follows, continued:

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

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

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

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

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

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

(2)

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(3)

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


In millions of won

As of and for the three-month period ended March 31, 2026
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
Korea Hydro & Nuclear Power Co., Ltd.	W	78,116,705		51,370,675		3,916,388		1,013,201
Korea South-East Power Co., Ltd.		11,718,449		6,198,195		1,426,959		(35,326	)
Korea Midland Power Co., Ltd.		13,582,795		9,104,770		1,540,213		13,887
Korea Western Power Co., Ltd.		12,614,642		8,008,299		1,352,923		24,446
Korea Southern Power Co., Ltd.		11,901,040		6,641,461		1,466,085		76,674
Korea East-West Power Co., Ltd.		11,587,150		5,755,238		1,370,866		100,597
KEPCO Engineering & Construction Company, Inc.		877,517		289,020		113,334		14,102
KEPCO Plant Service & Engineering Co., Ltd.		1,710,426		409,337		342,177		30,028
KEPCO Nuclear Fuel Co., Ltd.		1,187,794		670,999		174,822		26,361
KEPCO KDN Co., Ltd.		694,241		186,032		157,048		(2,956	)
KEPCO International HongKong Ltd.		153,719		—		—		1,820
KEPCO International Philippines Inc.		14,224		5		—		102
KEPCO Gansu International Ltd.		7,603		416		—		661
KEPCO Philippines Holdings Inc.		187,081		1,116		—		(443	)
KEPCO Philippines Corporation		3,082		3		—		31
KEPCO Ilijan Corporation		32,446		342		—		(256	)
KEPCO Neimenggu International Ltd.		232,666		148		—		(161	)
KEPCO Shanxi International Ltd.		822,451		369,328		—		74
KOMIPO Global Pte Ltd.		421,608		3,070		—		7,314
KEPCO Netherlands B.V.		151,452		69		—		(15	)
KEPCO Australia Pty., Ltd.		394		173		—		(22	)
KOSEP Australia Pty., Ltd.		59,161		1,226		—		(173	)
KOMIPO Australia Pty., Ltd.		60,658		4,794		7,122		(1,981	)
KOWEPO Australia Pty., Ltd.		50,555		14		—		1,639
KOSPO Australia Pty., Ltd.		41,295		14		—		1,542
KEPCO Middle East Holding Company		147,021		149,643		—		(320	)
Qatrana Electric Power Company		565,897		181,935		7,346		5,719
KHNP Canada Energy Ltd.		337,377		36,089		—		47
KEPCO Bylong Australia Pty., Ltd.		51,025		599,250		—		7,267
Korea Waterbury Uranium Limited Partnership		25,005		77		—		(31	)
KEPCO Holdings de Mexico		551		3,333		—		(41	)
KST Electric Power Company, S.A.P.I. de C.V.		670,873		530,230		19,574		1,543
KEPCO Energy Service Company		3,462		2,347		2,876		17
KEPCO Netherlands S3 B.V.		63,383		66		—		723
PT. KOMIPO Pembangkitan Jawa Bali		24,823		5,145		9,106		5,495
PT. Cirebon Power Service		4,236		1,337		2,649		5
KOWEPO International Corporation		—		11		—		—
KOSPO Jordan LLC		36,788		14,255		18,950		3,954
EWP America Inc. (*1)		67,299		3,111		6,781		3,682
KNF Canada Energy Limited		2,685		37		—		(16	)
EWP Barbados 1 SRL		509,442		724		—		3,523
Gyeonggi Green Energy Co., Ltd.		253,555		328,683		25,759		(4,718	)
PT. Tanggamus Electric Power		221,668		130,916		2,374		2,928
Gyeongju Wind Power Co., Ltd.		85,515		34,229		6,090		2,385
KOMIPO America Inc. (*2)		613,504		290,818		3,648		2,178
PT. EWP Indonesia		110,738		34		—		2,025
KEPCO Netherlands J3 B.V.		168,638		5,909		—		886
Korea Offshore Wind Power Co., Ltd.		345,043		129,040		11,688		2,570
Global One Pioneer B.V.		1,853,067		113		—		35,232
Global Energy Pioneer B.V.		419		113		—		(9	)
Mira Power Limited		410,946		256,415		331		4,589
KOSEP Material Co., Ltd.		7,716		682		1,159		161
KEPCO KPS Philippines Corp.		6,954		1,260		862		(975	)
KOSPO Chile SpA		202,943		92,732		—		(685	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(3)

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


In millions of won

As of and for the three-month period ended March 31, 2026
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
Hee Mang Sunlight Power Co., Ltd.	W	5,886		2,340		121		(13	)
Fujeij Wind Power Company		254,771		157,088		—		5,663
KOSPO Youngnam Power Co., Ltd.		357,553		244,100		96,759		5,348
Chitose Solar Power Plant LLC		87,251		79,627		2,981		224
KEPCO ES Co., Ltd.		338,186		26,611		2,153		1,832
KEPCO Solar Co., Ltd.		244,091		31,963		5,350		1,316
KOSPO Power Services Ltda.		16,935		13,193		4,138		1,411
Energy New Industry Specialized Investment Private Investment Trust (*3)		521,334		2,380		6,837		(5,184	)
KOEN Bylong Pty., Ltd.		19		217		—		—
KOMIPO Bylong Pty., Ltd.		20		220		—		(7	)
KOWEPO Bylong Pty., Ltd.		19		219		—		—
KOSPO Bylong Pty., Ltd.		11		332		—		(40	)
EWP Bylong Pty., Ltd.		19		22		—		—
KOWEPO Lao International		13,322		522		3,094		612
KEPCO Mangilao Holdings LLC		102,429		52,593		216		(45	)
Mangilao Investment LLC		218,422		17,224		—		3,361
KEPCO Mangilao Solar, LLC		224,652		781		4,197		613
Jeju Hanlim Offshore Wind Co., Ltd.		638,826		555,241		23,222		7,530
PT. Siborpa Eco Power		21,277		7,074		—		(15	)
PT. Korea Energy Indonesia		8,153		5,407		4,429		2,473
KOLAT SpA		54,602		411		835		95
KEPCO California, LLC		53,604		7,736		351		(75	)
KEPCO Mojave Holdings, LLC		95,890		91,783		—		(1,177	)
Incheon Fuel Cell Co., Ltd.		211,181		217,097		16,867		(1,480	)
KOEN Service Co., Ltd.		8,657		4,993		10,044		19
KOMIPO Service Co., Ltd.		11,608		5,456		11,258		1,064
KOWEPO Service Co., Ltd.		8,609		6,136		10,799		(969	)
KOSPO Service Co., Ltd.		8,008		4,751		8,783		100
EWP Service Co., Ltd.		6,907		4,175		7,714		261
PT. KOMIPO Energy Indonesia		5,450		157		1,351		860
KNF partners Co., Ltd.		2,759		846		1,344		(89	)
KOSPO USA Inc.		899,798		514		—		(310	)
KOSPO Niles LLC		470,327		1,320		24		123,578
Tamra Offshore Wind Power Co., Ltd.		104,980		62,560		4,579		1,084
KEPCO MCS Co., Ltd.		59,415		58,622		62,559		(6,215	)
KEPCO FMS Co., Ltd.		25,604		24,938		28,736		(1,755	)
Firstkeepers Co., Ltd.		30,893		15,761		26,410		1,648
Secutec Co., Ltd.		18,264		11,273		20,061		(348	)
SE Green Energy Co., Ltd.		111,129		82,532		9,416		504
Mangilao Intermediate Holdings LLC		222,403		126,088		—		(1,361	)
KEPCO CSC Co., Ltd.		18,169		9,847		11,611		669
KOAK Power Limited		17,028		210		—		(78	)
KOMIPO Europe B.V.		93,074		124		323		(898	)
Haenanum Energy Fund		7,416		12		—		(9	)
Paju Ecoenergy Co., Ltd.		59,992		2,346		3,244		(339	)
Guam Ukudu Power LLC		947,124		830,809		13,704		(28,004	)
K-SOLAR SHINAN Co., Ltd.		264,216		246,524		7,980		73

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(3)

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


In millions of won

As of and for the three-month period ended March 31, 2026
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
KPS Partners Co., Ltd.	W	4,498		2,248		4,016		282
KEPCO E&C Service Co., Ltd.		10,303		1,892		4,145		295
Moha solar Co., Ltd.		25,039		26,388		—		8
Ogiri Solar Power Co., Ltd.		1,049		22		—		(4	)
KHNP USA LLC		61,643		676		317		76
KOMIPO Vanphong Power Service LLC		37,207		1,574		8,040		3,584
Energy Innovation Fund I		43,486		1,419		—		(238	)
KHNP Chile SpA		4,796		3,609		—		(19	)
Yeong Yang Apollon Photovoltaic Co., Ltd.		1,377		1,218		40		17
Yeong Yang Corporation Co., Ltd.		1,355		1,208		40		17
SolarVader Co., Ltd.		1,367		1,211		40		18
Yeong Yang Innovation Co., Ltd.		1,349		1,208		36		13
Yeong Yang Horus Photovoltaic Co., Ltd.		1,329		1,208		34		12
Yeong Yang Solar Management Co., Ltd.		1,378		1,211		43		21
LSG Hydro Power Limited		332		10		—		(42	)
KOEN Bio Co., Ltd.		1,483		1,063		495		(27	)
KOMIPO Iberian Solar Group, S.L.U.		80,891		77,506		—		1,037
Jeongam Wind Power Co., Ltd.		68,087		58,173		2,389		397
KOWEPO Europe B.V.		54		4,192		—		(40	)
Yeongdeok Sunrise Wind Power Co., Ltd.		109,659		84,572		4,861		2,015
KA Power Limited		6,644		3,403		—		(54	)
Western Power Changgi Solar Co., Ltd.		39,129		32,068		2,236		716
EWP Australia Pty., Ltd.		57,064		727		352		(1,492	)
Columboola Solar Farm Hold Co Pty., Ltd. (*4)		374,624		268,089		5,570		(2,169	)
Digital Innovation Growth Fund		9,292		42		—		(40	)
KEPCO Holding Company		213,640		208,965		—		867
KEPCO for Maintenance Company		4,883		459		1,610		8
KOSPO Trumbull LLC		492,304		7		—		31
Changjuk Wind Power Co., Ltd.		26,788		2,642		2,125		1,370
Chile Solar JV SpA		88,226		72,436		2,875		116
KEPCO KPS South Africa Pty., Ltd.		20,365		10,937		10,809		395
KOWEPO Holding Limited		33,413		12,412		—		(96	)
KOSPO Rutile, LLC		53,980		214		484		594
KEPCO Yona America LLC		—		—		—		—
KEPCO SADAWI - FZCO		382		37		—		(27	)
EWP Yona America LLC		—		—		—		—
KOMIPO Middle East Energy L.L.C-FZ		1,399		407		—		(5	)
Nuclear Energy Industry Growth Fund II		7,027		25		—		5

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

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

(*3)

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(3)

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


In millions of won

As of and for the year ended December 31, 2025
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
Korea Hydro & Nuclear Power Co., Ltd.	W	76,378,365		49,741,461		15,346,722		1,579,701
Korea South-East Power Co., Ltd.		12,476,339		6,456,780		6,509,651		290,916
Korea Midland Power Co., Ltd.		13,811,313		8,879,106		5,652,535		253,721
Korea Western Power Co., Ltd.		12,912,790		7,923,730		5,464,991		140,365
Korea Southern Power Co., Ltd.		12,392,402		6,686,458		6,100,647		338,992
Korea East-West Power Co., Ltd.		11,759,627		5,449,839		4,983,146		433,932
KEPCO Engineering & Construction Company, Inc.		883,518		258,552		518,768		85,368
KEPCO Plant Service & Engineering Co., Ltd.		1,687,760		350,731		1,545,256		123,796
KEPCO Nuclear Fuel Co., Ltd.		1,077,308		558,433		488,251		50,601
KEPCO KDN Co., Ltd.		721,868		178,913		773,511		54,656
KEPCO International HongKong Ltd.		143,964		—		—		6,256
KEPCO International Philippines Inc.		13,382		1		—		64
KEPCO Gansu International Ltd.		8,347		1,046		—		(58	)
KEPCO Philippines Holdings Inc.		224,385		321		—		63,550
KEPCO Philippines Corporation		2,987		4		—		120
KEPCO Ilijan Corporation		30,998		201		—		(2,228	)
KEPCO Neimenggu International Ltd.		220,764		119		—		(266	)
KEPCO Shanxi International Ltd.		779,800		350,253		—		(5,502	)
KOMIPO Global Pte Ltd.		393,031		3,992		—		9,259
KEPCO Netherlands B.V.		143,789		57		—		2,936
KEPCO Australia Pty., Ltd.		389		174		—		(22	)
KOSEP Australia Pty., Ltd.		57,023		1,117		19,672		7,192
KOMIPO Australia Pty., Ltd.		58,960		5,264		25,387		9,358
KOWEPO Australia Pty., Ltd.		100,454		38		17,109		4,864
KOSPO Australia Pty., Ltd.		42,150		5,311		17,109		3,666
KEPCO Middle East Holding Company		138,608		138,829		—		(7,010	)
Qatrana Electric Power Company		528,581		170,136		30,432		22,596
KHNP Canada Energy Ltd.		247,213		24,175		—		316
KEPCO Bylong Australia Pty., Ltd.		47,486		562,939		—		17,442
Korea Waterbury Uranium Limited Partnership		25,002		64		—		(122	)
KEPCO Holdings de Mexico		1,366		3,986		—		154
KST Electric Power Company, S.A.P.I. de C.V.		629,930		498,093		91,552		16,287
KEPCO Energy Service Company		4,733		3,683		15,711		328
KEPCO Netherlands S3 B.V.		77,919		18,595		—		1,706
PT. KOMIPO Pembangkitan Jawa Bali		17,032		3,540		21,982		1,074
PT. Cirebon Power Service		3,724		980		10,612		674
KOWEPO International Corporation		—		11		—		—
KOSPO Jordan LLC		43,705		26,213		14,446		3,446
EWP America Inc. (*1)		60,246		2,993		25,064		11,990
KNF Canada Energy Limited		2,445		32		—		(70	)
EWP Barbados 1 SRL		479,658		777		—		17,314
Gyeonggi Green Energy Co., Ltd.		236,006		306,417		71,149		(3,822	)
PT. Tanggamus Electric Power		213,263		129,988		3,876		7,737
Gyeongju Wind Power Co., Ltd.		84,225		33,877		16,636		3,889
KOMIPO America Inc. (*2)		594,895		286,998		25,586		14,841
PT. EWP Indonesia		103,086		48		—		7,007
KEPCO Netherlands J3 B.V.		173,301		19,880		—		(1,183	)
Korea Offshore Wind Power Co., Ltd.		342,516		129,083		43,562		8,209
Global One Pioneer B.V.		1,755,583		99		—		(261	)
Global Energy Pioneer B.V.		398		99		—		(184	)
Mira Power Limited		404,476		262,983		2,651		33,464
KOSEP Material Co., Ltd.		7,596		555		5,453		1,583
KEPCO KPS Philippines Corp.		7,853		1,326		8,123		967
KOSPO Chile SpA		191,746		86,580		—		5,074

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(3)

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


In millions of won

As of and for the year ended December 31, 2025
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
Hee Mang Sunlight Power Co., Ltd.	W	5,882		2,323		559		39
Fujeij Wind Power Company		232,988		146,500		—		15,343
KOSPO Youngnam Power Co., Ltd.		330,664		220,060		315,616		3,322
Chitose Solar Power Plant LLC		84,332		77,481		15,122		2,674
KEPCO ES Co., Ltd.		336,045		23,142		9,516		6,320
KEPCO Solar Co., Ltd.		243,087		28,763		23,412		7,023
KOSPO Power Services Ltda.		12,674		10,361		16,919		403
Energy New Industry Specialized Investment Private Investment Trust (*3)		543,694		5,879		—		49,341
KOEN Bylong Pty., Ltd.		17		201		—		(18	)
KOMIPO Bylong Pty., Ltd.		18		197		—		(8	)
KOWEPO Bylong Pty., Ltd.		18		203		—		(24	)
KOSPO Bylong Pty., Ltd.		193		453		—		(24	)
EWP Bylong Pty., Ltd.		18		21		—		(4	)
KOWEPO Lao International		21,202		1,085		12,712		5,021
KEPCO Mangilao Holdings LLC		97,123		49,828		844		1,764
Mangilao Investment LLC		208,610		19,622		—		(19,432	)
KEPCO Mangilao Solar, LLC		213,916		741		17,346		2,961
Jeju Hanlim Offshore Wind Co., Ltd.		633,525		555,268		80,467		12,289
PT. Siborpa Eco Power		17,564		4,083		—		(62	)
PT. Korea Energy Indonesia		8,462		5,142		8,227		760
KOLAT SpA		53,759		377		2,963		1,061
KEPCO California, LLC		50,809		7,248		672		(518	)
KEPCO Mojave Holdings, LLC		95,077		88,595		—		(4,491	)
Incheon Fuel Cell Co., Ltd.		212,662		217,098		75,963		(20,384	)
KOEN Service Co., Ltd.		8,055		4,959		41,138		171
KOMIPO Service Co., Ltd.		11,114		6,010		40,652		1,560
KOWEPO Service Co., Ltd.		10,223		6,762		44,485		271
KOSPO Service Co., Ltd.		7,875		4,718		34,049		593
EWP Service Co., Ltd.		7,234		4,462		29,819		1,296
PT. KOMIPO Energy Indonesia		5,855		1,616		5,425		1,421
KNF partners Co., Ltd.		3,222		1,220		7,416		429
KOSPO USA Inc.		853,452		509		—		(5,976	)
KOSPO Niles LLC		353,430		1,077		532		33,255
Tamra Offshore Wind Power Co., Ltd.		102,795		64,577		16,720		281
KEPCO MCS Co., Ltd.		63,700		54,752		280,479		(19,492	)
KEPCO FMS Co., Ltd.		23,883		21,889		117,234		220
Firstkeepers Co., Ltd.		27,337		14,052		102,366		4,563
Secutec Co., Ltd.		18,000		12,273		81,175		431
SE Green Energy Co., Ltd.		120,726		92,633		38,335		(407	)
Mangilao Intermediate Holdings LLC		212,243		119,591		—		(8,057	)
KEPCO CSC Co., Ltd.		20,227		12,573		50,773		2,084
KOAK Power Limited		16,089		126		—		(170	)
KOMIPO Europe B.V.		91,488		89		1,214		(3,124	)
Haenanum Energy Fund		7,416		3		951		902
Paju Ecoenergy Co., Ltd.		60,776		2,791		16,199		1,477
Guam Ukudu Power LLC		922,687		793,769		31,801		(34,266	)
K-SOLAR SHINAN Co., Ltd.		265,222		248,630		33,441		746

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(3)

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


In millions of won

As of and for the year ended December 31, 2025
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
KPS Partners Co., Ltd.	W	4,300		2,422		14,787		238
KEPCO E&C Service Co., Ltd.		10,278		2,208		16,789		1,321
Moha solar Co., Ltd.		25,401		26,861		—		985
Ogiri Solar Power Co., Ltd.		1,052		21		—		(22	)
KHNP USA LLC		59,782		391		1,244		157
KOMIPO Vanphong Power Service LLC		35,596		5,201		30,289		7,091
Energy Innovation Fund I		43,596		1,194		—		(790	)
KHNP Chile SpA		4,650		3,433		—		(48	)
Yeong Yang Apollon Photovoltaic Co., Ltd.		1,379		1,237		208		44
Yeong Yang Corporation Co., Ltd.		1,356		1,227		204		40
SolarVader Co., Ltd.		1,368		1,230		206		42
Yeong Yang Innovation Co., Ltd.		1,356		1,227		200		36
Yeong Yang Horus Photovoltaic Co., Ltd.		1,337		1,228		192		28
Yeong Yang Solar Management Co., Ltd.		1,376		1,230		213		49
LSG Hydro Power Limited		350		4		—		(250	)
KOEN Bio Co., Ltd.		1,371		925		1,872		(35	)
KOMIPO Iberian Solar Group, S.L.U.		76,791		74,519		—		(6,552	)
Jeongam Wind Power Co., Ltd.		68,826		59,308		8,189		(1,084	)
KOWEPO Europe B.V.		51		4,036		—		(145	)
Yeongdeok Sunrise Wind Power Co., Ltd.		109,860		84,334		11,908		(617	)
KA Power Limited		6,373		3,258		—		(31	)
Western Power Changgi Solar Co., Ltd.		38,918		32,572		6,485		(109	)
EWP Australia Pty., Ltd.		54,134		461		—		(16,420	)
Columboola Solar Farm Hold Co Pty., Ltd. (*4)		348,779		247,899		12,210		(22,288	)
Digital Innovation Growth Fund		9,506		215		—		1,650
KEPCO Holding Company		201,433		197,847		—		(56	)
KEPCO for Maintenance Company		4,522		1,307		8,920		3,889
KOSPO Trumbull LLC		466,732		—		—		359
Changjuk Wind Power Co., Ltd.		25,394		2,618		6,921		657
Chile Solar JV SpA		91,608		73,301		8,079		2,419
KEPCO KPS South Africa Pty., Ltd.		18,991		10,106		30,900		1,979
KOWEPO Holding Limited		21,077		1,072		—		11,875
KOSPO Rutile, LLC		50,508		112		373		557
KEPCO Yona America LLC		—		—		—		—
KEPCO SADAWI - FZCO		389		—		—		(83	)
EWP Yona America LLC		—		—		—		—
KOMIPO Middle East Energy L.L.C-FZ		1,327		380		—		(7	)
Nuclear Energy Industry Growth Fund II		7,004		7		—		(3	)

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

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

(*3)

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(4)

Significant restrictions on the Group’s abilities to its subsidiaries as of March 31, 2026 are as follows:


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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(4)

Significant restrictions on the Group’s abilities to its subsidiaries as of March 31, 2026 are as follows, continued:


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

(5)

As of March 31, 2026, the Group has following commitments unrecognized in relation to its subsidiaries as per its shareholders’ agreements:


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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(6)

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


In millions of won

As of and for the three-month period ended March 31, 2026
Description	KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
Percentage of ownership		49.00	%		49.00	%		48.76	%
Current assets	W	31,684			1,012,083			535,744			1,499,416			3,078,927
Non-current assets		762			698,343			341,773			4,595,235			5,636,113
Current liabilities		(342	)		(404,214	)		(284,667	)		(1,168,957	)		(1,858,180	)
Non-current liabilities		—			(5,123	)		(4,353	)		(2,644,869	)		(2,654,345	)
Net assets		32,104			1,301,089			588,497			2,280,825			4,202,515
Book value of non-controlling interests		15,731			637,534			286,951			209,735			1,149,951
Sales		—			342,177			113,334			360,659			816,170
Profit for the period		(256	)		30,028			14,102			64,456			108,330
Profit for the period attributable to non-controlling interests		(125	)		14,714			6,876			4,796			26,261
Cash flows from operating activities		(184	)		(10,147	)		(26,668	)		249,810			212,811
Cash flows from investing activities		—			(55,116	)		18,599			(19,097	)		(55,614	)
Cash flows from financing activities before dividends to non-controlling interests		—			(6,978	)		(236	)		(91,938	)		(99,152	)
Dividends to non-controlling interests		—			—			—			—			—
Effect of exchange rate fluctuation		1,612			1,101			59			11,379			14,151
Net increase (decrease) in cash and cash equivalents		1,428			(71,140	)		(8,246	)		150,154			72,196


In millions of won

As of and for the year ended December 31, 2025
Description	KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
Percentage of ownership		49.00	%		49.00	%		48.76	%
Current assets	W	30,284			987,560			540,208			1,285,167			2,843,219
Non-current assets		714			700,200			343,310			4,508,792			5,553,016
Current liabilities		(201	)		(344,162	)		(253,981	)		(1,025,572	)		(1,623,916	)
Non-current liabilities		—			(6,569	)		(4,571	)		(2,594,928	)		(2,606,068	)
Net assets		30,797			1,337,029			624,966			2,173,459			4,166,251
Book value of non-controlling interests		15,091			655,144			304,734			178,033			1,153,002
Sales		—			1,545,256			518,768			1,157,679			3,221,703
Profit for the period		(2,228	)		123,796			85,368			108,860			315,796
Profit for the period attributable to non-controlling interests		(1,092	)		60,660			41,625			20,545			121,738
Cash flows from operating activities		(1,752	)		136,753			26,999			378,589			540,589
Cash flows from investing activities		22			30,866			(7,722	)		(111,354	)		(88,188	)
Cash flows from financing activities before dividends to non-controlling interests		(24,464	)		(70,264	)		(20,479	)		(202,212	)		(317,419	)
Dividends to non-controlling interests		—			(54,441	)		(18,530	)		(9,342	)		(82,313	)
Effect of exchange rate fluctuation		(1,603	)		(670	)		(35	)		(4,794	)		(7,102	)
Net increase (decrease) in cash and cash equivalents		(27,797	)		42,244			(19,767	)		50,887			45,567

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16. Consolidated Subsidiaries, Continued

(7)

Changes in goodwill

(i)

Details of goodwill as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won	As of March 31, 2026			As of December 31, 2025
Acquisition cost	W	101,919			101,885
Less: accumulated impairment		(2,582	)		(2,582	)

Carrying book value	W	99,337			99,303

(ii)

Changes in goodwill for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won
	For the three-month period ended March 31, 2026
	Beginning			Increase		Decrease		Impairment		Others		Ending
Acquisition cost	W	101,885			—		—		—		34		101,919
Less: accumulated impairment		(2,582	)		—		—		—		—		(2,582	)

Carrying book value	W	99,303			—		—		—		34		99,337


In millions of won
	For the year ended December 31, 2025
	Beginning			Increase		Decrease		Impairment		Others		Ending
Acquisition cost	W	101,761			—		—		—		124		101,885
Less: accumulated impairment		(2,582	)		—		—		—		—		(2,582	)

Carrying book value	W	99,179			—		—		—		124		99,303

(8)

Disposals of subsidiaries

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures

(1)

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


In millions of won
As of March 31, 2026
Investees	Key operation activities	Location		Percentage of ownership			Acquisition cost		Book value
<Associates>
Korea Gas Corporation (*1)	Importing and wholesaling LNG		Korea		20.47	%	W	94,500		2,406,208
Hyundai Green Power Co., Ltd.	Power generation equipment consignment and operation service		Korea		29.00	%		88,885		83,069
Korea Power Exchange (*2)	Management of power market and others		Korea		100.00	%		127,839		268,950
Daeryun Power Co., Ltd.(*3)	Power generation		Korea		6.85	%		46,373		36,784
SPC Power Corporation (*4)	Power generation		Philippines		38.00	%		20,635		112,188
Gemeng International Energy Co., Ltd.	Power generation		China		42.00	%		516,007		902,188
PT. Cirebon Electric Power	Power generation		Indonesia		27.50	%		40,365		172,607
PT Wampu Electric Power	Power generation		Indonesia		46.00	%		21,292		36,687
PT. Bayan Resources TBK	Resources development		Indonesia		20.00	%		615,860		812,682
S-Power Co., Ltd.	Power generation		Korea		49.00	%		132,300		208,221
Xe-Pian Xe-Namnoy Power Co., Ltd.	Power generation		Laos		25.00	%		87,426		74,693
Goseong Green Power Co., Ltd.	Power generation		Korea		29.00	%		262,740		283,990
Gangneung Eco Power Co., Ltd.	Power generation		Korea		29.00	%		261,000		229,768
Shin Pyeongtaek Power Co., Ltd.(*16)	Power generation		Korea		48.60	%		72,000		141,606
Dongducheon Dream Power Co., Ltd. (*5)	Power generation		Korea		33.61	%		148,105		107,200
GS Donghae Electric Power Co., Ltd.	Power generation		Korea		34.00	%		204,000		290,835
Nepal Water & Energy Development Company Private Limited (*6, 19)	Construction and operation of utility plant		Nepal		55.67	%		110,332		185,290
Indeck Niles Development, LLC	Holding company		USA		50.00	%		249,274		249,157
Saemangeum Sebit Power Plant Co., Ltd. (*7)	Power generation		Korea		55.14	%		21,037		37,858
PT. Cirebon Energi Prasarana (*8)	Power generation		Indonesia		10.00	%		26,710		101,435
Sinan Ui Offshore Wind Power Co., Ltd.	Power generation		Korea		31.40	%		96,100		96,100
Others (Taebaek Guinemi Wind Power Co., Ltd. and 86 others)								259,509		330,480

								3,502,289		7,167,996

<Joint ventures>
Shuweihat Asia Power Investment B.V.	Holding company		Netherland		49.00	%		44,405		88,741
KEPCO SPC Power Corporation (*4,10)	Construction and operation of utility plant		Philippines		60.00	%		94,579		123,549
Datang Chifeng Renewable Power Co., Ltd.	Power generation		China		40.00	%		121,928		230,092
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation		China		40.00	%		39,872		53,546
Rabigh Electricity Company (*9)	Power generation		Saudi Arabia		40.00	%		109,743		308,992
Jamaica Public Service Company Limited	Power generation		Jamaica		40.00	%		301,910		437,798
Amman Asia Electric Power Company (*10)	Power generation		Jordan		60.00	%		111,476		295,751
Chun-cheon Energy Co., Ltd.	Power generation		Korea		29.90	%		52,700		37,520
Nghi Son 2 Power LLC	Power generation		Vietnam		50.00	%		175,261		621,104
Kelar S.A. (*10)	Power generation		Chile		65.00	%		78,060		166,319
PT. Tanjung Power Indonesia	Power generation		Indonesia		35.00	%		57,039		105,684
Barakah One Company (*11)	Power generation		UAE		18.00	%		1,794,166		1,702,427
Daegu Green Power Co., Ltd. (*12)	Power generation		Korea		29.00	%		46,225		33,528
Yeonggwang Wind Power Co., Ltd.	Power generation		Korea		46.00	%		17,475		30,068
South Jamaica Power Company Limited	Power generation		Jamaica		20.00	%		20,430		52,109
RE Holiday Holdings LLC	Power generation		USA		50.00	%		42,948		81,795
RE Pioneer Holdings LLC	Power generation		USA		50.00	%		27,891		49,194
RE Barren Ridge 1 Holdings LLC	Power generation		USA		50.00	%		28,021		56,840
Solar Philippines Calatagan Corporation	Power generation		Philippines		38.00	%		47,903		57,669
PT Barito Wahana Tenaga	Power generation		Indonesia		30.61	%		59,574		247,411
Cheongna Energy Co., Ltd. (*13)	Generating and distributing vapor and hot/cold water		Korea		50.10	%		49,344		77,611

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(1)

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


In millions of won
As of March 31, 2026
Investees	Key operation activities	Location	Percentage of ownership			Acquisition cost		Book value
<Joint ventures>
Naepo Green Energy Co., Ltd.(*17)	Power generation	Korea		29.20	%	W	29,200		65,673
OneEnergy Asia Limited	Power generation	Vietnam		40.00	%		296,872		531,419
Prime Swedish Holding AB	Holding company	Sweden		45.00	%		35,410		38,732
Namyangju Combined Heat and Power Co., Ltd. (*14)	Generating and distributing vapor and hot/cold water	Korea		70.10	%		149,313		146,939
Trumbull Development Partners, LLC (*15)	Holding company	USA		56.23	%		442,880		482,194
Grove Energy Capital IV, LLC (*18)	Holding company	USA		16.00	%		58,900		56,734
Others (Dangjin Eco Power Co., Ltd. and 95 others)							681,868		687,049

							5,015,393		6,866,488

						W	8,517,682		14,034,484

(*1)

The effective percentage of ownership, including the effect of hybrid bond, is 21.66%.

(*2)

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

(*3)

The effective percentage of ownership is less than 20%. However, the Group can exercise significant influence by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Group’s financial and operating policy of the board of directors.

(*4)

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

(*5)

The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock.

(*6)

The effective percentage of ownership is more than 50% but the Group does not hold control over the entity according to the shareholders’ agreement. Accordingly, the entity is classified as an associate.

(*7)

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

(*8)

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

(*9)

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

(*10)

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

(*11)

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

(*12)

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(1)

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

(*13)

Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a joint venture because decisions on relevant activities require the unanimous consent of all parties.

(*14)

Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a joint venture since the entity’s critical financial and operating decisions require unanimous agreement of members in the board of directors.

(*15)

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

(*16)

The nominal percentage of ownership in Shin Pyeongtaek Power Co., Ltd. is 48.6%, while the effective percentage of ownership, considering the redeemable convertible preferred stock, is 40%.

(*17)

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

(*18)

Although the Group’s effective percentage of ownership is less than 50%, the entity is classified as a joint venture because decisions on relevant activities require the unanimous consent of all parties.

(*19)

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(1)

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


In millions of won
As of December 31, 2025
Investees	Key operation activities	Location		Percentage of ownership			Acquisition cost		Book value
<Associates>
Korea Gas Corporation (*1)	Importing and wholesaling LNG		Korea		20.47	%	W	94,500		2,283,535
Hyundai Green Power Co., Ltd.	Power generation equipment consignment and operation service		Korea		29.00	%		88,885		86,549
Korea Power Exchange (*2)	Management of power market and others		Korea		100.00	%		127,839		262,069
Daeryun Power Co., Ltd.(*3)	Power generation		Korea		6.85	%		46,373		34,475
SPC Power Corporation (*4)	Power generation		Philippines		38.00	%		20,635		107,067
Gemeng International Energy Co., Ltd.	Power generation		China		42.00	%		516,007		812,292
PT. Cirebon Electric Power	Power generation		Indonesia		27.50	%		40,365		162,112
PT Wampu Electric Power	Power generation		Indonesia		46.00	%		21,292		36,516
PT. Bayan Resources TBK	Resources development		Indonesia		20.00	%		615,860		731,714
S-Power Co., Ltd.	Power generation		Korea		49.00	%		132,300		200,335
Xe-Pian Xe-Namnoy Power Co., Ltd.	Power generation		Laos		25.00	%		87,426		65,612
Goseong Green Power Co., Ltd.	Power generation		Korea		29.00	%		262,740		276,085
Gangneung Eco Power Co., Ltd.	Power generation		Korea		29.00	%		261,000		227,683
Shin Pyeongtaek Power Co., Ltd.(*16)	Power generation		Korea		48.60	%		72,000		148,586
Dongducheon Dream Power Co., Ltd. (*5)	Power generation		Korea		33.61	%		148,105		102,321
GS Donghae Electric Power Co., Ltd.	Power generation		Korea		34.00	%		204,000		286,796
Nepal Water & Energy Development Company Private Limited (*6, 18)	Construction and operation of utility plant		Nepal		66.10	%		110,332		192,705
Indeck Niles Development, LLC	Holding company		USA		50.00	%		249,274		363,675
Saemangeum Sebit Power Plant Co., Ltd. (*7)	Power generation		Korea		55.14	%		21,037		37,662
PT. Cirebon Energi Prasarana (*8)	Power generation		Indonesia		10.00	%		26,710		94,005
Others (Taebaek Guinemi Wind Power Co., Ltd. and 86 others)								261,969		339,662

								3,408,649		6,851,456

<Joint ventures>
Shuweihat Asia Power Investment B.V.	Holding company		Netherland		49.00	%		44,405		82,230
KEPCO SPC Power Corporation (*4,10)	Construction and operation of utility plant		Philippines		60.00	%		94,579		119,443
Datang Chifeng Renewable Power Co., Ltd.	Power generation		China		40.00	%		121,928		212,130
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation		China		40.00	%		39,872		49,501
Rabigh Electricity Company (*9)	Power generation		Saudi Arabia		40.00	%		109,743		285,805
Jamaica Public Service Company Limited	Power generation		Jamaica		40.00	%		301,910		412,277
Amman Asia Electric Power Company (*10)	Power generation		Jordan		60.00	%		111,476		274,751
Chun-cheon Energy Co., Ltd.	Power generation		Korea		29.90	%		52,700		36,703
Nghi Son 2 Power LLC	Power generation		Vietnam		50.00	%		175,261		566,700
Kelar S.A. (*10)	Power generation		Chile		65.00	%		78,060		153,294
PT. Tanjung Power Indonesia	Power generation		Indonesia		35.00	%		57,039		98,221
Barakah One Company (*11)	Power generation		UAE		18.00	%		1,794,166		1,672,507
Daegu Green Power Co., Ltd. (*12)	Power generation		Korea		29.00	%		46,225		31,119
Yeonggwang Wind Power Co., Ltd.	Power generation		Korea		46.00	%		17,475		29,258
South Jamaica Power Company Limited	Power generation		Jamaica		20.00	%		20,430		48,675
RE Holiday Holdings LLC	Power generation		USA		50.00	%		42,948		80,631
RE Pioneer Holdings LLC	Power generation		USA		50.00	%		27,891		48,831
RE Barren Ridge 1 Holdings LLC	Power generation		USA		50.00	%		28,021		54,825
Solar Philippines Calatagan Corporation	Power generation		Philippines		38.00	%		47,903		61,113
PT Barito Wahana Tenaga	Power generation		Indonesia		30.61	%		59,574		225,828
Cheongna Energy Co., Ltd. (*13)	Generating and distributing vapor and hot/cold water		Korea		50.10	%		49,344		67,846

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(1)

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


In millions of won
As of December 31, 2025
Investees	Key operation activities	Location		Percentage of ownership			Acquisition cost		Book value
<Joint ventures>
Naepo Green Energy Co., Ltd.(*17)	Power generation		Korea		29.20	%	W	29,200		59,242
OneEnergy Asia Limited	Power generation		Vietnam		40.00	%		296,872		494,403
Prime Swedish Holding AB	Holding company		Sweden		45.00	%		35,410		38,664
Namyangju Combined Heat and Power Co., Ltd. (*14)	Generating and distributing vapor and hot/cold water		Korea		70.10	%		149,313		147,146
Trumbull Development Partners, LLC (*15)	Holding company		USA		56.23	%		415,467		439,268
Others (Dangjin Eco Power Co., Ltd. and 95 others)								703,432		721,921

								4,950,644		6,512,332

							W	8,359,293		13,363,788

(*1)

The effective percentage of ownership, including the effect of hybrid bond, is 21.66%.

(*2)

(*3)

(*4)

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

(*5)

The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock.

(*6)

(*7)

(*8)

(*9)

(*10)

(*11)

(*12)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(1)

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

(*13)

(*14)

(*15)

(*16)

The nominal percentage of ownership in Shin Pyeongtaek Power Co., Ltd. is 48.6%, while the effective percentage of ownership, considering the redeemable convertible preferred stock, is 40%.

(*17)

(*18)

During the period ended December 31, 2025, the Company’s ownership interest in the entity changed due to a disproportionate capital increase by the financial investors.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(2)

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


In millions of won

Investees	As of March 31, 2026		As of December 31, 2025
<Associates>
Korea Electric Power Industrial Development Co., Ltd.	W	169,416		98,511
Korea Gas Corporation		660,555		742,770
SPC Power Corporation		141,570		134,901
PT. Bayan Resources TBK		6,845,850		8,959,467

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(3)

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


In millions of won

For the three-month period ended March 31, 2026
Investees	Beginning balance		Acquisition		Disposals			Dividends received			Share of income (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Associates>
Korea Gas Corporation	W	2,283,535		—		—			(21,811	)		118,837			24,924			723			2,406,208
Hyundai Green Power Co., Ltd.		86,549		—		—			(3,555	)		75			—			—			83,069
Korea Power Exchange		262,069		—		—			—			6,881			—			—			268,950
Daeryun Power Co., Ltd.		34,475		—		—			—			2,310			—			(1	)		36,784
SPC Power Corporation		107,067		—		—			—			2,734			2,387			—			112,188
Gemeng International Energy Co., Ltd.		812,292		—		—			—			31,663			58,233			—			902,188
PT. Cirebon Electric Power		162,112		—		—			—			1,574			8,921			—			172,607
PT Wampu Electric Power		36,516		—		—			(2,022	)		254			1,939			—			36,687
PT. Bayan Resources TBK		731,714		—		—			—			38,783			42,214			(29	)		812,682
S-Power Co., Ltd.		200,335		—		—			—			7,886			—			—			208,221
Xe-Pian Xe-Namnoy Power Co., Ltd.		65,612		—		—			—			5,693			3,388			—			74,693
Goseong Green Power Co., Ltd.		276,085		—		—			—			7,905			—			—			283,990
Gangneung Eco Power Co., Ltd.		227,683		—		—			—			2,085			—			—			229,768
Shin Pyeongtaek Power Co., Ltd.		148,586		—		—			(8,000	)		1,020			—			—			141,606
Dongducheon Dream Power Co., Ltd.		102,321		—		—			—			4,879			—			—			107,200
GS Donghae Electric Power Co., Ltd.		286,796		—		—			—			4,039			—			—			290,835
Nepal Water & Energy Development Company Private Limited		192,705		—		—			—			(17,766	)		10,351			—			185,290
Indeck Niles Development, LLC		363,675		—		—			(134,354	)		18,907			918			11			249,157
Saemangeum Sebit Power Plant Co., Ltd.		37,662		—		—			—			196			—			—			37,858
PT. Cirebon Energi Prasarana		94,005		—		—			—			1,575			5,855			—			101,435
Sinan Ui Offshore Wind Power Co., Ltd.		—		96,100		—			—			—			—			—			96,100
Others (Taebaek Guinemi Wind Power Co., Ltd. and 86 others)		339,662		—		(2,459	)		(18,807	)		5,470			6,986			(372	)		330,480

		6,851,456		96,100		(2,459	)		(188,549	)		245,000			166,116			332			7,167,996

<Joint ventures>
Shuweihat Asia Power Investment B.V.		82,230		—		—			—			62			6,449			—			88,741
KEPCO SPC Power Corporation		119,443		—		—			—			1,436			2,670			—			123,549
Datang Chifeng Renewable Power Co., Ltd.		212,130		—		—			—			3,001			14,961			—			230,092
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		49,501		—		—			—			603			3,442			—			53,546
Rabigh Electricity Company		285,805		—		—			—			5,634			17,553			—			308,992
Jamaica Public Service Company Limited		412,277		—		—			—			2,872			22,649			—			437,798
Amman Asia Electric Power Company		274,751		—		—			—			5,450			15,550			—			295,751
Chun-cheon Energy Co., Ltd.		36,703		—		—			—			817			—			—			37,520
Nghi Son 2 Power LLC		566,700		—		—			—			17,313			37,091			—			621,104
Kelar S.A.		153,294		—		—			—			4,491			8,534			—			166,319
PT. Tanjung Power Indonesia		98,221		—		—			—			2,084			6,230			(851	)		105,684
Barakah One Company		1,672,507		—		—			(35,241	)		(13,400	)		78,561			—			1,702,427
Daegu Green Power Co., Ltd.		31,119		—		—			—			2,409			—			—			33,528
Yeonggwang Wind Power Co., Ltd.		29,258		—		—			—			810			—			—			30,068
South Jamaica Power Company Limited		48,675		—		—			(329	)		1,082			2,681			—			52,109
RE Holiday Holdings LLC		80,631		—		—			—			(3,034	)		4,198			—			81,795
RE Pioneer Holdings LLC		48,831		—		—			—			(2,323	)		2,686			—			49,194
RE Barren Ridge 1 Holdings LLC		54,825		—		—			—			(1,002	)		3,017			—			56,840
Solar Philippines Calatagan Corporation		61,113		—		—			—			1,593			(5,037	)		—			57,669
PT Barito Wahana Tenaga		225,828		—		—			—			8,545			13,038			—			247,411
Cheongna Energy Co., Ltd.		67,846		—		—			—			9,765			—			—			77,611

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(3)

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


In millions of won

For the three-month period ended March 31, 2026
Investees	Beginning balance		Acquisition		Disposals			Dividends received			Share of income (loss)			Other comprehen- sive income (loss)		Others			Ending balance
<Joint ventures>
Naepo Green Energy Co., Ltd.	W	59,242		—		—			(11,972	)		18,403			—		—			65,673
OneEnergy Asia Limited		494,403		—		—			—			8,692			28,324		—			531,419
Prime Swedish Holding AB		38,664		—		—			—			(966	)		1,034		—			38,732
Namyangju Combined Heat and Power Co., Ltd.		147,146		—		—			—			(207	)		—		—			146,939
Trumbull Development Partners, LLC		439,268		27,413		—			—			(10,955	)		26,468		—			482,194
Grove Energy Capital IV, LLC		—		58,900		—			—			(3,157	)		991		—			56,734
Others (Dangjin Eco Power Co., Ltd. and 95 others)		721,921		9,053		(1,715	)		(15,117	)		(1,994	)		10,773		(35,872	)		687,049

		6,512,332		95,366		(1,715	)		(62,659	)		58,024			301,863		(36,723	)		6,866,488

	W	13,363,788		191,466		(4,174	)		(251,208	)		303,024			467,979		(36,391	)		14,034,484

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(3)

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


In millions of won

For the year ended December 31, 2025
Investees	Beginning balance		Acquisition		Disposals			Dividends received			Share of income (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Associates>
Korea Gas Corporation	W	2,289,304		—		—			(27,500	)		28,811			(5,964	)		(1,116	)		2,283,535
Hyundai Green Power Co., Ltd.		87,393		—		—			(3,555	)		2,678			—			33			86,549
Korea Power Exchange		273,962		—		—			—			(5,173	)		—			(6,720	)		262,069
Daeryun Power Co., Ltd.		31,093		—		—			—			3,381			—			1			34,475
SPC Power Corporation		107,574		—		—			(16,876	)		20,767			(4,398	)		—			107,067
Gemeng International Energy Co., Ltd.		728,338		—		—			(19,510	)		87,732			15,732			—			812,292
PT. Cirebon Electric Power		157,530		—		—			—			8,270			(3,688	)		—			162,112
PT Wampu Electric Power		39,268		—		—			(3,928	)		1,699			(523	)		—			36,516
PT. Bayan Resources TBK		717,376		—		—			(109,528	)		142,742			(18,784	)		(92	)		731,714
S-Power Co., Ltd.		180,372		—		—			—			19,962			1			—			200,335
Xe-Pian Xe-Namnoy Power Co., Ltd.		73,065		—		—			—			(4,845	)		(2,608	)		—			65,612
Goseong Green Power Co., Ltd.		284,542		—		—			—			(8,457	)		—			—			276,085
Gangneung Eco Power Co., Ltd.		241,814		—		—			—			(14,131	)		—			—			227,683
Shin Pyeongtaek Power Co., Ltd.		139,059		—		—			—			9,523			—			4			148,586
Dongducheon Dream Power Co., Ltd.		91,351		—		—			—			10,975			—			(5	)		102,321
GS Donghae Electric Power Co., Ltd.		279,432		—		—			(12,029	)		19,675			—			(282	)		286,796
Nepal Water & Energy Development Company Private Limited		170,955		—		—			—			25,028			(3,278	)		—			192,705
Indeck Niles Development, LLC		370,970		—		—			(37,126	)		60,484			(30,653	)		—			363,675
Saemangeum Sebit Power Plant Co., Ltd.		37,110		—		—			—			552			—			—			37,662
PT. Cirebon Energi Prasarana		96,846		—		—			—			3,341			(6,182	)		—			94,005
Others (Taebaek Guinemi Wind Power Co., Ltd. and 86 others)		307,400		15,109		(1,791	)		(15,384	)		32,434			11			1,883			339,662

		6,704,754		15,109		(1,791	)		(245,436	)		445,448			(60,334	)		(6,294	)		6,851,456

<Joint ventures>
Shuweihat Asia Power Investment B.V.		86,450		—		—			(1,087	)		1,699			(4,832	)		—			82,230
KEPCO SPC Power Corporation		159,139		—		—			(39,832	)		6,106			(5,970	)		—			119,443
Datang Chifeng Renewable Power Co., Ltd.		204,516		—		—			—			3,974			3,640			—			212,130
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		48,325		—		—			—			330			846			—			49,501
Rabigh Electricity Company		269,893		—		—			(1,696	)		28,441			(10,833	)		—			285,805
Jamaica Public Service Company Limited		412,616		—		—			(9,700	)		14,193			(5,435	)		603			412,277
Amman Asia Electric Power Company		268,864		—		—			—			17,500			(11,613	)		—			274,751
Chun-cheon Energy Co., Ltd.		36,599		—		—			—			104			—			—			36,703
Nghi Son 2 Power LLC		563,079		—		—			—			44,061			(40,440	)		—			566,700
Kelar S.A.		152,367		—		—			—			7,027			(6,100	)		—			153,294
PT. Tanjung Power Indonesia		100,580		—		—			(4,785	)		7,202			(4,229	)		(547	)		98,221
Barakah One Company		—		1,794,047		—			—			(92,162	)		(29,378	)		—			1,672,507
Daegu Green Power Co., Ltd.		30,513		—		—			—			583			—			23			31,119
Yeonggwang Wind Power Co., Ltd.		26,146		—		—			—			3,112			—			—			29,258
South Jamaica Power Company Limited		48,760		—		—			(3,618	)		4,568			(1,035	)		—			48,675
RE Holiday Holdings LLC		89,780		—		—			—			(6,460	)		(2,689	)		—			80,631
RE Pioneer Holdings LLC		55,622		—		—			—			(5,430	)		(1,361	)		—			48,831
RE Barren Ridge 1 Holdings LLC		59,806		—		—			(1,663	)		(1,781	)		(1,537	)		—			54,825
Solar Philippines Calatagan Corporation		63,695		—		—			(6,480	)		6,258			(2,360	)		—			61,113
PT Barito Wahana Tenaga		207,565		—		—			—			37,915			(19,652	)		—			225,828
Cheongna Energy Co., Ltd.		46,158		—		—			—			21,688			—			—			67,846

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(3)

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


In millions of won

For the year ended December 31, 2025
Investees	Beginning balance		Acquisition		Disposals			Dividends received			Share of income (loss)			Other comprehen- sive income (loss)			Others		Ending balance
<Joint ventures>
Naepo Green Energy Co., Ltd.	W	48,031		—		—			(13,432	)		24,643			—			—		59,242
OneEnergy Asia Limited		465,349		38,861		—			—			26,030			(35,837	)		—		494,403
Prime Swedish Holding AB		37,559		—		—			(203	)		(2,301	)		3,609			—		38,664
Namyangju Combined Heat and Power Co., Ltd.		51,768		95,336		—			—			36			6			—		147,146
Trumbull Development Partners, LLC		355,379		110,631		—			—			(11,696	)		(15,046	)		—		439,268
Others (Dangjin Eco Power Co., Ltd. and 98 others)		692,781		52,542		(11,708	)		(18,271	)		19,587			(23,183	)		10,173		721,921

		4,581,340		2,091,417		(11,708	)		(100,767	)		155,227			(213,429	)		10,252		6,512,332

	W	11,286,094		2,106,526		(13,499	)		(346,203	)		600,675			(273,763	)		3,958		13,363,788

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(4)

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


In millions of won
As of and for the three-month period ended March 31, 2026
Investees	Total assets		Total liabilities		Sales			Profit (loss) for the period
<Associates>
Korea Gas Corporation	W	53,636,449		42,271,503		11,802,205			548,328
Hyundai Green Power Co., Ltd.		647,579		258,927		26,219			2,447
Korea Power Exchange		354,990		86,040		34,294			7,222
Daeryun Power Co., Ltd.		1,154,897		605,945		157,184			31,490
SPC Power Corporation		307,945		12,712		10,443			7,291
Gemeng International Energy Co., Ltd.		8,953,624		5,821,716		804,156			59,546
PT. Cirebon Electric Power		744,680		117,018		76,089			5,724
PT Wampu Electric Power		189,907		110,152		746			552
PT. Bayan Resources TBK		5,114,583		934,079		1,203,849			279,539
S-Power Co., Ltd.		679,406		252,547		178,269			16,038
Xe-Pian Xe-Namnoy Power Co., Ltd.		1,587,685		1,145,567		52,631			13,631
Goseong Green Power Co., Ltd.		4,869,586		3,854,971		319,869			27,566
Gangneung Eco Power Co., Ltd.		5,340,918		4,678,100		178,722			(11,515	)
Shin Pyeongtaek Power Co., Ltd.		1,017,829		639,625		132,954			2,136
Dongducheon Dream Power Co., Ltd.		1,328,071		976,806		257,712			11,100
GS Donghae Electric Power Co., Ltd.		1,807,724		952,328		135,820			11,877
Nepal Water & Energy Development Company Private Limited		904,979		573,393		10,236			(9,676	)
Indeck Niles Development, LLC		1,275,083		991,302		—			38,550
Saemangeum Sebit Power Plant Co., Ltd.		142,099		73,600		5,135			357
PT. Cirebon Energi Prasarana		3,739,814		2,725,466		135,724			15,748
Sinan Ui Offshore Wind Power Co., Ltd.		330,268		29,325		—			—

<Joint ventures>
Shuweihat Asia Power Investment B.V.		181,285		184		—			(15	)
KEPCO SPC Power Corporation		230,438		24,523		36,562			644
Datang Chifeng Renewable Power Co., Ltd.		883,505		308,275		32,828			7,515
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		193,259		59,393		8,295			1,499
Rabigh Electricity Company		2,565,726		1,704,789		90,691			10,784
Jamaica Public Service Company Limited		2,902,025		1,847,257		352,280			9,371
Amman Asia Electric Power Company		784,685		291,767		14,802			9,613
Chun-cheon Energy Co., Ltd.		515,232		388,928		96,455			2,962
Nghi Son 2 Power LLC		4,436,329		3,194,120		221,178			34,673
Kelar S.A.		717,669		467,160		28,855			4,986
PT. Tanjung Power Indonesia		756,245		454,290		28,363			5,851
Barakah One Company		46,301,163		37,946,132		4,437,406			6,645
Daegu Green Power Co., Ltd.		470,420		371,185		81,727			4,238
Yeonggwang Wind Power Co., Ltd.		208,437		144,143		8,719			2,572
South Jamaica Power Company Limited		538,627		278,063		75,621			5,932
RE Holiday Holdings LLC		341,698		178,108		19,860			(13,922	)
RE Pioneer Holdings LLC		259,675		161,287		13,476			(12,590	)
RE Barren Ridge 1 Holdings LLC		212,930		99,251		15,854			(3,775	)
Solar Philippines Calatagan Corporation		169,442		47,145		5,839			3,791
PT Barito Wahana Tenaga		808,208		—		—			47,160
Cheongna Energy Co., Ltd.		504,263		353,265		70,402			19,474
Naepo Green Energy Co., Ltd.		777,733		564,610		115,304			32,808
OneEnergy Asia Limited		3,880,955		2,616,189		81,857			21,679
Prime Swedish Holding AB		151,633		69,305		3,033			(2,148	)
Namyangju Combined Heat and Power Co., Ltd.		211,655		2,316		—			(295	)
Trumbull Development Partners, LLC		1,944,994		1,182,830		54,065			(19,178	)
Grove Energy Capital IV, LLC		216,145		681		(18,197	)		(19,723	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(4)

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


In millions of won
As of and for the year ended December 31, 2025
Investees	Total assets		Total liabilities		Sales		Profit (loss) for the period
<Associates>
Korea Gas Corporation	W	53,627,847		42,828,922		35,727,336		132,251
Hyundai Green Power Co., Ltd.		656,989		256,336		111,887		9,787
Korea Power Exchange		350,477		88,408		126,117		2,817
Daeryun Power Co., Ltd.		1,102,566		587,322		393,540		48,372
SPC Power Corporation		313,540		31,783		73,796		55,063
Gemeng International Energy Co., Ltd.		8,504,351		5,688,462		3,149,333		222,146
PT. Cirebon Electric Power		724,772		135,272		304,258		30,071
PT Wampu Electric Power		190,896		111,514		19,113		3,694
PT. Bayan Resources TBK		4,842,617		1,149,228		4,874,768		1,118,309
S-Power Co., Ltd.		664,275		253,454		660,755		40,452
Xe-Pian Xe-Namnoy Power Co., Ltd.		1,533,443		1,127,607		213,673		(23,055	)
Goseong Green Power Co., Ltd.		4,953,795		3,966,676		1,307,686		(17,519	)
Gangneung Eco Power Co., Ltd.		5,413,851		4,752,300		932,084		(27,205	)
Shin Pyeongtaek Power Co., Ltd.		1,021,409		625,341		697,349		22,149
Dongducheon Dream Power Co., Ltd.		1,266,052		928,870		1,123,208		31,456
GS Donghae Electric Power Co., Ltd.		1,794,220		950,702		544,701		57,866
Nepal Water & Energy Development Company Private Limited		868,222		578,041		146,768		25,127
Indeck Niles Development, LLC		1,208,801		685,577		456,748		123,823
Saemangeum Sebit Power Plant Co., Ltd.		143,281		75,139		20,428		1,003
PT. Cirebon Energi Prasarana		3,650,107		2,710,061		525,647		33,411

<Joint ventures>
Shuweihat Asia Power Investment B.V.		167,992		177		—		(405	)
KEPCO SPC Power Corporation		234,570		35,498		159,381		10,392
Datang Chifeng Renewable Power Co., Ltd.		827,575		297,251		111,688		13,150
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		179,775		56,023		27,350		986
Rabigh Electricity Company		2,473,573		1,667,517		367,680		66,776
Jamaica Public Service Company Limited		2,903,070		1,910,042		1,530,704		41,735
Amman Asia Electric Power Company		758,903		300,985		30,651		29,223
Chun-cheon Energy Co., Ltd.		499,150		375,580		363,995		325
Nghi Son 2 Power LLC		4,243,607		3,110,208		824,849		87,686
Kelar S.A.		678,813		448,065		114,267		15,295
PT. Tanjung Power Indonesia		695,407		414,774		105,871		20,516
Barakah One Company		45,516,321		37,236,879		2,373,596		171,548
Daegu Green Power Co., Ltd.		450,953		356,158		258,151		1,309
Yeonggwang Wind Power Co., Ltd.		210,262		147,728		31,232		7,664
South Jamaica Power Company Limited		522,505		279,114		287,408		22,842
RE Holiday Holdings LLC		334,702		173,439		16,417		(7,622	)
RE Pioneer Holdings LLC		251,486		153,824		14,708		(7,711	)
RE Barren Ridge 1 Holdings LLC		206,966		97,315		12,685		(1,673	)
Solar Philippines Calatagan Corporation		162,588		46,665		22,752		11,978
PT Barito Wahana Tenaga		737,706		—		—		100,948
Cheongna Energy Co., Ltd.		495,919		364,410		160,101		43,278
Naepo Green Energy Co., Ltd.		759,180		568,084		427,122		80,207
OneEnergy Asia Limited		3,529,252		2,357,026		139,025		61,186
Prime Swedish Holding AB		151,330		69,152		10,691		(5,114	)
Namyangju Combined Heat and Power Co., Ltd.		211,193		1,559		—		51
Trumbull Development Partners, LLC		1,812,101		1,121,329		10,137		(20,709	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(5)

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


In millions of won
As of March 31, 2026
Investees	Net assets		Percentage of ownership (*)			Share in net assets		Investment differential			Intercompany transaction			Others			Book value
<Associates>
Korea Gas Corporation	W	11,364,946		21.66	%		2,461,647		—			—			(55,439	)		2,406,208
Hyundai Green Power Co., Ltd.		388,652		29.00	%		112,709		—			—			(29,640	)		83,069
Korea Power Exchange		268,950		100.00	%		268,950		—			—			—			268,950
Daeryun Power Co., Ltd.		548,952		6.85	%		37,604		—			—			(820	)		36,784
SPC Power Corporation		295,233		38.00	%		112,188		—			—			—			112,188
Gemeng International Energy Co., Ltd.		3,131,908		42.00	%		1,315,402		—			—			(413,214	)		902,188
PT. Cirebon Electric Power		627,662		27.50	%		172,607		—			—			—			172,607
PT Wampu Electric Power		79,755		46.00	%		36,687		—			—			—			36,687
PT. Bayan Resources TBK		4,180,504		20.00	%		836,101		52,961			—			(76,380	)		812,682
S-Power Co., Ltd.		426,859		49.00	%		209,161		(940	)		—			—			208,221
Xe-Pian Xe-Namnoy Power Co., Ltd.		442,118		25.00	%		110,530		305			(895	)		(35,247	)		74,693
Goseong Green Power Co., Ltd.		1,014,615		29.00	%		294,238		—			(10,248	)		—			283,990
Gangneung Eco Power Co., Ltd.		662,818		29.00	%		192,217		44,798			(7,247	)		—			229,768
Shin Pyeongtaek Power Co., Ltd.		378,204		40.00	%		151,282		3,559			(13,235	)		—			141,606
Dongducheon Dream Power Co., Ltd.		351,265		34.01	%		119,465		1,757			(1,440	)		(12,582	)		107,200
GS Donghae Electric Power Co., Ltd.		855,396		34.00	%		290,835		—			—			—			290,835
Nepal Water & Energy Development Company Private Limited		331,586		55.67	%		184,585		705			—			—			185,290
Indeck Niles Development, LLC		283,781		50.00	%		141,891		102,643			—			4,623			249,157
Saemangeum Sebit Power Plant Co., Ltd.		68,499		55.00	%		37,676		182			—			—			37,858
PT. Cirebon Energi Prasarana		1,014,348		10.00	%		101,435		—			—			—			101,435
Sinan Ui Offshore Wind Power Co., Ltd.		300,943		31.40	%		94,496		—			—			1,604			96,100

<Joint ventures>
Shuweihat Asia Power Investment B.V.		181,101		49.00	%		88,741		—			—			—			88,741
KEPCO SPC Power Corporation		205,915		60.00	%		123,549		—			—			—			123,549
Datang Chifeng Renewable Power Co., Ltd.		575,230		40.00	%		230,092		—			—			—			230,092
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		133,866		40.00	%		53,546		—			—			—			53,546
Rabigh Electricity Company		860,937		40.00	%		344,375		—			(34,578	)		(805	)		308,992
Jamaica Public Service Company Limited		1,054,768		40.00	%		421,907		29,357			—			(13,466	)		437,798
Amman Asia Electric Power Company		492,918		60.00	%		295,751		—			—			—			295,751
Chun-cheon Energy Co., Ltd.		126,304		29.90	%		37,765		3			—			(248	)		37,520
Nghi Son 2 Power LLC		1,242,209		50.00	%		621,104		—			—			—			621,104
Kelar S.A.		250,509		65.00	%		162,830		3,489			—			—			166,319
PT. Tanjung Power Indonesia		301,955		35.00	%		105,684		—			—			—			105,684
Barakah One Company		8,355,031		18.00	%		1,503,906		—			198,521			—			1,702,427
Daegu Green Power Co., Ltd.		99,235		54.24	%		53,825		84			—			(20,381	)		33,528
Yeonggwang Wind Power Co., Ltd.		64,294		46.00	%		29,576		492			—			—			30,068
South Jamaica Power Company Limited		260,564		20.00	%		52,112		—			—			(3	)		52,109
RE Holiday Holdings LLC		163,590		50.00	%		81,795		—			—			—			81,795
RE Pioneer Holdings LLC		98,388		50.00	%		49,194		—			—			—			49,194
RE Barren Ridge 1 Holdings LLC		113,679		50.00	%		56,840		—			—			—			56,840
Solar Philippines Calatagan Corporation		122,297		38.00	%		46,473		—			—			11,196			57,669
PT Barito Wahana Tenaga		808,208		30.61	%		247,411		—			—			—			247,411
Cheongna Energy Co., Ltd.		150,998		50.10	%		75,649		3,137			(1,175	)		—			77,611
Naepo Green Energy Co., Ltd.		213,123		29.20	%		62,231		—			—			3,442			65,673
OneEnergy Asia Limited		1,264,766		40.00	%		505,907		25,512			—			—			531,419
Prime Swedish Holding AB		82,328		45.00	%		37,048		1,684			—			—			38,732
Namyangju Combined Heat and Power Co., Ltd.		209,339		70.10	%		146,747		192			—			—			146,939
Trumbull Development Partners, LLC		762,164		56.23	%		428,565		53,629			—			—			482,194
Grove Energy Capital IV, LLC		215,464		16.00	%		34,474		22,260			—			—			56,734

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(5)

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


In millions of won
As of December 31, 2025
Investees	Net assets		Percentage of ownership (*)			Share in net assets		Investment differential		Intercompany transaction			Others			Book value
<Associates>
Korea Gas Corporation	W	10,798,925		21.66	%		2,339,047		—		—			(55,512	)		2,283,535
Hyundai Green Power Co., Ltd.		400,653		29.00	%		116,189		—		—			(29,640	)		86,549
Korea Power Exchange		262,069		100.00	%		262,069		—		—			—			262,069
Daeryun Power Co., Ltd.		515,244		6.85	%		35,295		—		—			(820	)		34,475
SPC Power Corporation		281,757		38.00	%		107,067		—		—			—			107,067
Gemeng International Energy Co., Ltd.		2,815,889		42.00	%		1,182,674		—		—			(370,382	)		812,292
PT. Cirebon Electric Power		589,500		27.50	%		162,112		—		—			—			162,112
PT Wampu Electric Power		79,382		46.00	%		36,516		—		—			—			36,516
PT. Bayan Resources TBK		3,693,389		20.00	%		738,678		69,416		—			(76,380	)		731,714
S-Power Co., Ltd.		410,821		49.00	%		201,302		—		(967	)		—			200,335
Xe-Pian Xe-Namnoy Power Co., Ltd.		405,836		25.00	%		101,459		305		(905	)		(35,247	)		65,612
Goseong Green Power Co., Ltd.		987,119		29.00	%		286,264		—		(10,179	)		—			276,085
Gangneung Eco Power Co., Ltd.		661,551		29.00	%		191,850		45,212		(9,379	)		—			227,683
Shin Pyeongtaek Power Co., Ltd.		396,068		40.00	%		158,428		3,559		(13,401	)		—			148,586
Dongducheon Dream Power Co., Ltd.		337,182		34.01	%		114,675		1,757		(1,529	)		(12,582	)		102,321
GS Donghae Electric Power Co., Ltd.		843,518		34.00	%		286,796		—		—			—			286,796
Nepal Water & Energy Development Company Private Limited		290,181		66.12	%		191,868		837		—			—			192,705
Indeck Niles Development, LLC		523,224		50.00	%		261,613		97,643		—			4,419			363,675
Saemangeum Sebit Power Plant Co., Ltd.		68,142		55.00	%		37,480		182		—			—			37,662
PT. Cirebon Energi Prasarana		940,046		10.00	%		94,005		—		—			—			94,005

<Joint ventures>
Shuweihat Asia Power Investment B.V.		167,815		49.00	%		82,230		—		—			—			82,230
KEPCO SPC Power Corporation		199,072		60.00	%		119,443		—		—			—			119,443
Datang Chifeng Renewable Power Co., Ltd.		530,324		40.00	%		212,130		—		—			—			212,130
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		123,752		40.00	%		49,501		—		—			—			49,501
Rabigh Electricity Company		806,056		40.00	%		322,423		—		(35,813	)		(805	)		285,805
Jamaica Public Service Company Limited		993,028		40.00	%		397,211		29,357		—			(14,291	)		412,277
Amman Asia Electric Power Company		457,918		60.00	%		274,751		—		—			—			274,751
Chun-cheon Energy Co., Ltd.		123,570		29.90	%		36,948		3		—			(248	)		36,703
Nghi Son 2 Power LLC		1,133,399		50.00	%		566,700		—		—			—			566,700
Kelar S.A.		230,748		65.00	%		149,986		3,308		—			—			153,294
PT. Tanjung Power Indonesia		280,633		35.00	%		98,221		—		—			—			98,221
Barakah One Company		8,279,442		18.00	%		1,490,300		—		182,207			—			1,672,507
Daegu Green Power Co., Ltd.		94,795		54.24	%		51,416		84		—			(20,381	)		31,119
Yeonggwang Wind Power Co., Ltd.		62,534		46.00	%		28,766		492		—			—			29,258
South Jamaica Power Company Limited		243,391		20.00	%		48,678		—		—			(3	)		48,675
RE Holiday Holdings LLC		161,263		50.00	%		80,631		—		—			—			80,631
RE Pioneer Holdings LLC		97,662		50.00	%		48,831		—		—			—			48,831
RE Barren Ridge 1 Holdings LLC		109,651		50.00	%		54,825		—		—			—			54,825
Solar Philippines Calatagan Corporation		115,923		38.00	%		44,050		—		—			17,063			61,113
PT Barito Wahana Tenaga		737,706		30.61	%		225,828		—		—			—			225,828
Cheongna Energy Co., Ltd.		131,509		50.10	%		65,886		3,137		(1,177	)		—			67,846
Naepo Green Energy Co., Ltd.		191,096		29.20	%		55,800		—		—			3,442			59,242
OneEnergy Asia Limited		1,172,226		40.00	%		468,891		25,512		—			—			494,403
Prime Swedish Holding AB		82,178		45.00	%		36,980		1,684		—			—			38,664
Namyangju Combined Heat and Power Co., Ltd.		209,634		70.10	%		146,953		193		—			—			147,146
Trumbull Development Partners, LLC		690,772		56.23	%		388,421		50,847		—			—			439,268

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(6)

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


In millions of won	As of March 31, 2026					As of December 31, 2025
	Unrecognized equity interest			Accumulated unrecognized equity interest		Unrecognized equity interest			Accumulated unrecognized equity interest
Boim Combined Heat and Power Generation Co., Ltd.	W	(2,938	)		28,179		2,394			31,117
Samcheok Eco Materials Co., Ltd.		(27	)		5,294		(5	)		5,321
Barakah One Company		—			—		(174,713	)		—
KAPES, Inc.		944			11,752		6,877			10,808
ITR Co., Ltd.		16			17		(14	)		1
SEP Co., Ltd.		—			15		—			15
Noeul Green Energy Co., Ltd.		(526	)		1,875		(1,434	)		2,401
PlatformN. Co., Ltd.		—			20		2			20
KEPCO KPS CARABAO Corp.		5			181		(68	)		176
Bitsolar Energy Co., Ltd.		69			1,689		356			1,620
Green Energy Electricity Generation Co., Ltd.		—			—		(396	)		—
O2&B Global Co., Ltd.		2			22		14			20
Pulau Indah O&M Sdn. Bhd.		—			—		(1	)		—
Foresight Iberian Solar Group Holding, S.L. (*2)		(382	)		9,420		5,407			9,802
Green Radiation Co., Ltd.,		—			—		(11	)		—
Hoenggye Renewable Energy Co., Ltd.,		—			—		(266	)		—
CapMan Lynx SCA, SICAR (*1)		—			—		(31,090	)		—
G.GURU Co., Ltd.		1			3		2			2
International Offshore Power Transmission Holding Company Limited		(76	)		—		76			76
Jeju Gimnyeong Wind Power Co., Ltd.		(76	)		—		76			76
Korea Energy Data Co., Ltd.		(8	)		—		8			8
Wadi Noor Solar Power Company SAOC		5,568			6,279		711			711
Jaeun Resident Wind Power Plant Co., Ltd.		(390	)		369		759			759
Lucy Equity Holdings, LLC		6,725			10,263		3,538			3,538
Remal First Holding Company		(508	)		7,024		7,532			7,532
Naseem First Holding Company		(1,099	)		7,071		8,170			8,170
KNOC Nigerian East Oil Co., Ltd. (*2)		758			14,605		(333	)		13,847
KNOC Nigerian West Oil Co., Ltd. (*2)		707			13,439		(306	)		12,732
Siraj AlTaqa AlNazifa		195			195		—			—
Luluah SKY Energy Holding Ltd.		37			37		—			—

(*1)	Liquidated during the prior period.

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(7)

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

(i)

Taebaek Wind Power Co., Ltd.

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

(ii)

Pyeongchang Wind Power Co., Ltd.

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

(iii)

Daeryun Power Co., Ltd.

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

(iv)

Daegu Green Power Co., Ltd.

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

(v)

Yeonggwang Wind Power Co., Ltd.

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

(vi)

Omisan Wind Power Co., Ltd.

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

(vii)

Geumsungsan Wind Power Co., Ltd.

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

(viii)

Seokmun Green Energy

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

(ix)

Taebaek Guinemi Wind Power Co., Ltd.

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(7)

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

(x)

HORANG ENERGY Inc.

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

(xi)

Namyangju Combined Heat and Power Co., Ltd.

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

(xii)

Jeongeup Green Power Co., Ltd.

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(8)

Significant restrictions on the Group’s abilities on associates and joint ventures as of as of March 31, 2026 are as follows:


Company		Nature and extent of any significant restrictions

Daegu Green Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of financial institutions.

Pyeongchang Wind Power Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions.

Daeryun Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions. Shares cannot be wholly or partially transferred without prior consent of the financial institutions.

KNH Solar Co., Ltd.		Shares cannot be wholly or partially transferred without the prior written consent of other shareholders.

Korea Power Engineering Service Co., Ltd.		Shares cannot be wholly or partially transferred without the consent of the board of directors.

Daehan Wind Power PSC		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Daejung Offshore Wind Power Co., Ltd.		Before the commencement of the operation, shares cannot be wholly or partially transferred without the prior written consent of other shareholders.

Naepo Green Energy Co., Ltd.		Dividends can only be paid to shareholders when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior consent of interested parties. All or part of the stocks held cannot be transferred without the written consent of the financial institution and if the conditions for the O&M utilization rate are not met or if a payment deferment is necessary due to the fulfillment of the obligation to provide funds, the contract amount will be paid in a subordinated order.

Solaseado Solar Power Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the shareholders’ agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of other stakeholders including shareholders and financial institutions.

Samcheok Eco Materials Co., Ltd.		Dividends can only be paid when all conditions of the shareholders’ agreement are satisfied. Also, shares cannot be wholly or partially transferred without the written consent of the other shareholders.

Taebaek Guinemi Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied and consent of the financial institutions is obtained. Also, shares cannot be wholly or partially transferred without the written consent of the financial institutions.

Indeck Niles Asset Management, LLC		Shares cannot be wholly or partially transferred without the consent of the stakeholders.

Indeck Niles Development, LLC		Shares cannot be wholly or partially transferred without the consent of the stakeholders.

Chester Solar IV SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Chester Solar V SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Diego de Almagro Solar SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Laurel SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Chester Solar I SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Kelar S.A.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

GS Donghae Electric Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.

Honam Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied.

Seokmun Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained.

Chun-cheon Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, principals and interests on subordinated loans shall not be paid until the payment conditions are satisfied.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(8)

Significant restrictions on the Group’s abilities on associates or joint ventures as of March 31, 2026 are as follows, continued:


Company		Nature and extent of any significant restrictions

Yeonggwangbaeksu Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained.

Yeonggwang Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

Jamaica Public Service Company Limited		Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

PT. Tanjung Power Indonesia		Dividends can only be paid when all conditions of the loan agreement are satisfied.

Daesan Green Energy Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

Taebaek Gadeoksan Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when prior written consent of financial institutions is obtained.

Bitsolar Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied.

Omisan Wind Power Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without the consent of the stakeholders including other shareholders and financial institutions. Also, either of Korea Southern Power Co., Ltd., a subsidiary of the Group, or Unison Co., Ltd. shall not transfer their shares to others wholly or partially until 4 years have passed from the completion of power complex without the written consent from the other party. In case the shares of each party become less than 10% of outstanding shares after the transfer, it also requires the written consent from the other party.

Yangyang Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.

Busan Industrial Solar Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.

Geumsungsan Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred for 3 years after the commencement of operation, and also cannot be transferred or disposed to the third party in a way not permitted in the financial documents without prior written consent of an agent bank.

KPE green energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.

Cheongju Eco Park Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied, or permitted by related financing contracts, or prior written consent of financial institutions is obtained.

Goheung New Energy Co., Ltd.		Payment of dividends or repayment of loans such as subordinated loans to the investors can only be made when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained.

Seokmun Green Energy		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.

Trumbull Asset Management, LLC		Shares cannot be either wholly or partially transferred without the consent of the stakeholders.

HORANG ENERGY Inc.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred before three years have passed after the commencement of operation, and also cannot be transferred or disposed to the third party in a way not permitted in the financial documents without prior written consent of an agent bank.

Yanggu Floating Photovoltaic Power Plant Inc.		Payment of dividends or repayment of loans such as subordinated loans to the investors can be made only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

Hoenggye Renewable Energy Co., Ltd.		Dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained.

Dongducheon Dream Power Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid only when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(8)

Significant restrictions on the Group’s abilities on associates or joint ventures as of March 31, 2026 are as follows, continued:


Company		Nature and extent of any significant restrictions

Haeng Bok Do Si Photovoltaic Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior consent of the stakeholders.

Shin Pyeongtaek Power Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Seoroseoro Sunny Power Plant Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Anjwa Smart Farm & Solar City Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Muan Solar Park Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions.

YuDang Solar Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Haemodum Solar Co., Ltd.		Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions.

Cheongna Energy Co., Ltd.		Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions.

Hapcheon Floating Photovoltaic Power Plant Inc.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Yeongwol Eco Wind Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Gurae Resident Power Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Gunsan Land Solar Co., Ltd.		Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions. When the internal rate of return defined in shareholders’ agreement is met, any excessive dividend income must be provided to Gunsan City.

Eumseong Eco Park Co., Ltd.		Dividends and settlement amounts for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions.

PungBack Wind Farm Corporation		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Seobusambo highway photovoltaics Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(8)

Significant restrictions on the Group’s abilities on associates or joint ventures as of March 31, 2026 are as follows, continued:


Company		Nature and extent of any significant restrictions

Haman Green Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. In addition, the Group cannot transfer all or part of its shares without the consent of other shareholders until five years have elapsed from the date of issuance of the acquisition notice after the comprehensive completion of the EPC contract for the project, and shares cannot be wholly or partially transferred without prior written consent of the financial institutions.

Jeongeup Green Power Co., Ltd.		Dividends to investors are only possible when the conditions in the loan agreement are met or prior written consent from the financial institution is obtained, and subordinated loans cannot be paid to investors before the loan principal and interest are fully repaid. Additionally, all or part of the shares held cannot be transferred without the consent of other shareholders before the commencement of commercial operation of this business. The entity’s stocks may not be transferred to a third party or otherwise disposed of in a manner not permitted in the financial documents without the prior written consent of the agent bank.

Nepal Water & Energy Development Company Private Limited		The Group must maintain a minimum percentage of ownership (50%) until the project completion date and thereafter.

Goseong Green Power Co., Ltd.		Shares cannot be either wholly or partially transferred before the final completion date of the project without the consent of the stakeholders.

Gangneung Eco Power Co., Ltd.		Shares cannot be either wholly or partially transferred until two years have elapsed from the final completion date of the project without the consent of the stakeholders.

S-Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior consent of the stakeholders.

South Jamaica Power Company Limited		Dividends can be paid only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

Rutile BESS Holdings, LLC		Shares cannot be either wholly or partially transferred without prior written consent of other stakeholders.

Kumyang Eco Park Co., Ltd.		Dividends and payables from settlement for renewable energy certificates can only be paid when all conditions of the loan agreement are satisfied or a prior written consent of financial institutions is obtained.

HyChangwon Fuel Cell. Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. In addition, the Group cannot transfer all or part of its shares until five years have elapsed from the date of issuance of the acquisition notice. Shares cannot be wholly or partially transferred without obtaining prior written consent of the financial institutions.

Roof One Energy Co., Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders.

Amaala Sustainable Company for Energy LLC		Dividends may be payable only when all conditions prescribed in the loan agreement between Amaala Sustainable Company for Energy LLC and financial institution are satisfied.

Namjeju Bitdream Energy Co., Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Cheonwang Green Energy Co., Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Haetbyeotgil Solar Co., Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders.

Luluah SKY Energy Holding Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

18.

Property, Plant and Equipment

(1)

Property, plant and equipment as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won	As of March 31, 2026
	Acquisition cost		Government grants			Accumulated depreciation			Accumulated impairment losses			Book value
Land	W	14,946,946		(27,391	)		—			(33,153	)		14,886,402
Buildings		27,896,182		(37,108	)		(14,039,966	)		(7,120	)		13,811,988
Structures		94,155,259		(147,037	)		(41,267,752	)		(18,678	)		52,721,792
Machinery		128,107,392		(91,921	)		(71,754,123	)		(546,125	)		55,715,223
Ships		17,870		—			(9,665	)		—			8,205
Vehicles		551,554		(2,588	)		(415,792	)		(164	)		133,010
Equipment		2,689,310		(1,394	)		(2,237,899	)		(904	)		449,113
Tools		1,507,294		(929	)		(1,321,990	)		(1	)		184,374
Construction-in-progress		37,951,934		(234,123	)		—			(22,795	)		37,695,016
Right-of-use assets		5,483,776		—			(2,897,321	)		(27	)		2,586,428
Asset retirement costs		18,430,423		—			(9,414,103	)		(146,423	)		8,869,897
Others		18,870,918		—			(16,386,840	)		(156	)		2,483,922

	W	350,608,858		(542,491	)		(159,745,451	)		(775,546	)		189,545,370


In millions of won	As of December 31, 2025
	Acquisition cost		Government grants			Accumulated depreciation			Accumulated impairment losses			Book value
Land	W	14,867,112		(27,392	)		—			(30,756	)		14,808,964
Buildings		27,544,929		(38,077	)		(13,779,225	)		(7,119	)		13,720,508
Structures		93,340,759		(149,558	)		(40,552,716	)		(18,678	)		52,619,807
Machinery		126,564,408		(94,337	)		(70,384,493	)		(546,317	)		55,539,261
Ships		17,870		—			(9,199	)		—			8,671
Vehicles		538,604		(2,683	)		(402,753	)		(116	)		133,052
Equipment		2,641,393		(1,868	)		(2,191,439	)		(376	)		447,710
Tools		1,495,250		(982	)		(1,305,965	)		(1	)		188,302
Construction-in-progress		36,779,508		(230,573	)		—			(22,795	)		36,526,140
Right-of-use assets		5,441,389		—			(2,809,452	)		—			2,631,937
Asset retirement costs		18,347,513		—			(9,302,981	)		(146,422	)		8,898,110
Others		18,380,931		—			(16,151,855	)		—			2,229,076

	W	345,959,666		(545,470	)		(156,890,078	)		(772,580	)		187,751,538

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

18.

Property, Plant and Equipment, Continued

(2)

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


In millions of won	For the three-month period ended March 31, 2026
	Beginning balance			Acquisition		Disposal			Depreciation			Impairment			Others			Ending balance
Land	W	14,836,356			346		(134	)		—			(826	)		78,051			14,913,793
(Government grants)		(27,392	)		—		1			—			—			—			(27,391	)
Buildings		13,758,585			11,272		(1,469	)		(251,415	)		—			332,123			13,849,096
(Government grants)		(38,077	)		—		—			970			—			(1	)		(37,108	)
Structures		52,769,365			3,996		(58,241	)		(767,170	)		—			920,879			52,868,829
(Government grants)		(149,558	)		—		100			2,426			—			(5	)		(147,037	)
Machinery		55,633,598			117,916		(42,786	)		(1,590,769	)		—			1,689,185			55,807,144
(Government grants)		(94,337	)		—		28			3,405			—			(1,017	)		(91,921	)
Ships		8,671			—		—			(466	)		—			—			8,205
Vehicles		135,735			1,288		(3	)		(15,747	)		—			14,325			135,598
(Government grants)		(2,683	)		—		2			336			—			(243	)		(2,588	)
Equipment		449,578			25,776		(24	)		(53,437	)		1			28,613			450,507
(Government grants)		(1,868	)		—		—			537			—			(63	)		(1,394	)
Tools		189,284			5,287		(12	)		(20,379	)		—			11,123			185,303
(Government grants)		(982	)		—		—			113			—			(60	)		(929	)
Construction-in-progress		36,756,713			3,902,907		(23	)		—			—			(2,730,458	)		37,929,139
(Government grants)		(230,573	)		1,093		—			—			—			(4,643	)		(234,123	)
Right-of-use assets		2,631,937			55,770		(9,789	)		(113,433	)		—			21,943			2,586,428
Asset retirement costs		8,898,110			—		—			(286,161	)		—			257,948			8,869,897
Others		2,229,076			1,894		—			(239,494	)		—			492,446			2,483,922

	W	187,751,538			4,127,545		(112,350	)		(3,330,684	)		(825	)		1,110,146			189,545,370

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

18.

Property, Plant and Equipment, Continued

(2)

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


In millions of won	For the year ended December 31, 2025
	Beginning balance			Acquisition		Disposal			Depreciation			Impairment			Others			Ending balance
Land	W	14,548,055			3,397		(14,757	)		—			—			299,661			14,836,356
(Government grants)		(27,403	)		—		11			—			—			—			(27,392	)
Buildings		13,397,461			29,671		(27,419	)		(1,008,638	)		(16	)		1,367,526			13,758,585
(Government grants)		(41,718	)		—		4			3,937			—			(300	)		(38,077	)
Structures		51,792,939			8,593		(304,274	)		(3,015,461	)		—			4,287,568			52,769,365
(Government grants)		(149,737	)		—		687			9,552			—			(10,060	)		(149,558	)
Machinery		56,955,731			477,443		(238,182	)		(6,371,551	)		(14,246	)		4,824,403			55,633,598
(Government grants)		(105,546	)		—		384			15,011			—			(4,186	)		(94,337	)
Ships		10,534			—		—			(1,863	)		—			—			8,671
Vehicles		81,451			5,482		(108	)		(49,732	)		—			98,642			135,735
(Government grants)		(2,745	)		—		6			1,309			—			(1,253	)		(2,683	)
Equipment		438,096			88,890		(166	)		(212,174	)		—			134,932			449,578
(Government grants)		(3,915	)		—		—			2,119			—			(72	)		(1,868	)
Tools		173,736			36,172		(48	)		(78,791	)		—			58,215			189,284
(Government grants)		(1,306	)		—		—			437			—			(113	)		(982	)
Construction-in-progress		31,284,358			15,728,954		(65	)		—			—			(10,256,534	)		36,756,713
(Government grants)		(223,566	)		4,685		—			—			—			(11,692	)		(230,573	)
Right-of-use assets		3,046,396			100,430		(5,876	)		(477,663	)		—			(31,350	)		2,631,937
Asset retirement costs		9,748,444			—		—			(1,437,687	)		—			587,353			8,898,110
Others		2,061,498			2,849		—			(1,007,904	)		—			1,172,633			2,229,076

	W	182,982,763			16,486,566		(589,803	)		(13,629,099	)		(14,262	)		2,515,373			187,751,538

(3)

For the three-month period ended March 31, 2026, the Group’s subsidiaries including Korea Hydro & Nuclear Power Co., Ltd. recognized proceeds and costs from selling items produced before the assets’ intended use. As a result, W58,552 million (W331 million for the three-month period ended March 31, 2025) was recognized as revenue and W 73,641 million (W669 million for the three-month period ended March 31, 2025) was recognized as cost of sales in profit or loss, respectively.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

19.

Investment Properties

(1)

Investment properties as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won	As of March 31, 2026
	Acquisition cost		Government grants			Accumulated depreciation			Book value
Land	W	185,294		—			—			185,294
Buildings		24,631		(21	)		(14,794	)		9,816

	W	209,925		(21	)		(14,794	)		195,110


In millions of won	As of December 31, 2025
	Acquisition cost		Government grants			Accumulated depreciation			Book value
Land	W	218,041		—			—			218,041
Buildings		38,311		(22	)		(17,558	)		20,731

	W	256,352		(22	)		(17,558	)		238,772

(2)

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


In millions of won	For the three-month period ended March 31, 2026
	Beginning balance			Disposal		Depreciation			Others			Ending balance
Land	W	218,041			—		—			(32,747	)		185,294
Buildings		20,753			—		(256	)		(10,660	)		9,837
(Government grants)		(22	)		—		—			1			(21	)

	W	238,772			—		(256	)		(43,406	)		195,110



In millions of won	For the year ended December 31, 2025
	Beginning balance			Disposal		Depreciation			Others		Ending balance
Land	W	210,509			—		—			7,532		218,041
Buildings		18,497			—		(1,082	)		3,338		20,753
(Government grants)		(22	)		—		—			—		(22	)

	W	228,984			—		(1,082	)		10,870		238,772

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

19.

Investment Properties, Continued

(3)

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


In millions of won	For the three-month period ended March 31, 2026			For the three-month period ended March 31, 2025
Rental income	W	3,135			2,784
Operating and maintenance expenses related to rental income		(262	)		(201	)

	W	2,873			2,583

(4)

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


In millions of won	As of March 31, 2026				As of December 31, 2025
	Book value		Fair value		Book value		Fair value
Land	W	185,294		313,582		218,041		363,922
Buildings		9,816		10,168		20,731		24,126

	W	195,110		323,750		238,772		388,048

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

(5)

All of the Group’s investment properties are held under freehold interests.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

20.

Construction Contracts

(1)

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

In millions of won

For the three-month period ended March 31, 2026

Beginning
balance

Increase
(decrease) (*)

Recognized as
revenue

Ending
balance

Nuclear power plant construction in overseas and others

34,187,761

1,425,209

(225,278

)

35,387,692

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

In millions of won

For the year ended December 31, 2025

Beginning
balance

Increase
(decrease) (*)

Recognized as
revenue

Ending
balance

Nuclear power plant construction in overseas and others

6,136,773

28,724,681

(673,693

)

34,187,761

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

(2)

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

In millions of won

As of March 31, 2026

Accumulated
earned revenue

Accumulated
expense

Accumulated
profit

Unearned
advance receipts

Nuclear power plant construction in overseas and others

24,162,486

25,729,583

(1,567,097

)

102,441

In millions of won

As of December 31, 2025

Accumulated
earned revenue

Accumulated
expense

Accumulated
Profit (loss)

Unearned
advance receipts

Nuclear power plant construction in overseas and others

23,954,612

25,468,062

(1,513,450

)

102,359

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

20.

Construction Contracts, Continued

(3)

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

In millions of won

As of March 31, 2026

As of December 31, 2025

Contract assets
(*1)

Contract liabilities
(*2)

Contract assets
(*1)

Contract liabilities
(*2)

Nuclear power plant construction in overseas and others

651,060

345,822

538,057

363,521

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

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

(4)

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


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

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

(5)

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

20.

Construction Contracts, Continued

(6)

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


In millions of won	For the three-month period ended March 31, 2026
	Effect from changes in accounting estimates															Contract assets from construction contracts				Trade receivables from construction contracts
	Expected loss on construction contracts		The effect on profit or loss of changes in estimates of contract revenue and contract costs			Amounts recognized in current profit or loss			Amounts to be recognized in future profit or loss			Changes in estimated total contract costs		Revenue recognized from performance obligations satisfied in previous periods		Gross		Allowance for doubtful accounts		Gross		Allowance for doubtful accounts
Transmission and distribution	W	19,951		(117,990	)		(118,016	)		26			111,851		—		296,178		—		—		—
Electric power generation (Nuclear)		1,394,587		909,999			44,762			865,237			317,680		—		271,487		—		130,907		—
Plant maintenance & engineering Service and others		3,000		(247,498	)		(416	)		(247,082	)		260,447		7,539		75,978		6		34,497		5,617
Others		—		—			—			—			—		—		7,417		—		17,676		50

	W	1,417,538		544,511			(73,670	)		618,181			689,978		7,539		651,060		6		183,080		5,667

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

21.

Intangible Assets other than Goodwill

(1)

Intangible assets as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won	As of March 31, 2026
	Acquisition cost		Government grants			Accumulated amortization			Accumulated impairment losses			Book value
Software	W	1,251,149		(707	)		(1,083,812	)		(1,134	)		165,496
Copyrights, patents rights and other industrial rights		57,571		—			(42,761	)		—			14,810
Mining rights		673,351		—			(18,292	)		(645,800	)		9,259
Development expenditures		1,036,890		(467	)		(972,427	)		—			63,996
Intangible assets under development		108,977		(5,538	)		—			—			103,439
Usage rights of donated assets and others		622,651		—			(473,816	)		(136	)		148,699
Leasehold rights		28,185		—			(26,144	)		(538	)		1,503
Greenhouse gas emissions rights		109,496		—			—			—			109,496
Others		640,360		(112	)		(219,783	)		(12,223	)		408,242

	W	4,528,630		(6,824	)		(2,837,035	)		(659,831	)		1,024,940


In millions of won	As of December 31, 2025
	Acquisition cost		Government grants			Accumulated amortization			Accumulated impairment losses			Book value
Software	W	1,237,800		(804	)		(1,064,876	)		(19	)		172,101
Copyrights, patents rights and other industrial rights		57,100		—			(42,168	)		—			14,932
Mining rights		626,449		—			(16,125	)		(601,636	)		8,688
Development expenditures		1,033,744		(540	)		(965,175	)		—			68,029
Intangible assets under development		125,687		(5,044	)		—			—			120,643
Usage rights of donated assets and others		602,139		—			(470,762	)		(136	)		131,241
Leasehold rights		28,185		—			(25,959	)		(538	)		1,688
Greenhouse gas emissions rights		108,300		—			—			—			108,300
Others		631,396		(136	)		(243,363	)		(12,224	)		375,673

	W	4,450,800		(6,524	)		(2,828,428	)		(614,553	)		1,001,295

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

21.

Intangible Assets other than Goodwill, Continued

(2)

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


In millions of won	For the three-month period ended March 31, 2026
	Beginning balance			Acquisition		Disposal			Amortization			Impairment			Others			Ending balance
Software	W	172,905			5,108		—			(21,136	)		(1,115	)		10,441			166,203
(Government grants)		(804	)		—		—			111			—			(14	)		(707	)
Copyrights, patents rights and other industrial rights		14,932			25		—			(520	)		—			373			14,810
Mining rights		8,688			807		—			(777	)		—			541			9,259
Development expenditures		68,569			—		—			(7,467	)		—			3,361			64,463
(Government grants)		(540	)		—		—			73			—			—			(467	)
Intangible assets under development		125,687			15,466		—			—			—			(32,176	)		108,977
(Government grants)		(5,044	)		—		—			—			—			(494	)		(5,538	)
Usage rights of donated assets and others		131,241			—		—			(3,521	)		—			20,979			148,699
Leasehold rights		1,688			—		—			(185	)		—			—			1,503
Greenhouse gas emissions rights		108,300			1,169		—			27			—			—			109,496
Others		375,809			11,373		—			(5,982	)		—			27,154			408,354
(Government grants)		(136	)		—		—			24			—			—			(112	)

	W	1,001,295			33,948		—			(39,353	)		(1,115	)		30,165			1,024,940


In millions of won	For the year ended December 31, 2025
	Beginning balance			Acquisition		Disposal			Amortization			Impairment			Others			Ending balance
Software	W	179,989			23,008		(2,267	)		(89,309	)		40			61,444			172,905
(Government grants)		(844	)		—		—			342			—			(302	)		(804	)
Copyrights, patents rights and other industrial rights		26,631			390		(12	)		(4,937	)		(8,348	)		1,208			14,932
Mining rights		29,422			30		(972	)		(1,569	)		—			(18,223	)		8,688
Development expenditures		73,673			—		—			(27,901	)		—			22,797			68,569
(Government grants)		(939	)		—		—			496			—			(97	)		(540	)
Intangible assets under development		87,641			75,291		—			—			(30	)		(37,215	)		125,687
(Government grants)		(3,473	)		—		—			—			—			(1,571	)		(5,044	)
Usage rights of donated assets and others		133,379			—		—			(11,599	)		—			9,461			131,241
Leasehold rights		2,431			—		—			(743	)		—			—			1,688
Greenhouse gas emissions rights		135,534			1,523		—			—			—			(28,757	)		108,300
Others		383,703			2,251		(1,350	)		(23,483	)		(58	)		14,746			375,809
(Government grants)		(229	)		—		—			93			—			—			(136	)

	W	1,046,918			102,493		(4,601	)		(158,610	)		(8,396	)		23,491			1,001,295

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

21.

Intangible Assets other than Goodwill, Continued

(3)

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


In millions of won and thousands of Australian dollars
As of March 31, 2026
Type	Description	Currency	Amount		Remaining useful lives
Software	S/4HANA ERP license	KRW		2,443	1 years and 8 months
Mining rights	Mining rights of Bylong mine	AUD		—	— (*)
Usage rights of donated assets and others	Sejong Haengbogdosi sharing charge	KRW		3,025	8 months
	Right of use electricity and gas supply facility (Community district of Songdo)	KRW		4,481	4 years and 3 months
Others	Occupancy and use of public waters	KRW		58,625	10 years and 10 month
	Greenhouse gas emissions rights	KRW		109,496	—
	Business rights	KRW		172,434	—

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


In millions of won and thousands of Australian dollars
As of December 31, 2025
Type	Description	Currency	Amount		Remaining useful lives
Software	S/4HANA ERP license	KRW		2,810	1 years and 11 months
Mining rights	Mining rights of Bylong mine	AUD		—	— (*)
Usage rights of donated assets and others	Sejong Haengbogdosi sharing charge	KRW		4,159	11 months
	Right of use electricity and gas supply facility (Community district of Songdo)	KRW		4,745	4 years and 6 months
Others	Occupancy and use of public waters	KRW		59,977	11 years and 1 month
	Greenhouse gas emissions rights	KRW		108,300	—
	Business rights	KRW		143,216	24 years and 11 months

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

(4)

For each of the three-month periods ended March 31, 2026 and 2025, the Group recognized research and development expenses of W607,182 million and W175,955 million, respectively.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

22.

Trade and Other Payables

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


In millions of won	As of March 31, 2026				As of December 31, 2025
	Current		Non-current		Current		Non-current
Trade payables	W	4,197,083		—		3,543,008		—
Non-trade payables		2,322,816		1,300,457		2,413,056		1,298,781
Accrued expenses		1,853,099		41,088		2,066,595		39,309
Leasehold deposits received		5,563		726		5,448		956
Other deposits received		84,743		42,882		82,116		38,788
Lease liabilities		529,536		2,637,588		510,105		2,640,775
Dividends payable		1,054,170		—		1,319		—
Others (*)		23		10,212		24		10,199

	W	10,047,033		4,032,953		8,621,671		4,028,808

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


In millions of won	As of March 31, 2026				As of December 31, 2025
	Current		Non-current		Current		Non-current
Advance received from local governments	W	—		2,689		—		2,689
Others		23		7,523		24		7,510

	W	23		10,212		24		10,199

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

23.

Borrowings and Debt Securities

(1)

Borrowings and debt securities as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won	As of March 31, 2026			As of December 31, 2025
Current liabilities
Short-term borrowings	W	9,524,299			9,979,420
Current portion of long-term borrowings		9,272,552			8,744,156
Current portion of debt securities		29,485,761			27,173,916
Less: current portion of discount on long-term borrowings		(1,950	)		(2,054	)
Less: current portion of discount on debt securities		(10,113	)		(8,468	)

		48,270,549			45,886,970

Non-current liabilities
Long-term borrowings		3,353,864			3,317,261
Debt securities		76,787,812			80,769,677
Less: discount on long-term borrowings		(41,218	)		(42,487	)
Less: discount on debt securities		(159,860	)		(162,129	)

		79,940,598			83,882,322

	W	128,211,147			129,769,292

(2)

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


In millions of won
As of March 31, 2026
Type	Borrowings		Debt Securities
Less than 1 year	W	18,796,851		29,485,761
1~ 5 years		1,212,832		56,200,498
More than 5 years		2,141,032		20,587,314

	W	22,150,715		106,273,573


In millions of won
As of December 31, 2025
Type	Borrowings		Debt Securities
Less than 1 year	W	18,723,576		27,173,916
1~ 5 years		1,268,982		59,991,872
More than 5 years		2,048,279		20,777,805

	W	22,040,837		107,943,593

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

23.

Borrowings and Debt Securities, Continued

(3)

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

In millions of won and thousands of foreign currencies

As of March 31, 2026

Type

Creditor

Interest rate (%)

Maturity

Foreign
currency

Local
currency

Local short-term borrowings

Yuanta Securities Co., Ltd. and others

2.75 ~ 4.99

2026.04.03
~2026.12.31

—

6,543,353

Local short-term borrowings

Nonghyup Bank and others

3M CD + 0.62 ~ 0.80
4.33

2026.05.27
~2026.07.11

—

2,609,200

Local short-term borrowings

Korea Development Bank

Short-term loan base interest rate
+ 0.99

2027.02.24

—

30,000

Local short-term borrowings

Export-Import Bank of Korea

2.97 ~ 3.30

2026.09.18
~2026.12.29

—

30,000

Foreign short-term borrowings

Hana Bank and others

SOFR(1M)

+ 0.40 ~ 0.90

2026.08.11

USD

49,275

74,573

Foreign short-term borrowings

DBS

Compounded SOFR
+ 0.78

2029.10.14

SAR

216,159

87,173

Local bank overdraft

Nonghyup Bank

3.40

2026.04.09

—

150,000

9,524,299

In millions of won and thousands of foreign currencies

As of December 31, 2025

Type

Creditor

Interest rate (%)

Maturity

Foreign
currency

Local
currency

Local short-term borrowings

Yuanta Securities Co., Ltd. and others

2.82 ~ 3.65

2026.01.02
~2026.05.18

—

7,018,433

Local short-term borrowings

Nonghyup Bank and others

3M CD + 0.62 ~ 0.80

2026.05.27
~2026.07.11

—

2,600,000

Local short-term borrowings

Korea Development Bank

Short-term loan base interest rate
+ 1.03

2026.02.24

—

30,000

Local short-term borrowings

Export-Import Bank of Korea

2.97 ~ 3.30

2026.09.18
~2026.12.29

—

30,000

Foreign short-term borrowings

Hana Bank and others

SOFR(1M)

+ 0.40 ~ 0.90

2026.08.11
~2026.11.25

USD

49,165

70,547

Local bank overdraft

Nonghyup Bank

3.26

2026.01.08

—

183,300

Local bank overdraft

Hana Bank

1yr bank debenture

rate+1.07

2026.10.31

—

47,140

9,979,420

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

23.

Borrowings and Debt Securities, Continued

(4)

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


In millions of won
As of March 31, 2026
Type		Interest rate (%)	Maturity	Foreign currency		Local currency
Local long-term borrowings
Korea Development Bank	Others	0.50	2026~2044		—	W	1,019
	Facility	4.60~4.94	2028~2042		—		45,556
	Facility	CB rate+0.90	2029		—		6,962
Hana Bank and others	Commercial Paper	3M CD + 0.25~1.20	2026~2030		—		8,950,000
	Facility	4.60	2028		—		3,244
	Facility	3yr KTB rate-1.25	2026~2028		—		1,661
Export-Import Bank of Korea	Project loans	1.00	2026		—		1,473
	Facility	1.32	2027~2028		—		44,000
	Operating funds	3M bank debenture rate+0.66	2026		—		50,000
Korea Energy Agency	Development of power resources	3yr KTB rate-2.25 1.75	2028		—		6,257
	Project loans	—	2033		—		1,197
Shinhan Bank and others	Facility	CB rate+0.90~1.10	2028~2029		—		9,739
	Others	3.95	2034		—		60,306
	Others	Standard overdraft rate+1.00	2034		—		60,306
Kookmin Bank	Facility	4.58~4.93 3M CD+1.79	2030~2037		—		159,227
Woori Bank	Facility	3M CD+1.90 Standard overdraft rate+1.60 4.93	2034~2042		—		91,850
IBK	Facility	4.00~5.80	2042~2044		—		30,690
Nonghyup Bank	Facility	4.58~4.68	2030~2041		—		39,093
Others	Facility	3.30~6.80	2028~2042		—		756,806
	Facility	CB rate+1.10 1.75~4.68	2028~2041		—		19,426
	Others	4.40~7.90	2038~2039		—		79,184
	Others	2.10~5.41	2031~2034		—		49,817

						W	10,467,813

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

23.

Borrowings and Debt Securities, Continued

(4)

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


In millions of won and thousands of foreign currencies
As of March 31, 2026
Type		Interest rate (%)	Maturity		Foreign currency		Local currency
Foreign long-term borrowings
Korea Energy Agency	Project loans	—		2026		USD 8,744	W	13,233
Export-Import Bank of Korea and others	Direct Loan and others	Fixed + compound SOFR 1.80~3.20		2036		USD 65,616		99,303
	Direct Loan and others	6M Synthetic Libor +2.25~3.70		2027		USD 32,621		49,368
	Facility	TermSOFR(3M)+ 26.161bps(adj)+197.5bps		2028		USD 83,147		125,835
	Facility	SOFR+0.43~1.83		2029~2031		USD 122,183		184,912
	Facility	SOFR+0.78		2029		SAR 301,909		121,754
POSCO E&C and others	Shareholder’s Loan	8.00		2026		USD 3,978		6,021
	Shareholder’s Loan	8.00		2031		USD 6,845		10,359
NH-Amundi	Syndicated Loan	8.00		2032		JPY 646,685		6,122
SMTB	Syndicated Loan	((0.55%+TIBOR 6M)×40%) +(1.8225%×60%)		2036		JPY 5,608,572		53,098
Kiwoom Solar Power Professional Investor Private Placement Investment Trust V	Senior borrowing	3.90		2029		EUR 36,284		62,894
MUFGBank and others	Facility	SOFR(3M)+1.60 SOFR(6M)+CAS+5.00 5.08~5.53		2026~2049		USD 694,956		1,051,746
Hanwha US Solar Private Fund 1 and others	Facility	6.00		2038		USD 61,026		92,356
Shinhan Bank	Facility	1M BBSY+1.40~2.25		2026		AUD 223,638		231,671
Nonghyup Bank and others	Facility	10.40		2039		USD 32,993		49,931

								2,158,603

								12,626,416
Less: discount on long-term borrowings								(43,168	)
Less: current portion of long-term borrowings								(9,272,552	)
Add: current portion of discount on long-term borrowings								1,950

							W	3,312,646

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

23.

Borrowings and Debt Securities, Continued

(4)

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


In millions of won
As of December 31, 2025
Type		Interest rate (%)		Maturity		Foreign currency		Local currency
Local long-term borrowings
Korea Development Bank	Others		0.50		2025~2044		—	W	1,097
	Facility		4.60~4.94		2028~2042		—		46,340
	Facility		CB rate+0.90		2029		—		7,457
Hana Bank and others	Commercial Paper		3M CD + 0.31~1.20		2025~2030		—		8,350,000
	Facility		4.60		2028		—		3,578
	Facility		3yr KTB rate-1.25		2025~2028		—		1,827
Export-Import Bank of Korea	Project loans		1.00		2026		—		1,473
	Facility		1.32		2026~2028		—		48,000
	Operating funds		3M bank debenture rate+0.66		2026		—		50,000
Korea Energy Agency	Development of power resources		3yr KTB rate-2.25 1.75		2028		—		6,438
	Project loans		—		2033		—		1,197
Shinhan Bank and others	Facility		CB rate+0.90~1.10		2028~2029		—		10,586
	Others		3.95		2034		—		61,820
	Others		Standard overdraft rate+1.00		2034		—		61,820
Kookmin Bank	Facility		4.36~5.93		2030~2037		—		161,114
Woori Bank	Facility		3M CD+1.90 4.65~5.20		2034~2042		—		92,963
IBK	Facility		4.00~5.80		2042~2044		—		30,690
Nonghyup Bank	Facility		5.60~5.70		2030~2041		—		39,093
Others	Facility		3.30~6.80		2028~2042		—		768,821
	Facility		CB rate+1.10 1.75~5.70		2028~2041		—		20,549
	Others		4.40~7.90		2038~2039		—		79,296
	Others		2.00~5.41		2031~2034		—		49,819

								W	9,893,978

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

23.

Borrowings and Debt Securities, Continued

(4)

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


In millions of won and thousands of foreign currencies
As of December 31, 2025
Type		Interest rate (%)	Maturity		Foreign currency		Local currency
Foreign long-term borrowings
Korea Energy Agency	Project loans	—		2026		USD 8,744	W	12,546
Export-Import Bank of Korea and others	Direct Loan and others	6.72~8.12		2036		USD 65,616		94,152
	Direct Loan and others	6M Synthetic Libor +2.25~3.70		2027		USD 32,621		46,808
	Facility	SOFR+0.43~1.83		2029~2031		USD 125,556		180,160
	Facility	SOFR+0.78		2029		SAR 517,167		197,847
POSCO E&C and others	Shareholder’s Loan	8.00		2026		USD 4,086		5,863
	Shareholder’s Loan	8.00		2031		USD 6,845		9,822
NH-Amundi	Syndicated Loan	8.00		2032		JPY 491,448		4,510
SMTB	Syndicated Loan	((0.55%+TIBOR 6M)×40%) +(1.8225%×60%)		2036		JPY 5,792,647		53,155
Kiwoom Solar Power Professional Investor Private Placement Investment Trust V	Senior borrowing	3.90		2029		EUR 36,060		60,786
MUFG Bank and others	Facility	SOFR(3M)+1.60~1.99 SOFR(6M)+5.00 5.67~6.18		2026~2032		USD 801,862		1,150,592
Hanwha US Solar Private Fund 1 and others	Facility	6.00		2038		USD 60,818		87,267
Shinhan Bank	Facility	1M BBSY+1.40~2.25		2026		AUD 223,008		214,315
Nonghyup Bank and others	Facility	10.40		2039		USD 34,577		49,616

								2,167,439

								12,061,417
Less: discount on long-term borrowings								(44,541	)
Less: current portion of long-term borrowings								(8,744,156	)
Add: current portion of discount on long-term borrowings								2,054

							W	3,274,774

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

23.

Borrowings and Debt Securities, Continued

(5)

Local debt securities as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won
	Issue date		Maturity		Interest rate (%)		As of March 31, 2026			As of December 31, 2025
Electricity Bonds		2012.03.27 ~2026.03.17		2026.04.04 ~2052.04.21		1.48~5.69	W	57,380,000			59,850,000
Corporate Bonds (*)		2009.10.16 ~2026.02.13		2026.04.08 ~2054.06.28		1.29~10.00		30,917,353			29,957,353
Corporate Bonds		2021.05.26 ~2023.12.28		2041.05.25 ~2043.09.15		1.75~3.78		41,577			41,578

								88,338,930			89,848,931
Less: discount on local debt securities								(53,119	)		(52,559	)
Less: current portion of local debt securities								(22,691,584	)		(21,801,584	)
Add: current portion of discount on local debt securities								3,187			2,163

							W	65,597,414			67,996,951

(*)

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

23.

Borrowings and Debt Securities, Continued

(6)

Foreign debt securities as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won and thousands of foreign currencies
March 31, 2026
Type	Issue date	Maturity	Interest rate (%)	Foreign currency		Local currency
FY-96	1996.04.01~1996.12.06	2026.12.01~2096.04.01	6.00~7.95		USD 278,701	W	421,786
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00		USD 314,717		476,293
FY-04	2004.04.23	2034.04.23	5.13		USD 286,920		434,225
FY-14	2014.07.30	2029.07.30	3.57		USD 100,000		151,340
FY-17	2017.07.25	2027.07.25	3.13		USD 300,000		454,020
FY-17	2017.10.30	2037.10.30	1.70		EUR 40,000		69,335
FY-17	2017.11.16	2037.11.16	2.36		SEK 450,000		71,235
FY-18	2018.03.13	2028.03.13	3.35		HKD 1,650,000		318,698
FY-19	2019.07.19	2027.07.19	0.05		CHF 100,000		189,163
FY-19	2019.12.19	2037.12.31	3.30~5.70		USD 310,682		470,186
FY-21	2021.04.27	2026.04.27	1.25		USD 500,000		756,700
FY-21	2021.08.09	2026.08.09	1.25		USD 300,000		454,020
FY-21	2021.09.24	2026.09.24	1.13		USD 300,000		454,020
FY-22	2022.04.21	2027.04.21	3.63		USD 300,000		454,020
FY-22	2022.06.14	2027.06.14	4.00		USD 300,000		454,020
FY-22	2022.07.27	2027.07.27	4.25		USD 700,000		1,059,380
FY-22	2022.10.06	2026.04.06~2028.04.06	5.38~5.50		USD 800,000		1,210,720
FY-22	2022.10.06~2022.11.01	2032.10.06	5.16		HKD 2,350,000		453,903
FY-23	2023.06.07	2030.06.07	4.51		HKD 1,037,000		200,297
FY-23	2023.07.12	2028.07.12	4.88		USD 350,000		529,690
FY-23	2023.07.18	2028.07.18	5.00		USD 500,000		756,700
FY-23	2023.07.31	2026.07.31	5.38		USD 1,000,000		1,513,400
FY-23	2023.09.21	2026.09.21	5.38		USD 300,000		454,020
FY-24	2024.01.31	2027.01.31	4.88		USD 1,200,000		1,816,080
FY-24	2024.07.29	2029.07.29	4.63		USD 500,000		756,700
FY-25	2025.02.13	2028.02.13	4.75		USD 400,000		605,360
FY-25	2025.03.05	2028.03.05	4.10		HKD 1,166,000		225,213
FY-25	2025.07.30	2030.07.30	SOFR+0.79		USD 500,000		756,700
FY-25	2025.11.04	2031.05.04	4.00		USD 300,000		454,020
FY-25	2025.11.12	2028.11.12	Compounded Daily SOFR+0.62		USD 600,000		908,040
FY-25	2025.11.12	2030.11.12	4.13		USD 400,000		605,359

							17,934,643
Less: discount on foreign debt securities							(116,854	)
Less: current portion of foreign debt securities							(6,794,177	)
Add: current portion of discount on foreign debt securities							6,926

						W	11,030,538

100

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

23.

Borrowings and Debt Securities, Continued

(6)

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


In millions of won and thousands of foreign currencies
December 31, 2025
Type	Issue date	Maturity	Interest rate (%)	Foreign currency		Local currency
FY-96	1996.04.01~1996.12.06	2026.12.01~2096.04.01	6.00~7.95		USD 278,701	W	399,908
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00		USD 314,717		451,587
FY-04	2004.04.23	2034.04.23	5.13		USD 286,920		411,702
FY-14	2014.07.30	2029.07.30	3.57		USD 100,000		143,490
FY-17	2017.07.25	2027.07.25	3.13		USD 300,000		430,470
FY-17	2017.10.30	2037.10.30	1.70		EUR 40,000		67,429
FY-17	2017.11.16	2037.11.16	2.36		SEK 450,000		70,187
FY-18	2018.03.13	2028.03.13	3.35		HKD 1,650,000		304,277
FY-19	2019.07.19	2027.07.19	0.05		CHF 100,000		181,197
FY-19	2019.12.19	2037.12.31	3.30~5.70		USD 310,682		445,798
FY-20	2020.08.03	2026.02.03	0.61		USD 300,000		430,470
FY-21	2021.01.27	2026.01.27	0.75		USD 450,000		645,705
FY-21	2021.04.27	2026.04.27	1.25		USD 500,000		717,450
FY-21	2021.08.09	2026.08.09	1.25		USD 300,000		430,470
FY-21	2021.09.24	2026.09.24	1.13		USD 300,000		430,470
FY-22	2022.04.21	2027.04.21	3.63		USD 300,000		430,470
FY-22	2022.06.14	2027.06.14	4.00		USD 300,000		430,470
FY-22	2022.07.27	2027.07.27	4.25		USD 700,000		1,004,430
FY-22	2022.10.06	2026.04.06~2028.04.06	5.38~5.50		USD 800,000		1,147,920
FY-22	2022.10.06~2022.11.01	2032.10.06	5.16		HKD 2,350,000		433,364
FY-23	2023.06.07	2030.06.07	4.51		HKD 1,037,000		191,233
FY-23	2023.07.12	2028.07.12	4.88		USD 350,000		502,215
FY-23	2023.07.18	2028.07.18	5.00		USD 500,000		717,450
FY-23	2023.07.31	2026.07.31	5.38		USD 1,000,000		1,434,900
FY-23	2023.09.21	2026.09.21	5.38		USD 300,000		430,470
FY-24	2024.01.31	2027.01.31	4.88		USD 1,200,000		1,721,880
FY-24	2024.07.29	2029.07.29	4.63		USD 500,000		717,450
FY-25	2025.02.13	2028.02.13	4.75		USD 400,000		573,960
FY-25	2025.03.05	2028.03.05	4.10		HKD 1,166,000		215,022
FY-25	2025.07.30	2030.07.30	SOFR+0.79		USD 500,000		717,450
FY-25	2025.11.04	2031.05.04	4.00		USD 300,000		430,470
FY-25	2025.11.12	2028.11.12	Compounded Daily SOFR+0.62		USD 600,000		860,939
FY-25	2025.11.12	2030.11.12	4.13		USD 400,000		573,959

							18,094,662
Less: discount on foreign debt securities							(118,038	)
Less: current portion of foreign debt securities							(5,372,332	)
Add: current portion of discount on foreign debt securities							6,305

						W	12,610,597

(7)

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


In millions of won	For the three-month period ended March 31, 2026									For the three-month period ended March 31, 2025
	Borrowings			Debt Securities			Total			Borrowings			Debt Securities			Total
Beginning balance	W	21,996,296			107,772,996			129,769,292			20,659,381			111,874,019			132,533,400
Cash flow		(115,815	)		(2,500,420	)		(2,616,235	)		206,872			538,688			745,560
Effect of exchange rate fluctuations		225,693			830,400			1,056,093			(3,806	)		(16,914	)		(20,720	)
Others		1,373			624			1,997			(25,855	)		2,564			(23,291	)

	W	22,107,547			106,103,600			128,211,147			20,836,592			112,398,357			133,234,949

101

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

24.

Lease

1)	Group as a lessee

(1)

Lease contracts

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

(2)

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


In millions of won	As of March 31, 2026
	Acquisition Cost		Accumulated depreciation			Accumulated impairment losses			Book value
Land	W	1,029,390		(414,545	)		—			614,845
Buildings		232,675		(127,375	)		(27	)		105,273
Structures		55,320		(15,973	)		—			39,347
Machinery		56,562		(35,118	)		—			21,444
Ships		3,658,096		(2,140,137	)		—			1,517,959
Vehicles		63,552		(41,520	)		—			22,032
Others		388,181		(122,653	)		—			265,528

	W	5,483,776		(2,897,321	)		(27	)		2,586,428


In millions of won	As of December 31, 2025
	Acquisition Cost		Accumulated depreciation			Book value
Land	W	1,025,978		(401,002	)		624,976
Buildings		220,277		(126,636	)		93,641
Structures		54,310		(15,125	)		39,185
Machinery		56,211		(33,535	)		22,676
Ships		3,630,728		(2,066,439	)		1,564,289
Vehicles		72,416		(47,670	)		24,746
Others (*)		381,469		(119,045	)		262,424

	W	5,441,389		(2,809,452	)		2,631,937

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

102

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

24.

Lease, Continued

1)	Group as a lessee, continued

(3)

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


In millions of won	For the three-month period ended March 31, 2026
	Beginning balance		Increase		Depreciation			Decrease			Others			Ending balance
Land	W	624,976		9,972		(14,827	)		(8,907	)		3,631			614,845
Buildings		93,641		17,346		(10,651	)		(882	)		5,819			105,273
Structures		39,185		9		(3,309	)		—			3,462			39,347
Machinery		22,676		249		(1,584	)		—			103			21,444
Ships		1,564,289		21,698		(73,698	)		—			5,670			1,517,959
Vehicles		24,746		562		(3,613	)		—			337			22,032
Others		262,424		5,934		(5,751	)		—			2,921			265,528

	W	2,631,937		55,770		(113,433	)		(9,789	)		21,943			2,586,428


In millions of won	For the year ended December 31, 2025
	Beginning balance		Increase		Depreciation			Decrease			Others			Ending balance
Land	W	677,602		9,402		(59,793	)		(2,035	)		(200	)		624,976
Buildings		105,841		25,783		(41,921	)		(2,282	)		6,220			93,641
Structures		40,859		1,889		(8,433	)		(96	)		4,966			39,185
Machinery		27,060		1,364		(6,515	)		(19	)		786			22,676
Ships		1,931,093		9,688		(316,823	)		—			(59,669	)		1,564,289
Vehicles		20,920		21,280		(15,498	)		(1,444	)		(512	)		24,746
Others		243,021		31,024		(28,680	)		—			17,059			262,424

	W	3,046,396		100,430		(477,663	)		(5,876	)		(31,350	)		2,631,937

103

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

24.

Lease, Continued

1)	Group as a lessee, continued

(4)

Lease liabilities as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won	As of March 31, 2026			As of December 31, 2025
Less than 1 year	W	546,477			526,324
1 ~ 5 years		1,659,199			1,614,003
More than 5 years		1,336,773			1,407,310

		3,542,449			3,547,637
Less: present value discounts and others		(375,325	)		(396,757	)

Present value of lease payment	W	3,167,124			3,150,880

(5)

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


In millions of won	As of March 31, 2026		As of December 31, 2025
Current lease liabilities	W	529,536		510,105
Non-current lease liabilities		2,637,588		2,640,775

	W	3,167,124		3,150,880

(6)

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


In millions of won	For the three-month period ended March 31, 2026
	Beginning balance		Increase		Decrease			Interest expenses		*Others ()**		Ending balance
Lease liabilities	W	3,150,880		53,156		(174,782	)		17,433		120,437		3,167,124

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


In millions of won	For the year ended December 31, 2025
	Beginning balance		Increase		Decrease			Interest expenses		*Others ()**			Ending balance
Lease liabilities	W	3,699,456		90,362		(626,586	)		76,935		(89,287	)		3,150,880

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

104

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

24.

Lease, Continued

1)	Group as a lessee, continued

(7)

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


In millions of won	For the three-month period ended March 31, 2026		For the three-month period ended March 31, 2025
Depreciation of right-of-use assets	W	113,433		127,011
Interest expenses of lease liabilities		17,433		20,821
Lease expenses for short-term leases		57,081		21,003
Lease expenses for leases of low-value assets		916		836
Variable lease payments		5,163		3,710

	W	194,026		173,381

(8)

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

105

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

24.

Lease, Continued

2)	Group as a lessor

(1)

Finance lease contracts

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

(2)

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


In millions of won	For the three-month period ended March 31, 2026		For the three-month period ended March 31, 2025
Finance income on the net investment in the lease	W	30,785		29,829

(3)

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


In millions of won	As of March 31, 2026			As of December 31, 2025
Less than 1 year	W	232,106			217,872
1 ~ 2 years		214,694			206,023
2 ~ 3 years		202,022			194,195
3 ~ 4 years		205,090			184,626
4 ~ 5 years		183,721			187,851
More than 5 years		1,241,672			1,218,793

		2,279,305			2,209,360
Less: unearned finance income		(944,907	)		(932,072	)

Net investment in the lease (*)	W	1,334,398			1,277,288

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

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

106

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

24.

Lease, Continued

2)	Group as a lessor, continued

(4)

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


In millions of won	For the three-month period ended March 31, 2026		For the year ended December 31, 2025
Beginning balance	W	7,002		5,255
Bad debt expense		44		1,977
Write-off		—		(230	)
Reversal		—		—

Ending balance	W	7,046		7,002

107

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

25.

Employment Benefits

(1)

Employment benefit obligations as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won	As of March 31, 2026		As of December 31, 2025
Net defined benefit asset	W	130,637		104,344
Net defined benefit obligations		1,157,422		1,380,352
Other long-term employee benefit obligations		24,414		1,500

(2)

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


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

(3)

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


In millions of won	For the three-month period ended March 31, 2026			For the three-month period ended March 31, 2025
Current service cost	W	111,226			112,868
Interest cost		45,571			40,947
Expected return on plan assets		(33,242	)		(29,331	)

	W	123,555			124,484

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


In millions of won	For the three-month period ended March 31, 2026		For the three-month period ended March 31, 2025
Cost of sales	W	88,907		88,496
Selling and administrative expenses		22,542		23,947
Others including construction-in-progress		12,106		12,041

	W	123,555		124,484

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

108

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

25.

Employment Benefits, Continued

(4)

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


In millions of won	As of March 31, 2026			As of December 31, 2025
Present value of defined benefit obligation from funded plans	W	4,653,250			4,978,795
Fair value of plan assets		(3,626,465	)		(3,702,787	)

Net liabilities incurred from defined benefit plans	W	1,026,785			1,276,008

(5)

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


In millions of won	For the three-month period ended March 31, 2026			For the year ended December 31, 2025
Beginning balance	W	4,978,795			4,960,645
Current service cost		111,226			486,139
Interest cost		45,571			173,362
Remeasurement component		(116,068	)		32,568
Actual payments		(366,338	)		(673,863	)
Others		64			(56	)

Ending balance	W	4,653,250			4,978,795

(6)

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


In millions of won	For the three-month period ended March 31, 2026			For the year ended December 31, 2025
Beginning balance	W	3,702,787			3,551,233
Expected return		33,242			124,639
Remeasurement component		(7,209	)		(12,236	)
Contributions by the employers		620			350,970
Actual payments		(102,975	)		(311,819	)

Ending balance	W	3,626,465			3,702,787

109

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

25.

Employment Benefits, Continued

(7)

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


In millions of won	As of March 31, 2026		As of December 31, 2025
Equity instruments	W	992		879
Debt instruments		516,789		527,278
Bank deposits		244,523		275,590
Others (*)		2,864,161		2,899,040

	W	3,626,465		3,702,787

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

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

(8)

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


In millions of won	For the three-month period ended March 31, 2026			For the year ended December 31, 2025
Actuarial loss (gain) from changes in financial assumptions	W	(178,911	)		(172,587	)
Actuarial loss from experience adjustments, etc.		62,843			205,155
Expected loss		7,209			12,236

	W	(108,859	)		44,804

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

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

110

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

26.

Provisions

(1)

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


In millions of won	As of March 31, 2026				As of December 31, 2025
In millions of won	Current		Non-current		Current		Non-current
Employment benefits
Provisions for employment benefits	W	1,226,243		—		1,145,049		—
Litigation
Litigation provisions		10,114		349,163		10,114		342,213
Decommissioning cost
Nuclear plants		55,874		24,279,978		55,874		24,121,023
Spent fuel		809,934		2,089,906		700,694		2,044,650
Radioactive waste		79,777		1,726,024		72,616		1,699,429
PCBs		—		10,937		—		14,073
Other recovery provisions		—		56,769		—		55,843
Others
Power plant regional support program		183,482		—		132,818		—
Transmission regional support program (*1)		303,509		—		344,824		—
Provisions for financial guarantee		18,302		28,338		21,815		28,894
Provisions for RPS		31,007		—		—		—
Provisions for greenhouse gas emissions obligations		161,203		—		151,187		—
Provision for onerous contracts (*2)		1,415,903		1,634		1,448,037		1,656
Provision for defects liability		309		106,107		311		111,885
Provision for product warranties		960		—		977		—
Others		126,529		446,052		85,927		444,034

	W	4,423,146		29,094,908		4,170,243		28,863,700

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

(*2)	The Company recognized provisions for onerous contracts for those construction contracts where the total estimated contract costs exceed the total contract revenue. Detailed information regarding construction contracts is described in Note 20.

111

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

26.

Provisions, Continued

(2)

Changes in provisions for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the three-month period ended March 31, 2026
	Beginning balance		Increase in provision			Payment			Reversal			Others			Ending balance
Employment benefits
Provisions for employment benefits	W	1,145,049		275,996			(194,802	)		—			—			1,226,243
Litigation
Litigation provisions		352,327		10,810			(2,041	)		(1,819	)		—			359,277
Decommissioning cost
Nuclear plants		24,176,897		177,788			(18,833	)		—			—			24,335,852
Spent fuel		2,745,344		257,904			(103,408	)		—			—			2,899,840
Radioactive waste		1,772,045		38,126			(4,370	)		—			—			1,805,801
PCBs		14,073		114			(3,250	)		—			—			10,937
Other recovery provisions		55,843		451			—			—			475			56,769
Others
Power plant regional support program		132,818		60,107			(9,443	)		—			—			183,482
Transmission regional support program		344,824		985			(42,300	)		—			—			303,509
Provisions for financial guarantee		50,709		(977	)		(2,276	)		(1,092	)		276			46,640
Provisions for RPS		—		310,858			(279,771	)		—			(80	)		31,007
Provisions for greenhouse gas emissions obligations		151,187		12,418			(163	)		(2,239	)		—			161,203
Provision for onerous contracts		1,449,693		8,659			—			(40,815	)		—			1,417,537
Provision for defects liability		112,196		7,387			(13,138	)		(29	)		—			106,416
Provision for product warranties		977		2			(4	)		(15	)		—			960
Others		529,961		50,776			(7,126	)		(767	)		(263	)		572,581

	W	33,033,943		1,211,404			(680,925	)		(46,776	)		408			33,518,054


In millions of won	For the year ended December 31, 2025
	Beginning balance		Increase in provision		Payment			Reversal			Others			Ending balance
Employment benefits
Provisions for employment benefits	W	1,093,625		1,364,058		(1,301,555	)		(11,079	)		—			1,145,049
Litigation
Litigation provisions		488,421		44,700		(167,170	)		(13,638	)		14			352,327
Decommissioning cost
Nuclear plants		23,272,373		1,005,286		(63,355	)		(37,407	)		—			24,176,897
Spent fuel		2,923,745		578,601		(411,377	)		(345,625	)		—			2,745,344
Radioactive waste		1,761,791		108,910		(56,879	)		(41,777	)		—			1,772,045
PCBs		39,389		1,144		(19,958	)		(6,502	)		—			14,073
Other recovery provisions		50,407		18,963		(1,290	)		(280	)		(11,957	)		55,843
Others
Power plant regional support program		130,256		59,769		(57,207	)		—			—			132,818
Transmission regional support program		302,631		212,701		(170,508	)		—			—			344,824
Provisions for financial guarantee		30,924		45,864		(22,553	)		(3,347	)		(179	)		50,709
Provisions for RPS		—		1,107,704		(1,101,002	)		(6,702	)		—			—
Provisions for greenhouse gas emissions obligations		156,463		247,135		(241,024	)		(7,204	)		(4,183	)		151,187
Provision for onerous contracts		1,767		1,448,691		—			(765	)		—			1,449,693
Provision for defects liability		121,402		30,329		(39,416	)		(119	)		—			112,196
Provision for product warranties		967		50		(9	)		(28	)		(3	)		977
Others		256,844		278,428		(5,195	)		—			(116	)		529,961

	W	30,631,005		6,552,333		(3,658,498	)		(474,473	)		(16,424	)		33,033,943

112

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

27.

Government Grants

(1)

Government grants as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won	As of March 31, 2026		As of December 31, 2025
Land	W	27,391		27,392
Buildings		37,108		38,077
Structures		147,037		149,558
Machinery		91,921		94,337
Vehicles		2,588		2,683
Equipment		1,394		1,868
Tools		929		982
Construction-in-progress		234,123		230,573
Investment properties		21		22
Software		707		804
Development expenditures		467		540
Intangible assets under development		5,538		5,044
Other intangible assets		112		136

	W	549,336		552,016

113

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

27.

Government Grants, Continued

(2)

Changes in government grants for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the three-month period ended March 31, 2026
	Beginning balance		Receipt		Acquisition			Offset the items of depreciation expense and others			Disposal			Revenue		Others			Ending balance
Cash	W	—		5,321		—			—			—			62		(5,383	)		—
Land		27,392		—		—			—			(1	)		—		—			27,391
Buildings		38,077		—		—			(970	)		—			—		1			37,108
Structures		149,558		—		—			(2,426	)		(100	)		—		5			147,037
Machinery		94,337		—		—			(3,405	)		(28	)		—		1,017			91,921
Vehicles		2,683		—		—			(336	)		(2	)		—		243			2,588
Equipment		1,868		—		—			(537	)		—			—		63			1,394
Tools		982		—		—			(113	)		—			—		60			929
Construction-in-progress		230,573		—		(1,093	)		—			—			—		4,643			234,123
Investment properties		22		—		—			—			—			—		(1	)		21
Software		804		—		—			(111	)		—			—		14			707
Development expenditures		540		—		—			(73	)		—			—		—			467
Intangible assets under development		5,044		—		—			—			—			—		494			5,538
Other intangible assets		136		—		—			(24	)		—			—		—			112

	W	552,016		5,321		(1,093	)		(7,995	)		(131	)		62		1,156			549,336


In millions of won	For the year ended December 31, 2025
	Beginning balance		Receipt		Acquisition			Offset the items of depreciation expense and others			Disposal			Revenue		Others			Ending balance
Cash	W	—		25,019		—			—			—			224		(25,243	)		—
Land		27,403		—		—			—			(11	)		—		—			27,392
Buildings		41,718		—		—			(3,937	)		(4	)		—		300			38,077
Structures		149,737		—		—			(9,552	)		(687	)		—		10,060			149,558
Machinery		105,546		—		—			(15,011	)		(384	)		—		4,186			94,337
Vehicles		2,745		—		—			(1,309	)		(6	)		—		1,253			2,683
Equipment		3,915		—		—			(2,119	)		—			—		72			1,868
Tools		1,306		—		—			(437	)		—			—		113			982
Construction-in-progress		223,566		—		(4,685	)		—			—			—		11,692			230,573
Investment properties		22		—		—			—			—			—		—			22
Software		844		—		—			(342	)		—			—		302			804
Development expenditures		939		—		—			(496	)		—			—		97			540
Intangible assets under development		3,473		—		—			—			—			—		1,571			5,044
Other intangible assets		229		—		—			(93	)		—			—		—			136

	W	561,443		25,019		(4,685	)		(33,296	)		(1,092	)		224		4,403			552,016

114

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

28.

Deferred Revenue

Changes in deferred revenues for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows which are included in current and non-current non-financial liabilities in the consolidated statements of financial position:


In millions of won	For the three-month period ended March 31, 2026			For the year ended December 31, 2025
Beginning balance	W	14,099,143			13,652,565
Increase		595,841			1,308,338
Recognized as revenue		(225,821	)		(861,760	)

Ending balance	W	14,469,163			14,099,143

29.

Non-financial Liabilities

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


In millions of won	As of March 31, 2026				As of December 31, 2025
	Current		Non-current		Current		Non-current
Advance received	W	3,681,172		447,840		3,742,661		423,445
Unearned revenue		55,473		15,333		56,306		18,364
Deferred revenue		834,337		13,634,826		826,003		13,273,140
Withholdings		353,085		1,024		300,016		1,024
Others		2,066,768		10,891		1,880,185		10,186

	W	6,990,835		14,109,914		6,805,171		13,726,159

115

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

30.

Contributed Capital

(1)

Details of share capital as of March 31, 2026 and December 31, 2025 are as follows:

In millions of won except share information

As of March 31, 2026

Shares
authorized
(in shares)

Shares issued
(in shares)

Par value
per share
(in won)

Owned by
government (*)

Owned by
others

Total

Common shares

1,200,000,000

641,964,077

5,000

1,640,385

1,569,435

3,209,820

(*)	Korea Development Bank’s interest of W1,056,176 million is included.

In millions of won except share information

As of December 31, 2025

Shares
authorized
(in shares)

Shares issued
(in shares)

Par value
per share
(in won)

Owned by
government (*)

Owned by
others

Total

Common shares

1,200,000,000

641,964,077

5,000

1,640,385

1,569,435

3,209,820

(*)	Korea Development Bank’s interest of W1,056,176 million is included.

(2)

Details in the number of floating capital stock for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:


Number of shares	For the three-month period ended March 31, 2026		For the year ended December 31, 2025
Beginning balance		641,964,077		641,964,077

Ending balance		641,964,077		641,964,077

(3)

Details of share premium as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won	As of March 31, 2026		As of December 31, 2025
Share premium	W	843,758		843,758

116

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

31.

Retained Earnings and Dividends Paid

(1)

Details of retained earnings as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won	As of March 31, 2026		As of December 31, 2025
Legal reserve (*)	W	1,604,910		1,604,910
Voluntary reserves		6,807,034		567,469
Retained earnings before appropriations		21,668,255		26,328,205

Retained earnings	W	30,080,199		28,500,584

(*)

The KEPCO Act (Article 14) requires KEPCO to appropriate a legal reserve equal to at least 20 percent of net income for each accounting period until the reserve equals 50 percent of KEPCO’s common stock. The legal reserve is not available for cash dividends; however, this reserve may be credited to paid-in capital or offset against accumulated deficit by the resolution of the shareholders.

(2)

Details of voluntary reserves as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won	As of March 31, 2026		As of December 31, 2025
Reserve for business expansion	W	6,807,034		567,469

	W	6,807,034		567,469

(3)

Changes in retained earnings for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the three-month period ended March 31, 2026			For the year ended December 31, 2025
Beginning balance	W	28,500,584			20,128,247
Profit for the year attributed to owners of the controlling company		2,492,746			8,544,918
Changes in equity method retained earnings		10,500			(5,944	)
Remeasurements of defined benefit liability, net of tax		66,278			(29,899	)
Dividend paid		(989,909	)		(136,738	)

Ending balance	W	30,080,199			28,500,584

117

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

31.

Retained Earnings and Dividends Paid, Continued

(4)

Dividends paid for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:

In millions of won

For the three-month period ended March 31, 2026

Number of
shares issued
(in shares)

Number of
treasury stocks
(in shares)

Number of
shares eligible for
dividends (in
shares)

Dividends paid
per share
(in won)

Dividends
paid

Common shares

641,964,077

—

641,964,077

1,542

989,909

In millions of won

For the year ended December 31, 2025

Number of
shares issued
(in shares)

Number of
treasury stocks
(in shares)

Number of
shares eligible for
dividends (in
shares)

Dividends paid
per share
(in won)

Dividends
paid

Common shares

641,964,077

—

641,964,077

213

136,738

(5)

Changes in retained earnings of investments in associates and joint ventures for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the three-month period ended March 31, 2026			For the year ended December 31, 2025
Beginning balance	W	(23,364	)		(17,420	)
Changes		10,500			(5,944	)

Ending balance	W	(12,864	)		(23,364	)

(6)

Changes in remeasurement components related to defined benefit liability for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the three-month period ended March 31, 2026			For the year ended December 31, 2025
Beginning balance	W	8,027			(95,694	)
Changes		104,147			(47,266	)
Income tax effect		(37,869	)		17,367
Transfer to reserve for business expansion		18,393			133,620

Ending balance	W	92,698			8,027

118

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

32.

Hybrid Bonds

2nd hybrid bond was redeemed during the year ended December 31, 2025. Accordingly, there are no outstanding hybrid bonds classified as non-controlling interests as of March 31, 2026 and December 31, 2025.

33.

Other Components of Equity

(1)

Other components of equity as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won	As of March 31, 2026		As of December 31, 2025
Other capital surplus	W	1,566,635		1,566,635
Accumulated other comprehensive income		1,851,127		1,340,560
Other equity		12,708,585		12,708,585

	W	16,126,347		15,615,780

(2)

Changes in other capital surplus for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the three-month period ended March 31, 2026						For the year ended December 31, 2025
	Gains on disposal of treasury stocks		Others		Total		Gains on disposal of treasury stocks		Others			Total
Beginning balance	W	387,524		1,179,111		1,566,635		387,524		1,213,288			1,600,812
Additional paid-in capital of subsidiaries		—		—		—		—		(855	)		(855	)
Equity transaction within the consolidated entity		—		—		—		—		(33,322	)		(33,322	)

Ending balance	W	387,524		1,179,111		1,566,635		387,524		1,179,111			1,566,635

119

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

33.

Other Components of Equity, Continued

(3)

Changes in accumulated other comprehensive income (loss) for each of the three-month periods ended March 31, 2026 and 2025 are as follows:


In millions of won	For the three-month period ended March 31, 2026
	Financial assets at fair value through other comprehensive income valuation reserve		Shares of other comprehensive income of investments in associates and joint ventures		Reserve for overseas operations translation credit			Reserve for gain on valuation of derivatives		Total
Beginning balance	W	224,645		1,340,165		(236,978	)		12,728		1,340,560
Changes in the unrealized fair value of financial assets at FVOCI, net of tax		61,569		—		—			—		61,569
Shares of other comprehensive income of associates and joint ventures, net of tax		—		384,917		—			—		384,917
Foreign currency translation of foreign operations, net of tax		—		—		55,098			—		55,098
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—		—		—			8,983		8,983

Ending balance	W	286,214		1,725,082		(181,880	)		21,711		1,851,127


In millions of won	For the year ended December 31, 2025
	Financial assets at fair value through other comprehensive income valuation reserve		Shares of other comprehensive income of investments in associates and joint ventures			Reserve for overseas operations translation credit			Reserve for gain (loss) on valuation of derivatives			Total
Beginning balance	W	80,757		1,597,958			(231,946	)		(22,755	)		1,424,014
Changes in the unrealized fair value of financial assets at FVOCI, net of tax		143,888		—			—			—			143,888
Shares of other comprehensive loss of associates and joint ventures, net of tax		—		(257,793	)		—			—			(257,793	)
Foreign currency translation of foreign operations, net of tax		—		—			(5,032	)		—			(5,032	)
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—		—			—			35,483			35,483

Ending balance	W	224,645		1,340,165			(236,978	)		12,728			1,340,560

(4)

Other equity as of March 31, 2026 and December 31, 2025 is as follows:


In millions of won	As of March 31, 2026			As of December 31, 2025
Statutory revaluation reserve	W	12,708,704			12,708,704
Changes in other equity		(119	)		(119	)

	W	12,708,585			12,708,585

120

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

34.

Sales

Details of sales for each of the three-month periods ended March 31, 2026 and 2025 are as follows:


In millions of won	For the three-month period ended March 31, 2026						For the three-month period ended March 31, 2025
	Domestic		Overseas		Total		Domestic		Overseas		Total

[Type of goods and services]
Sales of goods	W	23,658,861		116,064		23,774,925		23,699,567		109,882		23,809,449
Electricity		23,223,279		—		23,223,279		23,211,200		—		23,211,200
Heat supply		152,777		—		152,777		186,688		—		186,688
Others		282,805		116,064		398,869		301,679		109,882		411,561
Sales related to rendering of services		74,620		97,843		172,463		86,590		60,102		146,692
Sales related to construction services		44,504		180,774		225,278		19,256		36,941		56,197
Revenue related to transfer of assets from customers		225,821		—		225,821		211,646		—		211,646

	W	24,003,806		394,681		24,398,487		24,017,059		206,925		24,223,984

[Timing of revenue recognition]
Performance obligations satisfied at a point in time	W	23,658,861		116,064		23,774,925		23,699,567		109,882		23,809,449
Performance obligations satisfied over time		344,945		278,617		623,562		317,492		97,043		414,535

	W	24,003,806		394,681		24,398,487		24,017,059		206,925		24,223,984

121

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

35.

Selling and Administrative Expenses

Selling and administrative expenses for each of the three-month periods ended March 31, 2026 and 2025 are as follows:


In millions of won	For the three-month period ended March 31, 2026		For the three-month period ended March 31, 2025
Salaries	W	293,159		285,729
Retirement benefit expense		27,372		28,107
Welfare and benefit expense		41,245		32,824
Insurance expense		13,115		7,716
Depreciation		60,549		57,511
Amortization of intangible assets		20,205		22,318
Bad debt expense		15,882		17,373
Commission		106,195		106,007
Advertising expense		10,284		10,484
Training expense		2,126		1,986
Vehicle maintenance expense		1,961		2,038
Publishing expense		683		711
Business development expense		760		708
Rent expense		12,556		11,772
Telecommunication expense		2,991		2,838
Transportation expense		354		245
Taxes and dues		9,780		10,151
Expendable supplies expense		2,505		1,852
Water, light and heating expense		4,418		4,625
Repairs and maintenance expense		16,736		29,061
Ordinary development expense		33,026		43,600
Travel expense		5,828		4,907
Clothing expense		444		546
Survey and analysis expense		197		186
Membership fee		569		633
Others		33,107		29,505

	W	716,047		713,433

122

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

36.

Other Income and Expenses

(1)

Other income for each of the three-month periods ended March 31, 2026 and 2025 are as follows:


In millions of won	For the three-month period ended March 31, 2026		For the three-month period ended March 31, 2025
Reversal of other provisions	W	2,231		3,113
Reversal of other allowance for bad debt		25,569		6,500
Gains on government grants		62		47
Gains on assets contributed		2,823		181
Gains on liabilities exempted		52		280
Compensation and reparations revenue		25,643		20,207
Revenue from foundation fund		11		154
Rental income		52,855		52,849
Others		47,389		9,476

	W	156,635		92,807

(2)

Other expenses for each of the three-month periods ended March 31, 2026 and 2025 are as follows:


In millions of won	For the three- month period ended March 31, 2026		For the three- month period ended March 31, 2025
Compensation and indemnification expense	W	—		1
Accretion expenses of other provisions		47		440
Depreciation expenses on investment properties		256		195
Depreciation expenses on idle assets		901		904
Other bad debt expense		—		2
Donations		73,072		12,111
Others		3,764		6,225

	W	78,040		19,878

123

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

37.

Other Gains (Losses)

Composition of other gains (losses) for each of the three-month periods ended March 31, 2026 and 2025 are as follows:


In millions of won	For the three-month period ended March 31, 2026			For the three-month period ended March 31, 2025
Other gains
Gains on disposal of property, plant and equipment	W	1,701			5,363
Reversal of impairment loss on property, plant and equipment		1			—
Gains on foreign currency translation		40,783			4,162
Gains on foreign currency transactions		20,086			44,613
Gains on insurance proceeds		800			—
Others		99,987			172,464

Other losses
Losses on disposal of property, plant and equipment		(19,949	)		(37,158	)
Losses on disposal of intangible assets		—			(13	)
Loss on impairment of property, plant and equipment		(825	)		—
Loss on impairment of intangible assets		(1,115	)		—
Losses on foreign currency translation		(26,924	)		(10,082	)
Losses on foreign currency transactions		(40,662	)		(19,688	)
Others		(62,179	)		(61,089	)

	W	11,704			98,572

124

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

38.

Finance Income

Finance income for each of the three-month periods ended March 31, 2026 and 2025 is as follows:


In millions of won	For the three-month period ended March 31, 2026		For the three-month period ended March 31, 2025
Interest income	W	96,955		111,988
Dividend income		20,075		13,551
Gains on disposal of financial assets		15,046		10,564
Gains on valuation of financial assets at fair value through profit or loss		16,321		14,609
Gains on valuation of derivatives		953,611		80,809
Gains on transaction of derivatives		114,267		79,130
Gains on foreign currency translation		75,535		61,897
Gains on foreign currency transactions		4,488		39,923
Others		781		830

	W	1,297,079		413,301

125

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

39.

Finance Expenses

Finance expenses for each of the three-month periods ended March 31, 2026 and 2025 are as follows:


In millions of won
	For the three-month period ended March 31, 2026			For the three-month period ended March 31, 2025
Interest expense	W	1,029,726			1,117,124
Losses on disposal of financial assets		1			735
Losses on valuation of financial assets at fair value through profit or loss		13,990			215
Losses on valuation of derivatives		4,502			43,801
Losses on transaction of derivatives		11,672			34,449
Losses on foreign currency translation		1,003,912			29,490
Losses on foreign currency transactions		17,222			2,515
Others		(2,540	)		3,326

	W	2,078,485			1,231,655

Capitalization rates for each of the three-month periods ended March 31, 2026 and 2025 are 2.26%~3.65% and 2.33%~3.26%, respectively.

126

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

40.

Income Taxes

(1)

Income tax expense is calculated by adjusting prior year adjustments, changes in deferred tax assets and liabilities resulting from temporary differences, and income tax expense related to items recognized as other than profit or loss. The average effective tax rate for each of the three-month periods ended March 31, 2026 and 2025 is 25.80% and 26.92%, respectively.

(2)

Pillar two model rules

The Group has assessed the potential exposure arising from the Pillar Two legislation based on the financial information. Based on the assessment carried out so far, the Group has identified its potential exposure to Pillar Two income taxes on profits earned from its constituent entities operating in Nepal, Pakistan, Vietnam, and other jurisdictions where the expected Pillar Two effective tax rate is likely to be lower than 15%. As a result, the Group expects that KEPCO and its constituent entities operating therein will pay additional Pillar Two income taxes on the profit from such constituent entities.

The current income tax expense recognized for the three-month period ended March 31, 2026 in relation with the additional Pillar Two income taxes amounts to W1,679 million (W733 million for the three-month period ended March 31, 2025). The Group has applied the mandatory exception to recognition and disclosure of deferred taxes arising from Pillar Two income taxes.

127

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

41.

Assets Held-for-Sale

Although the Group entered into a contract to sell the site of the Majang Materials Center during the year ended December 31, 2025, the asset was not classified as assets held-for-sale as of March 31, 2026, as it was not considered highly probable that the sale would be completed within one year.

128

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

42.

Expenses Classified by Nature

Expenses classified by nature for each of the three-month periods ended March 31, 2026 and 2025 are as follows:


In millions of won	For the three-month period ended March 31, 2026
	Selling and administrative expenses		Cost of sales		Total
Raw materials used	W	—		5,061,081		5,061,081
Power purchase		—		8,720,277		8,720,277
Salaries		293,159		1,179,789		1,472,948
Retirement benefit expense		27,372		117,226		144,598
Welfare and benefit expense		41,245		153,977		195,222
Insurance expense		13,115		41,114		54,229
Depreciation		60,549		3,269,234		3,329,783
Amortization of intangible assets		20,205		19,148		39,353
Bad debt expense		15,882		—		15,882
Commission		106,195		78,035		184,230
Advertising expense		10,284		1,756		12,040
Training expense		2,126		3,239		5,365
Vehicle maintenance expense		1,961		1,920		3,881
Publishing expense		683		630		1,313
Business promotion expense		760		600		1,360
Rent expense		12,556		45,922		58,478
Telecommunication expense		2,991		2,389		5,380
Transportation expense		354		16,521		16,875
Taxes and dues		9,780		109,013		118,793
Expendable supplies expense		2,505		11,341		13,846
Water, light and heating expense		4,418		10,635		15,053
Repairs and maintenance expense		16,736		590,446		607,182
Ordinary development expense		33,026		122,539		155,565
Travel expense		5,828		17,664		23,492
Clothing expense		444		696		1,140
Survey and analysis expense		197		867		1,064
Membership fee		569		1,582		2,151
Others		33,107		320,630		353,737

	W	716,047		19,898,271		20,614,318

129

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

42.

Expenses Classified by Nature, Continued

Expenses classified by nature for each of the three-month periods ended March 31, 2026 and 2025 are as follows, continued:


In millions of won	For the three-month period ended March 31, 2025
	Selling and administrative expenses		Cost of sales		Total
Raw materials used	W	—		4,702,200		4,702,200
Power purchase		—		8,756,833		8,756,833
Salaries		285,729		1,118,182		1,403,911
Retirement benefit expense		28,107		111,192		139,299
Welfare and benefit expense		32,824		127,975		160,799
Insurance expense		7,716		33,654		41,370
Depreciation		57,511		3,434,552		3,492,063
Amortization of intangible assets		22,318		17,981		40,299
Bad debt expense		17,373		—		17,373
Commission		106,007		69,294		175,301
Advertising expense		10,484		1,544		12,028
Training expense		1,986		3,263		5,249
Vehicle maintenance expense		2,038		2,059		4,097
Publishing expense		711		573		1,284
Business promotion expense		708		621		1,329
Rent expense		11,772		28,338		40,110
Telecommunication expense		2,838		2,477		5,315
Transportation expense		245		20,350		20,595
Taxes and dues		10,151		111,387		121,538
Expendable supplies expense		1,852		9,359		11,211
Water, light and heating expense		4,625		8,624		13,249
Repairs and maintenance expense		29,061		527,881		556,942
Ordinary development expense		43,600		132,355		175,955
Travel expense		4,907		17,423		22,330
Clothing expense		546		541		1,087
Survey and analysis expense		186		877		1,063
Membership fee		633		5,736		6,369
Others		29,505		511,673		541,178

	W	713,433		19,756,944		20,470,377

130

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

43.

Earnings Per Share

(1)

Basic earnings per share for each of the three-month periods ended March 31, 2026 and 2025 are as follows:


In won
Type	For the three-month period ended March 31, 2026		For the three-month period ended March 31, 2025
Basic earnings per share	W	3,883		3,627

(2)

Profits for the periods and the weighted average number of common shares used in the calculation of basic earnings per share for each of the three-month periods ended March 31, 2026 and 2025 are as follows:


In millions of won except number of shares
Type	For the three-month period ended March 31, 2026		For the three-month period ended March 31, 2025
Profit attributable to controlling interest	W	2,492,746		2,328,246
Profit used in the calculation of total basic earnings per share		2,492,746		2,328,246
Weighted average number of common shares		641,964,077		641,964,077

(3)

The weighted average number of common shares used in the calculation of basic earnings per share for each of the three-month periods ended March 31, 2026 and 2025 is as follows:


In number of shares
Type	For the three-month period ended March 31, 2026		For the three-month period ended March 31, 2025
The number of common shares issued at beginning of the year		641,964,077		641,964,077
Weighted average number of common shares		641,964,077		641,964,077

(4)

There are no potential dilutive instruments, thus diluted earnings per share are same as basic earnings per share for each of the three-month periods ended March 31, 2026 and 2025.

131

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

44.

Risk Management

The Group manages various risks that may arise from each business segment, primarily focusing on credit risk, market risk, interest rate risk, and liquidity risk. These risks are identified, measured, managed, and reported in accordance with the Group’s established basic policy for risk management.

(1)

Capital risk management

The Group manages its capital to ensure the ability to continue as a going concern while minimizing the cost of capital and maximizing returns to shareholders. The management of the Group periodically reviews the capital structure and maintains an optimal capital mix through short and long-term borrowings and equity issuances. The capital structure consists of net debt (calculated as borrowings less cash and cash equivalents) and equity. The Group’s overall capital risk management policy remains consistent with the prior year.

Details of the Group’s capital management accounts as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won	As of March 31, 2026			As of December 31, 2025
Total borrowings and debt securities	W	128,211,147			129,769,292
Cash and cash equivalents		2,014,211			2,240,811

Net borrowings and debt securities		126,196,936			127,528,481

Total equity		51,410,075			49,322,944

Debt to equity ratio		245.47	%		258.56	%

(2)

Financial risk management

The Group is exposed to various risks related to its financial instruments, such as market risk (currency risk, interest rate risk, price risk), and credit risk. The Group monitors and manages the financial risks relating to the operations of the Group through internal risk reports which analyze exposures by degree and magnitude of risks. The Group uses derivative financial instruments to hedge certain risk exposures. The Group’s overall financial risk management strategy remains consistent with the prior year.

(i)

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises primarily from the sales activities, securities and derivatives. In addition, credit risk exposure may exist within financial guarantees and unused line of credits. As these financial institutions the Group makes transactions with are reputable financial institutions, the credit risk from them is considered limited. The Group decides credit transaction limits based on evaluation of client’s credit, through information obtained from the credit bureau and disclosed financial position at committing contracts.

①

Credit risk management

Electricity sales, the main operations of the Group are the necessity for daily life and industrial activities of Korean nationals and have importance as one of the national key industries. The Group dominates the domestic market supplying electricity to customers. The Group is not exposed to significant credit risk as customers of the Group are diverse and are from various industries and areas. The Group uses publicly available information and its own internal data related to trade receivables, to rate its major customers and to measure the credit risk that a counter party will default on a contractual obligation. For the incurred but not recognized loss, it is measured considering overdue period.

②

Impairment and allowance account

In accordance with the Group policies, individual material financial assets are assessed on a regular basis. Trade receivables that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Value of the acquired collateral (including the confirmation of feasibility) and estimated collectible amounts are included in this assessment.

Allowance for bad debts assessed on a collective basis is recognized for (i) the group of assets which individually are not material and (ii) incurred but not recognized losses that are assessed using statistical methods, judgment and past experience.

132

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

44.

Risk Management, Continued

(2)

Financial risk management, continued

Book values of the financial assets represent the maximum exposed amounts of the credit risk. Details of the Group’s level of maximum exposure to credit risk as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won	As of March 31, 2026		As of December 31, 2025
Cash and cash equivalents	W	2,014,211		2,240,811
Financial assets at fair value through profit or loss (*1)		3,478,581		1,800,539
Derivative assets (trading)		2,343,601		1,548,015
Financial assets at fair value through other comprehensive income (debt securities)		4,794		4,794
Financial assets at amortized cost		30,967		31,117
Loans		949,157		986,528
Long-term/short-term financial instruments		1,978,168		2,882,131
Derivative assets (applying hedge accounting)		406,977		487,535
Trade and other receivables		14,965,227		15,742,665
Financial guarantee contracts (*2)		4,377,197		4,091,813

(*1)	Equity investments held by the Group are excluded.

(*2)	Maximum exposure associated with the financial guarantee contracts is the maximum amounts of the obligation.

For the three-month period ended March 31, 2026, there are no financial assets and non-financial assets that were acquired through the exercise of the right of collateralized assets and reinforcement of credit arrangement.

(ii)

Market risk

Market risk is the risk that the Group’s fair values of the financial instruments or future cash flows are affected by the changes in the market. Market risk consists of interest rate risk, currency risk and other price risk.

133

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

44.

Risk Management, Continued

(2)

Financial risk management, continued

(iii)

Sensitivity analysis

Significant assets and liabilities with uncertainties in underlying assumptions.

①

Defined benefit obligation

A sensitivity analysis of defined benefit obligation assuming a 1%p increase and decrease in the actuarial valuation assumptions as of March 31, 2026 and December 31, 2025 is as follows:


In millions of won		As of March 31, 2026						As of December 31, 2025
Type	Accounts	1%p Increase			1%p Decrease			1%p Increase			1%p Decrease
Future salary increases	Increase (decrease) in defined benefit obligation	W	434,022			(390,612	)		460,237			(412,611	)
Discount rate	Increase (decrease) in defined benefit obligation		(385,784	)		450,633			(427,236	)		491,119

Changes in retirement benefit costs assuming a 1%p increase and decrease in discount rate on plan asset for each of the three-month periods ended March 31, 2026 and 2025 are W 9,075 million and W 8,283 million, respectively.

②

Provisions

The underlying assumptions to estimate provisions as of March 31, 2026 and December 31, 2025 are as follows:


Accounts	Type	As of March 31, 2026			As of December 31, 2025
PCBs	Inflation rate		3.29	%		3.29	%
	Discount rate		3.24	%		3.24	%
Nuclear plants	Inflation rate		2.04	%		2.04	%
	Discount rate		2.89	%		2.89	%
Spent fuel	Inflation rate		2.04	%		2.04	%
	Discount rate		2.47	%		2.47	%
Radioactive waste	Inflation rate		2.45	%		2.45	%
	Discount rate		4.03	%		4.03	%

A sensitivity analysis of provisions assuming a 0.1%p increase and decrease in the underlying assumptions as of March 31, 2026 and December 31, 2025 is as follows:


In millions of won		As of March 31, 2026						As of December 31, 2025
Type	Accounts	0.1%p Increase			0.1%p Decrease			0.1%p Increase			0.1%p Decrease
Discount rate	PCBs	W	(14)			14			(17	)		17
	Nuclear plants		(476,280	)		493,043			(478,760	)		495,645
	Spent fuel		(155,329	)		166,350			(147,517	)		157,989
	Radioactive waste		(13,526	)		14,841			(13,625	)		14,951
Inflation rate	PCBs		14			(14	)		17			(17	)
	Nuclear plants		527,699			(510,409	)		523,954			(506,787	)
	Spent fuel		166,915			(156,115	)		158,525			(148,263	)
	Radioactive waste		15,168			(13,869	)		14,868			(13,625	)

134

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

44.

Risk Management, Continued

(2)

Financial risk management, continued

Management judgment effected by uncertainties in underlying assumptions.

①

Foreign currency risk

The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities as of March 31, 2026 and December 31, 2025 are as follows:


In thousands of foreign currencies	Assets				Liabilities
Type	As of March 31, 2026		As of December 31, 2025		As of March 31, 2026		As of December 31, 2025
AED		47,297		51,617		2,599		4,927
AUD		44		49		—		—
BDT		2,247		2,251		—		—
BWP		725		726		—		—
EGP		1,180,101		759,561		—		—
CAD		577		579		—		—
CHF		—		—		99,971		99,946
DOP		1,831		6,378		—		—
EUR		162,181		89,734		41,849		44,482
GBP		75		90		—		—
HKD		—		—		6,292,804		6,286,899
IDR		67,346,368		37,788,922		339,905		49,014,235
INR		1,193,821		1,175,785		142,316		161,578
JOD		901		646		455		433
JPY		989,129		60,443		1,613,895		746,066
KZT		—		1,485		—		—
MGA		6,696,596		7,038,637		—		577,908
MMK		188,021		188,021		—		—
MYR		1,202		2,805		—		—
PHP		62,953		71,400		—		—
PKR		58,058,328		64,839,210		10,418		10,418
RON		1,272		748		—		—
SAR		1,327		1,069		—		—
SEK		—		—		449,361		449,349
SGD		371		1,783		—		—
USD		1,375,841		1,356,230		12,745,492		13,851,077
UYU		120,131		93,414		1,328		1,285
VND		1,973,610		772,198		—		—
ZAR		33,757		84,167		—		—

A sensitivity analysis on the Group’s income for the period assuming a 10% increase and decrease in currency exchange rates as of March 31, 2026 and December 31, 2025 is as follows:


In millions of won	As of March 31, 2026					As of December 31, 2025
Type	10% Increase			10% Decrease		10% Increase			10% Decrease
Increase (decrease) of profit before income tax	W	(1,806,874	)		1,806,874		(1,885,349	)		1,885,349
Increase (decrease) of shareholder’s equity (*)		(1,806,874	)		1,806,874		(1,885,349	)		1,885,349

(*)	The effect on the shareholder’s equity excludes the impact of income taxes.

135

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

44.

Risk Management, Continued

(2)

Financial risk management, continued

The sensitivity analysis above is conducted for monetary assets and liabilities denominated in foreign currencies other than functional currency, without consideration of hedge effect of related derivatives, as of March 31, 2026 and December 31, 2025.

To manage its foreign currency risk related to foreign currency denominated receivables and payables, the Group has a policy to enter into currency swap agreements. In addition, to manage its foreign currency risk related to foreign currency denominated expected sales transactions and purchase transactions, the Group enters into currency forward agreements.

There is an economic relationship between the hedged item and the hedging instrument as the terms of cross-currency swap agreement are consistent with the terms of expected transaction (repayment of foreign debt securities and others). The hedging ratio is 1:1 as the risk of cross-currency swap agreement matches the hedged item. As of March 31, 2026, the hedging instrument (cross-currency swap) hedges the risk of the hedged item (repayment of foreign debt securities and others).

②

Interest rate risk

The Group is exposed to interest rate risk due to its borrowing with floating interest rates. A 1%p increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates.

The Group’s borrowings and debt securities with floating interest rates as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won Type	As of March 31, 2026		As of December 31, 2025
Short-term borrowings	W	2,800,946		2,747,687
Long-term borrowings		11,362,025		10,787,203
Debt securities		1,706,317		1,619,967

	W	15,869,288		15,154,857

A sensitivity analysis on the Group’s borrowings and debt securities assuming a 1%p increase and decrease in interest rates for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 is as follows:


In millions of won	For the three-month period ended March 31, 2026					For the year ended December 31, 2025
Type	1%p Increase			1%p Decrease		1%p Increase			1%p Decrease
Increase (decrease) of profit before income tax	W	(39,673	)		39,673		(151,549	)		151,549
Increase (decrease) of shareholder’s equity (*)		(39,673	)		39,673		(151,549	)		151,549

(*)	The effect on the shareholder’s equity excludes the impact of income taxes.

The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. To manage this, the Group enters into interest rate swaps, in which it agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. The above analysis measures the interest rate risk before reflecting the hedge effect by related derivatives.

136

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

44.

Risk Management, Continued

(2)

Financial risk management, continued

③

Electricity rates risk

The Group is exposed to electricity rates risk due to changes in government regulations and policies on national power supply schemes and electricity billing rates, in consideration of the national economy.

A sensitivity analysis on the Group’s income for the period assuming a 1% increase and decrease in price of electricity for each of the three-month periods ended March 31, 2026 and 2025 is as follows:


In millions of won	For the three-month period ended March 31, 2026					For the three-month period ended March 31, 2025
Type	1% Increase		1% Decrease			1% Increase		1% Decrease
Increase (decrease) of profit before income tax	W	232,233		(232,233	)		232,112		(232,112	)
Increase (decrease) of shareholder’s equity (*)		232,233		(232,233	)		232,112		(232,112	)

(*)	The effect on the shareholder’s equity excludes the impact of income taxes.

(iv)

Liquidity risk

The Group has established an appropriate liquidity risk management framework for the management of the Group’s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by continuously monitoring forecasted and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

In addition, the Group has established credit lines on its trade financing and bank overdrafts, and through payment guarantees it has received, it maintains an adequate credit (borrowing) line. In addition, for large-scale capital investments, the Group minimizes liquidity risk by aligning the funding maturity through the use of internally generated funds or long-term borrowings.

The expected maturities of non-derivative financial liabilities as of March 31, 2026 and December 31, 2025 in detail are as follows:


In millions of won	As of March 31, 2026
Type	Less than 1 year		1~2 Years		2~5 Years		More than 5 years		Total
Borrowings	W	20,059,500		531,948		817,903		2,778,378		24,187,729
Debt securities		31,466,420		25,302,702		36,604,482		26,622,082		119,995,686
Lease liabilities		546,477		478,671		1,180,528		1,336,773		3,542,449
Trade and other payables (*1)		9,517,497		274,920		380,874		739,571		10,912,862
Financial guarantee contracts (*2)		4,377,197		—		—		—		4,377,197

	W	65,967,091		26,588,241		38,983,787		31,476,804		163,015,923

(*1)	Excludes lease liabilities.

(*2)

The total amount represents the maximum exposure that the Group would be obliged to bear in the event of a financial guarantee occurrence, allocated to the earliest period in which the guarantee may be called upon. As of March 31, 2026, the Group has recognized W46,640 million as a provision for financial guarantee contracts.

137

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

44.

Risk Management, Continued

(2)

Financial risk management, continued


In millions of won	As of December 31, 2025
Type	Less than 1 year		1~2 Years		2~5 Years		More than 5 years		Total
Borrowings	W	20,100,531		597,717		792,513		2,512,018		24,002,779
Debt securities		29,172,320		28,897,889		37,383,870		24,539,981		119,994,060
Lease liabilities		526,324		473,319		1,140,684		1,407,310		3,547,637
Trade and other payables (*1)		8,111,566		343,906		618,231		425,896		9,499,599
Financial guarantee contracts (*2)		4,091,813		—		—		—		4,091,813

	W	62,002,554		30,312,831		39,935,298		28,885,205		161,135,888

(*1)	Excludes lease liabilities.

(*2)

The total amount represents the maximum exposure that the Group would be obliged to bear in the event of a financial guarantee occurrence, allocated to the earliest period in which the guarantee may be called upon. As of December 31, 2025, the Group has recognized W50,709 million as a provision for financial guarantee contracts.

As the Group manages liquidity based on net assets and net liabilities, information about non-derivative financial assets should be included in the disclosure for better understanding of liquidity risk management.

The expected maturities of non-derivative financial assets as of March 31, 2026 and December 31, 2025 in detail are as follows:


In millions of won	As of March 31, 2026
Type	Less than 1 year		1~5 Years		More than 5 years		*Other ()**		Total
Cash and cash equivalents	W	2,014,211		—		—		—		2,014,211
Financial assets at fair value through other comprehensive income		—		—		—		956,240		956,240
Financial assets at amortized cost		22,051		8,916		—		—		30,967
Loans and receivables		110,750		393,671		344,879		137,073		986,373
Long-term/short-term financial Instruments		1,078,321		13,957		9,162		876,728		1,978,168
Financial assets at fair value through profit or loss		2,968,246		341,565		706,515		444,485		4,460,811
Trade and other receivables		11,894,855		2,133,663		4,923,550		33		18,952,101

	W	18,088,434		2,891,772		5,984,106		2,414,559		29,378,871


In millions of won	As of December 31, 2025
Type	Less than 1 year		1~5 Years		More than 5 years		*Other ()**		Total
Cash and cash equivalents	W	2,240,811		—		—		—		2,240,811
Financial assets at fair value through other comprehensive income		—		—		—		885,173		885,173
Financial assets at amortized cost		21,663		9,454		—		—		31,117
Loans and receivables		96,582		420,903		344,853		159,449		1,021,787
Long-term/short-term financial Instruments		1,997,644		19,423		—		865,064		2,882,131
Financial assets at fair value through profit or loss		1,309,159		325,496		681,967		487,841		2,804,463
Trade and other receivables		12,840,965		2,063,420		4,768,062		—		19,672,447

	W	18,506,824		2,838,696		5,794,882		2,397,527		29,537,929

(*)	The maturities cannot be presently determined.

138

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

44.

Risk Management, Continued

(2)

Financial risk management, continued

Derivative liabilities classified by maturity periods from reporting date to maturity dates as per the contracts as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won	As of March 31, 2026
Type	Less than 1 year			1~2 Years			2~5 Years			More than 5 years			Total
Net settlement
- Trading	W	—			—			—			—			—
Gross settlement
- Trading and others		(46,091	)		(18,245	)		(3	)		(53,027	)		(117,366	)
- Hedging		—			—			—			(133	)		(133	)

	W	(46,091	)		(18,245	)		(3	)		(53,160	)		(117,499	)


In millions of won	As of December 31, 2025
Type	Less than 1 year			1~2 Years			2~5 Years			More than 5 years			Total
Net settlement
- Trading	W	—			—			—			—			—
Gross settlement
- Trading and others		(53,973	)		(14,327	)		(10,395	)		(89,024	)		(167,719	)
- Hedging		—			—			—			(126	)		(126	)

	W	(53,973	)		(14,327	)		(10,395	)		(89,150	)		(167,845	)

139

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

44.

Risk Management, Continued

(3)

Fair value risk

The fair value of the Group’s actively-traded financial instruments (i.e., FVTPL, FVOCI, etc.) is based on the traded market-price as of the reporting period end. The fair value of the Group’s financial assets is the amount which the asset could be exchanged for or the amount a liability could be settled for.

The fair values of financial instruments where no active market exists or where quoted prices are not otherwise available are determined by using valuation techniques. Valuation techniques include using recent arm’s length market transactions between knowledgeable, willing parties, if available, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis and option pricing models. If there is a valuation technique commonly used by market participants to price the instrument and that technique has been demonstrated to provide reliable estimates of prices obtained in actual market transactions, the Group uses that technique.

For trade receivables and payables, the Group considers the carrying value net of impairment as fair value. While for disclosure purposes, the fair value of financial liabilities is estimated by discounting the future contractual cash flows based on current market interest rates applied to similar financial instruments.

(i)

Fair values and book values of financial assets and liabilities as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won	As of March 31, 2026				As of December 31, 2025
Type	Book value		Fair value		Book value		Fair value
Assets recognized at fair value
Financial assets at fair value through other comprehensive income	W	956,240		956,240		885,173		885,173
Derivative assets (trading)		2,343,601		2,343,601		1,548,015		1,548,015
Derivative assets (applying hedge accounting)		406,977		406,977		487,535		487,535
Financial assets at fair value through profit or loss		3,658,808		3,658,808		1,995,226		1,995,226

	W	7,365,626		7,365,626		4,915,949		4,915,949

Assets carried at amortized cost
Financial assets at amortized cost	W	30,967		30,967		31,117		31,117
Loans and receivables		949,157		949,157		986,528		986,528
Trade and other receivables		14,965,227		14,965,227		15,742,665		15,742,665
Long-term financial instruments		899,847		899,847		884,487		884,487
Short-term financial instruments		1,078,321		1,078,321		1,997,644		1,997,644
Cash and cash equivalents		2,014,211		2,014,211		2,240,811		2,240,811

	W	19,937,730		19,937,730		21,883,252		21,883,252

Liabilities recognized at fair value
Derivative liabilities (trading)	W	118,298		118,298		165,373		165,373
Derivative liabilities (applying hedge accounting)		133		133		126		126

	W	118,431		118,431		165,499		165,499

Liabilities carried at amortized cost
Secured borrowings	W	1,276,921		1,276,921		1,245,289		1,245,289
Unsecured bond		106,103,600		103,963,065		107,772,996		106,751,304
Lease liabilities		3,167,124		3,167,124		3,150,880		3,150,880
Unsecured borrowings		20,680,626		20,630,183		20,520,567		20,473,189
Trade and other payables (*)		10,912,862		10,912,862		9,499,599		9,499,599
Overdraft		150,000		150,000		230,440		230,440

	W	142,291,133		140,100,155		142,419,771		141,350,701

(*)	Excludes lease liabilities.

140

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

44.

Risk Management, Continued

(3)

Fair value risk, continued

(ii)

Interest rates used for determining fair value

The interest rates used to discount estimated cash flows, when applicable, are based on the government yield curve at the reporting date plus an adequate credit spread.

The discount rates used for calculating fair value as of March 31, 2026 and December 31, 2025 are as follows:


Type	As of March 31, 2026	As of December 31, 2025
Derivatives	0.00% ~ 5.02%	0.00% ~ 4.88%
Borrowings and debt securities	0.42% ~ 5.66%	0.33% ~ 5.50%
Leases	0.00% ~ 17.60%	0.00% ~ 17.37%

(iii)

Fair value hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, classified as Level 1, 2 or 3, based on the degree to which the fair value is observable.


Level 1:		Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2:		Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and

Level 3:		Inputs that are not based on observable market data.

Fair values of financial instruments by hierarchy level as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won	As of March 31, 2026
Type	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income	W	588,275		—		367,965		956,240
Derivative assets		—		2,647,708		102,870		2,750,578
Financial assets at fair value through profit or loss		—		3,652,228		6,580		3,658,808

	W	588,275		6,299,936		477,415		7,365,626

Financial liabilities at fair value
Derivative liabilities	W	—		26,106		92,325		118,431


In millions of won	As of December 31, 2025
Type	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income	W	517,251		—		367,922		885,173
Derivative assets		—		1,937,554		97,996		2,035,550
Financial assets at fair value through profit or loss		—		1,988,813		6,413		1,995,226

	W	517,251		3,926,367		472,331		4,915,949

Financial liabilities at fair value
Derivative liabilities	W	—		75,185		90,314		165,499

The fair value of financial assets traded in the market (including those measured at FVTPL and FVOCI) is measured at the closing bid price quoted at the end of the reporting period. Meanwhile, the fair value of unmarketable financial assets (including those measured at FVTPL and FVOCI) is calculated using the fair value measurement performed by external pricing service agents. In addition, the Group considered the major economic indicators and economic environment of the derivatives to be evaluated, and measured the fair value of the derivatives using a discounted cash flow model that reflects the Group’s credit risk.

141

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

44.

Risk Management, Continued

(3)

Fair value risk, continued

Changes in financial assets and liabilities which are classified as level 3 for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the three-month period ended March 31, 2026
	Beginning balance		Acquisitions		Reclassified category		Valuation			Disposal			Foreign currency translation and others			Ending balance
Financial assets at fair value
Financial assets at fair value through profit or loss Cooperative	W	6,413		—		—		167			—			—			6,580
Financial assets at fair value through other comprehensive income Unlisted securities		363,128		—		—		(190	)		—			233			363,171
Debt securities		4,794		—		—		—			—			—			4,794
Derivatives Others		97,996		—		—		—			—			4,874			102,870
Financial liabilities at fair value
Derivatives Others		90,314		—		—		—			—			2,010			92,324

In millions of won	For the year ended December 31, 2025
	Beginning balance		Acquisitions		Reclassified category		Valuation			Disposal			Foreign currency translation and others			Ending balance
Financial assets at fair value
Financial assets at fair value through profit or loss Cooperative	W	6,872		—		—		(459	)		—			—			6,413
Financial assets at fair value through other comprehensive income Unlisted securities		309,709		—		—		52,343			(10	)		1,086			363,128
Debt securities		5,045		—		—		(251	)		—			—			4,794
Derivatives Others		—		7,496		129,359		8,293			(53,373	)		6,221			97,996
Financial liabilities at fair value
Derivatives Others		—		3		170,244		(11,282	)		(67,752	)		(899	)		90,314

142

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

45.

Service Concession Arrangements

(1)

Hydroelectric Power Generation at Semangka, Indonesia

(i)

Significant terms and concession period of the arrangement

Regarding Semangka hydroelectric power-generation business in Indonesia, the Group has entered into a contract with PT. Perusahaan Listrik Negara (the “PT PLN”) whereby the Group shall provide electricity generated for about 30 years (2018 ~ 2048) subsequent to the completion of plant construction and shall receive tariff rates designed to recover capital cost, fixed O&M cost, water usage cost, variable O&M cost and special facilities cost during the concession period.

(ii)

Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2018 to 2048. At the end of the concession period, PT PLN has an option to take over the ownership of the power plant from the Group.

(iii)

Classification method

This project allows PT PLN to acquire ownership of the plant after the end of the 30 years concession period.

(iv)

The Group’s expected future collections of service concession arrangements as of March 31, 2026 are as follows:


In millions of won

Type	Amounts
Less than 1 year	W	34,947
1 ~ 2 years		34,947
2 ~ 3 years		34,947
Over 3 years		520,951

	W	625,792

143

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

45.

Service Concession Arrangements, Continued

(2)

Pakistan Gulpur Hydropower Project

(i)

Significant terms and concession period of the arrangement

The Group has entered into a contract with CPPAg (Central Power Purchasing Agency Guarantee Limited) whereby the Group shall provide electricity generated for approximately 30 years (2020 ~ 2050) subsequent to the completion of plant construction and shall receive tariff rates designed to recover capital cost, variable O&M cost, fixed O&M cost, water usage cost, insurance cost and others during the concession period.

(ii)

Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2020 to 2050. The Government of Pakistan has an option to take over the ownership of the power plant from the Group after the concession period has elapsed.

(iii)

Classification method

This project allows the Government of Pakistan to acquire ownership of the plant after the end of the concession period.

(iv)

The Group’s expected future collections of service concession arrangements as of March 31, 2026 are as follows:


In millions of won

Type	Amounts
Less than 1 year	W	83,392
1 ~ 2 years		83,392
2 ~ 3 years		83,392
Over 3 years		863,307

	W	1,113,483

144

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

45.

Service Concession Arrangements, Continued

(3)

Guam Ukudu Combined thermal power plant Project

(i)

Significant terms and concession period of the arrangement

The Group has entered into a contract with Guam Power Authority whereby the Group shall provide electricity generated for approximately 25 years (from 2025 to 2050) subsequent to the completion of plant construction and shall receive tariff rates designed to recover variable O&M cost, fixed O&M cost and others during the concession period.

(ii)

Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2025 to 2050. The Guam Power Authority takes over the ownership of the power plant from the Group after the concession period has elapsed.

(iii)

Classification method

This project allows the Guam Power Authority to acquire ownership of the plant after the end of the concession period.

(iv)

The Group’s expected future collections of service concession arrangements as of March 31, 2026 are as follows:


In millions of won

Type	Amounts
Less than 1 year	W	121,280
1 ~ 2 years		122,381
2 ~ 3 years		118,314
Over 3 years		2,918,870

	W	3,280,845

145

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.

Related Parties

(1)

The Group’s related parties as of March 31, 2026 are as follows:


Type		Related party
Parent		Republic of Korea government

Subsidiaries (169 subsidiaries)		Korea Hydro & Nuclear Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Midland Power Co., Ltd., Korea Western Power Co., Ltd., Korea Southern Power Co., Ltd., Korea East-West Power Co., Ltd., KEPCO Engineering & Construction Company, Inc., KEPCO Plant Service & Engineering Co., Ltd., KEPCO Nuclear Fuel Co., Ltd., KEPCO KDN Co., Ltd., Gyeonggi Green Energy Co., Ltd., Korea Offshore Wind Power Co., Ltd., KOSEP Material Co., Ltd., KEPCO International HongKong Ltd., KEPCO International Philippines Inc., KEPCO Philippines Corporation, KEPCO Ilijan Corporation, KEPCO Gansu International Ltd., KEPCO Philippines Holdings Inc., KEPCO Neimenggu International Ltd., KEPCO Australia Pty., Ltd., KEPCO Shanxi International Ltd., KOMIPO Global Pte Ltd., KOSEP Australia Pty., Ltd., KOMIPO Australia Pty., Ltd., KOWEPO Australia Pty., Ltd., KOSPO Australia Pty., Ltd., KEPCO Netherlands B.V., KEPCO Middle East Holding Company, Qatrana Electric Power Company, KOWEPO International Corporation, KOSPO Jordan LLC, Korea Waterbury Uranium Limited Partnership, PT. Cirebon Power Service, EWP America Inc., KHNP Canada Energy Ltd., KEPCO Bylong Australia Pty., Ltd., KNF Canada Energy Limited, KEPCO Holdings de Mexico, KST Electric Power Company, S.A.P.I. de C.V., KEPCO Energy Service Company, KEPCO Netherlands S3 B.V., PT. KOMIPO Pembangkitan Jawa Bali, EWP Barbados 1 SRL, PT. Tanggamus Electric Power, KOMIPO America Inc., PT. EWP Indonesia, KEPCO Netherlands J3 B.V., Global One Pioneer B.V., Global Energy Pioneer B.V., Mira Power Limited, KEPCO KPS Philippines Corp., KOSPO Chile SpA, Gyeongju Wind Power Co., Ltd., California Power Holdings, LLC, EWP Renewable Corporation, Hee Mang Sunlight Power Co., Ltd., Fujeij Wind Power Company, KOSPO Youngnam Power Co., Ltd., Chitose Solar Power Plant LLC., KEPCO Solar Co., Ltd., KEPCO ES Co., Ltd., KOSPO Power Services Ltda., KOEN Bylong Pty., Ltd., KOWEPO Bylong Pty., Ltd., KOSPO Bylong Pty., Ltd., EWP Bylong Pty., Ltd., KOWEPO Lao International, KOMIPO Bylong Pty., Ltd., Energy New Industry Specialized Investment Private Investment Trust., KEPCO Mangilao Holdings LLC, Mangilao Investment LLC, KEPCO Mangilao Solar, LLC, Jeju Hanlim Offshore Wind Co., Ltd., PT. Siborpa Eco Power, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund VII, PT. Korea Energy Indonesia, KOLAT SpA, KEPCO California, LLC, KEPCO Mojave Holdings, LLC, Incheon Fuel Cell Co., Ltd., KOEN Service Co., Ltd., KOMIPO Service Co., Ltd., KOWEPO Service Co., Ltd., KOSPO Service Co., Ltd., EWP Service Co., Ltd., PT. KOMIPO Energy Indonesia, KNF Partners Co., Ltd., KOSPO USA Inc., KOSPO Niles LLC (formerly, Nambu USA LLC), Tamra Offshore Wind Power Co., Ltd., KEPCO MCS Co., Ltd., KEPCO FMS Co., Ltd., Firstkeepers Co., Ltd., Secutec Co., Ltd., SE Green Energy Co., Ltd., Mangilao Intermediate Holdings LLC, KEPCO CSC Co., Ltd., KOAK Power Limited, KOMIPO Europe B.V., Haenanum Energy Fund, Paju Ecoenergy Co., Ltd., Guam Ukudu Power LLC, K-SOLAR SHINAN Co., Ltd., KPS Partners Co., Ltd., KEPCO E&C Service Co., Ltd., Moha solar Co., Ltd., KHNP USA LLC, KOMIPO Vanphong Power Service LLC, Ogiri Solar Power Co., Ltd., BSK E-New Industry Fund X, Energy Innovation Fund I, KHNP Chile SpA, Yeong Yang Apollon Photovoltaic Co., Ltd., Yeong Yang Corporation Co., Ltd., SolarVader Co., Ltd., Yeong Yang Innovation Co., Ltd., Yeong Yang Horus Photovoltaic Co., Ltd., Yeong Yang Solar Management Co., Ltd., LSG Hydro Power Limited, KOEN Bio Co., Ltd., KOMIPO Energy Solution America, LLC, Elara Investment Holdings, LLC, Elara Equity Holdings, LLC, Elara Class B Holdings, LLC, Elara Class B Member, LLC, Elara Development Holdings, LLC, KOMIPO Development, LLC, Elara Energy Holdings, LLC, Elara Energy Project, LLC, KOMIPO Iberian Solar Group, S.L.U., KOWEPO Europe B.V., CVS Equity Holdings, LLC, CVS Class B Holdings, LLC, CVS Development Holdings, LLC, CVS Development, LLC, CVS Class B Member, LLC, CVS Energy Holdings, LLC, Concho Valley Energy, LLC, Concho Valley Solar, LLC, Jeongam Wind Power Co., Ltd., Yeongdeok Sunrise Wind Power Co., Ltd., UI Carbon-Neutrality Fund, KA Power Limited, Western Power Changgi Solar Co., Ltd., Digital Innovation Growth Fund, EWP Australia Pty., Ltd., Columboola Solar Farm Hold Co Pty., Ltd., KEPCO Holding Company, KEPCO for Maintenance Company, KOSPO Trumbull LLC, Changjuk Wind Power Co., Ltd., KEPCO KPS South Africa Pty., Ltd., Chile Solar JV SpA, KOWEPO Holding Limited, Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust, Columboola Solar Farm Fin Co Pty., Ltd., Magna Energy New Industrial Fund, EWP ESS Holdings, LLC, Fairhaven ESS LLC, KOSPO Rutile, LLC, KEPCO Yona America LLC, EWP Yona America LLC, KEPCO SADAWI – FZCO, KOMIPO Middle East Energy L.L.C-FZ, Nuclear Energy Industry Growth Fund

146

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(1)

The Group’s related parties as of March 31, 2026 are as follows, continued:


Type		Related party
Associates (108 entities) (*1)		Dongducheon Dream Power Co., Ltd., Korea Gas Corporation, Daegu Photovoltaic Co., Ltd., Haeng Bok Do Si Photovoltaic Power Co., Ltd., Korea Electric Power Industrial Development Co., Ltd., Goseong Green Power Co., Ltd., Gangneung Eco Power Co., Ltd., Shin Pyeongtaek Power Co., Ltd., Noeul Green Energy Co., Ltd., Gangwon Wind Power Co., Ltd., Gwangyang Green Energy Co., Ltd., Hyundai Green Power Co., Ltd., Korea Power Exchange, Taebaek Guinemi Wind Power Co., Ltd., Daeryun Power Co., Ltd., KNH Solar Co., Ltd., S-Power Co., Ltd., SPC Power Corporation, Gemeng International Energy Co., Ltd., PT. Cirebon Electric Power, KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co., Ltd., PT Wampu Electric Power, PT. Bayan Resources TBK, Nepal Water & Energy Development Company Private Limited, Xe-Pian Xe-Namnoy Power Co., Ltd., PT. Mutiara Jawa, Jinbhuvish Power Generation Pvt. Ltd., Daejung Offshore Wind Power Co., Ltd., GS Donghae Electric Power Co., Ltd., Busan Green Energy Co., Ltd., Hansuwon KNP Co., Ltd., Korea Electric Power Corporation Fund, Energy Infra Asset Management Co., Ltd., Yaksu ESS Co., Ltd., PND Solar Co., Ltd., Hyundai Eco Energy Co., Ltd., YeongGwang Yaksu Wind Electric Co., Ltd., Green Energy Electricity Generation Co., Ltd., Korea Energy Solutions Co., Ltd., ITR Co., Ltd., STN Co., Ltd., Indeck Niles Development, LLC, Indeck Niles Asset Management, LLC, Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1, Suwon New Power Co., Ltd., Gwangbaek Solar Power Investment Co., Ltd., Godeok Clean Energy Co., Ltd., SureDataLab Co., Ltd., SEP Co., Ltd., Hankook Electric Power Information Co., Ltd., Tronix Co., Ltd., O2&B Global Co., Ltd., Muan Sunshine Solar Power Plant Co., Ltd., Bigeum Resident Photovoltaic Power Co., Ltd., Goesan Solar park Co., Ltd., Saemangeum Heemang Photovoltaic Co., Ltd., Bitgoel Eco Energy Co., Ltd., Jeju Gimnyeong Wind Power Co., Ltd., Seoroseoro Sunny Power Plant Co., Ltd., Muan Solar Park Co., Ltd., YuDang Solar Co., Ltd., Anjwa Smart Farm & Solar City Co., Ltd., KPE Green Energy Co., Ltd., G.GURU Co., Ltd., UD4M Co., Ltd., Dongbu Highway Solar Co., Ltd., Seobu Highway Solar Co., Ltd., Korea Energy Data Co., Ltd., Gangneung Sacheon Fuel Cell Co., Ltd., Taebaek Gadeoksan Wind Power Co., Ltd., Chuncheon Green Energy Co., Ltd., Yeomsubong Wind Power Co., Ltd., Yeongyang Wind Power Corporation II, Haeparang Energy Co., Ltd., Saemangeum Sebit Power Plant Co., Ltd., PlatformN. Co., Ltd., PT. Cirebon Energi Prasarana, Future Convergence Technology Laboratory. Co., Ltd., ECO Motion Co., Ltd., REC’s Innovation Co., Ltd., ACE, Co., Ltd., Environment and Energy Co., Ltd., Green Radiation Co., Ltd., Santiago Solar Power SpA, Yanggu Floating Photovoltaic Power Plant Inc., Changwon SG energy Co., Ltd., Donpyung Technology. Co., Ltd., Power Embedded, HORANG ENERGY Inc., Hoenggye Renewable Energy Co., Ltd., Haman Green Energy Co., Ltd., Songsan Green Energy Co., Ltd., SkyPic Inc., HyChangwon Fuel Cell. Co., Ltd., Dreams Co.,Ltd., DEEPAI Co.,Ltd., Amaala Sustainable Company for Energy, Remal First Holding Company, Naseem First Holding Company,Cheonwang Green Energy Co., Ltd., Namjeju Bitdream Energy Co., Ltd., Jeju Bukchon BES Power Co., Ltd., Commerce and Industry Energy Co., Ltd., Gunsan Green Energy Co., Ltd., KI Tech Co., Ltd., Enlight Energy Advanced Industry Venture Fund, Sinan Ui Offshore Wind Power Co., Ltd.

Joint ventures (123 entities) (*1)		Daegu Green Power Co., Ltd., KEPCO SPC Power Corporation, KAPES, Inc., Honam Wind Power Co., Ltd., Korea Power Engineering Service Co., Ltd., Seokmun Energy Co., Ltd., Incheon New Power Co., Ltd., Chun-cheon Energy Co., Ltd., Yeonggwangbaeksu Wind Power Co., Ltd., KW Nuclear Components Co., Ltd., Busan Shinho Solar Power Co., Ltd., Global Trade Of Power System Co., Ltd., Expressway Solar-light Power Generation Co., Ltd., Gansu Datang Yumen Wind Power Co., Ltd., Datang Chifeng Renewable Power Co., Ltd., Rabigh Electricity Company, Rabigh Operation & Maintenance Company Limited, Datang KEPCO Chaoyang Renewable Power Co., Ltd., Shuweihat Asia Power Investment B.V., Shuweihat Asia Operation & Maintenance Company, Waterbury Lake Uranium L.P., ASM-BG Investicii AD, RES Technology AD, Jamaica Public Service Company Limited, KV Holdings, Inc., Amman Asia Electric Power Company, Kelar S.A., PT. Tanjung Power Indonesia, Nghi Son 2 Power LLC, Daehan Wind Power PSC, MOMENTUM, Barakah One Company, Nawah Energy Company, Yeonggwang Wind Power Co., Ltd., Chester Solar IV SpA, Chester Solar V SpA, Diego de Almagro Solar SpA, South Jamaica Power Company Limited, Daesan Green Energy Co., Ltd., RE Holiday Holdings LLC, RE Pioneer Holdings LLC, RE Barren Ridge 1 Holdings LLC, RE Astoria 2 LandCo LLC, RE Barren Ridge LandCo LLC, Laurel SpA, KIAMCO KOWEPO Bannerton Hold Co Pty Ltd, Cheong-Song Noraesan Wind Power Co., Ltd., Chester Solar I SpA, Solar Philippines Calatagan Corporation, Saemangeum Solar Power Co., Ltd., Chungsongmeon BongSan wind power Co., Ltd., Jaeun Resident Wind Power Plant Co., Ltd., Dangjin Eco Power Co., Ltd., Haemodum Solar Co., Ltd., Yangyang Wind Power Co., Ltd., Horus Solar, S.A. de C.V., Recursos Solares PV de Mexico II, S.A. de C.V., Sunmex Renovables, S.A. de C.V., Stavro Holding II A.B., Solaseado Solar Power Co., Ltd., Yeongam Solar Power Co., Ltd., Samsu Wind Power Co., Ltd., Pulau Indah Power Plant Sdn. Bhd., NH-Amundi Global Infrastructure Investment Private Investment Trust 21, Shin-han BNPP Private Investment Trust for East-West Sunlight Dream, PT Barito Wahana Tenaga, Cheongna Energy Co., Ltd., Boim Combined Heat and Power Generation Co., Ltd., OneEnergy Asia Limited, KAS INVESTMENT I LLC, KAS INVESTMENT II LLC, Energyco Co., Ltd., CAES, LLC, Hapcheon Floating Photovoltaic Power Plant Inc., Busan Industrial Solar Power Co., Ltd., Bitsolar Energy Co., Ltd., Naepo Green Energy Co., Ltd., Pulau Indah O&M Sdn. Bhd., Guadalupe Solar SpA, Omisan Wind Power Co., Ltd., Foresight Iberian Solar Group Holding, S.L., Yeongwol Eco Wind Co., Ltd., Gurae Resident Power Co., Ltd., Cheongju Eco Park Co., Ltd., Prime Swedish Holding AB, Enel X Midland Photovoltaic, LLC, Geumsungsan Wind Power Co., Ltd., KEPCO KPS CARABAO Corp., Goheung New Energy Co., Ltd., Gunsan Land Solar Co., Ltd., International Offshore Power Transmission Holding Company Limited, Eumseong Eco Park Co., Ltd., Changwon Nu-ri Energy Co., Ltd., PungBack Wind Farm Corporation, Seobusambo highway photovoltaics Co., Ltd., Seokmun Green Energy, Pyeongchang Wind Power Co., Ltd., Trumbull Asset Management, LLC, S-Power Chile SpA, Taebaek Wind Power Co., Ltd., Yangyang Suri Wind Power Co., Ltd., KEPCO for Power Company, Kumyang Eco Park Co., Ltd., Jeongeup Green Power Co., Ltd., Hadong E-factory Co., Ltd., Namyangju Combined Heat and Power Co., Ltd., Wadi Noor Solar Power Company SAOC, Fairhaven Energy Storage LLC, Rutile BESS Holdings, LLC, Trumbull Development Partners, LLC, Samcheok Eco Materials Co., Ltd., Imha Floating Photovoltaic Power Plant Inc., Roof One Energy Co., Ltd., EDFR KOWEPO AJBAN PV HOLDING LIMITED, Taean Haetdeulwon Solar Co., Ltd., Haetbyeotgil Solar Co., Ltd., KES Yona Holdings L.L.C, Siraj AlTaqa AlNazifa, Seongseo Neulpureun Energy Co., Ltd., Luluah SKY Energy Holding Ltd., Nour Ibri Solar Power Company, Lucy Equity Holdings, LLC, Grove Energy Capital IV, LLC

Others (1 entity)		Korea Development Bank

(*1)	Subsidiaries of associates and joint ventures are included.

147

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(2)

Transactions between the Group and its subsidiaries are eliminated during the consolidation and are not disclosed in notes.

(3)

The related party transactions for each of the three-month periods ended March 31, 2026 and 2025 are as follows:

<Sales and Others>


In millions of won			Sales and others
Company name	Transaction type		March 31, 2026		March 31, 2025
<Associates>
Korea Gas Corporation		Electricity sales	W	51,987		77,808
Goseong Green Power Co., Ltd.		Electricity Sales		148,321		130,326
Dongducheon Dream Power Co., Ltd.		Electricity sales		3,087		3,000
S-Power Co., Ltd.		Service		622		597
Shin Pyeongtaek Power Co., Ltd.		Electricity sales		15,612		6,152
GS Donghae Electric Power Co., Ltd.		Electricity sales		2,777		14,680
Indeck Niles Development, LLC		Dividend		134,354		—
Korea Electric Power Industrial Development Co., Ltd.		Service		23,443		5,101
Daeryun Power Co., Ltd.		Electricity sales		—		1,112
Gangneung Eco Power Co., Ltd.		Fuel sales		72,365		137,167
Korea Power Exchange		Service		6,851		7,557
Chuncheon Green Energy Co., Ltd.		Electricity sales		5,798		5,531
Taebaek Gadeoksan Wind Power Co., Ltd.		Electricity sales		5,720		3,175
Gangneung Sacheon Fuel Cell Co., Ltd.		Electricity sales		3,275		3,492
Yeongyang Wind Power Corporation II		Fee and commision		2,405		—
KPE Green Energy Co., Ltd.		Electricity Sales		3		3
Gangwon Wind Power Co., Ltd.		Electricity sales		1,462		1,448
Bitgoel Eco Energy Co., Ltd.		Service		294		1,210
Go deok Clean Energy Co., Ltd.		Electricity sales		673		683
Noeul Green Energy Co., Ltd.		Electricity sales		1,706		2,097
Muan Solar Park Co., Ltd.		Electricity sales		1,395		1,476
Anjwa Smart Farm & Solar City Co., Ltd.		Electricity sales		1,156		247
Others (Hyundai Eco Energy Co., Ltd., and 53 others)		Electricity sales		18,243		17,254

<Joint ventures>
Chun-cheon Energy Co., Ltd.		Electricity sales		752		241
Daegu Green Power Co., Ltd.		Electricity sales		421		511
Daesan Green Energy Co., Ltd.		Electricity sales		73		40
Solaseado Solar Power Co., Ltd.		Electricity sales		6,248		455
Naepo Green Energy Co., Ltd.		Electricity sales		12,807		14,266
Amman Asia Electric Power Company		Service		11,322		6,212
Cheongju Eco Park Co., Ltd.		Electricity sales		4		5
Seokmun Energy Co., Ltd.		Service		762		627
Yeonggwang Wind Power Co., Ltd.		Electricity sales		312		314
Cheongna Energy Co., Ltd.		Others		8,483		19,455
Boim Combined Heat and Power Generation Co., Ltd.		Service		3,529		400
Goheung New Energy Co., Ltd.		Electricity sales		3,125		62
Yeongam Solar Power Co., Ltd.		Electricity sales		1,307		134
Eumseong Eco Park Co., Ltd.		Electricity sales		5		5
Kelar S.A.		Service		5,396		5,567
Yeonggwangbaeksu Wind Power Co., Ltd.		Electricity sales		515		508
Yangyang Wind Power Co., Ltd.		Electricity sales		37		37
Samsu Wind Power Co., Ltd.		Electricity sales		203		121
Omisan Wind Power Co., Ltd.		Electricity sales		129		137
Others (Bitsolar Energy Co., Ltd. and 55 others)		Electricity sales		86,395		90,771
<Others>
Korea Development Bank		Electricity sales		1,362		1,716
		Interest income		1,724		1,400

			W	646,460		563,100

148

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(3)

The related party transactions for each of the three-month periods ended March 31, 2026 and 2025 are as follows, continued:

<Purchase and Others>


In millions of won			Sales and others
Company name	Transaction type		March 31, 2026		March 31, 2025
<Associates>
Korea Gas Corporation		Electricity sales	W	1,464,921		1,489,030
Goseong Green Power Co., Ltd.		Electricity Sales		318,200		273,261
Dongducheon Dream Power Co., Ltd.		Electricity sales		257,762		348,507
S-Power Co., Ltd.		Service		162,179		177,565
Shin Pyeongtaek Power Co., Ltd.		Electricity sales		133,099		219,586
GS Donghae Electric Power Co., Ltd.		Electricity sales		133,492		121,939
Korea Electric Power Industrial Development Co., Ltd.		Service		83,337		73,771
Daeryun Power Co., Ltd.		Electricity sales		98,387		93,872
Gangneung Eco Power Co., Ltd.		Fuel sales		64		4,372
Korea Power Exchange		Service		15,225		128,198
Chuncheon Green Energy Co., Ltd.		Electricity sales		13,100		13,855
Taebaek Gadeoksan Wind Power Co., Ltd.		Electricity sales		8,779		9,094
Gangneung Sacheon Fuel Cell Co., Ltd.		Electricity sales		8,463		12,466
PT. Bayan Resources TBK		Dividend		10,262		29,584
Yeongyang Wind Power Corporation II		Fee and commision		7,832		7,370
KPE Green Energy Co., Ltd.		Electricity Sales		9,864		10,374
Gangwon Wind Power Co., Ltd.		Electricity sales		6,129		8,429
Bitgoel Eco Energy Co., Ltd.		Service		7,051		6,737
Go deok Clean Energy Co., Ltd.		Electricity sales		5,932		4,224
Noeul Green Energy Co., Ltd.		Electricity sales		4,745		5,281
Muan Solar Park Co., Ltd.		Electricity sales		4,832		4,435
Anjwa Smart Farm & Solar City Co., Ltd.		Electricity sales		5,069		4,472
Others (Hyundai Eco Energy Co., Ltd. and 53 others)		Electricity sales		61,387		47,994

<Joint ventures>
Chun-cheon Energy Co., Ltd.		Electricity sales		96,483		105,924
Daegu Green Power Co., Ltd.		Electricity sales		78,052		82,295
Daesan Green Energy Co., Ltd.		Electricity sales		41,267		44,138
Solaseado Solar Power Co., Ltd.		Electricity sales		8,634		8,034
Cheongju Eco Park Co., Ltd.		Electricity sales		11,176		9,698
Seokmun Energy Co., Ltd.		Service		9,326		14,210
Yeonggwang Wind Power Co., Ltd.		Electricity sales		8,784		7,894
Cheongna Energy Co., Ltd.		Others		63		63
Seokmun Green Energy		Electricity sales		6,600		7,355
Boim Combined Heat and Power Generation Co., Ltd.		Service		2,853		940
Goheung New Energy Co., Ltd		Electricity sales		3,226		2,514
Yeongam Solar Power Co., Ltd.		Electricity sales		4,353		7,488
Eumseong Eco Park Co., Ltd.		Electricity sales		5,396		5,960
Yeonggwangbaeksu Wind Power Co., Ltd.		Electricity sales		4,786		3,723
Yangyang Wind Power Co., Ltd.		Electricity sales		4,197		2,297
Samsu Wind Power Co., Ltd.		Electricity sales		3,956		3,438
Omisan Wind Power Co., Ltd.		Electricity sales		3,751		—
Others (Bitsolar Energy Co., Ltd. and 55 others)		Electricity sales		103,049		65,636

<Others>
Korea Development Bank		Interest expense		859		2,663
		Dividend		325,725		—

			W	3,542,647		3,468,686

149

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(4)

Receivables and payables arising from the related party transactions as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won		Receivables				Payables
Company name	Type	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
<Associates>
Korea Gas Corporation	Trade receivables	W	13,156		15,486		—		—
	Non-trade receivables and others		21,811		447		—		—
	Trade payables		—		—		504,354		381,353
	Non-trade payables and others		—		—		90		466
Goseong Green Power Co., Ltd.	Trade receivables		17,883		69,535		—		—
	Non-trade receivables and others		1,079		16		—		—
	Trade payables		—		—		78,209		112,314
	Non-trade payables and others		—		—		39,810		41,070
GS Donghae Electric Power Co., Ltd.	Trade receivables		702		975		—		—
	Non-trade receivables and others		101		109		—		—
	Trade payables		—		—		191,115		154,984
	Non-trade payables and others		—		—		51		17
Dongducheon Dream Power Co., Ltd.	Trade receivables		738		1,254		—		—
	Non-trade receivables and others		429		637		—		—
	Trade payables		—		—		96,788		58,610
S-Power Co., Ltd.	Trade receivables		112		360		—		—
	Non-trade receivables and others		64		60		—		—
	Trade payables		—		—		58,002		49,089
Busan Green Energy Co., Ltd.	Trade receivables		1		2		—		—
	Non-trade receivables and others		51,282		50,846		—		—
	Non-trade payables and others		—		—		2,660		3,688
Chuncheon Green Energy Co., Ltd.	Non-trade receivables and others		37,244		31,676		—		—
	Non-trade payables and others		—		—		4,489		14,305
Noeul Green Energy Co., Ltd.	Trade receivables		3		4		—		—
	Non-trade receivables and others		37,143		35,447		—		—
	Non-trade payables and others		—		—		1,592		3,428
Shin Pyeongtaek Power Co., Ltd.	Trade receivables		2,651		2,634		—		—
	Non-trade receivables and others		10,469		1,514		—		—
	Trade payables		—		—		14,253		42,688
	Non-trade payables and others		—		—		329		85
Others (Gangneung Sacheon Fuel Cell Co., Ltd. and 53 others)	Trade receivables		25,292		40,288		—		—
	Non-trade receivables and others		82,395		59,810		—		—
	Trade payables		—		—		58,319		69,385
	Non-trade payables and others		—		—		27,755		35,575

150

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(4)

Receivables and payables arising from the related party transactions as of March 31, 2026 and December 31, 2025 are as follows, continued:


In millions of won		Receivables				Payables
Company name	Type	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025

<Joint ventures>
KEPCO for Power Company	Non-trade receivables and others		60,392		1,011		—		—
Kelar S.A.	Trade receivables		4,205		3,504		—		—
	Non-trade receivables and others		41,582		38,193		—		—
Chun-cheon Energy Co., Ltd.	Trade receivables		138		307		—		—
	Non-trade receivables and others		165		222		—		—
	Trade payables		—		—		34,853		23,654
	Non-trade payables and others		—		—		2		—
Boim Combined Heat and Power Generation Co., Ltd.	Trade receivables		46		46		—		—
	Non-trade receivables and others		3,672		5,045		—		—
	Trade payables		—		—		1,182		861
	Non-trade payables and others		—		—		28,302		27,834
Amman Asia Electric Power Company	Trade receivables		7,843		3,707		—		—
	Non-trade payables and others		—		—		24,210		24,293
Others (Daegu Green Power Co., Ltd. and 62 others)	Trade receivables		326,073		359,873		—		—
	Non-trade receivables and others		69,080		221,969		—		—
	Trade payables		—		—		50,655		41,392
	Non-trade payables and others		—		—		9,141		38,914

<Others>
Korea Development Bank	Accrued Interest Receivable	W	627		1,642		—		—
	Non-trade receivables and others		32,568		32,354		—		—
	Non-trade payables and others		—		—		325,778		44
	Derivatives		312,450		183,662		—		1,085

		W	1,161,396		1,162,635		1,551,939		1,125,134

151

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(5)

Loans arising from the related party transactions as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won
Type	Company name	Beginning balance			Loans		Collection			Others		Ending balance
Associates	KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co., Ltd.	W	33,776			—		—			—		33,776
	(Allowance for doubtful accounts)		(33,776	)		—		—			—		(33,776	)
Associates	Xe-Pian Xe-Namnoy Power Co., Ltd.		25,971			—		—			1,421		27,392
Associates	PT. Cirebon Energi Prasarana		50,674			383		(17,745	)		1,868		35,180
Associates	Daejung Offshore Wind Power Co., Ltd.		1,000			—		—			—		1,000
Associates	Bitgoel Eco Energy Co., Ltd.		22,507			—		(994	)		—		21,513
Associates	Saemangeum Sebit Power Plant Co., Ltd.		21,802			—		(378	)		—		21,424
Associates	Remal First Holding Company		1			—		—			—		1
Associates	Naseem First Holding Company		1			—		—			—		1
Associates	Jeju Bukchon BES Power Co., Ltd.		7,380			—		—			—		7,380
Associates	Gunsan Green Energy Co., Ltd.		627			—		(627	)		—		—
Joint ventures	Solaseado Solar Power Co., Ltd.		33,930			—		(254	)		—		33,676
Joint ventures	Recursos Solares PV de Mexico II S.A. de C.V.		15,550			—		—			851		16,401
Joint ventures	Horus Solar S.A. de C.V.		16,794			—		(3,555	)		852		14,091
Joint ventures	Sunmex Renovables S.A. de C.V.		23,859			—		—			1,305		25,164
Joint ventures	Kelar S.A		18,320			—		—			1,550		19,870
Joint ventures	Daehan Wind Power PSC		14,778			—		—			809		15,587
Joint ventures	Bitsolar Energy Co., Ltd.		3,165			—		—			—		3,165
Joint ventures	Daesan Green Energy Co., Ltd.		3,302			—		—			—		3,302
Joint ventures	Yangyang Wind Power Co., Ltd.		3,257			—		—			—		3,257
Joint ventures	Nghi Son 2 Power LLC		144,927			—		(10,799	)		7,289		141,417
Joint ventures	Guadalupe Solar SpA		3,073			—		(87	)		165		3,151
Joint ventures	Forsight Iberian Solar Group Holding, S.L.		72,211			1,391		—			2,538		76,140
Joint ventures	S-Power Chile SpA		287			—		—			16		303
Joint ventures	Omisan Wind Power Co., Ltd.		8,894					—			—		8,894
Joint ventures	Gurae Resident Power Co., Ltd.		106			—		—			—		106
Joint ventures	Yeongwol Eco Wind Co., Ltd.		2,178			—		—			—		2,178
Joint ventures	KAS Investment I LLC		7,333			6,163		—			616		14,112
Joint ventures	KAS Investment II LLC		7,391			6,213		—			620		14,224
Joint ventures	Chungsongmeon BongSan Wind Power Co., Ltd.		5,563			—		—			—		5,563
Joint ventures	KEPCO for Power Company		—			58,077		—			1,248		59,325

		W	514,881			72,227		(34,439	)		21,148		573,817

(6)

Borrowings arising from the related party transactions as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won
Related parties	Type	Beginning balance		Borrowings		Repayment			Others		Ending balance
Korea Development Bank	Facility	W	74,942		—		(1,228	)		3,264		76,978
	Others		1,097		—		(79	)		—		1,018
	Operating funds		130,000		400,286		(420,291	)		—		109,995
	EBL and others		99,690		5,174		(111	)		3,514		108,267

		W	305,729		405,460		(421,709	)		6,778		296,258

152

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(7)

Guarantees provided to the related parties as of March 31, 2026 are as follows:

In millions of won and thousands of foreign currencies


Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Electric Power Corporation	Shuweihat Asia Operation & Maintenance Company	Performance guarantees		USD 11,000	Shuweihat Asia Power Investment B.V.
Korea Electric Power Corporation	Rabigh Operation & Maintenance Company Limited	Performance guarantees		USD 1,387	Rabigh Electricity Company
Korea Electric Power Corporation	Rabigh Electricity Company	Performance guarantees		SAR 4,151	Hana Bank
Korea Electric Power Corporation	Nghi Son 2 Power LLC	Certification of payment on L/C		USD 44,350	SMBC Singapore and others
Korea Electric Power Corporation	Barakah One Company	Performance guarantees and others		USD 3,863,891	FAB and others
Korea Electric Power Corporation	RE Holiday Holdings LLC	Performance guarantees (*9)		USD 203,981	EFS Renewables Holdings, LLC, CA-CIB and others
Korea Electric Power Corporation	RE Pioneer Holdings LLC	Performance guarantees		USD 106,873	EFS Renewables Holdings, LLC
Korea Electric Power Corporation	Shuweihat Asia Power Investment B.V.	Certification of payment on L/C		USD 9,800	Hana Bank
Korea Electric Power Corporation	Amman Asia Electric Power Company	Certification of payment on L/C		USD 13,200	Hana Bank
Korea Electric Power Corporation	Horus Solar, S.A. de C.V.	Other performance guarantees		USD 1,165	CENACE
		Other performance guarantees		MXN 17,362	CFE Transmission and others
Korea Electric Power Corporation	Recursos Solares PV de Mexico II, S.A. de C.V.	Other performance guarantees		MXN 1,518	SEMARNAT
Korea Electric Power Corporation	Sunmex Renovables, S.A. de C.V.	Other performance guarantees		USD 9,078	CENACE
		Other performance guarantees		MXN 4,929	SEMARNAT and others
Korea Electric Power Corporation	International Offshore Power Transmission Holding Company Limited	Performance guarantees		USD 52,500	Mizuho Bank
		Other performance guarantees		USD 7,000	Credit Agricole
Korea Electric Power Corporation	Pulau Indah Power Plant Sdn. Bhd.	Other guarantees		MYR 30,889	Mizuho Bank
Korea Electric Power Corporation	KEPCO for Power Company	Debt Guarantee		USD 108,000	Shinhan bank
		Other performance guarantees		USD 70,000	SMBC Seoul
Korea Electric Power Corporation	Remal Energy Company	Debt Guarantee (*16)		USD 146,400	DBS BANK Ltd. (Hong Kong)
Korea Electric Power Corporation	Naseem Energy Company	Debt Guarantee (*17)		USD 146,400	DBS BANK Ltd. (Hong Kong)
Korea Western Power Co., Ltd.	Cheongna Energy Co., Ltd.	Collateralized money invested		KRW 28,202	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Dongducheon Dream Power Co., Ltd.	Collateralized money invested (*5)		KRW 53,233	Kookmin Bank and others
		Debt Guarantee		KRW 18,200	HY western 1st co., Ltd
Korea Western Power Co., Ltd.	PT.Mutiara Jawa	Collateralized money invested		—	Woori Bank
Korea Western Power Co., Ltd.	Rabigh Operation & Maintenance Company Limited	Performance guarantees and others		SAR 11,200	National Bank of Kuwait
Korea Western Power Co., Ltd.	Xe-Pian Xe-Namnoy Power Co., Ltd.	Collateralized money invested		KRW 72,509	Krung Thai Bank
		Impounding bonus guarantees (*10)		USD 5,000	SK Eco Plant Co., Ltd.
Korea Western Power Co., Ltd.	Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Collateralized money invested		KRW 194	Nonghyup Bank
Korea Western Power Co., Ltd.	Shin Pyeongtaek Power Co., Ltd.	Collateralized money invested		KRW 72,000	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Haemodum Solar Co., Ltd.	Collateralized money invested		KRW 1,225	Nonghyup Bank
Korea Western Power Co., Ltd.	Seoroseoro Sunny Power Plant Co., Ltd.	Collateralized money invested		KRW 706	Hana Bank and others
Korea Western Power Co., Ltd.	Muan Solar Park Co., Ltd.	Collateralized money invested		KRW 4,400	IBK and others
Korea Western Power Co., Ltd	YuDang Solar Co., Ltd.	Collateralized money invested		KRW 360	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Anjwa Smart Farm & Solar City Co., Ltd.	Collateralized money invested		KRW 5,651	Hana Bank and others
Korea Western Power Co., Ltd.	Hapcheon Floating Photovoltaic Power Plant Inc.	Collateralized money invested		KRW 7,512	Nonghyup Bank

153

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(7)

Guarantees provided to the related parties as of March 31, 2026 are as follows, continued:

In millions of won and thousands of foreign currencies


Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Western Power Co., Ltd.	Gurae Resident Power Co., Ltd.	Collateralized money invested		KRW 386	Hana Bank and others
Korea Western Power Co., Ltd.	Yeongwol Eco Wind Co., Ltd.	Collateralized money invested		KRW 3,089	Hana Bank and others
Korea Western Power Co., Ltd.	Gunsan Land Solar Co., Ltd.	Collateralized money invested		KRW 19,091	Hana Bank and others
Korea Western Power Co., Ltd.	Seobusambo highway photovoltaics Co., Ltd.	Guarantees for supplemental funding (*1)		—	Hana Bank and others
		Collateralized money invested		KRW 3,020	Hana Bank and others
Korea Western Power Co., Ltd.	Eumseong Eco Park Co., Ltd.	Collateralized money invested		KRW 5,741	Kyobo Life Insurance Co., Ltd. and others
Korea Western Power Co., Ltd.	PungBack Wind Farm Corporation	Collateralized money invested		KRW 7,885	Hanwha Life Insurance Co., Ltd. and others
Korea Western Power Co., Ltd.	Wadi Noor Solar Power Company	Loan payment guarantee		USD 54,855	DBS Bank
Korea Western Power Co., Ltd.	EDFR KOWEPO AJBAN HOLDING LIMITED	Loan payment guarantee		USD 57,090	First Abu Dhabi Bank
Korea Western Power Co., Ltd.	Taean Haetdeulwon Solar Co., Ltd.	Collateralized money invested		KRW 7,992	Kookmin Bank and others
Korea East-West Power Co., Ltd.	Seokmun Energy Co., Ltd.	Collateralized money invested		KRW 13,525	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Chun-cheon Energy Co., Ltd.	Collateralized money invested		KRW 37,520	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Honam Wind Power Co., Ltd.	Collateralized money invested		KRW 4,679	Shinhan Bank and others
Korea East-West Power Co., Ltd.	GS Donghae Electric Power Co., Ltd.	Collateralized money invested		KRW 290,835	Korea Development Bank and others
Korea East-West Power Co., Ltd.	Yeonggwangbaeksu Wind Power Co., Ltd.	Collateralized money invested		KRW 3,887	Kookmin Bank and others
Korea East-West Power Co., Ltd.	Daesan Green Energy Co., Ltd.	Collateralized money invested		KRW 22,918	IBK
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Taebaek Gadeoksan Wind Power Co., Ltd.	Collateralized money invested		KRW 21,931	Hana Bank and others
Korea East-West Power Co., Ltd.	PT. Tanjung Power Indonesia	Collateralized money invested		KRW 105,684	MUFG and others
		Guarantees for supplemental funding (*1)		—	Sumitomo mitsui banking and others
Korea East-West Power Co., Ltd.	South Jamaica Power Company Limited	Performance guarantees (*13)		USD 14,400	Hana Bank
		Collateralized money invested		KRW 52,109	JCSD Trustee Services Limited and others
Korea East-West Power Co., Ltd.	Cheongju Eco Park Co., Ltd.	Collateralized money invested		KRW 10,408	Kyobo Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.	Busan Industrial Solar Power Co., Ltd.	Collateralized money invested		KRW 1,294	Shinhan Bank and others
Korea East-West Power Co., Ltd.	Yangyang Wind Power Co., Ltd.	Collateralized money invested		KRW 16,212	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Goheung New Energy Co., Ltd.	Collateralized money invested		KRW 5,121	Woori Bank and others
Korea East-West Power Co., Ltd.	Yanggu Floating Photovoltaic Power Plant Inc.	Collateralized money invested		KRW 874	Korea Development Bank
Korea East-West Power Co., Ltd.	Hoenggye Renewable Energy Co., Ltd.	Collateralized money invested		KRW 2,375	IBK
		Guarantees for supplemental funding (*1)		—

154

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(7)

Guarantees provided to the related parties as of March 31, 2026 are as follows, continued:

In millions of won and thousands of foreign currencies


Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea East-West Power Co., Ltd.	Kumyang Eco Park Co., Ltd.	Collateralized money invested		KRW 6,334	Woori Bank and others
Korea East-West Power Co., Ltd.	Amaala Sustaninable Company for Energy LLC	Loan payment guarantee (*7)		USD 38,054	First Abu Dhabi Bank PJSC
		Collateralized money invested		KRW 7,557
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	KPE Green Energy Co., Ltd.	Collateralized money invested		KRW 9,933	Hana Bank and others
Korea East-West Power Co., Ltd.	Yeonggwang Wind Power Co., Ltd.	Collateralized money invested		KRW 30,068	KDB Capital Corp. and others
Korea East-West Power Co., Ltd.	Bitsolar Energy Co., Ltd.	Collateralized money invested		—	Mirae Asset Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.	Jeju Bukchon BES Power Co., Ltd.	Collateralized money invested		KRW 1,341	Woori Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Daeryun Power Co., Ltd.	Collateralized money invested		KRW 36,784	Korea Development Bank and others
Korea Southern Power Co., Ltd.	Daegu Green Power Co., Ltd.	Collateralized money invested		KRW 33,528	Shinhan Bank and others
		Performance guarantees		—
Korea Southern Power Co., Ltd.	Kelar S.A.	Performance guarantees		USD 26,520	Hana Bank, MUFG
		Payment guarantees (*11)		USD 11,707	Hana Bank
Korea Southern Power Co., Ltd.	Daehan Wind Power PSC	Payment guarantees (*6)		USD 2,000	Hana Bank
		Performance guarantees (*14)		USD 1,800	Shinhan Bank
		Collateralized money invested		KRW 27,093	Standard Chartered
Korea Southern Power Co., Ltd.	Pyeongchang Wind Power Co., Ltd.	Collateralized money invested		KRW 13,001	Woori Bank, Shinhan Bank and others
		Performance guarantees		—
Korea Southern Power Co., Ltd.	Taebaek Guinemi Wind Power Co., Ltd.	Collateralized money invested		KRW 15,714	IBK
Korea Southern Power Co., Ltd.	Samcheok Eco Materials Co., Ltd.	Payment guarantees (*2)		—	KIS SF the 22nd Co., Ltd.
		Performance guarantees		—	HC elementary materials
Korea Southern Power Co., Ltd.	Solaseado Solar Power Co., Ltd.	Collateralized money invested		KRW 14,130	Kookmin Bank and others
Korea Southern Power Co., Ltd.	Naepo Green Energy Co., Ltd.	Collateralized money invested		KRW 65,673	IBK and others
		Performance guarantees		—
Korea Southern Power Co., Ltd.	Omisan Wind Power Co., Ltd.	Collateralized money invested		KRW 13,407	Shinhan Bank and others
		Performance guarantees and guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Geumsungsan Wind Power Co., Ltd.	Collateralized money invested		KRW 8,439	Kookmin Bank and others
Korea Southern Power Co., Ltd.	HORANG ENERGY Inc.	Collateralized money invested		KRW 4,469	Woori Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Haman Green Energy Co., Ltd.	Collateralized money invested		KRW 6,187	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Jeongeup Green Power Co., Ltd.	Collateralized money invested		KRW 6,148	Mirae Asset Securities Co., Ltd.
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	HyChangwon Fuel Cell. Co., Ltd.	Collateralized money invested		KRW 8,794	Woori Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Roof One Energy Co., Ltd.	Collateralized money invested		KRW 1,971	Woori Bank
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Namjeju Bitdream Energy Co., Ltd.	Collateralized money invested		KRW 5,126	Woori Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Cheonwang Green Energy Co., Ltd.	Collateralized money invested		KRW 494	Samsung Fire & Marine Insurance Co., Ltd. and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Haetbyeotgil Sunlight Co., Ltd.	Collateralized money invested		KRW 766	Kyobo Life Insurance Co.,Ltd.
		Guarantees for supplemental funding (*1)		—	Heungkuk Asset Management
Korea Southern Power Co., Ltd.	Rutile BESS. LLC	Payment guarantees		USD 13,000	Nonghyup Bank, JP Morgan Chase Bank
Korea Southern Power Co., Ltd.	Luluah SKY Energy Holding Ltd	Collateralized money invested		—	Export-Import Bank of Korea and others
KOSPO Chile SpA	Kelar S.A.	Collateralized money invested		KRW 166,320	Export-Import Bank of Korea and others
KOSPO Chile SpA	Chester Solar I SpA	Collateralized money invested		KRW 3,091	IBK
KOSPO Chile SpA	Chester Solar IV SpA	Collateralized money invested		KRW 7,128	IBK
KOSPO Chile SpA	Chester Solar V SpA	Collateralized money invested		KRW 521	IBK
KOSPO Chile SpA	Diego de Almagro Solar SpA	Collateralized money invested		KRW 4,910	IBK
KOSPO Chile SpA	Laurel SpA	Collateralized money invested		KRW 2,556	IBK
Korea Midland Power Co., Ltd.	YeongGwang Yaksu Wind Electric Co., Ltd.	Collateralized money invested		KRW 92	IBK and others
Korea Midland Power Co., Ltd.	Hyundai Green Power Co., Ltd.	Collateralized money invested		KRW 83,069	Korea Development Bank and others
Korea Midland Power Co., Ltd.	PT. Cirebon Electric Power	Debt guarantees		USD 3,795	Mizuho Bank
Korea Midland Power Co., Ltd.	PT Wampu Electric Power	Debt guarantees		USD 4,253	PT. Bank KB Bukopin
Korea Midland Power Co., Ltd.	Green Energy Electricity Generation Co., Ltd.	Collateralized money invested		KRW 399	IBK
		Guarantees for supplemental funding (*1)		—	IBK

155

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(7)

Guarantees provided to the related parties as of March 31, 2026 are as follows, continued:

In millions of won and thousands of foreign currencies


Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Midland Power Co., Ltd.	Yaksu ESS Co., Ltd.	Collateralized money invested		KRW 40	IBK
Korea Midland Power Co., Ltd.	Gwangbaek Solar Power Investment Co., Ltd.	Collateralized money invested		KRW 5,238	Kyobo Life Insurance Co., Ltd. and others
Korea Midland Power Co., Ltd.	Muan Sunshine Solar Power Plant Co., Ltd.	Collateralized money invested		KRW 2,377	IBK
Korea Midland Power Co., Ltd.	Goesan Solar park Co., Ltd.	Collateralized money invested		KRW 2,792	IBK
Korea Midland Power Co., Ltd.	Bitgoel Eco Energy Co., Ltd.	Collateralized money invested		KRW 7,613	IBK and others
		Guarantees for supplemental funding (*1)		—
Korea Midland Power Co., Ltd.	Energyco Co., Ltd.	Collateralized money invested		KRW 2,463	Nonghyup Bank
Korea Midland Power Co., Ltd.	Jeju Gimnyeong Wind Power Co., Ltd.	Collateralized money invested		KRW 279	Nonghyup Bank
Korea Midland Power Co., Ltd.	Dongbu Highway Solar Co., Ltd.	Collateralized money invested		KRW 555	Shinhan Bank
Korea Midland Power Co., Ltd.	Seobu Highway Solar Co., Ltd.	Collateralized money invested		KRW 712	Shinhan Bank
Korea Midland Power Co., Ltd.	Yeongyang Wind Power Corporation II	Collateralized money invested		KRW 11,868	Korea Development Bank and others
Korea Midland Power Co., Ltd.	Haeparang Energy Co., Ltd.	Collateralized money invested		KRW 2,590	Templeton Hana Asset
		Guarantees for supplemental funding (*1)		—	Templeton Hana Asset
Korea Midland Power Co., Ltd.	Saemangeum Sebit Power Plant Co., Ltd.	Collateralized money invested		KRW 28,260	IBK and others
Korea Midland Power Co., Ltd.	Yeomsubong Wind Power Co., Ltd.	Collateralized money invested		KRW 517	Korea Development Bank
		Guarantees for supplemental funding (*1)		—
Korea Midland Power Co., Ltd.	Commerce and Industry Energy Co., Ltd.	Collateralized money invested		KRW 498	IBK and others
Korea Midland Power Co., Ltd.	Nour Ibri Solar Power SAOC	Performance Guarantee		OMR 2,750	Oman Power and Water Procurement Company SAOC
		Loan payment guarantee		USD 17,300	Shinhan Bank
		Debt guarantee		USD 600	Shinhan Bank
Korea Midland Power Co., Ltd.	Sinan Ui Offshore Wind Power Co., Ltd.	Collateralized money invested		KRW 96,100	Korea Development Bank and ohters
Korea South-East Power Co., Ltd.	Boim Combined Heat and Power Generation Co., Ltd.	Collateralized money invested (*3,4)		—	IBK
		Guarantees for supplemental funding and others (*1,15)		KRW 76,800	Newstar ND Third Co., Ltd.
Korea South-East Power Co., Ltd.	RES Technology AD	Collateralized money invested (*4)		EUR 7,210	UniCredit Bulbank and others
Korea South-East Power Co., Ltd.	ASM-BG Investicii AD	Collateralized money invested (*4)		EUR 5,735	UniCredit Bulbank and others
Korea South-East Power Co., Ltd.	Goseong Green Power Co., Ltd.	Collateralized money invested (*4)		KRW 283,991	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	Gangneung Eco Power Co., Ltd.	Collateralized money invested (*4)		KRW 229,768	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	PND Solar Co., Ltd.	Collateralized money invested (*4)		KRW 1,511	Korea Investment & Securities Co., Ltd.
Korea South-East Power Co., Ltd.	Hyundai Eco Energy Co., Ltd.	Collateralized money invested (*4)		KRW 8,646	Samsung Life Insurance and others
Korea South-East Power Co., Ltd.	Jaeun Resident Wind Power Plant Co., Ltd.	Collateralized money invested (*4)		—	IBK
Korea South-East Power Co., Ltd.	Chungsongmyeon BongSan wind power Co., Ltd.	Collateralized money invested (*4)		KRW 730	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	Yeongam Solar Power Co., Ltd.	Collateralized money invested (*4)		KRW 11,733	Kookmin Bank and others
Korea South-East Power Co., Ltd.	Samsu Wind Power Co., Ltd.	Collateralized money invested (*4)		KRW 3,440	Shinhan Bank and others
Korea South-East Power Co., Ltd.	Saemangeum Heemang Photovoltaic Co., Ltd.	Collateralized money invested (*4)		KRW 16,002	Woori Bank and others
Korea South-East Power Co., Ltd.	Nepal Water & Energy Development Company Private Limited	Collateralized money invested (*4)		USD 95,960	International Finance
		Business reserve payment guarantee		USD 33,333	Corporation and others
Korea South-East Power Co., Ltd.	Santiago Solar Power SpA	Debt guarantees (*8)		USD 8,000	Nonghyup Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Noeul Green Energy Co., Ltd.	Collateralized money invested		—	Hana Bank and others

156

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(7)

Guarantees provided to the related parties as of March 31, 2026 are as follows, continued:

In millions of won and thousands of foreign currencies


Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Hydro & Nuclear Power Co., Ltd.	Busan Green Energy Co., Ltd.	Collateralized money invested		KRW 1,719	Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Godeok Clean Energy Co., Ltd.	Collateralized money invested		KRW 5,612	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Hydro & Nuclear Power Co., Ltd.	Cheong-Song Noraesan Wind Power Co., Ltd.	Collateralized money invested		KRW 3,798	Woori Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Gwangyang Green Energy Co., Ltd.	Collateralized money invested		KRW 23,703	Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Gangneung Sacheon Fuel Cell Co., Ltd.	Collateralized money invested		KRW 9,216	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Chuncheon Green Energy Co., Ltd.	Collateralized money invested		KRW 15,531	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Yangyang Suri Wind Power Co., Ltd.	Collateralized money invested		KRW 9,484	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Bigeum Resident Photovoltaic Power Co., Ltd.	Collateralized money invested		KRW 7,050	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Songsan Green Energy Co., Ltd.	Collateralized money invested		KRW 11,777	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Changwon Nu-ri Energy Co., Ltd.	Collateralized money invested		KRW 10,022	Hana Bank and others
		Guarantees for supplemental funding (*1)		—	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Imha Floating Photovoltaic Power Plant Inc.	Collateralized money invested		KRW 6,657	Hana Bank and others
KHNP USA LLC	KAS INVESTMENT I LLC	Payment guarantees (*12)		USD 9,770	WOORI AMERICA BANK
KHNP USA LLC	KAS INVESTMENT II LLC	Payment guarantees (*12)		USD 9,730	WOORI AMERICA BANK

(*1)

The Group guarantees to provide supplemental funding for business with respect to excessive business expenses or insufficient repayment of borrowings.

(*2)

Samcheok Eco Materials Co., Ltd., a joint venture of the Group has issued the hybrid bonds. If the bonds are not repaid by December 8, 2026, the parent company and shareholders must purchase the bonds from the acquirer. As of March 31, 2026, derivative liabilities of W23,494 million were recognized in relation to this obligation. Meanwhile, the Group has entered into an agreement to compensate for potential losses in connection with the fulfillment of the obligated supply volume under the coal ash supply obligation agreement.

(*3)

The Group recognized an impairment loss on all of the equity securities of Boim Combined Heat and Power Generation Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is W47,067 million.

(*4)

The agreement includes an obligation to contribute, in proportion to the equity interest, any excess amount over the threshold in the event that the non-recognized portion of the guaranteed company’s capital expenditure exceeds the prescribed limit.

(*5)

The common stocks of Dongducheon Dream Power Co., Ltd. held by the Group were pledged as collateral.

(*6)

The Group provided a payment guarantee to Jordan Tafila wind power project for opening L/C for Debt Service Reserve Account (DSRA).

(*7)

The Group provided EBL payment and EBL hedging guarantee to Amaala Sustainable Company for Energy LLC, an associate of the Group.

(*8)

The Group has issued a guaranteed letter of credit in the amount of USD 8,000 thousand under the interlender loan agreement with Santiago Solar Power SpA.

(*9)

The credit limits of guarantees to RE Holiday Holdings LLC include the credit limits of guarantees to their subsidiaries.

(*10)

Xe-Pian Xe-Namnoy Power Co., Ltd., an associate of the Group, has entered a contract to pay an incentive type of impounding bonus to SK Eco Plant Co., Ltd. when the Xe-Pian Xe-Namnoy Dam is completed. If Xe-Pian Xe-Namnoy Power Co., Ltd. fails to pay SK Eco Plant Co., Ltd., the Group guarantees the payment, and the amount is USD 5,000 thousand.

(*11)

The Group provided a payment guarantee to Chile Kelar project for opening L/C for Debt Service Reserve Account (DSRA), and others.

(*12)

The credit limits of guarantees to KAS INVESTMENT I LLC, KAS INVESTMENT II LLC include the credit limits of guarantees to their subsidiaries.

(*13)

The payment guarantee is related to the gas combined cycle power project of South Jamaica Power Company Limited, a joint venture of the Group.

(*14)

The Group has provided a performance guarantee in connection with the Tafila Wind Power Project in Jordan.

(*15)

In accordance with the agreement, the Group has recognized the estimated amount required for the fulfillment of the obligation as other provisions, amounting to W12,731 million.

157

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(7)

Guarantees provided to the related parties as of March 31, 2026 are as follows, continued:

(*16)

Guarantees provided to Remal Energy Company, a subsidiary of Remal First Holding Company, an associate of the Group, in connection with the gas-fired combined cycle power generation project.

(*17)

Guarantees provided to Naseem Energy Company, a subsidiary of Naseem First Holding Company, an associate of the Group, in connection with the gas-fired combined cycle power generation project.

(8)

Guarantees received from the related parties as of March 31, 2026 are as follows:

(9)

Derivatives transactions with the related parties as of March 31, 2026 are as follows:

(i) Currency Swap


In millions of won and thousands of foreign currencies except contract exchange rate information
			Contract amounts				Contract interest rate per annum						Contract exchange
													rate
Counterparty	Contract year		Pay		Receive		Pay			Receive			(in won)
Korea Development Bank		2021~2026	W	118,170	USD	100,000		1.11	%		1.13	%	W	1,181.70
		2022~2026		283,820	USD	200,000		4.67	%		5.38	%		1,419.10
		2022~2028		283,820	USD	200,000		5.12	%		5.50	%		1,419.10
		2023~2026		256,000	USD	200,000		4.04	%		5.38	%		1,280.00
		2024~2027		864,890	USD	650,000		3.53	%		4.88	%		1,330.60
		2025~2028		73,160	USD	50,000		3.02	%		Compounded Daily SOFR + 0.62	%		1,463.20
		2017~2027		111,610	USD	100,000		2.31	%		3.13	%		1,116.10
		2018~2028		108,600	HKD	800,000		2.69	%		3.35	%		135.75
		2019~2027		119,978	CHF	100,000		1.43	%		0.05	%		1,199.78
		2021~2026		111,400	USD	100,000		0.93	%		1.25	%		1,114.00
		2022~2027		262,000	USD	200,000		3.63	%		4.25	%		1,310.00
		2024~2028		257,880	USD	200,000		3.80	%		5.00	%		1,289.40
		2024~2028		128,940	USD	100,000		3.69	%		5.00	%		1,289.40
		2024~2029		138,540	USD	100,000		3.19	%		4.63	%		1,385.40
		2025~2030		556,560	USD	400,000		2.75	%		SOFR + 0.79	%		1,391.40
		2021~2026		114,230	USD	100,000		1.27	%		1.25	%		1,142.30
		2022~2027		123,710	USD	100,000		3.41	%		3.63	%		1,237.10
		2023~2028		129,500	USD	100,000		3.85	%		4.88	%		1,295.00

158

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(9)

Derivatives transactions with the related parties as of March 31, 2026 are as follows, continued:

(ii) Currency forward

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

Contract amounts

Contract

exchange

rate

Counterparty

Contract date

Maturity date

Pay

Receive

(in Won)

Korea Development Bank

2026.03.11

2026.04.03

11,733

USD 8,000

1,466.57

2026.03.19

2026.04.03

10,495

USD 7,000

1,499.31

(10)

During the year ended December 31, 2025, the Group acquired financial instruments amounting to KRW 120,000 million from Korea Development Bank, other related party, and disposed of financial instruments amounting to KRW 80,000 million.

(11)

The Group considers all standing directors of the Board who serve as executive officers responsible for planning, operations and/or control of business activities, as key management personnel. The Group recorded salaries and other compensations related to the key management personnel as follows:


In millions of won
Type	For the three-month period ended March 31, 2026		For the three-month period ended March 31, 2025
Salaries	W	217		233
Retirement benefits		17		17

	W	234		250

159

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

47.

Statement of Cash Flows

(1)

Significant non-cash transactions for each of the three-month periods ended March 31, 2026 and 2025 are as follows:


In millions of won
Transactions	For the three-month period ended March 31, 2026		For the three-month period ended March 31, 2025
Transfer from construction-in-progress to other assets	W	2,730,458		1,452,988
Recognition of asset retirement cost and related provision for decommissioning costs		257,931		66,315
Transfer from provision for disposal of used nuclear fuel to accrued expenses		103,408		75,812
Transfer from long-term borrowings to current portion of long-term borrowings		621,816		417,090
Transfer from debt securities to current portion of debt securities		9,100,718		6,875,065
Transfer from inventory to stored nuclear fuel		492,282		358,876
Recognition of right-of-use assets and others		55,770		30,693

(2)

Changes in liabilities incurred from financing activities for each of the three-month periods ended March 31, 2026 and 2025 are as follows:


In millions of won	For the three-month period ended March 31, 2026
							Non-cash changes
	Beginning balance			Cash flows			Increase		Effect of exchange rate fluctuations and others			Ending balance
Borrowings	W	21,996,296			(115,815	)		—		227,066			22,107,547
Debt securities		107,772,996			(2,500,420	)		—		831,024			106,103,600
Lease liabilities		3,150,880			(157,349	)		53,156		120,437			3,167,124
Dividends Payable		1,319			—			—		1,052,852			1,054,171
Derivative liabilities (assets), net		(1,870,050	)		318,351			—		(1,080,448	)		(2,632,147	)

	W	131,051,441			(2,455,233	)		53,156		1,150,931			129,800,295


In millions of won	For the three-month period ended March 31, 2025
							Non-cash changes
	Beginning balance			Cash flows			Increase		Effect of exchange rate fluctuations and others			Ending balance
Borrowings	W	20,659,381			206,872			—		(29,661	)		20,836,592
Debt securities		111,874,019			538,688			—		(14,350	)		112,398,357
Lease liabilities		3,699,456			(188,632	)		26,324		15,246			3,552,394
Dividends Payable		5,063			—			—		211,047			216,110
Derivative liabilities (assets), net		(2,406,338	)		46,860			—		(11,278	)		(2,370,756	)

	W	133,831,581			603,788			26,324		171,004			134,632,697

160

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

48.

Commitments for Expenditure

(1)

The commitments for acquisition of property, plant and equipment as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won	As of March 31, 2026				As of December 31, 2025
Contracts	Commitment amounts		Remaining liability balances		Commitment amounts		Remaining liability balances
Purchase of cable (PVC, 1C, 2000SQ) 153,000M and others (Shin-Bupyung-Youngseo)	W	57,235		425		57,226		417
Purchase of GIS (362kV, 6300A, 63kA) 23CB – Youngseo S/S		37,081		8,394		37,081		8,394
Purchase of GIS (362kV, 6300A, 63kA) 27CB – Kwangyang S/S		37,744		140		37,744		140
Purchase of cable (PVC, 1C, 2500SQ) 100,548M and others (Kyungin Construction)		58,271		746		58,271		746
Purchase of GIS (362kV, 6300A, 63kA) 25CB – Migeum S/S		35,282		224		35,282		4,749
Purchase of cable (PVC, 1C, 2000SQ) 5,862M and others (Baekun-Gwangyanghang)		35,016		703		35,016		703
Purchase of cable (PVC, 1C, 2500SQ) 57,868M and others (Goduk-Seoansung)		40,937		654		40,937		654
Purchase of cable (PVC, 1C, 2000SQ) 87,732M and others (Eulwangboonki)		36,446		1,015		36,446		1,015
Purchase of GIS (362kV,6300A,63kA) Type 18 – Wolsung S/Y		33,057		16,045		33,057		16,045
System stabilization ESS equipment (Bubuk S/S) Type 1		221,939		42,137		221,939		42,137
System stabilization ESS equipment (Yeongcheon S/S) Type 1		72,779		16,975		72,779		16,975
System stabilization ESS equipment (Yesan S/S) Type 1		56,174		11,471		56,174		11,471
System stabilization ESS equipment (Hamyang S/S) Type 1		35,764		11,468		35,764		11,468
Purchase of GIS (362kV, 6300A, 63kA) Type 31 – East Seoul S/S		38,520		38,510		38,520		38,520
Purchase of cable (PVC, 1C, 2000SQ) 68,613M and others (Dongducheon-Yangju)		41,249		7,093		40,933		15,651
Purchase of HVDC cable (PE, 2500SQ) 31,551M and others		40,313		22,572		40,323		31,810
Purchase of HVDC cable (PE, 2500SQ) 30,883M and others		40,116		22,042		40,130		31,505
Stationary reactive power compensation device (Phase 3, ±500MVAR) – Shin Jecheon S/S		39,300		39,300		39,300		39,300
Stationary reactive power compensation device (STATCOM, phase 3, ±500MVAR) – East coast #1C/S		37,600		37,600		37,600		37,600
Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) – Shin Gapyeong S/S		40,590		40,590		40,590		40,590
Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) – Shin Namwon S/S		37,100		37,100		37,100		37,100
Steel Pipe Towers (500kV HVDC), 6,105 tons – Donghae–Shingapyeong (Section 2)		32,381		2,375		32,381		11,453
Steel Pipe Towers (500kV HVDC), 6,143 tons – Donghae–Shingapyeong (Section 3)		31,265		6,254		31,184		14,490
Purchase of GIS (362kV, 6300A, 63kA) Type 16 and others -East coast #1C/S		41,000		40,700		41,000		40,700
Purchase of cable (PVC, 1C, 2500SQ) 55,593M and others (Shin Anseong–Dong Yongin)		38,675		—		38,086		10,334
Concrete pole (10M, general purpose, 500KGF) 70,000 ea and five other equipment		31,838		15,908		31,838		18,411
AMIGO, 1P2W, 60(5)A, Electronic, Class 1.0, 220V, 709,616 units – Annual Unit Price (General)		54,544		29,488		40,475		29,546
AMIGO, 3P4W, 120(10)A, Electronic, Class 1.0, 220V, 422,751 units – Annual Unit Price (General)		47,476		9,681		42,252		12,262
Purchase of cable (PVC, 1C, 2000SQ) 74,647M and others (East Seoul#2-Tancheon)		30,471		30,471		30,471		30,471
Purchase of cable (PE,1C,2500SQ) 69,720M and others (Saemangeum-Dongbieung)		30,607		20,679		30,607		20,679

161

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

48.

Commitments for Expenditure, Continued

(1)

The commitments for acquisition of property, plant and equipment as of March 31, 2026 and December 31, 2025 are as follows, continued:


In millions of won	As of March 31, 2026				As of December 31, 2025
Contracts	Commitment amounts		Remaining liability balances		Commitment amounts		Remaining liability balances
Stationary reactive power compensation device (Phase 3, ±500MVAR) – East coast #2C/S		36,400		36,400		36,400		36,400
Purchase of GIS (800KV,8000A,50KA) Type 7– Dangjin Thermal Power Plant		63,903		63,903		63,903		63,903
765kV Power Transformer 3Bank(15Tank) - Dangjin Thermal Power Plant		61,100		61,100		61,100		61,100
Purchase of cable (PVC, 1C, 2000SQ) 61,641M and others (Shin Gangseoboonki)		52,204		52,204		52,204		52,204
Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) Type2- Shin Okcheon S/S		58,650		58,650		58,650		58,650
XLPE insulated PVC sheathed cable (600V, CV, 1C, 240 sq mm) — 964,800 m (Annual unit price contract)		36,223		31,823		—		—
GIS(362KV 6300A/550KV 2000A,63KA) 22 units — Donghaean #2 Switching Station (C/S)		31,800		31,800		—		—
Construction of Saeul Units (#3,4)		11,718,217		301,025		11,718,217		921,006
Construction of Shin-Hanul Units (#3,4)		12,343,245		9,862,740		12,343,245		10,205,627
Other 63 contracts		2,307,927		1,502,215		2,245,116		1,583,953
Purchase of equipment for the construction project of Boryeong indoor coal storage yard		372,129		125,215		371,978		134,735
Purchase of main machine for Boryeong New Complex Unit 1		282,661		26,259		282,623		29,970
Boryeong New Complex Unit 1 Construction Project		231,101		85,445		221,475		93,617
Haman Combined Power Block Conditional Purchase Agreement		586,983		512,524		586,983		514,447
Purchase of gas turbine and turbine equipment of Gimpo combined heat & power plant		123,989		9,820		123,989		9,820
Construction of Gimpo combined heat & power plant		—		—		223,697		7,184
Purchase of gas turbines, steam turbines, and accessories for Gumi natural gas power plant		198,883		7,392		198,029		18,973
Purchase of heat recovery boiler and accessories for Gumi natural gas power plant		65,951		9,331		65,918		9,336
Construction of Gumi natural gas power plant		324,577		16,926		301,684		24,569
Construction of Gongju natural gas power plant		229,547		93,309		224,392		120,972
Purchase of natural gas main machine and accessories at Gongju natural gas power plant		310,322		64,693		310,322		257,822
Purchase of main equipment and ancillary facilities for the Yeosu Natural Gas Power Plant		288,250		232,221		288,250		232,221
Purchase of gas turbines and accessories for Asan combined heat & power plant		123,000		99,625		123,000		123,000
Construction of Yeosu Natural Gas Power Plant		231,659		231,659		—		—
Purchase of coal handling machine for construction of Samcheok Units (#1,2)		327,569		968		327,569		2,110
Purchase of main equipment for Shin-Sejong combined thermal power plant		234,392		531		234,392		2,862
Hadong Thermal Power Plant Indoor Coal Storage Yard Residual Project Purchase		61,962		41,452		61,859		49,504
Purchase of Samcheok hydrogen compound co-firing facility infrastructure		128,820		49,108		128,820		64,989
Construction of Andong Combined Unit 2 Power Plant		185,935		115,422		185,647		132,297
Purchase of main equipment for Andong Combined Unit 2		279,771		64,317		279,771		125,852
Service of designing Hadong Combined Unit 1		30,179		24,878		32,289		26,988
Purchase of Goyang Changneung gas turbine		120,945		120,945		—		—
Purchase of Hadong gas turbine		241,890		241,890		—		—

162

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

48.

Commitments for Expenditure, Continued

(2)

As of March 31, 2026, details of contracts for inventory purchase commitment are as follows:


Type	Periods	Contracted quantity
Concentrate	2026 ~ 2036	24,578 Ton U3O8
Conversion	2026 ~ 2034	20,703 Ton U
Enrichment	2026 ~ 2040	29,880 Ton SWU

In addition, the contracted quantity of the molded uranium between Korea Hydro & Nuclear Power Co., Ltd. and KEPCO Nuclear Fuel Co., Ltd., which are subsidiaries of the Group, is 1,370 Ton U (contract periods: 2024 ~ 2033).

163

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

49.

Contingencies and Commitments

(1)

Ongoing litigations and arbitrations related with contingent liabilities and contingent assets as of March 31, 2026 and December 31, 2025 are as follows:


In millions of won	As of March 31, 2026				As of December 31, 2025
	Number of cases		Amount		Number of cases		Amount
As the defendant		710	W	818,612		706	W	799,646
As the plaintiff		252		527,068		244		531,459

As of March 31, 2026, the Group is involved in six litigation matters and two arbitration proceedings.

The Group is the defendant against a number of litigations. The following is ongoing litigation pertaining to the Group which can potentially be significant:

As of March 31, 2026, the Group is a defendant in wage-related lawsuits with an aggregate claim amount of W100,049 million pending in courts. While the ultimate outcomes of these lawsuits are not currently predictable, the Group’s management believes that the results of such proceedings will not have a material adverse effect on the Group’s results of operations or financial position.

There are 13 arbitration cases pertaining to the Group as of March 31, 2026 and the significant arbitration cases are as follows:

①

The Group is currently engaged in arbitration proceedings at the KCAB against S-Energy Co., Ltd. to confirm the latter’s obligation to pay compensation for the shortfall in guaranteed power output of certain solar power facilities. As of March 31, 2026, the Group cannot reasonably estimate the probability or the amount of any potential inflow of economic benefits arising from the outcome of this arbitration.

②

During the year ended December 2025, Hyosung Heavy Industries Co., Ltd. filed an arbitration request with the Korean Commercial Arbitration Board (KCAB) against the Group in connection with the 200MW Voltage Source Converter (VSC) HVDC technology development agreement and the related acquisition costs. As of March 31, 2026, the Group is unable to reasonably estimate the amount or timing of any potential resource outflows that may result from the final outcome of this arbitration.

③

During the three-month period ended March 31, 2026, Mexica Sol Holdings 1 B.V. and Mexica Sol Holdings 2 B.V. filed a lawsuit against the Group in a New York State court in connection with the Mexico solar power project, alleging non-performance of the equity acquisition agreement. As of March 31, 2026, the Group is unable to reasonably estimate the amount or timing of any potential resource outflows that may result from this litigation.

④

The Group is currently subject to an adjudication proceeding before the Electricity Commission of the Ministry of Climate, Energy and Environment, in connection with an application seeking confirmation of the obligation to pay the installation costs of the Stationary reactive power compensation device (STATCOM) for Saeul Units 3 and 4 (formerly Shin-Kori Units 5 and 6) and Hanbit Units 1 and 2. As of March 31, 2026, the Group cannot reasonably estimate the likelihood of an outflow of economic benefits that may arise from the outcome of this adjudication.

164

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

49.

Contingencies and Commitments, Continued

(2)

Guarantees of payments and commitments provided to other companies as of March 31, 2026 are as follows:

The Group has provided the syndicate of lenders of PT Indo Raya Tenaga, the business corporation of PT Barito Wahana Tenaga, a guarantee by establishing the right of pledge on the shares of PT Barito Wahana Tenaga for project financing of PT Barito Wahana Tenaga as of March 31, 2026.

The Group has outstanding borrowings with a limit of USD 264,800 thousand from its creditors such as International Finance Corporation. Regarding the borrowing contract, the Group has guaranteed capital contribution of USD 69,808 thousand and additional contribution up to USD 19,000 thousand for contingencies, if any. In relation to this financial agreement, the Group is providing its entire shares in Mira Power Limited and business-related PP&E as collateral to the lenders.

The Group has provided USD 6,015 thousand for a debt guarantee to Export-Import Bank of Korea, BNP Paribas and ING Bank, to guarantee the payment of debt related to hydroelectric power business of Tanggamus, Indonesia.

The Group has provided USD 4,253 thousand for a debt guarantee to PT. Bank KB Bukopin, to guarantee the payment of debt related to hydroelectric power business of Wampu, Indonesia.

The Group has provided RBC Community Investments Impact Renewables HoldCo-1, LLC a performance guarantee regarding weatherization in relation with tax investors up to USD 3,000 thousand for the power plant construction for Concho Valley solar power project in the United States.

The Group has provided EUR 7,031 thousand for a performance guarantee to Microsoft through Kookmin Bank, to guarantee the implementation of the power plant construction for Guba Buget wind power project in Sweden.

The Group has provided Axia Power Holdings B.V. and others a performance guarantee up to USD 54,000 thousand for the implementation of Cirebon thermal power generation project in Indonesia.

The Group has provided Nonghyup Bank a debt guarantee up to USD 3,795 thousand to guarantee Debt Service Reserve Account (DSRA) for Mizuho bank, related to the Cirebon power plant business of PT. Cirebon Electric Power in Indonesia.

The Group has provided PT Perusahaan Listrik Negara a performance guarantee up to IDR 35,599,935 thousand for the implementation of Tanjung Jati power plant operation project in Indonesia.

10)

The Group has provided USD 30,000 thousand for a performance guarantee to Morgan Stanley Capital Group Inc., to guarantee the electricity purchase contract in relation to photovoltaic power generation project in USA.

11)

The Group has provided Morgan Stanley Renewables Inc. a guarantee up to USD 70,000 thousand for the fulfillment of subscription obligation regarding photovoltaic power generation project in USA.

12)

The Group has provided Hana Bank a debt guarantee up to USD 40,000 thousand to guarantee Equity Bridge Loan for Concho Valley solar business in the United States.

13)

The Group has provided Van Phong Power Company, Ltd. a performance guarantee up to USD 5,000 thousand for the operation maintenance project in Van Phong, Vietnam.

14)

The Group has provided RBC Community Investments Impact Renewables HoldCo-1, LLC a guarantee for up to USD 62,800 thousand for the fulfillment of subscription obligation regarding Concho Valley solar power project in the United States.

15)

The Group has provided a performance guarantee of USD 4,413 thousand to Mondelez Global, LLC, as a guarantee for the U.S. Lucy solar power project undertaken by Concho County Solar 1, LLC.

16)

The Group has provided a performance guarantee of USD 10,625 thousand to Deutsche Bank Trust Company Americas, as a guarantee for the U.S. Lucy solar power project undertaken by Concho County Solar 1, LLC.

17)

The Group has provided a performance guarantee of OMR 2,750 thousand to Oman Power and Water Procurement Company SAOC, in connection with the Oman Ibri 3 Solar Project conducted by a consortium consisting of MASDAR, KOMIPO, AL KHADRA, and OQAE.

18)

The Group has provided an equity commitment guarantee of USD 17,515 thousand to Natixis in connection with the Oman Ibri 3 Solar Project, which is being developed by its subsidiary, KOMIPO Middle East Energy L.L.C. FZ.

19)

The Group has provided a performance guarantee of OMR 667 thousand to Oman Power and Water Procurement Company SAOC, in connection with the bid bond for the Oman Al Kamil Solar Project conducted by a consortium consisting of Abu Dhabi Future Energy Company PJSC (Masdar), KOMIPO, and Al Khadra.

165

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

49.

Contingencies and Commitments, Continued

(3)

Credit lines provided by financial institutions and others as of March 31, 2026 are as follows:


In millions of won and thousands of foreign currencies

Commitments	Financial institutions	Currency		Credit limit
Commitments on Bank-overdraft	Nonghyup Bank and others		KRW		1,780,500
Limit amount available for CP	Hana Bank and others		KRW		8,980,000
General Loan, etc.	Nonghyup Bank and others		KRW		2,600,000
Limit amount available for card	Nonghyup Card and others		KRW		48,458
Loan limit	Korea Development Bank and others		KRW		3,071,095
	DBS Bank and others		USD		1,540,000
Certification of payment on payables from foreign country	Nonghyup Bank		USD		8,700
Certification of payment on L/C	Shinhan Bank and others		USD		1,403,260
	Kookmin Bank and others		EUR		8,431
	Shinhan Bank		JPY		116,773
Certification of Performance guarantee on contract	Hana Bank and others		KRW		172,004
	First Abu Dhabi Bank and others		USD		1,849,729
	SMTB		JPY		6,500,000
	Hana Bank and others		EUR		371,358
	Hana Bank		INR		27,117
	Hana Bank		OMR		11,287
	First Abu Dhabi Bank		AED		52,500
	Saudi National Bank and others		SAR		124,151
Certification of bidding	Korea Software Financial Cooperative and others		KRW		489,033
	Hana Bank and others		USD		35,200
	Hana Bank		OMR		3,750
	Commercial Bank of Kuwait		KWD		3,000
Advance payment bond, Warranty bond, Retention bond and others	Seoul Guarantee Insurance		KRW		110,226
	Saudi National Bank and others		USD		711,697
	Saudi National Bank and others		SAR		213,593
	Shinhan Bank and others		MXN		23,809
Others (*)	Nonghyup Bank and others		KRW		662,187
	Nonghyup Bank and others		USD		1,055,288
	Shinhan Bank		QAR		155,231
	Standard Chartered		AED		50
	MayBank		MYR		30,889
Secured loan of credit sales	Nonghyup Bank and others		KRW		284,500
Inclusive credit	Hana Bank and others		KRW		28,000
	Hana Bank and others		USD		35,000
Equity Bridge Loan Guarantee	First Abu Dhabi Bank and others		USD		1,041,248
Trade finance	DBS Bank and others		USD		600,000

(*)	As of March 31, 2026, the Group has entered into a credit extension agreement for derivatives transactions with Nonghyup Bank, Hana Bank and Woori Bank as ancillary to currency swap transactions.

166

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

49.

Contingencies and Commitments, Continued

(4)

As of March 31, 2026, promissory notes and assets provided as collaterals or pledges to financial institutions by the Group are as follows:

In millions of won and thousands of foreign currencies

Obligor

Creditor

Assets provided as
security (*2)

Currency

Amount

Description

Mira Power Limited

International Finance Corporation and others

Property, plant and Equipment and others

USD

264,800

Collateral for borrowings

(*1)

Tamra Offshore Wind Power Co., Ltd.

Kyobo Life Insurance Co., Ltd. and others

Property, plant and equipment and others

KRW

132,000

Collateral for borrowings

(*1)

Gyeonggi Green Energy Co., Ltd.

Korea Development Bank and others

Cash and cash equivalents and others

KRW

251,600

Collateral for borrowings

(*1)

Jeongam Wind Power Co., Ltd.

KDB Capital Corporation and others

Cash and cash equivalents and others

KRW

230,716

Collateral for borrowings

Gyeongju Wind Power Co., Ltd.

Shinhan Bank and others

Property, plant and equipment and others

KRW

68,400

Collateral for borrowings

(*1)

Korea Offshore Wind Power Co., Ltd.

Woori Bank and others

Property, plant and equipment and others

KRW

244,500

Collateral for borrowings

(*1)

Qatrana Electric Power Company

The Islamic Development Bank and others

Finance lease receivable and property, plant and equipment and others

USD

32,667

Collateral for borrowings

(*1)

KST Electric Power Company, S.A.P.I. de C.V.

Export–Import Bank of Korea and others

Finance lease receivable and property, plant and equipment and others

USD

287,081

Collateral for debt securities

(*1)

Incheon Fuel Cell Co., Ltd.

Kookmin Bank and others

Cash and cash equivalents and others

KRW

230,800

Collateral for borrowings

(*1)

K-SOLAR SHINAN Co., Ltd.

Kyobo Life Insurance Co., Ltd. and others

Property, plant and equipment and others

KRW

274,780

Collateral for borrowings

(*1)

KOSPO Youngnam Power Co., Ltd.

Shinhan Bank and others

Cash and cash equivalents and others

KRW

744,120

Collateral for borrowings

Jeju Hanlim Offshore Wind Co., Ltd.

Kookmin Bank and others

Property, plant and equipment and others

KRW

38,894

Collateral for borrowings

Western Power Changgi Solar Co., Ltd.

Samsung Life Insurance and others

Property, plant and equipment and others

KRW

45,000

Collateral for borrowings

(*1)

Yeongdeok Sunrise Wind Power Co., Ltd.

Korea Development Bank and others

Property, plant and equipment and others

KRW

96,240

Collateral for borrowings

(*1)

Chitose Solar Power Plant LLC

SMTB

Cash and cash equivalents and others

JPY

454,835

Collateral for borrowings

Mangilao Intermediate Holdings LLC

Mizuho Bank and others

Trade receivable and others

USD

83,147

Collateral for borrowings

(*1)

(*1)	This is based on the amount of loan commitment limit.

(*2)	As of March 31, 2026, the Group has established guarantees for pledge for transfer of rights of long-term borrowings, pledge for insurance claims, factory foundation mortgages, deposit pledges, etc.

The Group has W1,197 million of project loans from the Korea Energy Agency as of March 31, 2026. The Group has provided a promissory note as a repayment guarantee.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

49.

Contingencies and Commitments, Continued

(5)

The Group temporarily suspended operations of the Gangneung hydroelectric generating plant, with a carrying amount of W54,806 million as of March 31, 2026, to improve the quality of water used in generating electricity. The expenses related to the suspension of operations of W99 million and depreciation on the idle assets of W901 million are recorded in other expenses for the three-month period ended March 31, 2026. Regarding the improvement of water quality, the results of damages compensation for the local residents cannot be reasonably estimated, and the Group is in negotiations with Gangneung City and related stakeholders to restart the Gangneung hydroelectric generating plant as of March 31, 2026.

(6)

As the government of the Republic of Korea announced the suspension of operation in Gaeseong Industrial District, it is uncertain if the Group can exercise the property rights for the Group’s facility in Gaeseong Industrial District as of March 31, 2026. Accordingly, the book value of the facility, amounting to W11,778 million, was recognized as an impairment loss, and trade receivables related to companies residing in the Gaeseong Industrial District were fully written off. As of March 31, 2026, the Group cannot make reasonable estimation on whether assets will be recovered or utilized in regular way related thereto.

(7)

As of March 31, 2026, the Group owns land at 6171-1 Nuri-ri, Yeongi-myeon, Sejong Special Self-Governing City as PP&E with limited ownership, and its book value is W64,371 million.

(8)

The Korea Institute of Energy Technology(KENTECH) was established in April, 2020, in accordance with the “Basic plan for the establishment of KENTECH (July, 2019)”. By the special law to create KENTECH, the Group, government, and local government may contribute to the fund. The Group will decide whether to contribute to the fund on a board resolution after consulting with relevant organizations considering its financial situation by year.

(9)

The ongoing armed conflict in Ukraine started in February 2022 and relevant sanctions against Russia imposed by the international community can impact not only sanctioned entities but also the entities doing business directly or indirectly with Ukraine or Russia and the entities exposed directly or indirectly to industries or economy of Russia or Ukraine. The Group cannot make reasonable estimation of the financial impact of the recent conflict in Ukraine on the future events.

(10)

The Group believes that a potential obligation related to mutual cooperation contributions exists in connection with nuclear power plants whose design life is approaching expiration. The amount and terms of such mutual cooperation contributions have not been agreed upon, and accordingly, the likelihood of an outflow of economic benefits resulting from the settlement of such obligation cannot be reasonably estimated, as of March 31, 2026.

(11)

An armed conflict that began in the Middle East in February 2026 has led to increased geopolitical and economic uncertainty. These developments may affect entities with direct or indirect operations in the affected region, or those exposed to the economies of the countries involved. The Group is unable to reasonably estimate the potential financial impact that the evolving situation in the Middle East may have on its financial position or results of operations.

168

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

50.

Subsequent Events

(1)

Subsequent to March 31, 2026, KEPCO borrowed long-term borrowings for the purposes of operation and details related thereto are as follows:

In millions of won

Company

Type

Issue date

Maturity

Interest rate

(%)

Amount

Korea Electric Power Corporation

Local long-term borrowings (Mid- to long-term CP (*))

2026.04.01

2029.03.30

3M CD+0.40

W200,000

Korea Electric Power Corporation

Local long-term borrowings (Mid- to long-term CP (*))

2026.04.22

2029.04.20

3M CD+0.38

200,000

Korea Electric Power Corporation

Local long-term borrowings (Mid- to long-term CP (*))

2026.05.13

2029.05.11

3M CD+0.37

200,000

(*)	The maturity of mid- to long-term CPs corresponds to contract period of commercial paper repurchase agreements.

(2)

Subsequent to March 31, 2026, KEPCO and its subsidiaries, Korea South-East Power Co., Ltd., Korea Midland Power Co., Ltd., Korea Western Power Co., Ltd. and Korea Southern Power Co., Ltd., issued bonds denominated in Korean won for the purpose of operation funds and repayment of borrowings. Details thereto are as follows:


In millions of won and thousands of foreign currencies
Company	Type	Issue date		Maturity		Interest rate (%)		Amount
Korea Electric Power Corporation	#1559 Corporate bond		2026.04.02		2028.03.31		3.70	W130,000
	#1560 Corporate bond		2026.04.02		2029.04.02		3.80	120,000
	#1561 Corporate bond		2026.04.02		2031.04.02		3.91	70,000
	#1562 Corporate bond		2026.04.07		2028.04.07		3.65	150,000
	#1563 Corporate bond		2026.04.07		2029.04.06		3.81	180,000
	#1564 Corporate bond		2026.04.07		2031.04.07		3.87	70,000
	#1565 Corporate bond		2026.04.15		2028.04.14		3.51	150,000
	#1566 Corporate bond		2026.04.15		2029.04.13		3.70	220,000
	#1567 Corporate bond		2026.04.15		2031.04.15		3.82	30,000
	#1568 Corporate bond		2026.04.21		2028.04.21		3.52	150,000
	#1569 Corporate bond		2026.04.21		2029.04.20		3.70	160,000
	#1570 Corporate bond		2026.04.21		2031.04.21		3.86	100,000
	#1571 Corporate bond		2026.04.28		2028.04.28		3.65	140,000
	#1572 Corporate bond		2026.04.28		2029.04.27		3.84	140,000
	#1573 Corporate bond		2026.04.28		2031.04.28		3.98	90,000
	#1574 Corporate bond		2026.05.07		2028.05.04		3.70	100,000
	#1575 Corporate bond		2026.05.07		2029.05.04		3.86	230,000
	#1576 Corporate bond		2026.05.07		2031.05.07		4.02	80,000
	#1577 Corporate bond		2026.05.12		2028.05.12		3.77	80,000
	#1578 Corporate bond		2026.05.12		2029.05.11		3.95	210,000
	#1579 Corporate bond		2026.05.12		2031.05.12		4.10	50,000

169

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

50.

Subsequent Events, Continued

(2)

Subsequent to March 31, 2026, KEPCO and its subsidiaries, Korea South-East Power Co., Ltd., Korea Midland Power Co., Ltd., Korea Western Power Co., Ltd. and Korea Southern Power Co., Ltd., issued bonds denominated in Korean won and USD for the purpose of operation funding and details related thereto are as follows, continued:


In millions of won and thousands of foreign currencies
Company	Type	Issue date		Maturity		Interest rate (%)		Amount
Korea South-East Power Co., Ltd	#71-1 Corporate bond		2026.04.08		2029.04.06		4.00	W190,000
	#71-2 Corporate bond		2026.04.08		2031.04.08		4.11	100,000
Korea Midland Power Co., Ltd.	#76-1 Corporate bond		2026.04.28		2027.04.28		3.28	200,000
	#76-2 Corporate bond		2026.04.28		2029.04.28		3.98	60,000
Korea Western Power Co., Ltd.	#77-1 Corporate bond		2026.04.16		2029.04.16		3.88	190,000
	#77-2 Corporate bond		2026.04.16		2031.04.16		4.01	50,000
Korea Southern Power Co., Ltd.	#84-1 Corporate bond		2026.04.09		2028.04.07		3.67	180,000
	#84-2 Corporate bond		2026.04.09		2029.04.09		3.84	100,000
	#84-3 Corporate bond		2026.04.09		2031.04.09		3.94	30,000

(3)

On May 10, 2026, a fire occurred at the Steam Turbine (ST) side of Unit #4 of the Busan Bitdream Headquarters operated by Korea Southern Power Co., Ltd., a subsidiary of the Company. The extent of damages cannot be reasonably estimated at this time, and depending on the outcome of the subsequent loss adjustment, this event may have an impact on the Group’s financial position and operating results.

170

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

51.

Adjusted Operating Profit (Loss)

The operating profit (loss) in the Group’s consolidated statements of comprehensive income or loss prepared in accordance with KIFRS included in this report differs from that in its consolidated statements of comprehensive income or loss prepared in accordance with IFRS as issued by IASB. The table below sets forth a reconciliation of the Group’s results from operating activities as presented in the Group’s consolidated statements of comprehensive income or loss prepared in accordance with KIFRS for each of the three-month periods ended March 31, 2026 and 2025 to the operating profit or loss as presented in the Group’s consolidated statements of comprehensive income or loss prepared in accordance with IFRS as issued by IASB for each of the corresponding periods.


In millions of won	March 31, 2026			March 31, 2025
Operating profit on the consolidated statements of comprehensive income	W	3,784,169			3,753,607
Add
Other income
Reversal of other provisions		2,231			3,113
Reversal of other allowance for bad debt		25,569			6,500
Gains on government grants		62			47
Gains on assets contributed		2,823			181
Gains on liabilities exempted		52			280
Compensation and reparations revenue		25,643			20,207
Revenue from foundation fund		11			154
Rental income		52,855			52,849
Others		47,389			9,476
Other gains
Gains on disposal of property, plant and equipment		1,701			5,363
Reversal of impairment losses on property, plant and equipment		1			—
Gains on foreign currency translation		40,783			4,162
Gains on foreign currency transactions		20,086			44,613
Gains on insurance proceeds		800			—
Others		99,987			172,464
Deduct
Other expenses
Compensation and indemnification expense		—			(1	)
Accretion expenses of other provisions		(47	)		(440	)
Depreciation expenses on investment properties		(256	)		(195	)
Depreciation expenses on idle assets		(901	)		(904	)
Other bad debt expense		—			(2	)
Donations		(73,072	)		(12,111	)
Others		(3,764	)		(6,225	)
Other losses
Losses on disposal of property, plant and equipment		(19,949	)		(37,158	)
Losses on disposal of intangible assets		—			(13	)
Losses on impairment of property, plant and equipment		(825	)		—
Losses on impairment of intangible assets		(1,115	)		—
Losses on foreign currency translation		(26,924	)		(10,082	)
Losses on foreign currency transactions		(40,662	)		(19,688	)
Others		(62,179	)		(61,089	)

Adjusted operating profit	W	3,874,468			3,925,108

171