EX-99.1

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF AND FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2026 AND 2025

WOORI FINANCIAL GROUP INC.


	Page(s)
Independent Auditors’ Review Report		1-2

Consolidated Interim Financial Statements

Consolidated Interim Statements of Financial Position		4

Consolidated Interim Statements of Comprehensive Income		5-6

Consolidated Interim Statements of Changes in Equity		7

Consolidated Interim Statements of Cash Flows		8-9

Notes to the Consolidated Interim Financial Statements		10-127

Independent Auditors’ Review Report

Based on a report originally issued in Korean

To the Board of Directors and Shareholders of Woori Financial Group Inc.

Reviewed Financial Statements

We have reviewed the accompanying condensed consolidated interim financial statements of Woori Financial Group Inc. and its subsidiaries (collectively 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, comprising of material accounting policy information and other explanatory information.

Management’s Responsibility

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

Auditors’ Review Responsibility

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

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

Conclusion

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

Other Matters

The consolidated statement of financial position of the Group 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 4, 2026, expressed an unqualified opinion. The accompanying consolidated statement of financial position of the Group 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.

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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.

/s/ KPMG Samjong Accounting Corp.

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.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF AND FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2026 AND 2025

The accompanying consolidated interim financial statements including all footnote disclosures were prepared by, and are the responsibility of, the management of Woori Financial Group Inc.

Jong Yong Yim

President and Chief Executive Officer

Main Office Address: (Address) 51, Sogong-ro, Jung-gu, Seoul

(Phone Number) 02-2125-2000

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

AS OF MARCH 31, 2026 (UNAUDITED) AND DECEMBER 31, 2025


	March 31, 2026		December 31, 2025

	(Korean Won in millions)
ASSETS
Cash and cash equivalents (Notes 4 and 6)		34,570,474		38,499,679
Financial assets at fair value through profit or loss (“FVTPL”) (Notes 4, 7, 11, and 21)		37,038,061		34,245,475
Financial assets at fair value through other comprehensive income (“FVTOCI”) (Notes 4, 8, and 11)		81,760,313		83,499,522
Securities at amortized cost (Notes 4, 9, and 11)		18,767,880		18,707,459
Loans and other financial assets at amortized cost (Notes 4, 10, 11, and 35)		424,243,666		412,495,783
Investments in joint ventures and associates (Note 12)		1,799,458		2,080,008
Reinsurance contract assets (Note 17)		587,391		620,207
Investment properties		1,022,407		998,854
Premises and equipment		6,013,187		3,780,817
Intangible assets		1,062,358		1,056,647
Assets held for sale		406,452		168,491
Net defined benefit asset (Note 19)		11,390		20,558
Current tax assets		260,281		228,229
Deferred tax assets		365,576		413,649
Derivative assets (Designated for hedging) (Notes 4,11 and 21)		150,822		217,180
Other assets (Notes 13 and 35)		4,525,584		4,424,728

Total assets		612,585,300		601,457,286

LIABILITIES
Financial liabilities at fair value through profit or loss (“FVTPL”) (Notes 4, 11, 14 and 21)		8,678,213		6,356,934
Deposits due to customers (Notes 4,11,15 and 35)		372,424,821		376,580,845
Borrowings (Notes 4, 11 and 16)		34,659,852		34,183,267
Debentures (Notes 4, 11 and 16)		53,430,972		55,583,392
Insurance contract liabilities (Note 17)		43,597,894		45,573,864
Reinsurance contract liabilities (Note 17)		180,461		184,792
Investment contract liabilities (Notes 4 and 11)		3,378,712		3,433,611
Provisions (Notes 18, 34 and 35)		788,615		790,733
Net defined benefit liability (Note 19)		131,926		115,091
Current tax liabilities		751,455		723,368
Deferred tax liabilities		1,200,756		504,828
Derivative liabilities (Designated for hedging) (Notes 4,11 and 21)		1,110,170		615,361
Other financial liabilities (Notes 4, 11, 20 and 35)		51,463,258		38,118,058
Other liabilities (Notes 20 and 35)		881,887		833,894

Total liabilities		572,678,992		563,598,038

EQUITY
Owners’ equity (Note 22)
Capital stock		3,802,676		3,802,676
Hybrid securities		3,710,454		3,710,498
Capital surplus		933,168		933,436
Other equity		764,168		(1,219,327	)
Retained earnings		28,797,534		28,790,056

		38,008,000		36,017,339

Non-controlling interests		1,898,308		1,841,909

Total equity		39,906,308		37,859,248

Total liabilities and equity		612,585,300		601,457,286

The accompanying notes are part of these condensed consolidated interim financial statements.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED)


	For the three-month periods ended March 31
	2026			2025

	(Korean Won in millions)
Interest income		5,395,795			5,305,169
Financial assets at FVTPL		79,791			55,959
Financial assets at FVTOCI		650,978			351,396
Financial assets at amortized cost		4,659,319			4,897,814
Insurance finance		5,707			—
Interest expense		(3,092,642	)		(3,053,178	)
Financial liabilities at amortized cost		(2,699,053	)		(3,053,178	)
Insurance finance		(393,589	)		—

Net interest income (Notes 24 and 35)		2,303,153			2,251,991
Fees and commissions income		789,745			708,971
Fees and commissions expense		(212,915	)		(197,537	)

Net fees and commissions income (Notes 25 and 35)		576,830			511,434
Dividend income (Notes 26 and 35)		140,732			69,824
Insurance income		545,632			—
Insurance		528,420			—
Reinsurance		17,212			—
Insurance service expense		(478,075	)		—
Insurance service		(458,718	)		—
Reinsurance service		(19,357	)		—

Net insurance income (Note 17)		67,557			—
Other insurance finance income and expenses (Note 17)		(197,305	)		—
Net gain on financial instruments at FVTPL (Notes 27)		439,251			202,368
Net gain on financial assets at FVTOCI (Notes 28)		10,703			33,257
Net gain arising on financial assets at amortized cost		8,885			19,805
Impairment losses due to credit loss (Notes 29 and 35)		(526,782	)		(435,501	)
General and administrative expense (Notes 30 and 35)		(1,422,809	)		(1,306,172	)
Other net operating expense (Notes 21, 30 and 35)		(592,060	)		(477,743	)

Operating income (Note 5)		808,155			869,263
Share of gain of joint ventures and associates (Note 12)		28,763			10,035
Other non-operating income and expense		11,274			(14,703	)

Non-operating income and expense (Note 31)		40,037			(4,668	)
Net income before income tax expense		848,192			864,595
Income tax expense (Note 32)		(208,759	)		(210,039	)
Net income		639,433			654,556

Net gain(loss) on valuation of equity securities at FVTOCI		35,095			28,987
Net gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		(80	)		26
Changes in capital due to equity method		1,096			(1,110	)
Remeasurement gain(loss) related to defined benefit plan		(17,652	)		(114,782	)
Gain on revaluation of premises and equipment		1,796,478			—

Items that will not be reclassified to profit or loss:		1,814,937			(86,879	)

Net gain(loss) on valuation of debt securities at FVTOCI		(1,457,453	)		49,642
Changes in capital due to equity method		6,266			1,486
Net gain(loss) on foreign currency translation of foreign operations		282,617			(425	)
Net gain(loss) on valuation of hedges of net investments in foreign operations		(49,170	)		2,226

(Continued)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED)


	For the three-month periods ended March 31
	2026			2025

Net gain(loss) on valuation of cash flow hedge		(110,462	)		1,727
Net financial gain on insurance contract assets (liabilities)		1,671,497			—
Net financial loss on reinsurance contract assets (liabilities)		(17,440	)		—

Items that may be reclassified to profit or loss:		325,855			54,656
Other comprehensive income (loss), net of tax		2,140,792			(32,223	)
Total comprehensive income		2,780,225			622,333


Net income attributable to:		639,433			654,556
Net income attributable to owners		604,318			616,691
Net income attributable to non-controlling interests		35,115			37,865

Total comprehensive income attributable to:		2,780,225			622,333
Comprehensive income attributable to owners		2,688,133			588,070
Comprehensive income attributable to non-controlling interests		92,092			34,263

Earnings per share (Note 33)
Basic and diluted earnings per share (Unit: In Korean Won)		774			781

The accompanying notes are part of these condensed consolidated interim financial statements.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED)


	Capital Stock		Hybrid securities			Capital surplus			Other equity			Retained earnings			Owners’ equity in total			Non- controlling interests			Total equity

	(Korean Won in millions)
January 1, 2025		3,802,676		3,810,435			934,100			(1,400,885	)		26,950,510			34,096,836			1,798,433			35,895,269
Total comprehensive income
Net income		—		—			—			—			616,691			616,691			37,865			654,556
Net gain on valuation of financial instruments at FVTOCI		—		—			—			78,514			—			78,514			115			78,629
Net gain(loss) due to disposal of equity securities at FVTOCI		—		—			—			996			(996	)		—			—			—
Net gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		—		—			—			26			—			26			—			26
Changes in capital due to equity method		—		—			—			376			—			376			—			376
Gain(loss) on foreign currency translation of foreign operations		—		—			—			3,295			—			3,295			(3,720	)		(425	)
Gain(loss) on valuation of hedges of net investments in foreign operations		—		—			—			2,226			—			2,226			—			2,226
Gain on valuation of cash flow hedge		—		—			—			1,727			—			1,727			—			1,727
Remeasurement loss related to defined benefit plan		—		—			—			(114,785	)		—			(114,785	)		3			(114,782	)
Transactions with owners
Dividends to common stocks		—		—			—			—			(488,076	)		(488,076	)		(992	)		(489,068	)
Changes in treasury stocks		—		—			—			(25,641	)		—			(25,641	)		—			(25,641	)
Dividends to hybrid securities		—		—			—			—			(39,506	)		(39,506	)		(36,457	)		(75,963	)
Redemption of hybrid securities		—		(399,092	)		—			(908	)		—			(400,000	)		—			(400,000	)
Transfer of redemption loss of hybrid securities to retained earnings		—		—			—			2,456			(2,456	)		—			—			—
Changes in subsidiaries’ capital		—		—			—			49,742			(49,742	)		—			—			—
Others		—		—			—			—			(3,906	)		(3,906	)		(22	)		(3,928	)

March 31, 2025 (Unaudited)		3,802,676		3,411,343			934,100			(1,402,861	)		26,982,519			33,727,777			1,795,225			35,523,002

January 1, 2026		3,802,676		3,710,498			933,436			(1,219,327	)		28,790,056			36,017,339			1,841,909			37,859,248
Total comprehensive income
Net income		—		—			—			—			604,318			604,318			35,115			639,433
Net gain on valuation of financial instruments at FVTOCI		—		—			—			(1,266,238	)		—			(1,266,238	)		(156,162	)		(1,422,400	)
Net gain(loss) due to disposal of equity securities at FVTOCI		—		—			—			(149	)		149			—			42			42
Net gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		—		—			—			(80	)		—			(80	)		—			(80	)
Changes in capital due to equity method		—		—			—			7,593			(231	)		7,362			—			7,362
Gain(loss) on foreign currency translation of foreign operations		—		—			—			277,221			—			277,221			5,396			282,617
Loss on valuation of hedges of net investments in foreign operations		—		—			—			(49,170	)		—			(49,170	)		—			(49,170	)
Gain on valuation of cash flow hedge		—		—			—			(85,338	)		—			(85,338	)		(25,124	)		(110,462	)
Remeasurement loss related to defined benefit plan		—		—			—			(16,823	)		—			(16,823	)		(829	)		(17,652	)
Net financial gain on insurance contract assets (liabilities)		—		—			—			1,433,518			—			1,433,518			237,979			1,671,497
Net financial loss on reinsurance contract assets (liabilities)		—		—			—			(11,880	)		—			(11,880	)		(5,560	)		(17,440	)
Gain on revaluation of premises and equipment		—		—			—			1,795,243			—			1,795,243			1,235			1,796,478
Transactions with owners
Dividends to common stocks		—		—			—			—			(555,130	)		(555,130	)		(7	)		(555,137	)
Changes in treasury stocks		—		—			—			(103,040	)		—			(103,040	)		—			(103,040	)
Dividends to hybrid securities		—		—			—			—			(39,034	)		(39,034	)		(34,325	)		(73,359	)
Transfer of redemption loss of hybrid securities to retained earnings		—		—			—			2,222			(2,222	)		—			—			—
Changes in subsidiaries’ capital		—		—			(40	)		416			(416	)		(40	)		40			—
Others		—		(44	)		(228	)		—			44			(228	)		(1,401	)		(1,629	)

March 31, 2026 (Unaudited)		3,802,676		3,710,454			933,168			764,168			28,797,534			38,008,000			1,898,308			39,906,308

The accompanying notes are part of these condensed consolidated interim financial statements.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED)


	For the three-month periods ended March 31
	2026			2025
	(Korean Won in millions)
Cash flows from operating activities :
Net income		639,433			654,556
Adjustments to net income:
Income tax expense		208,759			210,039
Interest income		(5,395,795	)		(5,305,169	)
Interest expense		3,092,642			3,053,178
Dividend income		(140,732	)		(69,824	)

		(2,235,126	)		(2,111,776	)

Additions of expenses not involving cash outflows:
Insurance service expense		478,075			—
Other insurance finance expense		197,968			—
Loss on financial assets at FVTOCI		4,509			18
Impairment loss due to credit loss		526,782			435,501
Loss on other provisions		4,353			2,400
Retirement benefit		38,432			36,183
Depreciation and amortization		318,029			309,434
Net loss on foreign currency translation		51,482			20,345
Loss on derivatives (designated for hedge)		196,022			3,734
Loss on fair value hedge		10,047			45,158
Loss on valuation of investments in joint ventures and associates		12,268			6,190
Loss on disposal of investments in joint ventures and associates		29			191
Loss on disposal of premises and equipment, intangible assets and other assets		3,722			387
Impairment loss on premises and equipment, intangible assets and other assets		371			282
Loss on revaluation of premises and equipment		6,838			—
Other losses		275			9,038

		1,849,202			868,861

Deductions of income not involving cash inflows:
Insurance income		545,632			—
Other insurance finance income		663			—
Gain on financial instruments at FVTPL		368,955			373,656
Gain on financial assets at FVTOCI		15,212			33,275
Gain on other provisions		4,668			297
Gain on derivatives (designated for hedge)		61,854			59,068
Gain on fair value hedge		32,679			2,067
Gain on valuation of investments in joint ventures and associates		41,031			16,226
Gain on disposal of investments in joint ventures and associates		17,512			16
Gain on disposal of premises and equipment, intangible assets and other assets		1,478			375
Reversal of impairment loss on premises and equipment, intangible assets and other assets		705			20

		1,090,389			485,000

Changes in operating assets and liabilities:
Reinsurance contract assets		41,278			—
Financial instruments at FVTPL		(67,206	)		669,055
Loans and other financial assets at amortized cost		(9,257,089	)		(11,084,919	)
Other assets		(253,136	)		(197,519	)
Insurance contract liabilities		(247,209	)		—
Reinsurance contract liabilities		(33,967	)		—
Investment contract liabilities		(117,888	)		—
Deposits due to customers		(7,026,750	)		1,592,216
Provisions		(4,748	)		26,495
Net defined benefit liability		(37,823	)		(12,886	)
Other financial liabilities		12,660,513			7,407,502
Other liabilities		42,607			32,374

		(4,301,418	)		(1,567,682	)

(Continued)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED)


	For the three-month periods ended March 31
	2026			2025
	(Korean Won in millions)
Interest income received		5,209,555			5,249,474
Interest expense paid		(3,142,485	)		(2,966,081	)
Dividends received		120,294			55,405
Income tax paid		(162,621	)		(107,726	)

		2,024,743			2,231,072

Net cash outflow from operating activities		(3,113,555	)		(409,969	)

Cash flows from investing activities
Net cash out-flows from hedging activities		(55,875	)		—
Disposal of financial instruments at FVTPL		4,700,111			3,211,629
Acquisition of financial instruments at FVTPL		(4,532,492	)		(3,599,755	)
Disposal of financial assets at FVTOCI		13,120,715			8,735,912
Acquisition of financial assets at FVTOCI		(12,250,481	)		(7,893,050	)
Redemption of securities at amortized cost		977,562			1,167,352
Acquisition of securities at amortized cost		(956,205	)		(1,005,252	)
Net cash flows from changes in subsidiaries		(43,409	)		(154,953	)
Disposal of investments in joint ventures and associates		407,041			17,773
Acquisition of investments in joint ventures and associates		(296,405	)		(31,525	)
Disposal of investment properties		300			—
Disposal of premises and equipment		689			424
Acquisition of premises and equipment		(44,031	)		(21,559	)
Disposal of intangible assets		54			34
Acquisition of intangible assets		(46,879	)		(55,797	)
Disposal of assets held for sale		2,717			1
Net increase(decrease) of other assets		1,402			20,298

Net cash inflow from investing activities		984,814			391,532

Cash flows from financing activities:
Net cash in(out)-flows from hedging activities		96,842			32,863
Net increase(decrease) in borrowings		(271,216	)		189,432
Issuance of debentures		10,367,400			5,577,523
Redemption of debentures		(12,829,684	)		(6,920,431	)
Redemption of lease liabilities		(75,731	)		(74,383	)
Net increase of other liabilities		663			(116	)
Acquisition of treasury stocks		(103,040	)		(20,673	)
Redemption of hybrid securities		—			(400,000	)
Dividends paid to hybrid securities		(73,359	)		(75,963	)
Dividends paid to non-controlling interest		(7	)		(992	)
Changes in non-controlling interests		(1,630	)		—
Net increase(decrease) in non-controlling equity liabilities		—			375

Net cash outflow from financing activities		(2,889,762	)		(1,692,365	)

Effects of exchange rate changes on cash and cash equivalents		1,089,298			37,190
Net increase(decrease) in cash and cash equivalents		(3,929,205	)		(1,673,612	)
Cash and cash equivalents, beginning of the period		38,499,679			27,281,123

Cash and cash equivalents, end of the Period (Note 6)		34,570,474			25,607,511

The accompanying notes are part of these condensed consolidated interim financial statements.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

1.	GENERAL

(1)	Summary of the Parent company

Woori Financial Group, Inc. (hereinafter referred to as the “Parent company”) is primarily aimed at controlling subsidiaries that operate in the financial industry or those that are closely related to the financial industry through the ownership of shares and was established on January 11, 2019 under the Financial Holding Company Act through the comprehensive transfer with shareholders of Woori Bank (hereinafter referred to as the “Bank”), Woori FIS Co., Ltd., Woori Finance Research Institute Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Service Co., Ltd. and Woori Private Equity Asset Management Co. Ltd. The headquarters of the Parent company is located at 51, Sogong-ro, Jung-gu, Seoul, Korea, and the capital stock is 3,802,676 million Won. The Parent company’s stocks were listed on the Korea Exchange on February 13, 2019, and its American Depository Shares (“ADS”) are also being traded as the underlying common stock on the New York Stock Exchange since the same date.

The details of stock transfer between the Parent company and subsidiaries as of Incorporation are as follows (Unit: Number of shares)


Stock transfer company	Total number of issued shares		Exchange ratio per share		Number of Parent company’s stocks
Woori Bank		676,000,000		1.0000000		676,000,000
Woori FIS Co., Ltd.		4,900,000		0.2999708		1,469,857
Woori Finance Research Institute Co., Ltd.		600,000		0.1888165		113,289
Woori Credit Information Co., Ltd.		1,008,000		1.1037292		1,112,559
Woori Fund Service Co., Ltd.		2,000,000		0.4709031		941,806
Woori Private Equity Asset Management Co., Ltd.		6,000,000		0.0877992		526,795

As of August 1, 2019, the Parent company acquired a 73% interest in Tongyang Asset Management Co., Ltd. and changed the name to Woori Asset Management Corp. Also, as of August 1, 2019, the Parent company gained 100% control of ABL Global Asset Management Co., Ltd., added it as a consolidated subsidiary and changed the name to Woori Global Asset Management Co., Ltd. on December 6, 2019.

The Parent company paid 598,391 million Won in cash and 42,103,377 new shares of the Parent company to acquire 100% interest of Woori Card Co., Ltd. from its subsidiary, Woori Bank, on September 10, 2019. On the same date, the Parent company also acquired 59.8% interest of Woori Investment Bank Co., Ltd. from Woori Bank with 392,795 million Won in cash.

As of December 30, 2019, the Parent company acquired a 67.2% interest (excluding treasury stocks, 51% interest including treasury stocks) in Woori Asset Trust Co., Ltd. (formerly Kukje Asset Trust Co., Ltd.) and added it as a consolidated subsidiary at the end of 2019. As of March 31, 2023, it acquired an additional 28.1% interests (excluding treasury stock, 21.3% in the case of including treasury stock).

The Parent company acquired 76.8% (excluding treasury stocks, 74.0% interest including treasury stocks) interest in Woori Financial Capital Co., Ltd. (formerly Aju Capital Co., Ltd.) on December 10, 2020. In addition, as of April 15, 2021, the Parent company acquired 13.3% interests (excluding treasury stock, 12.9% when including treasury stock) in Woori Financial Capital Co., Ltd., and as of May 24, 2021, the Parent company additionally acquired treasury stock (3.6%) which Woori Financial Capital Co., Ltd. possessed.

The Parent company paid 113,238 million Won in cash to acquire 100% interest of Woori Savings Bank from its subsidiary, Woori Financial Capital Co., Ltd., on March 12, 2021.

As of August 10, 2021, the Parent company paid 5,792,866 new shares of the Parent company to the shareholders of Woori Financial Capital Co., Ltd. (excluding the Parent company) through comprehensive stock exchange and acquired residual interest (9.5%) of Woori Financial Capital Co., Ltd., to make it a wholly owned subsidiary.

As of January 7, 2022, the Parent company established Woori Financial F&I Co., Ltd., an investment company for non-performing loans and restructuring companies (100% interest, 200 billion Won in stock payments) and included it as a subsidiary.

- 10 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

As of March 23, 2023, the Parent company acquired a 53.9% interest (excluding treasury stocks, 52.0% interest including treasury stocks) in Woori Venture Partners Co., Ltd. (formerly Daol Investment Co., Ltd.), and added it as a consolidated subsidiary. As of May 30, 2023, the Parent company additionally acquired treasury stock (3.5%) which Woori Venture Partners Co., Ltd. possessed.

As of August 8, 2023, the Parent company paid 22,541,465 new shares of the Parent company to the shareholders of Woori Investment Bank Co., Ltd. (excluding the Parent company) through comprehensive stock exchange and acquired residual interest (41.3%) of Woori Investment Bank Co., Ltd., to make it a wholly owned subsidiary. In addition, on the same day, the Parent company paid 9,933,246 new shares of the Parent company to the shareholders of Woori Venture Partners Co., Ltd. (excluding the Parent company) through comprehensive stock exchange and acquired residual interest (44.5%) of Woori Venture Partners Co., Ltd., to make it a wholly owned subsidiary.

On January 29, 2024, the Parent company’s percentage of ownership in Woori Asset Management Corp. after the merger between Woori Asset Management Corp. (the surviving company) and Woori Global Asset Management Co., Ltd. (the merged company) is 77.5%. On March 29, 2024, the Parent company acquired the remaining shares (22.5%) of Woori Asset Management Corp., pursuant to which Woori Asset Management Corp. became a wholly-owned subsidiary of the parent company.

On March 25, 2024, the Parent company participated in the capital increase amount and acquired the 1,062,045 shares (96.7% after acquiring shares, 79.4% including treasury shares) of Woori Asset Trust Co., Ltd. Additionally, on March 29, 2024, Woori Asset Trust Co., Ltd. conducted a complete retirement of its 738,000 treasury shares. In addition, as of April 8, 2024, the Parent company additionally acquired minority interests (2.0%) of Woori Asset Trust Co., Ltd. As of November 19, 2024, the Parent company additionally acquired minority interests (0.9%) of Woori Asset Trust Co., Ltd.

On August 1, 2024, The Parent company owned 97.1% interest in merged securities firm as a result of merger between Korea Foss Securities (the surviving company) and Woori Investment Bank Co., Ltd. (dissolution company), and acquired an additional 2.3% out of the remaining interest. The merged securities company also changed its name to Woori Investment Securities Co., Ltd.

On July 1, 2025, the Parent company acquired 77.9% of the shares (excluding treasury shares; 75.3% including treasury shares) of Tongyang Life Insurance Co., Ltd. and 100% of the shares of ABL Life Insurance Co., Ltd. and included them as subsidiaries.

On July 31, 2025, the Parent company acquired the remaining shares (0.4%) of Woori Asset Trust Co., Ltd., pursuant to which Woori Asset Trust Co., Ltd. became a wholly-owned subsidiary of the parent company.

On November 28, 2025, the Parent Company acquired an additional (0.20%) minority interest in Woori Investment Securities Co., Ltd. As of December 19, 2025, the Parent Company additionally acquired (0.10%) of the treasury shares held by Woori Investment Securities Co., Ltd., as well as an additional (0.20%) minority interest.

On January 5, 2026 and March 13, 2026, the Company acquired the residual interest (0.1%) of Woori Investment Securities Co., Ltd., to make it a wholly owned subsidiary.

(2)	Details of the Parent company and subsidiaries (hereinafter ‘Group’) as of March 31, 2026 and December 31, 2025 are as follows:

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

March 31,
2026

December 31,
2025

Held by Woori Financial Group Inc.

Woori Bank

Bank

100.0

Korea

March 31

Tongyang Life Insurance Co., Ltd. (*1)

Life
insurance

77.9

Korea

March 31

Woori Card Co., Ltd.

Finance

100.0

Korea

March 31

Woori Financial Capital Co., Ltd.

Finance

100.0

Korea

March 31

- 11 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

March 31,
2026

December 31,
2025

Woori Investment Securities Co., Ltd. (*1)

Securities brokerage

100.0

99.9

Korea

March 31

ABL Life Insurance Co., Ltd. (*1)

Life insurance

100.0

Korea

March 31

Woori Asset Trust Co., Ltd

Real estate trust

100.0

Korea

March 31

Woori Savings Bank

Mutual saving bank

100.0

Korea

March 31

Woori Financial F&I Co., Ltd.

Finance

100.0

Korea

March 31

Woori Asset Management Corp.

Finance

100.0

Korea

March 31

Woori Venture Partners

Other financial services

100.0

Korea

March 31

Woori Private Equity Asset Management Co., Ltd.

Finance

100.0

Korea

March 31

Woori Credit Information Co., Ltd.

Credit information

100.0

Korea

March 31

Woori Fund Service Co., Ltd.

Financial support
service business

100.0

Korea

March 31

Woori FIS Co., Ltd.

System software
development &
maintenance

100.0

Korea

March 31

Woori Finance Research Institute Co., Ltd.

Other service business

100.0

Korea

March 31

Held by Woori Bank

Woori America Bank

Finance

100.0

America

March 31

Woori Global Markets Asia Limited

Finance

100.0

Hong
Kong

March 31

Woori Bank China Limited

Finance

100.0

China

March 31

AO Woori Bank (*7)

Finance

100.0

Russia

March 31

PT Bank Woori Saudara Indonesia 1906 Tbk

Finance

90.8

Indonesia

March 31

Banco Woori Bank do Brasil S.A.

Finance

100.0

Brazil

March 31

Korea BTL Infrastructure Fund

Finance

99.9

Korea

March 31

Woori Finance Myanmar Co., Ltd.

Finance

100.0

Myanmar

March 31

Wealth Development Bank

Finance

51.0

Philippines

March 31

Woori Bank Vietnam Limited

Finance

100.0

Vietnam

March 31

Woori Bank (Cambodia) PLC

Finance

100.0

Cambodia

March 31

Woori Bank Europe

Finance

100.0

Germany

March 31

KAMCO Value Recreation First Securitization Specialty Co., Ltd. (*2)

Asset securitization

15.0

Korea

March 31

Jeonju Iwon Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Wonju I one Inc. (*2)

Asset securitization

0.0

Korea

March 31

Heitz Third Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori hansoop 1st Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori QS 1st Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori Dream 2nd Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori K 1st Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori Display 3rd Co., Ltd. (*2) (*5)

Asset securitization

—

0.0

Korea

—

Woori HW 1st Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori Dream 3rd Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori SJS 1st Co., Ltd. (*2) (*5)

Asset securitization

—

0.0

Korea

—

SPG the 1st Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori-HWC 1st Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori HC 3rd Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori HC 4th Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori SKR 1st Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori H chemical 1st Co.,Ltd (*2)

Asset securitization

0.0

Korea

March 31

HE the 1st Co.,Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori Hub The 1st Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori K The 3rd Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori KF 1st Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori L Yongsan 1st Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori HP the 1st co.,Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori KF 2nd Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori HW 2nd co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori HR 2nd Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori QS 2nd Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori Plasma 1st Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woori EUGENE 1st Co.,Ltd (*2)

Asset securitization

0.0

Korea

March 31

- 12 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

March 31,
2026

December 31,
2025

WOORIWON 1ST, CO,.LIMITED. (*2)

Asset securitization

0.0

Korea

March 31

WOORI ENERBILITY 1ST, CO,.LIMITED. (*2)

Asset securitization

0.0

Korea

March 31

WOORI HL 1ST, CO,.LIMITED. (*2)

Asset securitization

0.0

Korea

March 31

WOORI PARC1. 2ND CO.,LTD (*2)

Asset securitization

0.0

Korea

March 31

WOORI HEROS 1ST CO.,LTD. (*2)

Asset securitization

0.0

Korea

March 31

WOORI GANGNAM ALPHA 1ST CO.,LTD. (*2)

Asset securitization

0.0

Korea

March 31

WOORI BLOSSOM 1ST CO.,LTD. (*2)

Asset securitization

0.0

Korea

March 31

WOORI DK 1ST CO.,LTD. (*2)

Asset securitization

0.0

Korea

March 31

WOORI TECHONE 1ST CO.,LTD (*2)

Asset securitization

0.0

Korea

March 31

WOORI TECHONE 2ND CO.,LTD (*2)

Asset securitization

0.0

Korea

March 31

WOORI SONO 1ST CO.,LTD (*2)

Asset securitization

0.0

Korea

March 31

WOORI SEOUL STATION AREA 1ST, CO,.LTD. (*2)

Asset securitization

0.0

Korea

March 31

WOORI NC 1ST CO.,LTD. (*2)

Asset securitization

0.0

Korea

March 31

Heungkuk Global Private Placement Investment Trust No. 1 (*3)

Securities investment
and others

98.8

Korea

March 31

AI Partners UK Water Supply Private Placement Investment Trust No.2 (*3)

Securities investment
and others

97.3

Korea

March 31

Mirae Asset Multi Overseas Real Estate General Private Investment Trust No. 5-2 (*3)

Securities investment
and others

99.0

Korea

March 31

IGIS Australia Investment Trust No. 209-1 (*3)

Securities investment
and others

99.4

Korea

March 31

JB Airline Private Placement Investment Trust No.8 (*3) (*5)

Securities investment
and others

—

97.0

Korea

—

Kiwoom Harmony Private Placement Investment Trust No. 1 (*3)

Securities investment
and others

97.7

Korea

March 31

Kiwoom Harmony Private Placement Investment Trust No. 4 (*3)

Securities investment
and others

96.2

Korea

March 31

Kiwoom Harmony Private Placement Investment Trust No. 9 (*3)

Securities investment
and others

100.0

Korea

March 31

Woori Partners General Type Private Investment Trust No.4 (*3)

Securities investment
and others

99.0

Korea

March 31

Woori Partners General Type Private Investment Trust No.5 (*3) (*10)

Securities investment
and others

99.0

—

Korea

March 31

Principal Guaranteed Trust (*4)

Trust

0.0

Korea

March 31

Principal and Interest Guaranteed Trust (*4)

Trust

0.0

Korea

March 31

Held by Mirae Asset Multi Overseas Real Estate General Private Investment Trust No. 5-2

MAGI No.5 LuxCo S.a.r.l.

Asset securitization

54.6

Luxembourg

March 31

Held by MAGI No.5 LuxCo S.a.r.l.

ADP 16 Brussels

Asset securitization

100.0

Belgium

March 31

- 13 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

March 31,
2026

December 31,
2025

Held by Woori ESG Infrastructure Development General Private Investment Trust No. 1:

Woori Global Infrastructure Development Co., Ltd.

Other financial
services

100.0

Korea

March 31

Namyangju Resource Circulation Facility Development Co., Ltd.

Other professional
services

100.0

Korea

March 31

Held by Woori Card Co., Ltd.

TUTU Finance –WCI Myanmar Co., Ltd.

Finance

100.0

Myanmar

March 31

PT Woori Finance Indonesia Tbk.

Finance

84.5

Indonesia

March 31

Woori Card 2022-2 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

0.5

Korea

March 31

Woori Card 2023-1 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

0.5

Korea

March 31

Woori Card 2023-2 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

0.5

Korea

March 31

Woori Card 2024-1 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

0.5

Korea

March 31

Woori Card 2026-1 Asset Securitization Specialty Co., Ltd. (*2) (*10)

Asset securitization

0.5

—

Korea

March 31

Held by Woori Financial Capital Co., Ltd.

Specified Money Market Trust

Trust

100.0

Korea

March 31

Held by Woori Investment Securities Co., Ltd.

Seari Second Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

Namjong 1st Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

Bukgeum First Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

Bukgeum Second Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WS1909 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WS2003 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WS2006 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WH2103 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WN2103 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WH2106 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WiBee AK 1st Co.,Ltd. (*2)

Asset securitization

0.0

Korea

March 31

WiBee Sae-A 1st Co., Ltd (*2)

Asset securitization

0.0

Korea

March 31

WiBee Central 1st Co., Ltd (*2)

Asset securitization

0.0

Korea

March 31

WiBee Retail 1st Co., Ltd (*2)

Asset securitization

0.0

Korea

March 31

WiBee Smile AP 1st Co., Ltd (*2)

Asset securitization

0.0

Korea

March 31

Bridge Beta 1st Co., Ltd (*2)

Asset securitization

0.0

Korea

March 31

WiBee World 1st Co., Ltd. (*2)(*10)

Asset securitization

0.0

—

Korea

March 31

Balance Beta 1st Co., Ltd. (*2)(*10)

Asset securitization

0.0

—

Korea

March 31

Held by Tongyang Life Insurance Co., Ltd.

- 14 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

March 31,
2026

December 31,
2025

Tongyang Life Financial Service Co., Ltd

Insurance agents and
brokers

100.0

Korea

March 31

Held by ABL Life Insurance Co., Ltd.

ABA Financial Service LLC.

Insurance agents and
brokers

100.0

Korea

March 31

Alceon Real Property Blind General Type Private Placement Investment Trust (*3) (*5)

Securities investment
and others

—

100.0

Korea

—

Woori Park Square Payton General Type Private Investment Trust (*3)

Securities investment
and others

100.0

Korea

March 31

Woori Pantheon Metrics General Type Private Investment Trust (*3)

Securities investment
and others

100.0

Korea

March 31

Held by Woori Asset Management Corp.

Woori Rooftop Solar Private Special Asset Investment Trust No.1 (*3)

Securities investment
and others

40.1

Korea

March 31

Woori Following Foreigners Securities Sub-Investment Master Fund [Equity] (*3) (*5)

Securities investment
and others

—

100.0

Korea

—

Woori Following Foreigners 40 Securities Sub-Investment Trust [Bond Mixed-Fund of Funds] Class C-F (*3) (*5)

Securities investment
and others

—

31.3

Korea

—

Woori Following Foreigners Securities Sub-Investment Trust [Equity] Class C-F (*3)

Securities investment
and others

75.8

75.6

Korea

March 31

Woori Together TDF 2060 (*3)(*10)

Securities investment
and others

74.2

—

Korea

March 31

Held by Woori Financial F&I Co., Ltd.

WI2203 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WM2203 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WNI2206 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WI2209 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WN2212 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WK2212 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WH2306 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WN2306 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WNKN2309 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WB2309 Securitization Specialty Co., Ltd.(*2)

Asset securitization

5.0

Korea

March 31

WI2311 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WSB2312 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WK2312 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WBS2312 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WK2403 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

- 15 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

March 31,
2026

December 31,
2025

WH2403 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WSB2406 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WK2406 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WI2406 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WKN2406 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WS2409 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WSB2409 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WDSB2503 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WHKN2506 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WK2509 Asset Securitization Specialty Co.,Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WH2509 Asset Securitization Specialty Co.,Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WI2511 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

March 31

WH2603 Asset Securitization Specialty Co., Ltd. (*2)(*10)

Asset securitization

5.0

—

Korea

March 31

WI2603 Asset Securitization Specialty Co., Ltd. (*2)(*10)

Asset securitization

5.0

—

Korea

March 31

VOGO DL General Private Equity Investment Trust 1(*3)

Securities investment
and others

99.4

Korea

March 31

WFBS 1st Corporate Recovery Private Equity Fund (*3)

Finance

96.2

Korea

March 31

Held by Woori Venture Partners Co.,Ltd.

Woori Venture Partners US

Other financial
services

100.0

America

March 31

Held by Woori Bank, Woori Financial Capital Co., Ltd., and Woori Private Equity Asset Management Co., Ltd. (*6)

Green ESG Growth No.1 Private Equity Fund(*3)

Securities investment
and others

32.7

Korea

March 31

Woori New Growth Credit Fund 1(*3)

Securities investment
and others

100.0

Korea

March 31

Woori PE Secondary Fund 1 (*3)

Securities investment
and others

100.0

Korea

March 31

Held by Woori Financial Capital Co., Ltd., Woori Private Equity Asset Management Co., Ltd. and Woori Investment Securities Co., Ltd. (*6)

Japanese Hotel Real Estate Private Equity Fund 1 (*3) (*5)

Securities investment
and others

—

100.0

Korea

—

Held by Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Securities Co., Ltd., Woori Savings Bank and Woori Private Equity Asset Management Co., Ltd. (*6)

Woori Innovative Growth Professional Investment Type Private Investment Trust No.1 (*3)

Securities investment
and others

90.0

Korea

March 31

- 16 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

March 31,
2026

December 31,
2025

Held by Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Securities Co., Ltd. and Woori Private Equity Asset Management Co., Ltd. (*6)

Woori Innovative Growth Professional Investment Type Private Investment Trust No.2 (*3)

Securities investment
and others

85.0

Korea

March 31

Woori Innovative Growth New Deal Private Investment Trust No.3 (*3)

Securities investment
and others

94.3

Korea

March 31

Held by Woori Bank, Woori Financial Capital Co., Ltd., and Woori Investment Securities Co., Ltd. (*6)

Woori GP Commitment Loan General Type Private Investment Trust No.1 (*3)

Securities investment
and others

100.0

Korea

March 31

Woori Equity Bridge Loan General Type Private Investment Trust No.1 (*3)(*5)

Securities investment
and others

—

80.0

Korea

—

Woori GP Commitment Loan General Type Private Investment Trust No.2 (*3)

Securities investment
and others

100.0

Korea

March 31

Woori GP Commitment Loan General Type Private Investment Trust No.3 (*3)

Securities investment
and others

100.0

Korea

March 31

Woori Junior Equity General Type Private Investment Trust (*3)

Securities investment
and others

100.0

Korea

March 31

Woori Top-Class Senior and Junior Loan Private Investment Trust (*3)

Securities investment
and others

100.0

Korea

March 31

Woori Top-Class Equity Fund of Funds Private Investment Trust (*3)

Securities investment
and others

100.0

Korea

March 31

Woori National Growth Matching General Private Investment Trust No.1 (*3) (*10)

Securities investment
and others

100.0

—

Korea

March 31

Held by Woori Bank, Woori Financial Capital Co., Ltd., and Woori Asset Management Corp. (*6)

Woori New Deal(Infrastructure) Policy Fund No.1(*3)

Securities investment
and others

70.0

Korea

March 31

Held by Woori bank and Woori Investment Securities Co., Ltd. (*6)

Woori Global Development Infrastructure Synergy Company Private Placement Investment Trust No.1 (*3)

Securities investment
and others

100.0

Korea

March 31

Woori NorthAmerica Infra Private Placement Investment Trust No. 1 (*3)

Securities investment
and others

100.0

Korea

March 31

Woori Infrastructure New Deal Specialized Investment Private Equity Investment Trust No. 1 (*3)

Securities investment
and others

100.0

Korea

March 31

Woori General Type Private Real Estate Investment Trust No.2 (*3)

Securities investment
and others

30.1

Korea

March 31

Woori ESG Infrastructure Development General Type Private Investment Trust No.1 (*3)

Securities investment
and others

100.0

Korea

March 31

- 17 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

March 31,
2026

December 31,
2025

Woori Real Estate Blind Investment General Type Private Investment Trust No.1 (*3)

Securities investment
and others

100.0

Korea

March 31

Woori Corporate Private Debt Investment Trust No. 1(*3) (*10)

Securities investment
and others

100.0

—

Korea

March 31

Held by Woori bank (*6)

Woori WooriBank Partners General Type Private Investment Trust No.1 (*3)

Securities investment
and others

92.6

Korea

March 31

Woori General Type Private Real Estate Investment Trust No.1 (*3)

Securities investment
and others

86.8

Korea

March 31

Woori Global Mid-market Secondary General Type Private Investment Trust No.1 (*3)

Securities investment
and others

80.0

Korea

March 31

Woori Woori Bank Partners Professional Type Private Investment Trust No. 2 (*3)

Securities investment
and others

90.9

Korea

March 31

Woori General Type Private Real Estate Investment Trust No.5 (*3)

Securities investment
and others

87.0

Korea

March 31

Woori Global Secondary Private Placement Investment Trust No. 1 (*3)

Securities investment
and others

98.8

Korea

March 31

Woori Japan Blind General Type Private Real Estate Feeder Investment Trust No.1 (*3)

Securities investment
and others

99.9

Korea

March 31

Woori Clean Energy General Type Private Investment Trust No.2 (*3) (*5)

Securities investment
and others

—

30.8

Korea

—

Woori ESG Infrastructure Development General Type Private Investment Trust No.2 (*3)

Securities investment
and others

50.0

Korea

March 31

Woori Dongbu Underground Expressway General type Private Special Asset Investment Trust (*3)

Securities investment
and others

40.0

Korea

March 31

Woori Partners General Private Investment Trust No. 3 (*3)

Securities investment
and others

90.9

Korea

March 31

Woori Natixis Partnership Global Private Debt Fund No. 1-1(USD) (*3)

Securities investment
and others

80.0

Korea

March 31

Woori Natixis Partnership Global Private Debt Fund No. 1-2(EUR) (*3)

Securities investment
and others

80.0

Korea

March 31

Woori General Type Private Real Estate Investment Trust No.7 (*3)

Securities investment
and others

87.0

Korea

March 31

Woori Baran-Namyang Expressway Private Special Asset Investment Trust (*3)

Securities investment
and others

47.0

Korea

March 31

Held by Woori Bank and Tongyang Life Insurance Co., Ltd. (*6)

Woori Senior Loan General Type Private Investment Trust No.2 (*3)

Securities investment
and others

54.0

Korea

March 31

Woori Senior Loan General Type Private Investment Trust No.3 (*3)

Securities investment
and others

47.3

Korea

March 31

Held by ABL Life Insurance Co., Ltd. (*6)

Woori MDF V General Type Private Real Estate Investment Trust (*3)

Securities investment
and others

50.0

Korea

March 31

- 18 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

March 31,
2026

December 31,
2025

Woori NewGen Energy ABL Private Investment Trust (*3)

Securities investment
and others

33.3

Korea

March 31

Held by Woori Bank and Woori Financial Capital Co., Ltd. (*6)

Woori Renewable New Deal Fund No.1 (*3)

Securities investment
and others

60.0

Korea

March 31

Woori Equity Investment General Type Private Investment Trust No.1 (*3)

Securities investment
and others

100.0

Korea

March 31

Woori Busan Logistics Infra Private Placement Special Asset Investment Trust (*3)

Securities investment
and others

100.0

Korea

March 31

Woori Fund Financing General Type Private Investment Trust (*3)

Securities investment
and others

99.3

Korea

March 31

Held by Woori Bank and Woori Asset Management Corp. (*6)

Woori General Type Private Real Estate Investment Trust No.6 (*3)

Securities investment
and others

85.8

Korea

March 31

Woori Innovation Growth(Infrastructure) General Type Private Investment Trust No.2 (*3)

Securities investment
and others

46.4

Korea

March 31

Held by Woori bank, Woori Investment Securities Co., Ltd., and Woori Asset Management Corp. (*6)

Woori Real Estate Financial Stabilization General Private Investment Trust No. 1 (*3)

Securities investment
and others

100.0

Korea

March 31

Woori Real Estate Financial Stabilization General Private Investment Trust No. 2 (*3)

Securities investment
and others

100.0

Korea

March 31

Held by Woori Bank, Woori Card Co., Woori Investment Securities Co., Ltd. and Woori Financial Capital Co., Ltd. (*6)

Woori FG Digital Investment Fund 1st (*3)

Securities investment
and others

100.0

Korea

March 31

Woori FG DINNO Lab Fund 1st (*3)

Securities investment
and others

100.0

Korea

March 31

Woori FG DINNO Lab Fund 2nd (*3)

Securities investment
and others

100.0

Korea

March 31

Held by Woori Bank, Woori Card Co., Woori Investment Securities Co., Ltd., Tongyang Life Insurance Co., Ltd. and Woori Financial Capital Co., Ltd. (*6)

Woori FG DINNO Lab Fund 3rd (*3) (*10)

Securities investment
and others

100.0

—

Korea

March 31

Held by Woori Bank, Woori Financial Capital Co., Ltd. and Tongyang Life Insurance Co., Ltd. (*6)

Woori Senior Loan Private Placement Investment Trust No.1 (*3)

Securities investment
and others

32.0

Korea

March 31

- 19 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

March 31,
2026

December 31,
2025

Held by Woori Bank, Woori Card Co., Woori Financial Capital Co., Ltd., Woori Investment Securities Co., Ltd., Tongyang Life Insurance Co., Ltd., ABL Life Insurance Co., Ltd. and Woori Asset Management Co., Ltd. (*6)

Woori Future Co-Growth High-tech Strategic Industries Private Investment Trust (*3)

Securities investment
and others

100.0

Korea

March 31

Held by Woori Bank and Woori Private Equity Asset Management Co., Ltd. (*6)

Woori Corporate Turnaround No.1 Private Equity Fund (*3)

Securities investment
and others

35.3

Korea

March 31

Held by Woori Japan Blind General Type Private Real Estate Feeder Investment Trust No.1 (*6)

Woori Private Placement Investment Trust No. 3 (*3)(*8)

Securities investment
and others

76.5

Korea

March 31

Held by Woori Private Placement Investment Trust No. 3

GK Woorido(*3)

Other financial
services

100.0

Japan

December 31
(*9)

(*1)

On January 5 and March 13, 2026, the Parent Company acquired the remaining shares (0.1%) of Woori Investment Securities Co., Ltd., thereby making Woori Investment Securities Co., Ltd. a wholly owned subsidiary of the Parent Company. In 2025, the Parent Company acquired 77.9% of the shares (excluding treasury shares; 75.3% including treasury shares) of Tongyang Life Insurance Co., Ltd. and 100% of the shares of ABL Life Insurance Co., Ltd., thereby including them as subsidiaries.

(*2)

The entity is a structured entity for the purpose of asset securitization. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.

(*3)

The entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.

(*4)

The entity is a ‘money trust’ under the Financial Investment Services and Capital Markets Act. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.

(*5)	Companies are excluded from the consolidation as of March 31, 2026.

(*6)

Determined that the Group controls the investees, considering the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns, by two or more subsidiaries’ investment or operation.

(*7)

The Russia – Ukraine conflict has been escalated in February 2022, and international sanctions were imposed on Russia. Due to the sanctions, the Group may experience situations such as a decrease in value of financial assets or operating assets owned by the Group regarding the conflict, an increase in receivable payment terms, limitation to transfer funds, decrease in the profit. As of March 31, 2026, the Group expects such conflict and sanctions would have financial impacts on the business of AO Woori Bank, one of the subsidiaries, in the future. However, the Group cannot reasonably predict the financial impacts.

(*8)	As a master-feeder fund, it is the percentage of the feeder fund’s ownership in the master fund.

(*9)	As the financial statements for the end of the reporting period were not available, the most recent financial statements available as of the reporting date were used.

(*10)

Companies are included in the consolidation during the period ended March 31, 2026.

- 20 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(3)	The Group has not consolidated the following entities as of March 31, 2026 and December 31, 2025 despite having more than 50% ownership interest:

As of March 31, 2026

Subsidiaries

Location

Main Business

Percentage of
ownership (%)

Mirae Asset Maps Clean Water Private Equity Investment Trust 7th (*1)

Korea

Securities Investment

59.7

Kiwoom Yonsei Private Equity Investment Trust (*1)

Korea

Securities Investment

88.9

IGIS Europe Private Placement Real Estate Fund No. 163-2 (*2)

Korea

Securities Investment

97.8

IGIS Global Private Placement Real Estate Fund No. 148-1 (*1)

Korea

Securities Investment

75.0

IGIS Global Private Placement Real Estate Fund No. 148-2 (*1)

Korea

Securities Investment

75.0

Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1)

Korea

Securities Investment

66.7

Hangang Blue Water Private Placement Special Asset Investment Trust (*1)

Korea

Securities Investment

55.6

Korea Investment Pocheon-Hwado Highway Private Special Asset Trust 2 (*1)

Korea

Securities Investment

55.2

Midas Global Private Placement Real Estate Investment Trust No. 7-2 (*1)

Korea

Securities Investment

58.3

Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs] (*3)

Korea

Securities Investment

100.0

INMARK France Private Placement Investment Trust No. 18-1 (*1)

Korea

Securities Investment

93.8

Kiwoom Vibrato Private Placement Investment Trust 1-W(EUR) (*2)

Korea

Securities Investment

99.5

KOTAM Global Infra Private Fund 1-4 (*2)

Korea

Securities Investment

99.7

UBSHana Class 1 Special Asset Investment Trust 3 Class C 2 (*1)

Korea

Securities Investment

51.0

Consus GyeongJu Green Specialized Private Special Asset Investment Trust 1 (*1)

Korea

Securities Investment

50.0

Kiwoom Harmony Private Placement Investment Trust No. 3 (*1)

Korea

Securities Investment

77.3

Kiwoom Aurora Geneal Type Private Placement Investment Trust No. 2 (*1)

Korea

Securities Investment

60.0

NH-Amundi WSCP VIII Private Fund 2 (*1)

Korea

Securities Investment

65.2

AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund Trust No. 2 (*2)

Korea

Securities Investment

100.0

Hangang new deal infra BTL fund 4 (HNBF4) (*1)

Korea

Securities Investment

60.0

IGIS Global Private Placement Real Estate Fund No. 316-1(*2)

Korea

Securities Investment

99.3

INMARK Spain Private Placement Real Estate Investment Trust No. 26-2 (*2)

Korea

Securities Investment

97.7

Woori Asset Global Partnership Fund No.5(*4)

Korea

Securities Investment

57.7

Kiwoom Harmony Private Placement Investment Trust No. 6 (*1)

Korea

Securities Investment

76.9

Project Chile PMGD Solar (*2)

Korea

Securities Investment

75.2

NH-Amundi BXD Private Fund 2[FoF] (*2)

Korea

Securities Investment

77.8

Hangang Green Environment Private Placement Special Asset Investment Trust (*1)

Korea

Securities Investment

50.0

KB Social Infra BTL private placement Special Asset Investment Trust(*1)

Korea

Securities Investment

78.7

KIAMCO Daejang Hongdaeseon Private Special Asset Investment Trust (*1)

Korea

Securities Investment

76.6

KB Nongsok Sewage Treatment Facility Private Special Asset Investment Trust (*1)

Korea

Securities Investment

80.0

Pacific No.70 General Private Real Estate Investment Trust (*1)

Korea

Securities Investment

53.8

Rifa Qualified Investors Private Real Estate Investment Trust No.40 (*2)

Korea

Securities Investment

55.0

Alceon Australia Alternative General Private Investment Trust No.1 (*2)

Korea

Securities Investment

100.0

KB NA Sound Point Private Special Asset Fund 3(*2)

Korea

Securities Investment

100.0

Alceon Australia RDS General Type Private Placement Investment Trust 1(*2)

Korea

Securities Investment

100.0

NH-Amundi Transport Infra Private Fund No. 1 (*2)

Korea

Securities Investment

100.0

Hanwha Global Infrastructure Private Fund 39 (*2)

Korea

Securities Investment

100.0

Alceon Dorchester Credit Secondary General Type Private Placement Investment Trust (*2)

Korea

Securities Investment

100.0

Alceon PRISM Global Credit Secondary General Type Private Placement Investment Trust (*2)

Korea

Securities Investment

100.0

Alceon Australia Alternative General Private Investment Trust No.2 (*2)

Korea

Securities Investment

99.9

Alceon Digital Infrastructure General Type Private Placement Investment Trust (*2)

Korea

Securities Investment

99.9

IGIS Global Secondary Private Investment Trust No. 504-1 (*2)

Korea

Securities Investment

99.9

Alceon Park Square Europe Private Credit General Type Private Placement Investment Trust (*2)

Korea

Securities Investment

99.9

Alpha Private Debt Blind General Private Investment Trust (*2)

Korea

Securities Investment

99.8

Alceon SOF III General Type Private Placement Investment Trust (*2)

Korea

Securities Investment

99.9

IGIS European Private Placement Real Estate Investment Trust No. 521-1 (*2)

Korea

Securities Investment

99.7

IGIS European Private Placement Real Estate Investment Trust No. 521-2 (*2)

Korea

Securities Investment

99.7

NH-Amundi Europe Direct Lending Private Fund No. 4 (*2)

Korea

Securities Investment

99.5

Koramco Europe Infra Private Special Asset Investment Trust No. 1 (*2)

Korea

Securities Investment

99.0

Koramco Global Infra Private Special Asset Investment Trust No. 1 (*2)

Korea

Securities Investment

99.0

- 21 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

As of March 31, 2026

Subsidiaries

Location

Main Business

Percentage of
ownership (%)

Koramco Global Private Credit Private Special Asset Investment Trust No. 1-1 (*2)

Korea

Securities Investment

99.0

Kiwoom ASM Private Investment Trust[FoFs] (*2)

Korea

Securities Investment

98.1

KEB Hana Bank as trustee of Hyundai Investments Private Fund No.41 (*2)

Korea

Securities Investment

55.6

IBK SeAH Solar Power Generation Private Securities Investment Fund(SOC) (*1)

Korea

Securities Investment

50.0

Koramco PRISM Real Estate Debt Blind Private Real Estate Investment Trust (*2)

Korea

Securities Investment

99.9

Koramco Global Private Credit Private Special Asset Investment Trust No. 1-2 (*2)

Korea

Securities Investment

99.0

Kiwoom PRISM General Private Investment Trust (*2)

Korea

Securities Investment

99.9

Kookmin Bank acting as Trustee of Kiwoom Andante Private Investment Trust (*2)

Korea

Securities Investment

99.8

Kookmin Bank Acting as Trustee of Kiwoom Moderato Private Securities Investment Trust I (*2)

Korea

Securities Investment

99.7

Kiwoom Europe Infra A.I. Private Type Investment Trust III (*2)

Korea

Securities Investment

99.8

Kiwoom Global Infra A.I. Private Type Investment Trust II (*2)

Korea

Securities Investment

98.8

Kookmin Bank acting as Trustee of Kiwoom AGPS Private Investment Trust (*2)

Korea

Securities Investment

99.9

Kiwoom Europe Infra A.I. Private Type Investment Trust IX (*2)

Korea

Securities Investment

98.1

Alceon Real Infrastructure Blind General Type Private Placement Investment Trust (*2)

Korea

Securities Investment

100.0

Hanwha Global Infrastructure Private Fund 31 (*2)

Korea

Securities Investment

98.4

IGIS U.S. Private Placement Real Estate Investment Trust No. 469-1 (*2)

Korea

Securities Investment

99.6

IGIS U.S. Private Placement Real Estate Investment Trust No. 469-2 (*2)

Korea

Securities Investment

99.6

Alceon Australia RDS General Type Private Placement Investment Trust 2 (*2)

Korea

Securities Investment

99.9

Alceon Australia RDS General Type Private Placement Investment Trust 3 (*2)

Korea

Securities Investment

99.3

KB NB Private Investment Trust No. 4 (*2)

Korea

Securities Investment

57.1

KB Sound Point Strategic Private Special Asset Fund 1 (*2)

Korea

Securities Investment

99.9

Alceon Real Property Blind General Type Private Placement Investment Trust(*2)

Korea

Securities Investment

100.0

Woori PE APA Private Investment Trust (*2)

Korea

Securities Investment

99.8

AP K-Beauty Investment Fund 1 (*5)

Korea

Securities Investment

68.2

Renaissance KOSDAQ Venture Beauty Privately Placed Fund (*1)

Korea

Securities Investment

89.0

Hanwha Abu Dhabi Gas Infrastructure General Private Special Asset Investment Trust No.1 (*1)

Korea

Securities Investment

62.2

(*1)

The Group does not have power over the discretionary fund because the fund manager has the sole authority to decide the relevant activities of the investee. The fund manager’s delegated power is exercised not only for the Group, but also for other investors as well. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.

(*2)	The Group does not have power over the fund of funds because the Group cannot decide the relevant activities of the fund through the related contract. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.

(*3)

The Group does not have power over the stock market stabilization fund as the fund’s relevant activities are determined by the management committee, over which the Group does not have substantial control. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.

(*4)	In this fund, one of the parties holds substantive removal rights and can remove the collective investment business operator. Consequently, the Group has no controls as it exercises decision-making rights as agent.

(*5)

Decision-making authority over investment-related activities of the investment partnership is vested in the general partner, and the Group cannot directly or indirectly determine the relevant activities of the partnership. In addition, the authority of the general partner cannot be regarded as being exercised solely for the benefit of the Group. Therefore, even if the Group holds a majority ownership interest, it does not have power over the relevant activities of the partnership and, accordingly, does not have control over the partnership.

- 22 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

As of December 31, 2025

Subsidiaries

Location

Main Business

Percentage of
ownership (%)

Mirae Asset Maps Clean Water Private Equity Investment Trust 7th (*1)

Korea

Securities Investment

59.7

Kiwoom Yonsei Private Equity Investment Trust (*1)

Korea

Securities Investment

88.9

IGIS Europe Private Placement Real Estate Fund No. 163-2 (*2)

Korea

Securities Investment

97.8

IGIS Global Private Placement Real Estate Fund No. 148-1 (*1)

Korea

Securities Investment

75.0

IGIS Global Private Placement Real Estate Fund No. 148-2 (*1)

Korea

Securities Investment

75.0

Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1)

Korea

Securities Investment

66.7

Hangang Blue Water Private Placement Special Asset Investment Trust (*1)

Korea

Securities Investment

55.6

Korea Investment Pocheon-Hwado Highway Private Special Asset Trust 2 (*1)

Korea

Securities Investment

55.2

Midas Global Private Placement Real Estate Investment Trust No. 7-2 (*1)

Korea

Securities Investment

58.3

Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs] (*3)

Korea

Securities Investment

100.0

INMARK France Private Placement Investment Trust No. 18-1 (*1)

Korea

Securities Investment

93.8

Kiwoom Vibrato Private Placement Investment Trust 1-W(EUR) (*2)

Korea

Securities Investment

99.5

KOTAM Global Infra Private Fund 1-4 (*2)

Korea

Securities Investment

99.7

UBSHana Class 1 Special Asset Investment Trust 3 Class C 2 (*1)

Korea

Securities Investment

51.0

Consus GyeongJu Green Specialized Private Special Asset Investment Trust 1 (*1)

Korea

Securities Investment

50.0

Kiwoom Harmony Private Placement Investment Trust No. 3 (*1)

Korea

Securities Investment

77.3

Kiwoom Aurora Geneal Type Private Placement Investment Trust No. 2 (*1)

Korea

Securities Investment

60.0

NH-Amundi WSCP VIII Private Fund 2 (*1)

Korea

Securities Investment

65.2

AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund Trust No. 2 (*2)

Korea

Securities Investment

100.0

Hangang new deal infra BTL fund 4 (HNBF4) (*1)

Korea

Securities Investment

60.0

IGIS Global Private Placement Real Estate Fund No. 316-1(*2)

Korea

Securities Investment

99.3

INMARK Spain Private Placement Real Estate Investment Trust No. 26-2 (*2)

Korea

Securities Investment

97.7

Woori Asset Global Partnership Fund No.5(*4)

Korea

Securities Investment

57.7

Kiwoom Harmony Private Placement Investment Trust No. 6 (*1)

Korea

Securities Investment

76.9

Project Chile PMGD Solar (*2)

Korea

Securities Investment

75.2

NH-Amundi BXD Private Fund 2[FoF] (*2)

Korea

Securities Investment

77.8

Rifa Qualified Investors Private Real Estate Investment Trust No.40 (*2)

Korea

Securities Investment

55.0

Hangang Green Environment Private Placement Special Asset Investment Trust (*1)

Korea

Securities Investment

50.0

KB Nongsok Sewage Treatment Facility Private Special Asset Investment Trust (*1)

Korea

Securities Investment

80.0

KIAMCO Daejang Hongdaeseon Private Special Asset Investment Trust (*1)

Korea

Securities Investment

76.6

Renaissance KOSDAQ Venture Beauty Privately Placed Fund (*1)

Korea

Securities Investment

88.9

KIAMCO Siwha Jeongwang Logistics Development Private Real Estate Investment Trust No.1 (*2)

Korea

Securities Investment

50.0

Dabi Hana Inje Gwan-sa BTL Private Special Asset Investment Trust (*2)

Korea

Securities Investment

50.0

Alceon Australia Alternative General Private Investment Trust No.1 (*2)

Korea

Securities Investment

100.0

KB NA Sound Point Private Special Asset Fund 3(*2)

Korea

Securities Investment

100.0

Alceon Australia RDS General Type Private Placement Investment Trust 1(*2)

Korea

Securities Investment

100.0

NH-Amundi Transport Infra Private Fund No. 1 (*2)

Korea

Securities Investment

100.0

Hanwha Global Infrastructure Private Fund 39 (*2)

Korea

Securities Investment

100.0

Alceon Dorchester Credit Secondary General Type Private Placement Investment Trust (*2)

Korea

Securities Investment

100.0

Alceon PRISM Global Credit Secondary General Type Private Placement Investment Trust (*2)

Korea

Securities Investment

99.9

Alceon Australia Alternative General Private Investment Trust No.2 (*2)

Korea

Securities Investment

99.9

Alceon Digital Infrastructure General Type Private Placement Investment Trust (*2)

Korea

Securities Investment

99.9

IGIS Global Secondary Private Investment Trust No. 504-1 (*2)

Korea

Securities Investment

99.9

Alceon Park Square Europe Private Credit General Type Private Placement Investment Trust (*2)

Korea

Securities Investment

99.9

Alpha Private Debt Blind General Private Investment Trust (*2)

Korea

Securities Investment

99.8

Alceon SOF III General Type Private Placement Investment Trust (*2)

Korea

Securities Investment

99.8

IGIS European Private Placement Real Estate Investment Trust No. 521-1 (*2)

Korea

Securities Investment

99.7

IGIS European Private Placement Real Estate Investment Trust No. 521-2 (*2)

Korea

Securities Investment

99.7

- 23 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

As of December 31, 2025

Subsidiaries

Location

Main Business

Percentage of
ownership (%)

NH-Amundi Europe Direct Lending Private Fund No. 4 (*2)

Korea

Securities Investment

99.5

Koramco Europe Infra Private Special Asset Investment Trust No. 1 (*2)

Korea

Securities Investment

99.0

Koramco Global Infra Private Special Asset Investment Trust No. 1 (*2)

Korea

Securities Investment

99.0

Koramco Global Private Credit Private Special Asset Investment Trust No. 1-1 (*2)

Korea

Securities Investment

99.0

Kiwoom ASM Private Investment Trust[FoFs] (*2)

Korea

Securities Investment

98.1

KEB Hana Bank as trustee of Hyundai Investments Private Fund No.41 (*2)

Korea

Securities Investment

55.6

IBK SeAH Solar Power Generation Private Securities Investment Fund(SOC) (*2)

Korea

Securities Investment

50.0

Koramco PRISM Real Estate Debt Blind Private Real Estate Investment Trust (*2)

Korea

Securities Investment

99.9

Koramco Global Private Credit Private Special Asset Investment Trust No. 1-2 (*2)

Korea

Securities Investment

99.0

Kiwoom PRISM General Private Investment Trust (*2)

Korea

Securities Investment

99.9

Kookmin Bank acting as Trustee of Kiwoom Andante Private Investment Trust (*2)

Korea

Securities Investment

99.8

Kookmin Bank Acting as Trustee of Kiwoom Moderato Private Securities Investment Trust I (*2)

Korea

Securities Investment

99.7

Kiwoom Europe Infra A.I. Private Type Investment Trust III (*2)

Korea

Securities Investment

99.8

Kiwoom Global Infra A.I. Private Type Investment Trust II (*2)

Korea

Securities Investment

98.8

Kookmin Bank acting as Trustee of Kiwoom AGPS Private Investment Trust (*2)

Korea

Securities Investment

99.9

Kiwoom Europe Infra A.I. Private Type Investment Trust IX (*2)

Korea

Securities Investment

98.1

Alceon Real Infrastructure Blind General Type Private Placement Investment Trust (*2)

Korea

Securities Investment

100.0

Hanwha Global Infrastructure Private Fund 31 (*2)

Korea

Securities Investment

98.4

IGIS U.S. Private Placement Real Estate Investment Trust No. 469-1 (*2)

Korea

Securities Investment

99.6

IGIS U.S. Private Placement Real Estate Investment Trust No. 469-2 (*2)

Korea

Securities Investment

99.6

Alceon Australia RDS General Type Private Placement Investment Trust 2 (*2)

Korea

Securities Investment

50.5

Alceon Australia RDS General Type Private Placement Investment Trust 3 (*2)

Korea

Securities Investment

99.3

KB NB Private Investment Trust No. 4 (*2)

Korea

Securities Investment

57.1

Pacific No.70 General Private Real Estate Investment Trust (*1)

Korea

Securities Investment

53.8

Hanwha Abu Dhabi Gas Infrastructure General Private Special Asset Investment Trust No.1 (*1)

Korea

Securities Investment

62.2

(*1)

(*2)	The Group does not have power over the fund of funds because the Group cannot decide the relevant activities of the fund through the related contract. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.

(*3)

(*4)	In this fund, one of the parties holds substantive removal rights and can remove the collective investment business operator. Consequently, the Group has no controls as it exercises decision-making rights as agent.

- 24 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(4)	The summarized financial information of the major subsidiaries is as follows. The financial information of each subsidiary was prepared on the basis of consolidated financial statements. (Unit: Korean Won in millions):


	As of March 31, 2026				For the three-month period ended March 31, 2026
Subsidiaries	Assets		Liabilities		Operating revenue		Net income(loss) attributable to owners			Comprehensive income(loss) attributable to owners
Woori Bank		513,322,091		482,643,164		12,001,481		530,867			2,194,994
Tongyang Life Insurance Co., Ltd.		34,599,677		32,232,451		1,093,547		42,828			273,509
Woori Card Co., Ltd.		17,393,814		14,473,231		616,976		44,559			60,942
Woori Financial Capital Co., Ltd.		12,680,221		10,835,082		481,476		39,752			39,312
Woori Investment Securities Co., Ltd.		10,740,879		9,516,294		182,934		14,041			22,955
ABL Life Insurance Co., Ltd.		19,364,363		18,582,393		875,891		12,130			100,593
Woori Asset Trust Co., Ltd.		307,922		63,911		16,422		4,535			4,657
Woori Savings Bank		2,107,376		1,894,765		33,095		4,775			4,775
Woori Financial F&I Co., Ltd.		1,374,108		1,036,695		16,335		(3,658	)		(3,658	)
Woori Asset Management Corp.		204,423		23,117		19,577		7,567			7,600
Woori Venture Partners Co., Ltd.		387,585		34,154		14,928		4,498			4,742
Woori Private Equity Asset Management Co., Ltd.		110,476		7,817		3,898		2,949			2,817
Woori Credit Information Co., Ltd.		42,414		5,244		8,614		(444	)		(444	)
Woori Fund Service Co., Ltd.		33,695		2,546		4,836		1,208			1,208
Woori FIS Co., Ltd.		53,123		6,733		50,738		(129	)		(149	)
Woori Finance Research Institute Co., Ltd.		6,905		3,366		2,288		(372	)		(380	)


	As of December 31, 2025				For the three-month period ended March 31, 2025
Subsidiaries	Assets		Liabilities		Operating revenue		Net income(loss) attributable to owners			Comprehensive income(loss) attributable to owners
Woori Bank		502,846,197		473,158,744		8,462,289		634,112			606,775
Tongyang Life Insurance Co., Ltd. (*)		35,444,959		33,351,243		—		—			—
Woori Card Co., Ltd.		17,512,741		14,620,417		551,393		32,823			24,997
Woori Financial Capital Co., Ltd.		12,361,366		10,523,678		463,087		30,629			30,590
Woori Investment Securities Co., Ltd.		9,706,286		8,504,657		112,651		1,288			3,888
ABL Life Insurance Co., Ltd. (*)		19,609,549		18,928,173		—		—			—
Woori Asset Trust Co., Ltd.		302,661		63,308		21,773		(13,809	)		(13,835	)
Woori Savings Bank		2,061,407		1,853,571		33,838		3,664			3,895
Woori Financial F&I Co., Ltd.		1,271,613		930,542		22,907		3,248			3,248
Woori Asset Management Corp.		204,188		24,860		15,915		3,848			3,892
Woori Venture Partners Co., Ltd.		382,040		28,151		4,728		(25	)		(35	)
Woori Private Equity Asset Management Co., Ltd.		106,003		6,161		2,809		358			417
Woori Credit Information Co., Ltd.		45,455		7,581		9,145		(591	)		(591	)
Woori Fund Service Co., Ltd.		33,882		2,665		4,391		953			953
Woori FIS Co., Ltd.		52,554		6,015		47,654		(607	)		(612	)
Woori Finance Research Institute Co., Ltd.		7,469		3,550		2,185		(284	)		(290	)

(*) Additional investment occurred and added it as a consolidated subsidiary during the year ended December 31, 2025.

(5)	The financial support that the Group provides to consolidated structured entities is as follows:

Structured entity for asset securitization

The structured entity which is established for the purpose of securitization of project financing loans, corporate bonds, and other financial assets. The Group is involved with the structured entity through provision of credit facility over asset-backed commercial papers issued by the entity, originating loans directly to the structured entity, or purchasing 100% of the subordinated debts issued by the structured entity.

- 25 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Structured entity for the investments in securities

The structured entity is established for the purpose of investments in securities. The Group acquires beneficiary certificates through its contribution of funding to the structured entity by the Group, and it is exposed to the risk that it may not be able to recover its fund depending on the result of investment performance of asset managers of the structured entity.

Money trust under the Financial Investment Services and Capital Markets Act

The Group provides with financial guarantee of principal and interest or solely principal to some of its trust products. Due to the financial guarantees, the Group may be obliged when the principal and interest or principal of the trust product sold is short of the guaranteed amount depending on the result of investment performance of the trust product.

As of March 31, 2026 and December 31, 2025, the Group provides 2,416,318 million Won and 2,429,099 million Won of credit facilities, respectively, for the structured entities mentioned above. As of March 31, 2026 and December 31, 2025, the purchase commitment amounts to 4,447,873 million Won and 3,638,934 million Won, respectively.

- 26 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(6)	As of March 31, 2026 and December 31, 2025, the share of non-controlling interests on the net income and equity of subsidiaries in which non-controlling interests are significant are as follows: (Unit: Korean Won in millions):

Accumulated non-controlling interests at the end of the reporting period


	March 31, 2026		December 31, 2025
Woori Bank (*1)		1,406,512		1,406,512
Tongyang Life Insurance Co., Ltd.		366,361		305,892
Woori Investment Securities Co., Ltd. (*2)		—		1,386
PT Bank Woori Saudara Indonesia 1906 Tbk		85,128		89,767
Wealth Development Bank		22,668		22,292
PT Woori Finance Indonesia Tbk.		16,984		15,446

(*1) Hybrid securities issued by Woori Bank

(*2) Additional minority interests were acquired, resulting in the entity becoming a wholly owned subsidiary during the three-month period ended March 31, 2026.

Net income attributable to non-controlling interests


	For the three-month periods ended March 31
	2026			2025
Woori Bank (*)		34,326			36,457
Tongyang Life Insurance Co., Ltd.		9,478			—
Woori Investment Securities Co., Ltd.		4			6
Woori Asset Trust Co., Ltd.		—			(57	)
PT Bank Woori Saudara Indonesia 1906 Tbk		(8,957	)		1,248
Wealth Development Bank		(118	)		(151	)
PT Woori Finance Indonesia Tbk.		375			353

(*)

Distribution of the hybrid securities issued by Woori Bank

Dividends to non-controlling interests


	For the three-month periods ended March 31
	2026		2025
Woori Bank (*)		34,326		36,457
PT Bank Woori Saudara Indonesia 1906 Tbk		—		983
Others		7		9

(*)

Distribution of the hybrid securities issued by Woori Bank

- 27 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

2.	BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES

The accompanying consolidated interim financial statements have been condensed, restructured and translated into English from the Korean language financial statements. The Group’s condensed consolidated interim financial statements are condensed interim financial statements prepared in applying International Financial Reporting Standards as adopted by the Republic of Korea (“K-IFRS”) 1034 Interim Finance Reporting for some periods in which the annual consolidated financial statements belong. It is necessary to use the Group’s annual consolidated financial statements for the year ended December 31, 2025 for understanding of the accompanying condensed consolidated interim financial statements. The accompanying condensed consolidated interim financial statements contain less information compared to the information required in the annual financial statements. Selective footnotes include explanations of transactions or events that are significant for understanding the changes in the financial position and performance of the Group since the end of the previous annual reporting period.

(1)	From the accounting period beginning on January 1, 2026, the Group has newly applied the following standards and interpretations.

Amendments to Korean IFRS 1109 Financial Instruments, Korean IFRS 1107 Financial Instruments: Disclosures

Korean IFRS 1109 Financial Instruments and Korean IFRS 1107 Financial Instruments: Disclosures have been amended to respond to recent questions arising in practice, and to include new requirements. The amendments should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. The amendments do not have a significant impact on the financial statements.

•

clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;

•

clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;

•

add new disclosures of impact on the entity and the extent to which the entity is exposed for each type of financial instruments if the timing or amount of contractual cash flow changes due to amendment of contract term; and

•

update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).

- 28

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Annual Improvements to Korean IFRS

Annual Improvements to Korean IFRS should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. The amendments do not have a significant impact on the consolidated financial statements.

•

Korean IFRS 1101 First-time Adoption of International Financial Reporting Standards: Hedge accounting by a first-time adopter

•

Korean IFRS 1107 Financial Instruments: Disclosures: Gain or loss on derecognition and implementation guidance

•

Korean IFRS 1109 Financial Instruments: Derecognition of lease liabilities and definition of transaction price

•

Korean IFRS 1110 Consolidated Financial Statements: Determination of a ‘de facto agent’

•

Korean IFRS 1007 Statement of Cash Flows: Cost method

Amendments to K-IFRS 1109 ‘Financial Instruments’ and K-IFRS 1107 ‘Financial Instruments: Disclosures—Contracts Referencing Nature-dependent Electricity’

Contracts referencing nature-dependent electricity are defined contracts that expose an entity to variability in the underlying amount of electricity because the source of electricity generation depends on uncontrollable natural conditions (for example, the weather). The amendments clarify that ‘contracts to buy or sell such electricity’ are assessed for eligibility under the own-use exemption. In addition, the amendments modify hedge accounting requirements by allowing an entity to designate as the hedged item a variable nominal amount of forecast electricity transactions that reflect the nature-dependent variability of electricity and introduce additional disclosure requirements. The amendments do not have a significant impact on the financial statements.

(2)	The details of K-IFRS that have been issued and published as of January 1, 2026 but have not yet reached the effective date, and which the Group has not applied at an earlier date are as follows:

Issuance of K-IFRS No. 1118, Presentation and Disclosure in Financial Statements

K-IFRS No. 1118, ‘Presentation and Disclosure in Financial Statements,’ replaces K-IFRS No. 1001, ‘Presentation of Financial Statements’. The new standard introduces revised presentation requirements that are expected to enhance the comparability of financial performance among similar entities, particularly with respect to the definition of operating profit or loss.

If the Group prepares its financial statements in accordance with K-IFRS No. 1118, certain significant differences from the current financial statements are expected to arise. The key accounting policies that are expected to result in such differences are described below. These matters do not represent all differences that may arise in the future and are subject to change based on further analysis.

•

Changes in the Presentation of Statement of Profit or Loss

K-IFRS No. 1118 requires all income and expenses included in the statement of profit or loss to be classified into one of five categories: operating, investing, financing, income tax, and discontinued operations. Under this standard, all income and expenses that are not classified as investing, financing, income tax, or discontinued operations are classified as operating, and operating profit or loss is defined as a residual measure of profit or loss.

- 29 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

To classify income and expenses into categories, the Group is required to assess its main business activities. If the Group’s main business activities include investing in certain types of assets or providing financing to customers, income and expenses that would otherwise have been classified as investing or financing activities are classified as operating activities when such activities constitute the Group’s main business activities.

As a result, operating profit or loss under K-IFRS No. 1118 differs significantly from operating profit or loss under the current K-IFRS No. 1001, which is defined as operating revenue less operating expenses. K-IFRS No. 1118 requires operating profit or loss calculated in accordance with K-IFRS No. 1001 to be disclosed in the Notes, along with a reconciliation between operating profit or loss under K-IFRS No. 1118 and that under K-IFRS No. 1001.

In addition, K-IFRS No. 1118 requires the presentation in the statement of profit or loss of:

“Operating profit or loss,” comprising all income and expenses classified within the operating category;

“Profit or loss before financing and income tax,” comprising operating profit or loss and all income and expenses classified within the investing category; and

“Profit or loss for the period.”

However, when the Group’s main business activity is providing financing to customers, the presentation of “profit or loss before financing and income tax” may not be applicable, depending on the accounting policy elected.

•

Introduction of Disclosures of Management-Defined Performance Measures

K-IFRS No. 1118 introduces new disclosure requirements for management-defined performance measures. These measures are defined as subtotals of income and expenses that are not listed in paragraph 118 of K-IFRS No. 1118 and are not explicitly required to be presented or disclosed by IFRS Accounting Standards. Management-defined performance measures are used by entities in public communications separately from the financial statements to communicate management’s view of the entity’s financial performance to users of the financial statements.

When management-defined performance measures are presented, the entity is required to disclose the reasons for using such measures, the basis of their calculation, a reconciliation to the most directly comparable subtotal specified in K-IFRS No. 1118, the income tax effects of each reconciling item, and the effects on non-controlling interests.

•

Changes in the Classification of Cash Flows

As a result of the issuance of K-IFRS No. 1118, certain amendments have been made to K-IFRS No. 1007, Statement of Cash Flows. Under these amendments, the starting point for determining cash flows from operating activities using the indirect method has been changed from profit or loss for the period to operating profit or loss. In addition, the accounting policy option regarding the classification of interest and dividend-related cash flows has been eliminated.

- 30 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

K-IFRS No. 1118 is effective for annual reporting periods beginning on or after January 1, 2027, with early application permitted. In accordance with K-IFRS No. 1008, Accounting Policies, Changes in Accounting Estimates and Errors, the standard is required to be applied retrospectively. Accordingly, comparative information for the financial year ended December 31, 2026 will be restated in accordance with K-IFRS No. 1118. Amendments to K-IFRS No. 1007 and K-IFRS No. 1033 arising from the issuance of K-IFRS No. 1118, as well as the amended K-IFRSs No. 1008 and No. 1107, will be effective at the time K-IFRS No. 1118 is applied.

•

Assessment of Significant Impacts

K-IFRS No. 1118 has not been applied by the Group, as its mandatory effective date has not yet been reached. The Group will present its first interim financial statements in accordance with K-IFRS No. 1118 for the period ending March 31, 2027. Based on information available as of March 31, 2026, the Group is performing a preliminary assessment of the potential impact of the adoption of K-IFRS No. 1118.

(3)	Material accounting policies and method of computation used in the preparation of the interim financial statements are consistent with those of the annual financial statements for the year ended December 31, 2025, except as described below.

Income Tax Expense

Income tax expense for an interim period is calculated by applying the income tax rate expected to be applicable to the estimated total annual profit, that is, the estimated average annual effective income tax rate, to the profit before tax for the interim period.

ii)

Application of the Revaluation Model to Land Classified as premises and equipment

The Group changed its accounting policy for the subsequent measurement of land classified as premises and equipment from the historical cost model to the revaluation model, effective from the current interim period, having assessed that the revaluation model provides more reliable and relevant information regarding the fair value of land.

In accordance with K-IFRS No. 1016, Property, Plant and Equipment, the accounting policy of revaluing assets is not applied retrospectively when first adopted. Accordingly, the Group did not restate the comparative financial statements for the prior period.

Land is measured at fair value based on valuations performed by an independent external appraiser. Revaluations are performed with sufficient regularity to ensure that the carrying amount does not differ materially from fair value at the end of the reporting period. Land is carried at the revalued amount, being its fair value at the date of revaluation less any subsequent accumulated impairment losses.

- 31 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

If the carrying amount of an asset is increased as a result of a revaluation, the increase is recognized in other comprehensive income and accumulated in equity under revaluation surplus, net of deferred tax. However, the increase is recognized in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognized in profit or loss.

If the carrying amount of an asset is decreased as a result of a revaluation, the decrease is recognized in profit or loss. However, the decrease is recognized in other comprehensive income to the extent of any credit balance existing in the revaluation surplus in respect of that asset. The revaluation surplus related to land recognized in equity is transferred to retained earnings when the asset is derecognized.

The carrying amount of land measured under the revaluation model and the carrying amount that would have been recognized under the cost model as of March 31, 2026, are as follows (Unit: Korean Won in millions):


	March 31, 2026
	Revaluation Model		Cost Model
Land		4,248,414		1,779,909

As of the current period ended March 31, 2026, the revaluation date of land is March 31, 2026, and its fair value was determined based on valuations performed by an independent external appraisal firm.

During the current period ended March 31, 2026, other comprehensive income of 2,474,567 million Won (before income tax effect of 678,089 million Won) was recognized due to revaluation of land. The revaluation surplus (other comprehensive income) from the revaluation of land is not included in distributable profits under the Korean Commercial Act.

The fair value hierarchy of land as of March 31, 2026, are as follows (Unit: Korean Won in millions):


	March 31, 2026
	Stage 1		Stage 2		Stage 3		Total
Land		—		—		4,248,414		4,248,414

Valuation methods of Land measured at fair value and classified into Level 3 and significant but unobservable inputs as of March 31, 2026 is as follows:


Fair value measurement Technique Type	Significant but unobservable input variable	Impact of changes in significant unobservable inputs on fair value measurement
Officially announced land price approach	Time adjustment factor (fluctuation rate of land price), Individual factor adjustment, etc.	Positive(+) correlation
Sales comparison approach	Individual factor adjustment, Time adjustment factor (fluctuation rate of land price), Return of capital, etc.
Income capitalization approach	Reasonable rent and maintenance fee
Income capitalization approach	Vacancy rate, Operating expense ratio, Exit cap rate	Negative(-) correlation

- 32 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

3.	MATERIAL ACCOUNTING ESTIMATES AND ASSUMPTIONS

Material accounting estimates and assumptions are continuously evaluated based on a number of factors, including historical experience and expectations of future events that are considered reasonably probable. Accounting estimates calculated based on these definitions may not match actual results.

In preparing interim financial statements, management must apply accounting policies and make judgments, estimates and assumptions that affect assets/liabilities and income/expenses. Therefore, actual results may differ from these estimates.

The significant judgments made by management in applying the accounting policies and key sources of estimation uncertainty for the preparation of interim financial statements are consistent with those made for the annual consolidated financial statements for the year ended December 31, 2025, except for the estimation method used to determine income tax expense, “and the application of the revaluation model for property, plant and equipment.”

- 33 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

4.	RISK MANAGEMENT

The Group is exposed to various risks that may arise from its operating activities and the main types of risks are credit risk, market risk, liquidity risk and etc. The Risk Management Organization analyzes and assesses the level of complex risks in order to manage the risks and the risk management standards such as policies, regulations, management systems and decision-making have been established and operated for sound management of the Group.

The risk management organization is operated by the Board Risk Management Committee, Chief Risk Officer (CRO), and Risk Management Department. The Board of Directors operates a Risk Management Committee comprised of outside directors for professional risk management. The Board Risk Management Committee plays a role as the top decision-making body in risk management by establishing basic policies for risk management that are in line with the Group’s management strategy and determining the risk level that the Group is willing to take.

The Chief Risk Officer (CRO) assists the Board Risk Management Committee and operates a Group Risk Management Council comprised of risk management managers of subsidiaries to periodically check and improve the risk burden of external environments and the Group. The risk management department is independent and is in charge of risk management of the Group. It also supports reporting and decision-making of key risk-related issues.

(1)	Credit risk

Credit risk represents the possibility of financial losses incurred due to the refusal of the transaction or when the counterparty fails to fulfill its contractual obligations. The goal of credit risk management is to maintain the Group’s credit risk exposure to a permissible degree and to optimize its rate of return considering such credit risk.

Credit risk management

To measure credit risk, the Group considers the possibility of failure in performing the obligation by the counterparties, credit exposure to the counterparty, the related default risk and the rate of default loss. The Group uses the credit rating model to assess the possibility of counterparty’s default risk; and when assessing the obligor’s credit rating, other than quantitative methods utilizing financial statements and others, and assessor’s judgement, the Group utilizes credit rating derived using statistical methods.

In order to manage credit risk limit, the Group establishes the appropriate credit line per obligor, company or industry by monitoring obligor’s credit line, total exposures and loan portfolios when approving the loan.

- 34 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Measurement of expected credit loss

K-IFRS 1109 requires entities to measure loss allowance equal to 12-month expected credit losses or lifetime expected credit losses after classifying financial assets into one of the three stages, depending on the degree of increase in credit risk since their initial recognition.


Classification	Stage 1	Stage 2	Stage 3

Definition	No significant increase in credit risk after initial recognition (*)	Significant increase in credit risk after initial recognition	Credit- impaired

Loss allowance	12-month expected credit losses	Lifetime expected credit losses
Loss allowance	Expected credit losses that result from those default events on the financial instrument that are possible within 12 months after the reporting date	Expected credit losses that result from all possible default events over the life of the financial instrument

(*)	If the financial instrument has low credit risk at the end of the reporting period, the Group may assume that the credit risk has not increased significantly since initial recognition.

At the end of each reporting period the Group assesses whether credit risk has significantly increased since the date of initial recognition. The Group assesses whether the credit risk has increased significantly since initial recognition by using credit rating, asset quality level, early warning system, days past due and others. For financial assets whose contractual cash flows have been modified, the Group assesses whether there is a significant increase in credit risk on the same basis.

The Group performs the below assessment to both corporate and retail exposures, and indicators of significant increase in credit risk are as follows:


Corporate Exposures		Retail Exposures

Asset quality level ‘Precautionary’ or lower		Asset quality level ‘Precautionary’ or lower

More than 30 days past due		More than 30 days past due

‘Warning’ level in early warning system		Significant decrease in credit rating

Debtor experiencing financial difficulties (Capital impairment, Adverse opinion or Disclaimer of opinion by external auditors)		Deferment of repayment of principal and interest

Significant decrease in credit rating		Deferment of interest

Deferment of repayment of principal and interest

Deferment of interest

The Group concludes that credit is impaired when financial assets are under conditions stated below:

When principal and interest of loan is overdue for 90 days or longer due to significant deterioration in credit

For loans overdue for less than 90 days, when it is determined that not even a portion of the loan will be recovered unless claim actions such as disposal of collaterals are taken

When other objective indicators of impairment have been noted for the financial asset.

The Group also incorporates forward looking into the estimates of default rates and loss given default. Considering the potential for latent insolvency due to increased internal and external economic uncertainties, the Group adjusts the forward looking to additionally recognize expected credit loss allowance.

The Group has estimated the allowance for credit losses using an estimation model that additionally reflects the forward looking information based on the past experience loss rate data.

- 35 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Loss allowance is calculated by applying PD (Probability of Default) and LGD (Loss Given Default) estimated for each financial asset in consideration of factors such as obligor type, credit rating and portfolio. The estimates are regularly reviewed in order to reduce discrepancies with actual losses.

In measuring the expected credit losses, the Group is also using reasonable and supportable macroeconomic variables such as real GDP growth rate (real, original series), manufacturing capacity utilization rate, apartment sales price index (KB, Seoul), and unemployment rate (original series) in order to forecast future economic conditions.

The Group applies a future economic situation estimation model as follows, and the results are reviewed regularly.

Maximum exposure

The Group’s maximum exposure to credit risk shows the uncertainties related to the maximum possible variation of financial assets’ net value as a result of changes in the specific risk factors, prior to the consideration of collaterals that are recorded at net carrying amount after allowances and other credit enhancements. However, the maximum exposure is the fair value amount (recorded on the books) for derivatives, maximum contractual obligation for payment guarantees and unused amount of commitments for loan commitment.

The maximum exposure to credit risk as of March 31, 2026 and December 31, 2025 is as follows (Unit: Korean Won in millions):


		March 31, 2026		December 31, 2025
Loans and other financial assets at amortized cost	Korean treasury and government agencies		1,067,328		538,314
	Banks		28,712,809		23,189,957
	Corporates		190,079,765		188,753,434
	Consumers		204,383,764		200,014,078

	Sub-total		424,243,666		412,495,783

Financial assets at FVTPL (*2)	Deposits		303,916		261,470
	Debt securities		9,771,484		9,552,081
	Loans		810,540		1,126,446
	Derivative assets		8,343,712		5,774,203
	Others		281,832		156,134

	Sub-total		19,511,484		16,870,334

Financial assets at FVTOCI	Debt securities and others		80,059,451		82,071,637
Securities at amortized cost	Debt securities		18,767,880		18,707,459
Derivative assets	Derivative assets (Designated for hedging)		150,822		217,180
Off-balance accounts	Payment guarantees (*3)		17,738,164		16,070,098
	Loan commitments		137,516,914		134,286,067

	Sub-total		155,255,078		150,356,165

	Total (*1)		697,988,381		680,718,558

(*1)

Cash and cash equivalents are not included.

(*2)

Puttable financial instruments are not included.

(*3)

As of March 31, 2026 and December 31, 2025, the financial guarantee amount of 5,367,797 million Won and 5,032,808million Won are included, respectively.

- 36 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Credit risk exposure by geographical areas

The following tables analyze credit risk exposure by geographical areas (Unit: Korean Won in millions):


	March 31, 2026
	Korea		China		USA		UK		Japan		Others (*)		Total
Loans and other financial assets at amortized cost		391,150,902		6,274,079		6,929,451		815,005		1,325,379		17,748,850		424,243,666
Securities at amortized cost		17,896,465		92,498		650,331		—		—		128,586		18,767,880
Financial assets at FVTPL		16,215,958		189		1,201,742		736,890		222,262		1,134,443		19,511,484
Financial assets at FVTOCI		67,367,658		1,126,063		5,260,986		866,670		736,632		4,701,442		80,059,451
Derivative assets (Designated for hedging)		145,599		—		2,916		—		2,307		—		150,822
Off-balance accounts		147,680,670		1,107,979		1,474,181		410,927		51,936		4,529,385		155,255,078

Total		640,457,252		8,600,808		15,519,607		2,829,492		2,338,516		28,242,706		697,988,381

(*)	Others consist of financial assets in Indonesia, Hong Kong, Germany, Australia, and other countries.


	December 31, 2025
	Korea		China		USA		UK		Japan		Others (*)		Total
Loans and other financial assets at amortized cost		381,895,446		5,455,324		6,700,018		775,262		1,266,134		16,403,599		412,495,783
Securities at amortized cost		17,720,610		55,390		779,676		—		—		151,783		18,707,459
Financial assets at FVTPL		14,030,387		32		1,151,755		502,905		277,765		907,490		16,870,334
Financial assets at FVTOCI		70,443,271		1,102,112		4,752,496		400,316		591,861		4,781,581		82,071,637
Derivative assets (Designated for hedging)		180,170		—		30,719		—		6,291		—		217,180
Off-balance accounts		142,669,598		1,069,795		1,439,439		756,252		35,333		4,385,748		150,356,165

Total		626,939,482		7,682,653		14,854,103		2,434,735		2,177,384		26,630,201		680,718,558

(*)	Others consist of financial assets in Indonesia, Hong Kong, Germany, Australia, and other countries.

- 37 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Credit risk exposure by industries

The following tables analyze credit risk exposure by industries, which are service, manufacturing, finance and insurance, construction, individuals and others in accordance with the Korea Standard Industrial Classification Code as of March 31, 2026 and December 31, 2025 (Unit: Korean Won in millions):


	March 31, 2026
	Service		Manufacturing		Finance and insurance		Construction		Individuals		Others		Total
Loans and other financial assets at amortized cost		88,905,339		53,665,489		47,254,273		5,784,119		200,787,691		27,846,755		424,243,666
Securities at amortized cost		109,885		—		8,164,057		39,969		—		10,453,969		18,767,880
Financial assets at FVTPL		569,530		849,332		12,059,497		129,038		17		5,904,070		19,511,484
Financial assets at FVTOCI		550,986		1,449,171		36,327,076		797,504		—		40,934,714		80,059,451
Derivative assets (Designated for hedging)		—		—		150,822		—		—		—		150,822
Off-balance accounts		25,626,386		28,491,944		14,332,404		3,395,201		73,925,677		9,483,466		155,255,078

Total		115,762,126		84,455,936		118,288,129		10,145,831		274,713,385		94,622,974		697,988,381


	December 31, 2025
	Service		Manufacturing		Finance and insurance		Construction		Individuals		Others		Total
Loans and other financial assets at amortized cost		88,350,901		52,551,867		40,292,287		5,754,395		196,402,459		29,143,874		412,495,783
Securities at amortized cost		89,611		—		8,009,336		39,968		—		10,568,544		18,707,459
Financial assets at FVTPL		498,155		677,238		9,126,225		145,149		100		6,423,467		16,870,334
Financial assets at FVTOCI		388,717		1,308,907		39,468,777		867,980		—		40,037,256		82,071,637
Derivative assets (Designated for hedging)		—		—		217,180		—		—		—		217,180
Off-balance accounts		24,121,840		25,922,599		14,542,861		3,533,170		73,040,583		9,195,112		150,356,165

Total		113,449,224		80,460,611		111,656,666		10,340,662		269,443,142		95,368,253		680,718,558

- 38 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Credit risk exposure

Financial assets

The maximum exposure to credit risk by asset quality, except for financial assets at FVTPL and derivative asset (designated for hedging) as of March 31, 2026 and December 31, 2025 is as follows (Unit: Korean Won in millions):


	March 31, 2026
	Stage 1				Stage 2
	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Stage 3		Credit impairment model		Total		Loss allowance			Total, net
Loans and other financial assets at amortized cost		364,365,294		32,562,793		13,989,579		12,092,964		3,763,923		1,219,408		427,993,961		(3,750,295	)		424,243,666
Korean treasury and government agencies		1,067,830		—		—		—		—		—		1,067,830		(502	)		1,067,328
Banks		28,277,129		466,985		126		—		—		—		28,744,240		(31,431	)		28,712,809
Corporates		155,997,252		25,594,916		3,107,106		4,601,535		1,731,630		1,219,408		192,251,847		(2,172,082	)		190,079,765
General business		110,384,283		16,297,675		2,336,760		3,074,591		1,096,202		—		133,189,511		(1,472,802	)		131,716,709
Small- and medium-sized enterprise		30,626,435		8,461,206		539,806		1,395,292		339,245		—		41,361,984		(422,025	)		40,939,959
Project financing and others		14,986,534		836,035		230,540		131,652		296,183		1,219,408		17,700,352		(277,255	)		17,423,097
Consumers		179,023,083		6,500,892		10,882,347		7,491,429		2,032,293		—		205,930,044		(1,546,280	)		204,383,764
Securities at amortized cost		18,778,922		—		—		—		—		—		18,778,922		(11,042	)		18,767,880
Financial assets at FVTOCI (*3)		79,885,922		173,529		—		—		—		—		80,059,451		(28,932	)		80,059,451

Total		463,030,138		32,736,322		13,989,579		12,092,964		3,763,923		1,219,408		526,832,334		(3,790,269	)		523,070,997


	March 31, 2026
	Collateral value
	Stage 1		Stage 2		Stage 3		Credit impairment model		Total
Loans and other financial assets at amortized cost		248,613,004		22,254,935		1,312,938		1,201,804		273,382,681
Korean treasury and government agencies		127,483		—		—		—		127,483
Banks		2,045,886		—		—		—		2,045,886
Corporates		104,600,058		6,566,928		763,547		1,201,804		113,132,337
General business		62,206,545		4,673,284		479,149		—		67,358,978
Small- and medium-sized enterprise		30,608,113		1,559,608		147,348		—		32,315,069
Project financing and others		11,785,400		334,036		137,050		1,201,804		13,458,290
Consumers		141,839,577		15,688,007		549,391		—		158,076,975
Securities at amortized cost		—		—		—		—		—
Financial assets at FVTOCI (*3)		—		—		—		—		—

Total		248,613,004		22,254,935		1,312,938		1,201,804		273,382,681

(*1)	Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.

(*2)	Credit grade of corporates are BBB- ~ C, and consumers are grades 7 ~ 10.

(*3)	Financial assets at FVTOCI have been disclosed as the amount before deducting loss allowance because loss allowance does not reduce the carrying amount.

- 39 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


	December 31, 2025
	Stage 1				Stage 2
	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Stage 3		Credit impairment model		Total		Loss allowance			Total, net
Loans and other financial assets at amortized cost		354,069,178		30,632,768		13,842,896		12,837,364		3,564,522		1,137,650		416,084,378		(3,588,595	)		412,495,783
Korean treasury and government agencies		539,215		—		—		—		—		—		539,215		(901	)		538,314
Banks		22,832,170		380,843		—		—		—		—		23,213,013		(23,056	)		23,189,957
Corporates		155,984,903		23,571,082		3,177,635		5,395,186		1,733,385		1,137,650		190,999,841		(2,246,407	)		188,753,434
General business		107,006,628		14,727,532		2,404,812		3,754,332		1,102,892		—		128,996,196		(1,518,049	)		127,478,147
Small- and medium-sized enterprise		33,828,252		8,118,497		542,006		1,469,338		368,686		—		44,326,779		(456,931	)		43,869,848
Project financing and others		15,150,023		725,053		230,817		171,516		261,807		1,137,650		17,676,866		(271,427	)		17,405,439
Consumers		174,712,890		6,680,843		10,665,261		7,442,178		1,831,137		—		201,332,309		(1,318,231	)		200,014,078
Securities at amortized cost		18,718,526		—		—		—		—		—		18,718,526		(11,067	)		18,707,459
Financial assets at FVTOCI (*3)		81,911,940		159,697		—		—		—		—		82,071,637		(29,204	)		82,071,637

Total		454,699,644		30,792,465		13,842,896		12,837,364		3,564,522		1,137,650		516,874,541		(3,628,866	)		513,274,879


	December 31, 2025
	Collateral value
	Stage 1		Stage 2		Stage 3		Credit impairment model		Total
Loans and other financial assets at amortized cost		242,664,753		22,382,806		1,219,109		1,128,343		267,395,011
Korean treasury and government agencies		103,817		—		—		—		103,817
Banks		1,815,479		—		—		—		1,815,479
Corporates		99,471,630		7,066,546		720,305		1,128,343		108,386,824
General business		61,218,056		5,128,816		516,966		—		66,863,838
Small- and medium-sized enterprise		26,662,910		1,594,623		142,383		—		28,399,916
Project financing and others		11,590,664		343,107		60,956		1,128,343		13,123,070
Consumers		141,273,827		15,316,260		498,804		—		157,088,891
Securities at amortized cost		—		—		—		—		—
Financial assets at FVTOCI (*3)		—		—		—		—		—

Total		242,664,753		22,382,806		1,219,109		1,128,343		267,395,011

(*1)	Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.

(*2)	Credit grade of corporates are BBB- ~ C, and consumers are grades 7 ~ 10.

(*3)	Financial assets at FVTOCI has been disclosed as the amount before deducting loss allowance because loss allowance does not reduce the carrying amount.

- 40 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Payment Guarantees and commitments

The credit quality of the payment guarantees and loan commitments as of March 31, 2026 and December 31, 2025 are as follows (Unit: Korean Won in millions):


	March 31, 2026
Financial assets	Stage 1				Stage 2				Stage 3		Total
Financial assets	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Stage 3		Total
Off-balance accounts:
Payment Guarantees		16,789,937		798,275		61,752		69,460		18,740		17,738,164
Loan Commitments		130,584,989		3,775,914		2,708,524		413,639		33,848		137,516,914

Total		147,374,926		4,574,189		2,770,276		483,099		52,588		155,255,078

(*1)	Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.

(*2)	Credit grade of corporate are BBB- ~ C, and consumers are grades 7 ~ 10.


	December 31, 2025
Financial assets	Stage 1				Stage 2				Stage3		Total
Financial assets	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Stage3		Total
Off-balance accounts:
Payment guarantees		15,186,145		776,039		18,603		66,204		23,107		16,070,098
Loan commitments		127,446,436		3,821,389		2,461,016		521,696		35,530		134,286,067

Total		142,632,581		4,597,428		2,479,619		587,900		58,637		150,356,165

(*1)	Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.

(*2)	Credit grade of corporate are BBB- ~ C, and consumers are grades 7 ~ 10.

Collateral and other credit enhancements

For the three-month period ended March 31, 2026, there have been no significant changes in the value of collateral or other credit enhancements held by the Group and there have been no significant changes in collateral or other credit enhancements due to changes in the collateral policy of the Group.

- 41 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(2)	Market risk

Market risk is the possible risk of loss arising from trading position and non-trading position as a result of the volatility of market factors such as interest rates, stock prices and foreign exchange rates.

Market risk management

Market risk management refers to the process of making and implementing decisions for the avoidance, acceptance or mitigation of risks by identifying the underlying source of the risks, measuring its level, and evaluating the appropriateness of the level of accepted market risks for both trading and non-trading activities.

Trading activities

The Group uses the standard approach and internal model approach (Woori Bank) in measuring market risk for trading positions, and allocates market risk capital through the Board Risk Management Committee. Risk management departments of the Group and its subsidiaries manage limits in detail including those on risk and loss with their management result regularly reported to the Board Risk Management Committee.

Subsidiaries such as Woori Bank manage market internal capital limits using the Basel III standard approach, and other subsidiaries manage market risks by applying the simple method.

The Basel III standard approach consists of a sensitivity method that measures linear and nonlinear losses that may occur due to unfavorable fluctuations in market risk factors, default risks that may occur due to sudden default, and residual risk-bearing equity capital for other losses.

Non-trading activities

From the end of 2019 for the Bank and the beginning of 2021 for non-banking subsidiaries, the Bank and its subsidiaries manage and measure interest risk for non-trading activities through ΔNII (Change in Net Interest Income) and ΔEVE (Change in Economic Value of Equity) in accordance with IRRBB (Interest Rate Risk in the Banking Book).

ΔNII represents a change in net interest income that may occur over a certain period (e.g. one year) due to changes in interest rates, and ΔEVE indicates the economic value changes in equity capital that could be caused by changes in interest rates affecting the present value of asset, liabilities, and off-balance accounts.

- 42 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(3)	Liquidity risk

Liquidity risk refers to the risk that the Group may encounter difficulties in meeting obligations from its financial liabilities.

Liquidity risk management

Liquidity risk management is to prevent potential cash shortages as a result of mismatching maturity of assets and liabilities or unexpected cash outflows. The consolidated financial liabilities that are relevant to liquidity risk are incorporated within the scope of risk management.

Assets and liabilities are grouped by account under Asset Liability Management (“ALM”) in accordance with the characteristics of the account. The Group manages liquidity risk by identifying the maturity gap and such gap ratio through various cash flows analysis (i.e. based on remaining maturity and contract period, etc.), while maintaining the gap ratio at or below the target limit.

The information on early repayment related to asset securitization is described in Note 34. Contingent Liabilities and Commitments (4) 3).

Maturity analysis of non-derivative financial liabilities

Cash flows of principals and interests by remaining contractual maturities of non-derivative financial liabilities as of March 31, 2026 and December 31, 2025 are as follows (Unit: Korean Won in millions):


	March 31, 2026
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Financial liabilities at FVTPL		407,699		102,922		112,104		454,094		242,387		—		1,319,206
Deposits due to customers		234,799,020		41,407,378		47,642,522		33,576,325		19,915,425		1,173,299		378,513,969
Borrowings		17,438,104		4,916,948		3,885,423		3,946,867		4,711,143		509,506		35,407,991
Debentures		4,813,477		4,748,325		4,639,096		5,511,519		33,534,856		4,221,026		57,468,299
Lease liabilities		63,182		57,647		51,463		46,118		355,007		43,864		617,281
Other financial liabilities (*)		38,848,473		208,835		47,589		38,898		1,380,584		3,585,965		44,110,344
Investment contract liabilities		3,647,189		—		—		—		—		—		3,647,189

Total		300,017,144		51,442,055		56,378,197		43,573,821		60,139,402		9,533,660		521,084,279


	December 31, 2025
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Financial liabilities at FVTPL		456,606		103,174		131,181		310,111		324,118		17,501		1,342,691
Deposits due to customers		239,003,957		43,936,717		31,733,945		47,843,702		18,670,748		1,212,186		382,401,255
Borrowings		18,209,601		4,676,557		3,879,109		3,202,042		3,881,934		518,214		34,367,457
Debentures		7,015,353		3,594,266		4,732,824		4,586,030		35,650,614		4,127,981		59,707,068
Lease liabilities		66,838		55,213		50,236		43,549		357,379		44,575		617,790
Other financial liabilities(*)		24,614,468		194,968		35,049		47,917		1,103,857		3,849,974		29,846,233
Investment contract liabilities		3,702,780		—		—		—		—		—		3,702,780

Total		293,069,603		52,560,895		40,562,344		56,033,351		59,988,650		9,770,431		511,985,274

(*)	Lease liabilities are not included.

- 43 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Maturity analysis of derivative financial liabilities

Derivatives held for trading purpose are not managed in accordance with their contractual maturity, since the Group holds such financial instruments with the purpose of disposing or redemption before their maturity. As such, those derivatives are incorporated as “within 3 months” in the table below. Derivatives designated for hedging purpose are estimated by offsetting cash inflows and cash outflows.

The cash flow by the maturity of derivative financial liabilities as of March 31, 2026 and December 31, 2025 is as follows (Unit: Korean Won in millions):


		Remaining maturity
		Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months			1 to 5 years		Over 5 years			Total
March 31, 2026	Cash flow risk hedge		880,491		115,920		760,926		36,301			1,113,650		62,659			2,969,947
	Fair value risk hedge		51,449		26,094		41,021		(12,993	)		78,579		(36,931	)		147,219
	Trading purpose		7,473,900		—		—		—			—		—			7,473,900
December 31, 2025	Cash flow risk hedge		245,304		721,902		69,178		691,883			608,819		35,265			2,372,351
	Fair value risk hedge		8,927		24,385		15,933		20,814			38,364		(10,613	)		97,810
	Trading purpose		5,129,664		—		—		—			—		—			5,129,664

Maturity analysis of off-balance accounts (Payment guarantees, commitments, and etc.)

A payment guarantee represents an irrevocable undertaking that the Group should meet a customer’s obligations to third parties if the customer fails to do so. The loan commitment represents the limit if the Group has promised a credit to the customer. Loan commitments include commercial standby facilities and credit lines, liquidity facilities to commercial paper conduits and utilized overdraft facilities. The maximum limit to be paid by the Group in accordance with guarantees and loan commitment only applies to principal amounts. There are contractual maturities for payment guarantees, such as financial guarantees for debentures issued or loans, unused loan commitments, and other credits, however, under the terms of the guarantees and unused loan commitments, funds should be paid upon demand from the counterparty. Details of off-balance accounts as of March 31, 2026 and December 31, 2025 are as follows (Unit: Korean Won in millions):


	March 31, 2026		December 31, 2025
Payment guarantees		17,738,164		16,070,098
Loan commitments		137,516,914		134,286,067
Other commitments		6,706,752		5,806,012

(4)	Operational risk

The Group defines the operational risk that could cause a negative effect on capital resulting from inadequate internal process, people and systematic problem or external factors.

Operational risk management

The Group has established and operated a group operational risk management system to cope with new Basel III global regulations, which is implemented since 2023, and the management of operational risks follows the procedures for risk recognition, evaluation, measurement, monitoring and reporting, risk control and mitigation.

Operational risk measurement

The Group measures operational risk capital using the Basel III standardized approach. This approach calculates the required operational risk capital by multiplying the Business Indicator Component (BIC), which represents the scale of operations, with the Internal Loss Multiplier (ILM), which reflects the magnitude of actual historical internal losses relative to the scale of operations.

- 44 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Operational risk limits are set with the approval of the Board Risk Management Committee. The Group regularly calculates the operational risk capital and reports any limit breaches to the management and the Board Risk Management Committee.

Since a reduction in the size of internal loss events leads to a decrease in operational risk capital, it is important to prevent loss events in advance. Accordingly, the Group conducts operational risk management activities using tools such as Risk Control Self-Assessment (RCSA), Key Risk Indicators (KRI), and loss data. Additionally, to ensure continuity of operations in emergency situations such as disasters, the major subsidiaries have established a Business Continuity Plan (BCP) and conducts annual simulation drills.

5.	OPERATING SEGMENTS

In evaluating the results of the Group and allocating resources, the Group’s Chief Operating Decision Maker (“CODM”) utilizes the method of disclosing the financial information of the segments based on the organization of the Group. This financial information of the segments in this note is regularly reviewed by the CODM.

(1)	Segment by type of organization

The Group’s reporting segments consist of banking, insurance, credit card, capital, investment securities and other sectors, and the composition of such reporting segments was divided based on internal report data periodically reviewed by the management to evaluate the performance of the segment and make decisions on the resources to be distributed.


		Operational scope
Banking		Loans/deposits and relevant services for customers of Woori Bank
Insurance		Contracting and maintenance of insurance policies, payment of insurance benefits, provision of life insurance-related services, and accompanying business for customers of Tongyang Life Insurance Co., Ltd. and ABL Life Insurance Co., Ltd.
Credit card		Credit card, cash services, card loans and accompanying business of Woori Card Co., Ltd.
Capital		Installments, loans including lease financing, and accompanying business of Woori Financial Capital Co., Ltd.
Investment securities		Securities operation, sale of financial instruments, project financing and other related activities for investment securities of Woori Investment Securities Co., Ltd.
Others		Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Savings Bank., Woori Asset Management Corp., Ltd., Woori Financial F&I Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Service Co., Ltd., Woori Private Equity Asset Management Co., Ltd., Woori FIS Co., Ltd., Woori Finance Research Institute and Woori Venture Partners Co., Ltd.

- 45 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(2)	The composition of each organization’s sectors for the three-month periods ended March 31, 2026 and 2025 are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31, 2026
	Banking (*1)			Life Insurance			Credit card			Capital			Investment securities			Others (*2)			Sub-total			Other adjustments (*3)			Internal adjustments (*4)			Consolidated Adjustments (*5)			Total
Net interest income		1,780,201			(64,890	)		193,540			51,929			28,717			6,171			1,995,668			35,992			266,165			5,328			2,303,153
Non-interest income (expense)		437,766			164,125			42,307			57,815			41,368			1,334,104			2,077,485			3,199			(263,437	)		(1,362,654	)		454,593
Impairment losses due to credit loss		(365,659	)		(8,867	)		(100,422	)		(33,985	)		(8,637	)		(7,271	)		(524,841	)		(858	)		(2,745	)		1,662			(526,782	)
General and administrative expense		(1,188,382	)		(24,060	)		(79,775	)		(25,103	)		(44,802	)		(112,608	)		(1,474,730	)		(148	)		—			52,069			(1,422,809	)

Net operating income (expense)		663,926			66,308			55,650			50,656			16,646			1,220,396			2,073,582			38,185			(17	)		(1,303,595	)		808,155

Share of gain of associates		10,055			2,256			—			(360	)		(55	)		1,300			13,196			—			—			15,567			28,763
Other non-operating expense		7,639			4,577			(285	)		(8	)		(20	)		1,863			13,766			473			17			(2,982	)		11,274

Non-operating income (expense)		17,694			6,833			(285	)		(368	)		(75	)		3,163			26,962			473			17			12,585			40,037

Net income (expense) before tax		681,620			73,141			55,365			50,288			16,571			1,223,559			2,100,544			38,658			—			(1,291,010	)		848,192
Tax expense		(159,822	)		(18,184	)		(10,430	)		(10,537	)		(2,530	)		(7,688	)		(209,191	)		—			—			432			(208,759	)

Net income (loss)		521,798			54,957			44,935			39,751			14,041			1,215,871			1,891,353			38,658			—			(1,290,578	)		639,433

Total assets		513,322,091			53,964,040			17,393,814			12,680,221			10,740,879			33,181,142			641,282,187			3,945,846			—			(32,642,733	)		612,585,300

Investment in associate		833,202			5,710			—			30,199			8,860			25,932,245			26,810,216			—			—			(25,010,758	)		1,799,458
Other assets		512,488,889			53,958,330			17,393,814			12,650,022			10,732,019			7,248,897			614,471,971			3,945,846			—			(7,631,975	)		610,785,842

Total liabilities		482,643,164			50,814,844			14,473,231			10,835,082			9,516,294			7,191,198			575,473,813			74,308			—			(2,869,129	)		572,678,992

(*1)	The banking sector includes banks and their consolidated subsidiaries (such as overseas subsidiaries).

(*2)

Other segments include gains and losses from Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Savings Bank, Woori Asset Management Corp., Woori Financial F&I Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Service Co., Ltd., Woori Private Equity Asset Management Co., Ltd., Woori FIS Co., Ltd., Woori Finance Research Institute and Woori Venture Partners Co., Ltd.

(*3)	Other adjustments include the funds subject to Group’s consolidation not included in the reporting segment.

(*4)

Internal reconciliation includes the adjustment of deposit insurance premiums of 126,607 million Won and fund contribution fees of 139,984 million Won from net interest income expenses to non-interest income expenses in order to present the profit and loss adjustment between reporting divisions in accordance with management accounting standards as profit and loss in accordance with accounting standards.

(*5)	Consolidation adjustments include the elimination of 40,423 million Won of internal transactions between Woori FIS Co., Ltd., the group’s IT service agency, and affiliates, and the removal of 1,243,373 million Won of dividends received by the holding company from its subsidiaries.

- 46 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


				For the three-month period ended March 31, 2025
	Banking(*1)			Credit card			Capital			Investment securities			Others (*2)			Sub-total			Other adjustments (*3)			Internal adjustments (*4)			Consolidated Adjustments (*5)			Total
Net interest income		1,662,549			186,359			51,567			25,038			24,861			1,950,374			40,667			260,383			567			2,251,991
Non-interest income(expense)		518,018			51,133			44,554			14,540			1,504,725			2,132,970			(5,181	)		(237,518	)		(1,531,326	)		358,945
Impairment losses due to credit loss		(238,724	)		(103,778	)		(31,117	)		(10,255	)		(29,706	)		(413,580	)		642			(22,901	)		338			(435,501	)
General and administrative expense		(1,126,784	)		(74,536	)		(24,666	)		(28,169	)		(102,795	)		(1,356,950	)		(161	)		—			50,939			(1,306,172	)

Net operating income(expense)		815,059			59,178			40,338			1,154			1,397,085			2,312,814			35,967			(36	)		(1,479,482	)		869,263

Share of gain of associates		1,869			—			(325	)		44			2,985			4,573			1,742			—			3,720			10,035
Other non-operating expense		1,253			(14,010	)		(7	)		22			145			(12,597	)		454			36			(2,596	)		(14,703	)

Non-operating income(expense)		3,122			(14,010	)		(332	)		66			3,130			(8,024	)		2,196			36			1,124			(4,668	)

Net income(expense) before tax		818,181			45,168			40,006			1,220			1,400,215			2,304,790			38,163			—			(1,478,358	)		864,595
Tax expense		(182,963	)		(11,990	)		(9,376	)		67			(7,396	)		(211,658	)		—			—			1,619			(210,039	)

Net income(loss)		635,218			33,178			30,630			1,287			1,392,819			2,093,132			38,163			—			(1,476,739	)		654,556

Total assets		494,062,206			16,000,783			12,446,351			7,670,803			32,087,028			562,267,171			3,702,197			—			(33,273,104	)		532,696,264

Investment in associate		1,057,250			—			31,880			3,339			24,490,180			25,582,649			4,832			—			(23,838,703	)		1,748,778
Other assets		493,004,956			16,000,783			12,414,471			7,667,464			7,596,848			536,684,522			3,697,365			—			(9,434,401	)		530,947,486

Total liabilities		465,902,343			13,224,992			10,721,208			6,521,593			5,804,817			502,174,953			76,142			—			(5,077,833	)		497,173,262

(*1)	The banking sector includes banks and their consolidated subsidiaries(such as overseas subsidiaries).

(*2)

(*3)	Other segments include the funds subject to Group’s consolidation not included in the reporting segment.

(*4)

Internal reconciliation includes the adjustment of deposit insurance premiums of 130,370 million Won and fund contribution fees of 130,108 million Won from net interest income expenses to non-interest income expenses in order to present the profit and loss adjustment between reporting divisions in accordance with management accounting standards as profit and loss in accordance with accounting standards.

(*5)	Consolidation adjustments include the elimination of 37,793 million Won of internal transactions between Woori FIS Co., Ltd., the group’s IT service agency, and affiliates, and the removal of 1,429,225 million Won of dividends received by the holding company from its subsidiaries.

- 47 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(3)	Operating profit or loss from external customers for the three-month periods ended March 31, 2026 and 2025 are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
Details	2026			2025
Domestic		847,806			741,900
Foreign		(39,651	)		127,363

Total		808,155			869,263

(4)	Major non-current assets as of March 31, 2026 and December 31, 2025 are as follows (Unit: Korean Won in millions):


Details (*)	March 31, 2026		December 31, 2025
Domestic		9,297,640		7,364,083
Foreign		599,772		552,243

Total		9,897,412		7,916,326

(*)	Major non-current assets included joint ventures and related business investments, investment properties, premises and equipment, and intangible assets.

(5)	Information about major customers

The Group does not have any single customer that generates 10% or more of the Group’s total revenue for the three-month periods ended March 31, 2026 and 2025.

6.	STATEMENTS OF CASH FLOWS

(1)	Details of cash and cash equivalents are as follows (Unit: Korean Won in millions):


	March 31, 2026		December 31, 2025
Cash		2,743,781		1,826,020
Foreign currencies		958,338		642,158
Demand deposits		30,761,063		35,891,982
Fixed deposits		107,292		139,519

Total		34,570,474		38,499,679

(2)	Details of restricted cash and cash equivalents are as follows (Unit: Korean Won in millions)


	Counterparty	March 31, 2026		Reason of restriction
Due from banks in local currency:
Due from BOK	BOK		12,358,542	Reserve deposits under the BOK Act

Due from banks in foreign currencies:
Due from banks on demand	Bank of Japan and others		2,641,486	Reserve deposits etc.

Total			15,000,028


	Counterparty	December 31, 2025		Reason of restriction
Due from banks in local currency:
Due from BOK	BOK		16,555,802	Reserve deposits under the BOK Act

Due from banks in foreign currencies:
Due from banks on demand	BOK and others		6,919,255	Reserve deposits etc.

Total			23,475,057

- 48 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

7.	FINANCIAL ASSETS AT FVTPL

(1)	Details of financial assets at FVTPL as of March 31, 2026 and December 31, 2025 are as follows (Unit: Korean Won in millions):


	March 31, 2026		December 31, 2025
Financial assets at fair value through profit or loss		37,038,061		34,245,475

(2)	Financial assets at fair value through profit or loss as of March 31, 2026 and December 31, 2025 are as follows (Unit: Korean Won in millions):


	March 31, 2026		December 31, 2025
Deposits:
Gold banking asset		303,916		261,470
Securities:
Debt securities
Korean treasury and government agencies		5,701,422		6,044,402
Financial institutions		1,160,224		883,209
Corporates		1,954,952		1,614,666
Foreign currency bond		692,929		698,615
Others		261,957		311,189
Equity securities		1,701,360		1,613,419
Capital contributions		3,224,684		3,085,315
Beneficiary certificates		12,253,872		12,359,483
Others		537,900		387,342

Sub-total		27,489,300		26,997,640

Loans		810,540		1,126,446
Derivatives assets		8,343,712		5,774,203
Other financial assets		90,593		85,716

Total		37,038,061		34,245,475

The Group does not have financial assets at fair value through profit or loss designated as upon initial recognition as of March 31, 2026 and December 31, 2025.

8.	FINANCIAL ASSETS AT FVTOCI

(1)	Details of financial assets at FVTOCI as of March 31, 2026 and December 31, 2025 are as follows (Unit: Korean Won in millions):


	March 31, 2026		December 31, 2025
Debt securities:
Korean treasury and government agencies		21,404,617		20,371,690
Financial institutions		28,721,753		32,931,685
Corporates		10,807,293		10,108,432
Bond denominated in foreign currencies		14,320,304		12,974,851
Securities loaned		4,794,556		5,674,738
Sub-total		80,048,523		82,061,396

Equity securities: (*)
Stocks		1,297,934		1,011,907
Capital contributions		11,634		11,634
Others		391,294		404,344

Sub-total		1,700,862		1,427,885

Loans:		10,928		10,241

Total		81,760,313		83,499,522

- 49 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(*)	The equity instruments are designated as financial assets at fair value through other comprehensive income (FVTOCI), as they are held for strategic business alliances, acquisitions through debt-to-equity conversions, and similar purposes.

(2)	The fair value gains or losses recognized in other comprehensive income related to equity securities designated as financial assets measured at fair value through other comprehensive income (FVTOCI) for the periods ended March 31, 2026 and 2025, are as follows (Unit: Korean Won in millions):


	For the three-month period ended
	March 31, 2026					March 31, 2025
	Disposals		Holdings			Disposals			Holdings
Equity securities:
Stocks		81		61,950			(4,716	)		44,610
Capital contributions		—		—			—			—
Others		—		(13,050	)		—			—

Total		81		48,900			(4,716	)		44,610

(3)	Details of equity securities designated as financial assets measured at fair value through other comprehensive income (FVTOCI) that were disposed of during the periods ended March 31, 2026 and 2025 are as follows (Unit: Korean Won in millions):


	For the three-month period ended
	March 31, 2026 (*1)				March 31, 2025 (*2)
	Fair value at disposal		Cumulative gain (loss)		Fair value at disposal		Cumulative gain (loss)
Equity securities:
Stocks		712		252		42		(1,353	)
Capital contributions		—		—		—		—
Others		—		—		—		—

Total		712		252		42		(1,353	)

(*1)	It was disposed due to a change in the purpose of holding.

(*2)	It was disposed of due to the disposal of shares acquired through debt-to-equity conversions and other related reasons.

(4)	Changes in the loss allowance and gross carrying amount of financial assets at FVTOCI are as follows (Unit: Korean Won in millions):

Loss allowance


	For the three-month period ended March 31, 2026
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(29,204	)		—		—		(29,204	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Provision of loss allowance		(1,916	)		—		—		(1,916	)
Disposal		2,275			—		—		2,275
Others (*)		(87	)		—		—		(87	)

Ending balance		(28,932	)		—		—		(28,932	)

(*)	Others consist of foreign currencies translation, etc.

- 50 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


	For the three-month period ended March 31, 2025
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(29,084	)		—		—		(29,084	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Provision of loss allowance		(728	)		—		—		(728	)
Disposal		1,531			—		—		1,531
Others (*)		(240	)		—		—		(240	)

Ending balance		(28,521	)		—		—		(28,521	)

(*)	Others consist of foreign currencies translation, etc.

2)	Gross carrying amount


	For the three-month period ended March 31, 2026
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		82,071,637			—		—		82,071,637
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		12,355,271			—		—		12,355,271
Disposal / Recovery		(13,120,774	)		—		—		(13,120,774	)
Gain (loss) on valuation		(1,968,788	)		—		—		(1,968,788	)
Amortization based on effective interest method		66,088			—		—		66,088
Others (*)		656,017			—		—		656,017

Ending balance		80,059,451			—		—		80,059,451

(*)	Others consist of foreign currencies translation, etc.


	For the three-month period ended March 31, 2025
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		42,922,671			—		—		42,922,671
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		7,893,050			—		—		7,893,050
Disposal / Recovery		(8,702,613	)		—		—		(8,702,613	)
Gain (loss) on valuation		66,549			—		—		66,549
Amortization based on effective interest method		49,574			—		—		49,574
Others (*)		(132,713	)		—		—		(132,713	)

Ending balance		42,096,518			—		—		42,096,518

(*)

Others consist of foreign currencies translation, etc.

- 51 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

9.	SECURITIES AT AMORTIZED COST

(1)	Details of securities at amortized cost as of March 31, 2026 and December 31, 2025 are as follows (Unit: Korean Won in millions):


	March 31, 2026			December 31, 2025
Korean treasury and government agencies		9,500,220			9,698,695
Financial institutions		3,688,821			3,352,648
Corporates		4,633,080			4,587,881
Bond denominated in foreign currencies		956,801			1,079,302
Allowance for credit losses		(11,042	)		(11,067	)

Total		18,767,880			18,707,459

(2)	Changes in the loss allowance and gross carrying amount of securities at amortized cost are as follows (Unit: Korean Won in millions):

Loss allowance


	For the three-month period ended March 31, 2026
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(11,067	)		—		—		(11,067	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Reversal of loss allowance		52			—		—		52
Others (*)		(27	)		—		—		(27	)

Ending balance		(11,042	)		—		—		(11,042	)

(*)

Others consist of foreign currencies translation, etc.


	For the three-month period ended March 31, 2025
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(10,763	)		—		—		(10,763	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Reversal of loss allowance		90			—		—		90
Others (*)		4			—		—		4

Ending balance		(10,669	)		—		—		(10,669	)

(*)

Others consist of foreign currencies translation, etc.

2)	Gross carrying amount


	For the three-month period ended March 31, 2026
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		18,718,526			—		—		18,718,526
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		956,205			—		—		956,205
Disposal / Recovery		(977,562	)		—		—		(977,562	)
Amortization based on effective interest method		28,688			—		—		28,688
Others (*)		53,065			—		—		53,065

Ending balance		18,778,922			—		—		18,778,922

- 52 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(*)	Others consist of foreign currencies translation, etc.


	For the three-month period ended March 31, 2025
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		19,213,940			—		—		19,213,940
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		1,005,252			—		—		1,005,252
Disposal / Recovery		(1,167,209	)		—		—		(1,167,209	)
Amortization based on effective interest method		26,839			—		—		26,839
Others (*)		(3,729	)		—		—		(3,729	)

Ending balance		19,075,093			—		—		19,075,093

(*)	Others consist of foreign currencies translation, etc.

10.

LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST

(1)	Details of loans and other financial assets at amortized cost as of March 31, 2026 and December 31, 2025 are as follows (Unit: Korean Won in millions):


	March 31, 2026		December 31, 2025
Due from banks		3,486,168		2,674,644
Loans		397,896,585		398,706,030
Other financial assets		22,860,913		11,115,109

Total		424,243,666		412,495,783

(2)	Details of due from banks are as follows (Unit: Korean Won in millions):


	March 31, 2026			December 31, 2025
Due from banks in local currency:
Due from depository banks		499,255			531,542
Due from non-depository institutions		21,755			20,624
Due for securities trading		311,480			196,557
Others		361,724			407,445
Loss allowance		(1,032	)		(408	)

Sub-total		1,193,182			1,155,760

Due from banks in foreign currencies:
Due from banks on demand		172,382			149,839
Due from banks on time		442,919			276,498
Others		1,684,461			1,096,819
Loss allowance		(6,776	)		(4,272	)

Sub-total		2,292,986			1,518,884

Total		3,486,168			2,674,644

(3)	Details of restricted due from banks are as follows (Unit: Korean Won in millions):


	Counterparty	March 31, 2026		Reason of restriction
Due from banks in local currency:
Others	Citi Bank and others		238,415	Reserve deposits and others
Securities trading	Korea exchange and Korea Securities Finance Corporation		302,321	Customer deposit refund reserve and futures trading margin and others

	Sub-total		540,736

Due from banks in foreign currencies:
Due from banks on demand	National Bank of Cambodia and others		171,730	Reserve deposits and others
Due from banks on time	TORONTO DOMINION BANK, NEW YORK and others		181,608	Federal Reserve Discount Window and others
Others	GOLDMAN SACHS INTL., LON and others		1,224,867	CSA collateral and others

	Sub-total		1,578,205

	Total		2,118,941

- 53 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


	Counterparty	December 31, 2025		Reason of restriction
Due from banks in local currency:
Others	Citi Bank and others		248,704	Reserve deposits
Securities trading	Korea Exchange Co.,Ltd. and Korea Securities Finance Corporation and others		165,304	Customer deposit refund reserve and futures trading margin and others

	Sub-total		414,008

Due from banks in foreign currencies:
Due from banks on demand	National Bank of Cambodia and others		149,279	Reserve deposits and others
Due from banks on time	Toronto Dominion Bank, New York, and others		129,141	Federal Reserve Discount Window
Others	GOLDMAN SACHS INTL., LON and others		775,829	CSA collateral and others

	Sub-total		1,054,249

	Total		1,468,257

(4)	Changes in the loss allowance and gross carrying amount of due from banks are as follows (Unit: Korean Won in millions):

Allowance for credit losses


	For the three-month period ended March 31, 2026
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(4,680	)		—		—		(4,680	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Provision for allowance for credit loss		(3,052	)		—		—		(3,052	)
Others (*)		(76	)		—		—		(76	)

Ending balance		(7,808	)		—		—		(7,808	)

(*) Changes due to foreign currencies translation, etc.


	For the three-month period ended March 31, 2025
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(6,327	)		—		—		(6,327	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Reversal for allowance for credit loss		350			—		—		350
Others (*)		(20	)		—		—		(20	)

Ending balance		(5,997	)		—		—		(5,997	)

(*) Changes due to foreign currencies translation, etc.

- 54 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Gross carrying amount


	For the three-month period ended March 31, 2026
	Stage 1		Stage 2		Stage 3		Total
Beginning balance		2,679,324		—		—		2,679,324
Transfer to 12-month expected credit losses		—		—		—		—
Transfer to lifetime expected credit losses		—		—		—		—
Transfer to credit-impaired financial assets		—		—		—		—
Net increase(decrease)		761,315		—		—		761,315
Others (*)		53,337		—		—		53,337

Ending balance		3,493,976		—		—		3,493,976

(*)	Changes due to foreign currencies translation, etc.


	For the three-month period ended March 31, 2025
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		2,636,931			—		—		2,636,931
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Net increase(decrease)		(61,858	)		—		—		(61,858	)
Others (*)		2,294			—		—		2,294

Ending balance		2,577,367			—		—		2,577,367

(*)	Changes due to foreign currencies translation, etc.

(5)	Details of loans are as follows (Unit: Korean Won in millions):


	March 31, 2026			December 31, 2025
Loans in local currency		325,009,413			322,659,399
Loans in foreign currencies		35,636,382			32,375,735
Domestic banker’s usance		2,909,377			2,647,891
Credit card accounts		13,883,581			13,960,884
Bills bought in foreign currencies		4,043,914			4,396,122
Bills bought in local currency		88,676			82,657
Factoring receivables		7,049			6,315
Advances for customers on guarantees		31,334			12,602
Private placement bonds		731,377			669,431
Securitized loans		3,310,946			3,325,383
Call loans		2,677,346			2,430,625
Bonds purchased under resale agreements		7,978,138			14,598,594
Financial lease receivables		924,887			991,331
Installment financial bond		2,440,229			2,429,860
Securities loans		723,115			445,960
Others		2,258			2,257
Loan origination costs and fees		926,881			926,343
Discounted present value		(9,215	)		(9,107	)
Allowance for credit losses		(3,419,103)			(3,246,252)

Total		397,896,585			398,706,030

- 55 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(6)	Changes in the loss allowance of loans are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31, 2026
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		(204,589	)		(157,463	)		(316,231	)		(956,618	)		(480,701	)		(689,861	)		(9,309	)
Transfer to 12-month expected credit losses		(20,763	)		20,172			591			(35,859	)		34,730			1,129			—
Transfer to lifetime expected credit losses		13,074			(16,019	)		2,945			14,490			(16,814	)		2,324			—
Transfer to credit-impaired financial assets		2,941			19,506			(22,447	)		9,561			56,163			(65,724	)		—
Net reversal(provision) of allowance for credit losses		(5,848	)		(26,528	)		(197,784	)		(10,368	)		(5,179	)		(175,458	)		(5,549	)
Recovery		—			—			(11,303	)		—			—			(21,902	)		—
Charge-off		—			—			65,346			—			—			155,686			—
Disposal		35			236			17,356			3			651			60,937			2,055
Interest income from impaired loans		—			—			4,275			—			—			8,591			—
Others		(827	)		(1,113	)		(4,671	)		(3,422	)		(862	)		(3,086	)		(1,539	)

Ending balance		(215,977	)		(161,209	)		(461,923	)		(982,213	)		(412,012	)		(727,364	)		(14,342	)

3

	For the three-month period ended March 31, 2026
	Credit card accounts									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		(130,557	)		(103,829	)		(197,094	)		(1,291,764	)		(741,993	)		(1,203,186	)		(9,309	)
Transfer to 12-month expected credit losses		(16,280	)		16,221			59			(72,902	)		71,123			1,779			—
Transfer to lifetime expected credit losses		7,705			(8,956	)		1,251			35,269			(41,789	)		6,520			—
Transfer to credit-impaired financial assets		1,182			26,605			(27,787	)		13,684			102,274			(115,958	)		—
Net reversal(provision) of allowance for credit losses		3,942			(35,816	)		(79,245	)		(12,274	)		(67,523	)		(452,487	)		(5,549	)
Recovery		—			—			(5,798	)		—			—			(39,003	)		—
Charge-off		—			—			77,153			—			—			298,185			—
Disposal		—			—			27,181			38			887			105,474			2,055
Interest income from impaired loans		—			—			—			—			—			12,866			—
Others		—			—			—			(4,249	)		(1,975	)		(7,757	)		(1,539	)

Ending balance		(134,008	)		(105,775	)		(204,280	)		(1,332,198	)		(678,996	)		(1,393,567	)		(14,342	)

- 56 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


	For the three-month period ended March 31, 2025
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		(228,330	)		(148,315	)		(280,125	)		(971,499	)		(699,646	)		(625,921	)		(7,295	)
Transfer to 12-month expected credit losses		(22,762	)		22,063			699			(58,285	)		56,846			1,439			—
Transfer to lifetime expected credit losses		16,700			(19,951	)		3,251			18,867			(23,579	)		4,712			—
Transfer to credit-impaired financial assets		4,076			24,975			(29,051	)		6,005			126,331			(132,336	)		—
Net reversal(provision) of allowance for credit losses		37,355			(47,357	)		(53,373	)		17,998			(83,644	)		(179,363	)		(2,680	)
Recovery		—			—			(10,929	)		—			—			(6,165	)		—
Charge-off		—			—			43,533			—			—			99,592			—
Disposal		2			127			16,555			—			391			38,899			1,570
Interest income from impaired loans		—			—			3,877			—			—			6,922			—
Others		(1,256	)		(149	)		2,391			5,813			936			4,827			(1,547	)

Ending balance		(194,215	)		(168,607	)		(303,172	)		(981,101	)		(622,365	)		(787,394	)		(9,952	)


	For the three-month period ended March 31, 2025
	Credit card accounts									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		(123,297	)		(115,030	)		(158,167	)		(1,323,126	)		(962,991	)		(1,064,213	)		(7,295	)
Transfer to 12-month expected credit losses		(17,615	)		17,523			92			(98,662	)		96,432			2,230			—
Transfer to lifetime expected credit losses		10,109			(11,221	)		1,112			45,676			(54,751	)		9,075			—
Transfer to credit-impaired financial assets		3,101			26,478			(29,579	)		13,182			177,784			(190,966	)		—
Net reversal(provision) of allowance for credit losses		4,854			(43,263	)		(77,391	)		60,207			(174,264	)		(310,127	)		(2,680	)
Recovery		—			—			(5,930	)		—			—			(23,024	)		—
Charge-off		—			—			76,260			—			—			219,385			—
Disposal		—			—			14,518			2			518			69,972			1,570
Interest income from impaired loans		—			—			—			—			—			10,799			—
Others		—			—			—			4,557			787			7,218			(1,547	)

Ending balance		(122,848	)		(125,513	)		(179,085	)		(1,298,164	)		(916,485	)		(1,269,651	)		(9,952	)

- 57 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(7)	Changes in the gross carrying amount of loans are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31, 2026
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		147,019,855			15,304,705			932,172			211,707,132			10,163,569			1,717,711			1,137,650
Transfer to 12-month expected credit losses		2,858,403			(2,851,173	)		(7,230	)		1,237,377			(1,233,348	)		(4,029	)		—
Transfer to lifetime expected credit losses		(3,910,515	)		3,935,234			(24,719	)		(1,570,532	)		1,576,637			(6,105	)		—
Transfer to credit-impaired financial assets		(67,637	)		(155,310	)		222,947			(220,909	)		(371,667	)		592,576			—
Charge-off		—			—			(65,346	)		—			—			(155,686	)		—
Disposal		(182	)		(540	)		(53,045	)		(39	)		(1,659	)		(240,482	)		(2,055	)
Net increase(decrease)		827,707			(622,600	)		101,321			489,246			(754,330	)		(171,529	)		83,813

Ending balance		146,727,631			15,610,316			1,106,100			211,642,275			9,379,202			1,732,456			1,219,408


	For the three-month period ended March 31, 2026
	Credit card accounts									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		12,520,632			1,133,638			315,217			371,247,619			26,601,912			2,965,100			1,137,650
Transfer to 12-month expected credit losses		389,460			(389,338	)		(122	)		4,485,240			(4,473,859	)		(11,381	)		—
Transfer to lifetime expected credit losses		(563,698	)		565,490			(1,792	)		(6,044,745	)		6,077,361			(32,616	)		—
Transfer to credit-impaired financial assets		(35,502	)		(81,537	)		117,039			(324,048	)		(608,514	)		932,562			—
Charge-off		—			—			(77,153	)		—			—			(298,185	)		—
Disposal		—			—			(45,841	)		(221	)		(2,199	)		(339,368	)		(2,055	)
Net increase(decrease)		268,736			(227,219	)		10,290			1,585,689			(1,604,149	)		(59,918	)		83,813

Ending balance		12,579,628			1,001,034			317,638			370,949,534			25,990,552			3,156,194			1,219,408

- 58 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


	For the three-month period ended March 31, 2025
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		141,003,546			15,063,902			781,868			206,025,023			11,425,641			1,491,816			1,147,147
Transfer to 12-month expected credit losses		3,066,312			(3,060,360	)		(5,952	)		2,181,075			(2,178,468	)		(2,607	)		—
Transfer to lifetime expected credit losses		(4,191,199	)		4,219,327			(28,128	)		(1,509,090	)		1,523,647			(14,557	)		—
Transfer to credit-impaired financial assets		(69,968	)		(176,613	)		246,581			(225,072	)		(504,761	)		729,833			—
Charge-off		—			—			(43,533	)		—			—			(99,592	)		—
Disposal		(16	)		(422	)		(47,365	)		—			(1,718	)		(171,421	)		(1,571	)
Net increase(decrease)		350,803			(951,729	)		(126,566	)		3,903,829			(564,548	)		(2,557	)		(31,788	)

Ending balance		140,159,478			15,094,105			776,905			210,375,765			9,699,793			1,930,915			1,113,788


	For the three-month period ended March 31, 2025
	Credit card receivables									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		11,171,885			1,036,118			279,973			358,200,454			27,525,661			2,553,657			1,147,147
Transfer to 12-month expected credit losses		261,767			(261,618	)		(149	)		5,509,154			(5,500,446	)		(8,708	)		—
Transfer to lifetime expected credit losses		(388,310	)		389,927			(1,617	)		(6,088,599	)		6,132,901			(44,302	)		—
Transfer to credit-impaired financial assets		(38,976	)		(76,603	)		115,579			(334,016	)		(757,977	)		1,091,993			—
Charge-off		—			—			(76,260	)		—			—			(219,385	)		—
Disposal		—			—			(22,615	)		(16	)		(2,140	)		(241,401	)		(1,571	)
Net increase(decrease)		(349,048	)		19,145			16,219			3,905,584			(1,497,132	)		(112,904	)		(31,788	)

Ending balance		10,657,318			1,106,969			311,130			361,192,561			25,900,867			3,018,950			1,113,788

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(8)	Details of other financial assets are as follows (Unit: Korean Won in millions):


	March 31, 2026			December 31, 2025
Cash Management Account asset (CMA asset)		95,000			115,000
Receivables		18,786,283			7,543,495
Accrued income		2,397,527			2,277,963
Telex and telephone subscription rights and refundable deposits		808,324			805,980
Domestic exchange settlement debit		666,583			273,249
Other assets		430,580			437,085
Allowance for credit losses		(323,384	)		(337,663	)

Total		22,860,913			11,115,109

(9)	Changes in the allowances for credit losses on other financial assets are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31, 2026
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		(27,255	)		(13,656	)		(296,752	)		(337,663	)
Transfer to 12-month expected credit losses		(216	)		185			31			—
Transfer to lifetime expected credit losses		282			(336	)		54			—
Transfer to credit-impaired financial assets		128			1,385			(1,513	)		—
Reversal (provision) of loss allowance		11,667			(1,386	)		1,751			12,032
Charge-off		—			—			4,221			4,221
Disposal		—			—			169			169
Others		(299	)		(218	)		(1,626	)		(2,143	)

Ending balance		(15,693	)		(14,026	)		(293,665	)		(323,384	)


	For the three-month period ended March 31, 2025
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		(20,934	)		(22,020	)		(170,060	)		(213,014	)
Transfer to 12-month expected credit losses		(294	)		274			20			—
Transfer to lifetime expected credit losses		224			(283	)		59			—
Transfer to credit-impaired financial assets		561			7,089			(7,650	)		—
Reversal (provision) of loss allowance		(12,814	)		(3,800	)		1,242			(15,372	)
Charge-off		—			—			2,302			2,302
Disposal		—			—			225			225
Others		174			(5	)		(80	)		89

Ending balance		(33,083	)		(18,745	)		(173,942	)		(225,770	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(10)	Changes in the gross carrying amount of other financial assets are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31, 2026
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		10,775,002			78,348			599,422			11,452,772
Transfer to 12-month expected credit losses		8,637			(8,604	)		(33	)		—
Transfer to lifetime expected credit losses		(14,365	)		14,464			(99	)		—
Transfer to credit-impaired financial assets		(1,921	)		(5,088	)		7,009			—
Charge-off		—			—			(4,221	)		(4,221	)
Disposal		—			—			(199	)		(199	)
Net increase (decrease)		11,717,224			12,871			5,850			11,735,945

Ending balance		22,484,577			91,991			607,729			23,184,297


	For the three-month period ended March 31, 2025
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		9,435,449			99,254			450,229			9,984,932
Transfer to 12-month expected credit losses		11,285			(11,262	)		(23	)		—
Transfer to lifetime expected credit losses		(14,135	)		14,198			(63	)		—
Transfer to credit-impaired financial assets		(4,314	)		(19,571	)		23,885			—
Charge-off		—			—			(2,302	)		(2,302	)
Disposal		—			—			(260	)		(260	)
Net increase (decrease)		9,430,807			14,975			(9,513	)		9,436,269

Ending balance		18,859,092			97,594			461,953			19,418,639

- 61 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

11.

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

(1)	The fair value hierarchy

The fair value hierarchy for financial instruments is determined by the amount of observable market data. The specific financial instruments characteristics and market condition such as the existence of the transactions among market participants and transparency are reflected to the market observable inputs. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities. The Group maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring the fair value of its financial assets and financial liabilities. Fair value is measured based on the perspective of a market participant. As such, even when market assumptions are not readily available, the Group’s own assumptions reflect those that market participants would use for measuring the assets or liabilities at the measurement date.

The fair value measurement is described in the one of the following three levels used to classify fair value measurements:

•

Level 1—fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. The types of financial assets or liabilities generally included in Level 1 are publicly traded equity securities, derivatives, and debt securities issued by governmental bodies.

•

Level 2—fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices). The types of financial assets or liabilities generally included in Level 2 are debt securities not traded in active markets and common OTC derivatives such as swaps, forwards and options that do not require significant judgment.

•

Level 3—fair value measurements are those derived from valuation technique that include inputs for the assets or liabilities that are not based on observable market data (unobservable inputs). The types of financial assets or liabilities generally included in Level 3 are non-public securities and derivatives and debt securities of which valuation techniques require significant judgments and subjectivity.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Group’s assessment of the significance of a particular input to a fair value measurement in its entirety requires judgment and consideration of inherent factors of the asset or liability.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(2)	Fair value hierarchy of financial assets and liabilities measured at fair value are as follows (Unit: Korean Won in millions):


	March 31, 2026
	Level 1 (*)		Level 2 (*)		Level 3		Total
Financial assets:
Financial assets at FVTPL
Deposits		303,916		—		—		303,916
Debt securities		4,447,036		5,241,482		82,966		9,771,484
Equity securities		1,112,404		—		588,956		1,701,360
Capital contributions		—		10,906		3,213,778		3,224,684
Beneficiary certificates		1,076,800		3,825,103		7,351,969		12,253,872
Loans		—		587,705		222,835		810,540
Derivative assets		78		8,342,757		877		8,343,712
Other financial assets in foreign currency		—		3,422		88,826		92,248
Others		—		266,736		269,509		536,245

Sub-total		6,940,234		18,278,111		11,819,716		37,038,061

Financial assets at FVTOCI
Debt securities		30,309,412		49,739,111		—		80,048,523
Equity securities		610,271		—		1,090,591		1,700,862
Loans		—		—		10,928		10,928

Sub-total		30,919,683		49,739,111		1,101,519		81,760,313

Derivative assets (designated for hedging)		—		150,822		—		150,822

Total		37,859,917		68,168,044		12,921,235		118,949,196

Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers		304,098		—		—		304,098
Derivative liabilities		—		7,473,020		880		7,473,900
Securities sold		460,274		—		—		460,274

Sub-total		764,372		7,473,020		880		8,238,272

Financial liabilities designated to be measured at FVTPL
Deposits due to customers		—		439,941		—		439,941
Derivative liabilities (designated for hedging)		—		1,110,170		—		1,110,170

Total		764,372		9,023,131		880		9,788,383

(*)	There were no transfers between Level 1 and Level 2 of financial assets and liabilities measured at fair value. The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

- 63 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


	December 31, 2025
	Level 1 (*)		Level 2 (*)		Level 3		Total
Financial assets:
Financial assets at FVTPL
Deposits		261,470		—		—		261,470
Debt securities		4,635,643		4,840,091		76,347		9,552,081
Equity securities		1,063,788		—		549,631		1,613,419
Capital contributions		—		12,186		3,073,129		3,085,315
Beneficiary certificates		1,118,879		4,112,983		7,127,621		12,359,483
Loans		—		901,831		224,615		1,126,446
Derivative assets		—		5,773,283		920		5,774,203
Other financial assets in foreign currency		—		1,898		83,949		85,847
Others		—		146,475		240,736		387,211

Sub-total		7,079,780		15,788,747		11,376,948		34,245,475

Financial assets at FVTOCI
Debt securities		29,820,964		52,240,432		—		82,061,396
Equity securities		363,401		—		1,064,484		1,427,885
Loans		—		—		10,241		10,241

Sub-total		30,184,365		52,240,432		1,074,725		83,499,522

Derivative assets (designated for hedging)		—		217,180		—		217,180

Total		37,264,145		68,246,359		12,451,673		117,962,177

Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers		263,251		—		—		263,251
Derivative liabilities		—		5,129,428		236		5,129,664
Securities sold		496,518		—		—		496,518

Sub-total		759,769		5,129,428		236		5,889,433

Financial instruments designated to be measured at FVTPL
Deposits due to customers		—		467,501		—		467,501
Derivative liabilities (designated for hedging)		—		615,361		—		615,361

Total		759,769		6,212,290		236		6,972,295

(*)	There were no transfers between Level 1 and Level 2 of financial assets and liabilities measured at fair value. The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Financial assets and liabilities at FVTPL, financial liabilities at FVTPL designated as upon initial recognition, financial assets at FVTOCI, and derivative assets and liabilities are recognized at fair value. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.

Financial instruments are measured at fair value using a quoted market price in active markets. If there is no active market for a financial instrument, the Group determines the fair value using valuation methods. Valuation methods and input variables for each type of financial instruments are as follows:

Valuation methods and input variables for each type of financial instrument classified into level 2 as of March 31, 2026 and December 31, 2025 are as follows:


	Valuation methods	Input variables
Debt securities	Fair value is measured by discounting the future cash flows of debt securities applying the risk-free market rate with credit spread.	Risk-free market rate, credit spread, matrix method yield to maturity, effective credit grade, company-specific risk spread, weighted average expected maturity of MBS with consideration for prepayment, discount rate.
Equity securities, capital contributions and beneficiary certificates	Fair value is measured by using the net asset value method, DCF, FCFE (Free Cash Flow to Equity Model), Comparable Company Analysis, Dividend Discount Model, risk adjusted discount rate method, LSMC (Least-Squares Monte Carlo), Hull-White model and Binomial tree model.	Values of underlying assets such as bond, risk-free market rate, market risk premium, corporate beta, discount rate based on credit rating, volatility of stock prices, volatility of interest rates and exchange rate.
Derivatives	Fair value is measured using valuation techniques commonly employed by market participants, including option pricing models, discounted cash flow (DCF) models, implied forward rate calculation methods, regression analysis methods, and valuation techniques based on observable market inputs for derivatives such as interest rate swaps, currency swaps, etc.	Discount rate, volatility of underlying assets, exchange rate, risk-free market rate, credit spread, forward rate, OIS, KTB, and CDS rates.
Loans	The future cash flows of debt instruments are measured at a discount by applying the market interest rate applied to entities with similar creditworthiness to the debtor.	Risk-free market rate and credit spread
Deposits due to customers	Fair value is measured by Hull-White model.	Discount rate, swaption volatility, etc.

Valuation methods and input variables for each type of financial instrument classified into level 3 as of March 31, 2026 and December 31, 2025 are as follows :


	Valuation methods	Input variables
Loans	Fair value is measured by using the DCF model (Discounted Cash Flow Model), LSMC (Least-Squares Monte Carlo) and Hull-White which are generally used in the market considering the price of underlying assets and volatility.	Price of underlying assets, volatility, discount rate, volatility of stock, risk-free market rate, credit spread, interest rate, correlation coefficient
Equity securities, capital contributions and beneficiary certificates	Fair value is measured using one or more valuation methodologies—such as the Discounted Cash Flow (DCF) model, Free Cash Flow to Equity (FCFE) model, comparable company analysis, dividend discount model, risk-adjusted discount rate method, net asset value method, LSMC, binomial model, market approach, Hull-White model, Monte-Carlo Simulation or precedent transactions model—selected as appropriate in consideration of the characteristics of the valuation subject.	Risk-free market return, market risk premium, company beta, stock price, underlying asset volatility, fair value of underlying assets, price of the underlying asset, recent transaction price, discount rate based on credit rating, interest rate volatility, real estate sale price volatility, price-to-book ratio

- 65 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


	Valuation methods	Input variables
		(PBR), price-to-sales ratio (PSR), net asset value, paid-in capital increase amount, issuance information by instrument, matrix-based yield to maturity (YTM), company-specific risk spread, perpetual growth rate, liquidation value change rate and interest rate.
Debt securities	Future cash flows of the debt securities are measured by discounting them using a market interest rate applicable to companies with credit ratings similar to that of the issuer	Discount rate, perpetual growth rate, and liquidation value change rate
Derivatives	Fair value is measured by models such as option model.	Correlation coefficient, stock price, volatility of underlying assets etc.
Others	The fair value of the underlying asset, after calculating the fair value using the DCF model, etc., considering the price and volatility of the calculated underlying asset, is calculated using the binomial tree, which is commonly used valuation techniques in the market.	Stock price, volatility of underlying assets etc.

Valuation methods of financial assets and liabilities measured at fair value and classified into Level 3 and significant but unobservable inputs are as follows:


			March 31, 2026
	Fair value measurement technique	Type	Significant unobservable inputs	Range	Impact of changes in significant unobservable inputs on fair value measurement
Debt securities	LSMC(Hull-White)		Volatility	31.25%~78.91%	Variation of fair value increases as volatility increases.
Loans	DCF model		Discount rate	1.1%~7.40%	Fair value increases as discount rate decreases.
Loans	Hull-White model		Volatility	0.61%, 0.97%	Variation of fair value increases as volatility increases.
Derivative assets	Option valuation model and others	Equity related	Stock prices, Volatility of underlying asset	26.79%	Variation of fair value increases as volatility and stock price increases.
			Discount rate	16.01%	Fair value increases as discount rate decreases.
			Liquidation value	0.00%	Fair value increases as liquidation value increases.
Equity securities, capital contributions, and Beneficiary certificates	Binomial Tree		Volatility of stock	35.25%~83.17%	Variation of fair value increases as volatility of stock increases.
	Binomial Tree		Stock prices, Volatility of underlying asset	15.29%~37.39%	Variation of fair value increases as volatility and stock price increases
	DCF model and others		Discount rate	2.78%~17.75%	Fair value increases as discount rate decreases.
			Terminal growth rate	0.00%~1.00%	Fair value increases as terminal growth rate increases.
			Interest rate	2.52%~3.90%	Fair value increases as interest rate decreases.
			Liquidation value	-1.00%~1.00%	Fair value increases as liquidation value increases.
			Weighted Average Cost of Capital	7.85%~9.85%	Fair value increases as weighted average cost of capital decreases.
			Volatility	0.86%~1.11%	Variation of fair value increases as volatility increases.
	LSMC(Hull-White)		Volatility	0.6%	Variation of fair value increases as volatility increases.
			Discount rate	3.32%~7.10%	Fair value increases as discount rate decreases.
	Market approach		Stock price	7,668~410,500	Variation of fair value increases as stock price increases.
	Net asset value method		Volatility of liquidation value	0.00%	Fair value increases as liquidation value increases.
Others	Binomial Tree		Stock prices, Volatility of underlying asset	15.29%~50.79%	Variation of fair value increases as volatility and stock price increases.

- 66 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


			December 31, 2025
	Fair value measurement technique	Type	Significant unobservable inputs	Range	Impact of changes in significant unobservable inputs on fair value measurement
Debt securities	LSMC(Hull-White)		Volatility	23.45%~37.48%	Variation of fair value increases as volatility increases.
Loans	DCF model and others		Discount rate	0.70%~5.26%	Fair value increases as discount rate decreases.
Derivatives	Option valuation model and others	Equity related	Stock prices, Volatility of underlying asset	22.55%	Variation of fair value increases as volatility and stock price increases.
			Discount rate	16.88%	Fair value increases as discount rate decreases.
			Liquidation value	0.00%	Fair value increases as liquidation value increases.
Stocks, capital contributions,	Binomial Tree		Volatility of stock	20.19%~31.51%	Fair value increases as volatility of stock increases
and beneficiary certificates			Stock prices, Volatility of underlying asset	14.91%~34.34%	Variation of fair value increases as volatility of underlying asset and stock price increases.
	DCF model and others		Discount rate	2.77%~19.05%	Fair value increases as discount rate decreases.
			Terminal growth rate	0.00%~1.00%	Fair value increases as terminal growth rate increases.
			Liquidation value	-1.00%~12.41%	Fair value increases as liquidation value increases.
			Interest rate	2.38%~3.42%	Fair value increases as interest rate decreases.
	LMSC(Hull-White)		Volatility	0.56%	Variation of fair value increases as volatility increases.
			Discount rate	3.83%~6.10%	Fair value increases as discount rate decreases.
	Market Value Approach		Stock volatility	27.86%~31.51%	Variation of fair value increases as stock volatility increases.
Others	Binomial Tree and others		Stock prices, Volatility of underlying asset	14.91%~42.44%	Variation of fair value increases as volatility of underlying asset and stock price increases.

Fair value of financial assets and liabilities classified into Level 3 is measured by the Group using its own valuation methods or using external specialists. Unobservable inputs used in the fair value measurements are produced by the internal system of the Group and the appropriateness of inputs is reviewed regularly.

- 67 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(3)	Changes in financial assets and liabilities measured at fair value classified into Level 3 are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31, 2026
	Beginning balance		Net income (loss) (*1)			Other comprehensive income		Purchases/ issuances		Disposals / settlements			Transfer to or out of Level 3 (*2)			Ending balance
Financial assets:
Financial assets at FVTPL
Debt securities		76,347		6,619			—		—		—			—			82,966
Equity securities		549,631		11,912			—		66,185		(37,539	)		(1,233	)		588,956
Capital contributions		3,073,129		83,180			—		144,135		(86,666	)		—			3,213,778
Beneficiary certificates		7,127,621		143,288			—		100,494		(19,434	)		—			7,351,969
Loans		224,615		(8,499	)		—		113,006		(101,091	)		(5,196	)		222,835
Derivative assets		920		(686	)		—		643		—			—			877
Other financial assets in foreign currency		83,949		2,856			—		2,021		—			—			88,826
Others		240,736		(658	)		—		32,028		(2,597	)		—			269,509

Sub-total		11,376,948		238,012			—		458,512		(247,327	)		(6,429	)		11,819,716

Financial assets at FVTOCI
Equity securities		1,064,484		—			25,271		1,200		(364	)		—			1,090,591
Loans		10,241		—			687		—		—			—			10,928
Sub-total		1,074,725		—			25,958		1,200		(364	)		—			1,101,519

Total		12,451,673		238,012			25,958		459,712		(247,691	)		(6,429	)		12,921,235

Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities		236		—			—		644		—			—			880

Total		236		—			—		644		—			—			880

(*1)

For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent gains that decrease balance. The gain amounting to 178,748 million Won for the period ended March 31, 2026, which is from financial assets and liabilities that the Group holds as at the end of the period.

(*2)	The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

- 68 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


	For the three-month period ended March 31, 2025
	Beginning balance		Net income (loss) (*1)			Other comprehensive income		Purchases/ issuances		Disposals / settlements			Transfer to or out of Level 3 (*2)			Ending balance
Financial assets:
Financial assets at FVTPL
Debt securities		7,357		(796	)		—		7,030		—			—			13,591
Equity securities		398,899		(1,576	)		—		31,564		(5,076	)		(7,650	)		416,161
Capital contributions		2,853,513		3,901			—		109,908		(66,785	)		—			2,900,537
Beneficiary certificates		2,105,160		14,335			—		46,087		(31,550	)		—			2,134,032
Loans		34,776		7			—		2		(262	)		—			34,523
Derivative assets		1,188		33			—		—		(53	)		—			1,168
Other financial assets in foreign currency		48,345		(115	)		—		—		—			—			48,230
Others		238,266		4,263			—		—		(3,844	)		—			238,685

Sub-total		5,687,504		20,052			—		194,591		(107,570	)		(7,650	)		5,786,927

Financial assets at FVTOCI
Equity securities		559,434		—			18,796		—		(10	)		(5,530	)		572,690

Total:		6,246,938		20,052			18,796		194,591		(107,580	)		(13,180	)		6,359,617

Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities		1,402		—			—		—		(1,402	)		—			—

Total		1,402		—			—		—		(1,402	)		—			—

(*1)

For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent gains that decrease balance. The gain amounting to 27,354 million Won for the period ended March 31, 2025, which is from financial assets and liabilities that the Group holds as at the end of the period.

(*2)	The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(4)	Sensitivity analysis results on reasonable fluctuation of the significant unobservable input variables for the fair value of Level 3 financial instruments are as follows.

The sensitivity analysis of the financial instruments has been performed by classifying with favorable and unfavorable changes based on how changes in unobservable assumptions would have effects on the fluctuations of financial instruments’ value. When the fair value of a financial instrument is affected by two or more unobservable input variables, the sensitivity analysis is calculated by assuming the most favorable or the most unfavorable scenario. The sensitivity analysis was performed for two types of level 3 financial instruments: (1) interest rate related derivatives, currency related derivatives, equity related derivatives, equity-linked securities beneficiary certificates and loans of which fair value changes are recognized as net income; (2) equity securities of which fair value changes are recognized as other comprehensive income.

Meanwhile, among the financial instruments that are classified as Level 3 amounting to 12,922,115 million Won and 12,451,909 million Won as of March 31, 2026 and December 31, 2025, respectively, equity instruments of 6,776,478 million Won and 6,234,075 million Won whose carrying amount are considered to represent the reasonable approximation of fair value are excluded from the sensitivity analysis.

The sensitivity on fluctuation of input variables by financial instruments as of March 31, 2026 and December 31, 2025 is as follows (Unit: Korean Won in millions):


	March 31, 2026
	Net income (loss)					Other comprehensive income (loss)
	Favorable		Unfavorable			Favorable		Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (1)(4)		20		(20	)		—		—
Loans (*2)		274		(270	)		—		—
Debt securities (*3)		1,414		(1,389	)		—		—
Equity securities (2) (4) (*5)		23,465		(17,655	)		—		—
Beneficiary certificates (5)(6)		57,260		(54,934	)		—		—
Others (*4)		2,009		(1,743	)		—		—
Financial assets at FVTOCI		—		—			—		—
Equity securities (*5)		—		—			66,126		(61,037	)

Total		84,442		(76,011	)		66,126		(61,037	)

(*1)	Fair value changes of equity related derivatives assets and liabilities are calculated by increasing or decreasing liquidation value or discount rate, which are major unobservable variables, by 1%p each, respectively.

(*2)	Fair value changes of equity securities are calculated by increasing or decreasing growth rate (0%p~1%p) and discount rate or liquidation value (-1%~1%), which are major unobservable variables.

(*3)	Fair value changes of equity securities are calculated by increasing or decreasing stock price volatility, which is major unobservable variables, by 10%,

(*4)	Fair value changes of equity securities are calculated by increasing or decreasing stock price (-10%~10%) and volatility (-10%p~10%p), which are major unobservable variables.

(*5)	Fair value changes of equity securities are calculated by increasing or decreasing discount rate (-1%p~1%p) and growth rate (-1%p~2%p) and or liquidation value (-1%p~1%p), which are major unobservable variables.

(*6)

Even if the sensitivity analysis of the beneficiary certificates is not possible in practice, fair value changes of the financial assets whose major unobservable variables are composed of the real estate are calculated by increasing or decreasing liquidation value of real estate which is underlying assets by 1%p.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


	December 31, 2025
	Net income (loss)					Other comprehensive income (loss)
	Favorable		Unfavorable			Favorable		Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (1) (4)		19		(19	)		—		—
Loans (*2)		258		(265	)		—		—
Debt securities (*3)		1,343		(1,360	)		—		—
Equity securities (2) (4) (*5)		23,858		(17,454	)		—		—
Beneficiary certificates (5) (6)		55,124		(52,986	)		—		—
Others (*4)		2,731		(2,458	)		—		—
Financial assets at FVTOCI
Equity securities (*5)		—		—			50,556		(44,137	)

Total		83,333		(74,542	)		50,556		(44,137	)

(*1)	Fair value changes of equity related derivatives assets and liabilities are calculated by increasing or decreasing liquidation value or discount rate, which are major unobservable variables, by 1%p each, respectively.

(*2)	Fair value changes of equity securities are calculated by increasing or decreasing the correlation between the key unobservable inputs—growth rate (0%p~1%p) and discount rate, or liquidation value (-1%~1%) and discount rate.

(*3)	Fair value changes of equity securities are calculated by increasing or decreasing stock price volatility, which is major unobservable variables, by 10%.

(*4)	Fair value changes of equity securities are calculated by increasing or decreasing stock price (-10%~10%) and volatility (-10%~10%), which are major unobservable variables.

(*5)	Fair value changes of equity securities are calculated by increasing or decreasing discount rate (-1%p~1%p) and growth rate (-1%p~1%p) and or liquidation value (-1%p~1%p), which are major unobservable variables.

(*6)

Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of the real estate are calculated by increasing or decreasing liquidation value of real estate which is underlying assets and discount rate by 1%p.

(5)

Fair value and carrying amount of financial assets and liabilities that are recorded at amortized cost are as follows (Unit: Korean Won in millions). Fair value information for cash that is not measured at fair value because the carrying amount is a reasonable approximation of fair value is not included.


	March 31, 2026
	Fair value								Carrying amount
	Level 1		Level 2		Level 3		Total		Carrying amount
Financial assets:
Securities at amortized cost		6,918,662		11,668,329		—		18,586,991		18,767,880
Loans and other financial assets at amortized cost		—		20,692,002		405,046,069		425,738,071		424,243,666
Financial liabilities:
Deposits due to customers		—		373,031,517		—		373,031,517		372,424,821
Borrowings		—		34,028,025		565,481		34,593,506		34,659,852
Debentures		—		51,668,349		1,279,361		52,947,710		53,430,972
Investment contract liabilities		—		—		3,378,712		3,378,712		3,378,712
Other financial liabilities (*)		—		49,281,464		1,544,701		50,826,165		50,905,606

(*)	Lease liabilities are excluded as of March 31, 2026.

- 71 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


	December 31, 2025
	Fair value								Carrying amount
	Level 1		Level 2		Level 3		Total		Carrying amount
Financial assets:
Securities at amortized cost		6,900,333		11,750,572		—		18,650,905		18,707,459
Loans and other financial assets at amortized cost		—		9,214,407		405,939,832		415,154,239		412,495,783
Financial liabilities:
Deposits due to customers		—		376,725,914		—		376,725,914		376,580,845
Borrowings		—		33,953,026		184,609		34,137,635		34,183,267
Debentures		—		54,302,059		1,256,084		55,558,143		55,583,392
Investment contract liabilities		—		—		3,433,611		3,433,611		3,433,611
Other financial liabilities (*)		—		36,473,258		932,195		37,405,453		37,576,486

(*)	Lease liabilities are excluded as of December 31, 2025.

The fair values of financial instruments are measured using quoted market price in active markets. In case there is no active market for financial instruments, the Group determines the fair value by using valuation methods. Valuation methods and input variables for financial assets and liabilities that are measured at amortized cost are given as follows:


	Valuation methods	Input variables
Securities at amortized cost	The fair value is measured by discounting the projected cash flows of debt securities by applying risk-free market rate with credit spread.	Risk-free market rate and credit spread

Loans and other financial assets at amortized cost	The fair value is measured by discounting the projected cash flows of loan products by applying the market discount rate that has been applied to a proxy company that has similar credit rating to the debtor.	Risk-free market rate, credit spread and prepayment rate

Deposits due to customers, borrowings, debentures and other financial liabilities	The fair value is measured by discounting the projected cash flow of debt products by applying the market discount rate that is reflecting credit rating of the Group or the market discount rate used for similar in products.	Risk-free market rate, credit spread and forward rate

Investment contract liabilities	Since it is difficult to derive reliable expected cash flows, the book value of the reserves calculated in accordance with the Insurance Business Act and the Insurance Supervisory Regulations was used as a proxy for fair value.	—

(6)	Deferred day 1 profits or losses

Changes in deferred day 1 profits or losses are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31
	2026		2025
Beginning balance		—		28
Amounts recognized in losses		—		(28	)

Ending balance		—		—

In case some variables to measure fair values of financial instruments are not observable in the market, valuation techniques are utilized to evaluate such financial instruments. Those financial instruments are recorded the transaction price as at the time of acquisition, even though there are difference noted between the transaction price and the fair value. The table above presents the difference yet to be realized as profit or loss as of March 31, 2026 and 2025.

- 72 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(7)	Financial instruments by category

Carrying amounts of financial assets and liabilities by each category are as follows (Unit: Korean Won in millions):


	March 31, 2026
Financial assets	Financial assets at FVTPL		Financial assets at FVTOCI		Financial assets at amortized cost		Derivatives assets (designated for hedging)		Total
Deposits		303,916		—		3,486,168		—		3,790,084
Securities		27,489,300		81,749,385		18,767,880		—		128,006,565
Loans		810,540		10,928		397,896,585		—		398,718,053
Derivative assets		8,343,712		—		—		150,822		8,494,534
Other financial assets		90,593		—		22,860,913		—		22,951,506

Total		37,038,061		81,760,313		443,011,546		150,822		561,960,742


	March 31, 2026
Financial liabilities	Financial liabilities at FVTPL		Financial liabilities designated to be measured at FVTPL		Financial liabilities at amortized cost		Derivatives liabilities (designated for hedging)		Total
Deposits due to customers		304,098		439,941		372,424,821		—		373,168,860
Borrowings		460,274		—		34,659,852		—		35,120,126
Debentures		—		—		53,430,972		—		53,430,972
Investment contract liabilities		—		—		3,378,712		—		3,378,712
Derivative liabilities		7,473,900		—		—		1,110,170		8,584,070
Other financial liabilities (*)		—		—		50,905,606		—		50,905,606

Total		8,238,272		439,941		514,799,963		1,110,170		524,588,346

(*)	Lease liabilities are excluded as of March 31, 2026.


	December 31, 2025
Financial assets	Financial assets at FVTPL		Financial assets at FVTOCI		Financial assets at amortized cost		Derivatives assets (designated for hedging)		Total
Deposits		261,470		—		2,674,644		—		2,936,114
Securities		26,997,640		83,489,281		18,707,459		—		129,194,380
Loans		1,126,446		10,241		398,706,030		—		399,842,717
Derivative assets		5,774,203		—		—		217,180		5,991,383
Other financial assets		85,716		—		11,115,109		—		11,200,825

Total		34,245,475		83,499,522		431,203,242		217,180		549,165,419


	December 31, 2025
Financial liabilities	Financial liabilities at FVTPL		Financial liabilities designated to be measured at FVTPL		Financial liabilities at amortized cost		Derivatives liabilities (designated for hedging)		Total
Deposits due to customers		263,251		467,501		376,580,845		—		377,311,597
Borrowings		496,518		—		34,183,267		—		34,679,785
Debentures		—		—		55,583,392		—		55,583,392
Investment contract liabilities		—		—		3,433,611		—		3,433,611
Derivative liabilities		5,129,664		—		—		615,361		5,745,025
Other financial liabilities (*)		—		—		37,576,486		—		37,576,486

Total		5,889,433		467,501		507,357,601		615,361		514,329,896

(*)	Lease liabilities are excluded as of December 31, 2025.

- 73 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

12.

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES

(1)	Investments in associates accounted for using the equity method of accounting are as follows:


		Percentage of ownership (%)
Joint ventures and associates	Main business	March 31, 2026	December 31, 2025		Location	Financial statements as of
Woori Bank
W Service Networks Co., Ltd. (1) (4)	Freight & staffing services	4.9		4.9	Korea		2026-02-28
Korea Credit Bureau Co., Ltd. (*2)	Credit information	9.9		9.9	Korea		2026-03-31
Korea Finance Security Co., Ltd. (2) (4)	Security service	15.0		15.0	Korea		2026-02-28
Wongwang Co., Ltd. (*3)	Wholesale and real estate	29.0		29.0	Korea		—
Sejin Construction Co., Ltd. (*3)	Construction	29.6		29.6	Korea		—
ARES-TECH Co., Ltd. (*3)	Electronic component manufacturing	23.4		23.4	Korea		—
Beomgyo., Ltd. (*3)	Telecommunication equipment retail sales	23.1		23.1	Korea		—
K BANK Co., Ltd. (*7)	Finance	—		12.0	Korea		—
Partner One Value Up I Private Equity Fund	Other financial services	23.3		23.3	Korea		2026-03-31
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership (*3)	Other financial services	20.0		20.0	Korea		2026-03-31
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund	Other financial services	25.0		25.0	Korea		2026-03-31
LOTTE CARD Co., Ltd. (*4)	Credit card and installment financing	20.0		20.0	Korea		2025-12-31
Union Technology Finance Investment Association	Other financial services	29.7		29.7	Korea		2026-03-31
Orient Shipyard Co., Ltd. (3) (4)	Manufacture of sections for ships	22.7		22.7	Korea		2025-12-31
Win Mortgage Co., Ltd. (1) (4)	Other financial services	4.5		4.5	Korea		2025-12-31
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs]	Other financial services	100.0		100.0	Korea		2026-03-31
BTS 2nd Private Equity Fund	Other financial services	20.0		20.0	Korea		2026-03-31
STASSETS FUND III	Other financial services	28.3		28.3	Korea		2026-03-31
SF CREDIT PARTNERS, LLC(*2)	Other financial services	10.0		10.0	United States		2026-03-31
Dongwoo C & C Co., Ltd. (*3)	Construction	23.2		23.2	Korea		—
G2 Collection Co., Ltd. (*3)	Wholesale and retail sales	28.9		28.9	Korea		—
Woori Bank (*5)
Japanese Hotel Real Estate Private Equity Fund No.2	Other financial services	19.9		19.9	Korea		2026-03-31

- 74 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


		Percentage of ownership (%)
Joint ventures and associates	Main business	March 31, 2026	December 31, 2025		Location	Financial statements as of
Woori Seoul Beltway Private Special Asset Fund No.1	Trust and collective investment	25.0		25.0	Korea		2026-03-31
Woori Smart General Private Equity Investment Trust 1(bond)	Collective investment business	28.6		28.6	Korea		2026-03-31
Woori Asset Global Partnership Fund No. 5	Collective investment business	57.7		57.7	Korea		2026-03-31
Woori General Private Securities Investment Trust No. 5 (bond)	Collective investment business	28.6		28.6	Korea		2026-03-31
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (bond)	Collective investment business	8.5		8.7	Korea		2026-03-31
Woori General Private Securities Investment Trust No. 6 (bond)	Collective investment business	28.6		28.6	Korea		2026-03-31
Woori General Private Securities Investment Trust No. 8 (bond)	Collective investment business	28.6		28.6	Korea		2026-03-31
Woori Smart General Private Equity Investment Trust No.1(bond)	Collective investment business	28.4		28.4	Korea		2026-03-31
Woori Future Energy Private Special Asset Investment Trust(General) No.1	Collective investment business	16.0		16.0	Korea		2026-03-31
Woori Financial Capital Co., Ltd.
WOORI TAERIM 1st Fund	Other financial services	25.6		25.6	Korea		2026-03-31
Darwin Green Packaging Private Equity Fund	Other financial services	20.4		20.4	Korea		2026-03-31
Koreawide partners 2nd Private Equity Fund	Other financial services	26.7		26.7	Korea		2026-03-31
Woori Investment Securities Co., Ltd.
Lux-Mason Innovation Technology Fund#2	Other financial services	23.1		23.1	Korea		2026-03-31
AIP NMC Venture Fund No.1	Other financial services	26.8		26.8	Korea		2026-03-31
ST Fund No.52 (*11)	Other financial services	45.5		—	Korea		2026-03-31
AP K-Beauty Investment Fund 1 (*11)	Other financial services	68.2		—	Korea		2026-03-31
Wanted Lab 2601 New Technology Investment Fund (*11)	Other financial services	23.8		—	Korea		2026-03-31
Best New Mobility New Technology Investment Fund 2^nd (*11)	Other financial services	46.9		—	Korea		2026-03-31
Pioneer Investment Fund 3 (*11)	Other financial services	31.3		—	Korea		2026-03-31
Woori Investment Securities Co., Ltd. (*5)
Woori FirstValue Private Real Estate Fund No.2	Real estate business	12.0		12.0	Korea		2026-03-31
Tongyang Life Insurance Co., Ltd. (*5)
Woori Global Secondary Private Placement Investment Trust No. 2	Collective investment business	12.0		12.0	Korea		2026-03-31
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond)	Collective investment business	1.0		0.7	Korea		2026-03-31

- 75 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


		Percentage of ownership (%)
Joint ventures and associates	Main business	March 31, 2026	December 31, 2025		Location	Financial statements as of
ABL Life Insurance Co., Ltd. (*5)
Woori GS West Street Strategic Solutions General Type Private Special Asset Investment Trust No.1	Collective investment business	25.0		25.0	Korea		2026-03-31
Woori PGIF4 General Type Private Special Asset Investment Trust No.1	Collective investment business	20.0		20.0	Korea		2026-03-31
Woori Asset Management Co. Ltd.
Woori Following Foreigners 40 Securities Sub-Investment Trust [Bond Mixed-Fund of Funds] (*11)	Other financial services	23.2		—	Korea		2026-03-31
Woori Private Equity Asset Management Co., Ltd.
Australia Green Energy 1st PEF(*10)	Other financial services	4.0		4.0	Korea		2026-03-31
Aarden Woori Apparel 1st Private Equity Fund (*10)	Other financial services	0.5		0.5	Korea		2026-03-31
NH Woori Dino Co-Investment NO.2 Private Equity Fund (*10)	Other financial services	4.8		4.8	Korea		2026-03-31
Woori Bailey National Growth Private Equity Fund (*11)	Other financial services	0.8		—	Korea		2026-03-31
Woori Financial F&I Co., Ltd.
KCLAVIS NPL Investment Trust NO 1-2	Collective investment business	35.9		35.9	Korea		2026-03-31
Capstone Special Restructuring Private Investment Trust No.4	Collective investment business	46.2		46.2	Korea		2026-03-31

Woori Venture Partners Co., Ltd.
KTB-KORUS FUND(*8)	Asset Management	37.5		37.5	Korea		2026-03-31
KTBN Venture Fund No.8(8) (9)	Asset Management	21.7		21.7	Korea		2026-03-31
KTBN Digital Contents Korea Fund No.9(*7)	Asset Management	—		30.0	Korea		—
KTBN Media Contents Fund (8) (9) (*10)	Asset Management	15.0		15.0	Korea		2026-03-31
KTB China Synergy Fund(8) (9) (*10)	Asset Management	15.1		15.1	Korea		2026-03-31
KTBN Venture Fund No.13(8) (9) (*10)	Asset Management	19.6		19.6	Korea		2026-03-31
KTBN Future Contents Fund(9) (10)	Asset Management	13.3		13.3	Korea		2026-03-31
KTBN Venture Fund No.16(*10)	Asset Management	10.3		10.3	Korea		2026-03-31
KTBN Venture Fund No.18(*10)	Asset Management	10.1		10.1	Korea		2026-03-31
KB-KTB Technology Venture Fund(*10)	Asset Management	18.2		18.2	Korea		2026-03-31
Woori 2022 Scaleup Venture Fund	Asset Management	20.0		20.0	Korea		2026-03-31
Woori 2022 Start-up Venture Fund	Asset Management	30.1		30.1	Korea		2026-03-31
Woori 2025 Secondary Fund	Asset Management	20.0		20.0	Korea		2026-03-31
Woori Venture-EverBest Corporate Turnaround Private Equity Fund (10) (11)	Asset Management	22.9		—	Korea		2026-03-31
Chirochem	Medical material Manufacturing	28.6		28.6	Korea		2026-03-31

- 76 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


		Percentage of ownership (%)
Joint ventures and associates	Main business	March 31, 2026	December 31, 2025		Location	Financial statements as of
Japanese Hotel Real Estate Private Equity Fund 1
Godo Kaisha Oceanos 1 (*7)	Other financial services	—		47.8	Japan		—
Woori ESG Infrastructure Development General Type Private Investment Trust No.1
Ulsan Yeocheon Development Co., Ltd.	Sewage and wastewater management	50.0		50.0	Korea		2026-03-31
Woori bank and Woori card Co., Ltd. (*5)
SJCO Co., Ltd. (*3)	Aggregate transportation and wholesale	29.8		29.8	Korea		—
KG Fashion Co., Ltd. (3)(4)	Manufacturing	20.8		20.8	Korea		2026-02-28
Kyesan Engineering Co., Ltd. (*3)	Construction	23.3		23.3	Korea		—
Good Software Lap Co., Ltd. (*3)	Service	29.4		29.4	Korea		—
DAEA SNC Co., Ltd. (*3)	Wholesale and retail sales	25.5		25.5	Korea		—
PREXCO Co., Ltd. (*3)	Manufacturing	28.1		28.1	Korea		—
JiWon Plating Co., Ltd. (*3)	Plating	20.8		20.8	Korea		—
Youngdong Sea Food Co., Ltd. (*3)	Processed sea food manufacturing	24.5		24.5	Korea		—
KUM HWA Co., Ltd. (*3)	Telecommunication equipment retail sales	20.1		20.1	Korea		2026-03-31
Jinmyung Plus Co., Ltd. (*3)	Manufacturing	21.3		21.3	Korea		—
Rea Company (*3)	Manufacturing	26.1		26.1	Korea		—
ARAM CMC Co., Ltd. (*3)	Manufacturing	20.1		20.1	Korea		—
MARKET&FARM CO., LTD. (*3)	Wholesale and commodity brokerage	23.7		23.7	Korea		2026-03-31
SAMJI TEXTILE CO., LTD. (*3)	Wholesale and commodity brokerage	29.8		29.8	Korea		—
TH International Co., LTD (*3)	Cosmetics wholesale and general travel services	21.5		21.5	Korea		—
Woori bank and Woori Financial Capital Co., Ltd. (*5)
JC Assurance No.2 Private Equity Fund (*8)	Other financial services	23.4		23.4	Korea		—
Genesis Eco No.1 Private Equity Fund	Other financial services	29.0		29.0	Korea		2026-03-31
Paratus Woori Material Component Equipment joint venture company	Other financial services	29.9		29.9	Korea		2026-03-31
Midas No. 8 Private Equity Joint Venture Company	Other financial services	28.5		28.5	Korea		2026-03-31
Orchestra Private Equity Fund IV	Other financial services	28.2		28.2	Korea		2026-03-31
Synaptic Green No.1 PEF	Other financial services	21.1		21.1	Korea		2026-03-31
IGEN2023No. 1 Private Equity Fund	Other financial services	24.8		24.8	Korea		2026-03-31
PCC-Woori LP Secondary Fund	Other financial services	38.8		38.8	Korea		2026-03-31

- 77 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


		Percentage of ownership (%)
Joint ventures and associates	Main business	March 31, 2026	December 31, 2025		Location	Financial statements as of
Synaptic Future Growth Private Equity Fund 1	Other financial investment	23.8		23.8	Korea		2026-03-31
Woori bank and Tongyang Life Insurance Co., Ltd. (*5)
VOGO Fund (*3)	Other financial investment	24.0		24.0	Korea		—
Woori Productive Financing Education Infrastructure General Private Special Asset Investment Trust No.1	Collective investment business	14.6		14.6	Korea		2026-03-31
Woori Investment Securities Co., Ltd. and Woori Financial Capital Co., Ltd. (*5)
Healthcare Investmetnt Fund	Other financial investment	28.8		28.8	Korea		2026-03-31
Woori Asset Management Co., Ltd. and Tongyang Life Insurance Co., Ltd. (*5)
Woorinara Short-Term Bond Securities Investment Trust (Bond)	Collective investment business	1.7		6.8	Korea		2026-03-31
ABL Life Insurance Co., Ltd. and Woori Asset Management Co., Ltd. (*5)
Woori Together TDF 2025	Collective investment business	19.4		17.2	Korea		2026-03-31
Woori Together TDF 2030	Collective investment business	16.8		17.3	Korea		2026-03-31
Woori Together TDF 2035	Collective investment business	4.4		4.3	Korea		2026-03-31
Woori Together TDF 2040	Collective investment business	19.1		20.4	Korea		2026-03-31
Woori Investment Securities Co., Ltd. and Woori Asset Management Co., Ltd. (*5)
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2	Collective investment business	5.7		4.4	Korea		2025603-31
Woori Bank and Woori Private Equity Asset Management Co., Ltd. (*5)
Woori-Q Corporate Restructuring Private Equity Fund (*6)	Trust and collective investment	34.3		34.3	Korea		2026-03-31
Woori Eugene Energy Link Private Equity Fund	Other financial services	7.9		7.9	Korea		2026-03-31
Woori NH Co-Growth Private Equity Fund I	Other financial services	20.0		20.0	Korea		2026-03-31
ABL Life Insurance Co., Ltd. and Woori Private Equity Asset Management Co., Ltd. (*5)
Woori Dyno 1st Private Equity Fund (*10)	Other financial services	49.0		19.6	Korea		2026-03-31

- 78 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Percentage of ownership (%)

Joint ventures and associates

Main business

March 31,

2026

December 31,
2025

Location

Financial
statements as of

Woori Bank, ABL Life Insurance Co., Ltd. and Woori Private Equity Asset Management Co., Ltd. (*5)

Woori IMM Green Net Zero Fund

Other financial services

23.6

Korea

2026-03-31

Woori Financial Capital Co., Ltd., Woori Private Equity Asset Management Co., Ltd. (*5)

NH Woori New deal Co-Investment No.1 Private Equity Fund

Other financial services

19.5

Korea

2026-03-31

Woori Venture Partners Co., Ltd., ABL Life Insurance Co., Ltd. and Woori Asset Management Corp. (*5)

Woori BIG SATISFACTION SHINJONG MMF 3rd

Collective investment business

1.7

6.4

Korea

2026-03-31

Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Securities Co., Ltd. and Woori Private Equity Asset Management Co., Ltd. (*5)

Woori-Shinyoung Growth-Cap Private Equity Fund I

Other financial services

35.0

Korea

2026-03-31

NH Woori Newdeal Growth Alpha Private Equity Fund 1

Other financial services

33.0

Korea

2026-03-31

Woori Bank, Woori card Co., Ltd., Woori Investment Securities Co., Ltd. and Woori Asset Management Corp. (*5)

Woori Real Estate Investment No. 1 Limited Liability Company

Collective investment business

19.9

Korea

2026-03-31

(*1)	Most of the significant business transactions of associates are with the Group as of March 31, 2026 and December 31, 2025.

(*2)	The Group can participate in decision-making body and exercise significant influence over financial policies and operational policies decision making of the associates.

(*3)	There is no investment balance as of March 31, 2026 and December 31, 2025.

(*4)

The equity method was applied using the most recent financial statements available from the settlement date because no financial statements were available at the end of the reporting period and the significant transactions or events that occurred between the end of the reporting period of the associate and the end of the reporting period of the subsidiary were duly reflected.

(*5)	Two or more subsidiaries may invest or operate to exert significant influence on the decision-making process for activities related to the investee.

(*6)	It was classified as an associate due to holding of voting rights according to the initial investment agreement ratio.

(*7)	It was excluded from associates in current year. (*8) It has been liquidating as of December 31, 2026.

(*9)

In the event of liquidation, if the distribution payments made or to be made to the cooperative members are less than their contributions, an agreement has been made whereby the shortage will be covered, up to a certain amount within the investment, giving priority to specific shareholders over others.

(*10)

The Group classified it as an associate because it has significant influence as a general partner of the investment association.

(*11)

It was added to associates in current year.

- 79 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(2)	Changes in the carrying value of investments in associates accounted for using the equity method of accounting are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31, 2026
	Acquisition cost		January 1, 2026		Share of profits(losses), etc			Acquisition		Disposal/ Reclassification			Dividends			Change in capital, etc		March 31, 2026
W Service Networks Co., Ltd.		108		204		(9	)		—		—			(5	)		—		190
Korea Credit Bureau Co., Ltd.		3,313		12,354		220			—		—			(450	)		—		12,124
Korea Finance Security Co., Ltd.		3,267		3,832		(2	)		—		—			—			—		3,830
K BANK Co., Ltd.		—		269,700		—			—		(269,700	)		—			—		—
Partner One Value Up I Private Equity Fund		5,039		2,010		(525	)		—		—			—			—		1,485
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		—		1,235		—			—		—			—			—		1,235
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		4,630		4,630		(590	)		—		—			—			—		4,040
LOTTE CARD Co., Ltd.		346,810		590,619		(2,771	)		—		—			(4,723	)		6,077		589,202
Union Technology Finance Investment Association		13,449		9,283		(485	)		—		—			—			—		8,798
Orient Shipyard Co., Ltd.(*)		—		—		—			—		—			—			—		—
Win Mortgage Co.,Ltd.		23		101		(23	)		—		—			—			—		78
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs]		10,000		11,082		55			—		—			—			—		11,137
BTS 2nd Private Equity Fund		9,823		8,244		58			1,058		—			—			—		9,360
STASSETS FUND III		15,000		12,439		(1,441	)		1,500		—			—			—		12,498
SF CREDIT PARTNERS, LLC		15,504		19,016		345			—		—			—			1,023		20,384
Ulsan Yeocheon Development Co., Ltd.		207		201		(5	)		—		—			—			—		196
Japanese Hotel Real Estate Private Equity Fund No.2		3,080		2,696		(4	)		—		(48	)		—			92		2,736
Woori Seoul Beltway Private Special Asset Fund No.1		20,797		19,929		168			1,030		—			(163	)		—		20,964
Woori Smart General Private Equity Investment Trust 1(bond)		40,000		40,525		172			—		—			—			—		40,697
Woori Asset Global Partnership Fund No.5		82,106		75,146		5,002			11,250		(1,636	)		(1,526	)		—		88,236
Woori General Private Securities Investment Trust No. 5 (bond)		60,000		60,013		366			—		—			—			—		60,379
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (bond)		10,000		10,172		(58	)		—		—			(213	)		—		9,901
Woori General Private Securities Investment Trust No. 6 (bond)		40,000		40,914		260			—		—			(1,166	)		—		40,008
Woori General Private Securities Investment Trust No. 8 (bond)		40,000		39,840		(149	)		—		—			—			—		39,691
Woori Smart General Private Equity Investment Trust No.1(bond)		40,000		39,703		125			—		—			—			—		39,828
Woori Future Energy Private Special Asset Investment Trust(General) No.1		—		—		—			—		—			—			—		—
WOORI TAERIM 1st Fund		1,100		988		—			—		—			—			—		988
Darwin Green Packaging Private Equity Fund		4,000		3,901		—			—		—			—			—		3,901
Koreawide partners 2nd Private Equity Fund		20,000		18,842		(380	)		—		—			—			—		18,462
Lux-Mason Innovation Technology Fund#2		1,500		1,498		(8	)		—		—			—			—		1,490
AIP NMC Venture Fund No.1		2,000		1,997		(10	)		—		—			—			—		1,987
ST Fund No.52		1,000		—		(20	)		1,000		—			—			—		980
AP K-Beauty Investment Fund 1		1,500		—		(5	)		1,500		—			—			—		1,495
Wanted Lab 2601 New Technology Investment Fund		1,000		—		(19	)		1,000		—			—			—		981
Best New Mobility New Technology Investment Fund 2nd		750		—		(2	)		750		—			—			—		748
Pioneer Investment Fund 3		500		—		(2	)		500		—			—			—		498

- 80 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


	For the three-month period ended March 31, 2026
	Acquisition cost		January 1, 2026		Share of profits(losses), etc			Acquisition		Disposal/ Reclassification			Dividends			Change in capital, etc		March 31, 2026
Woori FirstValue Private Real Estate Fund No.2se		9,000		212		(1	)		—		—			—			—		211
Woori Global Secondary Private Placement Investment Trust No. 2		10,626		11,011		177			446		(653	)		(418	)		—		10,563
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond)		59,467		30,645		43			60,000		(30,645	)		—			—		60,043
Woori GS West Street Strategic Solutions General Type Private Special Asset Investment Trust No.1		23,417		29,588		903			—		(2,303	)		(593	)		—		27,595
Woori PGIF4 General Type Private Special Asset Investment Trust No.1		22,368		24,850		468			1,117		—			—			—		26,435
Woori Following Foreigners 40 Securities Sub-Investment Trust [Bond Mixed-Fund of Funds]		1,500		—		83			—		1,565			—			—		1,648
Australia Green Energy 1st PEF		4,913		5,445		48			—		—			—			—		5,493
Aarden Woori Apparel 1st Private Equity Fund		100		93		(1	)		—		—			—			—		92
NH Woori Dino Co-Investment NO.2 Private Equity Fund		2,000		2,035		3			—		—			—			—		2,038
Woori Bailey National Growth Private Equity		2,900		—		(2	)		2,900		—			—			—		2,898
KCLAVIS NPL Investment Trust NO 1-2		15,000		17,146		413			—		—			—			—		17,559
Capstone Special Restructuring Private Investment Trust No.4		15,000		15,113		358			—		—			(357	)		—		15,114
KTB-KORUS FUNDv		—		757		(25	)		—		—			—			—		732
KTBN Venture Fund No.8		195		1,029		4			—		—			—			—		1,033
KTBN Digital Contents Korea Fund No.9		—		2,181		(767	)		—		(1,414	)		—			—		—
KTBN Media Contents Fund		—		204		—			—		—			—			—		204
KTB China Synergy Fund		11,775		18,039		(393	)		—		—			—			—		17,646
KTBN Venture Fund No.13		—		29,240		(1,684	)		—		(400	)		(3,816	)		—		23,340
KTBN Future Contents Fund		2,356		3,006		(10	)		—		—			—			—		2,996
KTBN Venture Fund No.16		4,400		19,585		223			—		(4,600	)		—			—		15,208
KTBN Venture Fund No.18		25,650		21,429		93			—		—			—			—		21,522
KB-KTB Technology Venture Fundv		10,000		8,457		(216	)		—		—			—			—		8,241
WOORI 2022 Scaleup Venture Fund		54,824		52,411		562			—		—			—			—		52,973
Woori 2022 Start-up Venture Fund		13,100		11,652		(43	)		—		—			—			—		11,609
Woori 2025 Secondary Fund		6,188		6,157		(91	)		—		—			—			—		6,066
Woori Venture-EverBest Corporate Turnaround Private Equity Fund		—		—		—			—		—			—			—		—
Chirochem		250		161		—			—		—			—			—		161
Godo Kaisha Oceanos 1		—		—		—			—		—			—			—		—
KG Fashion Co., Ltd.(*)		—		—		—			—		—			—			—		—
KUM HWA Co., Ltd. (*)		—		—		—			—		—			—			—		—
Jinmyung Plus Co., Ltd.		—		11		—			—		—			—			—		11
Rea Company (*)		—		—		—			—		—			—			—		—
Market&Farm Co., Ltd (*)		—		—		—			—		—			—			—		—
JC Assurance No.2 Private Equity Fund (*)		29,349		—		—			—		—			—			—		—
Genesis Eco No.1 Private Equity Fund		12,000		11,018		(228	)		—		—			—			—		10,790
Paratus Woori Material Component Equipment joint venture company (*)		—		8,090		1,244			—		(9,334	)		—			—		—
Midas No. 8 Private Equity Joint Venture Company		18,419		17,971		—			—		—			—			—		17,971
Orchestra Private Equity Fund IV		9,700		9,588		(36	)		—		—			—			—		9,552
Synaptic Green No.1 PEF		8,000		9,047		(1,102	)		—		—			—			—		7,945
IGEN2022No. 1 Private Equity Fundv		5,130		6,012		340			—		(185	)		(127	)		—		6,040
PCC-Woori LP Secondary Fund		9,659		8,138		85			—		(776	)		—			—		7,447

- 81 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


	For the three-month period ended March 31, 2026
	Acquisition cost		January 1, 2026		Share of profits(losses), etc			Acquisition		Disposal/ Reclassification			Dividends			Change in capital, etc		March 31, 2026
Synaptic Future Growth Private Equity Fund		7,188		8,089		1,314			35		—			—			—		9,438
Woori Productive Financing Education Infrastructure General Private Special Asset Investment Trust No.1		658		—		1			658		—			—			—		659
Healthcare Investment Fund		1,315		2,941		419			—		(1,652	)		—			—		1,708
Woorinara Short-Term Bond Securities Investment Trust (Bond)		15,821		40,280		3			16,000		(40,061	)		—			—		16,222
Woori Together TDF 2025		3,225		3,866		10			—		—			—			—		3,876
Woori Together TDF 2030		3,863		5,058		(22	)		—		—			—			—		5,036
Woori Together TDF 2035		1,912		2,396		(35	)		—		—			—			—		2,361
Woori Together TDF 2040		3,377		4,437		(28	)		—		—			—			—		4,409
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2		5,037		5,516		93			207		—			—			—		5,816
Woori-Q Corporate Restructuring Private Equity Fund		28,209		33,023		1,806			—		—			—			—		34,829
Woori Eugene Energy Link Private Equity Fund		5,500		5,699		(63	)		—		—			—			—		5,636
Woori NH Co-Growth Private Equity Fund I		5,280		6,189		1,546			—		—			—			—		7,735
Woori Dyno 1st Private Equity Fund		5,454		3,628		2,436			3,454		—			—			—		9,518
Woori IMM Green Net Zero Fund		9,960		10,370		839			—		—			—			—		11,209
NH Woori Newdeal Growth Alpha Private Equity Fund 1		5,000		3,692		(357	)		—		—			—			—		3,335
Woori BIG SATISFACTION SHINJONG MMF 3^rd		80,947		130,389		(374	)		192,000		(237,312	)		—			—		84,703
Woori-Shinyoung Growth-Cap Private Equity Fund I		10,579		36,324		3,708			—		—			—			—		40,032
NH Woori New deal Co-Investment No.1 Private Equity Fund		60,031		61,402		11,687			—		—			—			—		73,089
Woori Real Estate Investment No. 1 Limited Liability Company		34,200		35,274		4,966			—		(96	)		—			—		40,144

		1,471,372		2,080,008		28,660			296,405		(599,250	)		(13,557	)		7,192		1,799,458

(*)

The amount for which no loss was recognized for associates due to discontinuation of the equity method was 98 million Won in Paratus Woori Material Component Equipment joint venture company ,7 million Won in Orient Shipyard Co., Ltd., 6 million Won in KG FASHION CO., LTD., 6 million Won for Market&Farm Co., Ltd. and the accumulated amount is 98 million Won in Paratus Woori Material Component Equipment joint venture company, 55 million Won for Orient Shipyard Co., Ltd., 195 million Won in KG FASHION CO., LTD., 118 million Won for Rea Company, 4 million Won for KUM HWA Co., Ltd., 44 million Won for Market&Farm Co., Ltd., 672 million Won in JC Assurance No.2 Private Equity Fund.


	For the three-month period ended March 31, 2025
	Acquisition cost		January 1, 2025		Share of profits(losses), etc			Acquisition		Disposal/ Reclassification		Dividends			Change in capital, etc		March 31, 2025
W Service Networks Co., Ltd.		108		204		(28	)		—		—		(5	)		—		171
Korea Credit Bureau Co., Ltd.		3,313		9,001		442			—		—		(90	)		—		9,353
Korea Finance Security Co., Ltd.		3,267		3,616		29			—		—		—			—		3,645
K BANK Co., Ltd.		224,657		262,250		(1,869	)		—		—		—			162		260,543
Partner One Value Up I Private Equity Fund		5,039		2,123		(31	)		—		—		—			—		2,092
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		—		2,263		(8	)		—		—		—			—		2,255
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		4,532		4,532		—			—		—		—			—		4,532
LOTTE CARD Co., Ltd.		346,810		575,580		5,012			—		—		(7,743	)		207		573,056
Union Technology Finance Investment Association		13,449		11,770		(2,385	)		—		—		—			—		9,385

- 82 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


	For the three-month period ended March 31, 2025
	Acquisition cost		January 1, 2025		Share of profits(losses) and others			Acquisition		Disposal/ Reclassification, etc.			Dividends			Change in capital			March 31, 2025
Orient Shipyard Co., Ltd.(*)		—		—		—			—		—			—			—			—
Win Mortgage Co., Ltd.		23		135		(31	)		—		—			(9	)		—			95
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs]		10,000		10,847		64			—		—			—			—			10,911
BTS 2nd Private Equity Fund		8,146		7,799		(42	)		—		—			—			—			7,757
STASSETS FUND III		12,000		11,178		(49	)		—		—			—			—			11,129
SF CREDIT PARTNERS, LLC		13,059		16,000		159			—		—			—			(35	)		16,124
Japanese Hotel Real Estate Private Equity Fund No.2		3,154		2,805		45			—		(12	)		(38	)		84			2,884
Woori Seoul Beltway Private Special Asset Fund No.1		16,975		16,076		140			1,049		—			(134	)		—			17,131
Woori Smart General Private Equity Investment Trust 1(bond)		40,000		41,783		513			—		—			—			—			42,296
Woori Asset Global Partnership Fund No.5		52,500		54,977		118			—		—			—			—			55,095
Woori General Private Securities Investment Trust No. 5 (bond)		60,000		60,024		817			—		—			—			—			60,841
Woori Big Satisfaction General Private Securities Investment
Trust No. 3 (bond)		10,000		10,493		142			—		—			(603	)		—			10,032
Woori General Private Securities Investment Trust No. 6 (bond)		40,000		42,090		549			—		—			(2,552	)		—			40,087
Woori General Private Securities Investment Trust No. 7 (Bond)		40,000		41,116		610			—		—			—			—			41,726
Woori Smart General Private Equity Investment Trust No.1(bond)		40,000		40,477		457			—		—			—			—			40,934
Woori Future Energy Private Special Asset Investment Trust(General) No.1		—		—		—			—		—			—			—			—
WOORI TAERIM 1st Fund		1,100		988		—			—		—			—			—			988
Portone-Cape Fund No.1		340		160		46			—		—			—			—			206
Darwin Green Packaging Private Equity Fund		4,000		3,904		—			—		—			—			—			3,904
Koreawide partners 2nd Private Equity Fund		20,000		19,235		(387	)		—		—			—			—			18,848
Woori FirstValue Private Real Estate Fund No.2		9,000		567		1			—		—			—			—			568
Woori Together TDF 2025		3,000		3,577		31			—		—			—			—			3,608
Woori Together TDF 2050		2,600		—		(141	)		—		3,005			—			—			2,864
Woori Together TDF 2030		3,000		3,724		35			—		(3,759	)		—			—			—
Woori USD Treasury Target Return Bond FoF		200		220		1			—		(221	)		—			—			—
Woori Together TDF 2035		3,000		3,448		39			—		(3,487	)		—			—			—
Australia Green Energy 1st PEF		4,913		5,264		(14	)		—		—			—			—			5,250
Aarden Woori Apparel 1st Private Equity Fund		100		95		23			—		—			—			—			118
Woori Dyno 1st Private Equity Fund		2,000		2,849		(5	)		—		—			—			—			2,844
NH Woori Dino Co-Investment NO.2 Private Equity Fund		2,200		1,996		6			200		—			—			—			2,202
Woori Eugene Energy Link Private Equity Fund		500		—		(25	)		500		—			—			—			475
KCLAVIS NPL Investment Trust NO 1-2		15,000		15,422		419			—		—			—			—			15,841
Capstone Special Restructuring Private Investment Trust No.4		15,000		—		—			15,000		—			—			—			15,000
KTB-KORUS FUND		337		1,789		—			—		—			—			—			1,789
KTBN Venture Fund No.8		195		1,529		—			—		—			—			—			1,529
KTBN Digital Contents Korea Fund No.9		7,020		5,006		6			—		—			—			—			5,012
KTBN Media Contents Fund		—		154		—			—		—			—			—			154
KTB China Synergy Fund		12,400		18,949		(177	)		—		—			—			—			18,772
NAVER-KTB Audio Contents Fund		300		248		—			—		—			—			—			248
KTBN Venture Fund No.13		4,400		15,659		61			—		—			—			—			15,720
KTBN Future Contents Fund		3,472		4,193		140			—		-528			—			—			3,805
KTBN Venture Fund No.16		12,200		15,853		1,023			—		—			—			—			16,876

- 83 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


	For the three-month period ended March 31, 2025
	Acquisition cost		January 1, 2025		Share of profits(losses) and others			Acquisition		Disposal/ Reclassification, etc.			Dividends			Change in capital		March 31, 2025
KTBN Venture Fund No.18		27,075		25,506		(27	)		—		—			—			—		25,479
KB-KTB Technology Venture Fund		10,000		9,350		(107	)		—		—			—			—		9,243
WOORI 2022 Scaleup Venture Fund		27,720		17,809		149			6,776		—			—			—		24,734
WOORI 2022 Start-up Venture Fund		13,100		12,773		(62	)		—		—			—			—		12,711
KTBN GI Private Equity Fund		—		5		—			—		—			—			—		5
Chirochem		250		104		57			—		—			—			—		161
Godo Kaisha Oceanos 1		6,473		7,347		1,743			—		(4,327	)		(37	)		106		4,832
KG Fashion Co., Ltd.(*)		—		—		—			—		—			—			—		—
KUM HWA Co., Ltd. (*)		—		—		—			—		—			—			—		—
Jinmyung Plus Co., Ltd.		—		9		3			—		—			—			—		12
Rea Company (*)		—		—		—			—		—			—			—		—
Market&Farm Co., Ltd (*)		—		—		—			—		—			—			—		—
JC Assurance No.2 Private Equity Fund		29,349		—		—			—		—			—			—		—
HMS-Oriens 1st Fund		—		14,880		—			—		(14,880	)		—			—		—
Woori Senior Loan Private Placement Investment Trust No.1		17,595		17,517		195			—		—			(208	)		—		17,504
Genesis Eco No.1 Private Equity Fund		12,000		10,847		129			—		—			—			—		10,976
Paratus Woori Material Component Equipment joint venture company		17,700		16,714		(64	)		—		—			—			—		16,650
Midas No. 8 Private Equity Joint Venture Company		18,419		18,207		(64	)		—		—			—			—		18,143
Orchestra Private Equity Fund IV		9,700		9,610		(37	)		—		—			—			—		9,573
Synaptic Green No.1 PEF		8,000		7,499		(37	)		—		—			—			—		7,462
IGEN2022No. 1 Private Equity Fund		7,422		7,972		918			—		—			(790	)		—		8,100
PCC-Woori LP Secondary Fund		10,435		8,648		(52	)		—		—			—			—		8,596
Synaptic Future Growth Private Equity Fund		6,325		7,685		(353	)		—		(435	)		—			—		6,897
Healthcare Investment Fund		3,000		—		(57	)		—		3,000			—			—		2,943
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2		3,849		4,011		79			—		—			—			—		4,090
Woori-Q Corporate Restructuring Private Equity Fund		29,627		34,007		(77	)		—		—			—			—		33,930
NH Woori Newdeal Growth Alpha Private Equity Fund 1		44,512		55,539		227			—		(5,506	)		(180	)		—		50,080
Woori BIG SATISFACTION SHINJONG MMF 3^rd		45,083		41,984		311			8,000		(2,003	)		—			—		48,292
Woori-Shinyoung Growth-Cap Private Equity Fund I		16,555		29,696		664			—		(524	)		—			—		29,836
NH Woori New deal Co-Investment No.1 Private Equity Fund		5,000		5,204		481			—		—			—			—		5,685
Woori Real Estate Investment No. 1 Limited Liability Company		34,200		33,919		230			—		—			—			—		34,149

		1,476,698		1,748,810		9,985			31,525		(29,677	)		(12,389	)		524		1,748,778

(*)

The amount for which no loss was recognized for associates due to discontinuation of the equity method was 13 million Won in KG FASHION CO., LTD., 8 million Won for Market&Farm Co.,Ltd., 3 million Won in JC Assurance No.2 Private Equity Fund and the accumulated amount is 4 million Won for KUM HWA Co., Ltd., 8 million Won for Market&Farm Co.,Ltd., 47 million Won for Orient Shipyard Co.,Ltd., 172 million Won in KG FASHION CO., LTD., 118 million Won for Rea Company, 669 million Won in JC Assurance No.2 Private Equity Fund.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

13.

OTHER ASSETS

Details of other assets are as follows (Unit: Korean Won in millions):


	March 31, 2026		December 31, 2025
Lease assets		3,814,805		3,823,620
Prepaid expenses		526,046		416,230
Advance payments		80,438		75,234
Non-operational assets		44,020		43,050
Others		60,275		66,594

Total		4,525,584		4,424,728

14.

FINANCIAL LIABILITIES AT FVTPL

(1)	Financial liabilities at FVTPL are as follows (Unit: Korean Won in millions):


	March 31, 2026		December 31, 2025
Financial instruments at fair value through profit or loss		8,238,272		5,889,433
Financial liabilities designated to be measured at FVTPL		439,941		467,501

Total		8,678,213		6,356,934

(2)	Financial liabilities at fair value through profit or loss are as follows (Unit: Korean Won in millions):


	March 31, 2026		December 31, 2025
Deposits
Gold banking liabilities		304,098		263,251
Borrowings
Securities sold		460,274		496,518
Derivative liabilities		7,473,900		5,129,664

Total		8,238,272		5,889,433

(3)	Financial liabilities designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):


	March 31, 2026		December 31, 2025
Deposits due to customers
Time deposits		439,941		467,501

In accordance with documented risk management or investment strategies, the group manages a portfolio of financial instruments on a fair value basis and evaluates their performance. Therefore, under K-IFRS 1109 Financial Instrument, financial liabilities are designated to be measured at FVTPL as this provides more relevant information.

(4)	Changes in fair value due to change in credit risk reflected in financial liabilities designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31, 2026			For the three-month period ended March 31, 2025
Financial liabilities designated to be measured at FVTPL at the end of each period		439,941			567,820
Changes in fair value due to change in credit risk (*)		110			(35	)
Accumulated change in fair value due to change in credit risk		(1,647	)		(1,866	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(*)

The amounts recognized in other comprehensive income related to financial liabilities designated to be measured at FVTPL are a loss of 110 million Won and a gain of 35 million Won during the three-month periods ended March 31, 2026 and 2025, with an accumulated profit of 1,647 million Won and 1,866 million Won, respectively.

The adjustment to reflect the Group’s credit risk is considered in measuring the fair value of deposits due to customers. The Group’s credit risk is determined by adjusting credit spread observed in credit rating of the Group.

(5)	The difference between carrying amount and maturity amount of financial liabilities designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):


	March 31, 2026			December 31, 2025
Carrying amount		439,941			467,501
Nominal amount at maturity		450,000			450,000
Difference		(10,059	)		17,501

15.

DEPOSITS DUE TO CUSTOMERS

Details of deposits due to customers by type are as follows (Unit: Korean Won in millions):


	March 31, 2026			December 31, 2025
Deposits in local currency:
Deposits on demand		9,137,680			8,195,492
Savings deposits with withdrawal on demand		124,161,971			125,367,093
Other savings deposits		175,052,611			173,435,409
Mutual installment		17,361			18,219
Deposits on notes payables		3,357,711			3,685,924
Deposits on CMA		102,561			112,671
Certificate of deposits		6,689,972			9,274,299
Other deposits		917,369			955,588

Sub-total		319,437,236			321,044,695

Deposits in foreign currencies:
Foreign currency deposits		52,594,614			55,428,606
Present value discount		(87,074	)		(138,961	)

Customers’ deposits for beneficiary		480,045			246,505

Total		372,424,821			376,580,845

16.

BORROWINGS AND DEBENTURES

(1)	Details of borrowings are as follows (Unit: Korean Won in millions):


	March 31, 2026
	Lenders	Interest rate (%)		Amount
Borrowings in local currency:
Borrowings from The BOK	The BOK		1.0		1,824,691
Borrowings from government funds	Small Enterprise and Market Service and others		0.0 ~ 3.5		2,215,899
Others	The Korea Development Bank and others		0.0 ~ 4.7		9,393,889

Sub-total					13,434,479
Borrowings in foreign currencies:
Borrowings in foreign currencies	The Export-Import Bank of Korea and others		0.8 ~ 10.0		14,124,993
Bills sold	Others		0.0 ~ 2.0		1,960
Call money	Bank and others		1.3 ~ 10.0		2,364,791
Bonds sold under repurchase agreements	Other financial institutions		0.0 ~ 14.7		4,737,008
Present value discount					(3,379	)

Total					34,659,852

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


	December 31, 2025
	Lenders	Interest rate (%)		Amount
Borrowings in local currency:
Borrowings from The BOK	The BOK		1.0		1,845,239
Borrowings from government funds	Small Enterprise and Market Service and others		0.0 ~ 3.5		2,195,534
Others	The Korea Development Bank and others		0.0 ~ 4.6		8,378,570

Sub-total					12,419,343
Borrowings in foreign currencies:
Borrowings in foreign currencies	The Export-Import Bank of Korea and others		0.8 ~ 10.0		13,071,842
Bills sold	Others		0.0 ~ 2.0		1,033
Call money	Bank and others		1.7 ~ 10.0		2,013,940
Bonds sold under repurchase agreements	Other financial institutions		1.0 ~ 14.9		6,678,468
Present value discount					(1,359	)

Total					34,183,267

(2)	Details of debentures are as follows (Unit: Korean Won in millions):


	March 31, 2026					December 31, 2025
	Interest rate (%)		Amount			Interest rate (%)		Amount
Face value of bond (*):
Ordinary bonds		1.9 ~ 7.5		45,147,614			0.8 ~ 7.5		47,124,232
Subordinated bonds		1.9 ~ 6.7		6,492,153			1.9 ~ 6.7		6,683,193
Other bonds		2.9 ~ 17.0		1,791,775			2.9 ~ 17.0		1,782,423

Sub-total				53,431,542					55,589,848

Discounts on bonds				(570	)				(6,456	)

Total				53,430,972					55,583,392

(*)

Included debentures under fair value hedge amounting to 3,449,606 million won and 4,046,624 million won as of March 31, 2026 and December 31, 2025 respectively. Also, debentures under cash flow hedge amounting to 1,371,587 million won and 1,410,514 million won are included as of March 31, 2026 and December 31, 2025 respectively.

- 87 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

17.

INSURANCE CONTRACTS

(1)	Details of insurance contracts assets and insurance contracts liabilities are as follows (Unit: Korean Won in millions):


	March 31, 2026
	Life		Health		Annuity/Savings and others		Variable		Total
Insurance contracts assets		—		—		—		—		—
Insurance contracts liabilities		7,449,093		7,379,841		24,671,840		4,097,120		43,597,894

Net insurance contracts liabilities (asset)		7,449,093		7,379,841		24,671,840		4,097,120		43,597,894

Reinsurance contracts assets		352,864		227,695		6,832		—		587,391
Reinsurance contracts liabilities		49,781		130,100		580		—		180,461

Net reinsurance contracts assets (liabilities)		303,083		97,595		6,252		—		406,930


	December 31, 2025
	Life		Health		Annuity/Savings and others		Variable		Total
Insurance contracts assets		—		—		—		—		—
Insurance contracts liabilities		8,078,577		8,032,075		25,460,803		4,002,409		45,573,864

Net insurance contracts liabilities (asset)		8,078,577		8,032,075		25,460,803		4,002,409		45,573,864

Reinsurance contracts assets		381,667		231,261		7,279		—		620,207
Reinsurance contracts liabilities		52,842		131,344		606		—		184,792

Net reinsurance contracts assets (liabilities)		328,825		99,917		6,673		—		435,415

(2)	Details of net insurance income are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31
	2026			2025
Insurance service result of insurance contracts		69,702			—
Insurance income		528,420			—
Estimated incurred claims and other insurance service expenses		342,078			—
Changes in risk adjustment		12,521			—
Amortization of contractual service margin		77,556			—
Amortization of insurance acquisition cash flows		92,554			—
Loss component allocation amount		(544	)		—
Other insurance income		4,255			—
Insurance service expenses		458,718			—
Actual incurred claims and other insurance service expenses		350,533			—
Amortization of insurance acquisition cash flows		92,554			—
Changes in liability for incurred claims		4,961			—
(Reversal of) loss component allocation amount		7,024			—
Other insurance service expenses		3,646			—
Insurance service result of reinsurance contracts		(2,145	)		—
Reinsurance income		17,212			—
Actual incurred claims and insurance service expenses		16,451			—
Changes in cash flow from incurred claims		521			—
Changes in loss recovery component		240			—
Reinsurance service expenses		19,357			—
Estimated incurred claims and insurance service expenses		15,655			—
Changes in risk adjustment		627			—
Amortization of contractual service margin		3,075			—

Total insurance service result		67,557			—

- 88 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(3)	Details of net insurance finance income and expenses are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31
	2026			2025
Investment income
Interest income		322,993			—
Gain(loss) on financial assets		279,538			—
Other investment income		(18,090	)		—
Investment income recognized in net income		584,441			—
Investment income recognized in other comprehensive income (*)		(1,804,401	)		—

Sub-total		(1,219,960	)		—

Insurance finance interest income and other insurance finance income
Insurance finance interest income		(391,332	)		—
Effect of change in fair value of underlying assets of participating insurance contracts		(243,501	)		—
Effect of changes in discount rates and others		46,132			—
Insurance finance income recognized in net income		(588,701	)		—
Insurance finance income recognized in other comprehensive income (*)		2,240,648			—

Sub-total		1,651,947			—

Reinsurance finance interest income and other reinsurance finance income
Reinsurance finance interest income		3,450			—
Effect of changes in credit risk of reinsurance liabilities		64			—
Effect of changes in discount rates and others		—			—
Reinsurance finance income recognized in net income		3,514			—
Reinsurance finance income recognized in other comprehensive income (*)		(22,543	)		—

Sub-total		(19,029	)		—

Total investment income and insurance and reinsurance finance income recognized in profit or loss		(746	)		—
Total investment income and insurance and reinsurance finance income recognized in other comprehensive income		413,704			—

Total		412,958			—

(*)	Finance income recognized in other comprehensive income is presented before income tax effects and non-controlling interests.

- 89 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

18.

PROVISIONS

(1)	Details of provisions are as follows (Unit: Korean Won in millions):


	March 31, 2026		December 31, 2025
Asset retirement obligation		114,881		106,786
Provisions for guarantees (*1)		74,437		79,317
Provisions for unused loan commitments		134,545		137,081
Other provisions (*2)		464,752		467,549

Total		788,615		790,733

(*1)	Provisions for guarantees include provision for financial guarantee of 49,113 million won and 52,733 million won as of March 31, 2026 and December 31, 2025, respectively.

(*2)	Other provisions consist of provision for litigation, loss compensation and others.

(2)	Changes in provisions for guarantees and unused loan commitments are as follows (Unit: Korean Won in millions):

Provisions for guarantees


	For the three-month period ended March 31, 2026
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		60,091			3,407			15,819			79,317
Transfer to 12-month expected credit loss		179			(179	)		—			—
Transfer to expected credit loss for the entire period		(26	)		26			—			—
Transfer to credit-impaired financial assets		(4	)		(45	)		49			—
Net provision (reversal) of unused amount		1,223			230			(2,897	)		(1,444	)
Others (*)		(3,437	)		1			—			(3,436	)

Ending balance		58,026			3,440			12,971			74,437

(*)	Recognized as a result of changes in financial guarantee liabilities.


	For the three-month period ended March 31, 2025
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		57,309			2,534			11,627			71,470
Transfer to 12-month expected credit loss		329			(329	)		—			—
Transfer to expected credit loss for the entire period		(90	)		90			—			—
Transfer to credit-impaired financial assets		(6	)		(7	)		13			—
Net provision (reversal) of unused amount		1,391			(675	)		(3,335	)		(2,619	)
Others (*)		(86	)		(4	)		—			(90	)

Ending balance		58,847			1,609			8,305			68,761

(*)	Recognized as a result of changes in financial guarantee liabilities.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Provisions for unused loan commitment


	For the three-month period ended March 31, 2026
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		111,499			21,647			3,935			137,081
Transfer to 12-month expected credit loss		6,469			(6,445	)		(24	)		—
Transfer to expected credit loss for the entire period		(1,395	)		1,398			(3	)		—
Transfer to credit-impaired financial assets		(89	)		(123	)		212			—
Net provision (reversal) of unused amount		(5,820	)		3,618			(289	)		(2,491	)
Others		265			—			(310	)		(45	)

Ending balance		110,929			20,095			3,521			134,545


	For the three-month period ended March 31, 2025
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		108,218			24,896			4,448			137,562
Transfer to 12-month expected credit loss		6,289			(6,270	)		(19	)		—
Transfer to expected credit loss for the entire period		(2,403	)		2,408			(5	)		—
Transfer to credit-impaired financial assets		(317	)		(166	)		483			—
Net provision (reversal) of unused amount		(4,844	)		3,305			(2,865	)		(4,404	)
Others		(55	)		—			—			(55	)

Ending balance		106,888			24,173			2,042			133,103

(3)	Changes in asset retirement obligation for the three-month periods ended March 31, 2026 and 2025, are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31
	2026			2025
Beginning balance		106,786			97,772
Provisions provided		2,606			857
Provisions used		(332	)		(3,715	)
Reversal of provisions unused		(60	)		(69	)
Unwinding of discount		335			295
Increase (decrease) of restoration expense, etc.		5,546			9,768

Ending balance		114,881			104,908

The amount of the asset retirement obligation is the present value of the best estimate of future expected expenditure to settle the obligation – arising from leased property as of March 31, 2026, discounted by appropriate discount rate. The restoration cost is expected to occur by the end of each property’s lease period, and the Group has used average lease period of each category of leases terminated during the past years in order to rationally estimate the lease period. In addition, the Group used average amount of actual recovery cost for the past 3 years and the inflation rate for last year in order to estimate future recovery cost.

- 91 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(4)	Changes in other provisions for the three-month periods ended March 31, 2026 and 2025, are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31
	2026			2025
Beginning balance		467,549			304,624
Provisions provided		4,353			2,400
Provisions used		(2,174	)		(1,319	)
Reversal of provisions unused		(4,610	)		(228	)
Foreign currencies translation adjustments		39			33
Others		(405	)		(278	)

Ending balance		464,752			305,232

(5)

Others

The Group recognized provisions related to incomplete sales of Derivative Linked Fund (DLF) occurring in 2019 as the best estimate of expenditure, including expected fines to be imposed by the Financial Services Commission, required to fulfill its current obligations.

The Group recognized provisions for estimated contract refunds and compensation for losses related to expected customer losses due to delays in fund redemption, with balances of 258,331 million won and 259,168 million Won as of March 31, 2026 and 2025. In addition, The Group recognized provision amounting to 2,756 million Won and 2,847 million Won for estimated compensation of expected customer loss related to equity-linked securities as of March 31, 2026 and 2025.

19.

NET DEFINED BENEFIT LIABILITY(ASSET)

The Group’s pension plan is based on the defined benefit retirement pension plan. Employees and directors with one or more years of service are entitled to receive a payment upon termination of their employment, based on their length of service and rate of salary at the time of termination. The assets of the plans are measured at their fair value at the end of reporting date. The plan liabilities are measured using the projected unit method, which takes account of projected earnings increases, using actuarial assumptions that give the best estimate of the future cash flows that will arise under the plan liabilities.

The Group is exposed to various risks through defined benefit retirement pension plan, and the most significant risks are as follows:


Volatility of asset		The defined benefit obligation was estimated with an interest rate calculated based on the return on high quality corporate bond. A deficit may occur if the rate of return of plan assets falls short of the interest rate.

Decrease in the return on high quality corporate bond		A decrease in the return on high quality corporate bond will be offset by some increase in the value of debt securities that the employee benefit plan owns but will bring an increase in the defined benefit obligation.

Risk of inflation		Defined benefit obligations are related to inflation rate; the higher the inflation rate is, the higher the level of liabilities. Therefore, deficit occurs in the system if an inflation rate increases.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(1)	Details of net defined benefit liability(asset) are as follows (Unit: Korean Won in millions):


	March 31, 2026			December 31, 2025
Present value of defined benefit obligation		1,916,098			1,982,526
Fair value of plan assets (*)		(2,064,038	)		(2,157,163	)
Net defined benefit liabilities (assets) (*)		(147,940	)		(174,637	)
Intercompany transaction adjustments		268,476			269,170

Net defined benefit liabilities (assets) (after intercompany offsets)		120,536			94,533

(*)	The amount before intercompany offsets within the consolidated entity

(2)	Amounts related to the defined benefit plan that are recognized in the consolidated statements of comprehensive income are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31
	2026			2025
Current service cost		39,495			38,373
Net interest expense		(1,063	)		(2,190	)

Cost recognized in net income		38,432			36,183

Remeasurements (*)		24,198			155,281

Cost recognized in total comprehensive income		62,630			191,464

(*)	Amount before tax

Retirement benefits related to defined contribution plans recognized as expenses are 4,211 million won, and 2,192 million won for the three-month periods ended March 31, 2026 and 2025, respectively.

20.

OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES

Other financial liabilities and other liabilities are as follows (Unit: Korean Won in millions):


	March 31, 2026			December 31, 2025
Other financial liabilities:
Accounts payable		20,318,807			8,059,195
Accrued expenses		4,226,179			4,456,143
Segregated account debit balance		6,610,952			7,692,762
Agency fees received		679,787			594,685
Foreign exchange payables		757,033			784,357
Domestic exchange settlement credits		10,658,716			11,749,779
Lease liabilities		557,652			541,572
Other miscellaneous financial liabilities		7,663,846			4,250,210
Present value discount		(9,714	)		(10,645	)

Sub-total		51,463,258			38,118,058

Other liabilities:
Unearned income		358,796			354,792
Other miscellaneous liabilities		523,091			479,102

Sub-total		881,887			833,894

Total		52,345,145			38,951,952

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

21.

DERIVATIVES

(1)

Derivative assets and derivative liabilities are as follows (Unit: Korean Won in millions):


			March 31, 2026
			Assets						Liabilities
	Nominal amount		For cash flow hedge		For fair value hedge		For trading		For cash flow hedge		For fair value hedge		For trading
Interest rate:
Futures		1,080,176		—		—		—		—		—		—
Forwards		6,506,458		3,132		—		325,827		286,315		—		26,621
Swaps		140,117,243		1,676		5,223		107,170		—		48,416		222,272
Written options		320,000		—		—		—		—		—		10,121
Currency:
Futures		118,119		—		—		—		—		—		—
Forwards		111,872,575		—		138		3,897,293		364,010		119,198		1,546,465
Swaps		86,621,260		140,653		—		4,010,536		286,459		5,772		5,667,381
Purchase options		118,204		—		—		1,931		—		—		—
Written options		133,338		—		—		—		—		—		1,040
Equity:
Futures		179,782		—		—		—		—		—		—
Forwards		163		—		—		96		—		—		—
Purchase options		9,988		—		—		859		—		—		—
Others:
Futures		10,250		—		—		—		—		—		—

Total		347,087,556		145,461		5,361		8,343,712		936,784		173,386		7,473,900


			December 31, 2025
			Assets						Liabilities
	Nominal amount		For cash flow hedge		For fair value hedge		For trading		For cash flow hedge		For fair value hedge		For trading
Interest rate:
Futures		1,028,982		—		—		—		—		—		—
Forwards		6,097,038		7,192		—		155,174		139,341		—		118,441
Swaps		134,440,759		903		37,010		136,822		—		27,050		141,569
Written options		320,000		—		—		—		—		—		8,194
Currency:
Futures		131,014		—		—		—		—		—		—
Forwards		111,686,895		2,221		1,201		2,652,148		236,677		70,989		1,190,226
Swaps		76,846,634		168,653		—		2,827,872		141,304		—		3,670,407
Purchase options		67,650		—		—		1,267		—		—		—
Written options		81,999		—		—		—		—		—		827
Equity:
Futures		476,305		—		—		—		—		—		—
Forwards		163		—		—		104		—		—		—
Purchase options		1711		—		—		816		—		—		—
Others:
Futures		8,378		—		—		—		—		—		—

Total		331,187,528		178,969		38,211		5,774,203		517,322		98,039		5,129,664

Derivatives held for trading are classified into financial assets at FVTPL (Note 7) and financial liabilities at FVTPL (Note 14), and derivatives designated for hedging are presented as a separate line item in the consolidated statements of financial position.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(2)	Overview of the Group’s hedge accounting

Fair value hedge

Debentures

As of March 31, 2026, the Group has applied fair value hedge on fixed interest rate foreign currency denominated debentures amounting to 3,131,999 million Won, and Korean won-denominated debentures amounting to 317,607 million Won. The purpose of the hedging is to avoid fair value volatility risk of fixed interest rate foreign and local currency denominated debentures derived from fluctuations of market interest rate, and as such the Group entered into interest rate swap agreements designated as hedging instruments.

Pursuant to the interest rate swap agreement, by swapping the calculated difference between the fixed interest rate and floating interest rate applied to the nominal value, the fair value fluctuation risk is hedged as the foreign currency denominated debentures and local currency debentures fixed interest rate terms are converted to floating interest rate. Pursuant to the interest rate swap agreement, hedge ratio is determined by matching the nominal value of hedging instrument to the face value of the hedged item.

In this hedging relationship, only the market interest rate fluctuation, which is the most significant part of the fair value change of the hedged item, is designated as the hedged risk, and other risk factors including credit risk are not included in the hedged risk. Therefore, the ineffective portion of the hedge could arise from fluctuations in the timing of the cash flow of the hedged item, price margin set by counterparty of hedging instrument, and unilateral change in credit risk of any party of hedging instrument.

The interest rate swap agreements and the hedged items are subject to fluctuations in the underlying market rate of interest and the Group expects the fair value of the interest rate swap contract and the value of the hedged item to generally change in the opposite direction.

The fair value of the interest rate swap at the end of the reporting period is determined by discounting future cash flows estimated by using the yield curve at the end of the reporting period and the credit risk embedded in the contract and the average interest rate is determined based on the outstanding balance at the end of the reporting period. The variable interest rate applied to the interest rate swap is Compounding SOFR or CD 3M plus spread. In accordance with the terms of each interest rate swap contract designated as a hedging instrument, the Group receives interest at a fixed interest rate and pays interest at a variable interest rate.

Foreign currency securities, Foreign private bonds

As of March 31, 2026, the Group has applied fair value hedging for foreign currency securities amounting to 807,892 million Won and foreign currency private bonds amounting to 82,782 million Won. The purpose of the hedging is to avoid fair value volatility risk of foreign currency securities and foreign currency private bonds derived from exchange rate changes. To achieve this purpose, the group has entered into forward currency contracts designated as hedging instruments.

The forward currency contracts are executed with the condition of selling foreign currencies on a future specific date, at a predetermined agreed amount and exchange rate. On the initiation date, the contract amount is exchanged, and on the termination date, the contracted foreign currency principal is returned. As a result, through hedging transactions, the group offsets valuation gains and losses from exchange rate fluctuations of foreign currency-denominated assets, thereby removing fair value fluctuation risk linked to foreign currency securities and bonds. The hedge ratio is determined through a method that ensures fair value changes in the hedging instruments and hedged items effectively offset each other to a similar extent.

In this hedging relationship, only the exchange rate fluctuation, which is the most significant part of the fair value change in the hedged item, is designated as the hedged risk, excluding other risk factors such as credit risk or liquidity risk. Therefore, the ineffective portion of the hedge could arise from discrepancies between the settlement timing of the forward currency contract and the cash flow timing of foreign currency-denominated items, fluctuations in counterparties’ credit risks, or discrepancies between market exchange rates and contracted exchange rates.

- 95 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

The forward currency agreements and the hedged items are subject to fluctuations in the exchange rate and the group expects the fair value of the currency forward contract and the value of the hedged item to generally change in the opposite direction.

Cash Flow Hedge

Debentures

As of the March 31, 2026, the Group has applied cash flow hedge on local currency denominated debentures amounting to 59,956 million won and debentures on foreign currency amounting to 1,311,631 million won. The Group’s hedging strategies are to ① Mitigate risks of cash flow fluctuation from variable interest rate debentures on local currency due to changes in market interest rate by entering into an interest rate swap contract and thereby designating it as hedging instrument; ② Mitigate the risks of cash flow fluctuation from principal and interest of variable interest rate debentures denominated in foreign currency due to changes in foreign exchange rates and interest rates by entering into a currency swap contract and thereby designating it as hedging instrument; ③ Mitigate the risks of cash flow fluctuation from principal and interest of fixed interest rate debentures denominated in foreign currency due to changes in foreign exchange rates and ④ Mitigate the risks of cash flow fluctuation in variable interest rate foreign currency borrowings resulting from changes in market interest rates and designate it as a hedging instrument through entering into currency swap contracts and interest rate swap contracts.

By exchanging a predetermined nominal amount as set forth in the interest rate swap contract adjusted by the differences between the fixed and variable interest rates, the variable interest rate terms of the Korean won-denominated variable rate bond are converted to fixed interest rate terms, thereby eliminating the cash flow volatility risk. In addition, this also means a payment of predetermined principal amount as set forth in the currency swap adjusted by fixed interest rate, an exchange of an amount calculated by applying variable interest rate to USD or applying fixed interest rate to USD, and an exchange of the principal denominated in KRW and principal denominated in foreign currency at maturity eliminating cash flow fluctuation risk on principal and interest. The hedge ratio is determined by matching the nominal amount of the hedging instrument to the face amount of the hedged item in accordance with interest rate swap and currency swap.

Only interest rate and foreign exchange rate fluctuation risks, which are the most significant factor in the cash flow fluctuation of the hedged item, are addressed in this hedging relationship, and other risk factors such as credit risk are not subject to hedging. Accordingly, hedge ineffectiveness may arise from price margin set by the counterparty of hedging instruments and unilateral change in credit risk of any party in the transaction.

The interest rate swap, currency swap contract and the hedged item are all affected by the changes in market interest rate and foreign exchange rates which are basic factors. The Group expects that the value of interest rate swap contract, currency swap contract and value of the hedged item will generally fluctuate in opposite direction.

Foreign currency securities, Foreign private bonds, Anticipated bond purchase

As of March 31, 2026, the Group has applied cash flow hedges to manage the risks associated with foreign currency securities amounting to 6,459,567 million Won, foreign currency private bonds totaling 186,711 million Won, and anticipated bond purchase transactions. The Group’s objective of these hedging measures is to mitigate the risk of cash flow fluctuations from foreign currency securities and private bonds due to exchange rate changes, as well as the price risk of future purchases of treasury and foreign government bonds. To achieve these objectives, the entity utilizes forward currency contracts, currency swaps, and bond forward contracts as designated hedging instruments.

- 96 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Forward currency contracts are used to eliminate cash flow volatility arising from exchange rate fluctuations of anticipated transactions in foreign currency by agreeing to sell foreign currency at a pre-established rate on a future date. These contracts are designated as hedging instruments to offset cash flow variations caused by exchange rate changes on foreign currency-denominated items. The hedge ratio is determined by aligning the nominal amount of the hedging instrument with the face value of the hedged item.

Currency swap contracts are entered into to exchange interest and principal of foreign currency securities and private bonds during the contract period at predetermined notional amounts and rates, and revert the principal exchanged at inception upon maturity. This practice mitigates the cash flow volatility risk associated with the principal and interest payments of foreign currency-denominated securities and private bonds. The hedge ratio is determined by matching the nominal value of the hedging instrument to the face value of the hedged item.

Bond forward contracts are structured to purchase specific bonds at a predetermined notional amount and price on a future specified date to hedge against price risk caused by interest rate fluctuations impacting bond purchase prices. Upon contract expiration, bonds are acquired at the agreed-upon rate, thereby eliminating cash flow variability risks due to future interest rate changes. Thus, the hedging transaction removes the uncertainty surrounding the cash outflow amount related to interest rate changes at the future bond purchase date, thereby ensuring stable cash flows. The nominal amount of the hedging instrument in these bond forward contracts is aligned with the anticipated purchase amount of the hedged bonds, and the hedge ratio is calibrated to ensure that cash flow fluctuations of the hedged item and hedging instrument effectively offset each other.

Hedges of Foreign Currency Borrowings

As of March 31, 2026, the Group has designated cash flow hedges for foreign currency borrowings amounting to 302,680 million Won. The purpose of the Group’s hedging activities is to hedge the variability in cash flows related to interest and principal payments of variable-rate foreign currency borrowings arising from fluctuations in interest rates and foreign exchange rates. To achieve this objective, the Group has entered into currency swap contracts and designated them as hedging instruments. The Group designated only the portion excluding the foreign basis spread of derivative financial instruments as the hedging instrument.

Under the currency swap contracts, the principal amounts are exchanged at inception, and the Group pays amounts calculated by applying a fixed interest rate to a predetermined notional principal, while receiving amounts calculated by applying a floating interest rate denominated in U.S. dollars. At maturity, the principal amounts exchanged at inception are re-exchanged. As a result, the variability in cash flows related to the principal and interest of the foreign currency borrowings is eliminated. The hedge ratio is determined by matching the notional amount of the hedging instrument with the face amount of the hedged item under the currency swap contracts.

In these hedging relationships, only the most significant components of the variability in cash flows of the hedged items—namely, changes in interest rates and foreign exchange rates—are designated as hedged risks. Other risk components, including credit risk, are not included in the hedged risks. Accordingly, hedge ineffectiveness may arise due to factors such as the pricing margin of the counterparty to the hedging instrument or changes in the credit risk of either party to the hedging instrument.

Both the currency swap contracts and the hedged items are affected by changes in underlying variables, namely market interest rates and foreign exchange rates, and the Group expects that the values of the currency swap contracts and the hedged items will generally move in opposite directions.

- 97 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Hedges of Net Investment in Foreign Operations

Foreign currency exposure arises from the Group’s net investments in Woori America Bank, Woori Bank (Cambodia) PLC, Woori Global Markets Asia Limited, and overseas branch which use USD as their functional currency. The risk arises from fluctuations in the spot exchange rate between USD and KRW. This may result in different net investment amounts.

The risk hedged in the net investment hedging is the fluctuation risk of KRW against USD, which may reduce the carrying amount of the Group’s net investments in Woori America Bank, Woori Bank (Cambodia) PLC, Woori Global Markets Asia Limited, and overseas branch.

A portion of the Group’s net investments in Woori America Bank, Woori Bank (Cambodia) PLC, Woori Global Markets Asia Limited, and overseas branch are hedged in USD denominated foreign currency bonds (Carrying amount as of March 31, 2026: USD 863,959,317) and mitigate foreign exchange risk arising from the net assets of subsidiaries. The debenture has been designated as a hedging instrument for the value change of net investments, which arises from fluctuation in the spot exchange rate between USD and KRW.

To evaluate the effectiveness of the hedge, the Group determines the economic relationship between the hedging instrument and hedged item by comparing (offsetting) changes in the amount of foreign investments due to spot exchange rate fluctuation and in the carrying amount of the liabilities due to spot exchange rate fluctuation. The Group’s policy is to hedge the net investment amount only within the principal range of the liabilities.

(3)	The nominal amount of the hedging instrument is as follows (Unit: USD, EUR, AUD, SEK, GBP, JPY, CAD and Korean Won in millions):


	March 31, 2026
	1 year or less		1 year to 5 years		More than 5 years		Total
Fair value hedge
Interest rate risk
Interest rate swap (USD)		800,000,000		1,300,000,000		—		2,100,000,000
Interest rate swap (KRW)		—		—		340,000		340,000
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		50,000,000		—		—		50,000,000
Foreign currencies translation risk
Currency forward (USD)		348,980,853		97,839,978		—		446,820,831
Currency forward (EUR)		—		72,961,301		—		72,961,301
Currency forward (AUD)		109,214,330		126,550,000		—		235,764,330
Currency forward (GBP)		15,700,000		—		—		15,700,000
Cash flow hedge
Interest rate risk
Interest rate forward (USD)		—		320,000,000		—		320,000,000
Interest rate forward (KRW)		1,473,645		704,545		—		2,178,190
Interest rate swap (KRW)		—		60,000		—		60,000
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		148,000,000		640,500,000		—		788,500,000
Currency swap (EUR)		37,000,000		154,900,000		7,000,000		198,900,000
Currency swap (AUD)		80,000,000		—		—		80,000,000
Currency swap (SEK)		380,000,000		219,000,000		—		599,000,000
Currency swap (JPY)		—		2,000,000,000		16,500,000,000		18,500,000,000
Foreign currencies translation risk
Currency forward (USD)		809,449,351		704,378,132		26,360,955		1,540,188,438
Currency forward (EUR)		246,250,500		206,072,000		—		452,322,500
Currency forward (AUD)		99,970,000		160,000,000		—		259,970,000
Currency swap (USD)		35,000,000		680,678,827		30,000,000		745,678,827
Currency swap (EUR)		274,780,000		987,000,000		80,000,000		1,341,780,000
Currency swap (AUD)		15,000,000		200,000,000		—		215,000,000
Currency swap (CAD)		—		50,000,000		—		50,000,000
Currency swap (JPY)		16,000,000,000		9,500,000,000		43,500,000,000		69,000,000,000
Hedges of net investment in foreign operations
Exchange risk
Foreign currency bond (USD)		300,000,000		563,959,317		—		863,959,317

- 98 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


	December 31, 2025
	1 year or less		1 year to 5 years		More than 5 years		Total
Fair value hedge
Interest rate risk
Interest rate swap (USD)		550,000,000		2,100,000,000		—		2,650,000,000
Interest rate swap (KRW)		—		—		290,000		290,000
Foreign currencies translation risk
Currency forward (USD)		414,314,566		65,544,792		—		479,859,358
Currency forward (EUR)		—		72,961,301		—		72,961,301
Currency forward (AUD)		109,214,330		126,550,000		—		235,764,330
Currency forward (GBP)		15,700,000		—		—		15,700,000
Cash flow hedge
Interest rate risk
Interest rate forward (USD)		—		320,000,000		—		320,000,000
Interest rate forward (KRW)		1,630,000		380,000		—		2,010,000
Interest rate swap (KRW)		—		60,000		—		60,000
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		336,333,334		470,500,000		—		806,833,334
Currency swap (EUR)		52,000,000		114,900,000		—		166,900,000
Currency swap (AUD)		80,000,000		—		—		80,000,000
Currency swap (SEK)		380,000,000		219,000,000		—		599,000,000
Currency swap (JPY)		—		—		5,000,000,000		5,000,000,000
Foreign currencies translation risk
Currency forward (USD)		998,071,601		700,378,132		—		1,698,449,733
Currency forward (EUR)		374,850,500		232,472,000		—		607,322,500
Currency forward (AUD)		99,970,000		160,000,000		—		259,970,000
Currency swap (USD)		130,000,000		527,884,000		—		657,884,000
Currency swap (EUR)		194,780,000		1,012,000,000		—		1,206,780,000
Currency swap (AUD)		15,000,000		200,000,000		—		215,000,000
Currency swap (CAD)		—		40,000,000		—		40,000,000
Currency swap (JPY)		—		21,500,000,000		43,500,000,000		65,000,000,000
Hedges of net investment in foreign operations
Exchange risk
Foreign currency bond (USD)		—		863,959,317		—		863,959,317

- 99 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(4)	The average interest rate and average currency rate of the hedging instrument are as follows:


		March 31, 2026
		Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap (USD)		Fixed 4.18% receipt and (C.SOFR) + 1.21% paid
Interest rate swap (KRW)		Fixed 4.20% receipt and CD 3M + 0.01% paid
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		USD 4.48% paid, KRW 2.76% receipt, USD/KRW = 1,402.05
Foreign currencies translation risk
Currency forward (USD)		USD/KRW = 1,422.94 USD/KRW = 1,316.68
Currency forward (EUR)		EUR/KRW = 1,498.43
Currency forward (AUD)		AUD/KRW = 893.40 AUD/KRW = 874.06
Currency forward (GBP)		GBP/KRW = 2,005.60
Cash flow hedge
Interest rate risk
Interest forward (USD)		YTM 5.14%, YTM 5.2%
Interest forward (KRW)		YTM 2.93%, YTM 3.31%
Interest rate swap (KRW)		KRW CD+0.37% receipt, KRW 2.75% paid
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		USD 1M SOFR+0.66% receipt, KRW 3.39% paid, USD/KRW = 1,422.73 USD 4.05% paid, KRW 2.5% receipt, USD/KRW = 1,402.05 KRW 4.00% paid, USD SOFR+0.81% receipt, USD/KRW = 1,517.30
Currency swap (EUR)		EUR 3.15% paid, KRW 3.41% receipt, EUR/KRW = 1,660.67
Currency swap (AUD)		AUD 3.11% paid, KRW 1.55% receipt, AUD/KRW = 952.20
Currency swap (SEK)		SEK 1.88% paid, KRW 2.01% receipt, SEK/KRW = 140.55
Currency swap (JPY)		JPY 3.35% paid, KRW 4.71% receipt, JPY/KRW = 9.36
Foreign currencies translation risk
Currency forward (USD)		USD/KRW = 1,342.58
Currency forward (EUR)		EUR/KRW = 1,534.05
Currency forward (AUD)		AUD/KRW = 863.03
Currency swap (USD)		USD 3.84% paid, KRW 2.74% receipt, USD/KRW = 1,419.85
Currency swap (EUR)		EUR 1.98% receipt, KRW 3.40% paid, EUR/KRW = 1,344.08 EUR 3.03% paid, KRW 3.16% receipt, EUR/KRW = 1,653.09
Currency swap (AUD)		AUD 4.96% paid, KRW 3.58% receipt, AUD/KRW = 902.70
Currency swap (CAD)		CAD 4.60% paid, KRW 4.53% receipt, CAD/KRW = 1,061.92
Currency swap (JPY)		JPY 3.10% paid, KRW 4.47% receipt, JPY/KRW = 9.41
Hedges of net investment
Exchanging rate risk
Foreign currency denominated debentures(USD/KRW)		USD/KRW = 1,462.20

- 100 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


		December 31, 2025
		Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap (USD)		Fixed 3.47% receipt and (C.SOFR) + 1.06% paid
Interest rate swap (KRW)		Fixed 3.94% receipt and CD 3M + 0.01% paid
Foreign currencies translation risk
Currency forward (USD)		USD/KRW = 1,326.88 USD/KRW = 1,373.60
Currency forward (EUR)		EUR/KRW = 1,498.43
Currency forward (AUD)		AUD/KRW = 874.06 AUD/KRW = 864.44
Currency forward (GBP)		GBP/KRW = 1,854.71
Cash flow hedge
Interest rate risk
Interest forward (USD)		YTM 5.14%, YTM 5.20%, USD/KRW = 1,373.23
Interest forward (KRW)		YTM 2.91%, YTM 1.42%
Interest rate swap (KRW)		KRW CD+0.37% receipt, KRW 2.75% paid
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		USD 4.11% paid, KRW 2.54% receipt, USD 1M SOFR+0.91% receipt, KRW 3.60% paid, USD/KRW = 1,402.05, USD/KRW = 1,355.00
Currency swap (EUR)		EUR 3.03% paid, KRW 3.18% receipt, EUR/KRW = 1,619.42
Currency swap (AUD)		AUD 3.11% paid, KRW 1.55% receipt, AUD/KRW = 952.20
Currency swap (SEK)		SEK 1.88% paid, KRW 2.01% receipt, SEK/KRW = 140.55
Currency swap (JPY)		JPY 3.20% paid, KRW 4.45% receipt, JPY/KRW = 9.47
Foreign currencies translation risk
Currency forward (USD)		USD/KRW = 1,343.49
Currency forward (EUR)		EUR/KRW = 1,539.86
Currency forward (AUD)		AUD/KRW = 863.03
Currency swap (USD)		USD 1.75% receipt, KRW 1.63% paid, USD 2.50% receipt, KRW 3.76% paid, USD/KRW = 1,138.50 USD/KRW = 1,404.97
Currency swap (EUR)		EUR 1.98% receipt, KRW 3.40% paid, EUR 3.21% receipt, KRW 3.14% paid,EUR/KRW = 1,344.08 EUR/KRW = 1,644.48
Currency swap (AUD)		AUD 3.58% receipt, KRW 4.96% paid,AUD/KRW = 902.70
Currency swap (CAD)		CAD 4.46% receipt, KRW 4.60% paid, CAD/KRW = 1,062.00
Currency swap (JPY)		JPY 4.46% receipt, KRW 3.10% paid, JPY/KRW = 9.42
Hedges of net investment
Exchanging rate risk
Foreign currency denominated debentures(USD/KRW)		USD/KRW = 1,421.88

- 101 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(5)	The amounts related to items designated as hedging instruments are as follows (Unit: USD, EUR, AUD, SEK, GBP, JPY, CAD and Korean Won in millions):


	March 31, 2026
	Nominal amount of the hedging instrument		Carrying amount of the hedging instrument				Line item in the statement of financial position where the hedging instrument is located	Changing in fair value used for calculating hedge ineffectiveness
	Nominal amount of the hedging instrument		Assets		Liabilities
Fair value hedge
Interest rate risk
Interest rate Swap(USD)		2,100,000,000		5,223		48,416	Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)		(30,176	)
Interest rate Swap(KRW)		340,000
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		50,000,000		—		5,772	Derivative liabilities (designated for hedging)		(15,682	)
Foreign currencies translation risk
Currency forward (USD)		446,820,831		—		69,504			(34,408	)
Currency forward (EUR)		72,961,301		—		17,137	Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)		(3,233	)
Currency forward (AUD)		235,764,330		—		32,557			(16,982	)
Currency forward (GBP)		15,700,000		138		—			(937	)
Cash flow hedge
Interest rate risk
Interest forward (USD)		320,000,000		3,032		407			(2,196	)
Interest forward (KRW)		2,178,190		100		285,907	Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)		(152,032	)
Interest rate swap (KRW)		60,000		1,676		—			773
Foreign currency translation risk and interest rate risk
Currency swap (USD)		788,500,000		64,817		21,613	Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)		(1,398	)
Currency swap (EUR)		198,900,000		7		16,788			(7,543	)
Currency swap (AUD)		80,000,000		—		5,895	Derivative liabilities (designated for hedging)		(5,868	)
Currency swap (SEK)		599,000,000		268		10,327	Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)		(1,447	)
Currency swap (JPY)		18,500,000,000		—		4,577	Derivative liabilities (designated for hedging)		(5,396	)
Foreign currency translation risk
Currency forward (USD)		1,540,188,438		—		235,006			(130,713	)
Currency forward (EUR)		452,322,500		—		90,809			(26,577	)
Currency forward (AUD)		259,970,000		—		38,195			(19,027	)
Currency swap (USD)		745,678,827		—		75,616	Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)		(53,625	)
Currency swap (EUR)		1,341,780,000		75,558		103,227			(39,185	)
Currency swap (AUD)		215,000,000		—		27,980			(17,166	)
Currency swap (CAD)		50,000,000		—		1,935			(2,274	)
Currency swap (JPY)		69,000,000,000		3		18,502			(27,137	)
Hedges of net investment in foreign operations
Exchange rate risk
Foreign currency bond(USD)		863,959,317		—		1307516			(67,821	)

- 102 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


	December 31, 2025
	Nominal amounts of the hedging instrument		Carrying amount of the hedging instrument				Line item in the statement of financial position where the hedging instrument is located	Changing in fair value used for calculating hedge ineffectiveness
	Nominal amounts of the hedging instrument		Assets		Liabilities
Fair value hedge
Interest rate risk
Interest rate Swap (USD)		2,650,000,000					Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)
Interest rate Swap (KRW)		290,000		37,010		27,050			93,549
Foreign currencies translation risk
Currency forward (USD)		479,859,358		1,201		40,408	Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)		(252,432	)
Currency forward (EUR)		72,961,301		—		13,904	Derivative assets (designated for hedging)		44,644
Currency forward (AUD)		235,764,330		—		15,575			(23,061	)
Currency forward (GBP)		15,700,000		—		1,101	Derivative liabilities (designated for hedging)		(1,408	)
Cash flow hedge
Interest rate risk
Interest rate forward (USD)		320,000,000		4,848		27	Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)		3,732
Interest rate forward (KRW)		2,010,000		2,344		139,313			(203,153	)
Interest rate swap (KRW)		60,000		903		—			1,084
Foreign currency translation risk and interest rate risk
Currency swap (USD)		806,833,334		51,040		11,984	Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)		(69,611	)
Currency swap (EUR)		166,900,000		1,012		16,086	Derivative liabilities (designated for hedging)		(9,085	)
Currency swap (AUD)		80,000,000		605		632			(5,494	)
Currency swap (SEK)		599,000,000		855		9,468			(7,678	)
Currency swap (JPY)		5,000,000,000		819		—			819
Foreign currency translation risk
Currency forward (USD)		1,698,449,733		2,221		127,924	Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)		13,389
Currency forward (EUR)		607,322,500		—		89,586			(10,747	)
Currency forward (AUD)		259,970,000		—		19,167			(350	)
Currency swap (USD)		657,884,000		30,780		27,168			(74,613	)
Currency swap (EUR)		1,206,780,000		72,261		60,932			(16,952	)
Currency swap (AUD)		215,000,000		—		13,220			(15,574	)
Currency swap (CAD)		40,000,000		339		—			334
Currency swap (JPY)		65,000,000,000		10,943		1,814			8,981
Hedges of net investment in foreign operations
Exchange rate risk
Foreign currency bond (USD)		863,959,317		—		1,239,695	Foreign currency bond		30,325

- 103 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(6)	Details of carrying amount to hedge and amount due to hedge accounting are as follows (Unit: Korean Won in millions):


	March 31, 2026
	Carrying amount of the hedged item				Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item					Line item in the statement of financial position in which the hedged item is included		Changing in fair value used for calculating hedge ineffectiveness			Cash flow hedge reserve (*2)
	Assets		Liabilities		Assets			Liabilities							Cash flow hedge reserve (*2)
Fair value hedge
Interest rate risk
Debentures(*1)		—		3,449,606		—			60,619		Debentures		31,239			—
Foreign currencies translation risk and interest rate risk
Foreign currency securities		52,822		—		(5,772	)		—		FTVPL		(2,779	)		—
Foreign currencies translation risk
Foreign currency securities		543,566		—		154,688			—		FVTOCI		31,185			—
		211,504		—		(22,173	)		—		FTVPL		425			—
Foreign private bonds		82,782		—		(14,610	)		—		Financial assets at amortized cost		—			—
Cash flow hedge
Interest rate risk
Debentures		—		59,956		—			—		Debentures		(773	)		1,215
Anticipated bond purchase		—		—		—			—		—		140,532			(255,155	)
Foreign currencies translation risk and interest rate risk
Debentures		—		974,062		—			—		Debentures		(14,284	)		3,970
Foreign currency borrowings		—		302,680		—			—		Borrowings		—			—
Foreign currency securities		648,248		—		—			—		FVTOCI		6,472			(4,538	)
Foreign private bonds		186,711		—		—			—		Financial assets at amortized cost		10,332			(1,945	)
Foreign currencies translation risk
Debentures		—		337,569		—			—		Debentures		(9,076	)		(1,007	)
Foreign currency securities		5,171,212		—		—			—		FVTOCI		273,477			(33,772	)
		640,107		—		—			—		FTVPL		47,540			(104	)
Hedges of net investment in foreign operations
Exchange rate risk
Foreign operations net asset		—		1,307,516		—			—		Foreign operations net asset		67,821			(176,428	)

(*1)	The accumulated profit on debentures on foreign currency amounted to 38,226 million won, and the accumulated loss on debentures on local currency amounted to 22,393 million won, as of March 31, 2026.

(*2)	After tax amount

- 104 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


	December 31, 2025
	Carrying amount of the hedged item				Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item					Line item in the statement of financial position in which the hedged item is included		Changing in fair value used for calculating hedge ineffectiveness			Cash flow hedge reserve (*2)
	Assets		Liabilities		Assets			Liabilities							Cash flow hedge reserve (*2)
Fair value hedge
Interest rate risk
Debentures (*1)		—		4,046,624		—			36,892		Debentures		(80,760	)		—
Foreign currencies translation risk
Foreign currency securities		569,122		—		131,018			—		FVTOCI		169,469			—
		226,555		—		(4,121	)		—		FTVPL		70,015			—
Foreign private bonds		76,793		—		(7,717	)		—		Financial assets at amortized cost		6,567			—
Cash flow hedge
Interest rate risk
Debentures		—		59,952		—			—		Debentures		(1,083	)		655
Anticipated bond purchase		—		—		—			—		—		183,177			(150,651	)
Foreign currencies translation risk and interest rate risk
Debentures		—		878,855		—			—		Debentures		53,508			(188	)
Foreign currency securities		256,487		—		—			—		FVTOCI		13,062			(1,105	)
Foreign private bonds		176,540		—		—			—		Financial assets at amortized cost		11,016			(1,722	)
		55,671		—		—			—		FTVPL		(321	)		(77	)
Foreign currencies translation risk
Debentures		—		471,707		—			—		Debentures		(33,199	)		(2,242	)
Foreign currency securities		4,996,548		—		—			—		FVTOCI		141,426			(26,141	)
		605,631		—		—			—		FTVPL		(13,091	)		(321	)
Hedges of net investment in foreign operations
Exchange rate risk
Foreign operations net asset		—		1,239,695		—			—		Foreign operations net asset		(30,325	)		(127,258	)

(*1)	The accumulated profit on debentures on foreign currency amounted to 29,538 million Won, and the accumulated profit on debentures on local currency amounted to 7,354 million Won, as of December 31, 2025.

(*2)	After tax amount

- 105 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(7)	Amounts recognized in profit or loss due to the ineffective portion of fair value hedges are as follows (Unit: Korean Won in millions):


		For the three-month period ended March 31, 2026
		Hedge ineffectiveness recognized in profit or loss			Line item in the profit or loss that includes hedge ineffectiveness
Fair value hedge	Interest rate risk		1,063		Other net operating income(expense)
	Foreign currencies translation risk and interest rate risk		(18,461	)	Other net operating income(expense)
	Foreign currencies translation risk		(23,950	)	Other net operating income(expense)

		For the three-month period ended March 31, 2025
		Hedge ineffectiveness recognized in profit or loss			Line item in the profit or loss that includes hedge ineffectiveness
Fair value hedge	Interest rate risk		3,655		Other net operating income(expense)

(8)	Reclassification of profit or loss from other comprehensive income and equity related to cash flow hedges are as follows (Unit: Korean Won in millions):


		For the three-month period ended March 31, 2026
		Changes in the value of hedging instruments recognized in OCI			Hedge ineffectiveness recognized in profit or loss			Changes in the value of 21. recognized in OCI			Line item recognized in the profit or loss	Amounts reclassified from cash flow hedge reserve to profit or loss		Line item affected in profit or loss due to reclassification
Cash flow hedge	Interest rate risk		(198,968	)		45,513			—		Other net operating income (expense)		59,107	Other net operating income (expense)
	Foreign currencies translation risk and interest rate risk		(10,016	)		(11,636	)		(226	)	Other net operating income (expense)		11,922	Other net operating income (expense)
	Foreign currencies translation risk		(311,941	)		(3,763	)		431		Other net operating income (expense)		303,482	Other net operating income (expense)

- 106 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


		For the three-month period ended March 31, 2025
		Changes in the value of hedging instruments recognized in OCI			Hedge ineffectiveness recognized in profit or loss		Changes in the value of foreign basis spread recognized in OCI		Line item recognized in the profit or loss	Amounts reclassified from cash flow hedge reserve to profit or loss			Line item affected in profit or loss due to reclassification
Cash flow hedge	Interest rate risk		142			—		—	Other net operating income (expense)		—		Other net operating income (expense)
	Foreign currencies translation risk and interest rate risk		(4,509	)		—		1,771	Other net operating income (expense)		3,045		Other net operating income (expense)
	Foreign currencies translation risk		12,508			—		162	Other net operating income (expense)		(11,165	)	Other net operating income (expense)

- 107 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(9)	The amounts recognized in profit or loss and other comprehensive income related to the hedging of net investments in foreign operations are as follows (Unit: Korean Won in millions):

March 31, 2026

Other comprehensive income

Profit or loss

Hedge gain or loss
recognized in other
comprehensive income

Income tax
effect

Sub-total

Hedge ineffectiveness
recognized in profit or
loss

Line item
recognizing
ineffectiveness

Hedges of net investment in foreign operations

Foreign
exchange risk

(67,821

)

18,651

(49,170

)

—

March 31, 2025

Other comprehensive income

Profit or loss

Hedge gain or loss
recognized in other
comprehensive income

Income tax
effect

Sub-total

Hedge ineffectiveness
recognized in profit or
loss

Line item
recognizing
ineffectiveness

Hedges of net investment in foreign operations

Foreign
exchange risk

3,024

(798

)

2,226

—

No amount was reclassified from reserve of hedges of net investment in foreign operations to profit or loss for the three-month periods ended March 31, 2026 and 2025.

22.

EQUITY

(1)	Details of equity as of March 31, 2026 and December 31, 2025 are as follows (Unit: Korean Won in millions):


	March 31, 2026			December 31, 2025
Capital
Common stock capital		3,802,676			3,802,676
Hybrid securities		3,710,454			3,710,498
Capital surplus
Paid in capital in excess of par		854,499			854,499
Others		78,669			78,937

Sub-total		933,168			933,436

Capital adjustments
Treasury stocks		(138,557	)		(35,517	)
Other adjustments (*1)		(1,643,432	)		(1,646,069	)

Sub-total		(1,781,989	)		(1,681,586	)

Accumulated other comprehensive income
Gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		1,194			1,274
Financial assets at FVTOCI		(2,373,037	)		(1,106,650	)
Changes in capital due to equity method		3,371			(4,222	)
Net financial gain (loss) on insurance contract assets (liabilities)		2,968,046			1,534,528
Net financial gain (loss) on reinsurance contract assets (liabilities)		(22,341	)		(10,462	)
Gain on revaluation of premises and equipment		1,795,243			—
Gain (loss) on foreign currency translation of foreign operations		693,988			416,768
Gain (loss) on hedges of net investment in foreign operations		(176,428	)		(127,258	)
Remeasurements of defined benefit plan		(113,813	)		(96,991	)
Gain (loss) on valuation of cash flow hedge		(230,066	)		(144,728	)

Sub-total		2,546,157			462,259

Retained earnings (2) (3)		28,797,534			28,790,056
Non-controlling interest (4) (5)		1,898,308			1,841,909

Total		39,906,308			37,859,248

- 108 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(*1)	Included 178,060 million Won in capital transaction gains and losses recognized by Woori Bank and (formerly) Woori Financial Group in 2014 and 2,238,228 million Won due to the spin-off of Gyeongnam Bank and Gwangju Bank.

(*2)	The regulatory reserve for credit losses in retained earnings amounted to 2,959,506 million Won and 2,678,017 million Won as of March 31, 2026 and December 31, 2025, respectively in accordance with the relevant article.

(*3)	The earned surplus reserve in retained earnings amounted to 667,700 million Won and 554,990 million Won as of March 31, 2026 and December 31, 2025 in accordance with the Article 53 of the Financial Holding Company Act.

(*4)

The hybrid securities issued by Woori Bank amounting to 1,406,513 million Won and 1,406,513 million Won as of March 31, 2026 and December 31, 2025, respectively, are recognized as non-controlling interests. 34,326 million Won and 36,457 million Won of dividends for the hybrid securities issued by Woori Bank are allocated to net profit and loss of the non-controlling interests for the three-month periods ended March 31, 2026 and 2025, respectively.

(*5)	10,995 million Won of dividends for the hybrid securities issued by Tongyang Life Insurance Co., Ltd. are allocated to net profit and loss of the non-controlling interests for the year ended December 31, 2025.

(2)	The number of authorized shares and others of the Group are as follows:


	March 31, 2026		December 31, 2025
Shares of common stock authorized		4,000,000,000 Shares		4,000,000,000 Shares
Par value		5,000 Won		5,000 Won
Shares of common stock issued		734,076,320 Shares		742,591,501 Shares
Capital stock (*)		3,802,676 million Won		3,802,676 million Won

(*)	Due to the cancellation of treasury shares using retained earnings, the paid-in capital differs from the total par value of the issued shares.

(3)	Hybrid securities

The bond-type hybrid securities classified as owner’s equity are as follows (Unit: Korean Won in millions):


	Issue date		Maturity		Interest rate (%)		March 31, 2026			December 31, 2025
Securities in local currency		2021-04-08		—		3.15		200,000			200,000
Securities in local currency		2021-10-14		—		3.60		200,000			200,000
Securities in local currency		2022-02-17		—		4.10		300,000			300,000
Securities in local currency		2022-07-28		—		4.99		300,000			300,000
Securities in local currency		2022-10-25		—		5.97		220,000			220,000
Securities in local currency		2023-02-10		—		4.65		300,000			300,000
Securities in local currency		2023-09-07		—		5.04		200,000			200,000
Securities in local currency		2024-02-07		—		4.49		400,000			400,000
Securities in local currency		2024-06-19		—		4.27		400,000			400,000
Securities in local currency		2024-10-10		—		4.00		400,000			400,000
Securities in local currency		2025-05-13		—		3.45		400,000			400,000
Securities in local currency		2025-10-22		—		3.34		400,000			400,000
Issuance cost								(9,546	)		(9,502	)

Total								3,710,454			3,710,498

- 109 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

The hybrid securities mentioned above do not have maturity date but are redeemable after 5 years from date of issuance.

(4)	Accumulated other comprehensive income

Changes in the accumulated other comprehensive income are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31, 2026
	Beginning balance			Increase (decrease) (*)			Reclassification adjustments			Income tax effect			Non-controlling interest adjustments			Ending balance
Net gain (loss) on valuation of financial assets at FVTOCI		(1,106,650	)		(1,888,209	)		(29,969	)		495,671			156,120			(2,373,037	)
Net gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		1,274			(110	)		—			30			—			1,194
Changes in capital due to equity method		(4,222	)		9,821			—			(2,228	)		—			3,371
Gain (loss) on foreign currency translation of foreign operations		416,768			287,905			—			(5,289	)		(5,396	)		693,988
Gain (loss) on hedges of net investment in foreign operations		(127,258	)		(67,821	)		—			18,651			—			(176,428	)
Remeasurement gain (loss) related to defined benefit liabilities		(96,991	)		(24,198	)		—			6,547			829			(113,813	)
Gain (loss) on valuation of cash flow hedge		(144,728	)		(521,040	)		374,511			36,067			25,124			(230,066	)
Net financial gain(loss) on insurance contract assets (liabilities)		1,534,528			2,240,648			—			(569,151	)		(237,979	)		2,968,046
Net financial gain (loss) on reinsurance contract assets (liabilities)		(10,462	)		(22,543	)		—			5,104			5,560			(22,341	)
Revaluation surplus		—			2,474,567			—			(678,089	)		(1,235	)		1,795,243

Total		462,259			2,489,020			344,542			(692,687	)		(56,977	)		2,546,157

(*)	The increase(decrease) of financial asset valuation profit or loss at fair value through other comprehensive income are changes due to the period evaluation, and the reclassification adjustments amounting to (149) million Won are due to disposal of equity securities at FVTOCI during the period.


	For the three-month period ended March 31, 2025
	Beginning balance			Increase (decrease) (*)			Reclassification adjustments			Income tax effect			Ending balance
Net gain (loss) on valuation of financial assets at FVTOCI		60,438			141,568			(31,953	)		(30,104	)		139,949
Net gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		1,348			35			—			(9	)		1,374
Changes in capital due to equity method		(1,886	)		477			—			(101	)		(1,510	)
Gain (loss) on foreign currency translation of foreign operations		523,780			2,202			—			1,092			527,074
Gain (loss) on hedges of net investment in foreign operations		(149,577	)		3,024			—			(798	)		(147,351	)
Remeasurement gain (loss) related to defined benefit plan		(86,218	)		(155,281	)		—			40,496			(201,003	)
Gain (loss) on valuation of cash flow hedge		(14,215	)		1,954			—			(227	)		(12,488	)

Total		333,670			(6,021	)		(31,953	)		10,349			306,045

(*)	The increase(decrease) of financial asset valuation profit or loss at fair value through other comprehensive income are changes due to the period evaluation, and the reclassification adjustments amounting to 996 million Won are due to disposal of equity securities at FVTOCI during the period.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(5)	Treasury stocks

Changes in treasury stocks for the three-month periods ended March 31, 2026 and 2025 are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31, 2026
	Beginning balance		Acquisition		Disposal etc.		Ending balance
Number of shares		3,082,276		2,983,526		—		6,065,802
Carrying amount		35,517		103,040		—		138,557


	For the three-month period ended March 31, 2025
	Beginning balance		Acquisition		Disposal etc.		Ending balance
Number of shares		3,082,276		1,550,000		—		4,632,276
Carrying amount		35,517		25,641		—		61,158

(6)	Regulatory Reserve for Credit Loss

In accordance with Article 26 ~ 28 of the Financial holding company Supervision Regulations, the Group calculates and discloses the regulatory reserve for credit loss.

Balance of the regulatory reserve for credit loss

Balance of the planned regulatory reserve for credit loss is as follows (Unit: Korean Won in millions):


	March 31, 2026		December 31, 2025
Beginning balance		2,959,506		2,668,842
Changes due to business combinations		—		9,175
Planned provision of regulatory reserve for credit loss		73,915		281,489

Ending balance		3,033,421		2,959,506

Provision of regulatory reserve for credit loss, adjusted income after the provision of regulatory reserve and others

Planned reserves provided, adjusted net income after the planned reserves provided and adjusted EPS after the planned reserves provided are as follows (Unit: Korean Won in millions, except for EPS amount):


	For the three-month periods ended March 31
	2026			2025
Net income before regulatory reserve		639,433			654,556
Required provision of regulatory reserve for credit loss		73,915			62,572
Adjusted net income after the provision of regulatory reserve		565,518			591,984
Dividends to hybrid securities		(39,034	)		(39,506	)
Adjusted net income after regulatory reserve and dividends to hybrid securities		526,484			552,478
Adjusted EPS after regulatory reserve and the dividends to hybrid securities (Unit: Korean Won)		721			747

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

23.

DIVIDENDS

Dividends per share and the total dividends for the fiscal year ending December 31, 2025 were 760 Won and 557,431 million Won, respectively, approved at the regular general shareholders’ meeting held on March 23, 2026. The financial statements of the current period ended March 31, 2026 include these unpaid dividends, which were paid in April 2026.

24.

NET INTEREST INCOME

(1)	Interest income recognized is as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2026		2025
Financial assets at FVTPL		79,791		55,959
Financial assets at FVTOCI		650,978		351,396
Financial assets at amortized cost:
Securities at amortized cost		130,888		137,852
Loans and other financial assets at amortized cost:
Interest on due from banks		131,992		142,661
Interest on loans		4,364,247		4,589,095
Interest of other receivables		32,192		28,206

Subtotal		4,528,431		4,759,962

Insurance finance interest income		5,707		—

Total		5,395,795		5,305,169

(2)	Details of interest expense recognized are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2026		2025
Financial liabilities at amortized cost
Interest on deposits due to customers		1,815,298		2,208,418
Interest on borrowings		285,360		303,709
Interest on debentures		464,012		448,547
Other interest expense		129,696		87,934
Interest on lease liabilities		4,687		4,570

Subtotal		2,699,053		3,053,178

Insurance finance interest expense		393,589		—

Total		3,092,642		3,053,178

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

25.

NET FEES AND COMMISSIONS INCOME

(1)	Details of fees and commissions income recognized are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2026		2025
Fees and commission received for brokerage		37,217		42,380
Fees and commission received related to credit		38,575		44,474
Fees and commission received for electronic finance		32,886		31,501
Fees and commission received on foreign exchange handling		13,557		13,772
Fees and commission received on foreign exchange		27,404		27,452
Fees and commission received for guarantee		22,432		24,402
Fees and commission received on credit card		154,751		160,616
Fees and commission received on securities business		38,410		17,101
Fees and commission from trust management		64,977		64,649
Fees and commission received on credit information		1,954		2,679
Fees and commission received related to lease		239,345		239,363
Other fees		118,237		40,582

Total		789,745		708,971

(2)	Details of fees and commissions expense incurred are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2026		2025
Fees and commissions paid		88,606		85,212
Credit card commission		112,145		106,211
Securities business commission		1,504		401
Others		10,660		5,713

Total		212,915		197,537

26.

DIVIDEND INCOME

(1)	Details of dividend income recognized are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2026		2025
Dividend income related to financial assets at FVTPL		120,868		55,279
Dividend income related to financial assets at FVTOCI		19,864		14,545

Total		140,732		69,824

(2)	Details of dividends related to financial assets at FVTOCI are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31, 2026				For the three-month periods ended March 31, 2025
	Derecognized equity instruments		Held equity instruments		Derecognized equity instruments		Held equity instruments
Stocks		—		15,510		—		13,791
Capital contributions		—		223		—		754
Others		—		4,131		—		—

Total		—		19,864		—		14,545

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

27.

NET GAIN OR LOSS ON FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS MANDATORILY MEASURED AT FAIR VALUE

(1)	Details of gains or losses related to net gain or loss on financial instruments at FVTPL are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2026		2025
Gain (Loss) on financial instruments at FVTPL		410,328		212,408
Gain (Loss) on credit risk fluctuation of financial instuments designated to be measured at FVTPL		28,923		(10,040	)

Total		439,251		202,368

(2)	Details of net gain or loss on financial instruments at fair value through profit or loss and financial instruments held for trading are as follows (Unit: Korean Won in millions):


			For the three-month periods ended March 31
			2026			2025
Financial assets at FVTPL	Securities	Gain on transactions and valuation		670,601			336,624
		Loss on transactions and valuation		(625,251	)		(126,284	)

		Sub-total		45,350			210,340

	Loans	Gain on transactions and valuation		8,248			1,212
		Loss on transactions and valuation		(9,074	)		(72	)

		Sub-total		(826	)		1,140

	Other financial assets	Gain on transactions and valuation		43,762			3,318
		Loss on transactions and valuation		(32,906	)		(7,275	)

		Sub-total		10,856			(3,957	)

		Sub-total		55,380			207,523

Derivatives (Held for trading) (*)	Interest rates derivatives	Gain on transactions and valuation		1,187,989			356,578
		Loss on transactions and valuation		(864,366	)		(556,278	)

		Sub-total		323,623			(199,700	)

	Currency derivatives	Gain on transactions and valuation		5,531,685			2,338,103
		Loss on transactions and valuation		(5,467,557	)		(2,133,574	)

		Sub-total		64,128			204,529

	Equity derivatives	Gain on transactions and valuation		205,000			89
		Loss on transactions and valuation		(237,795	)		(37	)

		Sub-total		(32,795	)		52

	Other derivatives	Gain on transactions and valuation		—			4
		Loss on transactions and valuation		(8	)		—

		Sub-total		(8	)		4

		Sub-total		354,948			4,885

Net total				410,328			212,408

(*)	The Group holds interest rate and currency-related derivative contracts to manage the volatility of gains and losses on transactions of foreign exchange due to exchange rate risk. The gains and losses on transactions of foreign exchange are described in Note 30. (2) and (3).

(3)	Details of gains or losses on credit risk fluctuation of financial instruments designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2026		2025
Gain (Loss) on deposits

Gain (Loss) on fixed deposits		28,923		(10,040	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

28.

NET GAIN OR LOSS ON FINANCIAL ASSETS AT FVTOCI

Details of net gain or loss on financial assets at FVTOCI recognized are as follows (Unit: Korean Won in millions) :


	For the three-month periods ended March 31
	2026		2025
Gain (Loss) on transactions of securities		10,703		33,257

29.

REVERSAL OF (PROVISION FOR) IMPAIRMENT LOSSES DUE TO CREDIT LOSS

Reversal of (provision for) impairment losses due to credit loss are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2026			2025
Provision due to credit loss on financial assets measured at FVTOCI		(1,916	)		(728	)
Reversal for impairment loss due to credit loss on securities at amortized cost		52			90
Provision for impairment loss due to credit loss on loan and other financial assets at amortized cost		(528,853	)		(441,886	)
Reversal for guarantees		1,444			2,619
Reversal for unused loan commitment		2,491			4,404

Total		(526,782	)		(435,501	)

30.

GENERAL AND ADMINISTRATIVE EXPENSES AND OTHER NET OPERATING INCOME (EXPENSES)

(1)	Details of general and administrative expenses recognized are as follows (Unit: Korean Won in millions):


			For the three-month periods ended March 31
			2026		2025
Employee benefits	Short-term employee benefits	Salaries		491,948		472,112
		Employee fringe benefits		199,996		145,246
	Share based payment			23,061		5,243
	Retirement benefit service costs			42,643		38,374
	Termination			183,070		169,392

	Subtotal			940,718		830,367

Depreciation and amortization				151,939		142,947
Other general and administrative expenses	Rent			31,496		32,019
	Taxes and public dues			74,233		52,414
	Service charges			66,329		63,725
	Computer and IT related			45,446		38,946
	Telephone and communication			27,594		25,515
	Advertising			33,906		25,597
	Printing			1,057		1,156
	Traveling			4,337		3,060
	Supplies			1,981		1,706
	Insurance premium			4,178		3,726
	Maintenance			5,993		5,925
	Water, light, and heating			6,281		5,603
	Vehicle maintenance			2,619		2,713
	Others			24,702		70,753

	Sub-total			330,152		332,858

	Total			1,422,809		1,306,172

- 115 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(2)	Details of other operating income recognized are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2026		2025
Gains on transactions of foreign exchange (*)		450,573		288,336
Gains related to derivatives (designated for hedging)		61,854		59,068
Gains on fair value hedged items		32,679		2,067
Others		126,488		95,639

Total		671,594		445,110

(*)	The Group holds interest rate and currency-related derivative contracts to manage the volatility of gains and losses on transactions of foreign exchange due to exchange rate risk. The related gains and losses are described in Note 27. (2).

(3)	Details of other operating expenses recognized are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2026		2025
Losses on transactions of foreign exchange (*1)		451,598		317,375
KDIC deposit insurance premium		126,607		130,370
Contribution to miscellaneous funds		139,984		130,108
Losses related to derivatives (Designated for hedging)		196,022		3,734
Losses on fair value hedged items		10,047		45,158
Others (*2)		339,396		296,108

Total		1,263,654		922,853

(*1)	The Group holds interest rate and currency-related derivative contracts to manage the volatility of gains and losses on transactions of foreign exchange due to exchange rate risk. The related gains and losses are described in Note 27. (2).

(*2)	Other expense includes 6,782 million Won and 8,137 million Won for intangible asset amortization cost and 156,439 million Won and 156,954 million Won for lease depreciation cost for the period ended March 31, 2026 and 2025, respectively.

(4)	Share-based payment

Details of performance condition share-based payment granted to executives as of March 31, 2026 and December 31, 2025 are as follows.

Performance condition share-based payment


Subject to				Shares granted for the year 2021
Type of payment				Cash-settled
Vesting period				January 1, 2021 ~ December 31, 2024
Date of payment				2025-01-01
Fair value (*1)				15,831 Won
Valuation method				Black-Scholes Model

- 116 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


Expected dividend rate		6.48%
Expected maturity date		—
Number of shares remaining	As of March 31, 2026	56,029 shares
Number of shares remaining	As of December 31, 2025	56,029 shares
Number of shares granted (*2)	As of March 31, 2026	56,029 shares
Number of shares granted (*2)	As of December 31, 2025	56,029 shares
Subject to		Shares granted for the year 2022
Type of payment		Cash-settled
Vesting period		January 1, 2022 ~ December 31, 2025
Date of payment		2026-01-01
Fair value (*1)		27,713 Won
Valuation method		Black-Scholes Model
Expected dividend rate		7.30%
Expected maturity date		—
Number of shares remaining	As of March 31, 2026	804,727 shares
Number of shares remaining	As of December 31, 2025	960,777 shares
Number of shares granted (*2)	As of March 31, 2026	804,727 shares
Number of shares granted (*2)	As of December 31, 2025	960,777 shares
Subject to		Shares granted for the year 2023
Type of payment		Cash-settled
Vesting period		January 1, 2023 ~ December 31, 2026
Date of payment		2027-01-01
Fair value (*1)		31,892 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.70%
Expected maturity date		0.75 year
Number of shares remaining	As of March 31, 2026	916,849 shares
Number of shares remaining	As of December 31, 2025	916,849 shares
Number of shares granted (*2)	As of March 31, 2026	916,849 shares
Number of shares granted (*2)	As of December 31, 2025	916,849 shares
Subject to		Shares granted for the year 2024
Type of payment		Cash-settled
Vesting period		January 1, 2024 ~ December 31, 2027
Date of payment		2028-01-01
Fair value (*1)		29,825 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.70%
Expected maturity date		1.75 years
Number of shares remaining	As of March 31, 2026	1,384,504 shares
Number of shares remaining	As of December 31, 2025	1,384,504 shares
Number of shares granted (*2)	As of March 31, 2026	1,384,504 shares
Number of shares granted (*2)	As of December 31, 2025	1,384,504 shares
Subject to		Shares granted for the year 2025
Type of payment		Cash-settled
Vesting period		January 1, 2025 ~ December 31, 2028
Date of payment		2029-01-01
Fair value (*1)		27,892 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.70%
Expected maturity date		2.75 years
Number of shares remaining	As of March 31, 2026	1,048,842 shares
Number of shares remaining	As of December 31, 2025	1,048,842 shares
Number of shares granted (*2)	As of March 31, 2026	1,048,842 shares
Number of shares granted (*2)	As of December 31, 2025	1,048,842 shares

- 117 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


Subject to		Shares granted for the year 2026
Type of payment		Cash-settled
Vesting period		January 1, 2026 ~ December 31, 2029
Date of payment		2030-01-01
Fair value (*1)		26,085 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.70%
Expected maturity date		3.75 years
Number of shares remaining	As of March 31, 2026	148,342 shares
Number of shares remaining	As of December 31, 2025	—
Number of shares granted (*2)	As of March 31, 2026	148,342 shares
Number of shares granted (*2)	As of December 31, 2025	—

(*1)

As the amount of payment varies according to the base price (the arithmetic average of the weighted average stock price of transactions in the past one week, the past one month, and the past two months) at the date of payment, the fair value is calculated to measure the liability according to the Black Scholes model based on the base price at the time of each settlement.

(*2)

The number of payable stocks is granted at the initial contract date. This is a system in which the number of shares to be granted is determined based on the evaluation results of long-term performance indicators over a total of four years, including the current year, and the final cash compensation is made by reflecting the stock price at the time of payment. Performance is evaluated as long-term performance indication including relative shareholder return, net income, return on equity (ROE), C/I ratio, non-performing loan ratio and job performance.

The Group accounts for performance condition share-based payments according to the cash-settled method and the fair value of the liabilities is reflected in the compensation costs by re-measuring every closing period. As of March 31, 2026 and December 31, 2025, the carrying amount of the liabilities related to the performance condition share-based payments recognized by the Group amounts to 126,917 million Won and 107,713 million Won, respectively, including the carrying amount of liabilities related to key management of 49,802 million Won and 43,823 million Won, respectively.

31.

NON-OPERATING INCOME (EXPENSES)

(1)	Details of gains or losses on valuation of investments in joint ventures and associates are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2026			2025
Gains on valuation of investments in joint ventures and associates		41,031			16,226
Losses on valuation of investments in joint ventures and associates		(12,268	)		(6,191	)

Total		28,763			10,035

(2)	Details of other non-operating income and expenses recognized are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2026			2025
Other non-operating incomes		39,572			23,179
Other non-operating expenses		(28,298	)		(37,882	)

Total		11,274			(14,703	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(3)	Details of other non-operating income recognized are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2026		2025
Rental fee income		11,990		5,311
Gains on disposal of investments in joint ventures and associates		17,512		16
Gains on disposal of premises and equipment, intangible assets and other assets		1,478		375
Reversal of impairment losses of premises and equipment, intangible assets and other assets		705		20
Others (*)		7,887		17,457

Total		39,572		23,179

(*)	‘Others’ for the three-month periods ended March 31, 2026 and 2025 include 421 million Won and 3 million Won of other special gain related to other provisions, respectively.

(4)	Details of other non-operating expenses recognized are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2026		2025
Depreciation on investment properties		2,869		1,397
Operating expenses on investment properties		342		321
Losses on disposal of investments in joint ventures and associates		29		191
Losses on disposal of premises and equipment, intangible assets and other assets		3,722		387
Impairment losses of premises and equipment, intangible assets and other assets		371		282
Loss on revaluation of premises and equipment		6,838		—
Donation		6,388		15,991
Others (*)		7,739		19,313

Total		28,298		37,882

(*)	Other special losses related to other provisions for the three-month periods ended March 31, 2026 and 2025 are 231 million Won and 64 million Won, respectively.

32.

INCOME TAX EXPENSE

Details of income tax expenses are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2026			2025
Current tax expense:
Current tax expense with respect to the current period		162,680			231,853
Adjustments recognized in the current period in relation to the tax expense of prior periods		(2,545	)		13,191
Income tax expense (income) directly attributable to other equity		17,700			(798	)

Sub-total		177,835			244,246

Deferred tax expense
Change in deferred tax assets (liabilities) due to temporary differences		744,002			(45,368	)
Income tax expense (income) directly attributable to equity		(711,085	)		11,147
Others		(1,993	)		14

Sub-total		30,924			(34,207	)

Income tax expense		208,759			210,039

- 119 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

Income tax expense was recognized based on the best estimate of the weighted average annual effective tax rate expected for the interim period. The weighted average annual effective tax rate for the March 31, 2026, is 24.6% (The weighted average annual effective tax rate for the March 31, 2025, is 24.3%).

33.

EARNINGS PER SHARE (“EPS”)

(1)	Basic EPS is calculated by dividing net income attributable to common shareholders by weighted-average number of common shares outstanding (Unit: Korean Won in millions, except for EPS and number of shares):


	For the three-month periods ended March 31
	2026			2025
Net income attributable to shareholders		604,318			616,691
Dividends to hybrid securities		(39,034	)		(39,506	)
Net income attributable to common shareholders		565,284			577,185
Weighted average number of common shares outstanding (Unit: million shares)		730			739
Basic EPS (Unit: Korean Won)		774			781

(2)	The weighted average number of common shares outstanding is as follows (Unit: number of shares, days):


	For the three-month period ended March 31, 2026
	Number of shares			Accumulated number of shares outstanding during period
Common shares issued at the beginning of the period		734,076,320			66,066,868,800
Treasury stocks		(3,082,276	)		(277,404,840	)
Acquisition of treasury stock		(2,983,526	)		(76,074,046	)

Sub-total (①)					65,713,389,914

Weighted average number of common shares outstanding (② = ①/90)					730,148,777


	For the three-month period ended March 31, 2025
	Number of shares			Accumulated number of shares outstanding during period
Common shares issued at the beginning of the period		742,591,501			66,833,235,090
Treasury stocks		(3,082,276	)		(277,404,840	)
Acquisition of treasury stock		(1,550,000	)		(28,250,000	)

Sub-total (①)					66,527,580,250

Weighted average number of common shares outstanding (② = ①/90)					739,195,336

Diluted EPS is equal to basic EPS because there is no dilution effect for the three-month periods ended 31, 2026 and 2025.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

34.

CONTINGENT LIABILITIES AND COMMITMENTS

(1)	Details of guarantees are as follows (Unit: Korean Won in millions):


	March 31, 2026		December 31, 2025
Confirmed guarantees
Guarantee for loans		73,549		69,961
Acceptances		612,097		495,942
Guarantees in acceptances of imported goods		61,287		66,879
Other confirmed guarantees		11,353,093		10,831,684

Sub-total		12,100,026		11,464,466

Unconfirmed guarantees
Local letters of credit		188,493		161,120
Letters of credit		3,080,009		2,615,813
Other unconfirmed guarantees		1,880,531		1,331,305

Sub-total		5,149,033		4,108,238

Commercial paper purchase commitments and others		489,105		497,394

Total (*)		17,738,164		16,070,098

(*)	Includes financial guarantees of 5,367,797 million won and 5,032,808 million won as of March 31, 2026 and December 31, 2025, respectively.

(2)	Details of loan commitments and others are as follows (Unit: Korean Won in millions):


	March 31, 2026		December 31, 2025
Loan commitments		137,516,914		134,286,067
Other commitments (*)		11,521,891		10,205,741

(*)	As of March 31, 2026 and December 31, 2025, the amount of unsecured bills (purchase bills sales) and discounts on electronic short-term bond sales (purchase) are 4,815,139 million won and 4,399,729 million won, respectively.

(3)	Litigation case

Details of litigation cases as of the period ended March 31, 2026, and December 31, 2025 are as follows.

Litigation case that the key Group is a defendant in a lawsuit pending (excluding fraud lawsuits and those lawsuits that are filed only to extend the statute of limitation, etc.) are 1,042 cases (litigation value of 983,790 million Won) and 1,032 cases (litigation value of 926,888 million Won) as of March 31, 2026 and December 31, 2025 respectively, and provisions for litigations are 70,560 million Won and 70,682 million Won.

(4)	Other commitments

The obligations related to guaranteed completion with trust business as of March 31, 2026, are as follows (Unit: Korean Won in millions):


		cases	Initial PF Commitment Limit	Amount of PF Loans (*3)	Amount of unused PF limit (*4)	Amount of Trust Account Limit (*4)	Amount of Trust Account
Responsible completion land trust (*1)	Our Responsibility for Completion Deadline Passed (including completed projects)	3	200,000	38,733	55,013	5,700	5,700
Redevelopment Land Trust	Our Obligation to Bear Responsibility for Completion (*2)	3	98,499	54,210	97,066	32,500	13,392
Total		6	298,499	92,943	152,079	38,200	19,092

(*1)

Responsible completion land trust is a trust in which the Woori Asset Trust Co., Ltd., subsidiary, is only liable to the lending financial institution for the completion guarantee obligation in case the contractor fails to fulfill the obligation. If the subsidiary is unable to fulfill the completion guarantee obligation, it is responsible for compensating the lending financial institution for any losses incurred.

(*2)

In redevelopment projects where the Korea Housing & Urban Guarantee Corporation guarantees project financing loans, the project operator is responsible for the completion guarantee obligation according to the standard project agreement terms of the Korea Housing & Urban Guarantee Corporation, but the completion guarantee period has not yet expired as of March 31, 2026.

(*3)

Since, for projects where it is highly likely that our subsidiary Woori Asset Trust will bear the responsibility for completion and where the possibility and amount of loss can be reliably estimated, these impacts have been reflected in the financial statements at the end of the current period. However, for projects where the risk of Woori Asset Trust bearing the completion guarantee obligations is considered low or where the possibility and amount of loss cannot be reliably estimated, these impacts have not been reflected in the financial statements at the end of the current period.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(*4)	The limit may be subject to change during the project progress due to reasons such as limit deductions.

As of March 31, 2026, Woori Asset Trust, a subsidiary, may lend a trust account for a part of the total project cost in relation to 29 debt-type land trust contracts including Boutique Terrace Hotel in Woo-dong, Haeundae-gu, Busan. The maximum loan amount (unused limit) is 165,589 million Won. Whether or not Woori Asset Trust lends a trust account in relation to the relevant businesses is not an unconditional payment obligation, and it is determined by considering overall matters such as the unique account and the fund balance plan of each trust business.

Pursuant to some contracts related to asset securitization, the Group utilizes various prerequisites, triggering events causing early redemption, limiting risks that investors bear due to change in asset quality. Breach of such triggering clause leads to an early redemption of the securitized bonds.

As of March 31, 2026, Tongyang Life Insurance Co., Ltd., a subsidiary, has entered into an agreement with Tongyang Leisure to amend the existing lease and transfer operating rights for the golf course, contingent upon the conversion of the golf course to public access, member consent, and court approval of the rehabilitation plan. The agreement includes clauses to pay variable compensation amount based on the sale proceeds, in consideration of the fulfillment of contractual obligations and the transfer of business rights. Member consent and the conversion to public access have been completed, and the variable compensation will be recognized when the decision to sell is made.

As of March 31, 2026, Tongyang Life Insurance, a subsidiary, is under investigation by the Financial Services Commission regarding potential violations of the Credit Information Use and Protection Act.

The administrative fine paid to the Personal Information Protection Commission in October 2025 in connection with the leakage of personal credit information of merchant representatives that occurred at the subsidiary, Woori Card, between January and April 2024 has been recognized in non-operating income and expenses. In addition, further administrative fines may be imposed by the Financial Services Commission; however, the outcome cannot be predicted at this time.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

35.

RELATED PARTY TRANSACTIONS

Related parties of the Group as of March 31, 2026 and December 31, 2025, and assets and liabilities recognized, guarantees and commitments, major transactions with related parties and compensation to key management for the three-month period ended March 31, 2026 and 2025 are as follows. Please refer to Note 12 for the details of joint ventures and associates.

(1)	Assets and liabilities from transactions with related parties are as follows (Unit: Korean Won in millions):


	Related parties	Account title	March 31, 2026			December 31, 2025
Associates	W Service Networks Co., Ltd.	Loans		22			30
		Deposits due to customers		3,044			3,009
		Accrued expenses		7			7
		Other liabilities		316			316

	Korea Credit Bureau Co., Ltd.	Loans		39			—
		Deposits due to customers		1,457			2,615
		Other liabilities		16			10

	Korea Finance Security Co., Ltd.	Loans		3,231			3,435
		Loss allowance		(22	)		(23	)
		Deposits due to customers		4,291			2,138
		Other liabilities		2			1

	LOTTE CARD Co. Ltd.	Loans		15,134			26,880
		Account receivables		33			35
		Loss allowance		(30	)		(295	)
		Derivative assets		178			564
		Other assets		213			256
		Deposits due to customers		29,413			22,869
		Accrued expenses		43			39
		Derivative liabilities		1,333			807
		Other liabilities		289			289

	K BANK Co., Ltd. (*1)	Loans		—			17
		Account receivables		—			9
		Cash and cash equivalents		—			192
		Other assets		—			43
		Other liabilities		—			158,668

	Others (*2)	Loans		42,716			42,903
		Loss allowance		(139	)		(139	)
		Other assets		2,925			9,116
		Deposits due to customers		2,042			2,259
		Other liabilities		985			541

(*1)	It has been excluded from related parties as of March 31, 2026.

(*2)	Others include IGEN2022No. 1 Private Equity Fund and etc., as of March 31, 2026 and December 31, 2025.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(2)	Gain or loss from transactions with related parties are as follows (Unit: Korean Won in millions):


			For the three-month period ended March 31
	Related parties	Account title	2026			2025
Associates	W Service Network Co., Ltd.	Other income		9			9
		Interest expenses		15			8
		Fees expenses		55			129
		Other expenses		256			266

	Korea Credit Bureau Co., Ltd.	Interest expenses		6			—
		Fees expenses		1,315			1,291
		Other expenses		24			20
	Korea Finance Security Co., Ltd.	Interest income		38			35
		Interest expenses		1			—
		Provision(Reversal) of allowance for credit loss		(1	)		(1	)
		Other expenses		6			6

	LOTTE CARD Co., Ltd.	Interest income		274			395
		Fees income		956			991
		Gain on derivatives		177			631
		Loss on derivatives		912			352
		Interest expenses		347			455
		Fees expenses		647			—
		Provision(Reversal) of allowance for credit loss		(265	)		(269	)

	K BANK Co., Ltd.	Fees income		68			88
		Other expenses		2			—

	Others (*)	Interest income		649			124
		Fees income		9,441			3,101
		Dividend income		—			925
		Other income		1,519			2,289
		Interest expenses		2,726			2,597
		Other expenses		—			1,441
		Provision(Reversal) of allowance for credit loss		—			(108	)

(*)	Others include Win Mortgage Co., Ltd. and etc., for the period ended March 31, 2026 and 2025.

(3)	Major loan transactions with related parties for the three-month periods ended March 31, 2026 and 2025 are as follows (Unit: Korean Won in millions):


		For the three-month period ended March 31, 2026
	Related parties	Beginning balance		Loan		Collection		Others			Ending balance (*1)
Associates	W Service Network Co., Ltd.		30		75		83		—			22
	Korea Credit Bureau Co., Ltd.		—		42		3		—			39
	Korea Finance Security Co., Ltd.		3,435		94		298		—			3,231
	LOTTE CARD Co., Ltd.		26,880		—		12,531		785			15,134
	K BANK Co., Ltd. (*2)		17		49		50		(16	)		—
	Win Mortgage Co.,Ltd.		18		49		51		—			16
	Woori Real Estate Investment No. 1 Limited Liability Company		42,885		—		185		—			42,700

(*1)	Payments that occurred for business reasons among related parties are excluded and net increase or decrease was used for limited credit loan.

(*2)	It has been excluded from related parties as of March 31, 2026.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)


		For the three-month period ended March 31, 2025
	Related parties	Beginning balance		Loan		Collection		Others			Ending balance (*)
Associates	W Service Network Co., Ltd.		51		134		126		—			59
	Korea Credit Bureau Co., Ltd.		1		—		1		—			—
	Korea Finance Security Co., Ltd.		3,225		310		504		—			3,031
	LOTTE CARD Co., Ltd.		27,913		—		13,213		(35	)		14,665
	K BANK Co., Ltd.		18		73		61		—			30
	Win Mortgage Co., Ltd.		8		52		41		—			19
	ARAM CMC CO. LTD		41		—		—		—			41
	Godo Kaisha Oceanos 1		38,770		—		16,346		1,875			24,299

(*)	Payments that occurred for business reasons among related parties are excluded and net increase or decrease was used for limited credit loan.

(4)	Details of changes in major deposits due to customers with related parties for the three-month periods ended March 31, 2026 and 2025 are as follows (Unit: Korean Won in millions):


		For the three-month period ended March 31, 2026
	Related parties	Beginning balance		Increase		Decrease		Ending balance (*)
Associates	W Service Networks Co., Ltd		1,000		1,550		—		2,550
	Win Mortgage Co., Ltd.		1,352		1,066		1,352		1,066
	Korea Credit Bureau Co., Ltd.		1,000		—		—		1,000

(*)	Details of payment between related parties, demand deposit due to customers and etc. are excluded.


		For the three-month period ended March 31, 2025
	Related parties	Beginning balance		Increase		Decrease		Ending balance (*)
Associates	W Service Networks Co., Ltd		1,000		—		—		1,000
	Win Mortgage Co., Ltd.		1,387		732		1,187		932

(*)	Details of payment between related parties, demand deposit due to customers and etc. are excluded.

(5)	There are no major borrowing transactions with related parties for the three-month periods ended March 31, 2026 and 2025.

(6)	Guarantees provided to the related parties are as follows (Unit: Korean Won in millions):


Warrantee	March 31, 2026		December 31, 2025		Warranty
Korea Finance Security Co., Ltd.		629		425		Unused loan commitment
Korea Credit Bureau Co., Ltd.		961		35		Unused loan commitment
W Service Network Co., Ltd.		158		150		Unused loan commitment
K BANK Co., Ltd.		—		283		Unused loan commitment
LOTTE CARD Co. Ltd.		478,300		478,300		Unused loan commitment
		1,740		1,650		Confirmed Foreign Currency Payment Guarantee
Win Mortgage Co., Ltd.		34		32		Unused loan commitment

As of March 31, 2026 and December 31, 2025, the recognized payment guarantee provisions are 289 million Won and 289 million Won, respectively, in relation to the guarantees provided to the related parties above.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(7)	Amount of commitments with the related parties are as follows (Unit: Korean Won in millions):


Warrantee	March 31, 2026		December 31, 2025		Warranty
NH Woori Newdeal Growth Alpha Private Equity Fund 1		819		819	Securities purchase commitment
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs]		990,000		990,000	Securities purchase commitment
BTS 2nd Private Equity Fund		176		1,234	Securities purchase commitment
STASSETS FUND III		—		1,500	Securities purchase commitment
Synaptic Future Growth Private Equity Fund 1		1,589		1,624	Securities purchase commitment
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		4,664		4,664	Securities purchase commitment
Woori Seoul Beltway Private Special Asset Fund No.1		26,072		27,103	Securities purchase commitment
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2		60		255	Securities purchase commitment
Woori Asset Global Partnership Fund No.5		63,750		75,000	Securities purchase commitment
JC Assurance No.2 Private Equity Fund		492		492	Securities purchase commitment
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		50		50	Securities purchase commitment
Woori Real Estate Investment No. 1 Limited Liability Company		7,100		7,100	Securities purchase commitment
Woori Future Energy Private Special Asset Investment Trust(General) No.1		33,600		33,600	Securities purchase commitment
LOTTE CARD Co., Ltd.		440,000		440,000	Derivative commitment
Woori IMM Greean Net Zero Fund		21,099		21,099	Securities purchase commitment
Woori NH Co-Growth Private Equity Fund I		69,720		9,296	Securities purchase commitment
Woori PGIF4 General Type Private Special Asset Investment Trust No.1		5,299		3,102	Securities purchase commitment
Woori GS West Street Strategic Solutions General Type Private Special Asset Investment Trust No.1		19,378		15,820	Securities purchase commitment
Woori Global Secondary Private Placement Investment Trust No. 2		1,799		2,948	Securities purchase commitment
Woori Productive Financing Education Infrastructure General Private Special Asset Investment Trust No.1		19,342		20,000	Securities purchase commitment

(8)	Major investment and Recovery transactions

There are no major investment and recovery transactions with related parties for the three-month periods ended 2026 and 2025. Investment and recovery transactions of associates that are not treated as financial assets at fair value through profit or loss are described in Note 12.(2)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

(9)	Compensation for key management is as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2026		2025
Short-term employee salaries		6,993		6,051
Retirement benefit service costs		390		314
Share-based compensation		7,057		1,849

Total		14,440		8,214

Key management includes executives and directors of Woori Financial Group and major subsidiaries, and also includes CEO of other subsidiaries. Outstanding assets from transactions with key management amount to 3,234 million won and 3,203 million won, as of March 31, 2026 and December 31, 2025 respectively and with respect to the assets, the Group has not recognized any allowance nor related impairment loss due to credit losses. Also, liabilities from transaction with key management amount to 13,236 million won and 11,562 million won, respectively, as of March 31, 2026 and December 31, 2025.

36.

EVENTS AFTER THE REPORTING PERIOD

(1)

On April 24, 2026, the Group’s Board of Directors has declared to pay a quarterly dividend of 220 Won per share (total dividend of 160,541 million Won) with the record date set as of May 11, 2026, and the dividends will be paid on May 29, 2026.

(2)

On April 24, 2026, Woori Investment Securities Co., Ltd., a subsidiary of the parent company, resolved at its board of directors meeting to undertake a shareholder-allocated paid-in capital increase of KRW 1 trillion (fully allocated to the parent company). The Group completed the payment of subscription amount on May 4, 2026.

(3)

On April 29, 2026, the Group entered into a share exchange agreement with its subsidiary, Tongyang Life Insurance Co., Ltd., under which 0.2521056 shares of the parent company’s common stock will be delivered for each common share of Tongyang Life Insurance Co., Ltd. held by shareholders other than the parent company. The shares are scheduled to be delivered on August 11, 2026.

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